Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares
VWIUX
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- Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) is an open-end mutual fund managed by The Vanguard Group, Inc. that seeks to provide a moderate and sustainable level of current income exempt from federal personal income taxes. The fund invests primarily in high-quality, investment-grade municipal bonds with a dollar-weighted average maturity of 6 to 12 years; at least 75% of its securities are rated in the top three credit-rating categories by nationally recognized statistical rating organizations or deemed comparable by the advisor; it maintains a broadly diversified portfolio across municipal tax-exempt sectors (97.89% allocation), cash equivalents (1.85%), and minor holdings in municipal taxable and agency mortgage-backed securities. VWIUX features ultralow expenses at 0.09%, a minimum initial investment of $50,000 for Admiral Shares, effective duration of approximately 5.8 years, and total assets exceeding $83 billion, positioning it within the Muni National Interm category targeting tax-sensitive investors seeking intermediate-term fixed income exposure. The Vanguard Group, Inc., founded in 1974 and headquartered in Valley Forge, Pennsylvania, serves as the fund's advisor and oversees operations from its U.S. base with additional offices in Asia; the firm manages VWIUX through a team-led approach emphasizing structural trades along the municipal yield curve, relative value across sectors, and conservative risk controls that limit deviations from a custom high-credit-quality benchmark approximating the Bloomberg Municipal 1-15 Year Index. In early 2025, Vanguard implemented its largest fee reductions across funds, estimated to cost $350 million annually, enhancing cost competitiveness for products including VWIUX; the firm also established a dedicated division for advice and wealth management services to bolster growth in those areas amid record asset inflows rivaling BlackRock's.