Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares
VNJTX
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USD
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Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- PO Box 2600 Valley Forge PA United States of America 19482
- IPO Date
- Feb 3, 1988
- CIK
- 0000821404
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) seeks to provide current income that is exempt from both federal and New Jersey personal income taxes; it 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. Under normal circumstances, at least 80% of the fund's assets are invested in securities whose income is exempt from federal and New Jersey state taxes, with a dollar-weighted average maturity expected to be between 10 and 25 years; the portfolio emphasizes investment-grade bonds, though it may include some lower-rated securities, and features a portfolio turnover rate of 41% as of the most recent fiscal year. The fund offers Investor Shares with a total annual operating expense ratio of 0.14%, including a 0.13% management fee and no 12b-1 distribution fee, alongside Admiral Shares (VNJUX) at a lower 0.09% expense ratio; minimum initial investments are $3,000 for Investor Shares and $50,000 for Admiral Shares. In February 2025, the fund reduced its expense ratio for Investor Shares from previously higher levels to the current 0.14%, as approved by its Board of Trustees and reflected in updated prospectus disclosures. Portfolio management saw the addition of Grace Boraas as co-manager in 2023, joining Adam M. Ferguson, who has managed the fund since 2016; this transition maintains continuity in the fund's active strategy managed by The Vanguard Group, Inc. No major acquisitions, partnerships, or product launches specific to VNJTX have been announced in the last 1-2 years, though Vanguard broadly expanded its municipal bond offerings with new ETFs like the Long-Term Tax-Exempt Bond ETF (VTEL) and New York Tax-Exempt Bond ETF (MUNY) in 2023-2025. Launched on February 3, 1988, the fund operates within the municipal New Jersey category, targeting New Jersey residents seeking tax-exempt income; it holds approximately $2.6 billion in assets under management and benchmarks against the Bloomberg NJ Municipal Bond Index. Headquartered in Malvern, Pennsylvania, at 100 Vanguard Boulevard, the fund is part of The Vanguard Group's extensive lineup of low-cost fixed-income products, with no subsidiaries or parent entities beyond Vanguard's mutual structure. Its geographic focus remains concentrated on New Jersey issuers, exposing it to state-specific risks such as legislative changes or economic sector developments.