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

Closed to all investors.

Indexed to Barclays Municipal Bond Index

  Fact sheet (12/31/2013)

Summary of this fund

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 approach

  • Long- 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

Price and distributions

as of

NAV

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.

Change $/%
SEC yield

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

Key fund facts

Expense ratio
0.12% as of 03/28/2013
Lipper peer average
expense ratio
1.00% as of 12/31/2012
Designation
Unknown
Inception on
11/12/2001
Earliest share class
inception on
04/29/1991
Total net assets

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.

$3.2 billion as of 03/31/2014
Net assets for
VFLRX
 
— as of —
Management style
Active
Benchmark
Barclays Municipal Bond Index
Turnover rate 

Fees and minimums

Fees and minimums

Purchase fee:

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.

None
Redemption fee:

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.

None
Minimum investment:
N/A

ETF Knowledge Center™   

STYLEBOX

Stylebox

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



Expected range
Central tendency

About our styleboxes  

Objective

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 approach

  • Long- 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.

Total returns

as of 06/30/2013

View as:

as of 06/30/2013

View as:
6%
4
2
0
-2
-4%
 
 
 
 
 
  YTD 1 year 5 year 10 year Since inception

11/12/2001

NAV 
– 3.32% 0.16% 5.08% 4.15% 4.58%
Benchmark

Barclays Municipal Bond Index

*
– 2.69% 0.24% 5.33% 4.42%

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.


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 and manager details  

Top 10 holdings 

 
Rank Holding
Top 10 equals % of net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VFLRX Benchmark

Barclays Municipal Bond Index

Data is currently unavailable
Please try again later.

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:

  • State-specific risk: The chance that developments in Florida will adversely affect the securities held by the fund. Because the fund invests at least 50% of its assets in securities issued by one state and its municipalities, it is more vulnerable to unfavorable developments in Florida than are funds that do not focus their investments in a particular state.
  • Interest rate risk: The chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be high for the fund because it invests primarily in long-term bonds, whose prices are much more sensitive to interest rate changes than are the prices of short-term bonds.
  • Call risk: The chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income.
  • Credit risk: The chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline.
  • Income risk: The chance that the fund’s income will decline because of falling interest rates.
  • Liquidity risk: The chance that the fund may not be able to sell a security in a timely manner at a desired price.
  • Manager risk: The chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.
  • Nondiversification risk: The chance that the fund’s performance may be hurt disproportionately by the performance of relatively few securities. The fund is considered nondiversified, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with other mutual funds.



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