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VMLTX Vanguard Ltd-Term Tx-Ex

  • Fund
  • VMLTX
  • Price as of: Feb 24, 2017
  • $10.93
  • + $0.01
  • + 0.09%
  • Category
  • National Munis

VMLTX - Profile

Vitals

  • YTD Return 0.8%
  • 3 Yr Annualized Return 1.0%
  • 5 Yr Annualized Return 1.1%
  • Net Assets $22.7 B
  • Holdings in Top 10 3.3%

52 WEEK LOW AND HIGH

$10.93
$10.80
$11.11

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.19%

SALES FEES

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

BROKERAGE FEES

  • Turnover 13.00%

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 0.8%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.48%
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 0.8% -3.4% 99.4% 18.61% 2
1 Yr -0.2% -5.8% 15.6% 34.36% 2
3 Yr 1.0% * -4.5% 7.0% 75.77% 4
5 Yr 1.1% * -0.7% 5.8% 74.49% 4
10 Yr 2.4% * -0.6% 5.1% 75.85% 4

* Annualized


Return Ranking - Calendar

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 -1.6% -8.5% 7.3% 17.06% 2
2015 -0.2% -10.9% 7.2% 26.15% 3
2014 0.2% -7.7% 12.0% 59.86% 5
2013 -1.2% -11.9% 5.4% 10.48% 1
2012 -0.1% -7.1% 10.2% 65.45% 5

Total Return Ranking - Trailing

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 0.8% -3.0% 99.4% 18.61% 2
1 Yr -0.2% -8.9% 15.6% 24.15% 2
3 Yr 1.0% * -5.4% 7.0% 70.27% 4
5 Yr 1.1% * -1.5% 5.8% 70.95% 4
10 Yr 2.4% * -0.6% 5.1% 76.07% 4

* Annualized


Total Return Ranking - Calendar

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 -1.6% -8.2% 7.3% 25.34% 2
2015 -0.2% -9.7% 6.9% 40.00% 3
2014 0.2% -7.7% 17.0% 64.57% 5
2013 -1.2% -11.9% 5.1% 12.95% 1
2012 -0.1% -0.6% 17.8% 70.53% 5

NAV & Total Return History

VMLTX - Holdings

Filings data as of: Dec 31, 2016

Concentration Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Net Assets 22.7 B 491 K 50.3 B 0.32% 1
Number of Holdings 3756 1 6244 0.32% 1
Net Assets in Top 10 718 M -171 M 1.04 B 0.65% 1
Weighting of Top 10 3.3% 0.0% 100.0% 34.03% 5

Top 10 Holdings

  1. New York St Twy Auth 5% 0.41%
  2. Metropolitan Transn Auth 1.23% 0.40%
  3. Nuveen Enhanced Amt-Free Mun Cr Opportun 0.35%
  4. Portland Ore Swr Sys Rev Second Li 5% 0.32%
  5. Texas Transn Commn St Hwy Fd R First 1% 0.32%
  6. New York St Dorm Auth 5% 0.31%
  7. New Jersey Econ Dev Auth 5% 0.30%
  8. Cmt Municipal Rate 0.30%
  9. Metropolitan Transn Auth 5% 0.29%
  10. California St Dept Wtr Res Pwr Rev 0.1% 0.29%

Asset Allocation

Weighting Category Low Category High VMLTX % Rank Quintile
Bonds
95.94% 0.00% 202.21% 19.16% 4
Cash
3.56% -110.85% 100.00% 12.26% 2
Other
0.42% -2.77% 16.17% 4.19% 1
Preferred Stocks
0.08% 0.00% 12.17% 1.13% 1
Stocks
0.00% 0.00% 1.38% 1.29% 1
Convertible Bonds
0.00% 0.00% 2.28% 0.81% 1

Bond Sector Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
Municipal
95.31% 0.00% 123.82% 19.19% 4
Cash & Equivalents
3.56% -110.85% 100.00% 12.42% 2
Government
0.41% -21.87% 117.34% 9.03% 2
Derivative
0.00% -0.47% 5.58% 0.48% 1
Securitized
0.00% 0.00% 20.63% 2.74% 1
Corporate
0.00% 0.00% 32.26% 3.55% 1

Bond Geographic Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
US
95.94% 0.00% 202.21% 19.03% 4
Non US
0.00% 0.00% 24.39% 0.81% 1

VMLTX - Expenses

Operational Fees

VMLTX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.19% 0.09% 4.60% 25.93% 1
Management Fee 0.17% 0.00% 1.00% 5.96% 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 13.00% 0.42% 783.51% 14.49% 2

VMLTX - Distributions

Dividend Yield Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Dividend Yield 0.2% 0.00% 1.01% 38.83% 4

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Net Income Ratio 1.48% -0.60% 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

8.95

Tenure Rank

8.6%

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

0.0

Category High

37.4

Category Average

7.43

Category Mode

2.8