VANGUARD MUNICIPAL LOW DURATION FUND
VANGUARD CMT FUNDS
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| C000007079 | 0.01% |
Portfolio turnover 0.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 100.63% |
Latest quarter
What changed since the fund's previous filing
Largest new: Board of Regents of the University of Texas System ×2, JPMorgan Chase Putters/Drivers Trust ×2, Colorado Health Facilities Authority, New York City Transitional Finance Authority Future Tax Secured Revenue, Connecticut State Health & Educational Facilities Authority, University of Houston
Largest exited: Connecticut State Health & Educational Facilities Authority, JPMorgan Chase Putters/Drivers Trust, Illinois Finance Authority, Orlando Utilities Commission, The Public Building Authority of Sevier County TN, Massachusetts Health & Educational Facilities Authority, Loudoun County Economic Development Authority, New York City Transitional Finance Authority Future Tax Secured Revenue
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Gulf Coast Industrial Development Authority2.85% floating · due 2041-11-01 | 1.74% | $98.47M | — |
| — | JPMorgan Chase Putters/Drivers Trust2.35% floating · due 2031-12-15 | 1.74% | $98.25M | — |
| — | Board of Regents of the University of Texas System1.45% floating · due 2056-08-01 | 1.71% | $96.50M | — |
| — | Nuveen AMT-Free Municipal Credit Income Fund1.64% floating · due 2040-12-01 | 1.64% | $92.50M | — |
| — | Board of Regents of the University of Texas System1.45% floating · due 2056-08-01 | 1.50% | $85.00M | — |
| — | City of New York NY3.45% floating · due 2044-03-01 | 1.47% | $83.03M | — |
| — | JPMorgan Chase Putters/Drivers Trust2.75% floating · due 2033-02-10 | 1.44% | $81.15M | — |
| — | County of King WA Sewer Revenue2.85% floating · due 2065-01-01 | 1.34% | $75.85M | — |
| — | East Baton Rouge Parish Industrial Development Board Inc3.45% floating · due 2035-08-01 | 1.26% | $71.43M | — |
| — | JPMorgan Chase Putters/Drivers Trust2.35% floating · due 2047-05-01 | 1.21% | $68.61M | — |
Top 10 positions are 15.05% of net assets, top 25 29.56%, across 128 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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