Fund Evaluator:
Vanguard Interm-Term Tx-Ex Adm (VWIUX)
Follow This Fund
Best Performing in Muni National Interm Over the Last Year
| 9.5% | Sit Tax-Free Income (SNTIX) |
| 7.0% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 7.0% | Brown Advisory Tax Exempt Bond Investor (BIAEX) |
| 6.8% | AMG GW&K Municipal Bond N (GWMTX) |
| 6.8% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Vanguard Interm-Term Tx-Ex Adm Overview
Vanguard Interm-Term Tx-Ex Adm (VWIUX) is an actively managed Municipal Bond Muni National Interm fund. Vanguard launched the fund in 2001.
The investment seeks to provide a moderate 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. It invests at least 75% of its assets in municipal bonds in one of the top three credit rating categories as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor.
About Vanguard Interm-Term Tx-Ex Adm (VWIUX)
There are 2 members of the management team with an average tenure of 7.88 years: James D'Arcy (2013), Mathew Kiselak (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 1-15 Yr TR USD index with a weighting of 100%. Vanguard Interm-Term Tx-Ex Adm has 16340 securities in its portfolio. The top 10 holdings constitute 2.0% 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 Interm-Term Tx-Ex Adm is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Vanguard Interm-Term Tx-Ex Adm has 1.5% 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 97.5% (96.0% domestic bond, 1.5% foreign bond and 0.0% convertible bond). Vanguard Interm-Term Tx-Ex Adm has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $86 billion in total assets, which is above the $1 billion average for the Muni National Interm 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.
VWIUX 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 Interm-Term Tx-Ex Adm expense ratio is low compared to funds in the Muni National Interm category. Vanguard Interm-Term Tx-Ex Adm has an expense ratio of 0.09%, which is 87% 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 Interm-Term Tx-Ex Adm has a portfolio turnover rate of 20%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of June 2026, Vanguard Interm-Term Tx-Ex Adm returned 0.6%, which earned it a grade of D, as the Muni National Interm category had an average return of 0.7%. 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 Interm-Term Tx-Ex Adm has a trailing yield of 3.33%, which is above the 3.21% 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 Interm-Term Tx-Ex Adm Grades
Year to date, the fund has returned 1.8%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 6.3% over the past year (grade of B), 4.1% over the past three years (grade of B) and 1.5% per year over the past five years (grade of A) and 2.3% per year over the past 10 years (grade of A).
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VWIUX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VWIUX Return (NAV) | 0.6% | 2.0% | 6.3% | 4.1% | 1.5% | 2.3% |
| VWIUX Grade | D | C | B | B | A | A |
| +/- Category | -0.1% | -0.1% | 0.3% | 0.2% | 0.4% | 0.4% |
| Muni National Interm Avg | 0.7% | 2.1% | 6.1% | 3.8% | 1.1% | 1.9% |
| VWIUX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
VWIUX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VWIUX Return (NAV) | 1.8% | 5.0% | 1.8% | 5.9% | -6.8% | 1.2% | 5.2% | 6.9% | 1.3% | 4.6% | 0.2% |
| VWIUX Grade | D | A | D | C | B | D | A | C | A | C | B |
| +/- Category | -0.1% | 0.8% | -0.2% | 0.1% | 1.4% | -0.5% | 0.9% | 0.2% | 0.5% | -0.1% | 0.4% |
| Muni National Interm Avg | 2.0% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.7% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (63% Rank) |
| Beta: | 0.83 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $88575 Mil |
| Fund Total Assets: | $86,311 Mil |
| Share Class Type: | ADM |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.0 years | |||
| Average Tenure: 7.9 years | |||
| Managers (Year): D'Arcy James (2013), Kiselak Mathew (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 16340 |
| % in Top 10 Holdings: | 2.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.0% |
| Foreign Bond: | 1.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-662-7447 |
| Website: | www.vanguard.com |
| Status: | Open |
| Inception Date: | February 12, 2001 |
| Min. Initial Purchase: | $50,000 |
| 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 (%): | 0.68% |
| Share Class: | Vanguard Interm-Term Tx-Ex Inv |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
