Vanguard Ltd-Term Tx-Ex Adm (VMLUX)

At least 75% of the securities held by the fund are municipal bonds in the top three credit-rating categories as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor. It may invest up to 20% of its assets in medium-quality municipal bonds and 5% of its assets in securities with lower credit ratings, also as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor.