N-Q 1 njtaxfreefinal.htm VANGUARD NEW JERSEY TAX-FREE FUNDS

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, 2007

Item 1: Schedule of Investments



Vanguard New Jersey Tax-Exempt Money Market Fund
Schedule of Investments
February 28, 2007

Coupon Maturity
Date		 Face
Amount
($000)		 Market
Value
($000)
   Municipal Bonds (100.4%)          
   Bridgewater Township NJ BAN 4.750% 7/25/2007      8,500  8,532 
   Burlington County NJ BAN 4.500% 3/1/2007      19,655  19,655 
   Burlington County NJ BAN 4.500% 4/12/2007      25,525  25,551 
   Burlington County NJ BAN 4.750% 7/12/2007      11,205  11,244 
   Burlington County NJ BAN 4.000% 12/27/2007      6,900  6,922 
1 Burlington County NJ BAN 4.000% 2/29/2008      34,655  34,778 
2 Burlington County NJ Bridge Comm. Rev. TOB VRDO 3.680% 3/7/2007  (2) 5,315  5,315 
   Camden County NJ Improvement Auth. Lease Rev. VRDO 3.590% 3/7/2007  LOC  47,100  47,100 
   Clinton Township NJ BAN 4.500% 7/16/2007      5,000  5,017 
   Clinton Township NJ Board Educ. Temporary Notes 4.250% 1/9/2008      7,195  7,233 
   Cranbury Township NJ BAN 4.000% 12/6/2007      5,826  5,844 
   Delaware River&Bay Auth. New Jersey Rev. VRDO 3.590% 3/7/2007  (2) 8,200  8,200 
2 Delaware River Port Auth. Pennsylvania&New Jersey Rev. TOB VRDO 3.680% 3/7/2007  (4) 3,000  3,000 
   Dover Township NJ BAN 4.500% 6/22/2007      8,170  8,192 
   East Brunswick Township NJ BAN 4.250% 2/21/2008      10,190  10,250 
2 Egg Harbor Township NJ School Dist. GO TOB VRDO 3.510% 3/7/2007  (4) 4,485  4,485 
   Essex County NJ Improvement Auth. Rev. (Jewish Community Center) VRDO 3.630% 3/7/2007  LOC  4,425  4,425 
   Essex County NJ Improvement Auth. Rev. (Pooled Govt. Loan) VRDO 3.520% 3/7/2007  LOC  30,000  30,000 
2 Garden State Preservation Trust Fund TOB VRDO 3.610% 3/7/2007  (4) 10,345  10,345 
2 Garden State Preservation Trust New Jersey TOB VRDO 3.510% 3/7/2007  (4) 6,500  6,500 
2 Garden State Preservation Trust New Jersey TOB VRDO 3.670% 3/7/2007  (4) 9,890  9,890 
   Gloucester County NJ BAN 4.250% 10/19/2007      19,100  19,186 
   Gloucester County NJ PCR (Mobil Oil Refining Corp.) VRDO 3.470% 3/1/2007      2,700  2,700 
   Hopewell Township NJ BAN 4.500% 6/28/2007      8,905  8,925 
2 Hudson County NJ CTFS Partner Merlots TOB VRDO 3.550% 3/7/2007  (1) 4,980  4,980 
   Lawrence Township NJ BAN 4.750% 7/26/2007      4,910  4,928 
2 Madison Borough NJ Board of Educ. TOB VRDO 3.670% 3/7/2007  (1) 11,805  11,805 
   Middlesex County NJ BAN 4.000% 12/21/2007      20,455  20,530 
   Monroe Township NJ BAN 4.250% 2/14/2008      11,866  11,930 
   Morris Hills NJ Regional School Dist. BAN 4.000% 6/20/2007      9,000  9,012 
   Mount Laurel Township NJ BAN 4.500% 5/25/2007      10,508  10,528 
2 New Jersey Building Auth. Rev. TOB VRDO 3.690% 3/7/2007  (1) 44,160  44,160 
2 New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel Room Fee) TOB VRDO 3.550% 3/7/2007  (1) 4,775  4,775 
2 New Jersey COP TOB VRDO 3.510% 3/7/2007  (2) 19,780  19,780 
   New Jersey Econ. Dev. Auth. Fac. Rev. (Logan Project) CP 3.530% 3/6/2007  LOC  55,000  55,000 
2 New Jersey Econ. Dev. Auth. Lease Rev. TOB VRDO 3.680% 3/7/2007  (1) 6,510  6,510 
   New Jersey Econ. Dev. Auth. Rev. (Airis Newark LLC Project) VRDO 3.650% 3/7/2007  (2) 37,010  37,010 
   New Jersey Econ. Dev. Auth. Rev. (Bennedictine Abbey Newark) VRDO 3.520% 3/7/2007  LOC  19,000  19,000 
   New Jersey Econ. Dev. Auth. Rev. (Bennedictine Abbey Newark) VRDO 3.520% 3/7/2007  LOC  8,925  8,925 
   New Jersey Econ. Dev. Auth. Rev. (Chambers Cogeneration Limited Partnership) CP 3.650% 4/2/2007  LOC  30,100  30,100 
   New Jersey Econ. Dev. Auth. Rev. (Columbia Univ. Project) CP 3.650% 5/1/2007      9,545  9,545 
   New Jersey Econ. Dev. Auth. Rev. (Frisch School Project) VRDO 3.600% 3/7/2007  LOC  21,450  21,450 
   New Jersey Econ. Dev. Auth. Rev. (Geriatric Services Housing Corp.) VRDO 3.490% 3/7/2007  LOC  6,350  6,350 
   New Jersey Econ. Dev. Auth. Rev. (Hamilton YMCA) VRDO 3.680% 3/7/2007  LOC  4,500  4,500 
   New Jersey Econ. Dev. Auth. Rev. (Hoffman-La Roche) VRDO 3.690% 3/1/2007  LOC  17,500  17,500 
   New Jersey Econ. Dev. Auth. Rev. (Jewish Community Center) VRDO 3.670% 3/7/2007  LOC  5,445  5,445 
   New Jersey Econ. Dev. Auth. Rev. (Job Haines Home Project) VRDO 3.500% 3/7/2007  LOC  6,735  6,735 
   New Jersey Econ. Dev. Auth. Rev. (Lawrenceville School Project) VRDO 3.500% 3/1/2007      7,600  7,600 
   New Jersey Econ. Dev. Auth. Rev. (Lawrenceville School Project) VRDO 3.530% 3/1/2007      25,000  25,000 
   New Jersey Econ. Dev. Auth. Rev. (Lions Gate Project) VRDO 3.520% 3/7/2007  LOC  5,045  5,045 
   New Jersey Econ. Dev. Auth. Rev. (Metuchen Project) VRDO 3.470% 3/7/2007  LOC  12,650  12,650 
2 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) TOB VRDO 3.680% 3/7/2007  (1) 6,075  6,075 
2 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) TOB VRDO 3.680% 3/7/2007  (1) 8,000  8,000 
   New Jersey Econ. Dev. Auth. Rev. (Ocean Spray Cranberries) VRDO 3.680% 3/7/2007  LOC  8,000  8,000 
   New Jersey Econ. Dev. Auth. Rev. (Order Saint Benedict Project) VRDO 3.630% 3/7/2007  LOC  16,835  16,835 
   New Jersey Econ. Dev. Auth. Rev. (Passaic Hebrew Institute) VRDO 3.640% 3/7/2007  LOC  3,150  3,150 
   New Jersey Econ. Dev. Auth. Rev. (Peddie School Project) VRDO 3.610% 3/7/2007      6,725  6,725 
   New Jersey Econ. Dev. Auth. Rev. (Peddie School Project) VRDO 3.620% 3/7/2007      1,500  1,500 
   New Jersey Econ. Dev. Auth. Rev. (Peddie School Project) VRDO 3.620% 3/7/2007      5,000  5,000 
   New Jersey Econ. Dev. Auth. Rev. (Peddie School Project) VRDO 3.620% 3/7/2007      7,300  7,300 
2 New Jersey Econ. Dev. Auth. Rev. (School Fac.) TOB VRDO 3.670% 3/7/2007  (4) 7,165  7,165 
2 New Jersey Econ. Dev. Auth. Rev. (School Fac.) TOB VRDO 3.680% 3/7/2007  (3) 8,815  8,815 
2 New Jersey Econ. Dev. Auth. Rev. (School Fac.) TOB VRDO 3.690% 3/7/2007  (3) 39,440  39,440 
   New Jersey Econ. Dev. Auth. Rev. (School Fac.) VRDO 3.550% 3/1/2007  LOC  47,500  47,500 
   New Jersey Econ. Dev. Auth. Rev. (School Fac.) VRDO 3.580% 3/1/2007  LOC  21,200  21,200 
   New Jersey Econ. Dev. Auth. Rev. (School Fac.) VRDO 3.590% 3/1/2007  LOC  95,000  95,000 
2 New Jersey Econ. Dev. Auth. Rev. (Transp. Project) TOB VRDO 3.680% 3/7/2007  (4) 7,465  7,465 
   New Jersey Econ. Dev. Auth. Rev. (United States Golf Assn.) VRDO 3.620% 3/7/2007  LOC  5,100  5,100 
   New Jersey Econ. Dev. Auth. Rev. (Visiting Nurse Association) VRDO 3.650% 3/7/2007  LOC  5,000  5,000 
2 New Jersey Econ. Dev. Auth. Rev. TOB VRDO 3.680% 3/7/2007  (4) 9,510  9,510 
2 New Jersey Econ. Dev. Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1) 33,320  33,320 
2 New Jersey Econ. Dev. Auth. Rev. TOB VRDO 3.690% 3/7/2007  (2) 4,065  4,065 
2 New Jersey Econ. Dev. Auth. Rev. TOB VRDO 3.710% 3/7/2007  (2)(3)(4) 26,835  26,835 
2 New Jersey Econ. Dev. Auth. Water Fac. Rev. (New Jersey Water Co. Project) TOB VRDO 3.700% 3/7/2007  (3) 4,850  4,850 
2 New Jersey Econ. Dev. Auth. Water Fac. Rev. (United Water Co.) VRDO 3.530% 3/1/2007  (2) 5,000  5,000 
   New Jersey Econ. Dev. Auth. Water Fac. Rev. (United Water Co.) VRDO 3.640% 3/1/2007  (2) 10,300  10,300 
2 New Jersey Econ. Dev. Auth. Water Fac. Rev. (United Water Co.) VRDO 3.690% 3/1/2007  (2) 26,465  26,465 
   New Jersey Educ. Fac. Auth. Rev. (Caldwell College) VRDO 3.630% 3/7/2007  LOC  21,400  21,400 
   New Jersey Educ. Fac. Auth. Rev. (College of New Jersey) VRDO 3.630% 3/7/2007  (2) 4,250  4,250 
2 New Jersey Educ. Fac. Auth. Rev. (Higher Education Trust Fund) TOB VRDO 3.680% 3/7/2007  (4) 22,485  22,485 
2 New Jersey Educ. Fac. Auth. Rev. (Institute for Advanced Studies) VRDO 3.470% 3/7/2007      12,100  12,100 
2 New Jersey Educ. Fac. Auth. Rev. (Institute for Defense Analyses) VRDO 3.660% 3/7/2007  (2) 12,530  12,530 
2 New Jersey Educ. Fac. Auth. Rev. (Montclair State Univ.) TOB VRDO 3.670% 3/7/2007  (2) 6,140  6,140 
2 New Jersey Educ. Fac. Auth. Rev. (Montclair State Univ.) TOB VRDO 3.680% 3/7/2007  (1) 4,895  4,895 
2 New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) TOB VRDO 3.680% 3/7/2007      5,000  5,000 
2 New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) TOB VRDO 3.690% 3/7/2007      5,210  5,210 
   New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) VRDO 3.620% 3/1/2007      7,500  7,500 
2 New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) TOB VRDO 3.690% 3/7/2007  (2) 2,770  2,770 
2 New Jersey GO TOB VRDO 3.680% 3/7/2007  (3) 3,360  3,360 
2 New Jersey GO TOB VRDO 3.690% 3/7/2007  (2) 8,815  8,815 
   New Jersey Health Care Fac. Financing Auth. Rev. (Capital Health Systems Obligated Group) VRDO 3.630% 3/7/2007  LOC  21,710  21,710 
   New Jersey Health Care Fac. Financing Auth. Rev. (Hosp. Capital Asset Pooled Program) VRDO 3.560% 3/7/2007  LOC  21,000  21,000 
   New Jersey Health Care Fac. Financing Auth. Rev. (Hosp. Capital Asset Pooled Program) VRDO 3.560% 3/7/2007  LOC  24,500  24,500 
   New Jersey Health Care Fac. Financing Auth. Rev. (Hosp. Capital Asset Pooled Program) VRDO 3.560% 3/7/2007  LOC  23,600  23,600 
   New Jersey Health Care Fac. Financing Auth. Rev. (Hosp. Capital Asset Pooled Program) VRDO 3.560% 3/7/2007  LOC  20,000  20,000 
   New Jersey Health Care Fac. Financing Auth. Rev. (Meridian Health Systems) VRDO 3.540% 3/7/2007  LOC  12,100  12,100 
   New Jersey Health Care Fac. Financing Auth. Rev. (Meridian Health Systems) VRDO 3.560% 3/7/2007  LOC  34,400  34,400 
   New Jersey Health Care Fac. Financing Auth. Rev. (Robert Wood Johnson Univ.) VRDO 3.630% 3/7/2007  LOC  16,300  16,300 
   New Jersey Health Care Fac. Financing Auth. Rev. (Robert Wood Johnson Univ.) VRDO 3.630% 3/7/2007  LOC  35,185  35,185 
   New Jersey Health Care Fac. Financing Auth. Rev. (Southern Ocean County Hosp.) VRDO 3.630% 3/7/2007  LOC  9,190  9,190 
2 New Jersey Health Care Fac. Financing Auth. Rev. (St. Barnabas Health) TOB VRDO 3.680% 3/7/2007  (1) 9,630  9,630 
   New Jersey Health Care Fac. Financing Auth. Rev. (Virtua Health) VRDO 3.630% 3/7/2007  LOC  9,200  9,200 
2 New Jersey Health Care Fac. Financing Auth. Rev. TOB VRDO 3.670% 3/7/2007  (3) 9,700  9,700 
2 New Jersey Health Care Fac. Financing Auth. Rev. TOB VRDO 3.680% 3/7/2007      4,810  4,810 
2 New Jersey Health Care Fac. Financing Auth. Rev. TOB VRDO 3.680% 3/7/2007  (2) 10,500  10,500 
   New Jersey Health Care Fac. Financing Auth. Rev. VRDO 3.620% 3/7/2007  LOC  13,950  13,950 
2 New Jersey Housing&Mortgage Finance Agency Multi-Family Housing Rev. TOB PUT 3.600% 5/3/2007  (7) 20,930  20,930 
2 New Jersey Housing&Mortgage Finance Agency Multi-Family Housing Rev. TOB VRDO 3.550% 3/7/2007  (3) 3,615  3,615 
2 New Jersey Housing&Mortgage Finance Agency Multi-Family Housing Rev. VRDO 3.510% 3/7/2007  (4) 6,015  6,015 
   New Jersey Housing&Mortgage Finance Agency Multi-Family Housing Rev. VRDO 3.550% 3/7/2007  (3) 34,435  34,435 
   New Jersey Housing&Mortgage Finance Agency Multi-Family Housing Rev. VRDO 3.650% 3/7/2007  (4) 14,690  14,690 
   New Jersey Housing&Mortgage Finance Agency Multi-Family Housing Rev. VRDO 3.670% 3/7/2007  (4) 15,700  15,700 
   New Jersey Housing&Mortgage Finance Agency Rev. VRDO 3.500% 3/7/2007      27,995  27,995 
   New Jersey Housing&Mortgage Finance Agency Rev. VRDO 3.520% 3/7/2007      22,120  22,120 
   New Jersey Housing&Mortgage Finance Agency Rev. VRDO 3.550% 3/7/2007  LOC  21,200  21,200 
   New Jersey Housing&Mortgage Finance Agency Rev. VRDO 3.550% 3/7/2007  LOC  13,400  13,400 
   New Jersey Housing&Mortgage Finance Agency Rev. VRDO 3.570% 3/7/2007      5,000  5,000 
2 New Jersey Sports&Exposition Auth. Rev. (Convention Center Luxury Tax) TOB VRDO 3.680% 3/7/2007  (1) 5,345  5,345 
2 New Jersey State (Montclair Univ.) TOB VRDO 3.510% 3/7/2007  (1) 12,065  12,065 
2 New Jersey Transp. Corp. COP TOB VRDO 3.680% 3/7/2007  (3) 9,635  9,635 
   New Jersey Transp. Trust Fund Auth. Rev 5.000% 6/15/2007  (10)(Prere.) 15,000  15,352 
   New Jersey Transp. Trust Fund Auth. Rev 5.250% 6/15/2007  (Prere.)  2,000  2,050 
   New Jersey Transp. Trust Fund Auth. Rev 6.000% 6/15/2007  (Prere.)  37,000  37,971 
   New Jersey Transp. Trust Fund Auth. Rev 6.000% 6/15/2007  (Prere.)  34,660  35,570 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.550% 3/7/2007  (1) 5,990  5,990 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.550% 3/7/2007  (1) 7,380  7,380 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.670% 3/7/2007  (10) 5,995  5,995 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (3) 5,330  5,330 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (3) 13,545  13,545 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (4) 7,000  7,000 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (2) 3,745  3,745 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1) 12,235  12,235 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1) 9,390  9,390 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (3) 5,310  5,310 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (2) 7,495  7,495 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1) 8,495  8,495 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1)(3) 6,920  6,920 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1) 6,205  6,205 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1)(2) 10,965  10,965 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.690% 3/7/2007  (4) 1,500  1,500 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.690% 3/7/2007  (1) 2,950  2,950 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.710% 3/7/2007  (4) 9,495  9,495 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.710% 3/7/2007  (2) 3,075  3,075 
2 New Jersey Transp. Trust Fund Auth. Rev. TOB VRDO 3.710% 3/7/2007  (2) 6,535  6,535 
2 New Jersey Transp. Trust Fund Auth. Transp. System TOB VRDO 3.570% 3/7/2007  (4) 21,995  21,995 
2 New Jersey Turnpike Auth. Rev. TOB PUT 3.650% 8/16/2007  (3) 7,095  7,095 
2 New Jersey Turnpike Auth. Rev. TOB VRDO 3.670% 3/7/2007  (2) 4,690  4,690 
2 New Jersey Turnpike Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1) 4,995  4,995 
2 New Jersey Turnpike Auth. Rev. TOB VRDO 3.680% 3/7/2007  (4) 8,275  8,275 
2 New Jersey Turnpike Auth. Rev. TOB VRDO 3.680% 3/7/2007  (1) 7,260  7,260 
2 New Jersey Turnpike Auth. Rev. TOB VRDO 3.690% 3/7/2007  (2) 16,000  16,000 
2 New Jersey Turnpike Auth. Rev. TOB VRDO 3.690% 3/7/2007  (3) 13,640  13,640 
2 New Jersey Turnpike Auth. Rev. TOB VRDO 3.690% 3/7/2007  (1) 18,255  18,255 
   New Jersey Turnpike Auth. Rev. VRDO 3.460% 3/7/2007  (3)LOC  136,100  136,100 
   New Jersey Turnpike Auth. Rev. VRDO 3.500% 3/7/2007  (4) 44,300  44,300 
   New Jersey Turnpike Auth. Rev. VRDO 3.500% 3/7/2007  (4) 20,500  20,500 
2 Northern Valley NJ Regional High School Dist. TOB VRDO 3.690% 3/7/2007  (1) 2,665  2,665 
   Old Bridge Township NJ BAN 4.250% 9/27/2007      8,380  8,413 
   Parsippany - Troy Hills Township NJ BAN 4.750% 7/25/2007      13,000  13,048 
   Port Auth of New York&New Jersey Rev. VRDO 3.570% 3/1/2007      10,000  10,000 
   Port Auth. of New York&New Jersey CP 3.610% 3/1/2007      6,400  6,400 
   Port Auth. of New York&New Jersey CP 3.610% 3/1/2007      7,755  7,755 
   Port Auth. of New York&New Jersey CP 3.500% 3/6/2007      30,340  30,340 
   Port Auth. of New York&New Jersey CP 3.590% 3/12/2007      14,470  14,470 
   Port Auth. of New York&New Jersey CP 3.610% 3/19/2007      10,000  10,000 
   Port Auth. of New York&New Jersey CP 3.650% 5/1/2007      11,600  11,600 
   Port Auth. of New York&New Jersey CP 3.650% 5/9/2007      10,100  10,100 
   Port Auth. of New York&New Jersey Rev 5.000% 11/15/2007  (3) 2,500  2,524 
2 Port Auth. of New York&New Jersey Rev. TOB VRDO 3.680% 3/7/2007  (10) 2,940  2,940 
2 Port Auth. of New York&New Jersey Rev. TOB VRDO 3.690% 3/7/2007  (10) 5,395  5,395 
2 Port Auth. of New York&New Jersey Rev. TOB VRDO 3.700% 3/7/2007  (3) 15,000  15,000 
2 Port Auth. of New York&New Jersey Rev. TOB VRDO 3.700% 3/7/2007  (4) 25,165  25,165 
2 Port Auth. of New York&New Jersey Rev. TOB VRDO 3.700% 3/7/2007  (3) 5,930  5,930 
2 Port Auth. of New York&New Jersey Rev. TOB VRDO 3.700% 3/7/2007  (4) 6,220  6,220 
   Port Auth. of New York&New Jersey Special Obligation Rev. (Versatile Structure) VRDO 3.570% 3/1/2007      4,225  4,225 
   Port Auth. of New York&New Jersey Special Obligation Rev. (Versatile Structure) VRDO 3.630% 3/1/2007      4,600  4,600 
   Port Auth. of New York&New Jersey Special Obligation Rev. (Versatile Structure) VRDO 3.630% 3/1/2007      5,900  5,900 
   Port Auth. of New York&New Jersey Special Obligation Rev. (Versatile Structure) VRDO 3.690% 3/1/2007      12,700  12,700 
   Port Auth. of New York&New Jersey Special Obligation Rev. (Versatile Structure) VRDO 3.690% 3/1/2007      4,200  4,200 
   Princeton Univ. New Jersey CP 3.500% 3/12/2007      9,600  9,600 
   Princeton Univ. New Jersey CP 3.550% 4/2/2007      3,800  3,800 
   Princeton Univ. New Jersey CP 3.630% 5/22/2007      15,500  15,500 
   Princeton Univ. New Jersey CP 3.600% 5/23/2007      7,900  7,900 
   Ridgewood NJ BAN 4.500% 6/29/2007      19,680  19,729 
   Rutgers State Univ. New Jersey VRDO 3.530% 3/1/2007      55,325  55,325 
   Salem County NJ Financing Auth. PCR (Atlantic City Electric Co.) VRDO 3.520% 3/7/2007  (1) 9,850  9,850 
   Salem County NJ Financing Auth. PCR (Atlantic City Electric Co.) VRDO 3.570% 3/7/2007  (1) 3,000  3,000 
   Salem County NJ Financing Auth. PCR (Exelon Project) CP 3.650% 5/1/2007  LOC  19,000  19,000 
   Scotch Plains Township NJ BAN 4.250% 1/25/2008      5,000  5,028 
   Secaucus NJ BAN 4.250% 1/18/2008      6,907  6,941 
   Toms River NJ TAN 4.000% 9/28/2007      20,000  20,040 
   Union County NJ BAN 4.500% 3/1/2007      45,000  45,000 
   Union County NJ BAN 4.000% 2/28/2008      75,000  75,258 
   Univ. of Medicine&Dentistry New Jersey Rev. VRDO 3.650% 3/7/2007  (2) 55,000  55,000 
2 Washington Township NJ Board of Educ. TOB VRDO 3.680% 3/7/2007  (4) 7,990  7,990 
   Westfield NJ BAN 4.500% 10/19/2007  5,500  5,533 
   Outside New Jersey:
2 Puerto Rico Electric Power Auth. Rev. TOB VRDO 3.640% 3/7/2007  (4) 10,000  10,000 
2 Puerto Rico Electric Power Auth. Rev. TOB VRDO 3.660% 3/7/2007  (1) 22,525  22,525 
2 Puerto Rico GO TOB VRDO 3.640% 3/7/2007  (1) 6,000  6,000 
2 Puerto Rico Highway&Transp. Auth. Rev. TOB VRDO 3.530% 3/7/2007  (3) 5,125  5,125 
2 Puerto Rico Highway&Transp. Auth. Rev. TOB VRDO 3.530% 3/7/2007  (3) 18,830  18,830 
2 Puerto Rico Highway&Transp. Auth. Rev. TOB VRDO 3.670% 3/7/2007      29,200  29,200 
2 Puerto Rico Ind. Medical&Environmental Fac. Finance Auth. Rev. PCR (Abbott Laboratories) PUT 3.550% 3/1/2007      12,575  12,575 
2 Puerto Rico Infrastructure Financing Auth. Special Obligation Bonds TOB VRDO 3.640% 3/7/2007      29,105  29,105 
2 Puerto Rico Infrastructure Financing Auth. Special Tax Rev. TOB VRDO 3.640% 3/7/2007  (2) 6,515  6,515 
2 Puerto Rico Public Finance Corp. TOB VRDO 3.640% 3/7/2007  (11) 31,107  31,107 
2 Puerto Rico Public Finance Corp. TOB VRDO 3.680% 3/7/2007  (3) 2,090  2,090 
   Puerto Rico TRAN 4.500% 7/30/2007  LOC  15,000  15,061 
   Total Municipal Bonds (Cost $3,053,892)                 3,053,892 
   Other Assets and Liabilities--Net (-0.4%)                 (10,895)
   Net Assets (100%)                 3,042,997 
1 Security purchased on a when-issued or delayed delivery basis for which the fund has not taken delivery as of February 28, 2007.
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, 2007, the aggregate value of these securities was $980,237,000, representing 32.2% 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.

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, 2007

Coupon Maturity
Date		 Face
Amount
($000)		 Market
Value
($000)
 Municipal Bonds (99.9%)          
 Atlantic County NJ Public Fac. COP 7.400% 3/1/2010  (3) 1,755  1,938 
 Atlantic County NJ Public Fac. COP 7.400% 3/1/2011  (3) 4,025  4,570 
 Atlantic County NJ Public Fac. COP 6.000% 3/1/2014  (3) 3,685  4,189 
 Atlantic County NJ Public Fac. COP 6.000% 3/1/2015  (3) 1,480  1,700 
 Atlantic County NJ Util. Auth. Sewer Rev 6.875% 1/1/2012  (2)(ETM) 1,565  1,691 
 Bergen County NJ Util. Auth. Water PCR 5.000% 12/15/2031  (2) 2,500  2,680 
 Burlington County NJ Bridge Comm. Rev 5.250% 12/15/2021  (2) 3,200  3,497 
 Camden County NJ Improvement Auth. Lease Rev 5.375% 9/1/2010  (4)(Prere.) 850  899 
 Camden County NJ Improvement Auth. Lease Rev 5.500% 9/1/2010  (4)(Prere.) 1,470  1,561 
 Camden County NJ Improvement Auth. Lease Rev 5.500% 5/1/2016    1,140  1,233 
 Camden County NJ Improvement Auth. Lease Rev 5.500% 5/1/2017    1,025  1,106 
 Camden County NJ Improvement Auth. Lease Rev 5.500% 5/1/2018    1,265  1,367 
 Camden County NJ Improvement Auth. Lease Rev 5.500% 5/1/2019    1,335  1,443 
 Cape May County NJ Muni. Util. Auth. Rev 5.750% 1/1/2014  (4) 6,930  7,790 
 Cape May County NJ Muni. Util. Auth. Rev 5.250% 1/1/2017  (1) 2,560  2,718 
 Cape May County NJ Muni. Util. Auth. Rev 5.250% 1/1/2018  (1) 2,165  2,303 
 Cape May County NJ PCR (Atlantic City Electric) 6.800% 3/1/2021  (1) 15,400  20,103 
 Cumberland County NJ Improvement Auth. Solid Waste System Rev 5.125% 1/1/2025  (1) 5,685  6,215 
 Delaware River&Bay Auth. New Jersey Rev 5.375% 1/1/2010  (2)(Prere.) 750  792 
 Delaware River&Bay Auth. New Jersey Rev. VRDO 3.590% 3/7/2007  (2) 4,000  4,000 
 Delaware River Port Auth. Pennsylvania&New Jersey Rev 5.750% 1/1/2022  (4) 10,000  10,528 
 Delaware River Port Auth. Pennsylvania&New Jersey Rev 5.625% 1/1/2026  (4) 5,000  5,242 
 Delaware River Port Auth. Pennsylvania&New Jersey Rev 5.750% 1/1/2026  (4) 12,085  12,713 
 Egg Harbor Township NJ School Dist. GO 5.000% 7/15/2011  (3)(Prere.) 2,640  2,808 
 Egg Harbor Township NJ School Dist. GO 5.000% 7/15/2011  (3)(Prere.) 2,780  2,957 
 Egg Harbor Township NJ School Dist. GO 5.000% 7/15/2011  (3)(Prere.) 1,400  1,489 
 Egg Harbor Township NJ School Dist. GO 5.000% 7/15/2011  (3)(Prere.) 2,000  2,127 
 Egg Harbor Township NJ School Dist. GO 5.100% 7/15/2011  (3)(Prere.) 2,950  3,149 
 Egg Harbor Township NJ School Dist. GO 5.500% 7/15/2020  (4) 3,775  4,408 
 Egg Harbor Township NJ School Dist. GO 5.500% 7/15/2021  (4) 3,995  4,693 
 Egg Harbor Township NJ School Dist. GO 5.500% 7/15/2022  (4) 4,220  4,990 
 Egg Harbor Township NJ School Dist. GO 5.750% 7/15/2024  (4) 4,715  5,775 
 Egg Harbor Township NJ School Dist. GO 5.750% 7/15/2025  (4) 4,885  6,026 
 Essex County NJ Improvement Auth. Lease Rev 5.750% 10/1/2010  (3)(Prere.) 3,390  3,632 
 Essex County NJ Improvement Auth. Lease Rev 5.750% 10/1/2010  (3)(Prere.) 5,090  5,454 
 Essex County NJ Improvement Auth. Lease Rev 5.750% 10/1/2010  (3)(Prere.) 2,650  2,839 
 Essex County NJ Improvement Auth. Rev 5.250% 12/15/2022  (2) 3,455  3,983 
 Essex County NJ Improvement Auth. Rev 5.500% 10/1/2023  (1) 12,065  14,228 
 Essex County NJ Improvement Auth. Rev 5.250% 12/15/2023  (2) 3,635  4,211 
 Essex County NJ Improvement Auth. Rev 5.500% 10/1/2024  (1) 6,725  7,971 
 Essex County NJ Improvement Auth. Rev 5.250% 12/15/2024  (2) 3,820  4,445 
 Essex County NJ Improvement Auth. Rev 5.500% 10/1/2025  (1) 11,630  13,868 
 Essex County NJ Improvement Auth. Rev 5.500% 10/1/2026  (1) 6,500  7,776 
 Essex County NJ Improvement Auth. Rev 5.500% 10/1/2027  (1) 5,895  7,081 
 Essex County NJ Solid Waste Util. Auth 0.000% 4/1/2010  (4) 1,000  891 
 Evesham NJ Util. Auth. Rev 5.000% 7/1/2016  (2) 3,435  3,632 
 Evesham NJ Util. Auth. Rev 5.000% 7/1/2017  (2) 3,705  3,907 
 Evesham NJ Util. Auth. Rev 5.000% 7/1/2018  (2) 1,605  1,697 
 Garden State Preservation Trust New Jersey 0.000% 11/1/2021  (4) 11,325  6,243 
 Garden State Preservation Trust New Jersey 0.000% 11/1/2022  (4) 41,150  21,714 
 Garden State Preservation Trust New Jersey 0.000% 11/1/2023  (4) 15,000  7,574 
 Garden State Preservation Trust New Jersey 5.750% 11/1/2028  (4) 13,000  16,168 
 Gloucester County NJ Improvement Auth. Lease Rev 5.000% 7/15/2016  (1) 1,000  1,072 
 Gloucester County NJ Improvement Auth. Lease Rev 5.000% 7/15/2017  (1) 1,000  1,067 
 Gloucester County NJ Improvement Auth. Lease Rev 5.000% 7/15/2020  (1) 1,150  1,226 
 Gloucester County NJ Improvement Auth. Lease Rev 5.000% 7/15/2023  (1) 1,000  1,058 
 Gloucester County NJ PCR (Mobil Oil Refining Corp.) VRDO 3.470% 3/1/2007    1,500  1,500 
 Gloucester Township NJ GO 5.750% 7/15/2010  (2) 2,880  3,053 
 Gloucester Township NJ Muni. Util. Auth. Rev 5.650% 3/1/2018  (2) 2,755  3,071 
 Hillsborough Township NJ School Dist. GO 5.375% 10/1/2013  (4) 1,250  1,378 
 Hillsborough Township NJ School Dist. GO 5.375% 10/1/2015  (4) 1,720  1,935 
 Hillsborough Township NJ School Dist. GO 5.375% 10/1/2017  (4) 720  820 
 Hillsborough Township NJ School Dist. GO 5.375% 10/1/2019  (4) 1,720  1,995 
1Hoboken-Union City-Weehawken NJ Sewerage Auth. Rev 6.250% 8/1/2013  (1) 9,590  10,983 
 Hudson County NJ GO 6.550% 7/1/2007  (3) 1,300  1,313 
 Irvington Township NJ GO 0.000% 8/1/2007  (1)(ETM) 1,000  985 
 Irvington Township NJ GO 0.000% 8/1/2009  (1)(ETM) 2,580  2,359 
 Irvington Township NJ GO 0.000% 8/1/2010  (1)(ETM) 2,080  1,832 
 Jackson Township NJ Board of Educ. GO 5.375% 4/15/2012  (3)(Prere.) 7,676  8,294 
 Jackson Township NJ Board of Educ. GO 5.375% 4/15/2012  (3)(Prere.) 6,885  7,439 
 Jackson Township NJ Board of Educ. GO 5.250% 6/15/2021  (1) 11,195  12,839 
 Marlboro Township NJ Board of Educ. GO 5.250% 7/15/2009  (4)(Prere.) 2,625  2,722 
 Marlboro Township NJ Board of Educ. GO 5.250% 7/15/2009  (4)(Prere.) 2,850  2,956 
 Marlboro Township NJ Board of Educ. GO 5.250% 7/15/2009  (4)(Prere.) 2,790  2,893 
 Marlboro Township NJ Board of Educ. GO 5.000% 7/15/2014    1,045  1,097 
 Mercer County NJ Improvement Auth. Solid Waste Rev 5.375% 9/15/2012    11,120  11,437 
 Mercer County NJ Improvement Auth. Special Services School Dist. Rev 5.750% 12/15/2008    1,165  1,208 
 Mercer County NJ Improvement Auth. Special Services School Dist. Rev 5.950% 12/15/2012    4,895  5,427 
 Middlesex County NJ COP 5.000% 8/1/2011  (1) 1,050  1,106 
 Middlesex County NJ COP 5.500% 8/1/2015  (1) 1,195  1,277 
 Middlesex County NJ Improvement Auth 5.375% 3/15/2022  (3) 1,825  1,970 
 Middlesex County NJ Improvement Auth 5.375% 3/15/2023  (3) 1,925  2,078 
 Middlesex County NJ Improvement Auth. Rev. Heldrich Center Hotel/Conference Project 5.000% 1/1/2015    500  510 
 Middlesex County NJ Improvement Auth. Rev. Heldrich Center Hotel/Conference Project 5.000% 1/1/2020    500  512 
 Middlesex County NJ Improvement Auth. Rev. Heldrich Center Hotel/Conference Project 5.000% 1/1/2032    5,100  5,139 
 Middlesex County NJ Improvement Auth. Rev. Heldrich Center Hotel/Conference Project 5.125% 1/1/2037    3,500  3,548 
 Middlesex County NJ Improvement Auth. Rev. Open Space Trust Fund 5.250% 9/15/2019    1,585  1,718 
 Middlesex County NJ Improvement Auth. Rev. Open Space Trust Fund 5.250% 9/15/2020    1,600  1,732 
 Middlesex County NJ Improvement Auth. Rev. Open Space Trust Fund 5.250% 9/15/2021    2,375  2,564 
 Middlesex County NJ Improvement Auth. Rev. Open Space Trust Fund 5.250% 9/15/2022    2,000  2,159 
 Middlesex County NJ Improvement Auth. Util. Systems Rev. (Perth Amboy) 0.000% 9/1/2015  (2) 2,000  1,436 
 Middlesex County NJ Improvement Auth. Util. Systems Rev. (Perth Amboy) 0.000% 9/1/2016  (2) 3,000  2,065 
 Middlesex County NJ Improvement Auth. Util. Systems Rev. (Perth Amboy) 0.000% 9/1/2018  (2) 4,550  2,875 
 Middletown Township NJ Board of Educ. GO 5.000% 8/1/2014  (4) 2,735  2,847 
 Middletown Township NJ Board of Educ. GO 5.000% 8/1/2015  (4) 2,015  2,096 
 Monmouth County NJ Improvement Auth. Rev. (Howell Township Board of Educ.) 5.800% 7/15/2007  (2)(Prere.) 1,180  1,201 
 Monmouth County NJ Improvement Auth. Rev. (Howell Township Board of Educ.) 5.000% 7/15/2019  (2) 2,115  2,234 
 Monmouth County NJ Improvement Auth. Rev. (Howell Township Board of Educ.) 5.000% 7/15/2020  (2) 2,225  2,349 
 Montgomery Township NJ School Dist. GO 5.250% 8/1/2013  (1) 1,285  1,376 
 Montgomery Township NJ School Dist. GO 5.250% 8/1/2017  (1) 1,280  1,366 
 Montgomery Township NJ School Dist. GO 5.250% 8/1/2018  (1) 1,280  1,366 
 New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel Room Fee) 5.250% 1/1/2020  (2) 2,945  3,261 
 New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel Room Fee) 5.250% 1/1/2021  (2) 6,255  6,922 
 New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel Room Fee) 5.250% 1/1/2022  (2) 5,585  6,184 
 New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel Room Fee) 5.250% 1/1/2023  (2) 3,900  4,319 
 New Jersey Casino Reinvestment Dev. Auth. Rev. (Hotel Room Fee) 5.250% 1/1/2024  (2) 3,500  3,868 
 New Jersey Casino Reinvestment Dev. Auth. Rev. (Parking Fee) 5.250% 6/1/2021  (1) 3,000  3,299 
2New Jersey Econ. Dev. Auth. Lease Rev. (Bergen County Administration Complex) 5.500% 11/15/2008  (1)(Prere.) 4,375  4,551 
2New Jersey Econ. Dev. Auth. Lease Rev. (Bergen County Administration Complex) 5.625% 11/15/2008  (1)(Prere.) 4,870  5,076 
2New Jersey Econ. Dev. Auth. Lease Rev. (Bergen County Administration Complex) 5.750% 11/15/2008  (1)(Prere.) 6,080  6,349 
2New Jersey Econ. Dev. Auth. Lease Rev. (Bergen County Administration Complex) 5.750% 11/15/2008  (1)(Prere.) 5,440  5,681 
 New Jersey Econ. Dev. Auth. Market Transition Fac. Rev 5.500% 9/1/2028  (3) 8,000  9,707 
 New Jersey Econ. Dev. Auth. Market Transition Fac. Rev 5.500% 9/1/2029  (3) 7,055  8,580 
 New Jersey Econ. Dev. Auth. Rev. (Cigarette Tax) 5.625% 6/15/2017    6,500  6,533 
 New Jersey Econ. Dev. Auth. Rev. (Hillcrest Health Service) 0.000% 1/1/2012  (2) 2,500  2,080 
 New Jersey Econ. Dev. Auth. Rev. (Hillcrest Health Service) 0.000% 1/1/2013  (2) 3,000  2,397 
 New Jersey Econ. Dev. Auth. Rev. (Masonic Charity Foundation) 5.875% 6/1/2018    1,250  1,362 
 New Jersey Econ. Dev. Auth. Rev. (Masonic Charity Foundation) 6.000% 6/1/2025    1,000  1,096 
 New Jersey Econ. Dev. Auth. Rev. (Masonic Charity Foundation) 5.500% 6/1/2031    1,665  1,780 
 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) 5.250% 7/1/2024  (1) 6,000  6,964 
 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) 5.250% 7/1/2025  (1) 14,000  16,318 
 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) 5.250% 7/1/2026  (1) 3,000  3,506 
 New Jersey Econ. Dev. Auth. Rev. (Motor Vehicle Comm.) 5.250% 7/1/2031  (1) 25,175  27,258 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 6/15/2011  (2)(Prere.) 7,040  7,490 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.500% 6/15/2013  (2) 1,200  1,321 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 9/1/2014  (3)(Prere.) 3,880  4,278 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 3/1/2024    15,550  16,982 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 3/1/2025    8,000  8,725 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 3/1/2026    10,000  10,892 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.500% 9/1/2027  (3) 24,500  29,648 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 9/1/2036    7,500  8,015 
 New Jersey Econ. Dev. Auth. Rev. (School Fac.) VRDO 3.550% 3/1/2007  LOC  80,350  80,350 
 New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2008  (1)(ETM) 2,305  2,193 
 New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2011  (1)(ETM) 4,650  3,946 
 New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2012  (1) 4,550  3,713 
 New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2013  (1) 4,500  3,527 
 New Jersey Econ. Dev. Auth. Rev. (St. Barnabas Project) 0.000% 7/1/2014  (1) 4,210  3,171 
 New Jersey Econ. Dev. Auth. Rev. (Transp. Project) 5.250% 5/1/2009  (4)(Prere.) 4,500  4,653 
 New Jersey Econ. Dev. Auth. Rev. (Transp. Project) 5.875% 5/1/2009  (4)(Prere.) 3,465  3,628 
2New Jersey Econ. Dev. Auth. Water Fac. Rev. (United Water Co.) VRDO 3.530% 3/1/2007  (2) 26,945  26,945 
 New Jersey Educ. Fac. Auth. Rev 5.875% 9/1/2007  (2) 5,890  5,957 
 New Jersey Educ. Fac. Auth. Rev 5.875% 9/1/2008  (2) 6,165  6,368 
 New Jersey Educ. Fac. Auth. Rev 5.000% 9/1/2010  (4)(Prere.) 2,715  2,838 
 New Jersey Educ. Fac. Auth. Rev 5.000% 9/1/2010  (Prere.)  6,405  6,696 
 New Jersey Educ. Fac. Auth. Rev 5.750% 9/1/2010  (4)(Prere.) 8,425  9,014 
 New Jersey Educ. Fac. Auth. Rev 5.750% 9/1/2012    7,595  8,333 
 New Jersey Educ. Fac. Auth. Rev. (College of New Jersey) VRDO 3.630% 3/7/2007  (2) 32,355  32,355 
 New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) 5.250% 7/1/2020  (3) 2,060  2,352 
 New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) 5.250% 7/1/2021  (3) 1,550  1,778 
 New Jersey Educ. Fac. Auth. Rev. (Fairleigh Dickinson Univ.) 5.500% 7/1/2023    2,750  2,956 
 New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) 5.250% 7/1/2021  (3) 2,605  2,807 
 New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) 5.250% 7/1/2022  (3) 2,775  2,984 
 New Jersey Educ. Fac. Auth. Rev. (Montclair State Univ.) 5.000% 7/1/2015  (3)(Prere.) 4,700  5,131 
 New Jersey Educ. Fac. Auth. Rev. (Montclair State Univ.) 5.000% 7/1/2027  (2) 11,275  12,174 
 New Jersey Educ. Fac. Auth. Rev. (New Jersey Institute of Technology) 5.250% 7/1/2017  (1) 1,000  1,057 
 New Jersey Educ. Fac. Auth. Rev. (New Jersey Institute of Technology) 5.250% 7/1/2018  (1) 1,470  1,555 
 New Jersey Educ. Fac. Auth. Rev. (New Jersey Institute of Technology) 5.250% 7/1/2020  (1) 1,725  1,825 
 New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) 5.250% 7/1/2016    2,545  2,868 
 New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) 5.250% 7/1/2018    4,785  5,452 
 New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) 5.250% 7/1/2019    7,000  8,015 
 New Jersey Educ. Fac. Auth. Rev. (Princeton Univ.) 5.000% 7/1/2030    2,900  3,119 
 New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.625% 7/1/2009  (1)(Prere.) 2,105  2,209 
 New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.000% 7/1/2012  (3)(Prere.) 1,700  1,811 
 New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.000% 7/1/2012  (3)(Prere.) 1,010  1,076 
 New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.000% 7/1/2014  (3)(Prere.) 15,760  17,098 
 New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.000% 7/1/2015  (3) 1,550  1,643 
 New Jersey Educ. Fac. Auth. Rev. (Ramapo College) 5.000% 7/1/2016  (1)(Prere.) 4,000  4,397 
 New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.250% 7/1/2010  (3)(Prere.) 11,210  11,783 
 New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.125% 7/1/2013  (3)(Prere.) 2,800  3,030 
 New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.250% 7/1/2014  (3) 2,305  2,466 
 New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.250% 7/1/2015  (3) 1,880  2,009 
 New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.250% 7/1/2016  (3) 2,050  2,190 
 New Jersey Educ. Fac. Auth. Rev. (Rowan Univ.) 5.000% 7/1/2024  (1) 2,200  2,381 
 New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) 5.250% 7/1/2010  (2) 1,500  1,566 
 New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) 5.250% 7/1/2012  (2) 1,275  1,330 
 New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) 5.250% 7/1/2015  (2) 400  424 
 New Jersey Educ. Fac. Auth. Rev. (Seton Hall Univ.) 5.250% 7/1/2016  (2) 200  212 
 New Jersey Educ. Fac. Auth. Rev. (Stevens Institute of Technology) 5.125% 7/1/2022    6,000  6,306 
 New Jersey Educ. Fac. Auth. Rev. (Stevens Institute of Technology) 5.250% 7/1/2032    6,000  6,334 
 New Jersey Environmental Infrastructure Trust Wastewater Treatment Rev 5.000% 9/1/2007  (Prere.)  1,525  1,550 
 New Jersey Environmental Infrastructure Trust Wastewater Treatment Rev 5.125% 9/1/2010  (Prere.)  5,090  5,387 
 New Jersey Health Care Fac. Financing Auth. Rev 5.000% 7/1/2036    10,250  10,740 
 New Jersey Health Care Fac. Financing Auth. Rev. (Atlantic City Medical Center) 6.000% 7/1/2008    2,530  2,589 
 New Jersey Health Care Fac. Financing Auth. Rev. (Atlantic City Medical Center) 6.250% 7/1/2017    3,950  4,381 
 New Jersey Health Care Fac. Financing Auth. Rev. (Atlantic City Medical Center) 5.750% 7/1/2025    5,000  5,404 
 New Jersey Health Care Fac. Financing Auth. Rev. (Capital Health Systems Obligated Group) 5.750% 7/1/2023    7,000  7,554 
 New Jersey Health Care Fac. Financing Auth. Rev. (Children's Specialized Hospital) 5.000% 7/1/2024    800  826 
 New Jersey Health Care Fac. Financing Auth. Rev. (Children's Specialized Hospital) 5.500% 7/1/2030    2,405  2,562 
 New Jersey Health Care Fac. Financing Auth. Rev. (Children's Specialized Hospital) 5.500% 7/1/2036    6,800  7,239 
 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  5,667 
 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  4,822 
 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  1,540 
 New Jersey Health Care Fac. Financing Auth. Rev. (Hackensack Univ. Medical Center) 5.375% 1/1/2013  (1) 2,355  2,406 
 New Jersey Health Care Fac. Financing Auth. Rev. (Holy Name Hosp.) 5.250% 7/1/2020  (2) 4,100  4,201 
 New Jersey Health Care Fac. Financing Auth. Rev. (Holy Name Hosp.) 5.250% 7/1/2030    4,000  4,248 
 New Jersey Health Care Fac. Financing Auth. Rev. (Hunterdon Medical Center) 5.250% 7/1/2025    1,200  1,292 
 New Jersey Health Care Fac. Financing Auth. Rev. (Hunterdon Medical Center) 5.125% 7/1/2035    2,450  2,575 
 New Jersey Health Care Fac. Financing Auth. Rev. (Meridian Health System Obligated Group) 5.625% 7/1/2013  (4) 7,355  7,730 
 New Jersey Health Care Fac. Financing Auth. Rev. (Meridian Health System Obligated Group) 5.250% 7/1/2029  (4) 13,450  13,990 
 New Jersey Health Care Fac. Financing Auth. Rev. (Meridian Health Systems) VRDO 3.560% 3/7/2007  LOC  600  600 
 New Jersey Health Care Fac. Financing Auth. Rev. (Riverside Medical Center) 6.250% 7/1/2010  (2)(ETM) 2,935  3,170 
 New Jersey Health Care Fac. Financing Auth. Rev. (South Jersey Hosp.) 5.875% 7/1/2012  (Prere.)  3,500  3,848 
 New Jersey Health Care Fac. Financing Auth. Rev. (South Jersey Hosp.) 6.000% 7/1/2012  (Prere.)  3,500  3,869 
 New Jersey Health Care Fac. Financing Auth. Rev. (South Jersey Hosp.) 6.000% 7/1/2012  (Prere.)  3,000  3,316 
 New Jersey Health Care Fac. Financing Auth. Rev. (St. Barnabas Health Care System) 5.000% 7/1/2029    4,375  4,547 
 New Jersey Health Care Fac. Financing Auth. Rev. (St. Barnabas Health Care) 5.250% 7/1/2013  (1) 3,000  3,098 
 New Jersey Health Care Fac. Financing Auth. Rev. (St. Barnabas Health Care) 5.250% 7/1/2016  (1) 3,300  3,412 
 New Jersey Health Care Fac. Financing Auth. Rev. (St. Barnabas Health Care) 0.000% 7/1/2021  (1) 3,000  1,676 
 New Jersey Health Care Fac. Financing Auth. Rev. (St. Peters Univ. Hosp.) VRDO 3.190% 3/7/2007  LOC  12,500  12,500 
 New Jersey Health Care Fac. Financing Auth. Rev. (Virtua Health) 5.250% 7/1/2014  (4) 11,000  11,359 
 New Jersey Highway Auth. Rev. (Garden State Parkway) 5.600% 1/1/2010  (3)(Prere.) 7,535  8,004 
 New Jersey Housing&Mortgage Finance Agency Multi-Family Housing Rev 5.700% 5/1/2020  (4) 2,255  2,364 
 New Jersey Sports&Exposition Auth. Rev 6.500% 3/1/2013  (1)(ETM) 1,595  1,743 
 New Jersey Sports&Exposition Auth. Rev 6.500% 3/1/2013  (1) 8,405  9,149 
 New Jersey Sports&Exposition Auth. Rev 5.500% 3/1/2017  (1) 5,505  6,301 
 New Jersey Sports&Exposition Auth. Rev 5.500% 3/1/2017  (1)(ETM) 250  286 
 New Jersey Sports&Exposition Auth. Rev. (Convention Center Luxury Tax) 5.500% 3/1/2021  (1) 3,000  3,493 
 New Jersey Sports&Exposition Auth. Rev. (Convention Center Luxury Tax) 5.500% 3/1/2022  (1) 1,000  1,173 
 New Jersey Sports&Exposition Auth. Rev. VRDO 3.470% 3/7/2007  (1) 1,530  1,530 
 New Jersey Transp. Corp. COP 5.750% 9/15/2010  (2)(Prere.) 2,000  2,138 
 New Jersey Transp. Corp. COP 5.500% 9/15/2012  (2) 20,000  21,748 
 New Jersey Transp. Corp. COP 5.500% 9/15/2014  (2) 1,500  1,670 
 New Jersey Transp. Corp. COP 5.500% 9/15/2015  (2) 15,000  16,853 
 New Jersey Transp. Trust Fund Auth. Rev 6.000% 6/15/2010  (Prere.)  5,000  5,368 
 New Jersey Transp. Trust Fund Auth. Rev 5.750% 6/15/2020    5,000  5,873 
 New Jersey Transp. Trust Fund Auth. Rev 5.500% 12/15/2021  (1) 25,000  29,309 
 New Jersey Transp. Trust Fund Auth. Rev 5.750% 6/15/2023  (3) 5,850  7,098 
 New Jersey Transp. Trust Fund Auth. Rev 5.250% 12/15/2023  (2) 15,830  18,317 
 New Jersey Transp. Trust Fund Auth. Rev 5.750% 6/15/2024  (3) 5,000  6,099 
 New Jersey Transp. Trust Fund Auth. Rev 5.750% 6/15/2025  (3) 17,750  21,804 
 New Jersey Transp. Trust Fund Auth. Rev 0.000% 12/15/2032  (4) 10,000  3,345 
 New Jersey Turnpike Auth. Rev 5.375% 1/1/2010  (1)(Prere.) 3,500  3,665 
 New Jersey Turnpike Auth. Rev 5.500% 1/1/2010  (1)(Prere.) 1,800  1,891 
 New Jersey Turnpike Auth. Rev 5.750% 1/1/2010  (1)(Prere.) 1,620  1,713 
 New Jersey Turnpike Auth. Rev 5.750% 1/1/2010  (1)(Prere.) 7,365  7,787 
 New Jersey Turnpike Auth. Rev 5.750% 1/1/2010  (1)(Prere.) 665  703 
 New Jersey Turnpike Auth. Rev 6.000% 1/1/2013  (1) 230  258 
 New Jersey Turnpike Auth. Rev 6.000% 1/1/2013  (1)(ETM) 770  864 
 New Jersey Turnpike Auth. Rev 6.500% 1/1/2013  (1)(ETM) 20,000  22,962 
 New Jersey Turnpike Auth. Rev 6.500% 1/1/2016  (1) 4,615  5,357 
 New Jersey Turnpike Auth. Rev 6.500% 1/1/2016  (1)(ETM) 22,095  25,691 
 New Jersey Turnpike Auth. Rev 6.500% 1/1/2016  (1)(ETM) 1,560  1,814 
 New Jersey Turnpike Auth. Rev 5.750% 1/1/2017  (1) 2,635  2,773 
 New Jersey Turnpike Auth. Rev 5.250% 1/1/2026  (4) 5,500  6,428 
 New Jersey Turnpike Auth. Rev 5.250% 1/1/2027  (4) 7,000  8,222 
 New Jersey Turnpike Auth. Rev 5.250% 1/1/2029  (4) 19,000  22,375 
 New Jersey Turnpike Auth. Rev 5.250% 1/1/2030  (4) 26,100  30,824 
2New Jersey Turnpike Auth. Rev. TOB VRDO 3.670% 3/7/2007  (2) 18,920  18,920 
 New Jersey Turnpike Auth. Rev. VRDO 3.500% 3/7/2007  (4) 2,000  2,000 
 New Jersey Turnpike Auth. Rev. VRDO 3.500% 3/7/2007  (4) 10,000  10,000 
 Newark NJ GO 5.500% 10/1/2008  (2) 1,660  1,708 
 Newark NJ GO 5.375% 12/15/2013  (1) 2,000  2,170 
 Ocean County NJ Util. Auth. Wastewater Rev 5.250% 1/1/2017    2,665  2,829 
 Ocean County NJ Util. Auth. Wastewater Rev 5.250% 1/1/2018    2,345  2,494 
 Ocean County NJ Util. Auth. Wastewater Rev 6.600% 1/1/2018  (3)(ETM) 2,500  2,977 
 Ocean County NJ Util. Auth. Wastewater Rev 5.250% 1/1/2025  (1) 4,045  4,702 
 Ocean County NJ Util. Auth. Wastewater Rev 5.250% 1/1/2026  (1) 4,260  4,966 
 Port Auth. of New York&New Jersey Rev 5.000% 7/15/2025    13,600  14,566 
 Port Auth. of New York&New Jersey Rev 5.000% 7/15/2031    12,830  13,711 
 Port Auth. of New York&New Jersey Rev 5.000% 7/15/2034  (1) 12,095  12,882 
 Rahway Valley NJ Sewerage Auth. Sewer Rev 0.000% 9/1/2031  (1) 4,215  1,486 
 Rahway Valley NJ Sewerage Auth. Sewer Rev 0.000% 9/1/2032  (1) 5,000  1,685 
 Rahway Valley NJ Sewerage Auth. Sewer Rev 0.000% 9/1/2034  (1) 10,220  3,137 
 Rahway Valley NJ Sewerage Auth. Sewer Rev 0.000% 9/1/2035  (1) 10,215  2,988 
 Rutgers State Univ. New Jersey 6.400% 5/1/2013    3,000  3,274 
 Rutgers State Univ. New Jersey 5.000% 5/1/2031  (3) 2,000  2,125 
 South Jersey Port Corp. New Jersey Rev 5.000% 1/1/2023    2,000  2,094 
 South Jersey Port Corp. New Jersey Rev 5.100% 1/1/2033    1,500  1,570 
 Stafford NJ Muni. Util. Auth. Water&Sewer Rev 5.500% 6/1/2011  (3) 3,100  3,239 
 Tobacco Settlement Financing Corp. New Jersey Rev 4.500% 6/1/2023    11,000  10,825 
 Union County NJ Improvement Auth. Rev. (Plainfield Board of Educ.) 5.800% 8/1/2007  (3)(Prere.) 4,000  4,076 
 Univ. of Medicine&Dentistry New Jersey COP 5.250% 6/15/2018  (1) 1,975  2,155 
 Univ. of Medicine&Dentistry New Jersey COP 5.250% 6/15/2020  (1) 2,185  2,379 
 Univ. of Medicine&Dentistry New Jersey COP 5.250% 6/15/2022  (1) 2,420  2,635 
 Univ. of Medicine&Dentistry New Jersey Rev 6.500% 12/1/2012  (1)(ETM) 4,000  4,368 
 Univ. of Medicine&Dentistry New Jersey Rev 5.375% 12/1/2015  (2) 2,325  2,521 
 Univ. of Medicine&Dentistry New Jersey Rev 5.375% 12/1/2016  (2) 1,110  1,201 
 Univ. of Medicine&Dentistry New Jersey Rev 5.500% 12/1/2018  (2) 1,250  1,361 
 Univ. of Medicine&Dentistry New Jersey Rev 5.500% 12/1/2019  (2) 3,000  3,266 
 Univ. of Medicine&Dentistry New Jersey Rev 5.500% 12/1/2020  (2) 3,675  4,001 
 Univ. of Medicine&Dentistry New Jersey Rev 5.500% 12/1/2021  (2) 2,000  2,177 
 Univ. of Medicine&Dentistry New Jersey Rev 5.500% 12/1/2023  (2) 7,330  7,957 
 Univ. of Medicine&Dentistry New Jersey Rev 5.500% 12/1/2027  (2) 10,100  10,920 
 Vernon Township NJ School Dist. GO 5.250% 12/1/2009  (3)(Prere.) 1,200  1,251 
 Vernon Township NJ School Dist. GO 5.300% 12/1/2009  (3)(Prere.) 1,200  1,253 
 Vernon Township NJ School Dist. GO 5.375% 12/1/2009  (3)(Prere.) 1,200  1,255 
 Vernon Township NJ School Dist. GO 5.375% 12/1/2009  (3)(Prere.) 1,200  1,255 
 Vernon Township NJ School Dist. GO 5.375% 12/1/2009  (3)(Prere.) 1,200  1,255 
 Washington Township NJ Board of Educ. GO 5.250% 1/1/2023  (4) 1,875  2,158 
 Washington Township NJ Board of Educ. GO 5.250% 1/1/2024  (4) 2,070  2,390 
 Washington Township NJ Board of Educ. GO 5.250% 1/1/2025  (4) 1,500  1,742 
 Washington Township NJ Board of Educ. GO 5.250% 1/1/2026  (4) 1,330  1,548 
 West Orange NJ Board of Educ. COP 5.625% 10/1/2009  (1)(Prere.) 2,000  2,117 
 West Orange NJ Board of Educ. COP 5.625% 10/1/2009  (1)(Prere.) 2,500  2,646 
 West Orange NJ Board of Educ. COP 6.000% 10/1/2009  (1)(Prere.) 1,000  1,068 
 Outside New Jersey:
 Guam Govt. Ltd. Obligation Infrastructure Improvement Rev 5.125% 11/1/2011  (2) 3,400  3,498 
 Puerto Rico Electric Power Auth. Rev 5.250% 7/1/2007  (1)(Prere.) 3,200  3,265 
 Puerto Rico Electric Power Auth. Rev 5.250% 7/1/2022  (1) 2,000  2,307 
2Puerto Rico Electric Power Auth. Rev. TOB VRDO 3.640% 3/7/2007  (1) 10,595  10,595 
 Puerto Rico GO 5.500% 7/1/2018    5,540  6,259 
 Puerto Rico GO 5.500% 7/1/2021  (1) 6,750  7,944 
2Puerto Rico GO TOB VRDO 3.640% 3/7/2007  (1) 1,995  1,995 
 Puerto Rico Highway&Transp. Auth. Rev 5.500% 7/1/2014  (Prere.)  4,125  4,612 
 Puerto Rico Highway&Transp. Auth. Rev 5.500% 7/1/2014  (Prere.)  3,500  3,914 
 Puerto Rico Highway&Transp. Auth. Rev 5.500% 7/1/2019  (1) 5,000  5,820 
 Puerto Rico Highway&Transp. Auth. Rev 5.500% 7/1/2021  (4) 5,000  5,884 
 Puerto Rico Highway&Transp. Auth. Rev 5.500% 7/1/2022  (4) 3,500  4,137 
 Puerto Rico Highway&Transp. Auth. Rev 5.500% 7/1/2023  (4) 4,000  4,746 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev 5.500% 7/1/2024  (2) 13,000  15,475 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev 5.500% 7/1/2028  (2) 10,200  12,349 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev 0.000% 7/1/2029  (2) 19,805  7,662 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev 0.000% 7/1/2033  (3) 20,000  6,466 
 Puerto Rico Muni. Finance Agency 5.500% 8/1/2009  (4)(Prere.) 2,000  2,108 
 Puerto Rico Muni. Finance Agency 5.250% 8/1/2019  (4) 5,000  5,373 
 Puerto Rico Public Finance Corp. 5.500% 2/1/2012  (Prere.)  3,250  3,519 
 Puerto Rico Public Finance Corp. 6.000% 8/1/2026  (ETM)  720  919 
 Puerto Rico Public Finance Corp. 5.500% 8/1/2029    1,135  1,201 
 Univ. of Puerto Rico Rev 5.000% 6/1/2030    5,000  5,296 
 Virgin Islands Public Finance Auth. Rev 5.250% 10/1/2018    3,390  3,653 
 Total Municipal Bonds (Cost $1,676,494)         1,753,354
 Other Assets and Liabilities-Net (0.1%)         1,965
 Net Assets (100%)         1,755,319
1 Securities with a value of $2,405,000 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 Februaruy 28, 2007, the aggregate value of these securities was $80,112,000, representing 4.6% 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, 2007, the cost of investment securities for tax purposes was $1,679,727,000. Net unrealized appreciation of investment securities for tax purposes was $73,627,000, consisting of unrealized gains of $73,765,000 on securities that had risen in value since their purchase and $138,000 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, 2007, the aggregate settlement value of open futures contracts expiring in June 2007, 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 100     11,294  136 

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 20, 2007

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 20, 2007

VANGUARD NEW JERSEY TAX-FREE FUNDS

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

Date: April 20, 2007

* By Power of Attorney. See File Number 002-65955-99, filed on July 27, 2006. Incorporated by Reference.