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: 811-5340
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: | Heidi Stam, 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, 2006–November 30, 2007
Item 1: Reports to Shareholders |
> | For the fiscal year ended November 30, 2007, Vanguard New Jersey Tax-Exempt Money Market Fund returned 3.6%, exceeding the average return of its peers. |
> | The Investor Shares of Vanguard New Jersey Long-Term Tax-Exempt Fund returned 2.0%, and the Admiral Shares returned 2.1%. These results lagged the return of the fund’s benchmark index but outperformed the peer-group average return. |
> | After rising for three years, interest rates began to decline in midsummer as investors became more concerned about the larger impact of subprime lending woes. The Federal Reserve Board stepped in during, and after, the period, lowering interest rate targets to address concerns about liquidity and a slowing economy. |
Contents |
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Your Fund’s Total Returns | 1 |
Chairman’s Letter | 2 |
Advisor’s Report | 7 |
New Jersey Tax-Exempt Money Market Fund | 10 |
New Jersey Long-Term Tax-Exempt Fund | 26 |
About Your Fund’s Expenses | 48 |
Glossary | 50 |
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 cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Total Returns
Fiscal Year Ended November 30, 2007 |
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| Ticker | Total |
| Symbol | Returns |
Vanguard New Jersey Tax-Exempt Money Market Fund | VNJXX | 3.6% |
SEC 7-Day Annualized Yield: 3.46% |
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Taxable-Equivalent Yield: 5.85%1 |
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Average New Jersey Tax-Exempt Money Market Fund2 |
| 3.1 |
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Vanguard New Jersey Long-Term Tax-Exempt Fund |
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Investor Shares | VNJTX | 2.0% |
SEC 30-Day Annualized Yield: 3.94% |
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Taxable-Equivalent Yield: 6.66%1 |
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Admiral™ Shares3 | VNJUX | 2.1 |
SEC 30-Day Annualized Yield: 4.01% |
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Taxable-Equivalent Yield: 6.78%1 |
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Lehman 10 Year Municipal Bond Index |
| 3.5 |
Average New Jersey Municipal Debt Fund2 |
| 1.0 |
Your Fund’s Performance at a Glance |
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November 30, 2006–November 30, 2007 |
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| Distributions Per Share | |
| Starting | Ending | Income | Capital |
| Share Price | Share Price | Dividends | Gains |
Vanguard New Jersey Tax-Exempt Fund |
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Money Market | $1.00 | $1.00 | $0.035 | $0.000 |
Long-Term |
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Investor Shares | $12.03 | $11.71 | $0.511 | $0.044 |
Admiral Shares | 12.03 | 11.71 | 0.519 | 0.044 |
1 | This calculation, which assumes a typical itemized tax return, is based on the maximum federal income tax rate of 35% and the maximum state of New Jersey income tax rate. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation. |
2 | Derived from data provided by Lipper Inc. |
3 | A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund. |
1
Chairman’s Letter
Dear Shareholder,
The past fiscal year was a tale of two markets. For most of this period, concerns about inflation drove interest rates higher (and bond prices lower), especially at the longer end of the maturity spectrum. Beginning in midsummer, however, as the subprime mortgage crisis reverberated through the markets, investors bid up ultra-safe U.S. Treasury securities, driving their yields lower. These interest rate dynamics were less pronounced in the tax-exempt bond market, and on balance, municipal securities lagged their Treasury counterparts. As municipal bond prices declined, their tax-exempt yields increased to exceptionally attractive levels relative to taxable bond yields.
In this environment, Vanguard New Jersey Tax-Exempt Money Market Fund outperformed the New Jersey Long-Term Tax-Exempt Fund and returned 3.6% for the 12 months ended November 30. The Money Market Fund’s yield at year-end was 3.46%, a taxable-equivalent yield of 5.85% for investors in the highest income tax bracket. The fund maintained a net asset value of $1 per share, as is expected but not guaranteed.
The Investor Shares of Vanguard New Jersey Long-Term Tax-Exempt Fund returned 2.0% for the fiscal year (the Admiral Shares returned 2.1%), as interest income more
2
than offset a modest decline in share prices. As of November 30, the Investor Shares’ yield was 3.94% (up from 3.80% a year ago). For investors in the highest income tax bracket, the taxable-equivalent yield was 6.66%. Yields were slightly higher for Admiral Shares.
Please note: Although the funds’ income distributions are expected to be exempt from federal and New Jersey state income taxes, a portion of these distributions may be subject to the alternative minimum tax.
Federal Reserve rate cuts depressed short-term yields
Ongoing turmoil in the subprime lending market engendered a “flight to quality” that drove prices of U.S. Treasury bonds sharply higher, and as the bonds’ prices rose, their yields fell. Declines in Treasury yields were steepest at the short end of the maturity spectrum.
The declines were prompted largely by the actions of the Federal Reserve Board, which cut its target for the federal funds rate on two separate occasions. (On December 11, 2007, after the end of the fiscal period, the central bank again lowered the target for short-term interest rates by 0.25 percentage point, to 4.25%.) The yield of the 3-month Treasury bill, which started the fiscal year at 5.02%, had dropped nearly 2 percentage points, to 3.15%, by the end of the period.
The broad taxable bond market returned 6.0% for the fiscal 12 months. Returns from tax-exempt municipal bonds were lower, at 2.7%.
Market Barometer |
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| Average Annual Total Returns | ||
Periods Ended November 30, 2007 | |||
| One Year | Three Years | Five Years |
Bonds |
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Lehman U.S. Aggregate Bond Index (Broad taxable market) | 6.0% | 4.8% | 4.8% |
Lehman Municipal Bond Index | 2.7 | 4.2 | 4.7 |
Citigroup 3-Month Treasury Bill Index | 4.9 | 4.1 | 2.9 |
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Stocks |
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Russell 1000 Index (Large-caps) | 7.8% | 10.6% | 12.3% |
Russell 2000 Index (Small-caps) | –1.2 | 7.9 | 14.9 |
Dow Jones Wilshire 5000 Index (Entire market) | 7.6 | 10.7 | 12.9 |
MSCI All Country World Index ex USA (International) | 22.5 | 22.7 | 24.1 |
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CPI |
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Consumer Price Index | 4.3% | 3.2% | 3.0% |
3
A volatile stock market produced solid gains
Although the U.S. economy began to slow toward the end of the fiscal year, stocks produced solid returns for the 12 months. These gains came despite a recession in housing and intensified problems among subprime mortgage-loan lenders—problems that first erupted in midsummer and continued to rattle the financial markets for the remainder of the period. In November, the stock market was quite volatile, as crude oil prices hovered near historic highs while the U.S. dollar continued to lose ground against other major currencies.
The broad U.S. stock market returned 7.6% for the year. Returns from large-capitalization stocks far outpaced those of small-cap issues, and growth stocks outperformed their value-oriented counterparts.
International stocks continued to outperform domestic issues. Emerging-markets stocks did particularly well, followed by stocks in Europe and the Pacific regions—excluding Japan, where returns were slight. The dollar’s ongoing weakness further enhanced international markets’ gains for U.S.-based investors.
Portfolios skillfully navigated choppy waters
During the second half of fiscal 2007, U.S. Treasury securities outperformed almost all other fixed income investments, from below-investment-grade bonds to AAA tax-exempt securities. Investors seeking refuge in virtually risk-free securities drove Treasury yields lower and prices higher. The relative performance of municipal bonds was also held in check by a significant increase in supply. Nationwide, total tax-exempt issuance increased almost 25% for the 12 months ended November 30 and is on track to reach a calendar-year record.
Expense Ratios1 |
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Your fund compared with its peer group |
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| Investor | Admiral | Peer |
New Jersey Tax-Exempt Fund | Shares | Shares | Group |
Money Market | 0.10% | — | 0.69% |
Long-Term | 0.15 | 0.08% | 1.12 |
1 | Fund expense ratios reflect the 12 months ended November 30, 2007. Peer groups are: for the New Jersey Tax-Exempt Money Market Fund, the Average New Jersey Tax-Exempt Money Market Fund; and for the New Jersey Long-Term Tax-Exempt Fund, the Average New Jersey Municipal Debt Fund. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2006. |
4
Compared with U.S. Treasury bonds, interest rate movements among tax-exempt bonds were more subdued, though still significant. For most of the year, tax-exempt money market rates remained at or near their highest level since 2000. As rates fell, in advance of the Federal Reserve’s September and October rate cuts, the yield of the New Jersey Tax-Exempt Money Market Fund also declined, ending the year little unchanged from a year ago. For the 12 months through November 30, the fund returned 3.6%, besting the average return of its peers. The fund benefited from very low operating costs and a focus by the advisor—Vanguard Fixed Income Group—on the market’s highest-quality securities.
The midsummer reversal in interest rates helped the New Jersey Long-Term Tax-Exempt Fund finish the fiscal year on a positive note. Rising rates in the first half put pressure on the fund’s portfolio, resulting in a total return of –0.3%. Later in the year, however, falling interest rates (or, put differently, rising prices) combined with interest income to help the fund deliver returns of 2.0% for Investor Shares and 2.1% for Admiral Shares for the full 12-month period. Although the fund’s return trailed that of its benchmark index, it topped the average return for competing New Jersey municipal bond funds. Compared with the index, your fund’s slightly longer duration—a measure of interest rate sensitivity—acted as a headwind to performance; interest rates of longer-term bonds ended the year higher, despite falling from their midyear peaks, which put pressure on longer-maturity bond prices.
Low expenses help sustain long-term performance
Over time, Vanguard’s emphasis on high-quality securities, prudent portfolio management, and low costs has helped to produce impressive results relative to competing tax-exempt portfolios.
Total Returns |
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Ten Years Ended November 30, 2007 |
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| Average |
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| Annual Return |
|
| Average |
| Vanguard | Competing |
New Jersey Tax-Exempt Fund | Fund | Fund1 |
Money Market | 2.5% | 2.0% |
Long-Term Investor Shares | 5.2 | 4.2 |
The figures shown represent past performance, which is not a guarantee of future results. (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 www.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.
1 | Derived from data provided by Lipper Inc. |
5
For the ten years ended November 30, the New Jersey Tax-Exempt Money Market Fund earned an average annual return of 2.5%, topping the average for competing funds. The fund continued to deliver superior tax-exempt returns while providing liquidity and preserving principal. Low costs are especially critical in the money market arena, where generally low short-term yields and the limited variety of securities constrain a fund’s ability to offset the deleterious impact of high costs.
The New Jersey Long-Term Tax-Exempt Fund’s Investor Shares earned an average annual return of 5.2% over the ten years ended November 30, transforming a hypothetical initial investment of $10,000 made a decade ago into $16,577. By comparison, an equal investment compounded at the average rate of return for competing funds would have grown to $15,131. The New Jersey Long-Term Tax-Exempt Fund benefits from Vanguard’s low costs—which enable our portfolio managers to focus their efforts on identifying high-quality securities from hundreds of diverse municipal issuers.
Income and quality are anchors for diversified portfolios
Over the past year, both equity and fixed income markets have experienced increased volatility. Because market cycles are hard to predict with accuracy, Vanguard always encourages shareholders to invest with a long-term view, to diversify within and across asset classes, and to pay attention to costs.
Fixed income investments have an important role to play in a balanced, diversified portfolio. A fixed income allocation can moderate the volatility of an all-stock portfolio while generating a steady stream of income. For investors in higher tax brackets, municipal bonds can be an especially attractive option.
Along with an experienced portfolio management team, your fund’s advisor, Vanguard Fixed Income Group, has a large and experienced credit analysis group that independently evaluates high-quality municipal securities issued by a broad cross section of New Jersey state and local governments as well as regional authorities. And by keeping expenses low, the advisor helps investors keep more of their funds’ returns. Both the New Jersey Tax-Exempt Money Market Fund and the New Jersey Long-Term Tax-Exempt Fund can play important roles in helping you build a diversified portfolio to achieve your financial goals.
Thank you for entrusting your assets to Vanguard.
Sincerely,
John J. Brennan
Chairman and Chief Executive Officer
December 14, 2007
6
Advisor’s Report
For the fiscal year ended November 30, 2007, Vanguard New Jersey Tax-Exempt Money Market Fund returned 3.6%, exceeding the average return of its peers. The Investor Shares of Vanguard New Jersey Long-Term Tax-Exempt Fund returned 2.0%, lagging the fund’s benchmark index but outperforming the peer-group average. (The fund’s Admiral Shares returned 2.1%.)
The investment environment
Over the past year, the U.S. economy has expanded slightly below its potential long-run growth rate. The Commerce Department’s estimate of growth in real gross domestic product (GDP) for the 12 months ended September 30, 2007, was 2.8%. Robust GDP growth in the July–September quarter was fueled by surging global demand for U.S. exports (made more attractive by a relatively weak dollar) and an expanding service sector. Consumer spending, adjusted for inflation, grew at a 2.9% pace for the 12 months ended November 30, thanks to rising incomes and a fairly tight labor market. Consensus expectations point to a moderation in real GDP growth going forward as the housing recession continues and the attendant “credit crunch” increases financing costs.
The rate of consumer inflation accelerated toward the end of 2007 as food and energy prices rose. For the 12 months ended November 30, the Consumer Price Index (CPI) increased 4.3%. Expectations
Yields of Municipal Securities |
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|
(AAA-Rated General-Obligation Issues) |
|
|
| November 30, | November 30, |
Maturity | 2006 | 2007 |
2 years | 3.45% | 3.18% |
5 years | 3.43 | 3.26 |
10 years | 3.56 | 3.62 |
30 years | 3.91 | 4.32 |
Yields of U.S. Treasury Securities |
|
|
| November 30, | November 30, |
Maturity | 2006 | 2007 |
2 years | 4.61% | 3.00% |
5 years | 4.45 | 3.39 |
10 years | 4.46 | 3.94 |
30 years | 4.56 | 4.38 |
Source: Vanguard.
7
for core CPI inflation (excluding food and energy prices) are for a modest and gradual deceleration toward or even below 2% in coming months.
Following its 50-basis-point reduction in the federal funds target rate in September, the Federal Reserve Board again lowered its target, by 25 basis points, to 4.5% on October 31. On December 11, after the end of the fiscal year, the Fed reduced the target rate by another 25 basis points to 4.25%. In its statement at that time, the Fed commented that “economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending,” although recent actions “should help promote moderate growth over time.” Many financial market participants expect further reductions in the federal funds rate in 2008, given expectations for slower growth, stable core inflation rates, and ongoing concerns about credit availability.
Impact of subprime lending woes
Over the 12 months ended November 30, municipal bonds underperformed U.S. Treasuries across the yield curve. This reflected a global “flight to quality” that produced a rally in Treasuries as the subprime lending crisis continued to unnerve the credit markets. The relative underperformance of municipal bonds was exacerbated by credit concerns surrounding some of the municipal insurance companies that backstop many AAA-rated municipal bonds. The net effect of these forces was to cheapen high-quality tax-exempt bonds to extraordinarily attractive levels on an after-tax basis.
For fiscal-year 2007, total tax-exempt issuance increased 24.6% to $451.9 billion. At the end of the period, municipal market issuance appeared headed toward a calendar-year record. In New Jersey, total tax-exempt issuance grew 25.0%, similar to the nationwide trend.
Management of the funds
Yields rose in the New Jersey Tax-Exempt Money Market Fund during the first half of the fiscal year, then fell in the second half, finishing the period mostly unchanged. The fund outperformed the average return of its peer group by one-half percentage point, benefiting from our emphasis on the market’s highest-quality securities and the fund’s low expenses. The New Jersey Long-Term Tax-Exempt Fund’s performance reflected these same characteristics, outpacing the peer-group average. On an absolute basis, however, the Investor Shares’ 2.0% return was modest, as rising interest rates for longer-term bonds put pressure on the portfolio’s holdings.
About half of all outstanding municipal debt is guaranteed by various insurance companies. Recent news about some of these companies has brought into question the durability of AAA ratings,
8
given the insurers’ exposure to guaranteed residential mortgage-backed securities. It is important to remember that the decision to invest in insured bonds and money market instruments depends first and foremost on the quality of the underlying tax-exempt issuer.
As a matter of course, Vanguard always looks carefully beneath the surface, to an evaluation of the underlying credit as the key factor in the purchase of a tax-exempt instrument. Our large and experienced municipal credit group conducts a focused and diligent examination of all holdings, and we believe our shareholders can continue to rely on the rigorous review and oversight process that is consistent with our funds’ objectives.
We expect that our funds’ combination of low costs, prudent management, and bias toward high-quality issues will continue to produce more-than-competitive returns.
Marlin G. Brown, Portfolio Manager
John M. Carbone, Principal
Vanguard Fixed Income Group
December 18, 2007
9
New Jersey Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2007
Financial Attributes |
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Yield | 3.5% |
Average Weighted Maturity | 35 days |
Average Quality1 | MIG-1 |
Expense Ratio | 0.10% |
Distribution by Credit Quality2 (% of portfolio) | |
|
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MIG-1/A-1+/SP-1+/F-1+ | 88.0% |
P-1/A-1/SP-1/F-1 | 11.0 |
AAA/AA | 1.0 |
1 | Moody’s Investors Service. |
2 | Ratings: Moody’s Investors Service, Standard & Poor’s, Fitch. See page 50 for a glossary of investment terms. |
10
New Jersey Tax-Exempt Money Market Fund
Performance Summary
Investment returns will fluctuate. 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 www.vanguard.com/performance.) The returns shown do not reflect taxes that a shareholder would pay on fund distributions. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund. The annualized yield shown reflects the current earnings of the fund more closely than do the average annual returns.
Cumulative Performance: November 30, 1997–November 30, 2007
Initial Investment of $10,000
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Average Annual Total Returns | Final Value | |||
Periods Ended November 30, 2007 | of a $10,000 | |||
| One Year | Five Years | Ten Years | Investment |
New Jersey Tax-Exempt Money Market Fund1 | 3.60% | 2.18% | 2.47% | $12,761 |
Average New Jersey Tax-Exempt Money Market Fund2 | 3.11 | 1.70 | 2.05 | 12,247 |
1 | Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000. |
2 | Returns for the Average New Jersey Tax-Exempt Money Market Fund are derived from data provided by Lipper Inc. |
11
New Jersey Tax-Exempt Money Market Fund
Fiscal-Year Total Returns (%): November 30, 1997–November 30, 2007 |
| |
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| Average |
|
| Fund1 |
Fiscal | Total | Total |
Year | Return | Return |
1998 | 3.2% | 2.8% |
1999 | 2.9 | 2.5 |
2000 | 3.7 | 3.4 |
2001 | 2.8 | 2.4 |
2002 | 1.3 | 0.9 |
2003 | 0.9 | 0.5 |
2004 | 1.0 | 0.5 |
2005 | 2.2 | 1.7 |
2006 | 3.3 | 2.8 |
2007 | 3.6 | 3.1 |
SEC 7-Day Annualized Yield (11/30/2007): 3.46% |
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|
Average Annual Total Returns: Periods Ended September 30, 2007
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception Date | One Year | Five Years | Ten Years |
New Jersey Tax-Exempt Money Market Fund2 | 2/3/1988 | 3.59% | 2.11% | 2.47% |
1 | Returns for the Average New Jersey Tax-Exempt Money Market Fund are derived from data provided by Lipper Inc. |
2 | Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000. Note: See Financial Highlights table on page 24 for dividend information. |
12
New Jersey Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2007
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
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| Face | Market |
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| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
Municipal Bonds (99.3%) |
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| |
| Avalon NJ BAN | 4.000% | 5/22/08 |
| 13,760 | 13,782 |
| Borough of Madison BAN | 4.000% | 10/17/08 |
| 10,000 | 10,044 |
| Burlington County NJ BAN | 4.000% | 12/27/07 |
| 11,200 | 11,202 |
| Burlington County NJ BAN | 4.000% | 2/29/08 |
| 34,655 | 34,686 |
1 | Burlington County NJ Bridge Comm. Rev. |
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| TOB VRDO | 3.820% | 12/7/07 | (2) | 5,300 | 5,300 |
1 | Burlington County NJ Bridge Comm. Rev. |
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| TOB VRDO | 3.820% | 12/7/07 |
| 5,690 | 5,690 |
| Camden County NJ Improvement Auth. |
|
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| Lease Rev. VRDO | 3.550% | 12/7/07 | LOC | 49,500 | 49,500 |
| Clinton Township NJ BAN | 4.250% | 7/16/08 |
| 5,000 | 5,015 |
| Clinton Township NJ Board Educ. Temporary Notes | 4.250% | 1/9/08 |
| 7,195 | 7,199 |
| Cranbury Township NJ BAN | 4.000% | 12/6/07 |
| 5,826 | 5,826 |
| Cranbury Township NJ BAN | 4.000% | 12/5/08 |
| 2,811 | 2,826 |
| Delaware River & Bay Auth. New Jersey Rev. VRDO | 3.530% | 12/7/07 | (2) | 5,000 | 5,000 |
1 | Delaware River Joint Toll Bridge Comm. |
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| Pennsylvania & New Jersey Rev. TOB VRDO | 3.660% | 12/7/07 | (1) | 12,865 | 12,865 |
1 | Delaware River Port Auth. Pennsylvania & |
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| New Jersey Rev. TOB VRDO | 3.720% | 12/7/07 | (4) | 9,995 | 9,995 |
1 | Delaware River Port Auth. Pennsylvania & |
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| New Jersey Rev. TOB VRDO | 3.720% | 12/7/07 | (4) | 8,000 | 8,000 |
| East Brunswick Township NJ BAN | 4.250% | 2/21/08 |
| 10,190 | 10,204 |
1 | Egg Harbor Township NJ School Dist. |
|
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| GO TOB VRDO | 3.470% | 12/7/07 | (4) | 4,485 | 4,485 |
| Essex County NJ Improvement Auth. Rev. |
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|
|
| (Jewish Community Center) VRDO | 3.590% | 12/7/07 | LOC | 7,000 | 7,000 |
| Essex County NJ Improvement Auth. Rev. |
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|
| (Pooled Govt. Loan) VRDO | 3.540% | 12/7/07 | LOC | 40,400 | 40,400 |
1 | Essex County NJ Improvement Auth. Rev. |
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| TOB VRDO | 3.660% | 12/7/07 | (2) | 28,565 | 28,565 |
1 | Essex County NJ Improvement Auth. Rev. |
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| TOB VRDO | 3.660% | 12/7/07 | (1) | 11,490 | 11,490 |
1 | Essex County NJ Improvement Auth. Rev. |
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| TOB VRDO | 3.670% | 12/7/07 | (2) | 5,400 | 5,400 |
| Fort Lee NJ BAN | 4.000% | 5/23/08 |
| 20,572 | 20,606 |
| Franklin Lakes NJ BAN | 4.000% | 3/13/08 |
| 4,095 | 4,099 |
1 | Garden State Preservation Trust New Jersey |
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| TOB VRDO | 3.420% | 12/7/07 | (4) | 12,960 | 12,960 |
13
New Jersey Tax-Exempt Money Market Fund
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| Face | Market |
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|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | Garden State Preservation Trust New Jersey |
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| TOB VRDO | 3.660% | 12/7/07 | (4) | 9,695 | 9,695 |
1 | Garden State Preservation Trust New Jersey |
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| TOB VRDO | 3.660% | 12/7/07 | (4) | 9,830 | 9,830 |
| Hopewell Township NJ BAN | 4.250% | 6/27/08 |
| 8,895 | 8,920 |
1 | Hudson County NJ CTFS Partner Merlots |
|
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|
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| TOB VRDO | 3.670% | 12/7/07 | (1) | 4,960 | 4,960 |
1 | Madison Borough NJ Board of Educ. TOB VRDO | 3.620% | 12/7/07 | (1) | 11,795 | 11,795 |
| Madison NJ Borough Board of Education |
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| Temporary Notes | 4.000% | 3/5/08 |
| 11,084 | 11,092 |
| Mercer County NJ BAN | 4.000% | 6/13/08 |
| 10,500 | 10,517 |
| Middlesex County NJ BAN | 4.000% | 6/12/08 |
| 20,152 | 20,183 |
| Monroe Township NJ BAN | 4.250% | 2/14/08 |
| 11,866 | 11,880 |
| Montgomery Township NJ BAN | 4.000% | 1/18/08 |
| 13,500 | 13,503 |
| Montville Township NJ BAN | 4.000% | 5/23/08 |
| 5,951 | 5,961 |
| Moorestown Township NJ BAN | 4.000% | 5/23/08 |
| 2,646 | 2,650 |
| Moorestown Township NJ BAN | 4.250% | 9/5/08 |
| 4,928 | 4,946 |
| Morris Hills NJ Regional School Dist. Notes | 4.250% | 6/18/08 |
| 12,000 | 12,032 |
| Mount Laurel Township NJ BAN | 4.000% | 5/23/08 |
| 10,393 | 10,410 |
1 | New Jersey Building Auth. Rev. TOB VRDO | 3.620% | 12/7/07 | (1) | 20,820 | 20,820 |
1 | New Jersey COP TOB VRDO | 3.420% | 12/7/07 | (2) | 12,000 | 12,000 |
1 | New Jersey Casino Reinvestment Dev. Auth. Rev. |
|
|
|
|
|
| (Hotel Room Fee) TOB VRDO | 3.670% | 12/7/07 | (1) | 4,760 | 4,760 |
| New Jersey Econ. Dev. Auth. |
|
|
|
|
|
| (Port Newark Container) VRDO | 3.630% | 12/7/07 | LOC | 15,300 | 15,300 |
| New Jersey Econ. Dev. Auth. Fac. Rev. |
|
|
|
|
|
| (Logan Project) CP | 3.420% | 2/6/08 | LOC | 55,000 | 55,000 |
1 | New Jersey Econ. Dev. Auth. Lease Rev. |
|
|
|
|
|
| TOB VRDO | 3.820% | 12/7/07 | (1) | 6,510 | 6,510 |
| New Jersey Econ. Dev. Auth. |
|
|
|
|
|
| Market Transition Fac. Rev. | 5.000% | 7/1/08 | (1) | 17,000 | 17,119 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Airis Newark LLC Project) VRDO | 3.630% | 12/7/07 | (2) | 37,010 | 37,010 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Bennedictine Abbey Newark) VRDO | 3.540% | 12/7/07 | LOC | 19,000 | 19,000 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Bennedictine Abbey Newark) VRDO | 3.540% | 12/7/07 | LOC | 8,925 | 8,925 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Chambers Cogeneration Limited Partnership) CP | 3.490% | 2/1/08 | LOC | 30,100 | 30,100 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Columbia Univ. Project) CP | 3.470% | 1/14/08 |
| 9,230 | 9,230 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Frisch School Project) VRDO | 3.540% | 12/7/07 | LOC | 21,450 | 21,450 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Geriatric Services Housing Corp.) VRDO | 3.570% | 12/7/07 | LOC | 6,245 | 6,245 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Hoffman-La Roche) VRDO | 3.510% | 12/3/07 | LOC | 17,500 | 17,500 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Jewish Community Center) VRDO | 3.600% | 12/7/07 | LOC | 5,250 | 5,250 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Lawrenceville School Project) VRDO | 3.520% | 12/3/07 |
| 22,000 | 22,000 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Metuchen Project) VRDO | 3.540% | 12/7/07 | LOC | 12,650 | 12,650 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Motor Vehicle Comm.) TOB VRDO | 3.610% | 12/7/07 | (1) | 7,075 | 7,075 |
14
New Jersey Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Motor Vehicle Comm.) TOB VRDO | 3.640% | 12/7/07 | (1) | 8,000 | 8,000 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Ocean Spray Cranberries) VRDO | 3.660% | 12/7/07 | LOC | 8,000 | 8,000 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Order Saint Benedict Project) VRDO | 3.590% | 12/7/07 | LOC | 16,180 | 16,180 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Passaic Hebrew Institute) VRDO | 3.580% | 12/7/07 | LOC | 3,150 | 3,150 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Peddie School Project) VRDO | 3.540% | 12/7/07 |
| 6,725 | 6,725 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Peddie School Project) VRDO | 3.550% | 12/7/07 |
| 5,000 | 5,000 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Peddie School Project) VRDO | 3.550% | 12/7/07 |
| 1,500 | 1,500 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (Peddie School Project) VRDO | 3.550% | 12/7/07 |
| 7,300 | 7,300 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB PUT | 3.780% | 3/6/08 | (4) | 11,320 | 11,320 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.620% | 12/7/07 | (2)(4) | 20,185 | 20,185 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.620% | 12/7/07 | (4) | 10,365 | 10,365 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.640% | 12/7/07 | (2) | 6,500 | 6,500 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.660% | 12/7/07 | (2) | 10,650 | 10,650 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.660% | 12/7/07 | (2) | 6,960 | 6,960 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.660% | 12/7/07 | (4) | 14,330 | 14,330 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.670% | 12/7/07 | (2) | 6,500 | 6,500 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.670% | 12/7/07 | (3)(Prere.) | 35,940 | 35,940 |
1 | New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) TOB VRDO | 3.690% | 12/7/07 | (2) | 24,935 | 24,935 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) VRDO | 3.490% | 12/3/07 | LOC | 70,000 | 70,000 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (School Fac.) VRDO | 3.520% | 12/3/07 | LOC | 122,900 | 122,900 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
|
| (United States Golf Assn.) VRDO | 3.550% | 12/7/07 | LOC | 4,900 | 4,900 |
1 | New Jersey Econ. Dev. Auth. Rev. TOB PUT | 3.730% | 3/6/08 | (2)(3)(4) | 40,490 | 40,490 |
1 | New Jersey Econ. Dev. Auth. Rev. TOB VRDO | 3.610% | 12/7/07 | (1) | 33,220 | 33,220 |
1 | New Jersey Econ. Dev. Auth. Rev. TOB VRDO | 3.620% | 12/7/07 | (1) | 7,330 | 7,330 |
1 | New Jersey Econ. Dev. Auth. Rev. TOB VRDO | 3.720% | 12/7/07 | (4) | 9,470 | 9,470 |
1 | New Jersey Econ. Dev. Auth. Water Fac. Rev. |
|
|
|
|
|
| (New Jersey Water Co. Project) TOB VRDO | 3.710% | 12/7/07 | (3) | 4,850 | 4,850 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Caldwell College) VRDO | 3.570% | 12/7/07 | LOC | 20,950 | 20,950 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Institute for Advanced Studies) TOB VRDO | 3.820% | 12/7/07 | (1) | 6,670 | 6,670 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Institute for Advanced Studies) VRDO | 3.320% | 12/7/07 |
| 12,100 | 12,100 |
15
New Jersey Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Institute for Advanced Studies) VRDO | 3.320% | 12/7/07 |
| 20,000 | 20,000 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Institute for Defense Analyses) VRDO | 3.610% | 12/7/07 | (2) | 12,215 | 12,215 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Montclair State Univ.) TOB VRDO | 3.640% | 12/7/07 | (1) | 4,905 | 4,905 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Montclair State Univ.) TOB VRDO | 3.660% | 12/7/07 | (2) | 12,256 | 12,256 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Princeton Univ.) | 5.500% | 7/1/08 |
| 3,575 | 3,612 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Princeton Univ.) TOB VRDO | 3.650% | 12/7/07 | (Prere.) | 4,735 | 4,735 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Princeton Univ.) VRDO | 3.560% | 12/3/07 |
| 20,000 | 20,000 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Rowan Univ.) TOB VRDO | 3.620% | 12/7/07 | (2) | 2,760 | 2,760 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Rowan Univ.) TOB VRDO | 3.660% | 12/7/07 | (3) | 4,265 | 4,265 |
1 | New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Rowan Univ.) TOB VRDO | 3.720% | 12/7/07 | (3) | 13,010 | 13,010 |
1 | New Jersey Environmental Infrastructure Trust |
|
|
|
|
|
| TOB VRDO | 3.620% | 12/7/07 |
| 6,825 | 6,825 |
1 | New Jersey Environmental Infrastructure Trust |
|
|
|
|
|
| TOB VRDO | 3.620% | 12/7/07 |
| 6,055 | 6,055 |
1 | New Jersey GO TOB VRDO | 3.600% | 12/3/07 |
| 28,725 | 28,725 |
1 | New Jersey GO TOB VRDO | 3.620% | 12/7/07 | (2) | 8,755 | 8,755 |
1 | New Jersey GO TOB VRDO | 3.630% | 12/7/07 | (3) | 3,340 | 3,340 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Capital Health Systems Obligated Group) VRDO | 3.560% | 12/7/07 | LOC | 21,615 | 21,615 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Hosp. Capital Asset Pooled Program) VRDO | 3.510% | 12/7/07 | LOC | 21,000 | 21,000 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Hosp. Capital Asset Pooled Program) VRDO | 3.510% | 12/7/07 | LOC | 23,600 | 23,600 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Hosp. Capital Asset Pooled Program) VRDO | 3.510% | 12/7/07 | LOC | 20,000 | 20,000 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Hosp. Capital Asset Pooled Program) VRDO | 3.510% | 12/7/07 | LOC | 24,500 | 24,500 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Meridian Health Systems) VRDO | 3.510% | 12/7/07 | LOC | 36,400 | 36,400 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Robert Wood Johnson Univ.) VRDO | 3.550% | 12/7/07 | LOC | 15,600 | 15,600 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Robert Wood Johnson Univ.) VRDO | 3.560% | 12/7/07 | LOC | 35,195 | 35,195 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Southern Ocean County Hosp.) VRDO | 3.590% | 12/7/07 | LOC | 9,030 | 9,030 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (St. Barnabas Medical Center) VRDO | 3.560% | 12/7/07 | LOC | 11,585 | 11,585 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| (Virtua Health) VRDO | 3.560% | 12/7/07 | LOC | 8,600 | 8,600 |
1 | New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.610% | 12/7/07 | (2) | 10,500 | 10,500 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| VRDO | 3.540% | 12/7/07 | LOC | 17,660 | 17,660 |
16
New Jersey Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
|
| VRDO | 3.580% | 12/7/07 | LOC | 21,395 | 21,395 |
1 | New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. TOB VRDO | 3.470% | 12/7/07 | (4) | 5,025 | 5,025 |
1 | New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. TOB VRDO | 3.670% | 12/7/07 | (3) | 3,415 | 3,415 |
1 | New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. TOB VRDO | 3.710% | 12/7/07 | (1) | 17,995 | 17,995 |
1 | New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. TOB VRDO | 3.720% | 12/7/07 | (7) | 20,545 | 20,545 |
| New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. VRDO | 3.610% | 12/7/07 | (4) | 15,375 | 15,375 |
| New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. VRDO | 3.630% | 12/7/07 | (3) | 24,770 | 24,770 |
| New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. VRDO | 3.630% | 12/7/07 | (1) | 12,380 | 12,380 |
| New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. VRDO | 3.630% | 12/7/07 | (4) | 16,085 | 16,085 |
| New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Multi-Family Housing Rev. VRDO | 3.630% | 12/7/07 | (1) | 26,620 | 26,620 |
| New Jersey Housing & Mortgage Finance |
|
|
|
|
|
| Agency Rev. VRDO | 3.330% | 12/7/07 |
| 16,000 | 16,000 |
| New Jersey Housing & Mortgage Finance |
|
|
|
|
|
| Agency Rev. VRDO | 3.430% | 12/7/07 | LOC | 33,935 | 33,935 |
| New Jersey Housing & Mortgage Finance |
|
|
|
|
|
| Agency Rev. VRDO | 3.430% | 12/7/07 | LOC | 32,400 | 32,400 |
| New Jersey Housing & Mortgage Finance |
|
|
|
|
|
| Agency Rev. VRDO | 3.530% | 12/7/07 |
| 21,960 | 21,960 |
| New Jersey Housing & Mortgage Finance |
|
|
|
|
|
| Agency Rev. VRDO | 3.580% | 12/7/07 |
| 19,900 | 19,900 |
1 | New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Single Family Housing Rev. TOB VRDO | 3.710% | 12/7/07 |
| 29,095 | 29,095 |
| New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
|
| Single Family Rev. VRDO | 3.570% | 12/7/07 |
| 15,000 | 15,000 |
1 | New Jersey Sports & Exposition Auth. Rev. |
|
|
|
|
|
| (Convention Center Luxury Tax) TOB VRDO | 3.820% | 12/7/07 | (1) | 5,345 | 5,345 |
1 | New Jersey State (Montclair Univ.) TOB VRDO | 3.420% | 12/7/07 | (1) | 12,065 | 12,065 |
1 | New Jersey State Transp. Rev. TOB VRDO | 3.470% | 12/7/07 | (4) | 4,000 | 4,000 |
1 | New Jersey State Transp. Trust Fund Auth. Cap |
|
|
|
|
|
| TOB VRDO | 3.660% | 12/7/07 | (2)(4) | 25,000 | 25,000 |
| New Jersey TRAN | 4.500% | 6/24/08 |
| 75,000 | 75,366 |
1 | New Jersey Transp. Corp. COP TOB VRDO | 3.720% | 12/7/07 | (3) | 9,635 | 9,635 |
1 | New Jersey Transp. Corp. TOB VRDO | 3.720% | 12/7/07 | (3) | 9,350 | 9,350 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.000% | 6/15/08 | (ETM) | 3,025 | 3,045 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB PUT | 3.780% | 3/6/08 | (3) | 5,300 | 5,300 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.610% | 12/7/07 | (1)(2) | 7,000 | 7,000 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.620% | 12/7/07 | (4) | 6,000 | 6,000 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.630% | 12/7/07 | (1) | 9,340 | 9,340 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.630% | 12/7/07 | (1) | 4,345 | 4,345 |
17
New Jersey Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.630% | 12/7/07 | (4) | 9,735 | 9,735 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.630% | 12/7/07 | (4) | 7,495 | 7,495 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.630% | 12/7/07 | (4) | 28,700 | 28,700 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.640% | 12/7/07 | (4)(Prere.) | 6,975 | 6,975 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.640% | 12/7/07 | (1) | 6,205 | 6,205 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.640% | 12/7/07 | (4)(Prere.) | 1,475 | 1,475 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.640% | 12/7/07 | (1) | 15,905 | 15,905 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.660% | 12/7/07 | (2) | 9,300 | 9,300 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.670% | 12/7/07 | (1) | 10,450 | 10,450 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.670% | 12/7/07 | (1) | 5,980 | 5,980 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.670% | 12/7/07 | (2) | 3,745 | 3,745 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.670% | 12/7/07 | (3) | 5,290 | 5,290 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.720% | 12/7/07 | (3) | 23,190 | 23,190 |
1 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.720% | 12/7/07 | (1) | 8,495 | 8,495 |
1 | New Jersey Transp. Trust Fund Auth. |
|
|
|
|
|
| Transp. System TOB VRDO | 3.650% | 12/7/07 | (4) | 21,995 | 21,995 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.610% | 12/7/07 | (1) | 5,000 | 5,000 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.610% | 12/7/07 | (4) | 7,710 | 7,710 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.620% | 12/7/07 | (4) | 6,745 | 6,745 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.620% | 12/7/07 | (1) | 18,175 | 18,175 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.640% | 12/7/07 | (2) | 16,215 | 16,215 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.640% | 12/7/07 | (4) | 8,250 | 8,250 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.660% | 12/7/07 | (2) | 18,875 | 18,875 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.670% | 12/7/07 | (3) | 13,680 | 13,680 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.820% | 12/7/07 | (3) | 7,095 | 7,095 |
1 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.820% | 12/7/07 | (1) | 4,995 | 4,995 |
| New Jersey Turnpike Auth. Rev. VRDO | 3.530% | 12/7/07 | (3)LOC | 140,600 | 140,600 |
| New Jersey Turnpike Auth. Rev. VRDO | 3.620% | 12/7/07 | (4) | 10,000 | 10,000 |
| Ocean Township NJ BAN | 4.250% | 1/9/08 |
| 4,500 | 4,502 |
| Paramus NJ Board of Educ. GAN | 4.000% | 11/7/08 |
| 8,827 | 8,875 |
| Piscataway Township NJ BAN | 4.250% | 1/24/08 |
| 17,647 | 17,661 |
| Port Auth of New York & New Jersey Rev. VRDO | 3.530% | 12/3/07 |
| 4,500 | 4,500 |
| Port Auth. of New York & New Jersey CP | 3.560% | 12/17/07 |
| 3,200 | 3,200 |
| Port Auth. of New York & New Jersey CP | 3.560% | 12/18/07 |
| 8,175 | 8,175 |
| Port Auth. of New York & New Jersey CP | 3.470% | 1/14/08 |
| 28,470 | 28,470 |
| Port Auth. of New York & New Jersey CP | 3.380% | 2/6/08 |
| 17,090 | 17,090 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB PUT | 3.780% | 3/6/08 | (4) | 25,110 | 25,110 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.630% | 12/7/07 | (3) | 4,500 | 4,500 |
18
New Jersey Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.640% | 12/7/07 | (3) | 4,000 | 4,000 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.640% | 12/7/07 | (3) | 15,000 | 15,000 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.640% | 12/7/07 | (10) | 2,940 | 2,940 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.640% | 12/7/07 | (3) | 3,900 | 3,900 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.710% | 12/7/07 | (3) | 5,930 | 5,930 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.730% | 12/7/07 | (3) | 2,586 | 2,586 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.760% | 12/7/07 | (3) | 4,990 | 4,990 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.820% | 12/7/07 | (10) | 5,215 | 5,215 |
| Port Auth. of New York & New Jersey Special |
|
|
|
|
|
| Obligation Rev. (Versatile Structure) VRDO | 3.510% | 12/3/07 |
| 3,100 | 3,100 |
| Port Auth. of New York & New Jersey Special |
|
|
|
|
|
| Obligation Rev. (Versatile Structure) VRDO | 3.530% | 12/3/07 |
| 13,900 | 13,900 |
| Port Auth. of New York & New Jersey Special |
|
|
|
|
|
| Obligation Rev. (Versatile Structure) VRDO | 3.670% | 12/3/07 |
| 6,600 | 6,600 |
| Princeton Univ. New Jersey CP | 3.480% | 12/11/07 |
| 7,650 | 7,650 |
| Raritan Township NJ BAN | 4.250% | 8/8/08 |
| 6,375 | 6,397 |
| Rutgers State Univ. New Jersey GO CP | 3.700% | 1/4/08 |
| 19,569 | 19,569 |
| Rutgers State Univ. New Jersey VRDO | 3.400% | 12/3/07 |
| 20,100 | 20,100 |
| Salem County NJ Financing Auth. PCR |
|
|
|
|
|
| (Atlantic City Electric Co.) VRDO | 3.580% | 12/7/07 | (1) | 2,300 | 2,300 |
| Salem County NJ Financing Auth. PCR |
|
|
|
|
|
| (Atlantic City Electric Co.) VRDO | 3.650% | 12/7/07 | (1) | 3,000 | 3,000 |
| Salem County NJ Financing Auth. PCR |
|
|
|
|
|
| (Exelon Project) CP | 3.360% | 2/6/08 | LOC | 19,000 | 19,000 |
| Scotch Plains Township NJ BAN | 4.250% | 1/25/08 |
| 5,000 | 5,005 |
| Secaucus NJ BAN | 4.250% | 1/18/08 |
| 6,907 | 6,912 |
| Sparta Township NJ BAN | 4.000% | 5/30/08 |
| 5,395 | 5,403 |
| Tewksbury Township NJ BAN | 4.250% | 6/27/08 |
| 5,979 | 5,996 |
| Tewksbury Township NJ BAN | 4.000% | 10/24/08 |
| 5,159 | 5,182 |
1 | Tobacco Settlement Financing Corp. |
|
|
|
|
|
| New Jersey Rev. TOB VRDO | 3.620% | 12/7/07 | (Prere.) | 29,085 | 29,085 |
1 | Tobacco Settlement Financing Corp. |
|
|
|
|
|
| New Jersey Rev. TOB VRDO | 3.670% | 12/7/07 | (Prere.) | 6,800 | 6,800 |
1 | Tobacco Settlement Financing Corp. |
|
|
|
|
|
| New Jersey Rev. TOB VRDO | 3.670% | 12/7/07 | (Prere.) | 13,000 | 13,000 |
1 | Tobacco Settlement Financing Corp. |
|
|
|
|
|
| New Jersey Rev. TOB VRDO | 3.780% | 12/7/07 | (Prere.) | 18,000 | 18,000 |
| Union County NJ BAN | 4.000% | 2/28/08 |
| 75,000 | 75,064 |
| Union County NJ BAN | 4.250% | 5/1/08 |
| 15,000 | 15,034 |
| Univ. of Medicine & Dentistry New Jersey Rev. |
|
|
|
|
|
| VRDO | 3.580% | 12/7/07 | (2) | 30,000 | 30,000 |
1 | Washington Township NJ Board of Educ. |
|
|
|
|
|
| TOB VRDO | 3.610% | 12/7/07 | (4) | 11,845 | 11,845 |
| Watchung Hills NJ Regional High School |
|
|
|
|
|
| District Notes | 4.250% | 7/9/08 |
| 3,000 | 3,008 |
| Woodbridge Township NJ Board of Educ. BAN | 4.000% | 11/7/08 |
| 15,000 | 15,081 |
19
New Jersey Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market | |||||||
|
|
| Maturity |
| Amount | Value• | |||||||
|
| Coupon | Date |
| ($000) | ($000) | |||||||
| Outside New Jersey: |
|
|
|
|
| |||||||
1 | Puerto Rico Electric Power Auth. Rev. TOB VRDO | 3.600% | 12/7/07 | (4) | 7,245 | 7,245 | |||||||
1 | Puerto Rico Electric Power Auth. Rev. TOB VRDO | 3.640% | 12/7/07 | (4) | 4,756 | 4,756 | |||||||
1 | Puerto Rico Electric Power Auth. Rev. TOB VRDO | 3.670% | 12/7/07 | (4) | 10,000 | 10,000 | |||||||
1 | Puerto Rico Highway & Transp. Auth. Rev. |
|
|
|
|
| |||||||
| TOB VRDO | 3.630% | 12/7/07 |
| 29,200 | 29,200 | |||||||
1 | Puerto Rico Highway & Transp. Auth. Rev. |
|
|
|
|
| |||||||
| TOB VRDO | 3.650% | 12/7/07 | (3) | 18,775 | 18,775 | |||||||
1 | Puerto Rico Highway & Transp. Auth. Rev. |
|
|
|
|
| |||||||
| TOB VRDO | 3.650% | 12/7/07 | (3) | 5,120 | 5,120 | |||||||
1 | Puerto Rico Highway & Transp. Auth. Rev. |
|
|
|
|
| |||||||
| TOB VRDO | 3.660% | 12/7/07 | (3) | 11,735 | 11,735 | |||||||
1 | Puerto Rico Highway & Transp. Auth. Rev. |
|
|
|
|
| |||||||
| TOB VRDO | 3.660% | 12/7/07 | (11)(12) | 15,000 | 15,000 | |||||||
1 | Puerto Rico Ind. Medical & Environmental Fac. |
|
|
|
|
| |||||||
| Finance Auth. Rev. PCR (Abbott Laboratories) PUT | 3.950% | 3/1/08 |
| 12,575 | 12,575 | |||||||
1 | Puerto Rico Infrastructure Financing Auth. Special |
|
|
|
|
| |||||||
| Obligation Bonds TOB VRDO | 3.670% | 12/7/07 | (ETM) | 49,805 | 49,805 | |||||||
1 | Puerto Rico Public Finance Corp. TOB VRDO | 3.600% | 12/7/07 | (3) | 6,240 | 6,240 | |||||||
1 | Puerto Rico Public Finance Corp. TOB VRDO | 3.830% | 12/7/07 | (11) | 31,107 | 31,107 | |||||||
1 | Puerto Rico Sales Tax Financing Corp. Rev. |
|
|
|
|
| |||||||
| TOB VRDO | 3.600% | 12/7/07 | (3) | 8,900 | 8,900 | |||||||
1 | Puerto Rico Sales Tax Financing Corp. Rev. |
|
|
|
|
| |||||||
| TOB VRDO | 3.650% | 12/7/07 | (3) | 7,425 | 7,425 | |||||||
1 | Puerto Rico Sales Tax Financing Corp. Rev. |
|
|
|
|
| |||||||
| TOB VRDO | 3.670% | 12/7/07 | (1)(3) | 10,000 | 10,000 | |||||||
Total Municipal Bonds (Cost $3,423,139) |
|
|
|
| 3,423,139 |
| |||||||
Other Assets and Liabilities (0.7%) |
|
|
|
|
|
| |||||||
Other Assets—Note B |
|
|
|
| 47,050 |
| |||||||
Liabilities |
|
|
|
| (22,161) |
| |||||||
|
|
|
|
|
| 24,889 | |||||||
Net Assets (100%) |
|
|
|
|
|
| |||||||
Applicable to 3,447,834,335 outstanding $.001 par value shares of |
|
|
|
| |||||||||
beneficial interest (unlimited authorization) |
|
|
|
| 3,448,028 |
| |||||||
Net Asset Value Per Share |
|
|
|
| $1.00 |
| |||||||
At November 30, 2007, net assets consisted of: |
|
|
| Amount | Per |
| ($000) | Share |
Paid-in Capital | 3,448,073 | 1.00 |
Undistributed Net Investment Income | — | — |
Accumulated Net Realized Losses | (45) | — |
Unrealized Appreciation | — | — |
Net Assets | 3,448,028 | $1.00 |
• | See Note A in Notes to Financial Statements. |
1 | 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, 2007, the aggregate value of these securities was $1,415,195,000, representing 41.0% of net assets. |
For a key to abbreviations and other references, see page 21.
20
New Jersey Tax-Exempt Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
IDA—Industrial Development Authority Bond.
IDR—Industrial Development Revenue Bond.
PCR—Pollution Control Revenue Bond.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
UFSD—Union Free School District.
USD—United School District.
VRDO—Variable Rate Demand Obligation.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corp.
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
21
New Jersey Tax-Exempt Money Market Fund
Statement of Operations
| Year Ended |
November 30, 2007 | |
| ($000) |
Investment Income |
|
Income |
|
Interest | 116,295 |
Total Income | 116,295 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 261 |
Management and Administrative | 2,024 |
Marketing and Distribution | 816 |
Custodian Fees | 27 |
Auditing Fees | 17 |
Shareholders’ Reports | 16 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 3,164 |
Expenses Paid Indirectly—Note C | (13) |
Net Expenses | 3,151 |
Net Investment Income | 113,144 |
Realized Net Gain (Loss) on Investment Securities Sold | 1 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 113,145 |
22
New Jersey Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Year Ended November 30, | |
| 2007 | 2006 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 113,144 | 85,071 |
Realized Net Gain (Loss) | 1 | 30 |
Change in Unrealized Appreciation (Depreciation) | — | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 113,145 | 85,101 |
Distributions |
|
|
Net Investment Income | (113,144) | (85,071) |
Realized Capital Gain | — | — |
Total Distributions | (113,144) | (85,071) |
Capital Share Transactions (at $1.00) |
|
|
Issued | 3,005,742 | 2,351,557 |
Issued in Lieu of Cash Distributions | 108,205 | 80,917 |
Redeemed | (2,452,550) | (2,166,613) |
Net Increase (Decrease) from Capital Share Transactions | 661,397 | 265,861 |
Total Increase (Decrease) | 661,398 | 265,891 |
Net Assets |
|
|
Beginning of Period | 2,786,630 | 2,520,739 |
End of Period | 3,448,028 | 2,786,630 |
23
New Jersey Tax-Exempt Money Market Fund
Financial Highlights
| Year Ended November 30, | ||||
For a Share Outstanding |
|
|
|
|
|
Throughout Each Period | 2007 | 2006 | 2005 | 2004 | 2003 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .035 | .032 | .021 | .010 | .009 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | — | — | — | — | — |
Total from Investment Operations | .035 | .032 | .021 | .010 | .009 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.035) | (.032) | (.021) | (.010) | (.009) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.035) | (.032) | (.021) | (.010) | (.009) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|
|
|
|
|
|
Total Return1 | 3.60% | 3.25% | 2.17% | 1.03% | 0.87% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $3,448 | $2,787 | $2,521 | $2,074 | $1,874 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.10% | 0.13% | 0.13% | 0.13% | 0.17% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 3.53% | 3.21% | 2.17% | 1.03% | 0.87% |
1 | Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000. See accompanying Notes, which are an integral part of the Financial Statements. |
24
New Jersey Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard New Jersey Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of New Jersey.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Accordingly, no provision for federal income taxes is required in the financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month.
4. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its assets in capital contributions to Vanguard. At November 30, 2007, the fund had contributed capital of $284,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.28% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers 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, 2007, custodian fee offset arrangements reduced the fund’s expenses by $13,000.
D. In June 2006, the Financial Accounting Standards Board issued Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” FIN 48 establishes the minimum threshold for recognizing, and a system for measuring, the benefits of tax-return positions in financial statements, and is effective for the fund’s fiscal year beginning December 1, 2007. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended November 30, 2004–2007) for purposes of implementing FIN 48, and has concluded that as of November 30, 2007, no provision for income tax would be required in the fund’s financial statements.
25
New Jersey Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2007
Financial Attributes |
|
|
|
|
| Comparative | Broad |
| Fund | Index1 | Index2 |
Number of Issues | 356 | 7,034 | 42,147 |
Yield |
| — | — |
Investor Shares | 3.9% |
|
|
Admiral Shares | 4.0% |
|
|
Yield to Maturity | 4.0%3 | 3.8% | 4.0% |
Average Coupon | 4.8% | 5.0% | 5.0% |
Average Effective |
|
|
|
Maturity | 9.1 years | 9.9 years | 13.4 years |
Average Quality | AA+ | AAA | AA+ |
Average Duration | 6.7 years | 6.2 years | 7.2 years |
Expense Ratio |
| — | — |
Investor Shares | 0.15% |
|
|
Admiral Shares | 0.08% |
|
|
Short-Term Reserves | 0.0% | — | — |
Volatility Measures4 |
| |
| Fund Versus | Fund Versus |
| Comparative Index1 | Broad Index2 |
R-Squared | 0.95 | 0.98 |
Beta | 1.08 | 1.28 |
Distribution by Maturity (% of portfolio) | |
|
|
Under 1 Year | 6.6% |
1–5 Years | 24.8 |
5–10 Years | 32.6 |
10–20 Years | 27.7 |
20–30 Years | 8.0 |
Greater than 30 Years | 0.3 |
Distribution by Credit Quality (% of portfolio) | |
|
|
AAA | 81.5% |
AA | 8.8 |
A | 4.1 |
BBB | 5.6 |
Investment Focus
1 | Lehman 10 Year Municipal Bond Index. |
2 | Lehman Municipal Bond Index. |
3 | Before expenses. |
4 | For an explanation of R-squared, beta, and other terms used here, see the Glossary on page 50. |
26
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 www.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, 1997–November 30, 2007
Initial Investment of $10,000
|
|
|
| |
|
|
|
|
|
| Average Annual Total Returns | Final Value | ||
| Periods Ended November 30, 2007 | of a $10,000 | ||
| One Year | Five Years | Ten Years | Investment |
New Jersey Long-Term Tax-Exempt Fund |
|
|
|
|
Investor Shares1 | 2.04% | 4.48% | 5.18% | $16,577 |
Lehman Municipal Bond Index | 2.71 | 4.68 | 5.30 | 16,760 |
Lehman 10 Year Municipal Bond Index | 3.51 | 4.71 | 5.35 | 16,839 |
Average New Jersey Municipal Debt Fund2 | 0.99 | 3.95 | 4.23 | 15,131 |
|
|
|
| Final Value |
|
|
| Since | of a $100,000 |
| One Year | Five Years | Inception3 | Investment |
New Jersey Long-Term Tax-Exempt Fund |
|
|
|
|
Admiral Shares | 2.11% | 4.54% | 5.08% | $138,294 |
Lehman Municipal Bond Index | 2.71 | 4.68 | 5.20 | 139,349 |
Lehman 10 Year Municipal Bond Index | 3.51 | 4.71 | 5.21 | 139,481 |
1 | Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000. |
2 | Derived from data provided by Lipper Inc. |
3 | Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception: May 14, 2001. |
27
New Jersey Long-Term Tax-Exempt Fund
Fiscal-Year Total Returns (%): November 30, 1997–November 30, 2007 | ||||
|
|
| ||
| Investor Shares | Lehman1 | ||
Fiscal | Capital | Income | Total | Total |
Year | Return | Return | Return | Return |
1998 | 2.3% | 5.3% | 7.6% | 8.1% |
1999 | –6.2 | 4.9 | –1.3 | –0.4 |
2000 | 2.9 | 5.7 | 8.6 | 7.7 |
2001 | 3.4 | 5.2 | 8.6 | 8.2 |
2002 | 1.5 | 4.9 | 6.4 | 6.7 |
2003 | 2.1 | 4.7 | 6.8 | 6.9 |
2004 | –1.2 | 4.5 | 3.3 | 4.0 |
2005 | –1.1 | 4.4 | 3.3 | 3.0 |
2006 | 2.4 | 4.6 | 7.0 | 6.2 |
2007 | –2.3 | 4.3 | 2.0 | 3.5 |
Average Annual Total Returns: Periods Ended September 30, 2007
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
|
|
|
| Ten Years | ||
| Inception Date | One Year | Five Years | Capital | Income | Total |
Investor Shares2 | 2/3/1988 | 2.80% | 3.70% | 0.30% | 4.86% | 5.16% |
Admiral Shares | 5/14/2001 | 2.87 | 3.77 | 0.343 | 4.693 | 5.033 |
1 | Lehman 10 Year Municipal Bond Index. |
2 | Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000. |
3 | Return since inception. |
Note: See Financial Highlights tables on pages 42 and 43 for dividend and capital gains information.
28
New Jersey Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2007
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| Municipal Bonds (98.6%) |
|
|
|
|
| Atlantic County NJ Public Fac. COP | 7.400% | 3/1/10 (3) | 1,755 | 1,908 |
| Atlantic County NJ Public Fac. COP | 7.400% | 3/1/11 (3) | 4,025 | 4,516 |
| Atlantic County NJ Public Fac. COP | 6.000% | 3/1/14 (3) | 3,685 | 4,174 |
| Atlantic County NJ Public Fac. COP | 6.000% | 3/1/15 (3) | 1,480 | 1,693 |
| Atlantic County NJ Util. Auth. Sewer Rev. | 6.875% | 1/1/12 (2)(ETM) | 1,565 | 1,672 |
| Bergen County NJ Util. Auth. Water PCR | 5.000% | 12/15/31 (2) | 2,500 | 2,607 |
| Burlington County NJ Bridge Comm. Rev. | 5.250% | 12/15/21 (2) | 3,200 | 3,472 |
| Camden County NJ Improvement Auth. Lease Rev. | 5.375% | 9/1/10 (4)(Prere.) | 850 | 897 |
| Camden County NJ Improvement Auth. Lease Rev. | 5.500% | 9/1/10 (4)(Prere.) | 1,470 | 1,556 |
| Camden County NJ Improvement Auth. Lease Rev. | 5.500% | 5/1/12 (Prere.) | 1,140 | 1,243 |
| Camden County NJ Improvement Auth. Lease Rev. | 5.500% | 5/1/12 (Prere.) | 1,025 | 1,118 |
| Camden County NJ Improvement Auth. Lease Rev. | 5.500% | 5/1/12 (Prere.) | 1,335 | 1,456 |
| Camden County NJ Improvement Auth. Lease Rev. | 5.500% | 5/1/12 (Prere.) | 1,265 | 1,380 |
| Cape May County NJ Muni. Util. Auth. Rev. | 5.750% | 1/1/14 (4) | 6,930 | 7,786 |
| Cape May County NJ Muni. Util. Auth. Rev. | 5.250% | 1/1/17 (1) | 2,560 | 2,721 |
| Cape May County NJ Muni. Util. Auth. Rev. | 5.250% | 1/1/18 (1) | 2,165 | 2,290 |
| Cape May County NJ PCR (Atlantic City Electric) | 6.800% | 3/1/21 (1) | 15,400 | 19,661 |
| Cumberland County NJ Improvement Auth. |
|
|
|
|
| Solid Waste System Rev. | 5.125% | 1/1/25 (1) | 5,685 | 6,052 |
| Delaware River & Bay Auth. New Jersey Rev. | 5.375% | 1/1/10 (2)(Prere.) | 750 | 789 |
| Delaware River & Bay Auth. New Jersey Rev. VRDO | 3.530% | 12/6/07 (2) | 7,200 | 7,200 |
| Delaware River Port Auth. Pennsylvania & |
|
|
|
|
| New Jersey Rev. | 5.750% | 1/1/22 (4) | 10,000 | 10,391 |
| Delaware River Port Auth. Pennsylvania & |
|
|
|
|
| New Jersey Rev. | 5.625% | 1/1/26 (4) | 5,000 | 5,172 |
| Delaware River Port Auth. Pennsylvania & |
|
|
|
|
| New Jersey Rev. | 5.750% | 1/1/26 (4) | 12,085 | 12,536 |
| Egg Harbor Township NJ School Dist. GO | 5.000% | 7/15/11 (3)(Prere.) | 2,640 | 2,819 |
| Egg Harbor Township NJ School Dist. GO | 5.000% | 7/15/11 (3)(Prere.) | 2,780 | 2,969 |
| Egg Harbor Township NJ School Dist. GO | 5.000% | 7/15/11 (3)(Prere.) | 2,000 | 2,136 |
| Egg Harbor Township NJ School Dist. GO | 5.000% | 7/15/11 (3)(Prere.) | 1,400 | 1,495 |
| Egg Harbor Township NJ School Dist. GO | 5.100% | 7/15/11 (3)(Prere.) | 2,950 | 3,160 |
| Egg Harbor Township NJ School Dist. GO | 5.500% | 7/15/20 (4) | 3,775 | 4,344 |
| Egg Harbor Township NJ School Dist. GO | 5.500% | 7/15/21 (4) | 3,995 | 4,601 |
| Egg Harbor Township NJ School Dist. GO | 5.500% | 7/15/22 (4) | 4,220 | 4,865 |
| Egg Harbor Township NJ School Dist. GO | 5.750% | 7/15/24 (4) | 4,715 | 5,583 |
| Egg Harbor Township NJ School Dist. GO | 5.750% | 7/15/25 (4) | 4,885 | 5,807 |
| Essex County NJ Improvement Auth. Lease Rev. | 5.750% | 10/1/10 (3)(Prere.) | 5,090 | 5,432 |
29
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| Essex County NJ Improvement Auth. Lease Rev. | 5.750% | 10/1/10 (3)(Prere.) | 3,390 | 3,618 |
| Essex County NJ Improvement Auth. Lease Rev. | 5.750% | 10/1/10 (3)(Prere.) | 2,650 | 2,828 |
| Essex County NJ Improvement Auth. Rev. | 5.250% | 12/15/18 (2) | 10,000 | 11,183 |
| Essex County NJ Improvement Auth. Rev. | 5.250% | 12/15/20 (2) | 5,010 | 5,609 |
| Essex County NJ Improvement Auth. Rev. | 5.250% | 12/15/22 (2) | 3,455 | 3,873 |
| Essex County NJ Improvement Auth. Rev. | 5.500% | 10/1/23 (1) | 12,065 | 13,790 |
| Essex County NJ Improvement Auth. Rev. | 5.250% | 12/15/23 (2) | 3,635 | 4,077 |
| Essex County NJ Improvement Auth. Rev. | 5.500% | 10/1/24 (1) | 6,725 | 7,693 |
| Essex County NJ Improvement Auth. Rev. | 5.250% | 12/15/24 (2) | 3,820 | 4,285 |
| Essex County NJ Improvement Auth. Rev. | 5.500% | 10/1/25 (1) | 11,630 | 13,324 |
| Essex County NJ Improvement Auth. Rev. | 5.500% | 10/1/26 (1) | 6,500 | 7,454 |
| Essex County NJ Improvement Auth. Rev. | 5.500% | 10/1/27 (1) | 5,895 | 6,764 |
| Essex County NJ Solid Waste Util. Auth. | 0.000% | 4/1/10 (4) | 1,000 | 923 |
| Evesham NJ Util. Auth. Rev. | 5.000% | 7/1/16 (2) | 3,435 | 3,654 |
| Evesham NJ Util. Auth. Rev. | 5.000% | 7/1/17 (2) | 3,705 | 3,924 |
| Evesham NJ Util. Auth. Rev. | 5.000% | 7/1/18 (2) | 1,605 | 1,683 |
| Garden State Preservation Trust New Jersey | 5.125% | 11/1/19 (4) | 7,655 | 8,542 |
| Garden State Preservation Trust New Jersey | 0.000% | 11/1/21 (4) | 11,325 | 6,054 |
| Garden State Preservation Trust New Jersey | 0.000% | 11/1/22 (4) | 41,150 | 20,848 |
| Garden State Preservation Trust New Jersey | 0.000% | 11/1/23 (4) | 15,000 | 7,212 |
| Garden State Preservation Trust New Jersey | 5.750% | 11/1/28 (4) | 13,000 | 15,563 |
| Gloucester County NJ Improvement Auth. |
|
|
|
|
| Lease Rev. | 5.000% | 7/15/16 (1) | 1,000 | 1,068 |
| Gloucester County NJ Improvement Auth. |
|
|
|
|
| Lease Rev. | 5.000% | 7/15/17 (1) | 1,000 | 1,074 |
| Gloucester County NJ Improvement Auth. |
|
|
|
|
| Lease Rev. | 5.000% | 7/15/20 (1) | 1,150 | 1,213 |
| Gloucester County NJ Improvement Auth. |
|
|
|
|
| Lease Rev. | 5.000% | 7/15/23 (1) | 1,000 | 1,045 |
| Gloucester Township NJ GO | 5.750% | 7/15/10 (2) | 2,880 | 3,029 |
| Gloucester Township NJ Muni. Util. Auth. Rev. | 5.650% | 3/1/18 (2) | 2,755 | 3,062 |
| Hillsborough Township NJ School Dist. GO | 5.375% | 10/1/13 (4) | 1,250 | 1,381 |
| Hillsborough Township NJ School Dist. GO | 5.375% | 10/1/15 (4) | 1,720 | 1,934 |
| Hillsborough Township NJ School Dist. GO | 5.375% | 10/1/17 (4) | 720 | 816 |
| Hillsborough Township NJ School Dist. GO | 5.375% | 10/1/19 (4) | 1,720 | 1,976 |
1 | Hoboken-Union City-Weehawken NJ |
|
|
|
|
| Sewerage Auth. Rev. | 6.250% | 8/1/13 (1) | 9,590 | 10,960 |
| Irvington Township NJ GO | 0.000% | 8/1/09 (1)(ETM) | 2,580 | 2,438 |
| Irvington Township NJ GO | 0.000% | 8/1/10 (1)(ETM) | 2,080 | 1,898 |
| Jackson Township NJ Board of Educ. GO | 5.375% | 4/15/12 (3)(Prere.) | 6,885 | 7,474 |
| Jackson Township NJ Board of Educ. GO | 5.375% | 4/15/12 (3)(Prere.) | 7,676 | 8,333 |
| Jackson Township NJ Board of Educ. GO | 5.250% | 6/15/21 (1) | 11,195 | 12,597 |
| Marlboro Township NJ Board of Educ. GO | 5.250% | 7/15/09 (4)(Prere.) | 2,625 | 2,707 |
| Marlboro Township NJ Board of Educ. GO | 5.250% | 7/15/09 (4)(Prere.) | 2,850 | 2,939 |
| Marlboro Township NJ Board of Educ. GO | 5.250% | 7/15/09 (4)(Prere.) | 2,790 | 2,877 |
| Marlboro Township NJ Board of Educ. GO | 5.000% | 7/15/14 | 1,045 | 1,101 |
| Mercer County NJ Improvement Auth. |
|
|
|
|
| Solid Waste Rev. | 5.375% | 9/15/12 | 11,120 | 11,359 |
| Mercer County NJ Improvement Auth. |
|
|
|
|
| Special Services School Dist. Rev. | 5.750% | 12/15/08 | 1,165 | 1,194 |
| Mercer County NJ Improvement Auth. |
|
|
|
|
| Special Services School Dist. Rev. | 5.950% | 12/15/12 | 4,895 | 5,428 |
| Middlesex County NJ COP | 5.000% | 8/1/11 (1) | 1,050 | 1,109 |
| Middlesex County NJ COP | 5.500% | 8/1/15 (1) | 1,195 | 1,281 |
30
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| Middlesex County NJ Improvement Auth. | 5.375% | 3/15/22 (3) | 1,825 | 1,947 |
| Middlesex County NJ Improvement Auth. | 5.375% | 3/15/23 (3) | 1,925 | 2,054 |
| Middlesex County NJ Improvement Auth. Rev. |
|
|
|
|
| Heldrich Center Hotel/Conference Project | 5.000% | 1/1/15 | 500 | 506 |
| Middlesex County NJ Improvement Auth. Rev. |
|
|
|
|
| Heldrich Center Hotel/Conference Project | 5.000% | 1/1/20 | 500 | 490 |
| Middlesex County NJ Improvement Auth. Rev. |
|
|
|
|
| Heldrich Center Hotel/Conference Project | 5.000% | 1/1/32 | 5,100 | 4,691 |
| Middlesex County NJ Improvement Auth. Rev. |
|
|
|
|
| Heldrich Center Hotel/Conference Project | 5.125% | 1/1/37 | 3,500 | 3,244 |
| Middlesex County NJ Improvement Auth. Rev. |
|
|
|
|
| Open Space Trust Fund | 5.250% | 9/15/19 | 1,585 | 1,705 |
| Middlesex County NJ Improvement Auth. Rev. |
|
|
|
|
| Open Space Trust Fund | 5.250% | 9/15/20 | 1,600 | 1,720 |
| Middlesex County NJ Improvement Auth. Rev. |
|
|
|
|
| Open Space Trust Fund | 5.250% | 9/15/21 | 2,375 | 2,535 |
| Middlesex County NJ Improvement Auth. Rev. |
|
|
|
|
| Open Space Trust Fund | 5.250% | 9/15/22 | 2,000 | 2,134 |
| Middlesex County NJ Improvement Auth. |
|
|
|
|
| Util. Systems Rev. (Perth Amboy) | 0.000% | 9/1/15 (2) | 2,000 | 1,470 |
| Middlesex County NJ Improvement Auth. |
|
|
|
|
| Util. Systems Rev. (Perth Amboy) | 0.000% | 9/1/16 (2) | 3,000 | 2,098 |
| Middlesex County NJ Improvement Auth. |
|
|
|
|
| Util. Systems Rev. (Perth Amboy) | 0.000% | 9/1/18 (2) | 4,550 | 2,861 |
| Middletown Township NJ Board of Educ. GO | 5.000% | 8/1/14 (4) | 2,735 | 2,849 |
| Middletown Township NJ Board of Educ. GO | 5.000% | 8/1/15 (4) | 2,015 | 2,098 |
| Monmouth County NJ Improvement Auth. Rev. |
|
|
|
|
| (Howell Township Board of Educ.) | 5.000% | 7/15/19 (2) | 2,115 | 2,221 |
| Monmouth County NJ Improvement Auth. Rev. |
|
|
|
|
| (Howell Township Board of Educ.) | 5.000% | 7/15/20 (2) | 2,225 | 2,336 |
3 | Monmouth County NJ Improvement Auth. Rev. |
|
|
|
|
| (Pooled Govt. Loan) | 5.000% | 12/1/13 (2) | 1,545 | 1,665 |
3 | Monmouth County NJ Improvement Auth. Rev. |
|
|
|
|
| (Pooled Govt. Loan) | 5.000% | 12/1/14 (2) | 3,205 | 3,473 |
3 | Monmouth County NJ Improvement Auth. Rev. |
|
|
|
|
| (Pooled Govt. Loan) | 5.000% | 12/1/16 (2) | 1,000 | 1,091 |
3 | Monmouth County NJ Improvement Auth. Rev. |
|
|
|
|
| (Pooled Govt. Loan) | 5.250% | 12/1/18 (2) | 2,000 | 2,211 |
3 | Monmouth County NJ Improvement Auth. Rev. |
|
|
|
|
| (Pooled Govt. Loan) | 5.250% | 12/1/21 (2) | 1,275 | 1,389 |
| Montgomery Township NJ School Dist. GO | 5.250% | 8/1/13 (1) | 1,285 | 1,379 |
| Montgomery Township NJ School Dist. GO | 5.250% | 8/1/17 (1) | 1,280 | 1,372 |
| Montgomery Township NJ School Dist. GO | 5.250% | 8/1/18 (1) | 1,280 | 1,360 |
| New Jersey Casino Reinvestment Dev. Auth. Rev. |
|
|
|
|
| (Hotel Room Fee) | 5.250% | 1/1/20 (2) | 2,945 | 3,226 |
| New Jersey Casino Reinvestment Dev. Auth. Rev. |
|
|
|
|
| (Hotel Room Fee) | 5.250% | 1/1/21 (2) | 6,255 | 6,840 |
| New Jersey Casino Reinvestment Dev. Auth. Rev. |
|
|
|
|
| (Hotel Room Fee) | 5.250% | 1/1/22 (2) | 5,585 | 6,089 |
| New Jersey Casino Reinvestment Dev. Auth. Rev. |
|
|
|
|
| (Hotel Room Fee) | 5.250% | 1/1/23 (2) | 3,900 | 4,242 |
| New Jersey Casino Reinvestment Dev. Auth. Rev. |
|
|
|
|
| (Hotel Room Fee) | 5.250% | 1/1/24 (2) | 3,500 | 3,795 |
| New Jersey Casino Reinvestment Dev. Auth. Rev. |
|
|
|
|
| (Parking Fee) | 5.250% | 6/1/21 (1) | 3,000 | 3,245 |
31
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
2 | New Jersey Econ. Dev. Auth. Lease Rev. |
|
|
|
|
| (Bergen County Administration Complex) | 5.500% | 11/15/08 (1)(Prere.) | 4,375 | 4,506 |
2 | New Jersey Econ. Dev. Auth. Lease Rev. |
|
|
|
|
| (Bergen County Administration Complex) | 5.625% | 11/15/08 (1)(Prere.) | 4,870 | 5,021 |
2 | New Jersey Econ. Dev. Auth. Lease Rev. |
|
|
|
|
| (Bergen County Administration Complex) | 5.750% | 11/15/08 (1)(Prere.) | 5,440 | 5,615 |
2 | New Jersey Econ. Dev. Auth. Lease Rev. |
|
|
|
|
| (Bergen County Administration Complex) | 5.750% | 11/15/08 (1)(Prere.) | 6,080 | 6,276 |
| New Jersey Econ. Dev. Auth. |
|
|
|
|
| Market Transition Fac. Rev. | 5.500% | 9/1/28 (3) | 8,000 | 9,201 |
| New Jersey Econ. Dev. Auth. |
|
|
|
|
| Market Transition Fac. Rev. | 5.500% | 9/1/29 (3) | 7,055 | 8,123 |
| New Jersey Econ. Dev. Auth. Rev. (Cigarette Tax) | 5.625% | 6/15/17 | 3,580 | 3,581 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (Hillcrest Health Service) | 0.000% | 1/1/12 (2) | 2,500 | 2,153 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (Hillcrest Health Service) | 0.000% | 1/1/13 (2) | 3,000 | 2,479 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (Motor Vehicle Comm.) | 5.250% | 7/1/24 (1) | 6,000 | 6,686 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (Motor Vehicle Comm.) | 5.250% | 7/1/25 (1) | 14,000 | 15,629 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (Motor Vehicle Comm.) | 5.250% | 7/1/26 (1) | 3,000 | 3,350 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (Motor Vehicle Comm.) | 5.250% | 7/1/31 (1) | 25,175 | 26,548 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.250% | 6/15/11 (2)(Prere.) | 7,040 | 7,505 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.500% | 6/15/13 (2) | 1,200 | 1,324 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.000% | 9/1/13 (2)(Prere.) | 2,145 | 2,329 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.000% | 9/1/13 (Prere.) | 3,000 | 3,257 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.250% | 9/1/14 (3)(Prere.) | 3,880 | 4,305 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.500% | 9/1/18 (3) | 10,285 | 11,689 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.250% | 3/1/24 | 15,550 | 16,671 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.250% | 3/1/25 | 8,000 | 8,556 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.250% | 3/1/26 | 10,000 | 10,663 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.500% | 9/1/27 (3) | 14,500 | 16,673 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.000% | 9/1/32 (4) | 2,000 | 2,099 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.000% | 9/1/36 | 7,500 | 7,774 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) | 5.000% | 9/1/37 | 18,000 | 18,674 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) |
|
|
|
|
| VRDO | 3.450% | 12/4/07 LOC | 3,000 | 3,000 |
| New Jersey Econ. Dev. Auth. Rev. (School Fac.) |
|
|
|
|
| VRDO | 3.520% | 12/4/07 LOC | 2,200 | 2,200 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (St. Barnabas Project) | 0.000% | 7/1/08 (1)(ETM) | 2,305 | 2,260 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (St. Barnabas Project) | 0.000% | 7/1/11 (1)(ETM) | 4,650 | 4,099 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (St. Barnabas Project) | 0.000% | 7/1/12 (1) | 4,550 | 3,861 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (St. Barnabas Project) | 0.000% | 7/1/13 (1) | 4,500 | 3,667 |
| New Jersey Econ. Dev. Auth. Rev. |
|
|
|
|
| (St. Barnabas Project) | 0.000% | 7/1/14 (1) | 4,210 | 3,281 |
| New Jersey Econ. Dev. Auth. Rev. (Transp. Project) | 5.250% | 5/1/09 (4)(Prere.) | 4,500 | 4,623 |
| New Jersey Econ. Dev. Auth. Rev. (Transp. Project) | 5.875% | 5/1/09 (4)(Prere.) | 3,465 | 3,590 |
32
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| New Jersey Educ. Fac. Auth. Rev. | 5.875% | 9/1/08 (2) | 6,165 | 6,282 |
| New Jersey Educ. Fac. Auth. Rev. | 5.000% | 9/1/10 (4)(Prere.) | 2,715 | 2,839 |
| New Jersey Educ. Fac. Auth. Rev. | 5.000% | 9/1/10 (Prere.) | 6,405 | 6,698 |
| New Jersey Educ. Fac. Auth. Rev. | 5.750% | 9/1/10 (4)(Prere.) | 8,425 | 8,975 |
| New Jersey Educ. Fac. Auth. Rev. | 5.750% | 9/1/12 | 7,595 | 8,333 |
| New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) | 5.250% | 7/1/20 (3) | 2,060 | 2,300 |
| New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) | 5.250% | 7/1/21 (3) | 1,550 | 1,729 |
| New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) | 5.000% | 7/1/37 (1) | 6,730 | 7,043 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Fairleigh Dickinson Univ.) | 5.500% | 7/1/23 | 2,750 | 2,809 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Georgian Court Univ.) | 5.000% | 7/1/27 | 1,000 | 987 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Georgian Court Univ.) | 5.000% | 7/1/33 | 1,000 | 958 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Georgian Court Univ.) | 5.250% | 7/1/37 | 1,000 | 990 |
| New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) | 5.250% | 7/1/13 (3)(Prere.) | 2,775 | 3,042 |
| New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) | 5.250% | 7/1/13 (3)(Prere.) | 2,605 | 2,855 |
| New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) | 5.000% | 7/1/20 (3) | 2,585 | 2,795 |
| New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) | 5.000% | 7/1/21 (3) | 3,025 | 3,256 |
| New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) | 5.000% | 7/1/39 (3) | 8,000 | 8,357 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Montclair State Univ.) | 5.000% | 7/1/15 (3)(Prere.) | 4,700 | 5,169 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Montclair State Univ.) | 5.000% | 7/1/27 (2) | 11,275 | 11,836 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (New Jersey Institute of Technology) | 5.250% | 7/1/17 (1) | 1,000 | 1,062 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (New Jersey Institute of Technology) | 5.250% | 7/1/18 (1) | 1,470 | 1,547 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (New Jersey Institute of Technology) | 5.250% | 7/1/20 (1) | 1,725 | 1,816 |
| New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) | 5.250% | 7/1/16 | 2,545 | 2,854 |
| New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) | 5.250% | 7/1/18 | 4,785 | 5,416 |
| New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) | 5.250% | 7/1/19 | 7,000 | 7,944 |
| New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) | 5.000% | 7/1/30 | 2,900 | 3,030 |
| New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) | 5.000% | 7/1/33 | 15,000 | 15,781 |
| New Jersey Educ. Fac. Auth. Rev. (Ramapo College) | 5.625% | 7/1/09 (1)(Prere.) | 2,105 | 2,191 |
| New Jersey Educ. Fac. Auth. Rev. (Ramapo College) | 5.000% | 7/1/12 (3)(Prere.) | 1,700 | 1,825 |
| New Jersey Educ. Fac. Auth. Rev. (Ramapo College) | 5.000% | 7/1/12 (3)(Prere.) | 1,010 | 1,084 |
| New Jersey Educ. Fac. Auth. Rev. (Ramapo College) | 5.000% | 7/1/14 (3)(Prere.) | 15,760 | 17,217 |
| New Jersey Educ. Fac. Auth. Rev. (Ramapo College) | 5.000% | 7/1/15 (3) | 1,550 | 1,649 |
| New Jersey Educ. Fac. Auth. Rev. (Ramapo College) | 5.000% | 7/1/16 (1)(Prere.) | 4,000 | 4,420 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.250% | 7/1/10 (3)(Prere.) | 11,210 | 11,762 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.250% | 7/1/11 (3)(Prere.) | 190 | 204 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.250% | 7/1/11 (3)(Prere.) | 205 | 221 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.250% | 7/1/11 (3)(Prere.) | 235 | 253 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.125% | 7/1/13 (3)(Prere.) | 2,800 | 3,051 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.250% | 7/1/14 (3) | 2,070 | 2,217 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.250% | 7/1/15 (3) | 1,690 | 1,810 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.250% | 7/1/16 (3) | 1,845 | 1,976 |
| New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) | 5.000% | 7/1/24 (1) | 2,200 | 2,329 |
| New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) | 5.250% | 7/1/10 (2) | 1,500 | 1,560 |
| New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) | 5.250% | 7/1/12 (2) | 1,275 | 1,323 |
| New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) | 5.250% | 7/1/15 (2) | 400 | 425 |
33
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) | 5.250% | 7/1/16 (2) | 200 | 212 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Stevens Institute of Technology) | 5.125% | 7/1/13 (Prere.) | 6,000 | 6,522 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Stevens Institute of Technology) | 5.250% | 7/1/13 (Prere.) | 6,000 | 6,560 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Stevens Institute of Technology) | 5.000% | 7/1/27 | 5,000 | 4,869 |
| New Jersey Educ. Fac. Auth. Rev. |
|
|
|
|
| (Stevens Institute of Technology) | 5.000% | 7/1/34 | 2,500 | 2,350 |
| New Jersey Environmental Infrastructure Trust |
|
|
|
|
| Wastewater Treatment Rev. | 5.125% | 9/1/10 (Prere.) | 5,090 | 5,386 |
| New Jersey GO | 5.500% | 7/15/19 (3) | 7,500 | 8,552 |
| New Jersey Health Care Fac. Financing Auth. Rev. | 5.000% | 7/1/36 | 14,250 | 14,289 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Atlantic City Medical Center) | 6.000% | 7/1/08 | 2,530 | 2,564 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Atlantic City Medical Center) | 5.750% | 7/1/12 (Prere.) | 2,220 | 2,449 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Atlantic City Medical Center) | 6.250% | 7/1/12 (Prere.) | 1,750 | 1,967 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Atlantic City Medical Center) | 6.250% | 7/1/17 | 2,200 | 2,385 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Atlantic City Medical Center) | 5.750% | 7/1/25 | 2,780 | 2,898 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Atlanticare Regional Medical Center) | 5.000% | 7/1/23 | 2,675 | 2,740 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Atlanticare Regional Medical Center) | 5.000% | 7/1/26 | 2,880 | 2,922 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Atlanticare Regional Medical Center) | 5.000% | 7/1/37 | 10,000 | 9,984 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Capital Health Systems Obligated Group) | 5.750% | 7/1/23 | 7,000 | 7,208 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Children’s Specialized Hospital) | 5.000% | 7/1/24 | 800 | 785 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Children’s Specialized Hospital) | 5.500% | 7/1/30 | 3,055 | 3,083 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Children’s Specialized Hospital) | 5.500% | 7/1/36 | 6,800 | 6,837 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Community Medical Center/Kimball Medical |
|
|
|
|
| Center/Kensington Manor Care Center) | 5.250% | 7/1/08 (4)(Prere.) | 1,360 | 1,388 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Community Medical Center/Kimball Medical |
|
|
|
|
| Center/Kensington Manor Care Center) | 5.250% | 7/1/08 (4)(Prere.) | 1,395 | 1,424 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Community Medical Center/Kimball Medical |
|
|
|
|
| Center/Kensington Manor Care Center) | 5.250% | 7/1/09 (4) | 4,140 | 4,222 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Community Medical Center/Kimball Medical |
|
|
|
|
| Center/Kensington Manor Care Center) | 5.000% | 7/1/10 (4) | 4,695 | 4,787 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Community Medical Center/Kimball Medical |
|
|
|
|
| Center/Kensington Manor Care Center) | 5.250% | 7/1/12 (4) | 105 | 107 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Hackensack Univ. Medical Center) | 5.375% | 1/1/13 (1) | 2,355 | 2,382 |
34
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Holy Name Hosp.) | 5.250% | 7/1/30 | 4,000 | 3,958 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Hunterdon Medical Center) | 5.250% | 7/1/25 | 1,200 | 1,235 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Hunterdon Medical Center) | 5.125% | 7/1/35 | 3,450 | 3,465 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Meridian Health System Obligated Group) | 5.625% | 7/1/13 (4) | 7,355 | 7,673 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Meridian Health System Obligated Group) | 5.250% | 7/1/29 (4) | 13,450 | 13,832 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Riverside Medical Center) | 6.250% | 7/1/10 (2)(ETM) | 2,935 | 3,147 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (South Jersey Hosp.) | 5.875% | 7/1/12 (Prere.) | 3,500 | 3,865 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (South Jersey Hosp.) | 6.000% | 7/1/12 (Prere.) | 3,500 | 3,883 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (South Jersey Hosp.) | 6.000% | 7/1/12 (Prere.) | 3,000 | 3,329 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (South Jersey Hosp.) | 5.000% | 7/1/46 | 5,000 | 4,965 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (St. Barnabas Health Care System) | 0.000% | 7/1/21 (1) | 1,740 | 944 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (St. Barnabas Health Care System) | 0.000% | 7/1/21 (1)(ETM) | 1,260 | 695 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (St. Barnabas Health Care System) | 5.000% | 7/1/29 | 4,375 | 4,186 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (St. Barnabas Health Care) | 5.250% | 1/1/09 (1)(Prere.) | 305 | 314 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (St. Barnabas Health Care) | 5.250% | 1/1/09 (1)(Prere.) | 960 | 989 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (St. Barnabas Health Care) | 5.250% | 7/1/13 (1) | 2,695 | 2,770 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (St. Barnabas Health Care) | 5.250% | 7/1/16 (1) | 2,340 | 2,405 |
| New Jersey Health Care Fac. Financing Auth. Rev. |
|
|
|
|
| (Virtua Health) | 5.250% | 7/1/14 (4) | 11,000 | 11,297 |
| New Jersey Highway Auth. Rev. |
|
|
|
|
| (Garden State Parkway) | 5.600% | 1/1/10 (3)(Prere.) | 7,535 | 7,960 |
| New Jersey Housing & Mortgage Finance Agency |
|
|
|
|
| Multi-Family Housing Rev. | 5.700% | 5/1/20 (4) | 2,095 | 2,166 |
| New Jersey Housing & Mortgage Finance |
|
|
|
|
| Agency Rev. VRDO | 3.330% | 12/5/07 | 11,360 | 11,360 |
| New Jersey Sports & Exposition Auth. Rev. | 6.500% | 3/1/13 (1)(ETM) | 1,595 | 1,733 |
| New Jersey Sports & Exposition Auth. Rev. | 6.500% | 3/1/13 (1) | 1,420 | 1,544 |
| New Jersey Sports & Exposition Auth. Rev. | 5.500% | 3/1/17 (1)(ETM) | 250 | 286 |
| New Jersey Sports & Exposition Auth. Rev. | 5.500% | 3/1/17 (1) | 5,505 | 6,260 |
| New Jersey Sports & Exposition Auth. Rev. |
|
|
|
|
| (Convention Center Luxury Tax) | 5.500% | 3/1/21 (1) | 3,000 | 3,423 |
| New Jersey Sports & Exposition Auth. Rev. |
|
|
|
|
| (Convention Center Luxury Tax) | 5.500% | 3/1/22 (1) | 1,000 | 1,143 |
| New Jersey Sports & Exposition Auth. Rev. VRDO | 3.550% | 12/5/07 (1) | 230 | 230 |
2 | New Jersey State Transp. Rev. TOB VRDO | 3.470% | 12/5/07 (4) | 2,820 | 2,820 |
| New Jersey Transp. Corp. COP | 5.750% | 9/15/10 (2)(Prere.) | 2,000 | 2,131 |
| New Jersey Transp. Corp. COP | 5.500% | 9/15/12 (2) | 20,000 | 21,759 |
35
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| New Jersey Transp. Corp. COP | 5.500% | 9/15/14 (2) | 1,500 | 1,667 |
| New Jersey Transp. Corp. COP | 5.500% | 9/15/15 (2) | 15,000 | 16,797 |
| New Jersey Transp. Trust Fund Auth. Rev. | 6.000% | 6/15/10 (Prere.) | 5,000 | 5,333 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.250% | 6/15/15 (1)(Prere.) | 5,000 | 5,579 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.250% | 6/15/15 (1)(ETM) | 5,000 | 5,579 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.750% | 6/15/20 | 5,000 | 5,781 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.500% | 12/15/21 (1) | 25,000 | 28,708 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.750% | 6/15/23 (3) | 5,850 | 6,848 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.250% | 12/15/23 (2) | 15,830 | 17,677 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.750% | 6/15/24 (3) | 5,000 | 5,865 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.750% | 6/15/25 (3) | 17,750 | 20,897 |
| New Jersey Transp. Trust Fund Auth. Rev. | 0.000% | 12/15/32 (4) | 10,000 | 3,027 |
| New Jersey Transp. Trust Fund Auth. Rev. | 5.000% | 12/15/32 (2) | 22,085 | 23,189 |
2 | New Jersey Transp. Trust Fund Auth. Rev. |
|
|
|
|
| TOB VRDO | 3.610% | 12/6/07 (1) | 3,945 | 3,945 |
| New Jersey Turnpike Auth. Rev. | 5.375% | 1/1/10 (1)(Prere.) | 3,500 | 3,649 |
| New Jersey Turnpike Auth. Rev. | 5.500% | 1/1/10 (1)(Prere.) | 1,800 | 1,881 |
| New Jersey Turnpike Auth. Rev. | 5.750% | 1/1/10 (1)(Prere.) | 665 | 698 |
| New Jersey Turnpike Auth. Rev. | 5.750% | 1/1/10 (1)(Prere.) | 7,365 | 7,733 |
| New Jersey Turnpike Auth. Rev. | 5.750% | 1/1/10 (1)(Prere.) | 1,620 | 1,701 |
| New Jersey Turnpike Auth. Rev. | 6.000% | 1/1/13 (1)(ETM) | 770 | 865 |
| New Jersey Turnpike Auth. Rev. | 6.000% | 1/1/13 (1) | 230 | 257 |
| New Jersey Turnpike Auth. Rev. | 6.500% | 1/1/13 (1)(ETM) | 20,000 | 22,933 |
| New Jersey Turnpike Auth. Rev. | 6.500% | 1/1/16 (1)(ETM) | 1,560 | 1,815 |
| New Jersey Turnpike Auth. Rev. | 6.500% | 1/1/16 (1) | 4,615 | 5,318 |
| New Jersey Turnpike Auth. Rev. | 6.500% | 1/1/16 (1)(ETM) | 22,095 | 25,705 |
| New Jersey Turnpike Auth. Rev. | 5.750% | 1/1/17 (1) | 2,635 | 2,761 |
| New Jersey Turnpike Auth. Rev. | 5.250% | 1/1/26 (4) | 7,000 | 7,877 |
| New Jersey Turnpike Auth. Rev. | 5.250% | 1/1/27 (4) | 7,000 | 7,879 |
| New Jersey Turnpike Auth. Rev. | 5.250% | 1/1/29 (4) | 19,000 | 21,400 |
| New Jersey Turnpike Auth. Rev. | 5.250% | 1/1/30 (4) | 26,100 | 29,372 |
2 | New Jersey Turnpike Auth. Rev. TOB VRDO | 3.610% | 12/6/07 (1)(2) | 2,190 | 2,190 |
| Newark NJ GO | 5.500% | 10/1/08 (2) | 1,660 | 1,690 |
| Newark NJ GO | 5.375% | 12/15/13 (1) | 2,000 | 2,176 |
| Ocean County NJ Util. Auth. Wastewater Rev. | 5.250% | 1/1/17 | 2,665 | 2,833 |
| Ocean County NJ Util. Auth. Wastewater Rev. | 5.250% | 1/1/18 | 2,345 | 2,481 |
| Ocean County NJ Util. Auth. Wastewater Rev. | 6.600% | 1/1/18 (3)(ETM) | 2,500 | 2,976 |
| Ocean County NJ Util. Auth. Wastewater Rev. | 5.250% | 1/1/25 (1) | 4,045 | 4,543 |
| Ocean County NJ Util. Auth. Wastewater Rev. | 5.250% | 1/1/26 (1) | 4,260 | 4,788 |
3 | Passaic Valley NJ Water Comm. Rev. | 5.000% | 12/1/27 (4) | 2,350 | 2,483 |
| Port Auth. of New York & New Jersey Rev. | 5.000% | 7/15/25 | 13,600 | 14,189 |
| Port Auth. of New York & New Jersey Rev. | 5.000% | 7/15/31 | 12,830 | 13,262 |
| Port Auth. of New York & New Jersey Rev. | 5.000% | 7/15/34 (1) | 12,095 | 12,583 |
| Rahway Valley NJ Sewerage Auth. Sewer Rev. | 0.000% | 9/1/31 (1) | 4,215 | 1,353 |
| Rahway Valley NJ Sewerage Auth. Sewer Rev. | 0.000% | 9/1/32 (1) | 5,000 | 1,527 |
| Rahway Valley NJ Sewerage Auth. Sewer Rev. | 0.000% | 9/1/34 (1) | 10,220 | 2,828 |
| Rahway Valley NJ Sewerage Auth. Sewer Rev. | 0.000% | 9/1/35 (1) | 10,215 | 2,687 |
| Rutgers State Univ. New Jersey | 6.400% | 5/1/13 | 3,000 | 3,236 |
| Rutgers State Univ. New Jersey | 5.000% | 5/1/31 (3) | 2,000 | 2,074 |
| Salem County NJ Financing Auth. PCR |
|
|
|
|
| (Atlantic City Electric Co.) VRDO | 3.580% | 12/5/07 (1) | 7,550 | 7,550 |
| South Jersey Port Corp. New Jersey Rev. | 5.000% | 1/1/23 | 2,000 | 2,057 |
| South Jersey Port Corp. New Jersey Rev. | 5.100% | 1/1/33 | 1,500 | 1,527 |
| Stafford NJ Muni. Util. Auth. Water & Sewer Rev. | 5.500% | 6/1/11 (3) | 3,100 | 3,217 |
36
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| Tobacco Settlement Financing Corp. |
|
|
|
|
| New Jersey Rev. | 6.000% | 6/1/12 (Prere.) | 20,135 | 22,383 |
| Tobacco Settlement Financing Corp. |
|
|
|
|
| New Jersey Rev. | 6.125% | 6/1/12 (Prere.) | 37,475 | 41,854 |
| Tobacco Settlement Financing Corp. |
|
|
|
|
| New Jersey Rev. | 6.750% | 6/1/13 (Prere.) | 2,605 | 3,040 |
| Tobacco Settlement Financing Corp. |
|
|
|
|
| New Jersey Rev. | 7.000% | 6/1/13 (Prere.) | 20,000 | 23,577 |
| Tobacco Settlement Financing Corp. |
|
|
|
|
| New Jersey Rev. | 4.500% | 6/1/23 | 15,365 | 14,076 |
| Univ. of Medicine & Dentistry New Jersey COP | 5.250% | 6/15/18 (1) | 1,975 | 2,122 |
| Univ. of Medicine & Dentistry New Jersey COP | 5.250% | 6/15/20 (1) | 2,185 | 2,336 |
| Univ. of Medicine & Dentistry New Jersey COP | 5.250% | 6/15/22 (1) | 2,420 | 2,575 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 6.500% | 12/1/12 (1)(ETM) | 4,000 | 4,343 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 5.375% | 12/1/15 (2) | 2,325 | 2,528 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 5.375% | 12/1/16 (2) | 1,110 | 1,207 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 5.500% | 12/1/18 (2) | 1,250 | 1,353 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 5.500% | 12/1/19 (2) | 3,000 | 3,247 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 5.500% | 12/1/20 (2) | 3,675 | 3,978 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 5.500% | 12/1/21 (2) | 2,000 | 2,165 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 5.500% | 12/1/23 (2) | 7,330 | 7,862 |
| Univ. of Medicine & Dentistry New Jersey Rev. | 5.500% | 12/1/27 (2) | 10,100 | 10,776 |
| Vernon Township NJ School Dist. GO | 5.250% | 12/1/09 (3)(Prere.) | 1,200 | 1,246 |
| Vernon Township NJ School Dist. GO | 5.300% | 12/1/09 (3)(Prere.) | 1,200 | 1,247 |
| Vernon Township NJ School Dist. GO | 5.375% | 12/1/09 (3)(Prere.) | 1,200 | 1,249 |
| Vernon Township NJ School Dist. GO | 5.375% | 12/1/09 (3)(Prere.) | 1,200 | 1,249 |
| Vernon Township NJ School Dist. GO | 5.375% | 12/1/09 (3)(Prere.) | 1,200 | 1,249 |
| Washington Township NJ Board of Educ. GO | 5.250% | 1/1/23 (4) | 1,875 | 2,104 |
| Washington Township NJ Board of Educ. GO | 5.250% | 1/1/24 (4) | 2,070 | 2,322 |
| Washington Township NJ Board of Educ. GO | 5.250% | 1/1/25 (4) | 1,500 | 1,687 |
| Washington Township NJ Board of Educ. GO | 5.250% | 1/1/26 (4) | 1,330 | 1,497 |
| West Orange NJ Board of Educ. COP | 5.625% | 10/1/09 (1)(Prere.) | 2,500 | 2,628 |
| West Orange NJ Board of Educ. COP | 5.625% | 10/1/09 (1)(Prere.) | 2,000 | 2,102 |
| West Orange NJ Board of Educ. COP | 6.000% | 10/1/09 (1)(Prere.) | 1,000 | 1,058 |
|
|
|
|
|
|
| Outside New Jersey: |
|
|
|
|
| Guam Govt. Ltd. Obligation Infrastructure |
|
|
|
|
| Improvement Rev. | 5.125% | 11/1/11 (2) | 3,400 | 3,473 |
| Puerto Rico Electric Power Auth. Rev. | 5.250% | 7/1/22 (1) | 2,000 | 2,200 |
| Puerto Rico GO | 5.500% | 7/1/18 | 5,540 | 5,997 |
| Puerto Rico GO | 5.500% | 7/1/21 (1) | 6,750 | 7,606 |
| Puerto Rico Govt. Dev. Bank VRDO | 3.410% | 12/5/07 (1) | 5,700 | 5,700 |
| Puerto Rico Highway & Transp. Auth. Rev. | 5.500% | 7/1/14 (Prere.) | 3,500 | 3,922 |
| Puerto Rico Highway & Transp. Auth. Rev. | 5.500% | 7/1/14 (Prere.) | 4,125 | 4,622 |
| Puerto Rico Highway & Transp. Auth. Rev. | 5.500% | 7/1/19 (1) | 5,000 | 5,626 |
| Puerto Rico Highway & Transp. Auth. Rev. | 5.500% | 7/1/21 (4) | 5,000 | 5,673 |
| Puerto Rico Highway & Transp. Auth. Rev. | 5.500% | 7/1/22 (4) | 3,500 | 3,976 |
| Puerto Rico Highway & Transp. Auth. Rev. | 5.500% | 7/1/23 (4) | 4,000 | 4,546 |
| Puerto Rico Highway & Transp. Auth. Rev. VRDO | 3.500% | 12/5/07 (2) | 3,000 | 3,000 |
| Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
| Special Tax Rev. | 5.500% | 7/1/24 (2) | 13,000 | 14,507 |
| Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
| Special Tax Rev. | 0.000% | 7/1/29 (2) | 19,805 | 6,711 |
| Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
| Special Tax Rev. | 0.000% | 7/1/33 (3) | 20,000 | 5,514 |
37
New Jersey Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| Puerto Rico Muni. Finance Agency | 5.500% | 8/1/09 (4)(Prere.) | 2,000 | 2,093 |
| Puerto Rico Muni. Finance Agency | 5.250% | 8/1/19 (4) | 5,000 | 5,336 |
| Puerto Rico Public Finance Corp. | 5.500% | 2/1/12 (Prere.) | 3,250 | 3,518 |
| Puerto Rico Public Finance Corp. | 5.500% | 2/1/12 (Prere.) | 1,135 | 1,231 |
| Puerto Rico Public Finance Corp. | 6.000% | 8/1/26 (ETM) | 720 | 881 |
| Puerto Rico Sales Tax Financing Corp. Rev. | 0.000% | 8/1/54 (2) | 9,000 | 812 |
| Puerto Rico Sales Tax Financing Corp. Rev. | 0.000% | 8/1/56 | 16,200 | 1,234 |
| Univ. of Puerto Rico Rev. | 5.000% | 6/1/30 | 5,000 | 4,967 |
| Virgin Islands Public Finance Auth. Rev. | 5.250% | 10/1/18 | 3,390 | 3,534 |
| Virgin Islands Water & Power Auth. |
|
|
|
|
| Electric System Rev. | 5.000% | 7/1/23 | 2,205 | 2,238 |
| Virgin Islands Water & Power Auth. |
|
|
|
|
| Electric System Rev. | 5.000% | 7/1/24 | 1,915 | 1,935 |
| Virgin Islands Water & Power Auth. |
|
|
|
|
| Electric System Rev. | 5.000% | 7/1/27 | 1,200 | 1,201 |
| Total Municipal Bonds (Cost $1,756,323) |
|
|
| 1,803,257 |
| Other Assets and Liabilities (1.4%) |
|
|
|
|
| Other Assets—Note B |
|
|
| 43,760 |
| Liabilities |
|
|
| (18,723) |
|
|
|
|
| 25,037 |
| Net Assets (100%) |
|
|
| 1,828,294 |
At November 30, 2007, net assets consisted of:4 |
|
| Amount |
| ($000) |
Paid-in Capital | 1,784,534 |
Undistributed Net Investment Income | — |
Overdistributed Net Realized Gains | (3,182) |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | 46,934 |
Futures Contracts | 8 |
Net Assets | 1,828,294 |
|
|
Investor Shares—Net Assets |
|
Applicable to 36,403,437 outstanding $.001 par value shares of |
|
beneficial interest (unlimited authorization) | 426,340 |
Net Asset Value Per Share—Investor Shares | $11.71 |
|
|
Admiral Shares—Net Assets |
|
Applicable to 119,706,764 outstanding $.001 par value shares of |
|
beneficial interest (unlimited authorization) | 1,401,954 |
Net Asset Value Per Share—Admiral Shares | $11.71 |
• | See Note A in Notes to Financial Statements. |
1 Securities with a value of $2,400,000 have been segregated as initial margin for open futures contracts.
2 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, 2007, the aggregate value of these securities was $30,373,000,
representing 1.7% of net assets.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2007.
4 See Note D in Notes to Financial Statements for the tax-basis components of net assets.
For a key to abbreviations and other references, see page 39.
38
New Jersey Long-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
IDA—Industrial Development Authority Bond.
IDR—Industrial Development Revenue Bond.
PCR—Pollution Control Revenue Bond.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
UFSD—Union Free School District.
USD—United School District.
VRDO—Variable Rate Demand Obligation.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corp.
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
39
New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
| Year Ended |
| November 30, 2007 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 79,370 |
Total Income | 79,370 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 147 |
Management and Administrative |
|
Investor Shares | 466 |
Admiral Shares | 662 |
Marketing and Distribution |
|
Investor Shares | 113 |
Admiral Shares | 225 |
Custodian Fees | 15 |
Auditing Fees | 22 |
Shareholders’ Reports |
|
Investor Shares | 11 |
Admiral Shares | 4 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 1,667 |
Expenses Paid Indirectly—Note C | (52) |
Net Expenses | 1,615 |
Net Investment Income | 77,755 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | 677 |
Futures Contracts | (618) |
Realized Net Gain (Loss) | 59 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (40,525) |
Futures Contracts | 8 |
Change in Unrealized Appreciation (Depreciation) | (40,517) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 37,297 |
40
New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Year Ended November 30, | |
| 2007 | 2006 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 77,755 | 73,421 |
Realized Net Gain (Loss) | 59 | 5,698 |
Change in Unrealized Appreciation (Depreciation) | (40,517) | 34,181 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 37,297 | 113,300 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (18,724) | (19,066) |
Admiral Shares | (59,031) | (54,355) |
Realized Capital Gain1 |
|
|
Investor Shares | (1,577) | (2,652) |
Admiral Shares | (4,690) | (7,127) |
Total Distributions | (84,022) | (83,200) |
Capital Share Transactions—Note F |
|
|
Investor Shares | 6,395 | (10,123) |
Admiral Shares | 151,103 | 83,230 |
Net Increase (Decrease) from Capital Share Transactions | 157,498 | 73,107 |
Total Increase (Decrease) | 110,773 | 103,207 |
Net Assets |
|
|
Beginning of Period | 1,717,521 | 1,614,314 |
End of Period | 1,828,294 | 1,717,521 |
1 Includes fiscal 2007 and 2006 short-term gain distributions totaling $3,090,000 and $933,000, respectively. Short-term gain distributions
are treated as ordinary income dividends for tax purposes.
41
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended November 30, | ||||
Throughout Each Period | 2007 | 2006 | 2005 | 2004 | 2003 |
Net Asset Value, Beginning of Period | $12.03 | $11.82 | $12.04 | $12.27 | $12.06 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .511 | .520 | .526 | .548 | .549 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (.276) | .282 | (.134) | (.149) | .257 |
Total from Investment Operations | .235 | .802 | .392 | .399 | .806 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.511) | (.520) | (.526) | (.548) | (.549) |
Distributions from Realized Capital Gains | (.044) | (.072) | (.086) | (.081) | (.047) |
Total Distributions | (.555) | (.592) | (.612) | (.629) | (.596) |
Net Asset Value, End of Period | $11.71 | $12.03 | $11.82 | $12.04 | $12.27 |
|
|
|
|
|
|
Total Return1 | 2.04% | 7.01% | 3.29% | 3.33% | 6.81% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $426 | $432 | $434 | $896 | $920 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.15% | 0.16% | 0.16% | 0.14% | 0.17% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 4.35% | 4.42% | 4.38% | 4.51% | 4.49% |
Portfolio Turnover Rate | 14% | 15% | 19% | 16% | 14% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
42
New Jersey Long-Term Tax-Exempt Fund
Admiral Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended November 30, | ||||
Throughout Each Period | 2007 | 2006 | 2005 | 2004 | 2003 |
Net Asset Value, Beginning of Period | $12.03 | $11.82 | $12.04 | $12.27 | $12.06 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .519 | .529 | .535 | .554 | .557 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (.276) | .282 | (.134) | (.149) | .257 |
Total from Investment Operations | .243 | .811 | .401 | .405 | .814 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.519) | (.529) | (.535) | (.554) | (.557) |
Distributions from Realized Capital Gains | (.044) | (.072) | (.086) | (.081) | (.047) |
Total Distributions | (.563) | (.601) | (.621) | (.635) | (.604) |
Net Asset Value, End of Period | $11.71 | $12.03 | $11.82 | $12.04 | $12.27 |
|
|
|
|
|
|
Total Return | 2.11% | 7.09% | 3.36% | 3.39% | 6.87% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $1,402 | $1,286 | $1,180 | $625 | $604 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.08% | 0.09% | 0.09% | 0.09% | 0.11% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 4.42% | 4.49% | 4.45% | 4.57% | 4.55% |
Portfolio Turnover Rate | 14% | 15% | 19% | 16% | 14% |
See accompanying Notes, which are an integral part of the Financial Statements.
43
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 invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of New Jersey. The fund offers two classes of shares, Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Bonds, and temporary cash investments acquired over 60 days to maturity, 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. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets 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 futures gains (losses).
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Accordingly, no provision for federal income taxes is required in the 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.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts
(included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
44
New Jersey Long-Term Tax-Exempt Fund
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At November 30, 2007, the fund had contributed capital of $150,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.15% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. The fund’s investment advisor may direct new issue purchases, subject to obtaining the best price and execution, to underwriters who have agreed to rebate or credit to the fund part of the underwriting fees generated. Such rebates or credits are used solely to reduce the fund’s management and administrative expenses. The fund’s custodian bank has also 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, 2007, these arrangements reduced the fund’s management and administrative expenses by $45,000 and custodian fees by $7,000.
D. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future.
For tax purposes, at November 30, 2007, the fund had available realized losses of $437,000 to offset future net capital gains through November 30, 2015.
The fund had realized losses totaling $2,737,000 through November 30, 2007, which are deferred for tax purposes and reduce the amount of unrealized appreciation on investment securities for tax purposes.
At November 30, 2007, the cost of investment securities for tax purposes was $1,759,060,000. Net unrealized appreciation of investment securities for tax purposes was $44,197,000, consisting of unrealized gains of $53,035,000 on securities that had risen in value since their purchase and $8,838,000 in unrealized losses on securities that had fallen in value since their purchase.
At November 30, 2007, the aggregate settlement value of open futures contracts expiring in March 2008 and the related unrealized appreciation (depreciation) were:
|
| ($000) | |
| Number of | Aggregate | Unrealized |
| Long (Short) | Settlement | Appreciation |
Futures Contracts | Contracts | Value | (Depreciation) |
30-Year U.S. Treasury Bond | (141) | 16,523 | 8 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. During the year ended November 30, 2007, the fund purchased $448,124,000 of investment securities and sold $227,206,000 of investment securities, other than temporary cash investments.
45
New Jersey Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
| Year Ended November 30, | |||
| 2007 | 2006 | ||
| Amount | Shares | Amount | Shares |
| ($000) | (000) | ($000) | (000) |
Investor Shares |
|
|
|
|
Issued | 125,463 | 10,686 | 100,786 | 8,553 |
Issued in Lieu of Cash Distributions | 16,691 | 1,422 | 17,773 | 1,507 |
Redeemed | (135,759) | (11,592) | (128,682) | (10,921) |
Net Increase (Decrease)—Investor Shares | 6,395 | 516 | (10,123) | (861) |
Admiral Shares |
|
|
|
|
Issued | 300,030 | 25,599 | 231,340 | 19,634 |
Issued in Lieu of Cash Distributions | 48,555 | 4,137 | 46,760 | 3,966 |
Redeemed | (197,482) | (16,894) | (194,870) | (16,575) |
Net Increase (Decrease)—Admiral Shares | 151,103 | 12,842 | 83,230 | 7,025 |
G. In June 2006, the Financial Accounting Standards Board issued Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” FIN 48 establishes the minimum threshold for recognizing, and a system for measuring, the benefits of tax-return positions in financial statements, and is effective for the fund’s fiscal year beginning December 1, 2007. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended November 30, 2004–2007) for purposes of implementing FIN 48, and has concluded that as of November 30, 2007, no provision for income tax would be required in the fund’s financial statements.
46
Report of Independent Registered
Public Accounting Firm
To the Trustees of Vanguard New Jersey Tax-Exempt Funds and Shareholders of Vanguard New Jersey Tax-Exempt Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard New Jersey Tax-Exempt Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund (constituting Vanguard New Jersey Tax-Exempt Funds, hereafter referred to as the “Funds”) at November 30, 2007, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2007 by correspondence with the custodian and broker, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 11, 2008
Special 2007 tax information (unaudited) for Vanguard New Jersey Tax-Exempt Funds
This information for the fiscal year ending November 30, 2007, is included pursuant to provisions of the Internal Revenue Code.
The Long-Term Tax-Exempt Fund distributed $3,176,000 as capital gain dividends (from net long-term gains) to shareholders during the fiscal year.
Each fund designates 100% of its income dividends as exempt-interest dividends.
47
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 table below 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.
Six Months Ended November 30, 2007 |
|
|
|
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
New Jersey Tax-Exempt Fund | 5/31/2007 | 11/30/2007 | Period1 |
Based on Actual Fund Return |
|
|
|
Money Market | $1,000.00 | $1,017.85 | $0.51 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,022.98 | 0.76 |
Admiral Shares | 1,000.00 | 1,023.34 | 0.41 |
Based on Hypothetical 5% Yearly Return |
|
|
|
Money Market | $1,000.00 | $1,024.57 | $0.51 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,024.32 | 0.76 |
Admiral Shares | 1,000.00 | 1,024.67 | 0.41 |
1 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: for the New Jersey Tax-Exempt Money Market Fund, 0.10%; for the New Jersey Long-Term Tax-Exempt Fund, 0.15%
for Investor Shares and 0.08% 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.
48
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 the account service fee described in the prospectus. If such a fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it 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.
49
Glossary
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Effective Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid, taking into consideration the possibility that the issuer may call the bond before its maturity date. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average effective maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Average Quality. An indicator of credit risk, this figure is the average of the ratings assigned to a fund’s holdings by credit-rating agencies. The agencies make their judgment after appraising an issuer’s ability to meet its obligations. Quality is graded on a scale, with AAA indicating the most creditworthy bond issuers and MIG-1, A-1+, SP-1+, and F-1+ indicating the most creditworthy issuers of money market securities.
Average Weighted Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid. The figure reflects the proportion of fund assets represented by each security.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. A fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Yield. A snapshot of a fund’s interest income. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days (7 days for money market funds) and is annualized, or projected forward for the coming year.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
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 on an at-cost basis.
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.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Chairman of the Board, Chief Executive Officer, and Trustee | |
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John J. Brennan1 |
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Born 1954 | Principal Occupation(s) During the Past Five Years: |
Trustee since May 1987; | Chairman of the Board, Chief Executive Officer, and |
Chairman of the Board and | Director/Trustee of The Vanguard Group, Inc., and of |
Chief Executive Officer | each of the investment companies served by |
148 Vanguard Funds Overseen | The Vanguard Group. |
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Independent Trustees |
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Charles D. Ellis |
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Born 1937 | Principal Occupation(s) During the Past Five Years: |
Trustee since January 2001 | Applecore Partners (pro bono ventures in education); |
148 Vanguard Funds Overseen | Senior Advisor to Greenwich Associates (international |
| business strategy consulting); Successor Trustee of |
| Yale University; Overseer of the Stern School of |
| Business at New York University; Trustee of the |
| Whitehead Institute for Biomedical Research. |
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Rajiv L. Gupta |
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Born 1945 | Principal Occupation(s) During the Past Five Years: |
Trustee since December 20012 | Chairman, President, and Chief Executive Officer of |
148 Vanguard Funds Overseen | Rohm and Haas Co. (chemicals); Board Member of the |
| American Chemistry Council; Director of Tyco |
| International, Ltd. (diversified manufacturing and |
| services) since 2005; Trustee of Drexel University and of |
| the Chemical Heritage Foundation. |
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Amy Gutmann |
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Born 1949 | Principal Occupation(s) During the Past Five Years: |
Trustee since June 2006 | President of the University of Pennsylvania since 2004; |
148 Vanguard Funds Overseen | Professor in the School of Arts and Sciences, |
| Annenberg School for Communication, and Graduate |
| School of Education of the University of Pennsylvania |
| since 2004; Provost (2001–2004) and Laurance S. |
| Rockefeller Professor of Politics and the University |
| Center for Human Values (1990–2004), Princeton |
| University; Director of Carnegie Corporation of New York |
| since 2005 and of Schuylkill River Development |
| Corporation and Greater Philadelphia Chamber of |
| Commerce since 2004. |
JoAnn Heffernan Heisen |
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Born 1950 | Principal Occupation(s) During the Past Five Years: |
Trustee since July 1998 | Corporate Vice President and Chief Global Diversity |
148 Vanguard Funds Overseen | Officer since 2006, Vice President and Chief Information |
| Officer (1997–2005), and Member of the Executive |
| Committee of Johnson & Johnson (pharmaceuticals/ |
| consumer products); Director of the University Medical |
| Center at Princeton and Women’s Research and |
| Education Institute. |
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André F. Perold |
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Born 1952 | Principal Occupation(s) During the Past Five Years: |
Trustee since December 2004 | George Gund Professor of Finance |
148 Vanguard Funds Overseen | and Banking, Harvard Business School; Senior Associate |
| Dean, Director of Faculty Recruiting, and Chair of |
| Finance Faculty, Harvard Business School; Director and |
| Chairman of UNX, Inc. (equities trading firm) since 2003; |
| Chair of the Investment Committee of HighVista |
| Strategies LLC (private investment firm) since 2005. |
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Alfred M. Rankin, Jr. |
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Born 1941 | Principal Occupation(s) During the Past Five Years: |
Trustee since January 1993 | Chairman, President, Chief Executive Officer, and |
148 Vanguard Funds Overseen | Director of NACCO Industries, Inc. (forklift |
| trucks/housewares/lignite); Director of Goodrich |
| Corporation (industrial products/aircraft systems and |
| services). |
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J. Lawrence Wilson |
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Born 1936 | Principal Occupation(s) During the Past Five Years: |
Trustee since April 1985 | Retired Chairman and Chief Executive |
148 Vanguard Funds Overseen | Officer of Rohm and Haas Co. (chemicals); Director of |
| Cummins Inc. (diesel engines) and |
| AmerisourceBergen Corp. (pharmaceutical distribution); |
| Trustee of Vanderbilt University |
| and of Culver Educational Foundation. |
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Executive Officers1 |
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Thomas J. Higgins |
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Born 1957 | Principal Occupation(s) During the Past Five Years: |
Treasurer since July 1998 | Principal of The Vanguard Group, Inc.; |
148 Vanguard Funds Overseen | Treasurer of each of the investment companies served |
| by The Vanguard Group. |
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Heidi Stam |
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Born 1956 | Principal Occupation(s) During the Past Five Years: |
Secretary since July 2005 | Managing Director of The Vanguard Group, Inc., |
148 Vanguard Funds Overseen | since 2006; General Counsel of The Vanguard Group |
| since 2005; Secretary of The Vanguard Group, and of |
| each of the investment companies served by |
| The Vanguard Group, since 2005; Principal of |
| The Vanguard Group (1997–2006). |
Vanguard Senior Management Team |
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R. Gregory Barton | Kathleen C. Gubanich | F. William McNabb, III | Ralph K. Packard |
Mortimer J. Buckley | Paul A. Heller | Michael S. Miller | George U. Sauter |
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Founder |
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John C. Bogle |
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Chairman and Chief Executive Officer, 1974-1996 |
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1 Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard
State Tax-Exempt Funds.
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
P.O. Box 2600
Valley Forge, PA 19482-2600
Connect with Vanguard® > www.vanguard.com
Fund Information > 800-662-7447 | Vanguard, Connect with Vanguard, and the |
| ship logo are trademarks of |
| The Vanguard Group, Inc. |
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Direct Investor Account Services > 800-662-2739 | All other marks are the exclusive property of |
| their respective owners. |
Institutional Investor Services > 800-523-1036 |
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| All comparative mutual fund data are from |
Text Telephone for People | Lipper Inc. or Morningstar, Inc., unless |
| otherwise noted. |
With Hearing Impairment > 800-952-3335 |
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This material may be used in conjunction | You can obtain a free copy of Vanguard’s |
with the offering of shares of any Vanguard | proxy voting guidelines by visiting our |
fund only if preceded or accompanied by | website, www.vanguard.com, |
the fund’s current prospectus. | and searching for “proxy voting guidelines,” 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 |
| www.vanguard.com or www.sec.gov. |
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| You can review and copy information about |
| your fund at the SEC’s Public Reference |
| Room in Washington, D.C. To find out more |
| about this public service, call the SEC at |
| 202-551-8090. Information about your fund is |
| also available on the SEC’s website, and you |
| can receive copies of this information, for a |
| fee, by sending a request in either of two |
| ways: via e-mail addressed to |
| publicinfo@sec.gov or via regular mail |
| addressed to the Public Reference Section, |
| Securities and Exchange Commission, |
| Washington, DC 20549-0102. |
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| ©2008 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
| Q1400 12008 |
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. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, André F. Perold, Alfred M. Rankin, Jr., and J. Lawrence Wilson.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended November 30, 2007: $39,000
Fiscal Year Ended November 30, 2006: $41,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2007: $2,835,320
Fiscal Year Ended November 30, 2006: $2,347,620
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2007: $630,400
Fiscal Year Ended November 30, 2006: $530,000
Includes fees billed in connection with assurance and related services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(c) Tax Fees.
Fiscal Year Ended November 30, 2007: $215,900
Fiscal Year Ended November 30, 2006: $101,300
Includes fees billed in connection with tax compliance, planning and advice services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group and related to income and excise taxes.
(d) All Other Fees.
Fiscal Year Ended November 30, 2007: $0
Fiscal Year Ended November 30, 2006: $0
Includes fees billed for services related to risk management and privacy matters. Services were provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(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: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; and (4) other
registered investment companies in the Vanguard Group. 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: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; or (4) other registered investment companies in the Vanguard Group.
(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, 2007: $215,900
Fiscal Year Ended November 30, 2006: $101,300
Includes fees billed for non-audit services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(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: Not Applicable.
Item 6: Not Applicable.
Item 7: Not Applicable.
Item 8: Not Applicable.
Item 9: Not Applicable.
Item 10: Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD NEW JERSEY TAX-FREE FUNDS | |
BY: | (signature) |
| (HEIDI STAM) |
| JOHN J. BRENNAN* |
| CHIEF EXECUTIVE OFFICER |
Date: January 17, 2008
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: | (signature) |
| (HEIDI STAM) |
| JOHN J. BRENNAN* |
| CHIEF EXECUTIVE OFFICER |
Date: January 17, 2008
VANGUARD NEW JERSEY TAX-FREE FUNDS | |
BY: | (signature) |
| (HEIDI STAM) |
| THOMAS J. HIGGINS* |
| TREASURER |
Date: January 17, 2008
*By Power of Attorney. Filed on January 18, 2008, see File Number 2-29601. Incorporated by Reference.