Morningstar

Vanguard Long-Term Tax-Exempt Fund Admiral Shares VWLUX

Medalist Rating as of Apr 27, 2026 See Vanguard Investment Hub

Strategy

The investment seeks to provide a high and sustainable level of current income that is exempt from federal personal income taxes. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal income tax. At least 75% of its assets in municipal bonds in the top three credit-rating categories as determined by a nationally recognized statistical rating organization (NRSRO) (e.g., Aaa, Aa, and A by Moody's Investors Service, Inc. (Moody's)) or, if unrated, determined to be of comparable quality by the advisor.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
VWLTX	Vanguard Long-Term Tax-Exempt Fund	No Load	Open			Sep 1, 1977	$655.08M	0.170%	Low	$3,000	−$66.09M
VWLUX	Vanguard Long-Term Tax-Exempt Fund Admiral Shares	Institutional	Open			Feb 12, 2001	$16.92B	0.090%	Low	$50,000	−$659.34M

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