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, 2019—May 31, 2020
Item 1: Reports to Shareholders
Semiannual Report | May 31, 2020
Vanguard New Jersey Tax-Exempt Funds
|
Vanguard New Jersey Municipal Money Market Fund
Vanguard New Jersey Long-Term Tax-Exempt Fund
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.
|
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
About Your Fund’s Expenses | 1 |
New Jersey Municipal Money Market Fund | 3 |
New Jersey Long-Term Tax-Exempt Fund | 18 |
Trustees Approve Advisory Arrangements | 58 |
Liquidity Risk Management | 60 |
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.
1
Six Months Ended May 31, 2020
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
11/30/2019 | 5/31/2020 | Period | |
Based on Actual Fund Return | |||
New Jersey Municipal Money Market Fund | $1,000.00 | $1,004.75 | $0.80 |
New Jersey Long-Term Tax-Exempt Fund | |||
Investor Shares | $1,000.00 | $985.53 | $0.84 |
Admiral™ Shares | 1,000.00 | 985.92 | 0.45 |
Based on Hypothetical 5% Yearly Return | |||
New Jersey Municipal Money Market Fund | $1,000.00 | $1,024.20 | $0.81 |
New Jersey Long-Term Tax-Exempt Fund | |||
Investor Shares | $1,000.00 | $1,024.15 | $0.86 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.46 |
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 Municipal Money Market Fund, 0.16%; and for the New Jersey Long-Term Tax-Exempt Fund, 0.17% for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/366).
2
New Jersey Municipal Money Market Fund
Distribution by Effective Maturity1
As of May 31, 2020
1 - 7 Days | 72.9 | % |
8 - 30 Days | 4.4 | |
31 - 60 Days | 4.8 | |
61 - 90 Days | 2.5 | |
91 - 180 Days | 7.7 | |
Over 180 Days | 7.7 |
1 Percentage of investments.
3
New Jersey Municipal Money Market Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2020
The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Tax-Exempt Municipal Bonds (90.9%) | ||||||
New Jersey (90.9%) | ||||||
Bergen County NJ GO | 3.000% | 7/15/20 | 2,470 | 2,475 | ||
Bergen County NJ GO | 2.000% | 12/11/20 | 19,895 | 19,989 | ||
Bergen County NJ Improvement Authority Revenue (Bergen New Bridge Medical Center Project) | 4.000% | 9/1/20 | 1,675 | 1,686 | ||
Brick Township NJ BAN | 2.250% | 6/24/20 | 4,000 | 4,002 | ||
Burlington County NJ Bridge Commission Revenue | 5.000% | 12/1/20 | 1,500 | 1,530 | ||
Edison Township NJ BAN | 2.500% | 1/13/21 | 10,000 | 10,093 | ||
Essex County NJ Improvement Authority Revenue (Fern Senior Housing Project) VRDO | 0.160% | 6/5/20 | LOC | 7,300 | 7,300 | |
Essex County NJ Improvement Authority Revenue (Jewish Community Center of MetroWest Inc. Project) VRDO | 0.090% | 6/5/20 | LOC | 7,965 | 7,965 | |
Essex County NJ Improvement Authority Revenue (Pooled Government Loan) VRDO | 0.050% | 6/5/20 | LOC | 17,115 | 17,115 | |
Fair Lawn NJ BAN | 1.750% | 9/11/20 | 2,500 | 2,504 | ||
Gloucester County NJ Pollution Control Financing Authority Revenue (ExxonMobil Project) VRDO | 0.010% | 6/1/20 | 21,750 | 21,750 | ||
Hoboken NJ BAN | 1.750% | 3/3/21 | 4,754 | 4,777 | ||
Howell Township NJ BAN | 2.000% | 10/9/20 | 3,000 | 3,007 | ||
Hudson County NJ Improvement Authority Lease Revenue | 2.500% | 9/18/20 | 4,750 | 4,766 | ||
1 | Hudson County NJ Improvement Authority Lease Revenue (Hudson County Vocational - Technical Schools Project) TOB VRDO | 0.140% | 6/5/20 | 1,730 | 1,730 | |
1 | Hudson County NJ Improvement Authority Lease Revenue (Hudson County Vocational - Technical Schools Project) TOB VRDO | 0.190% | 6/5/20 | 4,875 | 4,875 | |
Hudson County NJ Improvement Authority Pooled Revenue | 2.000% | 2/19/21 | 10,000 | 10,072 | ||
Hudson NJ BAN | 2.000% | 12/8/20 | 16,854 | 16,902 | ||
Jefferson Township NJ BAN | 2.250% | 6/19/20 | 2,851 | 2,852 | ||
Jersey City NJ BAN | 3.000% | 1/13/21 | 10,000 | 10,123 | ||
Lawrence Township NJ BAN | 2.250% | 6/19/20 | 3,015 | 3,016 | ||
Lawrence Township NJ BAN | 2.000% | 7/17/20 | 6,950 | 6,955 | ||
Livingston NJ BAN | 2.000% | 10/9/20 | 13,000 | 13,032 | ||
Livingston NJ BAN | 1.750% | 2/2/21 | 10,217 | 10,263 | ||
Mahwah Township NJ BAN | 2.000% | 7/31/20 | 5,000 | 5,005 |
4
New Jersey Municipal Money Market Fund | ||||||
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Mahwah Township NJ BAN | 1.750% | 10/2/20 | 3,950 | 3,955 | ||
Mercer County NJ BAN | 2.000% | 6/15/20 | 10,000 | 10,003 | ||
Middlesex NJ BAN | 3.000% | 6/5/20 | 14,554 | 14,556 | ||
Monmouth County NJ GO | 2.000% | 12/29/20 | 5,000 | 5,026 | ||
Monroe Township NJ Middlesex County BAN | 2.500% | 6/10/20 | 6,000 | 6,001 | ||
Monroe Township NJ Middlesex County GO | 4.000% | 8/1/20 | 1,000 | 1,005 | ||
Montclair NJ BAN | 2.500% | 10/30/20 | 5,034 | 5,060 | ||
Morris County NJ Improvement Authority Revenue | 3.000% | 8/4/20 | 2,000 | 2,006 | ||
Morris Plains NJ BAN | 2.000% | 12/11/20 | 1,416 | 1,421 | ||
Morristown NJ BAN | 2.500% | 6/5/20 | 1,822 | 1,822 | ||
New Jersey Economic Development Authority Industrial Development Revenue (Ocean Spray Cranberries Inc. Project) VRDO | 0.170% | 6/5/20 | LOC | 8,000 | 8,000 | |
New Jersey Economic Development Authority Natural Gas Facilities Revenue (New Jersey Natural Gas) VRDO | 0.030% | 6/5/20 | LOC | 20,800 | 20,800 | |
New Jersey Economic Development Authority Revenue (Columbia University Project) CP | 1.000% | 6/12/20 | 4,665 | 4,665 | ||
New Jersey Economic Development Authority Revenue (Cooper Health System Project) VRDO | 0.120% | 6/5/20 | LOC | 34,100 | 34,100 | |
1 | New Jersey Economic Development Authority Revenue (New Jersey Natural Gas Co.) TOB VRDO | 0.180% | 6/5/20 | LOC | 13,575 | 13,575 |
1 | New Jersey Economic Development Authority Revenue (New Jersey Natural Gas Co.) TOB VRDO | 0.190% | 6/5/20 | LOC | 4,460 | 4,460 |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project) | 5.875% | 6/1/20 | (Prere.) | 3,000 | 3,000 | |
1 | New Jersey Economic Development Authority Revenue (School Facilities Construction) TOB VRDO | 0.200% | 6/5/20 | LOC | 9,805 | 9,805 |
New Jersey Economic Development Authority Revenue (Trustees of the Lawrenceville School Project) VRDO | 0.020% | 6/1/20 | 21,000 | 21,000 | ||
New Jersey Economic Development Authority Revenue (Trustees of the Lawrenceville School Project) VRDO | 0.030% | 6/1/20 | 24,100 | 24,100 | ||
New Jersey Economic Development Authority Revenue Pollution Control Revenue (Exxon Project) VRDO | 0.030% | 6/1/20 | 1,700 | 1,700 | ||
1 | New Jersey Economic Development Authority Revenue TOB VRDO | 0.170% | 6/5/20 | 7,500 | 7,500 | |
1 | New Jersey Economic Development Authority TOB VRDO | 0.180% | 6/5/20 | LOC | 15,650 | 15,650 |
New Jersey Educational Facilities Authority Revenue (Institute for Advanced Studies) VRDO | 0.010% | 6/5/20 | 16,800 | 16,800 | ||
1 | New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO | 0.100% | 6/5/20 | 6,000 | 6,000 |
5
New Jersey Municipal Money Market Fund | ||||||
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
1 | New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO | 0.100% | 6/5/20 | 4,000 | 4,000 | |
1 | New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO | 0.110% | 6/5/20 | 3,330 | 3,330 | |
1 | New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO | 0.180% | 6/5/20 | 4,330 | 4,330 | |
New Jersey Environmental Infrastructure Trust Revenue | 5.000% | 9/1/20 | 1,565 | 1,580 | ||
New Jersey Environmental Infrastructure Trust Revenue | 5.000% | 9/1/20 | 1,220 | 1,232 | ||
New Jersey Environmental Infrastructure Trust Revenue | 5.000% | 9/1/20 | 860 | 868 | ||
New Jersey Health Care Facilities Finance Authority (Community Hospital Group Inc.) VRDO | 0.190% | 6/5/20 | LOC | 800 | 800 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) VRDO | 0.110% | 6/5/20 | LOC | 17,000 | 17,000 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hospital Capital Asset Pooled Program) VRDO | 0.120% | 6/5/20 | LOC | 24,565 | 24,565 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hospital Capital Asset Pooled Program) VRDO | 0.120% | 6/5/20 | LOC | 23,950 | 23,950 | |
1 | New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) TOB VRDO | 0.290% | 6/5/20 | 8,975 | 8,975 | |
1 | New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) TOB VRDO | 0.290% | 6/5/20 | 2,175 | 2,175 | |
New Jersey Health Care Facilities Financing Authority Revenue (MHAC I LLC) VRDO | 0.100% | 6/5/20 | LOC | 10,520 | 10,520 | |
New Jersey Health Care Facilities Financing Authority Revenue (MHAC I LLC) VRDO | 0.100% | 6/5/20 | LOC | 8,540 | 8,540 | |
1 | New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) TOB VRDO | 0.140% | 6/5/20 | 4,140 | 4,140 | |
New Jersey Health Care Facilities Financing Authority Revenue (Southern Ocean County Hospital) VRDO | 0.100% | 6/5/20 | LOC | 13,600 | 13,600 | |
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO | 0.090% | 6/5/20 | LOC | 11,895 | 11,895 | |
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO | 0.100% | 6/5/20 | LOC | 42,000 | 42,000 | |
New Jersey Health Care Facilities Financing Authority Revenue VRDO | 0.130% | 6/5/20 | LOC | 3,260 | 3,260 | |
1 | New Jersey Higher Education Assistance Authority Student Loan Revenue TOB VRDO | 0.180% | 6/5/20 | 14,905 | 14,905 | |
1 | New Jersey Higher Education Assistance Authority Student Loan Revenue TOB VRDO | 0.180% | 6/5/20 | 1,965 | 1,965 | |
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue PUT | 1.580% | 6/1/20 | 1,700 | 1,700 | ||
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue VRDO | 0.030% | 6/5/20 | LOC | 6,315 | 6,315 |
6
New Jersey Municipal Money Market Fund | ||||||
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue VRDO | 0.140% | 6/5/20 | LOC | 58,705 | 58,705 | |
1 | New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO | 0.170% | 6/5/20 | 5,515 | 5,515 | |
1 | New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO | 0.170% | 6/5/20 | 4,780 | 4,780 | |
1 | New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO | 0.220% | 6/5/20 | 6,500 | 6,500 | |
1 | New Jersey Transportation Trust Fund Authority Transportation Program Revenue TOB VRDO | 0.170% | 6/5/20 | LOC | 19,335 | 19,335 |
1 | New Jersey Transportation Trust Fund Authority Transportation Program Revenue TOB VRDO | 0.170% | 6/5/20 | (15)LOC | 6,720 | 6,720 |
1 | New Jersey Transportation Trust Fund Authority Transportation Program Revenue TOB VRDO | 0.190% | 6/5/20 | LOC | 12,700 | 12,700 |
1 | New Jersey Transportation Trust Fund Authority Transportation System Revenue TOB VRDO | 0.200% | 6/5/20 | LOC | 18,750 | 18,750 |
1,2 | New Jersey Turnpike Authority Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.150% | 0.290% | 7/1/20 | LOC | 2,500 | 2,500 |
1 | New Jersey Turnpike Authority Revenue TOB VRDO | 0.200% | 6/5/20 | LOC | 12,215 | 12,215 |
North Brunswick Township NJ BAN | 3.000% | 7/21/20 | 8,951 | 8,972 | ||
North Brunswick Township NJ GO | 2.750% | 7/15/20 | 1,000 | 1,002 | ||
Parsippany-Troy Hills Township NJ BAN | 2.000% | 11/13/20 | 3,185 | 3,197 | ||
Passaic County NJ BAN | 2.000% | 12/3/20 | 7,000 | 7,030 | ||
Port Authority of New York & New Jersey Revenue CP | 0.450% | 7/22/20 | 12,165 | 12,165 | ||
Port Authority of New York & New Jersey Revenue CP | 0.350% | 9/16/20 | 14,100 | 14,100 | ||
Port Authority of New York & New Jersey Revenue CP | 1.900% | 9/30/20 | 13,755 | 13,755 | ||
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.110% | 6/1/20 | 18,250 | 18,250 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.150% | 6/5/20 | 2,100 | 2,100 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.150% | 6/5/20 | 100 | 100 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.160% | 6/5/20 | 850 | 850 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.160% | 6/5/20 | 530 | 530 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.170% | 6/5/20 | 2,360 | 2,360 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.180% | 6/5/20 | 9,160 | 9,160 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.190% | 6/5/20 | LOC | 6,595 | 6,595 |
7
New Jersey Municipal Money Market Fund | ||||||
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.190% | 6/5/20 | 1,000 | 1,000 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.220% | 6/5/20 | 10,845 | 10,845 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.240% | 6/5/20 | 3,500 | 3,500 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.240% | 6/5/20 | 1,170 | 1,170 | |
Princeton University New Jersey CP | 0.250% | 8/3/20 | 15,000 | 15,000 | ||
River Vale NJ GO | 1.750% | 7/17/20 | 6,157 | 6,160 | ||
Rutgers State University New Jersey CP | 0.250% | 7/23/20 | 20,207 | 20,207 | ||
1 | Rutgers State University New Jersey Revenue TOB VRDO | 0.040% | 6/5/20 | 6,700 | 6,700 | |
1 | Rutgers State University New Jersey Revenue TOB VRDO | 0.100% | 6/5/20 | 5,000 | 5,000 | |
1 | Rutgers State University New Jersey Revenue TOB VRDO | 0.110% | 6/5/20 | 1,840 | 1,840 | |
1 | Rutgers State University New Jersey Revenue TOB VRDO | 0.120% | 6/5/20 | 25,510 | 25,510 | |
1 | Rutgers State University New Jersey Revenue TOB VRDO | 0.170% | 6/5/20 | 11,780 | 11,780 | |
Rutgers State University New Jersey Revenue VRDO | 0.050% | 6/1/20 | 37,285 | 37,285 | ||
Secaucus NJ BAN | 1.750% | 8/7/20 | 4,000 | 4,003 | ||
Somerset County NJ BAN | 3.000% | 9/11/20 | 5,000 | 5,026 | ||
Somerset County NJ Improvement Authority Capital Equipment Lease Revenue | 3.000% | 9/11/20 | 10,000 | 10,051 | ||
Sussex County NJ BAN | 2.500% | 6/19/20 | 7,383 | 7,387 | ||
Toms River NJ BAN | 2.500% | 6/18/20 | 11,000 | 11,006 | ||
1 | Union County NJ Improvement Authority Lease Revenue TOB VRDO | 0.140% | 6/5/20 | 1,600 | 1,600 | |
Union County NJ Pollution Control Financing Authority Revenue (Exxon Project) VRDO | 0.010% | 6/1/20 | 22,700 | 22,700 | ||
Union County NJ Pollution Control Financing Authority Revenue (Exxon Project) VRDO | 0.030% | 6/1/20 | 17,900 | 17,900 | ||
1 | Union County NJ Utilities Authority Revenue TOB VRDO | 0.080% | 6/1/20 | 3,500 | 3,500 | |
1 | Union County NJ Utilities Authority Revenue TOB VRDO | 0.220% | 6/5/20 | 8,815 | 8,815 | |
Voorhees NJ BAN | 1.750% | 8/20/20 | 5,208 | 5,214 | ||
Wayne Township NJ BAN | 1.500% | 6/24/20 | 7,000 | 7,001 | ||
West Milford NJ BAN | 1.750% | 9/18/20 | 8,449 | 8,461 | ||
Woodbridge Township NJ BAN | 3.000% | 10/16/20 | 5,620 | 5,668 | ||
Total Tax-Exempt Municipal Bonds (Cost $1,159,654) | 1,159,654 |
8
New Jersey Municipal Money Market Fund | |||
Market | |||
Value• | |||
Coupon | Shares | ($000) | |
Temporary Cash Investment (8.4%) | |||
Money Market Fund (8.4%) | |||
3 Vanguard Municipal Cash Management Fund | |||
(Cost $107,281) | 0.169% | 1,072,810 | 107,303 |
Total Investments (99.3%) (Cost $1,266,935) | 1,266,957 | ||
Other Assets and Liabilities—Net (0.7%) | 9,534 | ||
Net Assets (100%) | 1,276,491 |
Cost is in $000.
• | See Note A in Notes to Financial Statements. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2020, the aggregate value of these securities was $317,635,000, representing 24.9% of net assets. |
2 | Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
See accompanying Notes, which are an integral part of the Financial Statements.
9
New Jersey Municipal Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
CMT—Constant Maturing Treasury Rate.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
LIBOR—London Interbank Offered Rate.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
SIFMA—Securities Industry and Financial Markets Association.
SOFR—Secured Overnight Financing Rate.
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). |
(19) | TPSF (Texas Permanent School Fund). |
(20) | NATL (National Public Financial Guarantee Corporation). |
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.
10
New Jersey Municipal Money Market Fund
Statement of Assets and Liabilities
As of May 31, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,159,654) | 1,159,654 |
Affiliated Issuers (Cost $107,281) | 107,303 |
Total Investments in Securities | 1,266,957 |
Investment in Vanguard | 61 |
Cash | 63 |
Receivables for Investment Securities Sold | 2,570 |
Receivables for Accrued Income | 5,382 |
Receivables for Capital Shares Issued | 2,270 |
Other Assets | 1,646 |
Total Assets | 1,278,949 |
Liabilities | |
Payables for Investment Securities Purchased | 16 |
Payables for Capital Shares Redeemed | 2,320 |
Payables for Distributions | 21 |
Payables to Vanguard | 101 |
Total Liabilities | 2,458 |
Net Assets | 1,276,491 |
At May 31, 2020, net assets consisted of: | |
Paid-in Capital | 1,276,446 |
Total Distributable Earnings (Loss) | 45 |
Net Assets | 1,276,491 |
Net Assets | |
Applicable to 1,276,107,906 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,276,491 |
Net Asset Value Per Share | $1.00 |
See accompanying Notes, which are an integral part of the Financial Statements.
11
New Jersey Municipal Money Market Fund
Statement of Operations
Six Months Ended | |
May 31, 2020 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 7,559 |
Total Income | 7,559 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 153 |
Management and Administrative | 783 |
Marketing and Distribution | 105 |
Shareholders’ Reports | 46 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,088 |
Net Investment Income | 6,471 |
Realized Net Gain (Loss) on Investment Securities Sold1 | 9 |
Change in Unrealized Appreciation (Depreciation) on Investment Securities1 | 22 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,502 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $94,000, $1,000, and $22,000, respectively. Purchases and sales are for temporary cash investment purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
12
New Jersey Municipal Money Market Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | ||
May 31, | November 30, | ||
2020 | 2019 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 6,471 | 18,526 | |
Realized Net Gain (Loss) | 9 | 110 | |
Change in Unrealized Appreciation (Depreciation) | 22 | — | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,502 | 18,636 | |
Distributions1 | |||
Total Distributions | (6,471) | (18,525) | |
Capital Share Transactions (at $1.00 per share) | |||
Issued | 426,868 | 737,215 | |
Issued in Lieu of Cash Distributions | 5,904 | 17,199 | |
Redeemed | (554,746) | (777,596) | |
Net Increase (Decrease) from Capital Share Transactions | (121,974) | (23,182) | |
Total Increase (Decrease) | (121,943) | (23,071) | |
Net Assets | |||
Beginning of Period | 1,398,434 | 1,421,505 | |
End of Period | 1,276,491 | 1,398,434 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
13
New Jersey Municipal Money Market Fund
Financial Highlights
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations | ||||||
Net Investment Income | .0051 | .0131 | .0121 | .0061 | .002 | .0001 |
Net Realized and Unrealized Gain (Loss) on Investments | — | — | — | — | — | — |
Total from Investment Operations | .005 | .013 | .012 | .006 | .002 | .0001 |
Distributions | ||||||
Dividends from Net Investment Income | (.005) | (.013) | (.012) | (.006) | (.002) | (.0001) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.005) | (.013) | (.012) | (.006) | (.002) | (.0001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.48% | 1.31% | 1.21% | 0.63% | 0.24% | 0.01% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,276 | $1,398 | $1,422 | $1,289 | $1,198 | $1,345 |
Ratio of Total Expenses to Average Net Assets | 0.16% | 0.16% | 0.16% | 0.16% | 0.14%3 | 0.08%3 |
Ratio of Net Investment Income to Average Net Assets | 0.95% | 1.31% | 1.21% | 0.63% | 0.23% | 0.01% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016 and 0.16% for 2015. 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. The fund is not obligated to repay this amount to Vanguard. |
See accompanying Notes, which are an integral part of the Financial Statements.
14
New Jersey Municipal Money Market Fund
Notes to Financial Statements
Vanguard New Jersey Municipal 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. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value. Investments in Vanguard Municipal Cash Management Fund are valued at that fund’s net asset value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and for the period ended May 31, 2020, 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. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and
15
New Jersey Municipal Money Market Fund
borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended May 31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
5. Other: Interest income includes income distributions received from Vanguard Municipal Cash Management Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2020, the fund had contributed to Vanguard capital in the amount of $61,000, representing less than 0.01% of the fund’s net assets and 0.02% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of 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). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
The fund’s investment in Vanguard Municipal Cash Management Fund is valued based on Level 1 inputs. All of the fund’s other investments were valued 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.
16
New Jersey Municipal Money Market Fund
D. As of May 31, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount | |
($000) | |
Tax Cost | 1,266,935 |
Gross Unrealized Appreciation | 46 |
Gross Unrealized Depreciation | (24) |
Net Unrealized Appreciation (Depreciation) | 22 |
E. 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 six months ended May 31, 2020, such purchases and sales were $141,885,000 and $46,600,000, respectively.
F. Management has determined that no events or transactions occurred subsequent to May 31, 2020, that would require recognition or disclosure in these financial statements.
17
New Jersey Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of May 31, 2020
Under 1 Year | 4.6 | % |
1 - 3 Years | 2.8 | |
3 - 5 Years | 3.1 | |
5 - 10 Years | 13.3 | |
10 - 20 Years | 45.5 | |
20 - 30 Years | 26.7 | |
Over 30 Years | 4.0 |
The table reflects the fund’s investments, except for short-term investments and derivatives.
18
New Jersey Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2020
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
Tax-Exempt Municipal Bonds (99.1%) | |||||
New Jersey (98.5%) | |||||
Atlantic City NJ GO | 5.000% | 11/1/22 | 3,000 | 2,973 | |
Atlantic City NJ GO | 4.000% | 11/1/23 (4) | 1,425 | 1,506 | |
Atlantic City NJ GO | 5.000% | 12/1/23 | 1,115 | 1,100 | |
Atlantic City NJ GO | 5.000% | 3/1/26 (15) | 250 | 305 | |
Atlantic City NJ GO | 5.000% | 3/1/32 (15) | 750 | 913 | |
Atlantic City NJ GO | 5.000% | 3/1/37 (15) | 1,000 | 1,194 | |
Atlantic City NJ GO | 5.000% | 3/1/42 (15) | 1,250 | 1,477 | |
Atlantic City NJ Municipal Utilities Authority Revenue | 4.000% | 5/1/21 | 200 | 202 | |
Atlantic County NJ Improvement Authority Revenue | 5.000% | 9/1/28 (4) | 3,000 | 3,594 | |
Atlantic County NJ Improvement Authority Revenue | 4.000% | 7/1/46 (4) | 5,000 | 5,330 | |
Bergen County NJ GO | 3.000% | 7/15/38 | 1,620 | 1,705 | |
Bergen County NJ Improvement Authority Pooled Loan Revenue | 5.000% | 2/15/39 | 4,000 | 4,589 | |
Brigantine NJ GO | 5.000% | 10/1/20 | 1,020 | 1,036 | |
Burlington County NJ Bridge Commission Revenue | 5.000% | 4/15/32 | 500 | 654 | |
Burlington County NJ Bridge Commission Revenue | 5.000% | 10/1/36 | 1,000 | 1,234 | |
Burlington County NJ GO | 3.000% | 5/1/30 | 1,610 | 1,813 | |
Burlington County NJ GO | 3.000% | 5/1/31 | 1,650 | 1,846 | |
Burlington County NJ GO | 3.000% | 5/1/32 | 1,695 | 1,880 | |
Burlington County NJ GO | 3.000% | 5/1/33 | 1,745 | 1,922 | |
Burlington County NJ GO | 3.000% | 5/1/34 | 1,790 | 1,962 | |
Camden County NJ GO | 3.000% | 3/1/33 | 550 | 606 | |
Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.000% | 2/15/28 | 1,500 | 1,644 | |
Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.000% | 2/15/29 | 3,500 | 3,825 | |
Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.000% | 2/15/30 | 3,805 | 4,143 | |
Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.000% | 2/15/31 | 5,970 | 6,476 |
19
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% | 2/15/32 | 2,500 | 2,701 | |
Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.000% | 2/15/33 | 2,000 | 2,153 | |
Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.000% | 2/15/34 | 1,500 | 1,612 | |
Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.750% | 2/15/42 | 12,625 | 13,474 | |
Camden County NJ Improvement Authority Lease Revenue (Rowan University School of Osteopathic Medicine Project) | 5.000% | 12/1/32 | 6,035 | 6,440 | |
Camden County NJ Improvement Authority Revenue | 5.000% | 1/15/32 | 515 | 633 | |
Camden County NJ Improvement Authority Revenue | 5.000% | 1/15/34 | 500 | 609 | |
Camden County NJ Improvement Authority Revenue | 4.000% | 1/15/36 | 500 | 569 | |
Camden County NJ Improvement Authority Revenue | 4.000% | 1/15/36 | 3,310 | 3,885 | |
Camden County NJ Improvement Authority Revenue | 4.000% | 1/15/37 | 3,470 | 4,057 | |
Camden County NJ Improvement Authority Revenue | 4.000% | 1/15/38 | 880 | 995 | |
Camden County NJ Improvement Authority Revenue | 4.000% | 1/15/38 | 1,705 | 1,987 | |
Camden County NJ Improvement Authority Revenue | 4.000% | 1/15/39 | 1,000 | 1,128 | |
Camden County NJ Improvement Authority Revenue | 4.000% | 1/15/39 | 1,260 | 1,464 | |
Cedar Grove Township NJ School District GO | 2.000% | 8/15/24 | 290 | 307 | |
Cumberland NJ Improvement Authority Lease Revenue (Correctional Facility Project) | 4.000% | 10/1/54 (15) | 6,000 | 6,813 | |
Cumberland NJ Improvement Authority Lease Revenue (Correctional Facility Project) | 5.000% | 10/1/58 (15) | 5,500 | 6,640 | |
Delaware River & Bay Authority Delaware Revenue | 3.000% | 1/1/35 | 1,000 | 1,066 | |
Delaware River & Bay Authority Delaware Revenue | 3.000% | 1/1/36 | 1,000 | 1,061 | |
Delaware River & Bay Authority Delaware Revenue | 3.000% | 1/1/37 | 1,000 | 1,057 | |
Delaware River & Bay Authority Delaware Revenue | 3.000% | 1/1/38 | 1,000 | 1,054 | |
Delaware River & Bay Authority Delaware Revenue | 5.000% | 1/1/42 | 9,980 | 10,735 | |
Delaware River & Bay Authority Delaware Revenue | 4.000% | 1/1/44 | 2,000 | 2,245 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/24 | 625 | 742 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/25 (Prere.) | 300 | 370 |
20
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/25 (Prere.) | 500 | 616 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/31 | 1,540 | 1,950 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/33 | 2,250 | 2,816 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/33 | 100 | 131 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 4.000% | 7/1/34 (15) | 2,660 | 2,945 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/34 | 135 | 176 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/35 | 4,495 | 5,589 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/35 | 175 | 227 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/36 | 155 | 200 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/37 | 150 | 193 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/38 | 170 | 218 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/39 | 170 | 217 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/42 | 9,000 | 10,998 | |
Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/47 | 5,500 | 6,670 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/24 | 420 | 440 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/24 | 2,500 | 2,887 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/26 | 4,460 | 4,632 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/27 | 2,660 | 2,751 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/31 | 1,730 | 2,181 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/33 | 3,000 | 3,346 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/35 | 1,385 | 1,707 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/37 | 12,020 | 13,309 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/38 | 3,500 | 4,248 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/39 | 3,500 | 4,235 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/40 | 2,500 | 2,757 | |
Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/40 | 3,000 | 3,622 | |
Delran Township NJ GO | 2.000% | 10/15/23 | 600 | 630 |
21
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
East Brunswick Township NJ Board of Education GO | 4.000% | 5/15/33 | 350 | 432 | |
East Brunswick Township NJ Board of Education GO | 4.000% | 5/15/36 | 350 | 421 | |
East Brunswick Township NJ Board of Education GO | 3.000% | 5/15/37 | 620 | 672 | |
East Brunswick Township NJ Board of Education GO | 3.000% | 5/15/38 | 500 | 539 | |
East Brunswick Township NJ Board of Education GO | 3.000% | 5/15/39 | 730 | 784 | |
East Brunswick Township NJ Board of Education GO | 3.000% | 5/15/40 | 755 | 810 | |
East Orange NJ (Board of Education Project) GO | 5.000% | 10/15/32 (4) | 795 | 1,039 | |
East Orange NJ (Board of Education Project) GO | 5.000% | 10/15/33 (4) | 610 | 793 | |
East Orange NJ (Board of Education Project) GO | 3.000% | 10/15/34 (4) | 400 | 438 | |
East Orange NJ (Board of Education Project) GO | 3.000% | 10/15/35 (4) | 400 | 434 | |
East Orange NJ (Board of Education Project) GO | 4.000% | 10/15/40 (4) | 1,345 | 1,545 | |
East Orange NJ GO | 4.000% | 9/15/23 (4) | 705 | 784 | |
East Orange NJ GO | 4.000% | 9/15/24 (4) | 255 | 291 | |
East Orange NJ GO | 4.000% | 9/15/25 (4) | 1,360 | 1,586 | |
Edgewater NJ GO | 1.000% | 2/15/34 | 1,105 | 946 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/40 | 1,440 | 1,604 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/41 | 1,440 | 1,600 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/42 | 1,440 | 1,598 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/43 | 1,440 | 1,595 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/44 | 1,440 | 1,592 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/45 | 1,440 | 1,590 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/46 | 1,000 | 1,104 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/47 | 1,440 | 1,589 | |
Essex County NJ Improvement Authority GO | 4.000% | 9/1/48 | 1,440 | 1,587 | |
Essex County NJ Improvement Authority Revenue | 4.000% | 11/1/37 | 1,540 | 1,754 | |
Essex County NJ Improvement Authority Revenue | 4.000% | 11/1/38 | 1,000 | 1,137 | |
Ewing Township NJ School District GO | 4.000% | 7/15/32 | 2,610 | 3,087 | |
Ewing Township NJ School District GO | 4.000% | 7/15/34 | 3,040 | 3,563 | |
Ewing Township NJ School District GO | 4.000% | 7/15/35 | 3,045 | 3,553 | |
Ewing Township NJ School District GO | 4.000% | 7/15/37 | 3,000 | 3,475 | |
Fort Lee NJ Parking Authority Parking Revenue | 5.000% | 9/15/46 | 5,500 | 6,734 | |
Garden State Preservation Trust New Jersey Revenue (Open Space & Farmland Preservation) | 0.000% | 11/1/28 (4) | 6,535 | 5,308 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 5.000% | 11/1/29 (4) | 1,500 | 1,776 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 5.000% | 7/1/30 | 3,910 | 4,404 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 5.000% | 11/1/30 (4) | 1,200 | 1,411 |
22
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 | 2,180 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 5.000% | 7/1/32 | 1,775 | 1,975 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 5.000% | 7/1/33 | 2,275 | 2,521 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 5.000% | 7/1/34 | 1,200 | 1,327 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 4.000% | 7/1/37 | 750 | 878 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 4.000% | 7/1/38 | 700 | 817 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 4.000% | 7/1/39 | 600 | 698 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 5.000% | 7/1/44 | 1,500 | 1,627 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 5.000% | 7/1/44 | 2,250 | 2,775 | |
Gloucester County NJ Improvement Authority Revenue (Rowan University) | 4.000% | 7/1/48 | 2,000 | 2,289 | |
Harrison NJ GO | 2.000% | 5/15/23 | 270 | 281 | |
Harrison NJ GO | 4.000% | 3/1/38 (15) | 1,945 | 2,230 | |
Harrison NJ GO | 4.000% | 3/1/41 (15) | 2,180 | 2,481 | |
Haworth NJ GO | 2.000% | 8/1/23 | 450 | 470 | |
Haworth NJ GO | 2.000% | 8/1/24 | 455 | 481 | |
Hawthorne NJ School District GO | 3.000% | 9/1/31 (15) | 1,350 | 1,478 | |
Hudson County NJ Improvement Authority Lease Revenue | 5.000% | 5/1/41 | 5,515 | 6,607 | |
Hudson County NJ Improvement Authority Lease Revenue | 5.000% | 8/1/42 | 1,300 | 1,539 | |
Hudson County NJ Improvement Authority Lease Revenue | 5.250% | 5/1/51 | 7,100 | 8,517 | |
Hudson County NJ Improvement Authority Lease Revenue (Union City School District Parking Project) | 5.000% | 6/15/37 | 1,500 | 1,748 | |
Jersey City NJ GO | 4.000% | 12/1/24 (15) | 250 | 287 | |
Jersey City NJ GO | 5.000% | 11/1/31 | 510 | 641 | |
Jersey City NJ GO | 5.000% | 11/1/33 | 415 | 516 | |
Jersey City NJ GO | 4.000% | 11/1/34 | 2,000 | 2,337 | |
Jersey City NJ GO | 4.000% | 11/1/35 | 1,170 | 1,362 | |
Jersey City NJ GO | 4.000% | 11/1/36 | 1,765 | 2,050 | |
Jersey City NJ GO | 5.000% | 11/1/37 | 1,000 | 1,227 | |
Kingsway NJ Regional School District GO | 3.000% | 1/15/28 | 365 | 399 | |
Longport NJ GO | 2.000% | 7/15/23 | 490 | 514 | |
Longport NJ GO | 2.000% | 7/15/24 | 500 | 532 | |
Maple Shade Township NJ School District GO | 3.000% | 7/15/25 (4) | 950 | 1,061 | |
Maple Shade Township NJ School District GO | 3.000% | 7/15/31 (4) | 1,850 | 2,013 | |
Maple Shade Township NJ School District GO | 3.000% | 7/15/37 (4) | 1,920 | 2,020 | |
Maple Shade Township NJ School District GO | 3.000% | 7/15/38 (4) | 1,925 | 2,020 | |
Maple Shade Township NJ School District GO | 3.000% | 7/15/39 (4) | 1,925 | 2,016 | |
Maple Shade Township NJ School District GO | 3.000% | 7/15/40 (4) | 1,985 | 2,076 | |
Mercer County NJ GO | 3.000% | 2/15/31 | 1,000 | 1,094 | |
Mercer County NJ GO | 0.050% | 2/15/32 | 5,000 | 4,028 |
23
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
Mercer County NJ Improvement Authority Revenue (Courthouse Annex Project) | 5.000% | 9/1/40 | 2,480 | 2,980 | |
Middlesex County NJ COP | 4.000% | 6/15/28 | 350 | 432 | |
Monmouth County NJ GO | 5.000% | 7/15/34 | 580 | 769 | |
Monmouth County NJ GO | 5.000% | 7/15/34 | 1,340 | 1,776 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 5.000% | 7/15/32 | 1,000 | 1,236 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 8/1/33 | 950 | 1,157 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 7/15/34 | 1,800 | 2,077 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 8/1/34 | 650 | 788 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 5.000% | 7/15/35 | 1,275 | 1,565 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 8/1/35 | 525 | 633 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 5.000% | 7/15/36 | 1,200 | 1,469 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 8/1/36 | 500 | 600 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 7/15/37 | 2,000 | 2,283 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 8/1/37 | 275 | 329 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 7/15/38 | 1,500 | 1,708 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 8/1/38 | 250 | 298 | |
Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) | 4.000% | 8/1/39 | 200 | 238 | |
Monmouth NJ Regional High School District GO | 3.000% | 2/1/31 | 1,755 | 1,939 | |
Monmouth NJ Regional High School District GO | 3.000% | 2/1/32 | 1,255 | 1,370 | |
Monmouth NJ Regional High School District GO | 3.000% | 2/1/33 | 1,015 | 1,098 | |
Monroe Township NJ Board of Education GO | 5.000% | 3/1/25 (Prere.) | 3,000 | 3,658 | |
New Brunswick NJ GO | 3.000% | 2/15/30 (15) | 3,880 | 4,223 | |
New Brunswick NJ GO | 3.000% | 2/15/31 (15) | 1,370 | 1,479 | |
New Brunswick NJ GO | 3.000% | 2/15/32 (15) | 1,370 | 1,464 | |
New Brunswick NJ GO | 3.000% | 2/15/36 (15) | 1,370 | 1,444 | |
New Brunswick NJ GO | 3.000% | 2/15/37 (15) | 1,370 | 1,440 | |
New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/25 | 615 | 666 | |
New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/28 | 465 | 502 | |
New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/30 | 570 | 613 | |
New Brunswick NJ Parking Authority Revenue | 5.000% | 9/1/31 | 600 | 644 | |
New Brunswick NJ Parking Authority Revenue | 4.000% | 9/1/37 (4) | 2,000 | 2,248 | |
New Jersey Building Authority Revenue | 4.000% | 6/15/26 (Prere.) | 395 | 477 | |
New Jersey Building Authority Revenue | 4.000% | 6/15/30 | 605 | 602 | |
New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) | 5.000% | 11/1/28 (4) | 2,000 | 2,207 | |
New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) | 5.000% | 11/1/29 (4) | 2,500 | 2,750 |
24
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% | 11/1/30 (4) | 2,950 | 3,234 | |
New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) | 5.000% | 11/1/31 (4) | 1,500 | 1,638 | |
New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) | 5.000% | 11/1/32 (4) | 1,250 | 1,360 | |
New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) | 5.250% | 11/1/39 | 5,000 | 5,042 | |
New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) | 5.250% | 11/1/44 | 13,930 | 13,965 | |
New Jersey Economic Development Authority Lease Revenue (Rutgers State University) | 5.000% | 6/15/46 | 8,770 | 9,648 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/23 | 2,440 | 2,544 | |
New Jersey Economic Development Authority Revenue | 4.000% | 6/15/24 | 425 | 432 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/24 (Prere.) | 2,150 | 2,551 | |
New Jersey Economic Development Authority Revenue | 5.250% | 6/15/25 (Prere.) | 550 | 683 | |
New Jersey Economic Development Authority Revenue | 4.000% | 11/1/25 | 125 | 127 | |
New Jersey Economic Development Authority Revenue | 4.125% | 6/15/26 | 2,515 | 2,558 | |
New Jersey Economic Development Authority Revenue | 4.125% | 6/15/27 | 2,850 | 2,888 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/28 | 245 | 257 | |
New Jersey Economic Development Authority Revenue | 5.250% | 6/15/29 | 2,500 | 2,667 | |
New Jersey Economic Development Authority Revenue | 5.500% | 6/15/29 | 5,000 | 5,495 | |
New Jersey Economic Development Authority Revenue | 5.500% | 6/15/31 | 5,475 | 5,961 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/33 | 3,500 | 3,677 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/33 | 1,420 | 1,513 | |
New Jersey Economic Development Authority Revenue | 5.250% | 6/15/33 | 6,000 | 6,293 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/34 | 3,000 | 3,140 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/34 | 1,180 | 1,251 | |
New Jersey Economic Development Authority Revenue | 5.000% | 3/1/35 | 4,230 | 4,293 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/35 | 1,800 | 1,875 | |
New Jersey Economic Development Authority Revenue | 4.000% | 6/15/36 | 1,740 | 1,643 | |
New Jersey Economic Development Authority Revenue | 3.350% | 7/15/36 | 325 | 285 | |
New Jersey Economic Development Authority Revenue | 4.000% | 11/1/37 | 3,000 | 2,810 |
25
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/38 | 11,790 | 12,263 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/40 | 9,335 | 9,514 | |
New Jersey Economic Development Authority Revenue | 5.250% | 6/15/40 | 9,450 | 9,777 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/41 | 4,250 | 4,368 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/42 | 5,000 | 5,141 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/42 | 5,000 | 5,150 | |
New Jersey Economic Development Authority Revenue | 4.000% | 11/1/44 | 3,000 | 2,744 | |
New Jersey Economic Development Authority Revenue | 5.000% | 11/1/44 | 4,000 | 4,125 | |
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/47 | 10,000 | 10,240 | |
New Jersey Economic Development Authority Revenue | 4.625% | 6/15/48 | 8,000 | 7,985 | |
New Jersey Economic Development Authority Revenue (Bancroft NeuroHealth Project) | 5.000% | 6/1/41 | 2,105 | 2,059 | |
New Jersey Economic Development Authority Revenue (Beloved Community Charter School Inc. Project) | 4.000% | 6/15/29 | 1,330 | 1,334 | |
New Jersey Economic Development Authority Revenue (Beloved Community Charter School Inc. Project) | 5.000% | 6/15/54 | 730 | 715 | |
New Jersey Economic Development Authority Revenue (Biomedical Research Facilities) | 5.000% | 7/15/30 | 1,000 | 1,062 | |
New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/23 | 2,500 | 2,672 | |
New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/24 | 3,845 | 4,100 | |
New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/25 | 5,990 | 6,372 | |
New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 8,500 | 9,015 | |
New Jersey Economic Development Authority Revenue (Cigarette Tax) | 4.250% | 6/15/27 | 155 | 161 | |
New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/28 | 2,000 | 2,113 | |
New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/29 | 1,400 | 1,475 | |
New Jersey Economic Development Authority Revenue (Cranes Mill Project) | 5.000% | 1/1/49 | 6,000 | 5,281 | |
New Jersey Economic Development Authority Revenue (Department of the Treasury) | 5.000% | 6/15/26 | 425 | 455 | |
New Jersey Economic Development Authority Revenue (Department of the Treasury) | 5.000% | 6/15/28 | 840 | 913 | |
New Jersey Economic Development Authority Revenue (Lions Gate Project) | 4.375% | 1/1/24 | 500 | 477 | |
New Jersey Economic Development Authority Revenue (Lions Gate Project) | 5.250% | 1/1/44 | 4,255 | 3,659 |
26
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/24 (14) | 6,000 | 6,389 | |
New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 (14) | 3,275 | 3,555 | |
New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.000% | 7/1/33 | 4,465 | 4,691 | |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Kean University Student Housing Project) | 5.000% | 7/1/32 | 1,100 | 1,083 | |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Kean University Student Housing Project) | 5.000% | 7/1/37 | 600 | 569 | |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Kean University Student Housing Project) | 5.000% | 7/1/47 | 1,750 | 1,589 | |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project) | 5.375% | 6/1/20 (Prere.) | 1,440 | 1,440 | |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project) | 5.750% | 6/1/20 (Prere.) | 1,160 | 1,160 | |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project) | 5.875% | 6/1/20 (Prere.) | 5,920 | 5,920 | |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project) | 5.000% | 6/1/30 (4) | 650 | 785 | |
New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project) | 5.000% | 6/1/42 (4) | 10,000 | 11,463 | |
New Jersey Economic Development Authority Revenue (Provident Group - Rowan Properties LLC - Rowan University Housing Project) | 5.000% | 1/1/30 | 1,515 | 1,545 | |
New Jersey Economic Development Authority Revenue (Provident Group - Rowan Properties LLC - Rowan University Housing Project) | 5.000% | 1/1/35 | 2,000 | 2,007 | |
New Jersey Economic Development Authority Revenue (Provident Group - Rowan Properties LLC - Rowan University Housing Project) | 5.000% | 1/1/48 | 13,000 | 12,419 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.250% | 3/1/21 (Prere.) | 3,005 | 3,119 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.250% | 3/1/21 (Prere.) | 1,210 | 1,256 |
27
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) | 5.750% | 3/1/21 (Prere.) | 2,700 | 2,809 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 9/1/22 (Prere.) | 6,360 | 7,046 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 9/1/22 (Prere.) | 5,000 | 5,539 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 9/1/22 (Prere.) | 4,005 | 4,437 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.250% | 9/1/23 | 940 | 969 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.750% | 9/1/23 | 300 | 310 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/24 (2) | 1,500 | 1,615 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 3/1/25 | 3,265 | 3,389 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/25 (4) | 2,380 | 2,568 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/25 (4) | 3,210 | 3,590 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 3/1/26 | 125 | 129 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/26 | 3,105 | 3,328 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.250% | 9/1/26 | 3,000 | 3,091 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/26 (2) | 2,000 | 2,201 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.250% | 9/1/27 | 1,000 | 1,030 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/27 (14) | 3,000 | 3,337 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 4.000% | 11/1/27 | 615 | 621 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 6/15/28 | 6,465 | 7,123 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/28 (14) | 2,220 | 2,494 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/29 (14) | 9,055 | 10,249 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/30 | 6,975 | 7,273 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 4.750% | 6/15/31 | 3,890 | 4,024 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/31 | 4,000 | 4,156 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/31 | 100 | 108 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/32 | 1,265 | 1,358 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/33 (4) | 1,500 | 1,588 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/34 | 2,685 | 2,778 |
28
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/35 | 2,620 | 2,760 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/36 | 6,000 | 6,296 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/37 | 1,440 | 1,507 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/38 | 1,280 | 1,336 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 4.000% | 6/15/44 | 2,500 | 2,292 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/44 | 1,500 | 1,548 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/48 | 3,585 | 3,676 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 4.000% | 6/15/49 | 2,500 | 2,261 | |
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/49 | 3,400 | 3,490 | |
1 | New Jersey Economic Development Authority Revenue (School Facilities Construction) TOB VRDO | 0.170% | 6/5/20 LOC | 17,100 | 17,100 |
New Jersey Economic Development Authority Revenue (Seeing Eye Inc. Project) | 5.000% | 6/1/32 | 2,295 | 2,723 | |
New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) | 5.000% | 6/15/35 | 900 | 944 | |
New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) | 4.500% | 6/15/40 | 1,565 | 1,551 | |
New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) | 5.000% | 6/15/43 | 3,545 | 3,659 | |
New Jersey Economic Development Authority Revenue (Team Academy Charter School Project) | 5.000% | 12/1/48 | 2,500 | 2,627 | |
New Jersey Economic Development Authority Revenue (Transit Transportation Project) | 4.000% | 11/1/38 | 1,090 | 1,017 | |
New Jersey Economic Development Authority Revenue (Transit Transportation Project) | 4.000% | 11/1/39 | 1,115 | 1,036 | |
New Jersey Economic Development Authority Revenue (United Methodist Homes Obligated Group) | 4.000% | 7/1/24 | 2,000 | 1,914 | |
New Jersey Economic Development Authority Revenue (United Methodist Homes Obligated Group) | 5.000% | 7/1/29 | 2,000 | 1,971 | |
New Jersey Economic Development Authority Revenue (West Campus Housing LLC) | 5.000% | 7/1/35 | 6,025 | 5,790 | |
New Jersey Economic Development Authority Revenue (West Campus Housing LLC) | 5.000% | 7/1/38 | 720 | 679 | |
New Jersey Economic Development Authority Revenue (West Campus Housing LLC) | 5.000% | 7/1/47 | 7,905 | 7,116 | |
New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) | 4.000% | 7/1/29 | 350 | 358 |
29
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) | 5.000% | 7/1/38 | 350 | 368 | |
New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) | 5.000% | 7/1/50 | 1,100 | 1,136 | |
New Jersey Educational Facilities Authority Revenue (College of New Jersey) | 5.000% | 7/1/28 | 1,000 | 1,155 | |
New Jersey Educational Facilities Authority Revenue (College of New Jersey) | 5.000% | 7/1/29 | 750 | 863 | |
New Jersey Educational Facilities Authority Revenue (College of New Jersey) | 4.000% | 7/1/32 | 1,000 | 1,059 | |
New Jersey Educational Facilities Authority Revenue (College of New Jersey) | 4.000% | 7/1/33 | 1,250 | 1,318 | |
New Jersey Educational Facilities Authority Revenue (College of New Jersey) | 5.000% | 7/1/38 | 1,250 | 1,314 | |
New Jersey Educational Facilities Authority Revenue (College of New Jersey) | 5.000% | 7/1/43 | 2,500 | 2,617 | |
New Jersey Educational Facilities Authority Revenue (Higher Education Capital Improvement Fund) | 4.000% | 9/1/25 | 105 | 107 | |
New Jersey Educational Facilities Authority Revenue (Higher Education Trust Fund) | 4.000% | 9/1/26 | 320 | 324 | |
New Jersey Educational Facilities Authority Revenue (Higher Education Trust Fund) | 5.000% | 9/1/26 | 1,100 | 1,156 | |
New Jersey Educational Facilities Authority Revenue (Montclair State University) | 5.000% | 7/1/30 | 2,500 | 2,866 | |
New Jersey Educational Facilities Authority Revenue (Montclair State University) | 5.000% | 7/1/31 | 13,385 | 15,273 | |
New Jersey Educational Facilities Authority Revenue (Montclair State University) | 5.000% | 7/1/32 | 1,730 | 1,963 | |
New Jersey Educational Facilities Authority Revenue (Montclair State University) | 5.000% | 7/1/33 | 3,170 | 3,518 | |
New Jersey Educational Facilities Authority Revenue (Montclair State University) | 5.000% | 7/1/33 | 75 | 85 | |
New Jersey Educational Facilities Authority Revenue (Montclair State University) | 5.000% | 7/1/34 | 2,000 | 2,215 | |
New Jersey Educational Facilities Authority Revenue (Montclair State University) | 5.000% | 7/1/35 | 2,100 | 2,319 | |
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 | 8,015 | 8,637 | |
New Jersey Educational Facilities Authority Revenue (New Jersey City University) | 5.000% | 7/1/40 | 4,065 | 4,333 | |
New Jersey Educational Facilities Authority Revenue (New Jersey City University) | 5.000% | 7/1/45 | 1,000 | 1,059 | |
New Jersey Educational Facilities Authority Revenue (Princeton University) | 5.000% | 7/1/32 | 3,000 | 3,814 | |
New Jersey Educational Facilities Authority Revenue (Princeton University) | 5.000% | 7/1/32 | 1,000 | 1,271 | |
New Jersey Educational Facilities Authority Revenue (Princeton University) | 5.000% | 7/1/34 | 1,825 | 2,302 | |
New Jersey Educational Facilities Authority Revenue (Princeton University) | 5.000% | 7/1/36 | 4,975 | 6,228 |
30
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/29 | 1,430 | 1,507 | |
New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/30 | 1,500 | 1,578 | |
New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/31 | 1,575 | 1,654 | |
New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/33 (4) | 2,500 | 2,908 | |
New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/34 (4) | 2,500 | 2,909 | |
New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/37 | 2,065 | 2,151 | |
New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/40 | 2,150 | 2,349 | |
New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/42 | 2,390 | 2,481 | |
New Jersey Educational Facilities Authority Revenue (Rider University) | 5.000% | 7/1/47 | 1,845 | 1,751 | |
New Jersey Educational Facilities Authority Revenue (Rowan University) | 5.000% | 7/1/24 (4) | 1,090 | 1,244 | |
New Jersey Educational Facilities Authority Revenue (Rowan University) | 5.000% | 7/1/30 (4) | 565 | 661 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 5.000% | 7/1/31 | 1,165 | 1,271 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 5.000% | 7/1/33 | 1,000 | 1,050 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 5.000% | 7/1/33 | 430 | 464 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 5.000% | 7/1/34 | 850 | 916 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 5.000% | 7/1/37 | 1,595 | 1,706 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 5.000% | 7/1/38 | 1,225 | 1,277 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 5.000% | 7/1/42 | 2,900 | 3,138 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 5.000% | 7/1/43 | 1,500 | 1,556 | |
New Jersey Educational Facilities Authority Revenue (Seton Hall University) | 4.000% | 7/1/47 | 6,000 | 6,082 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/22 | 430 | 456 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/32 | 2,530 | 2,862 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/33 | 2,340 | 2,630 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/34 | 2,340 | 2,623 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/34 | 940 | 1,095 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/35 | 1,485 | 1,660 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/35 | 565 | 656 |
31
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/36 | 1,095 | 1,267 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/37 | 1,100 | 1,267 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/38 | 990 | 1,137 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/39 | 1,050 | 1,202 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/40 | 1,290 | 1,472 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/42 | 2,000 | 2,197 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/45 | 6,220 | 7,007 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 5.000% | 7/1/47 | 1,750 | 1,911 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 3.000% | 7/1/50 | 3,925 | 3,542 | |
New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) | 4.000% | 7/1/50 | 9,175 | 9,267 | |
New Jersey Educational Facilities Authority Revenue (Stockton University) | 5.000% | 7/1/28 | 3,000 | 3,402 | |
New Jersey Educational Facilities Authority Revenue (Stockton University) | 5.000% | 7/1/30 | 4,000 | 4,497 | |
New Jersey Educational Facilities Authority Revenue (Stockton University) | 5.000% | 7/1/31 | 6,250 | 6,993 | |
New Jersey Educational Facilities Authority Revenue (Stockton University) | 5.000% | 7/1/32 | 2,890 | 3,216 | |
New Jersey Educational Facilities Authority Revenue (Stockton University) | 5.000% | 7/1/33 | 2,475 | 2,742 | |
New Jersey Educational Facilities Authority Revenue (Stockton University) | 5.000% | 7/1/34 (4) | 1,475 | 1,689 | |
New Jersey Educational Facilities Authority Revenue (Stockton University) | 5.000% | 7/1/35 (4) | 2,100 | 2,397 | |
New Jersey Educational Facilities Authority Revenue (Stockton University) | 4.000% | 7/1/36 (4) | 1,800 | 1,920 | |
New Jersey Educational Facilities Authority Revenue (William Paterson University) | 5.000% | 7/1/31 (15) | 2,145 | 2,496 | |
New Jersey Educational Facilities Authority Revenue (William Paterson University) | 5.000% | 7/1/37 (4) | 1,450 | 1,682 | |
New Jersey Educational Facilities Authority Revenue (William Paterson University) | 5.000% | 7/1/42 (4) | 1,750 | 2,009 | |
New Jersey GO | 3.000% | 6/1/25 | 10,000 | 10,480 | |
New Jersey GO | 5.000% | 6/1/31 | 4,590 | 5,235 | |
New Jersey GO | 5.000% | 6/1/31 | 4,000 | 4,772 | |
New Jersey GO | 5.000% | 6/1/32 | 2,760 | 3,133 | |
New Jersey GO | 2.250% | 6/1/34 | 5,065 | 4,880 | |
New Jersey GO | 2.250% | 6/1/34 (15) | 2,405 | 2,387 | |
New Jersey Health Care Facilities Financing Authority Lease Revenue (Greystone Park Psychiatric Hospital Project) | 5.000% | 9/15/27 | 11,095 | 11,444 | |
New Jersey Health Care Facilities Financing Authority Lease Revenue (Marlboro Psychiatric Hospital Project) | 5.000% | 9/15/33 | 5,085 | 5,173 |
32
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% | 7/1/27 | 95 | 95 | |
New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) | 5.000% | 7/1/30 | 500 | 610 | |
New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) | 5.000% | 7/1/31 | 300 | 363 | |
New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) | 4.000% | 7/1/41 | 16,050 | 17,744 | |
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 4.000% | 7/1/30 | 6,515 | 7,192 | |
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 4.000% | 7/1/43 | 6,900 | 7,237 | |
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 5.000% | 7/1/44 | 17,790 | 19,392 | |
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT | 5.000% | 7/1/24 | 4,500 | 5,105 | |
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT | 5.000% | 7/1/25 | 5,000 | 5,804 | |
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT | 5.000% | 7/1/26 | 5,000 | 5,916 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) | 5.000% | 7/1/27 | 3,645 | 3,949 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) | 5.000% | 7/1/32 | 2,000 | 2,207 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) | 4.000% | 7/1/34 | 1,280 | 1,476 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) | 4.000% | 7/1/36 | 5,000 | 5,717 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/31 | 2,345 | 2,874 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/32 | 2,370 | 2,886 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/33 | 3,315 | 4,016 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/35 | 6,925 | 8,335 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/37 | 6,755 | 8,078 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/38 | 2,500 | 2,982 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/39 | 8,000 | 9,521 |
33
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/52 | 3,000 | 3,512 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.000% | 7/1/57 | 5,000 | 5,843 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) | 5.250% | 7/1/57 | 6,250 | 7,568 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hospital Asset Transformation Program) | 5.000% | 10/1/25 | 4,380 | 4,619 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hospital Asset Transformation Program) | 5.000% | 10/1/28 | 425 | 453 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) | 5.000% | 7/1/31 | 700 | 777 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) | 5.000% | 7/1/32 | 800 | 885 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) | 5.000% | 7/1/33 | 1,615 | 1,780 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) | 5.000% | 7/1/34 | 1,415 | 1,557 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) | 5.000% | 7/1/45 | 4,050 | 4,379 | |
New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center) | 4.000% | 7/1/45 | 65 | 68 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/24 | 190 | 218 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/28 | 5,130 | 6,051 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/30 | 5,000 | 5,847 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/33 | 2,220 | 2,551 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/34 | 2,725 | 3,124 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/35 | 2,500 | 2,910 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/36 | 2,365 | 2,743 |
34
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/37 | 2,000 | 2,313 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 4.000% | 7/1/41 | 4,145 | 4,430 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/42 | 3,000 | 3,422 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 5.000% | 7/1/46 | 2,000 | 2,234 | |
New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) | 4.000% | 7/1/47 | 15,335 | 16,309 | |
New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) | 5.000% | 7/1/31 | 2,000 | 2,390 | |
New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) | 5.000% | 7/1/32 | 2,630 | 3,126 | |
New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) | 5.000% | 7/1/33 | 3,340 | 3,952 | |
New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) | 5.000% | 7/1/34 | 2,190 | 2,585 | |
New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) | 5.000% | 7/1/39 | 5,000 | 5,825 | |
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) | 5.000% | 7/1/32 | 1,000 | 1,116 | |
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) | 5.000% | 7/1/33 | 2,150 | 2,392 | |
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) | 5.000% | 7/1/34 | 1,200 | 1,333 | |
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) | 5.250% | 7/1/35 | 7,070 | 7,632 | |
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) | 5.000% | 7/1/39 | 3,500 | 3,852 | |
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) | 5.000% | 7/1/43 | 4,000 | 4,374 | |
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) | 5.500% | 7/1/43 | 8,010 | 8,646 | |
New Jersey Health Care Facilities Financing Authority Revenue (RWJ Barnabas Health Obligated Group) | 5.000% | 7/1/31 | 2,500 | 2,912 |
35
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% | 7/1/33 | 5,080 | 5,859 | |
New Jersey Health Care Facilities Financing Authority Revenue (RWJ Barnabas Health Obligated Group) | 5.000% | 7/1/43 | 20,775 | 23,435 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Barnabas Health Care System) | 0.000% | 7/1/21 (ETM) | 1,260 | 1,255 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/28 | 1,560 | 1,797 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/29 | 1,335 | 1,527 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/30 | 1,100 | 1,249 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/31 | 1,200 | 1,356 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 3.125% | 7/1/33 | 3,420 | 3,443 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/35 | 3,185 | 3,535 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/36 | 1,000 | 1,106 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/41 | 9,795 | 10,725 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 4.000% | 7/1/48 | 13,060 | 13,318 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Luke’s Warren Hospital Obligated Group) | 5.000% | 8/15/31 | 540 | 587 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Luke’s Warren Hospital Obligated Group) | 4.500% | 8/15/43 | 5,800 | 6,077 | |
New Jersey Health Care Facilities Financing Authority Revenue (St. Peter’s University Hospital Obligated Group) | 6.250% | 7/1/35 | 2,115 | 2,185 | |
New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) | 5.000% | 7/1/26 | 50 | 60 | |
New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) | 5.000% | 7/1/27 | 1,165 | 1,386 | |
New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) | 5.000% | 7/1/28 | 1,000 | 1,180 |
36
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) | 5.000% | 7/1/29 | 2,875 | 3,378 | |
New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) | 5.000% | 7/1/30 | 800 | 930 | |
New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) | 5.000% | 7/1/30 | 2,745 | 3,193 | |
New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) | 5.000% | 7/1/27 (4) | 2,000 | 2,162 | |
New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) | 5.000% | 7/1/29 (4) | 1,950 | 2,095 | |
New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) | 5.000% | 7/1/30 (4) | 1,650 | 1,766 | |
New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) | 4.125% | 7/1/38 (4) | 3,780 | 3,801 | |
New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) | 5.000% | 7/1/46 (4) | 7,950 | 8,225 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 5.000% | 7/1/30 | 1,530 | 1,906 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 5.000% | 7/1/32 | 2,455 | 3,002 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 5.000% | 7/1/33 | 3,305 | 4,016 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 5.000% | 7/1/34 | 2,000 | 2,422 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 4.000% | 7/1/35 | 1,000 | 1,109 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 4.000% | 7/1/36 | 2,000 | 2,208 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 4.000% | 7/1/37 | 2,130 | 2,340 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 4.000% | 7/1/38 | 5,510 | 6,037 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 4.000% | 7/1/39 | 1,730 | 1,890 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 4.000% | 7/1/44 | 10,000 | 10,793 | |
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 3.000% | 7/1/49 | 7,500 | 7,230 | |
New Jersey Health Care Facilities Financing | |||||
Authority Revenue (Virtua Health) | 5.000% | 7/1/28 | 3,000 | 3,439 | |
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) | 5.000% | 7/1/29 | 2,410 | 2,756 | |
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO | 0.020% | 6/1/20 LOC | 21,810 | 21,810 | |
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO | 0.020% | 6/1/20 LOC | 21,300 | 21,300 | |
New Jersey Higher Education Assistance Authority Student Loan Revenue | 4.750% | 12/1/21 | 1,905 | 1,905 | |
New Jersey Higher Education Assistance Authority Student Loan Revenue | 5.000% | 12/1/23 | 5,480 | 6,173 |
37
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Higher Education Assistance Authority Student Loan Revenue | 5.000% | 12/1/24 | 3,630 | 4,193 | |
New Jersey Higher Education Assistance Authority Student Loan Revenue | 5.000% | 12/1/25 | 610 | 610 | |
New Jersey Higher Education Assistance Authority Student Loan Revenue | 5.000% | 12/1/26 | 550 | 550 | |
New Jersey Higher Education Assistance Authority Student Loan Revenue | 2.375% | 12/1/29 | 6,000 | 5,755 | |
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue | 3.950% | 11/1/43 | 1,100 | 1,211 | |
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue | 3.750% | 11/1/45 | 1,000 | 1,063 | |
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue | 4.100% | 11/1/47 | 675 | 733 | |
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue | 4.000% | 11/1/48 | 825 | 906 | |
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue | 3.050% | 11/1/49 | 865 | 907 | |
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue | 3.900% | 11/1/50 | 3,000 | 3,185 | |
New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue | 4.100% | 11/1/53 | 500 | 550 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue | 3.500% | 10/1/34 | 7,170 | 7,792 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue | 3.750% | 10/1/35 | 8,860 | 9,883 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue | 3.850% | 10/1/39 | 5,255 | 5,651 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue | 3.950% | 10/1/44 | 3,185 | 3,410 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue | 4.000% | 4/1/49 | 2,390 | 2,556 | |
New Jersey Institute of Technology Revenue | 5.000% | 7/1/22 (Prere.) | 3,000 | 3,296 | |
New Jersey Institute of Technology Revenue | 5.000% | 7/1/31 | 925 | 1,160 | |
New Jersey Institute of Technology Revenue | 5.000% | 7/1/33 | 330 | 408 | |
New Jersey Institute of Technology Revenue | 5.000% | 7/1/40 | 6,910 | 7,749 | |
New Jersey Institute of Technology Revenue | 5.000% | 7/1/45 | 9,090 | 10,123 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/21 | 135 | 138 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/22 | 595 | 622 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/27 | 13,975 | 15,248 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 | 6,580 | 7,147 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 | 5,805 | 6,274 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 | 270 | 292 |
38
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/30 | 9,550 | 10,268 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/30 | 11,600 | 12,472 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 4.100% | 6/15/31 | 125 | 127 | |
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/31 | 12,285 | 13,147 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.250% | 12/15/21 (4) | 295 | 315 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.500% | 12/15/21 (14) | 315 | 325 | |
New Jersey Transportation Trust Fund Authority Revenue | 0.000% | 12/15/24 (12) | 100 | 92 | |
New Jersey Transportation Trust Fund Authority Revenue | 0.000% | 12/15/26 (13)(2) | 825 | 737 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/30 | 1,000 | 1,083 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/31 | 1,000 | 1,076 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/32 | 1,000 | 1,067 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/32 | 3,000 | 3,192 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/33 | 1,000 | 1,059 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/33 | 2,810 | 2,973 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/34 | 1,000 | 1,055 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/34 | 3,250 | 3,421 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/35 | 1,000 | 1,049 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/35 | 2,325 | 2,433 | |
New Jersey Transportation Trust Fund Authority Revenue | 4.000% | 6/15/36 | 1,000 | 944 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/36 | 2,370 | 2,473 | |
New Jersey Transportation Trust Fund Authority Revenue | 4.000% | 6/15/37 | 6,000 | 5,637 | |
New Jersey Transportation Trust Fund Authority Revenue | 4.000% | 12/15/37 (15) | 2,610 | 2,614 | |
New Jersey Transportation Trust Fund Authority Revenue | 4.000% | 6/15/38 | 6,000 | 5,614 | |
New Jersey Transportation Trust Fund Authority Revenue | 4.250% | 12/15/38 | 1,855 | 1,787 | |
New Jersey Transportation Trust Fund Authority Revenue | 3.250% | 6/15/39 | 1,000 | 849 |
39
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Transportation Trust Fund Authority Revenue | 4.000% | 6/15/44 | 7,115 | 6,523 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/44 | 2,000 | 2,059 | |
New Jersey Transportation Trust Fund Authority Revenue | 3.500% | 6/15/46 | 4,520 | 3,810 | |
New Jersey Transportation Trust Fund Authority Revenue | 4.000% | 6/15/50 | 9,130 | 8,234 | |
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/50 | 2,000 | 2,046 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.000% | 6/15/25 | 4,500 | 4,625 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.000% | 6/15/27 | 4,880 | 5,060 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/28 | 215 | 230 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/29 | 2,000 | 2,134 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 4.000% | 6/15/30 | 320 | 319 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/31 | 1,500 | 1,555 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 4.000% | 12/15/31 | 5,315 | 5,221 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.000% | 6/15/32 | 10,040 | 10,223 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.000% | 6/15/33 | 3,000 | 3,048 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 4.000% | 6/15/36 | 7,600 | 7,178 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 0.000% | 12/15/36 | 850 | 386 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 4.750% | 6/15/38 | 3,030 | 3,061 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 4.125% | 6/15/39 | 2,525 | 2,391 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.500% | 6/15/39 | 5,400 | 5,558 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/41 | 5,200 | 5,372 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/43 | 5,500 | 5,772 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.000% | 6/15/46 | 5,385 | 5,478 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.000% | 6/15/46 | 3,000 | 3,081 | |
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 4.500% | 6/15/49 | 5,200 | 5,074 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/20 | 200 | 200 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.750% | 6/15/20 | 2,570 | 2,572 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 6.000% | 6/15/21 (Prere.) | 385 | 408 |
40
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% | 12/15/22 | 250 | 261 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/23 | 3,950 | 3,499 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.250% | 12/15/23 (2) | 100 | 106 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/24 (2) | 1,045 | 894 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/24 | 550 | 467 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/25 | 380 | 309 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/25 | 1,315 | 1,070 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/26 | 445 | 467 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/26 | 5,850 | 4,538 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,569 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/28 | 3,955 | 2,777 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/28 (2) | 945 | 675 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/29 | 2,785 | 2,882 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/29 (4) | 10,060 | 7,932 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.250% | 6/15/30 | 3,565 | 3,615 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.250% | 6/15/31 | 5,395 | 5,466 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 6/15/31 | 6,015 | 6,109 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/31 (14) | 14,190 | 8,992 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/31 | 12,875 | 7,710 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/32 | 8,615 | 8,948 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/32 (4) | 19,280 | 13,439 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/32 | 1,080 | 614 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/32 | 625 | 355 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/32 | 1,000 | 1,070 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/33 | 3,670 | 1,966 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/33 | 5,000 | 2,679 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/33 | 1,000 | 1,063 |
41
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/34 | 405 | 207 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/34 | 1,175 | 599 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/35 | 170 | 82 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.250% | 6/15/36 | 3,000 | 3,027 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/36 | 6,760 | 3,070 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/37 | 1,850 | 793 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/37 | 5,785 | 2,481 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/38 | 9,725 | 3,931 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/38 | 3,855 | 1,558 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/39 | 315 | 120 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 4.000% | 12/15/39 | 10,620 | 9,861 | |
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/40 | 1,805 | 653 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 3,000 | 3,689 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 3,000 | 3,610 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 2,565 | 3,154 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 20 | 23 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 3,100 | 3,783 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/33 | 15 | 18 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/33 | 1,250 | 1,516 | |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/34 | 5,000 | 5,568 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/34 | 20 | 22 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/34 | 3,395 | 3,859 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/34 | 5,000 | 5,919 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/34 | 7,100 | 8,577 | |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/35 | 2,000 | 2,218 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 4,000 | 4,720 | |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/36 | 650 | 717 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/36 | 3,890 | 4,664 | |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/37 | 2,500 | 2,748 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/37 | 9,755 | 11,657 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/40 | 3,000 | 3,558 | |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/43 | 12,525 | 13,547 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/43 | 3,200 | 3,377 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/45 | 14,360 | 16,008 | |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/48 | 170 | 184 | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/48 | 4,000 | 4,725 | |
1 | New Jersey Turnpike Authority Revenue TOB VRDO | 0.170% | 6/5/20 LOC | 15,535 | 15,535 |
1 | New Jersey Turnpike Authority Revenue TOB VRDO | 0.340% | 6/5/20 | 10,615 | 10,615 |
42
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) | 5.000% | 1/1/32 (14) | 2,500 | 2,832 | |
Newark NJ Housing Authority Port Authority - Port Newark Marine Terminal Revenue (City of Newark Redevelopment Projects) | 4.000% | 1/1/37 | 8,600 | 9,601 | |
North Brunswick NJ Township Board of Education GO | 3.250% | 8/15/31 | 395 | 444 | |
North Brunswick NJ Township Board of Education GO | 3.375% | 8/15/36 | 1,940 | 2,126 | |
North Brunswick NJ Township Board of Education GO | 3.375% | 8/15/37 | 1,695 | 1,847 | |
Passaic County NJ GO | 3.000% | 5/1/32 | 540 | 614 | |
Passaic County NJ Improvement Authority Government Loan Revenue (City of Paterson Project) | 5.000% | 6/15/34 | 1,000 | 1,254 | |
Passaic County NJ Improvement Authority Government Loan Revenue (City of Paterson Project) | 5.000% | 6/15/35 | 1,200 | 1,496 | |
Passaic County NJ Improvement Authority Lease Revenue | 5.000% | 5/1/33 | 720 | 856 | |
Passaic County NJ Improvement Authority Revenue (200 Hospital Plaza Corp. Project) | 5.000% | 5/1/42 | 2,500 | 2,989 | |
Passaic NJ GO | 1.000% | 12/1/35 | 1,675 | 1,397 | |
Pennsauken Township NJ School District GO | 4.000% | 7/15/38 | 2,525 | 2,776 | |
Pinelands NJ Regional School District GO | 4.000% | 3/1/24 | 230 | 257 | |
Plainfield NJ Board of Education GO | 5.000% | 8/1/20 (15) | 1,470 | 1,481 | |
Plainfield NJ Board of Education GO | 5.000% | 8/1/22 (15) | 1,600 | 1,761 | |
Plainfield NJ Board of Education GO | 5.000% | 8/1/24 (15) | 1,000 | 1,185 | |
Plainfield NJ Board of Education GO | 5.000% | 8/1/25 (15) | 1,000 | 1,221 | |
2 | Port Authority of New York & New Jersey Revenue | 5.375% | 3/1/28 | 1,280 | 1,501 |
Port Authority of New York & New Jersey Revenue | 5.000% | 12/1/34 | 7,000 | 7,836 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 11/15/35 | 2,000 | 2,392 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/36 | 5,560 | 6,857 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 11/15/36 | 5,000 | 5,954 | |
Port Authority of New York & New Jersey Revenue | 4.000% | 9/1/37 | 3,630 | 4,095 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 7/15/38 | 3,605 | 4,322 | |
Port Authority of New York & New Jersey Revenue | 4.000% | 9/1/38 | 4,000 | 4,494 | |
Port Authority of New York & New Jersey Revenue | 4.000% | 9/1/39 | 4,555 | 5,100 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/39 | 4,090 | 4,637 | |
Port Authority of New York & New Jersey Revenue | 4.000% | 9/1/43 | 5,000 | 5,490 |
43
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
Port Authority of New York & New Jersey Revenue | 4.000% | 9/1/45 | 2,000 | 2,208 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 10/15/47 | 4,000 | 4,611 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/48 | 3,740 | 4,409 | |
Port Authority of New York & New Jersey Revenue | 4.000% | 11/1/49 | 4,125 | 4,544 | |
Port Authority of New York & New Jersey Revenue | 5.250% | 10/15/55 | 5,080 | 5,942 | |
Port Authority of New York & New Jersey Revenue | 5.250% | 11/15/56 | 5,010 | 5,959 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 4/15/57 | 4,000 | 4,585 | |
Port Authority of New York & New Jersey Revenue | 5.000% | 5/15/57 | 3,000 | 3,473 | |
Port Authority of New York & New Jersey Revenue | 5.250% | 11/15/57 | 4,405 | 5,173 | |
1 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.160% | 6/5/20 | 20 | 20 |
Rancocas Valley NJ Regional High School District GO | 3.000% | 3/15/39 | 1,300 | 1,387 | |
Rancocas Valley NJ Regional High School District GO | 3.000% | 3/15/40 | 1,300 | 1,384 | |
Rutgers State University New Jersey Revenue | 5.000% | 5/1/23 (Prere.) | 350 | 398 | |
Rutgers State University New Jersey Revenue | 5.000% | 5/1/23 (Prere.) | 7,000 | 7,967 | |
Rutgers State University New Jersey Revenue | 5.000% | 5/1/23 (Prere.) | 14,290 | 16,264 | |
Rutgers State University New Jersey Revenue VRDO | 0.050% | 6/1/20 | 12,195 | 12,195 | |
Salem County NJ | 3.000% | 6/15/32 (15) | 640 | 692 | |
Salem County NJ | 3.000% | 6/15/33 (15) | 270 | 290 | |
Somers Point NJ GO | 3.000% | 10/1/23 | 1,165 | 1,264 | |
Somers Point NJ GO | 3.000% | 10/1/24 | 1,265 | 1,400 | |
Somers Point NJ GO | 4.000% | 10/1/26 | 1,360 | 1,624 | |
South Jersey NJ Port Corp. Revenue | 5.000% | 1/1/39 | 2,440 | 2,507 | |
South Jersey NJ Port Corp. Revenue | 5.000% | 1/1/49 | 2,500 | 2,521 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/21 | 3,000 | 3,185 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/22 | 2,780 | 2,967 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/22 (Prere.) | 2,050 | 2,282 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/23 | 250 | 266 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/25 | 4,000 | 4,237 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/26 | 5,000 | 5,293 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/27 | 2,960 | 3,129 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/28 (4) | 200 | 236 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/28 (4) | 1,140 | 1,345 |
44
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% | 11/1/28 | 240 | 253 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/29 (4) | 500 | 592 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/30 | 450 | 490 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/30 (4) | 500 | 585 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/31 (4) | 500 | 579 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/32 (4) | 500 | 574 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/32 | 750 | 809 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/33 (4) | 500 | 571 | |
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/39 | 10,925 | 11,613 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/24 | 1,000 | 1,135 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/25 | 1,200 | 1,396 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/26 | 1,405 | 1,668 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/28 | 1,955 | 2,409 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/29 | 1,500 | 1,835 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/30 | 1,500 | 1,824 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/31 | 3,500 | 4,232 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/32 | 2,850 | 3,422 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/33 | 2,750 | 3,281 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/34 | 2,000 | 2,377 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/35 | 2,500 | 2,958 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/36 | 2,000 | 2,355 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 4.000% | 6/1/37 | 3,000 | 3,259 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/37 | 2,000 | 2,346 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/46 | 12,765 | 14,007 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/46 | 2,500 | 2,621 | |
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.250% | 6/1/46 | 13,000 | 14,508 | |
Toms River NJ Board of Education GO | 3.000% | 7/15/29 | 1,500 | 1,662 | |
Toms River NJ Board of Education GO | 3.000% | 7/15/30 | 1,150 | 1,265 |
45
New Jersey Long-Term Tax-Exempt Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
Toms River NJ Board of Education GO | 3.000% | 7/15/31 | 1,500 | 1,637 | |
Toms River NJ Board of Education GO | 3.000% | 7/15/32 | 640 | 692 | |
Toms River NJ Board of Education GO | 3.000% | 7/15/33 | 2,000 | 2,147 | |
Toms River NJ Board of Education GO | 3.000% | 7/15/38 | 2,675 | 2,800 | |
Trenton NJ GO | 5.000% | 7/15/37 (4) | 1,055 | 1,293 | |
Trenton NJ GO | 5.000% | 7/15/40 (4) | 500 | 607 | |
Union City NJ GO | 5.000% | 11/1/23 | 1,060 | 1,179 | |
Union County NJ Pollution Control Financing Authority Revenue (Exxon Project) VRDO | 0.030% | 6/1/20 | 800 | 800 | |
Union Township NJ Union City GO | 1.000% | 8/1/32 | 1,094 | 990 | |
West Deptford Township NJ GO | 2.000% | 2/15/24 | 385 | 408 | |
West Deptford Township NJ GO | 3.000% | 2/15/30 | 645 | 717 | |
West Deptford Township NJ GO | 3.000% | 2/15/32 | 640 | 700 | |
Woodland Park NJ GO | 3.000% | 7/15/24 | 435 | 478 | |
2,327,628 | |||||
Puerto Rico (0.3%) | |||||
Puerto Rico Aqueduct & Sewer Authority Revenue | 5.000% | 7/1/33 | 175 | 174 | |
Puerto Rico Aqueduct & Sewer Authority Revenue | 5.250% | 7/1/42 | 610 | 602 | |
Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/24 | 520 | 457 | |
Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/27 | 1,204 | 950 | |
Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/29 | 1,132 | 819 | |
Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/31 | 130 | 85 | |
Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | 5,121 | 4,916 | |
Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | 367 | 352 | |
8,355 | |||||
Guam (0.3%) | |||||
Guam Government Waterworks Authority Water & Waste Water System Revenue | 5.500% | 7/1/43 | 3,000 | 3,157 | |
Guam Power Authority Revenue | 5.000% | 10/1/27 | 1,135 | 1,223 | |
Guam Power Authority Revenue | 5.000% | 10/1/29 | 1,355 | 1,449 | |
3 | Guam Waterworks Authority Water & Wastewater System Revenue | 5.000% | 1/1/50 | 500 | 553 |
6,382 | |||||
Total Tax-Exempt Municipal Bonds (Cost $2,277,347) | 2,342,365 | ||||
Other Assets and Liabilities—Net (0.9%) | 20,312 | ||||
Net Assets (100%) | 2,362,677 |
Cost is in $000.
• | See Note A in Notes to Financial Statements. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2020, the aggregate value of these securities was $43,270,000, representing 1.8% of net assets. |
2 | Securities with a value of $168,000 have been segregated as initial margin for open futures contracts. |
3 | Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2020. |
See accompanying Notes, which are an integral part of the Financial Statements.
46
New Jersey Long-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
CMT—Constant Maturing Treasury Rate.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
LIBOR—London Interbank Offered Rate.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
SIFMA—Securities Industry and Financial Markets Association.
SOFR—Secured Overnight Financing Rate.
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).
(19) TPSF (Texas Permanent School Fund).
(20) NATL (National Public Financial Guarantee Corporation).
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.
47
New Jersey Long-Term Tax-Exempt Fund
Derivative Financial Instruments Outstanding as of Period End |
Futures Contracts |
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Short Futures Contracts | ||||
Ultra Long U.S. Treasury Bond | September 2020 | (8) | (1,744) | 4 |
See accompanying Notes, which are an integral part of the Financial Statements.
48
New Jersey Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of May 31, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Unaffiliated Issuers Cost ($2,277,347) | 2,342,365 |
Investment in Vanguard | 109 |
Cash | 97 |
Receivables for Investment Securities Sold | 185 |
Receivables for Accrued Income | 35,516 |
Receivables for Capital Shares Issued | 1,769 |
Other Assets | 136 |
Total Assets | 2,380,177 |
Liabilities | |
Payables for Investment Securities Purchased | 13,021 |
Payables for Capital Shares Redeemed | 2,537 |
Payables for Distributions | 1,808 |
Payables to Vanguard | 114 |
Variation Margin Payable—Futures Contracts | 20 |
Total Liabilities | 17,500 |
Net Assets | 2,362,677 |
At May 31, 2020, net assets consisted of: | |
Paid-in Capital | 2,291,420 |
Total Distributable Earnings (Loss) | 71,257 |
Net Assets | 2,362,677 |
Investor Shares—Net Assets | |
Applicable to 23,323,777 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 281,066 |
Net Asset Value Per Share—Investor Shares | $12.05 |
Admiral Shares—Net Assets | |
Applicable to 172,739,173 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,081,611 |
Net Asset Value Per Share—Admiral Shares | $12.05 |
See accompanying Notes, which are an integral part of the Financial Statements.
49
New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
Six Months Ended | |
May 31, 2020 | |
($000) | |
Investment Income | |
Income | |
Interest | 40,574 |
Total Income | 40,574 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 139 |
Management and Administrative—Investor Shares | 179 |
Management and Administrative—Admiral Shares | 758 |
Marketing and Distribution—Investor Shares | 21 |
Marketing and Distribution—Admiral Shares | 60 |
Custodian Fees | 8 |
Shareholders’ Reports—Investor Shares | 30 |
Shareholders’ Reports—Admiral Shares | 38 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,234 |
Expenses Paid Indirectly | (7) |
Net Expenses | 1,227 |
Net Investment Income | 39,347 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 9,306 |
Futures Contracts | (632) |
Realized Net Gain (Loss) | 8,674 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | (89,007) |
Futures Contracts | (11) |
Change in Unrealized Appreciation (Depreciation) | (89,018) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (40,997) |
See accompanying Notes, which are an integral part of the Financial Statements.
50
New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | ||
May 31, | November 30, | ||
2020 | 2019 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 39,347 | 78,170 | |
Realized Net Gain (Loss) | 8,674 | 12,718 | |
Change in Unrealized Appreciation (Depreciation) | (89,018) | 129,337 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (40,997) | 220,225 | |
Distributions1 | |||
Investor Shares | (6,195) | (9,467) | |
Admiral Shares | (47,470) | (77,076) | |
Total Distributions | (53,665) | (86,543) | |
Capital Share Transactions | |||
Investor Shares | 2,155 | 46,437 | |
Admiral Shares | (43,208) | 224,674 | |
Net Increase (Decrease) from Capital Share Transactions | (41,053) | 271,111 | |
Total Increase (Decrease) | (135,715) | 404,793 | |
Net Assets | |||
Beginning of Period | 2,498,392 | 2,093,599 | |
End of Period | 2,362,677 | 2,498,392 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
51
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares
Six Months | ||||||
Ended | Year Ended November 30, | |||||
For a Share Outstanding | May 31, | |||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $12.49 | $11.78 | $12.09 | $11.69 | $12.00 | $12.22 |
Investment Operations | ||||||
Net Investment Income | .1921 | .4021 | .4191 | .4251 | .430 | .427 |
Net Realized and Unrealized Gain (Loss) on Investments | (.369) | .758 | (.242) | .494 | (.289) | (.167) |
Total from Investment Operations | (.177) | 1.160 | .177 | .919 | .141 | .260 |
Distributions | ||||||
Dividends from Net Investment Income | (.191) | (.403) | (.420) | (.422) | (.430) | (.427) |
Distributions from Realized Capital Gains | (.072) | (.047) | (.067) | (.097) | (.021) | (.053) |
Total Distributions | (.263) | (.450) | (.487) | (.519) | (.451) | (.480) |
Net Asset Value, End of Period | $12.05 | $12.49 | $11.78 | $12.09 | $11.69 | $12.00 |
Total Return2 | -1.45% | 10.00% | 1.49% | 8.03% | 1.06% | 2.17% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $281 | $290 | $229 | $235 | $234 | $241 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.17% | 0.17% | 0.19% | 0.19% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 3.12% | 3.28% | 3.53% | 3.57% | 3.50% | 3.54% |
Portfolio Turnover Rate | 11% | 12% | 19% | 19% | 19% | 25% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
52
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares
Six Months | ||||||
Ended | Year Ended November 30, | |||||
For a Share Outstanding | May 31, | |||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $12.49 | $11.78 | $12.09 | $11.69 | $12.00 | $12.22 |
Investment Operations | ||||||
Net Investment Income | .1971 | .4131 | .4291 | .4371 | .443 | .436 |
Net Realized and Unrealized Gain (Loss) on Investments | (.369) | .757 | (.242) | .494 | (.289) | (.167) |
Total from Investment Operations | (.172) | 1.170 | .187 | .931 | .154 | .269 |
Distributions | ||||||
Dividends from Net Investment Income | (.196) | (.413) | (.430) | (.434) | (.443) | (.436) |
Distributions from Realized Capital Gains | (.072) | (.047) | (.067) | (.097) | (.021) | (.053) |
Total Distributions | (.268) | (.460) | (.497) | (.531) | (.464) | (.489) |
Net Asset Value, End of Period | $12.05 | $12.49 | $11.78 | $12.09 | $11.69 | $12.00 |
Total Return2 | -1.41% | 10.09% | 1.57% | 8.14% | 1.16% | 2.25% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,082 | $2,208 | $1,865 | $1,875 | $1,742 | $1,738 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 3.20% | 3.36% | 3.61% | 3.67% | 3.60% | 3.62% |
Portfolio Turnover Rate | 11% | 12% | 19% | 19% | 19% | 25% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
53
New Jersey Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard New Jersey Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the 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. Any assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended May 31, 2020, the fund’s average investments in long and short futures contracts represented 1% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
54
New Jersey Long-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and for the period ended May 31, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended May 31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution
55
New Jersey Long-Term Tax-Exempt Fund
expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2020, the fund had contributed to Vanguard capital in the amount of $109,000, representing less than 0.01% of the fund’s net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. During the six months ended May 31, 2020, custodian fee offset arrangements reduced the fund’s expenses by $7,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Tax-Exempt Municipal Bonds | — | 2,342,365 | — | 2,342,365 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 20 | — | — | 20 |
1 Represents variation margin on the last day of the reporting period.
56
New Jersey Long-Term Tax-Exempt Fund
E. As of May 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | |
($000) | |
Tax Cost | 2,279,830 |
Gross Unrealized Appreciation | 90,264 |
Gross Unrealized Depreciation | (27,725) |
Net Unrealized Appreciation (Depreciation) | 62,539 |
F. During the six months ended May 31, 2020, the fund purchased $271,290,000 of investment securities and sold $347,423,000 of investment securities, other than U.S. government securities and 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 six months ended May 31, 2020, such purchases and sales were $118,130,000 and $161,090,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | ||||
May 31, 2020 | November 30, 2019 | ||||
Amount | Shares | Amount | Shares | ||
($000) | (000) | ($000) | (000) | ||
Investor Shares | |||||
Issued | 65,754 | 5,375 | 99,631 | 8,139 | |
Issued in Lieu of Cash Distributions | 5,216 | 423 | 7,830 | 640 | |
Redeemed | (68,815) | (5,702) | (61,024) | (4,993) | |
Net Increase (Decrease)—Investor Shares | 2,155 | 96 | 46,437 | 3,786 | |
Admiral Shares | |||||
Issued | 181,576 | 14,755 | 384,692 | 31,557 | |
Issued in Lieu of Cash Distributions | 33,556 | 2,721 | 53,692 | 4,389 | |
Redeemed | (258,340) | (21,463) | (213,710) | (17,490) | |
Net Increase (Decrease)—Admiral Shares | (43,208) | (3,987) | 224,674 | 18,456 |
H. Management has determined that no events or transactions occurred subsequent to May 31, 2020, that would require recognition or disclosure in these financial statements.
57
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard New Jersey Municipal Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with a relevant benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average.
58
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that each fund’s arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
59
Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard New Jersey Tax-Free Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard New Jersey Long-Term Tax-Exempt Fund’s Program, and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from December 1, 2018, through December 31, 2019 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the funds’ liquidity risk.
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You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2020 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q142 072020 |
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
(a) | Audit Fees. |
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a) | Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD NEW JERSEY TAX-FREE FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: July 17, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD NEW JERSEY TAX-FREE FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: July 17, 2020
VANGUARD NEW JERSEY TAX-FREE FUNDS | ||
BY: | /s/ JOHN BENDL* | |
JOHN BENDL | ||
CHIEF FINANCIAL OFFICER |
Date: July 17, 2020
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.