VWLUX

About VWLUX

Vanguard Long-Term Tax-Exempt Fund Admiral Shares is a fixed income mutual fund designed to provide investors with a high and sustainable level of current income that is exempt from federal personal income taxes. The fund invests primarily in a diverse portfolio of U.S. municipal bonds, maintaining a dollar-weighted average maturity typically between 10 and 25 years. At least 75% of its holdings are in municipal securities rated within the top three credit tiers by major rating agencies or, if unrated, deemed equivalent by the fund's advisor. This focus on high-quality issuers helps balance credit quality with the extended interest rate sensitivity characteristic of long-term municipal debt. The fund is particularly notable for its large asset base, low expense ratio, and broad sector diversification, with positions spanning public utilities, education, and infrastructure projects. Its purpose is to serve investors seeking tax-efficient income and exposure to the long-term municipal bond market, making it a significant player in the muni national long category within the investment landscape.