Vanguard® Core Tax-Exempt Bond ETF
Schedule of Investments (unaudited)
As of January 31, 2025
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
Tax-Exempt Municipal Bonds (98.1%)
Alabama (4.3%)
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project No.7) PUT 4.000%  12/1/26      85     85
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project) 5.000%   6/1/26     100    102
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project) PUT 5.000%   6/1/28     300    310
  Black Belt Energy Gas District Natural Gas Revenue (Project No. 6) PUT 4.000%  12/1/26      65     65
  Black Belt Energy Gas District Natural Gas Revenue PUT 4.000%  10/1/27      90     90
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.250%   6/1/29     100    105
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.250%  10/1/30      75     80
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.250%  12/1/30     150    161
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.000%   7/1/31      50     53
  Black Belt Energy Gas District Natural Gas Revenue PUT 4.000%  12/1/31     300    302
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.000%   9/1/32     150    158
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.000%  11/1/34     310    331
  Energy Southeast A Cooperative District Natural Gas Revenue PUT 5.500%   1/1/31     150    162
  Lower Alabama Gas District Natural Gas Revenue 5.000%   9/1/46      50     54
  Lower Alabama Gas District Natural Gas Revenue (Gas Project Revenue Bonds Project) PUT 4.000%  12/1/25      50     50
  Southeast Alabama Gas Supply District Natural Gas Revenue (Project No. 2) PUT 5.000%   5/1/32     125    133
  Southeast Energy Authority A Cooperative District Electric Power & Light Revenue PUT 5.000%   6/1/35     185    194
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 1) PUT 4.000%  10/1/28     155    155
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 3) PUT 5.500%  12/1/29     125    133
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 5) PUT 5.250%   7/1/29     450    473
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 6) PUT 5.000%   6/1/30      35     37
  Southeast Energy Authority A Cooperative District Natural Gas Revenue PUT 5.000%  11/1/32     250    268
                               3,501
Arkansas (0.3%)
1 Arkansas Development Finance Authority Local or Guaranteed Housing Revenue PUT 3.550%   6/1/27     150    150
  Fayetteville School District No. 1 GO 2.750%   6/1/46     155    111
                                 261
California (6.3%)
2 Alameda Corridor Transportation Authority Transit Revenue 0.000%  10/1/30     100     83
2 Alameda Corridor Transportation Authority Transit Revenue 0.000%  10/1/35     175    118
3 Antelope Valley Community College District GO 0.000%   2/1/50     100     31
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.500%  11/1/30     415    449
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   9/1/32      80     86
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%  10/1/32     200    212
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%  12/1/32     205    216
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   8/1/33     200    218
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 5.500%  11/1/28     150    158
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 4.000%   8/1/31     275    274
  California GO 4.000%  10/1/39     100    101
  California Health Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%  10/1/47     150    118
  California Health Facilities Financing Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   9/1/28     310    321
4 California Public Finance Authority Health, Hospital, Nursing Home Revenue (Enso Village Project) 5.000% 11/15/56     100     92
4 California Public Finance Authority Local or Guaranteed Housing Revenue 6.375%   6/1/59     265    258
  Central Valley Energy Authority Natural Gas Revenue PUT 5.000%   8/1/35     100    109
4 CSCDA Community Improvement Authority Local or Guaranteed Housing Revenue 3.000%  12/1/56     200    139
4 Hastings Campus Housing Finance Authority Local or Guaranteed Housing Revenue 5.000%   7/1/45     300    283
  Long Beach Bond Finance Authority Natural Gas Revenue 5.500% 11/15/37      95    109
  Los Angeles CA Unified School District GO 5.250%   7/1/49     130    143
  Los Angeles Department of Airports Port, Airport & Marina Revenue 5.000%  5/15/49      70     73
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/26      95     97
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32     100    110
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/42     160    169
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/44     120    127
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/52      55     57
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/27      95     99
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/37      30     33
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/47      80     82
  M-S-R Energy Authority Natural Gas Revenue 6.500%  11/1/39      85    105
  Oro Grande Elementary School District COP 4.000%  9/15/26     100    100
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  San Diego Housing Authority Inc. Local or Guaranteed Housing Revenue PUT 5.000%  11/1/26     185    189
  San Francisco CA City & County Community Facilities District No. 2014-1 Special Tax Revenue 5.000%   9/1/42      80     86
  Tobacco Securitization Authority of Southern California Tobacco Settlement Funded Revenue 5.000%   6/1/48     100    101
3 University of California College & University Revenue 5.000%  5/15/39     160    184
  Washington Township Health Care District Health, Hospital, Nursing Home Revenue 3.375%   7/1/39      50     43
                               5,173
Colorado (2.7%)
  Adams County CO COP 4.000%  12/1/54     100     93
  Board of Governors of Colorado State University System College & University Revenue PUT 4.375%   3/1/29     150    156
  Colorado Educational & Cultural Facilities Authority Charter School Aid Revenue (Aspen View Academy Project) 4.000%   5/1/36      50     49
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/48     260    261
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 3.250%   8/1/49     285    222
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  8/17/26     100    103
  Colorado High Performance Transportation Enterprise Highway Revenue 5.000% 12/31/47     385    385
  Colorado Housing & Finance Authority Local or Guaranteed Housing Revenue PUT 3.180%   9/1/27     165    164
5 Gypsum CO Sewer Revenue 4.000%  12/1/49     135    130
  University of Colorado College & University Revenue PUT 2.000% 10/15/25     400    396
  University of Colorado College & University Revenue PUT 2.000% 10/15/26     220    214
  University of Colorado Hospital Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/31      65     72
                               2,245
Connecticut (0.2%)
  Connecticut Special Tax Fuel Sales Tax Revenue 5.000%   7/1/26      50     52
  Norwalk Housing Authority Local or Guaranteed Housing Revenue PUT 3.050%   9/1/27     100     99
                                 151
District of Columbia (0.7%)
1 District of Columbia Housing Finance Agency Local or Guaranteed Housing Revenue (2911 Rhode Island Apartments Project) 5.000%   3/1/28     100    105
  District of Columbia Housing Finance Agency Local or Guaranteed Housing Revenue PUT 5.000%   2/1/28     100    105
  District of Columbia Income Tax Revenue 5.000%   3/1/33     110    119
  District of Columbia Income Tax Revenue 5.000%   7/1/37      90    100
  District of Columbia Income Tax Revenue 5.000%   7/1/38      50     55
  District of Columbia Water & Sewer Authority Water Revenue 5.000%  10/1/39      75     76
6 Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue 0.000%  10/1/37      55     31
                                 591
Florida (7.9%)
  Alachua County Health Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  12/1/46     250    189
  Brevard County Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/47      70     73
  Broward County FL School District COP 5.000%   7/1/32     160    175
  Broward County FL Tourist Development Miscellaneous Taxes Revenue (Convention Center Expansion Project) 4.000%   9/1/39     250    253
4 Capital Trust Agency Inc. Charter School Aid Revenue (Franklin Academy Project) 5.000% 12/15/26     100    101
  Citrus County FL Water & Wastewater System Water Revenue 2.750%  10/1/35     190    167
  Florida Department of Transportation Turnpike System Highway Revenue 3.000%   7/1/39     300    263
  Florida Department of Transportation Turnpike System Highway Revenue 5.000%   7/1/47     145    154
4 Florida Development Finance Corp. Charter School Aid Revenue (Imagine School At Broward Project) 5.000% 12/15/34      50     51
4 Florida Development Finance Corp. Charter School Aid Revenue (Renaissance Charter School Inc. Projects) 5.000%  9/15/40     150    145
  Florida Development Finance Corp. Charter School Aid Revenue (River City Science Academy Project) 5.000%   2/1/57     105    104
4 Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%   6/1/31     150    154
  Florida Higher Educational Facilities Financial Authority College & University Revenue 4.000%  10/1/37      85     80
  Florida Higher Educational Facilities Financial Authority College & University Revenue (Rollins College Project) 3.000%  12/1/48     100     74
  Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue 5.000%   9/1/26      50     51
  Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue 5.000%   9/1/27     160    164
6 Florida State Board of Governors College & University Revenue 5.000%  10/1/42      70     76
  Gainesville FL Utilities System Multiple Utility Revenue 5.000%  10/1/44      50     52
  Halifax Hospital Medical Center Health, Hospital, Nursing Home Revenue 3.750%   6/1/41     225    200
  Hallandale Beach FL Utility System Water Revenue 4.000%   8/1/54     275    253
  Hillsborough County IDA Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 3.500%   8/1/55     215    166
  JEA Water & Sewer System Water Revenue 5.500%  10/1/54     250    275
  Langley South Community Development District Special Assessment Revenue (Assessment Area One Project) 5.400%   5/1/55     100     99
  Miami Beach FL Miscellaneous Taxes Revenue 5.000%   9/1/40     255    256
  Miami-Dade County Expressway Authority Highway Revenue 5.000%   7/1/32     100    102
  Miami-Dade County FL (Building Better Communities Program) GO 5.000%   7/1/45     225    228
  Miami-Dade County FL Special Obligation Revenue 5.000%   4/1/45      50     53
  Miami-Dade County FL Special Obligation Revenue 5.000%   4/1/46     325    330
  Miami-Dade County FL Transit System Sales Tax Revenue 5.000%   7/1/52      85     89
  Miami-Dade County Housing Finance Authority Local or Guaranteed Housing Revenue (Rainbow Village Project) 4.880%   3/1/46     200    204
  Miami-Dade County Housing Finance Authority Local or Guaranteed Housing Revenue PUT 5.000%   9/1/25     150    151
  Miami-Dade County IDA Local or Guaranteed Housing Revenue 5.000%   6/1/40      50     48
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Mid-Bay Bridge Authority Highway Revenue 5.000%  10/1/35     350    352
  Orange County Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/47     145    149
  Orange County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.500%  10/1/56     200    196
  Orange County Housing Finance Authority Local or Guaranteed Housing Revenue PUT 3.350%   7/1/28      50     50
  Palm Beach County Health Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  8/15/44     235    187
  Sarasota County Public Hospital District Health, Hospital, Nursing Home Revenue 4.000%   7/1/48     235    215
  South Broward Hospital District Health, Hospital, Nursing Home Revenue 3.000%   5/1/37     125    114
  Tallahassee FL Health, Hospital, Nursing Home Revenue 5.000%  12/1/40     100     98
  Tallahassee FL Sales Tax Revenue 5.000%  10/1/49      80     84
  Tampa FL Health, Hospital, Nursing Home Revenue (H. Lee Moffitt Cancer Center Project) 5.000%   7/1/37      80     81
3,4 V-Dana Community Development District Special Assessment Revenue (Assessment Area Two-2025 Project) 5.550%   5/1/55     100    100
  Volusia County Educational Facility Authority College & University Revenue 5.000%   6/1/30     100    100
                               6,506
Georgia (2.9%)
  Atlanta Development Authority Hotel Occupancy Tax Revenue 5.250%   7/1/44     220    221
3 Burke County Development Authority Electric Power & Light Revenue (Oglethorpe Power Corp. Vogtle Project) PUT 3.600%   2/1/30     100    100
  Cobb County Kennestone Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/52     350    321
  Coweta County Development Authority Health, Hospital, Nursing Home Revenue (Piedmont Healthcare Inc. Project) 5.000%   7/1/44     100    103
  DeKalb County Housing Authority Local or Guaranteed Housing Revenue 4.125%  12/1/34      50     50
  Georgia Housing & Finance Authority Local or Guaranteed Housing Revenue 3.350%  12/1/41      80     69
  Georgia Municipal Electric Authority Nuclear Revenue (Plant Vogtle Units 3&4 Project) 5.000%   1/1/34      80     83
6 Georgia Municipal Electric Authority Nuclear Revenue (Plant Vogtle Units 3&4 Project) 5.000%   1/1/49     100    102
  Main Street Natural Gas Inc. Natural Gas Revenue 5.000%  12/1/29     150    158
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 4.000%   9/1/26      50     50
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   6/1/30     150    156
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   4/1/31      50     53
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   6/1/31     150    159
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   9/1/31      75     79
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%  12/1/32     330    349
  Private Colleges & Universities Authority College & University Revenue 5.000%   9/1/48     100    104
  Private Colleges & Universities Authority College & University Revenue (Mercer University Project) 5.000%  10/1/45      40     40
  Savannah Economic Development Authority Industrial Revenue PUT 3.450%  10/1/31     200    198
                               2,395
Guam (0.5%)
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/29      75     80
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/39      85     91
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/42      60     63
  Guam Miscellaneous Taxes Revenue 5.000%   1/1/28     100    104
  Guam Miscellaneous Taxes Revenue 5.000%   1/1/31     100    107
                                 445
Idaho (0.3%)
3 Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue (St. Lukes's Health System Project) 4.375%   3/1/53     100     96
3 Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue (St. Lukes's Health System Project) PUT 5.000%   3/1/35     100    111
                                 207
Illinois (9.9%)
  Chicago Board of Education Dedicated Capital Improvement Tax Ad Valorem Property Tax Revenue 6.100%   4/1/36     210    219
  Chicago Board of Education Dedicated Capital Improvement Tax Miscellaneous Taxes Revenue 5.000%   4/1/36     100    101
  Chicago Board of Education Dedicated Capital Improvement Tax Miscellaneous Taxes Revenue 5.000%   4/1/37     250    254
2 Chicago Board of Education GO 0.000%  12/1/26     250    233
  Chicago Board of Education GO 5.000%  12/1/30     150    154
  Chicago Board of Education GO 5.000%  12/1/42     200    198
  Chicago Board of Education GO 7.000%  12/1/44     180    183
  Chicago IL GO 5.000%   1/1/28     230    238
  Chicago IL GO 0.000%   1/1/32      75     57
  Chicago IL GO 5.500%   1/1/43      55     57
  Chicago IL GO 5.000%   1/1/44     150    151
2 Chicago IL Wastewater Transmission Sewer Revenue 0.000%   1/1/27     100     94
7 Chicago IL Wastewater Transmission Sewer Revenue 5.000%   1/1/39     235    255
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 5.000%   1/1/37     180    182
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 5.000%   1/1/38     205    210
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 5.000%   1/1/48      85     87
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 5.000%   1/1/53     345    352
6 Chicago Park District GO 5.000%   1/1/39     100    105
  Chicago Transit Authority Sales Tax Receipts Fund Sales Tax Revenue 5.000%  12/1/45     270    276
6 Chicago Transit Authority Sales Tax Receipts Fund Sales Tax Revenue 5.000%  12/1/55     145    149
  DuPage & Cook Counties Community Unit School District No. 205 Elmhurst GO 3.000%   1/1/35     110    103
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
3 Elmhurst Park District GO 4.250% 12/15/49     120    116
  Illinois Finance Authority College & University Revenue 5.000%  10/1/26      60     61
  Illinois Finance Authority College & University Revenue 5.000%  10/1/28      75     78
  Illinois Finance Authority College & University Revenue 4.000%   9/1/37     100     88
  Illinois Finance Authority College & University Revenue 5.000%  5/15/43      65     70
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/31     100    103
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/34     250    260
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/36     150    154
7 Illinois Finance Authority Health, Hospital, Nursing Home Revenue 3.250%  5/15/39     100     91
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/47     180    188
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/52     115    119
  Illinois Finance Authority Lease Revenue 4.000%   7/1/33     150    151
  Illinois Finance Authority Water Revenue 5.000%   7/1/32     265    273
  Illinois Finance Authority Water Revenue 5.000%   7/1/37     105    112
  Illinois GO 5.000%   5/1/29     180    189
  Illinois GO 5.000%   5/1/32      95    105
  Illinois GO 5.000%  12/1/32      50     55
  Illinois GO 5.000%   5/1/35     100    109
  Illinois GO 5.000%   5/1/37      60     65
  Illinois GO 5.250%   5/1/39      50     55
  Illinois GO 5.000%   5/1/40      30     31
  Illinois GO 5.000%   5/1/41     150    162
  Illinois GO 4.000%  10/1/48     250    229
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue 3.100%   2/1/35      65     60
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue PUT 3.450%  12/1/27      50     50
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue PUT 3.380%   1/1/28      50     50
  Illinois Sales Tax Revenue 5.000%  6/15/35      65     72
  Illinois Sales Tax Revenue 5.000%  6/15/40     155    166
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/40     125    126
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/41      70     71
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/43     110    117
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/44     125    130
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/45     100    105
  Illinois State Toll Highway Authority Highway Revenue 4.000%   1/1/46     230    213
2 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000% 12/15/33     200    144
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 5.000%  6/15/52     300    301
6 University of Illinois College & University Revenue 3.000%   4/1/36      60     55
                               8,182
Indiana (0.8%)
  Indiana Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   3/1/27     180    187
  Indiana Health Facility Financing Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/34     385    389
6 Westfield-Washington Multi-School Building Corp. Lease (Abatement) Revenue 5.250%  7/15/43      50     55
                                 631
Iowa (0.5%)
  Iowa Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/53     250    207
  University of Iowa Facilities Corp. College & University Revenue 4.250%   6/1/49     235    230
                                 437
Kansas (0.1%)
  Kansas Development Finance Authority Health, Hospital, Nursing Home Revenue PUT 5.000% 11/15/31      65     72
  University of Kansas Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%   3/1/41      50     43
                                 115
Kentucky (1.7%)
  Kentucky Bond Development Corp. College & University Revenue 4.500%   6/1/48      70     68
  Kentucky Economic Development Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/39      85     88
  Kentucky Economic Development Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/41      65     66
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   6/1/25     200    200
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   6/1/26     280    282
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   2/1/28      35     35
  Kentucky Public Energy Authority Natural Gas Revenue PUT 5.000%   7/1/30      55     58
  Kentucky Public Energy Authority Natural Gas Revenue PUT 5.250%   2/1/32     100    108
  Kentucky Public Energy Authority Natural Gas Revenue PUT 5.000%   8/1/32      70     74
  Louisville & Jefferson County Metropolitan Sewer District Sewer Revenue 3.000%  5/15/37     185    171
  Louisville & Jefferson County Metropolitan Sewer District Sewer Revenue 3.000%  5/15/46     170    135
  Louisville & Jefferson County Visitors & Convention Commission Miscellaneous Taxes Revenue 3.125%   6/1/41      90     78
                               1,363
Louisiana (0.7%)
8 Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue, 70% of SOFR + 0.500% 3.545%   5/1/43      40     40
1 Louisiana Housing Corp. Local or Guaranteed Housing Revenue PUT 5.000%   4/1/27     100    103
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Louisiana Public Facilities Authority College & University Revenue 5.000%  10/1/26      65     67
  Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue (Ochsner Clinic Foundation Project) 5.000%  5/15/35      80     80
  Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  5/15/25      50     50
6 Shreveport LA Water & Sewer Water Revenue 5.000%  12/1/27      60     63
  St. John Parish the Baptist LA Industrial Revenue (Marathon Oil Corp. Project) PUT 2.375%   7/1/26     110    109
  St. John Parish the Baptist LA Industrial Revenue PUT 3.300%   7/3/28      50     50
                                 562
Maryland (1.0%)
  Baltimore MD Sewer Revenue (Wastewater Projects) 5.000%   7/1/41     200    204
  Maryland Community Development Administration Local or Guaranteed Housing Revenue 4.350%   2/1/44     150    148
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/40     370    370
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/47     100    100
                                 822
Massachusetts (4.1%)
  Commonwealth of Massachusetts GO 5.000%   7/1/45      85     89
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue (Rail Enhancement Program) 5.000%   6/1/45     300    301
  Everett MA GO 2.000%  1/15/35      80     67
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/45     150    155
  Massachusetts Development Finance Agency College & University Revenue 4.125%  10/1/32     205    195
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/32      60     61
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/36     100    100
  Massachusetts Development Finance Agency College & University Revenue 5.250%   1/1/38     100    110
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   9/1/33      50     50
3 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/35     100    112
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 3.375%   7/1/36      50     45
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/37      25     27
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  8/15/40     580    582
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/44     170    168
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/44     250    250
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/47     200    205
3 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.500%   7/1/54     100     98
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/49     100    104
  Milton MA GO 4.000%  8/15/50      70     68
  Tri-County MA Regional Vocational Technical School District GO 4.000%   6/1/45     345    340
  Westwood MA GO 4.000%  8/15/52     290    282
                               3,409
Michigan (1.8%)
  Detroit MI GO 5.000%   4/1/30      75     78
  Great Lakes Water Authority Sewage Disposal System Water Revenue 5.000%   7/1/31      40     41
3,9 L'Anse Creuse Public Schools GO 5.000%   5/1/49      45     48
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/37      55     60
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 5.500%  2/28/57     105    113
  Michigan State Building Authority Lease (Appropriation) Revenue 5.000% 10/15/51     400    404
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue 4.700%  10/1/54     290    289
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue 6.250%   6/1/55     250    276
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue (Clark Road Family Apartments) PUT 4.500%   4/1/26     100    101
  Southfield MI GO 3.000%   5/1/36     100     92
                               1,502
Minnesota (0.6%)
  Anoka MN GO 4.000%   2/1/42      50     50
  Minnesota (State Office Building Project) COP 5.000%  11/1/39      65     72
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%   7/1/47     130    130
  St. Paul Minnesota Housing & Redevelopment Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/27     200    208
                                 460
Mississippi (0.7%)
  Mississippi Development Bank Special Obligation Revenue 3.000%   3/1/29      80     73
  Mississippi Home Corp. Local or Guaranteed Housing Revenue PUT 5.000%  11/1/27     135    141
  Mississippi Hospital Equipment & Facilities Authority Health, Hospital, Nursing Home Revenue (Forrest County General Hospital Project) 5.000%   1/1/30     300    319
                                 533
Missouri (0.5%)
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/35     190    200
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   6/1/28     150    158
  Missouri Joint Municipal Electric Utility Commission Electric Power & Light Revenue (Prairie State Project) 3.250%  12/1/28      75     75
                                 433
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
Multiple States (0.3%)
8,10 Freddie Mac Multifamily Certificates 4.616%  8/25/41     125    125
10 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 4.684% 10/25/40     124    124
                                 249
Nebraska (0.9%)
  Central Plains Energy Project Natural Gas Revenue (Project No. 4) PUT 5.000%  11/1/29     325    340
  Central Plains Energy Project Natural Gas Revenue PUT 4.000%   8/1/25     150    151
  Omaha Public Power District Electric Power & Light Revenue 4.000%   2/1/49      80     76
  Sarpy County Hospital Authority No. 1 Health, Hospital, Nursing Home Revenue 3.000%  5/15/46     265    200
                                 767
Nevada (0.2%)
  Carson City NV Health, Hospital, Nursing Home Revenue (Carson Tahoe Regional Healthcare Project) 5.000%   9/1/30      75     77
6 North Las Vegas NV GO 3.000%   6/1/37     120    108
                                 185
New Hampshire (0.1%)
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 5.000%  10/1/38      25     27
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 5.000%  10/1/42      65     66
                                  93
New Jersey (1.2%)
4 Essex County Improvement Authority Charter School Aid Revenue (North Star Academy Charter School of Newark Inc. - 2020 Project) 4.000%  7/15/30     150    151
  New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/43     160    165
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/35      90     87
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 4.500%   7/1/41     150    132
  New Jersey Educational Facilities Authority College & University Revenue 3.000%   7/1/50     125     94
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   5/1/29      50     50
11 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28     100     88
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/29     200    215
6 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/38      50     29
                               1,011
New Mexico (0.5%)
  New Mexico Mortgage Finance Authority Local or Guaranteed Housing Revenue 2.700%   7/1/40      85     69
  New Mexico Mortgage Finance Authority Local or Guaranteed Housing Revenue 4.250%   3/1/53     105    106
  New Mexico Municipal Energy Acquisition Authority Natural Gas Revenue PUT 5.000%   5/1/25     200    201
                                 376
New York (11.5%)
4 Build NYC Resource Corp. Charter School Aid Revenue (New York Preparatory Charter School Project) 4.000%  6/15/56     100     81
  Dutchess County Local Development Corp. College & University Revenue (Marist College Project) 5.000%   7/1/48     300    306
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/41     100     95
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.000% 11/15/51     250    254
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/40     470    492
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/45     400    400
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/46     255    256
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.000% 12/15/31     100    102
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.400%  11/1/40      70     52
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.250%  11/1/41     100     74
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 0.600%   7/1/25     540    533
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 3.625%   7/1/28      75     75
  New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/49     105     78
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/37     150    155
  New York City Municipal Water Finance Authority Water Revenue 3.000%  6/15/46     240    187
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/47      60     64
  New York City Municipal Water Finance Authority Water Revenue 3.625%  6/15/48     170    149
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/54     300    283
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43     250    253
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 3.625%  7/15/47     105     93
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/32     400    407
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/32     200    211
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%  11/1/36     250    229
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/41      85     91
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   5/1/38      60     68
  New York City Transitional Finance Authority Income Tax Revenue 5.500%  11/1/49     100    111
  New York City Transitional Finance Authority Income Tax Revenue 5.250%   5/1/51      70     75
  New York City Transitional Finance Authority Income Tax Revenue 4.125%  11/1/53     100     96
  New York City Transitional Finance Authority Income Tax Revenue 5.000%  11/1/53     100    106
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/32      80     59
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/38     100     54
  New York Liberty Development Corp. Industrial Revenue 5.500%  10/1/37      85    100
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
6 New York Liberty Development Corp. Intergovernmental Agreement Revenue 2.750%  2/15/44      70     53
7 New York Liberty Development Corp. Lease (Appropriation) Revenue 2.875% 11/15/46      90     67
  New York Liberty Development Corp. Lease (Appropriation) Revenue 3.000% 11/15/51     110     81
  New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue 4.600%  10/1/54     150    150
  New York NY GO 5.000%  12/1/33     400    413
  New York NY GO 5.000%   9/1/42     440    483
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/39      75     79
11 New York State Dormitory Authority College & University Revenue 5.500%   7/1/40      50     59
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 2.000%   7/1/33     245    212
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/45      50     52
  New York State Housing Finance Agency Income Tax Revenue PUT 3.300% 12/15/28     100    100
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  11/1/40     105     81
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 2.500%   5/1/27     200    195
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.100%  11/1/27     165    164
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.100%  11/1/27      95     94
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.570%  11/1/31     300    300
  Onondaga County Water Authority Water Revenue 3.000%  9/15/39     190    170
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   5/1/40     195    195
  Suffolk County Water Authority Water Revenue 3.250%   6/1/43     140    125
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/42     400    414
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/54      35     36
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 4.000%  5/15/51     225    212
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue PUT 2.000%  5/15/26      40     39
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/52      90     96
                               9,459
North Carolina (1.3%)
  Charlotte-Mecklenburg Hospital Authority Health, Hospital, Nursing Home Revenue PUT 3.250%  6/15/27      30     30
  Charlotte-Mecklenburg Hospital Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  12/1/28     150    160
  North Carolina Appropriations Revenue 2.000%   3/1/36     380    305
  North Carolina Appropriations Revenue (Build NC Programs) 3.000%   5/1/33     120    115
  North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%   7/1/47      35     35
  North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue PUT 5.000%   4/1/28     150    158
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 4.000%   3/1/30     150    149
  North Carolina Turnpike Authority Highway Revenue 5.000%   1/1/30      85     90
                               1,042
North Dakota (0.2%)
  North Dakota State Board of Higher Education Local or Guaranteed Housing Revenue 3.250%   4/1/37     130    124
Ohio (3.7%)
  Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue 5.000% 11/15/27      30     31
  Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue 5.000%  11/1/43     150    150
  American Municipal Power Inc. Electric Power & Light Revenue 4.000%  2/15/44     100     95
  Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/55     100     90
  Butler County OH Health, Hospital, Nursing Home Revenue 4.000% 11/15/40     305    275
3 Columbus Regional Airport Authority Port, Airport & Marina Revenue 5.250%   1/1/55     300    323
  Franklin County Convention Facilities Authority Lease (Appropriation) Revenue (Greater Columbus Convention Center Hotel Expansion Project) 5.000%  12/1/51     245    252
6 Lockland Local School District GO 2.375%  12/1/41     100     71
  Lucas County OH Health, Hospital, Nursing Home Revenue 4.000% 11/15/45     195    167
  Montgomery County OH Health, Hospital, Nursing Home Revenue 3.000%   8/1/51     150    108
  Muskingum County OH Health, Hospital, Nursing Home Revenue (Genesis Healthcare System Obligated Group Project) 5.000%  2/15/33     100    100
  Ohio Health, Hospital, Nursing Home Revenue 4.000%  1/15/46     185    170
  Ohio Higher Educational Facility Commission College & University Revenue (College of Wooster Project) 5.000%   9/1/45      90     92
  Ohio Higher Educational Facility Commission College & University Revenue (John Carroll University 2020 Project) 5.000%  10/1/30     160    168
  Ohio Higher Educational Facility Commission College & University Revenue (University Findlay Project) 5.000%   3/1/44     205    196
  Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue 5.000%   1/1/30     200    209
  Ohio Housing Finance Agency Local or Guaranteed Housing Revenue (Mortgage-Backed Securities Program) 3.250%   9/1/52      70     69
  Ohio Turnpike & Infrastructure Commission Highway Revenue 4.000%  2/15/32      55     56
  Scioto County OH Health, Hospital, Nursing Home Revenue 5.000%  2/15/34     140    141
6 Southwest Licking OH Local School District (School Facilities Project) COP 3.000%  12/1/35      65     61
  University of Akron College & University Revenue 5.000%   1/1/27     200    200
                               3,024
Oklahoma (0.6%)
  Oklahoma Development Finance Authority Lease (Appropriation) Revenue 4.125%   6/1/49     235    235
3 Oklahoma Turnpike Authority Highway Revenue 5.000%   1/1/41     100    109
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
3 Oklahoma Turnpike Authority Highway Revenue 5.250%   1/1/50     100    109
                                 453
Oregon (0.1%)
3 Portland OR Sewer System Sewer Revenue 5.000%  10/1/54      70     75
Pennsylvania (4.8%)
  Allegheny County Higher Education Building Authority College & University Revenue 5.000% 10/15/37     215    205
  Commonwealth of Pennsylvania GO 5.000%  8/15/36      50     57
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health System Project) 4.000%   6/1/31     115    116
4 Delaware County IDA PA Charter School Aid Revenue 5.125%   6/1/46     150    148
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/33      65     69
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/50      75     60
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project - Aicup Financing Program) 4.000%   5/1/36     100     94
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/48      50     43
  Montgomery County PA IDA Industrial Revenue 4.100%   6/1/29     200    205
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 3.125%  8/15/35     245    228
  Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Kings College Project) 3.250%   5/1/35      80     70
3 Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  2/15/35     200    233
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 3.000%   5/1/37     250    211
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, ETM 3.000%  6/15/45      70     59
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  8/15/47      75     60
5 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.250%  11/1/51     150    144
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.900%  10/1/37     200    173
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%   4/1/40     120    105
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.500%  10/1/53     200    211
  Pennsylvania Turnpike Commission Highway Revenue 4.750%  12/1/37     270    275
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/40     320    321
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/40      60     60
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/46      60     60
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/46     115    116
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/51     100     95
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/52     290    294
7 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/26      50     52
  Radnor Township PA GO 4.000%  12/1/41      90     90
  Scranton-Lackawanna Health & Welfare Authority College & University Revenue 5.000%  11/1/31      70     71
7 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/29      55     59
                               3,984
Puerto Rico (1.0%)
  Commonwealth of Puerto Rico GO 5.375%   7/1/25     121    121
  Commonwealth of Puerto Rico GO 5.750%   7/1/31     100    111
  Commonwealth of Puerto Rico GO 4.000%   7/1/33      50     50
  Commonwealth of Puerto Rico GO 4.000%   7/1/35      77     76
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31     200    215
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/33      51     37
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40     176    175
                                 785
Rhode Island (0.6%)
7 Rhode Island Health & Educational Building Corp. Intergovernmental Agreement Revenue 4.000%  5/15/45     210    203
  Rhode Island Housing & Mortgage Finance Corp. Local or Guaranteed Housing Revenue 3.000%  10/1/51     265    259
                                 462
South Carolina (2.0%)
  South Carolina Jobs-Economic Development Authority College & University Revenue 5.000%  10/1/30     150    152
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/34     420    436
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/38     135    139
  South Carolina Public Service Authority Electric Power & Light Revenue 5.000%  12/1/43      30     31
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/47     185    175
  South Carolina Public Service Authority Electric Power & Light Revenue 5.250%  12/1/54      65     69
  South Carolina Public Service Authority Nuclear Revenue 5.000%  12/1/28      20     21
  South Carolina Public Service Authority Nuclear Revenue 5.000%  12/1/30      10     10
  South Carolina Public Service Authority Nuclear Revenue 5.000%  12/1/31     100    103
  South Carolina Public Service Authority Nuclear Revenue 3.125%  12/1/32      25     24
  South Carolina Public Service Authority Nuclear Revenue 5.000%  12/1/32       5      5
  South Carolina Public Service Authority Nuclear Revenue 4.000%  12/1/45      15     14
  South Carolina Public Service Authority Nuclear Revenue 5.000%  12/1/50     500    500
                               1,679
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
South Dakota (0.8%)
  South Dakota Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/43     200    215
  South Dakota Housing Development Authority Local or Guaranteed Housing Revenue 4.000%  11/1/48     105    105
3 South Dakota Housing Development Authority Local or Guaranteed Housing Revenue 6.500%  11/1/55     300    343
                                 663
Tennessee (1.3%)
  Johnson City Health & Educational Facilities Board Health, Hospital, Nursing Home Revenue 5.000%   7/1/32     125    137
  Knox County Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 5.000%   4/1/36     170    171
  Memphis TN Gas Natural Gas Revenue 5.000%  12/1/32     115    127
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue (Trevecca Nazarene University Project) 4.000%  10/1/41      50     46
  Metropolitan Nashville Airport Authority Port, Airport & Marina Revenue 5.000%   7/1/54     185    191
  Tennergy Corp. TN Natural Gas Revenue PUT 5.500%  12/1/30     100    106
  Tennessee Energy Acquisition Corp. Natural Gas Revenue PUT 5.000%  11/1/31     150    158
  Tennessee Housing Development Agency Local or Guaranteed Housing Revenue 3.500%   7/1/50      80     79
  Tennessee Housing Development Agency Local or Guaranteed Housing Revenue 3.750%   7/1/52      45     45
                               1,060
Texas (11.8%)
3,12 Allen Independent School District GO 4.625%  2/15/48     100    102
3,12 Allen Independent School District GO 4.375%  2/15/50     100    100
12 Aransas County Independent School District GO 4.000%  8/15/42      50     50
5 Aubrey TX GO 4.000%  2/15/49     350    324
6 Bastrop TX GO 4.000%   8/1/49     300    278
12 Blanco Independent School District GO 4.000%  2/15/47     345    330
  Board of Regents of the University of Texas System College & University Revenue 5.000%  8/15/32      80     86
  Brazoria County Toll Road Authority Intergovernmental Agreement Revenue PUT 3.750%   9/1/26      70     70
  Buda TX GO 5.000%  8/15/33     100    110
3,4 Buda TX Special Assessment Revenue 6.000%   9/1/55     100     99
3,4 Buda TX Special Assessment Revenue 6.750%   9/1/55     100     99
  Central Texas Regional Mobility Authority Highway Revenue 5.000%   1/1/38      75     80
  Central Texas Regional Mobility Authority Highway Revenue 5.000%   1/1/45     130    135
12 Cleburne Independent School District GO 3.000%  2/15/35     100     92
  Comal County TX GO 4.000%   9/1/47     200    192
3,12 Conroe Independent School District GO 4.000%  2/15/50     250    238
  Dallas TX Hotel Occupancy Tax Revenue 4.000%  8/15/28      50     50
4 Dallas TX Special Tax Revenue (Fair Park Venue Project) PUT 6.250%  8/15/28     110    110
  EP Cimarron Ventanas PFC Local or Guaranteed Housing Revenue (Home Essential Function Housing Program) 4.125%  12/1/39      50     48
  Fort Bend County Industrial Development Corp. Industrial Revenue 4.750%  11/1/42      60     60
5 Garland TX Electric Utility System Electric Power & Light Revenue 4.250%   3/1/55     175    171
  Grayson County TX Junior College District GO 4.000%  2/15/49     450    423
5 Harris County Improvement District No. 14 GO 4.000%   5/1/34      70     71
6 Harris County Municipal Utility District No. 530 GO 2.250%   9/1/39      75     55
  Harris County TX Toll Road Highway Revenue 5.000%  8/15/32      65     68
  Harris County TX Toll Road Highway Revenue 4.000%  8/15/54      30     28
5 Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue 5.000% 11/15/35     300    333
  Hays County TX GO 2.750%  2/15/36      50     44
  Heath TX GO 4.000%  2/15/43     100     98
  Hidalgo County TX GO 5.000%  8/15/31      70     74
  Lake Houston Redevelopment Authority Intergovernmental Agreement Revenue 3.000%   9/1/38     100     81
  Laredo TX GO 5.000%  2/15/40     100    109
12 Lewisville Independent School District GO 5.000%  8/15/38      55     62
  Lower Colorado River Authority Intergovernmental Agreement Revenue 3.000%  5/15/38      50     44
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/50      75     77
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/51     195    202
12 Lumberton Independent School District GO 3.000%  2/15/45     200    160
11 Matagorda County Navigation District No. 1 Resource Recovery Revenue 4.400%   5/1/30      55     58
12 Mesquite Independent School District GO 4.000%  8/15/30      50     50
  New Braunfels TX Utility System Electric Power & Light Revenue 4.000%   7/1/55     350    322
12 North East TX Independent School District GO 4.000%   8/1/52     100     95
  North Harris County Regional Water Authority Water Revenue 5.000% 12/15/29      40     41
5 North Texas Municipal Water District Intergovernmental Agreement Revenue 5.000%   6/1/41      55     59
  North Texas Tollway Authority Highway Revenue 5.000%   1/1/31      55     56
  North Texas Tollway Authority Highway Revenue 5.000%   1/1/48     105    108
12 Northside Independent School District GO 4.000%  8/15/49     205    195
12 Northside Independent School District GO PUT 2.000%   6/1/27     185    179
3,12 Round Rock Independent School District GO PUT 5.000%   8/1/30     100    109
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.000%   2/1/31      40     41
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.000%   2/1/48      50     52
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT 3.650%  12/1/26      90     90
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT 2.000%  12/1/27     250    236
3 Seguin TX GO 5.500%   9/1/59     250    275
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/53     225    210
  Tarrant County Housing Finance Corp. Local or Guaranteed Housing Revenue PUT 3.600%   2/1/28     200    201
  Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%  10/1/32     150    170
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/27      65     67
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/28     150    156
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/30     150    158
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/33     100    101
  Texas Transportation Commission State Highway 249 System Highway Revenue 0.000%   8/1/43     140     58
  Texas Water Development Board Water Revenue 4.000% 10/15/32     170    171
  Texas Water Development Board Water Revenue 5.000% 10/15/32      80     85
  Texas Water Development Board Water Revenue 4.000%   8/1/36     110    113
  Texas Water Development Board Water Revenue 5.000% 10/15/45     410    413
  Texas Water Development Board Water Revenue 5.000%  4/15/49      75     78
  Texas Water Development Board Water Revenue 4.000%  4/15/51     400    374
  Texas Water Development Board Water Revenue 5.000% 10/15/53     300    310
  Travis County Healthcare District GO 2.000%   3/1/37      50     38
  Waco TX GO 4.000%   2/1/48      75     71
12 West Contra Costa Unified School District GO 4.125%  2/15/49     260    252
                               9,745
Utah (0.2%)
3 Utah Housing Corp. Local or Guaranteed Housing Revenue 6.500%   7/1/55     100    112
  Utah State University College & University Revenue 2.600%  12/1/38     100     82
                                 194
Vermont (0.6%)
  Vermont Educational & Health Buildings Financing Agency College & University Revenue (Champlain College Project) 5.000% 10/15/26     100    100
  Vermont Educational & Health Buildings Financing Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/35     400    405
                                 505
Virginia (0.8%)
  Virginia Commonwealth Transportation Board Appropriations Revenue (US Route 58 Corridor Development Program) 4.000%  5/15/47     275    269
  Virginia Commonwealth University Health System Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/54     275    256
  Virginia Housing Development Authority Local or Guaranteed Housing Revenue 2.125%   3/1/36      50     40
  Virginia Housing Development Authority Local or Guaranteed Housing Revenue 2.550%  12/1/46     110     75
  Virginia Resources Authority Lease Revenue 2.000%  11/1/37      55     42
                                 682
Washington (1.6%)
  Energy Northwest Nuclear Revenue 5.000%   7/1/27      50     51
  Grant County Public Utility District No. 2 Electric Power & Light Revenue 5.000%   1/1/32      90     95
  King County School District No. 403 Renton GO 5.000%  12/1/32      50     54
5 Pasco Public Facilities District Sales Tax Sales Tax Revenue 5.000%  11/1/34     155    174
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/29      70     73
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/37      70     71
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/39     225    233
3 Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   3/1/42     200    194
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/42     110    101
  Washington State Convention Center Public Facilities District Hotel Occupancy Tax Revenue 4.000%   7/1/43      50     48
  Washington State Convention Center Public Facilities District Hotel Occupancy Tax Revenue 4.000%   7/1/58      75     66
  Washington State Convention Center Public Facilities District Hotel Occupancy Tax Revenue 5.000%   7/1/58     185    188
                               1,348
West Virginia (0.5%)
  West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 3.250%   6/1/39     155    135
  West Virginia Housing Development Fund Local or Guaranteed Housing Revenue PUT 5.000%   4/1/27     100    103
  West Virginia University College & University Revenue (West Virginia University Project) 5.000%  10/1/41     135    144
                                 382
Wisconsin (3.0%)
  Milwaukee WI GO 4.000%   4/1/31     200    203
4 Public Finance Authority Charter School Aid Revenue 4.500%  7/15/53     100     93
  Public Finance Authority Electric Power & Light Revenue (Duke Energy Progress Project) PUT 3.700%  10/1/30     100    100
  Public Finance Authority Health, Hospital, Nursing Home Revenue (Kahala Nui Project) 5.250% 11/15/61     100    104
  Public Finance Authority Intergovernmental Agreement Revenue PUT 4.000%   7/1/26     100    100
  Public Finance Authority Local or Guaranteed Housing Revenue 5.000%   6/1/29     115    119
4 Public Finance Authority Local or Guaranteed Housing Revenue 5.000%   7/1/29      50     52
  Public Finance Authority Local or Guaranteed Housing Revenue 5.000%   6/1/34      50     51
4 Public Finance Authority Miscellaneous Revenue (Inperium Project) 5.750%  12/1/54     100    100
Vanguard® Core Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  West Allis West Milwaukee School District GO 3.000%   4/1/39     200    180
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/29     300    317
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/35     180    183
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/42     305    291
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/48     100     93
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 6.000%   7/1/60     150    153
  Wisconsin Health & Educational Facilities Authority Local or Guaranteed Housing Revenue 4.375%  11/1/39     100    100
  Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue 6.000%   9/1/54      95    103
  Wisconsin Housing & Economic Development Authority Housing Local or Guaranteed Housing Revenue 4.875%   5/1/62     145    145
                               2,487
Total Tax-Exempt Municipal Bonds (Cost $80,964) 80,758
Taxable Municipal Bonds (0.2%)
Puerto Rico (0.2%)
  Commonwealth of Puerto Rico CVI 0.000%  11/1/43     198    124
  Commonwealth of Puerto Rico CVI 0.000%  11/1/51      45     29
Total Taxable Municipal Bonds (Cost $151) 153
        Shares  
Temporary Cash Investments (5.2%)
Investment Company (5.2%)
13 Vanguard Municipal Low Duration Fund (Cost $4,304) 2.123%          430,345  4,303
Total Investments (103.5%) (Cost $85,419) 85,214
Other Assets and Liabilities—Net (-3.5%) (2,886)
Net Assets (100%) 82,328
Cost is in $000.
1 Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
2 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
3 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2025.
4 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2025, the aggregate value was $2,256,000, representing 2.7% of net assets.
5 Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp.
6 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
7 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
8 Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
9 Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund.
10 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
11 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
12 Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund.
13 Affiliated short-term municipal bond fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  COP—Certificate of Participation.
  CVI—Contingent Value Instruments.
  ETM—Escrowed to Maturity.
  GO—General Obligation Bond.
  IDA—Industrial Development Authority Bond.
  PILOT—Payments in Lieu of Taxes.
  PUT—Put Option Obligation.
  SOFR—Secured Overnight Financing Rate.
Vanguard® Core Tax-Exempt Bond ETF
A.Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Municipal Low Duration Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
B. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments as of January 31, 2025, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Tax-Exempt Municipal Bonds — 80,758 — 80,758
Taxable Municipal Bonds — 153 — 153
Temporary Cash Investments 4,303 — — 4,303
Total 4,303 80,911 — 85,214