Vanguard Municipal Bond Funds

2020,Vanguard’s five national tax-exempt bond funds posted returns that ranged from 1.86% for Investor Shares of Vanguard Short-TermTax-Exempt Fund to 4.14% for Admiral Shares ofVanguard Long-TermTax-Exempt Fund. All of the funds posted returns roughly in line with or better than their expense-free benchmarks with the exception of ................
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