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VMLTX Vanguard Ltd-Term Tx-Ex

  • Fund
  • VMLTX
  • Price as of: Jan 23, 2019
  • $10.89
  • - $0.01
  • - 0.09%
  • Category
  • National Munis

VMLTX - Profile

Vitals

  • YTD Return 0.3%
  • 3 Yr Annualized Return -0.5%
  • 5 Yr Annualized Return -0.3%
  • Net Assets $26.1 B
  • Holdings in Top 10 6.2%

52 WEEK LOW AND HIGH

$10.89
$10.76
$10.90

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.17%

SALES FEES

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

BROKERAGE FEES

  • Turnover 28.00%

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 0.3%
  • 3 Yr Annualized Total Return -0.5%
  • 5 Yr Annualized Total Return -0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.76%
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 0.3% -13.2% 99.4% 19.90% 2
1 Yr 0.0% -5.8% 10.7% 38.76% 3
3 Yr -0.5% * -4.5% 7.0% 50.69% 3
5 Yr -0.3% * -2.0% 5.8% 70.80% 5
10 Yr 0.0% * -1.0% 5.2% 80.22% 5

* Annualized


Return Ranking - Calendar

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -0.3% -5.3% 3.8% 12.50% 2
2017 0.5% -5.6% 7.2% 50.43% 4
2016 -1.6% -8.5% 8.8% 21.71% 2
2015 -0.2% -10.9% 8.6% 28.64% 3
2014 0.2% -9.8% 12.0% 59.33% 5

Total Return Ranking - Trailing

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 0.3% -13.2% 99.4% 19.74% 2
1 Yr 0.0% -8.9% 8.9% 26.55% 2
3 Yr -0.5% * -5.4% 7.0% 53.78% 3
5 Yr -0.3% * -1.5% 5.8% 76.75% 5
10 Yr 0.0% * -0.4% 5.4% 85.62% 5

* Annualized


Total Return Ranking - Calendar

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -0.3% -5.3% 3.8% 13.01% 2
2017 0.5% -5.6% 6.9% 51.97% 4
2016 -1.6% -8.2% 9.3% 30.43% 2
2015 -0.2% -10.3% 8.6% 40.99% 3
2014 0.2% -9.8% 17.0% 63.94% 5

NAV & Total Return History

VMLTX - Holdings

Filings data as of: Sep 30, 2018

Concentration Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Net Assets 26.1 B 491 K 59 B 0.32% 1
Number of Holdings 5026 1 7949 0.32% 1
Net Assets in Top 10 1.62 B -301 M 1.74 B 0.32% 1
Weighting of Top 10 6.2% 0.0% 100.0% 36.77% 5

Top 10 Holdings

  1. TEXAS ST 4% 1.19%
  2. Cmt Municipal Rate 1.11%
  3. GRAND PKWY TRANSN CORP TEX 5% 0.71%
  4. TEXAS ST 1.94% 0.59%
  5. MAIN STR NAT GAS INC GA 4% 0.47%
  6. NEW MEXICO FIN AUTH 5% 0.46%
  7. TEXAS ST 1.63% 0.46%
  8. KENTUCKY INC KY PUB ENERGY AUTH 4% 0.42%
  9. MAIN STR NAT GAS INC GA 2.25% 0.38%
  10. TENNESSEE ENERGY ACQUISITION CORP 4% 0.37%

Asset Allocation

Weighting Category Low Category High VMLTX % Rank Quintile
Bonds
96.69% 0.00% 202.21% 21.10% 4
Cash
3.31% -110.85% 100.00% 11.77% 2
Stocks
0.00% -0.35% 1.72% 1.29% 1
Preferred Stocks
0.00% 0.00% 9.77% 0.81% 1
Other
0.00% -2.77% 31.66% 5.16% 1
Convertible Bonds
0.00% 0.00% 2.30% 0.97% 1

Bond Sector Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
Municipal
95.58% 0.00% 121.75% 22.42% 4
Cash & Equivalents
3.31% -110.85% 100.00% 12.10% 2
Derivative
0.00% -5.91% 0.85% 0.65% 1
Securitized
0.00% 0.00% 45.91% 2.26% 1
Corporate
0.00% 0.00% 43.73% 4.68% 1
Government
0.00% -22.25% 117.34% 5.65% 1

Bond Geographic Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
US
96.35% 0.00% 202.21% 21.94% 4
Non US
0.34% 0.00% 27.67% 10.00% 2

VMLTX - Expenses

Operational Fees

VMLTX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.17% 0.08% 4.80% 26.09% 1
Management Fee 0.16% 0.00% 0.65% 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 28.00% 0.00% 504.54% 12.56% 3

VMLTX - Distributions

Dividend Yield Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Dividend Yield 0.2% 0.00% 1.01% 34.88% 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 1.76% 0.01% 5.26% 29.95% 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

1.64

Tenure Rank

18.8%

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

0.0

Category High

39.3

Category Average

7.97

Category Mode

4.0