Vanguard Limited-Term Tax-Exempt Fund Investor Shares
VMLTX
NASDAQ- -
USD
- -
- -
- -
- -
(- -)
Recent
price
- -
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Similar Companies
- Business
- Vanguard Limited-Term Tax-Exempt Fund (VMLTX) is an open-end municipal bond mutual fund managed by The Vanguard Group, Inc., that seeks to provide current income exempt from federal personal income taxes with limited price volatility. The fund invests primarily in a diversified portfolio of investment-grade municipal bonds issued by state and local governments, including general obligation bonds, revenue bonds in sectors such as hospitals (approximately 14%), industrial and development (19% as of December 2024), housing (9%), transportation, pollution control, state general obligations (7%), and local general obligations (11%); it maintains a dollar-weighted average maturity of 2 to 6 years and effective duration of around 2.55 years, with at least 75% of assets in securities rated in the top three credit categories (AAA/AA/A, comprising about 86% as of late 2024 including 12.4% AAA and 38.2% AA), up to 20% in BBB-rated bonds (6.8%), and minimal exposure to lower ratings (BB 1.8%, B 0.2%). Investor Shares (VMLTX) feature a 0.17% expense ratio and $3,000 minimum initial investment, while Admiral Shares (VMLUX) offer a lower 0.09% expense ratio with a $50,000 minimum; the fund holds over $31 billion in assets, with top holdings including municipal low duration funds, Nuveen AMT-Free Municipal Credit Income Fund, Black Belt Energy Gas District revenue bonds, and Kentucky Public Energy Authority gas supply revenue bonds, and notable state concentrations in New York (11.1%), California (9%), Texas (9%), and Illinois (7.1%). Launched on August 31, 1987, the fund is domiciled in the United States with operations focused on U.S. municipal securities available to investors nationwide, particularly those in higher tax brackets seeking tax-exempt income. In recent developments, James M. D’Arcy, CFA, joined as co-portfolio manager in late 2023 alongside lead manager Adam M. Ferguson, CFA (managing since 2017), as part of Vanguard's succession planning for its active municipal strategies; the fund increased allocations to industrial/development and housing sectors in 2024, shifted toward modestly higher mid-quality exposure (reducing AA-or-above from prior peaks), and delivered a 2.64% return for calendar 2024, outperforming the Bloomberg 1-5 Year Municipal Bond Index by 78 basis points amid a market favoring below-investment-grade debt, with portfolio turnover at 50%.