0001104659-24-007722.txt : 20240129 0001104659-24-007722.hdr.sgml : 20240129 20240129160803 ACCESSION NUMBER: 0001104659-24-007722 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20231130 FILED AS OF DATE: 20240129 DATE AS OF CHANGE: 20240129 EFFECTIVENESS DATE: 20240129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD NEW JERSEY TAX-FREE FUNDS CENTRAL INDEX KEY: 0000821404 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05340 FILM NUMBER: 24573705 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW JERSEY TAX FREE FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW JERSEY TAX FREE FUND DATE OF NAME CHANGE: 19920703 0000821404 S000002901 Vanguard New Jersey Long-Term Tax-Exempt Fund C000007964 Investor Shares VNJTX C000007965 Admiral Shares VNJUX N-CSR 1 tm241861d3_ncsr.htm N-CSR

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-05340

 

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

 

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

 

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

 

Date of fiscal year end: November 30

 

Date of reporting period: December 1, 2022—November 30, 2023

 

 

 

Item 1: Reports to Shareholders

 

Annual Report   |   November 30, 2023
Vanguard New Jersey Long-Term Tax-Exempt Fund
See the inside front cover for important information about your fund’s annual and semiannual shareholder reports.

 

Important information about shareholder reports
Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and transmission of shareholder reports. Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available at vanguard.com, can be mailed upon request, or can be accessed on the SEC’s website at www.sec.gov.
You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
Contents
Your Fund’s Performance at a Glance
1
Advisor's Report
2
About Your Fund’s Expenses
6
Performance Summary
8
Financial Statements
10
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

 

Your Fund’s Performance at a Glance
• For the 12 months ended November 30, 2023, Vanguard New Jersey Long-Term Tax-Exempt Fund returned 4.81% for Investor Shares and 4.89% for Admiral Shares. These results trailed the fund’s benchmark, the Bloomberg NJ Municipal Bond Index, which returned 5.40%.
• For much of the period, inflation continued to ease amid interest rate hikes by the Federal Reserve. Unexpected resilience in the labor market and consumer spending dialed back expectations of an imminent recession. Although the prospect of higher interest rates for longer and heightened geopolitical tensions weighed on market sentiment at times toward the close of the period, global stocks and bonds rallied in November.
• On the whole, muni fundamentals remained solid, and their yields fluctuated but ended not far from where they started the period. Munis outperformed the broad taxable investment-grade bond market, where yields ended higher and prices ended lower.
• Security selection among hospitals, retirement communities, and universities detracted from the fund’s relative performance. On the other hand, employing a barbell strategy regarding yield curve positioning, managing the fund’s convexity profile, and having an overweight allocation to credit added value.
Market Barometer
  Average Annual Total Returns
Periods Ended November 30, 2023
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) 13.57% 8.72% 12.25%
Russell 2000 Index (Small-caps) -2.56 1.13 4.78
Russell 3000 Index (Broad U.S. market) 12.61 8.26 11.77
FTSE All-World ex US Index (International) 9.64 2.12 5.49
Bonds      
Bloomberg U.S. Aggregate Float Adjusted Index
(Broad taxable market) 		1.32% -4.46% 0.79%
Bloomberg Municipal Bond Index
(Broad tax-exempt market) 		4.28 -0.96 2.03
FTSE Three-Month U.S. Treasury Bill Index 5.12 2.08 1.85
CPI      
Consumer Price Index 3.14% 5.67% 4.03%
1

 

Advisor’s Report
For the 12 months ended November 30, 2023, Vanguard New Jersey Long-Term Tax-Exempt Fund returned 4.81% for Investor Shares and 4.89% for Admiral Shares. The fund trailed its benchmark, the Bloomberg NJ Municipal Bond Index, which returned 5.40%.
The fund’s 30-day SEC yield increased 8 basis points to 3.89% for Investor Shares and 3.97% for Admiral Shares. (A basis point is one hundredth of a percentage point.)
Please note that the fund is permitted to invest in securities that would generate income distributions subject to the alternative minimum tax (AMT). During the fiscal year, the fund did not own such securities.
The investment environment
For much of the period, concerns about inflation and whether policymakers’ efforts to rein it in might spur a global recession were top of mind for many investors.
Early on, energy prices continued to cool amid an outlook for slower economic growth, but price increases then began to broaden to other categories, notably the services sector, which felt the effects of tight labor markets. The prospect of inflation remaining stubbornly high led central banks, including the Federal Reserve, the European Central Bank, and the Bank of England, to continue aggressively hiking interest rates even as their actions fanned fears of a global recession down the road.
 
Yields of Tax-Exempt Municipal Securities
(National Averages, AAA-Rated General Obligation Issues)
   
Maturity November 30,
2022 		November 30,
2023
2 years 2.59% 2.85%
5 years 2.65 2.60
10 years 2.75 2.68
30 years 3.57 3.77
Source: Vanguard.
2

 

U.S. Treasury yields ended the period higher than where they started across the maturity spectrum. Central bank action and some banking sector stress in March drove very-short-term yields higher in the first part of the period. And longer-term yields began to climb in July as the market started to anticipate that resilient growth and sticky inflation would lead the Fed to keep rates higher for longer.
Although progress was slow in developed markets, signs of inflation moderating toward the end of the period and a growing belief that the Fed may have come to the end of its rate-hiking cycle contributed to a strong rally in both stocks and bonds in November 2023.
At the national level, municipal bonds posted a much stronger performance than the taxable bond market, returning 4.28% for the 12 months, according to the Bloomberg Municipal Bond Index.
State budget and credit environment
On a bipartisan basis, New Jersey adopted a $54.36 billion budget for fiscal 2024 by the June 30 deadline. The budget reflects a 7% increase from fiscal 2023 and is balanced through reserves, which were bolstered by significant federal support and higher-than-expected revenues.
The budget forecasts a surplus of $8.3 billion, which is about 15% of total expenditures and significantly higher than the 10-year average of 3%. For pensions, the budget fully funds the state’s actuarially determined contribution at 100% for the third consecutive year.
Although no additional sources of revenue were adopted and revenue performance has moderated from the previous year, the state can trim expenditures from current and subsequent budgets if necessary. However, the state will be challenged in the future to include new sustainable sources of revenue or expenditure cuts to offset continued growth in long-term liabilities.
Each of the three major rating agencies upgraded New Jersey’s credit ratings in April—to A1 from Moody’s, to A from Standard & Poor’s, and to A+ from Fitch—following upgrades from all three the previous year for the first time in over two decades.
The state’s upgrade path during the year reflected improved reserves, consistent pension funding, and the creation of the Debt Defeasance and Prevention Fund, with more than $9 billion deposited to date. So far, $3.2 billion in debt has been wiped clean and an additional $3.5 billion put toward project financing instead of new debt issuance. Funds were in an overweight position throughout the state’s positive momentum and amid spread compression. Funds are currently positioned more neutrally, with the expectation of revenue moderation and ratings stability as opposed to a continued upward trajectory.
While federal stimulus and high vaccination rates helped the state’s recovery from the pandemic, unemployment of 4.6% in October was rising faster than the U.S. rate of 3.9%. Part of the discrepancy reflected
3

 

mismatches between those seeking jobs and the types of jobs available. Financially, the state has increased reserves significantly to provide flexibility for expected declines in revenues given the inflationary environment and a potential recession. However, high long-term liabilities weigh on future performance.
Although the state exhibits a diverse economy in the central Northeast Corridor and has high resident wealth and education levels, the costs of living and doing business are very high. New Jersey has one of the highest property taxes in the nation and a large foreclosure inventory concentrated mainly in the southern section of the state. In addition, a pattern of outmigration, particularly among college graduates and retirees, could limit future economic performance and revenue growth.
On the positive side, there has been a recent trend of movement to the New Jersey suburbs from New York City, with many areas citing significant increases in property values. Statewide, the population has grown 5% since 2010. New Jersey is focused on affordability and workforce development and continues to diversify economic activity through various initiatives, including renewable energy through promotion of solar energy and entry into the offshore wind industry.
The state typically issues debt between September and January following the finalization of the annual budget and before the budget process commences for the upcoming fiscal year. Issuance during 2023 was related to higher
education and transportation initiatives, with $260 million issued from the New Jersey Educational Facilities Authority in September to assist with financing equipment and capital improvements on college campuses, and $1.2 billion issued from the New Jersey Transportation Trust Fund Authority in November for transportation projects. These deals were well received by investors, and Vanguard participated in all bond issues.
Management of the fund
The main drivers of the fund’s performance were structural in nature, such as coupon, call, and sector selections relative to its benchmark index. The opportunity set in New Jersey is very exposed to the state and state-appropriated credits. We increased duration over the last half of the year, largely by adding exposure to the state. Over the course of the year, this fund went from being underweight to overweight with respect to the state and state-appropriated credits. As the biggest issuer in the New Jersey tax-exempt universe, the state is the highest-volume trader and presented some additional volatility.
Over the year, we strategically made two large shifts. One was to cover our long-fund underweight to the front end, which has historically been how we pay for long premium callable bonds. The other was to gradually extend top-line duration. Both shifts were in expectation of nearing the end of the Fed hiking cycle and positioning the fund for a rally. We
4

 

leaned into credit over the period on a selective basis as well.
Outlook
Although some market participants are counting on a Goldilocks scenario, in which inflation moderates without a slowdown in the economy, we see that as unlikely for several reasons. Even without further interest rate increases, the tightening in monetary policy that has already occurred will continue working its way through the financial system. There’s a risk that wage gains could contribute to inflation remaining sticky and above target, and consumers have been spending down the savings they accumulated during the pandemic.
Therefore, we continue to expect a mild recession in the U.S. in late 2024, which will eventually bring inflation back to the Fed’s 2% target. And while the Fed may eventually cut interest rates, they are likely to remain for some time well above the low levels we have become accustomed to since the global financial crisis.
Our outlook for the overall muni market is positive given the strength of its fundamentals and our expectations that the default rate of this high-quality asset class is unlikely to pick up significantly even in a recession. Moreover, valuations toward the long end of the curve are especially compelling, as are those of lower-rated munis. And once the yield curve begins to normalize, we would expect cash inflows to muni funds to pick up as investors reassess the reinvestment
risk of cash and the cushion munis may offer against equity declines or a risk sell-off.
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment opportunities that will add to the fund’s performance.
Adam M. Ferguson, CFA, Portfolio Manager
Grace Boraas, Portfolio Manager
Vanguard Fixed Income Group
December 15, 2023
5

 

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.
6

 

Six Months Ended November 30, 2023      
  Beginning
Account Value
5/31/2023 		Ending
Account Value
11/30/2023 		Expenses
Paid During
Period
Based on Actual Fund Return      
New Jersey Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,021.00 $0.86
Admiral™ Shares 1,000.00 1,021.40 0.46
Based on Hypothetical 5% Yearly Return      
New Jersey Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,024.22 $0.86
Admiral Shares 1,000.00 1,024.62 0.46
The calculations are based on expenses incurred in the most recent six-month period. The 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 (183/365).
7

 

New Jersey Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2013, Through November 30, 2023
Initial Investment of $10,000
    Average Annual Total Returns
Periods Ended November 30, 2023 		 
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $10,000
Investment
New Jersey Long-Term Tax-Exempt Fund Investor Shares 4.81% 2.58% 3.42% $13,995
Bloomberg NJ Municipal Bond Index 5.40 2.91 3.42 13,993
Bloomberg Municipal Bond Index 4.28 2.03 2.77 13,143
       
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $50,000
Investment
New Jersey Long-Term Tax-Exempt Fund Admiral Shares 4.89% 2.66% 3.50% $70,561
Bloomberg NJ Municipal Bond Index 5.40 2.91 3.42 69,964
Bloomberg Municipal Bond Index 4.28 2.03 2.77 65,716
See Financial Highlights for dividend and capital gains information.
8

 

New Jersey Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of November 30, 2023
Under 1 Year 6.5%
1 - 3 Years 3.3
3 - 5 Years 4.7
5 - 10 Years 14.9
10 - 20 Years 38.6
20 - 30 Years 29.1
Over 30 Years 2.9
The table reflects the fund’s investments, except for short-term investments and derivatives.
9

 

New Jersey Long-Term Tax-Exempt Fund
Financial Statements
Schedule of Investments
As of November 30, 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 (99.4%)
New Jersey (89.6%)
1 Atlantic City Board of Education GO 4.000%   4/1/24    165       165
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       224
1 Atlantic City Board of Education GO 4.000%   4/1/30    170       176
1 Atlantic City Board of Education GO 4.000%   4/1/31    175       180
1 Atlantic City Board of Education GO 4.000%   4/1/32    175       179
1 Atlantic City Board of Education GO 4.000%   4/1/33    180       184
1 Atlantic City Board of Education GO 4.000%   4/1/34    150       153
  Atlantic City NJ GO 5.000%  12/1/23  1,115     1,115
2 Atlantic City NJ GO 5.000%   3/1/32    750       788
2 Atlantic City NJ GO 5.000%   3/1/37  4,420     4,571
1 Atlantic City NJ GO 5.000%   3/1/37  1,010     1,045
2 Atlantic City NJ GO 5.000%   3/1/42    410       421
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/24    125       126
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%   7/1/28    250       270
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/29    200       219
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       279
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/37    710       714
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/38    350       350
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/39    300       298
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/40    600       590
10

 

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%   7/1/41    525       512
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/47  1,180     1,120
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/53  1,670     1,549
1 Atlantic County Improvement Authority Government Fund/Grant Revenue 4.000%   7/1/46  5,000     4,797
1 Atlantic County Improvement Authority Miscellaneous Revenue 5.000%   9/1/28  3,000     3,176
  Atlantic County NJ GO 2.000%   6/1/35  1,160       921
  Atlantic County NJ GO 2.000%   6/1/38    785       572
  Atlantic County NJ GO 2.000%   6/1/39  1,310       932
  Bergen County Improvement Authority Lease (Non-Terminable) Revenue 4.000% 10/15/42  4,705     4,761
  Bergen County NJ GO 3.000%  7/15/35  2,460     2,327
  Bergenfield Borough NJ GO 3.000%   8/1/40  1,645     1,398
  Bergenfield Borough NJ GO 3.000%   8/1/41  1,645     1,373
  Bergenfield Borough NJ GO 3.000%   8/1/42  1,645     1,351
2 Borough of Sayreville NJ GO 4.000%  1/15/42  2,160     2,166
  Burlington NJ GO 3.000%   5/1/33  1,745     1,645
  Burlington NJ GO 3.000%   5/1/34  1,790     1,674
  Camden County Improvement Authority Charter School Aid Revenue 6.000%  6/15/52  1,325     1,418
  Camden County Improvement Authority Charter School Aid Revenue 6.000%  6/15/62  5,075     5,401
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) 5.000%  7/15/52  1,865     1,787
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) 5.000%  7/15/62  3,520     3,304
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health System Project), Prere. 5.000%  2/15/24  1,500     1,505
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health System Project), Prere. 5.000%  2/15/24  3,500     3,511
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health System Project), Prere. 5.000%  2/15/24  3,805     3,817
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health System Project), Prere. 5.000%  2/15/24  6,055     6,074
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health System Project), Prere. 5.000%  2/15/24  2,500     2,508
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health System Project), Prere. 5.000%  2/15/24  2,000     2,006
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health System Project), Prere. 5.000%  2/15/24  1,650     1,655
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) 4.000%  1/15/36  3,310     3,402
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) 4.000%  1/15/39    610       617
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/32    515       547
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/34    500       530
  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       721
  Camden County NJ GO 3.000%   3/1/33    550       519
  Cape May NJ GO 2.375%  10/1/32  3,815     3,456
11

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/28  2,000     2,034
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/29  2,500     2,540
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/30  2,950     2,994
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/31  1,500     1,521
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/32  1,450     1,469
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     5,025
  Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.250%  11/1/44 11,930    11,961
1 Clifton Board of Education GO 2.000%  8/15/40  3,550     2,454
1 Clifton Board of Education GO 2.125%  8/15/42  1,850     1,247
1 Clifton Board of Education GO 2.125%  8/15/43  1,155       765
1 Clifton Board of Education GO 2.250%  8/15/45  7,940     5,206
2 Cumberland County Improvement Authority Lease Revenue (County Correctional Facility Project) 4.000%  10/1/54  5,105     4,772
  East Brunswick Township Board of Education GO 4.000%  5/15/33    350       364
  East Brunswick Township Board of Education GO 3.000%  5/15/37    620       537
  East Brunswick Township Board of Education GO 3.000%  5/15/38    500       425
  East Brunswick Township Board of Education GO 3.000%  5/15/39    730       616
  East Brunswick Township Board of Education GO 3.000%  5/15/40    755       630
1 East Orange NJ (East Orange Board Education Project) GO 5.000% 10/15/32    795       884
1 East Orange NJ (East Orange Board Education Project) GO 5.000% 10/15/33    610       677
1 East Orange NJ (East Orange Board Education Project) GO 3.000% 10/15/34    400       357
1 East Orange NJ (East Orange Board Education Project) GO 3.000% 10/15/35    400       350
1 East Orange NJ (East Orange Board Education Project) GO 4.000% 10/15/40  1,345     1,345
2 East Rutherford Board of Education GO 2.250%  7/15/41    668       474
  Edgewater Borough NJ GO 1.000%  2/15/34  1,105       841
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/30    165       165
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/38    545       512
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%  7/15/40  1,575     1,450
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/46    815       718
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/51  1,100       939
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/56  4,925     4,132
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%  7/15/60  3,850     3,114
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%   8/1/60  1,000       809
  Essex County Improvement Authority Lease Revenue 4.000%  11/1/38    735       741
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/33    170       189
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       276
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/36    250       273
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/37    300       305
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/38    615       620
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/39    635       637
12

 

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%   8/1/40    665       664
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/41    690       684
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/46  1,050     1,005
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/56  5,500     5,043
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/60  3,125     2,873
  Essex County NJ GO 2.000%   9/1/33  1,905     1,627
  Essex County NJ GO 3.000%  8/15/34  1,495     1,440
  Essex County NJ GO 3.000%  8/15/35  1,600     1,522
  Essex County NJ GO 3.000%  8/15/36  1,880     1,751
  Essex County NJ GO 2.000%   9/1/36  1,250       987
  Essex County NJ GO 2.000%   9/1/37  2,035     1,551
  Essex County NJ GO 4.000%   9/1/42  1,340     1,341
  Essex County NJ GO 2.000%   9/1/47  3,900     2,396
  Essex County NJ GO 4.000%   9/1/47  1,440     1,415
  Essex County NJ GO 4.000%   9/1/48    860       841
  Ewing Township Board of Education GO 4.000%  7/15/34  3,040     3,103
  Ewing Township Board of Education GO 4.000%  7/15/35  3,045     3,096
  Fort Lee Borough NJ GO 2.000%  11/1/33  2,715     2,273
  Fort Lee Parking Authority Auto Parking Revenue 5.000%  9/15/46  5,500     5,753
1 Garden State Preservation Trust Appropriations Revenue 5.750%  11/1/28  5,050     5,400
1 Garden State Preservation Trust Recreational Revenue 0.000%  11/1/28  6,535     5,546
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/31  1,950     1,994
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/32  1,775     1,814
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/33  2,275     2,325
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/33    275       304
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/34  1,200     1,227
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/34    350       385
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/36  1,000     1,087
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/38  1,750     1,772
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/39  1,340     1,352
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/40    650       653
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/41    240       240
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/44    930       940
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/51  2,500     2,377
1 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%  11/1/30  1,200     1,260
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/37    725       743
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/38    640       652
13

 

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%   7/1/39    575       584
2 Harrison NJ GO 4.000%   3/1/38    330       332
  Hoboken NJ GO 3.000%  2/15/51  1,455     1,111
  Hoboken NJ GO 3.000%  2/15/52  1,455     1,104
  Howell Township NJ GO 2.000%  10/1/36  1,980     1,529
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue 5.000%   5/1/41  5,565     5,713
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue 5.250%   5/1/51  7,150     7,351
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/34  2,000     1,866
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/35  2,000     1,844
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/36  2,000     1,810
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/37  2,000     1,762
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/38  2,000     1,723
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/39  2,000     1,691
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 4.000%  10/1/41  4,500     4,518
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 4.000%  10/1/46  4,500     4,395
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 4.000%  10/1/51 17,345    16,507
  Hudson County Improvement Authority Lease Revenue 5.000%  6/15/37  1,370     1,413
  Hudson County Improvement Authority Lease Revenue 5.000%   8/1/42  1,300     1,323
  Hudson County NJ GO 2.000% 11/15/34  1,775     1,458
  Hudson County NJ GO 2.000% 11/15/35  1,000       801
  Hudson County NJ GO 2.125% 11/15/36  1,920     1,504
  Hudson County NJ GO 2.125% 11/15/37  1,000       764
  Hudson County NJ GO 2.250% 11/15/38  1,520     1,139
  Hudson County NJ GO 2.375% 11/15/39  1,000       747
  Hudson County NJ GO 2.375% 11/15/40  1,000       734
  Hudson County NJ GO 3.000% 11/15/41  1,700     1,384
1 Jersey City Board of Education GO 5.000%  8/15/38    350       391
1 Jersey City Board of Education GO 5.000%  8/15/39    450       500
1 Jersey City Board of Education GO 4.000%  8/15/40    650       659
1 Jersey City Board of Education GO 4.000%  8/15/41    500       506
1 Jersey City Board of Education GO 4.125%  8/15/42    875       890
1 Jersey City Board of Education GO 4.125%  8/15/43    625       633
1 Jersey City Board of Education GO 4.125%  8/15/44  1,150     1,162
  Jersey City NJ GO 5.000%  11/1/31    510       544
  Jersey City NJ GO 5.000%  11/1/33    415       443
  Jersey City NJ GO 4.000%  11/1/34  2,000     2,027
  Jersey City NJ GO 4.000%  11/1/35  1,170     1,182
2 Jersey City NJ GO 4.000%  10/1/37  2,860     2,929
  Jersey City NJ GO 5.000%  11/1/37  1,000     1,048
  Jersey City NJ GO 3.000%  2/15/38  7,635     6,692
2 Jersey City NJ GO 4.125%  10/1/38  2,300     2,360
2 Jersey City NJ GO 4.375%  10/1/42  3,480     3,563
2 Jersey City NJ GO 4.375%  10/1/43  3,599     3,675
1 Kearny NJ GO 3.000%   2/1/30  1,680     1,622
1 Lenape Regional High School District GO 4.000%   1/1/41  3,750     3,727
14

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Lenape Regional High School District GO 4.000%   1/1/42  2,795     2,757
2 Lindenwold Boro School District GO 3.000%   2/1/35  1,355     1,235
2 Lindenwold Boro School District GO 4.000%   2/1/45  1,760     1,722
2 Lindenwold Boro School District GO 4.000%   2/1/46  1,807     1,750
  Mercer County NJ GO 0.050%  2/15/32  5,000     3,615
3 Mercer County NJ GO TOB VRDO 3.400%  12/1/23 88,300    88,300
  Metuchen School District GO 4.000%  7/15/40  3,065     3,094
  Metuchen School District GO 4.000%  7/15/41  3,190     3,207
  Metuchen School District GO 4.000%  7/15/42  2,365     2,370
  Metuchen School District GO 4.000%  7/15/50  1,600     1,551
  Middlesex County Improvement Authority Auto Parking Revenue (New Brunswick Parking Deck Project) 4.000%   9/1/51  3,000     2,898
4 Middlesex County Improvement Authority Intergovernmental Agreement Revenue 5.000%  8/15/53 36,000    38,515
  Middlesex Monroe Township Board of Education GO, Prere. 5.000%   3/1/25  3,000     3,071
  Monmouth County Improvement Authority Intergovernmental Agreement Revenue 4.000%  7/15/34  1,800     1,834
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/36     50        51
  Monmouth County NJ GO 5.000%  7/15/34    580       647
  Monmouth Regional High School District GO 3.000%   2/1/32  1,255     1,204
  Monmouth Regional High School District GO 3.000%   2/1/33  1,015       963
  Monroe Township NJ GO 5.000%  1/15/29    425       469
  Monroe Township NJ GO 5.000%  1/15/33    460       515
2 New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/39  1,025     1,055
  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       883
5 New Jersey Economic Development Authority Appropriations Revenue 5.250%   7/1/24  6,025     6,069
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/25  2,500     2,564
  New Jersey Economic Development Authority Appropriations Revenue 5.250%  6/15/27  1,160     1,194
5 New Jersey Economic Development Authority Appropriations Revenue 5.500%   9/1/28  2,220     2,472
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  7/15/30  1,000     1,043
  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     1,557
1 New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/33  1,500     1,512
  New Jersey Economic Development Authority Appropriations Revenue 5.000%   7/1/33  7,655     7,836
  New Jersey Economic Development Authority Appropriations Revenue 4.000%   7/1/34  5,825     5,824
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/36  3,405     3,469
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/37    700       712
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/40  4,000     4,031
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/46  7,160     6,675
  New Jersey Economic Development Authority Appropriations Revenue 4.625%  6/15/48  5,000     5,004
15

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/48  3,585     3,672
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/50  4,660     4,283
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/31    100       110
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/35  2,620     2,843
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/37  1,440     1,550
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/38  1,280     1,372
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/39  2,125     2,268
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 4.000%  6/15/44  9,495     9,032
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 4.000%  6/15/49 10,710     9,873
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/49  3,400     3,502
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24  2,150     2,170
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24  4,145     4,181
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24    470       474
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24    455       459
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/25  3,685     3,797
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.250%  6/15/25  2,500     2,585
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.250%  6/15/25  9,000     9,308
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.250%  6/15/25  1,340     1,386
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 4.750% 12/15/26  4,970     5,258
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000% 12/15/26  5,060     5,389
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.500% 12/15/26  2,500     2,699
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.500% 12/15/26  5,475     5,911
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000% 12/15/28  6,790     7,553
  New Jersey Economic Development Authority Charter School Aid Revenue 4.000%  7/15/37    130       124
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 4.000%  6/15/29  1,120     1,071
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/39    825       786
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/49  1,110       986
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/54  1,455     1,271
  New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 4.000%   7/1/29    625       613
16

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 5.000%   7/1/38    350       351
  New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 5.000%   7/1/50  1,100     1,044
  New Jersey Economic Development Authority Charter School Aid Revenue (TEAM Academy Charter School Project) 5.000%  12/1/48  2,465     2,473
1 New Jersey Economic Development Authority College & University Revenue 5.000%   6/1/30    650       684
1 New Jersey Economic Development Authority College & University Revenue 5.000%   6/1/42 10,000    10,227
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Bancroft NeuroHealth Project) 5.000%   6/1/41  2,105     1,852
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Cranes Mill Project) 5.000%   1/1/49  5,000     4,057
  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     4,436
6 New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO 3.250%  12/7/23  1,700     1,700
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue, ETM 4.000%   7/1/24    530       531
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  2,250     2,266
7 New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.000%  6/15/26  3,000     3,081
7 New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.000%  6/15/34  2,250     2,486
  New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.000%   3/1/35    215       243
7 New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.000%  6/15/35  2,000     2,198
7 New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/36  1,000     1,109
7 New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/37  1,065     1,167
7 New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/38  2,440     2,643
7 New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/39  2,000     2,154
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.000%  11/1/25    260       264
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.125%  6/15/26  2,515     2,544
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 5.000%  11/1/31    345       380
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 5.000%  11/1/35  4,500     4,869
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/37  4,400     4,456
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/38  3,605     3,636
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/39  4,150     4,155
17

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/44  7,000     6,625
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (Portal and Bridge Project) 5.000%  11/1/52  3,770     3,928
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/30    600       641
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/42  5,000     5,189
  New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/27  8,455     9,103
  New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/27  3,000     3,230
  New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/27  1,800     1,938
  New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/35  2,290     2,450
  New Jersey Economic Development Authority Lease Revenue (State House Project) 4.500%  6/15/40  3,065     3,136
  New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/43  3,645     3,781
  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     1,139
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/32  2,500     2,484
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/35  2,000     1,958
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/35  5,985     5,504
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/37  1,350     1,296
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/38  1,220     1,085
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/47  1,750     1,565
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/47  6,905     5,678
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/48  8,000     7,184
  New Jersey Economic Development Authority Miscellaneous Revenue (Seeing Eye, Inc. 2017 Project) 5.000%   6/1/32  2,345     2,457
  New Jersey Economic Development Authority Municipal Rehabilitation Refunding Bonds Revenue 5.250%   4/1/27  6,000     6,404
  New Jersey Economic Development Authority Municipal Rehabilitation Refunding Bonds Revenue 5.250%   4/1/28  6,000     6,524
  New Jersey Educational Facilities Authority Appropriations Revenue 4.000%   9/1/25    130       132
  New Jersey Educational Facilities Authority Appropriations Revenue 5.000%   9/1/26  2,960     2,994
2 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/25  2,175     2,228
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/25    460       467
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28    935       985
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28  3,000     3,101
18

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28    295       309
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28    250       244
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/29    490       515
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30    565       590
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30  4,000     4,117
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30    490       501
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  1,165     1,187
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31 10,265    10,656
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  6,250     6,428
2 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  2,150     2,239
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/32    285       288
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  1,000     1,075
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,845     2,980
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  3,000     3,226
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,305     2,391
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,890     2,970
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32    420       454
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   3/1/33  9,695    10,170
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/33    390       393
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  2,500     2,662
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  2,340     2,448
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  3,170     3,239
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33    430       438
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33     95        98
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  2,475     2,543
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33    680       733
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  1,825     1,957
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  1,485     1,594
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  2,500     2,654
19

 

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%   7/1/34  2,340     2,439
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34    850       866
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  1,475     1,527
  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  1,130     1,208
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35  1,485     1,544
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35  2,100     2,173
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/36  1,175       944
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/36  1,800     1,809
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/36    775       752
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/36  4,975     5,321
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/36  3,285     3,488
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/36  1,250     1,273
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/37  2,350     1,823
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37  1,100     1,158
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37  1,340     1,358
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37    930       967
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/38  1,980     2,069
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/38    750       824
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/39  2,000     1,450
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     1,093
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/39  5,180     5,206
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/40  2,000     1,416
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/40  1,000       973
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40  2,670     2,341
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40  1,230     1,244
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/41  3,025     2,092
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/41    850       828
20

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/42    515       376
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/42    750       731
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/42  2,080     2,117
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/45 12,640    12,935
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/45    440       367
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/47  6,000     5,165
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/47    850       813
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/47  2,845     2,340
1 New Jersey Educational Facilities Authority College & University Revenue 3.250%   7/1/49  1,400     1,064
  New Jersey Educational Facilities Authority College & University Revenue 3.000%   7/1/50  6,395     4,587
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/50  9,450     8,428
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/50  2,850     2,613
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       202
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       295
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/29    400       434
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/30    280       308
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/31    275       305
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/32    250       279
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/33    275       307
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/34    350       332
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/35    225       210
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/36    375       380
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/37    820       731
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/38    300       299
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/39    770       658
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/40    275       231
  New Jersey Educational Facilities Authority College & University Revenue, Prere. 4.000%   7/1/26     10        10
21

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/39  2,810     3,084
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/40  2,000     2,183
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/41  1,750     1,901
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/42  1,140     1,229
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/43  1,250     1,344
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 4.625%   9/1/48  2,120     2,159
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.250%   9/1/53  2,230     2,396
  New Jersey GO 5.000%   6/1/25  2,000     2,058
  New Jersey GO 5.000%   6/1/29  2,000     2,216
  New Jersey GO 4.000%   6/1/31 10,000    10,629
  New Jersey GO 2.000%   6/1/32  3,400     2,880
  New Jersey GO 3.000%   6/1/32 11,150    10,510
  New Jersey GO 2.000%   6/1/33  1,500     1,247
  New Jersey GO 2.000%   6/1/34  2,500     2,040
  New Jersey GO 2.250%   6/1/34  2,785     2,362
  New Jersey GO 2.000%   6/1/35  1,500     1,197
  New Jersey GO 2.000%   6/1/36  1,500     1,159
  New Jersey GO 2.000%   6/1/37  1,500     1,118
  New Jersey GO, Prere. 5.000%   6/1/25  4,590     4,717
  New Jersey GO, Prere. 5.000%   6/1/25  2,760     2,836
  New Jersey GO, Prere. 5.000%   6/1/27  4,000     4,289
6 New Jersey Health Care Facilities Finance Authority Health, Hospital, Nursing Home Revenue VRDO 3.260%  12/7/23  5,700     5,700
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/28  1,225     1,318
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/38  2,035     2,120
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    190       191
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27     75        75
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  2,100     2,145
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,560     1,593
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.250%   7/1/29    465       462
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,335     1,361
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,950     1,992
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,100     1,119
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,530     1,655
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,850     1,887
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/31    500       505
22

 

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%   7/1/31  1,200     1,219
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31    300       316
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,445     2,602
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/32  1,695     1,560
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,455     2,649
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,370     2,520
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.125%   7/1/33  3,620     3,190
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  2,220     2,290
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  5,080     5,323
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,315     3,522
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,305     3,565
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  1,000     1,009
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,340     3,483
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  1,500     1,578
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  8,285     8,393
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  2,270     2,177
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,725     2,811
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,040     2,200
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  1,100     1,109
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,190     2,281
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  1,500     1,574
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  1,000       992
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  1,000     1,026
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/35    750       762
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  6,925     7,331
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  2,500     2,603
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  1,500     1,567
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.000%   7/1/36  2,000     1,520
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  3,750     3,712
23

 

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%   7/1/36  1,000     1,013
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  2,365     2,457
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  1,500     1,553
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  4,670     4,606
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  1,365     1,378
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  6,755     7,071
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  3,600     3,721
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  1,645     1,684
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/38  1,130       926
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  4,360     4,279
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  1,380     1,391
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/38  2,500     2,609
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/39  1,030       828
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39  3,955     3,862
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39  7,000     7,031
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  8,000     8,290
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  6,990     7,156
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/40  3,240     2,559
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40  4,075     4,068
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/41  2,625     2,039
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  4,335     4,175
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41 12,500    12,216
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  1,000       991
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  1,000     1,002
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.500%   7/1/43  8,010     8,016
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/44 10,000     9,412
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/44    285       286
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/45  9,350     9,037
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.375%   7/1/46  2,500     1,582
24

 

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 3.000%   7/1/46  6,480     4,740
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/46  2,640     2,678
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/47 15,000    13,679
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/48 17,965    15,601
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/49 10,400     7,857
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.625%   7/1/51  3,235     2,084
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/51 10,175     7,309
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/51 13,130     9,138
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/51 22,730    21,614
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/52  3,280     2,645
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/52  5,000     5,087
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/57  5,000     5,077
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 3.300%  12/6/23  3,200     3,200
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 2.920%  12/7/23    610       610
  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. 5.000%   7/1/24    700       707
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24    800       808
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  1,615     1,631
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  1,415     1,429
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  4,050     4,090
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26  1,165     1,223
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26    800       840
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26  1,000     1,049
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26  2,875     3,015
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26  2,745     2,879
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.600%   5/1/26  5,750     5,749
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/34  6,355     6,127
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  10/1/35  6,825     6,531
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.250%  11/1/36  1,150       904
25

 

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 4.250%  10/1/37  2,965     3,010
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/38  1,500     1,387
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.850%  10/1/39  4,830     4,420
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.250%  10/1/40  2,030     1,465
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  11/1/40  2,150     1,541
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/41  1,000       712
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/42  5,925     5,972
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.950%  11/1/43  1,100       968
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/45    800       547
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/45  1,000       678
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  11/1/45  1,000       881
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  10/1/46  3,825     2,634
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.600%  10/1/46  3,525     3,536
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/46  1,000       682
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/47    675       613
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%  11/1/48    825       702
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%   4/1/49  2,200     1,997
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/49    865       622
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.750%  10/1/50 12,605    12,740
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.550%  11/1/50  1,000       639
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   4/1/51 15,415    15,067
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.700%  11/1/51  1,000       672
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%   4/1/52  4,215     2,772
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/52  2,870     2,743
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/53 12,595    12,973
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/53    500       456
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.625%  11/1/56  1,000       627
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.750%  11/1/56  1,000       647
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue (New Center City Project) 5.000%   6/1/25  4,000     4,062
26

 

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 PUT 4.080%  12/1/25  2,665     2,676
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.125%   9/1/46  1,720     1,094
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.250%   9/1/51  2,500     1,533
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/52  2,230     2,417
  New Jersey Infrastructure Bank Lease Revenue 2.000%   9/1/40  2,705     1,888
  New Jersey Infrastructure Bank Lease Revenue 2.000%   9/1/46  6,655     4,114
  New Jersey Infrastructure Bank Lease Revenue 2.250%   9/1/50  5,530     3,428
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/31    925     1,014
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/33    330       362
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/40  6,605     6,716
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/45  8,975     9,076
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/23  4,060     4,056
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.250% 12/15/23    145       145
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/24  1,215     1,172
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/24    710       684
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/25  1,440     1,341
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/25  1,485     1,383
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/26  4,015     3,620
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/26  6,020     5,423
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/27  4,075     4,253
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/28  6,580     6,867
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28  1,075       905
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28  4,705     3,953
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28    755       639
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/29  5,805     6,051
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/29  1,270     1,324
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/29  5,060     4,128
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/30  4,000     4,167
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/30 10,550    10,991
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.100%  6/15/31  1,335     1,361
27

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/31  9,000     9,368
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/31 10,000     7,537
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/31  8,070     6,058
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/31  2,025     2,083
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/32  2,910     3,151
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/32 10,000     7,287
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/32    870       627
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/32  1,000     1,096
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/33  5,150     3,553
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/33  2,810     3,028
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/33  1,000     1,092
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/34  1,375     1,553
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/34  2,175     1,431
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/34    285       192
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/34  3,250     3,491
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/35  1,625     1,826
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35  1,540       965
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35  4,690     2,922
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35  1,790     1,150
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/36  1,305     1,474
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/36    875       512
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/36  6,775     3,965
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/37  1,000     1,112
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/37  1,000     1,123
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/37  8,335     4,590
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/37  2,700     1,487
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/37  2,610     2,644
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/38  1,000     1,014
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/38  8,370     4,349
28

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/38  1,250       681
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.250% 12/15/38  3,485     3,525
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/39  1,000     1,109
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/40  1,800     1,802
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/40  1,000     1,101
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/40  5,180     2,390
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/41  3,000     2,969
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/42  1,315     1,285
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.250%  6/15/44  6,000     5,909
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program Bonds) 4.125%  6/15/39  3,625     3,637
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program Notes) 5.000%  6/15/31  1,000     1,085
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/28    355       365
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/29  2,000     2,056
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.625%  6/15/30  1,075     1,096
  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     1,732
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/34  1,500     1,684
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/35  1,500     1,676
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/37  1,815     1,849
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/39  5,390     5,430
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/41  6,600     6,532
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/42  5,000     4,886
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/46 14,170    13,306
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 3.000%  6/15/50  1,500     1,126
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/50 10,195     9,606
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.500%  6/15/50  2,000     2,171
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/36  1,000     1,011
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/36  2,000     2,043
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/38  3,000     3,013
29

 

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 3.250%  6/15/39  1,000       915
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/44  2,715     2,583
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/45  8,755     8,294
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.500%  6/15/46 13,145    11,162
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.000%  6/15/50  6,040     4,533
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/50  2,365     2,193
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/50  6,990     6,482
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/35  1,000     1,136
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.250%  6/15/40 10,870    11,097
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/32  2,250     1,621
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/33  4,035     2,784
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/34  2,000     1,316
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/38 12,000     6,235
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/39  4,080     1,997
8,9 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/24    100        96
8,10 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/26    825       748
2 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/32  1,825     1,330
2 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/38    175        95
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/31  2,600     2,803
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/32    150       161
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/32    145       147
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/32  3,100     3,337
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/33     30        32
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/33  1,250     1,343
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/34  5,000     5,121
  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       661
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/36  3,890     4,149
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/37  1,945     2,062
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/40  2,650     2,677
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/40  2,000     2,096
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/42 19,360    19,388
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/42  5,000     5,008
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/43  2,185     2,155
  New Jersey Turnpike Authority Highway Revenue 4.250%   1/1/43  8,000     8,111
2 New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/45    965       973
  New Jersey Turnpike Authority Highway Revenue 4.500%   1/1/48  7,555     7,756
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/48  2,000     2,091
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/51 20,800    20,166
  New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/52  6,000     6,550
2 Newark Board of Education GO 5.000%  7/15/31    500       557
2 Newark Board of Education GO 5.000%  7/15/32    875       979
2 Newark Board of Education GO 5.000%  7/15/33    520       582
30

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Newark Board of Education GO 4.000%  7/15/35    500       513
2 Newark Board of Education GO 4.000%  7/15/36    475       483
2 Newark Board of Education GO 4.000%  7/15/37    450       455
2 Newark Board of Education GO 3.000%  7/15/38  1,350     1,112
2 Newark Board of Education GO 3.000%  7/15/39  1,550     1,253
2 Newark Board of Education GO 3.000%  7/15/40  3,025     2,405
2 Newark Board of Education GO 3.000%  7/15/41  3,855     3,008
2 Newark Board of Education GO 3.000%  7/15/42    800       615
5 Newark Housing Authority Intergovernmental Agreement Revenue (ADDL-Newark Redevelopment Project) 5.000%   1/1/32  2,500     2,711
  Newark Housing Authority Intergovernmental Agreement Revenue (ADDL-Newark Redevelopment Project) 4.000%   1/1/37  8,600     8,648
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 5.375% 11/15/52  3,920     4,314
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 6.000% 11/15/62  9,370    10,641
1 Newark Parking Authority Lease (Non-Terminable) (Office Facility/Office Project) Revenue 5.250%   2/1/43  1,075     1,141
1 Newark Parking Authority Lease (Non-Terminable) (Office Facility/Office Project) Revenue 5.500%   2/1/51  1,600     1,688
1 North Bergen Township Board of Education GO 4.000%  7/15/41    910       904
  North Brunswick Township Board of Education GO 3.250%  8/15/31    395       381
  North Brunswick Township Board of Education GO 3.375%  8/15/37  1,695     1,547
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/37  1,485     1,699
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/38  1,000     1,125
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/39  1,100     1,231
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/40  1,100     1,223
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/41  1,000     1,114
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/42  1,045     1,167
  Ocean City NJ GO 2.250%  9/15/32  2,370     2,069
  Ocean County NJ GO 4.375%  11/1/41  3,405     3,630
  Ocean County NJ GO 4.375%  11/1/42  3,555     3,769
  Passaic County Improvement Authority Auto Parking Revenue 5.000%   5/1/42  2,500     2,613
  Passaic County Improvement Authority Charter School Aid Revenue 4.250%   7/1/33    620       624
  Passaic County Improvement Authority Charter School Aid Revenue 5.250%   7/1/43    670       680
  Passaic County Improvement Authority Charter School Aid Revenue 5.375%   7/1/53  1,000     1,008
  Passaic County Improvement Authority Charter School Aid Revenue 5.500%   7/1/58  1,000     1,012
  Passaic County Improvement Authority Lease (Non-Terminable) Revenue (DPW Building Project) 5.000%   5/1/33    720       738
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 4.000%  8/15/33    110       115
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 4.000%  8/15/34    125       131
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/36    145       132
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/37    150       133
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/44    755       597
31

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Passaic County Improvement Authority Miscellaneous Revenue (Guaranteed-City Paterson Project) 5.000%  6/15/34  1,000     1,069
  Passaic County Improvement Authority Miscellaneous Revenue (Guaranteed-City Paterson Project) 5.000%  6/15/35  1,200     1,280
  Passaic County NJ GO 3.000%   5/1/32    540       522
  Passaic County NJ GO 3.000%  11/1/35  3,000     2,785
  Passaic County NJ GO 1.000%  12/1/35  1,675     1,207
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/36  1,495     1,321
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/37  1,935     1,665
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/38    970       815
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/39    500       414
2 Perth Amboy NJ GO 5.000%  3/15/29    690       762
2 Perth Amboy NJ GO 5.000%  3/15/30    600       672
2 Perth Amboy NJ GO 5.000%  3/15/31    750       850
  Rancocas Valley Regional High School District GO 3.000%  3/15/39  1,300     1,100
  Rancocas Valley Regional High School District GO 3.000%  3/15/40  1,300     1,086
2 Salem County NJ GO 3.000%  6/15/33    270       251
  Salem County NJ GO 2.000%  6/15/36  1,680     1,288
  Salem County NJ GO 2.000%  6/15/37  1,835     1,355
  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     2,962
  South Jersey Port Corp. Port, Airport & Marina Revenue 5.000%   1/1/49  2,450     2,484
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/28    200       215
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/28  1,140     1,224
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/29    500       542
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/30    450       454
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/30    500       541
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/31    500       541
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/32    750       756
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/32    500       541
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/33    500       541
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/39  2,870     2,878
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/39  1,000     1,055
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/40  2,125     2,026
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/40  1,750     1,840
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/41  3,250     3,404
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/41  1,750     1,834
  South Jersey Transportation Authority Highway Revenue 4.500%  11/1/42  2,000     2,007
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/45  8,410     8,650
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/45  3,525     3,655
  South Jersey Transportation Authority Highway Revenue 4.625%  11/1/47  2,635     2,649
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/50 11,735    10,674
2 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/50  3,265     3,008
  South Jersey Transportation Authority Highway Revenue 5.250%  11/1/52  5,300     5,531
2 South Jersey Transportation Authority Highway Revenue 5.250%  11/1/52  3,650     3,845
  South Orange & Maplewood School District GO 2.250%  11/1/37  1,120       869
  South Orange & Maplewood School District GO 3.000%  8/15/38  1,125       962
  South Orange & Maplewood School District GO 2.250%  11/1/38  1,000       757
  South Orange & Maplewood School District GO 2.000%  8/15/40  1,550     1,071
  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     2,258
  Springfield NJ Township School District GO 4.000%   5/1/40    885       896
  Sussex County Municipal Utilities Authority Resource Recovery Revenue (Landfill Expansion Project) 3.000%  12/1/41  1,100       902
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/25  1,650     1,676
32

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/26  1,405     1,444
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/28  2,310     2,430
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/29  1,500     1,577
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/30  1,535     1,610
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/31  3,750     3,933
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/32  2,850     2,988
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/33  2,750     2,882
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/34  3,750     3,926
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/35  2,920     3,045
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/36  2,000     2,076
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/37  3,100     3,010
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/37  3,050     3,149
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/46 15,080    15,164
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/46  7,290     7,307
  Toms River Board of Education GO 3.000%  7/15/36  1,815     1,580
  Toms River Board of Education GO 3.000%  7/15/37  1,825     1,545
  Toms River Township NJ GO 4.000%   6/1/38  1,190     1,211
  Township of Burlington NJ GO 4.125%  10/1/42    690       700
  Township of Parsippany-Troy Hills NJ GO 4.000%  11/1/41  1,750     1,776
  Township of Parsippany-Troy Hills NJ GO 4.000%  11/1/42  1,750     1,770
  Township of Parsippany-Troy Hills NJ GO 4.000%  11/1/43  1,680     1,693
  Union County NJ GO 4.000%   3/1/32  3,000     3,168
  Union Township NJ/Union County GO 1.000%   8/1/32  1,094       867
  Vineland NJ GO 4.000%  11/1/40  2,600     2,642
  Vineland NJ GO 4.000%  11/1/41  2,600     2,638
  Vineland NJ GO 4.000%  11/1/42  2,300     2,327
  Washington NJ Board of Education GO 4.000%  8/15/42  1,140     1,147
  West Deptford Township NJ GO 3.000%  2/15/32    640       608
  West Windsor-Plainsboro Regional School District GO 2.375%   8/1/36  3,325     2,799
                 2,122,763
Delaware (0.4%)
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/34    170       195
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/35  1,000       945
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/35    170       195
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/35    350       401
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/36  1,000       923
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/36    170       193
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/36    300       341
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/37  1,000       909
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/37    350       393
  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       885
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/38    170       188
33

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/39  1,000     1,001
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/39    150       163
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/40    700       696
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/40    170       184
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/41    450       445
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/41    185       198
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/42    750       735
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/42    170       182
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/46  1,000       965
                 10,328
Guam (0.2%)
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/36    200       195
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/42  1,750     1,586
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/27  1,135     1,147
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/29  1,355     1,369
                 4,297
New York (5.2%)
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.375%   3/1/28    790       834
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 3.000%  12/1/31  5,000     4,961
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/36  5,560     6,069
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/37  3,140     3,187
  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     4,012
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/38  4,000     4,039
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  12/1/38  1,985     2,219
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/39  1,000     1,011
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/39  4,560     4,600
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/39  2,695     2,889
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  12/1/39  1,380     1,533
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/40  3,150     3,173
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/40    935       941
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  12/1/40  1,000     1,105
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  12/1/41  1,000     1,099
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/42  4,000     4,356
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/43  1,730     1,878
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/46  2,500     2,459
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/48  9,715    10,444
34

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/48  5,000     5,375
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/48  3,740     3,890
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/49 16,395    15,977
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/51  2,250     2,185
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/52  5,000     5,329
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250%   8/1/52  2,000     2,176
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/53  8,000     8,542
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/53  3,000     3,203
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/56  2,500     2,634
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 11/15/57 10,405    10,799
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/61  2,500     2,366
                 124,610
Pennsylvania (2.7%)
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/33  2,250     2,380
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/33    135       148
2 Delaware River Joint Toll Bridge Commission Highway Revenue 4.000%   7/1/34  1,660     1,666
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34  1,000     1,053
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34    135       148
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/35    175       191
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36  2,260     2,374
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36    155       168
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/37  5,490     5,752
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/37    150       162
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/38    215       230
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/39    170       180
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/42 17,000    17,619
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/47  5,500     5,630
  Delaware River Port Authority Highway Revenue 5.000%   1/1/31  1,730     1,896
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37 12,040    12,068
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37  1,000     1,076
  Delaware River Port Authority Highway Revenue 5.000%   1/1/38  3,900     4,171
  Delaware River Port Authority Highway Revenue 5.000%   1/1/39  3,500     3,738
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  2,500     2,506
                 63,156
Puerto Rico (1.3%)
  Commonwealth of Puerto Rico GO 0.000%   7/1/24    149       146
  Commonwealth of Puerto Rico GO 5.375%   7/1/25  3,283     3,339
  Commonwealth of Puerto Rico GO 5.625%   7/1/27  1,862     1,944
  Commonwealth of Puerto Rico GO 5.625%   7/1/29  2,546     2,691
  Commonwealth of Puerto Rico GO 5.750%   7/1/31  3,358     3,611
  Commonwealth of Puerto Rico GO 0.000%   7/1/33    657       400
  Commonwealth of Puerto Rico GO 4.000%   7/1/33  2,424     2,263
  Commonwealth of Puerto Rico GO 4.000%   7/1/35    288       263
  Commonwealth of Puerto Rico GO 4.000%   7/1/37    285       255
  Commonwealth of Puerto Rico GO 4.000%   7/1/46     84        70
35

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/30  1,080     1,092
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/33    500       505
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/33  1,000     1,010
  Puerto Rico Highway & Transportation Authority Highway Revenue 0.000%   7/1/32    272       176
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24    188       184
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27  1,759     1,517
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29    580       458
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31  1,001       721
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/33    305       200
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40  7,088     6,709
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/46  4,180     1,228
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.750%   7/1/53  1,435     1,354
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.784%   7/1/58  1,634     1,535
                 31,671
Total Tax-Exempt Municipal Bonds (Cost $2,441,079) 2,356,825
Total Investments (99.4%) (Cost $2,441,079) 2,356,825
Other Assets and Liabilities—Net (0.6%) 13,214
Net Assets (100%) 2,370,039
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 November 30, 2023, the aggregate value was $105,485,000, representing 4.5% of net assets.
4 Securities with a value of $153,000 have been segregated as initial margin for open futures contracts.
5 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
6 Scheduled principal and interest payments are guaranteed by bank letter of credit.
7 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2023.
8 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
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.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
36

 

New Jersey Long-Term Tax-Exempt Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
5-Year U.S. Treasury Note March 2024 166 17,737 80
 
Short Futures Contracts        
Ultra Long U.S. Treasury Bond March 2024 (30) (3,690) (70)
        10
  
See accompanying Notes, which are an integral part of the Financial Statements.
37

 

New Jersey Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of November 30, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $2,441,079) 2,356,825
Investment in Vanguard 79
Cash 169
Receivables for Accrued Income 35,460
Receivables for Capital Shares Issued 1,766
Other Assets 102
Total Assets 2,394,401
Liabilities  
Payables for Investment Securities Purchased 14,673
Payables for Capital Shares Redeemed 7,751
Payables for Distributions 1,823
Payables to Vanguard 95
Variation Margin Payable—Futures Contracts 20
Total Liabilities 24,362
Net Assets 2,370,039
At November 30, 2023, net assets consisted of:  
   
Paid-in Capital 2,491,414
Total Distributable Earnings (Loss) (121,375)
Net Assets 2,370,039
 
Investor Shares—Net Assets  
Applicable to 23,896,806 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		267,816
Net Asset Value Per Share—Investor Shares $11.21
 
Admiral Shares—Net Assets  
Applicable to 187,578,212 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		2,102,223
Net Asset Value Per Share—Admiral Shares $11.21
  
See accompanying Notes, which are an integral part of the Financial Statements.
38

 

New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
  Year Ended
November 30, 2023
  ($000)
Investment Income  
Income  
Interest 81,816
Total Income 81,816
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 127
Management and Administrative—Investor Shares 382
Management and Administrative—Admiral Shares 1,556
Marketing and Distribution—Investor Shares 19
Marketing and Distribution—Admiral Shares 102
Custodian Fees 14
Auditing Fees 29
Shareholders’ Reports—Investor Shares 16
Shareholders’ Reports—Admiral Shares 21
Trustees’ Fees and Expenses 1
Other Expenses 22
Total Expenses 2,289
Expenses Paid Indirectly (14)
Net Expenses 2,275
Net Investment Income 79,541
Realized Net Gain (Loss)  
Investment Securities Sold (21,879)
Futures Contracts (495)
Realized Net Gain (Loss) (22,374)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 50,375
Futures Contracts 66
Change in Unrealized Appreciation (Depreciation) 50,441
Net Increase (Decrease) in Net Assets Resulting from Operations 107,608
  
See accompanying Notes, which are an integral part of the Financial Statements.
39

 

New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Year Ended November 30,
  2023
($000) 		2022
($000)
     
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 79,541 73,502
Realized Net Gain (Loss) (22,374) (14,660)
Change in Unrealized Appreciation (Depreciation) 50,441 (326,803)
Net Increase (Decrease) in Net Assets Resulting from Operations 107,608 (267,961)
Distributions    
Investor Shares (8,607) (9,797)
Admiral Shares (69,989) (80,138)
Total Distributions (78,596) (89,935)
Capital Share Transactions    
Investor Shares 14,454 (14,797)
Admiral Shares 79,712 (138,212)
Net Increase (Decrease) from Capital Share Transactions 94,166 (153,009)
Total Increase (Decrease) 123,178 (510,905)
Net Assets    
Beginning of Period 2,246,861 2,757,766
End of Period 2,370,039 2,246,861
  
See accompanying Notes, which are an integral part of the Financial Statements.
40

 

New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares          
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $11.06 $12.75 $12.66 $12.49 $11.78
Investment Operations          
Net Investment Income1 .376 .345 .342 .375 .402
Net Realized and Unrealized Gain (Loss) on Investments .146 (1.614) .190 .242 .758
Total from Investment Operations .522 (1.269) .532 .617 1.160
Distributions          
Dividends from Net Investment Income (.372) (.344) (.342) (.375) (.403)
Distributions from Realized Capital Gains — (.077) (.100) (.072) (.047)
Total Distributions (.372) (.421) (.442) (.447) (.450)
Net Asset Value, End of Period $11.21 $11.06 $12.75 $12.66 $12.49
Total Return2 4.81% -10.06% 4.26% 5.07% 10.00%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $268 $250 $305 $281 $290
Ratio of Total Expenses to Average Net Assets 0.17%3 0.17%3 0.17% 0.17% 0.17%
Ratio of Net Investment Income to Average Net Assets 3.39% 2.99% 2.68% 3.04% 3.28%
Portfolio Turnover Rate 36% 38% 23% 31% 12%
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.
41

 

New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares          
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $11.06 $12.75 $12.66 $12.49 $11.78
Investment Operations          
Net Investment Income1 .385 .354 .353 .385 .413
Net Realized and Unrealized Gain (Loss) on Investments .146 (1.614) .189 .242 .757
Total from Investment Operations .531 (1.260) .542 .627 1.170
Distributions          
Dividends from Net Investment Income (.381) (.353) (.352) (.385) (.413)
Distributions from Realized Capital Gains — (.077) (.100) (.072) (.047)
Total Distributions (.381) (.430) (.452) (.457) (.460)
Net Asset Value, End of Period $11.21 $11.06 $12.75 $12.66 $12.49
Total Return2 4.89% -9.99% 4.34% 5.16% 10.09%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $2,102 $1,997 $2,453 $2,268 $2,208
Ratio of Total Expenses to Average Net Assets 0.09%3 0.09%3 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 3.47% 3.07% 2.76% 3.12% 3.36%
Portfolio Turnover Rate 36% 38% 23% 31% 12%
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.
42

 

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 other 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 year ended November 30, 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.
43

 

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 year ended November 30, 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.
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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 November 30, 2023, the fund had contributed to Vanguard capital in the amount of $79,000, representing less than 0.01% of the fund’s net assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $14,000 (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 November 30, 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 — 2,356,825 — 2,356,825
Derivative Financial Instruments         
Assets        
Futures Contracts1 80 — — 80
Liabilities        
Futures Contracts1 70 — — 70
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.
E. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These
45

 

New Jersey Long-Term Tax-Exempt Fund
reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for amortization were reclassified between the individual components of total distributable earnings (loss).
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the timing of payables for distributions; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income —
Undistributed Tax-Exempt Income 1,872
Undistributed Long-Term Gains —
Net Unrealized Gains (Losses) (85,147)
Capital Loss Carryforwards (36,277)
Qualified Late-Year Losses —
Other Temporary Differences (1,823)
Total (121,375)
The tax character of distributions paid was as follows:
  Year Ended November 30,
  2023
Amount
($000) 		2022
Amount
($000)
Tax-Exempt Income 78,596 73,221
Ordinary Income* — 3,915
Long-Term Capital Gains — 12,799
Total 78,596 89,935
* Includes short-term capital gains, if any.
As of November 30, 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 2,441,972
Gross Unrealized Appreciation 31,951
Gross Unrealized Depreciation (117,098)
Net Unrealized Appreciation (Depreciation) (85,147)
46

 

New Jersey Long-Term Tax-Exempt Fund
F. During the year ended November 30, 2023, the fund purchased $860,848,000 of investment securities and sold $815,338,000 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 year ended November 30, 2023, such purchases were $26,200,000 and sales were $69,355,000, 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:
    
  Year Ended November 30,  
  2023   2022
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 78,214 7,043   71,043 6,148
Issued in Lieu of Cash Distributions 7,207 650   8,234 707
Redeemed (70,967) (6,407)   (94,074) (8,165)
Net Increase (Decrease)—Investor Shares 14,454 1,286   (14,797) (1,310)
Admiral Shares          
Issued 440,533 39,907   385,780 33,987
Issued in Lieu of Cash Distributions 49,223 4,442   57,256 4,911
Redeemed (410,044) (37,244)   (581,248) (50,822)
Net Increase (Decrease)—Admiral Shares 79,712 7,105   (138,212) (11,924)
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,
47

 

New Jersey Long-Term Tax-Exempt Fund
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 November 30, 2023, that would require recognition or disclosure in these financial statements.
48

 

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard New Jersey Tax-Free Funds and Shareholders of Vanguard New Jersey Long-Term Tax-Exempt Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard New Jersey Long-Term Tax-Exempt Fund (the "Fund") as of November 30, 2023, the related statement of operations for the year ended November 30, 2023, the statement of changes in net assets for each of the two years in the period ended November 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the five years in the period ended November 30, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 19, 2024
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
49

 

Tax information (unaudited)
The fund designates 100% of its income dividends as exempt-interest dividends.
50

 

"Bloomberg®" and Bloomberg NJ Municipal Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).
The New Jersey Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the New Jersey Long-Term Tax-Exempt Fund or any member of the public regarding the advisability of investing in securities generally or in the New Jersey Long-Term Tax-Exempt Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg NJ Municipal Bond Index, which is determined, composed and calculated by BISL without regard to Vanguard or the New Jersey Long-Term Tax-Exempt Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the New Jersey Long-Term Tax-Exempt Fund into consideration in determining, composing or calculating the Bloomberg NJ Municipal Bond Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the New Jersey Long-Term Tax-Exempt Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to New Jersey Long-Term Tax-Exempt Fund customers, in connection with the administration, marketing or trading of the New Jersey Long-Term Tax-Exempt Fund.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG NJ MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE NEW JERSEY LONG-TERM TAX-EXEMPT FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG NJ MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG NJ MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE NEW JERSEY LONG-TERM TAX-EXEMPT FUND OR BLOOMBERG NJ MUNICIPAL BOND INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
© 2024 Bloomberg.
Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2024, Bloomberg. All rights reserved.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA.
Independent Trustees
Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University’s Leavey School of Business.
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.                                              
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial
 
1  Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

 

officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: co-founder and managing partner (2022–present) of Grafton Street Partners (investment advisory firm). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global
Financial Markets Center, Duke Law School (2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Partners (climate policy advisory services). Member of the board of directors of Arcadia (energy solution technology).
Grant Reid
Born in 1959. Trustee since July 2023. Principal occupation(s) during the past five years and other experience: chief executive officer and president (2014–2022) and member of the board of directors (2015–2022) of Mars, Incorporated (multinational manufacturer). Member of the board of directors of Marriott International, Inc. Chair of Agribusiness Task Force, Sustainable Markets Initiative.
David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

 

Executive Officers
Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).
Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).
Jodi Miller
Born in 1980. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2022–present) of each of the investment companies served by Vanguard. Head of Enterprise Investment Services (2020–present), head of Retail Client Services and Operations (2020–2022), and head of Retail Strategic Support (2018–2020) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director (2022–present) of the board of National Grid (energy).
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
Matthew Benchener Thomas M. Rampulla
Joseph Brennan Karin A. Risi
Mortimer J. Buckley Anne E. Robinson
Gregory Davis Michael Rollings
John James Nitin Tandon
Chris D. Mclsaac Lauren Valente

 

Connect with Vanguard®>vanguard.com
Fund Information > 800-662-7447
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Institutional Investor Services > 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
CFA® is a registered trademark owned by CFA Institute.
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q140 012024

 

 

Item 2: Code of Ethics.

 

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

 

Item 3: Audit Committee Financial Expert.

 

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

 

 

 

Item 4: Principal Accountant Fees and Services.

 

(a)            Audit Fees.

 

Audit Fees of the Registrant.

 

Fiscal Year Ended November 30, 2023: $29,000
Fiscal Year Ended November 30, 2022: $31,000

 

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

 

Fiscal Year Ended November 30, 2023: $9,326,156
Fiscal Year Ended November 30, 2022: $10,494,508

 

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

 

(b)             Audit-Related Fees.

 

Fiscal Year Ended November 30, 2023: $3,295,934
Fiscal Year Ended November 30, 2022: $2,757,764

 

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

 

(c)            Tax Fees.

 

Fiscal Year Ended November 30, 2023: $1,678,928
Fiscal Year Ended November 30, 2022: $5,202,689

 

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

 

(d)            All Other Fees.

 

Fiscal Year Ended November 30, 2023: $25,000
Fiscal Year Ended November 30, 2022: $298,000

 

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

 

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

 

 

 

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

 

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

 

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

 

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

 

(g)            Aggregate Non-Audit Fees.

 

Fiscal Year Ended November 30, 2023: $1,703,928
Fiscal Year Ended November 30, 2022: $5,500,689

 

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

 

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

 

Item 5: Audit Committee of Listed Registrants.

 

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

 

 

 

Item 6: Investments.

 

Not applicable. 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 during the period covered by this report, 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) Code of Ethics filed herewith.
(a)(2) Certifications filed herewith.
(a)(2) 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: January 22, 2024

 

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

 

  VANGUARD new jersey tax-free funds    
       
BY: /s/ MORTIMER J. BUCKLEY*    
       
         MORTIMER J. BUCKLEY    
  CHIEF EXECUTIVE OFFICER    

  

Date: January 22, 2024

 

  VANGUARD new jersey tax-free funds    
       
BY: /s/ CHRISTINE BUCHANAN*    
       
         CHRISTINE BUCHANAN    
  CHIEF FINANCIAL OFFICER    

 

Date: January 22, 2024

 

* By: /s/ Anne E. Robinson                                   

 

Anne E. Robinson, pursuant to a Power of Attorney  filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.

 

 

 EX-99.CODE ETH 2 tm234376d1_ex99-codeeth.htm EXHIBIT 99.CODE ETH

 

Exhibit 99.CODEETH

 

 

 

Access Person Code of Conduct

 

Effective Date: 01 March 2022 | Contact: Code_of_Ethics@vanguard.com

 

 

Background – Why This Access Person Code of Conduct Matters 

 

Vanguard was founded with a singular focus on clients and serving their best interests, and this has been the foundation of our strong ethical culture. One way in which we consistently seek to earn and maintain the trust and loyalty of our clients is by adhering to the highest standards of ethical behavior. Acting with integrity and complying with applicable laws and regulations necessarily extends to your conduct in general and to your personal investing and trading activities in particular.

 

Some crew and contingent workers at Vanguard, by virtue of their role or department, are designated as an “Access Person” (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to know about present or future transactions by Vanguard funds, or have the authority to influence those transactions, or otherwise have access to sensitive market or client activity. Because of that knowledge, authority, and access, Access Persons are subject to additional standards of business conduct, stricter personal investment rules, and greater oversight, among other things. These standards and rules, as set forth in this Access Person Code of Conduct (APCC)1, have been adopted with the goals of ensuring we comply with applicable law and avoiding conflicts of interest or the appearance of conflicts of interest. This is especially true regarding any potential conflicts of interest that could arise between the securities trading that Vanguard undertakes on behalf of the Vanguard funds or our clients and the personal securities trading by crew, contingent workers, and their household or family members.

 

Policy Coverage

 

To Whom Does the APCC Apply? 

 

This policy2 applies to all crew members and contingent workers globally who are in a role that has been designated as an “Access Person” role. Certain provisions of this policy also apply to Associated Persons. 

 

Are you an Access Person? Visit Appendix A to learn whether the role you’re in is an Access Person role, and if so, which Access Person “designation” applies.

 

What about Non-Access Persons? Any crew member or contingent worker who is not in a role that has been designated as an Access Person role is a “Non-Access Person” and must comply with the Personal Investment Activity Policy for Non-Access Persons, not this policy.

 

Are you a contingent worker? A “contingent worker” is any person other than a crew member who provides services to or on behalf of Vanguard through staffing firms, consulting

 

 

 

1 The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.

 

2 The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to “this policy” mean the APCC.

 

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firms, service providers, or as independent contractors. Like crew, a contingent worker can be in either an Access Person or Non-Access Person role.

 

What about Associated Persons? For U.S. crew and contingent workers who are Associated Persons (to reiterate, not Access Persons, but Associated Persons) under FINRA rules and regulations, please note you have additional investment-related obligations under the FINRA Licensing Policy, including the Securities Account Reporting Obligations for Associated Persons. Please review and comply with those documents, as well.

 

Policy Overview 

 

There are four primary sections to this policy: 

 

Section 1 – Standards of Business Conduct, sets forth rules and expectations regarding your behavior and conduct. 

 

Section 2 – Personal Investment Activities, contains rules on how you and your Household or Family Members may own and trade securities for your own personal benefit. Note that some of these rules differ based on your Access Person designation. While the details are set forth in Section 2, at a high level there are four subsections applicable to you and your personal investment activities: 

A – Reminders on who is covered 

B – Brokerage firms you may use 

C – Disclosure obligations 

D – Investment and trading restrictions  

 

Section 3 – Penalties and Sanctions, describes how violations of this policy are addressed and enforced.

 

Section 4 – Defined terms, provides definitions for the capitalized terms used in this policy.

 

Please carefully read the rest of this policy and ensure you understand and comply with its terms. Understanding and following this policy is one of the most important ways we can ensure our clients’ interests always come first.

 

Be sure you are familiar with the following other Vanguard policies that relate to your ethical conduct and personal investment activities:

 

·       Standards of Conduct Policy

·       Conflicts of Interest Policy

·       Insider Trading Policy

·       Outside Business Activity Policy

 

Please also ensure you are familiar with Vanguard’s Code of Ethical Conduct. 

 

 

Policy Requirements 

 

Section 1 – Standards of Business Conduct 

 

Everyone at Vanguard is expected to promote high standards of integrity and manage the company’s affairs honestly and ethically. We all have a personal responsibility to conduct ourselves

 

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in a manner that reflects a commitment to ethics and compliance with all applicable laws and regulations. Doing so is part and parcel of Vanguard’s mission to “take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.”

 

Putting these values into practice means having and adhering to expected standards of business conduct. The Vanguard policy that explains these standards is the Standards of Conduct Policy, which is incorporated herein by reference. You must comply with that policy, including the following standards of conduct that are explained therein:

 

1.Always put Vanguard clients’ interests first and treat them fairly. 
2.Avoid conflicts of interest. 
3.Be candid and clear with clients and provide them with accurate information. 
4.Comply with applicable laws, rules, regulations, and policies. 
5.Comply with applicable professional standards. 
6.Complete mandatory training and regularly certify that you are compliant with our policies. 
7.Maintain accurate, timely, and complete business records. 
8.Protect against fraud. 
9.Lead by example. 
10.Speak up. 

 

At Vanguard, you are expected to always do the right thing. It sounds simple and it’s usually very clear what doing the right thing entails. But sometimes it isn’t. How do you make the best choice when facing difficult or unclear circumstances? How do you navigate an ethical dilemma?

 

In those situations, you should pause and reflect, and then work through the following “ethical decision-making guide.” This guide will help you consider important questions before deciding whether or how to proceed with an action. It is not a substitute for this or any policy, and it may not tell you exactly what to do in every situation, but it can be used as a tool to help guide you when you face an ethical dilemma or a complex situation where the answer might not be clear.

 

If you’re still in doubt as you work through the decision-making guide, err on the side of caution—ask questions, elevate the issue, and enlist the help of others to ensure we reach the right answer every time for Vanguard and our clients.

 

 

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Speaking Up – As mentioned above, you are encouraged to help protect our clients, crew, and Vanguard by reporting concerns about ethics, financial or business integrity, information security and privacy, workplace practices, or alleged violations of policy, regulation, or law. Indeed, speaking up is one of the most effective ways to help ensure Vanguard maintains its high standards for ethics and compliance. To that end, if you become aware that you or anyone else violated any of the terms of this policy, you must contact Compliance immediately.

 

Likewise, it is your responsibility to know whether the role you are in is designated as an Access Person, and if so, which Access Person designation applies to you (visit the Appendix A to learn more). It is also your responsibility to know the policies and trading restrictions that apply to you accordingly, and to ask questions if you are unsure.

 

Section 2 – Personal Investment Activities 

 

Introduction 

 

Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through long-term investments and strategies. With that in mind, the rules and requirements set forth in this policy have been adopted with the goals of (1) ensuring we comply with all applicable laws and regulations, and (2) avoiding any conflicts of interest, or any appearances of conflicts of interest, between the securities trading that Vanguard undertakes on behalf of Vanguard funds or our clients and the personal securities trading or investing by crew, contingent workers, or their Household or Family Members (defined in Section 4, below). Our industry and Vanguard have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duty to clients.

 

Granted, the rules in this policy are demanding and strict and they may feel like an imposition. But at Vanguard, we take our ethical obligations very seriously, and the rules in this policy are intended to ensure that trading on behalf of Vanguard funds and clients are given priority over trading for your personal accounts, and that trades for your personal accounts do not adversely affect trades for our funds or clients.

 

Similarly, keep in mind that you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard funds or client accounts.

 

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

 

Compliance will keep all records relating to personal account trading as confidential as necessary. Information will be accessible within Compliance and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew and contingent workers are required to sign a data consent / data privacy notice.

 

The Compliance Department reserves the right to monitor any and all investment or trading activity by you or by any Household or Family Member based on any information or system to which it has access.

 

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Checklist 

 

Given the complexity of this policy and the steps you must take to ensure you remain in compliance with it, we have created this brief checklist to help you keep track of your obligations. This is merely a summary, so be sure to comply with the full terms of this policy as well.

 

Checklist item  Where this topic is covered in this policy 
¨       I know my Access Person “designation,” and I am aware that this policy applies not only to me but also to my Household or Family Members Subsection 2-A – Who Is Covered Under this Policy 
¨       For the region where I work, I know what brokerage firm I and my Household or Family Members may use to maintain the accounts where I or they hold and trade Reportable Securities Subsection 2-B – Brokerage Firms You May Use 
¨       For my Access Person designation, I know the initial and ongoing account and holdings disclosure obligations that apply to me and my Household or Family Members Subsection 2-C – Disclosure Obligations 
¨       For my Access Person designation, I know the rules and limitations for transacting securities in my personal accounts and those of my Household or Family Members Subsections 2-D-1 and 2-D-2 – Investment and Trading Restrictions 
¨       For Fund Access Person and Investment Access Person designations, I know how to seek trade preclearance Subsection 2-D-3 – How to Seek and Abide by Preclearance Requirements 
¨       I know the penalties and sanctions that may apply for violations of any of the requirements under this policy Section 3 – Penalties and Sanctions 
¨       I understand the meaning of the defined terms used in this policy  Section 4 – Defined Terms 

 

 

Quick Tip: 

 

The rules in this policy cover most of the personal investing situations you are likely to find. Yet it’s always possible you will encounter a situation that isn’t fully addressed by the rules. If that happens, you need to know what to do. The easiest way to make sure you are making the right decision is to follow these three principles: 

 

1. Know the policy. If you think your situation isn’t covered, check again. It never hurts to take a second look at the rules. 

 

2. Seek guidance. Asking questions is always appropriate. Talk with your manager or contact Compliance if you’re not sure about the policy requirements or how they apply to your situation. 

 

3. Use sound judgment. Analyze the situation and weigh the options. Think about how your decision would look to someone outside of Vanguard. 

 

 

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Note for crew in China: 

 

Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance team to learn more.

 

Subsection 2-A – Who Is Covered Under this Policy 

 

As stated in the introduction to this policy, above, this policy applies to all crew members and contingent workers globally who are in a role that has been designated as an “Access Person” role.

 

Access Persons are covered – This policy applies to crew and contingent worker Access Persons and, in certain instances, to their Household or Family Members.

 

oAccess Persons – Please note that the specific trading prohibitions and reporting requirements vary depending on your Access Person “designation,” meaning Advisor Access Person, Fund Access Person, or Investment Access Person. To learn the Access Person designation that applies to your role, visit Appendix A. Note further that, regardless of your designation, the Compliance Department has the authority, with appropriate notice to you, to apply to you any or all of the trading restrictions within this policy

 

oHousehold or Family Members – Certain aspects of this policy apply not only to you but to your Household or Family Members, as well. Why? Doing so is required by applicable law and regulations in many jurisdictions. It is also consistent with industry best practices and helps Vanguard ensure we are effectively monitoring and guarding against conflicts of interest and other issues. See Section 4, below, for the definition of Household or Family Members in the region where you work.

 

Non-Access Persons are not covered – If the role you are in is not an Access Person role, you do not need to comply with this policy; instead, with regard to your personal investments, you must comply with the Personal Investment Activity Policy for Non-Access Persons (and other applicable policies). Note, however, that in the event a Non-Access Person is a Household or Family Member of an Access Person, then the terms of this policy will apply to the Non-Access Person as a Household or Family Member hereunder and any conflicting terms of this policy will take precedence over the Personal Investment Activity Policy for Non-Access Persons.

 

Associated Persons also have obligations under other policies and documents – For U.S. crew and contingent workers who are deemed to be Associated Persons (to reiterate, not Access Persons, but Associated Persons) under the FINRA Licensing Policy, you have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.

 

Your designation may change – Keep in mind that your Access Person designation may change over time, for instance if you change roles, if there are changes made in your department, or if the Compliance Department determines a designation change is appropriate. You are advised to regularly consult the My Ethics and Compliance Resource Center available on CrewNet to check your designation. 

 

Subsection 2-B – Brokerage Firms You May Use 

 

The terms of Subsection 2-B apply to all Access Person designations.

 

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The following requirements and restrictions on which brokerage firms you may use to hold and transact Reportable Securities apply to you based on whether you are a crew member or contingent worker and where you work:

 

 

U.S. Crew:

Crew who are Access Persons employed in the U.S., and their Household or Family Members (parts (a) and (b) of that defined term only), must maintain and trade all Reportable Securities in a Vanguard Brokerage Account (VBA). This obligation does not apply to any Household or Family Members covered under part (c) of that defined term. See the Defined Terms in Section 4, below, for all definitions.

 

Securities or investments that are not “Reportable Securities” may be held in a brokerage account at the firm of your choice.

 

Employer-sponsored retirement accounts (e.g., 401(k) and 403(b)), 529 college savings plans, and Compliance-approved accounts (e.g., Approved Managed Accounts) may be held in a brokerage account at the firm of your choice. However, if you hold any Reportable Securities through any of those accounts, then such accounts are considered Covered Accounts under this policy and you are required to disclose them to Compliance under Subsection 2-C of this policy.

 

Newly hired U.S. crew who are Access Persons, and their Household or Family Members (parts (a) and (b) of that defined term only), must transfer any existing applicable Reportable Securities to a VBA by submitting a request or other applicable paperwork with Vanguard and each firm at which you have an existing applicable brokerage account within 60 days of your joining Vanguard. Visit Vanguard.com > Personal Investors > Open an Account to transfer assets from another firm to Vanguard. 

 

For a more detailed list of Securities that must be held in a VBA, as well as Securities that may be held elsewhere, visit the Appendices C-F.  

 

Ex-U.S. Crew:

Crew who are Access Persons employed outside the U.S., and their Household or Family Members, may maintain Reportable Securities (as well as Securities or investments that are not Reportable Securities) in a brokerage account or other type of account at the firm of their choice. 

 

Contingent Workers, Globally

Contingent workers who are Access Persons may maintain Reportable Securities (as well as Securities or investments that are not Reportable Securities) in a brokerage account at the firm of their choice. 

 

 

Subsection 2-C – Disclosure Obligations 

 

The terms of this Subsection 2-C apply to all Access Person designations and to all Associated Persons.

 

This policy requires the disclosure of a variety of account and holdings information to the Compliance Department for monitoring and oversight. This policy requires (1) an initial disclosure of information, and (2) periodic ongoing disclosures. Even if you do not have any personal brokerage

 

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account holdings or do not trade in Reportable Securities, you are still required to complete the necessary initial and periodic disclosures.

 

1. Initial Disclosure of Accounts and Holdings

 

Within ten (10) calendar days of joining Vanguard, or if applicable within ten (10) calendar days of moving from a Non-Access Person role at Vanguard into an Access Person role, all Access Persons and Associated Persons must disclose the following to Compliance:

 

(a) All Covered Accounts and all Reportable Securities held by you or a Household or Family Member;

 

(b) All Covered Accounts in which you exercise Investment Discretion;

 

(c) All Covered Accounts over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);

 

(d) All accounts in which you have, or will acquire, Beneficial Ownership of Securities; and

 

(e) All accounts held by you and any Household or Family Member in which there are college saving plan products (including, in the U.S., 529 plans), annuity products, or other insurance products that, in turn, hold or invest in Vanguard Funds.

 

This includes Brokerage Accounts held at Vanguard, as well as those held at another financial institution. For clarity, you do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability to hold Securities – for example, a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash would not need to be disclosed.

 

This information must be current as of no more than 45 calendar days before joining Vanguard.

 

To make this initial disclosure, you will receive an Initial Certification assignment by email to complete which will include a section to disclose Covered Accounts and all Reportable Securities by including account information in the “Account Attestation” section of the assignment and uploading corresponding account statements via MCO. You must complete and submit the Initial Certification within ten (10) calendar days of receiving it; the failure to do so may be considered a violation of this policy.

 

Note: We use an application called MyComplianceOffice, or MCO, to help manage this policy. You may use MCO to disclose accounts and holdings, and to secure trading permissions, if those obligations apply to you. Visit My Ethics and Compliance Resource Center on CrewNet for resources on how to access and use MCO

 

 

2. Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements

 

After the Initial Disclosure, Access Persons and Associated Persons may need to disclose account and transaction information to Compliance on a periodic basis regarding Covered Accounts and any transactions in Reportable Securities made by you and your Household or Family Members.

 

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Further, if at any time you or a Household or Family Member subsequently:

 

·open, or intend to open, a Covered Account with a financial institution (e.g., broker, dealer, advisor, or any other professional money manager), or
·acquire holdings in Reportable Securities, or
·have a preexisting Covered Account (including a Vanguard Brokerage Account) that becomes associated with you or a Household or Family Member (such as through marriage or inheritance or some other life event),

 

or there becomes an account in which you acquire Beneficial Ownership of Securities, then you must notify Compliance as soon as possible (and in any event within 10 calendar days) and disclose these Covered Accounts and Reportable Securities by listing them and including associated information in the Accounts tab in MCO.

 

For U.S. crew, keep in mind that, as explained in Section 2-B of this policy above, you and your Household or Family Members (parts (a) and (b) of that defined term only) must maintain Reportable Securities in a VBA.

 

What and how to disclose this information:

 

·For VBAs disclosed by U.S. crew as required under this policy, Compliance will receive transaction confirmations automatically. No additional action by you is needed to disclose transactions of Reportable Securities in VBAs you have disclosed.

 

·For Covered Accounts and holdings of Reportable Securities held outside of Vanguard (including in any account that would require disclosure under Section 2-C(1) of this policy), it is your responsibility to ensure that duplicate statements and transaction confirmations are available to or delivered to Compliance:
oBecause Vanguard has file feed contracts in place with many brokerage firms worldwide, for many Covered Accounts you disclose the holdings and transactions information will be sent to Compliance electronically with no additional action needed by you.
oFor Covered Accounts held at firms where Vanguard does not have a file feed in place, you must do the following:
§Contact the firm where your Covered Account is held and take steps to send duplicate statements and daily transaction confirmations (electronic or paper) to Vanguard. You do this often by making Vanguard Compliance an interested party and having duplicate statements and confirmations sent to the third party scanning service Vanguard uses, called “Earth Class Mail” at this address: Vanguard, c/o TerraNua, 9450 SW Gemini Drive #37880, Beaverton, OR, 97008-7105.
§If the firm where your Covered Account is held is not able to send statements and daily transaction confirmations (electronic or paper) to Vanguard, you are required to scan and upload copies into the Trading Documents folder in MCO immediately after you receive them, unless you receive an exemption from this requirement from Compliance. You must ensure the documents you upload clearly show the firm/institution at which the account is held, the account number or ID, the account owner, and the account type.

 

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·If Compliance does not receive the information automatically via a file feed, you will receive email notifications on a calendar quarterly basis to complete a Quarterly Securities Transaction Report and thereby disclose Covered Accounts and Reportable Securities, via MCO. You must complete and submit that assignment within 30 calendar days; the failure to do so may be considered a violation of this policy.
·On an annual basis (usually in January or February), you will receive an assignment from Compliance in which you must certify, among other things, that all Covered Accounts and Reportable Securities are recorded accurately in MCO.

 

3.  Additional notes related to disclosures under this policy: 

 

·For clarity, you do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability to hold Securities (for example, a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash would not need to be disclosed). 
·As stated above, U.S. crew and contingent workers who are Associated Persons are also required to comply with and are subject to the FINRA Licensing Policy and Securities Account Reporting Obligations. 
·The Compliance Department will keep personal trading information confidential, but please note that such information may be accessible to authorized personnel within Compliance and may be reported to or summarized for senior management, HR, or the OGC for investigative purposes. Applicable records may also be provided to internal or external auditors and/or to any regulator if required. All ex-U.S. crew and contingent workers are required to sign a data consent / data privacy notice.
·Please note that crew and contingent workers in Australia are required to disclose all transactions in VIA funds in MCO in the same manner as is required for Reportable Securities.

 

Subsection 2-D – Investment and Trading Restrictions 

 

This Subsection 2-D contains three segments: 

 

Segment 2-D-1 applies to all Access Person designations.

 

Segment 2-D-2 has terms and requirements that differ based on your Access Person designation.

 

oSegment 2-D-2(a): Advisor Access Person requirements
oSegment 2-D-2(b): Fund Access Person requirements
oSegment 2-D-2(c): Investment Access Person requirements

 

Segment 2-D-3 explains how to seek and abide by preclearance requirements, if applicable to your activity.

 

Segment 2-D-1: Rules and Limitations applicable to all Access Person designations

 

The terms of this Segment 2-D-1 apply to all Access Person designations.

 

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(a)General Obligations

 

i)Comply with the law:

 

(1)You must comply with all applicable securities-related rules and laws.
(2)You may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account or otherwise.
(3)You may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may be perceived as market manipulation.

 

ii)Use of Information:

 

(1)You may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment advisors or any Vanguard Client. You are prohibited from purchasing or selling—directly or indirectly—any Security or Related Security when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception of an index fund) or by a Vanguard Client.
(2)You are subject to and must comply with the Insider Trading Policy and/or any similar policy of the Vanguard affiliate or region for which you work. Each of these policies is considered an integral part of your obligations under this policy. Each policy prohibits you from buying or selling any Security while in possession of material, nonpublic information about the issuer of the Security. The policies also prohibit you from communicating any nonpublic information about any Security or issuer of Securities to third parties.
(3)You must comply with the Confidential Information Policy, including that you may not share information with any third party about any planned, upcoming, or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such information is publicly available through no action by you.

 

iii)Fund policies and excessive trading:

 

(1)When purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund’s prospectus, or offering document, including policies on market-timing and frequent trading.
(2)Excessive trading in Covered Accounts is strongly discouraged. The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is so frequent as to potentially impact your ability to carry out your assigned responsibilities or the trades involve positions that are disproportionate to your net assets). If Compliance in its sole discretion determines you have engaged in excessive trading, then Compliance may limit the number of trades allowed in your Covered Accounts during a given period. This Section 2-D-1(a)(iii)(2) does not apply to transactions in an Approved Managed Account.

 

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iv)Beneficial ownership and discretion:

 

(1)The terms and restrictions of this policy apply to all Securities in which you have acquired or will acquire Beneficial Ownership.
(2)You must comply with these investment and trading restrictions with respect to any account you own as well as any account over which you have Investment Discretion or in which you have the authority to transact.

 

v)No circumvention – You are not permitted to assist, aid, or enable any other person in doing anything that you are prohibited from doing under this policy.

 

vi)Waivers:

 

(1)The Chief Compliance Officer may grant exceptions to this policy, including preclearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard’s interests, and (3) not granting an exception would result in an unfair or unjust outcome.
(2)The Chief Compliance Officer may waive the applicability of this policy for a contingent worker if the policy’s requirements are covered through the applicable service provider’s contract with Vanguard.

 

 

(b)Rules regarding specific investments or investment types:

 

i)Use of derivatives:

 

(1)You and your Household or Family Members may not use a derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types of derivatives.
(2)You and your Household or Family Members are permitted to trade futures or options on commodities.

 

ii)IPOs and ICOs:

 

(1)You and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering.
(2)You and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO).

 

iii)Private Placements:

 

(1)You and your Household or Family Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering without first obtaining preclearance from Compliance.
(2)You must provide documentation describing the investment (e.g., offering memorandum, subscription documents, etc.) so as to enable Compliance to conduct a thorough review of the investment.

 

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(3)Approval by Compliance may be granted or denied after a review of the facts and circumstances, including whether:
·An investment in the securities is likely to result in future conflicts with Vanguard Client accounts.
·You are being offered the opportunity due to your employment at, or association with, Vanguard.
(4)If you or your Household or Family Members receive approval to purchase Securities in a Private Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange.
(5)To initiate the process for obtaining preclearance of a Private Placement, complete the Outside Business Activity request form (the form for U.S. crew is in LARS, and for ex-U.S. crew is in MCO).

 

iv)  SPACs – You and your Household or Family Members are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).

 

v)  Short-Selling – You are prohibited from selling short any Security that you do not own or from otherwise engaging in short-selling activities.

 

vi)  Limit Orders – Same-day limit orders are permitted; however, good 'til cancelled orders (such as limit orders that stay open over the course of multiple trading days until a security reaches a specified market price) are not permitted.

 

vii) Digital Currencies and Related Investments – Refer to the Trading and Reporting Requirements for Digital Currency Investments and Activities for details on which digital currency account and product types are permitted, and what must be disclosed, under this policy.

 

(c)Short term trading in a Vanguard Fund (other than Vanguard ETFs): 

 

i)    Compliance may monitor trading in Vanguard Funds, other than Vanguard ETFs, and will review situations where Vanguard Fund shares are redeemed within 30 calendar days of purchase (a “short-term trade”). You may be required to relinquish to Vanguard any profit made on a short-term trade and will be subject to disciplinary action if Compliance determines the short-term trade was detrimental to a Vanguard Fund or a Vanguard Client or that there is a history of frequent trading by you or your Household or Family Members. For purposes of this paragraph:

 

(1)A redemption includes a redemption by any means, including an exchange out of a Vanguard Fund.
(2)This policy does not cover purchases and redemptions/sales (i) into or out of Vanguard money market funds, Vanguard short-term bond funds, or (ii) through an Automatic Investment Program.

 

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ii)  Nothing in this section is intended to replace, nullify, or modify any requirements imposed by a Vanguard Fund.

 

Segment 2-D-2: Specific Limitations and Prohibitions that Apply Based on Access Person Designation

 

The terms and requirements of this Segment 2-D-2 are in addition to the terms and requirement of Segment 2-D-1, and you must comply with the portions of this Segment 2-D-2 that apply to your Access Person designation. Note, an Access Person designation can apply to crew members or contingent workers.

 

Segment 2-D-2(a): Advisor Access Person requirements

 

The following terms and requirements apply to Advisor Access Persons only and are in addition to the terms and requirements of Segment 2-D-1:

 

Securities transactions for which you must obtain preclearance (meaning, approval from Compliance before transacting)

None. You are not required to obtain preclearance of any Covered Securities transactions by you or your Household or Family Members, except Private Placements as described above.

Prohibited Securities transactions

In addition to Segment 2-D-1, you are subject to the following restrictions with respect to any transaction in which you will acquire any direct or indirect Beneficial Ownership:

 

·    Short-Term Trading. You are prohibited from purchasing and then selling any Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 60 calendar days. A last-in/first-out accounting methodology will be applied to a series of Security purchases when applying this rule. (Note, as stated, this is based on last-in/first-out accounting regardless of how you placed the trade or plan to report it for tax purposes.) If you realize profits on short-term trades, you will be required to relinquish the profits to Vanguard (exclusive of commissions). In addition, the trade will be recorded as a violation of this policy. For example: you would not be permitted to sell a Covered Security at $12 that you purchased within the prior 60 days for $10. Similarly, you would not be permitted to purchase a Covered Security at $10 that you had sold within the prior 60 days for $12.

 

·    Short-term trading on options. You may hold options on a Covered Security until you exercise the options or the options expire. However, you may not otherwise close any open positions within 60 calendar days. If you realize profits on such short-term trades, you must relinquish such profits to Vanguard (exclusive of commissions). In addition, the trade will be recorded as a violation of this policy. Note: These types of transactions can have unintended consequences.

 

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For example, your call option could be assigned, causing the underlying Security to be called away within sixty (60) calendar days following the purchase of the Covered Security.

 

  Visit the Appendix C for a table summarizing the trading and reporting requirements for Advisor Access Persons.

 

Segment 2-D-2(b): Fund Access Person requirements 

 

The following terms and requirements apply to Fund Access Persons only and are in addition to the terms and requirements of Segment 2-D-1:

 

Securities transactions for which you must obtain preclearance (meaning, approval from Compliance before transacting)

Yes, you must obtain, for yourself and on behalf of your Household or Family Members, preclearance for any transaction of a Covered Security by you or any Household or Family Member.

 

See Segment 2-D-3, below, for instructions on how to seek preclearance.

Securities transactions that do not require preclearance

You are not required to obtain preclearance for the following:

 

·     Purchases or sales of Vanguard Funds.

·     Purchases or sales where the person requesting preclearance has no direct or indirect influence or control over the account (e.g., you have a trust in your name but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been no prior communication between you and the trustee regarding the transaction).

·    Corporate actions in Covered Securities such as stock dividends, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions.

·     Purchases or sales made as a part of an Automatic Investment Program.

·     Purchases effected upon the exercise of Rights which were issued by an issuer pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer.

·    Acquisitions of Covered Securities through gifts or bequests.

 

Visit the Appendix D for a table summarizing the trading and reporting requirements for Fund Access Persons.

Is preclearance required for trades in an Approved Managed Account?

No, you are not required to seek preclearance of a transaction in a Covered Security in an Approved Managed Account so long as you have no prior communication with the portfolio manager of that account in connection with that transaction.

 

Note, Vanguard PAS accounts generally do not qualify as Approved Managed Accounts because PAS account owners generally retain some level of investment discretion. Further, any

 

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  trades of Covered Securities in a PAS account must be precleared under this policy.

“Blackout period” restrictions that may apply to personal trading in Covered Securities

You may be subject to certain restrictions if you purchase or sell a Covered Security within seven (7) days before or after a Vanguard Fund purchases or sells the same Covered Security or a Related Security (the “blackout period”).

 

Purchasing or selling before a Vanguard Fund:

 

·     If you purchase a Covered Security within seven days before a Vanguard Fund purchases the same Covered Security or a Related Security, you may be required to hold the Covered Security for 6 months before being permitted to sell the Covered Security for a profit.

·     If you sell a Covered Security within seven days before a Vanguard Fund sells the same Covered Security or a Related Security, you may be required to relinquish to Vanguard any profits earned from your sale of the Covered Security (exclusive of commissions), where profits are calculated based on the price that the Vanguard Fund received for selling the Covered Security or a Related Security. Note: Compliance will review your sale to determine if the relinquishment is required. This decision will be based on several factors, such as your role, access to fund trades, and the Covered Security sold.

 

Purchasing or selling after a Vanguard Fund:

 

·     In general, you will not receive preclearance to purchase a Covered Security within seven days after a Vanguard Fund trades the same Covered Security or a Related Security. If you execute the transaction without receiving preclearance, you will have violated this policy and must immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions).

·     In general, you will not receive preclearance to sell a Covered Security within seven days after a Vanguard Fund trades the same Covered Security or a Related Security. If you execute the transaction without receiving preclearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the Vanguard Fund's sale price (as long as your sales price is higher), multiplied by the number of shares you sold.

 

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

 

Compliance may exempt from these restrictions certain trades during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

 

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The blackout period restrictions set forth above will not apply to a Fund Access Person’s sale of stock of any issuer which has a market capitalization that exceeds US$5 billion (or local currency equivalent), provided that the total value of any sales of the Security by the Fund Access Person do not exceed US$10,000 (or local currency equivalent) in any 30-day rolling period. Sales of securities of issuers with market capitalizations below US$5 billion, or that exceed US$10,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless Compliance grants a waiver.

 

Compliance may waive the blackout period as it applies to the sale of a Covered Security if the Chief Compliance Officer determines its application creates a significant hardship to you (e.g., you need cash for a home purchase or to cover a major medical expense) and, in the opinion of the Chief Compliance Officer, satisfies the requirements for a waiver in the Waivers paragraph of Segment 2-D-1, above. Request and complete a Hardship Waiver Request Form. 

Prohibited Securities transactions

In addition to Segment 2-D-1, you are subject to the following restrictions with respect to any transaction in which you will acquire any direct or indirect Beneficial Ownership:

 

·     Futures and Options. You are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures) or any Option on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies).

 

·    Short-Term Trading. You are prohibited from purchasing and then selling any Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 60 calendar days. A last-in/first-out accounting methodology will be applied to a series of Security purchases when applying this rule. (Note, as stated, this is based on last-in/first-out accounting regardless of how you placed the trade or plan to report it for tax purposes.) If you realize profits on short-term trades, you will be required to relinquish the profits to Vanguard (exclusive of commissions). In addition, the trade will be recorded as a violation of this policy. Example: You are not permitted to sell a security at $12 that you purchased within the prior 60 days for $10. Similarly, you are not permitted to purchase a security at $10 that you sold within the prior 60 days for $12.

 

·    Spread Bets. You are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.

 

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Segment 2-D-2(c): Investment Access Person requirements 

 

The following terms and requirements apply to Investment Access Persons only and are in addition to the terms and requirements of Segment 2-D-1:

 

Securities transactions for which you must obtain preclearance (meaning, approval from Compliance before transacting)

Yes, you must obtain, for yourself and on behalf of your Household or Family Members, preclearance for any transaction of (i) a Covered Security, or (ii) a Vanguard ETF, by you or any Household or Family Member.

 

See Segment 2-D-3, below, for instructions on how to seek preclearance.

 

Securities transactions that do not require preclearance

You are not required to obtain preclearance for the following:

 

·        Purchases or sales of Vanguard Funds. (Reminder: The purchase or sale of Vanguard ETFs does require preclearance.)

·        Purchases or sales where the person requesting preclearance has no direct or indirect influence or control over the Covered Security (e.g., you have a trust in your name but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been no prior communication between you and the trustee regarding the transaction).

·        Corporate actions in Covered Securities such as stock dividends, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions.

·        Purchases or sales made as a part of an Automatic Investment Program.

·        Purchases effected upon the exercise of Rights which were issued by an issuer pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer.

·        Acquisitions of Covered Securities through gifts or bequests.

 

Visit the Appendix for a table summarizing the trading and reporting requirements for Investment Access Persons. 

 

Is preclearance required for trades in an Approved Managed Account?

No, you are not required to seek preclearance of a transaction in a Covered Security in an Approved Managed Account so long as you have no prior communication with the portfolio manager of that account in connection with that transaction.

 

Note, Vanguard PAS accounts generally do not qualify as Approved Managed Accounts because PAS account owners generally retain some level of investment discretion. Further, any trades of Covered Securities (but not trades of Vanguard ETFs) in a PAS account must be precleared under this policy. 

 

 

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“Blackout period” restrictions that may apply to personal trading in Covered Securities

You may be subject to certain restrictions if you purchase or sell a Covered Security within seven (7) days before or after a Vanguard Fund purchases or sells the same Covered Security or a Related Security (the “blackout period”).

 

Purchasing or selling before a Vanguard Fund:

 

·        If you purchase a Covered Security within seven days before a Vanguard Fund purchases the same Covered Security or a Related Security, you may be required to hold the Covered Security for 6 months before being permitted to sell the Covered Security for a profit.

·        If you sell a Covered Security within seven days before a Vanguard Fund sells the same Covered Security or a Related Security, you may be required to relinquish to Vanguard any profits earned from your sale of the Covered Security (exclusive of commissions), where profits are calculated based on the price that the Vanguard Fund received for selling the Covered Security or a Related Security.

 

Purchasing or selling after a Vanguard Fund:

 

·        In general, you will not receive preclearance to purchase a Covered Security within seven days after a Vanguard Fund trades the same Covered Security or a Related Security. If you execute the transaction without receiving preclearance, you will have violated this policy and must immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions).

·        In general, you will not receive preclearance to sell a Covered Security within seven days after a Vanguard Fund trades the same Covered Security or a Related Security. If you execute the transaction without receiving preclearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the Vanguard Fund’s sale price (as long as your sales price is higher), multiplied by the number of shares you sold.

 

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

 

Compliance may exempt from these restrictions certain trades during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

 

Compliance may waive the blackout period as it applies to the sale of a Covered Security if the Chief Compliance Officer determines its application creates a significant hardship to you (e.g., you need cash for a home purchase or to cover a major medical expense) and, in the opinion of the Chief Compliance Officer, satisfies the requirements for a waiver in the Waivers

 

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paragraph of Segment D-1, above. Request and complete a Hardship Waiver Request Form.

 

Prohibited Securities transactions 

In addition to Segment 2-D-1, you are subject to the following restrictions with respect to any transaction in which you will acquire any direct or indirect Beneficial Ownership:

 

Futures and Options. You are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures) or any Option on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies).

 

Short-Term Trading. You are prohibited from purchasing and then selling any Covered Security or a Vanguard ETF at a profit, as well as selling and then repurchasing a Covered Security or a Vanguard ETF at a lower price, within 60 calendar days. A last-in/first-out accounting methodology will be applied to a series of Security purchases when applying this rule. (Note, as stated, this is based on last-in/first-out accounting regardless of how you placed the trade or plan to report it for tax purposes.) If you realize profits on short-term trades, you will be required to relinquish the profits to Vanguard (exclusive of commissions). In addition, the trade will be recorded as a violation of this policy. Example: You are not permitted to sell a security at $12 that you purchased within the prior 60 days for $10. Similarly, you are not permitted to purchase a security at $10 that you sold within the prior 60 days for $12.

 

Spread Bets. You are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.

 

 

Segment 2-D-3:  How to Seek and Abide by Preclearance Requirements 

 

If you are required to obtain preclearance of any trade or transaction under this policy, then the terms of this Segment 2-D-3 apply to that trade or transaction.

 

Preclearance representations.

 

By seeking preclearance, you will be deemed to be advising and representing to Compliance that you:

 

·Do not possess any material, nonpublic information relating to the security.
·Do not use knowledge of any proposed trade or investment program relating to the Vanguard Funds for personal benefit.
·Believe the proposed trade is available to any market participant on the same terms.

 

How do I obtain preclearance?

 

Preclearance must be obtained via the “Personal Trade Pre-Clearance” path in MCO. Once the required information is submitted, your preclearance request will usually be approved or denied

 

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immediately. Transactions in Covered Securities (including, for Investment Access Persons, transactions in Vanguard ETFs) may not be executed before you receive approval.

 

As a reminder, preclearance of Private Placements is addressed in Segment 2-D-1 of this policy, above.

 

Attempting to gain approval after the transaction has occurred is not permitted. Completing a personal trade before receiving approval or after the approval window expires constitutes a violation of this policy. See Section 3 of this policy for more information regarding the sanctions that may be imposed as a result of a violation.

 

How long is my preclearance approval valid?

 

In the U.S.: Preclearance approval will expire at the end of the trading day on which it is issued (e.g., if you receive approval for a trade on Monday, it is effective until the market closes on that Monday).  Preclearance for permitted limit orders is good for transactions on the same day that approval is granted only.  If you receive approval for a limit order, it must be executed or expire at the close of regular trading on the same business day for which approval was granted.  If you wish to execute the limit order after the close of regular trading on the day you received approval, you must submit a new preclearance request for the day you wish to execute the trade.

 

Outside the U.S.: If you receive approval, transactions must be executed no later than the end of trading on the next business day after the preclearance is granted. If the transaction is not placed within that time, you must submit a new request for approval before placing the transaction. If you preclear a limit order, that limit order must either be executed or expire at the end of the next business day. If you want to execute the order after the next business day period expires, you must resubmit your preclearance request. 

 

Section 3 – Penalties and Sanctions 

 

How we enforce this policy 

 

The Compliance Department regularly reviews the forms, reports, and other information it receives. If these reviews turn up information that is incomplete, questionable, or potentially in violation of this policy, the Compliance Department will investigate the matter and may contact you. If it is determined that you or any of your Household or Family Members have violated this policy, the Compliance Department or another appropriate party may take action.

 

Violations 

 

If the Compliance Department determines that there has been a violation, you may be subject to penalties and sanctions as described in this policy and otherwise as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. The Compliance Department will generally utilize a rolling 24-month period when evaluating whether and how to sanction a violation. Any violation of this policy may result in disciplinary action up to and including termination of employment.

 

Vanguard takes all policy violations seriously and at times provides the Vanguard Funds’ board with a summary of actions taken in response to material violations of this policy and other policies. You should be aware that other securities laws and regulations not addressed by this policy may also apply to you, depending upon your role at Vanguard.

 

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Exceptions 

 

The Chief Compliance Officer or designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purpose of protecting the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.

 

In cases where exceptions to this policy are noted and you may qualify for them, you need to get prior written approval from the Compliance Department. If you believe that you have a situation that warrants an exception that is not discussed in this policy, you may submit a written request to the Compliance Department, which will consider your request and notify you of the outcome.

 

Section 4 – Defined Terms 

 

The following definitions apply throughout this policy:

 

Access Person Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person.
Approved Managed Account An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account.
Associated Person Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC.
Automatic Investment Program  A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan.
Bankers’ Acceptance A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers’ Acceptances are usually guaranteed by the bank.
Beneficial Ownership

The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:

 

·        Any Security owned individually by you.

·        Any Security owned by a Household or Family Member.

·        Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.

·        Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).

·        Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.

 

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·        Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.

·        Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust.

·        Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person.

Bond  A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest.
Certificate  In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. 
Certificate of Deposit (CD)  An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period.
Commercial Paper A promissory note issued by a large company in need of short-term financing.
Covered Account Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities.
Covered Security

Any Security (including through an IPO), but not including any:

 

·         Direct Obligations of a Government;

·         Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements;

·         Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);

·         Life policies;

·         ETFs;

·         ETNs; or

·         Digital Currencies.

Debenture An unsecured debt obligation backed only by the general credit of the borrower.
Digital Currency A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token.
Digital Security Token

Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security

 

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Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.

Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token.

Digital Utility Token  A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. 
Direct Obligation of a Government  A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. 
ETF or Exchange-Traded Fund  An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions.
ETN or Exchange-Traded Note  A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees.
Futures / Futures Contract  A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference.
High-Quality Short-Term Debt Instrument  An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality.
Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) 

For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term “Household or Family Member” includes:

 

a)     Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);

b)     Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or

c)     Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.

 

 

Page 24 of 37

 

 

 

 

  For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person’s accounts.
Household or Family Member (Europe)  For Europe crew members, the term “Household or Family Member” includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction.
Initial Coin Offering (ICO)  An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token
Initial Public Offering (IPO)  A corporation's first offering of common stock to the public.
Investment Contract  Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party.
Investment Discretion  The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney).
Non-Access Person  Any person in a role that has not been designated as an Access Person role.
Note  A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity.
Open-End Fund  A mutual fund that has an unlimited number of shares available for purchase.
Option  The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date.
Private Placement  A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard.
Related Security  Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will

 

Page 25 of 37

 

 

 

 

  generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another.
Reportable Security  Any Covered Security, ETF, ETN, or Digital Security Token.
Repurchase Agreement  An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day).
Right  A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire.
Secondary Offering  The sale of new or closely held shares by a company that has already made an Initial Public Offering.
Security  Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security.
SPAC (Special Purpose Acquisition Company)  A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company.
Spread Betting  A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down.
Stock  A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends.
UCITS (Undertakings for the Collective Investment of Transferable Securities)  A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements.
Vanguard Client  The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves.
Vanguard Fund  Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts.
Warrant  An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder.

 

Page 26 of 37

 

 

 

 

Policy Compliance 

 

Questions regarding this policy may be submitted to Code_of_Ethics@vanguard.com.

 

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

 

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take swift corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy. 

 

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment. 

 

Refer to the Policy Disclaimer Statement for more information. 

 

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Appendix

 

 

Appendix A

Am I an Access Person, and if so, which Access Person “designation” applies?

 

Appendix B

What accounts must be disclosed?

 

Appendix C

Trading and Reporting Requirements for Advisor Access Persons

 

Appendix D

Trading and Reporting Requirements for Fund Access Persons

 

Appendix E

Trading and Reporting Requirements for Fund Access Persons

 

Appendices Endnotes

Clarifications and explanations to the content within the appendices

 

Page 28 of 37

 

 

 

 

APPENDIX A

Am I an Access Person, and if so, which Access Person “designation” applies?

 

To determine if you are designated as an Access Person, review your offer letter for specifics. If you are unsure, ask your recruiter to confirm for you which designation you fall under. They can look up your designation by referencing our internal Access Person Code of Conduct policy. Your designation will be one of the following:

 

1.Advisor Access
2.Fund Access
3.Investment Access
4.Non-Access (If this is your designation, this packet does not apply to you.)

 

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APPENDIX B  

What accounts must be disclosed?

 

This list provides a snapshot of what accounts you will need to disclose. Come prepared knowing how to access the statements for these accounts. Please note, this is list is subject to change.

 

Common Account Types Access
Person
disclosure
required?
   

Employer sponsored retirement plans (plan doesn't have the ability to hold Vanguard funds) 

Examples: 401k, 403b, 457b, Employee Stock Options Plan (ESOP), Employee Stock Purchase Plan (ESPP), and pension plans 

 No
   

Employer sponsored retirement plans (plan does have the ability to hold Vanguard funds) 

Examples: 401k, 403b, 457b, Employee Stock Options Plan (ESOP), Employee Stock Purchase Plan (ESPP), and pension plans 

 Yes
   
529 Plans (plan doesn't have the ability to hold Vanguard funds) No
   
529 plans (plan does have the ability to hold Vanguard funds) Yes
   
Health Savings Account (plan doesn't have the ability to hold Vanguard funds) No
   
Health Savings Account (plan does have the ability to hold Vanguard funds) - Including Vanguard's HSA Yes
   

Vanguard personal accountsi 

Examples: Vanguard Brokerage Accounts, Transfer Agent Accounts (Mutual Fund Only account) 

 Yes
   

Outside brokerage accounts (including retirement accounts not listed above)3 

Please Note: Accounts that are open but have a $0 balance also must be reported because they still have the ability to hold securities. 

 Yes
   
Bank accounts - checking and savings No
   
Annuities No
   
Fully managed accountsii Yes2

 

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APPENDIX C

Trading and Reporting Requirements for Advisor Access Persons

 

Securities and Activities Can I Trade 60 Day Hold Reportableiii
American Depository Receipts (ADRs) Yes Yes Yes
Annuities and Insurance Products Yes No No
Bankers' Acceptances, Certificates of Deposits, and Commercial Paper Yes No No
Bonds (municipal and corporate) Yes Yes Yes
Cash No No No
Closed-End Funds Yes Yes Yes
Commodities (ex: futures & options) Yes No No
Currencies Yes No No
Debentures Yes Yes Yes
Digital Currency Yes No No
Digital Utility Tokens Yes No Yes
Digital Security Tokens Yes No Yes
Direct Obligations Yes No No
Non-Vanguard ETFs and ETNs Yes No Yes
Evidence of Indebtedness Yes Yes Yes
Government bonds Yes No No
High Quality Short Term Debt Instruments Yes No Yes
Investment Contracts Yes Yes Yes
IPOs (and ICOs) Prohibited
Money market instruments (non-Vanguard) Yes No No
Money market instruments (Vanguard) Yes No Yes
Open-End funds (non-Vanguard) Yes No No
Notes Yes Yes Yes
Options on Covered Securities Yes Yesiv Yes
Private placements (unlisted securities) Yesv No Yes
Rights Yes Yes Yes
Real Estate Investment Trusts Yes Yes Yes
Security Futures Prohibited
Short Positions Prohibited
SPACs Prohibited
Stocks Yes Yes Yes
Unit Investment Trusts Yes Yes Yes

 

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Securities and Activities Can I Trade 60 Day Hold Reportableiii
UCITs Funds (non-Vanguard) Yes No No
Vanguard Annuities and Insurance Products Yes No Yes
Vanguard ETFs Yes No Yes
Vanguard Funds Yes No Yes
Warrants Yes Yes Yes

 

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APPENDIX D

Trading and Reporting Requirements for Fund Access Persons

 

Securities and Activities Can I Trade Preclear 7 Day Blackout 60 Day Hold Reportableiii
American Depository Receipts (ADRs) Yes Yes Yes Yes Yes
Annuities and Insurance Products Yes No No No No
Bankers' Acceptances, Certificates of Deposits, and Commercial Paper Yes No No No No
Bonds (municipal and corporate) Yes Yes Yes Yes Yes
Cash No No No No No
Closed-End Funds Yes Yes No Yes Yes
Commodities (ex: futures & options) Yes No No No No
Currencies Yes No No No No
Debentures Yes Yes Yes Yes Yes
Digital Currency Yes No No No No
Digital Utility Tokens Yes No No No Yes
Digital Security Tokens Yes No No No Yes
Direct Obligations Yes No No No No
Non-Vanguard ETFs and ETNs Yes No No No Yes
Evidence of Indebtedness Yes Yes Yes Yes Yes
Government bonds Yes No No No No
High Quality Short Term Debt Instruments Yes No No No Yes
Investment Contracts Yes Yes Yes Yes Yes
IPOs (and ICOs) Prohibited
Money market instruments (non-Vanguard) Yes No No No No
Money market instruments (Vanguard) Yes No No No Yes
Open-End funds (non-Vanguard) Yes No No No No
Notes Yes Yes Yes Yes Yes
Options on Securities Prohibited
Private placements (unlisted securities) Yesv Yes No No Yes
Rights Yes Yes Yes Yes Yes
Real Estate Investment Trusts Yes Yes Yes Yes Yes
Security Futures Prohibited
Short Positions Prohibited

 

Page 33 of 37

 

 

 

 

Securities and Activities Can I Trade Preclear 7 Day Blackout 60 Day Hold Reportableiii
SPACs Prohibited
Stocks Yes Yes Yesvi Yes Yes
Unit Investment Trusts Yes Yes Yes Yes Yes
UCIT Funds (non-Vanguard) Yes No No No No
Vanguard Annuities and Insurance Products Yes No No No Yes
Vanguard ETFs Yes No No No Yes
Vanguard Funds Yes No No No Yes
Warrants Yes Yes Yes Yes Yes

 

Page 34 of 37

 

 

 

 

APPENDIX E

 

Trading and Reporting Requirements for Investment Access Persons

 

Securities and Activities Can I Trade Preclear 7 Day Blackout 60 Day Hold Reportableiii
American Depository Receipts (ADRs) Yes Yes Yes Yes Yes
Annuities and Insurance Products Yes No No No No
Bankers' Acceptances, Certificates of Deposits, and Commercial Paper Yes No No No No
Bonds (municipal and corporate) Yes Yes Yes Yes Yes
Cash No No No No No
Closed-End Funds Yes Yes No Yes Yes
Commodities (ex: futures & options) Yes No No No No
Currencies Yes No No No No
Debentures Yes Yes Yes Yes Yes
Digital Currency Yes No No No No
Digital Utility Tokens Yes No No No Yes
Digital Security Tokens Yes No No No Yes
Direct Obligations Yes No No No No
Non-Vanguard ETFs and ETNs Yes No No No Yes
Evidence of Indebtedness Yes Yes Yes Yes Yes
Government bonds Yes No No No No
High Quality Short Term Debt Instruments Yes No No No Yes
Investment Contracts Yes Yes Yes Yes Yes
IPOs (and ICOs) Prohibited
Money market instruments (non-Vanguard) Yes No No No No
Money market instruments (Vanguard) Yes No No No Yes
Open-End funds (non-Vanguard) Yes No No No No
Notes Yes Yes Yes Yes Yes
Options on Securities Prohibited
Private placements (unlisted securities) Yesv Yes No No Yes
Rights Yes Yes Yes Yes Yes
Real Estate Investment Trusts Yes Yes Yes Yes Yes
Security Futures Prohibited
Short Positions Prohibited

 

Page 35 of 37

 

 

 

 

Securities and Activities Can I Trade Preclear 7 Day Blackout 60 Day Hold Reportableiii
SPACs Prohibited
Stocks Yes Yes Yes Yes Yes
Unit Investment Trusts Yes Yes Yes Yes Yes
UCITs Funds (non-Vanguard) Yes No No No No
Vanguard Annuities and Insurance Products Yes No No No Yes
Vanguard ETFs Yes Yes No Yes Yes
Vanguard Funds Yes Novii No Noviii Yes
Warrants Yes Yes Yes Yes Yes

 

Page 36 of 37

 

 

 

 

APPENDICES ENDNOTES

 

Clarifications and explanations to the content within the appendices

 

 

i Accounts you share ownership with will need to be disclosed, e.g., a joint account

ii Fully managed accounts can be maintained outside of Vanguard with review and approval from the Code team. Please provide one of the following documents for review:

·A signed discretionary/advisory agreement from the outside firm, or
·A signed letter from your advisor on their firm's letterhead.

 

This documentation should include the following information:

·The account number(s) for any account considered fully managed
·The name of your advisor or the name of the program in which the account is enrolled
·A statement that you have no discretion/trading authority over your managed account(s)

 

iii Reportable on Initial Holdings Report or when acquired. All Crew and Contingent Workers deemed Associated Persons must report their accounts, holdings, and transactions through My Compliance Office (MCO).

 

iv Options on Covered Securities include trades that are exercised or assigned involuntarily by the crew member.

 

v Prohibited from acquiring Securities in a Private Placement without prior approval from Compliance.

 

vi Permitted to sell stock with a market cap above US $5 billion, so long as, over a rolling 30 day period, their total value aggregate sales of the stock does not exceed $10,000.

 

vii Vanguard ETFs require preclearance.

 

viii Vanguard ETFs require a 60 day hold.

 

Page 37 of 37

 

 

 EX-99.CERT 3 tm241861d3_ex99-cert.htm EXHIBIT 99.CERT

Exhibit 99.CERT

 

CERTIFICATIONS

 

I, Mortimer J. Buckley, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard New Jersey Tax-Free Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 22, 2024

  /s/ Mortimer J. Buckley
  Mortimer J. Buckley
  Chief Executive Officer

 

 

 

CERTIFICATIONS

 

I, Christine Buchanan, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard New Jersey Tax-Free Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 22, 2024

  /s/ Christine Buchanan
  Christine Buchanan
  Chief Financial Officer

 

 EX-99.906 CERT 4 tm241861d3_ex99-906cert.htm EXHIBIT 99.906 CERT

Exhibit 99.906CERT 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

Name of Issuer: Vanguard New Jersey Tax-Free Funds

 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

Date:    January 22, 2024

  /s/ Mortimer J. Buckley
  Mortimer J. Buckley
  Chief Executive Officer

 

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

Name of Issuer: Vanguard New Jersey Tax-Free Funds

 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

Date:    January 22, 2024

  /s/ Christine Buchanan
  Christine Buchanan
  Chief Financial Officer

 

 

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