Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES)

Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the bonds that make up the Target Index. The Target Index includes municipal bonds issued primarily by states, local governments, and agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). It is non-diversified.