VANGUARD MUNICIPAL LOW DURATION FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD MUNICIPAL LOW DURATION FUND held 359 positions with $5.65B in net assets. Its ten largest holdings made up 15.1% of the fund. The fund costs 0.01% a year. Over the 12 months to May 2026, it returned 2.5%, with dividends reinvested. In 2026 Q2 it added 135 new positions and exited 119.
Vanguard Municipal Low Duration Fund (the Fund) seeks to provide current income that is exempt from federal personal income taxes, while maintaining liquidity.
The fund actively manages a portfolio of high-quality, short-duration municipal securities whose income is exempt from federal income tax, adjusting its duration target based on the advisor's expectations about interest rates and economic conditions. Because the fund's returns depend on the advisor's interest-rate forecasts and security selections, performance will diverge from any benchmark if those judgments prove incorrect.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Gulf Coast Industrial Development Authority 2.85% floating · due 2041-11-01 | 1.74% | $98.47M | — |
JPMorgan Chase Putters/Drivers Trust 2.35% floating · due 2031-12-15 | 1.74% | $98.25M | — |
Board of Regents of the University of Texas System 1.45% floating · due 2056-08-01 | 1.71% | $96.50M | — |
Nuveen AMT-Free Municipal Credit Income Fund 1.64% floating · due 2040-12-01 | 1.64% | $92.50M | — |
Board of Regents of the University of Texas System 1.45% floating · due 2056-08-01 | 1.50% | $85.00M | — |
City of New York NY 3.45% floating · due 2044-03-01 | 1.47% | $83.03M | — |
JPMorgan Chase Putters/Drivers Trust 2.75% floating · due 2033-02-10 | 1.44% | $81.15M | — |
County of King WA Sewer Revenue 2.85% floating · due 2065-01-01 | 1.34% | $75.85M | — |
East Baton Rouge Parish Industrial Development Board Inc 3.45% floating · due 2035-08-01 | 1.26% | $71.43M | — |
JPMorgan Chase Putters/Drivers Trust 2.35% floating · due 2047-05-01 | 1.21% | $68.61M | — |
The 200 largest of 359 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 100.63% |
How it has done
C000007079 share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.13%. Past returns are a record, not a forecast.
Fees & fund details
VANGUARD MUNICIPAL LOW DURATION FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.01%
- Portfolio turnover
- 0.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
135 new· the largest 6
119 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 93.0% |
| Fixed rate | 7.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 8.4% |
| 1-3y | 2.5% |
| 3-5y | 4.9% |
| 5-10y | 14.3% |
| 10y+ | 69.8% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 81% |
| Interest rates | 19% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.14 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.02 yr | 63% |
| 1 yr | 0.01 yr | 35% |
| 5 yr | 0.00 yr | 1% |
10 yr and 30 yr are NEGATIVE (-0.00 yr, -0.00 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 3 mo | 0.04 yr | 29% |
| 1 yr | 0.03 yr | 22% |
| 5 yr | 0.01 yr | 10% |
| 10 yr | 0.01 yr | 11% |
| 30 yr | 0.04 yr | 28% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.04 | +0.00 | $22.7k | $0 |
| 1 yr | +0.01 | +0.03 | +0.00 | $16.8k | $0 |
| 5 yr | +0.00 | +0.01 | +0.00 | $8.0k | $0 |
| 10 yr | -0.00 | +0.01 | +0.00 | $8.4k | $0 |
| 30 yr | -0.00 | +0.04 | +0.00 | $21.8k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — this fund, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”