| |
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 $5,000,000) |
$ |
| |
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 |
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 $5,000,000) |
$ |
$ |
|
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 $5,000,000) |
$ |
$ |
|
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 $5,000,000) |
$ |
$ |
|
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 $5,000,000) |
$ |
$ |
|
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 $5,000,000) |
$ |
$ |
|
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, including costs generated by shareholders of other share
classes
offered by the fund. 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.
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.0302 |
.0066 |
.0001 |
.007 |
.015 |
Net
Realized and Unrealized Gain (Loss) on Investments |
— |
.0001 |
— |
— |
— |
Total from
Investment Operations |
.0302 |
.0067 |
.0001 |
.007 |
.015 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.0302) |
(.0066) |
(.0001) |
(.007) |
(.015) |
Distributions
from Realized Capital Gains |
(.0000)2 |
(.0001) |
— |
— |
— |
Total
Distributions |
(.0302) |
(.0067) |
(.0001) |
(.007) |
(.015) |
Net
Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total
Return3 |
3.06% |
0.67% |
0.01% |
0.68% |
1.48% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$17,560 |
$16,592 |
$15,683 |
$17,736 |
$18,111 |
Ratio of
Total Expenses to Average Net Assets4 |
0.15%5 |
0.13%5 |
0.08% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
3.02% |
0.66% |
0.01% |
0.68% |
1.47% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Distribution
was less than $0.0001 per share. |
3 |
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. |
4 |
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 the year
ended
October 31,
2022 and 0.15% for the year ended 2021. For the years ended 2023, 2020,
and
2019, there
were no expense reductions. |
5 |
The ratio of
expenses to average net assets for the period net of reduction from
custody fee
offset
arrangements was 0.15% and 0.13%,
respectively. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$15.44 |
$15.89 |
$15.93 |
$15.84 |
$15.68 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.352 |
.141 |
.105 |
.201 |
.257 |
Net
Realized and Unrealized Gain (Loss) on Investments |
.073 |
(.447) |
(.039) |
.092 |
.160 |
Total from
Investment Operations |
.425 |
(.306) |
.066 |
.293 |
.417 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.355) |
(.144) |
(.106) |
(.203) |
(.257) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.355) |
(.144) |
(.106) |
(.203) |
(.257) |
Net
Asset Value, End of Period |
$15.51 |
$15.44 |
$15.89 |
$15.93 |
$15.84 |
Total
Return2 |
2.77% |
-1.93% |
0.41% |
1.86% |
2.68% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$543 |
$705 |
$963 |
$1,020 |
$945 |
Ratio of
Total Expenses to Average Net Assets |
0.17%3 |
0.17%3 |
0.17% |
0.17% |
0.17% |
Ratio of
Net Investment Income to Average Net Assets |
2.26% |
0.90% |
0.66% |
1.27% |
1.63% |
Portfolio
Turnover Rate |
85% |
96% |
53% |
47% |
34% |
|
|
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$15.44 |
$15.89 |
$15.93 |
$15.84 |
$15.68 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.365 |
.156 |
.117 |
.213 |
.270 |
Net
Realized and Unrealized Gain (Loss) on Investments |
.073 |
(.450) |
(.039) |
.093 |
.160 |
Total from
Investment Operations |
.438 |
(.294) |
.078 |
.306 |
.430 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.368) |
(.156) |
(.118) |
(.216) |
(.270) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.368) |
(.156) |
(.118) |
(.216) |
(.270) |
Net
Asset Value, End of Period |
$15.51 |
$15.44 |
$15.89 |
$15.93 |
$15.84 |
Total
Return2 |
2.85% |
-1.86% |
0.49% |
1.94% |
2.76% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$15,535 |
$19,094 |
$22,119 |
$18,976 |
$15,877 |
Ratio of
Total Expenses to Average Net Assets |
0.09%3 |
0.09%3 |
0.09% |
0.09% |
0.09% |
Ratio of
Net Investment Income to Average Net Assets |
2.34% |
0.99% |
0.73% |
1.34% |
1.71% |
Portfolio
Turnover Rate |
85% |
96% |
53% |
47% |
34% |
|
|
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$10.47 |
$11.17 |
$11.20 |
$11.07 |
$10.77 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.239 |
.149 |
.141 |
.188 |
.209 |
Net
Realized and Unrealized Gain (Loss) on Investments |
.040 |
(.698) |
(.029) |
.130 |
.300 |
Total from
Investment Operations |
.279 |
(.549) |
.112 |
.318 |
.509 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.239) |
(.151) |
(.142) |
(.188) |
(.209) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.239) |
(.151) |
(.142) |
(.188) |
(.209) |
Net
Asset Value, End of Period |
$10.51 |
$10.47 |
$11.17 |
$11.20 |
$11.07 |
Total
Return2 |
2.66% |
-4.95% |
1.00% |
2.90% |
4.76% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$830 |
$1,143 |
$1,506 |
$1,326 |
$1,333 |
Ratio of
Total Expenses to Average Net Assets |
0.17%3 |
0.17%3 |
0.17% |
0.17% |
0.17% |
Ratio of
Net Investment Income to Average Net Assets |
2.24% |
1.37% |
1.26% |
1.69% |
1.90% |
Portfolio
Turnover Rate |
55% |
65% |
37% |
31% |
21% |
|
|
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$10.47 |
$11.17 |
$11.20 |
$11.07 |
$10.77 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.249 |
.158 |
.150 |
.196 |
.218 |
Net
Realized and Unrealized Gain (Loss) on Investments |
.039 |
(.699) |
(.029) |
.131 |
.300 |
Total from
Investment Operations |
.288 |
(.541) |
.121 |
.327 |
.518 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.248) |
(.159) |
(.151) |
(.197) |
(.218) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.248) |
(.159) |
(.151) |
(.197) |
(.218) |
Net
Asset Value, End of Period |
$10.51 |
$10.47 |
$11.17 |
$11.20 |
$11.07 |
Total
Return2 |
2.74% |
-4.87% |
1.08% |
2.98% |
4.84% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$28,381 |
$30,135 |
$37,525 |
$31,153 |
$27,720 |
Ratio of
Total Expenses to Average Net Assets |
0.09%3 |
0.09%3 |
0.09% |
0.09% |
0.09% |
Ratio of
Net Investment Income to Average Net Assets |
2.33% |
1.46% |
1.34% |
1.77% |
1.98% |
Portfolio
Turnover Rate |
55% |
65% |
37% |
31% |
21% |
|
|
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$12.87 |
$14.66 |
$14.64 |
$14.46 |
$13.67 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.367 |
.315 |
.311 |
.348 |
.380 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.011) |
(1.772) |
.020 |
.180 |
.791 |
Total from
Investment Operations |
.356 |
(1.457) |
.331 |
.528 |
1.171 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.366) |
(.316) |
(.311) |
(.348) |
(.381) |
Distributions
from Realized Capital Gains |
— |
(.017) |
— |
— |
— |
Total
Distributions |
(.366) |
(.333) |
(.311) |
(.348) |
(.381) |
Net
Asset Value, End of Period |
$12.86 |
$12.87 |
$14.66 |
$14.64 |
$14.46 |
Total
Return2 |
2.69% |
-10.07% |
2.26% |
3.69% |
8.65% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$2,216 |
$2,550 |
$3,435 |
$3,457 |
$3,620 |
Ratio of
Total Expenses to Average Net Assets |
0.17%3 |
0.17%3 |
0.17% |
0.17% |
0.17% |
Ratio of
Net Investment Income to Average Net Assets |
2.74% |
2.27% |
2.10% |
2.39% |
2.67% |
Portfolio
Turnover Rate |
43% |
35% |
18% |
16% |
8% |
|
|
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$12.87 |
$14.66 |
$14.64 |
$14.46 |
$13.67 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.378 |
.326 |
.322 |
.360 |
.391 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.012) |
(1.772) |
.021 |
.179 |
.791 |
Total from
Investment Operations |
.366 |
(1.446) |
.343 |
.539 |
1.182 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.376) |
(.327) |
(.323) |
(.359) |
(.392) |
Distributions
from Realized Capital Gains |
— |
(.017) |
— |
— |
— |
Total
Distributions |
(.376) |
(.344) |
(.323) |
(.359) |
(.392) |
Net
Asset Value, End of Period |
$12.86 |
$12.87 |
$14.66 |
$14.64 |
$14.46 |
Total
Return2 |
2.77% |
-9.99% |
2.34% |
3.77% |
8.73% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$63,979 |
$64,056 |
$84,624 |
$75,103 |
$67,655 |
Ratio of
Total Expenses to Average Net Assets |
0.09%3 |
0.09%3 |
0.09% |
0.09% |
0.09% |
Ratio of
Net Investment Income to Average Net Assets |
2.83% |
2.35% |
2.17% |
2.48% |
2.75% |
Portfolio
Turnover Rate |
43% |
35% |
18% |
16% |
8% |
|
|
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$10.04 |
$12.10 |
$12.03 |
$11.95 |
$11.16 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.337 |
.306 |
.314 |
.344 |
.379 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.063) |
(1.997) |
.126 |
.133 |
.796 |
Total from
Investment Operations |
.274 |
(1.691) |
.440 |
.477 |
1.175 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.334) |
(.305) |
(.313) |
(.345) |
(.379) |
Distributions
from Realized Capital Gains |
— |
(.064) |
(.057) |
(.052) |
(.006) |
Total
Distributions |
(.334) |
(.369) |
(.370) |
(.397) |
(.385) |
Net
Asset Value, End of Period |
$9.98 |
$10.04 |
$12.10 |
$12.03 |
$11.95 |
Total
Return2 |
2.59% |
-14.26% |
3.67% |
4.06% |
10.66% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$682 |
$705 |
$945 |
$921 |
$977 |
Ratio of
Total Expenses to Average Net Assets |
0.17%3 |
0.17%3 |
0.17% |
0.17% |
0.17% |
Ratio of
Net Investment Income to Average Net Assets |
3.18% |
2.73% |
2.57% |
2.89% |
3.25% |
Portfolio
Turnover Rate |
29% |
28% |
14% |
14% |
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$10.04 |
$12.10 |
$12.03 |
$11.95 |
$11.16 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.346 |
.315 |
.324 |
.356 |
.388 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.063) |
(1.997) |
.126 |
.130 |
.796 |
Total from
Investment Operations |
.283 |
(1.682) |
.450 |
.486 |
1.184 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.343) |
(.314) |
(.323) |
(.354) |
(.388) |
Distributions
from Realized Capital Gains |
— |
(.064) |
(.057) |
(.052) |
(.006) |
Total
Distributions |
(.343) |
(.378) |
(.380) |
(.406) |
(.394) |
Net
Asset Value, End of Period |
$9.98 |
$10.04 |
$12.10 |
$12.03 |
$11.95 |
Total
Return2 |
2.67% |
-14.19% |
3.75% |
4.14% |
10.75% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$14,220 |
$12,723 |
$16,191 |
$14,592 |
$12,826 |
Ratio of
Total Expenses to Average Net Assets |
0.09%3 |
0.09%3 |
0.09% |
0.09% |
0.09% |
Ratio of
Net Investment Income to Average Net Assets |
3.26% |
2.81% |
2.65% |
2.96% |
3.33% |
Portfolio
Turnover Rate |
29% |
28% |
14% |
14% |
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$9.76 |
$11.98 |
$11.68 |
$11.76 |
$10.99 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.373 |
.341 |
.346 |
.374 |
.399 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.062) |
(2.147) |
.328 |
(.045) |
.773 |
Total from
Investment Operations |
.311 |
(1.806) |
.674 |
.329 |
1.172 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.371) |
(.340) |
(.346) |
(.372) |
(.402) |
Distributions
from Realized Capital Gains |
— |
(.074) |
(.028) |
(.037) |
— |
Total
Distributions |
(.371) |
(.414) |
(.374) |
(.409) |
(.402) |
Net
Asset Value, End of Period |
$9.70 |
$9.76 |
$11.98 |
$11.68 |
$11.76 |
Total
Return2 |
3.02% |
-15.43% |
5.81% |
2.86% |
10.81% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$1,559 |
$1,633 |
$2,367 |
$2,114 |
$2,245 |
Ratio of
Total Expenses to Average Net Assets |
0.17%3 |
0.17%3 |
0.17% |
0.17% |
0.17% |
Ratio of
Net Investment Income to Average Net Assets |
3.61% |
3.09% |
2.87% |
3.22% |
3.48% |
Portfolio
Turnover Rate |
35% |
27% |
17% |
19% |
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%. |
|
|
|
|
|
|
For a
Share Outstanding
Throughout
Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$9.76 |
$11.98 |
$11.68 |
$11.76 |
$10.99 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.382 |
.350 |
.356 |
.384 |
.408 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.063) |
(2.147) |
.328 |
(.046) |
.773 |
Total from
Investment Operations |
.319 |
(1.797) |
.684 |
.338 |
1.181 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.379) |
(.349) |
(.356) |
(.381) |
(.411) |
Distributions
from Realized Capital Gains |
— |
(.074) |
(.028) |
(.037) |
— |
Total
Distributions |
(.379) |
(.423) |
(.384) |
(.418) |
(.411) |
Net
Asset Value, End of Period |
$9.70 |
$9.76 |
$11.98 |
$11.68 |
$11.76 |
Total
Return2 |
3.11% |
-15.36% |
5.89% |
2.94% |
10.90% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$12,245 |
$12,197 |
$16,424 |
$13,717 |
$13,801 |
Ratio of
Total Expenses to Average Net Assets |
0.09%3 |
0.09%3 |
0.09% |
0.09% |
0.09% |
Ratio of
Net Investment Income to Average Net Assets |
3.69% |
3.17% |
2.95% |
3.30% |
3.56% |
Portfolio
Turnover Rate |
35% |
27% |
17% |
19% |
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%. |
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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 |