Fund Description: Vanguard Tax-Exempt Bond ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Municipal Bond Fund, an open-end investment management company. INVESTMENT OBJECTIVE: The Vanguard Tax-Exempt Bond ETF seeks to track the performance of the Standard & Poor’s National AMT-Free Municipal Bond Index. INDEX DESCRIPTION: The Standard & Poor’s National AMT-Free Municipal Bond Index measures the performance of the investment-grade segment of the U.S. municipal bond market. This Index includes municipal bonds from issuers that are primarily state or local governments or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). To be eligible for inclusion in the Index, each bond must have a rating of at least investment-grade, as determined by a recognized rating organization (e.g., at least BBB by Fitch Ratings, Inc.); be denominated in U.S. dollars; and have a minimum par amount of $25 million. In addition, to be included in the Index, each bond must have a minimum term to maturity or call date greater than one calendar month. FUND STRATEGY: The Fund employs an indexing investment approach designed to track the Index. The Fund invests by sampling the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in securities held in the Index. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities whose income will be exempt from federal income taxes and the federal alternative minimum tax. FUND MANAGEMENT: The Vanguard Group, Inc. serves as Investment Advisor to the Fund.