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VMLTX Vanguard Ltd-Term Tx-Ex

  • Fund
  • VMLTX
  • Price as of: Oct 18, 2017
  • $11.00
  • + $0.01
  • + 0.09%
  • Category
  • National Munis

VMLTX - Profile

Vitals

  • YTD Return 1.5%
  • 3 Yr Annualized Return 1.3%
  • 5 Yr Annualized Return 1.2%
  • Net Assets $24.9 B
  • Holdings in Top 10 4.7%

52 WEEK LOW AND HIGH

$11.00
$10.80
$11.04

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 1.5%
  • 3 Yr Annualized Total Return 1.3%
  • 5 Yr Annualized Total Return 1.2%
  • 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 Adam M. Ferguson

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 1.5% -3.4% 99.4% 48.22% 4
1 Yr 1.0% -5.8% 10.7% 19.87% 1
3 Yr 1.3% * -4.5% 7.0% 71.13% 4
5 Yr 1.2% * -0.6% 5.8% 73.03% 4
10 Yr 2.3% * -0.5% 5.9% 77.87% 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 1.5% -3.0% 99.4% 48.22% 4
1 Yr 1.0% -8.9% 8.9% 14.66% 1
3 Yr 1.3% * -5.4% 7.0% 63.06% 4
5 Yr 1.2% * -1.3% 5.8% 68.99% 4
10 Yr 2.3% * -0.5% 5.9% 77.87% 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: Jun 30, 2017

Concentration Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Net Assets 24.9 B 491 K 55.6 B 0.32% 1
Number of Holdings 4105 1 6689 0.32% 1
Net Assets in Top 10 1.15 B -413 M 1.15 B 0.16% 1
Weighting of Top 10 4.7% 0.0% 100.0% 36.61% 5

Top 10 Holdings

  1. Cmt Municipal Rate 1.67%
  2. Maryland St St And Lo 5% 0.41%
  3. New York St Twy Auth 5% 0.37%
  4. Metropolitan Transn Auth 1.4% 0.36%
  5. District Columbia Rev Var Rev B 0.84% 0.35%
  6. Franklin Cnty Ohio Hosp Rev Var Re 0.82% 0.34%
  7. Black Belt Engy Gas Dist 4% 0.33%
  8. Nuveen Enhanced Amt-Free Mun Cr Opportun 0.32%
  9. Indiana Fin Auth 0.83% 0.31%
  10. New York N Y Var Rev B 0.83% 0.30%

Asset Allocation

Weighting Category Low Category High VMLTX % Rank Quintile
Bonds
96.02% 0.00% 202.21% 18.36% 4
Cash
3.61% -110.85% 100.00% 14.19% 2
Other
0.37% -2.77% 30.00% 5.16% 1
Stocks
0.00% 0.00% 1.19% 1.29% 1
Preferred Stocks
0.00% 0.00% 11.10% 0.81% 1
Convertible Bonds
0.00% 0.00% 2.05% 0.81% 1

Bond Sector Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
Municipal
93.98% 0.00% 126.36% 21.94% 4
Cash & Equivalents
3.61% -110.85% 100.00% 14.03% 2
Government
0.37% -27.55% 117.34% 11.77% 2
Derivative
0.00% -6.36% 6.21% 0.48% 1
Securitized
0.00% 0.00% 30.81% 2.58% 1
Corporate
0.00% 0.00% 34.74% 4.35% 1

Bond Geographic Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
US
96.02% 0.00% 202.21% 18.06% 4
Non US
0.00% 0.00% 29.22% 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% 24.96% 1
Management Fee 0.15% 0.00% 1.00% 6.28% 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% 905.27% 14.81% 2

VMLTX - Distributions

Dividend Yield Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Dividend Yield 0.2% 0.00% 1.01% 39.31% 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 1.48% -0.41% 5.26% 34.46% 4

Capital Gain Distribution Analysis

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

VMLTX - Managers

Adam M. Ferguson

Manager

Start Date

May 10, 2017

Tenure

0.39

Tenure Rank

20.0%

Adam M. Ferguson, CFA, Portfolio Manager. He has been with Vanguard since 2004; has worked in investment management since 2008. Education: B.S., Wilmington University.


Tenure Analysis

Category Low

0.1

Category High

38.0

Category Average

7.8

Category Mode

2.8