VWALX

About VWALX

The Vanguard High-Yield Tax-Exempt Fund Admiral Shares is an actively managed municipal bond mutual fund designed to deliver a high and sustainable level of current income exempt from federal personal income taxes. The fund primarily invests at least 80% of its assets in investment-grade municipal bonds, with the flexibility to allocate up to 20% to lower-rated or nonrated municipal securities, as determined by nationally recognized rating agencies or the fund’s management. By focusing on a diversified portfolio of long-term municipal bonds, the fund seeks to meet the needs of investors seeking tax-advantaged income. With total assets exceeding $15 billion, a low expense ratio, and a diversified holding of over 3,000 securities, the fund plays a significant role in the muni national long category. Its disciplined, risk-aware management approach has historically produced attractive risk-adjusted returns and relative outperformance, particularly through strategic credit allocation to BBB and below-investment-grade bonds. This makes it particularly relevant for individuals and institutions looking to maximize tax-exempt income within their investment strategies, especially in higher tax brackets or as part of broader fixed income allocations.