| Investment Objective: |
Vanguard Core Tax-Exempt Bond ETF seeks to provide a moderate and sustainable level of current income that is exempt from federal personal income taxes. The fund has no limitations on the maturity of individual securities but is expected to maintain a dollar-weighted average maturity of between 8 and 20 years. Although the fund may invest in municipal bonds of any quality, the fund's advisor intends to invest a majority of the fund's assets in investment-grade municipal bonds. The fund's advisor, Vanguard Fixed Income Group, seeks to add value by making small adjustments to the fund's maturity structure based on factors such as interest-rate outlook and slope of the yield curve. Vanguard's independent research capabilities assist in identifying specific issues and market sectors that represent good relative value. Under normal circumstances, the fund will invest at least 80% of its assets in municipal bonds denominated in U.S. dollars from a variety of issuers that are primarily U.S. states or local governments or agencies whose interest is exempt from federal income taxes and the federal alternative minimum tax. |
