Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares is a mutual fund specializing in intermediate-term municipal bonds. Its chief objective is to provide a moderate, sustainable level of income that is exempt from federal income tax, making it particularly attractive to investors focused on tax efficiency. The fund maintains a diversified portfolio with a dollar-weighted average maturity generally between six and twelve years, and it concentrates on high-quality municipal securities, with at least 75% of holdings rated within the top three categories by major credit agencies. Managed by an experienced team, the fund employs a disciplined, risk-conscious approach, utilizing both broad sector analysis and detailed credit selection. Boasting an expense ratio of 0.09%, it distinguishes itself through its ultralow fees, which contribute to competitive, risk-adjusted returns over time. The fund's significant asset base underscores its prominence among municipal bond offerings, providing liquidity and stability within the muni national intermediate fund category. The monthly dividend distributions further reinforce its role as a dependable source of federally tax-exempt income for investors seeking intermediate-term bond exposure.
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