VPAIX Fees and Costs — Vanguard Pennsylvania Long-Term Tax-Exempt Fund, Investor Shares
Data updated: 2026-07-29
The net expense ratio is 0.14%: a 0.12% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 25%.
VPAIX Fees and Expenses
Annual operating expenses and sales charges of VPAIX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.12% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.14% |
| Fee waiver | — |
| Net expense ratio | 0.14% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VPAIX Costs Over Time
On $10,000 invested in VPAIX, assuming 5% a year before costs, total costs come to $89 over 5 years, cutting the return by 0.15% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.14%) | $15 | $46 | $81 |
| Lost growth on money paid in costs | $0 | $2 | $8 |
| Total costs | $15 | $49 | $89 |
| Value after costs | $10,485 | $11,528 | $12,674 |
| Impact on return, per year | 0.15% | 0.15% | 0.15% |
VPAIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $3.1B
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
VPAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE & CO. | $827.3M | 35.34% |
| PNC Capital Markets LLC | $300.1M | 12.82% |
| BANK OF AMERICA CORPORATION | $274.9M | 11.74% |
| TD Securities (USA) LLC | $166.4M | 7.11% |
| Royal Bank of Canada | $157.8M | 6.74% |
| Truist Financial Corporation | $146.1M | 6.24% |
| U.S. Bancorp | $128.1M | 5.47% |
| WELLS FARGO & COMPANY | $121.1M | 5.17% |
| THE BANK OF NEW YORK MELLON CORPORATION | $113.1M | 4.83% |
| STIFEL FINANCIAL CORP. | $106.1M | 4.53% |
Vanguard Pennsylvania Long-Term Tax-Exempt Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VPALX | Admiral Shares | 0.09% | none |
| VPAIX | Investor Shares | 0.14% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.