UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05340
Name of Registrant: Vanguard New Jersey Tax-Free Funds
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Anne E. Robinson, Esquire
P.O. Box 876
Valley Forge, PA 19482
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: November 30
Date of reporting period: December 1, 2015 – November 30, 2016
Item 1: Reports to Shareholders
 |
| Annual Report | November 30, 2016 |
| Vanguard New Jersey Tax-Exempt Funds |
| Vanguard New Jersey Tax-Exempt Money Market Fund |
| Vanguard New Jersey Long-Term Tax-Exempt Fund |
A new format, unwavering commitment
As you begin reading this report, you’ll notice that we’ve made some improvements to the opening sections—based on feedback from you, our clients.
Page 1 starts with a new ”Your Fund’s Performance at a Glance,” a concise, handy summary of how your fund performed during the period.
In the renamed ”Chairman’s Perspective,” Bill McNabb will focus on enduring principles and investment insights.
We’ve modified some tables, and eliminated some redundancy, but we haven’t removed any information.
At Vanguard, we’re always looking for better ways to communicate and to help you make sound investment decisions. Thank you for entrusting your assets to us.
| |
| Contents | |
| Your Fund’s Performance at a Glance. | 1 |
| Chairman’s Perspective. | 3 |
| Advisor’s Report. | 7 |
| New Jersey Tax-Exempt Money Market Fund. | 11 |
| New Jersey Long-Term Tax-Exempt Fund. | 26 |
| About Your Fund’s Expenses. | 60 |
| Glossary. | 62 |
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: No matter what language you speak, Vanguard has one consistent message and set of principles. Our primary focus is on you, our clients. We conduct our business with integrity as a faithful steward of your assets. This message is shown translated into seven languages, reflecting our expanding global presence.
Your Fund’s Performance at a Glance
• For the 12 months ended November 30, 2016, Vanguard New Jersey Long-Term Tax-Exempt Fund returned 1.06% for Investor Shares and 1.16% for Admiral Shares. Those results exceeded the 0.69% average return for peers but lagged the 1.39% return for the Bloomberg Barclays New Jersey Municipal Bond Index. Vanguard New Jersey Tax-Exempt Money Market Fund returned 0.24%; the average return of its peers was 0.08%.
• Overall municipal bond supply, which ran high at times, was matched for much of the fiscal year by solid demand from investors.
• Slightly longer duration and an underweighted allocation to A-rated bonds relative to the benchmark index detracted from performance.
• For the ten years ended November 30, the Long-Term Fund’s annualized return exceeded the average return of peers but slightly trailed the benchmark index. The Money Market Fund beat the average return of its peers for the decade.
| | | | | |
| Total Returns: Fiscal Year Ended November 30, 2016 | | |
| | | Taxable- | | | |
| | SEC | Equivalent | Income | Capital | Total |
| | Yield | Yield | Returns | Returns | Returns |
| Vanguard New Jersey Tax-Exempt Money Market | | | | | |
| Fund | 0.42% | 0.82% | 0.24% | 0.00% | 0.24% |
| Other States Tax-Exempt Money Market Funds | | | | | |
| Average | | | | | 0.08 |
| 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 | 2.87% | 5.57% | 3.48% | -2.42% | 1.06% |
| Admiral™ Shares | 2.99 | 5.80 | 3.58 | -2.42 | 1.16 |
| Bloomberg Barclays NJ Municipal Bond Index | | | | | 1.39 |
| New Jersey Municipal Debt Funds Average | | | | | 0.69 |
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.
1
| |
| Total Returns: Ten Years Ended November 30, 2016 | |
| | Average |
| | Annual Return |
| New Jersey Tax-Exempt Money Market Fund | 0.67% |
| Spliced New Jersey Tax-Exempt Money Market Funds Average | 0.53 |
| 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.
| |
| New Jersey Long-Term Tax-Exempt Fund Investor Shares | 3.78% |
| Bloomberg Barclays NJ Municipal Bond Index | 4.01 |
| New Jersey Municipal Debt Funds Average | 3.36 |
| New Jersey Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at 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.
| | | |
| 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 fiscal year ended November 30, 2016, the funds’ expense ratios were: for the New Jersey Tax-Exempt Money Market Fund, 0.14%; and for the New Jersey Long-Term Tax-Exempt Fund, 0.19% for Investor Shares and 0.09% for Admiral Shares. The 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 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.
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Chairman’s Perspective
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
If you’re like most investors, a big question on your mind is: What’s in store for the markets and the economy in 2017?
At Vanguard, we’re just as curious about the immediate future. But our curiosity is tempered by our belief that forecasts should give a range of possible outcomes, not pinpoint predictions. After all, there are bound to be occurrences the experts won’t see coming.
What really matters for investors
In 2016, we saw two cases in point: The United Kingdom’s June vote to exit the European Union and the November election of Donald Trump as U.S. president. Both unexpected outcomes triggered swift market reactions. But despite some short-term volatility, the markets’ 12-month performance as of November 30, 2016, proved to be less dramatic. U.S. stocks and bonds posted returns close to their long-term averages. International stocks and bonds also advanced, although returns for U.S. investors were reduced by the strength of the U.S. dollar.
The surprises of 2016 remind us to be skeptical of overly precise short-term predictions about 2017. At the cusp of a new year, market prognosticators forecast where the Standard & Poor’s 500 Index or the yield on the 10-year Treasury note will end up in 12 months. Such predictions can be attention-getting. They can also be dead wrong.
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Investors are better off taking note of long-term trends that stand to influence our economies and markets. We’re watching these trends closely, and we discuss our latest assessment in our 2017 economic and market outlook, which you can read at vanguard.com/research.
Our global economic outlook: Expect stabilization, not stagnation
One phenomenon in particular that we’re watching is the low-growth, low-interest-rate environment that has marked the global economy since the 2008–09 financial crisis. We don’t think this economic backdrop is simply the result of cyclically weak demand or long-term stagnation. Instead, certain structural forces are contributing: Falling technology costs are restraining the amounts businesses are spending on
capital investment, an aging population is weighing on growth in the developed world, and the free movement of capital and products across the globe has restrained prices and wages.
In the near term, these forces will continue to dampen growth, inflation, and interest rates. They also make it unlikely that further monetary stimulus from central banks will do much to spur growth.
I realize this all may sound gloomy, but that’s not how we see it. We expect global growth to stabilize at more modest levels, not stagnate. The world isn’t headed for Japanese-style deflation, in which a widespread sustained drop in prices puts economic activity into hibernation.
| | | |
| Market Barometer | | | |
| | | Average Annual Total Returns |
| | | Periods Ended November 30, 2016 |
| | One | Three | Five |
| | Year | Years | Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 8.01% | 8.88% | 14.45% |
| Russell 2000 Index (Small-caps) | 12.08 | 6.45 | 13.98 |
| Russell 3000 Index (Broad U.S. market) | 8.31 | 8.68 | 14.41 |
| FTSE All-World ex US Index (International) | 0.26 | -1.76 | 4.71 |
| |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | |
| (Broad taxable market) | 2.17% | 2.79% | 2.43% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | -0.22 | 3.64 | 3.43 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.25 | 0.08 | 0.07 |
| |
| CPI | | | |
| Consumer Price Index | 1.69% | 1.17% | 1.30% |
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In fact, we believe that global growth could pick up modestly over time. Our expectation is based on a potential rebound in productivity as new digital technologies are used more effectively. We also anticipate a slight recovery in the labor force as the baby boom generation finishes its transition to retirement, nudging up demand for workers.
Put expansion in perspective
Looking to the United States, the world’s largest economy remains firmly on a long-term-growth path of about 2% per year. That’s lower than the historical average of 3.25% since 1950. We see such growth at this level as fundamentally sound, rather than abnormally low. Our evaluation takes into account lower U.S. population growth
and the reality that the economic expansion from the 1980s until the financial crisis was fueled by debt, distorting the numbers.
Turning to prices, we think that core U.S. inflation should modestly exceed 2% in 2017. That, in turn, will support further interest rate hikes by the Federal Reserve, similar to the one at the end of 2016.
We expect the Fed to raise rates in 2017 before taking an extended pause, and we see the federal funds rate staying below 2% through at least 2018.
Prepare for muted returns
And what about prospects for the markets? Vanguard’s outlook for global stocks and bonds remains the most guarded in ten years, given fairly high stock valuations
|
| Expect more modest returns, rely on time-tested principles |
| |
| In Vanguard’s economic and market outlook for 2017, Global Chief Economist Joseph Davis |
| and his team offer a projection of more modest returns from the global stock and bond |
| markets. They caution that, over the next decade, returns for a balanced portfolio are likely |
| to be moderately below long-run historical averages. |
| |
| The team’s simulations indicate that for the decade ending in 2026, the average annualized |
| return of a 60% stock/40% bond portfolio is likely to be centered in the 3%–5% range after |
| inflation. That’s below the actual average after-inflation return of 6% for the same portfolio |
| for the nine decades since 1926. |
| |
| Ultimately, our global market outlook points toward a somewhat more challenging environment, |
| yet one in which, over time, investors with an appropriate level of discipline, diversification, and |
| patience are likely to be rewarded with reasonable inflation-adjusted returns. |
| |
| For more information about our expectations and the probability of various outcomes, see 2017 |
| Economic and Market Outlook: Stabilization, Not Stagnation, available at vanguard.com/research. |
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model® (VCMM) regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Distribution of return outcomes from the VCMM are derived from 10,000 simulations for each modeled asset class. Simulations as of September 30, 2016. Results from the model may vary with each use and over time. For more information, see page 6.
5
and the low-interest-rate environment. We don’t expect global bond yields to increase materially from year-end 2016 levels.
Our outlook for global equities is annualized returns of 5%–8% over the next decade. This outlook isn’t bearish, but is actually fairly positive when you take into account the current low-rate environment. (See the box on page 5 for more.)
Focus on the four keys to investment success
Significant trends often happen gradually. Like shifting tides, they’re sometimes barely noticeable at first but ultimately can change the landscape entirely. Other times, apparent trends can end up receding before they have much of a long-term impact. Given the future’s inherent unpredictability, it’s not reasonable to expect a surefire block-buster revelation from any prognosticator or investment firm.
What to conclude, then? No matter what scenario plays out, we believe investors have the best chance for success if they stay focused on what they can control: their goals, asset allocation, and investment costs, along with the discipline to stick to a plan. As Tim Buckley, our chief investment officer, likes to say, this can be easy to say but harder to do, especially in times of uncertainty. Investors who can stay focused on those four keys will find themselves well-positioned to weather any market.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
December 12, 2016
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios unobserved in the historical period on which the model estimation is based.
The VCMM is a proprietary financial simulation tool developed and maintained by Vanguard’s Investment Strategy Group. The model forecasts distributions of future returns for a wide array of broad asset classes. Those asset classes include U.S. and international equity markets, several maturities of the U.S. Treasury and corporate fixed income markets, international fixed income markets, U.S. money markets, commodities, and certain alternative investment strategies. The theoretical and empirical foundation for the Vanguard Capital Markets Model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk (beta). At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available monthly financial and economic data. Using a system of estimated equations, the model then applies a Monte Carlo simulation method to project the estimated interrelationships among risk factors and asset classes as well as uncertainty and randomness over time. The model generates a large set of simulated outcomes for each asset class over several time horizons. Forecasts are obtained by computing measures of central tendency in these simulations. Results produced by the tool will vary with each use and over time.
6
Advisor’s Report
For the 12 months ended November 30, 2016, Vanguard New Jersey Long-Term Tax Exempt Fund returned 1.06% for Investor Shares and 1.16% for Admiral Shares. Those results lagged the 1.39% return of the Bloomberg Barclays New Jersey Municipal Bond Index but exceeded the average 0.69% return of the fund’s peers and the –0.22% return of the broad Bloomberg Barclays Municipal Bond Index. Vanguard New Jersey Tax-Exempt Money Market Fund returned 0.24%; the average return of its peers was 0.08%.
As municipal bond prices fell toward the end of the period, the Long-Term Fund’s 30-day SEC yield increased to 2.87% from 2.78% for Investor Shares and to 2.99% from 2.85% for Admiral Shares for the fiscal year.
Please note: The funds are permitted to invest in bonds that would generate income distributions subject to the alternative minimum tax. At the close of the fiscal year, however, only the Money Market Fund owned such bonds.
The investment environment
Overall municipal bond supply, which ran high at times, was matched for much of the fiscal year by solid demand from investors reaching for yield. That demand later began to wane, however, and then dropped markedly after the U.S. presidential election as the markets began to anticipate faster growth and higher inflation. U.S. Treasury yields rose and prices fell into negative territory, which reduced total returns to about 1% for the
| | |
| Yields of Tax-Exempt Municipal Bonds | | |
| (AAA-Rated General-Obligation Issues) | | |
| | November 30, | November 30, |
| Maturity | 2015 | 2016 |
| 2 years | 0.72% | 1.16% |
| 5 years | 1.26 | 1.85 |
| 10 years | 2.02 | 2.52 |
| 30 years | 2.96 | 3.26 |
| Source: Vanguard. | | |
7
12 months. Municipal bonds as a whole saw even sharper movements and ended the period with a slightly negative return.
The Federal Reserve held to a slow and steady course toward normalizing monetary policy. In December 2015, for the first time in a decade, it increased the target range for the federal funds rate, bumping it to 0.25%–0.50% from near zero. The Fed cited considerable improvement in the labor market and its confidence that inflation would rise to its 2% objective. But market expectations for further hikes
were dampened in early 2016 by steep declines in commodity prices and weak economic growth, especially in China, and then in June by the uncertainty sparked by the Brexit vote.
At the end of summer, however, the financial markets recovered, economic data improved, and investors began anticipating another rate hike at the Fed’s December meeting. The U.S. economy posted weak results early in the funds’ fiscal year but showed a little more steam in the third quarter of 2016, growing 3.2%.
|
| Money market reform: What’s changed and what hasn’t |
| |
| The final phase of money market reform took effect on October 14, 2016, the compliance |
| date for the Securities and Exchange Commission’s new rules designed to enhance the |
| stability and resilience of all money market funds. |
| |
| Vanguard New Jersey Tax-Exempt Money Market Fund’s goal remains to provide the |
| stability that shareholders have come to expect. The fund qualifies as a retail fund, which |
| means it will seek to maintain a stable net asset value of $1 per share. (Institutional money |
| market funds, which have floating share prices, are not offered by Vanguard.) |
| |
| Under the new rules, we report the fund’s weekly liquid assets, daily market value to |
| four decimal places, and daily net shareholder cash flow. (See your fund’s Portfolio & |
| Management tab on vanguard.com.) |
| |
| Two other changes involve liquidity fees and redemption “gates,” tools to help keep funds |
| stable during times of extreme market duress. |
| |
| A fee of up to 2% may be imposed by the fund’s board on the sale of shares if the fund’s |
| weekly liquid assets fall below specified thresholds of its total assets. (The SEC has strict |
| definitions for “liquid” assets; generally this refers to assets that can be sold in the normal |
| course of business with little impact on their price.) The fee would reduce the dollar amount |
| you receive for your redemption. |
| |
| A gate is a temporary suspension of redemptions. The board may impose either fees or |
| gates or both. Please note that we manage our funds conservatively and seek to maintain |
| liquidity above the levels at which fees or gates would be imposed. You can learn more in |
| the prospectus, available at vanguard.com. |
8
Employment gains averaging around 180,000 per month for the year pushed the unemployment rate down to 4.6% in November, and wages trended modestly higher. Along with a rebound in commodity prices, these factors helped nudge inflation closer to the Fed’s 2% objective.
New Jersey’s unemployment rate increased above the national average to 5.2% in October, the most recent month available, from 4.8% at the beginning of the period. In addition, its economy grew at a slower pace than that of the United States as a whole, according to a gauge of current economic conditions published by the Federal Reserve Bank of Philadelphia.
We continue to closely monitor the state’s finances as it contends with unfunded pension obligations and longstanding structural budget imbalances. In November, New Jersey voters approved a constitutional amendment dedicating all gas tax revenues to transportation funding, including a new 23 cents-per-gallon tax increase. This came on the heels of a state Supreme Court decision to uphold a freeze in cost-of-living adjustments for retired state workers. We viewed the court’s decision as credit-positive for the state. However, coinciding with the passage of the gas tax were tax cuts to be phased in over time. Those cuts should further pressure the state’s general fund.
The distressed municipality of Atlantic City remains a focus of concern. We believe the city, which is now under state control, will not declare bankruptcy because of the wide-ranging effects such an event would have on other local government bonds. We anticipate that the city will continue to make its debt service payments.
After the close of the reporting period, Standard & Poor’s downgraded the state’s bonds to A– from A, continuing a series of downgrades by each of the major ratings agencies since 2010.
Management of the funds
Our investment process at Vanguard relies on risk management as we strive to add value through a diversified mix of strategies that include duration, yield-curve positioning, credit-quality decisions, and security selection. Vanguard’s experienced team of credit analysts perform an objective, complete, and independent analysis of the overall creditworthiness of every issuer of bonds we own or consider owning. The Long-Term Fund benefited from exposure to lower-quality (but still investment-grade) bonds, especially from its strong selection of A-rated bonds that performed well. Both the fund and the benchmark index have significant exposure to lower-quality investment-grade bonds, in part because of financial woes at the state and local level that have triggered downgrades. Although the fund generated strong absolute performance from its A-rated holdings, the benchmark’s higher allocation to these bonds led to greater returns.
Slightly longer duration relative to the benchmark index and an overweighted allocation to longer-maturity bonds also detracted. In addition, we continued to
9
underweight state-backed bonds given New Jersey’s fiscal health. Although we stand by that long-term position, it held back the fund because the bonds performed well as investors sought them out for their yields.
In the Money Market Fund, we maintained high levels of liquidity and a short weighted average maturity ahead of the final implementation of the money market reforms we’ve discussed previously. That positioning allowed us to take advantage of the increase in yields on money market-eligible securities and, along with our low expense ratio compared to peers, helped us outperform for the period.
Please note that in the first quarter of 2017, Vanguard New Jersey Tax-Exempt Money Market Fund will change its name to Vanguard New Jersey Municipal Money Market Fund. The fund’s board decided to change the name to provide additional cash management flexibility. The investment objective and limitations of the fund will remain the same, including the 20% limitation on investments in securities subject to the alternative minimum tax.
A look ahead
After the close of the period, the Fed raised rates by 25 basis points to a range of 0.5%–0.75% and hinted that there may be three additional hikes in 2017. This aligns with our expectations that it will gradually raise rates in 2017 but leave the federal funds rate below 2% through at least 2018. The pace of future rate hikes is likely to depend on economic growth. Although
U.S. growth and inflation may exceed expectations for the first time in five years, we anticipate that any increases will be modest, especially compared with prior periods of economic recovery.
The dollar will likely remain strong as long as central banks such as the Bank of Japan and the European Central Bank continue to maintain the accommodative monetary stances that have produced negative interest rates in those regions. In the United States, we believe that the Fed is likely to continue its dovish tightening over the next several years.
Of course, market conditions could change, especially given the results of the U.S. presidential election and the possibility that job growth and inflation could exceed expectations. But we are confident that our team of experienced managers, analysts, and traders can handle whatever the market brings and find opportunities that will produce competitive returns.
Christopher W. Alwine, CFA, Principal, Head of Municipal Group
John M. Carbone, Principal, Portfolio Manager
Adam Ferguson, CFA, Portfolio Manager Vanguard Fixed Income Group
December 16, 2016
10
New Jersey Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2016
| |
| Financial Attributes | |
| Ticker Symbol | VNJXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.42% |
| Average Weighted | |
| Maturity | 49 days |
1 The expense ratio shown is from the prospectus dated March 29, 2016, and represents estimated costs for the current fiscal year. For the fiscal year ended November 30, 2016, the expense ratio was 0.14%, reflecting a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the 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. The fund is only available to retail investors (natural persons). You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
The fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
Cumulative Performance: November 30, 2006, Through November 30, 2016
Initial Investment of $10,000
| | | | |
| | | Average Annual Total Returns | |
| | Periods Ended November 30, 2016 | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| New Jersey Tax-Exempt Money | | | | |
| Market Fund | 0.24% | 0.06% | 0.67% | $10,694 |
| Spliced New Jersey Tax-Exempt | | | | |
| Money Market Funds Average | 0.08 | 0.02 | 0.53 | 10,546 |
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.
See Financial Highlights for dividend information.
12
| | |
| New Jersey Tax-Exempt Money Market Fund | | |
| |
| |
| |
| Fiscal-Year Total Returns (%): November 30, 2006, Through November 30, 2016 | |
| | | Spliced NJ |
| | | Tax-Exempt |
| | | Money Mkt |
| | | Funds Avg. |
| Fiscal Year | Total Returns | Total Returns |
| 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 | 0.24 | 0.08 |
7-day SEC yield (11/30/2016): 0.42%
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.
Average Annual Total Returns: Periods Ended September 30, 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 | 0.16% | 0.05% | 0.72% |
13
New Jersey Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 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 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 (101.7%) | | | | |
| New Jersey (101.7%) | | | | |
| Bergen County NJ BAN | 2.000% | 12/15/16 | 10,000 | 10,005 |
| Branchburg Township NJ BAN | 2.000% | 10/6/17 | 4,509 | 4,542 |
| Burlington County NJ BAN | 2.000% | 5/16/17 | 5,000 | 5,025 |
| Burlington County NJ BAN | 2.000% | 5/16/17 | 10,000 | 10,059 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue | 2.000% | 12/1/16 | 12,900 | 12,900 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue | 2.000% | 4/26/17 | 16,500 | 16,577 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue | 2.000% | 11/16/17 | 12,500 | 12,637 |
| Camden County NJ Improvement Authority | | | | |
| Lease Revenue (Parkview Redevelopment | | | | |
| Housing Project) VRDO | 0.460% | 12/7/16 LOC | 46,500 | 46,500 |
| Chatham Borough NJ BAN | 2.000% | 2/17/17 | 5,200 | 5,215 |
| Cliffside Park NJ BAN | 2.000% | 7/21/17 | 4,876 | 4,916 |
| Cranford NJ BAN | 2.000% | 1/27/17 | 4,850 | 4,860 |
| Cranford NJ BAN | 2.000% | 5/19/17 | 9,000 | 9,051 |
| Delaware River & Bay Authority New Jersey | | | | |
| Revenue VRDO | 0.560% | 12/7/16 LOC | 4,300 | 4,300 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue VRDO | 0.520% | 12/7/16 LOC | 7,300 | 7,300 |
| East Hanover Township NJ BAN | 2.000% | 8/18/17 | 8,440 | 8,513 |
| Essex County NJ Improvement Authority | | | | |
| Revenue (Fern Senior Housing Project) VRDO | 0.550% | 12/7/16 LOC | 7,300 | 7,300 |
| Essex County NJ Improvement Authority | | | | |
| Revenue (Jewish Community Center of | | | | |
| Metro West Inc. Project) VRDO | 0.550% | 12/7/16 LOC | 9,690 | 9,690 |
| Essex County NJ Improvement Authority | | | | |
| Revenue (Pooled Government Loan) VRDO | 0.580% | 12/7/16 LOC | 16,745 | 16,745 |
| Fort Lee NJ BAN | 2.000% | 11/10/17 | 4,294 | 4,339 |
| Gloucester County NJ Pollution Control Financing | | | | |
| Authority Revenue (ExxonMobil Project) VRDO | 0.160% | 12/1/16 | 21,085 | 21,085 |
| 1 Hudson County NJ BAN | 2.500% | 12/14/17 | 3,000 | 3,038 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.000% | 4/1/17 (Prere.) | 2,000 | 2,029 |
14
| | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| 2 Hudson County NJ Improvement Authority | | | | |
| Lease Revenue (Hudson County Vocational- | | | | |
| Technical Schools Project) TOB VRDO | 0.590% | 12/7/16 | 4,875 | 4,875 |
| Hudson County NJ Improvement Authority | | | | |
| Pooled Revenue | 2.250% | 4/19/17 | 7,550 | 7,590 |
| Hudson County NJ Improvement Authority | | | | |
| Pooled Revenue | 2.000% | 11/1/17 | 5,400 | 5,454 |
| Hudson County NJ Improvement Authority | | | | |
| Revenue | 2.000% | 6/27/17 | 5,800 | 5,839 |
| Mercer County NJ BAN | 2.000% | 8/30/17 | 14,000 | 14,130 |
| Monmouth County NJ GO | 4.000% | 1/15/17 | 6,655 | 6,685 |
| Monmouth County NJ Improvement Authority | | | | |
| Revenue (Pooled Government Loan) | 4.000% | 12/1/16 | 1,000 | 1,000 |
| Monroe Township NJ BAN | 2.000% | 8/3/17 | 5,000 | 5,041 |
| Moorestown Township NJ BAN | 2.000% | 8/31/17 | 5,000 | 5,045 |
| Morris County NJ GO | 5.000% | 2/15/17 | 1,650 | 1,664 |
| Morristown NJ BAN | 2.250% | 6/9/17 | 4,005 | 4,035 |
| Mount Laurel Township NJ BAN | 1.500% | 3/8/17 | 4,360 | 4,369 |
| Mount Laurel Township NJ BAN | 2.000% | 3/8/17 | 4,880 | 4,897 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Applewood Estates Project) VRDO | 0.520% | 12/7/16 LOC | 8,400 | 8,400 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Columbia University Project) CP | 0.750% | 12/5/16 | 5,965 | 5,965 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cooper Health System Project) VRDO | 0.520% | 12/7/16 LOC | 12,600 | 12,600 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Duke Farms Foundation Project) VRDO | 0.470% | 12/1/16 LOC | 28,800 | 28,800 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Job Haines Home Project) VRDO | 0.600% | 12/7/16 LOC | 3,000 | 3,000 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/16 (ETM) | 8,675 | 8,690 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/17 (ETM) | 4,530 | 4,579 |
| New Jersey Economic Development Authority | | | | |
| Revenue (StoltHaven Project) VRDO | 0.500% | 12/7/16 LOC | 10,700 | 10,700 |
| New Jersey Economic Development Authority | | | | |
| Revenue Pollution Control Revenue | | | | |
| (Exxon Project) VRDO | 0.200% | 12/1/16 | 12,850 | 12,850 |
| New Jersey Economic Development Authority | | | | |
| Revenue(Trustees of the Lawrenceville School | | | | |
| Project) VRDO | 0.420% | 12/1/16 | 24,100 | 24,100 |
| New Jersey Economic Development Authority | | | | |
| Revenue(Trustees of the Lawrenceville School | | | | |
| Project) VRDO | 0.480% | 12/1/16 | 25,000 | 25,000 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Centenary College) VRDO | 0.520% | 12/7/16 LOC | 4,200 | 4,200 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Institute for Advanced Studies) VRDO | 0.520% | 12/7/16 | 15,925 | 15,925 |
| 2 New Jersey Educational Facilities Authority | | | | |
| Revenue (Institute for Advanced Studies) VRDO | 0.540% | 12/7/16 | 20,600 | 20,600 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/17 | 3,000 | 3,078 |
| 2 New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) TOB VRDO | 0.580% | 12/7/16 | 4,330 | 4,330 |
15
New Jersey Tax-Exempt Money Market Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| 2 New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) TOB VRDO | 0.590% | 12/7/16 | 3,330 | 3,330 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) VRDO | 0.500% | 12/7/16 LOC | 13,065 | 13,065 |
| 2 New Jersey Environmental Infrastructure Trust | | | | |
| Revenue TOB VRDO | 0.590% | 12/7/16 | 4,530 | 4,530 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) VRDO | 0.570% | 12/7/16 LOC | 16,000 | 16,000 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) VRDO | 0.570% | 12/7/16 LOC | 15,585 | 15,585 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hospital Capital Asset | | | | |
| Pooled Program) VRDO | 0.530% | 12/7/16 LOC | 6,000 | 6,000 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hospital Capital Asset | | | | |
| Pooled Program) VRDO | 0.550% | 12/7/16 LOC | 8,700 | 8,700 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) VRDO | 0.570% | 12/7/16 LOC | 21,540 | 21,540 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (MHAC I LLC) VRDO | 0.550% | 12/7/16 LOC | 5,540 | 5,540 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (MHAC I LLC) VRDO | 0.550% | 12/7/16 LOC | 2,475 | 2,475 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) VRDO | 0.520% | 12/7/16 LOC | 5,100 | 5,100 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (RWJ Health Care Corp.) | | | | |
| VRDO | 0.520% | 12/7/16 LOC | 12,500 | 12,500 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Southern Ocean County | | | | |
| Hospital) VRDO | 0.550% | 12/7/16 LOC | 10,885 | 10,885 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.420% | 12/1/16 LOC | 29,850 | 29,850 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.460% | 12/1/16 LOC | 6,500 | 6,500 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.520% | 12/7/16 LOC | 13,400 | 13,400 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.520% | 12/7/16 LOC | 5,130 | 5,130 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.000% | 12/1/16 | 2,000 | 2,000 |
| 2 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.580% | 12/7/16 | 3,505 | 3,505 |
| 2 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.620% | 12/7/16 LOC | 16,155 | 16,155 |
| 2 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.620% | 12/7/16 LOC | 16,395 | 16,395 |
| 2 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.720% | 12/7/16 | 26,985 | 26,985 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue | | | | |
| (Lincoln Towers Project) PUT | 0.700% | 12/8/16 | 34,000 | 34,000 |
16
| | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue VRDO | 0.520% | 12/7/16 LOC | 43,700 | 43,700 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue VRDO | 0.530% | 12/7/16 LOC | 16,285 | 16,285 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue VRDO | 0.590% | 12/7/16 LOC | 6,715 | 6,715 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.530% | 12/7/16 | 5,365 | 5,365 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.540% | 12/7/16 | 24,985 | 24,985 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.590% | 12/7/16 | 14,000 | 14,000 |
| New Jersey Housing & Mortgage Finance A | | | | |
| gency Single Family Housing Revenue VRDO | 0.590% | 12/7/16 | 14,595 | 14,595 |
| New Jersey Turnpike Authority Revenue | 5.150% | 1/1/17 (Prere.) | 18,895 | 18,967 |
| North Bergen Township NJ BAN | 2.000% | 3/31/17 | 6,502 | 6,528 |
| Paramus Borough NJ BAN | 2.000% | 2/17/17 | 13,990 | 14,030 |
| Parsippany-Troy Hills Township NJ BAN | 2.000% | 9/21/17 | 7,000 | 7,065 |
| Pequannock Township NJ BAN | 2.000% | 4/28/17 | 4,025 | 4,041 |
| 1 Pequannock Township NJ GO | 2.000% | 4/28/17 | 4,040 | 4,055 |
| Perth Amboy NJ GO | 5.000% | 7/1/17 (Prere.) | 2,395 | 2,455 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.750% | 12/1/16 | 11,765 | 11,765 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.840% | 12/8/16 | 1,340 | 1,340 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.960% | 12/28/16 | 16,500 | 16,500 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.570% | 1/4/17 | 11,080 | 11,080 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.900% | 1/10/17 | 4,710 | 4,710 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.600% | 1/26/17 | 11,260 | 11,260 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.670% | 2/2/17 | 16,805 | 16,805 |
| Port Authority of New York | | | | |
| & New Jersey Revenue CP | 0.660% | 2/8/17 | 8,695 | 8,695 |
| 2 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.550% | 12/7/16 | 3,750 | 3,750 |
| 2 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.580% | 12/7/16 | 6,960 | 6,960 |
| 2 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.580% | 12/7/16 | 1,170 | 1,170 |
| 2 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.580% | 12/7/16 | 3,500 | 3,500 |
| 2 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.610% | 12/7/16 | 1,000 | 1,000 |
| 2 Port Authority of New York | | | | |
| & New Jersey Revenue TOB VRDO | 0.630% | 12/7/16 | 2,385 | 2,385 |
| Princeton NJ BAN | 1.500% | 12/15/16 | 9,000 | 9,003 |
| Princeton University New Jersey CP | 0.880% | 1/5/17 | 9,100 | 9,100 |
| Roseland NJ BAN | 2.000% | 5/10/17 | 6,365 | 6,395 |
| 2 Rutgers State University New Jersey Revenue | | | | |
| TOB VRDO | 0.580% | 12/7/16 | 6,700 | 6,700 |
17
| | | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | | Face | Market |
| | | | Maturity | Amount | Value• |
| | | Coupon | Date | ($000) | ($000) |
| 2 | Rutgers State University New Jersey Revenue | | | | |
| | TOB VRDO | 0.580% | 12/7/16 | 11,780 | 11,780 |
| 2 | Rutgers State University New Jersey Revenue | | | | |
| | TOB VRDO | 0.590% | 12/7/16 | 1,400 | 1,400 |
| 2 | Rutgers State University New Jersey Revenue | | | | |
| | TOB VRDO | 0.590% | 12/7/16 | 14,800 | 14,800 |
| | Rutgers State University New Jersey Revenue | | | | |
| | VRDO | 0.430% | 12/1/16 | 20,295 | 20,295 |
| | Secaucus NJ BAN | 2.000% | 1/6/17 | 2,221 | 2,223 |
| | Secaucus NJ BAN | 2.000% | 8/10/17 | 4,620 | 4,659 |
| | Somerset County NJ BAN | 2.000% | 9/20/17 | 5,000 | 5,047 |
| | Sussex County NJ BAN | 2.250% | 6/28/17 | 4,301 | 4,338 |
| | Union County NJ Pollution Control Financing | | | | |
| | Authority Revenue (Exxon Project) VRDO | 0.160% | 12/1/16 | 19,720 | 19,720 |
| | Union County NJ Pollution Control Financing | | | | |
| | Authority Revenue (Exxon Project) VRDO | 0.200% | 12/1/16 | 19,770 | 19,770 |
| 2 | Union County NJ Utilities Authority Revenue | | | | |
| | TOB VRDO | 0.620% | 12/7/16 | 2,415 | 2,415 |
| | Washington Township NJ BAN | 2.000% | 4/25/17 | 2,900 | 2,915 |
| | Westfield NJ BAN | 2.000% | 11/10/17 | 7,290 | 7,366 |
| | Woodbridge Township NJ BAN | 2.000% | 8/18/17 | 12,555 | 12,673 |
| | Woodbridge Township NJ BAN | 3.000% | 8/18/17 | 5,000 | 5,083 |
| Total Tax-Exempt Municipal Bonds (Cost $1,218,625) | | | 1,218,625 |
| |
| | | | | | Amount |
| | | | | | ($000) |
| Other Assets and Liabilities (-1.7%) | | | | |
| Other Assets | | | | |
| Investment in Vanguard | | | | 92 |
| Receivables for Capital Shares Issued | | | | 2,738 |
| Receivables for Accrued Income | | | | 3,964 |
| Other Assets | | | | 1,324 |
| Total Other Assets | | | | 8,118 |
| Liabilities | | | | |
| Payables for Investment Securities Purchased | | | | (23,493) |
| Payables for Capital Shares Redeemed | | | | (1,081) |
| Payables for Distributions | | | | (13) |
| Payables to Vanguard | | | | (4,135) |
| Total Liabilities | | | | (28,722) |
| Net Assets (100%) | | | | |
| Applicable to 1,197,735,503 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 1,198,021 |
| Net Asset Value Per Share | | | | $1.00 |
18
| |
| New Jersey Tax-Exempt Money Market Fund | |
| |
| |
| |
| At November 30, 2016, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 1,198,023 |
| Undistributed Net Investment Income | 1 |
| Accumulated Net Realized Losses | (3) |
| Net Assets | 1,198,021 |
• See Note A in Notes to Financial Statements.
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2016.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At November 30, 2016, the aggregate value of these securities was $156,565,000,
representing 13.1% of net assets.
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.).
(18) SBLF (Michigan School Bond Loan Fund).
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 | |
| |
| | Year Ended |
| | November 30, 2016 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 4,708 |
| Total Income | 4,708 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 270 |
| Management and Administrative | 1,370 |
| Marketing and Distribution | 344 |
| Custodian Fees | 16 |
| Auditing Fees | 30 |
| Shareholders’ Reports | 6 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 2,037 |
| Expense Reduction-Note B | (269) |
| Net Expenses | 1,768 |
| Net Investment Income | 2,940 |
| Realized Net Gain (Loss) on Investment Securities Sold | 2 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,942 |
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 | | |
| |
| | Year Ended November 30, |
| | 2016 | 2015 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 2,940 | 141 |
| Realized Net Gain (Loss) | 2 | 6 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,942 | 147 |
| Distributions | | |
| Net Investment Income | (2,939) | (141) |
| Realized Capital Gain | — | — |
| Total Distributions | (2,939) | (141) |
| Capital Share Transactions (at $1.00 per share) | | |
| Issued | 715,299 | 847,210 |
| Issued in Lieu of Cash Distributions | 2,820 | 136 |
| Redeemed | (864,720) | (976,302) |
| Net Increase (Decrease) from Capital Share Transactions | (146,601) | (128,956) |
| Total Increase (Decrease) | (146,598) | (128,950) |
| Net Assets | | |
| Beginning of Period | 1,344,619 | 1,473,569 |
| End of Period1 | 1,198,021 | 1,344,619 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $1,000 and $0.
See accompanying Notes, which are an integral part of the Financial Statements.
22
| | | | | |
| New Jersey Tax-Exempt Money Market Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| For a Share Outstanding | | | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | | | | | |
| Net Investment Income | .002 | .0001 | .0001 | .0001 | .0004 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | — | — | — | — | — |
| Total from Investment Operations | .002 | .0001 | .0001 | .0001 | .0004 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.002) | (.0001) | (.0001) | (.0001) | (.0004) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.002) | (.0001) | (.0001) | (.0001) | (.0004) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| |
| Total Return1 | 0.24% | 0.01% | 0.01% | 0.01% | 0.04% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,198 | $1,345 | $1,474 | $1,621 | $1,742 |
| Ratio of Expenses to Average Net Assets | 0.14%2 | 0.08%2 | 0.08%2 | 0.12%2 | 0.16% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 0.23% | 0.01% | 0.01% | 0.01% | 0.03% |
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, 2013–2016), 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 November 30, 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 November 30, 2016, the fund had contributed to Vanguard capital in the amount of $92,000, 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 year ended November 30, 2016, Vanguard’s expenses were reduced by $269,000 (an effective annual rate of 0.02% 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 November 30, 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. The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Act of 1940. For the year ended November 30, 2016, such purchases and sales were $402,315,000 and $464,980,000 respectively.
E. Management has determined that no material events or transactions occurred subsequent to November 30, 2016, that would require recognition or disclosure in these financial statements.
25
New Jersey Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2016
| | |
| Share-Class Characteristics | |
| | Investor | Admiral |
| | Shares | Shares |
| Ticker Symbol | VNJTX | VNJUX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 2.87% | 2.99% |
| | | |
| Financial Attributes | | |
| | | | Bloomberg |
| | | Bloomberg | Barclays |
| | | Barclays NJ | Municipal |
| | | Muni Bond | Bond |
| | Fund | Index | Index |
| Number of Bonds | 464 | 1,344 | 50,263 |
| Yield to Maturity | | | |
| (before expenses) | 3.5% | 3.5% | 2.8% |
| Average Coupon | 4.5% | 4.6% | 4.8% |
| Average Duration | 7.1 years | 6.9 years | 6.6 years |
| Average Stated | | | |
| Maturity | 15.8 years | 12.1 years | 12.8 years |
| Short-Term | | | |
| Reserves | 2.5% | — | — |
| | |
| Volatility Measures | | |
| | Bloomberg | Bloomberg |
| | Barclays NJ | Barclays |
| | Muni Bond | Municipal |
| | Index | Bond Index |
| R-Squared | 0.97 | 0.96 |
| Beta | 0.97 | 1.23 |
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 | 5.3% |
| 1 - 3 Years | 3.5 |
| 3 - 5 Years | 3.4 |
| 5 - 10 Years | 11.6 |
| 10 - 20 Years | 42.5 |
| 20 - 30 Years | 30.2 |
| Over 30 Years | 3.5 |
| |
| Distribution by Credit Quality (% of portfolio) |
| AAA | 2.9% |
| AA | 25.2 |
| A | 54.8 |
| BBB | 14.0 |
| B | 0.7 |
| Not Rated | 2.4 |
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 fiscal year ended November 30, 2016, the expense ratios were 0.19% for Investor Shares and 0.09% for Admiral Shares.
26
New Jersey Long-Term Tax-Exempt Fund
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.
Cumulative Performance: November 30, 2006, Through November 30, 2016
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended November 30, 2016 | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| New Jersey Long-Term Tax-Exempt | | | | |
| Fund Investor Shares | 1.06% | 3.72% | 3.78% | $14,497 |
| Bloomberg Barclays NJ Municipal Bond | | | | |
| Index | 1.39 | 3.58 | 4.01 | 14,816 |
| New Jersey Municipal Debt Funds | | | | |
| Average | 0.69 | 3.30 | 3.36 | 13,917 |
| Bloomberg Barclays Municipal Bond | | | | |
| Index | -0.22 | 3.43 | 4.09 | 14,929 |
New Jersey Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $50,000 |
| | Year | Years | Years | Investment |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| Admiral Shares | 1.16% | 3.80% | 3.87% | $73,068 |
| Bloomberg Barclays NJ Municipal Bond Index | 1.39 | 3.58 | 4.01 | 74,078 |
| Bloomberg Barclays Municipal Bond Index | -0.22 | 3.43 | 4.09 | 74,645 |
See Financial Highlights for dividend and capital gains information.
28
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | |
| |
| |
| |
| Fiscal-Year Total Returns (%): November 30, 2006, Through November 30, 2016 | |
| | | | | Bloomberg |
| | | | | Barclays NJ |
| | | | | Muni Bond |
| | | | Investor Shares | Index |
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 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 | 3.48 | -2.42 | 1.06 | 1.39 |
Average Annual Total Returns: Periods Ended September 30, 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 | 8.51% | 5.01% | 3.99% | 0.59% | 4.58% |
| Admiral Shares | 5/14/2001 | 8.61 | 5.09 | 4.08 | 0.59 | 4.67 |
29
New Jersey Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 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 (98.0%) | | | | |
| New Jersey (97.6%) | | | | |
| Atlantic City NJ GO | 4.000% | 11/1/17 | 3,965 | 3,397 |
| Atlantic City NJ GO | 5.000% | 11/1/22 | 3,000 | 2,497 |
| Atlantic City NJ GO | 4.000% | 11/1/23 (4) | 1,425 | 1,413 |
| Atlantic County NJ Improvement Authority | | | | |
| Revenue | 5.000% | 9/1/28 (4) | 3,000 | 3,393 |
| Bayonne NJ GO | 5.750% | 7/1/19 (Prere.) | 7,500 | 8,312 |
| Bergen County NJ Improvement Authority | | | | |
| Pooled Loan Revenue | 5.000% | 2/15/20 | 455 | 500 |
| Bergen County NJ Improvement Authority | | | | |
| Pooled Loan Revenue | 5.000% | 2/15/39 | 4,000 | 4,496 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue | 5.000% | 12/1/29 | 275 | 305 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue (Burlington County Solid Waste Project) | 5.000% | 10/1/26 | 2,100 | 2,362 |
| Burlington County NJ Bridge Commission | | | | |
| Revenue (Burlington County Solid Waste Project) | 5.000% | 10/1/27 | 4,100 | 4,588 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/28 | 1,500 | 1,647 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/29 | 3,500 | 3,812 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/30 | 2,900 | 3,131 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/31 | 2,500 | 2,691 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/32 | 2,500 | 2,673 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.000% | 2/15/33 | 1,000 | 1,066 |
30
| | | | |
| 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) | 5.000% | 2/15/34 | 1,500 | 1,595 |
| Camden County NJ Improvement Authority | | | | |
| Health Care Redevelopment Project Revenue | | | | |
| (Cooper Health System Obligated Group) | 5.750% | 2/15/42 | 12,625 | 13,938 |
| Camden County NJ Improvement Authority | | | | |
| Lease Revenue (Rowan University School of | | | | |
| Osteopathic Medicine Project) | 5.000% | 12/1/32 | 6,035 | 6,613 |
| Camden County NJ Improvement Authority | | | | |
| Revenue | 5.000% | 1/15/28 | 3,600 | 3,977 |
| Camden County NJ Improvement Authority | | | | |
| Revenue | 5.000% | 1/15/29 | 3,225 | 3,547 |
| Delaware River & Bay Authority Delaware | | | | |
| Revenue | 5.000% | 1/1/26 | 2,000 | 2,256 |
| Delaware River & Bay Authority Delaware | | | | |
| Revenue | 5.000% | 1/1/27 | 2,000 | 2,245 |
| Delaware River & Bay Authority Delaware | | | | |
| Revenue | 5.000% | 1/1/28 | 2,250 | 2,514 |
| Delaware River & Bay Authority Delaware | | | | |
| Revenue | 5.000% | 1/1/42 | 9,980 | 10,715 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/29 | 300 | 337 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/31 | 500 | 555 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 4.000% | 7/1/34 (15) | 2,660 | 2,703 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/21 | 3,160 | 3,414 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/26 | 4,335 | 4,747 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/27 | 2,660 | 2,875 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/28 | 6,000 | 6,521 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/29 | 4,000 | 4,345 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/30 | 5,000 | 5,397 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/35 | 9,060 | 9,796 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/37 | 15,000 | 16,225 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/40 (4) | 1,000 | 1,082 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/40 | 2,500 | 2,698 |
| Garden State Preservation Trust New Jersey | | | | |
| Revenue (Open Space & Farmland Preservation) | 5.750% | 11/1/28 (4) | 18,545 | 22,196 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/27 (15) | 1,470 | 1,665 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/30 | 3,910 | 4,339 |
31
| | | | |
| 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% | 7/1/31 | 1,950 | 2,156 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/32 | 1,775 | 1,953 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/33 | 2,275 | 2,493 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/34 | 1,200 | 1,310 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 4.000% | 7/1/42 (4) | 2,000 | 1,959 |
| Gloucester County NJ Improvement Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/44 | 1,500 | 1,613 |
| Gloucester County NJ Pollution Control Financing | | | | |
| Authority Revenue (ExxonMobil Project) VRDO | 0.160% | 12/1/16 | 2,700 | 2,700 |
| Gloucester Township NJ Municipal Utility | | | | |
| Authority Revenue | 5.650% | 3/1/18 (2) | 730 | 750 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.000% | 4/1/26 | 790 | 876 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.000% | 5/1/41 | 5,500 | 6,073 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.000% | 5/1/46 | 5,000 | 5,492 |
| Hudson County NJ Improvement Authority | | | | |
| Lease Revenue | 5.250% | 5/1/51 | 7,000 | 7,832 |
| Hudson County NJ Improvement Authority | | | | |
| Solid Waste Systems Revenue | 5.750% | 1/1/35 | 2,000 | 2,196 |
| Hudson County NJ Improvement Authority | | | | |
| Solid Waste Systems Revenue | 6.000% | 1/1/40 | 3,000 | 3,277 |
| Mercer County NJ Improvement Authority | | | | |
| Revenue (Courthouse Annex Project) | 5.000% | 9/1/40 | 2,480 | 2,727 |
| Monmouth County NJ Improvement Authority | | | | |
| Lease Revenue (Brookdale Community College) | 5.875% | 8/1/18 (Prere.) | 1,000 | 1,078 |
| Monmouth County NJ Improvement Authority | | | | |
| Lease Revenue (Brookdale Community College) | 6.000% | 8/1/18 (Prere.) | 3,900 | 4,211 |
| 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% | 3/1/38 | 3,000 | 3,309 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/25 | 615 | 682 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/28 | 465 | 512 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/30 | 570 | 623 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/31 | 600 | 654 |
| New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/39 (15) | 2,000 | 2,197 |
| New Jersey Building Authority Revenue | 4.000% | 6/15/30 | 1,000 | 915 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Hotel Room Fee) | 5.250% | 1/1/22 (2) | 5,585 | 5,598 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/28 (4) | 2,000 | 2,127 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/29 (4) | 2,500 | 2,644 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/30 (4) | 2,950 | 3,104 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/31 (4) | 1,500 | 1,567 |
32
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.000% | 11/1/32 (4) | 1,250 | 1,301 |
| New Jersey Casino Reinvestment Development | | | | |
| Authority Revenue (Luxury Tax) | 5.250% | 11/1/44 | 11,735 | 11,206 |
| New Jersey Economic Development Authority | | | | |
| Lease Revenue (Rutgers State University) | 5.000% | 6/15/38 | 4,000 | 4,469 |
| New Jersey Economic Development Authority | | | | |
| Lease Revenue (Rutgers State University) | 5.000% | 6/15/46 | 4,475 | 4,930 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 5.000% | 6/15/23 | 11,500 | 12,225 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 4.125% | 6/15/26 | 2,500 | 2,454 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 4.125% | 6/15/27 | 2,750 | 2,654 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 5.250% | 6/15/32 | 10,000 | 10,270 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 5.250% | 6/15/33 | 6,000 | 6,137 |
| New Jersey Economic Development Authority | | | | |
| Revenue | 5.250% | 6/15/40 | 10,000 | 10,096 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Bancroft NeuroHealth Project) | 5.000% | 6/1/41 | 2,105 | 1,975 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Biomedical Research Facilities) | 5.000% | 7/15/27 | 1,000 | 1,097 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Biomedical Research Facilities) | 5.000% | 7/15/28 | 1,000 | 1,091 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Biomedical Research Facilities) | 5.000% | 7/15/30 | 1,000 | 1,073 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/18 | 1,030 | 1,071 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/23 | 2,500 | 2,698 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/25 | 5,990 | 6,368 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 8,500 | 8,989 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/28 | 2,000 | 2,091 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Cigarette Tax) | 5.000% | 6/15/29 | 1,400 | 1,457 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Duke Farms Foundation Project) | 5.000% | 7/1/48 | 7,000 | 7,499 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Lions Gate Project) | 5.250% | 1/1/44 | 5,850 | 6,003 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/24 (14) | 6,000 | 6,694 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/25 (14) | 6,000 | 6,704 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/26 (14) | 2,500 | 2,803 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 9/1/17 (ETM) | 1,800 | 1,855 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/17 | 120 | 124 |
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% | 9/1/18 | 665 | 696 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/18 (ETM) | 3,000 | 3,223 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/19 | 1,560 | 1,642 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 9/1/19 (Prere.) | 4,065 | 4,447 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 9/1/19 (Prere.) | 8,000 | 8,751 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/19 | 810 | 860 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/19 | 2,100 | 2,225 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 12/15/19 (2) | 3,550 | 3,813 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 3/1/21 (Prere.) | 3,005 | 3,415 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 3/1/21 (Prere.) | 1,210 | 1,375 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.750% | 3/1/21 (Prere.) | 2,700 | 3,123 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/22 | 1,110 | 1,177 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/23 | 2,290 | 2,396 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.750% | 9/1/23 | 300 | 324 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/24 | 3,650 | 3,843 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/24 | 2,990 | 3,172 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/24 | 375 | 397 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/24 (2) | 1,500 | 1,641 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/25 | 2,500 | 2,609 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/25 (4) | 2,380 | 2,616 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/25 | 3,460 | 3,648 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/25 (4) | 1,660 | 1,896 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/26 | 5,000 | 5,178 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/26 | 3,000 | 3,133 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/27 | 5,000 | 5,134 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.250% | 9/1/27 | 1,000 | 1,033 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/28 | 21,965 | 22,510 |
34
| | | | |
| 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) | 5.500% | 9/1/28 (14) | 2,165 | 2,458 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/29 | 7,500 | 7,662 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 9/1/29 (14) | 7,055 | 8,010 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.500% | 12/15/29 | 11,520 | 12,018 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/30 | 6,360 | 6,457 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/30 | 6,975 | 7,109 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/31 | 4,000 | 4,048 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/31 | 7,105 | 7,148 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/32 | 4,005 | 4,037 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 12/15/32 | 3,780 | 3,793 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/33 (4) | 1,500 | 1,578 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/34 | 2,685 | 2,692 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/35 | 12,095 | 12,100 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 3/1/38 | 5,000 | 4,948 |
| New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | 5.000% | 6/15/40 | 11,515 | 11,373 |
| 1 New Jersey Economic Development Authority | | | | |
| Revenue (School Facilities Construction) | | | | |
| TOB VRDO | 0.670% | 12/7/16 (12) | 1,235 | 1,235 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Seeing Eye Inc.) | 5.000% | 3/1/25 | 4,000 | 4,613 |
| New Jersey Economic Development Authority | | | | |
| Revenue (United Methodist Homes | | | | |
| Obligated Group) | 4.000% | 7/1/24 | 2,000 | 2,046 |
| New Jersey Economic Development Authority | | | | |
| Revenue (United Methodist Homes | | | | |
| Obligated Group) | 5.000% | 7/1/29 | 2,000 | 2,116 |
| New Jersey Economic Development Authority | | | | |
| Revenue (West Campus Housing LLC) | 5.000% | 7/1/35 | 5,950 | 5,999 |
| New Jersey Economic Development Authority | | | | |
| Revenue (West Campus Housing LLC) | 5.000% | 7/1/38 | 700 | 703 |
| New Jersey Economic Development Authority | | | | |
| Revenue (West Campus Housing LLC) | 5.000% | 7/1/47 | 7,515 | 7,456 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Jewish Community Foundation of | | | | |
| Metro West NJ Inc.) VRDO | 0.700% | 12/7/16 LOC | 5,400 | 5,400 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Montclair | | | | |
| Properties LLC - Montclair State University | | | | |
| Student Housing Project) | 5.000% | 6/1/18 | 1,390 | 1,442 |
35
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Montclair Properties | | | | |
| LLC - Montclair State University Student | | | | |
| Housing Project) | 5.375% | 6/1/25 | 1,340 | 1,445 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Montclair Properties | | | | |
| LLC - Montclair State University Student | | | | |
| Housing Project) | 5.750% | 6/1/31 | 1,160 | 1,253 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Montclair Properties | | | | |
| LLC - Montclair State University Student | | | | |
| Housing Project) | 5.875% | 6/1/42 | 8,280 | 8,916 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Rowan Properties | | | | |
| LLC - Rowan University Housing Project) | 5.000% | 1/1/30 | 2,515 | 2,624 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Rowan Properties | | | | |
| LLC - Rowan University Housing Project) | 5.000% | 1/1/35 | 2,000 | 2,049 |
| New Jersey Economic Development Authority | | | | |
| Revenue (Provident Group-Rowan Properties | | | | |
| LLC - Rowan University Housing Project) | 5.000% | 1/1/48 | 13,000 | 13,163 |
| New Jersey Economic Development Authority | | | | |
| Sublease Revenue (New Jersey Transit Corp. | | | | |
| Light Rail Transit System Project) | 5.000% | 5/1/19 | 3,580 | 3,763 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 5.000% | 7/1/28 | 1,000 | 1,138 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 5.000% | 7/1/29 | 750 | 847 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 4.000% | 7/1/32 | 1,000 | 1,022 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 4.000% | 7/1/33 | 1,250 | 1,272 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 5.000% | 7/1/38 | 1,250 | 1,359 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (College of New Jersey) | 5.000% | 7/1/43 | 2,500 | 2,705 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Georgian Court University) | 5.000% | 7/1/27 | 1,000 | 1,016 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Georgian Court University) | 5.000% | 7/1/33 | 1,000 | 1,016 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Higher Education Trust Fund) | 5.000% | 6/1/21 | 4,335 | 4,598 |
| 2 New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.000% | 7/1/17 (Prere.) | 3,000 | 3,072 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.000% | 7/1/17 (Prere.) | 3,025 | 3,098 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.000% | 7/1/17 (Prere.) | 2,585 | 2,647 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.000% | 7/1/27 (4) | 885 | 1,003 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.250% | 9/1/29 | 2,980 | 3,200 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Kean University) | 5.500% | 9/1/36 | 12,500 | 13,517 |
36
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/28 | 2,500 | 2,891 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/29 | 2,500 | 2,872 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/30 | 2,500 | 2,851 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/31 | 2,500 | 2,842 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/32 | 4,920 | 5,510 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/33 | 3,170 | 3,535 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/34 | 2,000 | 2,218 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/35 | 2,100 | 2,322 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/36 | 1,150 | 1,267 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Montclair State University) | 5.000% | 7/1/39 | 8,000 | 8,738 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (New Jersey City University) | 5.000% | 7/1/40 | 4,000 | 4,309 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (New Jersey City University) | 5.000% | 7/1/45 | 1,000 | 1,074 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (New Jersey Institute of Technology) | 5.000% | 7/1/31 | 1,000 | 1,084 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/28 | 1,500 | 1,769 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/28 | 4,780 | 5,637 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Princeton University) | 5.000% | 7/1/39 | 3,000 | 3,319 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/29 | 1,430 | 1,571 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/30 | 1,500 | 1,642 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/31 | 1,575 | 1,719 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/37 | 2,065 | 2,226 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/40 | 2,150 | 2,316 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Ramapo College) | 5.000% | 7/1/42 | 2,390 | 2,567 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/27 (4) | 2,000 | 2,292 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Rowan University) | 5.000% | 7/1/30 (4) | 565 | 633 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/31 | 1,165 | 1,288 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/33 | 1,000 | 1,096 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/33 | 430 | 471 |
37
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/34 | 850 | 928 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/37 | 1,345 | 1,453 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/38 | 1,200 | 1,305 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Seton Hall University) | 5.000% | 7/1/43 | 1,500 | 1,623 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Stockton University) | 5.000% | 7/1/28 | 3,000 | 3,344 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Stockton University) | 5.000% | 7/1/30 | 4,000 | 4,410 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Stockton University) | 5.000% | 7/1/31 | 4,150 | 4,564 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Stockton University) | 5.000% | 7/1/34 (4) | 1,475 | 1,621 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Stockton University) | 5.000% | 7/1/35 (4) | 2,100 | 2,304 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Stockton University) | 4.000% | 7/1/36 (4) | 1,800 | 1,769 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (Stockton University) | 5.000% | 7/1/41 | 3,000 | 3,180 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (University Medical & Dentistry) | 6.250% | 12/1/18 (ETM) | 420 | 461 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (University Medical & Dentistry) | 7.125% | 6/1/19 (Prere.) | 65 | 74 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (University Medical & Dentistry) | 7.500% | 6/1/19 (Prere.) | 7,250 | 8,311 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (William Paterson University) | 5.000% | 7/1/30 (15) | 1,000 | 1,121 |
| New Jersey Educational Facilities Authority | | | | |
| Revenue (William Paterson University) | 5.000% | 7/1/31 (15) | 2,145 | 2,392 |
| New Jersey Environmental Infrastructure | | | | |
| Trust Revenue | 5.000% | 9/1/19 (Prere.) | 135 | 148 |
| New Jersey Environmental Infrastructure | | | | |
| Trust Revenue | 5.000% | 9/1/19 (Prere.) | 180 | 197 |
| New Jersey Environmental Infrastructure | | | | |
| Trust Revenue | 5.000% | 9/1/19 (Prere.) | 405 | 444 |
| New Jersey GO | 5.000% | 6/1/23 | 4,000 | 4,478 |
| New Jersey GO | 5.000% | 6/1/28 | 2,180 | 2,416 |
| New Jersey GO | 5.000% | 6/1/31 | 940 | 1,025 |
| New Jersey GO | 5.000% | 6/1/32 | 2,760 | 2,997 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Lease Revenue (Greystone Park | | | | |
| Psychiatric Hospital Project) | 5.000% | 9/15/27 | 11,095 | 11,407 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Lease Revenue (Marlboro | | | | |
| Psychiatric Hospital Project) | 5.000% | 9/15/33 | 5,085 | 5,114 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 5.500% | 7/1/21 (Prere.) | 95 | 110 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 6.000% | 7/1/21 (Prere.) | 1,500 | 1,770 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 5.000% | 7/1/27 | 95 | 99 |
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 (AHS Hospital Corp.) | 5.000% | 7/1/28 | 750 | 854 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 5.000% | 7/1/29 | 1,010 | 1,142 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 5.000% | 7/1/30 | 500 | 561 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 5.000% | 7/1/31 | 300 | 335 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AHS Hospital Corp.) | 4.000% | 7/1/41 | 15,000 | 14,343 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AtlantiCare Regional | | | | |
| Medical Center) | 5.000% | 7/1/17 (Prere.) | 10,000 | 10,234 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AtlantiCare Regional | | | | |
| Medical Center) | 5.000% | 7/1/17 (Prere.) | 2,780 | 2,845 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (AtlantiCare Regional | | | | |
| Medical Center) | 5.000% | 7/1/17 (Prere.) | 2,675 | 2,738 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Barnabas Health) | 5.000% | 7/1/44 | 22,730 | 24,466 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.000% | 1/1/22 | 3,500 | 3,771 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.000% | 1/1/28 | 3,500 | 3,724 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hackensack University | | | | |
| Medical Center) | 5.000% | 1/1/34 | 2,000 | 2,114 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Holy Name Medical Center) | 5.000% | 7/1/25 | 3,215 | 3,452 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hospital Asset | | | | |
| Transformation Program) | 5.500% | 10/1/18 (Prere.) | 2,235 | 2,409 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hospital Asset | | | | |
| Transformation Program) | 5.500% | 10/1/23 | 7,765 | 8,097 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hospital Asset | | | | |
| Transformation Program) | 5.750% | 10/1/31 | 2,505 | 2,683 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/31 | 700 | 767 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/32 | 800 | 873 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/33 | 1,585 | 1,725 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/34 | 1,415 | 1,535 |
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 (Hunterdon Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/45 | 4,050 | 4,335 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 5.000% | 7/1/28 | 5,000 | 5,696 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 5.000% | 7/1/30 | 5,000 | 5,611 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 5.000% | 7/1/34 | 1,500 | 1,655 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 4.000% | 7/1/41 | 3,700 | 3,490 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Inspira Health System | | | | |
| Obligated Group) | 5.000% | 7/1/46 | 2,000 | 2,170 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Kennedy Health Systems) | 5.000% | 7/1/31 | 2,910 | 3,124 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Kennedy Health Systems) | 5.000% | 7/1/37 | 4,960 | 5,236 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Kennedy Health Systems) | 5.000% | 7/1/42 | 1,750 | 1,841 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/24 | 5,000 | 5,648 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/25 | 2,000 | 2,244 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/26 | 2,225 | 2,476 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/27 | 1,310 | 1,464 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/27 | 3,635 | 4,037 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/32 | 2,000 | 2,186 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/38 (12) | 4,115 | 4,286 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Meridian Health System | | | | |
| Obligated Group) | 5.000% | 7/1/38 (12) | 560 | 583 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Palisades Medical Center | | | | |
| Obligated Group) | 5.000% | 7/1/26 | 2,070 | 2,269 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Palisades Medical Center | | | | |
| Obligated Group) | 5.250% | 7/1/31 | 2,000 | 2,177 |
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 (Palisades Medical Center | | | | |
| Obligated Group) | 5.500% | 7/1/43 | 6,530 | 7,104 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/27 | 1,000 | 1,155 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/31 | 2,000 | 2,244 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/32 | 2,630 | 2,924 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/33 | 3,340 | 3,699 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/34 | 2,190 | 2,416 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Princeton Healthcare | | | | |
| System) | 5.000% | 7/1/39 | 5,000 | 5,432 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 1/1/20 (Prere.) | 5,500 | 6,059 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/32 | 1,000 | 1,098 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/33 | 2,150 | 2,354 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/34 | 1,200 | 1,310 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.250% | 7/1/35 | 7,000 | 7,719 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/39 | 3,500 | 3,770 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.000% | 7/1/43 | 4,000 | 4,297 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) | 5.500% | 7/1/43 | 8,000 | 8,899 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Robert Wood Johnson | | | | |
| University) VRDO | 0.520% | 12/7/16 LOC | 2,400 | 2,400 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (RWJ Barnabas Health | | | | |
| Obligated Group) | 5.000% | 7/1/31 | 7,500 | 8,230 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (RWJ Barnabas Health | | | | |
| Obligated Group) | 5.000% | 7/1/33 | 5,000 | 5,420 |
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 (RWJ Barnabas Health | | | | |
| Obligated Group) | 5.000% | 7/1/43 | 22,400 | 23,783 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (RWJ Health Care Corp.) | | | | |
| VRDO | 0.520% | 12/7/16 LOC | 2,345 | 2,345 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 0.000% | 7/1/21 (ETM) | 1,260 | 1,136 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 5.000% | 7/1/21 (Prere.) | 2,000 | 2,276 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 5.625% | 7/1/21 (Prere.) | 2,330 | 2,715 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Barnabas Health | | | | |
| Care System) | 5.625% | 7/1/21 (Prere.) | 5,260 | 6,129 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 6.625% | 7/1/18 (Prere.) | 4,440 | 4,810 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 5.000% | 7/1/28 | 1,500 | 1,637 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 5.000% | 7/1/29 | 1,335 | 1,444 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 5.000% | 7/1/30 | 1,100 | 1,178 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 5.000% | 7/1/31 | 1,200 | 1,276 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 4.000% | 7/1/34 | 1,250 | 1,157 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 5.000% | 7/1/35 | 3,185 | 3,325 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 5.000% | 7/1/36 | 1,000 | 1,041 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 5.000% | 7/1/41 | 3,500 | 3,621 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Joseph’s Healthcare | | | | |
| System) | 4.000% | 7/1/48 | 14,925 | 12,960 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (St. Luke’s Warren Hospital | | | | |
| Obligated Group) | 4.500% | 8/15/43 | 5,800 | 5,840 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Trinitas Hospital | | | | |
| Obligated Group) | 5.000% | 7/1/27 | 1,165 | 1,302 |
42
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| 3 New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Trinitas Hospital | | | | |
| Obligated Group) | 5.000% | 7/1/28 | 1,000 | 1,099 |
| 3 New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Trinitas Hospital | | | | |
| Obligated Group) | 5.000% | 7/1/29 | 2,875 | 3,143 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Trinitas Hospital | | | | |
| Obligated Group) | 5.000% | 7/1/30 | 800 | 875 |
| 3 New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Trinitas Hospital | | | | |
| Obligated Group) | 5.000% | 7/1/30 | 2,745 | 2,982 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/22 (4) | 1,000 | 1,123 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/23 (4) | 2,000 | 2,260 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/27 (4) | 2,000 | 2,250 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/29 (4) | 1,950 | 2,168 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/30 (4) | 1,650 | 1,821 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 4.125% | 7/1/38 (4) | 4,170 | 4,179 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (University Hospital) | 5.000% | 7/1/46 (4) | 7,950 | 8,487 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.000% | 7/1/26 | 7,600 | 8,590 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.000% | 7/1/27 | 4,000 | 4,492 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.000% | 7/1/28 | 3,000 | 3,341 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.000% | 7/1/29 | 2,410 | 2,661 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.750% | 7/1/33 | 3,010 | 3,259 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) | 5.500% | 7/1/38 (12) | 3,210 | 3,469 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.420% | 12/1/16 LOC | 2,000 | 2,000 |
| New Jersey Health Care Facilities Financing | | | | |
| Authority Revenue (Virtua Health) VRDO | 0.510% | 12/7/16 LOC | 1,900 | 1,900 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.000% | 6/1/19 | 1,075 | 1,147 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 4.750% | 12/1/21 | 3,235 | 3,424 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.000% | 12/1/25 | 965 | 1,010 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.000% | 12/1/26 | 970 | 1,013 |
| New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue | 5.625% | 6/1/30 | 7,175 | 7,704 |
| 1 New Jersey Higher Education Assistance | | | | |
| Authority Student Loan Revenue TOB VRDO | 0.770% | 12/7/16 | 2,000 | 2,000 |
43
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue | 3.750% | 11/1/45 | 1,000 | 897 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Multi-Family Housing Revenue | 3.900% | 11/1/50 | 3,000 | 2,660 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue | 4.250% | 10/1/32 | 2,295 | 2,353 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue | 6.500% | 10/1/38 | 185 | 190 |
| New Jersey Housing & Mortgage Finance | | | | |
| Agency Single Family Housing Revenue VRDO | 0.520% | 12/7/16 | 2,290 | 2,290 |
| New Jersey Housing & Mortgage Finance Agency | | | | |
| Single Family Housing Revenue VRDO | 0.530% | 12/7/16 | 6,935 | 6,935 |
| New Jersey Institute of Technology Revenue | 5.000% | 7/1/32 | 1,500 | 1,661 |
| New Jersey Institute of Technology Revenue | 5.000% | 7/1/40 | 6,910 | 7,460 |
| New Jersey Institute of Technology Revenue | 5.000% | 7/1/42 | 6,925 | 7,602 |
| New Jersey Institute of Technology Revenue | 5.000% | 7/1/45 | 9,090 | 9,731 |
| New Jersey Sports & Exposition Authority | | | | |
| Revenue | 5.500% | 3/1/17 (ETM) | 250 | 253 |
| New Jersey Sports & Exposition Authority | | | | |
| Revenue | 5.500% | 3/1/17 (ETM) | 385 | 390 |
| New Jersey Sports & Exposition Authority | | | | |
| Revenue (Convention Center Luxury Tax) | 5.500% | 3/1/21 (ETM) | 3,000 | 3,450 |
| New Jersey Transportation Corp. GAN | 5.000% | 9/15/19 | 5,000 | 5,308 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/19 | 2,000 | 2,113 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/20 | 2,000 | 2,130 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/22 | 3,000 | 3,110 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/23 | 1,900 | 2,056 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/27 | 7,850 | 8,350 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 | 6,150 | 6,503 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 | 3,100 | 3,254 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 | 6,750 | 6,954 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/30 | 5,675 | 5,906 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/30 | 6,500 | 6,687 |
| New Jersey Transportation Trust Fund Authority | | | | |
| Federal Highway Reimbursement Revenue | 5.000% | 6/15/31 | 6,750 | 6,936 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/24 | 2,500 | 2,622 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/25 | 4,500 | 4,675 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/27 | 11,245 | 11,575 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.250% | 6/15/31 | 1,500 | 1,537 |
44
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/32 | 10,000 | 10,062 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/33 | 9,500 | 9,532 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 4.750% | 6/15/38 | 2,850 | 2,717 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/38 | 6,575 | 6,506 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/38 | 10,550 | 10,399 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.500% | 6/15/39 | 5,400 | 5,567 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.250% | 6/15/41 | 7,700 | 7,779 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/44 | 3,585 | 3,496 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation Program Revenue | 5.000% | 6/15/46 | 5,385 | 5,231 |
| 2 New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 6.000% | 12/15/18 (Prere.) | 1,740 | 1,908 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.750% | 6/15/20 | 5,000 | 5,404 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 12/15/20 | 5,205 | 5,611 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 12/15/22 | 2,500 | 2,713 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.500% | 12/15/22 | 4,730 | 5,196 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/23 | 3,900 | 2,903 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.750% | 6/15/24 (14) | 4,900 | 5,627 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.750% | 6/15/25 (14) | 7,000 | 8,076 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/26 | 4,915 | 3,081 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,289 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.000% | 6/15/27 | 5,000 | 5,108 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.125% | 6/15/28 | 5,245 | 5,367 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/28 | 13,730 | 7,686 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/28 (2) | 755 | 438 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/28 | 3,955 | 2,214 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.000% | 6/15/29 | 2,785 | 2,839 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/29 | 13,810 | 7,282 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/29 (4) | 16,970 | 9,512 |
45
| | | | |
| 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 | 5.250% | 6/15/30 | 3,065 | 3,121 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 6/15/31 | 5,395 | 5,471 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.500% | 6/15/31 | 6,000 | 6,269 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/31 | 11,500 | 5,236 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.000% | 6/15/32 | 16,275 | 16,403 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 6/15/32 | 5,000 | 5,122 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/32 (4) | 34,280 | 16,450 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/33 | 5,000 | 2,017 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/33 | 3,000 | 1,210 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/34 | 8,210 | 3,117 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 6.000% | 6/15/35 | 385 | 417 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.250% | 6/15/36 | 3,000 | 3,026 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/36 | 6,675 | 2,268 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/37 | 1,165 | 373 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 0.000% | 12/15/38 | 15,000 | 4,546 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.500% | 12/15/38 (12) | 6,900 | 7,273 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 6.000% | 12/15/38 | 3,360 | 3,570 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.500% | 6/15/41 | 8,000 | 8,302 |
| New Jersey Transportation Trust Fund | | | | |
| Authority Transportation System Revenue | 5.000% | 6/15/42 | 16,535 | 16,254 |
| New Jersey Turnpike Authority Revenue | 5.150% | 1/1/17 (Prere.) | 8,500 | 8,532 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 5,000 | 5,538 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 3,000 | 3,297 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/33 | 8,500 | 9,359 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/33 | 3,000 | 3,286 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/34 | 3,000 | 3,273 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 5,000 | 5,444 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 6,400 | 6,888 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/36 | 3,500 | 3,699 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/38 | 17,355 | 18,978 |
| New Jersey Turnpike Authority Revenue | 5.250% | 1/1/40 | 10,000 | 10,583 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/43 | 8,595 | 9,367 |
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/45 | 3,000 | 2,985 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/45 | 10,000 | 10,778 |
46
| | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Newark NJ Housing Authority Port Authority- | | | | |
| Port Newark Marine Terminal Revenue | | | | |
| (City of Newark Redevelopment Projects) | 4.375% | 1/1/37 (14) | 100 | 100 |
| Ocean County NJ Utility Authority Wastewater | | | | |
| Revenue | 6.600% | 1/1/18 (ETM) | 885 | 914 |
| Passaic Valley NJ Sewage Commissioners | | | | |
| Sewer System Revenue | 5.750% | 12/1/19 | 1,680 | 1,850 |
| Passaic Valley NJ Water Commission Revenue | 5.000% | 12/15/32 (4) | 1,385 | 1,535 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.375% | 3/1/28 | 1,280 | 1,519 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 10/15/28 | 4,000 | 4,658 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 10/15/30 | 3,000 | 3,444 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 12/1/34 | 7,000 | 7,855 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 7/15/35 | 6,500 | 7,145 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 7/15/39 | 13,250 | 14,463 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 9/1/39 | 4,090 | 4,583 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.000% | 1/15/41 | 16,065 | 17,655 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 4.000% | 10/15/45 | 2,500 | 2,552 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.250% | 10/15/55 | 5,250 | 5,894 |
| Port Authority of New York | | | | |
| & New Jersey Revenue | 5.250% | 11/15/56 | 10,000 | 11,298 |
| Port Authority of New York | | | | |
| & New Jersey Special Obligation Revenue | | | | |
| (John F. Kennedy International Air Terminal LLC) | 5.500% | 12/1/31 | 5,000 | 5,545 |
| Port Authority of New York & New Jersey | | | | |
| Special Obligation Revenue (John F. Kennedy | | | | |
| International Air Terminal LLC) | 6.000% | 12/1/36 | 3,000 | 3,396 |
| Port Authority of New York & New Jersey | | | | |
| Special Obligation Revenue (John F. Kennedy | | | | |
| International Air Terminal LLC) | 6.000% | 12/1/42 | 5,000 | 5,645 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/28 | 4,000 | 4,515 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/30 | 5,000 | 5,626 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/30 | 7,655 | 8,788 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/33 | 7,000 | 7,855 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/36 | 3,000 | 3,355 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/38 | 14,290 | 15,938 |
| Rutgers State University New Jersey Revenue | 5.000% | 5/1/43 | 13,650 | 15,115 |
| Rutgers State University New Jersey Revenue | | | | |
| VRDO | 0.420% | 12/1/16 | 8,010 | 8,010 |
| Rutgers State University New Jersey Revenue | | | | |
| VRDO | 0.430% | 12/1/16 | 6,600 | 6,600 |
| South Jersey NJ Port Corp. Revenue | 5.000% | 1/1/39 | 1,690 | 1,663 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/20 | 2,145 | 2,334 |
47
| | | | |
| 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% | 11/1/21 | 3,000 | 3,291 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/22 | 2,780 | 3,083 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/25 | 4,000 | 4,337 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/26 | 5,000 | 5,408 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/27 | 2,960 | 3,198 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/28 | 4,185 | 4,496 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/29 | 2,050 | 2,195 |
| South Jersey Transportation Authority | | | | |
| New Jersey Transportation System Revenue | 5.000% | 11/1/39 | 5,000 | 5,277 |
| Tobacco Settlement Financing Corp. | | | | |
| New Jersey Revenue | 4.500% | 6/1/23 | 14,070 | 14,188 |
| Tobacco Settlement Financing Corp. | | | | |
| New Jersey Revenue | 4.625% | 6/1/26 | 3,000 | 2,963 |
| Tobacco Settlement Financing Corp. | | | | |
| New Jersey Revenue | 0.000% | 6/1/41 | 20,000 | 5,228 |
| Tobacco Settlement Financing Corp. | | | | |
| New Jersey Revenue | 5.000% | 6/1/41 | 4,500 | 3,818 |
| Union County NJ Improvement Authority | | | | |
| Lease Revenue (Family Court Building Project) | 5.000% | 5/1/42 | 5,000 | 5,545 |
| Union County NJ Pollution Control Financing | | | | |
| Authority Revenue (Exxon Project) VRDO | 0.160% | 12/1/16 | 3,700 | 3,700 |
| Union County NJ Utilities Authority Revenue | 5.000% | 6/15/41 | 4,000 | 4,300 |
| | | | | 1,927,668 |
| Guam (0.4%) | | | | |
| Guam Government Business Privilege | | | | |
| Tax Revenue | 5.000% | 11/15/39 | 2,200 | 2,325 |
| Guam Government Waterworks Authority | | | | |
| Water & Waste Water System Revenue | 5.500% | 7/1/43 | 3,000 | 3,262 |
| Guam Power Authority Revenue | 5.000% | 10/1/27 | 1,135 | 1,237 |
| Guam Power Authority Revenue | 5.000% | 10/1/29 | 1,355 | 1,457 |
| | | | | 8,281 |
| Puerto Rico (0.0%) | | | | |
| Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 720 | 898 |
| Total Tax-Exempt Municipal Bonds (Cost $1,932,287) | | | 1,936,847 |
48
| |
| New Jersey Long-Term Tax-Exempt Fund | |
| |
| |
| |
| |
| | Amount |
| | ($000) |
| Other Assets and Liabilities (2.0%) | |
| Other Assets | |
| Investment in Vanguard | 162 |
| Receivables for Investment Securities Sold | 25,861 |
| Receivables for Accrued Income | 32,049 |
| Receivables for Capital Shares Issued | 1,110 |
| Other Assets | 195 |
| Total Other Assets | 59,377 |
| Liabilities | |
| Payables for Investment Securities Purchased | (9,925) |
| Payables for Capital Shares Redeemed | (4,609) |
| Payables for Distributions | (1,721) |
| Payables to Vanguard | (2,058) |
| Other Liabilities | (2,122) |
| Total Liabilities | (20,435) |
| Net Assets (100%) | 1,975,789 |
| |
| |
| At November 30, 2016, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 1,955,563 |
| Overdistributed Net Investment Income | (2) |
| Accumulated Net Realized Gains | 15,668 |
| Unrealized Appreciation (Depreciation) | 4,560 |
| Net Assets | 1,975,789 |
| |
| |
| Investor Shares—Net Assets | |
| Applicable to 19,980,925 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 233,558 |
| Net Asset Value Per Share—Investor Shares | $11.69 |
| |
| |
| Admiral Shares—Net Assets | |
| Applicable to 149,051,835 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,742,231 |
| Net Asset Value Per Share—Admiral Shares | $11.69 |
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At November 30, 2016, the aggregate value of these securities was $3,235,000,
representing 0.2% of net assets.
2 Securities with a value of $322,000 have been segregated as initial margin for recently closed futures contracts.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2016.
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.
49
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.).
(18) SBLF (Michigan School Bond Loan Fund).
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.
50
| |
| New Jersey Long-Term Tax-Exempt Fund | |
| |
| |
| Statement of Operations | |
| |
| | Year Ended |
| | November 30, 2016 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 76,670 |
| Total Income | 76,670 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 222 |
| Management and Administrative—Investor Shares | 389 |
| Management and Administrative—Admiral Shares | 1,269 |
| Marketing and Distribution—Investor Shares | 53 |
| Marketing and Distribution—Admiral Shares | 125 |
| Custodian Fees | 25 |
| Auditing Fees | 36 |
| Shareholders’ Reports—Investor Shares | 8 |
| Shareholders’ Reports—Admiral Shares | 5 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 2,133 |
| Net Investment Income | 74,537 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 17,630 |
| Futures Contracts | (68) |
| Realized Net Gain (Loss) | 17,562 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (68,845) |
| Futures Contracts | (2) |
| Change in Unrealized Appreciation (Depreciation) | (68,847) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 23,252 |
See accompanying Notes, which are an integral part of the Financial Statements.
51
| | |
| New Jersey Long-Term Tax-Exempt Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended November 30, |
| | 2016 | 2015 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 74,537 | 72,215 |
| Realized Net Gain (Loss) | 17,562 | 4,671 |
| Change in Unrealized Appreciation (Depreciation) | (68,847) | (32,770) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 23,252 | 44,116 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (8,882) | (8,722) |
| Admiral Shares | (65,626) | (63,493) |
| Realized Capital Gain1 | | |
| Investor Shares | (419) | (1,060) |
| Admiral Shares | (3,009) | (7,567) |
| Total Distributions | (77,936) | (80,842) |
| Capital Share Transactions | | |
| Investor Shares | (1,426) | (393) |
| Admiral Shares | 52,845 | 14,532 |
| Net Increase (Decrease) from Capital Share Transactions | 51,419 | 14,139 |
| Total Increase (Decrease) | (3,265) | (22,587) |
| Net Assets | | |
| Beginning of Period | 1,979,054 | 2,001,641 |
| End of Period2 | 1,975,789 | 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.
52
| | | | | |
| New Jersey Long-Term Tax-Exempt Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
| Net Asset Value, Beginning of Period | $12.00 | $12.22 | $11.66 | $12.57 | $11.73 |
| Investment Operations | | | | | |
| Net Investment Income | .430 | .427 | .431 | .433 | .439 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (. 289) | (.167) | . 582 | (. 910) | . 840 |
| Total from Investment Operations | .141 | .260 | 1.013 | (.477) | 1.279 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 430) | (. 427) | (. 431) | (. 433) | (. 439) |
| Distributions from Realized Capital Gains | (.021) | (.053) | (.022) | — | — |
| Total Distributions | (. 451) | (. 480) | (. 453) | (. 433) | (. 439) |
| Net Asset Value, End of Period | $11.69 | $12.00 | $12.22 | $11.66 | $12.57 |
| |
| Total Return1 | 1.06% | 2.17% | 8.82% | -3.83% | 11.07% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $234 | $241 | $246 | $246 | $303 |
| Ratio of Total Expenses to Average Net Assets | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.50% | 3.54% | 3.58% | 3.60% | 3.62% |
| Portfolio Turnover Rate | 19% | 25% | 20% | 35% | 17% |
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 | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
| Net Asset Value, Beginning of Period | $12.00 | $12.22 | $11.66 | $12.57 | $11.73 |
| Investment Operations | | | | | |
| Net Investment Income | .443 | .436 | .441 | .442 | .449 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (. 289) | (.167) | . 582 | (. 910) | . 840 |
| Total from Investment Operations | .154 | .269 | 1.023 | (.468) | 1.289 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 443) | (. 436) | (. 441) | (. 442) | (. 449) |
| Distributions from Realized Capital Gains | (.021) | (.053) | (.022) | — | — |
| Total Distributions | (. 464) | (. 489) | (. 463) | (. 442) | (. 449) |
| Net Asset Value, End of Period | $11.69 | $12.00 | $12.22 | $11.66 | $12.57 |
| |
| Total Return1 | 1.16% | 2.25% | 8.91% | -3.75% | 11.15% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,742 | $1,738 | $1,755 | $1,648 | $1,874 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 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% |
| Portfolio Turnover Rate | 19% | 25% | 20% | 35% | 17% |
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.
54
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 are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the 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 year ended November 30, 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 November 30, 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, 2013–2016), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
55
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 November 30, 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 November 30, 2016, the fund had contributed to Vanguard capital in the amount of $162,000, representing 0.01% of the fund’s net assets and 0.06% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
56
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 November 30, 2016,
based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 1,936,847 | — |
| Futures Contracts—Liabilities1 | (63) | — | — |
| Total | (63) | 1,936,847 | — |
| 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 used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $1,315,000 from accumulated net realized gains to paid-in capital.
For tax purposes, at November 30, 2016, the fund had short-term and long-term capital gains of $31,000 and $15,999,000, respectively, available for distribution. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
At November 30, 2016, the cost of investment securities for tax purposes was $1,932,649,000. Net unrealized appreciation of investment securities for tax purposes was $4,198,000, consisting of unrealized gains of $47,166,000 on securities that had risen in value since their purchase and $42,968,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended November 30, 2016, the fund purchased $455,648,000 of investment securities and sold $368,134,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2016, such purchases and sales were $293,585,000 and $362,445,000 respectively; these amounts are included in the purchases and sales of investment securities noted above.
57
New Jersey Long-Term Tax-Exempt Fund
| | | | |
| F. Capital share transactions for each class of shares were: | | | |
| | | | Year Ended November 30, |
| | | 2016 | | 2015 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 60,927 | 4,953 | 43,213 | 3,577 |
| Issued in Lieu of Cash Distributions | 7,614 | 620 | 8,020 | 665 |
| Redeemed | (69,967) | (5,706) | (51,626) | (4,301) |
| Net Increase (Decrease)—Investor Shares | (1,426) | (133) | (393) | (59) |
| Admiral Shares | | | | |
| Issued | 231,989 | 18,845 | 177,646 | 14,716 |
| Issued in Lieu of Cash Distributions | 49,076 | 3,997 | 52,339 | 4,340 |
| Redeemed | (228,220) | (18,562) | (215,453) | (17,954) |
| Net Increase (Decrease)—Admiral Shares | 52,845 | 4,280 | 14,532 | 1,102 |
G. Management has determined that no material events or transactions occurred subsequent to November 30, 2016, that would require recognition or disclosure in these financial statements.
58
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard New Jersey Tax-Free Funds and the Shareholders of Vanguard New Jersey Tax-Exempt Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard New Jersey Tax-Exempt Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund (constituting Vanguard New Jersey Tax-Free Funds, hereafter referred to as the “Funds”) at November 30, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 12, 2017
Special 2016 tax information (unaudited) for Vanguard New Jersey Tax-Exempt Funds
This information for the fiscal year ended November 30, 2016, is included pursuant to provisions of the Internal Revenue Code.
The Long-Term Tax Exempt Fund distributed $4,739,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund are qualified short-term capital gains.
Each fund designates 100% of its income dividends as exempt-interest dividends.
59
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.
60
| | | |
| Six Months Ended November 30, 2016 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 5/31/2016 | 11/30/2016 | Period |
| Based on Actual Fund Return | | | |
| New Jersey Tax-Exempt Money Market Fund | $1,000.00 | $1,001.94 | $0.80 |
| New Jersey Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $963.98 | $0.88 |
| Admiral Shares | 1,000.00 | 964.56 | 0.29 |
| Based on Hypothetical 5% Yearly Return | | | |
| New Jersey Tax-Exempt Money Market Fund | $1,000.00 | $1,024.20 | $0.81 |
| New Jersey Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,024.10 | $0.91 |
| Admiral Shares | 1,000.00 | 1,024.70 | 0.30 |
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, 0.16%; and for the New Jersey Long-Term Tax-Exempt Fund, 0.18% for Investor Shares and 0.06% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/366).
61
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.
Credit Quality. 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.
62
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 Vanguard Municipal Bond Funds are not sponsored, endorsed, issued, sold, or promoted by Barclays Risk Analytics and Index Solutions Limited or any of its affiliates (“Barclays”). Barclays makes no representation or warranty, express or implied, to the owners or purchasers of the Vanguard Municipal Bond Funds or any member of the public regarding the advisability of investing in securities generally or in the Vanguard Municipal Bond Funds particularly or the ability of the Bloomberg Barclays Indices to track general bond market performance. Barclays has not passed on the legality or suitability of the Vanguard Municipal Bond Funds with respect to any person or entity. Barclays’ only relationship to Vanguard and the Vanguard Municipal Bond Funds is the licensing of the Bloomberg Barclays Indices, which are determined, composed, and calculated by Barclays without regard to Vanguard or the Vanguard Municipal Bond Funds or any owners or purchasers of the Vanguard Municipal Bond Funds. Barclays has no obligation to take the needs of Vanguard, the Vanguard Municipal Bond Funds, or the owners of the Vanguard Municipal Bond Funds into consideration in determining, composing, or calculating the Bloomberg Barclays Indices. Barclays is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Vanguard Municipal Bond Funds to be issued. Barclays has no obligation or liability in connection with the administration, marketing, or trading of the Vanguard Municipal Bond Funds.
BARCLAYS SHALL HAVE NO LIABILITY TO THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF THE VANGUARD MUNICIPAL BOND FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS RESERVES THE RIGHT
TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDICES, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS INDICES. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY INDIRECT OR CONSEQUENTIAL DAMAGES RESULTING FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.
© 2017 Barclays. Used with Permission.
Source: Barclays Global Family of Indices. Copyright 2017, Barclays. All rights reserved.
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. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
Independen tTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Exe cutive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International plc (diversified manufacturing and services), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and 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
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both
at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, and the Investment Advisory Committee of Major League Baseball; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center.
Executive Officers
Glenn Booraem
Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Vanguard Senior Management Team
| |
| Mortimer J. Buckley | James M. Norris |
| Kathleen C. Gubanich | Thomas M. Rampulla |
| Martha G. King | Glenn W. Reed |
| John T. Marcante | Karin A. Risi |
| Chris D. McIsaac | Michael Rollings |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
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. | |
| |
| | © 2017 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q140 012017 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal
executive officer, principal financial officer, principal accounting officer or controller or persons performing similar
functions. The Code of Ethics was amended during the reporting period covered by this report to make certain
technical, non-material changes.
Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the
Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: Rajiv L. Gupta,
JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended November 30, 2016: $66,000
Fiscal Year Ended November 30, 2015: $63,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2016: $9,629,849
Fiscal Year Ended November 30, 2015: $7,000,200
Includes fees billed in connection with audits of the Registrant, other registered investment companies in
the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2016: $2,717,627
Fiscal Year Ended November 30, 2015: $2,899,096
Includes fees billed in connection with assurance and related services provided to the Registrant, other
registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard
Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended November 30, 2016: $254,050
Fiscal Year Ended November 30, 2015: $353,389
Includes fees billed in connection with tax compliance, planning, and advice services provided to the
Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc.,
and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended November 30, 2016: $214,225
Fiscal Year Ended November 30, 2015: $202,313
Includes fees billed for services related to tax reported information provided to the Registrant, other
registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard
Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if
appropriate, approve before the principal accountant is engaged for such services, all specific audit and
non-audit services provided to: the Registrant, other registered investment companies in the Vanguard
complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide
ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the
services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services
in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on
to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to
complete services through the next Audit Committee meeting, and to determine if such services would be
consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee
meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if
appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether
such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services
provided by the principal accountant to the Vanguard complex, whether such services are provided to: the
Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or
other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver
provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s
engagement were not performed by persons other than full-time, permanent employees of the principal
accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2016: $468,275
Fiscal Year Ended November 30, 2015: $555,702
Includes fees billed for non-audit services provided to the Registrant, other registered investment
companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-
audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
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) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| |
| | VANGUARD NEW JERSEY TAX-FREE FUNDS |
| |
| |
| BY: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: | January 17, 2017 |
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: | January 17, 2017 |
| |
| | VANGUARD NEW JERSEY TAX-FREE FUNDS |
| |
| |
| BY: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
| |
| Date: January 17, 2017 |
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on October 4, 2016 see file Number 33-32548,
Incorporated by Reference.
