For people who invest directly in individual accounts (including IRAs and rollovers); in joint, brokerage, college savings, or small-business accounts; or in annuities.
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For broker-dealers, registered investment advisors, and trust or bank brokerage professionals.
Fact sheet (12/31/2013)
A brief product description that includes information on performance, cost, industry weightings, top holdings, investment approach, and portfolio attributes. Updated quarterly.
Portfolio holdings information:
The following additional terms and conditions apply to the publication on this Site of any Vanguard fund's portfolio holdings as described above:
The stylebox view considers a fund's potential holdings, including frequently owned categories of securities.
Note: The stylebox view for bond funds uses duration rather than average weighted maturity. Duration is a more accurate measure of interest rate sensitivity because it takes into consideration all mortgage prepayments, puts, and adjustable coupons.
Closed to all investors.
Indexed to Barclays Municipal Bond Index
Vanguard Florida Focused Long-Term Tax-Exempt Fund seeks to provide current income that is exempt from federal income taxes. It is also expected that the fund’s shares will be exempt from Florida taxes, if any. The fund is intended for Florida residents only.
Investment approachLong- and intermediate-term municipal bonds issued by state and local governments and regional governmental authorities, particularly those in Florida.Seeks high current income exempt from federal income tax and Florida taxes, if any.Conservatively managed, using fundamental research.
PRICE AND DISTRIBUTIONS
as of —
The market value of a mutual fund's total assets, minus liabilities, divided by the number of shares outstanding. The value of a single share is called its share value or share price.
A non-money market fund's SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.
The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous seven days.
KEY FUND FACTS
This represents the total net assets for all share classes of Vanguard's U.S. funds that share the same investment strategy, management and holdings, but does not include any collective trusts sharing the same investment mandate.
Fees and minimums
A fee charged by some mutual funds when an investor buys shares. This fee is not a sales charge or load because it is paid directly to the fund to offset the costs of trading certain securities.
A fee charged by some mutual funds when an investor sells shares. A redemption fee differs from a back-end load because the money is paid back into the fund. Many funds charge redemption fees only when shares are bought and then sold within a specific period of time, generally in an effort to discourage market-timing and short-term trading. Some brokers also charge their clients redemption fees for the sale of securities.
ETF Knowledge Center™
BondPortfolio of high-quality, long- and intermediate-duration Florida municipal bonds.
About our styleboxes
as of 06/30/2013
Barclays Municipal Bond Index
Note: Fee adjusted for mutual funds where applicable.
* Includes most investment-grade tax-exempt bonds that are issued by state and local governments.
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Total returns details
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 and manager details
Portfolio holdings may exclude any temporary cash investments and equity index products.
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An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall bond market. As a tax-advantaged investment, the fund is potentially vulnerable to federal and state tax-law changes. Also, part of the fund’s return may consist of capital gains distributions that are taxable in the same way that realized capital gains on any investment are taxable.The fund’s performance could be hurt by:
Risk and volatility details
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