Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX)

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Indexed to Barclays 1-15 Year Municipal Index

  Fact sheet (03/31/2014)

Characteristics

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Bonds
High-quality, intermediate-term municipal bonds.



Expected range
Central tendency

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Fundamentals
as of 03/31/2014

  VWITX Benchmark

Barclays 1-15 Year Municipal Bond Index

Number of bonds 3,923 37,278
Yield to maturity 2.23% 2.06%
Short-term reserves 1.12% N/A
Alternative minimum tax 0.00% N/A
  VWITX Benchmark

Barclays 1-15 Year Municipal Bond Index

Average duration 5.0 (years) 5.3 (years)
Average maturity 5.2 (years) 5.0 (years)
Average coupon 4.43% 4.81%

Composition

Distribution by credit quality(% of fund)
as of 03/31/2014

Select time

  Credit rating  VWITX
AAA 16.3%
AA 53.3%
A 26.2%
BBB 2.9%
BB 0.3%
B 0.4%
Not Rated 0.6%
0%
55%
Total 100.0%
* Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Credit-quality ratings for each issue are obtained from Moody’s Investors Service and Standard & Poor’s, and the higher rating for each issue is used.

Distribution by issuer type  (% of fund)
as of 01/31/2012

  Issuer  VWITX
Other 100.0%
Agency 0.0%
Asset-Backed 0.0%
Commercial Mortgage-Backed 0.0%
Finance 0.0%
Foreign 0.0%
Government Mortgage-Backed 0.0%
Industrial 0.0%
Treasury 0.0%
Utilities 0.0%
0%
100%
Total 100.0%

Distribution by maturity (% of fund)
as of 03/31/2014

Select time

  Maturity  VWITX
Under 1 Year 10.8%
1 - 3 Years 16.5%
3 - 5 Years 20.0%
5 - 10 Years 49.1%
10 - 20 Years 3.6%
20 - 30 Years 0.0%
Over 30 Years 0.0%
0%
50%
Total 100.0%

Concentration by state
as of 03/31/2014

  State
 
 VWITX
 
New York 17.2%
California 12.2%
Texas 8.4%
Illinois 7.0%
Florida 6.8%
New Jersey 4.9%
Pennsylvania 3.8%
Massachusetts 3.8%
Ohio 3.0%
Georgia 2.6%
Michigan 2.6%
Arizona 2.4%
Washington 2.3%
Virginia 1.7%
Colorado 1.6%
Indiana 1.5%
North Carolina 1.3%
Connecticut 1.3%
Louisiana 1.3%
Maryland 1.1%
South Carolina 1.1%
Alabama 1.0%
Minnesota 1.0%
Tennessee 0.9%
Nevada 0.8%
Puerto Rico 0.7%
Wisconsin 0.7%
Kentucky 0.6%
Oregon 0.6%
Hawaii 0.6%
Missouri 0.5%
District Of Columbia 0.5%
Kansas 0.4%
Mississippi 0.4%
Oklahoma 0.3%
Utah 0.3%
Iowa 0.3%
Rhode Island 0.3%
New Mexico 0.2%
West Virginia 0.2%
Nebraska 0.2%
Alaska 0.2%
Idaho 0.1%
Delaware 0.1%
New Hampshire 0.1%
Arkansas 0.1%
Virgin Islands 0.1%
0%
20%
Total 99.1%

People and process

Firms

Vanguard Fixed Income Group

Product management

Vanguard Intermediate-Term Tax-Exempt Fund seeks moderate current income exempt from federal tax by investing in municipal bonds with a dollar-weighted average nominal maturity between 6 and 12 years. The fund emphasizes high credit quality, with an expected average quality range of AA to AAA. 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.

Vanguard Fixed Income Group

Firm description

Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer and managing director, Mortimer J. Buckley oversees Vanguard’s Equity Investment and Fixed Income Groups. Gregory Davis, CFA, principal and global head of Fixed Income Group, has direct oversight responsibility for all money market, bond, and stable value portfolios managed by the Fixed Income Group. He has managed investment portfolios since 2000, and has been with Vanguard since 1999. Kenneth E. Volpert, CFA, principal and head of Vanguard’s Taxable Bond Group, has direct oversight responsibility for all taxable bond funds managed by the Fixed Income Group. He has managed investment portfolios since 1982 and has been with Vanguard since 1992. Christopher W. Alwine, CFA, principal and head of Vanguard’s Municipal Bond Funds, has direct oversight responsibility for all tax-exempt bond funds managed by the Fixed Income Group. He has managed investment portfolios since 1996 and has been with Vanguard since 1990. Pamela Wisehaupt Tynan, principal and head of Vanguard’s Municipal Money Market Funds, has direct oversight responsibility for all tax-exempt money market funds managed by the Fixed Income Group. She has managed investment portfolios since 1988 and has been with Vanguard since 1982. The Fixed Income Group offers actively managed investments in U.S. Treasury, corporate, and tax-exempt securities, as well as passively managed index portfolios. Since 1981, it has refined techniques in total-return management, credit research, and index sampling to seek to deliver consistent performance with transparency and risk control. The group has advised Vanguard Intermediate-Term Tax-Exempt Fund since 1981.

Investment Manager Biography

James M. D'Arcy, CFA

  • Portfolio manager.
  • Advised the fund since 2013.
  • Worked in investment management since 1996.
  • B.A., University of Colorado.

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