Vanguard New Jersey Tax-Free Funds

02/03/2026 | Press release | Distributed by Public on 02/03/2026 12:41

Annual Report by Investment Company (Form N-CSR)

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: Tonya T. Robinson, Esquire
P.O. Box 876
Valley Forge, PA 19482

Registrant's telephone number, including area code: (610) 669-1000

Date of fiscal year end: November 30

Date of reporting period: December 1, 2024-November 30, 2025

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

   

Vanguard New Jersey Long-Term Tax-Exempt Fund

Investor Shares (VNJTX)

Annual Shareholder Report | November 30, 2025

This annual shareholder report contains important information about Vanguard New Jersey Long-Term Tax-Exempt Fund (the "Fund") for the period of December 1, 2024, to November 30, 2025. 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 year?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$15
0.15%

How did the Fund perform during the reporting period?

  • For the 12 months ended November 30, 2025, the Fund underperformed its benchmark index.

  • At the national level, the performance of the municipal bond market faced intermittent headwinds-especially in December 2024 and the spring of 2025-driven by elevated issuance, a steepening yield curve, and concerns about tariffs and inflation. The prospect of Federal Reserve rate cuts toward the end of the period, however, helped support demand for munis, as reflected in stronger cash inflows. Credit fundamentals of most municipal borrowers remained strong, supported by healthy and growing tax revenues.

  • For the Fund, having a longer overall duration than its benchmark was a detractor given the rise in yields at the longer end of the curve. An overweight allocation to lower-rated bonds, notably those below investment grade, added value.

How did the Fund perform over the past 10 years?

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performanceor by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: November 30, 2015, Through November 30, 2025

Initial Investment of $10,000

Investor Shares
Bloomberg NJ Municipal Bond Index
Bloomberg Municipal Bond Index
2015
$10,000
$10,000
$10,000
2016
$10,266
$10,278
$10,206
2016
$10,483
$10,486
$10,342
2016
$10,763
$10,811
$10,527
2016
$10,106
$10,139
$9,978
2017
$10,317
$10,375
$10,232
2017
$10,632
$10,649
$10,493
2017
$10,879
$10,886
$10,620
2017
$10,918
$10,927
$10,535
2018
$10,845
$10,884
$10,489
2018
$11,025
$11,031
$10,610
2018
$11,114
$11,171
$10,672
2018
$11,081
$11,128
$10,654
2019
$11,373
$11,446
$10,921
2019
$11,864
$11,920
$11,289
2019
$12,250
$12,324
$11,602
2019
$12,189
$12,260
$11,559
2020
$12,699
$12,745
$11,955
2020
$12,012
$11,904
$11,738
2020
$12,553
$12,626
$11,978
2020
$12,807
$12,830
$12,125
2021
$12,905
$12,986
$12,081
2021
$13,240
$13,260
$12,294
2021
$13,358
$13,429
$12,385
2021
$13,353
$13,374
$12,364
2022
$12,901
$12,927
$12,001
2022
$12,227
$12,301
$11,459
2022
$11,976
$12,211
$11,316
2022
$12,009
$12,188
$11,295
2023
$12,107
$12,341
$11,390
2023
$12,328
$12,523
$11,515
2023
$12,320
$12,555
$11,508
2023
$12,587
$12,846
$11,779
2024
$12,941
$13,119
$12,007
2024
$12,744
$12,914
$11,823
2024
$13,198
$13,351
$12,209
2024
$13,415
$13,522
$12,360
2025
$13,413
$13,553
$12,362
2025
$12,943
$13,214
$12,063
2025
$13,099
$13,422
$12,219
2025
$13,749
$13,932
$12,686

Average Annual Total Returns

1 Year
5 Years
10 Years
Investor Shares
2.49%
1.43%
3.24%
Bloomberg NJ Municipal Bond Index
3.03%
1.66%
3.37%
Bloomberg Municipal Bond Index
2.64%
0.91%
2.41%

Fund Statistics (as of November 30, 2025)

Fund Net Assets (in millions)
$2,918
Number of Portfolio Holdings
934
Portfolio Turnover Rate
27%
Total Investment Advisory Fees (in thousands)
$352

Distribution by Stated Maturity % of Net Assets (as of November 30, 2025)

Less than 1 Year
8.1%
1 to 3 Years
4.1%
3 to 5 Years
3.1%
5 to 10 Years
12.7%
10 to 20 Years
35.8%
20 to 30 Years
31.7%
Greater than 30 Years
2.9%
Other Assets and Liabilities-Net
1.6%

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

How has the Fund changed?

During the reporting period, the expense ratio for the Investor Share class was reduced.

This is a summary of certain changes to the Fund since November 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 31, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literatureor 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.

AR14

Vanguard New Jersey Long-Term Tax-Exempt Fund

Admiral™ Shares (VNJUX)

Annual Shareholder Report | November 30, 2025

This annual shareholder report contains important information about Vanguard New Jersey Long-Term Tax-Exempt Fund (the "Fund") for the period of December 1, 2024, to November 30, 2025. 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.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Admiral Shares
$9
0.09%

How did the Fund perform during the reporting period?

  • For the 12 months ended November 30, 2025, the Fund underperformed its benchmark index.

  • At the national level, the performance of the municipal bond market faced intermittent headwinds-especially in December 2024 and the spring of 2025-driven by elevated issuance, a steepening yield curve, and concerns about tariffs and inflation. The prospect of Federal Reserve rate cuts toward the end of the period, however, helped support demand for munis, as reflected in stronger cash inflows. Credit fundamentals of most municipal borrowers remained strong, supported by healthy and growing tax revenues.

  • For the Fund, having a longer overall duration than its benchmark was a detractor given the rise in yields at the longer end of the curve. An overweight allocation to lower-rated bonds, notably those below investment grade, added value.

How did the Fund perform over the past 10 years?

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performanceor by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: November 30, 2015, Through November 30, 2025

Initial Investment of $50,000

Admiral Shares
Bloomberg NJ Municipal Bond Index
Bloomberg Municipal Bond Index
2015
$50,000
$50,000
$50,000
2016
$51,339
$51,390
$51,032
2016
$52,438
$52,431
$51,710
2016
$53,853
$54,054
$52,635
2016
$50,580
$50,694
$49,890
2017
$51,650
$51,876
$51,162
2017
$53,241
$53,245
$52,465
2017
$54,488
$54,432
$53,100
2017
$54,698
$54,636
$52,676
2018
$54,346
$54,420
$52,443
2018
$55,262
$55,156
$53,049
2018
$55,715
$55,854
$53,360
2018
$55,559
$55,638
$53,271
2019
$57,036
$57,229
$54,607
2019
$59,509
$59,599
$56,446
2019
$61,459
$61,620
$58,012
2019
$61,163
$61,301
$57,794
2020
$63,734
$63,723
$59,773
2020
$60,302
$59,519
$58,692
2020
$63,027
$63,130
$59,889
2020
$64,317
$64,149
$60,623
2021
$64,822
$64,928
$60,406
2021
$66,518
$66,302
$61,471
2021
$67,123
$67,147
$61,923
2021
$67,111
$66,870
$61,818
2022
$64,853
$64,633
$60,007
2022
$61,480
$61,505
$57,295
2022
$60,228
$61,056
$56,578
2022
$60,408
$60,939
$56,477
2023
$60,912
$61,704
$56,948
2023
$62,034
$62,615
$57,576
2023
$62,008
$62,774
$57,542
2023
$63,363
$64,229
$58,896
2024
$65,157
$65,596
$60,034
2024
$64,177
$64,572
$59,115
2024
$66,478
$66,757
$61,045
2024
$67,584
$67,610
$61,799
2025
$67,586
$67,765
$61,812
2025
$65,225
$66,070
$60,313
2025
$66,024
$67,110
$61,093
2025
$69,307
$69,659
$63,428

Average Annual Total Returns

1 Year
5 Years
10 Years
Admiral Shares
2.55%
1.51%
3.32%
Bloomberg NJ Municipal Bond Index
3.03%
1.66%
3.37%
Bloomberg Municipal Bond Index
2.64%
0.91%
2.41%

Fund Statistics (as of November 30, 2025)

Fund Net Assets (in millions)
$2,918
Number of Portfolio Holdings
934
Portfolio Turnover Rate
27%
Total Investment Advisory Fees (in thousands)
$352

Distribution by Stated Maturity % of Net Assets (as of November 30, 2025)

Less than 1 Year
8.1%
1 to 3 Years
4.1%
3 to 5 Years
3.1%
5 to 10 Years
12.7%
10 to 20 Years
35.8%
20 to 30 Years
31.7%
Greater than 30 Years
2.9%
Other Assets and Liabilities-Net
1.6%

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

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.

AR514

Item 2: Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

Item 3: Audit Committee Financial Expert.

All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

Item 4: Principal Accountant Fees and Services.

Includes fees billed in connection with services to the Registrant only.

Fiscal Year Ended
November 30, 2025 		Fiscal Year Ended
November 30, 2024
(a)   Audit Fees. $ 32,000 $ 32,000
(b)   Audit-Related Fees. 0 0
(c)   Tax Fees. 0 0
(d)   All Other Fees. 0 0
        Total. $ 32,000 $ 32,000

(e)           (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)             For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

(g)            Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

Fiscal Year Ended
November 30, 2025 		Fiscal Year Ended
November 30, 2024
Non-audit fees to the Registrant only, listed as (b) through (d) above. $ 0 $ 0
Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
     Audit-Related Fees. $ 1,514,219 $ 3,802,420
     Tax Fees. $ 1,622,344 $ 1,960,472
     All Other Fees. $ 25,000 $ 293,000
     Total. $ 3,161,563 $ 6,055,892

(h)         For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

Item 5: Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

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 year ended November 30, 2025
Vanguard New Jersey Long-Term Tax-Exempt Fund
Contents
Financial Statements
1
Report of Independent Registered Public Accounting Firm
27
Tax information
28
New Jersey Long-Term Tax-Exempt Fund
Financial Statements
Schedule of Investments
As of November 30, 2025
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 (98.3%)
New Jersey (88.7%)
1 Atlantic City Board of Education GO 4.000%   4/1/2026    200       201
1 Atlantic City Board of Education GO 4.000%   4/1/2027    210       213
1 Atlantic City Board of Education GO 4.000%   4/1/2028    230       236
1 Atlantic City Board of Education GO 4.000%   4/1/2029    215       222
1 Atlantic City Board of Education GO 4.000%   4/1/2030    170       176
1 Atlantic City Board of Education GO 4.000%   4/1/2031    175       181
1 Atlantic City Board of Education GO 4.000%   4/1/2032    175       180
1 Atlantic City Board of Education GO 4.000%   4/1/2033    180       185
1 Atlantic City Board of Education GO 4.000%   4/1/2034    150       154
2 Atlantic City NJ GO 5.000%   3/1/2032    750       770
2 Atlantic City NJ GO 5.000%   3/1/2037  4,420     4,511
1 Atlantic City NJ GO 5.000%   3/1/2037  1,010     1,031
2 Atlantic City NJ GO 5.000%   3/1/2042    710       720
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 5.000%   7/1/2028    250       264
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 5.000%   7/1/2029    200       216
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 5.000%   7/1/2035    350       385
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2036    275       285
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2037    710       732
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2038    350       359
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2039    300       306
1 Atlantic County Improvement Authority College & University Revenue (Atlantic City Campus Phase II Project) 4.000%   7/1/2047    810       753
Atlantic County NJ GO 2.000%   6/1/2035  1,160     1,006
Atlantic County NJ GO 2.000%   6/1/2038    785       632
Atlantic County NJ GO 2.000%   6/1/2039  1,310     1,030
Bergen County NJ GO 3.000%  7/15/2035  2,460     2,457
Bergenfield Borough NJ GO 3.000%   8/1/2040  1,645     1,516
Bergenfield Borough NJ GO 3.000%   8/1/2041  1,645     1,483
Bergenfield Borough NJ GO 3.000%   8/1/2042  1,645     1,449
Borough of New Providence NJ GO 3.000%  7/15/2037  1,500     1,444
Bridgewater-Raritan Regional School District GO 3.000%  7/15/2043  6,655     5,730
Burlington County NJ GO 3.000%   5/1/2033  1,745     1,737
Burlington County NJ GO 3.000%   5/1/2034  1,790     1,775
Burlington Township Board of Education GO 2.250%  2/15/2043  2,565     1,909
Camden County Improvement Authority Charter School Aid Revenue 6.000%  6/15/2047    500       524
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) 4.000%  7/15/2027    100       100
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) 5.000%  7/15/2032    970     1,026
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) 5.000%  7/15/2052  1,865     1,838
3 Camden County Improvement Authority Charter School Aid Revenue (Camden Preparatory High School Project) 5.000%  7/15/2062 10,120     9,789
Camden County Improvement Authority Charter School Aid Revenue (KIPP Cooper Norcross Academy - 2022 Project) 6.000%  6/15/2052  2,325     2,423
Camden County Improvement Authority Charter School Aid Revenue (KIPP Cooper Norcross Academy - 2022 Project) 6.000%  6/15/2062  7,655     7,944
Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/2032    515       528
Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/2034    500       512
Camden County Improvement Authority Local or Guaranteed Housing Revenue PUT 5.000%   3/1/2026    225       226
Camden County NJ GO 3.000%   3/1/2033    550       548
Cape May NJ GO 3.000%  10/1/2031  1,000     1,000
Cape May NJ GO 2.375%  10/1/2032  3,815     3,582
1 Carlstadt Borough NJ GO 2.000%  6/15/2032  1,700     1,522
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2036    500       563
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2036    550       620
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2037  1,020     1,139
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2037    775       866
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2038  2,500     2,772
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     1,763
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2039    660       727
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2040  1,600     1,746
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2040    910       993
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2041  2,600     2,809
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2041  1,920     2,074
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2042  1,950     2,084
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2042  2,420     2,587
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2043  1,725     1,827
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 4.000%  11/1/2044  3,250     3,090
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/2044  2,000     2,104
1 Clifton Board of Education GO 2.000%  8/15/2040  3,875     2,822
1 Clifton Board of Education GO 2.125%  8/15/2042  1,850     1,285
1 Clifton Board of Education GO 2.125%  8/15/2043  1,155       778
1 Clifton Board of Education GO 2.250%  8/15/2045  7,940     5,241
2 Deptford Township Board of Education GO 2.500%  7/15/2037  1,090       922
East Brunswick Township Board of Education GO 4.000%  5/15/2033    350       367
East Brunswick Township Board of Education GO 3.000%  5/15/2037    620       584
East Brunswick Township Board of Education GO 3.000%  5/15/2038    500       468
East Brunswick Township Board of Education GO 3.000%  5/15/2039    730       682
East Brunswick Township Board of Education GO 3.000%  5/15/2040    755       682
1 East Orange NJ (East Orange Board of Education Project) GO 3.000% 10/15/2034    400       395
1 East Orange NJ (East Orange Board of Education Project) GO 3.000% 10/15/2035    400       390
2 East Rutherford Board of Education GO 2.250%  7/15/2041    668       483
Edgewater Borough NJ GO 1.000%  2/15/2034  1,105       906
Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2030    165       169
Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2038    545       542
3 Essex County Improvement Authority Charter School Aid Revenue 5.000%  7/15/2040    375       387
Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2046    815       741
Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2051  3,300     2,900
3 Essex County Improvement Authority Charter School Aid Revenue 5.000%  7/15/2054    500       499
Essex County Improvement Authority Charter School Aid Revenue 4.000%  6/15/2056 11,030     9,512
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%   8/1/2060  1,000       819
3 Essex County Improvement Authority Charter School Aid Revenue 5.000%  7/15/2064    775       761
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     1,488
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     3,154
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 5.000%   8/1/2035    250       274
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       624
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 4.000%   8/1/2040    665       668
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 4.000%   8/1/2056  3,800     3,508
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue (CHF-Newark LLC - NJIT Student Housing Program) 4.000%   8/1/2060  1,000       911
Essex County NJ GO 2.000%   9/1/2033  1,905     1,703
Essex County NJ GO 3.000%  8/15/2034  1,495     1,489
Essex County NJ GO 3.000%  8/15/2035  3,000     2,958
Essex County NJ GO 3.000%  8/15/2036  4,880     4,761
Essex County NJ GO 2.000%   9/1/2036  1,250     1,044
Essex County NJ GO 2.000%   9/1/2037  2,035     1,657
Essex County NJ GO 2.000%   9/1/2047  3,900     2,416
Ewing Township Board of Education GO 4.000%  7/15/2034  3,040     3,095
Ewing Township Board of Education GO 4.000%  7/15/2035  3,045     3,090
Flemington Raritan Regional Board of Education GO 3.000%   9/1/2039  1,950     1,811
Fort Lee Borough NJ GO 2.000%  11/1/2033  2,715     2,384
Fort Lee Parking Authority Auto Parking Revenue 5.000%  9/15/2046  5,500     5,615
4 Freddie Mac Pool 3.350%   6/1/2038  4,170     3,905
Freehold Township Board of Education GO 4.125%  8/15/2043  5,000     5,058
Freehold Township Board of Education GO 4.250%  8/15/2045  8,000     8,071
1 Garden State Preservation Trust Appropriations Revenue 5.750%  11/1/2028  3,200     3,375
1 Garden State Preservation Trust Recreational Revenue 0.000%  11/1/2028  6,535     5,948
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Fossil Park & Student Center Projects) 5.000%   7/1/2033    275       301
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Fossil Park & Student Center Projects) 5.000%   7/1/2034    350       382
2
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Fossil Park & Student Center Projects) 4.000%   7/1/2038  1,750     1,799
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Fossil Park & Student Center Projects) 4.000%   7/1/2051  2,500     2,363
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2036    725       804
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2038  1,150     1,260
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2039    650       709
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2040  1,250     1,351
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2041  1,150     1,234
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     1,057
Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2043  2,535     2,760
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2044  1,000     1,053
Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2044  1,600     1,726
2 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%   7/1/2049  4,000     4,164
1 Haddon Township NJ GO 2.000%   3/1/2032    970       874
Hoboken NJ GO 3.000%  2/15/2052    610       456
Howell Township NJ GO 2.000%  10/1/2036  1,980     1,592
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 5.000%  10/1/2026  1,500     1,528
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 5.000%  10/1/2027  1,000     1,042
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2034  2,000     1,985
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2035  2,000     1,962
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2036  2,000     1,908
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2037  2,000     1,875
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2038  2,000     1,847
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 3.000%  10/1/2039  3,980     3,619
Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 4.000%  10/1/2051 11,500    10,663
Hudson County Improvement Authority Lease Revenue 5.000%  6/15/2037  2,120     2,170
Hudson County Improvement Authority Lease Revenue 5.000%   8/1/2042  1,300     1,301
Hudson County NJ BAN GO 4.000%  2/26/2026  5,000     5,016
Hudson County NJ GO 3.000% 11/15/2033  2,450     2,434
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     1,573
Hudson County NJ GO 2.125% 11/15/2037  1,000       800
Hudson County NJ GO 2.250% 11/15/2038  1,520     1,206
Hudson County NJ GO 2.375% 11/15/2039  1,000       787
Hudson County NJ GO 2.375% 11/15/2040  1,000       763
Hudson County NJ GO 3.000% 11/15/2041  1,700     1,469
1 Jersey City Board of Education GO 5.000%  8/15/2038    350       393
1 Jersey City Board of Education GO 5.000%  8/15/2039    450       503
1 Jersey City Board of Education GO 4.000%  8/15/2040    650       669
1 Jersey City Board of Education GO 4.000%  8/15/2041    500       510
1 Jersey City Board of Education GO 4.125%  8/15/2042    875       890
1 Jersey City Board of Education GO 4.125%  8/15/2043    625       629
1 Jersey City Board of Education GO 4.125%  8/15/2044  1,150     1,146
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2041    800       939
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2042    400       464
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2044  1,250     1,424
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2045    460       523
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2048  1,000     1,129
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2051  1,465     1,649
2 Jersey City Municipal Utilities Authority Sewer Revenue 5.750% 10/15/2055  2,475     2,781
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2041    400       469
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2042  1,000     1,160
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2044    365       416
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2045    250       284
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2048  1,200     1,354
1 Jersey City Municipal Utilities Authority Water Revenue 5.000% 10/15/2049  2,000     2,101
1 Jersey City Municipal Utilities Authority Water Revenue 5.250% 10/15/2054  1,455     1,549
2 Jersey City Municipal Utilities Authority Water Revenue 5.750% 10/15/2055  1,570     1,766
Jersey City NJ GO 4.000%  10/1/2026  1,180     1,193
3
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Jersey City NJ GO 5.000%  10/1/2027  3,560     3,707
Jersey City NJ GO 5.000%  10/1/2028  2,425     2,579
Jersey City NJ GO 5.000%  11/1/2031    510       532
Jersey City NJ GO 5.000%  11/1/2033    415       432
Jersey City NJ GO 4.000%  11/1/2034  2,000     2,035
Jersey City NJ GO 4.000%  11/1/2035  1,170     1,187
2 Jersey City NJ GO 4.000%  10/1/2037  2,860     2,955
Jersey City NJ GO 5.000%  11/1/2037  1,000     1,032
Jersey City NJ GO 3.000%  2/15/2038  7,635     7,157
2 Jersey City NJ GO 4.125%  10/1/2038  2,300     2,375
2 Jersey City NJ GO 4.375%  10/1/2042  2,000     2,042
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     1,431
1 Lenape Regional High School District GO 4.000%   1/1/2041  3,750     3,821
1 Lenape Regional High School District GO 4.000%   1/1/2042  2,000     2,026
2 Lindenwold Boro School District GO 3.000%   2/1/2035  1,355     1,333
Lodi Borough NJ GO 3.000%   2/1/2039  1,090     1,022
Madison Borough Board of Education GO 1.000%  8/15/2031  2,525     2,248
Mercer County NJ GO 0.050%  2/15/2032  5,000     3,978
5 Middlesex County Improvement Authority Intergovernmental Agreement Revenue 5.000%  8/15/2053 26,000    27,214
3 Middlesex County Improvement Authority Intergovernmental Agreement Revenue TOB VRDO 2.880%  12/1/2025  9,650     9,650
Monmouth County Improvement Authority Intergovernmental Agreement Revenue 4.000%  7/15/2034  1,800     1,811
Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/2036     50        52
Monmouth County NJ GO 3.000%  7/15/2026  2,815     2,815
Monmouth County NJ GO 5.000%  7/15/2034    580       626
Monmouth Regional High School District GO 3.000%   2/1/2032  1,255     1,258
Monmouth Regional High School District GO 3.000%   2/1/2033  1,015     1,016
New Brunswick NJ BAN GO 5.000%  4/28/2026  1,800     1,816
2 New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/2030  2,000     2,033
2 New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/2039  1,025     1,037
New Jersey Building Authority Lease (Appropriation) Revenue, Prere. 4.000%  6/15/2026    605       610
6 New Jersey Economic Development Authority Appropriations Revenue 5.250%   7/1/2026  2,320     2,348
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     4,118
6 New Jersey Economic Development Authority Appropriations Revenue 5.500%   9/1/2028  2,220     2,390
New Jersey Economic Development Authority Appropriations Revenue 3.375%   7/1/2030    835       824
New Jersey Economic Development Authority Appropriations Revenue 5.000%  7/15/2030  2,100     2,127
2 New Jersey Economic Development Authority Appropriations Revenue 3.125%   7/1/2031  2,115     2,078
New Jersey Economic Development Authority Appropriations Revenue 4.000%   7/1/2032  2,820     2,829
New Jersey Economic Development Authority Appropriations Revenue 5.000%   7/1/2033  8,165     8,311
New Jersey Economic Development Authority Appropriations Revenue 4.000%   7/1/2034  5,825     5,833
New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/2036  3,405     3,475
New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/2037    700       714
New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/2046     40        38
New Jersey Economic Development Authority Appropriations Revenue 4.625%  6/15/2048  5,000     5,013
New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/2031    100       109
New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/2035  2,620     2,810
New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/2037  1,440     1,531
New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/2039  2,125     2,241
New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 4.000%  6/15/2044  9,495     9,176
New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 4.000%  6/15/2049  6,875     6,363
New Jersey Economic Development Authority Appropriations Revenue, Prere. 4.750% 12/15/2026  4,970     5,082
New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000% 12/15/2026  5,060     5,187
New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.500% 12/15/2026  2,500     2,575
New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000% 12/15/2028  6,790     7,283
New Jersey Economic Development Authority Charter School Aid Revenue 5.000%  11/1/2045    735       744
3 New Jersey Economic Development Authority Charter School Aid Revenue 5.375%   7/1/2047    310       282
New Jersey Economic Development Authority Charter School Aid Revenue 5.125%  11/1/2055  2,920     2,921
New Jersey Economic Development Authority Charter School Aid Revenue 5.250%  11/1/2060  2,320     2,321
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 4.000%  6/15/2029    840       838
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/2039    825       826
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/2049    380       360
4
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
3 New Jersey Economic Development Authority Charter School Aid Revenue (Beloved Commonwealth Charter School Inc. Project) 5.000%  6/15/2054  2,185     2,057
New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 4.000%   7/1/2029    450       448
New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 5.000%   7/1/2038    795       798
New Jersey Economic Development Authority Charter School Aid Revenue (FDTN Academy Charter School Project) 5.000%   7/1/2050  1,100     1,017
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       540
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       573
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       128
New Jersey Economic Development Authority Charter School Aid Revenue (TEAM Academy Charter School Project) 5.000%  12/1/2048  2,465     2,482
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       670
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     1,503
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  7,000     7,092
3 New Jersey Economic Development Authority General Fund Revenue 5.250%   9/1/2027  5,000     5,226
New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Bancroft Neurohealth Project) 5.000%   6/1/2041  3,105     3,086
New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Cranes Mill Project) 5.000%   1/1/2049  5,000     4,612
New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Lions Gate Project) 5.250%   1/1/2044  4,905     4,634
New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/2037  1,065     1,219
New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/2038  2,440     2,771
New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/2039  2,000     2,253
New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.125%  6/15/2026  2,515     2,517
New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 5.000%  11/1/2031    345       373
New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 5.000%  11/1/2035  4,500     4,810
New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/2037  4,400     4,459
New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/2038  3,605     3,639
New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 4.000%  11/1/2039  4,150     4,173
New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/2030    600       627
2 New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/2037  2,385     2,469
New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/2042  6,225     6,349
New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/2027  2,900     3,008
New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/2027  4,290     4,449
New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. 5.000%  6/15/2027  1,800     1,867
New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/2035  2,290     2,415
New Jersey Economic Development Authority Lease Revenue (State House Project) 4.500%  6/15/2040  3,065     3,113
New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/2030  1,150     1,150
New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 4.125%   7/1/2030    200       195
New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2032  2,500     2,516
New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/2035  2,000     2,000
New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2035  5,985     5,865
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  1,220     1,167
New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2047  1,750     1,649
New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/2047  6,905     6,113
New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/2048  8,000     7,662
New Jersey Economic Development Authority Miscellaneous Revenue (Seeing Eye Inc. 2017 Project) 5.000%   6/1/2032  2,345     2,430
New Jersey Economic Development Authority Revenue 5.250%   4/1/2027  6,000     6,182
New Jersey Economic Development Authority Revenue 5.250%   4/1/2028  6,000     6,338
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2028    935       963
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2028  3,000     3,028
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2028    295       305
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2028    250       244
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2029    490       505
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2030    565       573
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2030  4,000     4,035
5
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2031 10,265    10,390
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2031  6,250     6,306
2 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2031  2,150     2,175
New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2032    285       286
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  1,000     1,037
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  2,845     2,928
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  3,000     3,111
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  2,305     2,332
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032  2,890     2,914
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2032    420       455
New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2033    390       391
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033  2,500     2,581
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033  2,340     2,405
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        96
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033  2,475     2,495
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2033    680       734
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  1,825     1,888
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  1,485     1,596
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  2,500     2,578
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2034  2,340     2,401
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     1,490
New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2035     81        81
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2035  1,130     1,210
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2035  1,485     1,522
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2035  2,100     2,120
New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2036  1,175     1,007
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2036  1,800     1,805
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2036    775       773
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2036  4,975     5,134
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2036  3,285     3,501
New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2037  2,350     1,961
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2037  1,100     1,166
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       950
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2038  1,980     2,084
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2038    750       824
New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2039  2,000     1,593
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2039    600       611
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2039  1,050     1,101
New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/2040  2,000     1,529
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2040  1,000     1,012
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2040  2,670     2,488
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     2,233
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2041    850       858
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2041  2,000     2,206
New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2042    515       371
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2042    750       753
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2042  2,080     2,102
New Jersey Educational Facilities Authority College & University Revenue 5.000%   3/1/2043  4,000     4,382
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2043  2,155     2,322
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2044  1,400     1,495
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2045 12,640    12,869
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2045    440       389
New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2047  6,105     5,410
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2047    850       808
New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/2047  4,970     3,844
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  6,695     4,903
New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2050  9,450     8,389
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2050  2,850     2,681
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/2052  1,125     1,051
New Jersey Educational Facilities Authority College & University Revenue 4.000%   3/1/2053 11,000    10,470
New Jersey Educational Facilities Authority College & University Revenue 5.250%   3/1/2054  6,100     6,611
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2028    275       289
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2029    400       427
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2030    280       304
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2031    275       303
6
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2032    250       276
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/2033    275       303
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2034    350       338
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2035    225       214
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/2036    375       388
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2037    820       755
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/2038    300       307
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2039    770       686
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/2040    275       242
New Jersey Educational Facilities Authority College & University Revenue PUT 5.000%   7/1/2035  5,000     5,817
3 New Jersey Educational Facilities Authority College & University Revenue TOB VRDO 2.850%  12/1/2025  8,000     8,000
3 New Jersey Educational Facilities Authority College & University Revenue TOB VRDO 2.820%  12/4/2025  5,625     5,625
New Jersey Educational Facilities Authority College & University Revenue VRDO 2.750%  12/3/2025  1,000     1,000
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     3,080
New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2040  2,000     2,173
New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2041  1,750     1,886
New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2042  1,140     1,217
New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.000%   9/1/2043  1,250     1,323
New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 4.625%   9/1/2048  2,120     2,165
New Jersey Educational Facilities Authority Intergovernmental Agreement Revenue 5.250%   9/1/2053  2,230     2,341
New Jersey GO 2.000%   6/1/2032  3,400     3,104
New Jersey GO 2.000%   6/1/2033  1,500     1,338
New Jersey GO 2.000%   6/1/2034  2,500     2,179
New Jersey GO 2.250%   6/1/2034  2,785     2,506
New Jersey GO 2.000%   6/1/2035  1,500     1,273
New Jersey GO 2.000%   6/1/2036  1,500     1,240
New Jersey GO 2.000%   6/1/2037  1,500     1,205
New Jersey GO 5.000%   6/1/2041  5,000     5,144
New Jersey GO 5.000%   6/1/2042  4,500     4,617
New Jersey GO, Prere. 5.000%   6/1/2027  4,000     4,145
New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/2028  1,225     1,289
New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/2035    630       656
New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) 5.000%  10/1/2038  1,105     1,142
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2027     35        35
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2027  2,100     2,103
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2028  2,860     2,878
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.250%   7/1/2029    465       466
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2029  2,940     2,958
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2029  1,950     1,953
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2030  2,200     2,213
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2030  1,540     1,662
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2030  1,850     1,853
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2031    500       502
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2031  2,310     2,323
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2031    300       308
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2031  2,055     2,081
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2032  1,695     1,661
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2032  2,455     2,638
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.125%   7/1/2033  3,620     3,363
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  1,220     1,233
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  5,080     5,139
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  3,305     3,542
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  2,340     2,368
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  1,500     1,640
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  2,725     2,753
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  2,040     2,180
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  2,190     2,216
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  1,500     1,633
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2035  1,000     1,020
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2035    750       761
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2035  6,910     7,119
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2035  2,500     2,562
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2035  1,500     1,623
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.000%   7/1/2036  2,000     1,670
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2036  3,750     3,808
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2036  1,000     1,008
7
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 5.000%   7/1/2036  2,365     2,418
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2036  1,500     1,613
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2037  4,670     4,717
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2037  6,755     6,934
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2037  3,600     3,674
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2037  1,645     1,757
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2038  1,130     1,049
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2038  4,360     4,383
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2038  1,380     1,381
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2039  1,030       943
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2039  3,955     3,962
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2039  7,000     7,118
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2039 13,000    13,305
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2040  3,240     2,926
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2040  4,075     4,112
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2040  8,000     7,975
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2041  2,625     2,328
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2041 12,500    12,399
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2041  1,000     1,002
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2042  6,000     6,511
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/2043  2,000     2,223
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2044 11,445    10,803
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/2044  2,000     2,216
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2045  9,135     8,719
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.375%   7/1/2046  2,500     1,624
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2046  6,480     5,110
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2047  9,855     9,208
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2047  5,395     4,815
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2048 18,165    15,809
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2049 10,420     8,121
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 2.625%   7/1/2051  3,235     2,074
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2051  8,175     6,243
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/2051 13,130     9,752
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2051 21,200    19,276
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2052  3,280     2,822
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.125%   7/1/2054 15,875    14,570
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.250%   7/1/2054  3,185     3,077
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/2054  9,600    10,293
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/2054  9,000     9,543
3 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue TOB VRDO 2.850%  12/1/2025 21,000    21,000
7 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 1.500%  12/1/2025 10,210    10,210
7 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 2.810%  12/4/2025 10,300    10,300
7 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 2.810%  12/4/2025  3,105     3,105
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, ETM 5.000%   7/1/2026     65        66
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  1,165     1,180
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026    800       811
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  1,000     1,013
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  2,875     2,913
New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  2,745     2,781
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.600%   5/1/2026  5,750     5,758
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.375%  11/1/2027    995       998
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     2,044
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/2034  6,355     6,303
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  10/1/2035  8,965     8,972
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.250%  11/1/2036  1,150       966
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.250%  10/1/2037  2,965     3,064
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/2038  3,365     3,366
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.850%  10/1/2039  4,830     4,837
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%   5/1/2040  5,530     5,599
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.250%  10/1/2040  2,030     1,575
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.750%  10/1/2040  3,000     3,126
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  11/1/2040  2,150     1,694
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.550%   5/1/2041  6,965     7,348
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/2041  1,000       773
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/2042 10,860    11,052
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.950%  11/1/2043  1,100     1,065
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.550%  10/1/2044  4,710     4,752
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/2045  3,240     2,349
8
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 5.050%  10/1/2045 11,000    11,424
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/2045  1,000       721
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  11/1/2045  1,000       927
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  10/1/2046  3,825     2,711
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.600%  10/1/2046  4,815     4,873
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/2046  1,000       719
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/2047    675       640
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%  11/1/2048    825       756
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%   4/1/2049  2,200     1,994
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/2049    865       675
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.700%  10/1/2050  5,750     5,763
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.750%  10/1/2050  8,230     8,352
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.550%  11/1/2050  1,000       664
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     3,116
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   4/1/2051 11,100    11,048
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.700%  11/1/2051  1,000       677
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%   4/1/2052  4,895     3,255
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/2052  2,090     2,046
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/2053 13,335    13,780
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/2053    650       584
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.550%   5/1/2055  3,355     3,353
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.550%   5/1/2055  7,165     7,178
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 6.000%  10/1/2055  6,025     6,477
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.950%  11/1/2055  1,500     1,514
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.200%  11/1/2055  5,000     5,176
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 6.500%   4/1/2056 10,605    11,905
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.625%  11/1/2056  1,000       644
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.750%  11/1/2056  1,000       666
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.600%   5/1/2060  1,825     1,805
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.600%   5/1/2060  3,940     3,890
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.000%  11/1/2060  3,720     3,767
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.250%  11/1/2060  2,000     2,081
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.250% 12/20/2065  5,100     5,620
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue (22 Fulton Street Project) PUT 3.200%   6/1/2030  1,695     1,695
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue (701 Newark Avenue Project) PUT 3.150%  12/1/2028  1,720     1,719
New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue PUT 4.080%  12/1/2025  2,665     2,665
3,7 New Jersey Housing & Mortgage Finance Agency Revenue TOB VRDO 2.890%  12/4/2025    500       500
New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2044    800       868
New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.125%   9/1/2046     40        39
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     2,152
New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2049  2,065     2,210
8 New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.250%   9/1/2051     60        59
8 New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 2.250%   9/1/2051  2,440     1,476
New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/2052  2,230     2,348
New Jersey Infrastructure Bank Lease Revenue 2.000%   9/1/2040  2,705     1,994
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     3,391
New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2031    925       994
New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2033    330       352
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2040  1,200     1,354
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2041  2,000     2,232
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2042  2,000     2,206
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2043  6,670     7,280
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2044  2,000     2,166
2 New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/2045  5,250     5,661
2 New Jersey NJ Institute of Technology College & University Revenue 5.250%   7/1/2050  9,500    10,313
2 New Jersey NJ Institute of Technology College & University Revenue 5.250%   7/1/2055  8,000     8,645
New Jersey Rutgers State University College & University Revenue VRDO 2.200%  12/1/2025 24,495    24,495
9 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2026  2,995     2,906
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2026  6,020     5,841
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2027  5,285     5,336
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2028  2,570     2,598
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2028 11,685    12,357
9 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2028    565       516
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2028  4,705     4,294
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2028    755       691
9
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%  6/15/2029  5,805     5,867
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2029  1,270     1,284
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2029  5,060     4,491
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2030  8,790     8,882
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2030 10,550    10,660
New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.100%  6/15/2031  1,335     1,342
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/2031 14,045    14,187
New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/2031  2,025     2,086
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2032 10,105     8,135
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2032  1,030       823
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2032  1,000     1,082
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2033 12,240    12,961
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2033  1,000     1,079
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2034    285       212
New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/2034  3,250     3,433
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2036    875       589
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2036  6,775     4,562
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2037  8,335     5,342
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2037  2,700     1,731
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2038  8,370     5,104
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2038  1,250       772
New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.250% 12/15/2038  2,000     2,021
New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/2040  1,915     1,894
New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/2040  5,180     2,831
New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/2041  5,395     5,279
New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.250%  6/15/2044  7,000     6,830
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/2031  1,000     1,065
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/2039  4,760     4,782
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/2040  3,160     3,125
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/2046 18,820    17,785
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 3.000%  6/15/2050 19,000    14,333
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/2050  8,150     7,495
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/2050  9,365     9,869
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program), Prere. 5.000% 12/15/2028  1,245     1,339
New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program), Prere. 5.500% 12/15/2032  1,000     1,193
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2036  2,000     2,050
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2038  3,000     3,017
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.250%  6/15/2039  2,495     2,308
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2044  2,715     2,597
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2045 13,125    12,542
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.500%  6/15/2046 14,400    12,139
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.000%  6/15/2050 16,780    12,658
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2050  1,250     1,150
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/2050  6,070     5,582
3 New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue TOB VRDO 2.940%  12/4/2025  5,000     5,000
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue, Prere. 5.000% 12/15/2028  5,525     5,940
New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue, Prere. 5.000% 12/15/2030    215       241
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/2037  8,000     9,061
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.250%  6/15/2040  8,680     8,751
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/2040 10,055    11,090
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.000%  6/15/2042  5,000     4,839
1 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.000%  6/15/2042  4,000     3,941
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/2042 17,725    19,166
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2040  2,325     2,564
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2041  1,275     1,392
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2042  7,500     8,110
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2042  2,000     2,177
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2043  2,000     2,156
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2044    500       532
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2044  1,000     1,069
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2045 10,590    11,198
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 4.125%  6/15/2050  8,185     7,678
10
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  1,675     1,774
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.250%  6/15/2050  2,000     2,129
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 4.125%  6/15/2055  7,415     6,896
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.000%  6/15/2055  4,000     4,156
New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.250%  6/15/2055 50,125    52,858
3,7 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue TOB VRDO 2.880%  12/1/2025  4,000     4,000
3 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue TOB VRDO 3.000%  12/1/2025  9,665     9,665
3 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue TOB VRDO 3.000%  12/1/2025 29,195    29,195
3 New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue TOB VRDO 3.000%  12/1/2025  5,200     5,200
New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/2038 12,000     7,317
New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/2039  4,080     2,357
3,7,9 New Jersey Transportation Trust Fund Authority Revenue TOB VRDO 2.880%  12/4/2025    422       422
9,10 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/2026    595       578
2 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/2038    175       108
1 New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2026 12,125    12,151
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2033  2,495     2,864
New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/2035  2,000     2,031
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2036  3,890     4,044
New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/2042  6,000     5,989
New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/2042  3,020     3,021
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2042  1,000     1,074
New Jersey Turnpike Authority Highway Revenue 4.250%   1/1/2043  4,000     4,036
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2043 16,795    18,038
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2043  2,320     2,518
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2044  4,635     4,945
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2044  2,525     2,720
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2045 33,920    36,076
New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/2045  2,000     2,145
New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/2048  5,705     5,452
New Jersey Turnpike Authority Highway Revenue 4.500%   1/1/2048  3,555     3,617
New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2049 23,920    25,643
New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2050 19,660    21,266
New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/2051 15,000    14,213
New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2052  6,000     6,365
New Jersey Turnpike Authority Highway Revenue 4.125%   1/1/2054 16,615    16,001
New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2054 17,315    18,446
New Jersey Turnpike Authority Highway Revenue 4.750%   1/1/2055 10,000    10,307
New Jersey Turnpike Authority Highway Revenue 5.250%   1/1/2055 41,480    44,735
3 New Jersey Turnpike Authority Highway Revenue TOB VRDO 2.880%  12/1/2025  8,000     8,000
3 New Jersey Turnpike Authority Highway Revenue TOB VRDO 2.880%  12/1/2025  7,030     7,030
3 New Jersey Turnpike Authority Highway Revenue TOB VRDO 2.880%  12/1/2025  9,115     9,115
3 New Jersey Turnpike Authority Highway Revenue TOB VRDO 2.820%  12/4/2025  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       978
2 Newark Board of Education GO 5.000%  7/15/2033    520       578
2 Newark Board of Education GO 4.000%  7/15/2035    500       521
2 Newark Board of Education GO 4.000%  7/15/2036    475       492
2 Newark Board of Education GO 4.000%  7/15/2037    450       464
2 Newark Board of Education GO 3.000%  7/15/2038  1,350     1,215
2 Newark Board of Education GO 3.000%  7/15/2039  1,550     1,375
2 Newark Board of Education GO 3.000%  7/15/2040  3,025     2,644
2 Newark Board of Education GO 3.000%  7/15/2041  3,855     3,319
2 Newark Board of Education GO 3.000%  7/15/2042    800       676
6 Newark Housing Authority Intergovernmental Agreement Revenue (ADDL-Newark Redevelopment Project) 5.000%   1/1/2032  5,500     5,913
Newark Housing Authority Intergovernmental Agreement Revenue (ADDL-Newark Redevelopment Project) 4.000%   1/1/2037  8,600     8,651
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 5.375% 11/15/2052  3,920     4,234
1 Newark NJ Mass Transit Access Tax Miscellaneous Taxes Revenue 6.000% 11/15/2062  9,370    10,460
1 Newark Parking Authority Lease (Non-Terminable) Revenue (Office Facility/Office Project) 5.250%   2/1/2043  1,075     1,120
1 Newark Parking Authority Lease (Non-Terminable) Revenue (Office Facility/Office Project) 5.500%   2/1/2051  1,600     1,655
North Brunswick Township Board of Education GO 3.250%  8/15/2031    395       398
North Brunswick Township Board of Education GO 3.375%  8/15/2037  1,695     1,659
North Brunswick Township Board of Education GO 4.000%  5/15/2045  4,600     4,603
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2037  1,485     1,730
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2038  1,000     1,164
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2039  1,100     1,278
11
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2040  1,100     1,264
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2041  1,000     1,138
1 North Hudson NJ Sewerage Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2042  1,045     1,173
Ocean City NJ GO 2.250%  9/15/2032  2,370     2,179
Ocean City NJ GO 3.000% 10/15/2037  4,380     4,157
Ocean City NJ GO 2.000% 10/15/2038  4,380     3,563
Ocean County NJ GO 4.375%  11/1/2041  3,405     3,609
Passaic County Improvement Authority Charter School Aid Revenue 4.125%   7/1/2033  1,000     1,023
Passaic County Improvement Authority Charter School Aid Revenue 4.500%   7/1/2040  1,200     1,210
Passaic County Improvement Authority Charter School Aid Revenue 5.000%   7/1/2044  1,000     1,009
Passaic County Improvement Authority Charter School Aid Revenue 4.750%   1/1/2045  1,060       988
Passaic County Improvement Authority Charter School Aid Revenue 5.000%   1/1/2055  1,000       941
Passaic County Improvement Authority Charter School Aid Revenue 5.000%   1/1/2060  1,700     1,560
Passaic County Improvement Authority Charter School Aid Revenue (Paterson Arts & Science Charter School Project) 4.250%   7/1/2033    520       533
Passaic County Improvement Authority Charter School Aid Revenue (Paterson Arts & Science Charter School Project) 5.250%   7/1/2043  1,340     1,377
Passaic County Improvement Authority Charter School Aid Revenue (Paterson Arts & Science Charter School Project) 5.375%   7/1/2053  1,000     1,020
Passaic County Improvement Authority Charter School Aid Revenue (Paterson Arts & Science Charter School Project) 5.500%   7/1/2058  2,000     2,047
Passaic County Improvement Authority Lease (Non-Terminable) Revenue (DPW Building Project) 5.000%   5/1/2033    720       721
8 Passaic County Improvement Authority Lease (Non-Terminable) Revenue (North Borough Haledon Project) 4.000%  12/1/2054  1,000       956
Passaic County Improvement Authority Lease Revenue (Paterson City Project) 4.000%  8/15/2033    110       116
Passaic County Improvement Authority Lease Revenue (Paterson City Project) 4.000%  8/15/2034    125       131
Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/2036    145       140
Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/2037    150       143
Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/2044    755       614
Passaic County Improvement Authority Miscellaneous Revenue (Paterson City Project) 5.000%  6/15/2035  1,200     1,237
Passaic County NJ GO 3.000%   5/1/2032    540       546
Passaic County NJ GO 1.000%  12/1/2035  1,675     1,302
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2035  1,615     1,552
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2036  1,495     1,412
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2037  1,935     1,795
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2038    970       884
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/2039    500       448
1 Passaic Valley Water Commission Water Revenue 5.000%  12/1/2041    360       393
1 Passaic Valley Water Commission Water Revenue 5.000%  12/1/2043    800       861
Pemberton Township NJ BAN GO 4.000%  5/21/2026  4,000     4,024
Rancocas Valley Regional High School District GO 3.000%  3/15/2039  1,300     1,215
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       379
Saddle Brook Township NJ GO 2.125%  2/15/2033    500       445
Saddle Brook Township NJ GO 2.250%  2/15/2034    500       441
Salem County NJ GO 2.000%  6/15/2028  1,150     1,096
2 Salem County NJ GO 3.000%  6/15/2033    270       268
Salem County NJ GO 2.000%  6/15/2036  1,680     1,366
Salem County NJ GO 2.000%  6/15/2037  1,835     1,449
2 Sayreville School District GO 4.000%  1/15/2042  2,160     2,195
South Jersey Port Corp. Port, Airport & Marina Revenue 5.000%   1/1/2034  1,915     1,918
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       213
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2028  1,140     1,216
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2029    500       544
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2030    500       544
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2031    500       543
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2032    500       541
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2033    500       540
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2038  1,500     1,684
2 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2039  2,285     2,334
South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2039  1,000     1,078
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2039  2,110     2,348
South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2040  2,125     2,124
South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2040  1,250     1,336
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2041  3,250     3,425
South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2041  1,750     1,856
South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2045  8,975     9,207
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/2045  2,000     2,065
South Jersey Transportation Authority Highway Revenue 4.625%  11/1/2047  2,635     2,645
South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2050 12,235    11,059
12
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
2 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2050  3,265     3,042
1 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/2050  1,305     1,216
South Jersey Transportation Authority Highway Revenue 5.250%  11/1/2052  5,900     6,118
2 South Jersey Transportation Authority Highway Revenue 5.250%  11/1/2052  3,650     3,824
South Orange & Maplewood School District GO 2.000%  11/1/2031    215       196
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       924
South Orange & Maplewood School District GO 3.000%  8/15/2038  1,125     1,048
South Orange & Maplewood School District GO 2.250%  11/1/2038  1,000       805
2 South Orange & Maplewood School District GO 2.500%  11/1/2039  1,955     1,604
South Orange & Maplewood School District GO 2.000%  8/15/2040  1,550     1,132
South Orange & Maplewood School District GO 2.125%  8/15/2041  1,525     1,097
South Orange & Maplewood School District GO 2.500%  11/1/2042  3,100     2,311
Sussex County Municipal Utilities Authority Resource Recovery Revenue (Landfill Expansion Project) 3.000%  12/1/2041  1,100       964
Tenafly School District GO 3.375%   8/1/2039  1,670     1,648
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2028  2,310     2,429
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2029  1,500     1,576
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2031  5,750     6,018
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2033  2,645     2,750
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2034  2,955     3,059
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2035 10,945    11,292
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2036  2,595     2,667
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/2037  5,910     5,879
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2037  8,650     8,855
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2046 21,815    21,678
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/2046  6,410     6,223
Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.250%   6/1/2046  1,045     1,048
Toms River Board of Education GO 3.000%  7/15/2033    175       157
Toms River Board of Education GO 3.000%  7/15/2036  1,815     1,574
Toms River Board of Education GO 3.000%  7/15/2037  1,925     1,654
Toms River Board of Education GO 3.000%  7/15/2038    750       635
Union County Improvement Authority Lease (Non-Terminable) Revenue (Union County Administration Complex Project) 4.125%  4/15/2054  2,500     2,407
Union County Township NJ BAN GO 4.000%   4/2/2026  5,000     5,022
Union County Township NJ GO 1.000%   8/1/2032  1,094       923
Vineland NJ GO 4.000%  11/1/2041  2,600     2,628
2 West Deptford Township Board of Education GO 4.250%  7/15/2044  2,200     2,207
West Deptford Township NJ GO 3.000%  2/15/2032    640       642
West Windsor-Plainsboro NJ Regional School District GO 2.375%   8/1/2036  3,325     2,916
Willingboro Township NJ GO 2.125%   9/1/2033    200       175
1 Willingboro Township School District GO 4.125%  8/15/2043  4,075     4,090
Woolwich Township NJ GO 3.000%   5/1/2040  1,740     1,605
Woolwich Township NJ GO 3.000%   5/1/2041  1,740     1,570
                             2,589,223
American Samoa (0.0%)
3,8 American Samoa Economic Development Authority Income Tax Revenue 5.250%   9/1/2045    100       101
Delaware (0.8%)
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2034    170       191
Delaware River & Bay Authority Highway Revenue 3.000%   1/1/2035  1,000       984
Delaware River & Bay Authority Highway Revenue 3.000%   1/1/2036  1,000       962
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2036    170       190
Delaware River & Bay Authority Highway Revenue 3.000%   1/1/2037  1,000       943
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2037    350       389
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2037    170       189
Delaware River & Bay Authority Highway Revenue 3.000%   1/1/2038  1,000       925
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2038    170       188
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2038    600       684
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2039    150       166
Delaware River & Bay Authority Highway Revenue 4.000%   1/1/2040    700       714
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2040    170       187
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2040    500       563
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2040    650       732
Delaware River & Bay Authority Highway Revenue 4.000%   1/1/2041    450       456
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2041    185       202
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2041  1,440     1,608
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2041    750       837
Delaware River & Bay Authority Highway Revenue 4.000%   1/1/2042    750       755
13
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2042    170       184
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2042  1,500     1,660
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2042  1,000     1,107
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2043  1,500     1,645
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2043    750       822
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2044  1,745     1,893
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2044    700       760
Delaware River & Bay Authority Highway Revenue 4.000%   1/1/2046  1,000       970
Delaware River & Bay Authority Highway Revenue 5.000%   1/1/2049  1,000     1,065
                                21,971
Guam (0.3%)
Guam Government Waterworks Authority Water Revenue 5.000%   7/1/2036    250       275
Guam Government Waterworks Authority Water Revenue 5.250%   7/1/2040    115       126
Guam Government Waterworks Authority Water Revenue 5.250%   7/1/2041    120       129
Guam Government Waterworks Authority Water Revenue 5.250%   7/1/2050  4,000     4,138
Guam Government Waterworks Authority Water Revenue 5.500%   7/1/2055  1,665     1,746
Guam Miscellaneous Taxes Revenue 4.000%   1/1/2036    200       203
Guam Miscellaneous Taxes Revenue 5.250%   1/1/2038    390       430
Guam Miscellaneous Taxes Revenue 4.000%   1/1/2042  1,780     1,710
Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2044     55        56
                                 8,813
New York (5.5%)
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.375%   3/1/2028    505       525
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2036  5,560     5,953
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/2037  3,140     3,223
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2037  3,300     3,865
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/2039  1,000     1,020
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2039  4,605     5,283
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2040  1,000     1,126
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%   9/1/2041  1,520     1,686
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2041  1,530     1,719
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2042  2,555     2,813
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2042  4,000     4,342
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2042    240       263
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2042  2,000     2,216
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2043  1,000     1,090
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2043    525       564
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2043  1,730     1,859
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2043  1,000     1,087
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2044  1,310     1,417
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2044  1,095     1,190
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2045  1,480     1,591
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/2045  2,145     2,317
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/2046  2,575     2,469
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2048  3,315     3,499
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2049  3,500     3,711
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2049  6,850     7,272
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/2049  8,000     7,392
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2050 11,825    12,533
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2052  5,000     5,234
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250%   8/1/2052  2,000     2,113
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2053  8,000     8,392
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/2054 19,105    20,119
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/2054  5,170     5,447
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  1/15/2055 31,745    33,525
Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 10/15/2055  1,200     1,299
3 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 2.950%  12/1/2025  2,135     2,135
                               160,849
Pennsylvania (1.5%)
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2033  2,250     2,329
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2033    135       146
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     1,034
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2034    135       146
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2035    175       188
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2036  2,260     2,332
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2036    155       166
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2037  5,490     5,660
14
New Jersey Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2037    150       160
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2042 17,000    17,350
Delaware River Port Authority Highway Revenue 5.000%   1/1/2037  1,000     1,052
Delaware River Port Authority Highway Revenue 5.000%   1/1/2038  3,900     4,092
Delaware River Port Authority Highway Revenue 5.000%   1/1/2039  3,500     3,674
Delaware River Port Authority Port, Airport & Marina Revenue 5.000%   1/1/2037  1,000     1,151
Delaware River Port Authority Port, Airport & Marina Revenue 5.000%   1/1/2038  1,000     1,142
Delaware River Port Authority Port, Airport & Marina Revenue 5.000%   1/1/2039    875       992
                                43,275
Puerto Rico (1.5%)
Commonwealth of Puerto Rico GO 5.625%   7/1/2027  1,647     1,684
Commonwealth of Puerto Rico GO 5.625%   7/1/2029  2,547     2,702
Commonwealth of Puerto Rico GO 5.750%   7/1/2031  3,663     4,033
Commonwealth of Puerto Rico GO 0.000%   7/1/2033    680       490
Commonwealth of Puerto Rico GO 4.000%   7/1/2033  2,708     2,704
Commonwealth of Puerto Rico GO 4.000%   7/1/2035  1,048     1,040
Commonwealth of Puerto Rico GO 4.000%   7/1/2037  3,508     3,369
Commonwealth of Puerto Rico GO 4.000%   7/1/2041  4,083     3,771
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2030  1,080     1,125
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2033  5,010     5,232
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2033  2,315     2,428
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2035    285       295
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037    780       807
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037    250       258
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037     70        73
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/2042  2,260     2,071
3 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/2042  1,000       916
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2027    746       707
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2029    602       533
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2031  1,001       820
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2033    843       639
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/2040  5,088     4,954
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/2040    178       173
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2046  1,867       633
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.536%   7/1/2053  1,000       910
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.784%   7/1/2058  1,134     1,068
                                43,435
Total Tax-Exempt Municipal Bonds (Cost $2,887,013) 2,867,667
15
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  3,711     2,375
Commonwealth of Puerto Rico CVI 0.000%  11/1/2051  1,525       995
Total Taxable Municipal Bonds (Cost $3,163) 3,370
Total Investments (98.4%) (Cost $2,890,176) 2,871,037
Other Assets and Liabilities-Net (1.6%) 46,499
Net Assets (100%) 2,917,536
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 November 30, 2025, the aggregate value was $171,283, representing 5.9% 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 $417 have been segregated as initial margin for open futures contracts.
6 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
7 Scheduled principal and interest payments are guaranteed by bank letter of credit.
8 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2025.
9 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
10 Scheduled principal and interest payments are guaranteed by Berkshire Hathaway 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.
16
New Jersey Long-Term Tax-Exempt Fund
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 March 2026 139 29,032 (11)
5-Year U.S. Treasury Note March 2026 131 14,379 39
Ultra 10-Year U.S. Treasury Note March 2026 123 14,293 46
74
Short Futures Contracts
Ultra Long U.S. Treasury Bond March 2026 (109) (13,182) (120)
(46)
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)
4/22/2026 RBC 470 Buy 5-Year MMD AAA General Obligation Scale 3.460% 22 22 -
4/22/2026 MSCS 350 Buy 5-Year MMD AAA General Obligation Scale 3.460% 16 16 -
4/23/2026 JPMC 1,230 Buy 5-Year MMD AAA General Obligation Scale 3.380% 53 53 -
4/28/2026 MSCS 775 Buy 30-Year MMD AAA General Obligation Scale 4.700% 63 63 -
4/28/2026 JPMC 515 Buy 30-Year MMD AAA General Obligation Scale 4.700% 42 42 -
4/29/2026 RBC 773 Buy 30-Year MMD AAA General Obligation Scale 4.650% 56 56 -
5/6/2026 RBC 210 Buy 10-Year MMD AAA General Obligation Scale 3.620% 15 15 -
5/6/2026 MSCS 195 Buy 10-Year MMD AAA General Obligation Scale 3.640% 14 14 -
5/19/2026 RBC 340 Buy 15-Year MMD AAA General Obligation Scale 4.060% 22 22 -
5/19/2026 MSCS 312 Buy 15-Year MMD AAA General Obligation Scale 4.060% 20 20 -
8/20/2026 RBC 2,000 Buy 5-Year MMD AAA General Obligation Scale 2.790% 19 19 -
8/20/2026 MSCS 860 Buy 5-Year MMD AAA General Obligation Scale 2.840% 10 10 -
352 352 -
JPMC-JPMorgan Chase Bank, N.A.
MSCS-Morgan Stanley Capital Services LLC.
RBC-Royal Bank of Canada.
See accompanying Notes, which are an integral part of the Financial Statements.
17
New Jersey Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of November 30, 2025
($000s, except shares and per-share amounts) Amount
Assets
Investments in Securities, at Value-Unaffiliated Issuers (Cost $2,890,176) 2,871,037
Investment in Vanguard 69
Cash 4,721
Receivables for Investment Securities Sold 1,643
Receivables for Accrued Income 43,894
Receivables for Capital Shares Issued 2,158
Variation Margin Receivable-Futures Contracts 9
Unrealized Appreciation-Over-the-Counter Swap Contracts 352
Other Assets 102
Total Assets 2,923,985
Liabilities
Payables for Investment Securities Purchased 2,688
Payables for Capital Shares Redeemed 1,107
Payables for Distributions 2,540
Payables to Vanguard 114
Total Liabilities 6,449
Net Assets 2,917,536
At November 30, 2025, net assets consisted of:
Paid-in Capital 2,985,280
Total Distributable Earnings (Loss) (67,744)
Net Assets 2,917,536
Investor Shares-Net Assets
Applicable to 31,171,616 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		356,052
Net Asset Value Per Share-Investor Shares $11.42
Admiral™ Shares-Net Assets
Applicable to 224,252,497 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		2,561,484
Net Asset Value Per Share-Admiral Shares $11.42
See accompanying Notes, which are an integral part of the Financial Statements.
18
New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
Year Ended
November 30, 2025
($000)
Investment Income
Income
Interest 101,275
Total Income 101,275
Expenses
The Vanguard Group-Note B
Investment Advisory Services 352
Management and Administrative-Investor Shares 371
Management and Administrative-Admiral Shares 1,616
Marketing and Distribution-Investor Shares 20
Marketing and Distribution-Admiral Shares 120
Custodian Fees 51
Auditing Fees 32
Shareholders' Reports and Proxy Fees-Investor Shares 13
Shareholders' Reports and Proxy Fees-Admiral Shares 22
Trustees' Fees and Expenses 2
Other Expenses 16
Total Expenses 2,615
Expenses Paid Indirectly (51)
Net Expenses 2,564
Net Investment Income 98,711
Realized Net Gain (Loss)
Investment Securities Sold (11,475)
Futures Contracts (53)
Swap Contracts (53)
Realized Net Gain (Loss) (11,581)
Change in Unrealized Appreciation (Depreciation)
Investment Securities (10,825)
Futures Contracts (69)
Swap Contracts 352
Change in Unrealized Appreciation (Depreciation) (10,542)
Net Increase (Decrease) in Net Assets Resulting from Operations 76,588
See accompanying Notes, which are an integral part of the Financial Statements.
19
New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
Year Ended November 30,
2025
($000) 		2024
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 98,711 87,115
Realized Net Gain (Loss) (11,581) (3,145)
Change in Unrealized Appreciation (Depreciation) (10,542) 75,953
Net Increase (Decrease) in Net Assets Resulting from Operations 76,588 159,923
Distributions
Investor Shares (11,206) (9,547)
Admiral Shares (85,934) (76,193)
Total Distributions (97,140) (85,740)
Capital Share Transactions
Investor Shares 59,999 22,163
Admiral Shares 275,796 135,908
Net Increase (Decrease) from Capital Share Transactions 335,795 158,071
Total Increase (Decrease) 315,243 232,254
Net Assets
Beginning of Period 2,602,293 2,370,039
End of Period 2,917,536 2,602,293
See accompanying Notes, which are an integral part of the Financial Statements.
20
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $11.55 $11.21 $11.06 $12.75 $12.66
Investment Operations
Net Investment Income1 .410 .393 .376 .345 .342
Net Realized and Unrealized Gain (Loss) on Investments (.137) .333 .146 (1.614) .190
Total from Investment Operations .273 .726 .522 (1.269) .532
Distributions
Dividends from Net Investment Income (.403) (.386) (.372) (.344) (.342)
Distributions from Realized Capital Gains - - - (.077) (.100)
Total Distributions (.403) (.386) (.372) (.421) (.442)
Net Asset Value, End of Period $11.42 $11.55 $11.21 $11.06 $12.75
Total Return2 2.49% 6.58% 4.81% -10.06% 4.26%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $356 $298 $268 $250 $305
Ratio of Total Expenses to Average Net Assets 0.15%3 0.17%3 0.17%3 0.17%3 0.17%
Ratio of Net Investment Income to Average Net Assets 3.66% 3.44% 3.39% 2.99% 2.68%
Portfolio Turnover Rate 27% 41% 36% 38% 23%
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 0.15%, 0.17%, 0.17%, and 0.17%, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
21
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $11.55 $11.21 $11.06 $12.75 $12.66
Investment Operations
Net Investment Income1 .416 .402 .385 .354 .353
Net Realized and Unrealized Gain (Loss) on Investments (.137) .333 .146 (1.614) .189
Total from Investment Operations .279 .735 .531 (1.260) .542
Distributions
Dividends from Net Investment Income (.409) (.395) (.381) (.353) (.352)
Distributions from Realized Capital Gains - - - (.077) (.100)
Total Distributions (.409) (.395) (.381) (.430) (.452)
Net Asset Value, End of Period $11.42 $11.55 $11.21 $11.06 $12.75
Total Return2 2.55% 6.66% 4.89% -9.99% 4.34%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $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%
Ratio of Net Investment Income to Average Net Assets 3.72% 3.52% 3.47% 3.07% 2.76%
Portfolio Turnover Rate 27% 41% 36% 38% 23%
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.
22
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 year ended November 30, 2025, the fund's average investments in long and short futures contracts represented 1% 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 year ended November 30, 2025, 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.
23
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 an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. 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 year ended November 30, 2025, 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), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC. The fund's expense ratios and investment objectives remain unchanged.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, 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.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2025, custodian fee offset arrangements reduced the fund's expenses by $51,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments 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.
24
New Jersey Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund's investments and derivatives as of November 30, 2025, 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 - 2,867,667 - 2,867,667
Taxable Municipal Bonds - 3,370 - 3,370
Total - 2,871,037 - 2,871,037
Derivative Financial Instruments 
Assets
Futures Contracts1 85 - - 85
Swap Contracts - 352 - 352
Total 85 352 - 437
Liabilities
Futures Contracts1 (131) - - (131)
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.
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, the recognition of gain or loss from foreign currency hedges, and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount
($000)
Undistributed Tax-Exempt Income 2,654
Undistributed Ordinary Income -
Undistributed Long-Term Gains -
Net Unrealized Gains (Losses) (17,153)
Capital Loss Carryforwards (50,705)
Qualified Late-Year Losses -
Other Temporary Differences (2,540)
Total (67,744)
The tax character of distributions paid was as follows:
Year Ended November 30,
2025
Amount
($000) 		2024
Amount
($000)
Tax-Exempt Income 96,919 85,674
Ordinary Income* 221 66
Long-Term Capital Gains - -
Total 97,140 85,740
* Includes short-term capital gains, if any.
As of November 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 2,888,542
Gross Unrealized Appreciation 52,860
Gross Unrealized Depreciation (70,013)
Net Unrealized Appreciation (Depreciation) (17,153)
25
New Jersey Long-Term Tax-Exempt Fund
F. During the year ended November 30, 2025, the fund purchased $908,702,000 of investment securities and sold $668,784,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $63,535,000 and sales were $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
Year Ended November 30,
2025 2024
Amount
($000) 		Shares
(000) 		Amount
($000) 		Shares
(000)
Investor Shares
Issued 145,916 13,033 93,624 8,207
Issued in Lieu of Cash Distributions 9,628 860 8,047 706
Redeemed (95,545) (8,542) (79,508) (6,989)
Net Increase (Decrease)-Investor Shares 59,999 5,351 22,163 1,924
Admiral Shares
Issued 619,296 55,635 346,683 30,411
Issued in Lieu of Cash Distributions 59,666 5,331 53,046 4,652
Redeemed (403,166) (36,189) (263,821) (23,166)
Net Increase (Decrease)-Admiral Shares 275,796 24,777 135,908 11,897
H. 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.
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.
I. 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.
J. Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
26
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard New Jersey Tax-Free Funds and Shareholders of Vanguard New Jersey Long-Term Tax-Exempt Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard New Jersey Long-Term Tax-Exempt Fund (the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 23, 2026
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
27
Tax information (unaudited)
The fund designates 100% of its income dividends as exempt-interest dividends.
Q140 012026
28

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.

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: January 23, 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: January 23, 2026

VANGUARD NEW JERSEY TAX-FREE FUNDS

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

Date: January 23, 2026

* By: /s/ Natalie Lamarque

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

Vanguard New Jersey Tax-Free Funds published this content on February 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 03, 2026 at 18:42 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]