Fund Evaluator:
Vanguard OH Long-Term Tax-Exempt (VOHIX)
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Best Performing in Muni Ohio Over the Last Year
| 6.7% | Vanguard OH Long-Term Tax-Exempt (VOHIX) |
| 5.2% | Fidelity Ohio Municipal Income (FOHFX) |
Fund Details
Vanguard OH Long-Term Tax-Exempt Overview
Vanguard OH Long-Term Tax-Exempt (VOHIX) is an actively managed Municipal Bond Muni Ohio fund. Vanguard launched the fund in 1990.
The investment seeks to provide current income that is exempt from both federal and Ohio personal income taxes. As a matter of fundamental policy, 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 and Ohio state taxes.
About Vanguard OH Long-Term Tax-Exempt (VOHIX)
There are 2 members of the management team with an average tenure of 4.66 years: Stephen McFee (2020), Grace Boraas (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal Ohio TR USD index with a weighting of 100%. Vanguard OH Long-Term Tax-Exempt has 890 securities in its portfolio. The top 10 holdings constitute 9.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Vanguard OH Long-Term Tax-Exempt is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Vanguard OH Long-Term Tax-Exempt has 1.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.9% (98.3% domestic bond, 1.6% foreign bond and 0.0% convertible bond). Vanguard OH Long-Term Tax-Exempt has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $223 million average for the Muni Ohio category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VOHIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard OH Long-Term Tax-Exempt expense ratio is low compared to funds in the Muni Ohio category. Vanguard OH Long-Term Tax-Exempt has an expense ratio of 0.09%, which is 88% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard OH Long-Term Tax-Exempt has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 22% for the Muni Ohio category.
Recently, in the month of July 2026, Vanguard OH Long-Term Tax-Exempt returned -2.0%, which earned it a grade of F, as the Muni Ohio category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Vanguard OH Long-Term Tax-Exempt has a trailing yield of 3.71%, which is above the 3.40% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard OH Long-Term Tax-Exempt Grades
Year to date, the fund has returned 0.6%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 6.7% over the past year (grade of A), 3.5% over the past three years (grade of A) and 0.3% per year over the past five years (grade of A) and 2.2% per year over the past 10 years (grade of A).
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VOHIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VOHIX Return (NAV) | -2.0% | -0.5% | 6.7% | 3.5% | 0.3% | 2.2% |
| VOHIX Grade | F | B | A | A | A | A |
| +/- Category | -0.2% | 0.1% | 1.0% | 0.8% | 0.3% | 0.7% |
| Muni Ohio Avg | -1.8% | -0.5% | 5.7% | 2.7% | 0.0% | 1.4% |
| VOHIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
VOHIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VOHIX Return (NAV) | 0.6% | 4.1% | 2.1% | 7.0% | -11.0% | 2.1% | 7.0% | 8.1% | 0.9% | 6.3% | 1.0% |
| VOHIX Grade | B | A | A | A | F | A | A | A | A | A | A |
| +/- Category | 0.1% | 0.8% | 0.9% | 1.6% | -1.7% | 1.0% | 2.1% | 1.3% | 0.3% | 1.7% | 0.5% |
| Muni Ohio Avg | 0.4% | 3.3% | 1.3% | 5.5% | -9.3% | 1.2% | 4.9% | 6.7% | 0.7% | 4.6% | 0.5% |
| Risk Measures | |
| Standard Deviation: | 6.9% |
| Total Risk Index: | 0.56 - Below Average |
| Category Risk Index: | 1.19 - High |
| Category Risk Grade: | F (106% Rank) |
| Beta: | 1.20 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1572 Mil |
| Fund Total Assets: | $1,572 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.5 years | |||
| Average Tenure: 4.7 years | |||
| Managers (Year): McFee Stephen (2020), Boraas Grace (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 890 |
| % in Top 10 Holdings: | 9.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.3% |
| Foreign Bond: | 1.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-662-7447 |
| Website: | www.vanguard.com |
| Status: | Open |
| Inception Date: | June 18, 1990 |
| Min. Initial Purchase: | $3,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.09% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.77% |
| Share Class: | Vanguard OH Long-Term Tax-Exempt |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
