VANGUARD LONG-TERM TAX-EXEMPT FUND
VANGUARD MUNICIPAL BOND FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD LONG-TERM TAX-EXEMPT FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard Long-Term Tax-Exempt Fund (the Fund) seeks to provide a high and sustainable level of current income that is exempt from federal personal income taxes.
The fund actively manages a portfolio of state and local municipal bonds, targeting a dollar-weighted average maturity of 10 to 25 years and maintaining at least 75% in top-tier credit ratings (Aaa, Aa, or A), with up to 20% in medium-quality bonds and 5% in lower-rated securities. Income from the fund's holdings is exempt from federal personal income tax. Because security selection depends on the manager's credit assessments, fund returns will diverge from any municipal bond benchmark.
| Share class | Expense ratio |
|---|---|
| VWLTX | 0.17% |
| VWLUX | 0.09% |
Portfolio turnover 35.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 94.53% |
| Cash & short-term | 4.76% |
| Securitized | 0.49% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Chicago O'Hare International Airport, Black Belt Energy Gas District, State of Washington, Oakland Unified School District/Alameda County, California Community Choice Financing Authority, Commonwealth of Massachusetts, Multnomah County School District No 1 Portland, Kansas Development Finance Authority
Largest exited: Health & Educational Facilities Authority of the State of Missouri, County of Franklin OH, Wisconsin Health & Educational Facilities Authority, Hampton Roads Transportation Accountability Commission, Salt River Project Agricultural Improvement & Power District, New York City Transitional Finance Authority Future Tax Secured Revenue, New York City Municipal Water Finance Authority, San Diego County Regional Airport Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.55% | +11.65% | +4.63% | 4.59% | -6.20% | |
| +6.64% | +11.92% | +5.05% | 4.59% | -6.18% |
These classes hold the same portfolio, so the 0.42pp spread over 5 years is the cost difference between them — roughly 0.08pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 88.1% |
| Floating rate | 10.2% |
| Zero-coupon or unclassified | 1.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.3% |
| 1-3y | 0.8% |
| 3-5y | 1.2% |
| 5-10y | 10.1% |
| 10y+ | 87.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 54% |
| Credit spreads | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +7.03 yr |
| High yield | +0.10 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.31 yr | 4% |
| 5 yr | 1.40 yr | 17% |
| 10 yr | 4.33 yr | 52% |
| 30 yr | 2.28 yr | 27% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.25 yr | 3% |
| 5 yr | 1.14 yr | 16% |
| 10 yr | 3.84 yr | 54% |
| 30 yr | 1.89 yr | 26% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.00 | $21.3k | $270 |
| 1 yr | +0.31 | +0.25 | +0.00 | $466.1k | $5.7k |
| 5 yr | +1.40 | +1.13 | +0.01 | $2.13m | $25.0k |
| 10 yr | +4.33 | +3.79 | +0.06 | $7.16m | $104.9k |
| 30 yr | +2.28 | +1.86 | +0.03 | $3.52m | $48.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund | 4.76% | $900.69M | — |
| — | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue4.33% · due 2040-07-01 | 0.35% | $65.47M | — |
| — | California Community Choice Financing Authority5.50% floating · due 2054-05-01 | 0.28% | $52.27M | — |
| — | Triborough Bridge & Tunnel Authority Sales Tax Revenue5.25% · due 2064-05-15 | 0.26% | $49.22M | — |
| — | Salt River Project Agricultural Improvement & Power District5.25% · due 2055-01-01 | 0.25% | $47.69M | — |
| — | New York City Transitional Finance Authority Future Tax Secured Revenue5.25% · due 2053-02-01 | 0.25% | $47.00M | — |
| — | Chicago Board of Education6.25% · due 2050-12-01 | 0.24% | $45.89M | — |
| — | Commonwealth of Massachusetts5.00% · due 2054-01-01 | 0.24% | $45.45M | — |
| — | Triborough Bridge & Tunnel Authority5.50% · due 2059-12-01 | 0.22% | $41.68M | — |
| — | Black Belt Energy Gas District5.00% floating · due 2055-05-01 | 0.22% | $41.18M | — |
Top 10 positions are 7.06% of net assets, top 25 9.98%, across 1.2K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free