| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $1,000,000) |
$ |
| |
Management Fees |
|
12b-1 Distribution Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses1 |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
|
|
|
1 Year |
5 Years |
10 Years |
Vanguard Municipal Money Market Fund Investor Shares |
|
|
|
Tax-Exempt Money Market Funds Average |
|
|
|
|
Investor Shares |
Admiral Shares |
Sales Charge (Load) Imposed on Purchases |
|
|
Purchase Fee |
|
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
Redemption Fee |
|
|
Account Service Fee Per Year
(for certain fund account balances below $1,000,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Ultra-Short-Term Tax-Exempt Fund
Investor Shares |
|
|
|
Return Before Taxes |
- |
|
|
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard Ultra-Short-Term Tax-Exempt Fund
Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg 1 Year Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
Investor Shares |
Admiral Shares |
Sales Charge (Load) Imposed on Purchases |
|
|
Purchase Fee |
|
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
Redemption Fee |
|
|
Account Service Fee Per Year
(for certain fund account balances below $1,000,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Limited-Term Tax-Exempt Fund Investor Shares |
|
|
|
Return Before Taxes |
- |
|
|
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard Limited-Term Tax-Exempt Fund Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg 1-5 Year Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
Investor Shares |
Admiral Shares |
Sales Charge (Load) Imposed on Purchases |
|
|
Purchase Fee |
|
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
Redemption Fee |
|
|
Account Service Fee Per Year
(for certain fund account balances below $1,000,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Tax-Exempt Fund
Investor Shares |
|
|
|
Return Before Taxes |
- |
|
|
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard Intermediate-Term Tax-Exempt Fund
Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg 1-15 Year Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
Investor Shares |
Admiral Shares |
Sales Charge (Load) Imposed on Purchases |
|
|
Purchase Fee |
|
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
Redemption Fee |
|
|
Account Service Fee Per Year
(for certain fund account balances below $1,000,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Tax-Exempt Fund Investor Shares |
|
|
|
Return Before Taxes |
- |
|
|
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard Long-Term Tax-Exempt Fund Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
Investor Shares |
Admiral Shares |
Sales Charge (Load) Imposed on Purchases |
|
|
Purchase Fee |
|
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
Redemption Fee |
|
|
Account Service Fee Per Year
(for certain fund account balances below $1,000,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard High-Yield Tax-Exempt Fund Investor Shares |
|
|
|
Return Before Taxes |
- |
|
|
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard High-Yield Tax-Exempt Fund Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
Plain Talk About Weighted Average Maturity and Weighted Average
Life |
A money market fund will maintain a dollar-weighted average maturity
(WAM) of 60 days or less and a dollar-weighted average life (WAL) of 120
days or less. For purposes of calculating a fund’s WAM, the maturity of
certain longer-term adjustable-rate securities held in the portfolio will
generally be the period remaining until the next interest rate adjustment.
When calculating its WAL, the maturity for these adjustable-rate securities
will generally be the final maturity date—the date on which principal is
expected to be returned in full. Maintaining a WAL of 120 days or less limits
a fund’s ability to invest in longer-term adjustable-rate securities, which are
generally more sensitive to changes in interest rates, particularly in
volatile markets. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer
must pay back the bond’s principal (face value). Bond maturities range from
less than 1 year to more than 30 years. Typically, the longer a bond’s maturity,
the more price risk you, as a bond investor, will face as interest rates
rise—but also the higher the potential yield you could receive. Longer-term
bonds are generally more suitable for investors willing to take a greater risk
of price fluctuations to get higher and more stable interest income.
Shorter-term bond investors should be willing to accept lower yields and
greater income variability in return for less fluctuation in the value of their
investment. The stated maturity of a bond may differ from the effective
maturity of a bond, which takes into consideration that an action such as a
call or refunding may cause bonds to be repaid before their stated
maturity dates. |
Plain Talk About Callable Bonds |
Although bonds are issued with clearly defined maturities, in some cases the
bond issuer has a right to call in (redeem) the bond earlier than its maturity
date. When a bond is called, the bondholder may have to replace it with
another bond with a lower yield than the original bond. One way for bond
investors to protect themselves against call risk is to purchase a bond early
in its lifetime, long before its call date. Another way is to buy bonds with
lower coupon rates or interest rates, which make them less likely to
be called. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. |
Tax-Exempt Fund |
Income
Risk |
Interest
Rate
Risk |
Call
Risk |
Extension
Risk |
Credit
Risk |
Liquidity
Risk |
Money Market |
High |
Low |
N/A |
N/A |
Low |
Low |
Ultra-Short-Term |
High |
Low |
Low |
Low |
Low |
Low |
Limited-Term |
High |
Low |
Low to
Moderate |
Low |
Low |
Low to
Moderate |
Intermediate-Term |
Moderate |
Moderate |
Moderate |
Moderate |
Low |
Moderate |
Long-Term |
Low |
High |
High |
High |
Low |
High |
High-Yield |
Low |
High |
High |
High |
Moderate |
High |
Plain Talk About Alternative Minimum Tax |
Certain tax-exempt bonds whose proceeds are used to fund private, for-profit
organizations may be considered “tax-preference items” for purposes of the
alternative minimum tax (AMT)—a special tax system designed to ensure
that individuals pay at least a certain level of federal taxes. Although AMT
bond income is exempt from federal income tax, taxpayers may have to pay
AMT on the income from bonds considered “tax-preference items.” |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Cash Equivalent Investments |
For mutual funds that hold cash equivalent investments, “cash” does not
mean literally that the fund holds a stack of currency. Rather, cash refers to
short-term, interest-bearing securities that can easily and quickly be
converted to currency. Most mutual funds keep at least a small percentage
of assets in cash to accommodate shareholder redemptions. While some
funds strive to keep cash levels at a minimum and to always remain fully
invested in bonds, other bond funds allow investment advisors to hold up to
20% or more of a fund’s assets in cash equivalent investments. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. The portion of such dividends that is exempt from federal
income tax will be designated as “exempt-interest dividends.” Capital gains
are realized whenever the fund sells securities for higher prices than it paid
for them. These capital gains are either short-term or long-term, depending
on whether the fund held the securities for one year or less or for more than
one year. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.0066 |
.0001 |
.007 |
.015 |
.012 |
Net Realized and Unrealized Gain (Loss) on Investments |
.0001 |
— |
— |
— |
— |
Total from Investment Operations |
.0067 |
.0001 |
.007 |
.015 |
.012 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.0066) |
(.0001) |
(.007) |
(.015) |
(.012) |
Distributions from Realized Capital Gains |
(.0001) |
— |
— |
— |
— |
Total Distributions |
(.0067) |
(.0001) |
(.007) |
(.015) |
(.012) |
Net Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total Return2 |
0.67% |
0.01% |
0.68% |
1.48% |
1.21% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$16,592 |
$15,683 |
$17,736 |
$18,111 |
$17,663 |
Ratio of Total Expenses to Average Net Assets3 |
0.13%4 |
0.08% |
0.15% |
0.15% |
0.15% |
Ratio of Net Investment Income to Average Net Assets |
0.66% |
0.01% |
0.68% |
1.47% |
1.20% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the
fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may
terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to
Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.15% for 2022 and
0.15% for 2021. For the years ended October 31, 2020, 2019, and 2018, there were no expense reductions. |
4 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.13%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$15.89 |
$15.93 |
$15.84 |
$15.68 |
$15.79 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.141 |
.105 |
.201 |
.257 |
.215 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.447) |
(.039) |
.092 |
.160 |
(.109) |
Total from Investment Operations |
(.306) |
.066 |
.293 |
.417 |
.106 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.144) |
(.106) |
(.203) |
(.257) |
(.216) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.144) |
(.106) |
(.203) |
(.257) |
(.216) |
Net Asset Value, End of Period |
$15.44 |
$15.89 |
$15.93 |
$15.84 |
$15.68 |
Total Return2 |
-1.93% |
0.41% |
1.86% |
2.68% |
0.68% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$705 |
$963 |
$1,020 |
$945 |
$1,030 |
Ratio of Total Expenses to Average Net Assets |
0.17%3 |
0.17% |
0.17% |
0.17% |
0.17% |
Ratio of Net Investment Income to Average Net Assets |
0.90% |
0.66% |
1.27% |
1.63% |
1.38% |
Portfolio Turnover Rate |
96% |
53% |
47% |
34% |
42% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.17%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$15.89 |
$15.93 |
$15.84 |
$15.68 |
$15.79 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.156 |
.117 |
.213 |
.270 |
.229 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.450) |
(.039) |
.093 |
.160 |
(.111) |
Total from Investment Operations |
(.294) |
.078 |
.306 |
.430 |
.118 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.156) |
(.118) |
(.216) |
(.270) |
(.228) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.156) |
(.118) |
(.216) |
(.270) |
(.228) |
Net Asset Value, End of Period |
$15.44 |
$15.89 |
$15.93 |
$15.84 |
$15.68 |
Total Return2 |
-1.86% |
0.49% |
1.94% |
2.76% |
0.76% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$19,094 |
$22,119 |
$18,976 |
$15,877 |
$15,182 |
Ratio of Total Expenses to Average Net Assets |
0.09%3 |
0.09% |
0.09% |
0.09% |
0.09% |
Ratio of Net Investment Income to Average Net Assets |
0.99% |
0.73% |
1.34% |
1.71% |
1.46% |
Portfolio Turnover Rate |
96% |
53% |
47% |
34% |
42% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.09%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$11.17 |
$11.20 |
$11.07 |
$10.77 |
$10.97 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.149 |
.141 |
.188 |
.209 |
.191 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.698) |
(.029) |
.130 |
.300 |
(.200) |
Total from Investment Operations |
(.549) |
.112 |
.318 |
.509 |
(.009) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.151) |
(.142) |
(.188) |
(.209) |
(.191) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.151) |
(.142) |
(.188) |
(.209) |
(.191) |
Net Asset Value, End of Period |
$10.47 |
$11.17 |
$11.20 |
$11.07 |
$10.77 |
Total Return2 |
-4.95% |
1.00% |
2.90% |
4.76% |
-0.08% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,143 |
$1,506 |
$1,326 |
$1,333 |
$1,453 |
Ratio of Total Expenses to Average Net Assets |
0.17%3 |
0.17% |
0.17% |
0.17% |
0.17% |
Ratio of Net Investment Income to Average Net Assets |
1.37% |
1.26% |
1.69% |
1.90% |
1.76% |
Portfolio Turnover Rate |
65% |
37% |
31% |
21% |
28% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.17%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$11.17 |
$11.20 |
$11.07 |
$10.77 |
$10.97 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.158 |
.150 |
.196 |
.218 |
.200 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.699) |
(.029) |
.131 |
.300 |
(.200) |
Total from Investment Operations |
(.541) |
.121 |
.327 |
.518 |
— |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.159) |
(.151) |
(.197) |
(.218) |
(.200) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.159) |
(.151) |
(.197) |
(.218) |
(.200) |
Net Asset Value, End of Period |
$10.47 |
$11.17 |
$11.20 |
$11.07 |
$10.77 |
Total Return2 |
-4.87% |
1.08% |
2.98% |
4.84% |
0.00% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$30,135 |
$37,525 |
$31,153 |
$27,720 |
$24,649 |
Ratio of Total Expenses to Average Net Assets |
0.09%3 |
0.09% |
0.09% |
0.09% |
0.09% |
Ratio of Net Investment Income to Average Net Assets |
1.46% |
1.34% |
1.77% |
1.98% |
1.84% |
Portfolio Turnover Rate |
65% |
37% |
31% |
21% |
28% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.09%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$14.66 |
$14.64 |
$14.46 |
$13.67 |
$14.17 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.315 |
.311 |
.348 |
.380 |
.390 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.772) |
.020 |
.180 |
.791 |
(.502) |
Total from Investment Operations |
(1.457) |
.331 |
.528 |
1.171 |
(.112) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.316) |
(.311) |
(.348) |
(.381) |
(.388) |
Distributions from Realized Capital Gains |
(.017) |
— |
— |
— |
— |
Total Distributions |
(.333) |
(.311) |
(.348) |
(.381) |
(.388) |
Net Asset Value, End of Period |
$12.87 |
$14.66 |
$14.64 |
$14.46 |
$13.67 |
Total Return2 |
-10.07% |
2.26% |
3.69% |
8.65% |
-0.80% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$2,550 |
$3,435 |
$3,457 |
$3,620 |
$3,427 |
Ratio of Total Expenses to Average Net Assets |
0.17%3 |
0.17% |
0.17% |
0.17% |
0.17% |
Ratio of Net Investment Income to Average Net Assets |
2.27% |
2.10% |
2.39% |
2.67% |
2.81% |
Portfolio Turnover Rate |
35% |
18% |
16% |
8% |
15% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.17%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$14.66 |
$14.64 |
$14.46 |
$13.67 |
$14.17 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.326 |
.322 |
.360 |
.391 |
.401 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.772) |
.021 |
.179 |
.791 |
(.502) |
Total from Investment Operations |
(1.446) |
.343 |
.539 |
1.182 |
(.101) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.327) |
(.323) |
(.359) |
(.392) |
(.399) |
Distributions from Realized Capital Gains |
(.017) |
— |
— |
— |
— |
Total Distributions |
(.344) |
(.323) |
(.359) |
(.392) |
(.399) |
Net Asset Value, End of Period |
$12.87 |
$14.66 |
$14.64 |
$14.46 |
$13.67 |
Total Return2 |
-9.99% |
2.34% |
3.77% |
8.73% |
-0.72% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$64,056 |
$84,624 |
$75,103 |
$67,655 |
$54,714 |
Ratio of Total Expenses to Average Net Assets |
0.09%3 |
0.09% |
0.09% |
0.09% |
0.09% |
Ratio of Net Investment Income to Average Net Assets |
2.35% |
2.17% |
2.48% |
2.75% |
2.89% |
Portfolio Turnover Rate |
35% |
18% |
16% |
8% |
15% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.09%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$12.10 |
$12.03 |
$11.95 |
$11.16 |
$11.65 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.306 |
.314 |
.344 |
.379 |
.393 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.997) |
.126 |
.133 |
.796 |
(.459) |
Total from Investment Operations |
(1.691) |
.440 |
.477 |
1.175 |
(.066) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.305) |
(.313) |
(.345) |
(.379) |
(.393) |
Distributions from Realized Capital Gains |
(.064) |
(.057) |
(.052) |
(.006) |
(.031) |
Total Distributions |
(.369) |
(.370) |
(.397) |
(.385) |
(.424) |
Net Asset Value, End of Period |
$10.04 |
$12.10 |
$12.03 |
$11.95 |
$11.16 |
Total Return2 |
-14.26% |
3.67% |
4.06% |
10.66% |
-0.59% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$705 |
$945 |
$921 |
$977 |
$853 |
Ratio of Total Expenses to Average Net Assets |
0.17%3 |
0.17% |
0.17% |
0.17% |
0.17% |
Ratio of Net Investment Income to Average Net Assets |
2.73% |
2.57% |
2.89% |
3.25% |
3.44% |
Portfolio Turnover Rate |
28% |
14% |
14% |
16% |
16% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.17%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$12.10 |
$12.03 |
$11.95 |
$11.16 |
$11.65 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.315 |
.324 |
.356 |
.388 |
.402 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.997) |
.126 |
.130 |
.796 |
(.459) |
Total from Investment Operations |
(1.682) |
.450 |
.486 |
1.184 |
(.057) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.314) |
(.323) |
(.354) |
(.388) |
(.402) |
Distributions from Realized Capital Gains |
(.064) |
(.057) |
(.052) |
(.006) |
(.031) |
Total Distributions |
(.378) |
(.380) |
(.406) |
(.394) |
(.433) |
Net Asset Value, End of Period |
$10.04 |
$12.10 |
$12.03 |
$11.95 |
$11.16 |
Total Return2 |
-14.19% |
3.75% |
4.14% |
10.75% |
-0.51% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$12,723 |
$16,191 |
$14,592 |
$12,826 |
$10,825 |
Ratio of Total Expenses to Average Net Assets |
0.09%3 |
0.09% |
0.09% |
0.09% |
0.09% |
Ratio of Net Investment Income to Average Net Assets |
2.81% |
2.65% |
2.96% |
3.33% |
3.52% |
Portfolio Turnover Rate |
28% |
14% |
14% |
16% |
16% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.09%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$11.98 |
$11.68 |
$11.76 |
$10.99 |
$11.37 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.341 |
.346 |
.374 |
.399 |
.418 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.147) |
.328 |
(.045) |
.773 |
(.377) |
Total from Investment Operations |
(1.806) |
.674 |
.329 |
1.172 |
.041 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.340) |
(.346) |
(.372) |
(.402) |
(.421) |
Distributions from Realized Capital Gains |
(.074) |
(.028) |
(.037) |
— |
— |
Total Distributions |
(.414) |
(.374) |
(.409) |
(.402) |
(.421) |
Net Asset Value, End of Period |
$9.76 |
$11.98 |
$11.68 |
$11.76 |
$10.99 |
Total Return2 |
-15.43% |
5.81% |
2.86% |
10.81% |
0.35% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,633 |
$2,367 |
$2,114 |
$2,245 |
$1,790 |
Ratio of Total Expenses to Average Net Assets |
0.17%3 |
0.17% |
0.17% |
0.17% |
0.17% |
Ratio of Net Investment Income to Average Net Assets |
3.09% |
2.87% |
3.22% |
3.48% |
3.72% |
Portfolio Turnover Rate |
27% |
17% |
19% |
16% |
17% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.17%. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$11.98 |
$11.68 |
$11.76 |
$10.99 |
$11.37 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.350 |
.356 |
.384 |
.408 |
.427 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.147) |
.328 |
(.046) |
.773 |
(.377) |
Total from Investment Operations |
(1.797) |
.684 |
.338 |
1.181 |
.050 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.349) |
(.356) |
(.381) |
(.411) |
(.430) |
Distributions from Realized Capital Gains |
(.074) |
(.028) |
(.037) |
— |
— |
Total Distributions |
(.423) |
(.384) |
(.418) |
(.411) |
(.430) |
Net Asset Value, End of Period |
$9.76 |
$11.98 |
$11.68 |
$11.76 |
$10.99 |
Total Return2 |
-15.36% |
5.89% |
2.94% |
10.90% |
0.43% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$12,197 |
$16,424 |
$13,717 |
$13,801 |
$11,032 |
Ratio of Total Expenses to Average Net Assets |
0.09%3 |
0.09% |
0.09% |
0.09% |
0.09% |
Ratio of Net Investment Income to Average Net Assets |
3.17% |
2.95% |
3.30% |
3.56% |
3.80% |
Portfolio Turnover Rate |
27% |
17% |
19% |
16% |
17% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.09%. |
Web |
|
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Phone | |
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Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Municipal Money
Market Fund | ||||
Investor Shares |
6/10/1980 |
VangMB |
45 |
922907506 |
Vanguard Ultra-Short-Term
Tax-Exempt Fund | ||||
Investor Shares |
9/1/1977 |
MuSht |
41 |
922907100 |
Admiral Shares |
2/12/2001 |
MuShtAdml |
541 |
922907803 |
Vanguard Limited-Term
Tax-Exempt Fund | ||||
Investor Shares |
8/31/1987 |
MuLtd |
31 |
922907704 |
Admiral Shares |
2/12/2001 |
MultdAdml |
531 |
922907886 |
Vanguard Intermediate-Term
Tax-Exempt Fund | ||||
Investor Shares |
9/1/1977 |
Mulnt |
42 |
922907209 |
Admiral Shares |
2/12/2001 |
MulntAdml |
542 |
922907878 |
Vanguard Long-Term
Tax-Exempt Fund | ||||
Investor Shares |
9/1/1977 |
MuLong |
43 |
922907308 |
Admiral Shares |
2/12/2001 |
MuLTAdml |
543 |
922907860 |
Vanguard High-Yield
Tax-Exempt Fund | ||||
Investor Shares |
12/27/1978 |
MuHY |
44 |
922907407 |
Admiral Shares |
11/12/2001 |
MuHYAdml |
5044 |
922907845 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $1,000,000) |
$ |
| |
Management Fees |
|
12b-1 Distribution Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Tax-Exempt Bond Index Fund
Admiral Shares |
|
|
|
|
Return Before Taxes |
- |
|
|
|
Return After Taxes on Distributions |
- |
|
|
|
Return After Taxes on Distributions and Sale of
Fund Shares |
- |
|
|
|
S&P National AMT-Free Municipal Bond
Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated
in the Fees and Expenses section, Vanguard Tax-Exempt Bond Index Fund’s
Admiral shares’ expense ratio would be 0.09%, or $0.90 per $1,000 of
average net assets. The average expense ratio for general municipal funds in
2021 was 0.75%, or $7.50 per $1,000 of average net assets (derived from
data provided by Lipper, a Thomson Reuters Company, which reports on the
mutual fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer
must pay back the bond’s principal (face value). Bond maturities range from
less than 1 year to more than 30 years. Typically, the longer a bond’s maturity,
the more price risk you, as a bond investor, will face as interest rates
rise—but also the higher the potential yield you could receive. Longer-term
bonds are generally more suitable for investors willing to take a greater risk
of price fluctuations to get higher and more stable interest income.
Shorter-term bond investors should be willing to accept lower yields and
greater income variability in return for less fluctuation in the value of their
investment. The stated maturity of a bond may differ from the effective
maturity of a bond, which takes into consideration that an action such as a
call or refunding may cause bonds to be repaid before their stated
maturity dates. |
Plain Talk About Callable Bonds |
Although bonds are issued with clearly defined maturities, in some cases the
bond issuer has a right to call in (redeem) the bond earlier than its maturity
date. When a bond is called, the bondholder may have to replace it with
another bond with a lower yield than the original bond. One way for bond
investors to protect themselves against call risk is to purchase a bond early
in its lifetime, long before its call date. Another way is to buy bonds with
lower coupon rates or interest rates, which make them less likely to
be called. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. The portion of such dividends that is exempt from federal
income tax will be designated as “exempt-interest dividends.” Capital gains
are realized whenever the fund sells securities for higher prices than it paid
for them. These capital gains are either short-term or long-term, depending
on whether the fund held the securities for one year or less or for more than
one year. |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$21.83 |
$21.64 |
$21.38 |
$20.01 |
$20.63 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.402 |
.366 |
.444 |
.499 |
.461 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.856) |
.188 |
.259 |
1.360 |
(.633) |
Total from Investment Operations |
(2.454) |
.554 |
.703 |
1.859 |
(.172) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.376) |
(.364) |
(.443) |
(.489) |
(.448) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.376) |
(.364) |
(.443) |
(.489) |
(.448) |
Net Asset Value, End of Period |
$19.00 |
$21.83 |
$21.64 |
$21.38 |
$20.01 |
Total Return2 |
-11.34% |
2.56% |
3.32% |
9.37% |
-0.84% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,714 |
$908 |
$601 |
$316 |
$200 |
Ratio of Total Expenses to Average Net Assets |
0.09%3 |
0.09% |
0.09% |
0.09% |
0.09% |
Ratio of Net Investment Income to Average Net Assets |
1.97% |
1.66% |
2.06% |
2.38% |
2.27% |
Portfolio Turnover Rate4 |
23% |
11% |
8% |
18% |
22% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund
prospectuses provide information about any applicable transaction and account service fees. Effective February 27,
2020, the fund no longer assessed transaction fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.09%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of
the fund’s capital shares, including ETF Creation Units. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
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For most account transactions |
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888-809-8102 |
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investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
|
|
|
|
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Tax-Exempt Bond
Index Fund |
|
|
|
|
Admiral Shares |
8/25/2015 |
TEBdldxAdm |
591 |
922907753 |
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
|
12b-1 Distribution Fee |
|
Other Expenses |
|
Total Annual Fund Operating Expenses |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Tax-Exempt Bond Index Fund
ETF Shares |
|
|
|
|
Based on NAV |
|
|
|
|
Return Before Taxes |
- |
|
|
|
Return After Taxes on Distributions |
- |
|
|
|
Return After Taxes on Distributions and Sale of
Fund Shares |
- |
|
|
|
Based on Market Price |
|
|
|
|
Return Before Taxes |
- |
|
|
|
S&P National AMT-Free Municipal Bond
Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
Plain Talk About Fund Expenses |
All funds have operating expenses. These expenses, which are deducted
from a fund’s gross income, are expressed as a percentage of the net assets
of the fund. Assuming that operating expenses remain as stated in the Fees
and Expenses section, Vanguard Tax-Exempt Bond Index Fund ETF Shares’
expense ratio would be 0.05%, or $0.50 per $1,000 of average net assets.
The average expense ratio for general municipal funds in 2021 was 0.75%,
or $7.50 per $1,000 of average net assets (derived from data provided by
Lipper, a Thomson Reuters Company, which reports on the fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing an ETF. That is because
you, as a shareholder, pay a proportionate share of the costs of operating a
fund and any transaction costs incurred when the fund buys or sells
securities. These costs can erode a substantial portion of the gross income
or the capital appreciation a fund achieves. Even seemingly small differences
in expenses can, over time, have a dramatic effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer
must pay back the bond’s principal (face value). Bond maturities range from
less than 1 year to more than 30 years. Typically, the longer a bond’s maturity,
the more price risk you, as a bond investor, will face as interest rates
rise—but also the higher the potential yield you could receive. Longer-term
bonds are generally more suitable for investors willing to take a greater risk
of price fluctuations to get higher and more stable interest income.
Shorter-term bond investors should be willing to accept lower yields and
greater income variability in return for less fluctuation in the value of their
investment. The stated maturity of a bond may differ from the effective
maturity of a bond, which takes into consideration that an action such as a
call or refunding may cause bonds to be repaid before their stated
maturity dates. |
Plain Talk About Callable Bonds |
Although bonds are issued with clearly defined maturities, in some cases the
bond issuer has a right to call in (redeem) the bond earlier than its maturity
date. When a bond is called, the bondholder may have to replace it with
another bond with a lower yield than the original bond. One way for bond
investors to protect themselves against call risk is to purchase a bond early
in its lifetime, long before its call date. Another way is to buy bonds with
lower coupon rates or interest rates, which make them less likely to
be called. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. The portion of such dividends that is exempt from federal
income tax will be designated as “exempt-interest dividends.” Capital gains
are realized whenever the fund sells securities for higher prices than it paid
for them. These capital gains are either short-term or long-term, depending
on whether the fund held the securities for one year or less or for more than
one year. |
Vanguard Fund |
Inception
Date |
|
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Tax-Exempt Bond Index Fund |
|
|
|
|
ETF Shares |
8/21/2015 |
|
4391 |
922907746 |
|
Year Ended October 31, | ||||
For a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net Asset Value, Beginning of Period |
$54.63 |
$54.17 |
$53.52 |
$50.12 |
$51.65 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.009 |
.937 |
1.129 |
1.262 |
1.161 |
Net Realized and Unrealized Gain (Loss) on Investments |
(7.119) |
.467 |
.660 |
3.380 |
(1.595) |
Total from Investment Operations |
(6.110) |
1.404 |
1.789 |
4.642 |
(.434) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.940) |
(.944) |
(1.139) |
(1.242) |
(1.096) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.940) |
(.944) |
(1.139) |
(1.242) |
(1.096) |
Net Asset Value, End of Period |
$47.58 |
$54.63 |
$54.17 |
$53.52 |
$50.12 |
Total Return |
-11.30% |
2.60% |
3.38% |
9.36% |
-0.85% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$20,759 |
$14,139 |
$9,397 |
$6,126 |
$3,509 |
Ratio of Total Expenses to Average Net Assets |
0.05%2 |
0.05% |
0.06% |
0.06% |
0.08% |
Ratio of Net Investment Income to Average Net Assets |
1.97% |
1.70% |
2.10% |
2.41% |
2.28% |
Portfolio Turnover Rate3 |
23% |
11% |
8% |
18% |
22% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.05%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of
the fund’s capital shares, including ETF Creation Units. |
B-1 | |
B-3 | |
B-4 | |
B-22 | |
B-23 | |
B-24 | |
B-42 | |
B-44 | |
B-45 | |
B-46 | |
B-52 | |
B-52 | |
B-54 |
|
Share Classes1
| ||
Vanguard Fund2
|
Investor |
Admiral |
ETF |
Vanguard Municipal Money Market Fund |
VMSXX |
— |
— |
Vanguard Ultra-Short-Term Tax-Exempt Fund3 |
VWSTX |
VWSUX |
— |
Vanguard Limited-Term Tax-Exempt Fund |
VMLTX |
VMLUX |
— |
Vanguard Intermediate-Term Tax-Exempt Fund |
VWITX |
VWIUX |
— |
Vanguard Long-Term Tax-Exempt Fund |
VWLTX |
VWLUX |
— |
Vanguard High-Yield Tax-Exempt Fund |
VWAHX |
VWALX |
— |
Vanguard Tax-Exempt Bond Index Fund |
|
VTEAX |
VTEB4 |
Vanguard Fund |
2020 |
2021 |
2022 |
Vanguard High-Yield Tax-Exempt Fund |
$6,000.00 |
$22,083.38 |
$21,500.04 |
Vanguard Intermediate-Term Tax-Exempt Fund |
6,000.00 |
22,083.38 |
21,500.04 |
Vanguard Limited-Term Tax-Exempt Fund |
6,000.00 |
22,083.38 |
21,500.04 |
Vanguard Long-Term Tax-Exempt Fund |
6,000.00 |
22,083.38 |
21,500.04 |
Vanguard Municipal Money Market Fund |
6,000.00 |
22,083.38 |
21,500.04 |
Vanguard Tax-Exempt Bond Index Fund |
6,000.00 |
22,083.38 |
21,500.04 |
Vanguard Ultra-Short-Term Tax-Exempt Fund |
6,000.00 |
22,083.38 |
21,500.04 |
Vanguard Fund |
Capital
Contribution
to Vanguard |
Percentage of
Fund’s Average
Net Assets |
Percent of
Vanguard Funds’
Contribution |
Vanguard Municipal Money Market Fund |
$636,000 |
Less than 0.01% |
0.25% |
Vanguard Ultra-Short-Term Tax-Exempt Fund |
814,000 |
Less than 0.01 |
0.33 |
Vanguard Limited-Term Tax-Exempt Fund |
1,321,000 |
Less than 0.01 |
0.53 |
Vanguard Intermediate-Term Tax-Exempt Fund |
2,794,000 |
Less than 0.01 |
1.12 |
Vanguard Long-Term Tax-Exempt Fund |
552,000 |
Less than 0.01 |
0.22 |
Vanguard High-Yield Tax-Exempt Fund |
577,000 |
Less than 0.01 |
0.23 |
Vanguard Tax-Exempt Bond Index Fund |
771,000 |
Less than 0.01 |
0.31 |
Annual Shared Fund Operating Expenses
(Shared Expenses Deducted From Fund Assets) | |||
Vanguard Fund |
2020 |
2021 |
2022 |
Vanguard High-Yield Tax-Exempt Fund |
|
|
|
Management and Administrative Expenses |
0.09% |
0.09% |
0.09% |
Marketing and Distribution Expenses |
0.01 |
Less than 0.01 |
0.01 |
Vanguard Intermediate-Term Tax-Exempt Fund |
|
|
|
Management and Administrative Expenses |
0.09% |
0.08% |
0.08% |
Marketing and Distribution Expenses |
0.01 |
Less than 0.01 |
0.01 |
Vanguard Limited-Term Tax-Exempt Fund |
|
|
|
Management and Administrative Expenses |
0.08% |
0.08% |
0.08% |
Marketing and Distribution Expenses |
0.01 |
Less than 0.01 |
0.01 |
Vanguard Long-Term Tax-Exempt Fund |
|
|
|
Management and Administrative Expenses |
0.09% |
0.08% |
0.08% |
Marketing and Distribution Expenses |
0.01 |
Less than 0.01 |
0.01 |
Vanguard Municipal Money Market Fund |
|
|
|
Management and Administrative Expenses |
0.14% |
0.12% |
0.13% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Tax-Exempt Bond Index Fund |
|
|
|
Management and Administrative Expenses |
0.05% |
0.03% |
0.04% |
Marketing and Distribution Expenses |
0.01 |
Less than 0.01 |
0.01 |
Vanguard Ultra-Short-Term Tax-Exempt Fund |
|
|
|
Management and Administrative Expenses |
0.09% |
0.08% |
0.08% |
Marketing and Distribution Expenses |
0.01 |
Less than 0.01 |
0.01 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Interested Trustee1
|
|
|
|
|
Mortimer J. Buckley
(1969) |
Chairman of the
Board, Chief
Executive
Officer, and
President |
January 2018 |
Chairman of the board (2019–present) of Vanguard and
of each of the investment companies served by
Vanguard; chief executive officer (2018–present) of
Vanguard; chief executive officer, president, and
trustee (2018–present) of each of the investment
companies served by Vanguard; president and director
(2017–present) of Vanguard; and president
(2018–present) of Vanguard Marketing Corporation.
Chief investment officer (2013–2017), managing
director (2002–2017), head of the Retail Investor Group
(2006–2012), and chief information officer (2001–2006)
of Vanguard. Trustee and vice chair of The Shipley
School. Member of the board of governors of the
Investment Company Institute and of FINRA. |
206 |
1 Mr. Buckley is considered an “interested person” as defined in the 1940 Act because he is an officer of the Trust. | ||||
Independent Trustees |
|
|
|
|
Tara Bunch
(1962) |
Trustee |
November 2021 |
Head of Global Operations at Airbnb (2020–present).
Vice President of AppleCare (2012–2020). Member of
the board of Out & Equal, the University of California,
Berkeley School of Engineering, and Santa Clara
University’s School of Business. |
206 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Emerson U. Fullwood
(1948) |
Trustee |
January 2008 |
Executive chief staff and marketing officer for North
America and corporate vice president (retired 2008) of
Xerox Corporation (document management products
and services). Former president of the Worldwide
Channels Group, Latin America, and Worldwide
Customer Service and executive chief staff officer of
Developing Markets of Xerox. Executive in residence
and 2009–2010 Distinguished Minett Professor at the
Rochester Institute of Technology. Member of the
board of directors of the University of Rochester
Medical Center, the Monroe Community College
Foundation, the United Way of Rochester, North
Carolina A&T University, Roberts Wesleyan College,
and the Rochester Philharmonic Orchestra. Trustee of
the University of Rochester. |
206 |
F. Joseph Loughrey
(1949) |
Trustee |
October 2009 |
President and chief operating officer (retired 2009) and
vice chairman of the board (2008–2009) of Cummins
Inc. (industrial machinery). Chairman of the board of
Hillenbrand, Inc. (global industrial company). Director
of the V Foundation. Member of the advisory council
for the College of Arts and Letters at the University of
Notre Dame. Chairman of the board of Saint Anselm
College. |
206 |
Mark Loughridge
(1953) |
Lead
Independent
Trustee |
March 2012 |
Senior vice president and chief financial officer (retired
2013) of IBM (information technology services).
Fiduciary member of IBM’s Retirement Plan
Committee (2004–2013), senior vice president and
general manager (2002–2004) of IBM Global Financing,
vice president and controller (1998–2002) of IBM, and
a variety of other prior management roles at IBM.
Member of the Council on Chicago Booth. |
206 |
Scott C. Malpass
(1962) |
Trustee |
March 2012 |
Chief investment officer and vice president of the
University of Notre Dame (retired 2020). Chair of the
board of Catholic Investment Services, Inc.
(investment advisors). Member of the board of
superintendence of the Institute for the Works of
Religion. Member of the Notre Dame 403(b)
Investment Committee and the board of directors of
Paxos Trust Company (finance). |
206 |
Deanna Mulligan
(1963) |
Trustee |
January 2018 |
Chief executive officer of Purposeful (2021–present).
Board chair (2020), chief executive officer (2011–2020),
and president (2010–2019) of The Guardian Life
Insurance Company of America. Chief operating officer
(2010–2011) and executive vice president (2008–2010)
of Individual Life and Disability of The Guardian Life
Insurance Company of America. Director of DuPont.
Member of the board of the Economic Club of New
York. Trustee of the Partnership for New York City
(business leadership), the Chief Executives for
Corporate Purpose, and the New York-Presbyterian
Hospital. |
206 |
André F. Perold
(1952) |
Trustee |
December 2004 |
George Gund Professor of Finance and Banking,
Emeritus at the Harvard Business School (retired
2011). Chief investment officer and partner of
HighVista Strategies LLC (private investment firm).
Board member of RIT Capital Partners (investment
firm). |
206 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Sarah Bloom Raskin
(1961) |
Trustee |
January 2018 |
Deputy secretary (2014–2017) of the United States
Department of the Treasury. Governor (2010–2014) of
the Federal Reserve Board. Commissioner
(2007–2010) of financial regulation for the State of
Maryland. Colin W. Brown Distinguished Professor of
the Practice, Duke Law School (2021–present);
Rubenstein Fellow, Duke University (2017–2020);
Distinguished Fellow of the Global Financial Markets
Center, Duke Law School (2020–2022); and Senior
Fellow, Duke Center on Risk (2020–present). Partner of
Kaya Corporation Ltd. (climate policy advisory
services). Member of the board of directors of Arcadia
Corporation (energy solution technology). |
206 |
David Thomas
(1956) |
Trustee |
July 2021 |
President of Morehouse College (2018–present).
Professor of Business Administration Emeritus at
Harvard University (2017–2018) and Dean (2011–2016)
and Professor of Management at Georgetown
University, McDonough School of Business
(2016–2017). Director of DTE Energy Company.
Trustee of Common Fund. |
206 |
Peter F. Volanakis
(1955) |
Trustee |
July 2009 |
President and chief operating officer (retired 2010) of
Corning Incorporated (communications equipment)
and director of Corning Incorporated (2000–2010) and
Dow Corning (2001–2010). Director (2012) of SPX
Corporation (multi-industry manufacturing). Overseer
of the Amos Tuck School of Business Administration,
Dartmouth College (2001–2013). Member of the BMW
Group Mobility Council. |
206 |
Executive Officers |
|
|
|
|
Jacqueline Angell
(1974) |
Chief
Compliance
Officer |
November 2022 |
Principal of Vanguard. Chief compliance officer
(November 2022–present) of Vanguard and of each of
the investment companies served by Vanguard. Chief
compliance officer (2018–2022) and deputy chief
compliance officer (2017–2019) of State Street. |
206 |
Christine M. Buchanan
(1970) |
Chief Financial
Officer |
November 2017 |
Principal of Vanguard. Chief financial officer
(2021–present) and treasurer (2017–2021) of each of
the investment companies served by Vanguard.
Partner (2005–2017) at KPMG (audit, tax, and advisory
services). |
206 |
John Galloway
(1973) |
Investment
Stewardship
Officer |
September 2020 |
Principal of Vanguard. Investment stewardship officer
(2020–present) of each of the investment companies
served by Vanguard. Head of Investor Advocacy
(2020–present) and head of Marketing Strategy and
Planning (2017–2020) at Vanguard. Special Assistant to
the President of the United States (2015). |
206 |
Ashley Grim
(1984) |
Treasurer |
February 2022 |
Treasurer (February 2022–present) of each of the
investment companies served by Vanguard. Fund
transfer agent controller (2019–2022) and director of
Audit Services (2017–2019) at Vanguard. Senior
manager (2015–2017) at PriceWaterhouseCoopers
(audit and assurance, consulting, and tax services). |
206 |
Peter Mahoney
(1974) |
Controller |
May 2015 |
Principal of Vanguard. Controller (2015–present) of
each of the investment companies served by
Vanguard. Head of International Fund Services (2008–
2014) at Vanguard. |
206 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Anne E. Robinson
(1970) |
Secretary |
September 2016 |
General counsel (2016–present) of Vanguard.
Secretary (2016–present) of Vanguard and of each of
the investment companies served by Vanguard.
Managing director (2016–present) of Vanguard.
Managing director and general counsel of Global Cards
and Consumer Services (2014–2016) at Citigroup.
Counsel (2003–2014) at American Express.
Non-executive director of the board of National Grid
(energy). |
206 |
Michael Rollings
(1963) |
Finance Director |
February 2017 |
Finance director (2017–present) and treasurer (2017)
of each of the investment companies served by
Vanguard. Managing director (2016–present) of
Vanguard. Chief financial officer (2016–present) of
Vanguard. Director (2016–present) of Vanguard
Marketing Corporation. Executive vice president and
chief financial officer (2006–2016) of MassMutual
Financial Group. |
206 |
Trustee |
Aggregate
Compensation From
the Funds1 |
Total Compensation
From All Vanguard
Funds Paid to Trustees2
|
Mortimer J. Buckley |
— |
— |
Tara Bunch3 |
$7,486 |
$330,000 |
Emerson U. Fullwood |
7,486 |
330,000 |
Amy Gutmann4
|
1,248 |
— |
F. Joseph Loughrey |
7,940 |
350,000 |
Mark Loughridge |
9,077 |
400,000 |
Scott C. Malpass |
7,486 |
330,000 |
Deanna Mulligan |
7,486 |
330,000 |
André F. Perold |
7,486 |
330,000 |
Sarah Bloom Raskin |
7,940 |
350,000 |
David A. Thomas |
7,486 |
330,000 |
Peter F. Volanakis |
7,940 |
350,000 |
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard High-Yield Tax-Exempt Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
Over $100,000 |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Marie Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David A. Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Intermediate-Term Tax-Exempt Fund |
Mortimer J. Buckley |
Over $100,000 |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
Over $100,000 |
Over $100,000 |
|
Mark Loughridge |
Over $100,000 |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Marie Mulligan |
Over $100,000 |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David A. Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
Over $100,000 |
Over $100,000 |
|
|
|
|
Vanguard Limited-Term Tax-Exempt Fund |
Mortimer J. Buckley |
Over $100,000 |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
Over $100,000 |
Over $100,000 |
|
Mark Loughridge |
Over $100,000 |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Marie Mulligan |
Over $100,000 |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David A. Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
Over $100,000 |
Over $100,000 |
|
|
|
|
Vanguard Long-Term Tax-Exempt Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
Over $100,000 |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Marie Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David A. Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
Over $100,000 |
Over $100,000 |
|
|
|
|
Vanguard Municipal Money Market Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Marie Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David A. Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Tax-Exempt Bond Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Marie Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David A. Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Ultra-Short-Term Tax-Exempt Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
$50,001 – $100,000 |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Marie Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David A. Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard High-Yield Tax-Exempt Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
20.91% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
23.14% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
10.55% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
7.61% |
Vanguard Intermediate-Term Tax-Exempt Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
29.64% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
17.03% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
17.94% |
|
|
JP MORGAN SECURITIES LLC
BROOKLYN, NY |
8.6% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
10.82% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Limited-Term Tax-Exempt Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
29.64% |
|
|
DENGEL & CO NEW YORK, NY |
5.11% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
17.54% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
14.9% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
19.29% |
Vanguard Long-Term Tax-Exempt Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
20.7% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
16.42% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
5.97% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
12.55% |
Vanguard Tax-Exempt Bond Index Fund |
Admiral Shares |
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
12.91% |
|
|
VANGUARD NATIONAL TRUST CO EL
PASO, TX |
6.57% |
Vanguard Ultra-Short-Term Tax-Exempt Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
29.88% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
22.15% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
23.53% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
19.84% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Tax-Exempt Bond ETF |
Charles Schwab & Co., Inc. |
21.14% |
|
JPMorgan Chase Bank, N.A. |
10.25% |
|
National Financial Services, LLC |
10.9% |
|
Pershing, LLC |
7.21% |
|
RBC Capital Markets Corporation |
5.56% |
|
TD Ameritrade Clearing, Inc. |
5.31% |
|
Vanguard Marketing Corporation |
10.04% |
Vanguard Fund |
2020 |
2021 |
2022 |
Vanguard Municipal Money Market Fund |
$3,823,000 |
$3,109,000 |
$2,103,000 |
Vanguard Ultra-Short-Term Tax-Exempt Fund |
1,852,000 |
2,038,000 |
1,350,000 |
Vanguard Limited-Term Tax-Exempt Fund |
3,227,000 |
3,354,000 |
2,237,000 |
Vanguard Intermediate-Term Tax-Exempt Fund |
7,947,000 |
7,876,000 |
4,887,000 |
Vanguard Long-Term Tax-Exempt Fund |
1,542,000 |
1,542,000 |
974,000 |
Vanguard High-Yield Tax-Exempt Fund |
1,689,000 |
1,654,000 |
1,044,000 |
Vanguard Tax-Exempt Bond Index Fund |
850,000 |
1,213,000 |
998,000 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
James M. D’Arcy |
Registered investment companies1 |
3 |
$78B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
|
|
|
|
|
|
Adam M. Ferguson |
Registered investment companies2 |
4 |
$52B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
|
|
|
|
|
|
Mathew M. Kiselak |
Registered investment companies3 |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
|
|
|
|
|
|
Stephen M. McFee |
Registered investment companies4 |
5 |
$34B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
|
|
|
|
|
|
Justin A. Schwartz |
Registered investment companies5 |
2 |
$36B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Vanguard Fund |
2020 |
2021 |
2022 |
Vanguard High-Yield Tax-Exempt Fund1 |
$31,000 |
$26,000 |
$29,000 |
Vanguard Intermediate-Term Tax-Exempt Fund1 |
146,000 |
129,000 |
118,000 |
Vanguard Limited-Term Tax-Exempt Fund1,2 |
44,000 |
16,000 |
79,000 |
Vanguard Long-Term Tax-Exempt Fund1 |
27,000 |
30,000 |
26,000 |
Vanguard Municipal Money Market Fund |
— |
— |
— |
Vanguard Tax-Exempt Bond Index Fund |
— |
— |
— |
Vanguard Ultra-Short-Term Tax-Exempt Fund1,2 |
30,000 |
11,000 |
46,000 |
(a) |
|
(b) |
By-Laws, Amended and Restated By-Laws, filed with Post-Effective Amendment No. 104, dated February 26, 2021,
is hereby incorporated by reference. |
(c) |
Instruments Defining Rights of Security Holders, reference is made to Articles III and V of the Registrant’s
Amended and Restated Agreement and Declaration of Trust, refer to Exhibit (a) above. |
(d) |
Investment Advisory Contracts, The Vanguard Group, Inc., provides investment advisory services to the Funds
pursuant to the Fifth Amended and Restated Funds’ Service Agreement, refer to Exhibit (h) below. |
(e) |
Underwriting Contracts, not applicable. |
(f) |
Bonus or Profit Sharing Contracts, reference is made to the section entitled “Management of the Funds” in Part B
of this Registration Statement. |
(g) |
|
(h) |
Other Material Contracts, Fifth Amended and Restated Funds’ Service Agreement, filed with Post-Effective
Amendment No. 102, dated February 27, 2020, is hereby incorporated by reference. Form of Fund of Funds
Investment Agreement, filed with Post-Effective Amendment No. 105, dated February 25, 2022, is hereby
incorporated by reference. |
(i) |
Legal Opinion, not applicable. |
(j) |
|
(k) |
Omitted Financial Statements, not applicable. |
(l) |
Initial Capital Agreements, not applicable. |
(m) |
Rule 12b-1 Plan, not applicable. |
(n) |
Rule 18f-3 Plan, is filed herewith. |
(o) |
Reserved. |
(p) |
|
(a) |
Vanguard Marketing Corporation, a wholly owned subsidiary of The Vanguard Group, Inc., is the principal underwriter
of each fund within the Vanguard group of investment companies, a family of over 200 funds. |
(b) |
The principal business address of each named director and officer of Vanguard Marketing Corporation is 100
Vanguard Boulevard, Malvern, PA 19355. |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Matthew J. Benchener |
Vice President and Chief Executive Officer
Designee |
None |
Karin A. Risi |
Vice President |
None |
Thomas M. Rampulla |
Vice President |
None |
Michael Rollings |
Vice President |
Finance Director |
John Bisordi |
General Counsel and Vice President |
None |
Tara Buckley |
Vice President and Assistant Secretary |
None |
Matthew C. Brancato |
Vice President |
None |
Mortimer J. Buckley |
President |
Chief Executive Officer and President |
Beth Morales Singh |
Secretary |
None |
Erica Green |
Chief Compliance Officer |
None |
Sarah Green |
Anti-Money Laundering Officer |
None |
Nitin Tandon |
Chief Information Officer |
None |
Manish Nagar |
Chief Information Security Officer |
None |
Salvatore L. Pantalone |
Principal Financial Officer and Treasurer |
None |
Matthew Tretter |
Principal Operations Officer |
None |
Danielle Corey |
Annuity and Insurance Officer |
None |
Jeff Seglem |
Annuity and Insurance Officer |
None |
Barbara Bock |
Controller |
None |
Jason Botzler |
Vice President |
None |
Jon Cleborne |
Vice President |
None |
Kaitlyn Holmes |
Vice President |
None |
Andrew Kadjeski |
Vice President |
None |
Amy M. Laursen |
Vice President |
None |
Paul M. Jakubowski |
Vice President |
None |
John James |
Vice President |
None |
James D. Martielli |
Vice President |
None |
Armond E. Mosley |
Vice President |
None |
David Petty |
Vice President |
None |
David MacBride |
Vice President |
None |
Massy Williams |
Vice President |
None |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Jacob Buttery |
Assistant Secretary |
None |
(c) |
Not applicable. |
Signature |
Title |
Date |
/s/ Mortimer J. Buckley*
Mortimer J. Buckley |
Chairman and Chief Executive Officer |
February 24, 2023 |
/s/ Tara Bunch*
Tara Bunch |
Trustee |
February 24, 2023 |
/s/ Emerson U. Fullwood*
Emerson U. Fullwood |
Trustee |
February 24, 2023 |
/s/ F. Joseph Loughrey*
F. Joseph Loughrey |
Trustee |
February 24, 2023 |
/s/ Mark Loughridge*
Mark Loughridge |
Trustee |
February 24, 2023 |
/s/ Scott C. Malpass*
Scott C. Malpass |
Trustee |
February 24, 2023 |
/s/ Deanna Mulligan*
Deanna Mulligan |
Trustee |
February 24, 2023 |
/s/ André F. Perold*
André F. Perold |
Trustee |
February 24, 2023 |
/s/ Sarah Bloom Raskin*
Sarah Bloom Raskin |
Trustee |
February 24, 2023 |
/s/ David Thomas*
David Thomas |
Trustee |
February 24, 2023 |
/s/ Peter F. Volanakis*
Peter F. Volanakis |
Trustee |
February 24, 2023 |
/s/ Christine Buchanan*
Christine Buchanan |
Chief Financial Officer |
February 24, 2023 |