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: Natalie Lamarque, 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, 2025—May 31, 2026

 

 

 

 

 

 

Item 1: Reports to Shareholders.

 

 

 

 

 

TABLE OF CONTENTS

 

New Jersey Long-Term Tax-Exempt Fund
Investor Shares - VNJTX

   

New Jersey Long-Term Tax-Exempt Fund
Admiral™ Shares - VNJUX

   

 

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Vanguard New Jersey Long-Term Tax-Exempt Fund

Image

Investor Shares (VNJTX) 

Semi-Annual Shareholder Report | May 31, 2026

This semi-annual shareholder report contains important information about Vanguard New Jersey Long-Term Tax-Exempt Fund (the "Fund") for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$7
0.14%Footnote Reference1
FootnoteDescription
Footnote1
Annualized.

Fund Statistics (as of May 31, 2026)

Table Summary
Fund Net Assets (in millions)
$3,150
Number of Portfolio Holdings
1,005
Portfolio Turnover Rate
4%

Distribution by Stated Maturity % of Net Assets (as of May 31, 2026) 

Table Summary
Less than 1 Year
9.5%
1 to 3 Years
4.2%
3 to 5 Years
2.7%
5 to 10 Years
12.8%
10 to 20 Years
36.1%
20 to 30 Years
30.7%
Greater than 30 Years
3.3%
Other Assets and Liabilities—Net
0.7%

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

How has the Fund changed?

Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

  

This is a summary of certain changes to the Fund since November 30, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard® • vanguard.com

 

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing •

800-749-7273

 

© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

 

SR14 

Vanguard New Jersey Long-Term Tax-Exempt Fund

Image

Admiral™ Shares (VNJUX) 

Semi-Annual Shareholder Report | May 31, 2026

This semi-annual shareholder report contains important information about Vanguard New Jersey Long-Term Tax-Exempt Fund (the "Fund") for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Admiral Shares
$5
0.09%Footnote Reference1
FootnoteDescription
Footnote1
Annualized.

Fund Statistics (as of May 31, 2026)

Table Summary
Fund Net Assets (in millions)
$3,150
Number of Portfolio Holdings
1,005
Portfolio Turnover Rate
4%

Distribution by Stated Maturity % of Net Assets (as of May 31, 2026) 

Table Summary
Less than 1 Year
9.5%
1 to 3 Years
4.2%
3 to 5 Years
2.7%
5 to 10 Years
12.8%
10 to 20 Years
36.1%
20 to 30 Years
30.7%
Greater than 30 Years
3.3%
Other Assets and Liabilities—Net
0.7%

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

How has the Fund changed?

Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

  

This is a summary of certain changes to the Fund since November 30, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard® • vanguard.com

 

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing •

800-749-7273

 

© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

 

SR514 

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

 

 

 

 

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

 

 

Financial Statements
For the six-months ended May 31, 2026
Vanguard New Jersey Long-Term Tax-Exempt Fund

 

Contents
Financial Statements
1
   

 

New Jersey Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2026
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Tax-Exempt Municipal Bonds (99.2%)
New Jersey (90.2%)
1 Atlantic City Board of Education GO 4.000%   4/1/2027    210       212
1 Atlantic City Board of Education GO 4.000%   4/1/2028    230       235
1 Atlantic City Board of Education GO 4.000%   4/1/2029    215       221
1 Atlantic City Board of Education GO 4.000%   4/1/2030    170       175
1 Atlantic City Board of Education GO 4.000%   4/1/2031    175       180
1 Atlantic City Board of Education GO 4.000%   4/1/2032    175       179
1 Atlantic City Board of Education GO 4.000%   4/1/2033    180       183
1 Atlantic City Board of Education GO 4.000%   4/1/2034    150       152
2 Atlantic City NJ GO 5.000%   3/1/2032    750       761
2 Atlantic City NJ GO 5.000%   3/1/2037  4,420     4,470
1 Atlantic City NJ GO 5.000%   3/1/2037  1,010     1,022
2 Atlantic City NJ GO 5.000%   3/1/2042    710       715
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 5.000%   7/1/2028    250       261
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 5.000%   7/1/2029    200       213
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 5.000%   7/1/2035    350       379
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2036    275       283
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2037    710       726
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2038    350       356
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2039    300       305
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2047    810       776
  Atlantic County NJ GO 2.000%   6/1/2035  1,160       991
  Atlantic County NJ GO 2.000%   6/1/2038    785       627
  Atlantic County NJ GO 2.000%   6/1/2039  1,310     1,023
  Bergen County NJ GO 3.000%  7/15/2035  2,460     2,429
  Bergenfield Borough NJ GO 3.000%   8/1/2040  1,645     1,507
  Bergenfield Borough NJ GO 3.000%   8/1/2041  1,645     1,483
  Bergenfield Borough NJ GO 3.000%   8/1/2042  1,645     1,463
  Bloomingdale NJ Borough BAN GO 4.000%  2/10/2027  6,427     6,483
  Borough of New Providence NJ GO 3.000%  7/15/2037  1,500     1,424
  Bridgewater-Raritan Regional School District GO 3.000%  7/15/2043  6,655     5,833
  Burlington County NJ GO 3.000%   5/1/2033  1,745     1,725
  Burlington County NJ GO 3.000%   5/1/2034  1,790     1,753
  Burlington Township Board of Education GO 2.250%  2/15/2043  2,565     1,967
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Prep High School Project) 4.000%  7/15/2027    100       100
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Prep High School Project) 5.000%  7/15/2032    970     1,014
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Prep High School Project) 5.000%  7/15/2042    585       590
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Prep High School Project) 5.000%  7/15/2052  1,865     1,794
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Prep High School Project) 5.000%  7/15/2062 10,120     9,511
  Camden County Improvement Authority Charter School Aid Revenue (KIPP Cooper Norcross Academy - 2022 Project) 6.000%  6/15/2042     25        26
  Camden County Improvement Authority Charter School Aid Revenue (KIPP Cooper Norcross Academy - 2022 Project) 6.000%  6/15/2047    500       520
  Camden County Improvement Authority Charter School Aid Revenue (KIPP Cooper Norcross Academy - 2022 Project) 6.000%  6/15/2052  2,325     2,399
  Camden County Improvement Authority Charter School Aid Revenue (KIPP Cooper Norcross Academy - 2022 Project) 6.000%  6/15/2062  7,655     7,863
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/2032    515       522
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/2034    500       506
  Camden County NJ GO 3.000%   3/1/2033    550       545
  Cape May County NJ GO 3.000%   9/1/2028    700       700
  Cape May NJ GO 3.000%  10/1/2031  1,000       991
  Cape May NJ GO 2.375%  10/1/2032  3,815     3,556
1 Carlstadt Borough NJ GO 2.000%  6/15/2032  1,700     1,517
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2036    500       555
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2036    550       611
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2037  1,020     1,125
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2037    775       855
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2038  2,500     2,743
1

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2039  1,600     1,746
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2039    660       720
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2040  1,600     1,735
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2040    910       987
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2041  2,600     2,805
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2041  1,920     2,071
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2042  1,950     2,090
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2042  2,420     2,594
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2043  1,725     1,838
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 4.000%  11/1/2044  3,250     3,180
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2044  2,000     2,114
1 Clifton Board of Education GO 2.000%  8/15/2040  3,875     2,915
1 Clifton Board of Education GO 2.125%  8/15/2042  1,850     1,331
1 Clifton Board of Education GO 2.125%  8/15/2043  1,155       813
1 Clifton Board of Education GO 2.250%  8/15/2045  7,940     5,418
  Cumberland County Improvement Authority Intergovernmental Agreement Revenue (State Police Barracks Project) 5.000%   4/1/2051  1,205     1,266
  Cumberland County Improvement Authority Intergovernmental Agreement Revenue (State Police Barracks Project) 5.000%   4/1/2056  1,730     1,810
2 Deptford Township Board of Education GO 2.500%  7/15/2037  1,090       927
  East Brunswick Township Board of Education GO 4.000%  5/15/2033    350       363
  East Brunswick Township Board of Education GO 3.000%  5/15/2037    620       579
  East Brunswick Township Board of Education GO 3.000%  5/15/2038    500       463
  East Brunswick Township Board of Education GO 3.000%  5/15/2039    730       675
  East Brunswick Township Board of Education GO 3.000%  5/15/2040    755       676
  East Hanover Township NJ BAN GO 4.000%  6/16/2026  1,030     1,031
1 East Orange NJ (East Orange Board of Education Project) GO 3.000% 10/15/2034    400       391
1 East Orange NJ (East Orange Board of Education Project) GO 3.000% 10/15/2035    400       383
2 East Rutherford Board of Education GO 2.250%  7/15/2041    668       496
  Edgewater Borough NJ GO 1.000%  2/15/2034  1,105       898
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2030    165       168
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2038    545       539
3 Essex County Improvement Authority Charter School Aid Revenue 5.000%  7/15/2040    375       386
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2046    815       742
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2051  3,300     2,851
3 Essex County Improvement Authority Charter School Aid Revenue 5.000%  7/15/2054    500       487
  Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2056 11,030     9,281
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%   8/1/2060  1,000       799
3 Essex County Improvement Authority Charter School Aid Revenue 5.000%  7/15/2064    775       738
3 Essex County Improvement Authority Charter School Aid Revenue (North Star Academy Charter School of Newark Inc. - 2020 Project) 4.000%  7/15/2040  1,575     1,486
3 Essex County Improvement Authority Charter School Aid Revenue (North Star Academy Charter School of Newark Inc. - 2020 Project) 4.000%  7/15/2060  3,850     3,075
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 5.000%   8/1/2035    250       270
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 4.000%   8/1/2037    300       306
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 4.000%   8/1/2038    615       623
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 4.000%   8/1/2040    665       669
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 4.000%   8/1/2056  3,800     3,531
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 4.000%   8/1/2060  1,000       919
  Essex County NJ GO 2.000%   9/1/2033  1,905     1,684
  Essex County NJ GO 3.000%  8/15/2034  1,495     1,464
  Essex County NJ GO 3.000%  8/15/2035  3,000     2,915
  Essex County NJ GO 3.000%  8/15/2036  4,880     4,689
  Essex County NJ GO 2.000%   9/1/2036  1,250     1,030
  Essex County NJ GO 2.000%   9/1/2037  2,035     1,638
  Essex County NJ GO 2.000%   9/1/2047  3,900     2,393
  Ewing Township Board of Education GO 4.000%  7/15/2034  3,040     3,079
  Ewing Township Board of Education GO 4.000%  7/15/2035  3,045     3,075
  Flemington Raritan Regional Board of Education GO 3.000%   9/1/2039  1,950     1,817
  Fort Lee Borough NJ GO 2.000%  11/1/2033  2,715     2,381
  Fort Lee Parking Authority Auto Parking Revenue 5.000%  9/15/2046  5,500     5,584
4 Freddie Mac Pool 3.350%   6/1/2038  4,137     3,810
  Freehold Township Board of Education GO 4.125%  8/15/2043  5,000     5,079
  Freehold Township Board of Education GO 4.250%  8/15/2045  8,000     8,093
1 Garden State Preservation Trust Appropriations Revenue 5.750%  11/1/2028  3,200     3,340
2

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Garden State Preservation Trust Recreational Revenue 0.000%  11/1/2028  6,535     6,039
  Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/2038    850       850
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Fossil Park & Student Center Projects) 5.000%   7/1/2033    275       297
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Fossil Park & Student Center Projects) 5.000%   7/1/2034    350       377
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Fossil Park & Student Center Projects) 4.000%   7/1/2038  1,750     1,788
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Fossil Park & Student Center Projects) 4.000%   7/1/2051  2,500     2,361
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2036    725       793
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2038  1,150     1,245
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2039    650       701
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2040  1,250     1,343
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2041  1,150     1,230
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2042    700       745
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2043  1,000     1,061
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2043  2,535     2,778
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2044  1,000     1,056
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2044  1,600     1,738
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2049  4,000     4,128
1 Haddon Township NJ GO 2.000%   3/1/2032    970       881
  Hillsborough Township NJ BAN GO 3.750%  2/12/2027  6,250     6,288
  Hoboken NJ BAN GO 4.000%   3/8/2027 15,000    15,158
  Hoboken NJ GO 3.000%  2/15/2052    610       451
  Howell Township NJ GO 2.000%  10/1/2036  1,980     1,601
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 5.000%  10/1/2026  1,500     1,511
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 5.000%  10/1/2027  1,000     1,031
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 4.000%  10/1/2033    635       659
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2034  2,000     1,939
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2035  2,000     1,913
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2036  2,000     1,879
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2037  2,000     1,850
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2038  2,000     1,825
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2039  3,980     3,584
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 4.000%  10/1/2051 11,500    10,817
  Hudson County Improvement Authority Lease Revenue 5.000%  6/15/2037  2,120     2,157
  Hudson County Improvement Authority Lease Revenue 5.000%   8/1/2042  1,300     1,301
  Hudson County NJ GO 3.000% 11/15/2033  2,450     2,422
  Hudson County NJ GO 2.000% 11/15/2034  1,775     1,508
  Hudson County NJ GO 2.000% 11/15/2035  1,000       829
  Hudson County NJ GO 2.125% 11/15/2036  1,920     1,576
  Hudson County NJ GO 2.125% 11/15/2037  1,000       802
  Hudson County NJ GO 2.250% 11/15/2038  1,520     1,210
  Hudson County NJ GO 2.375% 11/15/2039  1,000       792
  Hudson County NJ GO 2.375% 11/15/2040  1,000       781
  Hudson County NJ GO 3.000% 11/15/2041  1,700     1,498
1 Jersey City Board of Education GO 5.000%  8/15/2038    350       387
1 Jersey City Board of Education GO 5.000%  8/15/2039    450       496
1 Jersey City Board of Education GO 4.000%  8/15/2040    650       665
1 Jersey City Board of Education GO 4.000%  8/15/2041    500       508
1 Jersey City Board of Education GO 4.125%  8/15/2042    875       889
1 Jersey City Board of Education GO 4.125%  8/15/2043    625       631
1 Jersey City Board of Education GO 4.125%  8/15/2044  1,150     1,151
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2041    800       943
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2042    400       469
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.000% 10/15/2044    840       928
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2044  1,250     1,444
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.000% 10/15/2045    750       820
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2045    460       527
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.000% 10/15/2046    400       433
3

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2048  1,000     1,119
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.000% 10/15/2051  3,645     3,862
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2051  1,465     1,630
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2055  2,475     2,731
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.000% 10/15/2056  5,450     5,726
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2041    400       471
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2042  1,000     1,171
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2044    365       422
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2045    250       286
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2048  1,200     1,343
1 Jersey City Municipal Utilities Authority Water Revenue 5.000% 10/15/2049  2,000     2,103
1 Jersey City Municipal Utilities Authority Water Revenue 5.250% 10/15/2054  1,455     1,543
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2055  1,570     1,732
  Jersey City NJ GO 4.000%  10/1/2026  1,180     1,184
  Jersey City NJ GO 5.000%  10/1/2027  3,560     3,661
  Jersey City NJ GO 5.000%  10/1/2028  2,425     2,551
  Jersey City NJ GO 5.000%  11/1/2031    510       524
  Jersey City NJ GO 5.000%  11/1/2033    415       425
2 Jersey City NJ GO 4.000%  10/1/2034  1,815     1,871
  Jersey City NJ GO 4.000%  11/1/2034  2,000     2,016
  Jersey City NJ GO 4.000%  11/1/2035  1,170     1,178
2 Jersey City NJ GO 4.000%  10/1/2037  2,860     2,915
  Jersey City NJ GO 5.000%  11/1/2037  1,000     1,020
  Jersey City NJ GO 3.000%  2/15/2038  7,635     7,110
2 Jersey City NJ GO 4.125%  10/1/2038  2,300     2,349
2 Jersey City NJ GO 4.375%  10/1/2042  2,000     2,030
  Jersey NJ BAN GO 4.000% 10/20/2026  1,210     1,216
1 Kearny NJ GO 3.000%   2/1/2030  1,680     1,679
1 Lakewood Township NJ GO 2.000%  11/1/2032  1,610     1,442
1 Lenape Regional High School District GO 4.000%   1/1/2041  3,750     3,808
1 Lenape Regional High School District GO 4.000%   1/1/2042  2,000     2,021
2 Lindenwold Boro School District GO 3.000%   2/1/2035  1,355     1,321
  Lodi Borough NJ GO 3.000%   2/1/2039  1,090     1,014
  Madison Borough Board of Education GO 1.000%  8/15/2031  2,525     2,251
  Mercer County NJ GO 0.050%  2/15/2032  5,000     3,991
  Middlesex County Improvement Authority College & University Revenue 5.000%  9/15/2039    640       732
  Middlesex County Improvement Authority College & University Revenue 5.000%  9/15/2041    505       573
5 Middlesex County Improvement Authority Intergovernmental Agreement Revenue 5.000%  8/15/2053 34,705    36,147
3 Middlesex County Improvement Authority Intergovernmental Agreement Revenue TOB VRDO 2.850%   6/1/2026  9,650     9,650
  Middlesex County Improvement Authority Lease (Non-Terminable) Revenue 5.000%  9/15/2043  1,000     1,129
  Middlesex County Improvement Authority Lease (Non-Terminable) Revenue 5.000%  9/15/2044    525       588
  Middlesex County Improvement Authority Lease (Non-Terminable) Revenue 5.000%  9/15/2045    895       994
  Middlesex County Improvement Authority Lease (Non-Terminable) Revenue 5.000%  9/15/2046    625       687
  Middlesex County Improvement Authority Lease (Non-Terminable) Revenue 5.000%  9/15/2051  3,250     3,484
  Middlesex County Improvement Authority Lease (Non-Terminable) Revenue 5.000%  9/15/2056  2,000     2,126
  Middlesex County Improvement Authority Lease (Non-Terminable) Revenue 5.000%  9/15/2059  7,500     7,941
  Middlesex County NJ GO 2.000%   6/1/2027  3,810     3,774
  Monmouth County Improvement Authority Intergovernmental Agreement Revenue 4.000%  3/12/2027  5,000     5,057
  Monmouth County Improvement Authority Intergovernmental Agreement Revenue 4.000%  7/15/2034  1,800     1,802
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/2036     50        51
  Monmouth County NJ GO 3.000%  7/15/2026  2,815     2,815
  Monmouth County NJ GO 5.000%  7/15/2034    580       618
  Monmouth Regional High School District GO 3.000%   2/1/2032  1,255     1,256
  Monmouth Regional High School District GO 3.000%   2/1/2033  1,015     1,015
6 Montclair State University Inc. College & University Revenue 5.000%   7/1/2044  1,000     1,072
6 Montclair State University Inc. College & University Revenue 5.000%   7/1/2045    500       532
6 Montclair State University Inc. College & University Revenue 5.000%   7/1/2046    900       951
2,6 Montclair State University Inc. College & University Revenue 5.250%   7/1/2051  3,900     4,140
6 Montclair State University Inc. College & University Revenue 5.250%   7/1/2056  8,350     8,741
  Moorestown Township School District GO 4.000%   8/1/2049  5,000     4,784
  Moorestown Township School District GO 4.000%   8/1/2050  5,000     4,742
2 New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/2030  2,000     2,011
2 New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/2039  1,025     1,028
  New Jersey Building Authority Lease (Appropriation) Revenue, Prere. 4.000%  6/15/2026    605       605
7 New Jersey Economic Development Authority Appropriations Revenue 5.250%   7/1/2026  2,320     2,324
  New Jersey Economic Development Authority Appropriations Revenue 5.250%  6/15/2027  1,160     1,161
2 New Jersey Economic Development Authority Appropriations Revenue 5.000%   7/1/2027  4,000     4,082
7 New Jersey Economic Development Authority Appropriations Revenue 5.500%   9/1/2028  2,220     2,354
  New Jersey Economic Development Authority Appropriations Revenue 3.375%   7/1/2030  1,035     1,033
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  7/15/2030  2,100     2,105
4

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 New Jersey Economic Development Authority Appropriations Revenue 3.125%   7/1/2031  2,215     2,197
  New Jersey Economic Development Authority Appropriations Revenue 4.000%   7/1/2032  2,850     2,861
  New Jersey Economic Development Authority Appropriations Revenue 5.000%   7/1/2033 11,165    11,324
  New Jersey Economic Development Authority Appropriations Revenue 4.000%   7/1/2034  6,075     6,086
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/2036  3,405     3,444
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/2037    700       706
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/2046     40        38
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/2031    100       107
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/2035  4,165     4,415
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/2037  1,440     1,518
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/2039  2,125     2,229
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 4.000%  6/15/2044  9,495     9,200
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 4.000%  6/15/2049  6,875     6,372
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 4.750% 12/15/2026  4,970     5,029
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000% 12/15/2026  5,060     5,126
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.500% 12/15/2026  2,500     2,539
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000% 12/15/2028  6,790     7,212
  New Jersey Economic Development Authority Charter School Aid Revenue 5.000%  11/1/2035    500       534
  New Jersey Economic Development Authority Charter School Aid Revenue 5.000%  11/1/2045    735       747
3 New Jersey Economic Development Authority Charter School Aid Revenue 5.375%   7/1/2047    310       289
  New Jersey Economic Development Authority Charter School Aid Revenue 5.125%  11/1/2055  2,920     2,876
  New Jersey Economic Development Authority Charter School Aid Revenue 5.250%  11/1/2060  2,475     2,460
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 4.000%  6/15/2029    640       640
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/2039    825       825
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/2049    380       366
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/2054  2,185     2,080
  New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 4.000%   7/1/2029    355       355
  New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 5.000%   7/1/2038    795       799
  New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 5.000%   7/1/2050  1,100     1,034
  New Jersey Economic Development Authority Charter School Aid Revenue (North Star Academy Charter School of Newark Inc. - 2020 Project) 5.000%  7/15/2026    535       536
  New Jersey Economic Development Authority Charter School Aid Revenue (North Star Academy Charter School of Newark Inc. - 2020 Project) 5.000%  7/15/2027    560       569
  New Jersey Economic Development Authority Charter School Aid Revenue (North Star Academy Charter School of Newark Inc. - 2020 Project) 4.000%  7/15/2037    130       127
  New Jersey Economic Development Authority Charter School Aid Revenue (TEAM Academy Charter School Project) 5.000%  12/1/2048  2,465     2,473
1 New Jersey Economic Development Authority College & University Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.000%   6/1/2030    650       663
1 New Jersey Economic Development Authority College & University Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.000%   6/1/2037  1,470     1,492
1 New Jersey Economic Development Authority College & University Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.000%   6/1/2042  8,210     8,299
3 New Jersey Economic Development Authority General Fund Revenue 5.250%   9/1/2026  3,270     3,290
3 New Jersey Economic Development Authority General Fund Revenue 5.250%   9/1/2027  5,000     5,160
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Bancroft Neurohealth Project) 5.000%   6/1/2041  3,105     3,105
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Cranes Mill Project) 5.000%   1/1/2049  5,000     4,757
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Lions Gate Project) 5.250%   1/1/2044  4,905     4,813
  New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/2037  1,065     1,207
  New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/2038  2,440     2,751
  New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/2039  4,000     4,491
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.125%  6/15/2026  2,515     2,516
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 5.000%  11/1/2031    345       369
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 5.000%  11/1/2035  4,500     4,756
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/2037  4,400     4,428
5

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/2038  3,605     3,614
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/2026    500       500
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/2030    600       621
2 New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/2037  2,385     2,454
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/2042  6,225     6,359
  New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/2027  2,900     2,975
  New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/2027  4,290     4,400
  New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/2027  1,800     1,846
  New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/2035  2,290     2,403
  New Jersey Economic Development Authority Lease Revenue (State House Project) 4.500%  6/15/2040  3,065     3,095
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/2030    940       943
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 4.125%   7/1/2030    600       578
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2032  2,500     2,509
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/2035  3,750     3,755
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2035  6,085     5,965
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2037  1,350     1,351
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2038  1,460     1,420
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2047  1,750     1,686
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2047  6,905     6,253
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/2048  8,000     7,885
  New Jersey Economic Development Authority Miscellaneous Revenue (Seeing Eye Inc. 2017 Project) 5.000%   6/1/2032  2,345     2,409
  New Jersey Economic Development Authority Revenue 5.250%   4/1/2027  6,000     6,112
  New Jersey Economic Development Authority Revenue 5.250%   4/1/2028  6,000     6,290
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2026    500       501
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2028    935       956
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2028  3,000     3,003
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2028    295       304
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2028    250       245
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2029    490       501
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2030    565       566
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2030  4,000     4,004
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2031 10,265    10,279
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2031  6,250     6,256
2 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2031  2,150     2,154
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2032    285       285
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  1,000     1,023
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  2,845     2,901
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  3,000     3,070
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  2,305     2,308
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  2,890     2,893
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032    420       451
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2033    390       390
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033  2,500     2,552
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033  2,340     2,384
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033    430       430
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033     95        95
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033  2,475     2,477
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033    680       727
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  1,825     1,865
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  1,485     1,582
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  2,500     2,549
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  2,340     2,381
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034    850       851
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  1,475     1,476
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2035    321       321
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2035  1,130     1,200
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2035  2,485     2,527
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2035  2,100     2,102
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2035     25        23
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2036  1,175       991
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2036  1,800     1,794
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2036    775       768
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2036  4,975     5,076
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2036  3,285     3,478
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2036     25        22
6

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2037  2,350     1,934
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2037  1,100     1,160
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2037  1,340     1,341
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2037    930       944
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2038  1,980     2,081
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2038    750       811
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2039  2,000     1,568
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2039    600       607
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2039  1,050     1,100
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2040  2,000     1,531
  New Jersey Educational Facilities Authority College & University Revenue 3.000%   7/1/2040    110        95
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2040  1,000     1,007
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2040  2,685     2,621
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2040  1,230     1,231
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2041  3,025     2,250
  New Jersey Educational Facilities Authority College & University Revenue 3.000%   7/1/2041    350       287
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2041    850       856
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2041  2,030     2,238
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2042    515       382
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2042    750       751
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2042  2,080     2,100
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   3/1/2043  9,880    10,868
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2043  2,160     2,349
  New Jersey Educational Facilities Authority College & University Revenue 3.500%   7/1/2044    150       124
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2044  1,400     1,511
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2045 12,640    12,942
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2045    440       413
  New Jersey Educational Facilities Authority College & University Revenue 3.000%   7/1/2046  2,390     1,787
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2047  6,160     5,388
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2047    850       811
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2047  4,970     3,947
1 New Jersey Educational Facilities Authority College & University Revenue 3.250%   7/1/2049  1,400     1,149
  New Jersey Educational Facilities Authority College & University Revenue 3.000%   7/1/2050  8,190     5,931
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2050  9,480     8,308
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2050  2,850     2,677
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2052  1,125     1,038
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   3/1/2053 11,000    10,474
  New Jersey Educational Facilities Authority College & University Revenue 5.250%   3/1/2054  9,965    10,623
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2028    275       286
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2029    400       423
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2030    280       300
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2031    275       299
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2032    250       272
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2033    275       298
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2034    350       334
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2035    225       212
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/2036    375       384
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2037    820       748
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/2038    300       305
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2039    770       679
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2040    275       240
  New Jersey Educational Facilities Authority College & University Revenue PUT 5.000%   7/1/2035  5,000     5,762
3 New Jersey Educational Facilities Authority College & University Revenue TOB VRDO 2.850%   6/1/2026  8,000     8,000
3 New Jersey Educational Facilities Authority College & University Revenue TOB VRDO 2.850%   6/1/2026  7,400     7,400
3 New Jersey Educational Facilities Authority College & University Revenue TOB VRDO 1.600%   6/4/2026  5,625     5,625
  New Jersey Educational Facilities Authority College & University Revenue, Prere. 4.000%   7/1/2026     10        10
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2039  2,810     3,061
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2040  2,000     2,172
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2041  3,750     4,057
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2042  1,140     1,229
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2043  2,515     2,700
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 4.625%   9/1/2048  2,120     2,148
  New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.250%   9/1/2053  2,230     2,328
  New Jersey GO 2.000%   6/1/2032  3,400     3,089
  New Jersey GO 2.000%   6/1/2033  1,500     1,332
  New Jersey GO 2.000%   6/1/2034  2,500     2,165
  New Jersey GO 2.250%   6/1/2034  2,785     2,487
  New Jersey GO 2.000%   6/1/2035  1,500     1,266
  New Jersey GO 2.000%   6/1/2036  1,500     1,232
  New Jersey GO 2.000%   6/1/2037  1,500     1,201
7

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey GO 5.000%   6/1/2041  5,000     5,111
  New Jersey GO 5.000%   6/1/2042  4,500     4,593
  New Jersey GO, Prere. 5.000%   6/1/2027  4,000     4,096
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/2028  1,225     1,274
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/2034  1,705     1,760
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/2035    630       649
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/2038  1,105     1,134
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2027    115       115
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2027     10        10
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2027  2,100     2,136
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2027  1,325     1,355
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2028  2,860     2,863
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.250%   7/1/2029    465       465
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2029  2,940     2,943
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2029  1,950     1,984
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2029  2,000     2,128
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2030  2,200     2,203
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2030  2,700     2,871
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2030  1,850     1,882
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2031    500       500
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2031  2,310     2,313
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2031    300       303
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2031  2,055     2,059
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2032  1,695     1,628
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2032  2,455     2,592
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.125%   7/1/2033  3,620     3,479
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  1,220     1,222
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  6,385     6,397
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  3,305     3,482
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  2,340     2,348
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  1,500     1,613
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  5,000     5,619
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  2,725     2,728
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  2,040     2,142
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  2,190     2,197
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  1,500     1,607
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2035  1,000     1,012
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2035    750       765
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2035  6,910     7,052
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2035  3,080     3,136
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2035  1,500     1,597
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.000%   7/1/2036  2,000     1,665
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2036  3,750     3,781
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2036  1,000     1,016
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2036  6,000     6,006
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2036  2,365     2,406
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2036  1,500     1,590
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2036  5,000     5,753
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2037  4,670     4,696
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2037  6,755     6,881
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2037  3,600     3,659
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2037  1,645     1,735
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2038  1,130     1,040
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2038  4,360     4,375
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2038  1,380     1,393
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.125%   7/1/2038  1,530     1,513
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2039  1,030       936
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2039  3,955     3,961
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2039  7,000     7,038
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2039 13,000    13,219
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2039  8,185     8,208
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.500%   7/1/2039  5,000     5,872
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2040  3,240     2,907
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2040  4,075     4,081
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2040  8,000     7,907
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.500%   7/1/2040  5,000     5,839
8

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2041  2,625     2,327
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2041 12,500    12,319
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2041  5,000     5,464
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.500%   7/1/2041  5,000     5,805
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2042  7,500     8,138
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.500%   7/1/2042  5,000     5,760
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2043  5,625     5,635
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/2043  2,000     2,217
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.500%   7/1/2043  1,750     2,003
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2044 11,790    11,323
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/2044  2,000     2,205
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2045  7,000     6,683
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.375%   7/1/2046  2,500     1,675
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2046  6,480     5,202
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2047  9,855     9,266
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2047  5,395     4,759
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2048 18,165    16,080
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2049 10,420     7,954
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.625%   7/1/2051  3,235     2,020
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2051  8,175     6,065
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2051 13,130     9,836
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2051 21,200    19,869
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2052  3,280     2,743
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.125%   7/1/2054 24,575    23,001
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.250%   7/1/2054  3,185     3,039
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/2054  9,600    10,202
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/2054  9,010     9,481
8 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 1.800%   6/1/2026 16,445    16,445
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, ETM 5.000%   7/1/2026     65        65
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  1,165     1,167
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026    800       801
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  1,000     1,002
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  2,875     2,880
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  2,745     2,750
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.375%  11/1/2027  1,995     2,002
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.375%  11/1/2027  1,000     1,001
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   5/1/2029    640       647
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 1.875%   4/1/2031  2,230     2,035
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/2034  6,355     6,357
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  10/1/2035 11,640    11,644
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.250%  11/1/2036  1,150       967
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.250%  10/1/2037  2,965     3,022
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/2038  3,365     3,354
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.375%   1/1/2039  3,263     2,717
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.850%  10/1/2039  4,830     4,830
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%   5/1/2040  5,530     5,544
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.250%  10/1/2040  2,030     1,624
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.750%  10/1/2040  2,935     3,043
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  11/1/2040  2,150     1,716
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.550%   5/1/2041  6,930     7,142
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/2041  1,000       792
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/2042 10,860    11,017
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.950%  11/1/2043  1,100     1,069
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.550%  10/1/2044  4,710     4,711
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/2045  3,240     2,404
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.050%  10/1/2045 10,765    11,089
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/2045  1,000       718
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  11/1/2045  1,000       952
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  10/1/2046  3,825     2,691
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.600%  10/1/2046  4,815     4,835
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/2046  1,000       724
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/2047    675       626
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%  11/1/2048    825       769
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%   4/1/2049  2,200     2,016
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/2049    865       679
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.750%  10/1/2050  6,650     6,745
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.550%  11/1/2050  1,000       684
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.900%  11/1/2050  3,000     3,037
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.150%  11/1/2050  3,000     3,093
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   4/1/2051  9,680     9,665
9

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.700%  11/1/2051  1,000       693
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%   4/1/2052  4,895     3,254
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/2052  1,890     1,861
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.500%   4/1/2053  8,000     8,548
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/2053 12,015    12,440
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/2053    650       585
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.550%   5/1/2055  3,355     3,275
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.550%   5/1/2055  7,165     6,995
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 6.000%  10/1/2055  5,730     6,173
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.950%  11/1/2055  1,500     1,513
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.200%  11/1/2055  5,000     5,124
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 6.500%   4/1/2056 10,515    11,698
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.625%  11/1/2056  1,000       653
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.750%  11/1/2056  1,000       673
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.600%   5/1/2060  1,825     1,777
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.600%   5/1/2060  3,940     3,837
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.000%  11/1/2060  3,720     3,769
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.250%  11/1/2060  2,000     2,059
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.250% 12/20/2065  5,089     5,479
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.050%   9/1/2067  2,725     2,765
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue (22 Fulton Street Project) PUT 3.200%   6/1/2030  1,695     1,696
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue (701 Newark Avenue Project) PUT 3.150%  12/1/2028  1,720     1,723
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue PUT 3.100%   7/1/2028  1,741     1,744
3,8 New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 1.670%   6/4/2026    500       500
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2044    800       876
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2044  1,300     1,447
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2045  1,340     1,476
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.125%   9/1/2046  1,680     1,078
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2046  2,000     2,154
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2046    350       382
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2049  2,065     2,190
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.250%   9/1/2051  2,440     1,454
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2051  1,000     1,069
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2052  2,230     2,322
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2055  1,000     1,059
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue, Prere. 2.125%   9/1/2031     40        38
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue, Prere. 2.250%   9/1/2031     60        58
  New Jersey Infrastructure Bank Lease Revenue 2.000%   9/1/2040  2,705     1,991
  New Jersey Infrastructure Bank Lease Revenue 2.000%   9/1/2046  6,655     4,161
  New Jersey Infrastructure Bank Lease Revenue 2.250%   9/1/2050  5,530     3,351
  New Jersey Infrastructure Bank Water Revenue 4.000%   9/1/2027    200       201
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2031    925       983
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2033    330       349
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2040  1,200     1,348
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2041  2,000     2,229
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2042  2,000     2,217
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2043  6,670     7,348
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2044  2,000     2,194
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2045  5,250     5,706
2 New Jersey NJ Institute of Technology College & University Revenue 5.250%   7/1/2050  9,500    10,267
2 New Jersey NJ Institute of Technology College & University Revenue 5.250%   7/1/2055  8,000     8,580
  New Jersey Rutgers State University College & University Revenue VRDO 2.450%   6/1/2026 18,715    18,715
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2026    825       826
9 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2026  2,995     2,948
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2026  6,020     5,926
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2027  5,285     5,292
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2028  3,070     3,074
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2028 11,685    12,237
9 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2028    565       524
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2028  4,705     4,361
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2028  2,955     3,121
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2028  5,500     5,810
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2029  6,035     6,043
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2029  1,270     1,272
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2029  3,000     3,195
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2029  1,130     1,204
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2029  5,060     4,550
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2030  9,305     9,317
10

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2030 10,650    10,664
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2030  5,000     5,416
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.100%  6/15/2031  1,335     1,336
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2031 14,045    14,063
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/2031  2,025     2,066
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2032 10,105     8,174
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2032  1,030       830
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2032  1,000     1,067
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2033 12,240    12,817
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2033  1,000     1,064
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2034    285       213
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2034  3,250     3,396
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2036    875       598
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2036  6,775     4,626
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2037  8,335     5,440
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2037  2,700     1,762
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2038  9,720     6,037
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2038  1,250       784
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.250% 12/15/2038  2,000     2,012
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2039  1,000     1,047
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2040 26,240    14,749
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/2031  1,000     1,052
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/2039  4,760     4,761
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/2046 18,820    17,725
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/2046 10,255    10,751
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 3.000%  6/15/2050 19,000    14,144
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/2050  8,150     7,472
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/2050  9,365     9,832
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program), Prere. 5.000% 12/15/2028  1,245     1,322
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program), Prere. 5.500% 12/15/2032  1,000     1,168
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2036  2,000     2,026
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2038  3,000     3,004
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.250%  6/15/2039  2,495     2,281
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2045 13,125    12,531
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/2045  1,965     2,034
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.500%  6/15/2046 14,400    12,631
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.000%  6/15/2050 16,780    12,491
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2050  1,250     1,148
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2050  6,070     5,565
3 New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue TOB VRDO 1.720%   6/4/2026  9,535     9,535
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue, Prere. 5.000% 12/15/2028  5,525     5,868
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue, Prere. 5.000% 12/15/2030    215       238
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/2037  8,000     8,955
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.250%  6/15/2040  8,680     8,762
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/2040 10,055    11,063
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.000%  6/15/2042  5,000     4,913
1 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.000%  6/15/2042  4,000     4,000
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/2042 29,250    31,789
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2040  2,325     2,558
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2041  1,275     1,395
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2042  7,500     8,151
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2042  2,000     2,190
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2043  4,100     4,463
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2044    500       536
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2044  6,675     7,201
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2045 10,590    11,253
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2045  6,515     6,962
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 4.125%  6/15/2050  8,185     7,686
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.250%  6/15/2050  1,675     1,763
11

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.250%  6/15/2050  2,000     2,115
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2055  4,000     4,106
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.250%  6/15/2055 42,125    44,126
3,8 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue TOB VRDO 2.850%   6/1/2026  4,000     4,000
3 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue TOB VRDO 3.000%   6/1/2026  9,665     9,665
3 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue TOB VRDO 3.000%   6/1/2026 29,195    29,195
3 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue TOB VRDO 3.000%   6/1/2026  5,250     5,250
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/2038 12,000     7,453
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/2039  4,080     2,410
3,8,9 New Jersey Transportation Trust Fund Authority Revenue TOB VRDO 1.660%   6/4/2026    855       855
2 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/2038    175       110
6 New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2029    680       708
6 New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2030    575       609
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2033  2,495     2,812
6 New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2033  1,000     1,103
6 New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2034    500       555
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/2035  2,000     2,023
6 New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2035    375       419
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2036  3,890     4,003
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2042  1,000     1,078
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2043 16,795    18,195
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2043  2,320     2,546
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2044  4,635     4,986
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2044  2,525     2,746
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2045 33,920    36,290
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2045  2,000     2,163
  New Jersey Turnpike Authority Highway Revenue 4.500%   1/1/2048  3,555     3,579
  New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2049 23,920    25,484
  New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2050 19,660    21,145
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/2051 11,795    11,183
  New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2052  6,000     6,317
  New Jersey Turnpike Authority Highway Revenue 4.125%   1/1/2054 16,615    15,941
  New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2054 11,315    11,955
  New Jersey Turnpike Authority Highway Revenue 4.750%   1/1/2055 10,000    10,197
  New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2055 41,480    44,264
3 New Jersey Turnpike Authority Highway Revenue TOB VRDO 2.850%   6/1/2026  8,000     8,000
3 New Jersey Turnpike Authority Highway Revenue TOB VRDO 2.850%   6/1/2026  7,030     7,030
3 New Jersey Turnpike Authority Highway Revenue TOB VRDO 2.850%   6/1/2026  9,115     9,115
3 New Jersey Turnpike Authority Highway Revenue TOB VRDO 1.600%   6/4/2026  3,990     3,990
  New Milford Borough NJ GO 2.000%   4/1/2032    270       245
2 Newark Board of Education GO 5.000%  7/15/2032    875       961
2 Newark Board of Education GO 5.000%  7/15/2033    520       568
2 Newark Board of Education GO 4.000%  7/15/2035    500       515
2 Newark Board of Education GO 4.000%  7/15/2036    475       487
2 Newark Board of Education GO 4.000%  7/15/2037    450       460
2 Newark Board of Education GO 3.000%  7/15/2038  1,350     1,225
2 Newark Board of Education GO 3.000%  7/15/2039  1,550     1,382
2 Newark Board of Education GO 3.000%  7/15/2040  3,025     2,636
2 Newark Board of Education GO 3.000%  7/15/2041  3,855     3,304
2 Newark Board of Education GO 3.000%  7/15/2042    800       673
7 Newark Housing Authority Intergovernmental Agreement Revenue (ADDL-Newark Redevelopment Project) 5.000%   1/1/2032  5,500     5,853
  Newark Housing Authority Intergovernmental Agreement Revenue (ADDL-Newark Redevelopment Project) 4.000%   1/1/2037  8,600     8,623
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 5.000% 11/15/2042  1,000     1,083
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 5.375% 11/15/2052  3,920     4,175
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 6.000% 11/15/2062  9,370    10,283
1 Newark Parking Authority Lease (Non-Terminable) Revenue (Office Facility/Office Project) 5.250%   2/1/2043  1,075     1,118
1 Newark Parking Authority Lease (Non-Terminable) Revenue (Office Facility/Office Project) 5.500%   2/1/2051  1,600     1,639
  North Brunswick Township Board of Education GO 3.250%  8/15/2031    395       397
  North Brunswick Township Board of Education GO 3.375%  8/15/2037  1,695     1,660
  North Brunswick Township Board of Education GO 4.000%  5/15/2045  4,600     4,606
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2037  1,485     1,719
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2038  1,000     1,161
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2039  1,100     1,274
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2040  1,100     1,275
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2041  1,000     1,157
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2042  1,045     1,204
  Ocean City NJ GO 2.250%  9/15/2032  2,370     2,166
12

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Ocean City NJ GO 3.000% 10/15/2037  4,380     4,129
  Ocean City NJ GO 2.000% 10/15/2038  4,380     3,549
  Ocean County NJ GO 4.375%  11/1/2041  3,405     3,592
  Orange Township NJ BAN GO 4.000%  3/17/2027  9,680     9,743
  Passaic County Improvement Authority Charter School Aid Revenue 4.125%   7/1/2033    965       980
  Passaic County Improvement Authority Charter School Aid Revenue 4.500%   7/1/2040  2,300     2,317
  Passaic County Improvement Authority Charter School Aid Revenue 5.000%   7/1/2044  1,000     1,014
  Passaic County Improvement Authority Charter School Aid Revenue 4.750%   1/1/2045  1,060     1,023
  Passaic County Improvement Authority Charter School Aid Revenue 5.000%   1/1/2055  1,000       952
  Passaic County Improvement Authority Charter School Aid Revenue 5.000%   1/1/2060  1,700     1,573
  Passaic County Improvement Authority Charter School Aid Revenue (Paterson Arts & Science Charter School Project) 4.250%   7/1/2033    465       472
  Passaic County Improvement Authority Charter School Aid Revenue (Paterson Arts & Science Charter School Project) 5.250%   7/1/2043  1,560     1,601
  Passaic County Improvement Authority Charter School Aid Revenue (Paterson Arts & Science Charter School Project) 5.375%   7/1/2053  1,880     1,896
  Passaic County Improvement Authority Charter School Aid Revenue (Paterson Arts & Science Charter School Project) 5.500%   7/1/2058  2,015     2,040
  Passaic County Improvement Authority Lease (Non-Terminable) Revenue (DPW Building Project) 5.000%   5/1/2033    720       721
  Passaic County Improvement Authority Lease (Non-Terminable) Revenue (North Borough Haledon Project) 4.000%  12/1/2054    865       800
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 4.000%  8/15/2033    110       114
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 4.000%  8/15/2034    125       129
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/2036    145       138
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/2037    150       141
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/2044    755       628
  Passaic County Improvement Authority Miscellaneous Revenue (Paterson City Project) 5.000%  6/15/2035  1,200     1,223
  Passaic County NJ GO 3.000%   5/1/2032    540       540
  Passaic County NJ GO 1.000%  12/1/2035  1,675     1,288
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2035  1,615     1,534
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2036  1,495     1,398
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2037  1,935     1,779
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2038    970       875
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2039    500       444
1 Passaic Valley Water Commission Water Revenue 5.000%  12/1/2041    360       390
1 Passaic Valley Water Commission Water Revenue 5.000%  12/1/2043    800       860
  Paterson NJ GO 4.750%   3/1/2027 10,000    10,006
  Rancocas Valley Regional High School District GO 3.000%  3/15/2039  1,300     1,216
  Rancocas Valley Regional High School District GO 3.000%  3/15/2040  1,300     1,174
  Ridgewood Bergen County NJ GO 2.000%  1/15/2042    505       380
  Riverdale Borough NJ BAN GO 3.500%   3/2/2027  5,206     5,239
  Saddle Brook Township NJ GO 2.125%  2/15/2033    500       443
  Saddle Brook Township NJ GO 2.250%  2/15/2034    500       439
  Salem County NJ GO 2.000%  6/15/2028  1,150     1,114
2 Salem County NJ GO 3.000%  6/15/2033    270       266
  Salem County NJ GO 2.000%  6/15/2036  1,680     1,348
  Salem County NJ GO 2.000%  6/15/2037  1,835     1,434
2 Sayreville School District GO 4.000%  1/15/2042  2,160     2,165
  South Hackensack NJ BAN GO 3.500% 10/14/2026  1,698     1,702
  South Jersey Port Corp. Port, Airport & Marina Revenue 5.000%   1/1/2034  1,915     1,929
  South Jersey Port Corp. Port, Airport & Marina Revenue 5.000%   1/1/2039  2,910     2,913
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2028    200       211
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2028  1,140     1,204
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2029    500       538
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2030    500       537
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2031    500       536
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2032    500       534
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2033    500       533
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2038  1,500     1,671
2 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2039  2,285     2,322
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2039  1,000     1,080
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2039  2,110     2,339
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2040  2,125     2,127
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2040  3,750     4,029
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2041  3,250     3,431
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2041  1,750     1,871
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2045  8,975     9,264
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2045  2,000     2,074
  South Jersey Transportation Authority Highway Revenue 4.625%  11/1/2047  2,635     2,625
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2050 12,235    11,038
2 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2050  3,265     3,035
13

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2050  1,305     1,213
  South Jersey Transportation Authority Highway Revenue 5.250%  11/1/2052  5,900     6,115
2 South Jersey Transportation Authority Highway Revenue 5.250%  11/1/2052  3,650     3,800
  South Orange & Maplewood School District GO 2.000%  11/1/2031    215       197
  South Orange & Maplewood School District GO 2.000%  8/15/2032    115       104
  South Orange & Maplewood School District GO 2.000%  8/15/2034    205       177
  South Orange & Maplewood School District GO 2.250%  11/1/2037  1,120       919
  South Orange & Maplewood School District GO 3.000%  8/15/2038  1,125     1,052
  South Orange & Maplewood School District GO 2.250%  11/1/2038  1,000       804
2 South Orange & Maplewood School District GO 2.500%  11/1/2039  1,955     1,606
  South Orange & Maplewood School District GO 2.000%  8/15/2040  1,550     1,139
  South Orange & Maplewood School District GO 2.125%  8/15/2041  1,525     1,107
  South Orange & Maplewood School District GO 2.500%  11/1/2042  3,100     2,360
  Sussex County Municipal Utilities Authority Resource Recovery Revenue (Landfill Expansion Project) 3.000%  12/1/2041  1,100       965
  Tenafly School District GO 3.375%   8/1/2039  1,670     1,643
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2028  3,985     4,150
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2029  1,500     1,560
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2031  5,750     5,966
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2033  2,645     2,738
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2034  2,955     3,056
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2035 13,675    14,102
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2036  2,595     2,675
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/2037  5,910     5,924
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2037  8,650     8,901
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2046 21,815    21,616
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2046  6,200     6,017
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.250%   6/1/2046  4,045     4,049
  Toms River Board of Education GO 3.000%  7/15/2033    175       163
  Toms River Board of Education GO 3.000%  7/15/2036  1,815     1,615
  Toms River Board of Education GO 3.000%  7/15/2037  1,925     1,686
  Toms River Board of Education GO 3.000%  7/15/2038    750       647
  Township of Edison NJ GO 2.000%  3/15/2035    970       808
  Township of Nutley NJ BAN GO 3.500%  3/12/2027  7,605     7,647
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000%  11/1/2038  1,140     1,235
  Union County Improvement Authority Lease (Non-Terminable) Revenue (Union County Administration Complex Project) 4.125%  4/15/2054  2,500     2,364
  Union County Township NJ BAN GO 4.000%  2/26/2027 12,000    12,118
  Union County Township NJ GO 1.000%   8/1/2032  1,094       927
  Vineland NJ GO 4.000%  11/1/2041  2,600     2,622
2 West Deptford Township Board of Education GO 4.250%  7/15/2044  2,200     2,220
  West Deptford Township NJ GO 3.000%  2/15/2032    640       641
  West Orange NJ BAN GO 3.750%  11/3/2026 10,000    10,039
  West Windsor-Plainsboro NJ Regional School District GO 2.375%   8/1/2036  3,325     2,888
  Willingboro Township NJ GO 2.125%   9/1/2033    200       174
1 Willingboro Township School District GO 4.125%  8/15/2043  4,075     4,142
  Woolwich Township NJ GO 3.000%   5/1/2040  1,740     1,602
  Woolwich Township NJ GO 3.000%   5/1/2041  1,740     1,576
                               2,839,816
American Samoa (0.0%)
3 American Samoa Economic Development Authority Income Tax Revenue 5.250%   9/1/2045    100       101
Delaware (0.7%)
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2034    170       188
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/2035  1,000       965
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/2036  1,000       952
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2036    170       187
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/2037  1,000       936
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2037    350       384
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2037    170       186
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/2038  1,000       920
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2038    170       186
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2038    600       670
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2039    150       163
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/2040    700       708
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2040    170       185
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2040    500       554
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2040    650       720
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/2041    450       454
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2041    185       200
14

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2041  1,440     1,583
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2041    750       825
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/2042    750       754
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2042    170       182
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2042  1,500     1,638
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2042  1,000     1,092
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2043  1,500     1,631
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2043    750       815
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2044  1,745     1,882
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2044    700       755
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/2046  1,000       966
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2049  1,005     1,047
                                  21,728
Guam (0.3%)
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/2036    250       273
  Guam Government Waterworks Authority Water Revenue 5.250%   7/1/2040    115       125
  Guam Government Waterworks Authority Water Revenue 5.250%   7/1/2041    120       129
  Guam Government Waterworks Authority Water Revenue 5.250%   7/1/2050  4,970     5,111
  Guam Government Waterworks Authority Water Revenue 5.500%   7/1/2055  1,665     1,733
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/2036    200       199
  Guam Miscellaneous Taxes Revenue 5.250%   1/1/2038    390       426
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/2042  1,780     1,723
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2041    375       391
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2044     55        57
                                  10,167
New York (5.2%)
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.375%   3/1/2028    505       519
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2036  5,560     5,904
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/2037  3,140     3,199
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2037  3,300     3,827
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/2039  1,000     1,014
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2039  4,605     5,273
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2040  1,000     1,129
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2040    500       560
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2041  1,530     1,734
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2042  2,555     2,844
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2042  4,000     4,381
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  8/15/2042    675       761
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2042    240       266
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2042  2,000     2,248
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2043  1,000     1,105
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2043    525       572
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2043  1,730     1,884
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2044  1,310     1,434
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2044  1,095     1,209
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2045  1,480     1,606
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  8/15/2045  2,005     2,197
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2045  2,145     2,345
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/2046  2,575     2,477
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  8/15/2046  1,550     1,680
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2047  6,000     6,430
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  12/1/2047    615       643
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2048  3,315     3,486
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  8/15/2048  1,470     1,568
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2049  3,500     3,687
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2049  6,850     7,217
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/2049  8,000     7,331
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2050 11,825    12,456
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2052  5,000     5,189
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250%   8/1/2052  2,000     2,096
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2054 19,105    19,933
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2054  5,170     5,400
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2055 31,745    33,189
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 10/15/2055  1,200     1,286
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250%  8/15/2056  4,000     4,290
                                 164,369
Pennsylvania (1.4%)
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2033  2,250     2,300
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2033    135       143
15

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Delaware River Joint Toll Bridge Commission Highway Revenue 4.000%   7/1/2034  1,660     1,661
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2034  1,000     1,021
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2034    135       142
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2035    175       184
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2036  2,260     2,304
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2036    155       163
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2037  5,490     5,593
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2037    150       157
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2042 17,000    17,234
  Delaware River Port Authority Highway Revenue 5.000%   1/1/2037  1,000     1,044
  Delaware River Port Authority Highway Revenue 5.000%   1/1/2038  3,900     4,061
  Delaware River Port Authority Highway Revenue 5.000%   1/1/2039  3,500     3,638
  Delaware River Port Authority Port, Airport & Marina Revenue 5.000%   1/1/2037  1,000     1,124
  Delaware River Port Authority Port, Airport & Marina Revenue 5.000%   1/1/2038  1,000     1,117
  Delaware River Port Authority Port, Airport & Marina Revenue 5.000%   1/1/2039    875       973
                                  42,859
Puerto Rico (1.4%)
  Commonwealth of Puerto Rico GO 5.625%   7/1/2027  1,647     1,673
  Commonwealth of Puerto Rico GO 5.625%   7/1/2029  2,547     2,676
  Commonwealth of Puerto Rico GO 5.750%   7/1/2031  3,663     3,965
  Commonwealth of Puerto Rico GO 0.000%   7/1/2033    680       496
  Commonwealth of Puerto Rico GO 4.000%   7/1/2033  2,708     2,712
  Commonwealth of Puerto Rico GO 4.000%   7/1/2035  2,298     2,290
  Commonwealth of Puerto Rico GO 4.000%   7/1/2037  4,633     4,574
  Commonwealth of Puerto Rico GO 4.000%   7/1/2041  4,083     3,886
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2030  1,080     1,128
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2033  5,010     5,256
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2033  2,315     2,441
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2035    285       296
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037    780       812
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037    250       260
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037     70        74
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/2042  2,260     2,167
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/2042  1,000       959
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2027    703       679
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2029    602       546
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2031  1,128       948
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2031     37        31
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2033    843       655
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/2040  4,110     4,092
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/2040    178       177
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.536%   7/1/2053  1,000       931
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.784%   7/1/2058  1,134     1,090
                                  44,814
Total Tax-Exempt Municipal Bonds (Cost $3,144,535) 3,123,854
16

 

New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Taxable Municipal Bonds (0.1%)
Puerto Rico (0.1%)
  Commonwealth of Puerto Rico CVI 0.000% 11/1/2043 4,011     2,768
  Commonwealth of Puerto Rico CVI 0.000% 11/1/2051 1,525     1,071
Total Taxable Municipal Bonds (Cost $3,400) 3,839
Total Investments (99.3%) (Cost $3,147,935) 3,127,693
Other Assets and Liabilities—Net (0.7%) 22,130
Net Assets (100%) 3,149,823
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc.
2 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2026, the aggregate value was $163,934, representing 5.2% of net assets.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
5 Securities with a value of $1,058 have been segregated as initial margin for open futures contracts.
6 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2026.
7 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
8 Scheduled principal and interest payments are guaranteed by bank letter of credit.
9 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
  BAN—Bond Anticipation Note.
  CVI—Contingent Value Instruments.
  ETM—Escrowed to Maturity.
  GO—General Obligation Bond.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
  
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
2-Year U.S. Treasury Note September 2026 106 21,896 45
5-Year U.S. Treasury Note September 2026 160 17,154 85
10-Year U.S. Treasury Note September 2026 59 6,480 22
Ultra 10-Year U.S. Treasury Note September 2026 185 20,734 85
        237
 
Short Futures Contracts        
Long U.S. Treasury Bond September 2026 (31) (3,479) (21)
Ultra Long U.S. Treasury Bond September 2026 (20) (2,288) (14)
        (35)
        202
17

 

New Jersey Long-Term Tax-Exempt Fund
                 
Over-the-Counter Swaps - Municipal Market Data Rate Locks    
Termination
Date 		Counterparty Notional
Amount
($000) 		Buy/Sell Reference
Index 		Strike
Rate 		Value
($000) 		Unrealized
Appreciation
($000) 		Unrealized
(Depreciation)
($000)
6/29/2026 RBC 525 Buy 10-Year MMD AAA General Obligation Scale 3.380% 18 18 —
8/20/2026 RBC 2,000 Buy 5-Year MMD AAA General Obligation Scale 2.790% 7 7 —
8/20/2026 MSBNA 860 Buy 5-Year MMD AAA General Obligation Scale 2.840% 5 5 —
9/10/2026 JPMC 3,000 Buy 10-Year MMD AAA General Obligation Scale 3.190% 20 20 —
9/25/2026 JPMC 1,315 Buy 10-Year MMD AAA General Obligation Scale 3.360% 29 29 —
9/28/2026 JPMC 655 Buy 10-Year MMD AAA General Obligation Scale 3.400% 17 17 —
9/28/2026 RBC 130 Buy 10-Year MMD AAA General Obligation Scale 3.500% 5 5 —
9/30/2026 JPMC 265 Buy 10-Year MMD AAA General Obligation Scale 3.450% 8 8 —
            109 109 —
  JPMC—JPMorgan Chase Bank, N.A.
  MSBNA—Morgan Stanley Bank, N.A.
  RBC—Royal Bank of Canada.
  
See accompanying Notes, which are an integral part of the Financial Statements.
18

 

New Jersey Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of May 31, 2026
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $3,147,935) 3,127,693
Investment in Vanguard 69
Cash 4
Receivables for Investment Securities Sold 705
Receivables for Accrued Income 46,202
Receivables for Capital Shares Issued 3,010
Variation Margin Receivable—Futures Contracts 21
Unrealized Appreciation—Over-the-Counter Swap Contracts 109
Other Assets 102
Total Assets 3,177,915
Liabilities  
Payables for Investment Securities Purchased 22,611
Payables for Capital Shares Redeemed 2,729
Payables for Distributions 2,621
Payables to Vanguard 131
Total Liabilities 28,092
Net Assets 3,149,823
At May 31, 2026, net assets consisted of:  
   
Paid-in Capital 3,218,362
Total Distributable Earnings (Loss) (68,539)
Net Assets 3,149,823
 
Investor Shares—Net Assets  
Applicable to 35,567,167 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		406,176
Net Asset Value Per Share—Investor Shares $11.42
 
Admiral™ Shares—Net Assets  
Applicable to 240,250,143 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		2,743,647
Net Asset Value Per Share—Admiral Shares $11.42
  
See accompanying Notes, which are an integral part of the Financial Statements.
19

 

New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
  Six Months Ended
May 31, 2026
  ($000)
Investment Income  
Income  
Interest 57,165
Total Income 57,165
Expenses  
The Vanguard Group—Note C  
Investment Advisory Services 199
Management and Administrative—Investor Shares 220
Management and Administrative—Admiral Shares 927
Marketing and Distribution—Investor Shares 16
Marketing and Distribution—Admiral Shares 70
Custodian Fees 6
Shareholders’ Reports—Investor Shares 6
Shareholders’ Reports—Admiral Shares 13
Trustees’ Fees and Expenses 1
Other Expenses 5
Total Expenses 1,463
Expenses Paid Indirectly (6)
Net Expenses 1,457
Net Investment Income 55,708
Realized Net Gain (Loss)  
Investment Securities Sold 431
Futures Contracts (1,347)
Swap Contracts 307
Realized Net Gain (Loss) (609)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities (1,103)
Futures Contracts 248
Swap Contracts (243)
Change in Unrealized Appreciation (Depreciation) (1,098)
Net Increase (Decrease) in Net Assets Resulting from Operations 54,001
  
See accompanying Notes, which are an integral part of the Financial Statements.
20

 

New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Six Months Ended
May 31,
2026 		  Year Ended
November 30,
2025
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 55,708   98,711
Realized Net Gain (Loss) (609)   (11,581)
Change in Unrealized Appreciation (Depreciation) (1,098)   (10,542)
Net Increase (Decrease) in Net Assets Resulting from Operations 54,001   76,588
Distributions      
Investor Shares (6,859)   (11,206)
Admiral Shares (47,937)   (85,934)
Total Distributions (54,796)   (97,140)
Capital Share Transactions      
Investor Shares 50,233   59,999
Admiral Shares 182,849   275,796
Net Increase (Decrease) from Capital Share Transactions 233,082   335,795
Total Increase (Decrease) 232,287   315,243
Net Assets      
Beginning of Period 2,917,536   2,602,293
End of Period 3,149,823   2,917,536
  
See accompanying Notes, which are an integral part of the Financial Statements.
21

 

New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2026 		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $11.42 $11.55 $11.21 $11.06 $12.75 $12.66
Investment Operations            
Net Investment Income1 .207 .410 .393 .376 .345 .342
Net Realized and Unrealized Gain (Loss) on Investments (.003) (.137) .333 .146 (1.614) .190
Total from Investment Operations .204 .273 .726 .522 (1.269) .532
Distributions            
Dividends from Net Investment Income (.204) (.403) (.386) (.372) (.344) (.342)
Distributions from Realized Capital Gains — — — — (.077) (.100)
Total Distributions (.204) (.403) (.386) (.372) (.421) (.442)
Net Asset Value, End of Period $11.42 $11.42 $11.55 $11.21 $11.06 $12.75
Total Return2 1.80% 2.49% 6.58% 4.81% -10.06% 4.26%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $406 $356 $298 $268 $250 $305
Ratio of Total Expenses to Average Net Assets 0.14%3 0.15%3 0.17%3 0.17%3 0.17%3 0.17%
Ratio of Net Investment Income to Average Net Assets 3.64% 3.66% 3.44% 3.39% 2.99% 2.68%
Portfolio Turnover Rate 4% 27% 41% 36% 38% 23%
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 expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%, 0.15%, 0.17%, 0.17%, and 0.17%, respectively.
  
See accompanying Notes, which are an integral part of the Financial Statements.
22

 

New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2026 		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $11.42 $11.55 $11.21 $11.06 $12.75 $12.66
Investment Operations            
Net Investment Income1 .210 .416 .402 .385 .354 .353
Net Realized and Unrealized Gain (Loss) on Investments (.004) (.137) .333 .146 (1.614) .189
Total from Investment Operations .206 .279 .735 .531 (1.260) .542
Distributions            
Dividends from Net Investment Income (.206) (.409) (.395) (.381) (.353) (.352)
Distributions from Realized Capital Gains — — — — (.077) (.100)
Total Distributions (.206) (.409) (.395) (.381) (.430) (.452)
Net Asset Value, End of Period $11.42 $11.42 $11.55 $11.21 $11.06 $12.75
Total Return2 1.82% 2.55% 6.66% 4.89% -9.99% 4.34%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,744 $2,561 $2,304 $2,102 $1,997 $2,453
Ratio of Total Expenses to Average Net Assets 0.09%3 0.09%3 0.09%3 0.09%3 0.09%3 0.09%
Ratio of Net Investment Income to Average Net Assets 3.69% 3.72% 3.52% 3.47% 3.07% 2.76%
Portfolio Turnover Rate 4% 27% 41% 36% 38% 23%
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 expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
23

 

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.
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 other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended May 31, 2026, the fund’s average investments in long and short futures contracts represented 2% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. MMD Rate Locks: The fund enters into Municipal Market Data (MMD) Rate Lock contracts to lock in a specified municipal interest rate for a portion of the fund to preserve a return on a particular investment or a portion of the fund as a duration management technique or to protect against market interest rate risk for anticipated purchase of municipal bonds. Under the terms of the contracts, both parties agree to make payments to each other on a notional amount, contingent upon whether the reference index rate is above or below a strike rate on the termination date of the contract. The fund may buy (long) an MMD Rate Lock and if the referenced MMD AAA Index is below the strike rate on the termination date, the counterparty will make a payment to the fund. If the MMD AAA Index is above the strike rate on the termination date, the fund will make a payment to the counterparty. The fund may also sell (short) an MMD Rate Lock. The contract terms of a short position will move in the opposite direction as a long position.
The primary risk associated with MMD Rate Locks is that municipal yields will move in the opposite direction than anticipated by a fund, which would cause the fund to make payments to its counterparty in the transaction that could adversely affect the fund’s performance. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. MMD Rate Locks are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is 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 terminated, at which time realized gain (loss) is recorded.
During the six months ended May 31, 2026, the fund’s average amount of investments in MMD Rate Locks represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
24

 

New Jersey Long-Term Tax-Exempt Fund
5. 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.
6. 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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended May 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. 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 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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.
C. 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, 2026, the fund had contributed to Vanguard capital in the amount of $69,000, representing less than 0.01% of the fund’s net assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
D. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2026, custodian fee offset arrangements reduced the fund’s expenses by $6,000 (an annual rate of less than 0.01% of average net assets).
E. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
25

 

New Jersey Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2026, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Tax-Exempt Municipal Bonds — 3,123,854 — 3,123,854
Taxable Municipal Bonds — 3,839 — 3,839
Total — 3,127,693 — 3,127,693
Derivative Financial Instruments         
Assets        
Futures Contracts1 237 — — 237
Swap Contracts — 109 — 109
Total 237 109 — 346
Liabilities        
Futures Contracts1 (35) — — (35)
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
F. As of May 31, 2026, 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 3,150,446
Gross Unrealized Appreciation 43,165
Gross Unrealized Depreciation (65,607)
Net Unrealized Appreciation (Depreciation) (22,442)
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2025, the fund had available capital losses totaling $50,705,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
G. During the six months ended May 31, 2026, the fund purchased $399,018,000 of investment securities and sold $119,600,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2026, such purchases were $3,400,000 and sales were $17,790,000, resulting in net realized gain (loss) of $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
H. Capital share transactions for each class of shares were:
    
  Six Months Ended
May 31, 2026 		  Year Ended
November 30, 2025
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 108,637 9,521   145,916 13,033
Issued in Lieu of Cash Distributions 5,865 514   9,628 860
Redeemed (64,269) (5,640)   (95,545) (8,542)
Net Increase (Decrease)—Investor Shares 50,233 4,395   59,999 5,351
Admiral Shares          
Issued 331,021 29,010   619,296 55,635
Issued in Lieu of Cash Distributions 33,347 2,921   59,666 5,331
Redeemed (181,519) (15,933)   (403,166) (36,189)
Net Increase (Decrease)—Admiral Shares 182,849 15,998   275,796 24,777
I. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
26

 

New Jersey Long-Term Tax-Exempt Fund
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
J. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
K. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
Q142 072026
27

 

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9: Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable.

 

Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Not applicable. The Trustees’ Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

 

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.

 

Not applicable.

 

 

 

Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 15: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 16: 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 changes in the Registrant’s Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 18: Recovery of Erroneously Awarded Compensation

 

Not applicable.

 

Item 19: Exhibits.

 

(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(a)(2) Certifications filed herewith.

 

 

 

 

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

 

VANGUARD NEW JERSEY TAX-FREE FUNDS

 

BY: /s/ SALIM RAMJI*  
   
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: July 22, 2026

 

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/ SALIM RAMJI*  
   
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: July 22, 2026

 

VANGUARD NEW JERSEY TAX-FREE FUNDS

 

BY: /s/ CHRISTINE BUCHANAN*  
   
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: July 22, 2026

 

* By: /s/ Natalie Lamarque  

 

Natalie Lamarque, pursuant to a Power of Attorney  filed on December 19, 2025 (see File Number 33-49023), and to a Power of Attorney  filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

 

 

 

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