# Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vmltx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Vanguard · Asset class: Municipal Bond - Strategy: Thematic · Inception: 1987-08-31 This economical municipal bond fund is designed to provide revenue that is free from federal income taxes, making it particularly appealing to individuals in higher tax brackets. It primarily holds high-grade municipal debt with shorter maturities, maintaining an average duration, or interest rate sensitivity, of approximately two years, which is slightly longer than its Short-Term Tax-Exempt counterpart. A key risk involves interest rate movements; both increases and decreases in rates could lead to a decline in bond valuations or a future reduction in the fund's income. This fund is ideal... ## Key Facts | Metric | Value | |---|---| | Price | $10.83 | | Expense Ratio | 0.17% | | Assets Under Management | $35.00B | | NAV | $10.83 | | Holdings Count | 0 | | Distribution Yield (TTM) | 3.15% | | Annual Distribution (TTM) | $0.34 /share | | Distribution Frequency | Monthly | | 52-Week Range | $10.63 – $11.10 | | Beta | 0.38 | ## Latest Distribution - Amount: $0.0295 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-01 ## Frequently Asked Questions ### What does VMLTX invest in? This economical municipal bond fund is designed to provide revenue that is free from federal income taxes, making it particularly appealing to individuals in higher tax brackets. It primarily holds high-grade municipal debt with shorter maturities, maintaining an average duration, or interest rate sensitivity, of approximately two years, which is slightly longer than its Short-Term Tax-Exempt counterpart. A key risk involves interest rate movements; both increases and decreases in rates could lead to a decline in bond valuations or a future reduction in the fund's income. This fund is ideal for investors seeking a moderate level of federally tax-exempt earnings who are comfortable with some variability in their income stream and share price. ### What is the expense ratio of VMLTX? Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) charges an expense ratio of 0.17%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VMLTX's dividend yield? VMLTX's trailing-twelve-month yield is 3.15%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VMLTX? Effective duration measures VMLTX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VMLTX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VMLTX? VMLTX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of VMLTX? Yield to maturity (YTM) is the total return you'd earn from VMLTX if every bond in the portfolio is held to maturity at the current price. VMLTX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does VMLTX pay a dividend? Yes, Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.15%. Full dividend history is on this page. ### How often does VMLTX pay dividends? Vanguard Limited-Term Tax-Exempt Fund Investor Shares pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is VMLTX's next ex-dividend date? The most recently announced ex-dividend date for VMLTX was 2026-09-30. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will VMLTX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.17% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does VMLTX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VMLTX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does VMLTX cost more than a fund like VOO? VMLTX's strategy (current expense ratio 0.17%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where VMLTX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to VMLTX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VMLTX (0.17%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/vmltx - Distribution history: https://www.dividenddata.com/funds/vmltx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vmltx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vmltx/expenses - Peer comparison: https://www.dividenddata.com/funds/vmltx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.