# Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vmlux 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: 2001-02-12 This cost-efficient municipal bond fund is designed to deliver income that is not subject to federal taxation, often making it an attractive option for investors in higher income tax brackets. It primarily invests in high-quality municipal bonds with relatively short maturities, exhibiting an average interest rate sensitivity (duration) of approximately two years, which is somewhat longer than its Short-Term Tax-Exempt Fund counterpart. A key risk involves interest rate fluctuations; both increases and decreases in rates could lead to a reduction in bond prices or eventually diminish the in... ## Key Facts | Metric | Value | |---|---| | Price | $10.82 | | Expense Ratio | 0.09% | | Assets Under Management | $35.00B | | NAV | $10.82 | | Holdings Count | 7185 | | Distribution Yield (TTM) | 3.24% | | Annual Distribution (TTM) | $0.35 /share | | Distribution Frequency | Monthly | | 52-Week Range | $10.63 – $11.10 | | Beta | 0.38 | ## Latest Distribution - Amount: $0.0302 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-01 ## Frequently Asked Questions ### What does VMLUX invest in? This cost-efficient municipal bond fund is designed to deliver income that is not subject to federal taxation, often making it an attractive option for investors in higher income tax brackets. It primarily invests in high-quality municipal bonds with relatively short maturities, exhibiting an average interest rate sensitivity (duration) of approximately two years, which is somewhat longer than its Short-Term Tax-Exempt Fund counterpart. A key risk involves interest rate fluctuations; both increases and decreases in rates could lead to a reduction in bond prices or eventually diminish the income the fund provides. Individuals desiring a modest, federally tax-exempt income stream who are also prepared to accept some variability in their income and the fund's share price may find this investment suitable. ### What is the expense ratio of VMLUX? Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) charges an expense ratio of 0.09%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VMLUX's dividend yield? VMLUX's trailing-twelve-month yield is 3.24%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VMLUX? Effective duration measures VMLUX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VMLUX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VMLUX? VMLUX'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 VMLUX? Yield to maturity (YTM) is the total return you'd earn from VMLUX if every bond in the portfolio is held to maturity at the current price. VMLUX'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 VMLUX pay a dividend? Yes, Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.24%. Full dividend history is on this page. ### How often does VMLUX pay dividends? Vanguard Limited-Term Tax-Exempt Fund Admiral 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 VMLUX's next ex-dividend date? The most recently announced ex-dividend date for VMLUX 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 VMLUX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.09% 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 VMLUX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VMLUX'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 VMLUX cost more than a fund like VOO? VMLUX's strategy (current expense ratio 0.09%) 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 VMLUX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to VMLUX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VMLUX (0.09%) 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/vmlux - Distribution history: https://www.dividenddata.com/funds/vmlux/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vmlux/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vmlux/expenses - Peer comparison: https://www.dividenddata.com/funds/vmlux/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.