Investment objective & strategy
As of March 27, 2026 · prospectusObjective. Vanguard Ohio Long-Term Tax-Exempt Fund (the Fund) seeks to provide current income that is exempt from both federal and Ohio personal income taxes. The Fund is intended for Ohio residents only.
Strategy. The Fund employs an active management approach, investing primarily in high-quality municipal bonds issued by Ohio state and local governments, as well as by regional governmental and public financing authorities. As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal and Ohio state taxes. The Fund primarily purchases municipal bonds rated investment-grade, as determined by a nationally recognized statistical rating organization or (if unrated) determined to be of comparable quality by the Funds advisor. The Fund expects to maintain a dollar-weighted average maturity between 10 and 25 years, but has no limitations on the … The Fund employs an active management approach, investing primarily in high-quality municipal bonds issued by Ohio state and local governments, as well as by regional governmental and public financing authorities. As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal and Ohio state taxes. The Fund primarily purchases municipal bonds rated investment-grade, as determined by a nationally recognized statistical rating organization or (if unrated) determined to be of comparable quality by the Funds advisor. The Fund expects to maintain a dollar-weighted average maturity between 10 and 25 years, but has no limitations on the maturities of individual securities.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BUCKEYE TOBACCO SETTLEMENT FIN BUCGEN 06/48 FIXED 4 | BUCGEN | $26.63M | 1.75% |
| HAMILTON REV -REF | — | $14.88M | 0.98% |
| OHIO ST UNIV GEN RCPTS 4%, DUE 12/01/2048 | — | $14.53M | 0.96% |
| OHIO ST UNIV GR 5.25% 12/1/2046 | — | $14.20M | 0.93% |
| OHIO WTR DEV AUTH-A | — | $14.11M | 0.93% |
| FRANKLIN HOSP-VAR-REF | — | $14.06M | 0.93% |
| JPM-PUTTERS-XL0479 | — | $14.05M | 0.92% |
| State of Ohio | — | $13.45M | 0.89% |
| Ohio (State of) Air Quality Development Authority (Duke Energy Corp.), Series 2022 B, Ref. RB | OHSDEV | $12.81M | 0.84% |
| WORTH OH SCH 5.50% 12/1/2054 | WORSCD | $11.74M | 0.77% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity Ohio Municipal Income Fund · FOHFX | 10% | 0.46% |
| Franklin Ohio Tax-Free Income Fund · FTOIX, FOITX, FROZX, FKTOX, FOHQX | 9% | 0.53% |
| Eaton Vance Ohio Municipal Income Fund · ETOHX, ECOHX, EIOHX | 8% | 0.69% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of March 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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