The investment seeks to provide current income that is exempt from federal personal income taxes, with limited price volatility. The fund invests at least 75% of assets in municipal bonds in the top three credit-rating categories. It may invest no more than 20% of assets in bonds rated Baa or BBB. The fund may invest the remaining 5% of assets in securities with lower credit ratings or that are unrated.
Fund filings (PDF) »

Asset manager:
Pam Wisehaupt-Tynan (Started: Dec 31, 1996)

Advisor Company:
The Vanguard Group, Inc.
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	1.86	0.08	-0.11	-0.21
Beta*	0.12	0.42	0.15	0.15
Mean annual return	0.29	0.30	0.25	0.26
R-squared*	44.75	90.63	50.72	54.54
Standard deviation	1.01	1.04	0.90	0.91
Sharpe ratio	3.32	1.03	0.07	0.20
* Against standard index

Risk measurement details »

Security	Net Assets
CMT MUNICIPAL RATE 4.01%	2.92%
New Jersey St Tpk Auth 4%	0.96%
Badger Tob Asset Securitizatio As 6.125%	0.78%
North Carolina Med Care Commn Ref Rev B	0.65%
Las Vegas Valley Nev Wtr Dist	0.63%
California St Var Rate	0.59%
Fulton Cnty Ga Dev Auth	0.51%
New York St Twy Auth 4%	0.47%
PUERTO RICO SALES TAX FING COR REV BDS	0.46%
Minnesota St Go State 5%	0.44%

Holdings Performance »