Vanguard Long-Term Tax-Exempt Adm (Vanguard Long-Term Tax-Exempt F) fond

Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal income tax. At least 75% of its assets in municipal bonds in the top three credit-rating categories as determined by a nationally recognized statistical rating organization (NRSRO) (e.g., Aaa, Aa, and A by Moody's Investors Service, Inc. (Moody's)) or, if unrated, determined to be of comparable quality by the advisor.