The fund invests at least 80% of its assets in investment-grade municipal bonds, and only up to 20% in those below investment grade.
Municipal bonds are issued by government entities, such as a city or state, and raise money for public projects, such as building roads or schools.
VWAHX 1Y mountain Vanguard High-Yield Tax-Exempt fund The fund, which trades under the ticker VWAHX, currently has a 30-day SEC yield exceeding 4%.
"We are not risk averse, but we are very opportunistic about how we apply our risk," Kiselak explained.
Opportunity in health care Health-care muni bonds make up about 15% of the fund, Kiselak said.
Persons:
Morningstar, Mat Kiselak, —, Bond, Elizabeth Templeton, VWAHX, Kiselak, Jeff DeMaso, DeMaso, He's
Organizations:
SEC, Morningstar ., Vanguard, Independent Vanguard, Puerto
Locations:
Puerto Rico