njtemm497k_sp95.htm - Generated by SEC Publisher for SEC Filing

Vanguard New Jersey Tax-Exempt Money Market Fund

Summary Prospectus

March 28, 2012

Investor Shares

Vanguard New Jersey Tax-Exempt Money Market Fund Investor Shares (VNJXX)

The Fund’s statutory Prospectus and Statement of Additional Information dated

March 28, 2012, are incorporated into and made part of this Summary

Prospectus by reference.

Before you invest, you may want to review the Fund’s Prospectus, which

contains more information about the Fund and its risks. You can find

the Fund’s Prospectus and other information about the Fund online at

www.vanguard.com/prospectus. You can also get this information at no

cost by calling 800-662-7447 or by sending an e-mail request to

online@vanguard.com.

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or

passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Investment Objective
The Fund seeks to provide current income that is exempt from both federal and New
Jersey personal income taxes while maintaining a stable net asset value of $1 per
share. The Fund is intended for New Jersey residents only.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
shares of the Fund.


Shareholder Fees
(Fees paid directly from your investment)

Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee	None
Account Service Fee (for fund account balances below $10,000)	$20/year


Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)

Management Expenses	0.13%
12b-1 Distribution Fee	None
Other Expenses	0.04%
Total Annual Fund Operating Expenses¹	0.17%

1 Vanguard and the Fund's Board have voluntarily agreed to temporarily limit certain net operating expenses in excess of the
Fund's daily yield so as to maintain a zero or positive yield for the Fund. Vanguard and the Fund's Board may terminate the
temporary expense limitation at any time.

Example

The following example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. It illustrates the hypothetical
expenses that you would incur over various periods if you invest $10,000 in the Fund’s
shares. This example assumes that the Fund provides a return of 5% a year and that
total annual fund operating expenses remain as stated in the preceding table. The
results apply whether or not you redeem your investment at the end of the given
period. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:


1 Year	3 Years	5 Years	10 Years
$17	$55	$96	$217

Primary Investment Policies
The Fund invests at least 80% of its assets in a variety of high-quality, short-term New
Jersey municipal securities whose income is exempt from federal and New Jersey
state taxes. To be considered high-quality, a security generally must be rated in one of
the two highest credit-quality categories for short-term securities by at least two
nationally recognized statistical rating organizations (NRSROs) (or by one, if only one
NRSRO has rated the security). If unrated, the security must be determined by
Vanguard to be of quality equivalent to those in the two highest credit-quality
categories for short-term securities. The Fund invests in securities with effective
maturities of 397 days or less, maintains a dollar-weighted average maturity of 60 days
or less, and maintains a dollar-weighted average life of 120 days or less.

Primary Risks
The Fund is designed for investors with a low tolerance for risk; however, the Fund’s
performance could be hurt by:

• State-specific risk, which is the chance that developments in New Jersey will
adversely affect the securities held by the Fund. Because the Fund invests primarily in
securities issued by New Jersey and its municipalities, it is more vulnerable to
unfavorable developments in New Jersey than are funds that invest in municipal
securities of many states. Unfavorable developments in any economic sector may have
far-reaching ramifications on the overall New Jersey municipal market.

• Income risk, which is the chance that the Fund’s income will decline because of
falling interest rates. Because the Fund’s income is based on short-term interest
rates—which can fluctuate significantly over short periods—income risk is expected
to be high.

• Credit risk, which is the chance that the issuer of a security will fail to pay interest
and principal in a timely manner, or that negative perceptions of the issuer’s ability to
make such payments will cause the price of that security to decline. Credit risk should
be very low for the Fund because it invests primarily in securities that are considered
to be of high quality.

• Manager risk, which is the chance that poor security selection will cause the Fund to
underperform relevant benchmarks or other funds with a similar investment objective.

• Nondiversification risk, which is the chance that the Fund’s performance may be
hurt disproportionately by the poor performance of relatively few securities. The Fund
is considered nondiversified, which means that it may invest a greater percentage of
its assets in the securities of particular issuers as compared with other mutual funds.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
Although the Fund seeks to preserve the value of your investment at $1 per share, it
is possible to lose money by investing in the Fund.

Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund has
varied from one calendar year to another over the periods shown. The table shows
how the average annual total returns compare with those of a comparative
benchmark, which has investment characteristics similar to those of the Fund. Returns
for the New Jersey Tax-Exempt Money Market Funds Average are derived from data
provided by Lipper Inc. Keep in mind that the Fund’s past performance does not
indicate how the Fund will perform in the future. Updated performance information is
available on our website at vanguard.com/performance or by calling Vanguard toll-free
at 800-662-7447.

Annual Total Returns — Vanguard New Jersey Tax-Exempt Money Market Fund Investor Shares

During the periods shown in the bar chart, the highest return for a calendar quarter
was 0.91% (quarter ended June 30, 2007), and the lowest return for a quarter was
0.00% (quarter ended December 31, 2011).


Average Annual Total Returns for Periods Ended December 31, 2011
	1 Year	5 Years	10 Years
Vanguard New Jersey Tax-Exempt Money Market Fund	0.05%	1.23%	1.49%
New Jersey Tax-Exempt Money Market Funds Average	0.01%	1.00%	1.14%

Investment Advisor
The Vanguard Group, Inc.

Portfolio Manager

John M. Carbone, Principal of Vanguard. He has managed the Fund since 2011.

Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website (vanguard.com), by
mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone
(800-662-2739). The following table provides the Fund’s minimum initial and subsequent
investment requirements.


Account Minimums	Investor Shares
To open and maintain an account	$3,000
To add to an existing account	Generally $100 (other than by Automatic Investment
	Plan, which has no established minimum)

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain. A majority
of the income dividends that you receive from the Fund are expected to be exempt
from federal and state income taxes. However, a portion of the Fund’s distributions
may be subject to federal, state, and local income taxes and also may be subject to
the federal alternative minimum tax.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

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Vanguard New Jersey Tax-Exempt Money Market Fund Investor Shares—Fund Number 95


© 2012 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
	SP 95 032012