Vanguard Long-Term Tax-Exempt Fund Investor Shares is an open-end mutual fund focusing on generating a high and sustainable level of income that is exempt from federal personal income taxes. The fund primarily invests in high-quality municipal bonds, with at least 75% of holdings rated in the top three credit-rating categories by major agencies or deemed of similar quality by its advisor. With an average weighted maturity typically between 10 and 25 years, it emphasizes long-term exposure to interest rate movements and credit quality, maintaining a medium to extensive interest rate sensitivity profile. Notable for its disciplined, risk-conscious management approach and ultra-low expense ratio, the fund aims to provide investors with reliable, tax-exempt income. Its portfolio construction ensures broad diversification, frequently holding thousands of securities, and it distributes income to shareholders on a monthly basis. The fund plays a significant role in the national municipal bond sector, offering investors a cost-efficient way to gain exposure to long-duration municipal debt while mitigating overall tax liability. Inception dates back to 1977, underscoring its longstanding presence and stability in the tax-exempt income market.
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