Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares
FundVWIUXNASDAQAbout
The Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares aims to deliver a steady and moderate level of current income, which is exempt from federal personal income taxes. While the fund has no restrictions on the maturity of individual securities, its dollar-weighted average maturity is typically maintained between 6 and 12 years. The portfolio primarily consists of high-quality municipal bonds: at least 75% must be rated among the top three categories by a recognized credit agency, or deemed of comparable quality by the advisor if unrated. Up to 20% of its assets may be invested in medium-grade bonds, as determined by a rating organization or the advisor. A small portion, specifically the remaining 5%, can be allocated to securities with lower credit ratings or those assessed as equivalent by the advisor if unrated. A key risk to consider is that changes in interest rates can impact the fund; rising rates may lead to a decrease in bond prices, while falling rates could eventually reduce the fund's income. This fund may appeal to investors seeking federal tax-exempt interest income who are comfortable with moderate fluctuations in both price and income. It's crucial to understand that the Vanguard Intermediate-Term Tax-Exempt Fund is a standalone product, separate and distinct from the Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI). Variations in their scale, investment processes, and underlying holdings mean their investment returns are expected to differ.
Key Facts
52-Week Range
Performance
Sector Exposure
- Cash & Others99.91%
- Financial Services0.07%
- Technology0.03%
Top Holdings
| Symbol | Name | Weight | Market Value |
|---|---|---|---|
| — | Vanguard Municipal Low Duration Fund 12/31/2049 | 1.73% | $1.53B |
| — | Main Street Natural Gas Inc 5.00% 12/01/2054 | 0.25% | $223.36M |
| — | Southeast Energy Authority A Cooperative District 5.00% 10/01/2030 | 0.22% | $198.10M |
| — | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 4.33% 07/01/2040 | 0.21% | $181.45M |
| — | Central Plains Energy Project 5.00% 05/01/2054 | 0.19% | $169.89M |
| — | Black Belt Energy Gas District 5.00% 10/01/2055 | 0.19% | $168.72M |
| — | Black Belt Energy Gas District 5.00% 05/01/2055 | 0.19% | $165.95M |
| — | California Community Choice Financing Authority 5.00% 10/01/2055 | 0.19% | $165.95M |
| — | California Community Choice Financing Authority 5.00% 01/01/2055 | 0.19% | $165.66M |
| — | Texas Municipal Gas Acquisition & Supply Corp IV 5.50% 01/01/2054 | 0.19% | $164.54M |
| — | Kentucky Public Energy Authority 5.25% 06/01/2055 | 0.18% | $157.18M |
| — | California Community Choice Financing Authority 5.00% 01/01/2056 | 0.18% | $155.51M |
| — | Black Belt Energy Gas District 5.00% 12/01/2034 | 0.17% | $154.70M |
| — | Main Street Natural Gas Inc 5.00% 07/01/2053 | 0.17% | $154.63M |
| — | Southeast Energy Authority A Cooperative District 5.25% 01/01/2054 | 0.17% | $153.95M |
| — | Energy Southeast A Cooperative District 5.00% 09/01/2033 | 0.17% | $152.65M |
| — | Black Belt Energy Gas District 5.00% 03/01/2055 | 0.17% | $150.05M |
| — | Main Street Natural Gas Inc 5.00% 09/01/2053 | 0.17% | $146.86M |
| — | California Community Choice Financing Authority 5.00% 02/01/2055 | 0.16% | $143.72M |
| — | University of California 5.00% 05/15/2036 | 0.16% | $139.49M |
| — | California Community Choice Financing Authority 5.50% 05/01/2054 | 0.16% | $138.33M |
| — | California Community Choice Financing Authority 5.00% 02/01/2054 | 0.16% | $137.28M |
| — | Tennessee Energy Acquisition Corp 5.00% 12/01/2035 | 0.15% | $136.60M |
| — | California Community Choice Financing Authority 5.25% 02/01/2036 | 0.15% | $136.28M |
| — | Kentucky Public Energy Authority 5.00% 12/01/2033 | 0.15% | $136.25M |