VMLUX: Vanguard Ltd-Term Tx-Ex Adm

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VMLUX Vanguard Ltd-Term Tx-Ex Adm

  • Fund
  • VMLUX
  • Price as of: Dec 12, 2019
  • $11.08
    - $0.01 - 0.09%
Profile

VMLUX - Profile

Vitals

  • YTD Return 2.0%
  • 3 Yr Annualized Return 0.7%
  • 5 Yr Annualized Return 0.0%
  • Net Assets $29.5 B
  • Holdings in Top 10 7.1%

52 WEEK LOW AND HIGH

$11.08
$10.84
$11.14

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.09%

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) $50,000
  • IRA $50,000

Fund Classification

Distributions

  • YTD Total Return 2.0%
  • 3 Yr Annualized Total Return 0.7%
  • 5 Yr Annualized Total Return 0.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.84%
DIVIDENDS
  • Dividend Yield 1.2%
  • 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
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Adam M. Ferguson

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.

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Categories

VMLUX - Mutual Fund Categories

Developed Market
North America
Low Cost
Active
No Load
U.S.
Short-Term Bond
Total Bond Market
Muni National Bond
Municipal Bond
U.S. Investment-Grade Bond
Fund Company Quick Screens

VMLUX - Fund Company Quick Screens

Vanguard Bond Funds
Vanguard Short-Term Bond Funds
Vanguard Municipal Bond Funds
Vanguard U.S. Investment-Grade Bond Funds
Performance

VMLUX - Performance

Return Ranking - Trailing

Period VMLUX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -0.2% 83.9% 84.03%
1 Yr 2.2% -0.2% 26.6% 88.05%
3 Yr 0.7%* -2.1% 9.4% 72.52%
5 Yr 0.0%* -14.7% 6.6% 61.11%
10 Yr 0.0%* -8.6% 8.5% 84.20%

* Annualized

Return Ranking - Calendar

Period VMLUX Return Category Return Low Category Return High Rank in Category (%)
2018 -0.3% -12.4% 0.8% 4.17%
2017 0.5% -2.8% 17.1% 69.59%
2016 -1.6% -58.1% 8.6% 59.82%
2015 -0.2% -18.3% 3.0% 20.48%
2014 0.2% -60.4% 26.9% 78.65%

Total Return Ranking - Trailing

Period VMLUX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -0.2% 83.9% 84.43%
1 Yr 2.2% -5.2% 26.6% 87.51%
3 Yr 0.7%* -2.1% 9.4% 77.88%
5 Yr 0.0%* -14.7% 6.6% 69.92%
10 Yr 0.0%* -8.6% 8.5% 90.25%

* Annualized

Total Return Ranking - Calendar

Period VMLUX Return Category Return Low Category Return High Rank in Category (%)
2018 -0.3% -11.7% 6.5% 9.83%
2017 0.5% -2.7% 27.0% 74.39%
2016 -1.6% -58.1% 10.7% 62.66%
2015 -0.2% -14.6% 4.2% 29.02%
2014 0.2% -60.4% 26.9% 82.92%

NAV & Total Return History

Holdings

VMLUX - Holdings

Concentration Analysis

VMLUX Category Low Category High VMLUX % Rank
Net Assets 29.5 B 691 K 247 B 2.64%
Number of Holdings 5773 2 17572 0.61%
Net Assets in Top 10 2.06 B -203 M 25.7 B 6.34%
Weighting of Top 10 7.10% 2.5% 138.1% 93.87%

Top 10 Holdings

  1. TEXAS ST 4% 1.84%
  2. Cmt Municipal Rate 1.44%
  3. NEW YORK ST TWY AUTH GEN REV JR INDBT OBLIGS 4% 0.78%
  4. GRAND PKWY TRANSN CORP TEX 5% 0.68%
  5. KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV 4% 0.43%
  6. METROPOLITAN TRANSN AUTH N Y REV 5% 0.43%
  7. NEW MEXICO FIN AUTH ST TRANSN REV 5% 0.40%
  8. MAIN STR NAT GAS INC GA GAS SUPPLY REV 4% 0.39%
  9. NUVEEN INSD TAX-FREE ADVANTAGE MUN FD 1.68% 0.35%
  10. TEXAS ST 1.63% 0.34%

Asset Allocation

Weighting Return Low Return High VMLUX % Rank
Bonds 		97.92% 80.25% 160.29% 44.98%
Cash 		2.08% -60.29% 28.73% 48.40%
Stocks 		0.00% -17.64% 26.52% 98.11%
Preferred Stocks 		0.00% 0.00% 8.19% 98.47%
Other 		0.00% -36.80% 29.62% 93.05%
Convertible Bonds 		0.00% 0.00% 6.26% 99.25%

Bond Sector Breakdown

Weighting Return Low Return High VMLUX % Rank
Municipal 		96.48% 0.00% 149.42% 37.10%
Cash & Equivalents 		2.08% -60.29% 28.73% 48.93%
Derivative 		0.00% -25.78% 41.91% 91.30%
Securitized 		0.00% 0.00% 136.75% 99.61%
Corporate 		0.00% 0.00% 98.80% 99.61%
Government 		0.00% -86.06% 125.74% 94.33%

Bond Geographic Breakdown

Weighting Return Low Return High VMLUX % Rank
US 		97.49% 60.74% 157.48% 31.47%
Non US 		0.43% -27.08% 24.33% 74.27%
Expenses

VMLUX - Expenses

Operational Fees

VMLUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.09% 0.00% 209.96% 98.20%
Management Fee 0.08% 0.00% 1.25% 3.67%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.63% N/A

Sales Fees

VMLUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.00% 5.50% N/A

Trading Fees

VMLUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

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 Return Low Category Return High Rank in Category (%)
Turnover 28.00% 0.00% 2053.00% 37.24%
Distributions

VMLUX - Distributions

Dividend Yield Analysis

VMLUX Category Low Category High VMLUX % Rank
Dividend Yield 1.16% 0.00% 96.19% 28.76%

Dividend Distribution Analysis

VMLUX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

VMLUX Category Low Category High VMLUX % Rank
Net Income Ratio 1.84% 0.00% 6.30% 84.81%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +
Fund Manager Analysis

VMLUX - Fund Manager Analysis

Managers

Adam M. Ferguson

Start Date

Tenure

Tenure Rank

May 10, 2017

2.56

2.6%

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 Category High Category Average Category Mode
0.0 33.02 7.69 7.54

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