Vanguard Ohio Long-Term Tax-Exempt Fund is an open-end municipal bond mutual fund focused on generating current income that is exempt from both federal and Ohio state personal income taxes. The fund primarily invests in high-quality municipal bonds issued by Ohio state and local governments and related authorities, targeting a long dollar-weighted average maturity typically between 10 and 25 years, which aligns it with the long-term segment of the muni curve. It holds a broadly diversified roster of Ohio revenue and general obligation issues across sectors such as housing finance, health care, education, transportation, and dedicated-tax revenue, with notable positions in entities like state housing finance agencies, hospital revenue bonds, school districts, and tobacco settlement authorities. With a low expense profile characteristic of its sponsor and monthly income distributions, the fund serves investors seeking tax-exempt income specific to Ohio while accepting interest-rate sensitivity inherent to longer-duration municipal portfolios. Its history dates to 1990, and it manages assets in the billion-dollar range, reflecting its established role within state-specific municipal bond offerings.
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