VMLUX: Vanguard Ltd-Term Tx-Ex Adm

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VMLUX Vanguard Ltd-Term Tx-Ex Adm


Profile

VMLUX - Profile

Vitals

  • YTD Return 1.4%
  • 3 Yr Annualized Return 0.6%
  • 5 Yr Annualized Return 0.4%
  • Net Assets $31.8 B
  • Holdings in Top 10 5.0%

52 WEEK LOW AND HIGH

$11.23
$10.51
$11.26

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.09%

SALES FEES

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

BROKERAGE FEES

  • Turnover 21.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $50,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return 0.6%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.98%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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 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.


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Performance

VMLUX - Performance

Return Ranking - Trailing

Period VMLUX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -31.9% 954.3% 58.07%
1 Yr 1.7% -28.2% 951.8% 49.95%
3 Yr 0.6%* -17.5% 120.9% 63.37%
5 Yr 0.4%* -8.5% 60.6% 60.89%
10 Yr 0.1%* -5.2% 14.4% 68.40%

* Annualized

Return Ranking - Calendar

Period VMLUX Return Category Return Low Category Return High Rank in Category (%)
2019 2.0% -5.8% 20.3% 84.53%
2018 -0.3% -29.6% 4.6% 4.53%
2017 0.5% -6.0% 15.8% 73.99%
2016 -1.6% -7.8% 15.0% 58.08%
2015 -0.2% -11.6% 3.0% 20.95%

Total Return Ranking - Trailing

Period VMLUX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -31.9% 954.3% 58.07%
1 Yr 1.7% -28.2% 951.8% 49.91%
3 Yr 0.6%* -17.5% 120.9% 66.89%
5 Yr 0.4%* -8.5% 60.6% 65.43%
10 Yr 0.1%* -5.2% 16.2% 75.58%

* Annualized

Total Return Ranking - Calendar

Period VMLUX Return Category Return Low Category Return High Rank in Category (%)
2019 2.0% -5.8% 20.3% 84.63%
2018 -0.3% -29.6% 4.6% 8.55%
2017 0.5% -6.0% 15.8% 77.92%
2016 -1.6% -7.8% 15.0% 59.74%
2015 -0.2% -9.9% 3.0% 27.67%

NAV & Total Return History


Holdings

VMLUX - Holdings

Concentration Analysis

VMLUX Category Low Category High VMLUX % Rank
Net Assets 31.8 B 619 K 88.4 B 0.60%
Number of Holdings 6914 1 10083 0.51%
Net Assets in Top 10 1.53 B -202 M 26.9 B 5.33%
Weighting of Top 10 5.02% 2.6% 100.0% 99.34%

Top 10 Holdings

  1. Cmt Municipal Rate 1.30%
  2. GRAND PKWY TRANSN CORP TEX 5% 0.65%
  3. METROPOLITAN TRANSN AUTH N Y REV 5% 0.47%
  4. NUVEEN INSD TAX-FREE ADVANTAGE MUN FD 0.18% 0.46%
  5. KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV 4% 0.44%
  6. MAIN STR NAT GAS INC GA GAS SUPPLY REV 4% 0.41%
  7. KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV 4% 0.35%
  8. METROPOLITAN TRANSN AUTH N Y REV 5% 0.33%
  9. BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV 4% 0.31%
  10. CENTRAL PLAINS ENERGY PROJ NEB GAS SUPPLY REV 4% 0.30%

Asset Allocation

Weighting Return Low Return High VMLUX % Rank
Bonds
96.66% 78.92% 199.79% 50.30%
Cash
3.34% -128.23% 19.68% 41.70%
Stocks
0.00% -4.99% 21.62% 75.54%
Preferred Stocks
0.00% -0.17% 22.02% 78.71%
Other
0.00% -9.40% 31.94% 72.00%
Convertible Bonds
0.00% 0.00% 9.45% 85.89%

Bond Sector Breakdown

Weighting Return Low Return High VMLUX % Rank
Municipal
96.61% 0.00% 100.06% 28.74%
Cash & Equivalents
3.39% -26.49% 93.17% 47.17%
Derivative
0.00% 0.00% 39.43% 78.62%
Securitized
0.00% 0.00% 97.53% 88.05%
Corporate
0.00% 0.00% 99.00% 90.94%
Government
0.00% -2.21% 99.96% 89.20%

Bond Geographic Breakdown

Weighting Return Low Return High VMLUX % Rank
US
96.25% 49.78% 199.79% 31.40%
Non US
0.41% -12.10% 39.65% 76.05%

Expenses

VMLUX - Expenses

Operational Fees

VMLUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.09% 0.01% 34.57% 99.15%
Management Fee 0.08% 0.00% 1.60% 2.54%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

VMLUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

VMLUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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 21.00% 0.00% 496.90% 26.92%

Distributions

VMLUX - Distributions

Dividend Yield Analysis

VMLUX Category Low Category High VMLUX % Rank
Dividend Yield 0.00% 0.00% 3.88% 73.98%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

VMLUX Category Low Category High VMLUX % Rank
Net Income Ratio 1.98% -0.81% 6.02% 77.27%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

VMLUX - Fund Manager Analysis

Managers

Adam Ferguson


Start Date

Tenure

Tenure Rank

May 10, 2017

3.31

3.3%

Adam M. Ferguson, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2004, has worked in investment management since 2008. He has managed the California Intermediate-Term Tax-Exempt Fund since 2013. Education: B.S., Wilmington University; M.B.A., Drexel University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 33.3 7.05 0.17