VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares

Also available at a lower minimum as an Investor Shares mutual fund.

Management style

Active

Asset class

Long-Term Bond

Category

High Yield Muni

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 3

Less

More

End of Risk Scale.

Expense ratio

0.09%

as of 02/28/2025

as of 07/09/2025

Investment minimum

$50,000

as of 07/10/2025

NAV price

$10.31

as of 07/10/2025

Overview

Key facts

CUSIP

922907845

Management style

Active

Asset class

Long-Term Bond

Category

High Yield Muni

Inception date

11/12/2001

Fund Number

5044

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 3

Less

More

End of Risk Scale.
Price

Minimum Investment

$50,000

NAV Price

$10.31

as of 07/10/2025

NAV change

$0.00 (0.00%)

as of 07/10/2025

Expense Ratio

0.09%

as of 02/28/2025

Performance

YTD returns

-1.21%

as of 07/10/2025

Product summary

The fund’s investment objective is to seek to provide a high and sustainable level of current income that is exempt from federal personal income taxes. The fund invests at least 80% of its assets in investment-grade municipal bonds, as determined by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the advisor. The fund may invest up to 20% of its assets in less-than-investment-grade bonds, as determined by a rating organization or by the advisor. The fund has no limitations on the maturity of individual securities but is expected to maintain a dollar-weighted average maturity of 10 to 25 years. This low-cost municipal bond fund seeks to provide a high level of federally tax-exempt income and typically appeals to investors in higher tax brackets. The fund’s lower credit quality may provide a higher yield, but it makes the fund more susceptible to price volatility due to uncertain prospects for the bond issuers. Investors who are looking for a fund that may provide sustainable federally tax-exempt interest income and can tolerate moderate risk to principal may wish to consider this fund as a complement to an already diversified fixed income portfolio.

Fund management

Vanguard Fixed Income Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 06/30/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

11/12/2001

VWALX

0.84%-0.79%-1.13%0.49%3.37%1.36%3.03%4.10%

Benchmark

0.62%-0.12%-0.35%1.11%2.50%0.51%2.20%3.65%

as of 06/30/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025-0.34%-0.79%
20240.75%0.97%2.93%-1.26%3.39% 1.05%
20233.16%0.81%-4.26%8.91%8.44% 6.40%
2022-6.72%-4.99%-4.16%3.95%-11.70% -8.53%
20210.42%2.76%-0.36%1.09%3.94% 1.52%
2020-2.70%3.07%1.93%3.18%5.47% 5.21%
20193.46%2.65%2.14%0.72%9.26% 7.54%
2018-0.99%1.14%-0.12%1.34%1.37% 1.28%
20171.70%2.60%1.85%1.57%7.95% 5.45%
20161.90%3.83%-0.12%-4.49%0.94% 0.25%
20151.28%-1.10%1.79%2.22%4.22% 3.30%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

2024-0.47% 3.86%3.39%1.05%
20234.49% 3.95%8.44%6.40%
2022-14.58% 2.88%-11.70%-8.53%
20210.95% 2.99%3.94%1.52%
20202.11% 3.36%5.47%5.21%
20195.52% 3.74%9.26%7.54%
2018-2.45% 3.82%1.37%1.28%
20173.91% 4.04%7.95%5.45%
2016-2.74% 3.67%0.94%0.25%
20150.35% 3.86%4.22%3.30%
20147.43% 4.28%11.71%9.05%
2013-7.00% 3.86%-3.14%-2.55%
20125.32% 4.13%9.45%6.78%
20116.14% 4.93%11.07%10.70%
2010-1.94% 4.57%2.63%2.38%

as of 06/30/2025

1-yr3-yr5-yr10-yr

Since inception

11/12/2001

VWALX0.49% 10.45%7.00% 34.74% 158.54%

Benchmark

1.11%7.69%2.56%24.37%

Expense ratio

VWALX

0.09%

Average expense ratio of similar funds2

0.89%

Historical volatility measures
as of 05/31/2025
BenchmarkR-Squared3Beta3
Bloomberg Municipal Bond Index10.971.20
Bloomberg Municipal Bond Index0.971.20
Fund-specific fees

Purchase fee

None

Fund family redemption fee

None

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.

Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.

Price

Closing price

Closing price as of 07/10/2025

NAV

$10.31

NAV change

$0.00 (0.00%)

52-week High

$10.94

as of 10/02/2024

52-week Low

$10.06

as of 04/09/2025

52-week Difference

$0.88 (8.75%)

30 day SEC yield

4.56%

 

A SEC yield footnote code

 

as of 07/09/2025

Historical prices
Chart/Table Toggle
NameDateNAV
VWALX 07/10/2025
$10.31

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 05/31/2025

FundamentalVWALX
Benchmark
Number of bonds 3345 61963
Yield to maturity 4.8% 4.3%
Average coupon 4.1% 4.6%
Average stated maturity 18.1 years 13.3 years
Average duration 8.5 years 6.5 years
Alternative minimum tax (AMT) 18.2%
Short-term reserves 3.4%
Fund total net assets as of 05/31/2025 $15.6 B
Share class total net assets $13.9 B
Turnover rate (Fiscal Year-end 10/31/2024) 28.8%
Stylebox

Fixed Income

Quality

Trsy/
Agcy
Inv Grd
Corp
Below
Inv
Grade

Duration

Short

Medium

Long

Weighted exposures

as of 05/31/2025

2.70%AAA
Credit rating4% of fundAAA 2.70%AA 22.80%A 33.20%BBB 16.30%BB 4.90%B or Lower 1.10%NR 19.00%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 05/31/2025

Ticker Holdings Coupon Rate Maturity Date Face Amount Market value
OREGON ST FACS AUTH REV BDS 2022 A 5.000 % 06/01/2052 $11,790,000 $11,511,262
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.500 % 11/01/2054 $11,065,000 $11,406,817
LOS ANGELES CALIF DEPT WTR & P SYS BDS 2021 C 5.000 % 07/01/2051 $9,035,000 $8,974,924
ORANGEBURG CNTY S C SCH DIST S BDS 2022 5.000 % 06/01/2044 $6,000,000 $6,056,200
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.250 % 11/01/2044 $4,665,000 $4,815,178
OREGON ST FACS AUTH REV BDS 2022 A 4.125 % 06/01/2052 $4,010,000 $3,363,084
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.500 % 11/01/2048 $2,940,000 $3,054,641
CONNECTICUT ST HSG FIN AUTH HS BDS 2024 S 6.000 % 11/15/2054 $2,260,000 $2,461,131
AUSTIN TEX ARPT SYS REV AMT BDS 2022 5.000 % 11/15/2034 $2,000,000 $2,111,854
GENESEE CNTY N Y FDG CORP REV BDS 2022A 5.250 % 12/01/2052 $2,000,000 $1,984,728
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
5.000 % 68608JZB0
5.500 % 837032CF6
5.000 % 544532DK7
5.000 % 685384AT6
5.250 % 837032BX8
4.125 % 68608JZA2
5.500 % 837032CB5
6.000 % 20775HQ71
5.000 % 052398HK3
5.250 % 371669AW2
Ticker Description Shares
Ticker Holdings Coupon Rate Maturity Date Face Amount Market value
OREGON ST FACS AUTH REV BDS 2022 A 5.000 % 06/01/2052 $11,790,000 $11,511,262
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.500 % 11/01/2054 $11,065,000 $11,406,817
LOS ANGELES CALIF DEPT WTR & P SYS BDS 2021 C 5.000 % 07/01/2051 $9,035,000 $8,974,924
ORANGEBURG CNTY S C SCH DIST S BDS 2022 5.000 % 06/01/2044 $6,000,000 $6,056,200
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.250 % 11/01/2044 $4,665,000 $4,815,178
OREGON ST FACS AUTH REV BDS 2022 A 4.125 % 06/01/2052 $4,010,000 $3,363,084
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.500 % 11/01/2048 $2,940,000 $3,054,641
CONNECTICUT ST HSG FIN AUTH HS BDS 2024 S 6.000 % 11/15/2054 $2,260,000 $2,461,131
AUSTIN TEX ARPT SYS REV AMT BDS 2022 5.000 % 11/15/2034 $2,000,000 $2,111,854
GENESEE CNTY N Y FDG CORP REV BDS 2022A 5.250 % 12/01/2052 $2,000,000 $1,984,728
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
5.000 % 68608JZB0
5.500 % 837032CF6
5.000 % 544532DK7
5.000 % 685384AT6
5.250 % 837032BX8
4.125 % 68608JZA2
5.500 % 837032CB5
6.000 % 20775HQ71
5.000 % 052398HK3
5.250 % 371669AW2
Ticker Description Shares
Ticker Holdings Coupon Rate Maturity Date Face Amount Market value
OREGON ST FACS AUTH REV BDS 2022 A 5.000 % 06/01/2052 $11,790,000 $11,511,262
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.500 % 11/01/2054 $11,065,000 $11,406,817
LOS ANGELES CALIF DEPT WTR & P SYS BDS 2021 C 5.000 % 07/01/2051 $9,035,000 $8,974,924
ORANGEBURG CNTY S C SCH DIST S BDS 2022 5.000 % 06/01/2044 $6,000,000 $6,056,200
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.250 % 11/01/2044 $4,665,000 $4,815,178
OREGON ST FACS AUTH REV BDS 2022 A 4.125 % 06/01/2052 $4,010,000 $3,363,084
SOUTH CAROLINA JOBS-ECONOMIC D BDS 2024 A 5.500 % 11/01/2048 $2,940,000 $3,054,641
CONNECTICUT ST HSG FIN AUTH HS BDS 2024 S 6.000 % 11/15/2054 $2,260,000 $2,461,131
AUSTIN TEX ARPT SYS REV AMT BDS 2022 5.000 % 11/15/2034 $2,000,000 $2,111,854
GENESEE CNTY N Y FDG CORP REV BDS 2022A 5.250 % 12/01/2052 $2,000,000 $1,984,728
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
5.000 % 68608JZB0
5.500 % 837032CF6
5.000 % 544532DK7
5.000 % 685384AT6
5.250 % 837032BX8
4.125 % 68608JZA2
5.500 % 837032CB5
6.000 % 20775HQ71
5.000 % 052398HK3
5.250 % 371669AW2
Ticker Description Shares

Distributions

Realized/Unrealized gains

as of 05/31/2025

Realized gain

-$0.41

% of NAV

decreased-3.95%

Unrealized gains of NAV

-$0.64

% of NAV

decreased-6.27%

Fiscal year end

10/31/2025

Distribution schedule

Monthly - Accruing Daily

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Reinvest date Reinvest price Distribution yield
Dividend$0.03604007/01/202506/30/202506/30/2025$10.334.26%
Dividend$0.03534806/02/202505/30/202505/30/2025$10.284.03%
Dividend$0.03547905/01/202504/30/202504/30/2025$10.374.18%
Dividend$0.03479804/01/202503/31/202503/31/2025$10.523.86%
Dividend$0.03478003/03/202502/28/202502/28/2025$10.754.24%
Dividend$0.03469402/03/202501/31/202501/31/2025$10.663.85%
Dividend$0.03444801/02/202512/31/202412/31/2024$10.663.78%
Dividend$0.03456612/02/202411/29/202411/29/2024$10.863.92%
Dividend$0.03445411/01/202410/31/202410/31/2024$10.703.77%
Dividend$0.03427510/01/202409/30/202409/30/2024$10.903.85%

Fund management

Vanguard High-Yield Tax-Exempt Fund seeks to provide a high and sustainable level of current income that is exempt from federal personal income taxes. The fund invests at least 80% of its assets in investment-grade municipal bonds, as determined by a nationally recognized statistical rating organization, or, if unrated, determined to be of comparable quality by the advisor. The fund may invest up to 20% of its assets in less-than-investment-grade bonds, as determined by a rating organization or by the advisor. The fund has no limitations on the maturity of individual securities but is expected to maintain a dollar-weighted average maturity of 10 to 25 years.

Vanguard Fixed Income Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Sara Devereux, principal and global head of Fixed Income Group, has direct oversight responsibility for all money market, bond, and stable value portfolios managed by the Fixed Income Group. The Fixed Income Group offers actively managed investments in U.S. Treasury, corporate, and tax-exempt securities, as well as passively managed index portfolios. Since 1981, it has refined techniques in total-return management, credit research, and index sampling to seek to deliver consistent performance with transparency and risk control. The group has advised Vanguard High-Yield Tax-Exempt Fund since 1981.
Mathew M. Kiselak
Principal, Portfolio manager.
Advised the fund since 2010. Worked in investment management since 1987. B.S., Pace University.
Adam M. Ferguson
CFA, Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2008. B.S., Wilmington University. M.B.A., Drexel University.

Performance & fees

1
Includes most investment-grade tax-exempt bonds that are issued by state and local governments.
2

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

3

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

4

Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. NR securities may include internal money market funds, derivatives, and futures. U.S. Treasury, U.S. agency, and U.S. agency mortgage-backed securities appear under “U.S. Government.” Credit-quality ratings for each issue are either obtained from Bloomberg using ratings derived from Moody’s Investors Service (Moody’s), Fitch Ratings (Fitch), and Standard & Poor’s (S&P), or directly from Moody’s and S&P. Credit-quality ratings obtained from Bloomberg use the following methodologies: When ratings from all three agencies are available, the median rating is used; when ratings from only two of the agencies are available, the lower rating is used; and when one rating is available, that rating is used. Credit-quality ratings obtained directly from Moody’s and S&P use the higher rating for each issue.

5

Alternative minimum tax (AMT) percentage represents the fund's income subject to the AMT as of the date indicated.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

An investment in the fund could lose money over short or long periods of time. You should expect the fund’s share price and total return to fluctuate within a wide range. The fund is subject to the following risks, which could affect the fund’s performance, and the level of risk may vary based on market conditions:

  • Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be relatively moderate for the fund because it invests a portion of its assets in moderate to low-quality bonds.
  • Interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be high for the fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.
  • Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income. Such redemptions and subsequent reinvestments would also increase the fund’s portfolio turnover rate. Call risk is generally high for high-yield bond funds.
  • Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for high-yield bond funds.
  • Income risk, which is the chance that the fund’s income will decline because of falling interest rates. Income risk should be low for the fund because it invests primarily in long-term bonds.
  • Liquidity risk, which is the chance that the fund may not be able to sell a security in a timely manner at a desired price.
  • Manager risk, which is the chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.
  • Tax risk, which is the chance that all or a portion of the tax-exempt income from municipal bonds held by the fund will be declared taxable, possibly with retroactive effect, because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state or local tax authorities, or noncompliant conduct of a bond issuer.
  • Derivatives risk. The fund may invest in derivatives and structured products such as tender option bonds and long-term municipal bonds combined with a demand feature (e.g., variable rate demand notes or VRDNs), which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.
  • Regional risk, which is the chance that economic, political, or regulatory occurrences within a certain state may adversely affect the value of securities offered by issuers located within that state. Because the fund may invest a large portion of its assets in securities located in any one state, the fund’s performance may be hurt disproportionately by the poor performance of its investments in that area.