Fund Research for Vanguard Interm-Term Tx-Ex (VWITX)

  • Fund Overview

    Fund Inception Date: Sep 01, 1977
    Category: Muni National Interm
    Overall Risk: Average
    Fund Family: Vanguard
    Return Since Inception: 5.79%
    YTD Return: 8.82%
    Yield (TTM): 3.84%
    Net Assets: 7.53 B
    Morningstar Rating:
    4 of 5
    The investment seeks to provide moderate and sustainable current income that is exempt from federal personal income taxes. The fund invests at least 75% of assets in municipal bonds in the top three credit-rating categories. It may invest no more than 20% of assets in bonds rated Baa or BBB. The fund may invest the remaining 5% of assets in securities with lower credit ratings or that are unrated.

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    Details
    Average Eff Duration 5.87 Yrs
    Average Eff Maturity 6.9 Yrs
    Average Credit Quality AA
    Morningstar Rating as of 10/31/2009
    YTD Returns as of 11/04/2009    		 Style Box Detail calculations do not include the fund's short positions (if any)

  • Fund Performance

    10 year Growth Chart
    Growth of $10,000 from 12/31/1998 to 10/31/2009
    Mouseover the chart to see values for each month.

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    Total Annualized Returns

    YTD 1 year 3 year 5 year 10 year Since Inception
    Fund 8.82% 10.32% 4.24% 3.76% 4.90% 5.79%
    +/- Category -1.15% -0.29% 0.79% 0.64% 0.31% —
    +/- Barclays Municipal TR USD — — — — 5.66% —

    Standardized Annual Returns

    YTD 1 year 3 year 5 year 10 year Since Inception
    Month (as of 10/31/2009) 8.80% 10.51% 4.15% 3.71% 4.90% 5.79%
    Quarter (as of 09/30/2009) 11.22% 13.10% 5.09% 4.30% 5.06% 5.88%
    Fund and Category YTD, 1yr, 3yr and 5yr Returns as of 11/04/2009
    Index YTD,1yr, 3ys and 5yr Returns as of 11/04/2009 10 yr and Since Inception Returns as of 10/31/2009
    Inception Date: 09/01/1977
    Ratings are based on risk-adjusted performance.
    View Total Returns

  • Fund Portfolio Profile

    Sector Breakdown

    Stocks
    General Obligations 11.44%
    Advanced Refunded 1.58%
    State Appropriated Tobacco 0.26%
    Non-state Appropriated Tobacco 1.92%
    Education 4.44%
    Health 2.35%
    Housing 0.13%
    Industrial 1.52%
    Transportation 2.02%
    Utilities 2.77%
    Water/Sewer 3.31%
    Misc. Revenue 12.88%
    Bond Quality
    AAA —
    AA —
    A —
    BBB —
    BB —
    B —
    Below B 0.00%
    Not Rated 0.41%

    Asset Allocation

    Short Long Net Assets
    Cash — 2.18% 2.18%
    Stocks — 0.00% 0.00%
    Bonds — 97.82% 97.82%
    Other — 0.00% 0.00%
    Foreign Stocks
    (as a % of assets)    		 — 0.00% 0.00%
    Data as of 07/31/2009 Data as of 07/31/2009 View Fund Portfolio

    Top 10 Holdings

    Maturity Date Total Holdings Value of Holdings Net Assets
    - CMT MUNICIPAL RATE 4.01% 12/31/2049 189.56 M 189.56 M 0.79%
    = California St Econ Recover Econ Reco 5% 07/01/2023 154.5 M 158.76 M 0.66%
    = California St Econ Recover Econ Reco 5% 07/01/2023 154.5 M 157.25 M 0.66%
    = Golden St Tob Securitization C Ass 6.25% 06/01/2033 96.32 M 107.45 M 0.45%
    = Golden St Tob Securitization C Ass 6.75% 06/01/2039 79.74 M 94.64 M 0.40%
    - Massachusetts St G.O Bds 5.5% 11/01/2016 74.5 M 90.53 M 0.38%
    = New Jersey Econ Dev Auth 5.5% 09/01/2023 81.63 M 88.39 M 0.37%
    = New Jersey St Transn Tr Fd Aut Tran 5.5% 12/15/2020 77.7 M 85.38 M 0.36%
    - California St Go Bds 5.75% 04/01/2031 80.19 M 82.21 M 0.34%
    = North Tex Twy Auth 5.75% 01/01/2038 75 M 77.43 M 0.32%
    + Increase - Decrease = No change * New since last portfolio
    Data as of 07/31/2009
    Top 10 holdings account for the fund's short positions (if any). Net short positions appear shaded.
    View Fund Portfolio

  • Sales Information

    Sales Charge %

    Initial —
    Deferred —
    Taken from prospectus dated 02/20/2009
    Expense Ratio (based on net assets) 0.15%
    Taken from annual report dated 10/31/2008

  • Fund Management

    Michael G. Kobs
    Start Date: 07/29/2008
    Kobs is a portfolio manager with the Vanguard Group. He has worked in investment management since 1990 and has managed investment portfolios since 1998.