Vanguard Tax-Managed Funds Vanguard Intermediate-Term Tax-Exempt Bond ETF(CBOE:VTEI)

VTEI is passively managed to hold USD-denominated municipal bonds issued by state and local governments or agencies whose interest is federal tax-exempt and AMT-free. Eligible securities must have a rating of at least investment grade, a minimum par amount of $25 million, and a remaining term to maturity between one month and 20 years. The fund seeks to maintain a dollar-weighted average maturity consistent with the index, which is typically between three and 10 years. Intermediate is defined quite differently for this fund as its underlying index reaches out to the long-term bond space. The fund uses a sampling strategy to track the market value-weighted index, which rebalances monthly. As with all Vanguard ETFs, VTEI only discloses its holdings monthly.