UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
| | |
| Investment Company Act file number: | 811-05340 |
Name of Registrant: | Vanguard New Jersey Tax-Free Funds |
Address of Registrant: | P.O. Box 2600 |
| | Valley Forge, PA 19482 |
Name and address of agent for service: | 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, 2015 – May 31, 2016 |
Item 1: Reports to Shareholders |
Semiannual Report | May 31, 2016
Vanguard New Jersey Tax-Exempt Funds
Vanguard New Jersey Tax-Exempt Money Market Fund
Vanguard New Jersey Long-Term Tax-Exempt Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Advisor’s Report. | 8 |
| New Jersey Tax-Exempt Money Market Fund. | 11 |
| New Jersey Long-Term Tax-Exempt Fund. | 26 |
| About Your Fund’s Expenses. | 58 |
| Trustees Approve Advisory Arrangements. | 60 |
| Glossary. | 61 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the
sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows
us to help millions of clients around the world reach their financial goals.
Your Fund’s Total Returns
| | | | | |
| Six Months Ended May 31, 2016 | | | | | |
| | | Taxable- | | | |
| | SEC | Equivalent | Income | Capital | Total |
| | Yield | Yield | Returns | Returns | Returns |
| Vanguard New Jersey Tax-Exempt Money Market | | | | | |
| Fund | 0.26% | 0.50% | 0.05% | 0.00% | 0.05% |
| Other States Tax-Exempt Money Market Funds | | | | | |
| Average | | | | | 0.01 |
| Other States Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| Vanguard New Jersey Long-Term Tax-Exempt Fund | | | | | |
| Investor Shares | 2.26% | 4.39% | 1.82% | 3.01% | 4.83% |
| Admiral™ Shares | 2.34 | 4.54 | 1.87 | 3.01 | 4.88 |
| Barclays NJ Municipal Bond Index | | | | | 4.86 |
| New Jersey Municipal Debt Funds Average | | | | | 3.82 |
New Jersey Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
7-day SEC yield for the New Jersey Tax-Exempt Money Market Fund; 30-day SEC yield for the New Jersey Long-Term Tax-Exempt Fund.
The calculation of taxable-equivalent yield assumes a typical itemized tax return and is based on the maximum federal tax rate of 43.4% and
the maximum income tax rate for the state. Local taxes were not considered. Please see the prospectus for a detailed explanation of the
calculation.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements.
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| November 30, 2015, Through May 31, 2016 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard New Jersey Tax-Exempt Money Market | | | | |
| Fund | $1.00 | $1.00 | $0.000 | $0.000 |
| Vanguard New Jersey Long-Term Tax-Exempt Fund | | | | |
| Investor Shares | $12.00 | $12.34 | $0.215 | $0.021 |
| Admiral Shares | 12.00 | 12.34 | 0.220 | 0.021 |
1
Chairman’s Letter
Dear Shareholder,
The broad U.S. municipal bond market returned more than 3% for the six months ended May 31, 2016. New Jersey’s tax-exempt bond market fared even better, returning nearly 5%—a turnabout from the prior fiscal year, when New Jersey lagged the national index.
Vanguard New Jersey Long-Term Tax-Exempt Fund returned 4.83% for Investor Shares and 4.88% for Admiral Shares. This result was in line with that of its state-specific benchmark (which of course incurs no expenses) and about a percentage point ahead of the average return of its peer group. Well more than half of the fund’s total return came from higher prices for its bond holdings.
As bond prices and yields move in opposite directions, the fund’s 30-day SEC yield for Investor Shares dropped about half a percentage point, from 2.78% at the end of November to 2.26% at the end of May. At the other end of the maturity spectrum, short-term yields rose—but with a lag—after the Federal Reserve’s interest rate increase.
Vanguard New Jersey Tax-Exempt Money Market Fund’s month-end yield remained at 0.01% from November through February before rising by the end of the period to 0.26%—a level not seen since 2009. The fund’s six-month return inched up to 0.05%; the average return of other state tax-exempt money market funds was 0.01%.
2
Please note that although the funds are permitted to invest in securities whose income is subject to the alternative minimum tax (AMT), during the half year the Long-Term Fund held no securities that would generate income distributions subject to the AMT. The Money Market Fund did hold such securities during the period and on May 31.
Before discussing the markets, I wanted to give you a brief update on money market reform. As I’ve mentioned, the Securities and Exchange Commission adopted core reforms that will take effect in October. Their impact on the Money Market Fund will be minimal. All of Vanguard’s tax-exempt money market funds, including the New Jersey fund, will be designated as retail funds and will continue to seek to maintain a stable share price of $1.
Bonds enjoyed a strong ride after some early weakness
The broad U.S. taxable bond market returned 3.12% for the half year, behind the broad tax-exempt market. After dipping in December, taxable bonds climbed. The yield of the 10-year U.S. Treasury note closed at 1.85% at the end of May, down from 2.22% six months earlier.
The period began with the Fed’s long-anticipated but small increase in short-term interest rates. Through the succeeding months, mixed signals from Fed officials—
| | | |
| Market Barometer | | | |
| | Total Returns |
| | Periods Ended May 31, 2016 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable | | | |
| market) | 3.12% | 2.99% | 3.33% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 3.42 | 5.87 | 5.07 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.10 | 0.12 | 0.05 |
| |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 1.64% | 0.78% | 11.44% |
| Russell 2000 Index (Small-caps) | -2.86 | -5.97 | 7.86 |
| Russell 3000 Index (Broad U.S. market) | 1.29 | 0.22 | 11.15 |
| FTSE All-World ex US Index (International) | -1.14 | -10.87 | 0.52 |
| |
| CPI | | | |
| Consumer Price Index | 1.22% | 1.02% | 1.23% |
3
as well as from global economic data—created uncertainty about when the next increase might occur.
Money market funds and savings accounts produced limited returns as the Fed’s target rate of 0.25%–0.5% remained historically low, despite the quarter-percentage-point rise in December.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned more than 9%. In a reversal from the trend of recent years, many foreign currencies strengthened against the dollar, boosting international bond returns for U.S. investors. Even without this currency benefit, internatio27nal bond returns were solidly positive.
In a tale of two halves, stocks fell and then rose
U.S. stocks advanced about 1% for the six months. Equities retreated over the period’s first three months before rebounding, partly as a sharp recovery in oil prices seemed to alleviate fears of a global economic slowdown.
International stocks fared worse than their U.S. counterparts, returning about –1%. Emerging-market stocks rose a bit, while stocks from the developed markets of Europe and the Pacific region declined. European stocks lagged amid investor anxiety in the lead-up to the United Kingdom’s June vote on whether to remain in the European Union.
| | | |
| Expense Ratios | | | |
| Your Fund Compared With Its Peer Group | | | |
| | Investor | Admiral | Peer Group |
| | Shares | Shares | Average |
| New Jersey Tax-Exempt Money Market | | | |
| Fund | 0.16% | — | 0.11% |
| New Jersey Long-Term Tax-Exempt Fund | 0.20 | 0.12% | 0.95 |
The fund expense ratios shown are from the prospectus dated March 29, 2016, and represent estimated costs for the current fiscal year. For
the six months ended May 31, 2016, the funds’ annualized expense ratios were: for the New Jersey Tax-Exempt Money Market Fund, 0.12%;
and for the New Jersey Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. The six-month expense ratio
for the New Jersey Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses (described in Note B of the Notes
to Financial Statements). Before this reduction, the fund’s annualized six-month expense ratio was 0.16%. Peer-group expense ratios are
derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2015.
Peer groups: For the New Jersey Tax-Exempt Money Market Fund, Other States Tax-Exempt Money Market Funds; for the New Jersey
Long-Term Tax-Exempt Fund, New Jersey Municipal Debt Funds. In most, if not all, cases, the expense ratios for funds in the peer groups are
based on net operating expenses after reimbursement and/or fee waivers by fund sponsors. In contrast, the Vanguard money market funds’
expense ratios in the table above do not reflect expense reductions.
4
The quest for yield boosted returns of longer-dated bonds
Through May, the broad municipal bond market posted 11 consecutive monthly gains. This strong performance reflected some factors shared with taxable bonds and some factors specific to the tax-exempt market.
| The potential upside of rising rates |
| |
| Bond fund investors may wonder about the effect of rising interest rates on bond prices— |
| even though the Federal Reserve has raised rates more slowly than anticipated. |
| |
| Initially, as interest rates go up, the market value of bonds in a portfolio will decline, bringing |
| their yields closer to those of newer issues. However, the opportunity to reinvest cash flow |
| into higher-yielding bonds over time can benefit investors who can wait. |
| |
| Consider a hypothetical example of an intermediate-term investment-grade taxable bond fund |
| yielding 2.25%. Assume rates rise by a quarter of a percentage point every January and July |
| from 2016 through 2019, ending at 4.25%. Although the cumulative total return would decline |
| initially, by mid-2023, it would be higher than if rates hadn’t changed. The bond math would be |
| similar for municipal bonds. Of course, the pace and magnitude of rate increases would affect |
| the time until breakeven. |
| |
| The silver lining of higher yields |
| Cumulative rate of return |
| Notes: This hypothetical example shows the impact on a generic, taxable intermediate-term bond fund if the Federal Reserve raised |
| short-term interest rates by a quarter of a percentage point every January and July from 2016 through 2019. Intermediate-term rates |
| are assumed to rise by the same amount. The bond fund has a duration of 5.5 years. (Duration is a measure of the sensitivity of |
| bond—and bond mutual fund—prices to interest rate movements.) |
| Source: Vanguard. |
5
Investors often turn to the relative safety of higher-quality bonds during periods of uncertainty and stock-market distress. This was especially evident in January, when many U.S. and international stock markets fell into or near bear-market territory, in part because of concerns about global economic growth. (A decline of 20% or more lasting at least two months generally qualifies as a bear market for stocks.)
Both the broad taxable and tax-exempt bond markets returned more than 1% in January, their best monthly result of the half year. And as negative interest rates became more common in Europe and Japan during the period, international buyers sought the positive yields on both taxable and tax-exempt U.S. bonds.
In addition, municipal bonds benefited from favorable supply-and-demand trends. Nationwide, the dollar volume of municipal bonds issued during the fiscal half year was lower than in the same period a year ago. Demand was robust, and not only for a safe harbor. The higher yields offered on longer-term bonds attracted investors—especially amid a subdued outlook for inflation (with oil prices still relatively low) and muted expectations of further rate hikes. (Although rising interest rates can hurt bond prices in the near term, they can offer long-term upside, as we explain in the box on page 5.)
New Jersey municipal bonds were lifted by this generally rising tide. The state continues to face fiscal challenges, but investors seemed to take some comfort that overall conditions were relatively stable.
In the Long-Term Fund, Vanguard Fixed Income Group, the advisor, positioned the fund for a flatter yield curve by overweighting bonds that mature past 10 years. The advisor also favored bonds rated single-A and BBB, for their higher yields. This strategy was successful again, as it was in the previous fiscal year.
The ongoing financial struggles of Atlantic City and Puerto Rico remained in the headlines. At the end of May, the Money Market Fund held no Atlantic City debt, and the Long-Term Fund had minimal exposure to Atlantic City general obligation bonds. Neither fund had any credit exposure to Puerto Rico, whose debt relief negotiations are ongoing. (Because the commonwealth’s bonds are exempt from federal, state, and local income tax, they often appear in state and national muni bond funds. The Long-Term Fund held one Puerto Rican bond, but it is escrowed to maturity.)
For more about the funds’ strategy and performance, please see the Advisor’s Report that follows this letter.
Consider rebalancing to manage your risk
After you’ve created an investment portfolio—with a diversified mix of stock, bond, and money market funds tailored to your goals, time horizon, and risk tolerance—what next?
6
As stocks and bonds rise or fall over time, and that portfolio drifts from its original asset allocation, you should consider rebalancing back to your targets.
Just one year of outsized returns can throw your allocation out of whack. For example, in 2013, the broad U.S. stock market returned nearly 34% and the broad taxable bond market declined. A hypothetical simple portfolio that tracked the broad U.S. market indexes and started the year with 60% stocks and 40% bonds would have ended with a more aggressive mix of 67% stocks and 33% bonds.
Rebalancing means shifting assets away from areas that have performed well toward those that have fallen behind, to restore the portfolio’s original asset allocation. That isn’t easy or intuitive, but it helps manage risk, because over time riskier assets tend to grow faster. (For more on this, see Best Practices for Portfolio Rebalancing at vanguard.com/research.)
You might consider, for example, monitoring your portfolio annually or semiannually and rebalancing when your allocations shift about 5 percentage points from their targets. And be aware of the tax implications.
Keeping your asset allocation from drifting too far off target can help you stay on track with the investment plan you’ve crafted to meet your financial goals.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
June 14, 2016
7
Advisor’s Report
For the six months ended May 31, 2016, Vanguard New Jersey Tax-Exempt Money Market Fund returned 0.05%, just ahead of the average return of peer funds. Vanguard New Jersey Long-Term Tax-Exempt Fund returned 4.83% for Investor Shares and 4.88% for Admiral Shares, in line with the 4.86% return of its benchmark (the Barclays New Jersey Municipal Bond Index) and about one percentage point ahead of the average return of its peers.
The investment environment
As the fiscal year began, the market expected that the Federal Reserve would start raising interest rates for the first time in nearly a decade. Two weeks later, the Fed did raise the federal funds target range by a quarter percentage point, to 0.25%–0.5%. The Fed cited considerable improvement in labor market conditions and reasonable confidence that inflation would rise over the medium term to the Fed’s 2% objective. Future rate hikes were expected to be gradual, and the Fed reaffirmed its data-dependent stance.
A global growth scare and steep declines in commodity prices early in 2016, however, ran contrary to expectations and triggered a large risk-off move in global financial markets. The Fed began to sound less eager to raise rates as it evaluated how deteriorating economic conditions abroad might impede the United States from reaching the central bank’s employment and inflation targets.
In 2015, the U.S. economy grew 1.4% in the fourth quarter, bringing growth to 2.4% for the year. In 2016, for the third consecutive year, the economy got off to a weak start, this time with 0.8% growth in the first quarter. The still-strong U.S. dollar, combined with weaker global economic and financial conditions overall,
| | |
| Yields of Tax-Exempt Municipal Bonds | | |
| (AAA-Rated General-Obligation Issues) | | |
| | November 30, | May 31, |
| Maturity | 2015 | 2016 |
| 2 years | 0.72% | 0.72% |
| 5 years | 1.26 | 1.09 |
| 10 years | 2.02 | 1.66 |
| 30 years | 2.96 | 2.45 |
| Source: Vanguard. |
8
is believed to be behind the slowdown. But we expect growth to return to about 2% over the coming year.
The employment picture also weakened this spring. After increasing at an average rate of well over 200,000 jobs per month in December through March, nonfarm payrolls grew by about 123,000 in April and only 38,000 in May. The national unemployment rate fell to 4.7% in May as the supply of workers seeking jobs shrank. Meanwhile, inflation was fairly steady, with core inflation rising from 2.0% last November to 2.2% in May.
As negative interest rates spread across Europe and the Bank of Japan surprised markets in late January by introducing a negative-rate policy for certain deposits, U.S. bonds fared well. Investors also sought higher-quality bonds as a safe harbor from stock market volatility. For the six months, the broad U.S. taxable bond market returned 3.12%, and the Barclays US Treasury Index returned 2.92%.
Treasury yields generally rose in anticipation of the Fed’s December rate increase, closing out December above November levels. Except for the shortest maturities, yields then fell as prospects for global growth and inflation dimmed. With short-term rates inching up, the yield curve (the difference between the yield of the 30-year and 1-year Treasuries) flattened. At the end of May, the yield of the benchmark 10-year Treasury note stood at 1.85%, down from 2.22% at the end of November.
The Barclays Municipal Bond Index returned 3.42% for the period—half a percentage point more than the broad Treasury index. Long-term munis delivered some of the most notable outperformance. Part of munis’ strength came from robust demand; in 2016, municipal bond funds industrywide have experienced net cash inflows every week through May. Improving credit quality across much of the municipal market supported demand. Lighter supply also helped: Nationwide, tax-exempt bond issuance in the first five months of 2016 was nearly 8% below year-ago levels.
Bonds issued by borrowers in New Jersey enjoyed strong demand that helped absorb an increase in issuance above last year’s relatively low base. There were no new credit rating downgrades of the state’s general obligation bonds.
In early June, after the close of the reporting period, the state Supreme Court voted to uphold the freeze in cost-of-living adjustments for retired workers that was part of a 2011 law aimed at addressing the state’s unfunded pension obligations. We view this decision as credit-positive for the state, although long-standing structural budget imbalances and pension-funding challenges persist.
Management of the funds
An allocation to bonds with longer maturities than those in the benchmark served the Long-Term Fund well, but we pulled back to a more neutral stance as valuations at the short end of the yield curve normalized and expectations for a slower Fed rate-hike cycle grew.
9
Being overweighted in some lower-rated (but still investment-grade) bonds helped as investors’ reach for yield continued. So did favoring sectors that tend to offer wider credit spreads. They included health care and university revenue bonds. We continued to overweight premium callable bonds, which outperformed. They will remain a core strategy for us, as they would provide some protection to the fund if rates were to rise sharply.
As in the recent past, we underweighted state-backed bonds. This modestly held back our performance because investors looking for yield opportunities sought such bonds, which lifted their prices and tightened credit spreads.
A look ahead
Interest rates are likely to remain range-bound for some time, with the U.S. growth pace determining how low they can go and weakness in the global economy capping how high they can rise. Given that future Fed hikes remain dependent on economic data at home and abroad, rate volatility may remain elevated. The above-average liquidity levels in our New Jersey funds should position us to take advantage of any buying opportunities that arise from such dislocation.
The Fed left interest rates unchanged at its May meeting and seems on track to continue tightening at a much slower pace than in previous cycles. That slower pace, and possibly a lower terminal short-term interest rate, would most likely keep municipal rates below what we’ve seen over the past ten to 15 years.
We are starting the second half of the fiscal year more neutral on duration and yield-curve positioning but will make tactical adjustments as seasonal opportunities arise.
On the money market front, as previously reported, we plan to designate the New Jersey Tax-Exempt Money Market Fund as a retail fund, along with all our national and state-specific tax-exempt money market funds—giving investors continued access to these stable-value offerings.
As always, our experienced team of portfolio managers, traders, and credit analysts will seek to add value to the portfolios through security selection by identifying bonds that are mispriced by the market.
Christopher W. Alwine, CFA, Principal,
Head of Municipal Group
John M. Carbone, Principal,
Portfolio Manager
Adam Ferguson, CFA, Portfolio Manager
Vanguard Fixed Income Group
June 20, 2016
10
New Jersey Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2016
| |
| Financial Attributes | |
| Ticker Symbol | VNJXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.26% |
| Average Weighted | |
| Maturity | 46 days |
| |
| Distribution by Credit Quality (% of portfolio) |
| First Tier | 100.0% |
A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for
debt obligations by nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody's,
Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating
category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the
lower of the ratings applies. An unrated security is First Tier if it represents quality comparable to that of a rated security, as
determined in accordance with SEC Rule 2a-7. For more information about these ratings, see the Glossary entry for Credit
Quality.
1 The expense ratio shown is from the prospectus dated March 29, 2016, and represents estimated costs for the current fiscal year. For the
six months ended May 31, 2016, the annualized expense ratio was 0.12%, reflecting a temporary reduction in operating expenses (described
in Note B of the Notes to Financial Statements). Before this reduction, the annualized six-month expense ratio was 0.16%.
11
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 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 fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
| | |
| Fiscal-Year Total Returns (%): November 30, 2005, Through May 31, 2016 | |
| | | Spliced NJ |
| | | Tax-Exempt |
| | | Money Mkt |
| | | Funds Avg. |
| Fiscal Year | Total Returns | Total Returns |
| 2006 | 3.25% | 2.74% |
| 2007 | 3.60 | 3.12 |
| 2008 | 2.27 | 1.90 |
| 2009 | 0.45 | 0.25 |
| 2010 | 0.11 | 0.01 |
| 2011 | 0.06 | 0.00 |
| 2012 | 0.04 | 0.01 |
| 2013 | 0.01 | 0.00 |
| 2014 | 0.01 | 0.00 |
| 2015 | 0.01 | 0.01 |
| 2016 | 0.05 | 0.01 |
7-day SEC yield (5/31/2016): 0.26%
For a benchmark description, see the Glossary.
Spliced New Jersey Tax-Exempt Money Market Funds Average. Derived from data provided by Lipper, a Thomson Reuters Company.
Note: For 2016, performance data reflect the six months ended May 31, 2016.
Average Annual Total Returns: Periods Ended March 31, 2016
This table presents 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 | One | Five | Ten |
| | Date | Year | Years | Years |
| New Jersey Tax-Exempt Money | | | | |
| Market Fund | 2/3/1988 | 0.01% | 0.02% | 0.88% |
See Financial Highlights for dividend information.
12
New Jersey Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2016
The fund reports a complete list of its holdings in various monthly and quarterly regulatory filings. The fund publishes its holdings on a monthly basis at vanguard.com and files them with the Securities and Exchange Commission on Form N-MFP. The fund’s Form N-MFP filings become public 60 days after the relevant month-end, and may be viewed at sec.gov or via a link on the “Portfolio Holdings” page on vanguard.com. 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 SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at 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) |
| Tax-Exempt Municipal Bonds (100.9%) | | | | |
| New Jersey (100.9%) | | | | |
| Bergen County NJ GO | 3.000% | 10/15/16 | 4,000 | 4,037 |
| Branchburg Township NJ BAN | 2.000% | 10/7/16 | 2,505 | 2,517 |
| Burlington County NJ BAN | 2.000% | 5/16/17 | 10,000 | 10,123 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue | 2.000% | 12/1/16 | 8,275 | 8,326 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue | 2.000% | 4/26/17 | 16,500 | 16,674 |
| Camden County NJ Improvement Authority | | | | |
| Lease Revenue (Parkview Redevelopment | | | | |
| Housing Project) VRDO | 0.420% | 6/7/16 LOC | 46,500 | 46,500 |
| Cedar Grove Township NJ School District GO | 2.000% | 8/15/16 | 14,000 | 14,037 |
| Chatham Township NJ BAN | 2.000% | 7/13/16 | 3,451 | 3,457 |
| Cliffside Park Borough NJ BAN | 2.000% | 7/22/16 | 4,933 | 4,944 |
| Clifton NJ BAN | 2.000% | 10/12/16 | 7,532 | 7,577 |
| Cranford NJ BAN | 2.000% | 1/27/17 | 4,850 | 4,893 |
| Cranford NJ BAN | 2.000% | 5/19/17 | 9,000 | 9,106 |
| Delaware River & Bay Authority New Jersey | | | | |
| Revenue VRDO | 0.400% | 6/7/16 LOC | 4,300 | 4,300 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue VRDO | 0.390% | 6/7/16 LOC | 21,055 | 21,055 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue VRDO | 0.390% | 6/7/16 LOC | 14,075 | 14,075 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue VRDO | 0.390% | 6/7/16 LOC | 33,430 | 33,430 |
| Essex County NJ Improvement Authority Revenue | | | | |
| (Fern Senior Housing Project) VRDO | 0.410% | 6/7/16 LOC | 7,300 | 7,300 |
| Essex County NJ Improvement Authority Revenue | | | | |
| (Jewish Community Center of MetroWest Inc. | | | | |
| Project) VRDO | 0.370% | 6/7/16 LOC | 10,345 | 10,345 |
| Essex County NJ Improvement Authority Revenue | | | | |
| (Pooled Government Loan) VRDO | 0.370% | 6/7/16 LOC | 15,625 | 15,625 |
| Fair Lawn NJ BAN | 2.000% | 9/16/16 | 9,019 | 9,062 |
| Freehold Township NJ BAN | 2.000% | 11/18/16 | 4,139 | 4,167 |
13
| | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Gloucester County NJ Pollution Control Financing | | | | |
| Authority Revenue (ExxonMobil Project) VRDO | 0.090% | 6/1/16 | 18,985 | 18,985 |
| 1 Hudson County NJ Improvement Authority Lease | | | | |
| Revenue (Hudson County Vocational-Technical | | | | |
| Schools Project) TOB VRDO | 0.430% | 6/7/16 | 4,875 | 4,875 |
| Hudson County NJ Improvement Authority | | | | |
| Pooled Revenue | 2.250% | 4/19/17 | 7,550 | 7,643 |
| Mahwah Township NJ BAN | 2.000% | 8/5/16 | 5,550 | 5,566 |
| Mahwah Township NJ BAN | 2.000% | 10/7/16 | 2,900 | 2,917 |
| Mercer County NJ BAN | 2.000% | 9/1/16 | 13,000 | 13,051 |
| Middlesex County NJ BAN | 1.250% | 6/3/16 | 10,000 | 10,001 |
| Monmouth County NJ GO | 2.000% | 7/15/16 | 365 | 366 |
| Monmouth County NJ GO | 2.000% | 7/15/16 | 160 | 160 |
| Monmouth County NJ GO | 2.000% | 7/15/16 | 3,420 | 3,427 |
| Monmouth County NJ GO | 4.000% | 1/15/17 | 6,655 | 6,806 |
| Monmouth County NJ Improvement Authority | | | | |
| Lease Revenue (Pooled Equipment Lease) | 2.000% | 10/1/16 | 2,185 | 2,197 |
| Monmouth County NJ Improvement Authority | | | | |
| Revenue (Pooled Government Loan) | 4.000% | 12/1/16 | 1,000 | 1,017 |
| 2 Morristown NJ BAN | 2.250% | 6/9/17 | 4,005 | 4,063 |
| Mount Laurel Township NJ BAN | 2.000% | 3/8/17 | 4,880 | 4,930 |
| New Jersey Building Authority Revenue | 5.000% | 6/15/16 (Prere.) | 1,000 | 1,002 |
| New Jersey Building Authority Revenue | 5.000% | 6/15/16 (Prere.) | 7,005 | 7,017 |
| New Jersey Economic Development Authority | | | | |
| Retirement Community Revenue | | | | |
| (Seabrook Village Inc.) | 5.250% | 11/15/16 (Prere.) | 1,000 | 1,021 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Applewood Estates Project) VRDO | 0.400% | 6/7/16 LOC | 8,700 | 8,700 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.500% | 6/15/16 (ETM) | 1,500 | 1,503 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.500% | 6/15/16 (ETM) | 1,525 | 1,528 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Columbia University Project) CP | 0.120% | 6/15/16 | 6,375 | 6,375 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cooper Health System Project) VRDO | 0.370% | 6/7/16 LOC | 12,600 | 12,600 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Duke Farms Foundation Project) VRDO | 0.300% | 6/1/16 LOC | 28,800 | 28,800 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Job Haines Home Project) VRDO | 0.410% | 6/7/16 LOC | 3,000 | 3,000 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Princeton Day School) VRDO | 0.400% | 6/7/16 LOC | 5,000 | 5,000 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/16 (ETM) | 8,675 | 8,884 |
| New Jersey Economic Development Authority | | | | |
| Revenue Pollution Control Revenue | | | | |
| (Exxon Project) VRDO | 0.090% | 6/1/16 | 2,000 | 2,000 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Trustees of the Lawrenceville School | | | | |
| Project) VRDO | 0.250% | 6/1/16 | 23,050 | 23,050 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Trustees of the Lawrenceville School | | | | |
| Project) VRDO | 0.310% | 6/1/16 | 23,500 | 23,500 |
14
| | | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | | Face | Market |
| | | | Maturity | Amount | Value• |
| | | Coupon | Date | ($000) | ($000) |
| 1 | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Institute for Advanced Studies) VRDO | 0.380% | 6/7/16 | 21,500 | 21,500 |
| | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Institute for Advanced Studies) VRDO | 0.380% | 6/7/16 | 16,325 | 16,325 |
| | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Kean University) | 5.000% | 7/1/16 (Prere.) | 5,240 | 5,260 |
| | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Kean University) | 5.000% | 7/1/16 (Prere.) | 1,010 | 1,014 |
| | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Princeton University) | 3.000% | 7/1/16 | 2,725 | 2,731 |
| | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Princeton University) | 5.000% | 7/1/16 | 1,585 | 1,591 |
| 1 | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Princeton University) TOB VRDO | 0.400% | 6/7/16 | 2,665 | 2,665 |
| 1 | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Princeton University) TOB VRDO | 0.430% | 6/7/16 | 4,330 | 4,330 |
| | New Jersey Educational Facilities Authority | | | | |
| | Revenue (Seton Hall University) VRDO | 0.260% | 6/7/16 LOC | 12,435 | 12,435 |
| | New Jersey Environmental Infrastructure | | | | |
| | Trust Revenue | 5.000% | 9/1/16 | 2,225 | 2,251 |
| | New Jersey Environmental Infrastructure | | | | |
| | Trust Revenue | 5.000% | 9/1/16 (ETM) | 5 | 5 |
| 1 | New Jersey Environmental Infrastructure | | | | |
| | Trust Revenue TOB VRDO | 0.400% | 6/7/16 | 4,015 | 4,015 |
| 1,3 | New Jersey GO TOB PUT | 0.550% | 6/28/16 LOC | 20,000 | 20,000 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (AHS Hospital Corp.) VRDO | 0.390% | 6/7/16 LOC | 6,500 | 6,500 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (AHS Hospital Corp.) VRDO | 0.400% | 6/7/16 LOC | 15,585 | 15,585 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (Hospital Capital Asset | | | | |
| | Pooled Program) VRDO | 0.400% | 6/7/16 LOC | 6,000 | 6,000 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (Hospital Capital Asset | | | | |
| | Pooled Program) VRDO | 0.400% | 6/7/16 LOC | 13,200 | 13,200 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (Hospital Capital Asset | | | | |
| | Pooled Program) VRDO | 0.400% | 6/7/16 LOC | 9,500 | 9,500 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (Hospital Capital Asset | | | | |
| | Pooled Program) VRDO | 0.400% | 6/7/16 LOC | 14,450 | 14,450 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (Meridian Health System | | | | |
| | Obligated Group) VRDO | 0.390% | 6/7/16 LOC | 25,140 | 25,140 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (MHAC I LLC) VRDO | 0.370% | 6/7/16 LOC | 9,785 | 9,785 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (MHAC I LLC) VRDO | 0.370% | 6/7/16 LOC | 5,540 | 5,540 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (Rahway Hospital) VRDO | 0.370% | 6/7/16 LOC | 5,980 | 5,980 |
| | New Jersey Health Care Facilities Financing | | | | |
| | Authority Revenue (Robert Wood Johnson | | | | |
| | University) VRDO | 0.370% | 6/7/16 LOC | 2,500 | 2,500 |
15
| | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) VRDO | 0.370% | 6/7/16 LOC | 14,810 | 14,810 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) VRDO | 0.380% | 6/7/16 LOC | 5,200 | 5,200 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) VRDO | 0.380% | 6/7/16 LOC | 7,500 | 7,500 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (RWJ Health Care Corp.) | | | | |
| VRDO | 0.370% | 6/7/16 LOC | 13,440 | 13,440 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Southern Ocean County | | | | |
| Hospital) VRDO | 0.370% | 6/7/16 LOC | 10,145 | 10,145 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Underwood Memorial | | | | |
| Hospital) VRDO | 0.370% | 6/7/16 LOC | 7,840 | 7,840 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.250% | 7/1/16 | 3,125 | 3,138 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.260% | 6/1/16 LOC | 17,350 | 17,350 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.290% | 6/1/16 LOC | 3,700 | 3,700 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.370% | 6/7/16 LOC | 11,300 | 11,300 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.400% | 6/7/16 LOC | 14,000 | 14,000 |
| 1 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.430% | 6/7/16 | 3,845 | 3,845 |
| 1 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.440% | 6/7/16 LOC | 3,995 | 3,995 |
| 1 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.440% | 6/7/16 LOC | 3,155 | 3,155 |
| 1 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.550% | 6/7/16 | 26,985 | 26,985 |
| 1 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.710% | 6/7/16 | 1,110 | 1,110 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue | | | | |
| (Broadway Townhouses Project) | 0.600% | 12/1/16 | 1,820 | 1,819 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue | | | | |
| (Lincoln Towers Project) PUT | 0.480% | 9/1/16 | 19,500 | 19,493 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue VRDO | 0.320% | 6/7/16 LOC | 33,700 | 33,700 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue VRDO | 0.450% | 6/7/16 LOC | 6,715 | 6,715 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.380% | 6/7/16 | 4,565 | 4,565 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.400% | 6/7/16 | 21,585 | 21,585 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.420% | 6/7/16 | 10,895 | 10,895 |
16
| | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.420% | 6/7/16 | 1,400 | 1,400 |
| New Jersey Turnpike Authority Revenue | 5.150% | 1/1/17 (Prere.) | 4,895 | 5,026 |
| North Bergen Township NJ BAN | 2.000% | 3/31/17 | 6,502 | 6,567 |
| 1 Nuveen New Jersey Dividend Advantage | | | | |
| Municipal Fund VRDP VRDO | 0.510% | 6/7/16 LOC | 10,000 | 10,000 |
| 1 Nuveen New Jersey Dividend Advantage | | | | |
| Municipal Fund VRDP VRDO | 0.510% | 6/7/16 LOC | 47,300 | 47,300 |
| Ocean City NJ BAN | 2.000% | 6/17/16 | 5,000 | 5,003 |
| Ocean County NJ GO | 4.000% | 10/1/16 | 775 | 784 |
| Paramus Borough NJ BAN | 2.000% | 2/17/17 | 13,990 | 14,125 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.430% | 6/1/16 | 6,025 | 6,025 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.450% | 6/1/16 | 5,015 | 5,015 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.450% | 6/20/16 | 11,745 | 11,745 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.150% | 6/22/16 | 2,825 | 2,825 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.520% | 7/7/16 | 16,460 | 16,460 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.450% | 7/14/16 | 4,655 | 4,655 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.470% | 7/28/16 | 10,000 | 10,000 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.480% | 8/16/16 | 12,215 | 12,215 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.500% | 8/18/16 | 4,575 | 4,575 |
| 1 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.420% | 6/7/16 | 2,100 | 2,100 |
| 1 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.430% | 6/7/16 | 6,960 | 6,960 |
| 1 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.440% | 6/7/16 | 3,500 | 3,500 |
| 1 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.440% | 6/7/16 | 1,000 | 1,000 |
| 1 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.440% | 6/7/16 | 1,170 | 1,170 |
| Princeton NJ BAN | 1.500% | 12/15/16 | 9,000 | 9,047 |
| Princeton University New Jersey CP | 0.400% | 6/3/16 | 1,500 | 1,500 |
| Princeton University New Jersey CP | 0.420% | 6/3/16 | 6,600 | 6,600 |
| Rahway NJ BAN | 2.000% | 6/29/16 | 2,269 | 2,272 |
| Rahway NJ BAN | 2.000% | 8/5/16 | 7,400 | 7,419 |
| Rockaway NJ BAN | 2.000% | 11/18/16 | 5,012 | 5,046 |
| Roseland NJ BAN | 2.000% | 5/10/17 | 6,365 | 6,430 |
| Rumson NJ BAN | 1.500% | 8/25/16 | 4,002 | 4,009 |
| 1 Rutgers State University New Jersey Revenue | | | | |
| TOB VRDO | 0.410% | 6/7/16 | 14,800 | 14,800 |
| 1 Rutgers State University New Jersey Revenue | | | | |
| TOB VRDO | 0.420% | 6/7/16 | 2,400 | 2,400 |
| 1 Rutgers State University New Jersey Revenue | | | | |
| TOB VRDO | 0.440% | 6/7/16 | 11,780 | 11,780 |
17
| | | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | | Face | Market |
| | | | Maturity | Amount | Value• |
| | | Coupon | Date | ($000) | ($000) |
| 1 | Rutgers State University New Jersey Revenue | | | | |
| | TOB VRDO | 0.440% | 6/7/16 | 6,700 | 6,700 |
| | Rutgers State University New Jersey Revenue | | | | |
| | VRDO | 0.360% | 6/1/16 | 23,400 | 23,400 |
| | Secaucus NJ BAN | 1.500% | 8/10/16 | 2,724 | 2,729 |
| | Secaucus NJ BAN | 2.000% | 1/6/17 | 2,221 | 2,236 |
| | Somerset County NJ BAN | 2.000% | 9/22/16 | 5,000 | 5,024 |
| | Sussex County NJ GO | 2.000% | 9/23/16 | 3,375 | 3,390 |
| | Union County NJ Pollution Control Financing | | | | |
| | Authority Revenue (Exxon Project) VRDO | 0.090% | 6/1/16 | 17,845 | 17,845 |
| | Union County NJ Pollution Control Financing | | | | |
| | Authority Revenue (Exxon Project) VRDO | 0.090% | 6/1/16 | 19,770 | 19,770 |
| 1 | Union County NJ Utilities Authority Revenue | | | | |
| | TOB VRDO | 0.420% | 6/7/16 | 8,815 | 8,815 |
| | Voorhees Township NJ BAN | 2.000% | 7/29/16 | 3,668 | 3,676 |
| | Woodbridge Township NJ BAN | 1.500% | 8/19/16 | 7,370 | 7,389 |
| | Woodbridge Township NJ BAN | 2.000% | 8/19/16 | 15,000 | 15,054 |
| Total Tax-Exempt Municipal Bonds (Cost $1,291,902) | | | 1,291,902 |
| |
| | | | | | Amount |
| | | | | | ($000) |
| Other Assets and Liabilities (-0.9%) | | | | |
| Other Assets | | | | |
| Investment in Vanguard | | | | 107 |
| Receivables for Capital Shares Issued | | | | 2,377 |
| Receivables for Accrued Income | | | | 3,445 |
| Other Assets | | | | 1,850 |
| Total Other Assets | | | | 7,779 |
| Liabilities | | | | |
| Payables for Investment Securities Purchased | | | | (13,975) |
| Payables for Capital Shares Redeemed | | | | (1,537) |
| Payables for Distributions | | | | (8) |
| Payables to Vanguard | | | | (4,152) |
| Total Liabilities | | | | (19,672) |
| Net Assets (100%) | | | | |
| Applicable to 1,279,731,414 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 1,280,009 |
| Net Asset Value Per Share | | | | $1.00 |
18
| |
| New Jersey Tax-Exempt Money Market Fund | |
| |
| |
| |
| At May 31, 2016, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 1,280,019 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (10) |
| Net Assets | 1,280,009 |
• 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 May 31, 2016, the aggregate value of these securities was $213,000,000,
representing 16.6% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2016.
3 Adjustable-rate security.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
19
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.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(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) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
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.
20
New Jersey Tax-Exempt Money Market Fund
Statement of Operations
| |
| | Six Months Ended |
| | May 31, 2016 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 1,384 |
| Total Income | 1,384 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 144 |
| Management and Administrative | 720 |
| Marketing and Distribution | 187 |
| Custodian Fees | 8 |
| Shareholders’ Reports | 2 |
| Total Expenses | 1,061 |
| Expense Reduction—Note B | (269) |
| Net Expenses | 792 |
| Net Investment Income | 592 |
| Realized Net Gain (Loss) on Investment Securities Sold | (5) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 587 |
See accompanying Notes, which are an integral part of the Financial Statements.
21
New Jersey Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| | |
| | Six Months Ended | Year Ended |
| | May 31, | November 30, |
| | 2016 | 2015 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 592 | 141 |
| Realized Net Gain (Loss) | (5) | 6 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 587 | 147 |
| Distributions | | |
| Net Investment Income | (592) | (141) |
| Realized Capital Gain | — | — |
| Total Distributions | (592) | (141) |
| Capital Share Transactions (at $1.00 per share) | | |
| Issued | 404,621 | 847,210 |
| Issued in Lieu of Cash Distributions | 571 | 136 |
| Redeemed | (469,797) | (976,302) |
| Net Increase (Decrease) from Capital Share Transactions | (64,605) | (128,956) |
| Total Increase (Decrease) | (64,610) | (128,950) |
| Net Assets | | |
| Beginning of Period | 1,344,619 | 1,473,569 |
| End of Period1 | 1,280,009 | 1,344,619 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $0 and $0. |
See accompanying Notes, which are an integral part of the Financial Statements.
22
New Jersey Tax-Exempt Money Market Fund
Financial Highlights
| | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | May 31, | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | | | | | | |
| Net Investment Income | .0005 | .0001 | .0001 | .0001 | .0004 | .001 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | — | — | — | — | — | — |
| Total from Investment Operations | .0005 | .0001 | .0001 | .0001 | .0004 | .001 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.0005) | (.0001) | (.0001) | (.0001) | (.0004) | (.001) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.0005) | (.0001) | (.0001) | (.0001) | (.0004) | (.001) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| |
| Total Return1 | 0.05% | 0.01% | 0.01% | 0.01% | 0.04% | 0.06% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,280 | $1,345 | $1,474 | $1,621 | $1,742 | $1,949 |
| Ratio of Expenses to | | | | | | |
| Average Net Assets | 0.12%2 | 0.08%2 | 0.08%2 | 0.12%2 | 0.16% | 0.17% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 0.09% | 0.01% | 0.01% | 0.01% | 0.03% | 0.07% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
2 The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016, 0.16% for 2015, 0.16% for 2014, and
0.16% for 2013. See Note B in Notes to Financial Statements.
See accompanying Notes, which are an integral part of the Financial Statements.
23
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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. 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. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2012–2015), and for the period ended May 31, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2016, or at any time during the period then ended.
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.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
24
New Jersey Tax-Exempt Money Market Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2016, the fund had contributed to Vanguard capital in the amount of $107,000, representing 0.01% of the fund’s net assets and 0.04% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the period ended May 31, 2016, Vanguard’s expenses were reduced by $269,000 (an effective annual rate of 0.04% of the fund’s average net assets); the fund is not obligated to repay this amount to Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At May 31, 2016, 100% of the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
D. Management has determined that no material events or transactions occurred subsequent to May 31, 2016, that would require recognition or disclosure in these financial statements.
25
New Jersey Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2016
| | |
| Share-Class Characteristics | |
| | Investor | Admiral |
| | Shares | Shares |
| Ticker Symbol | VNJTX | VNJUX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 2.26% | 2.34% |
| | | |
| Financial Attributes | | |
| |
| |
| | | Barclays | |
| | | NJ | Barclays |
| | | Muni | Municipal |
| | | Bond | Bond |
| | Fund | Index | Index |
| |
| Number of Bonds | 473 | 1,355 | 48,863 |
| |
| Yield to Maturity | | | |
| (before expenses) | 2.5% | 2.7% | 1.8% |
| |
| Average Coupon | 4.5% | 4.6% | 4.8% |
| |
| Average Duration | 6.3 years | 6.4 years | 5.8 years |
| |
| Average Stated | | | |
| Maturity | 15.6 years | 12.6 years | 13.0 years |
| |
| Short-Term | | | |
| Reserves | 3.6% | — | — |
| | |
| Volatility Measures | | |
| | Barclays NJ | Barclays |
| | Muni Bond | Municipal |
| | Index | Bond Index |
| R-Squared | 0.96 | 0.95 |
| Beta | 1.00 | 1.17 |
| These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. |
| |
| Distribution by Stated Maturity | |
| (% of portfolio) | |
| Under 1 Year | 4.0% |
| 1 - 3 Years | 3.6 |
| 3 - 5 Years | 6.1 |
| 5 - 10 Years | 11.3 |
| 10 - 20 Years | 42.5 |
| 20 - 30 Years | 29.2 |
| Over 30 Years | 3.3 |
| |
| Distribution by Credit Quality (% of portfolio) |
| AAA | 2.2% |
| AA | 28.8 |
| A | 53.9 |
| BBB | 12.0 |
| BB | 0.8 |
| B | 0.7 |
| Not Rated | 1.6 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to
classify securities for which a rating is not available. Not rated securities include a fund's investment in Vanguard Market Liquidity
Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may
serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. For more information about these ratings, see
the Glossary entry for Credit Quality.
1 The expense ratios shown are from the prospectus dated March 29, 2016, and represent estimated costs for the current fiscal year. For the
six months ended May 31, 2016, the annualized expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
26
New Jersey Long-Term Tax-Exempt Fund
Investment Focus
27
New Jersey Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
| | | | |
| Fiscal-Year Total Returns (%): November 30, 2005, Through May 31, 2016 | |
| | | | | Barclays NJ |
| | | | | Muni Bond |
| | | | Investor Shares | Index |
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2006 | 4.61% | 2.40% | 7.01% | 6.85% |
| 2007 | 4.34 | -2.30 | 2.04 | 2.15 |
| 2008 | 4.11 | -7.60 | -3.49 | -2.61 |
| 2009 | 4.61 | 7.58 | 12.19 | 13.15 |
| 2010 | 4.11 | -0.52 | 3.59 | 4.28 |
| 2011 | 4.24 | 1.30 | 5.54 | 5.85 |
| 2012 | 3.91 | 7.16 | 11.07 | 11.65 |
| 2013 | 3.41 | -7.24 | -3.83 | -3.31 |
| 2014 | 3.82 | 5.00 | 8.82 | 7.49 |
| 2015 | 3.55 | -1.38 | 2.17 | 1.34 |
| 2016 | 1.82 | 3.01 | 4.83 | 4.86 |
| Note: For 2016, performance data reflect the six months ended May 31, 2016. |
Average Annual Total Returns: Periods Ended March 31, 2016
This table presents 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 | Income | Capital | Total |
| Investor Shares | 2/3/1988 | 3.97% | 5.78% | 4.05% | 0.54% | 4.59% |
| Admiral Shares | 5/14/2001 | 4.05 | 5.87 | 4.13 | 0.54 | 4.67 |
See Financial Highlights for dividend and capital gains information.
28
New Jersey Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2016
The fund reports a complete list of its holdings in regulatory filings 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 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) |
| Tax-Exempt Municipal Bonds (99.6%) | | | | |
| New Jersey (98.6%) | | | | |
| Atlantic City NJ GO | 4.000% | 11/1/16 | 2,700 | 2,064 |
| Atlantic City NJ GO | 4.000% | 11/1/17 | 3,965 | 2,842 |
| Atlantic City NJ GO | 5.000% | 11/1/22 | 3,000 | 2,041 |
| Atlantic City NJ GO | 4.000% | 11/1/23 (4) | 1,425 | 1,473 |
| Bayonne NJ GO | 5.750% | 7/1/19 (Prere.) | 7,500 | 8,584 |
| Bergen County NJ Improvement Authority | | | | |
| Pooled Loan Revenue | 5.000% | 2/15/20 | 455 | 520 |
| Bergen County NJ Improvement Authority | | | | |
| Pooled Loan Revenue | 5.000% | 2/15/39 | 4,000 | 4,780 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue | 5.000% | 12/1/29 | 275 | 323 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue (Burlington County Solid Waste Project) | 5.000% | 10/1/26 | 2,100 | 2,513 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue (Burlington County Solid Waste Project) | 5.000% | 10/1/27 | 4,100 | 4,876 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/28 | 1,500 | 1,758 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/29 | 3,500 | 4,088 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/30 | 2,900 | 3,376 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/31 | 2,500 | 2,901 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/32 | 2,500 | 2,881 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/33 | 1,000 | 1,149 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/34 | 1,500 | 1,719 |
29
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.750% | 2/15/42 | 12,625 | 14,947 |
| Camden County NJ Improvement Authority | | | | |
| Lease Revenue (Rowan University School of | | | | |
| Osteopathic Medicine Project) | 5.000% | 12/1/32 | 6,035 | 7,084 |
| Camden County NJ Improvement Authority | | | | |
| Revenue | 5.000% | 1/15/28 | 3,600 | 4,184 |
| Camden County NJ Improvement Authority | | | | |
| Revenue | 5.000% | 1/15/29 | 3,225 | 3,739 |
| Delaware River & Bay Authority Delaware | | | | |
| Revenue | 5.000% | 1/1/26 | 2,000 | 2,445 |
| Delaware River & Bay Authority Delaware | | | | |
| Revenue | 5.000% | 1/1/27 | 2,000 | 2,425 |
| Delaware River & Bay Authority Delaware | | | | |
| Revenue | 5.000% | 1/1/28 | 2,250 | 2,712 |
| Delaware River & Bay Authority Delaware | | | | |
| Revenue | 5.000% | 1/1/42 | 9,980 | 11,375 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/24 | 1,200 | 1,433 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/26 | 1,000 | 1,181 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/29 | 300 | 365 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/31 | 500 | 602 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 4.000% | 7/1/34 (15) | 2,660 | 2,941 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/21 | 3,160 | 3,567 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/26 | 4,335 | 4,934 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/27 | 2,660 | 3,020 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/28 | 6,000 | 6,730 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/29 | 4,000 | 4,486 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/30 | 5,000 | 5,612 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/35 | 9,060 | 10,196 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/37 | 15,000 | 17,655 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/40 (4) | 1,000 | 1,126 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/40 | 2,500 | 2,929 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue VRDO | 0.370% | 6/7/16 LOC | 3,485 | 3,485 |
| Flemington Raritan NJ School District GO | 5.000% | 6/15/26 | 1,000 | 1,227 |
| Garden State Preservation Trust New Jersey | | | | |
| Revenue (Open Space & Farmland Preservation) | 5.750% | 11/1/28 (4) | 18,545 | 23,867 |
30
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/30 | 3,910 | 4,635 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/31 | 1,950 | 2,304 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/32 | 1,775 | 2,089 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/33 | 2,275 | 2,668 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/34 | 1,200 | 1,402 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 4.000% | 7/1/42 (4) | 2,000 | 2,140 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/44 | 1,500 | 1,705 |
| Gloucester Township NJ Municipal Utility | | | | |
| Authority Revenue | 5.650% | 3/1/18 (2) | 730 | 764 |
| Hillsborough Township NJ School District GO | 5.375% | 10/1/19 (4) | 1,720 | 1,954 |
| Hudson County NJ Improvement Authority | | | | |
| Essential Purpose Pooled Governmental Loan | | | | |
| Revenue VRDO | 0.400% | 6/7/16 LOC | 1,900 | 1,900 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.000% | 4/1/26 | 790 | 924 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.000% | 5/1/41 | 5,500 | 6,536 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.000% | 5/1/46 | 5,000 | 5,918 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.250% | 5/1/51 | 7,000 | 8,449 |
| Hudson County NJ Improvement Authority | | | | |
| Solid Waste Systems Revenue | 5.750% | 1/1/35 | 2,000 | 2,290 |
| Hudson County NJ Improvement Authority | | | | |
| Solid Waste Systems Revenue | 6.000% | 1/1/40 | 3,000 | 3,410 |
| Jersey City NJ GO | 5.000% | 3/1/22 | 1,750 | 2,037 |
| Mercer County NJ Improvement Authority | | | | |
| Revenue (Courthouse Annex Project) | 5.000% | 9/1/40 | 2,480 | 2,931 |
| Monmouth County NJ Improvement Authority | | | | |
| Lease Revenue (Brookdale Community College) | 5.875% | 8/1/18 (Prere.) | 1,000 | 1,108 |
| Monmouth County NJ Improvement Authority | | | | |
| Lease Revenue (Brookdale Community College) | 6.000% | 8/1/18 (Prere.) | 3,900 | 4,332 |
| Monmouth County NJ Improvement Authority | | | | |
| Revenue (Pooled Government Loan) | 5.000% | 12/1/16 (ETM) | 5 | 5 |
| Monroe Township NJ Board of Education GO | 5.000% | 3/1/34 | 1,250 | 1,494 |
| Monroe Township NJ Board of Education GO | 5.000% | 3/1/38 | 3,000 | 3,534 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/25 | 615 | 722 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/28 | 465 | 540 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/30 | 570 | 661 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/31 | 600 | 695 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/39 (15) | 2,000 | 2,394 |
| New Jersey Building Authority Revenue | 5.000% | 6/15/16 | 2,250 | 2,254 |
| New Jersey Building Authority Revenue | 4.000% | 6/15/30 | 1,000 | 1,014 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Hotel Room Fee) | 5.250% | 1/1/20 (2) | 3,045 | 3,085 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Hotel Room Fee) | 5.250% | 1/1/21 (2) | 6,255 | 6,337 |
31
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Hotel Room Fee) | 5.250% | 1/1/22 (2) | 5,585 | 5,657 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/28 (4) | 2,000 | 2,254 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/29 (4) | 2,500 | 2,809 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/30 (4) | 2,950 | 3,307 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/31 (4) | 1,500 | 1,671 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/32 (4) | 1,250 | 1,389 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.250% | 11/1/44 | 11,735 | 12,195 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Parking Fee) | 5.250% | 6/1/21 (14) | 3,000 | 3,010 |
| New Jersey Economic Development Authority | | | | |
| Lease Revenue (Rutgers State University) | 5.000% | 6/15/38 | 4,000 | 4,687 |
| New Jersey Economic Development Authority | | | | |
| Lease Revenue (Rutgers State University) | 5.000% | 6/15/46 | 4,475 | 5,202 |
| New Jersey Economic Development Authority | | | | |
| Retirement Community Revenue (Seabrook | | | | |
| Village Inc.) | 5.250% | 11/15/16 (Prere.) | 935 | 955 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 5.000% | 6/15/23 | 11,500 | 12,647 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 4.125% | 6/15/26 | 2,500 | 2,577 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 4.125% | 6/15/27 | 2,750 | 2,815 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 5.250% | 6/15/32 | 10,000 | 11,116 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 5.250% | 6/15/33 | 6,000 | 6,651 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 5.250% | 6/15/40 | 10,000 | 11,036 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/18 | 1,030 | 1,090 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/23 | 2,500 | 2,808 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/25 | 5,990 | 6,640 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 8,500 | 9,364 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/28 | 2,000 | 2,186 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/29 | 1,400 | 1,527 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Duke Farms Foundation Project) | 5.000% | 7/1/48 | 7,000 | 7,777 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Lions Gate Project) | 5.000% | 1/1/34 | 1,500 | 1,567 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Lions Gate Project) | 5.125% | 1/1/39 | 2,000 | 2,092 |
32
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Economic Development Authority | | | | |
| Revenue (Lions Gate Project) | 5.250% | 1/1/44 | 5,850 | 6,150 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/24 (14) | 6,000 | 7,066 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/25 (14) | 6,000 | 7,132 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/26 (14) | 2,500 | 2,990 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/31 (14) | 17,675 | 17,854 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 9/1/17 (ETM) | 1,800 | 1,895 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/17 (ETM) | 2,920 | 3,108 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/17 | 120 | 126 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 9/1/18 (ETM) | 1,835 | 2,003 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 9/1/18 | 665 | 707 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/18 (ETM) | 3,000 | 3,309 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/18 | 2,220 | 2,374 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/19 (ETM) | 3,070 | 3,408 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/19 | 1,560 | 1,681 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 9/1/19 (Prere.) | 4,065 | 4,591 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 9/1/19 (Prere.) | 8,000 | 9,035 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/19 (ETM) | 2,190 | 2,486 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/19 | 810 | 881 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/19 | 2,100 | 2,273 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 12/15/19 (2) | 3,550 | 3,902 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 3/1/21 (Prere.) | 3,005 | 3,545 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 3/1/21 (Prere.) | 1,210 | 1,428 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.750% | 3/1/21 (Prere.) | 2,700 | 3,248 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/22 | 1,110 | 1,216 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/23 | 2,290 | 2,512 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.750% | 9/1/23 | 300 | 336 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/24 | 3,650 | 4,000 |
33
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/24 | 2,990 | 3,304 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/24 | 375 | 410 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/24 (2) | 1,500 | 1,726 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/25 | 2,500 | 2,726 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/25 (4) | 2,380 | 2,767 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/25 | 3,460 | 3,779 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/25 (4) | 1,660 | 2,032 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/26 | 5,000 | 5,434 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/26 | 3,000 | 3,264 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/27 | 5,000 | 5,418 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/27 | 1,000 | 1,087 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/28 | 21,965 | 23,797 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/28 (14) | 2,165 | 2,671 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/29 | 7,500 | 8,111 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/29 (14) | 7,055 | 8,773 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 12/15/29 | 11,520 | 12,646 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/30 | 6,360 | 6,883 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/30 | 6,975 | 7,603 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/31 | 4,000 | 4,356 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/31 | 7,105 | 7,500 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/32 | 4,005 | 4,318 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/32 | 3,780 | 3,983 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/33 (4) | 1,500 | 1,688 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/34 | 2,685 | 2,895 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/35 | 12,095 | 12,951 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/38 | 5,000 | 5,328 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/40 | 11,515 | 12,431 |
34
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| 1 New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | | | | |
| TOB VRDO | 0.490% | 6/7/16 LOC | 9,805 | 9,805 |
| 1 New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | | | | |
| TOB VRDO | 0.520% | 6/7/16 (12) | 1,235 | 1,235 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Seeing Eye Inc.) | 5.000% | 3/1/25 | 4,000 | 5,025 |
| New Jersey Economic Development Authority | | | | |
| Revenue (United Methodist Homes | | | | |
| Obligated Group) | 4.000% | 7/1/24 | 2,000 | 2,163 |
| New Jersey Economic Development Authority | | | | |
| Revenue (United Methodist Homes | | | | |
| Obligated Group) | 5.000% | 7/1/29 | 2,000 | 2,245 |
| New Jersey Economic Development Authority | | | | |
| Revenue (West Campus Housing LLC) | 5.000% | 7/1/35 | 5,950 | 6,228 |
| New Jersey Economic Development Authority | | | | |
| Revenue (West Campus Housing LLC) | 5.000% | 7/1/47 | 7,515 | 7,770 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Montclair Properties | | | | |
| LLC - Montclair State University Student | | | | |
| Housing Project) | 5.000% | 6/1/18 | 1,390 | 1,469 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Montclair Properties | | | | |
| LLC - Montclair State University Student | | | | |
| Housing Project) | 5.375% | 6/1/25 | 1,340 | 1,504 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Montclair Properties | | | | |
| LLC - Montclair State University Student | | | | |
| Housing Project) | 5.750% | 6/1/31 | 1,160 | 1,308 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Montclair Properties | | | | |
| LLC - Montclair State University Student | | | | |
| Housing Project) | 5.875% | 6/1/42 | 8,280 | 9,289 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Rowan Properties | | | | |
| LLC - Rowan University Housing Project) | 5.000% | 1/1/30 | 2,515 | 2,871 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Rowan Properties | | | | |
| LLC - Rowan University Housing Project) | 5.000% | 1/1/35 | 2,000 | 2,247 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Rowan Properties | | | | |
| LLC - Rowan University Housing Project) | 5.000% | 1/1/48 | 12,000 | 13,249 |
| New Jersey Economic Development Authority | | | | |
| Sublease Revenue (New Jersey Transit Corp. | | | | |
| Light Rail Transit System Project) | 5.000% | 5/1/18 | 6,260 | 6,609 |
| New Jersey Economic Development Authority | | | | |
| Sublease Revenue (New Jersey Transit Corp. | | | | |
| Light Rail Transit System Project) | 5.000% | 5/1/19 | 3,580 | 3,849 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 5.000% | 7/1/19 | 1,105 | 1,225 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 5.000% | 7/1/38 | 1,250 | 1,439 |
35
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 5.000% | 7/1/43 | 2,500 | 2,858 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Georgian Court University) | 5.000% | 7/1/27 | 1,000 | 1,032 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Georgian Court University) | 5.000% | 7/1/33 | 1,000 | 1,036 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Higher Education Trust Fund) | 5.000% | 9/1/19 (4) | 5,000 | 5,019 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Higher Education Trust Fund) | 5.000% | 6/1/21 | 4,335 | 4,761 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.000% | 7/1/17 (Prere.) | 3,025 | 3,164 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.000% | 7/1/17 (Prere.) | 2,585 | 2,704 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.000% | 7/1/17 (Prere.) | 3,000 | 3,138 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.000% | 7/1/27 (4) | 885 | 1,071 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.250% | 9/1/29 | 2,980 | 3,317 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.500% | 9/1/36 | 12,500 | 14,045 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/16 (Prere.) | 5,000 | 5,018 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/28 | 2,500 | 3,097 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/29 | 2,500 | 3,084 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/30 | 2,500 | 3,070 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/31 | 2,500 | 3,059 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/32 | 2,500 | 3,049 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/32 | 4,920 | 5,905 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/33 | 3,170 | 3,790 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/34 | 2,000 | 2,383 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/35 | 2,100 | 2,494 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/36 | 1,150 | 1,360 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/39 | 8,000 | 9,290 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (New Jersey City University) | 5.000% | 7/1/40 | 4,000 | 4,574 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (New Jersey City University) | 5.000% | 7/1/45 | 1,000 | 1,136 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (New Jersey Institute of Technology) | 5.000% | 7/1/21 | 2,635 | 3,009 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (New Jersey Institute of Technology) | 5.000% | 7/1/31 | 1,000 | 1,128 |
36
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/27 | 5,000 | 5,919 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/28 | 1,500 | 1,906 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/28 | 4,780 | 6,072 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/30 | 4,090 | 4,835 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/34 | 2,000 | 2,328 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 4.500% | 7/1/35 | 7,400 | 7,936 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/35 | 2,000 | 2,328 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/39 | 3,000 | 3,458 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/29 | 1,430 | 1,652 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/30 | 1,500 | 1,731 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/31 | 1,575 | 1,813 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/37 | 2,065 | 2,343 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/40 | 2,150 | 2,458 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/42 | 2,390 | 2,697 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Richard Stockton College) | 5.500% | 7/1/23 | 1,265 | 1,377 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Richard Stockton College) | 5.375% | 7/1/38 | 8,395 | 9,035 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/16 (Prere.) | 405 | 406 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/16 (Prere.) | 1,450 | 1,455 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/24 (14) | 750 | 753 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/31 | 1,165 | 1,376 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/33 | 1,000 | 1,165 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/33 | 430 | 504 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/34 | 850 | 993 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/37 | 1,345 | 1,555 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/38 | 1,200 | 1,381 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/43 | 1,500 | 1,715 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) VRDO | 0.260% | 6/7/16 LOC | 2,500 | 2,500 |
37
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (University Medical & Dentistry) | 6.250% | 12/1/18 (ETM) | 420 | 474 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (University Medical & Dentistry) | 7.125% | 6/1/19 (Prere.) | 65 | 77 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (University Medical & Dentistry) | 7.500% | 6/1/19 (Prere.) | 7,250 | 8,628 |
| New Jersey Environmental Infrastructure | | | | |
| Trust Revenue | 5.000% | 9/1/19 (Prere.) | 180 | 203 |
| New Jersey Environmental Infrastructure | | | | |
| Trust Revenue | 5.000% | 9/1/19 (Prere.) | 3,690 | 4,165 |
| New Jersey Environmental Infrastructure | | | | |
| Trust Revenue | 5.000% | 9/1/19 (Prere.) | 405 | 457 |
| New Jersey Environmental Infrastructure | | | | |
| Trust Revenue | 5.000% | 9/1/19 (Prere.) | 135 | 152 |
| New Jersey Environmental Infrastructure | | | | |
| Trust Revenue | 5.000% | 9/1/26 | 2,590 | 3,290 |
| New Jersey Equipment Lease Purchase COP | 5.000% | 6/15/23 | 3,000 | 3,200 |
| New Jersey GO | 5.000% | 8/15/19 | 5,000 | 5,542 |
| New Jersey GO | 5.000% | 6/1/23 | 4,000 | 4,710 |
| New Jersey GO | 5.000% | 6/1/28 | 2,180 | 2,578 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Lease Revenue (Greystone Park | | | | |
| Psychiatric Hospital Project) | 5.000% | 9/15/27 | 11,095 | 12,074 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Lease Revenue (Marlboro Psychiatric | | | | |
| Hospital Project) | 5.000% | 9/15/33 | 5,085 | 5,470 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 5.000% | 7/1/18 | 4,095 | 4,419 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 5.000% | 7/1/27 | 2,195 | 2,368 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 5.500% | 7/1/31 | 95 | 113 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 6.000% | 7/1/41 | 1,500 | 1,804 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AtlantiCare Regional | | | | |
| Medical Center) | 5.000% | 7/1/17 (Prere.) | 10,000 | 10,458 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AtlantiCare Regional | | | | |
| Medical Center) | 5.000% | 7/1/17 (Prere.) | 2,780 | 2,907 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AtlantiCare Regional | | | | |
| Medical Center) | 5.000% | 7/1/17 (Prere.) | 2,675 | 2,797 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Barnabas Health) | 5.000% | 7/1/44 | 22,650 | 25,985 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.000% | 1/1/19 | 2,170 | 2,351 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.000% | 1/1/20 | 3,000 | 3,321 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.125% | 1/1/21 | 12,795 | 13,514 |
38
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.000% | 1/1/22 | 3,500 | 3,902 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.000% | 1/1/28 | 3,500 | 3,857 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.000% | 1/1/34 | 2,000 | 2,204 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Holy Name Medical Center) | 5.000% | 7/1/25 | 3,215 | 3,587 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hospital Asset | | | | |
| Transformation Program) | 5.500% | 10/1/23 | 10,000 | 10,816 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hospital Asset | | | | |
| Transformation Program) | 5.750% | 10/1/31 | 2,505 | 2,797 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/31 | 700 | 817 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/32 | 800 | 931 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/33 | 1,585 | 1,839 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/34 | 1,415 | 1,638 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/45 | 4,050 | 4,634 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center) | 5.250% | 7/1/16 (Prere.) | 1,200 | 1,205 |
| 2 New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 5.000% | 7/1/28 | 5,000 | 6,083 |
| 2 New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 5.000% | 7/1/30 | 5,000 | 6,036 |
| 2 New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 5.000% | 7/1/34 | 1,500 | 1,785 |
| 2 New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 4.000% | 7/1/41 | 3,700 | 3,922 |
| 2 New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 5.000% | 7/1/46 | 2,000 | 2,345 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Kennedy Health Systems) | 5.000% | 7/1/31 | 2,910 | 3,287 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Kennedy Health Systems) | 5.000% | 7/1/37 | 4,960 | 5,508 |
39
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Kennedy Health Systems) | 5.000% | 7/1/42 | 1,750 | 1,941 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/24 | 5,000 | 5,951 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/25 | 2,000 | 2,367 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/26 | 2,225 | 2,615 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/27 | 3,635 | 4,249 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/27 | 1,310 | 1,543 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/32 | 2,000 | 2,318 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/38 (12) | 570 | 611 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/38 (12) | 4,170 | 4,472 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Palisades Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/26 | 2,070 | 2,359 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Palisades Medical Center | | | | |
| Obligated Group) | 5.250% | 7/1/31 | 2,000 | 2,272 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Palisades Medical Center | | | | |
| Obligated Group) | 5.500% | 7/1/43 | 6,530 | 7,457 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/27 | 1,000 | 1,240 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/31 | 2,000 | 2,425 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/32 | 2,630 | 3,176 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/33 | 3,340 | 4,024 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/34 | 2,190 | 2,630 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/39 | 5,000 | 5,893 |
40
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/31 | 5,500 | 6,133 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/32 | 1,000 | 1,171 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/33 | 2,150 | 2,512 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/34 | 1,200 | 1,398 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.250% | 7/1/35 | 7,000 | 8,183 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/39 | 3,500 | 4,015 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/43 | 4,000 | 4,592 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.500% | 7/1/43 | 8,000 | 9,475 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 0.000% | 7/1/21 (ETM) | 1,260 | 1,171 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 5.000% | 7/1/24 | 2,000 | 2,305 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 5.000% | 7/1/29 | 1,000 | 1,026 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 5.625% | 7/1/32 | 2,330 | 2,745 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 5.625% | 7/1/37 | 5,260 | 6,122 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 6.625% | 7/1/38 | 4,440 | 4,863 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Luke’s Warren Hospital | | | | |
| Obligated Group) | 4.500% | 8/15/43 | 5,800 | 6,204 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Trinitas Hospital Obligated | | | | |
| Group) | 5.250% | 7/1/30 | 2,170 | 2,262 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Trinitas Hospital Obligated | | | | |
| Group) | 5.250% | 7/1/30 | 635 | 662 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/22 (4) | 1,000 | 1,182 |
41
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/23 (4) | 2,000 | 2,395 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/27 (4) | 2,000 | 2,401 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/29 (4) | 1,950 | 2,321 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/30 (4) | 1,650 | 1,957 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 4.125% | 7/1/38 (4) | 4,170 | 4,467 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/46 (4) | 7,950 | 9,144 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.000% | 7/1/26 | 7,600 | 9,114 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.000% | 7/1/27 | 4,000 | 4,761 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.000% | 7/1/28 | 3,000 | 3,547 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.000% | 7/1/29 | 2,410 | 2,834 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.750% | 7/1/33 | 3,010 | 3,398 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.500% | 7/1/38 (12) | 3,210 | 3,604 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.370% | 6/7/16 LOC | 2,000 | 2,000 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.000% | 6/1/19 | 1,075 | 1,178 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 4.750% | 12/1/21 | 3,550 | 3,777 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.000% | 12/1/25 | 1,060 | 1,114 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.000% | 12/1/26 | 1,065 | 1,116 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.625% | 6/1/30 | 7,175 | 7,942 |
| 1 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.600% | 6/7/16 | 2,000 | 2,000 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue | 3.750% | 11/1/45 | 1,000 | 1,011 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue | 3.900% | 11/1/50 | 3,000 | 3,035 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue | 4.250% | 10/1/32 | 2,725 | 2,856 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue | 6.500% | 10/1/38 | 295 | 305 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.380% | 6/7/16 | 4,735 | 4,735 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.400% | 6/7/16 | 6,000 | 6,000 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.430% | 6/7/16 | 8,875 | 8,875 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.450% | 6/7/16 | 3,515 | 3,515 |
42
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Institute of Technology Revenue | 5.000% | 7/1/32 | 1,500 | 1,773 |
| New Jersey Institute of Technology Revenue | 5.000% | 7/1/40 | 6,910 | 8,061 |
| New Jersey Institute of Technology Revenue | 5.000% | 7/1/42 | 6,925 | 8,088 |
| New Jersey Institute of Technology Revenue | 5.000% | 7/1/45 | 9,090 | 10,440 |
| New Jersey Sports & Exposition Authority | | | | |
| Revenue | 5.500% | 3/1/17 (14) | 5,120 | 5,275 |
| New Jersey Sports & Exposition Authority | | | | |
| Revenue | 5.500% | 3/1/17 (ETM) | 385 | 399 |
| New Jersey Sports & Exposition Authority | | | | |
| Revenue | 5.500% | 3/1/17 (ETM) | 250 | 259 |
| New Jersey Sports & Exposition Authority | | | | |
| Revenue (Convention Center Luxury Tax) | 5.500% | 3/1/21 (ETM) | 3,000 | 3,594 |
| New Jersey Transportation Corp. GAN | 5.000% | 9/15/19 | 5,000 | 5,476 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/24 | 2,500 | 2,736 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/25 | 4,500 | 4,892 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/27 | 11,245 | 12,244 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.250% | 6/15/31 | 1,500 | 1,661 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/32 | 10,000 | 10,765 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/33 | 9,500 | 10,227 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 4.750% | 6/15/38 | 2,850 | 3,020 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/38 | 6,105 | 6,527 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/38 | 10,550 | 11,397 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.500% | 6/15/39 | 5,400 | 6,008 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.250% | 6/15/41 | 7,700 | 8,491 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/44 | 3,585 | 3,860 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/46 | 5,385 | 5,769 |
| 3 New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | | | | |
| PUT | 1.600% | 12/15/21 | 7,000 | 6,593 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 6.000% | 12/15/18 (Prere.) | 1,740 | 1,964 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.750% | 6/15/20 | 5,000 | 5,562 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 12/15/20 | 5,205 | 5,749 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 12/15/22 | 2,500 | 2,812 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.500% | 12/15/22 | 4,730 | 5,390 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/23 | 3,900 | 2,972 |
43
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.750% | 6/15/24 (14) | 4,900 | 5,944 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.750% | 6/15/25 (14) | 7,000 | 8,595 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/26 | 4,915 | 3,239 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,336 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.000% | 6/15/27 | 5,000 | 5,398 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.125% | 6/15/28 | 5,245 | 5,680 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/28 | 3,855 | 2,287 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/28 | 1,730 | 1,026 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/28 (2) | 755 | 462 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.000% | 6/15/29 | 2,785 | 3,041 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/29 (4) | 6,970 | 4,193 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/29 | 7,520 | 4,239 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 6/15/30 | 3,065 | 3,337 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 6/15/31 | 5,395 | 5,861 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.500% | 6/15/31 | 6,000 | 6,682 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/31 | 11,500 | 5,848 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.000% | 6/15/32 | 16,275 | 17,812 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 6/15/32 | 5,000 | 5,614 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/32 (4) | 34,280 | 17,662 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/33 | 3,000 | 1,360 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/33 | 5,000 | 2,267 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/34 | 8,210 | 3,508 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 6.000% | 6/15/35 | 385 | 441 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/35 | 11,405 | 4,584 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 6/15/36 | 3,000 | 3,236 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Transportation System Revenue | 0.000% | 12/15/36 | 11,675 | 4,461 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/37 | 1,165 | 423 |
44
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/38 | 15,000 | 5,173 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.500% | 12/15/38 (12) | 6,900 | 7,495 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 6.000% | 12/15/38 | 3,360 | 3,708 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.500% | 6/15/41 | 8,000 | 8,764 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.000% | 6/15/42 | 16,535 | 17,554 |
| 1 New Jersey Transportation Trust Fund Authority | | | | |
| Transportation System Revenue TOB VRDO | 0.550% | 6/7/16 LOC | 3,820 | 3,820 |
| New Jersey Turnpike Authority Revenue | 5.150% | 1/1/17 (Prere.) | 8,500 | 8,725 |
| New Jersey Turnpike Authority Revenue | 5.250% | 1/1/26 (4) | 2,000 | 2,568 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 5,000 | 5,893 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 3,000 | 3,597 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/33 | 3,000 | 3,586 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/33 | 8,500 | 9,970 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/34 | 3,000 | 3,574 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 6,400 | 7,126 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 5,000 | 5,774 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/36 | 3,500 | 3,823 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/38 | 17,355 | 20,150 |
| New Jersey Turnpike Authority Revenue | 5.250% | 1/1/40 | 10,000 | 10,936 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/43 | 8,595 | 9,942 |
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/45 | 3,000 | 3,259 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/45 | 10,000 | 11,660 |
| Newark NJ Housing Authority Port Authority- | | | | |
| Port Newark Marine Terminal Revenue | | | | |
| (City of Newark Redevelopment Projects) | 4.375% | 1/1/37 (14) | 100 | 101 |
| Ocean County NJ Utility Authority Wastewater | | | | |
| Revenue | 6.600% | 1/1/18 (ETM) | 885 | 939 |
| Passaic Valley NJ Sewage Commissioners | | | | |
| Sewer System Revenue | 5.750% | 12/1/19 | 1,680 | 1,911 |
| Passaic Valley NJ Water Commission Revenue | 5.000% | 12/15/32 (4) | 1,385 | 1,656 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.375% | 3/1/28 | 1,280 | 1,612 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 4.500% | 7/15/28 | 4,000 | 4,279 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 10/15/28 | 4,000 | 5,028 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 3/1/29 | 4,500 | 4,954 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 10/15/30 | 3,000 | 3,743 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 7/15/31 | 5,140 | 5,975 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 7/15/31 | 3,395 | 3,904 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 7/15/32 | 3,500 | 4,028 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 10/15/32 | 6,625 | 7,538 |
45
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 4.750% | 7/15/33 | 3,500 | 3,778 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 10/15/33 | 1,250 | 1,420 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 5/1/34 | 3,000 | 3,425 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 12/1/34 | 7,000 | 8,488 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 5/1/35 | 3,000 | 3,416 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 7/15/35 | 6,500 | 7,438 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 9/15/36 | 3,400 | 3,831 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 7/15/39 | 13,250 | 15,082 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 9/1/39 | 4,090 | 4,855 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 1/15/41 | 16,065 | 18,564 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 4.000% | 10/15/45 | 2,500 | 2,757 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.250% | 10/15/55 | 5,250 | 6,390 |
| Port Authority of New York & New Jersey | | | | |
| Special Obligation Revenue (John F. Kennedy | | | | |
| International Air Terminal LLC) | 5.500% | 12/1/31 | 5,000 | 5,747 |
| Port Authority of New York & New Jersey | | | | |
| Special Obligation Revenue (John F. Kennedy | | | | |
| International Air Terminal LLC) | 6.000% | 12/1/36 | 3,000 | 3,524 |
| Port Authority of New York & New Jersey | | | | |
| Special Obligation Revenue (John F. Kennedy | | | | |
| International Air Terminal LLC) | 6.000% | 12/1/42 | 5,000 | 5,861 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/28 | 4,000 | 4,785 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/30 | 7,655 | 9,453 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/30 | 5,000 | 5,963 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/31 | 2,345 | 2,887 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/33 | 7,000 | 8,295 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/36 | 3,000 | 3,524 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/38 | 14,290 | 16,704 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/43 | 13,650 | 15,928 |
| Rutgers State University New Jersey Revenue | | | | |
| VRDO | 0.250% | 6/1/16 | 8,525 | 8,525 |
| Rutgers State University New Jersey Revenue | | | | |
| VRDO | 0.360% | 6/1/16 | 17,410 | 17,410 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/20 | 2,145 | 2,398 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/21 | 3,000 | 3,410 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/22 | 2,780 | 3,208 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/25 | 4,000 | 4,555 |
46
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/26 | 5,000 | 5,657 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/27 | 2,960 | 3,334 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/28 | 4,185 | 4,691 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/29 | 2,000 | 2,238 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/39 | 5,000 | 5,566 |
| Sparta Township NJ Board of Education GO | 5.000% | 2/15/34 | 1,000 | 1,192 |
| Sparta Township NJ Board of Education GO | 5.000% | 2/15/35 | 1,400 | 1,663 |
| Tobacco Settlement Financing Corp. | | | | |
| New Jersey Revenue | 5.000% | 6/1/19 | 2,000 | 2,082 |
| Tobacco Settlement Financing Corp. | | | | |
| New Jersey Revenue | 4.500% | 6/1/23 | 15,795 | 16,056 |
| Tobacco Settlement Financing Corp. | | | | |
| New Jersey Revenue | 0.000% | 6/1/41 | 25,000 | 6,622 |
| Tobacco Settlement Financing Corp. | | | | |
| New Jersey Revenue | 5.000% | 6/1/41 | 6,900 | 6,673 |
| Union County NJ Improvement Authority | | | | |
| Lease Revenue (Family Court Building Project) | 5.000% | 5/1/42 | 5,000 | 5,864 |
| Union County NJ Utilities Authority Revenue | 5.000% | 6/15/41 | 4,000 | 4,511 |
| | | | | 2,077,655 |
| Virgin Islands (0.5%) | | | | |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/24 | 3,000 | 3,416 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/25 | 5,500 | 6,073 |
| | | | | 9,489 |
| Guam (0.4%) | | | | |
| Guam Government Business Privilege Tax | | | | |
| Revenue | 5.000% | 11/15/39 | 2,200 | 2,542 |
| Guam Government Waterworks Authority | | | | |
| Water & Waste Water System Revenue | 5.500% | 7/1/43 | 3,000 | 3,513 |
| Guam Power Authority Revenue | 5.000% | 10/1/27 | 1,135 | 1,326 |
| Guam Power Authority Revenue | 5.000% | 10/1/29 | 1,355 | 1,570 |
| | | | | 8,951 |
| Puerto Rico (0.1%) | | | | |
| Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 720 | 966 |
| Total Tax-Exempt Municipal Bonds (Cost $1,969,803) | | | 2,097,061 |
47
New Jersey Long-Term Tax-Exempt Fund
| |
| | Amount |
| | ($000) |
| Other Assets and Liabilities (0.4%) | |
| Other Assets | |
| Investment in Vanguard | 173 |
| Receivables for Investment Securities Sold | 100 |
| Receivables for Accrued Income | 31,195 |
| Receivables for Capital Shares Issued | 2,692 |
| Other Assets 4 | 563 |
| Total Other Assets | 34,723 |
| Liabilities | |
| Payables for Investment Securities Purchased | (20,140) |
| Payables for Capital Shares Redeemed | (1,239) |
| Payables for Distributions | (1,667) |
| Payables to Vanguard | (2,348) |
| Other Payables | (54) |
| Total Liabilities | (25,448) |
| Net Assets (100%) | 2,106,336 |
| |
| At May 31, 2016, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 1,974,413 |
| Overdistributed Net Investment Income | (2) |
| Accumulated Net Realized Gains | 4,667 |
| Unrealized Appreciation (Depreciation) | 127,258 |
| Net Assets | 2,106,336 |
| |
| Investor Shares—Net Assets | |
| Applicable to 21,044,319 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 259,614 |
| Net Asset Value Per Share—Investor Shares | $12.34 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 149,695,129 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,846,722 |
| Net Asset Value Per Share—Admiral Shares | $12.34 |
• 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 May 31, 2016, the aggregate value of these securities was $16,860,000,
representing 0.8% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2016.
3 Adjustable-rate security.
4 Cash of $310,000 has been segregated as initial margin for recently closed futures contracts.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
48
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.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(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) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
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.
49
New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
| |
| | Six Months Ended |
| | May 31, 2016 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 38,002 |
| Total Income | 38,002 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 111 |
| Management and Administrative—Investor Shares | 207 |
| Management and Administrative—Admiral Shares | 903 |
| Marketing and Distribution—Investor Shares | 27 |
| Marketing and Distribution—Admiral Shares | 63 |
| Custodian Fees | 12 |
| Shareholders’ Reports—Investor Shares | 2 |
| Shareholders’ Reports—Admiral Shares | 2 |
| Total Expenses | 1,327 |
| Net Investment Income | 36,675 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 5,376 |
| Futures Contracts | (99) |
| Realized Net Gain (Loss) | 5,277 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 53,853 |
| Futures Contracts | (2) |
| Change in Unrealized Appreciation (Depreciation) | 53,851 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 95,803 |
See accompanying Notes, which are an integral part of the Financial Statements.
50
New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| | |
| | Six Months Ended | Year Ended |
| | May 31, | November 30, |
| | 2016 | 2015 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 36,675 | 72,215 |
| Realized Net Gain (Loss) | 5,277 | 4,671 |
| Change in Unrealized Appreciation (Depreciation) | 53,851 | (32,770) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 95,803 | 44,116 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (4,417) | (8,722) |
| Admiral Shares | (32,258) | (63,493) |
| Realized Capital Gain1 | | |
| Investor Shares | (419) | (1,060) |
| Admiral Shares | (3,009) | (7,567) |
| Total Distributions | (40,103) | (80,842) |
| Capital Share Transactions | | |
| Investor Shares | 11,368 | (393) |
| Admiral Shares | 60,214 | 14,532 |
| Net Increase (Decrease) from Capital Share Transactions | 71,582 | 14,139 |
| Total Increase (Decrease) | 127,282 | (22,587) |
| Net Assets | | |
| Beginning of Period | 1,979,054 | 2,001,641 |
| End of Period2 | 2,106,336 | 1,979,054 |
| 1 Includes fiscal 2016 and 2015 short-term gain distributions totaling $0 and $2,329,000, respectively. Short-term gain distributions are |
| treated as ordinary income dividends for tax purposes. |
| 2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($2,000) and $0. |
See accompanying Notes, which are an integral part of the Financial Statements.
51
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
| | | | | | |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | May 31, | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $12.00 | $12.22 | $11.66 | $12.57 | $11.73 | $11.58 |
| Investment Operations | | | | | | |
| Net Investment Income | . 215 | .427 | .431 | .433 | .439 | .471 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | . 361 | (.167) | . 582 | (. 910) | . 840 | .150 |
| Total from Investment Operations | .576 | .260 | 1.013 | (.477) | 1.279 | .621 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (. 215) | (. 427) | (. 431) | (. 433) | (. 439) | (. 471) |
| Distributions from Realized Capital Gains | (.021) | (.053) | (.022) | — | — | — |
| Total Distributions | (. 236) | (. 480) | (. 453) | (. 433) | (. 439) | (. 471) |
| Net Asset Value, End of Period | $12.34 | $12.00 | $12.22 | $11.66 | $12.57 | $11.73 |
| |
| Total Return1 | 4.83% | 2.17% | 8.82% | -3.83% | 11.07% | 5.54% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $260 | $241 | $246 | $246 | $303 | $294 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.52% | 3.54% | 3.58% | 3.60% | 3.62% | 4.11% |
| Portfolio Turnover Rate | 9% | 25% | 20% | 35% | 17% | 12% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
52
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
| | | | | | |
| Admiral Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | May 31, | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $12.00 | $12.22 | $11.66 | $12.57 | $11.73 | $11.58 |
| Investment Operations | | | | | | |
| Net Investment Income | . 220 | .436 | .441 | .442 | .449 | .480 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | . 361 | (.167) | . 582 | (. 910) | . 840 | .150 |
| Total from Investment Operations | .581 | .269 | 1.023 | (.468) | 1.289 | .630 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (. 220) | (. 436) | (. 441) | (. 442) | (. 449) | (. 480) |
| Distributions from Realized Capital Gains | (.021) | (.053) | (.022) | — | — | — |
| Total Distributions | (. 241) | (. 489) | (. 463) | (. 442) | (. 449) | (. 480) |
| Net Asset Value, End of Period | $12.34 | $12.00 | $12.22 | $11.66 | $12.57 | $11.73 |
| |
| Total Return1 | 4.88% | 2.25% | 8.91% | -3.75% | 11.15% | 5.62% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,847 | $1,738 | $1,755 | $1,648 | $1,874 | $1,649 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.60% | 3.62% | 3.66% | 3.68% | 3.70% | 4.19% |
| Portfolio Turnover Rate | 9% | 25% | 20% | 35% | 17% | 12% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
53
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. 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, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments 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 affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values 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).
During the six months ended May 31, 2016, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at May 31, 2016.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2012–2015), and for the period ended May 31, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
54
New Jersey Long-Term Tax-Exempt Fund
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2016, or at any time during the period then ended.
6. 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.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2016, the fund had contributed to Vanguard capital in the amount of $173,000, representing 0.01% of the fund’s net assets and 0.07% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
55
New Jersey Long-Term Tax-Exempt Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of May 31, 2016, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 2,097,061 | — |
| Futures Contracts—Assets1 | 11 | — | — |
| Futures Contracts—Liabilities1 | (54) | — | — |
| Total | (43) | 2,097,061 | — |
| 1 Represents variation margin on the last day of the reporting period for recently closed futures contracts. |
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. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
At May 31, 2016, the cost of investment securities for tax purposes was $1,970,415,000. Net unrealized appreciation of investment securities for tax purposes was $126,646,000, consisting of unrealized gains of $132,548,000 on securities that had risen in value since their purchase and $5,902,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended May 31, 2016, the fund purchased $193,424,000 of investment securities and sold $86,760,000 of investment securities, other than temporary cash investments.
56
New Jersey Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
| | | | |
| | Six Months Ended | Year Ended |
| | May 31, 2016 | November 30, 2015 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 32,206 | 2,637 | 43,213 | 3,577 |
| Issued in Lieu of Cash Distributions | 3,972 | 325 | 8,020 | 665 |
| Redeemed | (24,810) | (2,031) | (51,626) | (4,301) |
| Net Increase (Decrease)—Investor Shares | 11,368 | 931 | (393) | (59) |
| Admiral Shares | | | | |
| Issued | 119,313 | 9,769 | 177,646 | 14,716 |
| Issued in Lieu of Cash Distributions | 25,465 | 2,085 | 52,339 | 4,340 |
| Redeemed | (84,564) | (6,931) | (215,453) | (17,954) |
| Net Increase (Decrease)—Admiral Shares | 60,214 | 4,923 | 14,532 | 1,102 |
G. Management has determined that no material events or transactions occurred subsequent to May 31, 2016, that would require recognition or disclosure in these financial statements.
57
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
58
| | | |
| Six Months Ended May 31, 2016 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 11/30/2015 | 5/31/2016 | Period |
| Based on Actual Fund Return | | | |
| New Jersey Tax-Exempt Money Market Fund | $1,000.00 | $1,000.46 | $0.60 |
| New Jersey Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,048.34 | $1.02 |
| Admiral Shares | 1,000.00 | 1,048.76 | 0.61 |
| Based on Hypothetical 5% Yearly Return | | | |
| New Jersey Tax-Exempt Money Market Fund | $1,000.00 | $1,024.40 | $0.61 |
| New Jersey Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,024.00 | $1.01 |
| Admiral Shares | 1,000.00 | 1,024.40 | 0.61 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that
period are: for the New Jersey Tax-Exempt Money Market Fund, 0.12%; and for the New Jersey Long-Term Tax-Exempt Fund, 0.20% for
Investor Shares and 0.12% for Admiral Shares. (The six-month expense ratio for the New Jersey Tax-Exempt Money Market Fund reflects a
temporary reduction in operating expenses, described in Note B of the Notes to Financial Statements. Before the reduction, the fund’s
annualized six-month expense ratio was 0.16%.) The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio
multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided
by the number of days in the most recent 12-month period (183/366).
59
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard New Jersey Tax-Exempt Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard)—through its Fixed Income Group. The board determined that continuing the funds’ internalized management structure was in the best interests of each fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance relative to a benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that each fund’s at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
60
Glossary
7-Day SEC Yield and 30-Day SEC Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
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 Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. 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 stated maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
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%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). 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.
61
Credit Quality. For Vanguard money market funds, the Distribution by Credit Quality table includes tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody’s, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. A Second Tier security is one that is eligible for money market funds and is not a First Tier security. For Vanguard tax-exempt bond funds, credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available. Not rated securities include a fund’s investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
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. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
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.
Benchmark Information
Spliced New Jersey Tax-Exempt Money Market Funds Average: New Jersey Tax-Exempt Money Market Funds Average through August 31, 2013; Other States Tax-Exempt Money Market Funds Average thereafter.
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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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
| |
| InterestedTrustee1 | Rajiv L. Gupta |
| | Born 1945. Trustee Since December 2001.2 Principal |
| F. William McNabb III | Occupation(s) During the Past Five Years and Other |
| Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
| the Board. Principal Occupation(s) During the Past | (retired 2009) and President (2006–2008) of |
| Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
| Board of The Vanguard Group, Inc., and of each of | International plc (diversified manufacturing and |
| the investment companies served by The Vanguard | services), HP Inc. (printer and personal computer |
| Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive plc |
| Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at |
| President of The Vanguard Group, and of each of | New Mountain Capital. |
| the investment companies served by The Vanguard | |
| Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
| Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
| Group (1995–2008). | Occupation(s) During the Past Five Years and |
| | Other Experience: President of the University of |
| IndependentTrustees | Pennsylvania; Christopher H. Browne Distinguished |
| | Professor of Political Science, School of Arts and |
| Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
| Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
| Occupation(s) During the Past Five Years and Other | appointments in the Department of Philosophy, School |
| Experience: Executive Chief Staff and Marketing | of Arts and Sciences, and at the Graduate School of |
| Officer for North America and Corporate Vice President | Education, University of Pennsylvania; Trustee of the |
| (retired 2008) of Xerox Corporation (document manage- | National Constitution Center; Chair of the Presidential |
| ment products and services); Executive in Residence | Commission for the Study of Bioethical Issues. |
| and 2009–2010 Distinguished Minett Professor at | |
| the Rochester Institute of Technology; Lead Director | JoAnn Heffernan Heisen |
| of SPX FLOW, Inc. (multi-industry manufacturing); | Born 1950. Trustee Since July 1998. Principal |
| Director of the United Way of Rochester, the University | Occupation(s) During the Past Five Years and |
| of Rochester Medical Center, Monroe Community | Other Experience: Corporate Vice President and |
| College Foundation, North Carolina A&T University, | Chief Global Diversity Officer (retired 2008) and |
| and Roberts Wesleyan College. | Member of the Executive Committee (1997–2008) |
| | of Johnson & Johnson (pharmaceuticals/medical |
| | devices/consumer products); Director of Skytop |
| | Lodge Corporation (hotels) and the Robert Wood |
| | Johnson Foundation; Member of the Advisory |
| | Board of the Institute for Women’s Leadership |
| | at Rutgers University. |
| | |
| F. Joseph Loughrey | Executive Officers | |
| Born 1949. Trustee Since October 2009. Principal | | |
| Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
| Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal |
| (retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and |
| Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, |
| consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies |
| of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of |
| Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard |
| for Education, and the V Foundation for Cancer | Group (2010–2015); Assistant Controller of each of |
| Research; Member of the Advisory Council for the | the investment companies served by The Vanguard |
| College of Arts and Letters and of the Advisory Board | Group (2001–2010). | |
| to the Kellogg Institute for International Studies, both | | |
| at the University of Notre Dame. | Thomas J. Higgins | |
| Born 1957. Chief Financial Officer Since September |
| Mark Loughridge | 2008. Principal Occupation(s) During the Past Five |
| Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard |
| Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the |
| Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; |
| Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served |
| services); Fiduciary Member of IBM’s Retirement Plan | by The Vanguard Group (1998–2008). |
| Committee (2004–2013); Director of the Dow Chemical | | |
| Company; Member of the Council on Chicago Booth. | Peter Mahoney | |
| Born 1974. Controller Since May 2015. Principal |
| Scott C. Malpass | Occupation(s) During the Past Five Years and |
| Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting |
| Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the |
| Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; |
| President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard |
| Professor of Finance at the Mendoza College of | Group (2008–2014). | |
| Business at Notre Dame; Member of the Notre Dame | | |
| 403(b) Investment Committee, the Board of Advisors | Heidi Stam | |
| for Spruceview Capital Partners, and the Investment | Born 1956. Secretary Since July 2005. Principal |
| Advisory Committee of Major League Baseball; Board | Occupation(s) During the Past Five Years and Other |
| Member of TIFF Advisory Services, Inc., and Catholic | Experience: Managing Director of The Vanguard |
| Investment Services, Inc. (investment advisors). | Group, Inc.; General Counsel of The Vanguard Group; |
| Secretary of The Vanguard Group and of each of the |
| André F. Perold | investment companies served by The Vanguard Group; |
| Born 1952. Trustee Since December 2004. Principal | Director and Senior Vice President of Vanguard |
| Occupation(s) During the Past Five Years and Other | Marketing Corporation. | |
| Experience: George Gund Professor of Finance and | | |
| Banking, Emeritus at the Harvard Business School | Vanguard Senior ManagementTeam |
| (retired 2011); Chief Investment Officer and Managing | Mortimer J. Buckley | James M. Norris |
| Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | Thomas M. Rampulla |
| firm); Director of Rand Merchant Bank; Overseer of | Martha G. King | Glenn W. Reed |
| the Museum of Fine Arts Boston. | John T. Marcante | Karin A. Risi |
| Chris D. McIsaac | |
| Peter F. Volanakis | | |
| Born 1955. Trustee Since July 2009. Principal | | |
| Occupation(s) During the Past Five Years and Other | Chairman Emeritus and Senior Advisor |
| Experience: President and Chief Operating Officer | | |
| (retired 2010) of Corning Incorporated (communications | John J. Brennan | |
| equipment); Trustee of Colby-Sawyer College and | Chairman, 1996–2009 | |
| Chairman of its Finance and Enrollment Committee; | Chief Executive Officer and President, 1996–2008 |
| Member of the Advisory Board of the Norris Cotton | | |
| Cancer Center. | Founder | |
| | John C. Bogle | |
| | Chairman and Chief Executive Officer, 1974–1996 |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
| |  |
| | | P.O. Box 2600 |
| | | Valley Forge, PA 19482-2600 |
| |
| |
| |
| Connect with Vanguard® > vanguard.com |
| |
| |
| |
| Fund Information > 800-662-7447 | | CFA® is a registered trademark owned by CFA Institute. |
| Direct Investor Account Services > 800-662-2739 | |
| Institutional Investor Services > 800-523-1036 | |
| Text Telephone for People | | |
| Who Are Deaf or Hard of Hearing> 800-749-7273 | |
| |
| This material may be used in conjunction | |
| with the offering of shares of any Vanguard | |
| fund only if preceded or accompanied by | |
| the fund’s current prospectus. | |
| |
| All comparative mutual fund data are from Lipper, a | |
| Thomson Reuters Company, or Morningstar, Inc., unless | |
| otherwise noted. | | |
| |
| You can obtain a free copy of Vanguard’s proxy voting | |
| guidelines by visiting vanguard.com/proxyreporting or by | |
| calling Vanguard at 800-662-2739. The guidelines are | |
| also available from the SEC’s website, sec.gov. In | |
| addition, you may obtain a free report on how your fund | |
| voted the proxies for securities it owned during the 12 | |
| months ended June 30. To get the report, visit either | |
| vanguard.com/proxyreporting or sec.gov. | |
| |
| 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 email addressed to | |
| publicinfo@sec.gov or via regular mail addressed to the | |
| Public Reference Section, Securities and Exchange | |
| Commission, Washington, DC 20549-1520. | |
| |
| | | © 2016 The Vanguard Group, Inc. |
| | | All rights reserved. |
| | | Vanguard Marketing Corporation, Distributor. |
| |
| | | Q142 072016 |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in 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) 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: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: July 15, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
| |
| | VANGUARD NEW JERSEY TAX-FREE FUNDS |
| |
| BY: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| Date: July 15, 2016 |
| VANGUARD NEW JERSEY TAX-FREE FUNDS |
| |
| BY: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
| Date: July 15, 2016 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.
