Soon after watchful evaluate, Vanguard identified that the confined supply of precise limited-term municipal securities offered in Pennsylvania and New Jersey tends to make it no for a longer time feasible to satisfy the expense goals and maintain the diversification and chance profile of the $1.eight billion Vanguard Pennsylvania Municipal Dollars Marketplace Fund and the $1.two billion Vanguard New Jersey Municipal Dollars Marketplace Fund. Vanguard has shut the two funds to new buyers and ideas to liquidate each of the funds in November. Vanguard will go on to commit in the Pennsylvania and New Jersey income marketplace universes as section of Vanguard Municipal Dollars Marketplace Fund, Vanguard Pennsylvania Extensive-Phrase Tax-Exempt Fund, and Vanguard New Jersey Extensive-Phrase Tax-Exempt Fund.

“We are focused on offering a viable and thoughtful lineup of income marketplace items, and we are assured that our streamlined suite of tax-exempt income marketplace funds is nicely suited to satisfy investors’ dollars administration and tax-cost-free profits choices,” reported Greg Davis, Vanguard chief expense officer. “Due to the limited supply of particular forms of municipal securities offered in Pennsylvania and New Jersey, we believe that these precise municipal income markets no for a longer time offer you the marketplace depth desired to prudently supply these condition-precise items in all marketplace ailments. Our reduced expense ratios allow us to deal with our funds in a conservative fashion, and we will go on to act in the ideal passions of our clients to ensure our funds satisfy their precise expense goals.”

Vanguard’s income marketplace expense groups hire a conservative method to fund structure and expense philosophy, focusing on the best-quality credit securities offered. Vanguard municipal income marketplace funds are overseen by a crew of municipal bond expense specialists, which includes portfolio administrators, senior credit research analysts, research associates, and traders. The agency has a deep credit research crew that analyzes person securities and collaborates closely with our portfolio administrators and traders. The firm’s stringent expense protocols have enabled Vanguard funds to take on meaningfully significantly less credit chance relative to friends above the decades to ensure liquidity across a vary of marketplace ailments.

Shareholders have the chance to exchange into a further Vanguard fund, which includes, but not confined to, Vanguard Municipal Dollars Marketplace Fund. Shareholders may also opt for to redeem shares prior to the liquidation date. On the liquidation date, the fund’s belongings will be bought and the proceeds dispersed to any remaining shareholders.

Crucial dates

  • September twenty five, 2020. The funds are shut to all new buyers.
  • November five, 2020. The funds will near to new investments from present shareholders. Fund privileges, which includes checkwriting, different redemption fund, immediate deposit, computerized investments and exchanges, directed dividend payments, computerized withdrawals, and demanded bare minimum distributions, will no for a longer time be offered. Checks offered for payment on the fund prior to November five will be honored if sufficient shares are offered for payment.
  • On or about November 24, 2020. At the near of business, the Pennsylvania and New Jersey Municipal Dollars Marketplace Funds cease to function.

    All remaining proceeds will be dispersed to shareholders by wire (making use of most popular banking directions) or by look at (making use of tackle of record), unless of course Vanguard receives other directions by November 23, 2020.

Vanguard: A preset profits leader

With extra than $1.9 trillion in international belongings underneath administration, Vanguard Fixed Profits Group is a single of the largest bond and income marketplace fund administrators and the largest service provider of municipal bond funds in the industry. Vanguard launched its 1st municipal bond funds in 1977 and now oversee extra than a hundred international mandates on behalf of Vanguard buyers, which includes energetic and indexed domestic and international bonds, municipal bonds, income marketplace securities, and steady value belongings. Vanguard’s special structure and continued emphasis on reduced prices permits Vanguard fund administrators to prevent taking on undue chance to raise returns or sacrifice quality to reach for generate.

Browse the prospectus updates for the Pennsylvania Municipal Dollars Marketplace Fund and the New Jersey Municipal Dollars Marketplace Fund.


For extra data about Vanguard funds, visit to acquire a prospectus or, if offered, a summary prospectus. Financial investment goals, challenges, prices, expenses, and other significant data about a fund are contained in the prospectus read and take into consideration it thoroughly prior to investing.

All investing is subject to chance, which includes the feasible decline of the income you commit.

The funds are only offered to retail buyers (normal people). You could eliminate income by investing in the funds. Though the funds look for to protect the value of your expense at $1.00 for each share, they cannot ensure they will do so. The funds may impose a charge on the sale of your shares or may temporarily suspend your potential to market shares if the funds’ liquidity falls down below demanded minimums mainly because of marketplace ailments or other aspects. Investments in the funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal government agency. The funds’ sponsor has no legal obligation to supply money aid to the funds, and you really should not expect that the sponsor will supply money aid to the funds at any time.

In purchase to supply for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the fund may deviate from its expense objective and approaches as the liquidation date techniques.

Shareholders really should check with their individual tax advisors about any tax liability resulting from any expense determination which includes, but not confined to, redemption, exchanging shares for shares of a further fund, or the receipt of liquidation proceeds.

All asset figures are as of August 31, 2020, unless of course or else noted.