Florida Focused Long-Term Tax-Exempt Fund Admiral Shares (VFLRX)

Closed to all investors.

portfolio.Content-187 Barclays Municipal Bond Index

  Fact sheet (12/31/2013)

Characteristics

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Bonds
Portfolio of high-quality, long- and intermediate-duration Florida municipal bonds.



Expected range
Central tendency

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Fundamentals
as of 03/31/2014

Composition

People and process

Firms

Product management

Vanguard Florida Focused Long-Term Tax-Exempt Fund seeks high current income by investing at least 80% of its assets in municipal securities exempt from federal income tax and Florida taxes, if any. These municipal bonds are generally of long and intermediate maturity. The fund also may invest up to 20% of assets in Florida alternative minimum tax (AMT) bonds. The fund is conservatively managed, emphasizing well-diversified, highly rated municipal securities. Although the fund has no limitation on the maturity of individual securities, its dollar-weighted average nominal maturity is expected to be between 10 and 25 years. The fund invests a majority of its assets in municipal bonds of Florida issuers but may invest up to 50% of its assets in non-Florida municipal bonds.

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 Florida Focused Long-Term Tax-Exempt Fund since 1992.

Investment Manager Biography

Marlin G. Brown

  • Portfolio manager.
  • Advised the fund since 2011.
  • Worked in investment management since 1996.
  • B.S., University of Virginia.

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