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VWALX Vanguard High-Yield Tax-Exempt Adm

  • Fund
  • VWALX
  • Price as of: Aug 08, 2016
  • $11.69
  • - $0.01
  • - 0.09%
  • Category
  • National Munis

VWALX - Profile

Vitals

  • YTD Return 3.3%
  • 3 Yr Annualized Return 7.5%
  • 5 Yr Annualized Return 6.5%
  • Net Assets $11.1 B
  • Holdings in Top 10 4.5%

52 WEEK LOW AND HIGH

$11.69
$11.14
$11.80

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.12%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 21.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$50,000

IRA

$50,000

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Interm

Distributions

  • YTD Total Return 3.3%
  • 3 Yr Annualized Total Return 7.5%
  • 5 Yr Annualized Total Return 6.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.77%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Vanguard High Yield Tax Exempt Fund
  • Fund Family Name Vanguard
  • Inception Date Nov 12, 2001
  • Shares Outstanding N/A
  • Share Class Other
  • Currency USD
  • Domiciled Country United States
  • Manager Mathew M. Kiselak

Fund Description

The Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) is a very low-cost, actively managed municipal bond fund that seeks to provide a high level of tax-exempt income. VWALX does this by betting on the high-yield segment of the muni market. These bonds are often tied to special projects or are from states or towns with less-than-stellar credit. The fund uses intensive credit analysis to find bonds that are trading below their real worth.

Given its mandate for high, tax-free (albeit riskier) income, high earners looking to save on taxes could find the fund a great fit in their taxable accounts. The fund is managed by Vanguard Group.

VWALX - Performance

Return Ranking - Trailing

Period VWALX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 3.3% -2.5% 99.4% 4.88% 1
1 Yr 9.2% -5.8% 13.3% 2.09% 1
3 Yr 7.5% * -4.5% 9.4% 4.16% 1
5 Yr 6.5% * -0.5% 8.0% 4.98% 1
10 Yr 5.4% * -0.3% 5.9% 2.53% 1

* Annualized


Return Ranking - Calendar

Period VWALX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.4% -10.9% 99.6% 8.67% 1
2014 N/A 4.5% 4.5% N/A N/A
2013 N/A -6.5% -6.5% N/A N/A
2012 N/A 1.5% 1.5% N/A N/A
2011 N/A 3.3% 3.3% N/A N/A

Total Return Ranking - Trailing

Period VWALX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 3.3% -2.5% 99.4% 4.57% 1
1 Yr 9.2% -8.9% 13.3% 1.61% 1
3 Yr 7.5% * -5.4% 9.4% 3.12% 1
5 Yr 6.5% * -0.5% 8.0% 3.69% 1
10 Yr 5.4% * -0.3% 5.9% 1.69% 1

* Annualized


Total Return Ranking - Calendar

Period VWALX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.4% -10.9% 99.6% 8.67% 1
2014 N/A 4.5% 4.5% N/A N/A
2013 N/A -6.5% -6.5% N/A N/A
2012 N/A 1.5% 1.5% N/A N/A
2011 N/A 3.3% 3.3% N/A N/A

NAV & Total Return History

VWALX - Holdings

Filings data as of: Mar 31, 2016

Concentration Analysis

VWALX Category Low Category High VWALX % Rank Quintile
Net Assets 11.1 B 491 K 52.2 B 0.97% 1
Number of Holdings 1356 1 5633 1.45% 1
Net Assets in Top 10 449 M -90.5 M 1.34 B 3.23% 1
Weighting of Top 10 4.5% 0.0% 100.0% 33.39% 5

Top 10 Holdings

  1. New York Liberty Dev Corp Libe Rev Bd 5% 0.63%
  2. Central Plains Engy Proj Neb Rev Ref 5% 0.57%
  3. Iowa Fin Auth 5.5% 0.45%
  4. Golden St Tob Securitization C Enh 0.01% 0.44%
  5. Whiting Ind Environmental Facs Rev Bds 0.44%
  6. Texas Mun Pwr Agy Rev Ref Rev B 0.43%
  7. California St Go Bds 6.5% 0.40%
  8. Chicago Ill Brd Ed Ult Tax G 7% 0.39%
  9. New York N Y City Indl Dev Agy Rev 7.75% 0.39%
  10. Jefferson Cnty Ala Swr Rev Swr Rev W 7% 0.36%

Asset Allocation

Weighting Category Low Category High VWALX % Rank Quintile
Bonds
96.03% 0.00% 202.21% 13.53% 3
Cash
3.97% -110.85% 100.00% 19.03% 3
Other
0.00% -2.77% 30.50% 6.45% 2
Convertible Bonds
0.00% 0.00% 4.07% 0.65% 1
Preferred Stocks
0.00% 0.00% 11.63% 1.13% 1
Stocks
0.00% 0.00% 1.71% 1.13% 1

Bond Sector Breakdown

Weighting Category Low Category High VWALX % Rank Quintile
Municipal
95.89% 0.00% 146.16% 13.55% 3
Cash & Equivalents
3.97% -110.85% 100.00% 19.35% 3
Government
0.14% -17.17% 117.34% 6.13% 1
Securitized
0.00% 0.00% 30.99% 2.26% 1
Corporate
0.00% 0.00% 33.65% 3.71% 1
Derivative
0.00% -0.52% 5.07% 0.48% 1

Bond Geographic Breakdown

Weighting Category Low Category High VWALX % Rank Quintile
US
96.03% 0.00% 202.21% 13.55% 3
Non US
0.00% 0.00% 24.05% 0.97% 1

VWALX - Expenses

Operational Fees

VWALX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.12% 0.09% 4.60% 25.44% 1
Management Fee 0.10% 0.00% 1.00% 6.60% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.35% N/A N/A

Sales Fees

VWALX Fees (% of AUM) Category Low Category High VWALX Rank Quintile
Front Load N/A 0.50% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

VWALX Fees (% of AUM) Category Low Category High VWALX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VWALX Fees (% of AUM) Category Low Category High VWALX Rank Quintile
Turnover 21.00% 0.00% 783.51% 10.79% 3

VWALX - Distributions

Dividend Yield Analysis

VWALX Category Low Category High VWALX % Rank Quintile
Dividend Yield 0.4% 0.00% 2.86% 12.21% 1

Dividend Distribution Analysis

VWALX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

VWALX Category Low Category High VWALX % Rank Quintile
Net Income Ratio 3.77% -0.70% 5.26% 6.60% 1

Capital Gain Distribution Analysis

VWALX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

VWALX - Managers

Mathew M. Kiselak

Manager

Start Date

Jul 16, 2010

Tenure

6.05

Tenure Rank

10.7%

Mathew M. Kiselak, Principal of Vanguard. He has worked in investment management since 1987, has managed investment portfolios since 1990, and has been with Vanguard since 2010. Education: B.S., Pace University.


Tenure Analysis

Category Low

0.1

Category High

36.9

Category Average

7.39

Category Mode

1.6