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VMLTX Vanguard Ltd-Term Tx-Ex

  • Fund
  • VMLTX
  • Price as of: Dec 06, 2016
  • $10.82
  • + $0.01
  • + 0.09%
  • Category
  • National Munis

VMLTX - Profile

Vitals

  • YTD Return -1.8%
  • 3 Yr Annualized Return -0.6%
  • 5 Yr Annualized Return -0.5%
  • Net Assets $24 B
  • Holdings in Top 10 5.3%

52 WEEK LOW AND HIGH

$10.82
$10.80
$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 -1.8%
  • 3 Yr Annualized Total Return -0.6%
  • 5 Yr Annualized Total Return -0.5%
  • 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 -1.8% -6.2% 99.4% 19.35% 2
1 Yr -1.7% -7.2% 10.7% 75.69% 4
3 Yr -0.6% * -4.5% 7.0% 88.17% 5
5 Yr -0.5% * -1.9% 5.8% 87.15% 5
10 Yr 0.1% * -6.1% 4.7% 83.52% 5

* Annualized


Return Ranking - Calendar

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.2% -10.9% 2.6% 24.49% 3
2014 0.2% -2.2% 12.0% 60.91% 5
2013 -1.2% -11.9% 0.1% 8.94% 1
2012 -0.1% -7.1% 10.2% 64.57% 5
2011 1.5% -1.8% 15.2% 61.46% 5

Total Return Ranking - Trailing

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -1.8% -5.7% 99.4% 28.13% 2
1 Yr -1.7% -8.9% 8.9% 54.29% 3
3 Yr -0.6% * -5.4% 7.0% 90.61% 5
5 Yr -0.5% * -0.9% 6.2% 91.68% 5
10 Yr 0.1% * -6.1% 5.3% 87.41% 5

* Annualized


Total Return Ranking - Calendar

Period VMLTX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.2% -9.7% 5.1% 38.34% 3
2014 0.2% -0.9% 17.0% 65.62% 5
2013 -1.2% -11.9% 2.1% 11.60% 1
2012 -0.1% -0.6% 17.8% 69.84% 5
2011 1.5% -1.1% 16.2% 65.74% 5

NAV & Total Return History

VMLTX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Net Assets 24 B 491 K 53 B 0.32% 1
Number of Holdings 3750 1 6199 0.32% 1
Net Assets in Top 10 1.27 B -179 M 1.27 B 0.16% 1
Weighting of Top 10 5.3% 0.0% 100.0% 35.97% 5

Top 10 Holdings

  1. Cmt Municipal Rate 2.16%
  2. Nuveen Divid Advantage Mun Inc Var 0.48% 0.64%
  3. New York St Twy Auth 5% 0.38%
  4. Metropolitan Transn Auth 1.13% 0.36%
  5. Portland Ore Swr Sys Rev Second Li 5% 0.30%
  6. New Jersey Econ Dev Auth 5% 0.29%
  7. New York St Dorm Auth 5% 0.29%
  8. Texas Transn Commn St Hwy Fd R Firs 0.9% 0.29%
  9. Metropolitan Transn Auth 5% 0.27%
  10. California St Dept Wtr Res Pwr Rev 0.1% 0.27%

Asset Allocation

Weighting Category Low Category High VMLTX % Rank Quintile
Bonds
94.85% 0.00% 202.21% 22.22% 4
Cash
5.07% -110.85% 100.00% 11.29% 2
Preferred Stocks
0.07% 0.00% 11.46% 1.45% 1
Other
0.00% -2.77% 27.54% 7.26% 2
Convertible Bonds
0.00% 0.00% 2.79% 0.81% 1
Stocks
0.00% 0.00% 1.40% 1.13% 1

Bond Sector Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
Municipal
91.67% 0.00% 140.62% 25.32% 4
Cash & Equivalents
5.07% -110.85% 100.00% 10.97% 2
Corporate
1.09% 0.00% 34.61% 2.26% 1
Securitized
0.00% 0.00% 41.81% 2.90% 1
Derivative
0.00% -0.43% 4.79% 0.48% 1
Government
0.00% -42.63% 117.34% 7.74% 2

Bond Geographic Breakdown

Weighting Category Low Category High VMLTX % Rank Quintile
US
94.85% 0.00% 202.21% 22.26% 4
Non US
0.00% 0.00% 20.62% 0.81% 1

VMLTX - Expenses

Operational Fees

VMLTX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.20% 0.10% 4.60% 25.60% 1
Management Fee 0.17% 0.00% 1.00% 6.12% 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% 13.20% 3

VMLTX - Distributions

Dividend Yield Analysis

VMLTX Category Low Category High VMLTX % Rank Quintile
Dividend Yield 0.2% 0.00% 2.86% 38.99% 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 1.51% -0.60% 5.26% 34.94% 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

8.7

Tenure Rank

11.7%

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

0.0

Category High

37.1

Category Average

7.32

Category Mode

4.8