# Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vwalx 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: 2001-11-12 This fund's primary objective is to generate a significant and consistent flow of income that is entirely free from federal personal income. It commits at least 80% of its holdings to high-quality municipal bonds, which are either rated as investment-grade by established organizations or considered of similar caliber by the advisor. Up to 20% of the fund's assets may be allocated to municipal bonds with lower credit quality, as assessed by a rating agency or the advisor. While individual security maturities are not limited, the portfolio is expected to maintain an average dollar-weighted ma... ## Key Facts | Metric | Value | |---|---| | Price | $10.23 | | Expense Ratio | 0.09% | | Assets Under Management | $16.40B | | NAV | $10.20 | | Holdings Count | 3395 | | Distribution Yield (TTM) | 4.37% | | Annual Distribution (TTM) | $0.45 /share | | Distribution Frequency | Monthly | | 52-Week Range | $9.87 – $10.81 | | Beta | 1.17 | ## Latest Distribution - Amount: $0.0384 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-01 ## Frequently Asked Questions ### What does VWALX invest in? This fund's primary objective is to generate a significant and consistent flow of income that is entirely free from federal personal income. It commits at least 80% of its holdings to high-quality municipal bonds, which are either rated as investment-grade by established organizations or considered of similar caliber by the advisor. Up to 20% of the fund's assets may be allocated to municipal bonds with lower credit quality, as assessed by a rating agency or the advisor. While individual security maturities are not limited, the portfolio is expected to maintain an average dollar-weighted maturity between 10 and 25 years. This cost-effective municipal bond offering is especially appealing to individuals in higher tax brackets seeking substantial federally tax-exempt earnings. The inclusion of lower-rated bonds, while potentially boosting the yield, also increases the fund's susceptibility to price volatility due to less certain prospects for the bond issuers. Consequently, it is an appropriate choice for investors who prioritize sustainable federally tax-free interest income, can tolerate moderate risk to their principal, and wish to complement an already diversified fixed-income portfolio. ### What is the expense ratio of VWALX? Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) charges an expense ratio of 0.09%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VWALX's dividend yield? VWALX's trailing-twelve-month yield is 4.37%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VWALX? Effective duration measures VWALX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VWALX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VWALX? VWALX'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 VWALX? Yield to maturity (YTM) is the total return you'd earn from VWALX if every bond in the portfolio is held to maturity at the current price. VWALX'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 VWALX pay a dividend? Yes, Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) distributes dividends to shareholders. The trailing-twelve-month yield is 4.37%. Full dividend history is on this page. ### How often does VWALX pay dividends? Vanguard High-Yield Tax-Exempt Fund Admiral 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 VWALX's next ex-dividend date? The most recently announced ex-dividend date for VWALX 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 VWALX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.09% 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 VWALX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VWALX'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 VWALX cost more than a fund like VOO? VWALX's strategy (current expense ratio 0.09%) 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 VWALX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to VWALX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VWALX (0.09%) 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/vwalx - Distribution history: https://www.dividenddata.com/funds/vwalx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vwalx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vwalx/expenses - Peer comparison: https://www.dividenddata.com/funds/vwalx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.