The Vanguard Limited Term Tax-Exempt Fund (VMLTX) was downgraded by Morningstar to 3 stars from 4 stars, last week. Not sure why they did this as the funds duration and credit quality are about the same. We did not have downgrades in any of the other muni mutual funds we track.
Average maturity 2.7 years – Average Duration: 2.44 Years – Average Credit quality: AA. Exp Ratio: 0.20%, 0.12% Admiral shares. Morningstar Rating: 4 Star