VMLTX — Vanguard Limited-Term Tax-Exempt Fund, Investor Shares
Data updated: 2026-09-28
VMLTX — Vanguard Limited-Term Tax-Exempt Fund, Investor Shares. 0.17% expense ratio · no sales load · since 1987. Holdings, fees, performance and SEC filings.
VMLTX Fund Overview
VMLTX — Vanguard Limited-Term Tax-Exempt Fund, Investor Shares is a US mutual fund managed by The Vanguard Group, Inc., categorised as Intermediate Municipal Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Adviser: The Vanguard Group, Inc.
- Trust: Vanguard Municipal Bond Funds
- Category: Intermediate Municipal Bond
- Minimum investment: $3,000
- Additional investment: $1
- Inception date: August 31, 1987
- Assets under management: $35,296,531,941
- 1-year return: 2.8%
- Ticker: VMLTX
- SEC CIK: 0000225997
- SEC series ID: S000002895
- Share class ID: C000007955
- CUSIP: 922907704
- ISIN: US9229077048
- FIGI: BBG000BCKPD8
- LEI: KL7335P5XPCWYYNGOF77
About VMLTX
Vanguard Limited-Term Tax-Exempt Fund (VMLTX) aims to provide current income exempt from federal personal income taxes, with limited price volatility. It invests mainly in municipal bonds, with at least 75% in the top three credit-rating categories, and maintains a dollar-weighted average maturity of 2 to 6 years. Its Investor Shares, launched August 31, 1987, cost 0.17% a year and returned 2.8% in the 12 months to July 31, 2026, based on monthly returns reported to the SEC on Form N-PORT, with 2.0% volatility.
VMLTX Holdings
Top 10 holdings of Vanguard Limited-Term Tax-Exempt Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund | 2.43% |
| Southeast Energy Authority A Cooperative District | 0.38% |
| Nuveen AMT-Free Municipal Credit Income Fund | 0.36% |
| Black Belt Energy Gas District | 0.36% |
| Black Belt Energy Gas District | 0.35% |
| Main Street Natural Gas Inc | 0.31% |
| Nuveen AMT-Free Quality Municipal Income Fund | 0.31% |
| California Community Choice Financing Authority | 0.31% |
| Black Belt Energy Gas District | 0.30% |
| Kentucky Public Energy Authority | 0.30% |
VMLTX Portfolio Allocation
Asset-class allocation of Vanguard Limited-Term Tax-Exempt Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 97.5% |
| Cash & Equivalents | 2.4% |
VMLTX Performance
Total returns for VMLTX through July 2026, from SEC filings.
| Period | Total return |
|---|---|
| YTD | 0.80% |
| 1 year | 2.76% |
| 3 years (annualised) | 3.53% |
| 5 years (annualised) | 1.74% |
VMLTX Risk Information
Risk metrics for VMLTX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.96%
VMLTX Costs and Fees
VMLTX costs about $17 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.17%
- Gross expense ratio: 0.17%
- Portfolio turnover: 36%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
VMLTX Cashflows
Over the 12 months to 2026-07, Vanguard Limited-Term Tax-Exempt Fund had net inflows of $3,689,551,398, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | $271,372,778 |
| 2026-06 | $358,444,188 |
| 2026-05 | $251,614,518 |
| 2026-04 | $155,021,370 |
| 2026-03 | $363,181,521 |
| 2026-02 | $417,247,016 |
VMLTX Debt Constituents
Largest debt holdings of Vanguard Limited-Term Tax-Exempt Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Southeast Energy Authority A Cooperative District | 0.38% |
| Nuveen AMT-Free Municipal Credit Income Fund | 0.36% |
| Black Belt Energy Gas District | 0.36% |
| Black Belt Energy Gas District | 0.35% |
| Main Street Natural Gas Inc | 0.31% |
| Nuveen AMT-Free Quality Municipal Income Fund | 0.31% |
| California Community Choice Financing Authority | 0.31% |
| Black Belt Energy Gas District | 0.30% |
| Kentucky Public Energy Authority | 0.30% |
| New Mexico Municipal Energy Acquisition Authority | 0.29% |
VMLTX Prospectus and SEC Filings
Official Vanguard Limited-Term Tax-Exempt Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus (485BPOS) — filed 2024-02-27
- Portfolio holdings (N-PORT) — filed 2026-09-28
- Portfolio holdings (N-PORT) — filed 2026-06-26
- Portfolio holdings (N-PORT) — filed 2026-03-31
- Annual census (N-CEN) — filed 2026-01-12
- Annual census (N-CEN) — filed 2025-01-13
VMLTX Service Providers
Firms that manage, distribute, hold, administer and audit Vanguard Limited-Term Tax-Exempt Fund, as reported on SEC Form N-CEN, fiscal year ending October 31, 2025.
- Adviser: The Vanguard Group, Inc.
- Distributor: Vanguard Marketing Corp.
- Custodian: State Street Bank and Trust Company
- Transfer agent: The Vanguard Group, Inc.
- Administrator: The Vanguard Group, Inc.
- Auditor: Pricewaterhousecoopers Llp
Related Funds
Other Intermediate Municipal Bond funds tracked on ABC INVEST:
VMLTX: Frequently Asked Questions
What is the expense ratio of Vanguard Limited-Term Tax-Exempt Fund (VMLTX)?
VMLTX has a net expense ratio of 0.17%, about $17 a year for every $10,000 invested. VMLTX fees and costs
Does VMLTX charge a sales load?
No. This share class (VMLTX) charges no sales load.
What is the minimum investment for VMLTX?
The minimum initial investment in VMLTX is $3,000, and additional purchases must be at least $1. Source: the fund's summary prospectus (February 2026).
What are VMLTX's top holdings?
As of July 31, 2026, VMLTX held 7,372 positions. The largest are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund (2.43%), Southeast Energy Authority A Cooperative District (0.38%), Nuveen AMT-Free Municipal Credit Income Fund (0.36%), Black Belt Energy Gas District (0.36%) and Black Belt Energy Gas District (0.35%). All VMLTX holdings
Can I download the full list of VMLTX holdings?
Yes. The complete VMLTX holdings list as of July 31, 2026 can be downloaded as a CSV file from the Holdings page: holding, ticker, FIGI, sector, country, asset type, shares, value and share of net assets, from the fund's SEC N-PORT filing. Download VMLTX holdings (CSV)
How has Vanguard Limited-Term Tax-Exempt Fund performed?
VMLTX returned +2.8% over the 12 months to July 2026, +3.5% a year over 3 years and +1.7% a year over 5 years. VMLTX performance and risk
How large is VMLTX?
VMLTX manages $35,296,531,941 (SEC N-PORT, July 2026). Investors added a net $3,689,551,398 over the past 12 months.
Who manages VMLTX and when did it launch?
VMLTX is managed by The Vanguard Group, Inc.. It is a series of Vanguard Municipal Bond Funds. It launched on August 31, 1987.
How does VMLTX compare with similar Intermediate Municipal Bond funds?
Among 209 Intermediate Municipal Bond funds with $100,000,000+ in assets, VMLTX ranks #24 of 209 on net expense ratio (0.17%) and #3 of 209 by assets. The largest is Vanguard Intermediate-Term Tax-Exempt Fund (VWIUX). Compare VMLTX with VWIUX
Where can I find VMLTX's prospectus and SEC filings?
VMLTX's latest prospectus (485BPOS) was filed February 27, 2026 and its latest N-PORT holdings report was filed September 28, 2026. All 52 filings are linked on ABC INVEST and on SEC EDGAR (series S000002895). VMLTX SEC filings
What is the CUSIP and ISIN of VMLTX?
Vanguard Limited-Term Tax-Exempt Fund (VMLTX) has CUSIP 922907704 and ISIN US9229077048. These codes identify this share class (Investor Shares); each of the fund's 2 share classes has its own. Brokers and trading platforms use these codes to look up the fund.
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, and annual data from Form N-CEN.
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.