VTEI's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, State of California, Bay Area Toll Authority, State of California, Palo Alto Unified School District. The full top list is on this page.

How concentrated is VTEI?

The top 10 holdings are 2.0% of the fund, across 6,025 positions.

The total expense ratio on record is 0.08%. That is cheaper than 85% of the 865 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 INTERMEDIATE-TERM TAX-EXEMPT BOND ETF

Vanguard

6,025 holdings as of 2026-07-31 · top 10 = 2.0% · TER 0.08%

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Concentration

Well diversifiedtop 10 = 2.0%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

6,025

as of 2026-07-31

Top 10

2.0%

TER

0.08%

cheaper than 85% of peers

Net assets

US$1.53B

Largest

0.8%

P / E

–

Sections

Holdings as of 2026-07-31.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2024-01-26

Volatility 1Y

3.2%

Tracked index

S&P Intermediate Term National AMT-Free Municipal Bond Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-10-28

+3.4%

-1.3%

-2.6%

YTD

-2.8%

-3.0%

03Holdings

50 largest · as of 2026-07-31

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	0.8
2	State of California US	US13063ETA46	0.2
3	Bay Area Toll Authority US	US072024L346	0.2
4	State of California US	US13063DQ508	0.1
5	Palo Alto Unified School District US	US697379YS89	0.1
6	University of California US	US91412HWH29	0.1
7	IDAHO (STATE OF) US	US451434CB89	0.1
8	Houston Independent School District US	US442403RT05	0.1
9	NEW YORK CITY TRANSITIONAL FIN AUT US	US64972JD701	0.1
10	San Francisco City & County Public Utilities Commission Wastewater Revenue US	US79768HGH57	0.1
11	New York State Dormitory Authority US	US64990KJV61	0.1
12	New York State Dormitory Authority US	US64990KJX28	0.1
13	Hudson Yards Infrastructure Corp. US	US44420RBE99	0.1
14	Ohio Water Development Authority Water Pollution Control Loan Fund US	US67766WV741	0.1
15	State of Ohio US	US677523LK63	0.1
16	HAWAII ST US	US419792MM53	0.1
17	New York (City of), NY Municipal Water Finance Authority US	US64972GKF09	0.1
18	Commonwealth of Massachusetts US	US57582TDE91	0.1
19	Miami-Dade (County of), FL US	US59333FR446	0.1
20	NEW JERSEY ST TRANSPRTN TRUST US	US646136EV97	0.1
21	New York (City of), NY Transitional Finance Authority US	US64972HS869	0.1
22	Foothill-Eastern Transportation Corridor Agency US	FOOTRN	0.1
23	Connecticut State Health & Educational Facilities Authority US	US20775DZT26	0.1
24	Kentucky Turnpike Authority US	US491552Y334	0.1
25	New York State Dormitory Authority US	US64990AYR03	0.1
26	Dallas Independent School District US	US235308Y233	0.1
27	NEW YORK CITY TRANSITIONAL FIN AUT US	US64972JN619	0.1
28	Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) US	US89602RCL78	0.1
29	Board of Regents of the University of Texas System US	US91514ANE19	0.1
30	NEW YORK ST TWY AUTH US	US650028H220	0.1
31	NEW JERSEY ST TURNPIKE AUTHORITY US	US646140KX00	0.1
32	Hudson Yards Infrastructure Corp. US	US44420RBD17	0.1
33	Triborough Bridge & Tunnel Authority US	US896032AT67	0.1
34	New York (City of), NY Municipal Water Finance Authority US	US64972GPE88	0.1
35	SANTA CLARA VLY CA WTR DIST SA US	US80168DAA90	0.1
36	City of San Antonio TX Electric & Gas Systems Revenue US	SANUTL	0.1
37	Metropolitan Transportation Authority (Green Bonds) US	US59259N3K74	0.1
38	DORMITORY AUTHORITY OF STATE OF NE US	US64985SXC24	0.1
39	Massachusetts Development Finance Agency US	US57585BGU61	0.1
40	BONNEVILLE POWER ADMIN US	ENEPWR	0.1
41	OREGON ST US	US68609UCB98	0.1
42	NEW JERSEY ST TRANSPRTN TRUST US	US64613CEM64	0.1
43	State of Washington US	US93974EZ334	0.1
44	Garland Independent School District US	US366155Y940	0.1
45	Los Angeles Department of Water & Power US	US544532LU62	0.1
46	New York (City of), NY Transitional Finance Authority US	US64971W7B00	0.1
47	New York (City of), NY US	US64966QJT85	0.1
48	University of California US	US91412HWB58	0.1
49	Ohio State University/The US	OHSHGR	0.1
50	Ohio (State of) Water Development Authority US	US677660UZ35	0.1

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04Exposure

Bonds 99.1%Cash 0.9%

By country

USUnited States99.7%

CurrencyUSD 99.7%

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