Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares 

This fund is designed to generate current income free from both federal and New Jersey personal income taxes. Intended solely for New Jersey residents, it predominantly invests in premium municipal bonds issued by New Jersey's state and local governments, alongside regional government and public financing authorities. Ordinarily, at least 80% of the fund's holdings will be in securities providing income exempt from federal and New Jersey state taxation. While individual bond maturities have no set limits, the fund's average dollar-weighted maturity is projected to range from 10 to 25 years. With an average duration of approximately 6 to 10 years, its share price is notably more sensitive to shifts in interest rates than funds holding shorter-term bonds. This fund may be suitable for New Jersey investors seeking federal and state tax-exempt interest income who are comfortable with the inherent interest rate risk.