https://www.kiplinger.com/article/investing/T041-C009-S002-vanguard-high-yield-tax-exempt-don-t-call-it-junk.htmlVanguard high yield tax exempt don-t call it junk
'Names can be deceiving. French fries aren’t really French, and Vanguard High-Yield Tax-Exempt fund (symbol VWAHX) isn’t a high-yield bond mutual fund. In the bond investing world, the words high yield are interchangeable with junk—meaning bond issues rated below investment grade that pay high yields and come with an elevated risk of default. Vanguard High-Yield’s peer group, however, is muni bond funds with long maturities. Though the fund’s 15% stake in junk-rated or unrated muni debt is higher than the category average of roughly 4.5%, the typical fund in the actual high-yield muni category has 10 times that much—45%—in junk and unrated bonds.'
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