VTEI's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, New York State Dormitory Authority, Bay Area Toll Authority, New Jersey Educational Facilities Authority, Connecticut (State of) (Transportation Infrastructure). The full top list is on this page.

How concentrated is VTEI?

The top 10 holdings are 3.1% of the fund, across 5,412 positions.

The total expense ratio on record is 0.08%. That is cheaper than 85% of the 864 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

5,412 holdings as of 2026-04-30 · top 10 = 3.1% · TER 0.08%

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Concentration

Well diversifiedtop 10 = 3.1%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

5,412

as of 2026-04-30

Top 10

3.1%

TER

0.08%

cheaper than 85% of peers

Net assets

US$1.35B

Largest

1.6%

P / E

–

Sections

Holdings as of 2026-04-30.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2024-01-26

Volatility 1Y

2.5%

Tracked index

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

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-11

-2.6%

-3.6%

-3.9%

YTD

-3.7%

-3.2%

03Holdings

50 largest · as of 2026-04-30

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	1.6
2	New York State Dormitory Authority US	US64990KJV61	0.2
3	Bay Area Toll Authority US	US072024L346	0.2
4	New Jersey Educational Facilities Authority US	US646067KD94	0.2
5	Connecticut (State of) (Transportation Infrastructure) US	US207758XK46	0.2
6	Houston Independent School District US	US442403RT05	0.2
7	Wisconsin (State of) US	US977100GP52	0.1
8	New York State Dormitory Authority US	US64990KJX28	0.1
9	Hudson Yards Infrastructure Corp. US	US44420RBE99	0.1
10	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JB499	0.1
11	University of California US	US91412HWH29	0.1
12	Commonwealth of Massachusetts US	US57582TDE91	0.1
13	New York (City of), NY Municipal Water Finance Authority US	US64972GKF09	0.1
14	NEW JERSEY ST TRANSPRTN TRUST US	US646136EV97	0.1
15	New York State Dormitory Authority US	US64990AWG65	0.1
16	Dallas Independent School District US	US235308Y233	0.1
17	Kentucky Turnpike Authority US	US491552Y334	0.1
18	Board of Regents of the University of Texas System US	US91514ANE19	0.1
19	State of Ohio US	US677523LK63	0.1
20	Hudson Yards Infrastructure Corp. US	US44420RBD17	0.1
21	New York (City of), NY Municipal Water Finance Authority US	US64972GPE88	0.1
22	Massachusetts Development Finance Agency US	US57585BGU61	0.1
23	Metropolitan Transportation Authority (Green Bonds) US	US59259N3K74	0.1
24	OREGON ST US	US68609UCB98	0.1
25	Garland Independent School District US	US366155Y940	0.1
26	State of Washington US	US93974EZ334	0.1
27	Ohio State University/The US	OHSHGR	0.1
28	New York (City of), NY Transitional Finance Authority US	US64971W7B00	0.1
29	New York State Dormitory Authority US	US64990KJT16	0.1
30	New Jersey (State of) US	US646039YN18	0.1
31	Metropolitan Transportation Authority US	US59261AFS15	0.1
32	Illinois (State of) Toll Highway Authority US	ILSTRN	0.1
33	EMORY UNIVERSITY US	PRIHGR	0.1
34	California (State of) US	US13063DVA35	0.1
35	California (State of) US	US13063D4L90	0.1
36	Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.) US	US524808BY77	0.1
37	Illinois (State of) US	US452153KN82	0.1
38	Foothill-Eastern Transportation Corridor Agency US	FOOTRN	0.1
39	Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) US	US89602RCL78	0.1
40	New York State Thruway Authority US	US650010DG33	0.1
41	New York City Transitional Finance Authority Future Tax Secured US	US64971XU559	0.1
42	Central Texas Turnpike System US	US88283KBX54	0.1
43	Wisconsin St US	US97705MY334	0.1
44	California (State of) US	US13063C6D74	0.1
45	New York (City of), NY Transitional Finance Authority US	US64972HS869	0.1
46	New York City Municipal Water Finance Authority US	US64972GU362	0.1
47	Las Vegas Convention & Visitors Authority US	LASGEN	0.1
48	University of California US	US91412HWD15	0.1
49	Utah Transit Authority US	US917565FS70	0.1
50	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JPZ56	0.1

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04Exposure

Bonds 98.4%Cash 1.6%

By country

USUnited States99.7%

CurrencyUSD 99.7%

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