Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Tax-Exempt Fund returned 5.45% for Investor Shares and 5.53% for Admiral Shares.The fund slightly outperformed its benchmark, the Bloomberg Barclays PA Municipal Bond Index, which returned 5.30%. As municipal bond prices rose, yields declined. For the 12 months, the fund’s 30-day SEC yield fell 52 basis points to 1.63% for Admiral Shares. (A ... ................
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