VANGUARD NEW JERSEY LONG-TERM TAX-EXEMPT FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD NEW JERSEY LONG-TERM TAX-EXEMPT FUND held 1,005 positions with $3.14B in net assets. Its ten largest holdings made up 10.3% of the fund. The VNJTX share class costs 0.14% a year. Over the 12 months to May 2026, VNJTX returned 8.1%, with dividends reinvested. In 2026 Q2 it added 65 new positions and exited 38.
Vanguard New Jersey Long-Term Tax-Exempt Fund (the Fund) seeks to provide current income that is exempt from both federal and New Jersey personal income taxes. The Fund is intended for New Jersey residents only.
The fund actively manages a portfolio of investment-grade municipal bonds issued by New Jersey state and local governments and regional authorities, targeting a dollar-weighted average maturity between 10 and 25 years. At least 80% of net assets are invested in securities whose income is exempt from both federal and New Jersey state taxes. Because the fund is nondiversified, it may invest a greater percentage of its assets in particular issuers than diversified funds do, concentrating its holdings accordingly.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
New Jersey Turnpike Authority 5.25% · due 2055-01-01 | 1.41% | $44.26M | — |
New Jersey Transportation Trust Fund Authority 5.25% · due 2055-06-15 | 1.40% | $44.13M | — |
New Jersey Turnpike Authority 5.00% · due 2045-01-01 | 1.16% | $36.29M | — |
Middlesex County Improvement Authority 5.00% · due 2053-08-15 | 1.15% | $36.15M | — |
Port Authority of New York & New Jersey 5.00% · due 2055-01-15 | 1.06% | $33.19M | — |
New Jersey Transportation Trust Fund Authority 5.00% · due 2042-06-15 | 1.01% | $31.79M | — |
Tender Option Bond Trust Receipts/Certificates 2.40% floating · due 2033-06-15 | 0.93% | $29.20M | — |
New Jersey Turnpike Authority 5.25% · due 2049-01-01 | 0.81% | $25.48M | — |
New Jersey Health Care Facilities Financing Authority 4.13% · due 2054-07-01 | 0.73% | $23.00M | — |
Tobacco Settlement Financing Corp 5.00% · due 2046-06-01 | 0.69% | $21.62M | — |
The 200 largest of 1,005 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.27% |
| Securitized | 0.12% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
How it has done
VNJTX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.34%. Past returns are a record, not a forecast.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.14% | +8.14% | +13.53% | +5.71% | -6.28% | |
| 0.09% | +8.19% | +13.76% | +6.09% | -6.26% |
These classes hold the same portfolio, so the 0.38pp spread over 5 years is the cost difference between them — roughly 0.08pp a year — not a difference in what they own.
Fees & fund details
VANGUARD NEW JERSEY LONG-TERM TAX-EXEMPT FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
- Features
- Non-diversified
- Expense ratio, by class
- 0.09% – 0.14%· VNJTX 0.14%
- Portfolio turnover
- 27.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
65 new· the largest 8
38 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 91.8% |
| Floating rate | 5.6% |
| Zero-coupon or unclassified | 2.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.9% |
| 1-3y | 3.7% |
| 3-5y | 3.0% |
| 5-10y | 15.3% |
| 10y+ | 74.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 55% |
| Credit spreads | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.80 yr |
| High yield | +0.03 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.37 yr | 5% |
| 5 yr | 1.24 yr | 17% |
| 10 yr | 3.90 yr | 54% |
| 30 yr | 1.69 yr | 23% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.27 yr | 5% |
| 5 yr | 0.97 yr | 17% |
| 10 yr | 3.18 yr | 55% |
| 30 yr | 1.38 yr | 24% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.02 | +0.00 | $5.9k | $127 |
| 1 yr | +0.37 | +0.27 | +0.00 | $85.2k | $554 |
| 5 yr | +1.24 | +0.97 | +0.00 | $303.7k | $1.2k |
| 10 yr | +3.90 | +3.17 | +0.01 | $995.8k | $4.7k |
| 30 yr | +1.69 | +1.37 | +0.01 | $430.7k | $1.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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