Vanguard Tax-Exempt Bond Index Fund Admiral Shares
VTEAX
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- Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) is a mutual fund that employs an indexing investment approach to track the performance of the S&P National AMT-Free Municipal Bond Index, which measures the investment-grade segment of the U.S. municipal bond market. The fund invests by sampling the index, holding a range of securities that approximate the full index in key risk factors and characteristics; at least 80% of its assets are invested in securities held in the index, with a focus on municipal bonds issued by state or local governments or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). Eligible bonds must be investment-grade (at least BBB– rated), denominated in U.S. dollars, from deals of at least $100 million original offering with a minimum par amount of $25 million, and have a minimum term to maturity or call date greater than one month; the index excludes bonds from U.S. territories, certain sectors like housing and tobacco, and conduit bonds. The fund's portfolio emphasizes high credit quality, with 70%-80% typically allocated to AA-rated and above bonds, overweighting general obligation bonds (historically about one-third of assets) backed by state taxing power; as of late 2024, over 40% of assets were concentrated in issuers from New York, California, and Texas due to market-value weighting with issuer caps. It maintains a dollar-weighted average maturity aligned with the index (13.7 years as of October 31, 2024), features a low expense ratio of 0.07% (management fees 0.06%, other expenses 0.01%), and requires a $3,000 minimum initial investment for Admiral Shares. VTEAX pays monthly dividends, with a TTM yield of 3.21%, effective duration of 7.18 years, and total assets under management of approximately $43.9 billion. Launched on August 25, 2015, VTEAX is managed by The Vanguard Group, Inc., headquartered at 100 Vanguard Blvd., Malvern, Pennsylvania 19355, which was founded in 1975. The fund primarily serves taxable individual and institutional investors seeking tax-exempt income, with geographic operations focused on the U.S. municipal bond market. In recent developments, portfolio manager Joshua C. Barr transitioned out, with Justin A. Schwartz, CFA, assuming management responsibilities in October 2023 as Head of Municipal Index and Money Markets at Vanguard; the fund updated its summary prospectus as of February 28, 2025, restating expense information to reflect current fees while maintaining its low-cost structure. No major acquisitions, funding rounds, partnerships, or strategic shifts specific to VTEAX were reported in the last 1-2 years, underscoring its stable, passive indexing strategy amid broader Vanguard operations.