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, 2022—May 31, 2023
Item 1: Reports to Shareholders
Semiannual Report | May 31, 2023
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, 2023 | |||
| Beginning Account Value 11/30/2022 | Ending Account Value 5/31/2023 | Expenses Paid During Period | |
| Based on Actual Fund Return | |||
| New Jersey Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,026.50 | $0.86 |
| Admiral™ Shares | 1,000.00 | 1,026.90 | 0.45 |
| Based on Hypothetical 5% Yearly Return | |||
| New Jersey Long-Term Tax-Exempt Fund | |||
| 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, 2023
| Under 1 Year | 7.0% |
| 1 - 3 Years | 4.2 |
| 3 - 5 Years | 4.6 |
| 5 - 10 Years | 14.9 |
| 10 - 20 Years | 37.9 |
| 20 - 30 Years | 27.7 |
| Over 30 Years | 3.7 |
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, 2023
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 (99.9%) | |||||
| New Jersey (91.9%) | |||||
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/24 | 165 | 166 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/25 | 175 | 177 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/26 | 200 | 204 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/27 | 210 | 217 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/28 | 230 | 239 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/29 | 215 | 225 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/30 | 170 | 178 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/31 | 175 | 182 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/32 | 175 | 181 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/33 | 180 | 185 |
| 1 | Atlantic City Board of Education GO | 4.000% | 4/1/34 | 150 | 154 |
| Atlantic City NJ GO | 5.000% | 12/1/23 | 1,115 | 1,115 | |
| 2 | Atlantic City NJ GO | 5.000% | 3/1/26 | 250 | 261 |
| 2 | Atlantic City NJ GO | 5.000% | 3/1/32 | 750 | 799 |
| 2 | Atlantic City NJ GO | 5.000% | 3/1/37 | 4,420 | 4,642 |
| 1 | Atlantic City NJ GO | 5.000% | 3/1/37 | 1,010 | 1,061 |
| 2 | Atlantic City NJ GO | 5.000% | 3/1/42 | 410 | 426 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 5.000% | 7/1/24 | 125 | 127 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 5.000% | 7/1/25 | 125 | 128 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 5.000% | 7/1/26 | 125 | 130 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 5.000% | 7/1/27 | 175 | 185 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 5.000% | 7/1/28 | 250 | 269 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 5.000% | 7/1/29 | 200 | 218 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 5.000% | 7/1/34 | 275 | 306 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 5.000% | 7/1/35 | 350 | 387 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 4.000% | 7/1/36 | 275 | 275 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 4.000% | 7/1/37 | 710 | 696 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 4.000% | 7/1/38 | 350 | 340 |
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 | 4.000% | 7/1/39 | 300 | 289 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 4.000% | 7/1/40 | 600 | 574 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 4.000% | 7/1/41 | 525 | 502 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 4.000% | 7/1/47 | 1,180 | 1,117 |
| 1 | Atlantic County Improvement Authority College & University Revenue | 4.000% | 7/1/53 | 1,670 | 1,546 |
| 1 | Atlantic County Improvement Authority Government Fund/Grant Revenue | 4.000% | 7/1/46 | 5,000 | 4,857 |
| 1 | Atlantic County Improvement Authority Miscellaneous Revenue | 5.000% | 9/1/28 | 3,000 | 3,192 |
| Atlantic County NJ GO | 2.000% | 6/1/35 | 1,160 | 917 | |
| Atlantic County NJ GO | 2.000% | 6/1/38 | 785 | 569 | |
| Atlantic County NJ GO | 2.000% | 6/1/39 | 1,310 | 933 | |
| Bergenfield Borough NJ GO | 3.000% | 8/1/40 | 1,645 | 1,397 | |
| Bergenfield Borough NJ GO | 3.000% | 8/1/41 | 1,645 | 1,378 | |
| Bergenfield Borough NJ GO | 3.000% | 8/1/42 | 1,645 | 1,386 | |
| Burlington NJ GO | 3.000% | 5/1/33 | 1,745 | 1,665 | |
| Burlington NJ GO | 3.000% | 5/1/34 | 1,790 | 1,687 | |
| Camden County Improvement Authority Charter School Aid Revenue | 6.000% | 6/15/52 | 1,325 | 1,398 | |
| Camden County Improvement Authority Charter School Aid Revenue | 6.000% | 6/15/62 | 3,075 | 3,227 | |
| 3 | Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) | 5.000% | 7/15/52 | 1,865 | 1,808 |
| 3 | Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) | 5.000% | 7/15/62 | 3,520 | 3,347 |
| Camden County Improvement Authority Health, Hospital, Nursing Home Revenue | 5.750% | 2/15/42 | 12,625 | 12,642 | |
| Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) | 5.000% | 2/15/28 | 1,500 | 1,508 | |
| Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) | 5.000% | 2/15/29 | 3,500 | 3,521 | |
| Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) | 5.000% | 2/15/30 | 3,805 | 3,828 | |
| Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) | 5.000% | 2/15/31 | 6,055 | 6,092 | |
| Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) | 5.000% | 2/15/32 | 2,500 | 2,514 | |
| Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) | 5.000% | 2/15/33 | 2,000 | 2,010 | |
| Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) | 5.000% | 2/15/34 | 1,650 | 1,658 | |
| Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) | 4.000% | 1/15/36 | 3,310 | 3,366 | |
| Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) | 4.000% | 1/15/39 | 610 | 601 | |
| Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) | 5.000% | 1/15/32 | 515 | 551 | |
| Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) | 5.000% | 1/15/34 | 500 | 535 | |
| Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) | 4.000% | 1/15/36 | 80 | 81 | |
| Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) | 4.000% | 1/15/38 | 715 | 709 | |
| Camden County NJ GO | 3.000% | 3/1/33 | 550 | 527 |
5
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Cape May NJ GO | 2.375% | 10/1/32 | 3,815 | 3,383 | |
| 1 | Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue | 5.000% | 11/1/28 | 2,000 | 2,048 |
| 1 | Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue | 5.000% | 11/1/29 | 2,500 | 2,560 |
| 1 | Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue | 5.000% | 11/1/30 | 2,950 | 3,017 |
| 1 | Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue | 5.000% | 11/1/31 | 1,500 | 1,532 |
| 1 | Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue | 5.000% | 11/1/32 | 1,450 | 1,479 |
| 1 | Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue | 4.000% | 11/1/34 | 120 | 120 |
| Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue | 5.250% | 11/1/39 | 5,000 | 5,040 | |
| Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue | 5.250% | 11/1/44 | 11,930 | 11,996 | |
| 1 | Clifton Board of Education GO | 2.000% | 8/15/40 | 3,550 | 2,456 |
| 1 | Clifton Board of Education GO | 2.125% | 8/15/42 | 1,850 | 1,259 |
| 1 | Clifton Board of Education GO | 2.125% | 8/15/43 | 1,155 | 775 |
| 1 | Clifton Board of Education GO | 2.250% | 8/15/45 | 7,940 | 5,287 |
| 2 | Cumberland County Improvement Authority Lease Revenue (County Correctional Facility Project) | 4.000% | 10/1/54 | 5,105 | 4,812 |
| East Brunswick Township Board of Education GO | 4.000% | 5/15/33 | 350 | 367 | |
| East Brunswick Township Board of Education GO | 3.000% | 5/15/37 | 620 | 548 | |
| East Brunswick Township Board of Education GO | 3.000% | 5/15/38 | 500 | 434 | |
| East Brunswick Township Board of Education GO | 3.000% | 5/15/39 | 730 | 626 | |
| East Brunswick Township Board of Education GO | 3.000% | 5/15/40 | 755 | 639 | |
| 1 | East Orange NJ (East Orange Board Education Project) GO | 5.000% | 10/15/32 | 795 | 890 |
| 1 | East Orange NJ (East Orange Board Education Project) GO | 5.000% | 10/15/33 | 610 | 681 |
| 1 | East Orange NJ (East Orange Board Education Project) GO | 3.000% | 10/15/34 | 400 | 364 |
| 1 | East Orange NJ (East Orange Board Education Project) GO | 3.000% | 10/15/35 | 400 | 356 |
| 1 | East Orange NJ (East Orange Board Education Project) GO | 4.000% | 10/15/40 | 1,345 | 1,330 |
| 2 | East Rutherford Board of Education GO | 2.250% | 7/15/41 | 668 | 476 |
| Edgewater Borough NJ GO | 1.000% | 2/15/34 | 1,105 | 835 | |
| Essex County Improvement Authority Charter School Aid Revenue | 4.000% | 6/15/30 | 165 | 161 | |
| Essex County Improvement Authority Charter School Aid Revenue | 4.000% | 6/15/38 | 545 | 494 | |
| 3 | Essex County Improvement Authority Charter School Aid Revenue | 4.000% | 7/15/40 | 1,575 | 1,425 |
| Essex County Improvement Authority Charter School Aid Revenue | 4.000% | 6/15/46 | 815 | 701 | |
| Essex County Improvement Authority Charter School Aid Revenue | 4.000% | 6/15/51 | 1,100 | 919 | |
| Essex County Improvement Authority Charter School Aid Revenue | 4.000% | 6/15/56 | 3,925 | 3,186 | |
| 3 | Essex County Improvement Authority Charter School Aid Revenue | 4.000% | 7/15/60 | 2,750 | 2,199 |
| 3 | Essex County Improvement Authority Charter School Aid Revenue | 4.000% | 8/1/60 | 1,000 | 799 |
| Essex County Improvement Authority Lease Revenue | 4.000% | 11/1/38 | 735 | 744 | |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 5.000% | 8/1/33 | 170 | 190 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 5.000% | 8/1/34 | 175 | 194 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 5.000% | 8/1/35 | 250 | 274 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 5.000% | 8/1/36 | 250 | 270 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 4.000% | 8/1/37 | 300 | 302 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 4.000% | 8/1/38 | 615 | 613 |
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 | 4.000% | 8/1/39 | 635 | 629 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 4.000% | 8/1/40 | 665 | 653 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 4.000% | 8/1/41 | 690 | 678 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 4.000% | 8/1/46 | 1,050 | 1,000 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 4.000% | 8/1/56 | 5,500 | 5,019 |
| 2 | Essex County Improvement Authority Local or Guaranteed Housing Revenue | 4.000% | 8/1/60 | 3,125 | 2,887 |
| Essex County NJ GO | 2.000% | 9/1/33 | 1,905 | 1,586 | |
| Essex County NJ GO | 3.000% | 8/15/34 | 1,495 | 1,459 | |
| Essex County NJ GO | 3.000% | 8/15/35 | 1,600 | 1,535 | |
| Essex County NJ GO | 3.000% | 8/15/36 | 1,880 | 1,765 | |
| Essex County NJ GO | 2.000% | 9/1/36 | 1,250 | 949 | |
| Essex County NJ GO | 2.000% | 9/1/37 | 2,035 | 1,503 | |
| Essex County NJ GO | 4.000% | 9/1/42 | 1,340 | 1,343 | |
| Essex County NJ GO | 2.000% | 9/1/47 | 3,900 | 2,394 | |
| Essex County NJ GO | 4.000% | 9/1/47 | 1,440 | 1,407 | |
| Essex County NJ GO | 4.000% | 9/1/48 | 860 | 831 | |
| Ewing Township Board of Education GO | 4.000% | 7/15/34 | 3,040 | 3,120 | |
| Ewing Township Board of Education GO | 4.000% | 7/15/35 | 3,045 | 3,105 | |
| Fort Lee Borough NJ GO | 2.000% | 11/1/33 | 2,715 | 2,254 | |
| Fort Lee Parking Authority Auto Parking Revenue | 5.000% | 9/15/46 | 5,500 | 5,836 | |
| 1 | Garden State Preservation Trust Appropriations Revenue | 5.750% | 11/1/28 | 5,050 | 5,478 |
| 1 | Garden State Preservation Trust Recreational Revenue | 0.000% | 11/1/28 | 6,535 | 5,429 |
| Gloucester County Improvement Authority College & University Revenue | 5.000% | 7/1/31 | 1,950 | 2,011 | |
| Gloucester County Improvement Authority College & University Revenue | 5.000% | 7/1/32 | 1,775 | 1,830 | |
| Gloucester County Improvement Authority College & University Revenue | 5.000% | 7/1/33 | 2,275 | 2,345 | |
| 2 | Gloucester County Improvement Authority College & University Revenue | 5.000% | 7/1/33 | 275 | 305 |
| Gloucester County Improvement Authority College & University Revenue | 5.000% | 7/1/34 | 1,200 | 1,237 | |
| 2 | Gloucester County Improvement Authority College & University Revenue | 5.000% | 7/1/34 | 350 | 389 |
| 2 | Gloucester County Improvement Authority College & University Revenue | 5.000% | 7/1/36 | 1,000 | 1,095 |
| 2 | Gloucester County Improvement Authority College & University Revenue | 4.000% | 7/1/38 | 1,750 | 1,738 |
| 2 | Gloucester County Improvement Authority College & University Revenue | 4.000% | 7/1/39 | 1,340 | 1,317 |
| 2 | Gloucester County Improvement Authority College & University Revenue | 4.000% | 7/1/40 | 650 | 634 |
| 2 | Gloucester County Improvement Authority College & University Revenue | 4.000% | 7/1/41 | 240 | 234 |
| Gloucester County Improvement Authority College & University Revenue | 5.000% | 7/1/44 | 930 | 947 | |
| 2 | Gloucester County Improvement Authority College & University Revenue | 4.000% | 7/1/51 | 2,500 | 2,335 |
| 1 | Gloucester County Improvement Authority College & University Revenue (Rowan University Project) | 5.000% | 11/1/30 | 1,200 | 1,261 |
| Gloucester County Improvement Authority College & University Revenue (Rowan University Project) | 4.000% | 7/1/37 | 725 | 733 |
7
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Gloucester County Improvement Authority College & University Revenue (Rowan University Project) | 4.000% | 7/1/38 | 640 | 644 | |
| Gloucester County Improvement Authority College & University Revenue (Rowan University Project) | 4.000% | 7/1/39 | 575 | 577 | |
| 2 | Harrison NJ GO | 4.000% | 3/1/38 | 330 | 331 |
| Hoboken NJ GO | 3.000% | 2/15/51 | 1,455 | 1,166 | |
| Hoboken NJ GO | 3.000% | 2/15/52 | 1,455 | 1,158 | |
| Howell Township NJ GO | 2.000% | 10/1/36 | 1,980 | 1,503 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue | 5.000% | 5/1/41 | 5,565 | 5,748 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue | 5.250% | 5/1/51 | 7,150 | 7,379 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 3.000% | 10/1/34 | 2,000 | 1,888 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 3.000% | 10/1/35 | 2,000 | 1,850 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 3.000% | 10/1/36 | 2,000 | 1,812 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 3.000% | 10/1/37 | 2,000 | 1,764 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 3.000% | 10/1/38 | 2,000 | 1,724 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 3.000% | 10/1/39 | 2,000 | 1,689 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 4.000% | 10/1/41 | 4,500 | 4,465 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 4.000% | 10/1/46 | 4,500 | 4,419 | |
| Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) | 4.000% | 10/1/51 | 16,320 | 15,826 | |
| Hudson County Improvement Authority Lease Revenue | 5.000% | 6/15/37 | 1,370 | 1,417 | |
| Hudson County Improvement Authority Lease Revenue | 5.000% | 8/1/42 | 1,300 | 1,330 | |
| Hudson County NJ GO | 2.000% | 11/15/34 | 1,775 | 1,448 | |
| Hudson County NJ GO | 2.000% | 11/15/35 | 1,000 | 785 | |
| Hudson County NJ GO | 2.125% | 11/15/36 | 1,920 | 1,480 | |
| Hudson County NJ GO | 2.125% | 11/15/37 | 1,000 | 756 | |
| Hudson County NJ GO | 2.250% | 11/15/38 | 1,520 | 1,137 | |
| Hudson County NJ GO | 2.375% | 11/15/39 | 1,000 | 748 | |
| Hudson County NJ GO | 2.375% | 11/15/40 | 1,000 | 736 | |
| Jersey City NJ GO | 5.000% | 11/1/31 | 510 | 554 | |
| Jersey City NJ GO | 5.000% | 11/1/33 | 415 | 450 | |
| Jersey City NJ GO | 4.000% | 11/1/34 | 2,000 | 2,042 | |
| Jersey City NJ GO | 4.000% | 11/1/35 | 1,170 | 1,187 | |
| Jersey City NJ GO | 5.000% | 11/1/37 | 1,000 | 1,066 | |
| Jersey City NJ GO | 3.000% | 2/15/38 | 7,635 | 6,643 | |
| 1 | Kearny NJ GO | 3.000% | 2/1/30 | 1,680 | 1,640 |
| 1 | Lenape Regional High School District GO | 4.000% | 1/1/41 | 3,750 | 3,714 |
| 1 | Lenape Regional High School District GO | 4.000% | 1/1/42 | 2,795 | 2,744 |
| 2 | Lindenwold Boro School District GO | 3.000% | 2/1/35 | 1,355 | 1,254 |
| 2 | Lindenwold Boro School District GO | 4.000% | 2/1/45 | 1,760 | 1,721 |
| 2 | Lindenwold Boro School District GO | 4.000% | 2/1/46 | 1,807 | 1,759 |
| Mercer County NJ GO | 0.050% | 2/15/32 | 5,000 | 3,565 | |
| 3 | Mercer County NJ GO TOB VRDO | 3.950% | 6/1/23 | 32,400 | 32,400 |
| Mercer County Township of Lawrence NJ GO | 3.000% | 6/9/23 | 7,148 | 7,146 | |
| Middlesex County Improvement Authority Auto Parking Revenue | 4.000% | 9/1/51 | 3,000 | 2,890 | |
| Middlesex Monroe Township Board of Education GO, Prere. | 5.000% | 3/1/25 | 3,000 | 3,093 |
8
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Monmouth County Improvement Authority Intergovernmental Agreement Revenue | 4.000% | 7/15/34 | 1,800 | 1,843 | |
| Monmouth County Improvement Authority Lease Revenue | 4.000% | 8/1/36 | 50 | 51 | |
| Monmouth County NJ GO | 5.000% | 7/15/34 | 580 | 654 | |
| Monmouth Regional High School District GO | 3.000% | 2/1/32 | 1,255 | 1,243 | |
| Monmouth Regional High School District GO | 3.000% | 2/1/33 | 1,015 | 995 | |
| Monroe Township NJ GO | 5.000% | 1/15/29 | 425 | 471 | |
| Monroe Township NJ GO | 5.000% | 1/15/33 | 460 | 518 | |
| 2 | New Brunswick Parking Authority Auto Parking Revenue | 5.000% | 9/1/39 | 1,025 | 1,063 |
| New Jersey Building Authority Lease (Appropriation) Revenue, Prere. | 4.000% | 6/15/26 | 605 | 622 | |
| New Jersey Economic Development Authority Appropriations Revenue | 4.000% | 6/15/24 | 880 | 881 | |
| 4 | New Jersey Economic Development Authority Appropriations Revenue | 5.250% | 7/1/24 | 6,025 | 6,090 |
| 5 | New Jersey Economic Development Authority Appropriations Revenue | 5.500% | 9/1/24 | 1,500 | 1,531 |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/25 | 2,500 | 2,573 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.250% | 6/15/27 | 1,160 | 1,193 | |
| 4 | New Jersey Economic Development Authority Appropriations Revenue | 5.500% | 9/1/28 | 2,220 | 2,448 |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 7/15/30 | 1,000 | 1,045 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/31 | 100 | 109 | |
| New Jersey Economic Development Authority Appropriations Revenue | 4.000% | 7/1/32 | 265 | 267 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/33 | 1,420 | 1,549 | |
| 1 | New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/33 | 1,500 | 1,525 |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 7/1/33 | 7,155 | 7,521 | |
| New Jersey Economic Development Authority Appropriations Revenue | 4.000% | 7/1/34 | 5,825 | 5,829 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 3/1/35 | 215 | 239 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/35 | 2,620 | 2,819 | |
| New Jersey Economic Development Authority Appropriations Revenue | 4.000% | 6/15/36 | 3,405 | 3,417 | |
| New Jersey Economic Development Authority Appropriations Revenue | 4.000% | 6/15/37 | 700 | 694 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/37 | 1,440 | 1,520 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/38 | 1,280 | 1,344 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/39 | 2,125 | 2,237 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/40 | 4,000 | 4,067 | |
| New Jersey Economic Development Authority Appropriations Revenue | 4.000% | 6/15/44 | 2,650 | 2,494 | |
| New Jersey Economic Development Authority Appropriations Revenue | 4.000% | 6/15/46 | 7,160 | 6,716 |
9
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New Jersey Economic Development Authority Appropriations Revenue | 4.625% | 6/15/48 | 5,000 | 5,033 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/48 | 3,585 | 3,691 | |
| New Jersey Economic Development Authority Appropriations Revenue | 5.000% | 6/15/49 | 3,400 | 3,530 | |
| New Jersey Economic Development Authority Appropriations Revenue | 4.000% | 6/15/50 | 2,285 | 2,119 | |
| New Jersey Economic Development Authority Appropriations Revenue (Hospital Asset Transfer Program) | 5.000% | 10/1/38 | 2,035 | 2,119 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | 6/15/24 | 2,150 | 2,186 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | 6/15/24 | 4,145 | 4,215 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | 6/15/24 | 470 | 478 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | 6/15/24 | 455 | 463 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | 6/15/25 | 3,685 | 3,820 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.250% | 6/15/25 | 2,500 | 2,604 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.250% | 6/15/25 | 9,000 | 9,375 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.250% | 6/15/25 | 9,450 | 9,843 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.250% | 6/15/25 | 1,340 | 1,396 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 4.750% | 12/15/26 | 4,970 | 5,274 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | 12/15/26 | 5,060 | 5,412 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.500% | 12/15/26 | 2,500 | 2,715 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.500% | 12/15/26 | 5,475 | 5,947 | |
| New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | 12/15/28 | 6,790 | 7,559 | |
| 3 | New Jersey Economic Development Authority Charter School Aid Revenue | 4.000% | 6/15/29 | 1,120 | 1,068 |
| New Jersey Economic Development Authority Charter School Aid Revenue | 4.000% | 7/1/29 | 625 | 607 | |
| New Jersey Economic Development Authority Charter School Aid Revenue | 4.000% | 7/15/37 | 130 | 121 | |
| New Jersey Economic Development Authority Charter School Aid Revenue | 5.000% | 7/1/38 | 350 | 351 | |
| New Jersey Economic Development Authority Charter School Aid Revenue | 5.000% | 12/1/48 | 2,465 | 2,480 | |
| New Jersey Economic Development Authority Charter School Aid Revenue | 5.000% | 7/1/50 | 1,100 | 1,053 | |
| 3 | New Jersey Economic Development Authority Charter School Aid Revenue | 5.000% | 6/15/54 | 730 | 654 |
| 1 | New Jersey Economic Development Authority College & University Revenue | 5.000% | 6/1/30 | 650 | 683 |
| 1 | New Jersey Economic Development Authority College & University Revenue | 5.000% | 6/1/42 | 10,000 | 10,203 |
| New Jersey Economic Development Authority College & University Revenue, Prere. | 5.000% | 6/15/23 | 8,800 | 8,805 |
10
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 (Bancroft NeuroHealth Project) | 5.000% | 6/1/41 | 2,105 | 1,884 | |
| New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Cranes Mill Project) | 5.000% | 1/1/49 | 5,000 | 4,092 | |
| New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Lions Gate Project) | 4.375% | 1/1/24 | 135 | 135 | |
| New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Lions Gate Project) | 5.250% | 1/1/44 | 4,905 | 4,555 | |
| New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue, ETM | 4.000% | 7/1/24 | 1,040 | 1,042 | |
| New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/24 | 2,250 | 2,287 | |
| 6 | New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.000% | 6/15/34 | 2,250 | 2,414 |
| 6 | New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.000% | 6/15/35 | 2,000 | 2,131 |
| 6 | New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.250% | 6/15/36 | 1,000 | 1,075 |
| 6 | New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.250% | 6/15/37 | 1,065 | 1,133 |
| 6 | New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.250% | 6/15/38 | 2,440 | 2,582 |
| 6 | New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.250% | 6/15/39 | 2,000 | 2,107 |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue | 4.000% | 11/1/25 | 260 | 262 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue | 4.125% | 6/15/26 | 2,515 | 2,529 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue | 5.000% | 11/1/26 | 3,695 | 3,883 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) | 5.000% | 11/1/31 | 345 | 376 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) | 4.000% | 11/1/37 | 4,400 | 4,352 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) | 4.000% | 11/1/38 | 3,605 | 3,532 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) | 4.000% | 11/1/39 | 4,150 | 4,021 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) | 5.000% | 11/1/40 | 4,630 | 4,835 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) | 4.000% | 11/1/44 | 3,000 | 2,829 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) | 5.000% | 11/1/44 | 4,000 | 4,232 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (Portal and Bridge Project) | 5.000% | 11/1/52 | 3,770 | 3,953 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) | 5.000% | 6/15/30 | 600 | 639 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) | 5.000% | 6/15/42 | 5,000 | 5,151 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) | 5.000% | 6/15/47 | 5,605 | 5,752 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. | 5.000% | 6/15/27 | 8,455 | 9,166 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. | 5.000% | 6/15/27 | 3,000 | 3,252 | |
| New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. | 5.000% | 6/15/27 | 1,800 | 1,951 |
11
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New Jersey Economic Development Authority Lease Revenue (State House Project) | 5.000% | 6/15/35 | 2,290 | 2,436 | |
| New Jersey Economic Development Authority Lease Revenue (State House Project) | 4.500% | 6/15/40 | 3,065 | 3,088 | |
| New Jersey Economic Development Authority Lease Revenue (State House Project) | 5.000% | 6/15/43 | 3,645 | 3,779 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 4.000% | 7/1/25 | 90 | 88 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 1/1/30 | 1,150 | 1,138 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 7/1/32 | 2,000 | 1,996 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 1/1/35 | 2,000 | 1,952 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 7/1/35 | 5,985 | 5,534 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 7/1/37 | 1,350 | 1,321 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 7/1/38 | 1,220 | 1,093 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 7/1/47 | 1,750 | 1,601 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 7/1/47 | 6,905 | 5,748 | |
| New Jersey Economic Development Authority Local or Guaranteed Housing Revenue | 5.000% | 1/1/48 | 8,000 | 7,215 | |
| New Jersey Economic Development Authority Miscellaneous Revenue (Seeing Eye, Inc. 2017 Project) | 5.000% | 6/1/32 | 2,345 | 2,470 | |
| New Jersey Economic Development Authority Municipal Rehabilitation Refunding Bonds Revenue | 5.250% | 4/1/27 | 6,000 | 6,373 | |
| New Jersey Economic Development Authority Municipal Rehabilitation Refunding Bonds Revenue | 5.250% | 4/1/28 | 6,000 | 6,457 | |
| New Jersey Educational Facilities Authority Appropriations Revenue | 4.000% | 9/1/25 | 130 | 131 | |
| New Jersey Educational Facilities Authority Appropriations Revenue | 5.000% | 9/1/26 | 2,960 | 3,010 | |
| 2 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/25 | 2,175 | 2,232 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/25 | 460 | 468 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/27 | 350 | 365 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/28 | 935 | 979 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/28 | 3,000 | 3,110 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/28 | 295 | 311 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/28 | 250 | 246 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/29 | 490 | 514 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/30 | 565 | 591 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/30 | 4,000 | 4,140 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/30 | 490 | 505 |
12
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 | 1,165 | 1,195 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/31 | 10,265 | 10,714 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/31 | 6,250 | 6,470 | |
| 2 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/31 | 2,150 | 2,254 |
| New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/32 | 285 | 289 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/32 | 1,000 | 1,085 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/32 | 2,845 | 2,974 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/32 | 3,000 | 3,256 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/32 | 2,305 | 2,405 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/32 | 2,890 | 2,990 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/32 | 420 | 449 | |
| New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 3/1/33 | 9,695 | 10,283 | |
| New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/33 | 390 | 394 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/33 | 2,500 | 2,684 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/33 | 2,340 | 2,441 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/33 | 3,170 | 3,265 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/33 | 430 | 441 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/33 | 95 | 99 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/33 | 2,475 | 2,560 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/34 | 1,825 | 1,980 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/34 | 940 | 999 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/34 | 2,500 | 2,674 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/34 | 2,340 | 2,438 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/34 | 850 | 872 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/34 | 1,475 | 1,532 |
| New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/35 | 81 | 81 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/35 | 565 | 597 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/35 | 1,485 | 1,542 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/35 | 2,100 | 2,180 |
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 | 2.000% | 3/1/36 | 1,175 | 913 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/36 | 1,800 | 1,815 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/36 | 775 | 765 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/36 | 4,975 | 5,360 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/36 | 3,285 | 3,442 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/36 | 1,250 | 1,281 | |
| New Jersey Educational Facilities Authority College & University Revenue | 2.000% | 3/1/37 | 2,350 | 1,756 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/37 | 1,100 | 1,145 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/37 | 1,340 | 1,364 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/37 | 930 | 972 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/38 | 1,980 | 2,053 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/38 | 750 | 828 |
| New Jersey Educational Facilities Authority College & University Revenue | 2.000% | 3/1/39 | 2,000 | 1,412 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/39 | 600 | 586 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/39 | 1,050 | 1,086 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/39 | 5,180 | 5,234 | |
| New Jersey Educational Facilities Authority College & University Revenue | 2.000% | 3/1/40 | 2,000 | 1,378 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/40 | 1,000 | 972 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/40 | 2,670 | 2,377 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/40 | 1,230 | 1,252 | |
| New Jersey Educational Facilities Authority College & University Revenue | 2.000% | 3/1/41 | 3,025 | 2,023 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/41 | 850 | 826 |
| New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/42 | 515 | 386 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/42 | 750 | 722 |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/42 | 2,080 | 2,111 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/45 | 12,640 | 12,890 | |
| New Jersey Educational Facilities Authority College & University Revenue | 5.000% | 7/1/45 | 440 | 373 | |
| New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/47 | 6,000 | 5,289 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/47 | 850 | 811 |
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 | 5.000% | 7/1/47 | 2,845 | 2,415 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 3.250% | 7/1/49 | 1,400 | 1,107 |
| New Jersey Educational Facilities Authority College & University Revenue | 3.000% | 7/1/50 | 6,395 | 4,423 | |
| New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/50 | 9,450 | 8,212 | |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/50 | 2,850 | 2,686 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue | 4.000% | 7/1/52 | 1,125 | 1,054 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 5.000% | 7/1/24 | 200 | 203 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 5.000% | 7/1/26 | 175 | 182 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 5.000% | 7/1/28 | 275 | 296 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 5.000% | 7/1/29 | 400 | 437 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 5.000% | 7/1/30 | 280 | 310 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 5.000% | 7/1/31 | 275 | 308 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 5.000% | 7/1/32 | 250 | 280 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 5.000% | 7/1/33 | 275 | 308 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 3.000% | 7/1/34 | 350 | 341 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 3.000% | 7/1/35 | 225 | 213 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 4.000% | 7/1/36 | 375 | 377 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 3.000% | 7/1/37 | 820 | 741 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 4.000% | 7/1/38 | 300 | 295 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 3.000% | 7/1/39 | 770 | 664 |
| 1 | New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) | 3.000% | 7/1/40 | 275 | 233 |
| New Jersey Educational Facilities Authority College & University Revenue, Prere. | 5.000% | 7/1/23 | 1,000 | 1,001 | |
| New Jersey Educational Facilities Authority College & University Revenue, Prere. | 5.000% | 7/1/23 | 2,500 | 2,503 | |
| New Jersey Educational Facilities Authority College & University Revenue, Prere. | 4.000% | 7/1/26 | 10 | 10 | |
| New Jersey GO | 5.000% | 6/1/24 | 5,000 | 5,074 | |
| New Jersey GO | 5.000% | 6/1/25 | 5,000 | 5,162 | |
| New Jersey GO | 5.000% | 6/1/26 | 5,000 | 5,258 | |
| New Jersey GO | 5.000% | 6/1/27 | 5,000 | 5,356 | |
| New Jersey GO | 5.000% | 6/1/28 | 5,000 | 5,458 | |
| New Jersey GO | 5.000% | 6/1/29 | 2,000 | 2,221 | |
| New Jersey GO | 4.000% | 6/1/31 | 10,000 | 10,649 | |
| New Jersey GO | 2.000% | 6/1/32 | 3,400 | 2,872 | |
| New Jersey GO | 3.000% | 6/1/32 | 11,150 | 10,528 | |
| New Jersey GO | 2.000% | 6/1/33 | 1,500 | 1,245 |
15
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New Jersey GO | 2.000% | 6/1/34 | 2,500 | 2,034 | |
| New Jersey GO | 2.250% | 6/1/34 | 2,785 | 2,358 | |
| New Jersey GO | 2.000% | 6/1/35 | 1,500 | 1,184 | |
| New Jersey GO | 2.000% | 6/1/36 | 1,500 | 1,145 | |
| New Jersey GO | 2.000% | 6/1/37 | 1,500 | 1,112 | |
| 3 | New Jersey GO TOB VRDO | 3.580% | 6/1/23 | 3,750 | 3,750 |
| New Jersey GO, Prere. | 5.000% | 6/1/25 | 4,590 | 4,751 | |
| New Jersey GO, Prere. | 5.000% | 6/1/25 | 2,760 | 2,857 | |
| New Jersey GO, Prere. | 5.000% | 6/1/27 | 4,000 | 4,305 | |
| 7 | New Jersey Health Care Facilities Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 3.380% | 6/1/23 | 10,000 | 10,000 |
| New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) | 5.000% | 10/1/28 | 1,225 | 1,304 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/24 | 190 | 192 | |
| 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 | 2,100 | 2,149 |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 1,560 | 1,598 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.250% | 7/1/29 | 465 | 465 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 1,335 | 1,369 | |
| 1 | New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 1,950 | 1,997 |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/30 | 1,100 | 1,129 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/30 | 1,530 | 1,682 | |
| 1 | New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/30 | 1,850 | 1,895 |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/31 | 500 | 507 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/31 | 1,200 | 1,230 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/31 | 300 | 319 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/31 | 2,445 | 2,621 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/32 | 1,695 | 1,571 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/32 | 2,455 | 2,688 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/32 | 2,370 | 2,537 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.125% | 7/1/33 | 3,620 | 3,183 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/33 | 2,220 | 2,309 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/33 | 5,080 | 5,365 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/33 | 3,315 | 3,544 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/33 | 3,305 | 3,607 |
16
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% | 7/1/33 | 1,000 | 1,021 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/33 | 3,340 | 3,507 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/34 | 8,285 | 8,397 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/34 | 2,270 | 2,150 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/34 | 2,725 | 2,833 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/34 | 2,040 | 2,212 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/34 | 1,200 | 1,224 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/34 | 2,190 | 2,295 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/35 | 1,000 | 996 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/35 | 1,000 | 1,024 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/35 | 750 | 752 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/35 | 3,185 | 3,231 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/35 | 6,925 | 7,358 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/35 | 2,500 | 2,613 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 2.000% | 7/1/36 | 2,000 | 1,502 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/36 | 3,750 | 3,730 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/36 | 1,000 | 1,000 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/36 | 1,000 | 1,009 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/36 | 2,365 | 2,460 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/37 | 4,670 | 4,626 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/37 | 1,365 | 1,359 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/37 | 6,755 | 7,108 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/37 | 3,600 | 3,729 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/38 | 1,130 | 939 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/38 | 4,360 | 4,297 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/38 | 1,380 | 1,363 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/38 | 2,500 | 2,623 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/39 | 1,030 | 842 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/39 | 3,955 | 3,883 |
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 | 4.000% | 7/1/39 | 7,395 | 7,286 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/39 | 8,000 | 8,364 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/39 | 3,500 | 3,543 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/39 | 6,990 | 7,177 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/40 | 3,240 | 2,618 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/40 | 4,075 | 4,008 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/41 | 2,625 | 2,095 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/41 | 4,335 | 4,211 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/41 | 10,000 | 9,725 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/41 | 1,000 | 977 | |
| 8 | New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/43 | 10,775 | 11,049 |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/43 | 4,000 | 4,038 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.500% | 7/1/43 | 8,010 | 8,014 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/44 | 10,000 | 9,580 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/44 | 13,000 | 13,121 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/45 | 9,350 | 9,006 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 2.375% | 7/1/46 | 2,500 | 1,622 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/46 | 6,480 | 4,840 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/46 | 3,640 | 3,694 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/47 | 15,000 | 13,878 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/48 | 18,965 | 15,482 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/49 | 10,400 | 7,247 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 2.625% | 7/1/51 | 3,235 | 2,149 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/51 | 7,210 | 5,266 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/51 | 13,130 | 9,343 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/51 | 20,710 | 19,406 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/52 | 5,000 | 5,119 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/57 | 5,000 | 5,107 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue | 5.250% | 7/1/57 | 6,250 | 6,437 |
18
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 7 | New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO | 3.380% | 6/1/23 | 16,940 | 16,940 |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, ETM | 5.000% | 7/1/26 | 65 | 68 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 4.500% | 8/15/23 | 5,800 | 5,811 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 8/15/23 | 540 | 542 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/24 | 700 | 712 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/24 | 800 | 813 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/24 | 1,615 | 1,642 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/24 | 1,415 | 1,439 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/24 | 4,050 | 4,117 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/26 | 1,165 | 1,229 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/26 | 800 | 844 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/26 | 1,000 | 1,053 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/26 | 2,875 | 3,029 | |
| New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/26 | 2,745 | 2,892 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.500% | 10/1/34 | 6,355 | 6,066 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.750% | 10/1/35 | 6,825 | 6,532 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.250% | 11/1/36 | 1,150 | 905 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 4.250% | 10/1/37 | 2,965 | 2,947 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.875% | 11/1/38 | 1,500 | 1,413 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.850% | 10/1/39 | 4,830 | 4,519 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.250% | 10/1/40 | 2,030 | 1,469 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.300% | 11/1/40 | 2,150 | 1,551 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.450% | 11/1/41 | 1,000 | 737 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 4.500% | 10/1/42 | 5,925 | 5,880 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.950% | 11/1/43 | 1,100 | 995 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.400% | 10/1/45 | 800 | 584 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.450% | 11/1/45 | 1,000 | 690 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.750% | 11/1/45 | 1,000 | 904 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.300% | 10/1/46 | 3,825 | 2,650 |
19
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 | 4.600% | 10/1/46 | 3,525 | 3,463 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.650% | 11/1/46 | 1,000 | 708 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 4.100% | 11/1/47 | 675 | 626 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 4.000% | 11/1/48 | 825 | 721 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 4.000% | 4/1/49 | 2,200 | 2,020 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.050% | 11/1/49 | 865 | 650 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 4.750% | 10/1/50 | 14,265 | 14,357 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.550% | 11/1/50 | 1,000 | 664 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.500% | 4/1/51 | 16,830 | 16,375 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.700% | 11/1/51 | 1,000 | 674 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.400% | 4/1/52 | 4,215 | 2,899 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 3.000% | 10/1/52 | 2,995 | 2,842 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 5.000% | 10/1/53 | 12,865 | 13,238 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 4.100% | 11/1/53 | 500 | 434 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.625% | 11/1/56 | 1,000 | 640 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue | 2.750% | 11/1/56 | 1,000 | 654 | |
| New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue (New Center City Project) | 5.000% | 6/1/25 | 4,000 | 4,071 | |
| New Jersey Infrastructure Bank Intergovernmental Agreement Revenue | 2.125% | 9/1/46 | 1,720 | 1,102 | |
| New Jersey Infrastructure Bank Intergovernmental Agreement Revenue | 2.250% | 9/1/51 | 2,500 | 1,551 | |
| New Jersey Infrastructure Bank Intergovernmental Agreement Revenue | 5.000% | 9/1/52 | 2,230 | 2,445 | |
| New Jersey Infrastructure Bank Lease Revenue | 2.000% | 9/1/40 | 2,705 | 1,859 | |
| New Jersey Infrastructure Bank Lease Revenue | 2.000% | 9/1/46 | 6,655 | 4,144 | |
| New Jersey Infrastructure Bank Lease Revenue | 2.250% | 9/1/50 | 5,530 | 3,469 | |
| New Jersey NJ Institute of Technology College & University Revenue | 5.000% | 7/1/31 | 925 | 1,023 | |
| New Jersey NJ Institute of Technology College & University Revenue | 5.000% | 7/1/33 | 330 | 364 | |
| New Jersey NJ Institute of Technology College & University Revenue | 5.000% | 7/1/40 | 6,605 | 6,727 | |
| New Jersey NJ Institute of Technology College & University Revenue | 5.000% | 7/1/45 | 8,975 | 9,114 | |
| New Jersey Rutgers State University College & University Revenue VRDO | 3.980% | 6/1/23 | 45,735 | 45,735 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/23 | 4,060 | 3,977 | |
| 5 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.250% | 12/15/23 | 145 | 146 |
20
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 | 0.000% | 12/15/24 | 1,215 | 1,148 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/24 | 710 | 670 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/25 | 1,440 | 1,312 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/25 | 1,485 | 1,353 | |
| 5 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/26 | 2,515 | 2,219 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/26 | 6,020 | 5,302 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/27 | 4,075 | 4,255 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/28 | 6,580 | 6,877 | |
| 5 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/28 | 1,075 | 888 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/28 | 4,705 | 3,857 | |
| 2 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/28 | 755 | 622 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/29 | 5,805 | 6,069 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/29 | 1,270 | 1,328 | |
| 1 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/29 | 5,060 | 4,012 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/30 | 4,000 | 4,177 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/30 | 10,550 | 11,017 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.100% | 6/15/31 | 1,335 | 1,354 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/31 | 9,000 | 9,383 | |
| 4 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/31 | 10,000 | 7,267 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/31 | 8,070 | 5,840 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.000% | 12/15/31 | 2,025 | 2,070 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/32 | 2,910 | 3,124 | |
| 1 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/32 | 10,000 | 7,090 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/32 | 870 | 605 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 12/15/32 | 1,000 | 1,094 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/33 | 5,150 | 3,439 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 12/15/33 | 2,810 | 3,012 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 12/15/33 | 1,000 | 1,089 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/34 | 1,375 | 1,533 |
21
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/34 | 2,175 | 1,392 | |
| 1 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/34 | 285 | 187 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 12/15/34 | 3,250 | 3,468 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/35 | 1,625 | 1,794 | |
| 5 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/35 | 1,540 | 943 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/35 | 4,690 | 2,853 | |
| 2 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/35 | 1,790 | 1,116 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/36 | 1,500 | 1,637 | |
| 6 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/36 | 1,305 | 1,435 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/36 | 875 | 507 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/36 | 6,775 | 3,897 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/37 | 1,000 | 1,080 | |
| 6 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/37 | 1,000 | 1,087 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/37 | 8,335 | 4,575 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/37 | 2,230 | 1,224 | |
| 2 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.000% | 12/15/37 | 2,610 | 2,585 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.000% | 6/15/38 | 1,000 | 980 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/38 | 1,000 | 1,071 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/38 | 8,370 | 4,369 | |
| 2 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/38 | 1,250 | 673 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.250% | 12/15/38 | 3,485 | 3,497 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.125% | 6/15/39 | 3,625 | 3,566 | |
| 6 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/39 | 1,000 | 1,076 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.000% | 12/15/39 | 3,620 | 3,507 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.000% | 6/15/40 | 1,800 | 1,726 | |
| 6 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/40 | 1,000 | 1,075 |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | 12/15/40 | 5,180 | 2,425 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.000% | 6/15/41 | 3,000 | 2,867 | |
| 6 | New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.250% | 6/15/44 | 6,000 | 5,889 |
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 | 5.250% | 6/15/46 | 2,435 | 2,623 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | 6/15/48 | 5,565 | 5,867 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.500% | 6/15/50 | 2,000 | 2,180 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program Notes) | 5.000% | 6/15/31 | 1,000 | 1,077 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.000% | 6/15/26 | 470 | 477 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.250% | 6/15/28 | 355 | 366 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.250% | 6/15/29 | 2,000 | 2,060 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 4.625% | 6/15/30 | 1,075 | 1,094 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.250% | 6/15/31 | 400 | 411 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.000% | 6/15/33 | 1,535 | 1,715 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.000% | 6/15/34 | 1,500 | 1,664 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.000% | 6/15/35 | 1,500 | 1,648 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.000% | 6/15/36 | 1,500 | 1,630 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 4.000% | 6/15/37 | 1,815 | 1,800 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 4.000% | 6/15/39 | 5,390 | 5,225 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 4.000% | 6/15/41 | 6,600 | 6,306 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 4.000% | 6/15/42 | 1,315 | 1,254 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 4.000% | 6/15/42 | 5,000 | 4,769 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.250% | 6/15/43 | 7,500 | 7,866 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 4.000% | 6/15/46 | 14,170 | 13,303 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.000% | 6/15/46 | 3,000 | 3,096 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 3.000% | 6/15/50 | 1,500 | 1,115 | |
| New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 4.000% | 6/15/50 | 10,195 | 9,447 | |
| 3,7 | New Jersey Transportation Trust Fund Authority Appropriations Revenue TOB VRDO | 3.450% | 6/1/23 | 2,625 | 2,625 |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 5.000% | 6/15/32 | 1,000 | 1,074 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 5.000% | 6/15/33 | 1,000 | 1,073 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 5.000% | 6/15/34 | 1,000 | 1,070 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 4.000% | 6/15/36 | 1,000 | 1,003 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 4.000% | 6/15/36 | 2,000 | 2,008 |
23
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 | 5.000% | 6/15/37 | 1,500 | 1,603 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 4.000% | 6/15/38 | 3,000 | 2,940 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 3.250% | 6/15/39 | 1,000 | 870 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 4.000% | 6/15/44 | 9,715 | 9,168 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 4.000% | 6/15/45 | 5,670 | 5,316 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 5.000% | 6/15/45 | 6,000 | 6,296 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 3.500% | 6/15/46 | 6,640 | 5,640 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 3.000% | 6/15/50 | 6,040 | 4,489 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 4.000% | 6/15/50 | 2,365 | 2,189 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 4.000% | 6/15/50 | 6,990 | 6,481 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 5.000% | 6/15/50 | 5,400 | 5,551 | |
| New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue | 5.000% | 6/15/50 | 1,975 | 2,058 | |
| 6 | New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue | 5.000% | 6/15/35 | 1,000 | 1,113 |
| 6 | New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue | 4.250% | 6/15/40 | 6,000 | 5,932 |
| New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue | 0.000% | 12/15/32 | 2,250 | 1,566 | |
| New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue | 0.000% | 12/15/33 | 4,035 | 2,695 | |
| New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue | 0.000% | 12/15/34 | 2,000 | 1,280 | |
| New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue | 0.000% | 12/15/38 | 10,000 | 5,219 | |
| New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue | 0.000% | 12/15/39 | 4,080 | 2,024 | |
| 5,9 | New Jersey Transportation Trust Fund Authority Transit Revenue | 0.000% | 12/15/24 | 100 | 95 |
| 5,10 | New Jersey Transportation Trust Fund Authority Transit Revenue | 0.000% | 12/15/26 | 825 | 733 |
| 2 | New Jersey Transportation Trust Fund Authority Transit Revenue | 0.000% | 12/15/32 | 1,825 | 1,294 |
| 2 | New Jersey Transportation Trust Fund Authority Transit Revenue | 0.000% | 12/15/38 | 175 | 94 |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/31 | 2,600 | 2,826 | |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/32 | 150 | 163 | |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/32 | 145 | 149 | |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/32 | 3,100 | 3,368 | |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/33 | 30 | 33 | |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/33 | 1,250 | 1,357 | |
| New Jersey Turnpike Authority Highway Revenue | 4.000% | 1/1/34 | 5,000 | 5,135 | |
| New Jersey Turnpike Authority Highway Revenue | 4.000% | 1/1/35 | 2,000 | 2,043 | |
| New Jersey Turnpike Authority Highway Revenue | 4.000% | 1/1/36 | 650 | 660 | |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/36 | 3,890 | 4,181 | |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/40 | 2,000 | 2,118 | |
| New Jersey Turnpike Authority Highway Revenue | 4.000% | 1/1/42 | 9,750 | 9,658 | |
| New Jersey Turnpike Authority Highway Revenue | 4.000% | 1/1/42 | 5,000 | 4,953 | |
| New Jersey Turnpike Authority Highway Revenue | 4.000% | 1/1/43 | 2,185 | 2,159 | |
| New Jersey Turnpike Authority Highway Revenue | 4.250% | 1/1/43 | 8,000 | 8,101 |
24
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 2 | New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/45 | 965 | 986 |
| New Jersey Turnpike Authority Highway Revenue | 4.500% | 1/1/48 | 3,000 | 3,062 | |
| New Jersey Turnpike Authority Highway Revenue | 5.000% | 1/1/48 | 4,000 | 4,216 | |
| New Jersey Turnpike Authority Highway Revenue | 4.000% | 1/1/51 | 18,000 | 17,183 | |
| New Jersey Turnpike Authority Highway Revenue | 5.250% | 1/1/52 | 6,000 | 6,594 | |
| 3 | New Jersey Turnpike Authority Highway Revenue TOB VRDO | 3.460% | 6/1/23 | 11,900 | 11,900 |
| 3 | New Jersey Turnpike Authority Highway Revenue TOB VRDO | 3.470% | 6/1/23 | 3,040 | 3,040 |
| 2 | Newark Board of Education GO | 5.000% | 7/15/31 | 500 | 561 |
| 2 | Newark Board of Education GO | 5.000% | 7/15/32 | 500 | 560 |
| 2 | Newark Board of Education GO | 5.000% | 7/15/33 | 520 | 582 |
| 2 | Newark Board of Education GO | 4.000% | 7/15/35 | 500 | 503 |
| 2 | Newark Board of Education GO | 4.000% | 7/15/36 | 475 | 470 |
| 2 | Newark Board of Education GO | 4.000% | 7/15/37 | 450 | 440 |
| 2 | Newark Board of Education GO | 3.000% | 7/15/38 | 1,350 | 1,137 |
| 2 | Newark Board of Education GO | 3.000% | 7/15/39 | 1,550 | 1,275 |
| 2 | Newark Board of Education GO | 3.000% | 7/15/40 | 3,025 | 2,435 |
| 2 | Newark Board of Education GO | 3.000% | 7/15/41 | 3,855 | 3,084 |
| 2 | Newark Board of Education GO | 3.000% | 7/15/42 | 800 | 634 |
| 4 | Newark Housing Authority Scholarship Foundation A New Jersey Intergovernmental Agreement Revenue (ADDL-Newark Redevelopment Project) | 5.000% | 1/1/32 | 2,500 | 2,685 |
| Newark Housing Authority Scholarship Foundation A New Jersey Intergovernmental Agreement Revenue (Newark Redevelopment Project) | 4.000% | 1/1/37 | 8,600 | 8,662 | |
| 1 | Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue | 5.375% | 11/15/52 | 3,920 | 4,368 |
| 1 | Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue | 6.000% | 11/15/62 | 9,370 | 10,746 |
| 1 | North Bergen Township Board of Education GO | 4.000% | 7/15/41 | 910 | 896 |
| North Brunswick Township Board of Education GO | 3.250% | 8/15/31 | 395 | 396 | |
| North Brunswick Township Board of Education GO | 3.375% | 8/15/37 | 1,695 | 1,581 | |
| 1 | North Hudson Sewerage Authority Lease (Non-Terminable) Revenue | 5.000% | 6/1/37 | 1,485 | 1,704 |
| 1 | North Hudson Sewerage Authority Lease (Non-Terminable) Revenue | 5.000% | 6/1/38 | 1,000 | 1,139 |
| 1 | North Hudson Sewerage Authority Lease (Non-Terminable) Revenue | 5.000% | 6/1/39 | 1,100 | 1,248 |
| 1 | North Hudson Sewerage Authority Lease (Non-Terminable) Revenue | 5.000% | 6/1/40 | 1,100 | 1,240 |
| 1 | North Hudson Sewerage Authority Lease (Non-Terminable) Revenue | 5.000% | 6/1/41 | 1,000 | 1,132 |
| 1 | North Hudson Sewerage Authority Lease (Non-Terminable) Revenue | 5.000% | 6/1/42 | 1,045 | 1,189 |
| Ocean City NJ GO | 2.250% | 9/15/32 | 2,370 | 2,090 | |
| Passaic County Improvement Authority Auto Parking Revenue | 5.000% | 5/1/42 | 2,500 | 2,632 | |
| Passaic County Improvement Authority Charter School Aid Revenue | 4.250% | 7/1/33 | 620 | 622 | |
| Passaic County Improvement Authority Charter School Aid Revenue | 5.250% | 7/1/43 | 670 | 677 | |
| Passaic County Improvement Authority Charter School Aid Revenue | 5.375% | 7/1/53 | 1,000 | 1,004 | |
| Passaic County Improvement Authority Charter School Aid Revenue | 5.500% | 7/1/58 | 1,000 | 1,006 | |
| Passaic County Improvement Authority Lease (Non-Terminable) Revenue (DPW Building Project) | 5.000% | 5/1/33 | 720 | 747 | |
| Passaic County Improvement Authority Lease Revenue (Paterson City Project) | 4.000% | 8/15/33 | 110 | 116 | |
| Passaic County Improvement Authority Lease Revenue (Paterson City Project) | 4.000% | 8/15/34 | 125 | 131 |
25
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Passaic County Improvement Authority Lease Revenue (Paterson City Project) | 3.000% | 8/15/36 | 145 | 133 | |
| Passaic County Improvement Authority Lease Revenue (Paterson City Project) | 3.000% | 8/15/37 | 150 | 134 | |
| Passaic County Improvement Authority Lease Revenue (Paterson City Project) | 3.000% | 8/15/44 | 755 | 618 | |
| Passaic County Improvement Authority Miscellaneous Revenue (Guaranteed-City Paterson Project) | 5.000% | 6/15/34 | 1,000 | 1,086 | |
| Passaic County Improvement Authority Miscellaneous Revenue (Guaranteed-City Paterson Project) | 5.000% | 6/15/35 | 1,200 | 1,298 | |
| Passaic County NJ GO | 3.000% | 5/1/32 | 540 | 526 | |
| Passaic County NJ GO | 3.000% | 11/1/35 | 3,000 | 2,811 | |
| Passaic County NJ GO | 1.000% | 12/1/35 | 1,675 | 1,185 | |
| 1 | Passaic Valley Sewerage Commission Sewer Revenue | 3.000% | 12/1/36 | 1,495 | 1,348 |
| 1 | Passaic Valley Sewerage Commission Sewer Revenue | 3.000% | 12/1/37 | 1,935 | 1,701 |
| 1 | Passaic Valley Sewerage Commission Sewer Revenue | 3.000% | 12/1/38 | 970 | 833 |
| 1 | Passaic Valley Sewerage Commission Sewer Revenue | 3.000% | 12/1/39 | 500 | 421 |
| 2 | Perth Amboy NJ GO | 5.000% | 3/15/29 | 690 | 769 |
| 2 | Perth Amboy NJ GO | 5.000% | 3/15/30 | 600 | 679 |
| 2 | Perth Amboy NJ GO | 5.000% | 3/15/31 | 750 | 860 |
| Rancocas Valley Regional High School District GO | 3.000% | 3/15/39 | 1,300 | 1,118 | |
| Rancocas Valley Regional High School District GO | 3.000% | 3/15/40 | 1,300 | 1,102 | |
| 2 | Salem County NJ GO | 3.000% | 6/15/33 | 270 | 258 |
| Salem County NJ GO | 2.000% | 6/15/36 | 1,680 | 1,272 | |
| Salem County NJ GO | 2.000% | 6/15/37 | 1,835 | 1,345 | |
| South Jersey Port Corp. Port, Airport & Marina Revenue | 5.000% | 1/1/34 | 1,915 | 1,964 | |
| South Jersey Port Corp. Port, Airport & Marina Revenue | 5.000% | 1/1/39 | 2,910 | 2,947 | |
| South Jersey Port Corp. Port, Airport & Marina Revenue | 5.000% | 1/1/49 | 2,450 | 2,479 | |
| 1 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/28 | 200 | 216 |
| 1 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/28 | 1,140 | 1,232 |
| 1 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/29 | 500 | 548 |
| South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/30 | 450 | 457 | |
| 1 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/30 | 500 | 548 |
| 1 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/31 | 500 | 547 |
| South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/32 | 750 | 759 | |
| 1 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/32 | 500 | 546 |
| 1 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/33 | 500 | 545 |
| South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/39 | 9,620 | 9,650 | |
| South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/39 | 1,000 | 1,058 | |
| South Jersey Transportation Authority Highway Revenue | 4.000% | 11/1/40 | 2,125 | 1,999 | |
| South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/40 | 1,750 | 1,845 | |
| 2 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/41 | 3,250 | 3,485 |
| South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/41 | 1,750 | 1,840 | |
| South Jersey Transportation Authority Highway Revenue | 4.500% | 11/1/42 | 2,000 | 2,012 | |
| South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/45 | 8,410 | 8,695 | |
| 2 | South Jersey Transportation Authority Highway Revenue | 5.000% | 11/1/45 | 3,525 | 3,747 |
| South Jersey Transportation Authority Highway Revenue | 4.625% | 11/1/47 | 2,635 | 2,664 | |
| South Jersey Transportation Authority Highway Revenue | 4.000% | 11/1/50 | 11,735 | 10,805 | |
| 2 | South Jersey Transportation Authority Highway Revenue | 4.000% | 11/1/50 | 3,265 | 3,156 |
| South Jersey Transportation Authority Highway Revenue | 5.250% | 11/1/52 | 5,300 | 5,587 | |
| 2 | South Jersey Transportation Authority Highway Revenue | 5.250% | 11/1/52 | 3,650 | 3,961 |
| South Orange & Maplewood School District GO | 2.250% | 11/1/37 | 1,120 | 861 | |
| South Orange & Maplewood School District GO | 2.250% | 11/1/38 | 1,000 | 754 | |
| South Orange & Maplewood School District GO | 2.000% | 8/15/40 | 1,550 | 1,069 | |
| South Orange & Maplewood School District GO | 2.125% | 8/15/41 | 1,525 | 1,054 | |
| South Orange & Maplewood School District GO | 2.500% | 11/1/42 | 3,100 | 2,267 |
26
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Sussex County Municipal Utilities Authority Resource Recovery Revenue (Landfill Expansion Project) | 3.000% | 12/1/41 | 1,100 | 927 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/25 | 1,650 | 1,696 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/26 | 1,405 | 1,468 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/28 | 2,310 | 2,478 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/29 | 1,500 | 1,612 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/30 | 1,535 | 1,647 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/31 | 3,750 | 4,015 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/32 | 2,850 | 3,048 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/33 | 2,750 | 2,933 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/34 | 3,750 | 3,988 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/35 | 2,920 | 3,087 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/36 | 2,000 | 2,100 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 4.000% | 6/1/37 | 3,100 | 3,098 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/37 | 3,050 | 3,186 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/46 | 10,080 | 10,327 | |
| Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/46 | 12,290 | 12,344 | |
| Toms River Township NJ GO | 4.000% | 6/1/38 | 1,190 | 1,196 | |
| Union City NJ GO | 5.000% | 11/1/23 | 1,060 | 1,065 | |
| Union County NJ GO | 4.000% | 3/1/32 | 3,000 | 3,202 | |
| Union Township NJ/Union County GO | 1.000% | 8/1/32 | 1,094 | 861 | |
| West Deptford Township NJ GO | 3.000% | 2/15/32 | 640 | 621 | |
| West Windsor-Plainsboro Regional School District GO | 2.375% | 8/1/36 | 3,325 | 2,680 | |
| 2,127,458 | |||||
| Delaware (0.4%) | |||||
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/34 | 170 | 198 | |
| Delaware River & Bay Authority Highway Revenue | 3.000% | 1/1/35 | 1,000 | 932 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/35 | 170 | 196 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/35 | 350 | 404 | |
| Delaware River & Bay Authority Highway Revenue | 3.000% | 1/1/36 | 1,000 | 907 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/36 | 170 | 195 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/36 | 300 | 345 | |
| Delaware River & Bay Authority Highway Revenue | 3.000% | 1/1/37 | 1,000 | 895 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/37 | 350 | 394 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/37 | 170 | 191 | |
| Delaware River & Bay Authority Highway Revenue | 3.000% | 1/1/38 | 1,000 | 874 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/38 | 170 | 189 | |
| Delaware River & Bay Authority Highway Revenue | 4.000% | 1/1/39 | 1,000 | 1,002 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/39 | 150 | 165 | |
| Delaware River & Bay Authority Highway Revenue | 4.000% | 1/1/40 | 700 | 697 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/40 | 170 | 186 | |
| Delaware River & Bay Authority Highway Revenue | 4.000% | 1/1/41 | 450 | 445 | |
27
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/41 | 185 | 201 | |
| Delaware River & Bay Authority Highway Revenue | 4.000% | 1/1/42 | 750 | 736 | |
| Delaware River & Bay Authority Highway Revenue | 5.000% | 1/1/42 | 170 | 184 | |
| Delaware River & Bay Authority Highway Revenue | 4.000% | 1/1/46 | 1,000 | 962 | |
| 10,298 | |||||
| Guam (0.3%) | |||||
| Guam Government Waterworks Authority Water Revenue, Prere. | 5.500% | 7/1/23 | 3,000 | 3,004 | |
| Guam Miscellaneous Taxes Revenue | 4.000% | 1/1/36 | 200 | 189 | |
| Guam Miscellaneous Taxes Revenue | 4.000% | 1/1/42 | 1,170 | 1,026 | |
| Guam Power Authority Electric Power & Light Revenue | 5.000% | 10/1/27 | 1,135 | 1,152 | |
| Guam Power Authority Electric Power & Light Revenue | 5.000% | 10/1/29 | 1,355 | 1,377 | |
| 6,748 | |||||
| New York (3.5%) | |||||
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.375% | 3/1/28 | 925 | 974 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 3.000% | 12/1/31 | 5,000 | 4,992 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 9/1/36 | 5,560 | 6,115 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/37 | 3,140 | 3,206 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/38 | 1,310 | 1,325 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 7/15/38 | 3,800 | 4,098 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 9/1/38 | 4,000 | 4,040 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/39 | 1,000 | 1,006 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 9/1/39 | 4,560 | 4,583 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 9/1/39 | 2,695 | 2,921 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/40 | 3,150 | 3,148 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/40 | 935 | 934 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/46 | 2,500 | 2,443 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 9/1/48 | 3,740 | 3,970 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 11/1/49 | 11,395 | 11,051 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/51 | 2,250 | 2,168 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 1/15/52 | 5,000 | 5,385 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.250% | 8/1/52 | 2,000 | 2,200 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 7/15/56 | 2,500 | 2,659 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.250% | 11/15/57 | 10,405 | 10,953 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/61 | 2,500 | 2,352 | |
| 80,523 | |||||
28
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Pennsylvania (2.5%) | |||||
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/31 | 1,540 | 1,664 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/33 | 2,250 | 2,427 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/33 | 135 | 150 | |
| 2 | Delaware River Joint Toll Bridge Commission Highway Revenue | 4.000% | 7/1/34 | 1,660 | 1,688 |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/34 | 1,000 | 1,076 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/34 | 135 | 150 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/35 | 175 | 193 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/36 | 2,260 | 2,409 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/36 | 155 | 169 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/37 | 2,515 | 2,668 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/37 | 150 | 163 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/38 | 215 | 232 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/39 | 170 | 182 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/42 | 12,000 | 12,512 | |
| Delaware River Joint Toll Bridge Commission Highway Revenue | 5.000% | 7/1/47 | 5,500 | 5,705 | |
| Delaware River Port Authority Highway Revenue | 5.000% | 1/1/31 | 1,730 | 1,917 | |
| Delaware River Port Authority Highway Revenue | 5.000% | 1/1/37 | 12,040 | 12,127 | |
| Delaware River Port Authority Highway Revenue | 5.000% | 1/1/37 | 1,000 | 1,081 | |
| Delaware River Port Authority Highway Revenue | 5.000% | 1/1/38 | 3,900 | 4,176 | |
| Delaware River Port Authority Highway Revenue | 5.000% | 1/1/39 | 3,500 | 3,730 | |
| Delaware River Port Authority Highway Revenue | 5.000% | 1/1/40 | 2,500 | 2,517 | |
| 56,936 | |||||
| Puerto Rico (1.3%) | |||||
| Commonwealth of Puerto Rico GO | 5.250% | 7/1/23 | 501 | 502 | |
| Commonwealth of Puerto Rico GO | 0.000% | 7/1/24 | 306 | 292 | |
| Commonwealth of Puerto Rico GO | 5.375% | 7/1/25 | 3,283 | 3,352 | |
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/27 | 1,862 | 1,946 | |
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/29 | 2,546 | 2,697 | |
| Commonwealth of Puerto Rico GO | 5.750% | 7/1/31 | 3,805 | 4,097 | |
| Commonwealth of Puerto Rico GO | 0.000% | 7/1/33 | 657 | 385 | |
| Commonwealth of Puerto Rico GO | 4.000% | 7/1/33 | 1,013 | 930 | |
| Commonwealth of Puerto Rico GO | 4.000% | 7/1/35 | 288 | 257 | |
| Commonwealth of Puerto Rico GO | 4.000% | 7/1/46 | 84 | 68 | |
| 3 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue | 5.000% | 7/1/30 | 1,080 | 1,096 |
| 3 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue | 5.000% | 7/1/33 | 500 | 503 |
| 3 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue | 5.000% | 7/1/33 | 750 | 755 |
| Puerto Rico Highway & Transportation Authority Highway Revenue | 0.000% | 7/1/32 | 272 | 173 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/24 | 332 | 317 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/27 | 1,759 | 1,479 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/29 | 580 | 444 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/31 | 1,001 | 693 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/40 | 6,366 | 5,898 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/58 | 1,634 | 1,501 | |
29
New Jersey Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.000% | 7/1/58 | 1,605 | 1,533 | |
| 28,918 | |||||
| Total Tax-Exempt Municipal Bonds (Cost $2,410,248) | 2,310,881 | ||||
| Total Investments (99.9%) (Cost $2,410,248) | 2,310,881 | ||||
| Other Assets and Liabilities—Net (0.1%) | 2,987 | ||||
| Net Assets (100%) | 2,313,868 | ||||
| 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, 2023, the aggregate value was $67,369,000, representing 2.9% 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 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2023. |
| 7 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 8 | Securities with a value of $319,000 have been segregated as initial margin for open futures contracts. |
| 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. |
| ETM—Escrowed to Maturity. | |
| GO—General Obligation Bond. | |
| Prere.—Prerefunded. | |
| TOB—Tender Option Bond. | |
| VRDO—Variable Rate Demand Obligation. |
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 | ||||
| 2-Year U.S. Treasury Note | September 2023 | 101 | 20,789 | (24) |
| Ultra Long U.S. Treasury Bond | September 2023 | 12 | 1,642 | 25 |
| 1 | ||||
See accompanying
Notes, which are an integral part of the Financial Statements.
30
New Jersey Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of May 31, 2023
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $2,410,248) | 2,310,881 |
| Investment in Vanguard | 82 |
| Cash | 59 |
| Receivables for Investment Securities Sold | 13,085 |
| Receivables for Accrued Income | 34,131 |
| Receivables for Capital Shares Issued | 558 |
| Variation Margin Receivable—Futures Contracts | 46 |
| Other Assets | 102 |
| Total Assets | 2,358,944 |
| Liabilities | |
| Payables for Investment Securities Purchased | 41,767 |
| Payables for Capital Shares Redeemed | 1,418 |
| Payables for Distributions | 1,791 |
| Payables to Vanguard | 100 |
| Total Liabilities | 45,076 |
| Net Assets | 2,313,868 |
| At May 31, 2023, net assets consisted of: | |
| Paid-in Capital | 2,443,937 |
| Total Distributable Earnings (Loss) | (130,069) |
| Net Assets | 2,313,868 |
| Investor Shares—Net Assets | |
| Applicable to 23,038,605 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 257,326 |
| Net Asset Value Per Share—Investor Shares | $11.17 |
| Admiral Shares—Net Assets | |
| Applicable to 184,123,945 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,056,542 |
| Net Asset Value Per Share—Admiral Shares | $11.17 |
See accompanying
Notes, which are an integral part of the Financial Statements.
31
New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended May 31, 2023 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 39,674 |
| Total Income | 39,674 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 59 |
| Management and Administrative—Investor Shares | 192 |
| Management and Administrative—Admiral Shares | 784 |
| Marketing and Distribution—Investor Shares | 11 |
| Marketing and Distribution—Admiral Shares | 54 |
| Custodian Fees | 7 |
| Shareholders’ Reports—Investor Shares | 8 |
| Shareholders’ Reports—Admiral Shares | 11 |
| Trustees’ Fees and Expenses | 1 |
| Other Expenses | 13 |
| Total Expenses | 1,140 |
| Expenses Paid Indirectly | (7) |
| Net Expenses | 1,133 |
| Net Investment Income | 38,541 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | (15,085) |
| Futures Contracts | (340) |
| Realized Net Gain (Loss) | (15,425) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 35,262 |
| Futures Contracts | 57 |
| Change in Unrealized Appreciation (Depreciation) | 35,319 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 58,435 |
See accompanying
Notes, which are an integral part of the Financial Statements.
32
New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended May 31, 2023 | Year Ended November 30, 2022 | ||
| ($000) | ($000) | ||
| Increase (Decrease) in Net Assets | |||
| Operations | |||
| Net Investment Income | 38,541 | 73,502 | |
| Realized Net Gain (Loss) | (15,425) | (14,660) | |
| Change in Unrealized Appreciation (Depreciation) | 35,319 | (326,803) | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 58,435 | (267,961) | |
| Distributions | |||
| Investor Shares | (4,181) | (9,797) | |
| Admiral Shares | (33,945) | (80,138) | |
| Total Distributions | (38,126) | (89,935) | |
| Capital Share Transactions | |||
| Investor Shares | 4,945 | (14,797) | |
| Admiral Shares | 41,753 | (138,212) | |
| Net Increase (Decrease) from Capital Share Transactions | 46,698 | (153,009) | |
| Total Increase (Decrease) | 67,007 | (510,905) | |
| Net Assets | |||
| Beginning of Period | 2,246,861 | 2,757,766 | |
| End of Period | 2,313,868 | 2,246,861 | |
See accompanying
Notes, which are an integral part of the Financial Statements.
33
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
| Investor Shares | ||||||
| For a Share Outstanding Throughout Each Period | Six Months Ended May 31, 2023 | Year Ended November 30, | ||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net Asset Value, Beginning of Period | $11.06 | $12.75 | $12.66 | $12.49 | $11.78 | $12.09 |
| Investment Operations | ||||||
| Net Investment Income1 | .185 | .345 | .342 | .375 | .402 | .419 |
| Net Realized and Unrealized Gain (Loss) on Investments | .108 | (1.614) | .190 | .242 | .758 | (.242) |
| Total from Investment Operations | .293 | (1.269) | .532 | .617 | 1.160 | .177 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.183) | (.344) | (.342) | (.375) | (.403) | (.420) |
| Distributions from Realized Capital Gains | — | (.077) | (.100) | (.072) | (.047) | (.067) |
| Total Distributions | (.183) | (.421) | (.442) | (.447) | (.450) | (.487) |
| Net Asset Value, End of Period | $11.17 | $11.06 | $12.75 | $12.66 | $12.49 | $11.78 |
| Total Return2 | 2.65% | -10.06% | 4.26% | 5.07% | 10.00% | 1.49% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $257 | $250 | $305 | $281 | $290 | $229 |
| Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
| Ratio of Net Investment Income to Average Net Assets | 3.30% | 2.99% | 2.68% | 3.04% | 3.28% | 3.53% |
| Portfolio Turnover Rate | 17% | 38% | 23% | 31% | 12% | 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. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
See accompanying
Notes, which are an integral part of the Financial Statements.
34
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
| Admiral Shares | ||||||
| For a Share Outstanding Throughout Each Period | Six Months Ended May 31, 2023 | Year Ended November 30, | ||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net Asset Value, Beginning of Period | $11.06 | $12.75 | $12.66 | $12.49 | $11.78 | $12.09 |
| Investment Operations | ||||||
| Net Investment Income1 | .189 | .354 | .353 | .385 | .413 | .429 |
| Net Realized and Unrealized Gain (Loss) on Investments | .108 | (1.614) | .189 | .242 | .757 | (.242) |
| Total from Investment Operations | .297 | (1.260) | .542 | .627 | 1.170 | .187 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.187) | (.353) | (.352) | (.385) | (.413) | (.430) |
| Distributions from Realized Capital Gains | — | (.077) | (.100) | (.072) | (.047) | (.067) |
| Total Distributions | (.187) | (.430) | (.452) | (.457) | (.460) | (.497) |
| Net Asset Value, End of Period | $11.17 | $11.06 | $12.75 | $12.66 | $12.49 | $11.78 |
| Total Return2 | 2.69% | -9.99% | 4.34% | 5.16% | 10.09% | 1.57% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $2,057 | $1,997 | $2,453 | $2,268 | $2,208 | $1,865 |
| Ratio of Total Expenses to Average Net Assets | 0.09%3 | 0.09%3 | 0.09% | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 3.38% | 3.07% | 2.76% | 3.12% | 3.36% | 3.61% |
| Portfolio Turnover Rate | 17% | 38% | 23% | 31% | 12% | 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. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%. |
See accompanying
Notes, which are an integral part of the Financial Statements.
35
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.
| 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
valuation designee to represent fair value and subject to oversight by the board of trustees.
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, 2023, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end
during the period.
3. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually 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.
36
New Jersey Long-Term Tax-Exempt Fund
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 and are 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, which 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 an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, 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, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest
income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt
securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment
securities are those of the specific securities sold.
Each class of shares has equal
rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and
shareholder reporting. Marketing and distribution 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.
37
New Jersey Long-Term Tax-Exempt Fund
| 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, 2023, the fund had contributed to Vanguard capital in the amount of $82,000, representing less than 0.01% of the fund’s net
assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $7,000 (an annual rate of less than 0.01% of average net assets). |
| D. | Various inputs may be used to determine the value of the fund’s investments 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, 2023, 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 | — | 2,310,881 | — | 2,310,881 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 25 | — | — | 25 |
| Liabilities | ||||
| Futures Contracts1 | 24 | — | — | 24 |
| 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. |
38
New Jersey Long-Term Tax-Exempt Fund
| E. | As of May 31, 2023, 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 | 2,413,077 |
| Gross Unrealized Appreciation | 18,659 |
| Gross Unrealized Depreciation | (120,854) |
| Net Unrealized Appreciation (Depreciation) | (102,195) |
The fund’s tax-basis
capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2022, the fund had available capital losses totaling $14,997,000 that may be carried forward indefinitely
to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2023; should the fund realize net capital losses for
the year, the losses will be added to the loss carryforward balance above.
| F. | During the six months ended May 31, 2023, the fund purchased $437,532,000 of investment securities and sold $388,288,000 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 May 31, 2023, such purchases were $17,700,000 and sales were $60,655,000, resulting in net realized gain (loss) of $0; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
| G. | Capital share transactions for each class of shares were: |
| Six Months Ended May 31, 2023 | Year Ended November 30, 2022 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| Investor Shares | |||||
| Issued | 38,996 | 3,469 | 71,043 | 6,148 | |
| Issued in Lieu of Cash Distributions | 3,472 | 310 | 8,234 | 707 | |
| Redeemed | (37,523) | (3,351) | (94,074) | (8,165) | |
| Net Increase (Decrease)—Investor Shares | 4,945 | 428 | (14,797) | (1,310) | |
| Admiral Shares | |||||
| Issued | 209,827 | 18,674 | 385,780 | 33,987 | |
| Issued in Lieu of Cash Distributions | 23,970 | 2,139 | 57,256 | 4,911 | |
| Redeemed | (192,044) | (17,162) | (581,248) | (50,822) | |
| Net Increase (Decrease)—Admiral Shares | 41,753 | 3,651 | (138,212) | (11,924) | |
39
New Jersey Long-Term Tax-Exempt Fund
| H. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
| I. | Management has determined that no events or transactions occurred subsequent to May 31, 2023, 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 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 periodic reports throughout the year, which included information about the fund’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review
Department’s ongoing assessment of the advisor.
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 below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also 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, 2022, through December 31, 2022 (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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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 24, 2023
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 24, 2023 | ||
| VANGUARD NEW JERSEY TAX-FREE FUNDS | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER | ||
Date: July 24, 2023
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.