Morningstar

Vanguard High-Yield Tax-Exempt Fund Admiral Shares VWALX

Morningstar Medalist Rating
Medalist Rating as of | See Vanguard Investment Hub
  • NAV / 1-Day Return 10.00  /  −0.10 %
  • Total Assets 17.5B
  • Adj. Expense Ratio
    0.090%
  • Expense Ratio 0.090%
  • Distribution Fee Level Low
  • Share Class Type Institutional
  • Category Muni National Long
  • Credit Quality / Interest Rate Sensitivity —
  • Min. Initial Investment 50,000
  • Status Open
  • TTM Yield 4.49%
  • Effective Duration 8.39 years

USD | NAV as of Oct 02, 2026 | 1-Day Return as of Oct 02, 2026, 10:16 PM GMT+0

Morningstar’s Analysis VWALX

Will VWALX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VWALX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the VWALX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of VWALX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A topnotch approach to long-dated munis with added credit risks.

Analyst Ken Noguchi

Ken Noguchi

Analyst

Summary

Vanguard High-Yield Tax-Exempt combines experienced leadership with a disciplined approach that stands out and delivers consistently strong results versus muni national-long Morningstar Category peers.

by Ken Noguchi
Rated on Published on

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Portfolio Holdings VWALX

More VWALX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 3.5
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Municipal Low Dur Fund

5.17 906M
Cash and Equivalents

PUERTO RICO SALES TAX FING CORP SALES TAX REV

0.54 95M
municipal

PUBLIC FIN AUTH WIS TOLL REV

0.48 84M
municipal

BUCKEYE OHIO TOB SETTLEMENT FING AUTH

0.37 65M
municipal

PUBLIC FIN AUTH WIS TOLL REV

0.36 63M
municipal

NEW YORK TRANSN DEV CORP SPL FAC REV

0.32 55M
municipal

LOUISIANA PUB FACS AUTH REV

0.31 54M
municipal

JEFFERSON CNTY ALA SWR REV

0.30 53M
municipal

LOWER ALA GAS DIST GAS PROJ REV

0.30 52M
municipal

CHICAGO ILL BRD ED

0.29 51M
municipal

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