Vanguard High-Yield Tax-Exempt Fund VWAHX

Medalist Rating as of Apr 27, 2026 See Vanguard Investment Hub

NAV / 1-Day Return$10.31 / −0.58%
Fund Size$16.8B
Adjusted Expense Ratio0.170%
Net Expense Ratio0.170%
Fee Level: DistributionLow
Share Class TypeNo Load
Morningstar CategoryMuni National Long
Fixed-Income Style Box (Funds)—
Minimum Initial Investment$3,000
Investment StatusOpen
TTM Yield4.28%
Average Effective Duration8.58 yrs

NAV and 1-Day Return as of Nov 13, 2026, 1:09:02 AM

Will VWAHX outperform in the future?

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

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 Apr 27, 2026 Published on Apr 27, 2026

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Portfolio Holdings VWAHX

More VWAHX Holdings

Current Portfolio DateSep 30, 2026
Equity Holdings—
Bond Holdings—
Other Holdings—
% Assets in Top 10 Holdings3.7

Top 10 Holdings	% Portfolio Weight	Market Value USD	Sector
Municipal Low Dur Fund	4.05	660M	Cash and Equivalents
PUERTO RICO SALES TAX FING CORP SALES TAX REV	0.55	89M	municipal
PUBLIC FIN AUTH WIS TOLL REV	0.49	80M	municipal
BUCKEYE OHIO TOB SETTLEMENT FING AUTH	0.45	74M	municipal
PUBLIC FIN AUTH WIS TOLL REV	0.37	60M	municipal
LOUISIANA PUB FACS AUTH REV	0.31	51M	municipal
NEW YORK TRANSN DEV CORP SPL FAC REV	0.31	51M	municipal
JEFFERSON CNTY ALA SWR REV	0.31	50M	municipal
LOWER ALA GAS DIST GAS PROJ REV	0.30	50M	municipal
CHICAGO ILL BRD ED	0.30	49M	municipal

Vanguard High-Yield Tax-Exempt Fund VWAHX

Morningstar’s Analysis VWAHX

Will VWAHX outperform in the future?

Process Pillar

People Pillar

Parent Pillar

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

Summary

Portfolio Holdings VWAHX

Municipal Low Dur Fund

PUERTO RICO SALES TAX FING CORP SALES TAX REV

PUBLIC FIN AUTH WIS TOLL REV

BUCKEYE OHIO TOB SETTLEMENT FING AUTH

PUBLIC FIN AUTH WIS TOLL REV

LOUISIANA PUB FACS AUTH REV

NEW YORK TRANSN DEV CORP SPL FAC REV

JEFFERSON CNTY ALA SWR REV

LOWER ALA GAS DIST GAS PROJ REV

CHICAGO ILL BRD ED

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