Vanguard NJ Long-Term Tax-Exempt Inv (Vanguard New Jersey Long-Term T) fond

The fund invests primarily in high-quality municipal bonds issued by New Jersey state and local governments, as well as by regional governmental and public financing authorities. At least 80% of its assets will be invested in securities whose income is exempt from federal and New Jersey state taxes. Although the fund has no limitations on the maturities of individual securities, its dollar-weighted average maturity is expected to be between 10 and 25 years. The fund is non-diversified.