Vanguard Long-Term Tax-Exempt Fund Investor Shares
VWLTX
NASDAQ- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Jan 2, 1980
- CIK
- 0000225997
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Long-Term Tax-Exempt Fund (VWLTX) is an open-end mutual fund that seeks to provide a high and sustainable level of current income exempt from federal personal income taxes by investing primarily in a diversified portfolio of long-term municipal bonds. The fund's core holdings include investment-grade municipal securities such as general obligation bonds, revenue bonds from sectors like hospitals, higher education, industrial development, housing, and utilities; top exposures as of late 2024 feature Puerto Rico Sales Tax Financing Corporation revenue bonds, California Community Choice Financing Authority clean energy project revenue bonds, Massachusetts state general obligations, and various New York and Chicago municipal issues, with no single position exceeding 1% of assets and an effective duration of approximately 8.4 years. It maintains a medium credit quality profile, with roughly 60% in AA-rated or higher bonds, alongside modest allocations to cash equivalents and non-US bonds; the Investor Shares class carries a net expense ratio of 0.17%, a minimum initial investment of $3,000, and targets retail and institutional investors seeking tax-efficient fixed income in the Muni National Long category. Launched on September 1, 1977, the fund is managed by The Vanguard Group, Inc., headquartered in Malvern, Pennsylvania, with primary operations serving investors across the United States. Mathew Kiselak has led the strategy since July 2010, supported by co-manager Stephen McFee, who joined in October 2023 as part of Vanguard's succession planning for its active municipal funds; the collaborative team draws on specialized analysts in rates, sectors, and credit research under senior oversight from Vanguard's fixed-income investment committee. Recent developments include Vanguard's largest-ever fee reductions across its funds in early 2025, costing an estimated $350 million, which benefits VWLTX investors by further lowering cost hurdles in a competitive landscape; the firm also launched active municipal bond ETFs in November 2024, such as the Core Tax-Exempt Bond ETF (VCRM) and Short Duration Tax-Exempt Bond ETF (VSDM), expanding its tax-exempt offerings while maintaining low-cost, diversified exposure across municipal sectors. In December 2024, Vanguard announced allocation adjustments to its STAR Fund, signaling ongoing portfolio optimizations amid strong asset inflows rivaling BlackRock's; as of late 2025, the fund manages approximately $18.7 billion in assets, with increased emphasis on growing sectors like industrial/development (10%) and housing (6%) bonds relative to prior years.