Investment objective & strategy
As of Feb. 27, 2026 · prospectusObjective. Vanguard Intermediate-Term Tax-Exempt Fund (the Fund) seeks to provide a moderate and sustainable level of current income that is exempt from federal personal income taxes.
Strategy. The Fund employs an active management approach, investing mainly in state and local municipal bonds. 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 income tax. The Fund expects to maintain a dollar-weighted average maturity of 6 to 12 years, but has no limitations on the maturities of individual securities. The Fund typically invests at least 75% of its assets in municipal bonds in one of the top three credit rating categories as determined by a nationally recognized statistical rating organization (e.g., Aaa, Aa, or A by Moodys) or, if unrated, determined to … The Fund employs an active management approach, investing mainly in state and local municipal bonds. 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 income tax. The Fund expects to maintain a dollar-weighted average maturity of 6 to 12 years, but has no limitations on the maturities of individual securities. The Fund typically invests at least 75% of its assets in municipal bonds in one of the top three credit rating categories as determined by a nationally recognized statistical rating organization (e.g., Aaa, Aa, or A by Moodys) or, if unrated, determined to be of comparable quality by the Funds advisor. The Fund may invest up to 20% of its assets in medium-quality municipal bonds (e.g., Baa by Moodys) and 5% of its assets in securities with lower credit ratings, also as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the Funds advisor.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Vanguard Municipal Cash Management Fund | — | $2.07B | 2.39% |
| RESTRUCTURED-SER A-2 | PRCGEN | $268.00M | 0.31% |
| MAIN STR NAT GA 5% MT | MAIUTL | $234.34M | 0.27% |
| SOUTHEAST ENERGY-E | SEEPWR | $200.86M | 0.23% |
| TX TMGUTL 01/01/2054 | TMGUTL | $174.13M | 0.20% |
| BLACK BELT ENERGY GAS VAR | BBEUTL | $172.21M | 0.20% |
| CTR PLN ENG GAS 5% MT | CENPWR | $171.65M | 0.20% |
| CALIFORNIA COMMUNITY VAR | CCEDEV | $171.38M | 0.20% |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | CCEDEV | $169.92M | 0.20% |
| BLACK BELT-SER-C | — | $168.62M | 0.20% |
Portfolio moves
Oct 31, 2025 → Jan 31, 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. |
|---|---|---|
| VANGUARD TAX-MANAGED BALANCED FUND · VTMFX | 27% | 0.05% |
| VANGUARD LIMITED-TERM TAX-EXEMPT FUND · VMLTX, VMLUX | 22% | 0.09% |
| VANGUARD LONG-TERM TAX-EXEMPT FUND · VWLTX, VWLUX | 20% | 0.09% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of February 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 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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