Vanguard Limited-Term Tax-Exempt Fund Admiral Shares
VMLUX
NASDAQ- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- PO Box 2600 Valley Forge PA United States of America 19482
- IPO Date
- Feb 12, 2001
- CIK
- 0000225997
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) is an open-end 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 high-quality municipal bonds issued by state and local governments to fund public projects, maintaining a dollar-weighted average maturity of 2 to 6 years and effective duration of approximately 2.6 years; at least 75% of its holdings consist of securities rated in the top three credit-rating categories (Aaa/AAA, Aa/AA, A) or of comparable quality, with the remainder potentially in lower-rated bonds. Key sectors include hospitals (14%), industrial and development (19%), housing (9%), state general-obligation (7%), and local general-obligation (11%) bonds, with top holdings such as Municipal Low Duration Fund (1.95%), Nuveen AMT-Free Municipal Credit Income Fund (0.39%), and various gas project revenue bonds from Alabama and Kentucky; the fund holds over 7,000 positions for broad diversification, with no single position exceeding 2% of assets and total assets under management exceeding $33 billion. Geographic operations focus on U.S. municipal bonds issued nationwide, targeting tax-sensitive investors such as individuals in higher federal tax brackets, financial advisors, and institutional clients seeking short-duration, tax-exempt fixed income exposure within the Muni National Short category. Launched on February 12, 2001, the fund is domiciled in the United States with a minimum initial investment of $50,000 for Admiral Shares and an ultralow net expense ratio of 0.09%, significantly below the category average of 0.56%. The Vanguard Group, Inc., the fund's investment manager and parent, was founded in 1975 and is headquartered at 100 Vanguard Boulevard, Malvern, Pennsylvania. In late 2023, Vanguard added veteran municipal bond manager James M. D'Arcy as co-portfolio manager alongside lead manager Adam Ferguson, who has overseen the strategy since 2017, as part of the firm's long-term succession planning across its active municipal funds. The fund benefited from Vanguard's largest-ever fee reductions in early 2025, estimated at $350 million firmwide, further enhancing its cost advantage; additionally, Vanguard expanded its municipal offerings with new low-cost ETF launches, including the actively managed Core Tax-Exempt Bond ETF (VCRM) and Short Duration Tax-Exempt Bond ETF (VSDM) in November 2024, and index-based Long-Term Tax-Exempt Bond ETF (VTEL) and New York Tax-Exempt Bond ETF (MUNY) in May 2025, all at competitive expense ratios of 0.09%-0.12%. Under the current management team and Paul Malloy's leadership of Vanguard's municipal group since 2018, the fund has delivered strong risk-adjusted returns, with Ferguson-era annualized gains of 1.8% through January 2025 outperforming over 70% of peers and its custom high-quality benchmark.