VTEI's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, University of California, New Jersey Educational Facilities Authority, Connecticut (State of) (Transportation Infrastructure), Houston Independent School District. The full top list is on this page.

How concentrated is VTEI?

The top 10 holdings are 2.5% of the fund, across 5048 positions.

The total expense ratio on record is 0.08%. That is cheaper than 84% of the 786 US-listed bond funds we track.

US-listed

VTEI

Fund seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market with remaining maturities between one month and twenty years.

Vanguard Tax-Managed Funds Vanguard Intermediate-Term Tax-Exempt Bond ETF

Vanguard

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Concentration

Well diversifiedtop 10 = 2.5%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

5048

as of 2026-01-31

Top 10

2.5%

TER

0.08%

cheaper than 84% of peers

Net assets

≈ US$1.24B

as filed

Largest

1.0%

P / E

–

Sections

Holdings as of 2026-01-31.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

2.5%

How it tracks

Index, sampling

02Performance

price · as of 2026-07-23

-1.5%

-1.2%

-0.9%

YTD

-0.3%

+4.1%

03Holdings

50 largest · as of 2026-01-31

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	1.0
2	University of California US	US91412HWH29	0.2
3	New Jersey Educational Facilities Authority US	US646067KD94	0.2
4	Connecticut (State of) (Transportation Infrastructure) US	US207758XK46	0.2
5	Houston Independent School District US	US442403RT05	0.2
6	Wisconsin (State of) US	US977100GP52	0.2
7	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JB499	0.2
8	Hudson Yards Infrastructure Corp. US	US44420RBE99	0.2
9	New York (City of), NY Transitional Finance Authority US	US64971W6U99	0.1
10	Commonwealth of Massachusetts US	US57582TDE91	0.1
11	New York (City of), NY Municipal Water Finance Authority US	US64972GKF09	0.1
12	NEW JERSEY ST TRANSPRTN TRUST US	US646136EV97	0.1
13	New York State Dormitory Authority US	US64990AWG65	0.1
14	SOUTH CAROLINA ST ASSN OF GOVT US	US836895FT49	0.1
15	Board of Regents of the University of Texas System US	US91514ANE19	0.1
16	State of Ohio US	US677523LK63	0.1
17	Massachusetts Development Finance Agency US	US57585BGU61	0.1
18	Hudson Yards Infrastructure Corp. US	US44420RBD17	0.1
19	OREGON ST US	US68609UCB98	0.1
20	Metropolitan Transportation Authority (Green Bonds) US	US59259N3K74	0.1
21	Garland Independent School District US	US366155Y940	0.1
22	Ohio State University/The US	US677632T926	0.1
23	State of Washington US	US93974EZ334	0.1
24	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64971WG790	0.1
25	Connecticut State Health & Educational Facilities Authority US	US20775DH390	0.1
26	New York (City of), NY Transitional Finance Authority US	US64971W7B00	0.1
27	New Jersey (State of) US	US646039YN18	0.1
28	EMORY UNIVERSITY US	PRIHGR	0.1
29	Metropolitan Transportation Authority US	US59261AFS15	0.1
30	California (State of) US	US13063DVA35	0.1
31	California (State of) US	US13063D4L90	0.1
32	Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.) US	US524808BY77	0.1
33	Illinois (State of) US	US452153KN82	0.1
34	New York State Thruway Authority US	US650010DG33	0.1
35	Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) US	US89602RCL78	0.1
36	New York City Transitional Finance Authority Future Tax Secured US	US64971XU559	0.1
37	California (State of) US	US13063C6D74	0.1
38	University of California US	US91412HWD15	0.1
39	Illinois (State of) Toll Highway Authority US	ILSTRN	0.1
40	Utah Transit Authority US	US917565FS70	0.1
41	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JPZ56	0.1
42	New York (City of), NY Transitional Finance Authority US	US64972HS869	0.1
43	Las Vegas Convention & Visitors Authority US	LASGEN	0.1
44	SALT RIVER AZ PROJ AGRIC IMPT& US	US79574CEF68	0.1
45	Folsom Cordova Unified School District (Election of 2007) US	US34440PBY60	0.1
46	Utah Transit Authority US	US917567CJ64	0.1
47	Commonwealth of Massachusetts US	US57582TCY64	0.1
48	Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) US	US67766WT851	0.1
49	UNIV OF TEXAS TX UNIV REVENUES US	US91514ALM52	0.1
50	Commonwealth of Pennsylvania US	US70914P5K49	0.1

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04Exposure

Bonds 99.0%Cash 1.0%

By country

USUnited States100.4%

CurrencyUSD 100.4%

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