Just after careful review, Vanguard decided that the limited offer of unique limited-phrase municipal securities accessible in Pennsylvania and New Jersey helps make it no lengthier achievable to satisfy the financial investment aims and retain the diversification and threat profile of the $one.eight billion Vanguard Pennsylvania Municipal Dollars Market Fund and the $one.2 billion Vanguard New Jersey Municipal Dollars Market Fund. Vanguard has closed both money to new traders and plans to liquidate each of the money in November. Vanguard will carry on to spend in the Pennsylvania and New Jersey dollars current market universes as element of Vanguard Municipal Dollars Market Fund, Vanguard Pennsylvania Prolonged-Term Tax-Exempt Fund, and Vanguard New Jersey Prolonged-Term Tax-Exempt Fund.

“We are focused on offering a viable and considerate lineup of dollars current market goods, and we are confident that our streamlined suite of tax-exempt dollars current market money is well suited to satisfy investors’ income administration and tax-free revenue tastes,” reported Greg Davis, Vanguard main financial investment officer. “Due to the limited offer of selected styles of municipal securities accessible in Pennsylvania and New Jersey, we imagine these unique municipal dollars marketplaces no lengthier give the current market depth essential to prudently give these point out-unique goods in all current market disorders. Our very low cost ratios make it possible for us to control our money in a conservative fashion, and we will carry on to act in the best interests of our customers to be certain our money satisfy their unique financial investment aims.”

Vanguard’s dollars current market financial investment teams utilize a conservative approach to fund structure and financial investment philosophy, focusing on the maximum-good quality credit history securities accessible. Vanguard municipal dollars current market money are overseen by a group of municipal bond financial investment experts, such as portfolio managers, senior credit history exploration analysts, exploration associates, and traders. The organization has a deep credit history exploration group that analyzes person securities and collaborates carefully with our portfolio managers and traders. The firm’s stringent financial investment protocols have enabled Vanguard money to choose on meaningfully a lot less credit history threat relative to peers around the many years to be certain liquidity across a vary of current market disorders.

Shareholders have the prospect to trade into one more Vanguard fund, such as, but not limited to, Vanguard Municipal Dollars Market Fund. Shareholders may also opt for to redeem shares prior to the liquidation day. On the liquidation day, the fund’s property will be marketed and the proceeds dispersed to any remaining shareholders.

Key dates

  • September 25, 2020. The money are closed to all new traders.
  • November 5, 2020. The money will near to new investments from current shareholders. Fund privileges, such as checkwriting, substitute redemption fund, immediate deposit, automated investments and exchanges, directed dividend payments, automated withdrawals, and demanded minimal distributions, will no lengthier be accessible. Checks introduced for payment on the fund before November 5 will be honored if enough shares are accessible for payment.
  • On or about November 24, 2020. At the near of company, the Pennsylvania and New Jersey Municipal Dollars Market Money cease to function.

    All remaining proceeds will be dispersed to shareholders by wire (employing desired banking instructions) or by examine (employing deal with of file), except if Vanguard receives other instructions by November 23, 2020.

Vanguard: A mounted revenue leader

With much more than $one.nine trillion in world-wide property underneath administration, Vanguard Preset Income Team is a single of the major bond and dollars current market fund managers and the major provider of municipal bond money in the business. Vanguard introduced its to start with municipal bond money in 1977 and now oversee much more than a hundred world-wide mandates on behalf of Vanguard traders, such as active and indexed domestic and worldwide bonds, municipal bonds, dollars current market securities, and steady price property. Vanguard’s exclusive construction and continued concentrate on very low costs enables Vanguard fund managers to stay away from having on undue threat to increase returns or sacrifice good quality to attain for produce.

Examine the prospectus updates for the Pennsylvania Municipal Dollars Market Fund and the New Jersey Municipal Dollars Market Fund.


Notes:

For much more data about Vanguard money, pay a visit to vanguard.com to get a prospectus or, if accessible, a summary prospectus. Financial investment aims, dangers, rates, expenditures, and other essential data about a fund are contained in the prospectus go through and look at it very carefully before investing.

All investing is subject to threat, such as the achievable decline of the dollars you spend.

The money are only accessible to retail traders (natural folks). You could get rid of dollars by investing in the money. Although the money request to preserve the price of your financial investment at $one.00 per share, they can’t assurance they will do so. The money may impose a charge upon the sale of your shares or may briefly suspend your capacity to provide shares if the funds’ liquidity falls under demanded minimums because of current market disorders or other elements. Investments in the money are not insured or assured by the Federal Deposit Insurance plan Corporation or any other governing administration company. The funds’ sponsor has no lawful obligation to give money support to the money, and you should really not assume that the sponsor will give money support to the money at any time.

In get to give for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the fund may deviate from its financial investment aim and tactics as the liquidation day methods.

Shareholders should really seek the advice of their individual tax advisors about any tax liability ensuing from any financial investment decision such as, but not limited to, redemption, exchanging shares for shares of one more fund, or the receipt of liquidation proceeds.

All asset figures are as of August 31, 2020, except if in any other case observed.