VMLUX Performance — Vanguard Limited-Term Tax-Exempt Fund, Admiral Shares
Data updated: 2026-09-28
VMLUX returned +0.85% year to date and +2.84% over one year to Jul 2026. Annualised returns are +3.61% over 3 years and +1.82% over 5 years. Against its Intermediate Municipal Bond category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $111, against $109 for the category, and to $103 over one year, against $105. Volatility over the past three years was 2.31% a year. In the 12 months to Jul 2026 the fund took in a net $3.7B, and assets reached $35.30B.
VMLUX Growth of $100
What $100 invested in Vanguard Limited-Term Tax-Exempt Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | VMLUX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $103 | $105 |
| 3 years (Aug 2023 – Jul 2026) | $111 | $109 |
| 5 years (Aug 2021 – Jul 2026) | $109 | $102 |
| Since data start (Aug 2019 – Jul 2026) | $115 | $109 |
VMLUX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +0.85% |
| 1 year | +2.84% |
| 3 years (annualised) | +3.61% |
| 5 years (annualised) | +1.82% |
VMLUX Annual Returns
Calendar-year total returns of Vanguard Limited-Term Tax-Exempt Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +0.85% |
| 2025 | +4.67% |
| 2024 | +2.72% |
| 2023 | +4.27% |
| 2022 | −2.90% |
| 2021 | +0.48% |
| 2020 | +3.38% |
| 2019 (Aug–Dec) | +0.70% |
VMLUX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.7% | +0.7% | −1.2% | +0.5% | +0.3% | +0.5% | −0.6% | — | — | — | — | — |
| 2025 | +0.5% | +0.7% | −0.3% | −0.2% | +0.5% | +0.8% | +0.5% | +0.6% | +0.6% | +0.2% | +0.2% | +0.4% |
| 2024 | −0.1% | +0.2% | 0.0% | −0.3% | 0.0% | +0.8% | +0.8% | +0.9% | +0.6% | −0.6% | +0.7% | −0.4% |
| 2023 | +1.5% | −1.3% | +1.3% | −0.2% | −0.5% | +0.6% | +0.2% | −0.2% | −1.0% | 0.0% | +2.5% | +1.2% |
| 2022 | −1.3% | −0.2% | −1.4% | −1.1% | +1.0% | −0.2% | +1.2% | −1.1% | −1.7% | −0.1% | +2.0% | +0.3% |
| 2021 | +0.3% | −0.5% | +0.2% | +0.3% | +0.1% | 0.0% | +0.4% | −0.1% | −0.3% | −0.1% | +0.2% | 0.0% |
| 2020 | +0.8% | +0.4% | −1.7% | −0.2% | +1.9% | +0.6% | +0.8% | 0.0% | +0.1% | −0.1% | +0.5% | +0.3% |
| 2019 | — | — | — | — | — | — | — | +0.4% | −0.4% | +0.3% | +0.2% | +0.2% |
VMLUX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 2.31%
- 3-year Sharpe ratio: -0.38 (vs 4.5% risk-free rate)
- Best month: +2.51% (Nov 2023)
- Worst month: −1.18% (Mar 2026)
VMLUX Fund Flows
Monthly money in and out of Vanguard Limited-Term Tax-Exempt Fund, from SEC Form N-PORT.
- 12-month net flow: $3.7B
- 12-month gross sales (incl. reinvestments): $9.4B
- Sales ÷ redemptions: 1.65×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $728.0M | $456.7M | $271.4M |
| Jun 2026 | $895.6M | $537.2M | $358.4M |
| May 2026 | $766.4M | $514.8M | $251.6M |
| Apr 2026 | $712.5M | $557.4M | $155.0M |
| Mar 2026 | $823.1M | $459.9M | $363.2M |
| Feb 2026 | $741.5M | $324.2M | $417.2M |
| Jan 2026 | $899.3M | $498.0M | $401.3M |
| Dec 2025 | $844.2M | $514.4M | $329.8M |
| Nov 2025 | $657.8M | $367.1M | $290.7M |
| Oct 2025 | $783.3M | $393.4M | $389.9M |
| Sep 2025 | $741.7M | $511.3M | $230.4M |
| Aug 2025 | $757.6M | $527.0M | $230.6M |
VMLUX Assets Under Management
Net assets of Vanguard Limited-Term Tax-Exempt Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $35.30B |
| 2026-04-30 | $34.64B |
| 2026-01-31 | $33.97B |
| 2025-10-31 | $32.79B |
| 2025-07-31 | $31.75B |
| 2025-04-30 | $30.68B |
| 2025-01-31 | $30.68B |
| 2024-10-31 | $30.23B |
| 2024-07-31 | $29.87B |
| 2024-04-30 | $29.26B |
| 2024-01-31 | $29.49B |
| 2023-10-31 | $29.24B |
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.