VMLUX Fees and Costs — Vanguard Limited-Term Tax-Exempt Fund, Admiral Shares
Data updated: 2026-09-28
The net expense ratio is 0.09%: a 0.08% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 36%.
VMLUX Fees and Expenses
Annual operating expenses and sales charges of VMLUX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.08% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.09% |
| Fee waiver | — |
| Net expense ratio | 0.09% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VMLUX Costs Over Time
On $10,000 invested in VMLUX, assuming 5% a year before costs, total costs come to $57 over 5 years, cutting the return by 0.09% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.09%) | $9 | $30 | $52 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $9 | $31 | $57 |
| Value after costs | $10,491 | $11,545 | $12,705 |
| Impact on return, per year | 0.09% | 0.09% | 0.09% |
VMLUX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $31.7B
- Portfolio turnover (prospectus): 36%
- Securities lending: none during the year
VMLUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE & CO. | $5.2B | 19.63% |
| Vanguard Market Liquidity Fund | $4.3B | 16.21% |
| BANK OF AMERICA CORPORATION | $3.9B | 14.70% |
| BARCLAYS PLC | $2.8B | 10.67% |
| WELLS FARGO & COMPANY | $2.3B | 8.57% |
| Royal Bank of Canada | $1.9B | 7.18% |
| MORGAN STANLEY | $1.9B | 7.03% |
| TD Securities (USA) LLC | $1.7B | 6.55% |
| THE GOLDMAN SACHS GROUP, INC. | $1.5B | 5.77% |
| U.S. Bancorp | $984.4M | 3.69% |
Vanguard Limited-Term Tax-Exempt Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VMLUX | Admiral Shares | 0.09% | none |
| VMLTX | Investor Shares | 0.17% | none |
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.