VANGUARD CORE TAX-EXEMPT BOND ETF

The fund's investment objective seeks to provide total return through capital appreciation and current income that is exempt from federal personal income taxes. Under normal circumstances, the fund will invest at least 80% of its assets (plus any borrowings for investment purposes) in municipal bonds denominated in U.S. dollars from a variety of issuers that are primarily U.S. states or local governments or agencies whose interest is exempt from federal income taxes and the federal alternative minimum tax. The fund is expected to maintain, under normal market conditions, a dollar-weighted average maturity of between 8 and 20 years. The majority of the fund’s exposure to fixed income securities is expected to have credit quality that is investment-grade. The fund is subject to certain risks including interest rate risk, which is the chance that the price of the bonds in the portfolio will decline because of rising interest rates. Investors who are looking for a fund that may provide federal tax-exempt income and can tolerate moderate price and income fluctuations may wish to consider this fund.