Vanguard Municipal Low Duration Fund
Data updated: 2026-07-29
C000007079 — Vanguard Municipal Low Duration Fund. Long Municipal - National Bond · $5.65B AUM. Holdings, fees, performance and SEC filings.
C000007079 Fund Overview
Vanguard Municipal Low Duration Fund is a US mutual fund managed by Vanguard CMT Funds, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Vanguard CMT Funds
- Category: Long Municipal - National Bond
- Assets under management: $5.65B
- 1-year return: 2.5%
- SEC CIK: 0001273878
- SEC series ID: S000002576
- Share class ID: C000007079
C000007079 Investment Objective and Strategy
Vanguard Municipal Low Duration Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Vanguard CMT Funds.
Investment objective
Vanguard Municipal Low Duration Fund (the Fund) seeks to provide current income that is exempt from federal personal income taxes, while maintaining liquidity.
Principal investment strategy
The Fund employs an active management approach, investing mainly in state and local municipal securities. As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities whose income is exempt from federal income tax. The Fund may count securities that generate income subject to the federal alternative minimum tax (AMT) toward the 80% investment requirement. The Funds advisor sets, and periodically adjusts, a duration target for the Fund based on expectations about the direction of interest rates and other economic factors. Duration is a measure of the price sensitivity of a bond or a bond fund to changes in interest rates. For example, if a bond has a duration of two years, its price would fall by approximately 2% when interest rates rise by 1%.
On the other hand, the bonds price would rise by approximately 2% when interest rates fall by 1%. The Fund invests in high-quality, short-term municipal securities. To be considered high quality, a security must be determined by the Funds advisor to present minimal credit risk based in part on a consideration of maturity, portfolio diversification, portfolio liquidity, and credit quality.
C000007079 Holdings
Top 10 holdings of Vanguard Municipal Low Duration Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Gulf Coast Industrial Development Authority | 1.74% |
| JPMorgan Chase Putters/Drivers Trust | 1.74% |
| Board of Regents of the University of Texas System | 1.71% |
| Nuveen AMT-Free Municipal Credit Income Fund | 1.64% |
| Board of Regents of the University of Texas System | 1.50% |
| City of New York NY | 1.47% |
| JPMorgan Chase Putters/Drivers Trust | 1.44% |
| County of King WA Sewer Revenue | 1.34% |
| East Baton Rouge Parish Industrial Development Board Inc | 1.26% |
| JPMorgan Chase Putters/Drivers Trust | 1.21% |
C000007079 Portfolio Allocation
Asset-class allocation of Vanguard Municipal Low Duration Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 100.6% |
C000007079 Performance
Total returns for C000007079 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 0.9% |
| 1 year | 2.5% |
| 3 years (annualised) | 2.8% |
C000007079 Risk Information
Risk metrics for C000007079, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.1%
C000007079 Costs and Fees
C000007079 costs about $1 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.01%
- Gross expense ratio: 0.01%
- Portfolio turnover: 0%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000007079 Cashflows
Over the 12 months to 2026-05, Vanguard Municipal Low Duration Fund had net inflows of $1.88B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $536.77M |
| 2026-04 | −$329.66M |
| 2026-03 | −$1.09B |
| 2026-02 | $603.01M |
| 2026-01 | $872.31M |
| 2025-12 | $45.41M |
C000007079 Debt Constituents
Largest debt holdings of Vanguard Municipal Low Duration Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Gulf Coast Industrial Development Authority | 1.74% |
| JPMorgan Chase Putters/Drivers Trust | 1.74% |
| Board of Regents of the University of Texas System | 1.71% |
| Nuveen AMT-Free Municipal Credit Income Fund | 1.64% |
| Board of Regents of the University of Texas System | 1.50% |
| City of New York NY | 1.47% |
| JPMorgan Chase Putters/Drivers Trust | 1.44% |
| County of King WA Sewer Revenue | 1.34% |
| East Baton Rouge Parish Industrial Development Board Inc | 1.26% |
| JPMorgan Chase Putters/Drivers Trust | 1.21% |
C000007079 Prospectus and SEC Filings
Official Vanguard Municipal Low Duration Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-12-20
- Prospectus (485BPOS) — filed 2024-06-05
- Prospectus supplement (497) — filed 2026-06-30
- Portfolio holdings (N-PORT) — filed 2026-07-29
- Portfolio holdings (N-PORT) — filed 2026-04-28
- Portfolio holdings (N-PORT) — filed 2026-01-28
- Annual census (N-CEN) — filed 2025-11-12
- Annual census (N-CEN) — filed 2024-11-12
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.