VWIUX Intermediate-Term Tax-Exempt Fund Admiral Shares
Also available in more share classes
Expense ratio
0.09%
as of 02/28/2025
MANAGEMENT STYLE
Active
Overview
Objective: Intermediate-Term Tax-Exempt Fund seeks to provide a moderate and sustainable level of current income that is exempt from federal personal income taxes.
Approaching active
Learn about our approach to Active Fixed Income with expert Sara Devereux.
Fund facts
YTD RETURNS
-0.19%
as of 03/28/2025
30 DAY SEC YIELD A non-money-market fund's SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield. The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous seven days.
3.51% A BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER
as of 03/27/2025
DISTRIBUTION YIELD The fund's current monthly income dividend per share, annualized (by dividing by the number of days in the month and multiplying by 365) as a percentage of the fund's average NAV during the month.
3.51%
as of 02/28/2025
HOLDINGS
14,517
as of 02/28/2025
INCEPTION DATE
02/12/2001
TOTAL NET ASSETS This represents the total net assets for all share classes of Vanguard's U.S. funds that share the same investment strategy, management, and holdings, but does not include any collective trusts sharing the same investment mandate.
$78.8 B
as of 02/28/2025
NET ASSETS FOR VWIUX
$76.5 B
as of 02/28/2025
TURNOVER RATE
30.70%
October fiscal year-end
CUSIP
922907878
LIPPER PEER AVERAGE
0.667%
Expense ratio 12/31/2024
DESIGNATION
Muni National Interm
Benchmark
Bloomberg 1-15 Year Municipal Index (I06112US)
MORNINGSTAR RATING
as of 02/28/2025
Muni National Interm (259 funds)
Fees & minimums
Large transaction policyPURCHASE FEE A fee charged by some mutual funds when an investor buys shares. This fee is not a sales charge or load because it is paid directly to the fund to offset the costs of trading certain securities.
None
REDEMPTION FEE A fee charged by some mutual funds when an investor sells shares. A redemption fee differs from a back-end load because the money is paid back into the fund. Many funds charge redemption fees only when shares are bought and then sold within a specific period of time, generally in an effort to discourage market-timing and short-term trading. Some brokers also charge their clients redemption fees for the sale of securities.
None
MINIMUM INVESTMENT
N/A
Investment approach
- Intermediate-term municipal bonds.
- Seeks moderate current income exempt from federal tax.
- Invests primarily in high-quality municipal securities.
- Seeks to maintain a dollar-weighted average nominal maturity between 6 and 12 years.
The Vanguard Intermediate-Term Tax-Exempt Fund is a stand alone product and is separate and distinct from the Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI). Differences in scale, certain investment processes, and underlying holdings are expected to produce different investment returns by the funds.
Management
- Vanguard Fixed Income Group
- 67 years of management experience
Active Fixed Income perspectives
The overall outlook for bonds is notably positive in 2025; starting yields offer the prospect of strong income.
Read our analysisPortfolio analytics
Create hypothetical client portfolios and evaluate their potential response to current market conditions. Analyze hypothetical performance and risk statistics, compare two portfolios side-by-side, and more.
Explore analyticsPerformance
Expense ratio 0.09%
| Month-end | YTD | 1 YEAR | 3 YEAR | 5 YEAR | 10 YEAR | Since inception 02/12/2001 | |
|---|---|---|---|---|---|---|---|
| VWIUX | 1.01% | 1.49% | 3.32% | 1.59% | 1.11% | 2.35% | 3.59% |
| Benchmark Bloomberg 1-15 Year Municipal Bond Index 2 | 0.98% | 1.67% | 2.86% | 1.45% | 0.91% | 2.14% | — |
| +/- Benchmark The difference in a fund's non-fee adjusted return versus an identified benchmark or peer group. | 0.03% | -0.18% | 0.46% | 0.14% | 0.20% | 0.21% | — |
Price & distributions
Closing price
Closing price as of 03/28/2025
NAV For funds with a fluctuating price per share, the net asset value (NAV) is the market value of a mutual fund's total assets, minus liabilities, divided by the number of shares outstanding. The value of a single share is called its share value or share price.
For money market funds that seek to maintain a stable price per share, the NAV is calculated by valuing securities at amortized cost, which approximates market value.
$13.44
NAV CHANGE
$0.04 (0.30%)
52-WEEK HIGH $13.84 last occurred on:
10/02/2024
10/03/2024
$13.84
10/03/2024
52-WEEK LOW
$13.39
05/30/2024
52-WEEK DIFFERENCE
$0.45 (3.36%)
Name
VWIUX
DATE
3/28/2025
NAV
$13.44
| DATE | Price |
|---|---|
| 2023-10-02 | $12.97 |
| 2023-10-03 | $12.93 |
| 2023-10-04 | $12.93 |
| 2023-10-05 | $12.94 |
| 2023-10-06 | $12.91 |
| 2023-10-09 | $12.93 |
| 2023-10-10 | $12.97 |
| 2023-10-11 | $13.05 |
| 2023-10-12 | $13.03 |
| 2023-10-13 | $13.03 |
| 2023-10-16 | $13.00 |
| 2023-10-17 | $12.93 |
| 2023-10-18 | $12.90 |
| 2023-10-19 | $12.86 |
| 2023-10-20 | $12.87 |
| 2023-10-23 | $12.87 |
| 2023-10-24 | $12.88 |
| 2023-10-25 | $12.86 |
| 2023-10-26 | $12.87 |
| 2023-10-27 | $12.87 |
| 2023-10-30 | $12.85 |
| 2023-10-31 | $12.86 |
| 2023-11-01 | $12.87 |
| 2023-11-02 | $12.96 |
| 2023-11-03 | $13.05 |
| 2023-11-06 | $13.06 |
| 2023-11-07 | $13.09 |
| 2023-11-08 | $13.13 |
| 2023-11-09 | $13.14 |
| 2023-11-10 | $13.15 |
| 2023-11-13 | $13.15 |
| 2023-11-14 | $13.22 |
| 2023-11-15 | $13.22 |
| 2023-11-16 | $13.25 |
| 2023-11-17 | $13.27 |
| 2023-11-20 | $13.29 |
| 2023-11-21 | $13.31 |
| 2023-11-22 | $13.33 |
| 2023-11-24 | $13.33 |
| 2023-11-27 | $13.35 |
| 2023-11-28 | $13.38 |
| 2023-11-29 | $13.46 |
| 2023-11-30 | $13.48 |
| 2023-12-01 | $13.51 |
| 2023-12-04 | $13.51 |
| 2023-12-05 | $13.53 |
| 2023-12-06 | $13.56 |
| 2023-12-07 | $13.57 |
| 2023-12-08 | $13.57 |
| 2023-12-11 | $13.56 |
| 2023-12-12 | $13.56 |
| 2023-12-13 | $13.59 |
| 2023-12-14 | $13.68 |
| 2023-12-15 | $13.69 |
| 2023-12-18 | $13.70 |
| 2023-12-19 | $13.70 |
| 2023-12-20 | $13.73 |
| 2023-12-21 | $13.73 |
| 2023-12-22 | $13.73 |
| 2023-12-26 | $13.74 |
| 2023-12-27 | $13.75 |
| 2023-12-28 | $13.75 |
| 2023-12-29 | $13.75 |
| 2024-01-02 | $13.75 |
| 2024-01-03 | $13.75 |
| 2024-01-04 | $13.75 |
| 2024-01-05 | $13.75 |
| 2024-01-08 | $13.75 |
| 2024-01-09 | $13.75 |
| 2024-01-10 | $13.73 |
| 2024-01-11 | $13.73 |
| 2024-01-12 | $13.74 |
| 2024-01-16 | $13.72 |
| 2024-01-17 | $13.68 |
| 2024-01-18 | $13.65 |
| 2024-01-19 | $13.62 |
| 2024-01-22 | $13.63 |
| 2024-01-23 | $13.62 |
| 2024-01-24 | $13.61 |
| 2024-01-25 | $13.62 |
| 2024-01-26 | $13.62 |
| 2024-01-29 | $13.64 |
| 2024-01-30 | $13.66 |
| 2024-01-31 | $13.70 |
| 2024-02-01 | $13.75 |
| 2024-02-02 | $13.72 |
| 2024-02-05 | $13.66 |
| 2024-02-06 | $13.66 |
| 2024-02-07 | $13.66 |
| 2024-02-08 | $13.67 |
| 2024-02-09 | $13.67 |
| 2024-02-12 | $13.67 |
| 2024-02-13 | $13.64 |
| 2024-02-14 | $13.65 |
| 2024-02-15 | $13.66 |
| 2024-02-16 | $13.66 |
| 2024-02-20 | $13.66 |
| 2024-02-21 | $13.67 |
| 2024-02-22 | $13.66 |
| 2024-02-23 | $13.67 |
| 2024-02-26 | $13.67 |
| 2024-02-27 | $13.67 |
| 2024-02-28 | $13.67 |
| 2024-02-29 | $13.68 |
| 2024-03-01 | $13.68 |
| 2024-03-04 | $13.67 |
| 2024-03-05 | $13.69 |
| 2024-03-06 | $13.69 |
| 2024-03-07 | $13.71 |
| 2024-03-08 | $13.71 |
| 2024-03-11 | $13.72 |
| 2024-03-12 | $13.72 |
| 2024-03-13 | $13.72 |
| 2024-03-14 | $13.69 |
| 2024-03-15 | $13.68 |
| 2024-03-18 | $13.67 |
| 2024-03-19 | $13.67 |
| 2024-03-20 | $13.66 |
| 2024-03-21 | $13.66 |
| 2024-03-22 | $13.67 |
| 2024-03-25 | $13.67 |
| 2024-03-26 | $13.65 |
| 2024-03-27 | $13.64 |
| 2024-03-28 | $13.65 |
| 2024-04-01 | $13.63 |
| 2024-04-02 | $13.58 |
| 2024-04-03 | $13.56 |
| 2024-04-04 | $13.57 |
| 2024-04-05 | $13.56 |
| 2024-04-08 | $13.55 |
| 2024-04-09 | $13.56 |
| 2024-04-10 | $13.52 |
| 2024-04-11 | $13.53 |
| 2024-04-12 | $13.55 |
| 2024-04-15 | $13.54 |
| 2024-04-16 | $13.51 |
| 2024-04-17 | $13.52 |
| 2024-04-18 | $13.51 |
| 2024-04-19 | $13.51 |
| 2024-04-22 | $13.51 |
| 2024-04-23 | $13.52 |
| 2024-04-24 | $13.51 |
| 2024-04-25 | $13.47 |
| 2024-04-26 | $13.47 |
| 2024-04-29 | $13.48 |
| 2024-04-30 | $13.48 |
| 2024-05-01 | $13.49 |
| 2024-05-02 | $13.50 |
| 2024-05-03 | $13.53 |
| 2024-05-06 | $13.55 |
| 2024-05-07 | $13.58 |
| 2024-05-08 | $13.59 |
| 2024-05-09 | $13.58 |
| 2024-05-10 | $13.57 |
| 2024-05-13 | $13.58 |
| 2024-05-14 | $13.58 |
| 2024-05-15 | $13.59 |
| 2024-05-16 | $13.58 |
| 2024-05-17 | $13.57 |
| 2024-05-20 | $13.54 |
| 2024-05-21 | $13.52 |
| 2024-05-22 | $13.49 |
| 2024-05-23 | $13.45 |
| 2024-05-24 | $13.45 |
| 2024-05-28 | $13.44 |
| 2024-05-29 | $13.40 |
| 2024-05-30 | $13.39 |
| 2024-05-31 | $13.40 |
| 2024-06-03 | $13.43 |
| 2024-06-04 | $13.46 |
| 2024-06-05 | $13.50 |
| 2024-06-06 | $13.54 |
| 2024-06-07 | $13.51 |
| 2024-06-10 | $13.50 |
| 2024-06-11 | $13.50 |
| 2024-06-12 | $13.56 |
| 2024-06-13 | $13.59 |
| 2024-06-14 | $13.60 |
| 2024-06-17 | $13.59 |
| 2024-06-18 | $13.60 |
| 2024-06-20 | $13.59 |
| 2024-06-21 | $13.59 |
| 2024-06-24 | $13.59 |
| 2024-06-25 | $13.58 |
| 2024-06-26 | $13.56 |
| 2024-06-27 | $13.55 |
| 2024-06-28 | $13.55 |
| 2024-07-01 | $13.53 |
| 2024-07-02 | $13.53 |
| 2024-07-03 | $13.55 |
| 2024-07-05 | $13.57 |
| 2024-07-08 | $13.58 |
| 2024-07-09 | $13.58 |
| 2024-07-10 | $13.59 |
| 2024-07-11 | $13.62 |
| 2024-07-12 | $13.63 |
| 2024-07-15 | $13.62 |
| 2024-07-16 | $13.63 |
| 2024-07-17 | $13.63 |
| 2024-07-18 | $13.63 |
| 2024-07-19 | $13.63 |
| 2024-07-22 | $13.62 |
| 2024-07-23 | $13.62 |
| 2024-07-24 | $13.62 |
| 2024-07-25 | $13.62 |
| 2024-07-26 | $13.62 |
| 2024-07-29 | $13.63 |
| 2024-07-30 | $13.62 |
| 2024-07-31 | $13.64 |
| 2024-08-01 | $13.67 |
| 2024-08-02 | $13.74 |
| 2024-08-05 | $13.78 |
| 2024-08-06 | $13.77 |
| 2024-08-07 | $13.71 |
| 2024-08-08 | $13.68 |
| 2024-08-09 | $13.68 |
| 2024-08-12 | $13.69 |
| 2024-08-13 | $13.70 |
| 2024-08-14 | $13.72 |
| 2024-08-15 | $13.69 |
| 2024-08-16 | $13.69 |
| 2024-08-19 | $13.70 |
| 2024-08-20 | $13.71 |
| 2024-08-21 | $13.72 |
| 2024-08-22 | $13.71 |
| 2024-08-23 | $13.72 |
| 2024-08-26 | $13.73 |
| 2024-08-27 | $13.72 |
| 2024-08-28 | $13.71 |
| 2024-08-29 | $13.71 |
| 2024-08-30 | $13.71 |
| 2024-09-03 | $13.71 |
| 2024-09-04 | $13.72 |
| 2024-09-05 | $13.74 |
| 2024-09-06 | $13.76 |
| 2024-09-09 | $13.77 |
| 2024-09-10 | $13.79 |
| 2024-09-11 | $13.79 |
| 2024-09-12 | $13.79 |
| 2024-09-13 | $13.79 |
| 2024-09-16 | $13.80 |
| 2024-09-17 | $13.81 |
| 2024-09-18 | $13.81 |
| 2024-09-19 | $13.80 |
| 2024-09-20 | $13.80 |
| 2024-09-23 | $13.80 |
| 2024-09-24 | $13.79 |
| 2024-09-25 | $13.79 |
| 2024-09-26 | $13.79 |
| 2024-09-27 | $13.81 |
| 2024-09-30 | $13.81 |
| 2024-10-01 | $13.84 |
| 2024-10-02 | $13.84 |
| 2024-10-03 | $13.84 |
| 2024-10-04 | $13.79 |
| 2024-10-07 | $13.77 |
| 2024-10-08 | $13.75 |
| 2024-10-09 | $13.73 |
| 2024-10-10 | $13.73 |
| 2024-10-11 | $13.72 |
| 2024-10-14 | $13.71 |
| 2024-10-15 | $13.73 |
| 2024-10-16 | $13.74 |
| 2024-10-17 | $13.73 |
| 2024-10-18 | $13.73 |
| 2024-10-21 | $13.70 |
| 2024-10-22 | $13.66 |
| 2024-10-23 | $13.58 |
| 2024-10-24 | $13.58 |
| 2024-10-25 | $13.61 |
| 2024-10-28 | $13.61 |
| 2024-10-29 | $13.58 |
| 2024-10-30 | $13.59 |
| 2024-10-31 | $13.59 |
| 2024-11-01 | $13.59 |
| 2024-11-04 | $13.62 |
| 2024-11-05 | $13.62 |
| 2024-11-06 | $13.51 |
| 2024-11-07 | $13.55 |
| 2024-11-08 | $13.63 |
| 2024-11-11 | $13.63 |
| 2024-11-12 | $13.62 |
| 2024-11-13 | $13.63 |
| 2024-11-14 | $13.64 |
| 2024-11-15 | $13.63 |
| 2024-11-18 | $13.63 |
| 2024-11-19 | $13.65 |
| 2024-11-20 | $13.65 |
| 2024-11-21 | $13.65 |
| 2024-11-22 | $13.65 |
| 2024-11-25 | $13.68 |
| 2024-11-26 | $13.69 |
| 2024-11-27 | $13.71 |
| 2024-11-29 | $13.74 |
| 2024-12-02 | $13.76 |
| 2024-12-03 | $13.78 |
| 2024-12-04 | $13.78 |
| 2024-12-05 | $13.78 |
| 2024-12-06 | $13.79 |
| 2024-12-09 | $13.78 |
| 2024-12-10 | $13.77 |
| 2024-12-11 | $13.76 |
| 2024-12-12 | $13.71 |
| 2024-12-13 | $13.67 |
| 2024-12-16 | $13.67 |
| 2024-12-17 | $13.64 |
| 2024-12-18 | $13.61 |
| 2024-12-19 | $13.51 |
| 2024-12-20 | $13.54 |
| 2024-12-23 | $13.54 |
| 2024-12-24 | $13.54 |
| 2024-12-26 | $13.54 |
| 2024-12-27 | $13.54 |
| 2024-12-30 | $13.56 |
| 2024-12-31 | $13.57 |
| 2025-01-02 | $13.58 |
| 2025-01-03 | $13.59 |
| 2025-01-06 | $13.59 |
| 2025-01-07 | $13.58 |
| 2025-01-08 | $13.54 |
| 2025-01-10 | $13.50 |
| 2025-01-13 | $13.47 |
| 2025-01-14 | $13.45 |
| 2025-01-15 | $13.48 |
| 2025-01-16 | $13.49 |
| 2025-01-17 | $13.52 |
| 2025-01-21 | $13.54 |
| 2025-01-22 | $13.55 |
| 2025-01-23 | $13.54 |
| 2025-01-24 | $13.54 |
| 2025-01-27 | $13.59 |
| 2025-01-28 | $13.58 |
| 2025-01-29 | $13.58 |
| 2025-01-30 | $13.60 |
| 2025-01-31 | $13.60 |
| 2025-02-03 | $13.60 |
| 2025-02-04 | $13.61 |
| 2025-02-05 | $13.65 |
| 2025-02-06 | $13.66 |
| 2025-02-07 | $13.64 |
| 2025-02-10 | $13.64 |
| 2025-02-11 | $13.63 |
| 2025-02-12 | $13.56 |
| 2025-02-13 | $13.58 |
| 2025-02-14 | $13.60 |
| 2025-02-18 | $13.60 |
| 2025-02-19 | $13.60 |
| 2025-02-20 | $13.62 |
| 2025-02-21 | $13.63 |
| 2025-02-24 | $13.64 |
| 2025-02-25 | $13.68 |
| 2025-02-26 | $13.70 |
| 2025-02-27 | $13.69 |
| 2025-02-28 | $13.70 |
| 2025-03-03 | $13.70 |
| 2025-03-04 | $13.70 |
| 2025-03-05 | $13.68 |
| 2025-03-06 | $13.63 |
| 2025-03-07 | $13.63 |
| 2025-03-10 | $13.65 |
| 2025-03-11 | $13.63 |
| 2025-03-12 | $13.57 |
| 2025-03-13 | $13.56 |
| 2025-03-14 | $13.55 |
| 2025-03-17 | $13.55 |
| 2025-03-18 | $13.55 |
| 2025-03-19 | $13.54 |
| 2025-03-20 | $13.56 |
| 2025-03-21 | $13.56 |
| 2025-03-24 | $13.53 |
| 2025-03-25 | $13.51 |
| 2025-03-26 | $13.44 |
| 2025-03-27 | $13.40 |
| 2025-03-28 | $13.44 |
Realized/Unrealized gains
as of 02/28/2025
REALIZED GAIN
-$0.27
% of NAV
-2.00%
UNREALIZED GAINS OF NAV
-$0.09
% of NAV
-0.69%
DISTRIBUTION SCHEDULE
Daily - Calendar Days
Use this table to view or export up to ten years of distributions for this fund.
You can view the 2024 year-end capital gains for all funds in the Tax Center.
| TYPE | $/SHARE | PAYABLE DATE The date when dividends or capital gains are paid to shareholders. For Vanguard mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid. | RECORD DATE The date established by the issuer of a security for the purpose of determining the holders who are entitled to receive that security's next distribution of dividends or capital gains. | REINVEST DATE The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. | REINVEST PRICE The price at which an investment's dividend or capital gains distribution is reinvested, if requested by the shareholder, to purchase additional shares. | DISTRIBUTION YIELD The fund's current monthly income (excluding capital gains distributions) dividend per share, divided by the days since the last distribution and multiplied by 365, and shown as a percentage of the fund's average net asset value over that period. | DISTRIBUTION YIELD AS OF |
|---|---|---|---|---|---|---|---|
| Income | $0.036721 | 03/03/2025 | 02/28/2025 | 02/28/2025 | $13.70 | 3.51% | 02/28/2025 |
| Income | $0.035672 | 02/03/2025 | 01/31/2025 | 01/31/2025 | $13.60 | 3.10% | 01/31/2025 |
| Income | $0.035868 | 01/02/2025 | 12/31/2024 | 12/31/2024 | $13.57 | 3.10% | 12/31/2024 |
| Income | $0.036004 | 12/02/2024 | 11/29/2024 | 11/29/2024 | $13.74 | 3.22% | 11/29/2024 |
| Income | $0.035751 | 11/01/2024 | 10/31/2024 | 10/31/2024 | $13.59 | 3.08% | 10/31/2024 |
| Income | $0.036024 | 10/01/2024 | 09/30/2024 | 09/30/2024 | $13.81 | 3.19% | 09/30/2024 |
| Income | $0.035658 | 09/03/2024 | 08/30/2024 | 08/30/2024 | $13.71 | 3.07% | 08/30/2024 |
| Income | $0.035193 | 08/01/2024 | 07/31/2024 | 07/31/2024 | $13.64 | 3.05% | 07/31/2024 |
| Income | $0.035099 | 07/01/2024 | 06/28/2024 | 06/28/2024 | $13.55 | 3.16% | 06/28/2024 |
| Income | $0.034340 | 06/03/2024 | 05/31/2024 | 05/31/2024 | $13.40 | 3.00% | 05/31/2024 |
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Performance data for periods of less than one year do not reflect the deduction of purchase and redemption fees. Maintenance, low-balance, and service fees may be assessed by some funds. None of these fees are reflected in the performance figures. If these fees were included, the performance would be lower. All other performance data are adjusted for purchase and redemption fees, where applicable.
The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Benchmark comparative indexes represent unmanaged or average returns on various financial assets, which can be compared with funds' total returns for the purpose of measuring relative performance.
Portfolio
Fundamentals
as of 02/28/2025
| Fundamental | VWIUX | Benchmark Bloomberg 1-15 Year Municipal Bond Index |
|---|---|---|
| Number of bonds | 14517 | 46754 |
| Yield to worst Lowest yield possible for a security given the current price, taking into account both call dates and maturity. | 3.42% | 3.21% |
| Short-term reserves | — | N/A |
| Average duration | 5.7 (years) | 4.7 (years) |
| Average stated maturity Average stated maturity (municipal bond funds and Tax-Managed Balanced) Average stated maturity represents the average of the stated maturity dates for all fixed income securities held by the fund. | 9.8 (years) | 8.2 (years) |
| Average coupon | 4.04% | 4.61% |
| Alternative minimum tax | 0.00% | N/A |
| HOLDINGS | % OF FUNDS | MARKET VALUE | Face amount | Coupon | Maturity date |
|---|---|---|---|---|---|
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue | 0.30% | $240,525,920.42 | $241,423,000.00 | 4.33% | 07/01/2040 |
| Main Street Natural Gas Inc | 0.28% | $220,778,835.68 | $206,925,000.00 | 5.00% | 05/01/2055 |
| California Community Choice Financing Authority | 0.24% | $187,421,882.40 | $176,115,000.00 | 5.00% | 01/01/2055 |
| Main Street Natural Gas Inc | 0.23% | $180,542,659.81 | $170,105,000.00 | 5.00% | 07/01/2053 |
| Texas Municipal Gas Acquisition & Supply Corp IV | 0.23% | $179,650,913.15 | $167,720,000.00 | 5.50% | 01/01/2054 |
| Black Belt Energy Gas District | 0.22% | $175,345,207.01 | $164,620,000.00 | 5.00% | 10/01/2055 |
| Central Plains Energy Project | 0.21% | $169,848,194.11 | $161,760,000.00 | 5.00% | 05/01/2054 |
| Main Street Natural Gas Inc | 0.20% | $161,886,054.00 | $160,665,000.00 | 4.00% | 05/01/2052 |
| California Community Choice Financing Authority | 0.20% | $158,180,189.77 | $143,565,000.00 | 5.00% | 01/01/2056 |
| Kentucky Public Energy Authority | 0.20% | $157,337,618.90 | $146,205,000.00 | 5.00% | 01/01/2055 |
Holdings policy for this fund Percentages may not add up to 100%.
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Compare products| Credit rating Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. NR securities may include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Low Duration Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under "U.S. Government." Credit-quality ratings for each issue are obtained from Moody's and S&P, and the higher rating for each issue is used. | % of fund | VWIUX |
|---|---|---|
| AA | 44.86% | |
| A | 27.88% | |
| AAA | 14.71% | |
| BBB | 6.32% | |
| NR | 5.07% | |
| BB | 1.05% | |
| B or Lower | 0.12% |
Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.
Risk
Risk and volatility
as of 02/28/2025
| R-squared A measure of how much of a portfolio's performance can be explained by the returns from the overall market (or a benchmark index). If a portfolio's total return precisely matched that of the overall market or benchmark, its R-squared would be 1.00. If a portfolio's return bore no relationship to the market's returns, its R-squared would be 0. | Beta A measure of how much of a portfolio's performance can be explained by the returns from the overall market (or a benchmark index). If a portfolio's total return precisely matched that of the overall market or benchmark, its beta would be 1.00. If a portfolio's return bore no relationship to the market's returns, its beta would be 0. | Alpha A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. | Standard deviation A measure of the degree to which a fund's return varies from its previous returns or from the average of all similar funds. The larger the standard deviation, the greater the likelihood (and risk) that a security's performance will fluctuate from the average return. | Sharpe ratio A measure of risk-adjusted return. To calculate a Sharpe ratio, an asset's excess returns (its return in excess of the return generated by risk-free assets such as Treasury bills) is divided by the asset's standard deviation. | Capture ratio (downside/upside) The downside/upside capture ratio shown here represents whether the given fund has outperformed—lost less or gained more than—the primary prospectus benchmark during periods of market weakness and strength, and if so, by how much. Upside capture ratios for funds are calculated by taking the fund's monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. Downside capture ratios are calculated by taking the fund's monthly return during the periods of negative benchmark performance and dividing it by the benchmark return. Morningstar.com displays the upside and downside capture ratios over 1-, 3-, 5-, 10-, and 15-year periods by calculating the geometric average for both the fund and index returns during the up and down months, respectively, over each time period. An upside capture ratio over 100 indicates a fund has generally outperformed the benchmark during periods of positive returns for the benchmark. Meanwhile, a downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark has been in the red. However, if a fund generates positive returns while the benchmark declines, the fund's downside capture ratio will be negative (meaning it has moved in the opposite direction of the benchmark). All stock funds' upside and downside capture ratios are calculated versus the S&P 500, whereas bond and international fund ratios are calculated relative to the Barclays Capital U.S. Aggregate Bond Index and MSCI EAFE Index, respectively. For some context, we also show the category average upside/downside capture ratios for those same time periods. | |
|---|---|---|---|---|---|---|
| VWIUX | N/A | N/A | 0.03 | 6.29% | -0.43 | 103/104 |
| Primary benchmark Bloomberg 1-15 Year Municipal Bond Index 3 | 0.99 | 1.06 | N/A | 5.90% | -0.48 | N/A |
| Broad-based benchmark Bloomberg Municipal Bond Index | 0.99 | 0.84 | N/A | 7.51% | -0.44 | N/A |
Risk and volatility are based on the share class with the earliest inception date.
Risk measures are calculated from trailing 3, 5, and 10 year fund returns relative to the associated benchmarks.
Management
Vanguard Intermediate-Term Tax-Exempt Fund seeks to provide a moderate and sustainable level of current income that is exempt from federal personal income taxes. The fund has no limitations on the maturity of individual securities but is expected to maintain a dollar-weighted average maturity of 6 to 12 years. At least 75% of the securities held by the fund are municipal bonds in the top three credit-rating categories as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor. The fund may invest up to 20% of its assets in medium-grade bonds, as determined by a rating organization or by the advisor. The remaining 5% may be invested in securities with lower credit ratings or, if unrated, determined to be of comparable quality by the advisor. The fund’s advisor, Vanguard Fixed Income Group, seeks to add value by making small adjustments to the fund’s maturity structure based on factors such as interest-rate outlook and slope of the yield curve. Vanguard’s independent research capabilities assist in identifying specific issues and market sectors that represent good relative value.
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Sara Devereux, principal and global head of Fixed Income Group, has direct oversight responsibility for all money market, bond, and stable value portfolios managed by the Fixed Income Group. The Fixed Income Group offers actively managed investments in U.S. Treasury, corporate, and tax-exempt securities, as well as passively managed index portfolios. Since 1981, it has refined techniques in total-return management, credit research, and index sampling to seek to deliver consistent performance with transparency and risk control. The group has advised Vanguard Intermediate-Term Tax-Exempt Fund since 1981.
James M. D'Arcy CFA, Portfolio manager
12 years on fund 29 years of experience B.A., University of Colorado.
Mathew M. Kiselak Principal, Portfolio manager
2 years on fund 38 years of experience B.S., Pace University.
Quarterly commentary
Global financial markets performed unevenly for the three months ended December 31, 2024. U.S. stocks posted gains amid resilient growth and optimism about future tax cuts and deregulation. The Federal Reserve’s signaling of less enthusiasm for further interest rate cuts, though, trimmed those returns and hurt bond prices. Weaker growth outside the U.S. contributed to negative returns from many regions, including European stocks.
Literature
Disclosures and footnotes
Performance
1Year-to-date performance data is not available for the benchmark.
2Includes investment-grade (rated Baa or above by Moody’s) tax-exempt bonds that are issued by state and local governments and have maturities of 1 to 15 years.
Risk
3Includes investment-grade (rated Baa or above by Moody’s) tax-exempt bonds that are issued by state and local governments and have maturities of 1 to 15 years.
The portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund's daily portfolio holdings as of the market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shown above is an estimate, and may not precisely reflect actual attribution information. Information noted above does not reflect fair value adjustments to prices of foreign securities held in the portfolio.
An investment in the fund could lose money over short or long periods of time. You should expect the fund’s share price and total return to fluctuate within a wide range. The fund is subject to the following risks, which could affect the fund’s performance, and the level of risk may vary based on market conditions:
Income risk, which is the chance that the fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the fund’s monthly income to fluctuate accordingly.
Interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be moderate for the fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.
Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income. Such redemptions and subsequent reinvestments would also increase the fund’s portfolio turnover rate. Call risk is generally moderate for intermediate-term bond funds.
Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.
Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. In general, credit risk should be relatively low for the fund because it invests primarily in bonds that are considered to be of high quality.
Liquidity risk, which is the chance that the fund may not be able to sell a security in a timely manner at a desired price.
Manager risk, which is the chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.
Tax risk, which is the chance that all or a portion of the tax-exempt income from municipal bonds held by the fund will be declared taxable, possibly with retroactive effect, because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state or local tax authorities, or noncompliant conduct of a bond issuer.
Derivatives risk. The fund may invest in derivatives and structured products such as tender option bonds and long-term municipal bonds combined with a demand feature (e.g., variable rate demand notes or VRDNs), which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.
Regional risk, which is the chance that economic, political, or regulatory occurrences within a certain state may adversely affect the value of securities offered by issuers located within that state. Because the fund may invest a large portion of its assets in securities located in any one state, the fund’s performance may be hurt disproportionately by the poor performance of its investments in that area.
