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Form N-CSR VANGUARD NEW JERSEY TAX- For: Nov 30

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January 27, 2023 2:55 PM EST

 

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, 2021—November 30, 2022

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

 

 

Annual Report   |   November 30, 2022
Vanguard New Jersey Long-Term Tax-Exempt Fund
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
• Despite some relief toward the close of the period, the 12 months ended November 30, 2022, were a volatile, challenging time for financial markets. Vanguard New Jersey Long-Term Tax-Exempt Fund returned –10.06% for Investor Shares and –9.99% for Admiral Shares. These results trailed the fund’s benchmark, the Bloomberg NJ Municipal Bond Index, which returned –8.87%.
• The economic backdrop deteriorated early in the fiscal year as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check, which weighed on bond prices and increased fears of a recession.
• Municipal bonds were not immune to the run-up in Treasury yields, and the muni market experienced significant cash outflows. As a whole, however, their fundamentals remained solid, and they fared better than the taxable bond market.
• The fund’s overweight positions in hospital and university bonds detracted. Underweighting transportation bonds helped performance.
• The advisor lengthened the fund’s duration late in the period, detracting from returns.
Market Barometer
  Average Annual Total Returns
Periods Ended November 30, 2022
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) -10.66% 10.56% 10.69%
Russell 2000 Index (Small-caps) -13.01 6.44 5.45
Russell 3000 Index (Broad U.S. market) -10.80 10.28 10.33
FTSE All-World ex US Index (International) -11.40 2.23 1.86
Bonds      
Bloomberg U.S. Aggregate Float Adjusted Index
(Broad taxable market) 		-12.91% -2.56% 0.24%
Bloomberg Municipal Bond Index
(Broad tax-exempt market) 		-8.64 -0.77 1.40
FTSE Three-Month U.S. Treasury Bill Index 1.16 0.64 1.19
CPI      
Consumer Price Index 7.11% 5.00% 3.83%
1
Advisor’s Report
For the 12 months ended November 30, 2022, Vanguard New Jersey Long-Term Tax-Exempt Fund returned –10.06% for Investor Shares and –9.99% for Admiral Shares. The fund trailed its benchmark, the Bloomberg NJ Municipal Bond Index, which returned –8.87%.
The fund’s 30-day SEC yield increased 251 basis points to 3.89% for Admiral Shares. (A basis point is one hundredth of a percentage point.) The 30-day SEC yield is a proxy for a fund’s potential annualized rate of income.
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
The fiscal year was defined by a historic rise in interest rates, which caused ripple effects across every sector of the financial markets and brought with it renewed volatility.
Concerns that had been weighing on market sentiment in late 2021 carried into 2022. Supply-chain bottlenecks persisted, labor remained in short supply in some sectors of the economy as unemployment rates continued to fall, and year-on-year inflation readings—which had been accelerating—climbed to multidecade highs across much of the world.
In late February, Russia’s invasion of Ukraine injected more uncertainty into the markets. Oil headed north of $100 per barrel, and staple food prices soared.
 
Yields of Tax-Exempt Municipal Securities
(National Averages, AAA-Rated General Obligation Issues)
   
Maturity November 30,
2021 		November 30,
2022
2 years 0.24% 2.59%
5 years 0.61 2.65
10 years 1.07 2.75
30 years 1.55 3.57
Source: Vanguard.
2
Although energy prices eventually began to cool amid slowing economic growth and the U.S. government released some of its strategic oil reserves to boost supply, price increases broadened to other categories of goods and services, heightening concerns that inflation might remain stubbornly high.
In response, major central banks wound down their bond-purchasing programs and began raising short-term interest rates. The Federal Reserve was especially aggressive, raising the federal funds rate target by 3.75 percentage points over eight months.
That created a challenging environment for bonds. Muni yields rose sharply even as the credit profile of many issuers remained solid overall. With muni returns turning negative, investors pulled large amounts of cash out of the asset class, which put more pressure on muni prices. The U.S. muni market as a whole, as measured by the Bloomberg Municipal Bond Index, returned about –9% for the 12 months.
State budget and credit environment
New Jersey adopted a $50.6 billion budget for fiscal 2023 by the June 30 deadline on a bipartisan basis. The budget reflects a 9% increase from fiscal 2022 and is balanced through reserves, which were bolstered by significant federal support and higher-than-expected revenues.
The budget forecasts a surplus of $6.8 billion, which is about 13% 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 second time in more than two decades. Although no additional sources of revenue were adopted, revenue performance remains strong, outpacing the prior two years, and the state can trim expenditures from 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.
Under the American Rescue Plan Act of 2021, New Jersey received $6.2 billion, and its larger municipalities received another $3.6 billion. The state has allocated about $2.4 billion of its portion to pandemic-relief efforts, including enhanced special education, rental and utility assistance, Level I trauma centers, school improvements, and expanded child care. The allocation includes a $200 million fund that the governor is authorized to use unilaterally in amounts not to exceed $10 million.
Each of the three major rating agencies upgraded New Jersey’s credit ratings during the fiscal year. The upgrades in March—to A2 from Moody’s and to A– from Standard & Poor’s—were those firms’ first upward revision for the state in two decades. In September, Fitch upgraded its rating to A from A–. All three agencies maintain positive outlooks on the state. The upgrades and outlooks reflect the state’s improved financial
3
profile following pandemic-related challenges and the responsible governance displayed through the state’s commitments to fully fund pensions, maintain satisfactory reserves, and reduce debt.
Federal stimulus and high vaccination rates have helped the state’s recovery from the pandemic. Unemployment of 3.5% in October was at the pre-pandemic low and slightly below the national level. Financially, the state has increased reserves significantly to provide flexibility for potential 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 cost of living and doing business is very high. New Jersey has one of the highest property taxes in the nation and a large foreclosure inventory 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 suburbs from New York City, with many areas citing significant increases in property values. Statewide, the population has grown 5.5% since 2010.
The state typically issues debt between September and January following the
finalization of the annual budget and before the budget process begins for the upcoming fiscal year. In 2022, the state issued about $2.1 billion in new debt to fund transportation projects in January, October, and November. About $600 million was issued to help finance the Portal Bridge replacement project, the first step in the Gateway project to improve reliability and resiliency for rail transportation in the Northeast Corridor. Another $1.5 billion was issued for transportation projects in two separate tranches. These larger deals were well-received by investors, and Vanguard participated in all bond issues.
Management of the fund
The main driver of the fund’s underperformance was its longer duration relative to its benchmark index. We were defensively positioned early in the period in the expectation that rates would rise and spreads would decompress. That positioning included a duration similar to the benchmark’s, which is generally shorter than the fund’s because it includes municipals across the maturity spectrum. Although that worked out well during the first wave of rate increases, our duration drifted longer as relative valuations improved, a stance that weighed on performance as the Fed continued raising rates.
Early in the period, we were lighter than we typically are on credit exposure but still carried more than the benchmark. Therefore, the widening in credit spreads that took place dampened the fund’s relative performance.
4
In the second half of the fiscal year, we seized opportunities to cycle out of shorter-call bonds and into bonds with a call of closer to 10 years because they offer a better convexity profile, which will position the fund to capture more upside price performance in the future.
In terms of liquidity, the fund was well-prepared going into 2022. With the Fed having been expected to initiate a hiking cycle, and with municipal valuations at rich levels, we didn’t predict the magnitude of outflows that occurred, but we had increased our liquidity buffer in anticipation that some investors could head for the exits.
Outlook
Although the bond market may continue to see volatility if, as expected, the Fed enacts more rate hikes in the coming year, today’s higher yields mean munis can offer more of a cushion against further price declines.
Energy supply-and-demand concerns, diminishing capital flows, declining trade volumes, and falling output per person likely will lead to a global recession in 2023. Although we had upgraded the portfolio’s credit quality because of that outlook, we are open to opportunistically increasing our credit exposure given the widening in spreads that has taken place. At the same time, we are favoring some sectors that tend to be more defensive in downturns.
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue
to navigate this large, fragmented market to seek attractive investment opportunities that will add to the funds’ performance.
Adam M. Ferguson, CFA, Portfolio Manager
Vanguard Fixed Income Group
December 15, 2022
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, 2022      
  Beginning
Account Value
5/31/2022 		Ending
Account Value
11/30/2022 		Expenses
Paid During
Period
Based on Actual Fund Return      
New Jersey Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $982.20 $0.84
Admiral™ Shares 1,000.00 982.60 0.45
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, 2012, Through November 30, 2022
Initial Investment of $10,000
    Average Annual Total Returns
Periods Ended November 30, 2022 		 
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $10,000
Investment
New Jersey Long-Term Tax-Exempt Fund Investor Shares -10.06% 1.92% 2.53% $12,842
Bloomberg NJ Municipal Bond Index -8.87 2.21 2.53 12,837
Bloomberg Municipal Bond Index -8.64 1.40 1.98 12,161
       
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $50,000
Investment
New Jersey Long-Term Tax-Exempt Fund
Admiral Shares 		-9.99% 2.01% 2.62% $64,748
Bloomberg NJ Municipal Bond Index -8.87 2.21 2.53 64,186
Bloomberg Municipal Bond Index -8.64 1.40 1.98 60,804
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, 2022
Under 1 Year 6.7%
1 - 3 Years 3.1
3 - 5 Years 3.4
5 - 10 Years 14.1
10 - 20 Years 41.9
20 - 30 Years 27.6
Over 30 Years 3.2
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, 2022
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 (98.3%)
New Jersey (90.7%)
1 Atlantic City Board of Education GO 4.000%   4/1/23    150       151
1 Atlantic City Board of Education GO 4.000%   4/1/24    165       168
1 Atlantic City Board of Education GO 4.000%   4/1/25    175       180
1 Atlantic City Board of Education GO 4.000%   4/1/26    200       207
1 Atlantic City Board of Education GO 4.000%   4/1/27    210       220
1 Atlantic City Board of Education GO 4.000%   4/1/28    230       242
1 Atlantic City Board of Education GO 4.000%   4/1/29    215       227
1 Atlantic City Board of Education GO 4.000%   4/1/30    170       179
1 Atlantic City Board of Education GO 4.000%   4/1/31    175       183
1 Atlantic City Board of Education GO 4.000%   4/1/32    175       182
1 Atlantic City Board of Education GO 4.000%   4/1/33    180       186
1 Atlantic City Board of Education GO 4.000%   4/1/34    150       154
  Atlantic City NJ GO 5.000%  12/1/23  1,115     1,117
2 Atlantic City NJ GO 5.000%   3/1/26    250       266
2 Atlantic City NJ GO 5.000%   3/1/32    750       803
2 Atlantic City NJ GO 5.000%   3/1/37    920       966
2 Atlantic City NJ GO 5.000%   3/1/42    410       426
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/24    125       129
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/25    125       131
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/26    125       133
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/27    175       188
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/28    250       273
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/29    200       221
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       388
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/36    275       272
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/37    710       694
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/38    350       339
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%   7/1/39    300       289
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/40    600       568
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/41    525       494
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/47  1,180     1,093
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/53  1,670     1,526
1 Atlantic County Improvement Authority Government Fund/Grant Revenue 4.000%   7/1/46  5,000     4,846
1 Atlantic County Improvement Authority Miscellaneous Revenue 5.000%   9/1/28  3,000     3,229
  Atlantic County NJ GO 2.000%   6/1/35  1,160       887
  Atlantic County NJ GO 2.000%   6/1/38    785       559
  Atlantic County NJ GO 2.000%   6/1/39  1,310       916
  Bergenfield Borough NJ GO 3.000%   8/1/40  1,645     1,369
  Bergenfield Borough NJ GO 3.000%   8/1/41  1,645     1,350
  Bergenfield Borough NJ GO 3.000%   8/1/42  1,645     1,334
  Burlington County Bridge Commission Lease (Non-Terminable) Revenue 4.000%   4/1/33  1,000     1,064
  Burlington County Bridge Commission Lease Revenue 5.000%  4/15/32    555       621
  Burlington NJ GO 3.000%   5/1/33  1,745     1,637
  Burlington NJ GO 3.000%   5/1/34  1,790     1,643
  Camden County Improvement Authority Charter School Aid Revenue 6.000%  6/15/52  1,325     1,387
  Camden County Improvement Authority Charter School Aid Revenue 6.000%  6/15/62  3,075     3,189
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) 5.000%  7/15/52  1,000       975
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) 5.000%  7/15/62  3,000     2,821
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue 5.750%  2/15/42 12,625    12,666
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/28  1,500     1,511
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/29  3,500     3,520
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/30  3,805     3,826
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/31  6,055     6,088
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/32  2,500     2,514
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/33  2,000     2,010
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/34  1,650     1,658
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) 4.000%  1/15/36  3,310     3,381
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) 4.000%  1/15/39  1,260     1,277
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/32    515       554
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/34    500       535
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 4.000%  1/15/36     80        81
11
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 4.000%  1/15/38    715       723
  Camden County NJ GO 3.000%   3/1/33    550       519
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/28  2,000     2,069
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/29  2,500     2,586
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/30  2,950     3,048
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/31  1,500     1,549
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.000%  11/1/32  1,450     1,496
1 Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 4.000%  11/1/34    120       121
  Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.250%  11/1/39  5,000     5,091
  Casino Reinvestment Development Authority Inc. Hotel Occupancy Tax Revenue 5.250%  11/1/44  6,930     7,039
1 Clifton Board of Education GO 2.000%  8/15/40  3,550     2,498
1 Clifton Board of Education GO 2.000%  8/15/41  7,780     5,400
1 Clifton Board of Education GO 2.125%  8/15/42  1,850     1,301
1 Clifton Board of Education GO 2.125%  8/15/43  1,155       800
2 Cumberland County Improvement Authority Lease Revenue (County Correctional Facility Project) 4.000%  10/1/54  6,000     5,498
  East Brunswick Township Board of Education GO 4.000%  5/15/33    350       367
  East Brunswick Township Board of Education GO 3.000%  5/15/37    620       537
  East Brunswick Township Board of Education GO 3.000%  5/15/38    500       427
  East Brunswick Township Board of Education GO 3.000%  5/15/39    730       615
  East Brunswick Township Board of Education GO 3.000%  5/15/40    755       626
1 East Orange NJ (East Orange Board Education Project) GO 5.000% 10/15/32    795       892
1 East Orange NJ (East Orange Board Education Project) GO 5.000% 10/15/33    610       681
1 East Orange NJ (East Orange Board Education Project) GO 3.000% 10/15/34    400       354
1 East Orange NJ (East Orange Board Education Project) GO 3.000% 10/15/35    400       347
1 East Orange NJ (East Orange Board Education Project) GO 4.000% 10/15/40  1,345     1,319
2 East Rutherford Board of Education GO 2.250%  7/15/41    668       471
  Edgewater Borough NJ GO 1.000%  2/15/34  1,105       798
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/30    165       162
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/38    545       498
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%  7/15/40  1,575     1,402
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/46    815       704
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%  7/15/50  2,750     2,296
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/51  1,100       925
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/56  3,925     3,205
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%   8/1/60  1,000       796
  Essex County Improvement Authority Lease Revenue 4.000%  11/1/38  1,000     1,022
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/33    170       188
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/34    175       192
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/35    250       272
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/36    250       269
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/37    300       296
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%   8/1/38    615       603
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/39    635       620
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/40    665       644
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/41    690       667
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/46  1,050       993
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/51  1,600     1,472
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/56  3,900     3,585
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/60  3,125     2,861
  Essex County NJ GO 2.000%   9/1/33  1,905     1,589
  Essex County NJ GO 3.000%  8/15/34  1,495     1,432
  Essex County NJ GO 3.000%  8/15/35  1,600     1,499
  Essex County NJ GO 3.000%  8/15/36  1,880     1,733
  Essex County NJ GO 2.000%   9/1/36  1,250       943
  Essex County NJ GO 2.000%   9/1/37  2,035     1,478
  Essex County NJ GO 4.000%   9/1/42  1,340     1,348
  Essex County NJ GO 4.000%   9/1/43  1,440     1,447
  Essex County NJ GO 4.000%   9/1/46  1,000     1,002
  Essex County NJ GO 2.000%   9/1/47  3,900     2,352
  Essex County NJ GO 4.000%   9/1/47  1,440     1,442
  Essex County NJ GO 4.000%   9/1/48    860       861
  Ewing Township Board of Education GO 4.000%  7/15/34  3,040     3,154
  Ewing Township Board of Education GO 4.000%  7/15/35  3,045     3,129
  Fort Lee Borough NJ GO 2.000%  11/1/33  2,715     2,203
  Fort Lee Parking Authority Auto Parking Revenue 5.000%  9/15/46  5,500     5,863
1 Garden State Preservation Trust Appropriations Revenue 5.750%  11/1/28  5,050     5,548
1 Garden State Preservation Trust Recreational Revenue 0.000%  11/1/28  6,535     5,333
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/31  1,950     2,049
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/32  1,775     1,866
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/33  2,275     2,389
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     1,259
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/34    350       386
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/36  1,000     1,094
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/38  1,750     1,732
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/39  1,340     1,320
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/40    650       636
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/41    240       234
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/44    930       970
13
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/46  1,000       958
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/51  1,500     1,410
1 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%  11/1/30  1,200     1,282
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/37    725       733
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/38    640       645
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/39    575       578
2 Harrison NJ GO 4.000%   3/1/38  1,945     1,956
  Hoboken NJ GO 3.000%  2/15/51  1,455     1,144
  Hoboken NJ GO 3.000%  2/15/52  1,455     1,135
  Howell Township NJ GO 2.000%  10/1/36  1,980     1,472
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue 5.000%   5/1/41  5,565     5,776
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue 5.250%   5/1/51  7,150     7,460
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/34  2,000     1,838
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/35  2,000     1,805
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/36  2,000     1,774
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/37  2,000     1,733
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/38  2,000     1,697
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/39  2,000     1,660
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 4.000%  10/1/41  4,500     4,451
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 4.000%  10/1/46  6,500     6,235
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 4.000%  10/1/51 18,500    17,389
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 4.000%  10/1/33  1,405     1,485
  Hudson County Improvement Authority Lease Revenue 5.000%  6/15/37  1,370     1,419
  Hudson County Improvement Authority Lease Revenue 5.000%   8/1/42  1,300     1,343
  Hudson County NJ GO 2.000% 11/15/34  1,775     1,413
  Hudson County NJ GO 2.000% 11/15/35  1,000       774
  Hudson County NJ GO 2.125% 11/15/36  1,920     1,474
  Hudson County NJ GO 2.125% 11/15/37  1,000       748
  Hudson County NJ GO 2.250% 11/15/38  1,520     1,128
  Hudson County NJ GO 2.375% 11/15/39  1,000       742
  Hudson County NJ GO 2.375% 11/15/40  1,000       729
  Industrial Pollution Control Financing Authority of Union County Industrial Revenue (Exxon Project) VRDO 0.980%  12/1/22 10,000    10,000
  Industrial Pollution Control Financing Authority of Union County Industrial Revenue (Exxon Project) VRDO 1.010%  12/1/22  5,210     5,210
  Jersey City NJ GO 5.000%  11/1/31    510       557
  Jersey City NJ GO 5.000%  11/1/33    415       451
  Jersey City NJ GO 4.000%  11/1/34  2,000     2,050
  Jersey City NJ GO 4.000%  11/1/35  1,170     1,195
  Jersey City NJ GO 5.000%  11/1/37  1,000     1,076
14
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Jersey City NJ GO 3.000%  2/15/38  7,635     6,526
  Jersey City NJ Redevelopment Agency Miscellaneous Revenue (Bayfront Redevelopment Project) 4.000% 12/15/31  1,000     1,053
1 Kearny NJ GO 3.000%   2/1/30  1,680     1,632
1 Lenape Regional High School District GO 4.000%   1/1/41  3,750     3,675
1 Lenape Regional High School District GO 4.000%   1/1/42  2,795     2,736
2 Lindenwold Boro School District GO 3.000%   2/1/35  1,355     1,219
2 Lindenwold Boro School District GO 4.000%   2/1/45  1,760     1,718
2 Lindenwold Boro School District GO 4.000%   2/1/46  1,807     1,763
  Mercer County NJ GO 0.050%  2/15/32  5,000     3,472
  Middlesex County Improvement Authority Auto Parking Revenue 4.000%   9/1/51  3,000     2,955
  Monmouth County Improvement Authority Intergovernmental Agreement Revenue 4.000%  7/15/34  1,800     1,837
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/36     50        51
  Monmouth County NJ GO 5.000%  7/15/34    580       653
  Monmouth County NJ GO 5.000%  7/15/34  1,350     1,521
  Monmouth Regional High School District GO 3.000%   2/1/32  1,255     1,213
  Monmouth Regional High School District GO 3.000%   2/1/33  1,015       960
  Monroe Township Board of Education/Middlesex County GO, Prere. 5.000%   3/1/25  3,000     3,156
  Monroe Township NJ GO 5.000%  1/15/29    425       476
  Monroe Township NJ GO 5.000%  1/15/30    440       500
  Monroe Township NJ GO 5.000%  1/15/31    450       510
  Monroe Township NJ GO 5.000%  1/15/32    450       508
  Monroe Township NJ GO 5.000%  1/15/33    460       518
  Montgomery Township NJ GO 4.000%   8/1/40  1,050     1,065
2 New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/39  1,025     1,075
  New Jersey Building Authority Lease (Appropriation) Revenue, Prere. 4.000%  6/15/26    605       631
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/24    880       894
4 New Jersey Economic Development Authority Appropriations Revenue 5.250%   7/1/24  6,025     6,184
5 New Jersey Economic Development Authority Appropriations Revenue 5.500%   9/1/24  1,500     1,565
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/25  2,500     2,620
  New Jersey Economic Development Authority Appropriations Revenue 5.250%  6/15/27  2,500     2,626
4 New Jersey Economic Development Authority Appropriations Revenue 5.500%   9/1/28  2,220     2,482
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  7/15/30  1,000     1,054
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/31    100       110
  New Jersey Economic Development Authority Appropriations Revenue 4.000%   7/1/32    110       110
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/33  1,420     1,541
1 New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/33  1,500     1,534
  New Jersey Economic Development Authority Appropriations Revenue 5.250%  6/15/33  9,000     9,354
  New Jersey Economic Development Authority Appropriations Revenue 5.000%   7/1/33  7,155     7,456
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/34  3,685     3,791
15
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Appropriations Revenue 4.000%   7/1/34  2,610     2,574
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/35  2,620     2,785
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/36  1,740     1,705
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/37    700       680
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/37  1,440     1,507
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/38  6,790     7,047
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/38  1,280     1,335
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/40  3,000     3,025
  New Jersey Economic Development Authority Appropriations Revenue 5.250%  6/15/40  9,450     9,650
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/41  5,060     5,154
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/44  2,500     2,292
  New Jersey Economic Development Authority Appropriations Revenue 4.625%  6/15/48  5,000     5,023
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/48  3,585     3,640
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/49  3,400     3,458
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/50  2,285     2,058
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%   3/1/23    200       201
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24  2,150     2,225
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24  4,145     4,296
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24    470       487
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24    455       471
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.250%  6/15/25  2,500     2,661
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 4.750% 12/15/26  4,970     5,376
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.500% 12/15/26  2,500     2,778
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.500% 12/15/26  5,475     6,083
3 New Jersey Economic Development Authority Charter School Aid Revenue 4.000%  6/15/29  1,225     1,173
  New Jersey Economic Development Authority Charter School Aid Revenue 4.000%   7/1/29    350       344
  New Jersey Economic Development Authority Charter School Aid Revenue 5.000%   7/1/38    350       353
  New Jersey Economic Development Authority Charter School Aid Revenue 5.000%  12/1/48  2,465     2,487
  New Jersey Economic Development Authority Charter School Aid Revenue 5.000%   7/1/50  1,100     1,091
16
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 New Jersey Economic Development Authority Charter School Aid Revenue 5.000%  6/15/54    730       654
1 New Jersey Economic Development Authority College & University Revenue 5.000%   6/1/30    650       690
1 New Jersey Economic Development Authority College & University Revenue 5.000%   6/1/42 10,000    10,202
  New Jersey Economic Development Authority College & University Revenue, Prere. 5.000%  6/15/23  8,800     8,909
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Bancroft NeuroHealth Project) 5.000%   6/1/41  2,105     1,954
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Cranes Mill Project) 5.000%   1/1/49  5,000     4,235
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Lions Gate Project) 4.375%   1/1/24    260       258
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Lions Gate Project) 5.250%   1/1/44  5,005     4,455
6 New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO 1.860%  12/1/22  1,900     1,900
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue, ETM 4.000%   7/1/24  1,040     1,052
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  2,250     2,327
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.000%  11/1/25    260       266
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.125%  6/15/26  2,515     2,566
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 5.000%  11/1/26  3,695     3,947
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 5.000%  6/15/34  3,000     3,149
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 5.000%  6/15/35  1,800     1,877
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 5.000%  6/15/42  6,280     6,400
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 5.000%  11/1/31    345       377
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 5.000%  11/1/35  2,000     2,121
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 4.000%  11/1/37  3,000     2,914
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 4.000%  11/1/38  1,090     1,051
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 4.000%  11/1/39  3,250     3,087
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 5.000%  11/1/40  4,630     4,788
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 5.000%  11/1/44  4,000     4,096
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (Portal and Bridge Project) 5.000%  11/1/52  2,000     2,046
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/30    600       644
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/42  5,000     5,105
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/47  5,605     5,695
  New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/35    900       950
17
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Lease Revenue (State House Project) 4.500%  6/15/40  3,065     3,083
  New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/43  3,645     3,730
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 4.000%   7/1/25     90        87
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/30  1,150     1,110
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/32  2,000     1,923
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/35  2,000     1,848
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/35  5,985     5,643
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/37  1,350     1,262
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/38  1,220     1,128
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/47  1,750     1,545
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/47  6,905     6,031
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/48  8,000     6,851
  New Jersey Economic Development Authority Miscellaneous Revenue (Seeing Eye, Inc. 2017 Project) 5.000%   6/1/32  2,345     2,475
  New Jersey Educational Facilities Authority Appropriations Revenue 4.000%   9/1/25    130       133
  New Jersey Educational Facilities Authority Appropriations Revenue 5.000%   9/1/26  2,960     3,053
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/25    460       478
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/27    350       375
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28    935       991
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28  3,000     3,137
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28    295       320
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28    250       249
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/29    490       518
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30    565       601
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30  4,000     4,160
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30    490       509
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  1,165     1,204
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31 10,265    10,765
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  6,250     6,493
2 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  2,150     2,266
18
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%   7/1/32    285       289
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  1,000     1,098
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,845     2,982
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  3,000     3,294
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,305     2,414
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,890     2,998
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32    420       450
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   3/1/33  9,695    10,367
  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     2,670
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  2,340     2,444
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  3,170     3,278
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33    430       443
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33     95        99
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  2,475     2,563
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  1,825     1,993
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34    940       997
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  2,500     2,665
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  2,340     2,435
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34    850       875
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  1,475     1,552
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/35     81        80
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35    565       596
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35  1,485     1,540
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35  2,100     2,204
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/36  1,175       953
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/36  1,800     1,811
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/36    775       768
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/36  4,975     5,389
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%   7/1/36  2,190     2,300
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/36  1,250     1,285
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/37  2,350     1,853
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37  1,100     1,151
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37  1,340     1,372
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37    930       976
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/38  1,980     2,065
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/38    750       819
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/39  2,000     1,501
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/39    600       602
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/39  1,050     1,091
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/39  5,180     5,269
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/40  2,000     1,442
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/40  1,000       996
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40  4,400     4,551
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40  2,670     2,340
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40  1,230     1,268
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/41  3,025     2,131
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/41    850       833
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/42    515       395
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/42    750       726
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/42  2,080     2,118
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/45 10,220    10,440
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/45    440       371
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/47  6,000     5,329
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/47    850       810
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/47  2,845     2,491
1 New Jersey Educational Facilities Authority College & University Revenue 3.250%   7/1/49  1,400     1,076
  New Jersey Educational Facilities Authority College & University Revenue 3.000%   7/1/50  6,395     4,526
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%   7/1/50  9,450     8,229
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/50  2,850     2,717
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/52  1,125     1,060
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/24    200       206
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/26    175       186
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/28    275       299
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/29    400       440
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/30    280       312
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/31    275       309
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/32    250       280
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/33    275       307
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/34    350       330
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/35    225       208
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/36    375       384
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/37    820       729
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/38    300       305
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/39    770       656
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/40    275       229
  New Jersey Educational Facilities Authority College & University Revenue VRDO 1.750%  12/7/22  3,800     3,800
  New Jersey Educational Facilities Authority College & University Revenue, Prere. 5.000%   7/1/23  1,000     1,014
  New Jersey Educational Facilities Authority College & University Revenue, Prere. 5.000%   7/1/23  2,500     2,535
  New Jersey Educational Facilities Authority College & University Revenue, Prere. 4.000%   7/1/26     10        10
  New Jersey GO 5.000%   6/1/24  5,000     5,169
  New Jersey GO 5.000%   6/1/25  5,000     5,273
  New Jersey GO 5.000%   6/1/26  5,000     5,373
  New Jersey GO 5.000%   6/1/27  5,000     5,469
  New Jersey GO 5.000%   6/1/28  5,000     5,549
  New Jersey GO 5.000%   6/1/29  2,000     2,248
  New Jersey GO 4.000%   6/1/30  3,000     3,160
  New Jersey GO 4.000%   6/1/31 15,000    15,887
  New Jersey GO 2.000%   6/1/32  3,400     2,895
  New Jersey GO 3.000%   6/1/32 11,150    10,618
  New Jersey GO 4.000%   6/1/32  3,000     3,173
  New Jersey GO 2.000%   6/1/33  1,500     1,244
  New Jersey GO 2.000%   6/1/34  2,500     2,009
  New Jersey GO 2.250%   6/1/34  2,785     2,333
21
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey GO 2.000%   6/1/35  1,500     1,166
  New Jersey GO 2.000%   6/1/36  1,500     1,131
  New Jersey GO 2.000%   6/1/37  1,500     1,096
  New Jersey GO, Prere. 5.000%   6/1/25  4,590     4,848
  New Jersey GO, Prere. 5.000%   6/1/25  2,760     2,915
  New Jersey GO, Prere. 5.000%   6/1/27  4,000     4,375
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/28  1,225     1,323
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    190       195
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27     95        95
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  2,100     2,200
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,560     1,609
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.250%   7/1/29    465       465
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,335     1,375
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,950     2,032
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,100     1,132
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,530     1,646
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,850     1,927
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/31    500       508
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  1,200     1,234
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31    300       321
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,445     2,645
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/32  1,695     1,589
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,455     2,631
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,370     2,558
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.125%   7/1/33  3,620     3,148
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  2,220     2,318
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  5,080     5,388
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,315     3,565
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,305     3,531
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  1,000     1,028
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,340     3,545
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 4.000%   7/1/34  8,285     8,375
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  2,270     2,160
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,725     2,832
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,040     2,174
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  1,200     1,232
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,190     2,315
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  1,000     1,006
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  1,000     1,013
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/35    750       759
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  3,185     3,246
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  6,925     7,383
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  2,500     2,599
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.000%   7/1/36  2,000     1,468
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  2,000     1,990
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  1,000     1,009
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  1,000     1,017
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  2,365     2,450
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  3,670     3,633
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  1,365     1,372
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  6,755     7,156
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  3,600     3,720
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/38  1,130       939
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  6,560     6,396
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  1,380     1,382
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/38  2,500     2,640
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/39  1,030       852
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39  1,755     1,703
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39  1,395     1,388
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  8,000     8,416
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 5.000%   7/1/39  3,500     3,561
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  6,990     7,279
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/40  3,240     2,639
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40  1,395     1,376
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/41  2,625     2,102
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  4,335     4,206
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41 10,000     9,778
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  3,405     3,329
7 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/43 10,775    11,007
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/43  4,000     4,043
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.500%   7/1/43  8,010     8,087
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/44 10,000     9,473
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/44 13,000    13,113
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/45  3,000     2,863
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.375%   7/1/46  2,500     1,645
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/46  5,000     3,742
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/46  3,640     3,685
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/47 18,000    16,642
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/48 18,965    15,905
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/49 10,400     7,384
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.625%   7/1/51  3,235     2,131
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/51 18,130    13,173
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/51 24,060    22,091
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/52  5,000     5,097
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/57  5,000     5,091
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/57  6,250     6,459
3,6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue TOB VRDO 1.010%  12/1/22  2,660     2,660
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 0.650%  12/1/22  1,910     1,910
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 0.700%  12/1/22 11,785    11,785
24
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 1.860%  12/1/22  4,305     4,305
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 1.450%  12/7/22  9,650     9,650
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, ETM 5.000%   7/1/26     65        70
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 4.500%  8/15/23  5,800     5,875
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%  8/15/23    540       549
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24    700       724
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24    800       828
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  1,615     1,672
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  1,415     1,465
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  4,050     4,192
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26  1,165     1,252
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26    800       860
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26  1,000     1,073
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26  2,875     3,085
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26  2,745     2,945
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/34  6,595     6,343
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  10/1/35  6,825     6,481
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.250%  10/1/37  3,000     3,012
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/38  1,500     1,429
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.850%  10/1/39  4,830     4,559
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.250%  10/1/40    820       619
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  11/1/40  1,000       724
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/41  1,000       749
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/42  6,000     6,071
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.950%  11/1/43  1,100     1,024
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/45    820       634
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/45  1,000       685
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  11/1/45  1,000       892
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  10/1/46  1,955     1,365
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 4.600%  10/1/46  3,565     3,605
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/46  1,000       727
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/47    675       624
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%  11/1/48    825       747
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%   4/1/49  2,200     2,006
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/49    865       660
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.750%  10/1/50 16,000    16,319
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.550%  11/1/50  1,000       655
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   4/1/51 18,170    17,865
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.700%  11/1/51  1,000       693
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%   4/1/52  1,960     1,317
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/52  3,080     2,931
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/53 13,000    13,495
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/53    500       449
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.625%  11/1/56  1,000       633
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.750%  11/1/56  1,000       673
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.125%   9/1/46  1,720     1,141
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.250%   9/1/51  2,500     1,620
  New Jersey Infrastructure Bank Lease Revenue 2.000%   9/1/40  2,705     1,895
  New Jersey Infrastructure Bank Lease Revenue 2.000%   9/1/46  6,655     4,289
  New Jersey Infrastructure Bank Lease Revenue 2.250%   9/1/50  1,500       982
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/31    925     1,027
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/33    330       364
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/40  6,605     6,838
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/45  8,975     9,259
  New Jersey Rutgers State University College & University Revenue VRDO 1.030%  12/1/22 48,575    48,575
  New Jersey Rutgers State University College & University Revenue, Prere. 5.000%   5/1/23  7,000     7,073
  New Jersey Rutgers State University College & University Revenue, Prere. 5.000%   5/1/23 14,290    14,439
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.250% 12/15/22    250       250
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/23  4,060     3,918
26
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.250% 12/15/23    145       148
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/24  1,215     1,131
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/24    710       660
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/25  1,440     1,287
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/25  1,485     1,328
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/26  2,515     2,160
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/26  6,020     5,160
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/27  4,075     4,306
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/28  6,580     6,943
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28  1,075       845
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28  4,705     3,687
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28    755       606
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/29  5,805     6,117
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/29    270       284
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/29  5,060     3,885
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/30  3,000     3,158
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/30 10,550    11,105
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.100%  6/15/31  1,335     1,356
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/31  9,000     9,450
4 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/31 10,000     6,864
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/31  8,070     5,466
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/31  2,025     2,057
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/32  2,910     3,140
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/32 10,000     6,675
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/32    870       559
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/32  1,000     1,089
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/33  5,150     3,135
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/33  2,810     3,014
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/33  1,000     1,083
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%  6/15/34  1,375     1,507
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/34  2,175     1,245
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/34    285       171
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/34  3,250     3,450
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/35  1,625     1,758
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35  1,540       836
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35    690       372
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35  1,790     1,014
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/35  2,375     2,501
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/36  1,500     1,609
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/36    875       445
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/36  6,775     3,447
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/37  1,000     1,060
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/37  8,335     4,000
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/37  2,230     1,070
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/37  2,610     2,609
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/38  1,000       965
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/38  1,000     1,056
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/38  8,370     3,779
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/38  1,250       599
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.250% 12/15/38  3,485     3,461
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.125%  6/15/39  3,625     3,528
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/39  3,620     3,446
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/40  1,800     1,698
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/40  5,180     2,049
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/41  3,000     2,804
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.250%  6/15/46  2,435     2,567
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/48  5,565     5,694
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.500%  6/15/50  2,000     2,146
28
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/26    470       483
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/28    355       372
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/29  2,000     2,093
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.625%  6/15/30  1,075     1,101
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/31  1,000     1,083
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/31    400       417
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/33  1,535     1,698
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/34  1,500     1,637
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/35  1,500     1,617
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/36  1,500     1,604
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/37  1,815     1,764
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/39  5,390     5,168
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/41  8,600     8,037
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/42    600       558
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/42  2,000     1,861
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/43  7,500     7,789
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/46 13,170    11,993
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/46  3,000     3,053
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 3.000%  6/15/50  1,500     1,080
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/50 10,195     9,182
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/32  1,000     1,079
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/33  1,000     1,075
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/34  1,000     1,064
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/35  1,000     1,055
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/36  1,000       980
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/36  2,000     1,960
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/37  1,500     1,579
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/38  3,000     2,895
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.250%  6/15/39  1,000       846
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 5.000%  6/15/40  2,000     2,078
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/45  4,365     3,987
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/45  6,000     6,148
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.500%  6/15/46  6,640     5,531
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.000%  6/15/50  6,040     4,372
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/50  6,990     6,296
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/50  1,975     2,012
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/32  1,160       746
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/33  4,035     2,456
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/34  2,000     1,145
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/38 10,000     4,515
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/39  1,080       457
5,8 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/24    100        94
5,9 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/26    825       727
2 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/38    175        83
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/31  2,600     2,857
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/32    150       164
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/32    145       151
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/32  3,100     3,399
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/33     30        33
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/33  1,250     1,368
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/34  5,000     5,114
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/34     70        72
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/34  7,250     7,895
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/35  2,000     2,038
  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     4,187
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/37  2,500     2,536
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/37  9,755    10,457
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/42 16,505    16,307
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/43  2,185     2,142
  New Jersey Turnpike Authority Highway Revenue 4.250%   1/1/43  8,000     8,069
2 New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/45    965       990
  New Jersey Turnpike Authority Highway Revenue 4.500%   1/1/48  3,000     3,048
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/48  4,000     4,221
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/51 18,000    16,992
  New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/52  6,000     6,583
3,6 New Jersey Turnpike Authority Highway Revenue TOB VRDO 1.960%  12/1/22  3,040     3,040
2 Newark Board of Education GO 5.000%  7/15/31    500       562
2 Newark Board of Education GO 5.000%  7/15/32    500       560
2 Newark Board of Education GO 5.000%  7/15/33    520       580
2 Newark Board of Education GO 4.000%  7/15/35    500       504
2 Newark Board of Education GO 4.000%  7/15/36    475       477
2 Newark Board of Education GO 4.000%  7/15/37    450       451
2 Newark Board of Education GO 3.000%  7/15/38  1,350     1,117
30
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Newark Board of Education GO 3.000%  7/15/39  1,550     1,263
2 Newark Board of Education GO 3.000%  7/15/40  3,025     2,387
2 Newark Board of Education GO 3.000%  7/15/41  2,355     1,831
2 Newark Board of Education GO 3.000%  7/15/42  2,300     1,753
4 Newark Housing Authority Scholarship Foundation A New Jersey Intergovernmental Agreement Revenue (ADDL-Newark Redevelopment Project) 5.000%   1/1/32  2,500     2,692
  Newark Housing Authority Scholarship Foundation A New Jersey Intergovernmental Agreement Revenue (Newark Redevelopment Project) 4.000%   1/1/37  8,600     8,658
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 5.375% 11/15/52  3,920     4,201
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 6.000% 11/15/62  9,370    10,467
1 North Bergen Township Board of Education GO 4.000%  7/15/41    910       892
  North Brunswick Township Board of Education GO 3.250%  8/15/31    395       393
  North Brunswick Township Board of Education GO 3.375%  8/15/37  1,695     1,586
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/37  1,485     1,705
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/38  1,000     1,146
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/39  1,100     1,255
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/40  1,100     1,245
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/41  1,000     1,134
1 North Hudson Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/42  1,045     1,189
  Ocean City NJ GO 2.250%  9/15/32  2,370     2,069
  Passaic County Improvement Authority Auto Parking Revenue 5.000%   5/1/42  2,500     2,646
  Passaic County Improvement Authority Lease (Non-Terminable) Revenue (DPW Building Project) 5.000%   5/1/33    720       755
  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       130
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/36    145       130
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/37    150       131
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/44    755       592
  Passaic County Improvement Authority Miscellaneous Revenue (Guaranteed-City Paterson Project) 5.000%  6/15/34  1,000     1,087
  Passaic County Improvement Authority Miscellaneous Revenue (Guaranteed-City Paterson Project) 5.000%  6/15/35  1,200     1,297
  Passaic County NJ GO 3.000%   5/1/32    540       520
  Passaic County NJ GO 3.000%  11/1/35  3,000     2,730
  Passaic County NJ GO 1.000%  12/1/35  1,675     1,149
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/36  1,495     1,320
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/37  1,935     1,671
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/38    970       820
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/39    500       413
  Pennsauken Township School District GO 4.000%  7/15/38  2,525     2,533
2 Perth Amboy NJ GO 5.000%  3/15/29    690       768
2 Perth Amboy NJ GO 5.000%  3/15/30    600       677
2 Perth Amboy NJ GO 5.000%  3/15/31    750       857
  Rancocas Valley Regional High School District GO 3.000%  3/15/39  1,300     1,098
31
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Rancocas Valley Regional High School District GO 3.000%  3/15/40  1,300     1,079
2 Salem County NJ GO 3.000%  6/15/33    270       254
  Salem County NJ GO 2.000%  6/15/36  1,680     1,252
  Salem County NJ GO 2.000%  6/15/37  1,835     1,335
  South Jersey Port Corp. Port, Airport & Marina Revenue 5.000%   1/1/39  1,910     1,942
  South Jersey Port Corp. Port, Airport & Marina Revenue 5.000%   1/1/49  2,450     2,487
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/28    200       217
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/28  1,140     1,236
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/29    500       547
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/30    450       463
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/30    500       545
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/31    500       543
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/32    750       770
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/32    500       542
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/33    500       539
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/39  9,620     9,781
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/39  1,000     1,042
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/40  2,125     1,975
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/40  1,750     1,818
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/41  3,250     3,439
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/41  1,750     1,815
  South Jersey Transportation Authority Highway Revenue 4.500%  11/1/42  2,000     1,967
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/45  8,410     8,659
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/45  3,525     3,706
  South Jersey Transportation Authority Highway Revenue 4.625%  11/1/47  2,635     2,607
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/50 11,735    10,259
2 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/50  3,265     2,980
  South Jersey Transportation Authority Highway Revenue 5.250%  11/1/52  5,300     5,522
2 South Jersey Transportation Authority Highway Revenue 5.250%  11/1/52  3,650     3,917
  South Orange & Maplewood School District GO 2.250%  11/1/37  1,120       845
  South Orange & Maplewood School District GO 2.250%  11/1/38  1,000       741
  South Orange & Maplewood School District GO 2.000%  8/15/40  1,550     1,046
  South Orange & Maplewood School District GO 2.125%  8/15/41  1,525     1,029
  South Orange & Maplewood School District GO 2.500%  11/1/42  3,100     2,260
  Sussex County Municipal Utilities Authority Resource Recovery Revenue (Landfill Expansion Project) 3.000%  12/1/41  1,100       914
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/25  1,650     1,705
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/26  1,405     1,466
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/28  2,165     2,262
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/29  1,500     1,566
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/30  1,535     1,601
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/31  3,750     3,905
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/32  2,850     2,962
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/33  2,750     2,850
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/34  3,750     3,868
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/35  2,920     3,000
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%   6/1/36  2,000     2,049
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/37  3,100     2,919
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/37  3,050     3,115
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/46 18,205    17,835
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/46  3,660     3,537
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.250%   6/1/46 14,250    14,351
  Toms River Board of Education GO 3.000%  7/15/33  2,000     1,852
  Toms River Township NJ GO 4.000%   6/1/38  1,190     1,208
  Union City NJ GO 5.000%  11/1/23  1,060     1,079
  Union County NJ GO 4.000%   3/1/32  3,000     3,204
  Union Township NJ/Union County GO 1.000%   8/1/32  1,094       837
  West Deptford Township NJ GO 3.000%  2/15/32    640       618
  West Windsor-Plainsboro Regional School District GO 2.375%   8/1/36  3,325     2,591
                 2,038,119
Delaware (1.1%)
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/34    170       196
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/35  1,000       916
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/35    170       194
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/35    350       398
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/36  1,000       896
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/36    170       191
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/36    300       338
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/37  1,000       884
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/37    350       390
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/37    170       189
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/38  1,000       871
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/38    170       188
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/39  2,300     2,330
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/39  1,000     1,019
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/39    150       164
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/40    700       710
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/40    170       185
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/41    450       456
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/41    185       201
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/42    750       744
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/42  9,980     9,997
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/42    170       184
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/44  2,000     1,973
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/46  1,000       975
                 24,589
Guam (0.3%)
  Guam Government Waterworks Authority Water Revenue, Prere. 5.500%   7/1/23  3,000     3,051
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/36    200       184
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/42    115        99
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/27  1,135     1,160
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/29  1,355     1,384
                 5,878
33
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
New York (3.1%)
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.375%   3/1/28    925       994
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 3.000%  12/1/31  5,000     4,908
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/36  5,560     6,079
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/37  3,140     3,158
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/37  4,825     4,850
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/38  1,310     1,315
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/38  3,800     4,074
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/38  4,000     4,014
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/39  1,000     1,002
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/39  4,560     4,567
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/40  3,150     3,142
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/40    935       933
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/46  2,500     2,408
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/48  3,740     3,915
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/49 11,520    10,971
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/51  2,250     2,129
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250%   8/1/52  2,000     2,193
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/56  2,500     2,651
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 11/15/57  4,405     4,625
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/61  2,500     2,299
                 70,227
Pennsylvania (2.4%)
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/31  1,540     1,676
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/33  2,250     2,439
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/33    135       150
2 Delaware River Joint Toll Bridge Commission Highway Revenue 4.000%   7/1/34  1,660     1,698
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34  1,000     1,080
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34    135       150
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/35    175       193
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36  2,260     2,425
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36    155       170
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/37  2,515     2,692
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/37    150       164
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/38    215       234
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/39    170       183
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/42 12,000    12,488
34
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/47  5,500     5,686
  Delaware River Port Authority Highway Revenue 5.000%   1/1/31  1,730     1,913
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37 12,040    12,165
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37  1,000     1,081
  Delaware River Port Authority Highway Revenue 5.000%   1/1/38  3,900     4,204
  Delaware River Port Authority Highway Revenue 5.000%   1/1/39  3,500     3,761
                 54,552
Puerto Rico (0.7%)
  Commonwealth of Puerto Rico GO 5.375%   7/1/25  2,512     2,546
  Commonwealth of Puerto Rico GO 5.625%   7/1/27  1,290     1,320
  Commonwealth of Puerto Rico GO 5.625%   7/1/29  1,000     1,023
  Commonwealth of Puerto Rico GO 5.750%   7/1/31  1,501     1,539
  Commonwealth of Puerto Rico GO 0.000%   7/1/33    657       360
  Commonwealth of Puerto Rico GO 4.000%   7/1/35    288       245
  Commonwealth of Puerto Rico GO 4.000%   7/1/46     84        65
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24    332       308
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27  1,459     1,174
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29  1,367       993
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31    130        84
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40  6,375     5,759
                 15,416
Total Tax-Exempt Municipal Bonds (Cost $2,343,410) 2,208,781
Total Investments (98.3%) (Cost $2,343,410) 2,208,781
Other Assets and Liabilities—Net (1.7%) 38,080
Net Assets (100%) 2,246,861
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, 2022, the aggregate value was $15,817,000, representing 0.7% of net assets.
4 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
5 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
6 Scheduled principal and interest payments are guaranteed by bank letter of credit.
7 Securities with a value of $849,000 have been segregated as initial margin for open futures contracts.
8 Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp.
9 Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp.
  ETM—Escrowed to Maturity.
  GO—General Obligation Bond.
  Prere.—Prerefunded.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
35
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        
2-Year U.S. Treasury Note March 2023 96 19,715 52
 
Short Futures Contracts        
Ultra Long U.S. Treasury Bond March 2023 (89) (12,129) (108)
        (56)
  
See accompanying Notes, which are an integral part of the Financial Statements.
36
New Jersey Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of November 30, 2022
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $2,343,410) 2,208,781
Investment in Vanguard 82
Cash 62
Receivables for Investment Securities Sold 17,990
Receivables for Accrued Income 32,578
Receivables for Capital Shares Issued 2,001
Variation Margin Receivable—Futures Contracts 121
Other Assets 102
Total Assets 2,261,717
Liabilities  
Payables for Investment Securities Purchased 11,398
Payables for Capital Shares Redeemed 1,732
Payables for Distributions 1,636
Payables to Vanguard 90
Total Liabilities 14,856
Net Assets 2,246,861
At November 30, 2022, net assets consisted of:  
   
Paid-in Capital 2,397,239
Total Distributable Earnings (Loss) (150,378)
Net Assets 2,246,861
 
Investor Shares—Net Assets  
Applicable to 22,611,499 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		250,166
Net Asset Value Per Share—Investor Shares $11.06
 
Admiral Shares—Net Assets  
Applicable to 180,473,226 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		1,996,695
Net Asset Value Per Share—Admiral Shares $11.06
  
See accompanying Notes, which are an integral part of the Financial Statements.
37
New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
  Year Ended
November 30, 2022
  ($000)
Investment Income  
Income  
Interest 75,876
Total Income 75,876
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 133
Management and Administrative—Investor Shares 388
Management and Administrative—Admiral Shares 1,639
Marketing and Distribution—Investor Shares 26
Marketing and Distribution—Admiral Shares 90
Custodian Fees 12
Auditing Fees 30
Shareholders’ Reports—Investor Shares 18
Shareholders’ Reports—Admiral Shares 28
Trustees’ Fees and Expenses 1
Other Expenses 15
Total Expenses 2,380
Expenses Paid Indirectly (6)
Net Expenses 2,374
Net Investment Income 73,502
Realized Net Gain (Loss)  
Investment Securities Sold (17,105)
Futures Contracts 2,445
Realized Net Gain (Loss) (14,660)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities (326,954)
Futures Contracts 151
Change in Unrealized Appreciation (Depreciation) (326,803)
Net Increase (Decrease) in Net Assets Resulting from Operations (267,961)
  
See accompanying Notes, which are an integral part of the Financial Statements.
38
New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Year Ended November 30,
  2022
($000) 		2021
($000)
     
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 73,502 74,122
Realized Net Gain (Loss) (14,660) 17,479
Change in Unrealized Appreciation (Depreciation) (326,803) 19,476
Net Increase (Decrease) in Net Assets Resulting from Operations (267,961) 111,077
Distributions    
Investor Shares (9,797) (10,356)
Admiral Shares (80,138) (83,879)
Total Distributions (89,935) (94,235)
Capital Share Transactions    
Investor Shares (14,797) 22,395
Admiral Shares (138,212) 169,771
Net Increase (Decrease) from Capital Share Transactions (153,009) 192,166
Total Increase (Decrease) (510,905) 209,008
Net Assets    
Beginning of Period 2,757,766 2,548,758
End of Period 2,246,861 2,757,766
  
See accompanying Notes, which are an integral part of the Financial Statements.
39
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares          
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $12.75 $12.66 $12.49 $11.78 $12.09
Investment Operations          
Net Investment Income1 .345 .342 .375 .402 .419
Net Realized and Unrealized Gain (Loss) on Investments (1.614) .190 .242 .758 (.242)
Total from Investment Operations (1.269) .532 .617 1.160 .177
Distributions          
Dividends from Net Investment Income (.344) (.342) (.375) (.403) (.420)
Distributions from Realized Capital Gains (.077) (.100) (.072) (.047) (.067)
Total Distributions (.421) (.442) (.447) (.450) (.487)
Net Asset Value, End of Period $11.06 $12.75 $12.66 $12.49 $11.78
Total Return2 -10.06% 4.26% 5.07% 10.00% 1.49%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $250 $305 $281 $290 $229
Ratio of Total Expenses to Average Net Assets 0.17%3 0.17% 0.17% 0.17% 0.17%
Ratio of Net Investment Income to Average Net Assets 2.99% 2.68% 3.04% 3.28% 3.53%
Portfolio Turnover Rate 38% 23% 31% 12% 19%
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.
40
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares          
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $12.75 $12.66 $12.49 $11.78 $12.09
Investment Operations          
Net Investment Income1 .354 .353 .385 .413 .429
Net Realized and Unrealized Gain (Loss) on Investments (1.614) .189 .242 .757 (.242)
Total from Investment Operations (1.260) .542 .627 1.170 .187
Distributions          
Dividends from Net Investment Income (.353) (.352) (.385) (.413) (.430)
Distributions from Realized Capital Gains (.077) (.100) (.072) (.047) (.067)
Total Distributions (.430) (.452) (.457) (.460) (.497)
Net Asset Value, End of Period $11.06 $12.75 $12.66 $12.49 $11.78
Total Return2 -9.99% 4.34% 5.16% 10.09% 1.57%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $1,997 $2,453 $2,268 $2,208 $1,865
Ratio of Total Expenses to Average Net Assets 0.09%3 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 3.07% 2.76% 3.12% 3.36% 3.61%
Portfolio Turnover Rate 38% 23% 31% 12% 19%
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.
41
New Jersey Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard New Jersey Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended November 30, 2022, the fund’s average investments in long and short futures contracts represented 1% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
42
New Jersey Long-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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.
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 $4.4 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, 2022, 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.
43
New Jersey Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2022, the fund had contributed to Vanguard capital in the amount of $82,000, representing less than 0.01% of the fund’s net assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2022, custodian fee offset arrangements reduced the fund’s expenses by $6,000 (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.
44
New Jersey Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2022, 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 — 2,208,781 — 2,208,781
Derivative Financial Instruments         
Assets        
Futures Contracts1 52 — — 52
Liabilities        
Futures Contracts1 108 — — 108
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 reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to 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 inclusion 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 1,676
Undistributed Long-Term Gains —
Capital Loss Carryforwards (14,997)
Qualified Late-Year Losses —
Net Unrealized Gains (Losses) (135,427)
45
New Jersey Long-Term Tax-Exempt Fund
The tax character of distributions paid was as follows:
  Year Ended November 30,
  2022
Amount
($000) 		2021
Amount
($000)
Tax-Exempt Income 73,221 73,996
Ordinary Income* 3,915 1,092
Long-Term Capital Gains 12,799 19,147
Total 89,935 94,235
* Includes short-term capital gains, if any.
As of November 30, 2022, 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 2,344,208
Gross Unrealized Appreciation 17,433
Gross Unrealized Depreciation (152,860)
Net Unrealized Appreciation (Depreciation) (135,427)
F. During the year ended November 30, 2022, the fund purchased $908,889,000 of investment securities and sold $1,064,145,000 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, 2022, such purchases were $128,815,000 and sales were $126,170,000, 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,  
  2022   2021
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 71,043 6,148   106,289 8,319
Issued in Lieu of Cash Distributions 8,234 707   8,740 686
Redeemed (94,074) (8,165)   (92,634) (7,253)
Net Increase (Decrease)—Investor Shares (14,797) (1,310)   22,395 1,752
46
New Jersey Long-Term Tax-Exempt Fund
  Year Ended November 30,  
  2022   2021
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Admiral Shares          
Issued 385,780 33,987   358,099 28,037
Issued in Lieu of Cash Distributions 57,256 4,911   60,083 4,717
Redeemed (581,248) (50,822)   (248,411) (19,478)
Net Increase (Decrease)—Admiral Shares (138,212) (11,924)   169,771 13,276
H. Management has determined that no events or transactions occurred subsequent to November 30, 2022, that would require recognition or disclosure in these financial statements.
47
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, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 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, 2022 by correspondence with the custodian, the transfer agent 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, 2023
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
48
Tax information (unaudited)
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed $12,799,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
The fund designates 100% of its income dividends as exempt-interest dividends.
49
"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.
© 2023 Bloomberg.
Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.
50
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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. Trustee and vice chair of The Shipley School.
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 (2002–2006), the advisory board of the University of California, Berkeley School of Engineering (2020–present), and the advisory board of Santa Clara University’s Leavey School of Business (2018–present).
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). Chairman of the board of Hillenbrand, Inc. (specialized consumer services). 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 officer (retired 2013) of IBM (information technology
 
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.
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: adjunct professor of finance at the University of Notre Dame (2020–present). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Assistant professor (retired June 2020) of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of superintendence of the Institute for the Works of Religion, 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. 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 co-managing partner of HighVista Strategies (private investment firm). Member of the board (2018–present) of RIT Capital Partners (investment firm). Member of the investment committee of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law (2021–present), professor (2020–present), Distinguished Fellow of the Global Financial Markets Center (2020–present), and
Rubenstein Fellow (2017–2020) at Duke University. Trustee (2017–present) of Amherst College and member of Amherst College Investment Committee (2019–present). Member of the Regenerative Crisis Response Committee (2020–present).
David A. 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 (2013–present). Trustee of Common Fund (2019–present).
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 Corporation.
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).
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director 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
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].
CFA® is a registered trademark owned by CFA Institute.
© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q140 012023

 

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, 2022: $31,000
Fiscal Year Ended November 30, 2021: $31,000

 

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

 

Fiscal Year Ended November 30, 2022: $10,494,508
Fiscal Year Ended November 30, 2021: $11,244,694

 

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, 2022: $2,757,764
Fiscal Year Ended November 30, 2021: $2,955,181

 

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, 2022: $5,202,689
Fiscal Year Ended November 30, 2021: $2,047,574

 

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, 2022: $298,000
Fiscal Year Ended November 30, 2021: $280,000

 

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, 2022: $5,500,689
Fiscal Year Ended November 30, 2021: $2,327,574

 

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 subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

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

 

Not applicable.

 

Item 13: Exhibits.

 

(a)(1)Code of Ethics filed herewith.
(a)(2)Certifications filed herewith.
(b)Certifications filed herewith.

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

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

 

Date: January 23, 2023

 

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

 

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

 

Date: January 23, 2023

 

  VANGUARD NEW JERSEY TAX-FREE FUNDS
     
BY: /s/ CHRISTINE BUCHANAN*
 		  
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: January 23, 2023

 

* By: /s/ Anne E. Robinson  

 

Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.

 

 

 

 

 

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CODE ETH

EXHIBIT 99.CERT

EXHIBIT 99.906CERT


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