N-Q 1 njtaxfreefinal.htm VANGUARD NEW JERSEY TAX-FREE FUNDS njtaxfreefinal.htm - Generated by SEC Publisher for SEC Filing

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

Date of fiscal year end: November 30

Date of reporting period: February 28, 2010

Item 1: Schedule of Investments


Vanguard New Jersey Tax-Exempt Money Market Fund

Schedule of Investments
As of February 28, 2010

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Tax-Exempt Municipal Bonds (100.3%)        
New Jersey (92.9%)        
Bergen County NJ Improvement Auth. BAN 1.250% 5/11/10 32,000 32,051
Burlington County NJ BAN 2.000% 10/21/10 9,000 9,088
Camden County NJ Health Care Rev. (Cooper        
Health) VRDO 0.150% 3/5/10 LOC 12,460 12,460
Camden County NJ Improvement Auth. Lease        
Rev. VRDO 0.170% 3/5/10 LOC 49,500 49,500
Delaware River & Bay Auth. New Jersey Rev.        
VRDO 0.160% 3/5/10 LOC 4,300 4,300
Delaware River Port Auth. Pennsylvania & New        
Jersey Rev. VRDO 0.160% 3/5/10 LOC 60,400 60,400
Delaware River Port Auth. Pennsylvania & New        
Jersey Rev. VRDO 0.180% 3/5/10 LOC 67,500 67,500
Essex County NJ Improvement Auth. Rev.        
(Jewish Community Center) VRDO 0.130% 3/5/10 LOC 11,625 11,625
Fair Lawn NJ BAN 2.000% 12/16/10 15,665 15,871
Florham Park NJ BAN 1.500% 2/1/11 5,700 5,761
1 Garden State Preservation Trust New Jersey        
TOB VRDO 0.200% 3/5/10 (4) 4,185 4,185
Gloucester County NJ BAN 2.000% 10/14/10 23,500 23,730
Gloucester County NJ PCR (Mobil Oil Refining        
Corp.) VRDO 0.090% 3/1/10 24,235 24,235
Linden NJ BAN 2.000% 5/14/10 12,204 12,240
1 Madison Borough NJ Board of Educ. TOB        
VRDO 0.190% 3/5/10 LOC 11,710 11,710
Mount Laurel Township NJ BAN 1.500% 4/20/10 12,533 12,543
Mount Laurel Township NJ BAN 2.000% 10/27/10 12,593 12,723
New Jersey Building Auth. Rev. VRDO 0.160% 3/5/10 LOC 13,385 13,385
New Jersey Building Auth. Rev. VRDO 0.160% 3/5/10 LOC 25,930 25,930
New Jersey Building Auth. Rev. VRDO 0.160% 3/5/10 LOC 14,355 14,355
New Jersey Econ. Dev. Auth. (Port Newark        
Container) VRDO 0.180% 3/5/10 LOC 30,700 30,700
1 New Jersey Econ. Dev. Auth. (School Fac.        
Construction) TOB VRDO 0.200% 3/5/10 (4) 11,065 11,065
New Jersey Econ. Dev. Auth. Fac. Rev. (Logan        
Project) CP 0.320% 5/4/10 LOC 55,000 55,000
New Jersey Econ. Dev. Auth. Natural Gas Fac.        
Rev. (New Jersey Natural Gas) VRDO 0.210% 3/5/10 LOC 8,500 8,500
New Jersey Econ. Dev. Auth. Natural Gas Fac.        
Rev. VRDO 0.120% 3/1/10 LOC 3,100 3,100
New Jersey Econ. Dev. Auth. Natural Gas Fac.        
Rev. VRDO 0.140% 3/1/10 LOC 14,300 14,300
New Jersey Econ. Dev. Auth. Rev.        
(Bennedictine Abbey Newark) VRDO 0.160% 3/5/10 LOC 19,700 19,700
1 New Jersey Econ. Dev. Auth. Rev.        
(Bennedictine Abbey Newark) VRDO 0.160% 3/5/10 LOC 8,925 8,925
New Jersey Econ. Dev. Auth. Rev. (Cooper        
Health System) VRDO 0.160% 3/5/10 LOC 16,300 16,300
New Jersey Econ. Dev. Auth. Rev. (Crowley        
Liner Services) VRDO 0.160% 3/5/10 LOC 2,465 2,465


1 New Jersey Econ. Dev. Auth. Rev. (Duke Farms        
Foundation) TOB VRDO 0.220% 3/5/10 3,900 3,900
New Jersey Econ. Dev. Auth. Rev. (Duke Farms        
Foundation) VRDO 0.120% 3/1/10 LOC 16,600 16,600
New Jersey Econ. Dev. Auth. Rev. (Franciscan        
Oaks Project) VRDO 0.140% 3/5/10 LOC 3,350 3,350
New Jersey Econ. Dev. Auth. Rev. (Frisch        
School Project) VRDO 0.140% 3/5/10 LOC 21,060 21,060
New Jersey Econ. Dev. Auth. Rev. (Geriatric        
Services Housing Corp.) VRDO 0.160% 3/5/10 LOC 13,935 13,935
New Jersey Econ. Dev. Auth. Rev. (Jewish        
Community Center) VRDO 0.190% 3/5/10 LOC 4,845 4,845
New Jersey Econ. Dev. Auth. Rev.        
(Lawrenceville School Project) VRDO 0.130% 3/1/10 4,800 4,800
New Jersey Econ. Dev. Auth. Rev. (Ocean        
Spray Cranberries) VRDO 0.300% 3/5/10 LOC 8,000 8,000
New Jersey Econ. Dev. Auth. Rev. (Order Saint        
Benedict Project) VRDO 0.140% 3/5/10 LOC 16,415 16,415
New Jersey Econ. Dev. Auth. Rev. (Order Saint        
Benedict Project) VRDO 0.140% 3/5/10 LOC 15,000 15,000
New Jersey Econ. Dev. Auth. Rev. (Passaic        
Hebrew Institute) VRDO 0.140% 3/5/10 LOC 3,150 3,150
New Jersey Econ. Dev. Auth. Rev. (Presbyterian        
Homes) VRDO 0.160% 3/5/10 LOC 15,100 15,100
New Jersey Econ. Dev. Auth. Rev. (Ranney        
School Project) VRDO 0.140% 3/5/10 LOC 10,310 10,310
New Jersey Econ. Dev. Auth. Rev. (School Fac.        
Construction) BAN 2.500% 6/18/10 25,000 25,152
1 New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
TOB VRDO 0.230% 3/5/10 (4) 5,800 5,800
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.110% 3/1/10 LOC 65,795 65,795
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.120% 3/1/10 LOC 30,700 30,700
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.140% 3/1/10 LOC 13,350 13,350
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.130% 3/5/10 LOC 19,700 19,700
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.160% 3/5/10 LOC 34,700 34,700
New Jersey Econ. Dev. Auth. Rev. (StoltHaven        
Project) VRDO 0.160% 3/5/10 LOC 9,500 9,500
New Jersey Econ. Dev. Auth. Rev. PCR (Exxon        
Project) VRDO 0.060% 3/1/10 1,700 1,700
New Jersey Econ. Dev. Auth. Rev. VRDO 0.140% 3/5/10 LOC 9,720 9,720
New Jersey Educ. Fac. Auth. Rev. 5.000% 9/1/10 (Prere.) 6,405 6,551
1 New Jersey Educ. Fac. Auth. Rev. (Institute for        
Advanced Studies) VRDO 0.160% 3/5/10 25,300 25,300
New Jersey Educ. Fac. Auth. Rev. (Institute for        
Advanced Studies) VRDO 0.160% 3/5/10 10,900 10,900
1 New Jersey Educ. Fac. Auth. Rev. (Institute for        
Defense Analyses) VRDO 0.190% 3/5/10 LOC 9,435 9,435
1 New Jersey Educ. Fac. Auth. Rev. (Princeton        
Univ.) TOB VRDO 0.200% 3/5/10 10,900 10,900
New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.250% 7/1/10 (Prere.) 11,210 11,387
New Jersey GO 5.700% 5/1/10 (Prere.) 10,790 10,887
New Jersey GO 6.000% 5/1/10 (Prere.) 4,985 5,032


New Jersey Health Care Fac. Financing Auth.        
Rev. (AHS Hospital Corp.) VRDO 0.170% 3/5/10 LOC 44,000 44,000
New Jersey Health Care Fac. Financing Auth.        
Rev. (Hosp. Capital Asset Pooled Program)        
VRDO 0.170% 3/5/10 LOC 23,600 23,600
New Jersey Health Care Fac. Financing Auth.        
Rev. (Hosp. Capital Asset Pooled Program)        
VRDO 0.170% 3/5/10 LOC 24,500 24,500
New Jersey Health Care Fac. Financing Auth.        
Rev. (Hosp. Capital Asset Pooled Program)        
VRDO 0.170% 3/5/10 LOC 23,100 23,100
New Jersey Health Care Fac. Financing Auth.        
Rev. (Hosp. Capital Asset Pooled Program)        
VRDO 0.170% 3/5/10 LOC 20,000 20,000
New Jersey Health Care Fac. Financing Auth.        
Rev. (Meridian Health Systems) VRDO 0.140% 3/5/10 LOC 37,500 37,500
New Jersey Health Care Fac. Financing Auth.        
Rev. (Meridian IV) VRDO 0.150% 3/5/10 (12) 19,100 19,100
New Jersey Health Care Fac. Financing Auth.        
Rev. (Robert Wood Johnson Univ.) VRDO 0.140% 3/5/10 LOC 7,905 7,905
New Jersey Health Care Fac. Financing Auth.        
Rev. (Robert Wood Johnson Univ.) VRDO 0.140% 3/5/10 LOC 19,260 19,260
New Jersey Health Care Fac. Financing Auth.        
Rev. (RWJ Health Care Corp.) VRDO 0.160% 3/5/10 LOC 10,840 10,840
New Jersey Health Care Fac. Financing Auth.        
Rev. (Virtua Health) VRDO 0.140% 3/5/10 LOC 7,200 7,200
New Jersey Health Care Fac. Financing Auth.        
Rev. (Virtua Health) VRDO 0.150% 3/5/10 LOC 14,000 14,000
New Jersey Health Care Fac. Financing Auth.        
Rev. (Virtua Health) VRDO 0.160% 3/5/10 LOC 27,850 27,850
1 New Jersey Health Care Fac. Financing Auth.        
Rev. TOB VRDO 0.230% 3/5/10 (12) 5,880 5,880
1 New Jersey Health Care Fac. Financing Auth.        
Rev. TOB VRDO 0.230% 3/5/10 (12) 9,600 9,600
New Jersey Health Care Fac. Financing Auth.        
Rev. VRDO 0.140% 3/5/10 LOC 10,030 10,030
New Jersey Health Care Fac. Financing Auth.        
Rev. VRDO 0.140% 3/5/10 LOC 20,645 20,645
New Jersey Health Care Fac. Financing Auth.        
Rev. VRDO 0.160% 3/5/10 LOC 16,805 16,805
New Jersey Housing & Mortgage Finance        
Agency Multi-Family Housing Rev. VRDO 0.150% 3/5/10 LOC 6,830 6,830
New Jersey Housing & Mortgage Finance        
Agency Multi-Family Housing Rev. VRDO 0.170% 3/5/10 LOC 30,000 30,000
New Jersey Housing & Mortgage Finance        
Agency Multi-Family Housing Rev. VRDO 0.180% 3/5/10 (4) 14,900 14,900
New Jersey Housing & Mortgage Finance        
Agency Multi-Family Housing Rev. VRDO 0.180% 3/5/10 (4) 12,320 12,320
New Jersey Housing & Mortgage Finance        
Agency Multi-Family Housing Rev. VRDO 0.180% 3/5/10 (4) 23,195 23,195
1 New Jersey Housing & Mortgage Finance        
Agency Rev. TOB VRDO 0.250% 3/5/10 7,160 7,160
New Jersey Housing & Mortgage Finance        
Agency Rev. VRDO 0.150% 3/5/10 30,000 30,000
New Jersey Housing & Mortgage Finance        
Agency Rev. VRDO 0.160% 3/5/10 8,000 8,000
New Jersey Housing & Mortgage Finance        
Agency Rev. VRDO 0.180% 3/5/10 10,500 10,500


New Jersey Housing & Mortgage Finance        
Agency Rev. VRDO 0.180% 3/5/10 14,100 14,100
New Jersey Housing & Mortgage Finance        
Agency Rev. VRDO 0.180% 3/5/10 9,900 9,900
1 New Jersey Housing & Mortgage Finance        
Agency Single Family Housing Rev. TOB        
VRDO 0.310% 3/5/10 7,225 7,225
New Jersey Housing & Mortgage Finance        
Agency Single Family Housing Rev. VRDO 0.170% 3/5/10 15,000 15,000
1 New Jersey State Transp. Trust Fund Auth.        
Capital Appreciation TOB VRDO 0.190% 3/5/10 LOC 24,355 24,355
1 New Jersey State Transp. Trust Fund Auth.        
Capital Appreciation TOB VRDO 0.220% 3/5/10 LOC 11,045 11,045
New Jersey Transp. Corp. COP 5.750% 9/15/10 (Prere.) 25,500 26,247
New Jersey Transp. Corp. COP 5.750% 9/15/10 (Prere.) 25,000 25,740
New Jersey Transp. Corp. COP 6.000% 9/15/10 (Prere.) 13,000 13,403
New Jersey Transp. Trust Fund Auth. Rev. 6.000% 6/15/10 (Prere.) 8,660 8,799
1 New Jersey Transp. Trust Fund Auth. Rev. TOB        
VRDO 0.210% 3/5/10 (13) 15,415 15,415
1 New Jersey Transp. Trust Fund Auth. TOB        
VRDO 0.200% 3/5/10 LOC 16,025 16,025
1 New Jersey Transp. Trust Fund Auth. TOB        
VRDO 0.200% 3/5/10 LOC 12,060 12,060
1 New Jersey Transp. Trust Fund TOB VRDO 0.220% 3/5/10 LOC 37,030 37,030
1 New Jersey Turnpike Auth. Rev. TOB VRDO 0.200% 3/5/10 LOC 22,140 22,140
1 New Jersey Turnpike Auth. Rev. TOB VRDO 0.500% 3/5/10 (4) 8,545 8,545
1 New Jersey Turnpike Auth. Rev. TOB VRDO 0.500% 3/5/10 (4) 6,745 6,745
New Jersey Turnpike Auth. Rev. VRDO 0.230% 3/5/10 LOC 76,900 76,900
Parsippany - Troy Hills Township NJ BAN 2.000% 11/10/10 15,000 15,164
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.180% 3/5/10 4,800 4,800
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.190% 3/5/10 10,685 10,685
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.200% 3/5/10 4,250 4,250
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.210% 3/5/10 (4) 12,000 12,000
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.210% 3/5/10 (4) 5,000 5,000
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.230% 3/5/10 (4) 7,770 7,770
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.250% 3/5/10 (4) 23,515 23,515
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.250% 3/5/10 8,085 8,085
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.260% 3/5/10 5,600 5,600
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.290% 3/5/10 3,335 3,335
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.290% 3/5/10 5,555 5,555
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.330% 3/5/10 (4) 4,050 4,050
1 Port Auth. of New York & New Jersey Rev. TOB        
VRDO 0.350% 3/5/10 7,320 7,320
Princeton Univ. New Jersey CP 0.220% 6/15/10 7,650 7,650
Rutgers State Univ. New Jersey VRDO 0.090% 3/1/10 46,500 46,500
Rutgers State Univ. New Jersey VRDO 0.120% 3/1/10 61,400 61,400


Salem County NJ Financing Auth. PCR (Exelon        
Project) CP 0.220% 3/8/10 LOC 19,000 19,000
Salem County NJ Financing Auth. PCR (PSEG        
Power) VRDO 0.230% 3/5/10 LOC 6,200 6,200
Salem County NJ Financing Auth. PCR (PSEG        
Power) VRDO 0.230% 3/5/10 LOC 2,200 2,200
Scotch Plains Township NJ BAN 1.750% 1/21/11 8,435 8,542
South Jersey Transp. Auth. New Jersey Transp.        
System Rev. VRDO 0.170% 3/5/10 LOC 26,500 26,500
Sussex County NJ BAN 2.500% 6/23/10 10,558 10,625
1 Tobacco Settlement Financing Corp. New        
Jersey Rev. TOB VRDO 0.500% 4/7/10 (Prere.) 21,885 21,885
Union County NJ BAN 1.750% 7/1/10 20,000 20,096
Union County NJ PCR (Exxon) VRDO 0.060% 3/1/10 11,500 11,500
Union County NJ PCR (Exxon) VRDO 0.090% 3/1/10 25,180 25,180
        2,256,422
Puerto Rico (7.4%)        
1 Puerto Rico Aqueduct & Sewer Auth. Rev. TOB        
VRDO 0.240% 3/5/10 (12) 5,450 5,450
Puerto Rico Electric Power Auth. Rev. 5.250% 7/1/10 (Prere.) 6,250 6,415
1 Puerto Rico Electric Power Auth. Rev. TOB        
VRDO 0.220% 3/5/10 (4) 11,330 11,330
1 Puerto Rico Highway & Transp. Auth. Rev. TOB        
VRDO 0.220% 3/5/10 (4) 3,000 3,000
1 Puerto Rico Housing Finance Auth. Rev. TOB        
VRDO 0.200% 3/5/10 9,260 9,260
1 Puerto Rico Ind. Medical & Environmental Fac.        
Finance Auth. Rev. PCR (Abbott Laboratories)        
PUT 2.000% 3/1/11 12,575 12,575
1 Puerto Rico Sales Tax Financing Corp. Rev.        
TOB VRDO 0.190% 3/5/10 LOC 8,900 8,900
1 Puerto Rico Sales Tax Financing Corp. Rev.        
TOB VRDO 0.190% 3/5/10 LOC 7,425 7,425
1 Puerto Rico Sales Tax Financing Corp. Rev.        
TOB VRDO 0.200% 3/5/10 7,325 7,325
1 Puerto Rico Sales Tax Financing Corp. Rev.        
TOB VRDO 0.220% 3/5/10 92,500 92,500
1 Puerto Rico Sales Tax Financing Corp. Rev.        
TOB VRDO 0.220% 3/5/10 4,875 4,875
1 Puerto Rico Sales Tax Financing Corp. Rev.        
TOB VRDO 0.300% 3/5/10 11,300 11,300
        180,355
Total Tax-Exempt Municipal Bonds (Cost $2,436,777)     2,436,777
Other Assets and Liabilities-Net (-0.3%)       (8,132)
Net Assets (100%)       2,428,645

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, 2010, the aggregate value of these securities was $572,235,000, representing 23.6% of net assets.

Key to Abbreviations

ARS - Auction Rate Security.
BAN - Bond Anticipation Note.
COP - Certificate of Participation.
CP - Commercial Paper.


New Jersey Tax-Exempt Money Market Fund

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 Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corp.
(13) Berkshire Hathaway Assurance Corp.
(14) National Public Finance Guarantee Corp.
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.

A. Security Valuation: Securities are valued at amortized cost, which approximates market value.

B. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.


New Jersey Tax-Exempt Money Market Fund

Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments).

At February 28, 2010, 100% of the fund's investments were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.


Vanguard New Jersey Long-Term Tax-Exempt Fund

Schedule of Investments
As of February 28, 2010

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Tax-Exempt Municipal Bonds (99.9%)        
New Jersey (98.3%)        
Atlantic County NJ Public Fac. COP 7.400% 3/1/10 (14) 1,755 1,757
Atlantic County NJ Public Fac. COP 7.400% 3/1/11 (14) 4,025 4,292
Atlantic County NJ Public Fac. COP 6.000% 3/1/14 (14) 3,685 4,299
Atlantic County NJ Public Fac. COP 6.000% 3/1/15 (14) 1,480 1,751
Atlantic County NJ Util. Auth. Sewer Rev. 6.875% 1/1/12 (2)(ETM) 725 780
Bayonne NJ TAN 5.750% 7/1/35 10,000 10,638
Burlington County NJ Bridge Comm. Rev. 5.250% 12/15/21 (2) 3,200 3,554
Camden County NJ Improvement Auth. Lease        
Rev. 5.375% 9/1/10 (4)(Prere.) 850 873
Camden County NJ Improvement Auth. Lease        
Rev. 5.500% 5/1/12 (Prere.) 1,335 1,474
Camden County NJ Improvement Auth. Lease        
Rev. 5.500% 5/1/12 (Prere.) 1,140 1,258
Camden County NJ Improvement Auth. Lease        
Rev. 5.500% 5/1/12 (Prere.) 1,025 1,131
Camden County NJ Improvement Auth. Lease        
Rev. 5.500% 5/1/12 (Prere.) 1,265 1,396
Cape May County NJ Muni. Util. Auth. Rev. 5.250% 1/1/17 (14) 2,560 2,744
Cape May County NJ Muni. Util. Auth. Rev. 5.250% 1/1/18 (14) 2,165 2,320
Cape May County NJ PCR (Atlantic City        
Electric) 6.800% 3/1/21 (14) 15,400 18,895
Cumberland County NJ Improvement Auth.        
Solid Waste System Rev. 5.125% 1/1/25 (14) 5,685 6,189
Delaware River Port Auth. Pennsylvania & New        
Jersey Rev. 5.750% 1/1/22 (4) 10,000 10,039
Delaware River Port Auth. Pennsylvania & New        
Jersey Rev. 5.625% 1/1/26 (4) 2,500 2,502
Egg Harbor Township NJ School Dist. GO 5.000% 7/15/11 (3)(Prere.) 2,640 2,833
Egg Harbor Township NJ School Dist. GO 5.000% 7/15/11 (3)(Prere.) 2,780 2,984
Egg Harbor Township NJ School Dist. GO 5.000% 7/15/11 (3)(Prere.) 2,000 2,146
Egg Harbor Township NJ School Dist. GO 5.000% 7/15/11 (3)(Prere.) 1,400 1,503
Egg Harbor Township NJ School Dist. GO 5.100% 7/15/11 (3)(Prere.) 2,950 3,170
Essex County NJ Improvement Auth. Lease        
Rev. 5.750% 10/1/10 (3)(Prere.) 3,390 3,501
Essex County NJ Improvement Auth. Lease        
Rev. 5.750% 10/1/10 (3)(Prere.) 2,650 2,737
Essex County NJ Improvement Auth. Rev. 5.250% 12/15/18 (2) 10,000 11,475
Essex County NJ Improvement Auth. Rev. 5.250% 12/15/20 (2) 5,010 5,736
Essex County NJ Improvement Auth. Rev. 5.250% 12/15/22 (2) 3,455 3,914
Essex County NJ Solid Waste Util. Auth. 0.000% 4/1/10 (4) 1,000 999
Evesham NJ Util. Auth. Rev. 5.000% 7/1/16 (2) 3,435 3,708
Evesham NJ Util. Auth. Rev. 5.000% 7/1/17 (2) 3,705 3,999
Evesham NJ Util. Auth. Rev. 5.000% 7/1/18 (2) 1,605 1,723
Garden State Preservation Trust New Jersey 5.250% 11/1/12 (4) 18,000 20,106
Garden State Preservation Trust New Jersey 0.000% 11/1/21 (4) 9,825 6,097
Garden State Preservation Trust New Jersey 0.000% 11/1/22 (4) 32,200 18,875
Gloucester County NJ Improvement Auth. Lease        
Rev. 5.000% 7/15/16 (14) 1,000 1,092


Gloucester County NJ Improvement Auth. Lease        
Rev. 5.000% 7/15/17 (14) 865 960
Gloucester County NJ Improvement Auth. Lease        
Rev. 5.000% 7/15/20 (14) 1,150 1,226
Gloucester County NJ Improvement Auth. Lease        
Rev. 5.000% 7/15/23 (14) 1,000 1,042
Gloucester County NJ Improvement Auth. Lease        
Rev. 5.000% 4/1/38 9,750 10,158
Gloucester Township NJ GO 5.750% 7/15/10 (2) 500 509
Gloucester Township NJ Muni. Util. Auth. Rev. 5.650% 3/1/18 (2) 2,510 2,866
Hillsborough Township NJ School Dist. GO 5.375% 10/1/13 (4) 1,250 1,443
Hillsborough Township NJ School Dist. GO 5.375% 10/1/19 (4) 1,720 2,090
Hoboken-Union City-Weehawken NJ Sewerage        
Auth. Rev. 6.250% 8/1/13 (14) 9,590 10,681
Irvington Township NJ GO 0.000% 8/1/10 (14)(ETM) 2,080 2,076
Jackson Township NJ Board of Educ. GO 5.375% 4/15/12 (3)(Prere.) 6,885 7,569
Jackson Township NJ Board of Educ. GO 5.375% 4/15/12 (3)(Prere.) 7,676 8,439
Jackson Township NJ Board of Educ. GO 5.250% 6/15/21 (14) 11,195 13,535
Marlboro Township NJ Board of Educ. GO 5.000% 7/15/14 1,045 1,106
Mercer County NJ Improvement Auth. Special        
Services School Dist. Rev. 5.950% 12/15/12 3,775 4,279
Middlesex County NJ COP 5.000% 8/1/11 (14) 1,050 1,117
Middlesex County NJ COP 5.500% 8/1/15 (14) 1,195 1,273
Middlesex County NJ Improvement Auth. 5.375% 3/15/22 (14) 1,825 1,853
Middlesex County NJ Improvement Auth. 5.375% 3/15/23 (14) 1,925 1,948
Middlesex County NJ Improvement Auth. Rev.        
(Heldrich Center Hotel/Conference Project) 5.000% 1/1/15 435 257
Middlesex County NJ Improvement Auth. Rev.        
(Heldrich Center Hotel/Conference Project) 5.000% 1/1/20 500 281
Middlesex County NJ Improvement Auth. Rev.        
(Heldrich Center Hotel/Conference Project) 5.000% 1/1/32 5,100 2,861
Middlesex County NJ Improvement Auth. Rev.        
(Heldrich Center Hotel/Conference Project) 5.125% 1/1/37 3,500 1,967
Middlesex County NJ Improvement Auth. Rev.        
Open Space Trust Fund 5.250% 9/15/19 1,585 1,779
Middlesex County NJ Improvement Auth. Rev.        
Open Space Trust Fund 5.250% 9/15/20 1,600 1,793
Middlesex County NJ Improvement Auth. Rev.        
Open Space Trust Fund 5.250% 9/15/21 2,375 2,644
Middlesex County NJ Improvement Auth. Util.        
Systems Rev. (Perth Amboy) 0.000% 9/1/15 (2) 2,000 1,541
Middlesex County NJ Improvement Auth. Util.        
Systems Rev. (Perth Amboy) 0.000% 9/1/16 (2) 3,000 2,156
Middlesex County NJ Improvement Auth. Util.        
Systems Rev. (Perth Amboy) 0.000% 9/1/18 (2) 4,550 2,829
Middletown Township NJ Board of Educ. GO 5.000% 8/1/14 (4) 2,735 2,787
Middletown Township NJ Board of Educ. GO 5.000% 8/1/15 (4) 2,015 2,053
Monmouth County NJ Improvement Auth. Lease        
Rev. (Brookdale Community College) 5.250% 8/1/26 1,000 1,132
Monmouth County NJ Improvement Auth. Lease        
Rev. (Brookdale Community College) 5.875% 8/1/31 1,000 1,140
Monmouth County NJ Improvement Auth. Lease        
Rev. (Brookdale Community College) 6.000% 8/1/38 3,900 4,415
Monmouth County NJ Improvement Auth. Rev.        
(Howell Township Board of Educ.) 5.000% 7/15/12 (2)(Prere.) 2,115 2,325
Monmouth County NJ Improvement Auth. Rev.        
(Howell Township Board of Educ.) 5.000% 7/15/12 (2)(Prere.) 2,225 2,446


Monmouth County NJ Improvement Auth. Rev.        
(Pooled Govt. Loan) 5.000% 12/1/13 (2) 1,545 1,708
Monmouth County NJ Improvement Auth. Rev.        
(Pooled Govt. Loan) 5.000% 12/1/14 (2) 3,205 3,576
Monmouth County NJ Improvement Auth. Rev.        
(Pooled Govt. Loan) 5.000% 12/1/16 (2) 1,000 1,108
Monmouth County NJ Improvement Auth. Rev.        
(Pooled Govt. Loan) 5.250% 12/1/18 (2) 2,000 2,204
Monmouth County NJ Improvement Auth. Rev.        
(Pooled Govt. Loan) 5.250% 12/1/21 (2) 1,275 1,371
Montgomery Township NJ School Dist. GO 5.250% 8/1/13 (14) 1,285 1,378
Montgomery Township NJ School Dist. GO 5.250% 8/1/17 (14) 1,280 1,373
Montgomery Township NJ School Dist. GO 5.250% 8/1/18 (14) 910 972
New Jersey Casino Reinvestment Dev. Auth.        
Rev. (Hotel Room Fee) 5.250% 1/1/20 (2) 2,945 3,070
New Jersey Casino Reinvestment Dev. Auth.        
Rev. (Hotel Room Fee) 5.250% 1/1/21 (2) 6,255 6,506
New Jersey Casino Reinvestment Dev. Auth.        
Rev. (Hotel Room Fee) 5.250% 1/1/22 (2) 5,585 5,756
New Jersey Casino Reinvestment Dev. Auth.        
Rev. (Parking Fee) 5.250% 6/1/21 (14) 3,000 3,065
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/10 5,000 5,060
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/11 6,590 6,912
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/13 5,000 5,503
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/16 4,000 4,455
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/17 3,000 3,333
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/18 9,000 9,938
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/19 9,755 10,639
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/20 1,500 1,617
New Jersey CTFS Partner Equipment Lease        
Purchase 5.000% 6/15/23 1,000 1,057
New Jersey Econ. Dev. Auth. Market Transition        
Fac. Rev. 5.500% 9/1/29 (14) 7,055 7,761
New Jersey Econ. Dev. Auth. Rev. (Cigarette        
Tax) 5.625% 6/15/17 350 350
New Jersey Econ. Dev. Auth. Rev. (Cigarette        
Tax) 5.750% 6/15/29 19,500 19,319
New Jersey Econ. Dev. Auth. Rev. (Diocese of        
Metuchen Project) VRDO 0.190% 3/5/10 LOC 9,855 9,855
New Jersey Econ. Dev. Auth. Rev. (El Dorado        
Terminals) VRDO 0.190% 3/1/10 LOC 6,300 6,300
New Jersey Econ. Dev. Auth. Rev. (Hillcrest        
Health Service) 0.000% 1/1/12 (2) 2,500 2,357
New Jersey Econ. Dev. Auth. Rev. (Hillcrest        
Health Service) 0.000% 1/1/13 (2) 3,000 2,716
New Jersey Econ. Dev. Auth. Rev.        
(Lawrenceville School Project) VRDO 0.100% 3/1/10 13,700 13,700
New Jersey Econ. Dev. Auth. Rev.        
(Lawrenceville School Project) VRDO 0.130% 3/1/10 15,000 15,000


New Jersey Econ. Dev. Auth. Rev. (Motor        
Vehicle Comm.) 5.250% 7/1/24 (14) 6,000 6,491
New Jersey Econ. Dev. Auth. Rev. (Motor        
Vehicle Comm.) 5.250% 7/1/25 (14) 14,000 15,057
New Jersey Econ. Dev. Auth. Rev. (Motor        
Vehicle Comm.) 5.250% 7/1/26 (14) 2,500 2,667
New Jersey Econ. Dev. Auth. Rev. (Motor        
Vehicle Comm.) 5.250% 7/1/31 (14) 25,175 25,319
New Jersey Econ. Dev. Auth. Rev. (School Fac.        
Construction) 5.125% 3/1/28 8,000 8,350
New Jersey Econ. Dev. Auth. Rev. (School Fac.        
Construction) 5.500% 12/15/29 11,520 12,515
New Jersey Econ. Dev. Auth. Rev. (School Fac.        
Construction) 5.125% 3/1/30 (10) 1,000 1,027
New Jersey Econ. Dev. Auth. Rev. (School Fac.        
Construction) 5.000% 9/1/30 4,065 4,215
New Jersey Econ. Dev. Auth. Rev. (School Fac.        
Construction) 5.000% 9/1/34 8,000 8,164
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 3/1/12 2,000 2,151
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.500% 6/15/13 (2) 1,200 1,349
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 9/1/13 (14)(Prere.) 4,000 4,552
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 9/1/13 7,500 8,374
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 12/15/13 14,000 15,704
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 9/1/14 10,000 11,328
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 12/15/14 14,000 15,899
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 3/1/18 2,650 2,887
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.500% 9/1/18 (14) 10,285 11,900
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.500% 12/15/19 (2) 1,550 1,781
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.250% 3/1/26 9,500 10,094
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.125% 3/1/30 12,000 12,322
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 9/1/30 (14) 5,480 5,607
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 9/1/33 7,825 7,988
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 9/1/36 23,500 23,734
New Jersey Econ. Dev. Auth. Rev. (School Fac.) 5.000% 9/1/37 17,650 17,815
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
PUT 5.000% 9/1/14 (4) 8,000 8,963
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
PUT 5.000% 9/1/14 (4) 12,500 14,005
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
PUT 5.000% 9/1/15 (4) 28,000 31,394
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
PUT 5.000% 9/1/15 (4) 5,000 5,606
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.110% 3/1/10 LOC 4,660 4,660
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.120% 3/1/10 LOC 5,400 5,400
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.140% 3/1/10 LOC 7,245 7,245
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.130% 3/5/10 LOC 10,000 10,000
New Jersey Econ. Dev. Auth. Rev. (School Fac.)        
VRDO 0.160% 3/5/10 LOC 10,900 10,900
New Jersey Econ. Dev. Auth. Rev. (St.        
Barnabas Project) 0.000% 7/1/11 (14)(ETM) 4,650 4,607
New Jersey Econ. Dev. Auth. Rev. (St.        
Barnabas Project) 0.000% 7/1/12 (14) 4,550 3,940
New Jersey Econ. Dev. Auth. Rev. (St.        
Barnabas Project) 0.000% 7/1/13 (14) 4,500 3,653


New Jersey Econ. Dev. Auth. Rev. (St.        
Barnabas Project) 0.000% 7/1/14 (14) 4,210 3,197
New Jersey Econ. Dev. Auth. Rev. (Transp.        
Project) 5.000% 5/1/14 15,000 16,862
New Jersey Econ. Dev. Auth. Rev. (Transp.        
Project) 5.000% 5/1/18 5,965 6,688
New Jersey Econ. Dev. Auth. Rev. (Transp.        
Project) 5.000% 5/1/19 2,580 2,862
New Jersey Educ. Fac. Auth. Rev. 5.000% 9/1/10 (4)(Prere.) 2,715 2,783
New Jersey Educ. Fac. Auth. Rev. 5.750% 9/1/12 7,595 8,488
New Jersey Educ. Fac. Auth. Rev. 5.250% 9/1/29 10,000 10,488
New Jersey Educ. Fac. Auth. Rev. 5.500% 9/1/36 5,000 5,284
New Jersey Educ. Fac. Auth. Rev. (College of        
New Jersey) 5.000% 7/1/14 (4) 3,180 3,626
New Jersey Educ. Fac. Auth. Rev. (College of        
New Jersey) 5.000% 7/1/16 (4) 4,410 5,070
New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) 5.250% 7/1/20 (14) 2,060 2,319
New Jersey Educ. Fac. Auth. Rev. (Drew Univ.) 5.250% 7/1/21 (14) 1,550 1,745
New Jersey Educ. Fac. Auth. Rev. (Fairleigh        
Dickinson Univ.) 5.500% 7/1/23 2,750 2,745
New Jersey Educ. Fac. Auth. Rev. (Georgian        
Court Univ.) 5.000% 7/1/33 1,000 947
New Jersey Educ. Fac. Auth. Rev. (Institute for        
Advanced Studies) VRDO 0.160% 3/5/10 2,925 2,925
New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) 5.250% 7/1/13 (3)(Prere.) 2,605 2,970
New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) 5.250% 7/1/13 (3)(Prere.) 2,775 3,164
New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) 5.000% 7/1/20 (14) 2,585 2,787
New Jersey Educ. Fac. Auth. Rev. (Kean Univ.) 5.000% 7/1/21 (14) 3,025 3,242
New Jersey Educ. Fac. Auth. Rev. (Montclair        
State Univ.) 5.000% 7/1/15 (3)(Prere.) 4,700 5,505
New Jersey Educ. Fac. Auth. Rev. (Montclair        
State Univ.) 5.000% 7/1/27 (2) 5,000 5,167
New Jersey Educ. Fac. Auth. Rev. (New Jersey        
Institute of Technology) 5.250% 7/1/17 (14) 1,000 1,055
New Jersey Educ. Fac. Auth. Rev. (New Jersey        
Institute of Technology) 5.250% 7/1/18 (14) 1,470 1,546
New Jersey Educ. Fac. Auth. Rev. (New Jersey        
Institute of Technology) 5.250% 7/1/20 (14) 1,725 1,813
New Jersey Educ. Fac. Auth. Rev. (Princeton        
Univ.) 5.000% 7/1/20 6,020 7,083
New Jersey Educ. Fac. Auth. Rev. (Princeton        
Univ.) 5.000% 7/1/34 4,000 4,312
New Jersey Educ. Fac. Auth. Rev. (Princeton        
Univ.) 4.500% 7/1/35 10,000 10,202
New Jersey Educ. Fac. Auth. Rev. (Princeton        
Univ.) 4.500% 7/1/37 9,160 9,309
New Jersey Educ. Fac. Auth. Rev. (Princeton        
Univ.) 4.250% 7/1/40 2,000 1,940
New Jersey Educ. Fac. Auth. Rev. (Ramapo        
College) 5.000% 7/1/12 (3)(Prere.) 1,700 1,869
New Jersey Educ. Fac. Auth. Rev. (Ramapo        
College) 5.000% 7/1/12 (3)(Prere.) 1,010 1,111
New Jersey Educ. Fac. Auth. Rev. (Ramapo        
College) 5.000% 7/1/15 (14) 1,550 1,640
New Jersey Educ. Fac. Auth. Rev. (Ramapo        
College) 5.000% 7/1/16 (14)(Prere.) 4,000 4,694
New Jersey Educ. Fac. Auth. Rev. (Richard        
Stockton College) 5.375% 7/1/38 5,000 5,199


New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.250% 7/1/11 (3)(Prere.) 235 253
New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.250% 7/1/11 (3)(Prere.) 190 204
New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.250% 7/1/11 (3)(Prere.) 205 220
New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.125% 7/1/13 (3)(Prere.) 2,800 3,181
New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.250% 7/1/14 (14) 2,070 2,205
New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.250% 7/1/15 (14) 1,690 1,800
New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.250% 7/1/16 (14) 1,845 1,965
New Jersey Educ. Fac. Auth. Rev. (Rowan        
Univ.) 5.000% 7/1/24 (14) 2,200 2,302
New Jersey Educ. Fac. Auth. Rev. (Seton Hall        
Univ.) 5.250% 7/1/10 (2) 1,500 1,520
New Jersey Educ. Fac. Auth. Rev. (Seton Hall        
Univ.) 5.250% 7/1/12 (2) 1,275 1,292
New Jersey Educ. Fac. Auth. Rev. (Seton Hall        
Univ.) 5.250% 7/1/15 (2) 400 422
New Jersey Educ. Fac. Auth. Rev. (Seton Hall        
Univ.) 5.250% 7/1/16 (2) 200 211
New Jersey Educ. Fac. Auth. Rev. (Stevens        
Institute of Technology) 5.125% 7/1/13 (Prere.) 6,000 6,808
New Jersey Educ. Fac. Auth. Rev. (Stevens        
Institute of Technology) 5.250% 7/1/13 (Prere.) 6,000 6,833
New Jersey Educ. Fac. Auth. Rev. (Stevens        
Institute of Technology) 5.000% 7/1/34 1,650 1,596
New Jersey Educ. Fac. Auth. Rev. (Univ.        
Medical & Dentistry) 7.500% 12/1/32 7,250 8,189
New Jersey Health Care Fac. Financing Auth.        
Rev. 5.000% 10/1/13 3,785 4,211
New Jersey Health Care Fac. Financing Auth.        
Rev. 5.500% 10/1/23 10,000 10,721
New Jersey Health Care Fac. Financing Auth.        
Rev. 5.750% 10/1/31 1,500 1,603
New Jersey Health Care Fac. Financing Auth.        
Rev. 5.000% 7/1/36 14,250 13,685
New Jersey Health Care Fac. Financing Auth.        
Rev. (AHS Hospital) 5.000% 7/1/13 7,330 7,920
New Jersey Health Care Fac. Financing Auth.        
Rev. (AHS Hospital) 5.000% 7/1/14 7,695 8,416
New Jersey Health Care Fac. Financing Auth.        
Rev. (AHS Hospital) 5.000% 7/1/15 5,000 5,454
New Jersey Health Care Fac. Financing Auth.        
Rev. (AHS Hospital) 5.000% 7/1/18 9,095 9,708
New Jersey Health Care Fac. Financing Auth.        
Rev. (Atlantic City Medical Center) 5.750% 7/1/12 (Prere.) 2,220 2,455
New Jersey Health Care Fac. Financing Auth.        
Rev. (Atlantic City Medical Center) 6.250% 7/1/12 (Prere.) 1,750 1,956
New Jersey Health Care Fac. Financing Auth.        
Rev. (Atlantic City Medical Center) 6.250% 7/1/17 2,200 2,326
New Jersey Health Care Fac. Financing Auth.        
Rev. (Atlantic City Medical Center) 5.750% 7/1/25 2,780 2,848
New Jersey Health Care Fac. Financing Auth.        
Rev. (Atlanticare Regional Medical Center) 5.000% 7/1/23 2,675 2,770


New Jersey Health Care Fac. Financing Auth.        
Rev. (Atlanticare Regional Medical Center) 5.000% 7/1/26 2,880 2,920
New Jersey Health Care Fac. Financing Auth.        
Rev. (Atlanticare Regional Medical Center) 5.000% 7/1/37 10,000 9,809
New Jersey Health Care Fac. Financing Auth.        
Rev. (Capital Health Systems Obligated        
Group) 5.750% 7/1/13 (Prere.) 7,000 7,938
New Jersey Health Care Fac. Financing Auth.        
Rev. (Children's Specialized Hospital) 5.000% 7/1/24 800 744
New Jersey Health Care Fac. Financing Auth.        
Rev. (Children's Specialized Hospital) 5.500% 7/1/30 3,055 3,014
New Jersey Health Care Fac. Financing Auth.        
Rev. (Children's Specialized Hospital) 5.500% 7/1/36 6,800 6,455
New Jersey Health Care Fac. Financing Auth.        
Rev. (Community Medical Center/Kimball        
Medical Center/Kensignton Manor Care        
Center) 5.000% 7/1/10 (4) 4,695 4,709
New Jersey Health Care Fac. Financing Auth.        
Rev. (Community Medical Center/Kimball        
Medical Center/Kensington Manor Care        
Center) 5.250% 7/1/12 (4) 105 105
New Jersey Health Care Fac. Financing Auth.        
Rev. (Hackensack Univ. Medical Center) 5.375% 1/1/13 (14) 2,355 2,360
New Jersey Health Care Fac. Financing Auth.        
Rev. (Hackensack Univ. Medical Center) 5.125% 1/1/21 15,000 15,256
New Jersey Health Care Fac. Financing Auth.        
Rev. (Holy Name Hosp.) 5.250% 7/1/30 4,000 3,598
New Jersey Health Care Fac. Financing Auth.        
Rev. (Hunterdon Medical Center) 5.250% 7/1/25 1,200 1,212
New Jersey Health Care Fac. Financing Auth.        
Rev. (Hunterdon Medical Center) 5.125% 7/1/35 3,450 3,269
New Jersey Health Care Fac. Financing Auth.        
Rev. (Meridian Health System Obligated        
Group) 5.625% 7/1/13 (4) 7,255 7,330
New Jersey Health Care Fac. Financing Auth.        
Rev. (Meridian Health System Obligated        
Group) 5.250% 7/1/29 (4) 13,150 13,161
New Jersey Health Care Fac. Financing Auth.        
Rev. (Meridian Health Systems) 5.000% 7/1/38 (12) 4,400 4,409
New Jersey Health Care Fac. Financing Auth.        
Rev. (Meridian IV) VRDO 0.150% 3/5/10 (12) 4,500 4,500
New Jersey Health Care Fac. Financing Auth.        
Rev. (Riverside Medical Center) 6.250% 7/1/10 (2)(ETM) 2,935 2,996
New Jersey Health Care Fac. Financing Auth.        
Rev. (Robert Wood Johnson Univ.) VRDO 0.140% 3/5/10 LOC 7,500 7,500
New Jersey Health Care Fac. Financing Auth.        
Rev. (South Jersey Hosp.) 5.875% 7/1/12 (Prere.) 3,500 3,910
New Jersey Health Care Fac. Financing Auth.        
Rev. (South Jersey Hosp.) 6.000% 7/1/12 (Prere.) 3,000 3,360
New Jersey Health Care Fac. Financing Auth.        
Rev. (South Jersey Hosp.) 6.000% 7/1/12 (Prere.) 3,500 3,920
New Jersey Health Care Fac. Financing Auth.        
Rev. (South Jersey Hosp.) 5.000% 7/1/46 7,505 7,049
New Jersey Health Care Fac. Financing Auth.        
Rev. (St. Barnabas Health Care System) 5.250% 7/1/13 (14) 2,695 2,680
New Jersey Health Care Fac. Financing Auth.        
Rev. (St. Barnabas Health Care System) 5.250% 7/1/16 (14) 2,340 2,238


New Jersey Health Care Fac. Financing Auth.        
Rev. (St. Barnabas Health Care System) 0.000% 7/1/21 (14) 1,740 786
New Jersey Health Care Fac. Financing Auth.        
Rev. (St. Barnabas Health Care System) 0.000% 7/1/21 (14)(ETM) 1,260 831
New Jersey Health Care Fac. Financing Auth.        
Rev. (St. Barnabas Health Care System) 5.000% 7/1/29 4,375 3,526
New Jersey Health Care Fac. Financing Auth.        
Rev. (Virtua Health) 5.250% 7/1/14 (4) 11,000 11,076
New Jersey Health Care Fac. Financing Auth.        
Rev. (Virtua Health) 6.000% 7/1/29 (12) 1,000 1,052
New Jersey Health Care Fac. Financing Auth.        
Rev. (Virtua Health) 5.750% 7/1/33 3,000 3,112
New Jersey Health Care Fac. Financing Auth.        
Rev. (Virtua Health) 5.500% 7/1/38 (12) 3,000 3,145
New Jersey Higher Educ. Assistance Auth.        
Student Loan Rev. 4.750% 12/1/21 5,000 5,222
New Jersey Higher Educ. Assistance Auth.        
Student Loan Rev. 5.000% 12/1/25 1,500 1,547
New Jersey Higher Educ. Assistance Auth.        
Student Loan Rev. 5.000% 12/1/26 1,500 1,535
New Jersey Higher Educ. Assistance Auth.        
Student Loan Rev. 5.000% 6/1/27 6,280 6,461
New Jersey Higher Educ. Assistance Auth.        
Student Loan Rev. 4.750% 12/1/29 2,000 2,027
New Jersey Higher Educ. Assistance Auth.        
Student Loan Rev. 5.625% 6/1/30 5,000 5,271
New Jersey Housing & Mortgage Finance        
Agency Multi-Family Housing Rev. 5.700% 5/1/20 (4) 2,040 2,052
New Jersey Housing & Mortgage Finance        
Agency Rev. 6.500% 10/1/38 3,880 4,240
New Jersey Sports & Exposition Auth. Rev. 6.500% 3/1/13 (14)(ETM) 875 951
New Jersey Sports & Exposition Auth. Rev. 6.500% 3/1/13 (14) 775 841
New Jersey Sports & Exposition Auth. Rev. 5.500% 3/1/17 (14)(ETM) 250 302
New Jersey Sports & Exposition Auth. Rev. 5.500% 3/1/17 (14) 5,505 6,310
New Jersey Sports & Exposition Auth. Rev.        
(Convention Center Luxury Tax) 5.500% 3/1/21 (14) 3,000 3,418
New Jersey Sports & Exposition Auth. Rev.        
(Convention Center Luxury Tax) 5.500% 3/1/22 (14) 1,000 1,138
New Jersey Transp. Corp. COP 5.750% 9/15/10 (Prere.) 2,000 2,062
New Jersey Transp. Corp. COP 5.500% 9/15/11 (2) 5,000 5,329
New Jersey Transp. Corp. COP 5.500% 9/15/12 (2) 20,000 21,988
New Jersey Transp. Corp. COP 5.500% 9/15/14 (2) 1,500 1,711
New Jersey Transp. Corp. COP 5.500% 9/15/15 (2) 15,000 17,151
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/12 (14) 1,000 1,106
1 New Jersey Transp. Trust Fund Auth. Rev. 5.500% 6/15/13 (Prere.) 7,000 8,034
New Jersey Transp. Trust Fund Auth. Rev. 5.500% 12/15/14 (2) 10,000 11,510
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 6/15/15 (14)(ETM) 5,000 5,928
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/15 (2) 1,000 1,145
New Jersey Transp. Trust Fund Auth. Rev. 5.000% 12/15/17 14,810 16,621
New Jersey Transp. Trust Fund Auth. Rev. 5.000% 12/15/17 8,480 9,517
New Jersey Transp. Trust Fund Auth. Rev. 5.500% 12/15/17 (4) 1,775 2,049
New Jersey Transp. Trust Fund Auth. Rev. 5.500% 12/15/18 (4) 5,000 5,750
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/19 22,675 25,769
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/19 7,500 8,523
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/19 (4) 8,000 9,092
New Jersey Transp. Trust Fund Auth. Rev. 5.750% 6/15/20 5,000 5,821
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/20 9,000 10,208
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/20 (4) 5,000 5,671


New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/20 (4) 5,800 6,579
New Jersey Transp. Trust Fund Auth. Rev. 5.500% 12/15/20 (14) 7,000 8,041
New Jersey Transp. Trust Fund Auth. Rev. 5.500% 12/15/21 8,000 9,217
New Jersey Transp. Trust Fund Auth. Rev. 5.500% 12/15/22 6,375 7,291
New Jersey Transp. Trust Fund Auth. Rev. 5.500% 12/15/22 (12) 5,000 5,751
New Jersey Transp. Trust Fund Auth. Rev. 5.750% 6/15/23 (14) 5,750 6,718
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/23 2,000 950
New Jersey Transp. Trust Fund Auth. Rev. 5.250% 12/15/23 (2) 15,830 17,787
New Jersey Transp. Trust Fund Auth. Rev. 5.750% 6/15/24 (14) 4,900 5,716
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/24 (2) 9,000 3,977
New Jersey Transp. Trust Fund Auth. Rev. 5.750% 6/15/25 (14) 7,000 8,146
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/25 9,300 3,885
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/28 33,855 11,428
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/30 10,000 2,953
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/31 (14) 9,000 2,383
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/31 15,000 4,134
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/32 (4) 10,000 2,731
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/32 5,000 1,307
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/32 6,420 1,679
New Jersey Transp. Trust Fund Auth. Rev. 5.000% 12/15/32 (2) 22,085 22,469
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/33 3,000 738
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/34 8,210 1,895
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/35 6,000 1,334
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/36 12,925 2,623
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/37 14,365 2,739
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/38 20,000 3,573
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/38 15,000 2,763
New Jersey Transp. Trust Fund Auth. Rev. 5.500% 12/15/38 (12) 6,900 7,449
New Jersey Transp. Trust Fund Auth. Rev. 6.000% 12/15/38 5,000 5,509
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/39 25,150 4,210
New Jersey Transp. Trust Fund Auth. Rev. 0.000% 12/15/40 10,000 1,571
New Jersey Transp. Trust Fund Auth. Transp.        
System Rev. 5.500% 12/15/15 (2) 4,600 5,319
New Jersey Turnpike Auth. Rev. 6.000% 1/1/13 (14)(ETM) 770 882
New Jersey Turnpike Auth. Rev. 6.000% 1/1/13 (14) 230 258
New Jersey Turnpike Auth. Rev. 6.500% 1/1/13 (14)(ETM) 20,000 23,203
New Jersey Turnpike Auth. Rev. 6.500% 1/1/16 (14)(ETM) 1,560 1,956
New Jersey Turnpike Auth. Rev. 6.500% 1/1/16 (14) 19,535 23,361
New Jersey Turnpike Auth. Rev. 6.500% 1/1/16 (14)(ETM) 22,095 25,728
New Jersey Turnpike Auth. Rev. 5.000% 1/1/20 5,000 5,526
New Jersey Turnpike Auth. Rev. 5.000% 1/1/21 5,000 5,479
New Jersey Turnpike Auth. Rev. 5.000% 1/1/22 3,325 3,612
New Jersey Turnpike Auth. Rev. 5.250% 1/1/26 (4) 8,900 10,196
New Jersey Turnpike Auth. Rev. 5.000% 1/1/30 (4) 18,500 19,241
New Jersey Turnpike Auth. Rev. 5.000% 1/1/35 (4) 10,000 10,228
New Jersey Turnpike Auth. Rev. 5.000% 1/1/35 10,500 10,795
New Jersey Turnpike Auth. Rev. 5.000% 1/1/36 15,000 15,354
New Jersey Turnpike Auth. Rev. 5.250% 1/1/40 28,385 29,524
Newark NJ GO 5.375% 12/15/13 (14) 2,000 2,207
Ocean County NJ Util. Auth. Wastewater Rev. 5.250% 1/1/17 2,665 2,856
Ocean County NJ Util. Auth. Wastewater Rev. 5.250% 1/1/18 2,220 2,379
Ocean County NJ Util. Auth. Wastewater Rev. 6.600% 1/1/18 (3)(ETM) 2,500 3,035
Port Auth. of New York & New Jersey CP 5.375% 3/1/28 1,100 1,252
Port Auth. of New York & New Jersey Rev. 5.000% 9/1/27 7,680 8,037
Port Auth. of New York & New Jersey Rev. 4.500% 7/15/28 9,000 9,227
Port Auth. of New York & New Jersey Rev. 5.000% 3/1/29 4,500 4,824
Port Auth. of New York & New Jersey Rev. 4.750% 11/15/32 9,500 9,666
Port Auth. of New York & New Jersey Rev. 4.750% 7/15/33 9,500 9,671


Port Auth. of New York & New Jersey Rev. 5.000% 7/15/33 10,000 10,381
Port Auth. of New York & New Jersey Rev. 5.000% 7/15/34 (14) 7,095 7,306
Port Auth. of New York & New Jersey Rev. 5.000% 9/1/38 5,000 5,111
Rahway Valley NJ Sewerage Auth. Sewer Rev. 0.000% 9/1/31 (14) 4,215 1,191
Rutgers State Univ. New Jersey 6.400% 5/1/13 2,120 2,295
Rutgers State Univ. New Jersey 5.000% 5/1/39 5,000 5,228
South Jersey Port Corp. New Jersey Rev. 5.000% 1/1/23 2,000 2,047
South Jersey Port Corp. New Jersey Rev. 5.100% 1/1/33 1,500 1,508
South Jersey Transp. Auth. New Jersey Transp.        
System Rev. VRDO 0.130% 3/5/10 LOC 9,500 9,500
Stafford NJ Muni. Util. Auth. Water & Sewer        
Rev. 5.500% 6/1/11 (14) 1,465 1,504
Tobacco Settlement Financing Corp. New        
Jersey Rev. 5.750% 6/1/12 (Prere.) 38,620 41,717
Tobacco Settlement Financing Corp. New        
Jersey Rev. 6.000% 6/1/12 (Prere.) 20,650 23,051
Tobacco Settlement Financing Corp. New        
Jersey Rev. 5.000% 6/1/13 1,225 1,288
Tobacco Settlement Financing Corp. New        
Jersey Rev. 7.000% 6/1/13 (Prere.) 20,000 23,794
2 Tobacco Settlement Financing Corp. New        
Jersey Rev. 4.500% 6/1/23 22,795 21,592
Tobacco Settlement Financing Corp. New        
Jersey Rev. 4.625% 6/1/26 8,000 6,605
Tobacco Settlement Financing Corp. New        
Jersey Rev. 5.000% 6/1/29 10,000 7,813
Tobacco Settlement Financing Corp. New        
Jersey Rev. 4.750% 6/1/34 7,000 4,863
Tobacco Settlement Financing Corp. New        
Jersey Rev. 5.000% 6/1/41 19,265 13,061
Union County NJ PCR (Exxon) VRDO 0.060% 3/1/10 1,000 1,000
Univ. of Medicine & Dentistry New Jersey COP 5.250% 6/15/18 (14) 1,975 2,060
Univ. of Medicine & Dentistry New Jersey COP 5.250% 6/15/20 (14) 2,185 2,253
Univ. of Medicine & Dentistry New Jersey COP 5.250% 6/15/22 (14) 2,420 2,474
Univ. of Medicine & Dentistry New Jersey Rev. 6.500% 12/1/12 (14)(ETM) 2,550 2,791
Univ. of Medicine & Dentistry New Jersey Rev. 5.375% 12/1/15 (2) 2,325 2,443
Univ. of Medicine & Dentistry New Jersey Rev. 5.375% 12/1/16 (2) 1,110 1,151
Univ. of Medicine & Dentistry New Jersey Rev. 5.500% 12/1/19 (2) 2,000 2,040
Univ. of Medicine & Dentistry New Jersey Rev. 5.500% 12/1/20 (2) 3,675 3,739
Univ. of Medicine & Dentistry New Jersey Rev. 5.500% 12/1/21 (2) 2,000 2,027
        2,037,864
Puerto Rico (1.2%)        
Puerto Rico GO 5.500% 7/1/18 5,540 5,908
Puerto Rico Highway & Transp. Auth. Rev. 5.500% 7/1/14 (Prere.) 3,500 4,074
Puerto Rico Highway & Transp. Auth. Rev. 5.500% 7/1/14 (Prere.) 4,125 4,802
Puerto Rico Infrastructure Financing Auth.        
Special Tax Rev. 0.000% 7/1/33 (3) 17,000 3,360
Puerto Rico Public Finance Corp. 5.500% 2/1/12 (Prere.) 3,250 3,539
Puerto Rico Public Finance Corp. 5.500% 2/1/12 (Prere.) 1,135 1,236
Puerto Rico Public Finance Corp. 6.000% 8/1/26 (ETM) 720 915
Puerto Rico Sales Tax Financing Corp. Rev. 0.000% 8/1/56 16,200 807
        24,641
Virgin Islands (0.2%)        
Virgin Islands Public Finance Auth. Rev. 5.250% 10/1/18 3,390 3,497
Virgin Islands Public Finance Auth. Rev. 5.000% 10/1/25 1,500 1,498
        4,995


Guam (0.2%)        
Guam Govt. Ltd. Obligation Infrastructure        
Improvement Rev. 5.125% 11/1/11 (2) 3,400 3,330
Total Tax-Exempt Municipal Bonds (Cost $1,990,754)     2,070,830
Other Assets and Liabilities-Net (0.1%)       1,070
Net Assets (100%)       2,071,900

1 Securities with a value of $1,722,000 have been segregated as initial margin for open futures contracts.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of February 28, 2010.

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 Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.


New Jersey Long-Term Tax-Exempt Fund

(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corp.
(13) Berkshire Hathaway Assurance Corp.
(14) National Public Finance Guarantee Corp.
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.

A. Security Valuation: 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 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.

B. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).

At February 28, 2010, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

        ($000)
 
    Number of Aggregate  
    Long (Short) Settlement Unrealized
    Contracts Value Appreciation
Futures Contracts Expiration   Long (Short) (Depreciation)
30-Year U.S. Treasury Bond June 2010 (80) (9,415) (3)

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

C. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments).

The following table summarizes the fund's investments as of February 28, 2010, based on the inputs used to value them:


New Jersey Long-Term Tax-Exempt Fund      
 
 
  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Tax-Exempt Municipal Bonds — 2,070,830 —
Futures Contracts—Liabilities1 (3) — —
Total (3) 2,070,830 —
1 Represents variation margin on the last day of the reporting period.      

D. At February 28, 2010, the cost of investment securities for tax purposes was $1,994,657,000. Net unrealized appreciation of investment securities for tax purposes was $76,173,000, consisting of unrealized gains of $92,452,000 on securities that had risen in value since their purchase and $16,279,000 in unrealized losses on securities that had fallen in value since their purchase.


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

  VANGUARD NEW JERSEY TAX-FREE FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: April 15, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

  VANGUARD NEW JERSEY TAX-FREE FUNDS
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
Date: April 15, 2010
  VANGUARD NEW JERSEY TAX-FREE FUNDS
By: /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
Date: April 15, 2010

*By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on April 26, 2010, see file Number 33-53683, Incorporated by Reference.