VPAIX

About VPAIX

Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares is a mutual fund designed to provide investors with federal and Pennsylvania state tax-exempt income by investing primarily in high-quality municipal bonds issued by state and local governments, as well as regional governmental and public financing authorities in Pennsylvania. The fund maintains a long-term maturity profile, with a dollar-weighted average maturity typically between 10 and 25 years, and a substantial portion of assets is allocated to securities offering medium credit quality and extensive interest rate sensitivity. With over 1,100 individual bond holdings and an expense ratio of just 0.17%, it offers broad exposure to Pennsylvania municipal debt while prioritizing low costs. Monthly distributions and a yield around 3.4% further define its role as a tool for tax-efficient income, particularly appealing to investors seeking to minimize state and federal tax liability on investment returns. This fund’s management emphasizes a disciplined investment process and diversified municipal exposure, making it a significant vehicle in the regional tax-exempt bond market.