The investment seeks to provide moderate and sustainable 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:
Michael G. Kobs (Started: Jul 29, 2008)

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

	1 year	3 years	5 years	10 years
Alpha*	-2.56	-0.08	-0.32	-0.43
Beta*	0.98	0.92	0.90	0.88
Mean annual return	0.85	0.35	0.31	0.41
R-squared*	96.59	96.51	96.46	96.42
Standard deviation	5.80	5.42	4.47	4.19
Sharpe ratio	1.72	0.33	0.17	0.46
* Against standard index

Risk measurement details »

Security	Net Assets
CMT MUNICIPAL RATE 4.01%	0.79%
California St Econ Recover Econ Reco 5%	0.66%
California St Econ Recover Econ Reco 5%	0.66%
Golden St Tob Securitization C Ass 6.25%	0.45%
Golden St Tob Securitization C Ass 6.75%	0.40%
Massachusetts St G.O Bds 5.5%	0.38%
New Jersey Econ Dev Auth 5.5%	0.37%
New Jersey St Transn Tr Fd Aut Tran 5.5%	0.36%
California St Go Bds 5.75%	0.34%
North Tex Twy Auth 5.75%	0.32%

Holdings Performance »