Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares
VWITX
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- Vanguard Intermediate-Term Tax-Exempt Fund (VWITX) seeks to provide a moderate and sustainable level of current income that is exempt from federal personal income taxes by investing primarily in investment-grade municipal bonds issued by state and local governments. The fund maintains a dollar-weighted average maturity of 6 to 12 years, with at least 75% of its portfolio in securities rated Aaa, Aa, or A by Moody's or equivalent by S&P; no more than 20% in Baa/BBB-rated bonds; and the remainder in lower-rated or unrated securities, including potential derivatives such as tender option bonds and variable rate demand notes. It offers investor shares with a net expense ratio of 0.17%, total net assets of approximately $2.16 billion as of February 2025, and a portfolio turnover rate of 30.7%, benchmarked against the Bloomberg 1-15 Year Municipal Index. The fund's largest state exposures include New York (13.4%), Texas (12.6%), and California (9.1%), serving tax-sensitive individual and institutional investors seeking intermediate-term, federally tax-exempt income. Launched on September 1, 1977, the fund operates under The Vanguard Group, Inc., headquartered in Malvern, Pennsylvania, with availability primarily in the United States and a minimum initial investment of $3,000. Geographically, it focuses on U.S. municipal bonds without state-specific limitations beyond credit and maturity guidelines, targeting retail and retirement plan investors through platforms like Vanguard's investor site. Recent performance highlights include a one-year total return of 2.26% and a five-year annualized return of 0.95% as of June 30, 2025, outperforming the benchmark in several periods amid fluctuating interest rates; the fund received positive analyst coverage in December 2025 for its strong Zacks Mutual Fund Rank. No major acquisitions, partnerships, funding rounds, or structural changes specific to VWITX were reported in the last 1-2 years, though Vanguard announced plans in late 2024 for new short-term liquidity ETFs in Q1 2025 and a private equity partnership with HarbourVest, reflecting broader firm-level expansions in fixed income and alternatives. The fund continues to emphasize high-quality holdings, with credit quality distributed as AAA (12.8%), AA (46.1%), A (28.0%), and BBB (6.5%) as of mid-2025.