The investment seeks to provide a tax-efficient investment return consisting of federally tax-exempt income, long-term capital appreciation, and a modest amount of taxable current income. The fund normally invests 50-55% of assets in municipal securities and the balance in common stocks. At least 75% of the municipal bonds purchased by the fund will be rated in one of the top three credit-rating categories, as determined by an independent bond-rating agency.
Fund filings (PDF) »

Asset managers:
Michael G. Kobs (Started: Jul 29, 2008)
Michael Perre (Started: Dec 31, 1999)

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

	1 year	3 years	5 years	10 years
Alpha*	0.26	1.80	-1.22	-1.37
Beta*	0.74	0.51	0.76	0.82
Mean annual return	1.09	0.03	0.28	0.28
R-squared*	92.65	92.36	90.57	88.83
Standard deviation	11.63	10.56	8.57	8.66
Sharpe ratio	1.11	-0.19	0.05	0.05
* Against standard index

Risk measurement details »

Security	Net Assets
ExxonMobil Corporation (XOM)	1.64%
Tennessee Engy Acquisition C Gas Rev 5%	1.18%
Microsoft Corporation (MSFT)	0.95%
Clark Cnty Nev Sch Dist 5%	0.86%
Johnson & Johnson (JNJ)	0.82%
Cleveland Ohio Pub Pwr Sys Rev Ref Re 5%	0.81%
Michigan St Hosp Fin Auth 5%	0.79%
Apple, Inc. (AAPL)	0.78%
J.P. Morgan Chase & Co. (JPM)	0.77%
GLENDALE ARIZ TRANSN EXCISE TA TRANSN EX	0.76%

Holdings Performance »