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VMLTX Vanguard Ltd-Term Tx-Ex

  • Fund
  • VMLTX
  • Price as of: Aug 08, 2016
  • $11.10
  • - $0.00
  • - 0.00%
  • Category
  • National Munis

VMLTX - Profile

Vitals

  • YTD Return 0.7%
  • 3 Yr Annualized Return 1.9%
  • 5 Yr Annualized Return 1.7%
  • Net Assets $23.4 B
  • Holdings in Top 10 6.0%

52 WEEK LOW AND HIGH

$11.10
$11.00
$11.13

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.20%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 16.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

$3,000

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Short

Distributions

  • YTD Total Return 0.7%
  • 3 Yr Annualized Total Return 1.9%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.51%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Vanguard Limited Term Tax Exempt Fund
  • Fund Family Name Vanguard
  • Inception Date Aug 31, 1987
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Marlin G. Brown

Fund Description

The fund has no limitations on the maturity of individual securities, but is expected to maintain a dollar-weighted average maturity of 2 to 6 years. At least 75% of the securities held by the fund are municipal bonds in the top three credit-rating categories as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor. The remaining 5% may be invested in securities with lower credit ratings or, if unrated, determined to be of comparable quality by the advisor.

VMLTX - Performance

Return Ranking - Trailing

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 0.7% -2.5% 99.4% 56.10% 4
1 Yr 2.5% -5.8% 13.3% 75.85% 4
3 Yr 1.9% * -4.5% 9.4% 77.82% 4
5 Yr 1.7% * -0.5% 8.0% 77.68% 4
10 Yr 2.7% * -0.3% 5.9% 76.79% 4

* Annualized


Return Ranking - Calendar

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.2% -10.9% 99.6% 24.83% 3
2014 N/A 4.5% 4.5% N/A N/A
2013 N/A -6.5% -6.5% N/A N/A
2012 N/A 1.5% 1.5% N/A N/A
2011 N/A 3.3% 3.3% N/A N/A

Total Return Ranking - Trailing

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 0.7% -2.5% 99.4% 55.95% 4
1 Yr 2.5% -8.9% 13.3% 58.94% 3
3 Yr 1.9% * -5.4% 9.4% 74.70% 4
5 Yr 1.7% * -0.5% 8.0% 77.12% 4
10 Yr 2.7% * -0.3% 5.9% 76.79% 4

* Annualized


Total Return Ranking - Calendar

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.2% -10.9% 99.6% 24.83% 3
2014 N/A 4.5% 4.5% N/A N/A
2013 N/A -6.5% -6.5% N/A N/A
2012 N/A 1.5% 1.5% N/A N/A
2011 N/A 3.3% 3.3% N/A N/A

NAV & Total Return History

VMLTX - Holdings

Filings data as of: Mar 31, 2016

Concentration Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Net Assets 23.4 B 491 K 52.2 B 0.32% 1
Number of Holdings 3312 1 5633 0.48% 1
Net Assets in Top 10 1.34 B -90.5 M 1.34 B 0.16% 1
Weighting of Top 10 6.0% 0.0% 100.0% 32.10% 5

Top 10 Holdings

  1. CMT MUNICIPAL RATE 3.01%
  2. New York St Dorm Auth 5% 0.53%
  3. New York St Twy Auth 5% 0.42%
  4. Metropolitan Transn Auth 0.39%
  5. New Jersey Econ Dev Auth 5% 0.31%
  6. California St Dept Wtr Res Pwr Rev 0.1% 0.30%
  7. Tobacco Settlement Fing Corp N Asset Bkd 0.27%
  8. California St For Previous Iss Tax Ex 5% 0.27%
  9. New York St Urban Dev Corp Rev Income 5% 0.27%
  10. Foothill / Eastern Transn Corr Ref Re 5% 0.26%

Asset Allocation

Weighting Category Low Category High VMLTX % Rank Quintile
Bonds
89.82% 0.00% 202.21% 23.35% 4
Cash
10.10% -110.85% 100.00% 9.35% 2
Preferred Stocks
0.08% 0.00% 11.63% 0.97% 1
Other
0.00% -2.77% 30.50% 6.45% 2
Convertible Bonds
0.00% 0.00% 4.07% 0.65% 1
Stocks
0.00% 0.00% 1.71% 1.13% 1

Bond Sector Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
Municipal
86.85% 0.00% 146.16% 25.97% 4
Cash & Equivalents
10.10% -110.85% 100.00% 9.35% 2
Corporate
3.05% 0.00% 33.65% 1.13% 1
Securitized
0.00% 0.00% 30.99% 2.26% 1
Derivative
0.00% -0.52% 5.07% 0.48% 1
Government
0.00% -17.17% 117.34% 6.94% 2

Bond Geographic Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
US
89.82% 0.00% 202.21% 23.06% 4
Non US
0.00% 0.00% 24.05% 0.97% 1

VMLTX - Expenses

Operational Fees

VMLTX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.20% 0.09% 4.60% 24.96% 1
Management Fee 0.17% 0.00% 1.00% 5.80% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.35% N/A N/A

Sales Fees

VMLTX Fees (% of AUM) Category Low Category High VMLTX Rank Quintile
Front Load N/A 0.50% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

VMLTX Fees (% of AUM) Category Low Category High VMLTX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VMLTX Fees (% of AUM) Category Low Category High VMLTX Rank Quintile
Turnover 16.00% 0.00% 783.51% 13.04% 2

VMLTX - Distributions

Dividend Yield Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Dividend Yield 0.2% 0.00% 2.86% 38.93% 4

Dividend Distribution Analysis

VMLTX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Net Income Ratio 1.51% -0.70% 5.26% 35.27% 4

Capital Gain Distribution Analysis

VMLTX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

VMLTX - Managers

Marlin G. Brown

Manager

Start Date

Feb 22, 2008

Tenure

8.44

Tenure Rank

8.7%

Marlin G. Brown, Portfolio Manager at Vanguard. He has worked in investment management for Vanguard since 1996, has managed investment portfolios since 2007, and has managed the Limited-Term Tax-Exempt Fund since 2008. Education: B.S., University of Virginia.


Tenure Analysis

Category Low

0.1

Category High

36.9

Category Average

7.39

Category Mode

1.6