Morningstar

Vanguard Limited-Term Tax-Exempt Fund Admiral Shares VMLUX

Morningstar Medalist Rating
Medalist Rating as of | See Vanguard Investment Hub
  • NAV / 1-Day Return 10.96  /  0.00
  • Total Assets 35.4B
  • Adj. Expense Ratio
    0.090%
  • Expense Ratio 0.090%
  • Distribution Fee Level Low
  • Share Class Type Institutional
  • Category Muni National Short
  • Credit Quality / Interest Rate Sensitivity Medium/Limited
  • Min. Initial Investment 50,000
  • Status Open
  • TTM Yield 3.16%
  • Effective Duration 2.60 years

USD | NAV as of Jul 14, 2026 | 1-Day Return as of Jul 14, 2026, 12:11 AM GMT+0

Morningstar’s Analysis VMLUX

Will VMLUX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VMLUX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the VMLUX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of VMLUX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A topnotch short-term muni offering.

Analyst Ken Noguchi

Ken Noguchi

Analyst

Summary

Vanguard Limited-Term Tax-Exempt combines experienced leadership with a disciplined approach that stands out and delivers consistently strong results versus muni-national short Morningstar Category peers.

by Ken Noguchi
Rated on Published on

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Portfolio Holdings VMLUX

More VMLUX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 3.3
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Municipal Low Dur Fund

2.07 729M
Cash and Equivalents

SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV

0.38 134M
municipal

NUVEEN AMT-FREE MUN CR INCOME FD

0.36 128M
municipal

BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV

0.36 125M
municipal

BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV

0.35 123M
municipal

MAIN STR NAT GAS INC GA GAS SUPPLY REV

0.32 112M
municipal

NUVEEN AMT-FREE QUALITY MUN INCOME FD

0.31 111M
municipal

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

0.31 111M
municipal

BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV

0.31 108M
municipal

KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV

0.30 106M
municipal

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