Vanguard Intermediate Term Tax-Exempt Fund (VWITX)

業務介紹

該基金對個別證券的到期日沒有限制，但預計將維持6至12年的加權平均到期日。基金持有的至少75%的證券為由全國公認的統計評級機構(NRSRO)評定為前三個信用評級類別的市政債券,或如果未經評級,則由顧問確定為具有可比質量。



The fund’s investment objective is to seek to provide a moderate and sustainable level of current income that is exempt from federal personal income taxes. The fund has no limitations on the maturity of individual securities but is expected to maintain a dollar-weighted average maturity of 6 to 12 years. At least 75% of the securities held by the fund are municipal bonds in the top three credit-rating categories as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor. The fund may invest up to 20% of its assets in medium-grade bonds, as determined by a rating organization or by the advisor. The remaining 5% may be invested in securities with lower credit ratings or, if unrated, determined to be of comparable quality by the advisor. Risks of the fund include the fact that changes in interest rates, both up and down, can affect the fund by resulting in lower bond prices or an eventual decrease in income for the fund. Investors who are looking for a fund that may provide federal tax-exempt interest income and can tolerate moderate price and income fluctuations may wish to consider this fund.The Vanguard Intermediate-Term Tax-Exempt Fund is a stand alone product and is separate and distinct from the Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI). Differences in scale, certain investment processes, and underlying holdings are expected to produce different investment returns by the funds.

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