VMLTX – Vanguard Ltd-Term Tx-Ex Investment Strategy | Morningstar

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Strategy

The investment seeks to provide current income that is exempt from federal personal income taxes, with limited price volatility. 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. It may invest up to 20% of its assets in medium-quality municipal bonds and 5% of its assets in securities with lower credit ratings, also as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
VMLTX	Vanguard Limited-Term Tax-Exempt Fund	No Load	Open			Aug 31, 1987	$858.19M	0.170%	Low	$3,000	$2.25M
VMLUX	Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	Institutional	Open			Feb 12, 2001	$34.94B	0.090%	Low	$50,000	$3.10B

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