Vanguard Long-Term Tax-Exempt Fund Admiral Shares
VWLUX
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- Vanguard Long-Term Tax-Exempt Fund (VWLUX) is a municipal bond mutual fund managed by The Vanguard Group, Inc., that seeks to provide a high level of current income exempt from federal income tax by investing primarily in high-quality, long-term municipal bonds issued by state and local governments. The fund's portfolio consists of investment-grade securities, including general obligation bonds, revenue bonds, and insured municipal bonds, with a portfolio average duration typically ranging from 10 to 15 years and maturities exceeding 15 years; it maintains a focus on bonds rated investment grade by major rating agencies, supplemented by limited exposure to below-investment-grade securities for yield enhancement. Vanguard Group, founded in 1975 and headquartered in Malvern, Pennsylvania, serves as the investment manager, with the fund operating globally accessible to U.S. investors through brokerage platforms and retirement accounts targeting tax-sensitive individuals, institutions, and high-net-worth clients seeking tax-efficient fixed-income exposure. The fund emphasizes low-cost indexing and active management strategies to minimize expenses, with an expense ratio among the lowest in its category. In recent years, the fund has undergone portfolio adjustments in response to rising interest rates, including increased allocations to shorter-duration bonds within its long-term mandate during 2023-2024 to mitigate duration risk amid Federal Reserve policy shifts; it also benefited from Vanguard's broader strategic expansions, such as enhanced ESG integration in municipal bond selection announced in late 2024 and the launch of complementary tax-exempt ETFs in 2025 to broaden investor access to similar strategies.