Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares
VPAIX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Apr 7, 1986
- CIK
- 0000788606
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) is a municipal bond mutual fund that seeks to provide current income exempt from both federal and Pennsylvania personal income taxes. The fund invests primarily in high-quality, investment-grade municipal bonds issued by the Commonwealth of Pennsylvania, its local governments, and regional governmental and public financing authorities; at least 80% of its assets are allocated to such tax-exempt securities; its dollar-weighted average maturity falls between 10 and 25 years, with an effective duration of approximately 7.98 years as of recent data. Holdings emphasize AA-rated bonds and debt with 10- to 15-year maturities, including top positions such as Commonwealth Financing Authority Pennsylvania TOB Master Settlement Payment Revenue and Pennsylvania State obligations; the portfolio maintains a non-diversified structure with total assets of about $3.8 billion across 1,188 holdings and a portfolio turnover rate of 33%. The fund's expense ratio stands at a low 0.17%, with a minimum initial investment of $3,000, and it is benchmarked against the Bloomberg Pennsylvania Municipal Index. Inaugurated on April 7, 1986, the fund operates under The Vanguard Group, Inc., an investment management firm founded in 1975 and headquartered in Malvern, Pennsylvania. Vanguard, with its client-owned structure, manages the fund from Valley Forge, Pennsylvania, serving primarily Pennsylvania residents seeking tax-advantaged income; it targets high-quality, long-term municipal securities across sectors like general obligations, hospitals, housing, and lifecare bonds. Among recent developments, Vanguard implemented its largest fee reductions in company history in early 2025, cutting expense ratios across 168 share classes in 87 funds at an estimated cost of $350 million, reinforcing its commitment to low-cost investing amid continued asset growth rivaling BlackRock. Under new CEO Salim Ramji, who assumed leadership in July 2024, the firm established a dedicated division for advice and wealth management services, positioning it to expand in those areas. The fund maintained strong risk-adjusted performance, generating positive alpha over the trailing 10-year period against its category index, with a 12-month yield of 3.6% and a 30-day SEC yield of 3.8% as of late 2025.