N-Q 1 newjersey.htm NQ FORM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY


Investment Company Act file number: 811-5340

Name of Registrant: Vanguard New Jersey Tax-Free Funds

Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service: Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482

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


Date of fiscal year end: November 30

Date of reporting period:  February 28, 2006

Item 1: Schedule of Investments



Vanguard New Jersey Tax-Exempt Money Market Fund
Schedule of Investments
February 28, 2006
Coupon Maturity
Date		 Face
Amount
($000)		 Market
Value
($000)
   Municipal Bonds (102.3%)        
  Bridgewater Township NJ BAN 4.000% 10/4/2006  7,630  7,676 
  Burlington County NJ BAN 4.500% 3/1/2007  19,655  19,856 
  Burlington County NJ BAN 3.250% 4/14/2006  24,985  24,995 
1 Burlington County NJ Bridge Comm. Rev. TOB
   VRDO		 3.210% 3/7/2006 (2)  5,350  5,350 
  Cherry Hill Township NJ BAN 4.000% 10/24/2006  9,133  9,184 
  Delaware River & Bay Auth. New Jersey Rev. VRDO 3.150% 3/7/2006 (2)  12,200  12,200 
1 Delaware River Port Auth. Pennsylvania & New Jersey Rev. TOB
   VRDO		 3.210% 3/7/2006 (4)  3,000  3,000 
1 Essex County NJ Improvement Auth. Lease Rev. TOB VRDO 3.220% 3/7/2006 (1)  7,480  7,480 
  Essex County NJ Improvement Auth. Rev. (Pooled Govt. Loan)
  VRDO		 3.180% 3/7/2006 LOC  40,350  40,350 
  Gloucester County NJ BAN 4.000% 10/23/2006  16,200  16,298 
  Gloucester County NJ PCR (Mobil Oil Refining Corp.) VRDO 2.500% 3/1/2006  38,075  38,075 
  Harding Township NJ BAN 4.500% 8/17/2006  5,950  5,982 
  Hopewell Township NJ BAN 4.500% 11/17/2006  16,940  17,096 
  Middlesex County NJ BAN 3.500% 6/16/2006  61,000  61,140 
  Monmouth County NJ Improvement Auth. Rev. (Pooled Govt.
  Loan)VRDO		 3.250% 3/7/2006 LOC  31,915  31,915 
  Monroe Township NJ BAN 4.250% 2/16/2007  9,980  10,068 
  Mount Laurel Township NJ BAN 4.000% 5/26/2006  7,351  7,370 
1 New Jersey Building Auth. Rev. TOB VRDO 3.220% 3/7/2006 (1)  42,385  42,385 
1 New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel Room
   Fee) TOB VRDO		 3.220% 3/7/2006 (1)  4,810  4,810 
1 New Jersey COP TOB VRDO 3.230% 3/7/2006 (2)  10,395  10,395 
  New Jersey Econ. Dev. Auth. Fac. Rev. (Logan Project) CP 3.150% 3/1/2006 LOC  25,000  25,000 
  New Jersey Econ. Dev. Auth. Fac. Rev. (Logan Project) CP 3.130% 5/1/2006 LOC  30,000  30,000 
1 New Jersey Econ. Dev. Auth. Lease Rev. TOB VRDO 3.210% 3/7/2006 (1)  6,510  6,510 
  New Jersey Econ. Dev. Auth. Rev. (Bennedictine Abbey Newark)
  VRDO		 3.180% 3/7/2006 LOC  19,000  19,000 
  New Jersey Econ. Dev. Auth. Rev. (Bennedictine Abbey Newark)
  VRDO		 3.180% 3/7/2006 LOC  8,925  8,925 
  New Jersey Econ. Dev. Auth. Rev. (Chambers Cogeneration
  Limited Partnership) CP		 3.350% 3/1/2006 LOC  30,100  30,100 
  New Jersey Econ. Dev. Auth. Rev. (Columbia Univ. Project) CP 3.100% 5/1/2006  7,880  7,880 
  New Jersey Econ. Dev. Auth. Rev. (Hamilton YMCA) VRDO 3.210% 3/7/2006 LOC  4,910  4,910 
  New Jersey Econ. Dev. Auth. Rev. (Hoffman-La Roche) VRDO 2.950% 3/1/2006 LOC  17,500  17,500 
  New Jersey Econ. Dev. Auth. Rev. (Jewish Community Center)
  VRDO		 3.180% 3/7/2006 LOC  5,820  5,820 
  New Jersey Econ. Dev. Auth. Rev. (Lawrenceville School Project)
  VRDO		 2.700% 3/1/2006  23,700  23,700 
  New Jersey Econ. Dev. Auth. Rev. (Lawrenceville School Project)
  VRDO		 2.940% 3/1/2006  12,525  12,525 
1 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) TOB
   VRDO		 3.210% 3/7/2006 (1)  6,075  6,075 
1 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) TOB
   VRDO		 3.220% 3/7/2006 (1)  8,000  8,000 
1 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) TOB
   VRDO		 3.220% 3/7/2006 (1)  15,670  15,670 
  New Jersey Econ. Dev. Auth. Rev. (Ocean Spray Cranberries)
  VRDO		 3.210% 3/7/2006 LOC  8,000  8,000 
  New Jersey Econ. Dev. Auth. Rev. (Peddie School Project) VRDO 3.130% 3/7/2006  6,725  6,725 
  New Jersey Econ. Dev. Auth. Rev. (Peddie School Project) VRDO 3.180% 3/7/2006  5,000  5,000 
  New Jersey Econ. Dev. Auth. Rev. (Peddie School Project) VRDO 3.180% 3/7/2006  7,500  7,500 
  New Jersey Econ. Dev. Auth. Rev. (Russell Berrie) VRDO 3.210% 3/7/2006 LOC  7,000  7,000 
1 New Jersey Econ. Dev. Auth. Rev. (School Fac.) TOB VRDO 3.220% 3/7/2006 (3)  39,440  39,440 
1 New Jersey Econ. Dev. Auth. Rev. (School Fac.) TOB VRDO 3.220% 3/7/2006 (2)  5,320  5,320 
1 New Jersey Econ. Dev. Auth. Rev. (School Fac.) TOB VRDO 3.220% 3/7/2006 (2)  11,385  11,385 
1 New Jersey Econ. Dev. Auth. Rev. (School Fac.) TOB VRDO 3.220% 3/7/2006 (3)  8,800  8,800 
1 New Jersey Econ. Dev. Auth. Rev. (Transp. Project) TOB VRDO 3.210% 3/7/2006 (4)  7,465  7,465 
  New Jersey Econ. Dev. Auth. Rev. (United States Golf Assn.)
  VRDO		 3.180% 3/7/2006 LOC  5,300  5,300 
  New Jersey Econ. Dev. Auth. Rev. PCR (Exxon) VRDO 2.640% 3/1/2006  1,400  1,400 
1 New Jersey Econ. Dev. Auth. Rev. TOB VRDO 3.210% 3/7/2006 (4)  2,750  2,750 
1 New Jersey Econ. Dev. Auth. Water Fac. Rev. (New Jersey Water
   Co. Project) TOB VRDO		 3.230% 3/7/2006 (3)  4,850  4,850 
  New Jersey Econ. Dev. Auth. Water Fac. Rev. (United Water Co.)
  VRDO		 2.970% 3/1/2006 (2)  2,500  2,500 
  New Jersey Econ. Dev. Auth. Water Fac. Rev. (United Water Co.)
  VRDO		 3.070% 3/1/2006 (2)  10,965  10,965 
  New Jersey Educ. Fac. Auth. Rev. (College of New Jersey) VRDO 3.160% 3/7/2006 (2)  32,100  32,100 
  New Jersey Educ. Fac. Auth. Rev. (Institute for Defense Analyses)
  VRDO		 3.210% 3/7/2006 (2)  12,930  12,930 
1 New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) TOB VRDO 3.220% 3/7/2006  5,000  5,000 
1 New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) TOB VRDO 3.220% 3/7/2006  5,210  5,210 
  New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) VRDO 2.700% 3/1/2006  45,775  45,775 
  New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) VRDO 2.900% 3/1/2006  18,950  18,950 
1 New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) TOB VRDO 3.220% 3/7/2006 (2)  2,780  2,780 
1 New Jersey GO TOB VRDO 3.200% 3/7/2006 (2)  3,670  3,670 
1 New Jersey GO TOB VRDO 3.210% 3/7/2006 (2)  7,480  7,480 
1 New Jersey GO TOB VRDO 3.210% 3/7/2006 (3)  3,400  3,400 
1 New Jersey GO TOB VRDO 3.220% 3/7/2006  24,200  24,200 
  New Jersey Health Care Fac. Financing Auth. Rev. (Capital Health
  Systems Obligated Group) VRDO		 3.160% 3/7/2006 LOC  20,460  20,460 
  New Jersey Health Care Fac. Financing Auth. Rev. (Holy Name
  Hosp.) VRDO		 3.180% 3/7/2006 LOC  6,400  6,400 
  New Jersey Health Care Fac. Financing Auth. Rev. (Hosp. Capital
  Asset Pooled Program) VRDO		 3.110% 3/7/2006 LOC  20,000  20,000 
  New Jersey Health Care Fac. Financing Auth. Rev. (Hosp. Capital
  Asset Pooled Program) VRDO		 3.110% 3/7/2006 LOC  21,000  21,000 
  New Jersey Health Care Fac. Financing Auth. Rev. (Hosp. Capital
  Asset Pooled Program) VRDO		 3.110% 3/7/2006 LOC  24,500  24,500 
  New Jersey Health Care Fac. Financing Auth. Rev. (Hosp. Capital
  Asset Pooled Program) VRDO		 3.110% 3/7/2006 LOC  23,600  23,600 
  New Jersey Health Care Fac. Financing Auth. Rev. (Meridian
  Health Systems) VRDO		 3.080% 3/7/2006 LOC  32,100  32,100 
  New Jersey Health Care Fac. Financing Auth. Rev. (Meridian
  Health Systems) VRDO		 3.100% 3/7/2006 LOC  25,800  25,800 
  New Jersey Health Care Fac. Financing Auth. Rev. (Robert Wood
  Johnson Univ.) VRDO		 3.160% 3/7/2006 LOC  31,105  31,105 
  New Jersey Health Care Fac. Financing Auth. Rev. (Robert Wood
  Johnson) VRDO		 3.160% 3/7/2006 LOC  17,000  17,000 
  New Jersey Health Care Fac. Financing Auth. Rev. (St. Peters
  Univ. Hosp.) VRDO		 3.190% 3/7/2006 LOC  15,100  15,100 
  New Jersey Health Care Fac. Financing Auth. Rev. (Virtua Health)
  VRDO		 3.160% 3/7/2006 LOC  9,800  9,800 
1 New Jersey Health Care Fac. Financing Auth. Rev. TOB VRDO 3.200% 3/7/2006 (3)  10,000  10,000 
1 New Jersey Health Care Fac. Financing Auth. Rev. TOB VRDO 3.210% 3/7/2006 (2)  10,500  10,500 
  New Jersey Highway Auth. Rev. (Garden State Parkway) 5.000% 1/1/2007 (3)(ETM)  8,565  8,683 
1 New Jersey Housing & Mortgage Finance Agency Multi-Family
   Housing Rev. TOB PUT		 2.800% 3/7/2006 (7)  30,825  30,825 
  New Jersey Housing & Mortgage Finance Agency Multi-Family
   Housing Rev. VRDO		 3.170% 3/7/2006 (4)  10,360  10,360 
  New Jersey Housing & Mortgage Finance Agency Rev. VRDO 3.180% 3/7/2006  22,120  22,120 
1 New Jersey Sports & Exposition Auth. Rev. (Convention Center
   Luxury Tax) TOB VRDO		 3.210% 3/7/2006 (1)  6,900  6,900 
1 New Jersey Sports & Exposition Auth. Rev. (Convention Center
   Luxury Tax) TOB VRDO		 3.210% 3/7/2006 (1)  5,345  5,345 
  New Jersey Sports & Exposition Auth. Rev. VRDO 3.120% 3/7/2006 (1)  15,530  15,530 
  New Jersey Sports & Exposition Auth. Rev. VRDO 3.120% 3/7/2006 (1)  1,620  1,620 
  New Jersey TRAN 4.000% 6/23/2006  102,700  103,021 
1 New Jersey Transp. Corp. COP TOB VRDO 3.210% 3/7/2006 (3)  9,635  9,635 
1 New Jersey Transp. Corp. COP TOB VRDO 3.220% 3/7/2006 (3)  20,000  20,000 
  New Jersey Transp. Trust Fund Auth. Rev 5.000% 12/15/2006 (1)  44,200  44,804 
  New Jersey Transp. Trust Fund Auth. Rev 5.000% 6/15/2006 (ETM)  5,945  5,980 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.200% 3/7/2006 (10)  5,995  5,995 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (3)  5,360  5,360 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (3)  8,700  8,700 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (1)  480  480 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (3)  10,000  10,000 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (2)  3,745  3,745 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (1)  5,700  5,700 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (1)  8,075  8,075 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (4)  3,800  3,800 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.210% 3/7/2006 (3)  7,565  7,565 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.220% 3/7/2006 (4)  7,050  7,050 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.220% 3/7/2006 (4)  3,500  3,500 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.220% 3/7/2006 (3)  5,345  5,345 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.220% 3/7/2006 (1)  10,000  10,000 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.220% 3/7/2006 (1)  9,965  9,965 
1 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.220% 3/7/2006 (1)  6,205  6,205 
1 New Jersey Transp. Trust Fund Auth. Transp. System TOB
   VRDO		 3.220% 3/7/2006 (4)  21,995  21,995 
1 New Jersey Turnpike Auth. Rev. TOB PUT 3.550% 3/2/2006 (3)  7,095  7,095 
1 New Jersey Turnpike Auth. Rev. TOB VRDO 3.210% 3/7/2006 (2)  6,795  6,795 
1 New Jersey Turnpike Auth. Rev. TOB VRDO 3.220% 3/7/2006 (4)  10,000  10,000 
1 New Jersey Turnpike Auth. Rev. TOB VRDO 3.220% 3/7/2006 (2)  16,000  16,000 
1 New Jersey Turnpike Auth. Rev. TOB VRDO 3.220% 3/7/2006 (3)  13,640  13,640 
1 New Jersey Turnpike Auth. Rev. TOB VRDO 3.220% 3/7/2006 (1)  18,410  18,410 
1 New Jersey Turnpike Auth. Rev. TOB VRDO 3.220% 3/7/2006 (1)  8,050  8,050 
  New Jersey Turnpike Auth. Rev. VRDO 3.150% 3/7/2006 (3)LOC  127,750  127,750 
  New Jersey Turnpike Auth. Rev. VRDO 3.160% 3/7/2006 (4)  52,800  52,800 
  New Jersey Turnpike Auth. Rev. VRDO 3.160% 3/7/2006 (4)  92,600  92,600 
  New Jersey Turnpike Auth. Rev. VRDO 3.160% 3/7/2006 (4)  16,100  16,100 
  Port Auth. of New York & New Jersey CP 3.040% 3/6/2006  15,000  15,000 
  Port Auth. of New York & New Jersey CP 3.140% 3/8/2006  26,000  26,000 
  Port Auth. of New York & New Jersey CP 3.150% 4/6/2006  10,000  10,000 
  Port Auth. of New York & New Jersey CP 3.100% 5/1/2006  37,500  37,500 
  Port Auth. of New York & New Jersey CP 3.130% 5/2/2006  12,000  12,000 
1 Port Auth. of New York & New Jersey Rev. TOB VRDO 3.210% 3/7/2006 (10)  5,430  5,430 
1 Port Auth. of New York & New Jersey Rev. TOB VRDO 3.230% 3/7/2006 (3)  5,930  5,930 
1 Port Auth. of New York & New Jersey Rev. TOB VRDO 3.250% 3/7/2006 (11)  2,975  2,975 
  Princeton Univ. New Jersey CP 3.180% 3/1/2006  6,500  6,500 
  Princeton Univ. New Jersey CP 3.230% 5/15/2006  9,000  9,000 
  Readington Township NJ BAN 4.250% 2/7/2007  20,000  20,175 
  Ridgewood NJ BAN 3.500% 6/30/2006  11,018  11,048 
  Rockaway NJ Township BAN 3.750% 7/20/2006  7,340  7,368 
1 Rutgers State Univ. New Jersey TOB VRDO 3.210% 3/7/2006 (3)  6,042  6,041 
  Rutgers State Univ. New Jersey VRDO 2.960% 3/1/2006  85,325  85,325 
  Salem County NJ Financing Auth. PCR (Atlantic City Electric Co.)
  VRDO		 3.170% 3/7/2006 (1)  3,000  3,000 
  Salem County NJ Financing Auth. PCR (Atlantic City Electric Co.)
  VRDO		 3.250% 3/7/2006 (1)  9,850  9,850 
  Salem County NJ Financing Auth. PCR (Exelon Project) CP 3.130% 5/1/2006 LOC  19,000  19,000 
  Union County NJ BAN 3.250% 3/1/2006  30,000  30,000 
  Union County NJ BAN 4.500% 3/1/2007  45,000  45,470 
  Union County NJ PCR (Exxon) VRDO 2.640% 3/1/2006  5,900  5,900 
  Union County NJ PCR (Exxon) VRDO 2.720% 3/1/2006  2,190  2,190 
1 Univ. of Medicine & Dentistry New Jersey COP TOB VRDO 3.200% 3/7/2006 (1)  4,120  4,120 
  Univ. of Medicine & Dentistry New Jersey Rev. VRDO 3.180% 3/7/2006 (2)  72,975  72,975 
1 Washington Township NJ Board of Educ. TOB VRDO 3.210% 3/7/2006 (4)  8,040  8,040 
   Outside New Jersey:
1 Puerto Rico Electric Power Auth. Rev. TOB VRDO 3.170% 3/7/2006 (1)  4,050  4,050 
1 Puerto Rico Electric Power Auth. Rev. TOB VRDO 3.170% 3/7/2006 (4)  10,000  10,000 
1 Puerto Rico Govt. Dev. Bank CP 3.250% 7/24/2006 LOC  5,000  5,000 
  Puerto Rico Govt. Dev. Bank VRDO 3.060% 3/7/2006 (1)  17,500  17,500 
1 Puerto Rico Highway & Transp. Auth. Rev. TOB VRDO 3.190% 3/7/2006 (1)  21,209  21,209 
1 Puerto Rico Highway & Transp. Auth. Rev. TOB VRDO 3.200% 3/7/2006 (3)  5,140  5,140 
1 Puerto Rico Highway & Transp. Auth. Rev. TOB VRDO 3.200% 3/7/2006 (3)  14,440  14,440 
1 Puerto Rico Highway & Transp. Auth. Rev. TOB VRDO 3.210% 3/7/2006 (1)  8,770  8,770 
  Puerto Rico Highway & Transp. Auth. Rev. VRDO 3.150% 3/7/2006 (2)  3,600  3,600 
  Puerto Rico Ind. Medical & Environmental Fac. Fin. Auth. PUT 3.550% 3/1/2007  3,300  3,302 
1 Puerto Rico Ind. Medical & Environmental Fac. Finance Auth.
   Rev. PCR (Abbott Laboratories) PUT		 3.550% 3/1/2007  9,275  9,275 
1 Puerto Rico Infrastructure Financing Auth. Special Obligation
   Bonds TOB VRDO		 3.170% 3/7/2006  29,105  29,105 
1 Puerto Rico Infrastructure Financing Auth. Special Tax Rev. TOB
   VRDO		 3.170% 3/7/2006 (2)  6,515  6,515 
1 Puerto Rico Public Finance Corp. TOB VRDO 3.190% 3/7/2006 (11)  19,926  19,926 
1 Puerto Rico Public Finance Corp. TOB VRDO 3.230% 3/7/2006 (2)  10,975  10,975 
1 Puerto Rico Public Finance Corp. TOB VRDO 3.240% 3/7/2006 LOC  10,000  10,000 
  Puerto Rico TRAN 4.500% 7/28/2006 LOC  17,000  17,087 
Total Municipal Bonds
(Cost $2,594,774)          2,594,774  
Other Assets and Liabilities—Net (-2.3%)          (58,227)
Net Assets (100%)          2,536,547 
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally
  to qualified institutional buyers. At February 28, 2006, the aggregate value of these securities was $725,041,000, representing 28.6% of net assets.

KEY TO ABBREVIATIONS

ARS - Auction Rate Security.
BAN - Bond Anticipation Note.
COP - Certificate of Participation.
CP - Commercial Paper.
FR - Floating Rate.
GAN - Grant Anticipation Note.
GO - General Obligation Bond.
IDA - Industrial Development Authority Bond.
IDR - Industrial Development Revenue Bond.
PCR - Pollution Control Revenue Bond.
PUT - Put Option Obligation.
RAN - Revenue Anticipation Note.
TAN - Tax Anticipation Note.
TOB - Tender Option Bond.
TRAN - Tax Revenue Anticipation Note.
UFSD - Union Free School District.
USD - United School District.
VRDO - Variable Rate Demand Obligation.
(ETM) - Escrowed to Maturity.
(Prere.) - Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty)
The insurance does not guarantee the market value of the municipal bonds.

LOC - Scheduled principal and interest payments are guaranteed by bank letter of credit.

Investment Securities: Securities are valued at amortized cost, which approximates market value.



Vanguard New Jersey Long-Term Tax-Exempt Fund
Schedule of Investments
February 28, 2006
Coupon Maturity
Date		 Amount
($000)		 Value
($000)
   Municipal Bonds (99.2%)        
  Atlantic County NJ Public Fac. COP 7.400% 3/1/2010 (3)  1,755  1,998 
  Atlantic County NJ Public Fac. COP 7.400% 3/1/2011 (3)  4,025  4,698 
  Atlantic County NJ Public Fac. COP 6.000% 3/1/2014 (3)  3,685  4,222 
  Atlantic County NJ Public Fac. COP 6.000% 3/1/2015 (3)  1,480  1,706 
  Atlantic County NJ Util. Auth. Sewer Rev 6.875% 1/1/2012 (2)(ETM)  1,805  1,985 
  Burlington County NJ Bridge Comm. Rev 5.250% 12/15/2021 (2)  3,200  3,514 
  Camden County NJ Improvement Auth. Lease Rev 5.375% 9/1/2010 (4)(Prere.)  850  916 
  Camden County NJ Improvement Auth. Lease Rev 5.500% 9/1/2010 (4)(Prere.)  1,470  1,591 
  Camden County NJ Improvement Auth. Lease Rev 5.500% 5/1/2016  1,140  1,248 
  Camden County NJ Improvement Auth. Lease Rev 5.500% 5/1/2017  1,025  1,118 
  Camden County NJ Improvement Auth. Lease Rev 5.500% 5/1/2018  1,265  1,380 
  Camden County NJ Improvement Auth. Lease Rev 5.500% 5/1/2019  1,335  1,457 
  Cape May County NJ Muni. Util. Auth. Rev 5.750% 1/1/2014 (4)  6,930  7,854 
  Cape May County NJ Muni. Util. Auth. Rev 5.250% 1/1/2017 (1)  2,560  2,746 
  Cape May County NJ Muni. Util. Auth. Rev 5.250% 1/1/2018 (1)  2,165  2,322 
  Cape May County NJ PCR (Atlantic City Electric) 6.800% 3/1/2021 (1)  15,400  20,083 
  Delaware River & Bay Auth. New Jersey Rev 5.375% 1/1/2010 (2)(Prere.)  750  806 
  Delaware River & Bay Auth. New Jersey Rev 5.750% 1/1/2010 (2)(Prere.)  5,000  5,443 
  Delaware River Port Auth. Pennsylvania & New Jersey Rev 5.750% 1/1/2022 (4)  10,000  10,746 
  Delaware River Port Auth. Pennsylvania & New Jersey Rev 5.625% 1/1/2026 (4)  5,000  5,341 
  Egg Harbor Township NJ School Dist. GO 5.000% 7/15/2011 (3)(Prere.)  2,640  2,843 
  Egg Harbor Township NJ School Dist. GO 5.000% 7/15/2011 (3)(Prere.)  2,780  2,994 
  Egg Harbor Township NJ School Dist. GO 5.000% 7/15/2011 (3)(Prere.)  2,000  2,154 
  Egg Harbor Township NJ School Dist. GO 5.000% 7/15/2011 (3)(Prere.)  1,400  1,508 
  Egg Harbor Township NJ School Dist. GO 5.100% 7/15/2011 (3)(Prere.)  2,950  3,192 
  Egg Harbor Township NJ School Dist. GO 5.500% 7/15/2020 (4)  3,775  4,390 
  Egg Harbor Township NJ School Dist. GO 5.500% 7/15/2021 (4)  3,995  4,663 
  Egg Harbor Township NJ School Dist. GO 5.500% 7/15/2022 (4)  4,220  4,936 
  Egg Harbor Township NJ School Dist. GO 5.750% 7/15/2024 (4)  4,715  5,705 
  Egg Harbor Township NJ School Dist. GO 5.750% 7/15/2025 (4)  4,885  5,926 
  Essex County NJ Improvement Auth. Lease Rev 5.750% 10/1/2010 (3)(Prere.)  3,390  3,709 
  Essex County NJ Improvement Auth. Lease Rev 5.750% 10/1/2010 (3)(Prere.)  5,090  5,569 
  Essex County NJ Improvement Auth. Lease Rev 5.750% 10/1/2010 (3)(Prere.)  2,650  2,900 
  Essex County NJ Improvement Auth. Rev 5.500% 10/1/2023 (1)  12,065  14,100 
  Essex County NJ Improvement Auth. Rev 5.500% 10/1/2024 (1)  6,725  7,883 
  Essex County NJ Improvement Auth. Rev 5.500% 10/1/2025 (1)  11,630  13,669 
  Essex County NJ Improvement Auth. Rev 5.500% 10/1/2026 (1)  6,500  7,657 
  Essex County NJ Solid Waste Util. Auth 5.600% 4/1/2006 (4)(Prere.)  200  204 
  Essex County NJ Solid Waste Util. Auth 0.000% 4/1/2010 (4)  1,000  863 
  Evesham NJ Util. Auth. Rev 5.000% 7/1/2016 (2)  3,435  3,662 
  Evesham NJ Util. Auth. Rev 5.000% 7/1/2017 (2)  3,705  3,938 
  Evesham NJ Util. Auth. Rev 5.000% 7/1/2018 (2)  1,605  1,706 
  Garden State Preservation Trust New Jersey 0.000% 11/1/2021 (4)  11,325  5,778 
  Garden State Preservation Trust New Jersey 0.000% 11/1/2022 (4)  41,150  20,045 
  Garden State Preservation Trust New Jersey 0.000% 11/1/2023 (4)  15,000  6,962 
  Gloucester County NJ Improvement Auth. Lease Rev 5.000% 7/15/2016 (1)  1,000  1,071 
  Gloucester County NJ Improvement Auth. Lease Rev 5.000% 7/15/2017 (1)  1,000  1,069 
  Gloucester County NJ Improvement Auth. Lease Rev 5.000% 7/15/2020 (1)  1,150  1,227 
  Gloucester County NJ Improvement Auth. Lease Rev 5.000% 7/15/2023 (1)  1,000  1,062 
  Gloucester County NJ PCR (Mobil Oil Refining Corp.) VRDO 2.500% 3/1/2006  1,125  1,125 
  Gloucester Township NJ GO 5.750% 7/15/2010 (2)  2,880  3,149 
  Gloucester Township NJ Muni. Util. Auth. Rev 5.650% 3/1/2018 (2)  2,755  3,093 
  Higher Educ. Assistance Auth. of New Jersey Student Loan
  Rev		 6.000% 6/1/2013 (1)  1,875  1,886 
  Higher Educ. Assistance Auth. of New Jersey Student Loan
  Rev		 6.000% 6/1/2015 (1)  3,480  3,500 
  Higher Educ. Assistance Auth. of New Jersey Student Loan
  Rev		 6.100% 6/1/2016 (1)  1,875  1,886 
  Hillsborough Township NJ School Dist. GO 5.375% 10/1/2013 (4)  1,250  1,388 
  Hillsborough Township NJ School Dist. GO 5.375% 10/1/2015 (4)  1,720  1,933 
  Hillsborough Township NJ School Dist. GO 5.375% 10/1/2017 (4)  720  822 
  Hillsborough Township NJ School Dist. GO 5.375% 10/1/2019 (4)  1,720  1,990 
  Hoboken-Union City-Weehawken NJ Sewerage Auth. Rev 0.000% 8/1/2006 (1)  2,000  1,972 
1 Hoboken-Union City-Weehawken NJ Sewerage Auth. Rev 6.250% 8/1/2013 (1)  9,590  11,123 
  Hudson County NJ GO 6.550% 7/1/2007 (3)  1,300  1,352 
  Irvington Township NJ GO 0.000% 8/1/2007 (1)(ETM)  1,000  953 
  Irvington Township NJ GO 0.000% 8/1/2009 (1)(ETM)  2,580  2,288 
  Irvington Township NJ GO 0.000% 8/1/2010 (1)(ETM)  2,080  1,771 
  Jackson Township NJ Board of Educ. GO 5.375% 4/15/2026 (3)  6,885  7,405 
  Jackson Township NJ Board of Educ. GO 5.375% 4/15/2027 (3)  7,676  8,256 
  Marlboro Township NJ Board of Educ. GO 5.250% 7/15/2009 (4)(Prere.)  2,625  2,776 
  Marlboro Township NJ Board of Educ. GO 5.250% 7/15/2009 (4)(Prere.)  2,790  2,950 
  Marlboro Township NJ Board of Educ. GO 5.250% 7/15/2009 (4)(Prere.)  2,850  3,014 
  Marlboro Township NJ Board of Educ. GO 5.000% 7/15/2014  1,045  1,110 
  Mercer County NJ Improvement Auth. Solid Waste Rev 5.375% 9/15/2012  11,120  11,634 
  Mercer County NJ Improvement Auth. Special Services School
  Dist. Rev		 5.750% 12/15/2008  1,165  1,234 
  Mercer County NJ Improvement Auth. Special Services School
  Dist. Rev		 5.950% 12/15/2012  4,895  5,550 
  Middlesex County NJ COP 5.000% 8/1/2011 (1)  1,050  1,120 
  Middlesex County NJ COP 5.500% 8/1/2015 (1)  1,195  1,298 
  Middlesex County NJ Improvement Auth 5.375% 3/15/2022 (3)  1,825  1,983 
  Middlesex County NJ Improvement Auth 5.375% 3/15/2023 (3)  1,925  2,091 
  Middlesex County NJ Improvement Auth. Rev. Heldrich Center
  Hotel/Conference Project		 5.000% 1/1/2015  500  511 
  Middlesex County NJ Improvement Auth. Rev. Heldrich Center
  Hotel/Conference Project		 5.000% 1/1/2020  500  507 
  Middlesex County NJ Improvement Auth. Rev. Heldrich Center
  Hotel/Conference Project		 5.000% 1/1/2032  5,100  5,085 
  Middlesex County NJ Improvement Auth. Rev. Heldrich Center
  Hotel/Conference Project		 5.125% 1/1/2037  3,500  3,536 
  Middlesex County NJ Improvement Auth. Rev. Open Space
  Trust Fund		 5.250% 9/15/2019  1,585  1,726 
  Middlesex County NJ Improvement Auth. Rev. Open Space
  Trust Fund		 5.250% 9/15/2020  1,600  1,742 
  Middlesex County NJ Improvement Auth. Rev. Open Space
  Trust Fund		 5.250% 9/15/2021  2,375  2,577 
  Middlesex County NJ Improvement Auth. Rev. Open Space
  Trust Fund		 5.250% 9/15/2022  2,000  2,170 
  Middlesex County NJ Improvement Auth. Util. Systems Rev.
  (Perth Amboy)		 0.000% 9/1/2015 (2)  2,000  1,366 
  Middlesex County NJ Improvement Auth. Util. Systems Rev.
  (Perth Amboy)		 0.000% 9/1/2016 (2)  3,000  1,952 
  Middlesex County NJ Improvement Auth. Util. Systems Rev.
  (Perth Amboy)		 0.000% 9/1/2018 (2)  4,550  2,693 
  Middletown Township NJ Board of Educ. GO 5.000% 8/1/2014 (4)  2,735  2,890 
  Middletown Township NJ Board of Educ. GO 5.000% 8/1/2015 (4)  2,015  2,125 
  Monmouth County NJ Improvement Auth. Rev. (Howell
  Township Board of Educ.)		 5.800% 7/15/2007 (2)(Prere.)  1,180  1,230 
  Monmouth County NJ Improvement Auth. Rev. (Howell
  Township Board of Educ.)		 5.000% 7/15/2019 (2)  2,115  2,249 
  Monmouth County NJ Improvement Auth. Rev. (Howell
  Township Board of Educ.)		 5.000% 7/15/2020 (2)  2,225  2,366 
  Montgomery Township NJ School Dist. GO 5.250% 8/1/2013 (1)  1,285  1,397 
  Montgomery Township NJ School Dist. GO 5.250% 8/1/2017 (1)  1,280  1,381 
  Montgomery Township NJ School Dist. GO 5.250% 8/1/2018 (1)  1,280  1,381 
  New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel
  Room Fee)		 5.250% 1/1/2020 (2)  2,945  3,247 
  New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel
  Room Fee)		 5.250% 1/1/2021 (2)  6,255  6,891 
  New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel
  Room Fee)		 5.250% 1/1/2022 (2)  5,585  6,153 
  New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel
  Room Fee)		 5.250% 1/1/2023 (2)  3,900  4,293 
  New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel
  Room Fee)		 5.250% 1/1/2024 (2)  3,500  3,845 
  New Jersey Casino Reinvestment Dev. Auth. Rev. (Parking
  Fee)		 5.250% 6/1/2021 (1)  3,000  3,249 
  New Jersey Econ. Dev. Auth. Lease Rev. (Bergen County
  Administration Complex)		 5.500% 11/15/2008 (1)(Prere.)  4,375  4,650 
  New Jersey Econ. Dev. Auth. Lease Rev. (Bergen County
  Administration Complex)		 5.625% 11/15/2008 (1)(Prere.)  4,870  5,192 
  New Jersey Econ. Dev. Auth. Lease Rev. (Bergen County
  Administration Complex)		 5.750% 11/15/2008 (1)(Prere.)  6,080  6,502 
  New Jersey Econ. Dev. Auth. Lease Rev. (Bergen County
  Administration Complex)		 5.750% 11/15/2008 (1)(Prere.)  5,440  5,817 
  New Jersey Econ. Dev. Auth. Market Transition Fac. Rev 5.500% 9/1/2028 (3)  8,000  9,505 
  New Jersey Econ. Dev. Auth. Market Transition Fac. Rev 5.500% 9/1/2029 (3)  7,055  8,393 
  New Jersey Econ. Dev. Auth. Rev. (Cigarette Tax) 5.625% 6/15/2017  6,500  6,657 
  New Jersey Econ. Dev. Auth. Rev. (Hillcrest Health Service) 0.000% 1/1/2012 (2)  2,500  2,004 
  New Jersey Econ. Dev. Auth. Rev. (Hillcrest Health Service) 0.000% 1/1/2013 (2)  3,000  2,300 
  New Jersey Econ. Dev. Auth. Rev. (Masonic Charity
  Foundation)		 5.875% 6/1/2018  1,250  1,372 
  New Jersey Econ. Dev. Auth. Rev. (Masonic Charity
  Foundation)		 6.000% 6/1/2025  1,000  1,110 
  New Jersey Econ. Dev. Auth. Rev. (Masonic Charity
  Foundation)		 5.500% 6/1/2031  1,665  1,784 
  New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) 5.250% 7/1/2024 (1)  6,000  6,850 
  New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) 5.250% 7/1/2025 (1)  14,000  16,013 
  New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Surcharge
  Rev.)		 5.000% 7/1/2027 (1)  5,150  5,430 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 6/15/2011 (2)(Prere.)  7,040  7,603 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.500% 6/15/2013 (2)  1,200  1,334 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 9/1/2014 (3)(Prere.)  3,880  4,299 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 12/15/2021 (3)  15,000  17,066 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 3/1/2024  15,550  16,788 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 3/1/2025  8,000  8,625 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.500% 9/1/2025 (4)  20,000  23,557 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 3/1/2026  10,000  10,773 
  New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.500% 9/1/2027 (3)  24,500  29,020 
  New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2008 (1)  2,305  2,122 
  New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2011 (1)  4,650  3,813 
  New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2012 (1)  4,550  3,573 
  New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2013 (1)  4,500  3,377 
  New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2014 (1)  4,210  3,013 
  New Jersey Econ. Dev. Auth. Rev. (Transp. Project) 5.250% 5/1/2009 (4)(Prere.)  4,500  4,745 
  New Jersey Econ. Dev. Auth. Rev. (Transp. Project) 5.875% 5/1/2009 (4)(Prere.)  3,465  3,718 
  New Jersey Econ. Dev. Auth. Water Fac. Rev. (NJ American
  Water Co.)		 5.125% 4/1/2022 (2)  5,000  5,268 
  New Jersey Econ. Dev. Auth. Water Fac. Rev. (United Water
  Co.) VRDO		 3.070% 3/1/2006 (2)  2,000  2,000 
  New Jersey Educ. Fac. Auth. Rev 5.875% 9/1/2007 (2)  5,890  6,101 
  New Jersey Educ. Fac. Auth. Rev 5.875% 9/1/2008 (2)  6,165  6,517 
  New Jersey Educ. Fac. Auth. Rev 5.000% 9/1/2010 (4)(Prere.)  2,715  2,883 
  New Jersey Educ. Fac. Auth. Rev 5.750% 9/1/2010 (4)(Prere.)  8,425  9,208 
  New Jersey Educ. Fac. Auth. Rev 5.750% 9/1/2012  7,595  8,451 
  New Jersey Educ. Fac. Auth. Rev 5.000% 9/1/2020  11,405  11,927 
  New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) 5.250% 7/1/2020 (3)  2,060  2,339 
  New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) 5.250% 7/1/2021 (3)  1,550  1,765 
  New Jersey Educ. Fac. Auth. Rev. (Fairleigh Dickinson Univ.) 5.500% 7/1/2023  2,750  2,922 
  New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) 5.250% 7/1/2021 (3)  2,605  2,822 
  New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) 5.250% 7/1/2022 (3)  2,775  2,999 
  New Jersey Educ. Fac. Auth. Rev. (New Jersey Institute of
  Technology)		 5.250% 7/1/2017 (1)  1,000  1,069 
  New Jersey Educ. Fac. Auth. Rev. (New Jersey Institute of
  Technology)		 5.250% 7/1/2018 (1)  1,470  1,572 
  New Jersey Educ. Fac. Auth. Rev. (New Jersey Institute of
  Technology)		 5.250% 7/1/2020 (1)  1,725  1,845 
  New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) 5.250% 7/1/2016  2,545  2,861 
  New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) 5.250% 7/1/2017  10,630  11,966 
  New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) 5.250% 7/1/2018  4,785  5,418 
  New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) 5.250% 7/1/2019  7,000  7,968 
  New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) VRDO 2.700% 3/1/2006  11,000  11,000 
  New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) VRDO 2.900% 3/1/2006  9,705  9,705 
  New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.625% 7/1/2009 (1)(Prere.)  2,105  2,259 
  New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.000% 7/1/2015 (3)  1,550  1,657 
  New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.000% 7/1/2017 (3)  1,700  1,807 
  New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.000% 7/1/2020 (3)  1,010  1,074 
  New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.250% 7/1/2010 (3)(Prere.)  11,210  11,998 
  New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.250% 7/1/2014 (3)  2,305  2,503 
  New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.250% 7/1/2015 (3)  1,880  2,037 
  New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.250% 7/1/2016 (3)  2,050  2,223 
  New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.125% 7/1/2021 (3)  2,800  3,004 
  New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) 5.250% 7/1/2010 (2)  1,500  1,594 
  New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) 5.250% 7/1/2012 (2)  1,275  1,353 
  New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) 5.250% 7/1/2015 (2)  400  430 
  New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) 5.250% 7/1/2016 (2)  200  215 
  New Jersey Educ. Fac. Auth. Rev. (Stevens Institute of
  Technology)		 5.125% 7/1/2022  6,000  6,262 
  New Jersey Educ. Fac. Auth. Rev. (Stevens Institute of
  Technology)		 5.250% 7/1/2032  6,000  6,240 
  New Jersey Environmental Infrastructure Trust Wastewater
  Treatment Rev		 5.125% 9/1/2015  5,090  5,443 
  New Jersey Environmental Infrastructure Trust Wastewater
  Treatment Rev		 5.000% 9/1/2017  1,525  1,571 
  New Jersey GO 5.250% 7/1/2018  15,000  16,781 
  New Jersey GO 5.125% 7/15/2018  8,600  9,519 
  New Jersey GO 5.250% 7/1/2019  10,105  11,356 
  New Jersey Health Care Fac. Financing Auth. Rev. (Atlantic
  City Medical Center)		 6.000% 7/1/2008  2,530  2,638 
  New Jersey Health Care Fac. Financing Auth. Rev. (Atlantic
  City Medical Center)		 6.250% 7/1/2017  3,950  4,422 
  New Jersey Health Care Fac. Financing Auth. Rev. (Atlantic
  City Medical Center)		 5.750% 7/1/2025  5,000  5,401 
  New Jersey Health Care Fac. Financing Auth. Rev. (Capital
  Health Systems Obligated Group)		 5.750% 7/1/2023  7,000  7,541 
  New Jersey Health Care Fac. Financing Auth. Rev. (Children's
  Specialized Hospital)		 5.000% 7/1/2024  800  811 
  New Jersey Health Care Fac. Financing Auth. Rev. (Children's
  Specialized Hospital)		 5.500% 7/1/2030  2,405  2,519 
  New Jersey Health Care Fac. Financing Auth. Rev. (Children's
  Specialized Hospital)		 5.500% 7/1/2036  6,800  7,123 
  New Jersey Health Care Fac. Financing Auth. Rev.
  (Community Medical Center/Kimball Medical
  Center/Kensington Manor Care Center)		 5.250% 7/1/2009 (4)  5,500  5,760 
  New Jersey Health Care Fac. Financing Auth. Rev.
  (Community Medical Center/Kimball Medical
  Center/Kensington Manor Care Center)		 5.000% 7/1/2010 (4)  4,695  4,889 
  New Jersey Health Care Fac. Financing Auth. Rev. (Community Medical Center/Kimball Medical Center/Kensington Manor Care Center) 5.250% 7/1/2012 (4)  1,500  1,564 
  New Jersey Health Care Fac. Financing Auth. Rev.
  (Hackensack Univ. Medical Center)		 5.375% 1/1/2013 (1)  2,355  2,446 
  New Jersey Health Care Fac. Financing Auth. Rev. (Holy
  Name Hosp.)		 5.250% 7/1/2020 (2)  4,100  4,271 
  New Jersey Health Care Fac. Financing Auth. Rev. (Hunterdon
  Medical Center)		 5.250% 7/1/2025  700  739 
  New Jersey Health Care Fac. Financing Auth. Rev. (Hunterdon
  Medical Center)		 5.125% 7/1/2035  2,450  2,515 
  New Jersey Health Care Fac. Financing Auth. Rev. (Meridian
  Health System Obligated Group)		 5.625% 7/1/2013 (4)  7,355  7,892 
  New Jersey Health Care Fac. Financing Auth. Rev. (Meridian
  Health System Obligated Group)		 5.250% 7/1/2029 (4)  13,450  14,179 
  New Jersey Health Care Fac. Financing Auth. Rev. (Riverside
  Medical Center)		 6.250% 7/1/2010 (2)(ETM)  2,935  3,242 
  New Jersey Health Care Fac. Financing Auth. Rev. (South
  Jersey Hosp.)		 5.875% 7/1/2021  3,500  3,773 
  New Jersey Health Care Fac. Financing Auth. Rev. (South
  Jersey Hosp.)		 6.000% 7/1/2026  3,500  3,759 
  New Jersey Health Care Fac. Financing Auth. Rev. (South
  Jersey Hosp.)		 6.000% 7/1/2032  3,000  3,206 
  New Jersey Health Care Fac. Financing Auth. Rev. (St.
  Barnabas Health Care)		 5.250% 7/1/2013 (1)  3,000  3,149 
  New Jersey Health Care Fac. Financing Auth. Rev. (St.
  Barnabas Health Care)		 5.250% 7/1/2016 (1)  3,300  3,473 
  New Jersey Health Care Fac. Financing Auth. Rev. (St.
  Barnabas Health Care)		 0.000% 7/1/2021 (1)  3,000  1,539 
  New Jersey Health Care Fac. Financing Auth. Rev. (Virtua
  Health)		 5.250% 7/1/2014 (4)  11,000  11,545 
  New Jersey Higher Educ. Assistance Auth. Student Loan Rev 4.950% 6/1/2010 (2)  3,355  3,404 
  New Jersey Higher Educ. Assistance Auth. Student Loan Rev 5.050% 6/1/2011 (2)  2,675  2,717 
  New Jersey Higher Educ. Assistance Auth. Student Loan Rev 5.050% 6/1/2012 (1)  585  598 
  New Jersey Higher Educ. Assistance Auth. Student Loan Rev 5.150% 6/1/2012 (2)  2,780  2,819 
  New Jersey Higher Educ. Assistance Auth. Student Loan Rev 5.100% 6/1/2013 (1)  1,335  1,365 
  New Jersey Higher Educ. Assistance Auth. Student Loan Rev 5.200% 6/1/2013 (2)  4,325  4,402 
  New Jersey Higher Educ. Assistance Auth. Student Loan Rev 5.125% 6/1/2014 (1)  765  782 
  New Jersey Higher Educ. Assistance Auth. Student Loan Rev 5.250% 6/1/2018 (1)  420  428 
  New Jersey Highway Auth. Rev. (Garden State Parkway) 5.600% 1/1/2010 (3)(Prere.)  7,535  8,173 
  New Jersey Housing & Mortgage Finance Agency Multi-Family
  Housing Rev		 5.700% 5/1/2020 (4)  2,255  2,381 
  New Jersey Housing & Mortgage Finance Agency Rev. (Home
  Buyer)		 5.400% 10/1/2020 (1)  765  784 
  New Jersey Sports & Exposition Auth. Rev 6.500% 3/1/2013 (1)(ETM)  1,595  1,786 
  New Jersey Sports & Exposition Auth. Rev 6.500% 3/1/2013 (1)  8,405  9,397 
  New Jersey Sports & Exposition Auth. Rev 5.500% 3/1/2017 (1)(ETM)  250  286 
  New Jersey Sports & Exposition Auth. Rev 5.500% 3/1/2017 (1)  5,505  6,270 
  New Jersey Sports & Exposition Auth. Rev. (Convention
  Center Luxury Tax)		 5.500% 3/1/2021 (1)  3,000  3,478 
  New Jersey Sports & Exposition Auth. Rev. (Convention
  Center Luxury Tax)		 5.500% 3/1/2022 (1)  1,000  1,163 
  New Jersey Sports & Exposition Auth. Rev. VRDO 3.120% 3/7/2006 (1)  880  880 
  New Jersey Transp. Corp. COP 5.750% 9/15/2010 (2)(Prere.)  2,000  2,187 
  New Jersey Transp. Corp. COP 5.500% 9/15/2012 (2)  20,000  21,988 
  New Jersey Transp. Corp. COP 5.500% 9/15/2014 (2)  1,500  1,669 
  New Jersey Transp. Corp. COP 5.500% 9/15/2015 (2)  15,000  16,773 
  New Jersey Transp. Trust Fund Auth. Rev 6.000% 6/15/2010 (Prere.)  5,000  5,501 
  New Jersey Transp. Trust Fund Auth. Rev 5.750% 6/15/2020  5,000  5,850 
  New Jersey Transp. Trust Fund Auth. Rev 5.500% 12/15/2021 (1)  25,000  29,071 
  New Jersey Transp. Trust Fund Auth. Rev 5.750% 6/15/2023 (3)  5,850  6,997 
  New Jersey Transp. Trust Fund Auth. Rev 5.250% 12/15/2023 (2)  15,830  18,005 
  New Jersey Transp. Trust Fund Auth. Rev 5.750% 6/15/2024 (3)  5,000  5,997 
  New Jersey Transp. Trust Fund Auth. Rev 5.750% 6/15/2025 (3)  17,750  21,362 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.220% 3/7/2006 (1)(3)  4,980  4,980 
  New Jersey Turnpike Auth. Rev 5.375% 1/1/2010 (1)(Prere.)  3,500  3,738 
  New Jersey Turnpike Auth. Rev 5.500% 1/1/2010 (1)(Prere.)  1,800  1,930 
  New Jersey Turnpike Auth. Rev 5.750% 1/1/2010 (1)(Prere.)  1,620  1,752 
  New Jersey Turnpike Auth. Rev 5.750% 1/1/2010 (1)(Prere.)  665  719 
  New Jersey Turnpike Auth. Rev 5.750% 1/1/2010 (1)(Prere.)  7,365  7,964 
  New Jersey Turnpike Auth. Rev 6.000% 1/1/2013 (1)(ETM)  770  879 
  New Jersey Turnpike Auth. Rev 6.000% 1/1/2013 (1)  230  261 
  New Jersey Turnpike Auth. Rev 6.500% 1/1/2013 (1)(ETM)  20,000  23,409 
  New Jersey Turnpike Auth. Rev 6.500% 1/1/2016 (1)(ETM)  1,560  1,837 
  New Jersey Turnpike Auth. Rev 6.500% 1/1/2016 (1)  4,615  5,412 
  New Jersey Turnpike Auth. Rev 6.500% 1/1/2016 (1)(ETM)  22,095  25,970 
  New Jersey Turnpike Auth. Rev 5.750% 1/1/2017 (1)  2,635  2,831 
  New Jersey Turnpike Auth. Rev 5.500% 1/1/2025 (2)  40,000  47,066 
  New Jersey Turnpike Auth. Rev 5.250% 1/1/2029 (4)  10,000  11,532 
  New Jersey Turnpike Auth. Rev 5.250% 1/1/2030 (4)  17,000  19,615 
  New Jersey Turnpike Auth. Rev. VRDO 3.150% 3/7/2006 (3)LOC  200  200 
  New Jersey Turnpike Auth. Rev. VRDO 3.160% 3/7/2006 (4)  4,400  4,400 
  New Jersey Water Supply Auth. Delaware & Raritan Water
  System Rev		 5.375% 11/1/2010 (1)  2,230  2,343 
  New Jersey Water Supply Auth. Delaware & Raritan Water
  System Rev		 5.375% 11/1/2011 (1)  2,345  2,461 
  New Jersey Water Supply Auth. Delaware & Raritan Water
  System Rev		 5.375% 11/1/2013 (1)  2,600  2,718 
  Newark NJ GO 5.500% 10/1/2008 (2)  1,660  1,742 
  Newark NJ School Dist. GO 5.375% 12/15/2013 (1)  2,000  2,192 
  North Bergen Township NJ GO 8.000% 8/15/2006 (4)  1,885  1,925 
  North Hudson NJ Sewer Auth. Rev 5.125% 8/1/2008 (3)  2,000  2,033 
  North Hudson NJ Sewer Auth. Rev 5.250% 8/1/2016 (3)  14,360  14,609 
  North Hudson NJ Sewer Auth. Rev 5.125% 8/1/2022 (3)  4,000  4,065 
  Ocean County NJ Util. Auth. Wastewater Rev 5.250% 1/1/2017  2,665  2,858 
  Ocean County NJ Util. Auth. Wastewater Rev 5.250% 1/1/2018  2,345  2,515 
  Ocean County NJ Util. Auth. Wastewater Rev 6.600% 1/1/2018 (3)(ETM)  2,500  3,008 
  Port Auth. of New York & New Jersey Rev 5.125% 11/15/2012 (3)  2,500  2,602 
  Port Auth. of New York & New Jersey Rev 5.125% 11/15/2014 (3)  6,025  6,246 
  Port Auth. of New York & New Jersey Rev 5.500% 12/15/2014 (2)  2,790  3,050 
  Port Auth. of New York & New Jersey Rev 5.000% 8/1/2015  3,370  3,486 
  Port Auth. of New York & New Jersey Rev 5.500% 12/15/2019 (2)  5,125  5,577 
  Port Auth. of New York & New Jersey Rev 5.000% 7/15/2031  12,830  13,514 
2 Port Auth. of New York & New Jersey Rev. TOB VRDO 3.220% 3/7/2006  4,735  4,735 
  Rahway Valley NJ Sewerage Auth. Sewer Rev 0.000% 9/1/2031 (1)  4,215  1,318 
  Rahway Valley NJ Sewerage Auth. Sewer Rev 0.000% 9/1/2032 (1)  5,000  1,487 
  Rahway Valley NJ Sewerage Auth. Sewer Rev 0.000% 9/1/2034 (1)  10,220  2,743 
  Rahway Valley NJ Sewerage Auth. Sewer Rev 0.000% 9/1/2035 (1)  10,215  2,610 
  Rutgers State Univ. New Jersey 6.400% 5/1/2013  3,000  3,360 
  South Jersey Port Corp. New Jersey Rev 5.000% 1/1/2023  2,000  2,081 
  South Jersey Port Corp. New Jersey Rev 5.200% 1/1/2023  1,500  1,554 
  South Jersey Port Corp. New Jersey Rev 5.100% 1/1/2033  1,500  1,556 
  Stafford NJ Muni. Util. Auth. Water & Sewer Rev 5.500% 6/1/2011 (3)  3,100  3,386 
  Union County NJ Improvement Auth. Rev. (Plainfield Board of
  Educ.)		 5.800% 8/1/2007 (3)(Prere.)  4,000  4,174 
  Union County NJ PCR (Exxon) VRDO 2.640% 3/1/2006  4,500  4,500 
  Union County NJ PCR (Exxon) VRDO 2.720% 3/1/2006  415  415 
  Union County NJ Util. Auth. Rev. (Ogden Martin) 5.250% 6/1/2006 (2)  5,375  5,399 
  Union County NJ Util. Auth. Rev. (Ogden Martin) 5.375% 6/1/2011 (2)  8,375  8,692 
  Union County NJ Util. Auth. Rev. (Ogden Martin) 5.375% 6/1/2012 (2)  8,995  9,336 
  Union County NJ Util. Auth. Rev. (Ogden Martin) 5.375% 6/1/2013 (2)  9,445  9,776 
  Univ. of Medicine & Dentistry New Jersey COP 5.250% 6/15/2018 (1)  1,975  2,151 
  Univ. of Medicine & Dentistry New Jersey COP 5.250% 6/15/2020 (1)  2,185  2,371 
  Univ. of Medicine & Dentistry New Jersey COP 5.250% 6/15/2022 (1)  2,420  2,625 
  Univ. of Medicine & Dentistry New Jersey COP 5.250% 6/15/2024 (1)  2,000  2,163 
  Univ. of Medicine & Dentistry New Jersey Rev 6.500% 12/1/2012 (1)(ETM)  4,000  4,507 
  Univ. of Medicine & Dentistry New Jersey Rev 5.375% 12/1/2015 (2)  2,325  2,547 
  Univ. of Medicine & Dentistry New Jersey Rev 5.375% 12/1/2016 (2)  1,110  1,214 
  Univ. of Medicine & Dentistry New Jersey Rev 5.500% 12/1/2018 (2)  1,250  1,373 
  Univ. of Medicine & Dentistry New Jersey Rev 5.500% 12/1/2019 (2)  3,000  3,296 
  Univ. of Medicine & Dentistry New Jersey Rev 5.500% 12/1/2020 (2)  3,675  4,037 
  Univ. of Medicine & Dentistry New Jersey Rev 5.500% 12/1/2021 (2)  2,000  2,192 
  Univ. of Medicine & Dentistry New Jersey Rev 5.500% 12/1/2023 (2)  7,330  8,035 
  Univ. of Medicine & Dentistry New Jersey Rev 5.500% 12/1/2027 (2)  10,100  11,010 
  Vernon Township NJ School Dist. GO 5.250% 12/1/2009 (3)(Prere.)  1,200  1,276 
  Vernon Township NJ School Dist. GO 5.300% 12/1/2009 (3)(Prere.)  1,200  1,278 
  Vernon Township NJ School Dist. GO 5.375% 12/1/2009 (3)(Prere.)  1,200  1,281 
  Vernon Township NJ School Dist. GO 5.375% 12/1/2009 (3)(Prere.)  1,200  1,281 
  Vernon Township NJ School Dist. GO 5.375% 12/1/2009 (3)(Prere.)  1,200  1,281 
  Washington Township NJ Board of Educ. GO 5.250% 1/1/2023 (4)  1,875  2,130 
  Washington Township NJ Board of Educ. GO 5.250% 1/1/2024 (4)  2,070  2,358 
  Washington Township NJ Board of Educ. GO 5.250% 1/1/2025 (4)  1,500  1,712 
  Washington Township NJ Board of Educ. GO 5.250% 1/1/2026 (4)  1,330  1,521 
  West Orange NJ Board of Educ. COP 5.625% 10/1/2009 (1)(Prere.)  2,500  2,705 
  West Orange NJ Board of Educ. COP 5.625% 10/1/2009 (1)(Prere.)  2,000  2,164 
  West Orange NJ Board of Educ. COP 6.000% 10/1/2009 (1)(Prere.)  1,000  1,095 
  West Windsor Plainsboro NJ Regional School Dist 5.000% 12/1/2012 (4)  2,720  2,949 
  West Windsor Plainsboro NJ Regional School Dist 5.000% 12/1/2013 (4)  2,215  2,389 
  West Windsor Plainsboro NJ Regional School Dist 5.000% 12/1/2014 (4)  1,000  1,075 
  West Windsor Plainsboro NJ Regional School Dist 5.000% 12/1/2015 (4)  1,000  1,072 
   Outside New Jersey:
  Guam Govt. Ltd. Obligation Infrastructure Improvement Rev 5.125% 11/1/2011 (2)  3,400  3,550 
  Puerto Rico Electric Power Auth. Rev 5.250% 7/1/2007 (1)(Prere.)  3,200  3,326 
  Puerto Rico Electric Power Auth. Rev 5.250% 7/1/2022 (1)  2,000  2,277 
  Puerto Rico Electric Power Auth. Rev 5.000% 7/1/2023 (1)  15,120  16,252 
  Puerto Rico GO 5.500% 7/1/2018  5,540  6,228 
  Puerto Rico GO 5.500% 7/1/2021 (1)  6,750  7,868 
  Puerto Rico Govt. Dev. Bank CP 3.850% 10/4/2006  1,422  1,422 
  Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/2014 (Prere.)  3,500  3,914 
  Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/2014 (Prere.)  4,125  4,613 
  Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/2019 (1)  5,000  5,786 
  Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/2021 (4)  5,000  5,828 
  Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/2022 (4)  3,500  4,088 
  Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/2023 (4)  4,000  4,679 
  Puerto Rico Highway & Transp. Auth. Rev. VRDO 3.150% 3/7/2006 (2)  6,000  6,000 
  Puerto Rico Housing Finance Corp. Home Mortgage Rev 5.300% 12/1/2028  2,595  2,668 
  Puerto Rico Infrastructure Financing Auth. Special Tax Rev 5.500% 7/1/2024 (2)  13,000  15,274 
  Puerto Rico Infrastructure Financing Auth. Special Tax Rev 5.500% 7/1/2028 (2)  10,200  12,142 
  Puerto Rico Infrastructure Financing Auth. Special Tax Rev 0.000% 7/1/2029 (2)  19,805  6,918 
  Puerto Rico Infrastructure Financing Auth. Special Tax Rev 0.000% 7/1/2033 (3)  20,000  5,732 
  Puerto Rico Muni. Finance Agency 5.500% 8/1/2009 (4)(Prere.)  2,000  2,151 
  Puerto Rico Muni. Finance Agency 5.250% 8/1/2019 (4)  5,000  5,416 
  Puerto Rico Public Finance Corp. 5.500% 2/1/2012 (Prere.)  3,250  3,569 
  Puerto Rico Public Finance Corp. 6.000% 8/1/2026 (ETM)  720  902 
  Puerto Rico Public Finance Corp. 5.500% 8/1/2029  1,135  1,208 
  Virgin Islands Public Finance Auth. Rev 5.250% 10/1/2018  3,390  3,652 
  Total Municipal Bonds
   (Cost $1,558,892)		          1,628,731  
  Other Assets and Liabilities—Net (0.8%)          13,921 
  Net Assets (100%)          1,642,652  
  
1 Securities with a value of $2,436,000 have been segregated as initial margin for open futures contracts.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally
  to qualified institutional buyers. At February 28, 2006, the aggregate value of these securities was $9,715,000 representing 0.6% of net assets.

KEY TO ABBREVIATIONS

ARS - Auction Rate Security.
BAN - Bond Anticipation Note.
COP - Certificate of Participation.
CP - Commercial Paper.
FR - Floating Rate.
GAN - Grant Anticipation Note.
GO - General Obligation Bond.
IDA - Industrial Development Authority Bond.
IDR - Industrial Development Revenue Bond.
PCR - Pollution Control Revenue Bond.
PUT - Put Option Obligation.
RAN - Revenue Anticipation Note.
TAN - Tax Anticipation Note.
TOB - Tender Option Bond.
TRAN - Tax Revenue Anticipation Note.
UFSD - Union Free School District.
USD - United School District.
VRDO - Variable Rate Demand Obligation.
(ETM) - Escrowed to Maturity.
(Prere.) - Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty)
The insurance does not guarantee the market value of the municipal bonds.

LOC - Scheduled principal and interest payments are guaranteed by bank letter of credit.


Investment Securities: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the board of trustees to represent fair value.

At February 28, 2006, the cost of investment securities for tax purposes was $1,560,159,000. Net unrealized appreciation of investment securities for tax purposes was $68,572,000, consisting of unrealized gains of $69,709,000 on securities that had risen in value since their purchase and $1,137,000 in unrealized losses on securities that had fallen in value since their purchase.

Futures Contracts: Futures contracts are valued at their quoted daily settlement prices.

At February 28, 2006, the aggregate settlement value of open futures contracts expiring in June 2006, and the related unrealized appreciation (depreciation) were:



($000)
Futures Contracts Number of
Long (Short)
Contracts		 Aggregate
Settlement
Value		 Unrealized
Appreciation
(Depreciation)
30-Year U.S. Treasury Bond (710) $80,297  ($145)


Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.





Item 2: 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. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3:

 Exhibits.
(a) Certifications.

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

VANGUARD NEW JERSEY TAX-FREE FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: April 18, 2006

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: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: April 18, 2006

VANGUARD NEW JERSEY TAX-FREE FUNDS

BY: (signature)
(HEIDI STAM)
THOMAS J. HIGGINS*
TREASURER

Date: April 18, 2006

*By Power of Attorney. See File Number 2-31333, filed on January 23, 2006. Incorporated by Reference.