# Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vwahx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Vanguard · Asset class: High Yield & Loans - Strategy: Thematic · Inception: 1978-12-27 This fund endeavors to deliver a significant and consistent stream of current income, free from federal personal income taxes. It predominantly allocates its assets (a minimum of 80%) to municipal bonds that are classified as investment-grade, either by recognized rating organizations or by the advisor's assessment. A smaller portion, up to 20% of its holdings, may be invested in bonds with a lower credit quality. Although there are no specific limits on the maturity of individual securities, the fund generally maintains a dollar-weighted average maturity ranging from 10 to 25 years. As a c... ## Key Facts | Metric | Value | |---|---| | Price | $10.20 | | Expense Ratio | 0.17% | | Assets Under Management | $16.40B | | NAV | $10.20 | | Holdings Count | 0 | | Distribution Yield (TTM) | 4.30% | | Annual Distribution (TTM) | $0.44 /share | | Distribution Frequency | Monthly | | 52-Week Range | $9.87 – $10.81 | | Beta | 1.17 | ## Latest Distribution - Amount: $0.0378 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-01 ## Frequently Asked Questions ### What does VWAHX invest in? This fund endeavors to deliver a significant and consistent stream of current income, free from federal personal income taxes. It predominantly allocates its assets (a minimum of 80%) to municipal bonds that are classified as investment-grade, either by recognized rating organizations or by the advisor's assessment. A smaller portion, up to 20% of its holdings, may be invested in bonds with a lower credit quality. Although there are no specific limits on the maturity of individual securities, the fund generally maintains a dollar-weighted average maturity ranging from 10 to 25 years. As a cost-effective municipal bond offering, it is particularly appealing to investors in higher tax brackets who are seeking federally tax-exempt earnings. The fund's potential for a higher yield, often linked to its exposure to lower credit quality bonds, means it carries an increased risk of price volatility due to the uncertain financial health of bond issuers. It is best suited for individuals who prioritize sustainable federally tax-exempt interest income, are willing to accept moderate risk to their principal, and wish to incorporate it as a supplementary component within an already diversified fixed income portfolio. ### What is the expense ratio of VWAHX? Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) charges an expense ratio of 0.17%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VWAHX's dividend yield? VWAHX's trailing-twelve-month yield is 4.30%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VWAHX? Effective duration measures VWAHX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VWAHX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VWAHX? VWAHX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of VWAHX? Yield to maturity (YTM) is the total return you'd earn from VWAHX if every bond in the portfolio is held to maturity at the current price. VWAHX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does VWAHX pay a dividend? Yes, Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) distributes dividends to shareholders. The trailing-twelve-month yield is 4.30%. Full dividend history is on this page. ### How often does VWAHX pay dividends? Vanguard High-Yield Tax-Exempt Fund Investor Shares pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is VWAHX's next ex-dividend date? The most recently announced ex-dividend date for VWAHX was 2026-09-30. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will VWAHX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.17% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does VWAHX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VWAHX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does VWAHX cost more than a fund like VOO? VWAHX's strategy (current expense ratio 0.17%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where VWAHX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to VWAHX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VWAHX (0.17%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/vwahx - Distribution history: https://www.dividenddata.com/funds/vwahx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vwahx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vwahx/expenses - Peer comparison: https://www.dividenddata.com/funds/vwahx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.