The investment seeks to provide a high and sustainable level of current income that is exempt from federal personal income taxes. 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:
Reid Smith (Started: Dec 31, 2007)

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

	1 year	3 years	5 years	10 years
Alpha*	-2.47	-0.92	-0.66	-0.54
Beta*	1.18	1.11	1.12	1.17
Mean annual return	1.07	0.30	0.31	0.46
R-squared*	97.44	98.55	98.43	97.69
Standard deviation	6.93	6.76	5.59	5.55
Sharpe ratio	1.82	0.17	0.12	0.47
* Against standard index

Risk measurement details »

Security	Net Assets
CMT MUNICIPAL RATE 4.01%	1.69%
Louisville & Jefferson Cnty Ky Rev Bd 6%	0.77%
California St Go Bds 6.5%	0.63%
Univ Calif Revs General R 4.5%	0.62%
Puerto Rico Pub Fin Corp Commonwea 5.25%	0.58%
New Jersey St Transn Tr Fd Aut Tran 5.5%	0.58%
Michigan St Trunk Line Ref Bds 5%	0.52%
Chicago Ill Pub Bldg Commn Bld Bldg 7%	0.52%
St Cloud Minn Health Care Rev Rev 5.75%	0.51%
Texas Mun Pwr Agy Rev Ref Rev B	0.49%

Holdings Performance »