PDF Vanguard Municipal Bond Funds

Your Fund's Performance at a Glance • For the 12 months ended October 31, 2018, the returns for Investor Shares of the five tax-exempt bond funds discussed in this report ranged from -0.80% for Vanguard Intermediate-Term Tax-Exempt Fund to 0.68% for Vanguard Short-Term Tax-Exempt Fund. ................
................