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VMLUX Vanguard Ltd-Term Tx-Ex Adm

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

VMLUX - 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 0.12%

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)

$50,000

IRA

$50,000

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 1.59%
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 Feb 12, 2001
  • Shares Outstanding N/A
  • Share Class Other
  • Currency USD
  • Domiciled Country United States
  • Manager Marlin G. Brown

Fund Description

The Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) seeks to provide a high level of income that is exempt from Federal taxes while limiting price fluctuations. The fund does this by betting on short-term municipal bonds. These bonds have maturities between two and six years. VMLUX enhances its yield and income potential by using rigorous credit analysis to find bonds trading at discounts to their real valuation.

Given its focus on tax-exempt income, investors in higher tax brackets may want to use VMLUX as a core piece of their fixed-income portfolio. The fund is managed by Vanguard’s Fixed Income Group.

VMLUX - Performance

Return Ranking - Trailing

Period VMLUX 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% 76.99% 4
3 Yr -0.6% * -4.5% 7.0% 89.04% 5
5 Yr -0.5% * -1.9% 5.8% 87.90% 5
10 Yr 0.1% * -6.1% 4.7% 84.02% 5

* Annualized


Return Ranking - Calendar

Period VMLUX 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 VMLUX 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% 55.27% 3
3 Yr -0.6% * -5.4% 7.0% 91.48% 5
5 Yr -0.5% * -0.9% 6.2% 92.25% 5
10 Yr 0.1% * -6.1% 5.3% 87.90% 5

* Annualized


Total Return Ranking - Calendar

Period VMLUX 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

VMLUX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

VMLUX Category Low Category High VMLUX % 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% 36.13% 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 VMLUX % Rank Quintile
Bonds
94.85% 0.00% 202.21% 22.22% 4
Cash
5.07% -110.85% 100.00% 11.45% 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 VMLUX % Rank Quintile
Municipal
91.67% 0.00% 140.62% 25.48% 4
Cash & Equivalents
5.07% -110.85% 100.00% 11.13% 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 VMLUX % Rank Quintile
US
94.85% 0.00% 202.21% 22.26% 4
Non US
0.00% 0.00% 20.62% 0.81% 1

VMLUX - Expenses

Operational Fees

VMLUX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.12% 0.10% 4.60% 26.09% 1
Management Fee 0.10% 0.00% 1.00% 6.92% 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

VMLUX Fees (% of AUM) Category Low Category High VMLUX 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

VMLUX Fees (% of AUM) Category Low Category High VMLUX 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.

VMLUX Fees (% of AUM) Category Low Category High VMLUX Rank Quintile
Turnover 16.00% 0.00% 783.51% 13.20% 3

VMLUX - Distributions

Dividend Yield Analysis

VMLUX Category Low Category High VMLUX % Rank Quintile
Dividend Yield 0.2% 0.00% 2.86% 37.85% 4

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

VMLUX Category Low Category High VMLUX % Rank Quintile
Net Income Ratio 1.59% -0.60% 5.26% 33.98% 4

Capital Gain Distribution Analysis

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

VMLUX - 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