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Currently, 93% of its assets are muni bonds.It often holds 70%-80% of assets in munis but will make big shifts to this allocation when its managers see more value there. [In 2020-2021 it dropped munis to 50%-60% of the portfolio. Since 2022 munis have constituted 70%+ of the fund.]
Summary Prospectus.The Fund may invest in fixed income securities of any maturity or duration. The Fund’s effective duration may vary overtime
Where the rubber meets the road:duration stood at just under 4.0 years for most of 2019 through the end of 2021, but it extended again throughout 2022 and 2023 to over 9.0 years
Thanks for the reminder. That category average is “hidden in plain sight”. Hard to miss. I don’t typically compare any fund to category - much as I use M*. Every fund is unique.The average return of a category of funds in any of the past ten years can be found on the M* performance page of a sample fund in that category. Precise to the basis point.
For example, using LCORX:
https://www.morningstar.com/funds/xnas/lcorx/performance
He also notes VDIGX's lower exposure to Mag 7 tech funds.I think the driver of flows in this case is the long-running move to target-date funds in 401(k)s.

The Dems missed the memo. They don't catch on very quick - or at least, they don't SPEAK UP quite often enough. Always so afraid of calling him out.I haven't been able to access it yet but found this one instead:
We're at war
The consumer watchdog agency was formed in the wake of the 2008 financial crisis. Elon Musk wants to “delete” it.
The Consumer Financial Protection Bureau halted much of its work to investigate and penalize corporate wrongdoing on Monday, after Treasury Secretary Scott Bessent — tapped to lead the watchdog on an acting basis — ordered an agency-wide review to “promote consistency” with the new Trump administration.
Shortly after assuming the post, Bessent and his aides ordered bureau staff in an email to cease crafting regulations, enforcing rules, conducting probes or providing “public communications of any type,” according to a copy obtained by The Washington Post, which said he had instituted the ban “effective immediately.”
The missive appeared to herald a stark shift for the CFPB, a powerful agency formed in the wake of the 2008 banking crisis to protect consumers from unfair, deceptive or predatory financial practices. It came on the same day that President Donald Trump named Secretary of State Marco Rubio acting administrator of another agency, the U.S. Agency for International Development, which the administration moved to shutter as part of a broad and contested effort to slash government spending and regulation.
The financial watchdog is a longtime target of Republicans’ scorn: Party lawmakers have threatened for years to defund the CFPB or neuter its powers — and tech billionaire Elon Musk, who is advising Trump on his reconfiguration of American government, has called on Congress to “delete” the bureau entirely.
Under President Joe Biden, the CFPB had been active and aggressive: Its leader, Rohit Chopra, issued a wide array of rules to crack down on predatory lending, reduce the burden of medical debt and cut fees that customers pay when they fall behind on their credit card bills or overextend their checking accounts. Chopra also expanded the bureau’s watch over Apple, Google and other tech giants as their digital payment apps grew more popular with consumers.
Trump similarly moved to restrain the CFPB during his first term. His acting director then — former congressman Mick Mulvaney — at one point requested no new money for the agency and settled its pending enforcement actions, sometimes for as little as $1.
This time, Republicans have promised to pursue even more significant changes to the CFPB, targeting its leadership structure, investigative powers and funding source; the bureau gets its money from the Federal Reserve. Last week, Sen. Ted Cruz (R-Texas) unveiled the latest bill to curtail its funding, describing the CFPB as an “unelected, unaccountable bureaucratic agency.”
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