Vanguard® Short Duration 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 (98.2%)
Alabama (5.5%)
  Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, Prere. 5.000%   9/1/27    100    105
1 Alabama State University College & University Revenue 5.000%   9/1/27     70     73
  Birmingham Water Works Board Water Revenue, Prere. 4.000%   1/1/27     60     62
  Black Belt Energy Gas District Natural Gas Revenue 4.000%  12/1/29    150    152
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project No.7) PUT 4.000%  12/1/26     50     50
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project No.8) PUT 4.000%  12/1/29     25     25
  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    200    207
  Black Belt Energy Gas District Natural Gas Revenue PUT 4.000%   6/1/27     65     66
  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    200    210
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.250%  10/1/30    150    159
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.000%   7/1/31    100    106
  Black Belt Energy Gas District Natural Gas Revenue PUT 4.000%  12/1/31    125    126
  Energy Southeast A Cooperative District Natural Gas Revenue PUT 5.500%   1/1/31    150    162
  Huntsville Health Care Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   6/1/30     80     85
  Infirmary Health System Special Care Facilities Financing Authority of Mobile Health, Hospital, Nursing Home Revenue 3.000%   2/1/29    135    130
  Jacksonville Public Educational Building Authority Lease Revenue 4.000%   7/1/28     50     50
  Lower Alabama Gas District Natural Gas Revenue 5.000%   9/1/29     50     53
  Lower Alabama Gas District Natural Gas Revenue (Gas Project Revenue Bonds Project) PUT 4.000%  12/1/25    175    175
  Southeast Alabama Gas Supply District Natural Gas Revenue (Project No. 1) 5.000%   4/1/28     75     78
  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 Natural Gas Revenue (Project No. 1) PUT 4.000%  10/1/28    195    195
  Troy Hospital Health Care Authority Health, Hospital, Nursing Home Revenue 3.125%   3/1/32     50     47
                             2,641
Alaska (0.6%)
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue 2.150%   6/1/31    100     89
  Northern Tobacco Securitization Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/30    195    207
                               296
Arizona (0.6%)
  Arizona Lottery Revenue, ETM 5.000%   7/1/26     50     52
  Chandler IDA Industrial Revenue (Intel Corp. Project) PUT 3.800%  6/15/28    125    126
  Pima County IDA Health, Hospital, Nursing Home Revenue 5.000%   4/1/31    115    123
                               301
Arkansas (0.3%)
2 Arkansas Development Finance Authority Local or Guaranteed Housing Revenue PUT 3.550%   6/1/27    150    150
California (9.7%)
  Bay Area Toll Authority Highway Revenue PUT 2.125%   4/1/25    150    150
  Bay Area Toll Authority Highway Revenue PUT 2.000%   4/1/28    140    134
3 Bay Area Toll Authority Highway Revenue, SIFMA Municipal Swap Index Yield + 1.250% 3.500%   4/1/36     50     50
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.500%  11/1/30    150    162
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%  10/1/32     70     74
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%  12/1/32    155    163
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 4.000%   8/1/28    175    175
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 5.500%  11/1/28    175    185
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 4.000%   8/1/31    165    164
  California GO 5.000%  10/1/26    120    125
  California GO 5.000%   8/1/27    150    158
  California GO 5.000%   8/1/29     95    100
  California GO 5.000%   8/1/30    200    222
  California GO 5.000%   8/1/31    150    169
  California Health Facilities Financing Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   9/1/28    200    207
  California Housing Finance Agency Local or Guaranteed Housing Revenue PUT 5.000%  11/1/26    250    257
  California Infrastructure & Economic Development Bank Miscellaneous Revenue PUT 3.000%  10/1/26    175    176
  California Municipal Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29     80     83
  California Municipal Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/30    125    128
  California Municipal Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/30    100    100
Vanguard® Short Duration Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
4 California School Finance Authority Charter School Aid Revenue 5.000%   8/1/31    100    100
  California State Public Works Board Lease (Abatement) Revenue 5.000%   5/1/28    125    134
  California State University College & University Revenue PUT 1.600%  11/1/26    130    125
  California State University College & University Revenue PUT 3.125%  11/1/26    125    125
  California Statewide Communities Development Authority Special Tax Revenue 5.000%   9/1/28    160    166
  Department of Veterans Affairs Veteran's Farm & Home Purchase Program Local or Guaranteed Housing Revenue 1.900%   6/1/31     65     57
  Los Angeles CA Wastewater System Sewer Revenue 5.000%   6/1/32     75     79
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/26     50     51
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/29     60     64
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/31     25     26
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/31    100    109
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32     50     52
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/32    100    110
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/33     75     77
  Oro Grande Elementary School District COP 4.000%  9/15/26    100    100
  Southern California Public Power Authority Electric Power & Light Revenue 5.000%   7/1/27     70     70
  Southern California Public Power Authority Natural Gas Revenue (Project No. 1) 5.000%  11/1/28    110    114
  Vernon CA Electric System Electric Power & Light Revenue 5.000%   4/1/28    100    106
                             4,647
Colorado (1.7%)
  Board of Governors of Colorado State University System College & University Revenue PUT 4.375%   3/1/29     50     52
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/33     65     65
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue (Valley View Hospital Association Project) 5.000%  5/15/28    150    151
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   8/1/25     70     70
  Denver CO City & County Airport System Port, Airport & Marina Revenue 4.000% 11/15/31    140    140
  Denver Health & Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/32     75     78
  Northglenn Urban Renewal Authority Tax Increment/Allocation Revenue 4.000%  12/1/28    235    237
  University of Colorado College & University Revenue PUT 2.000% 10/15/25     45     45
                               838
Connecticut (1.1%)
  Connecticut GO 5.000%  4/15/26    160    164
  Connecticut GO 5.000%  1/15/28    110    117
  Connecticut State Health & Educational Facilities Authority College & University Revenue PUT 1.100%  2/11/25    100    100
  Connecticut State Health & Educational Facilities Authority College & University Revenue PUT 2.800%   2/3/26    150    150
                               531
District of Columbia (1.2%)
  District of Columbia College & University Revenue 5.000%   4/1/31    150    154
2 District of Columbia Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.000%   9/1/26    335    333
  District of Columbia Housing Finance Agency Local or Guaranteed Housing Revenue PUT 5.000%   2/1/28    100    105
                               592
Florida (5.9%)
  Broward County FL School District COP 5.000%   7/1/27     75     79
  Broward County FL School District COP 5.000%   7/1/30     50     55
  Broward County FL School District COP 5.000%   7/1/31     80     81
4 Capital Trust Agency Inc. Charter School Aid Revenue (Franklin Academy Project) 5.000% 12/15/26    100    101
  Central Florida Expressway Authority Highway Revenue 4.000%   7/1/30     65     66
4 Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%   6/1/31    150    154
  Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) PUT 5.000%  10/1/31     50     54
  Florida Higher Educational Facilities Financial Authority College & University Revenue (Nova Southeastern University Project) 5.000%   4/1/27     95     97
5 Florida Municipal Loan Council Water Revenue 5.000%  10/1/28    205    219
  Florida Municipal Power Agency Electric Power & Light Revenue 5.000%  10/1/30     60     62
  Hillsborough County School Board (Master Lease Program) COP 5.000%   7/1/28    150    157
  Lakeland FL Health, Hospital, Nursing Home Revenue 3.000% 11/15/32    140    131
  Miami-Dade County FL Aviation Port, Airport & Marina Revenue 5.000%  10/1/30     50     51
  Miami-Dade County FL GO 5.000%   7/1/27    150    155
  Miami-Dade County Housing Finance Authority Local or Guaranteed Housing Revenue PUT 2.950%  10/1/26    100     99
  Miami-Dade County School Board COP 5.000%   5/1/25    105    106
  Miami-Dade County School Board COP 5.000%   5/1/28    265    266
  Miami-Dade County School Board COP 4.000%   8/1/29     50     50
  Orlando Utilities Commission Electric Power & Light Revenue PUT 1.250%  10/1/28    100     90
  Palm Beach County School District COP 5.000%   8/1/28     60     60
  Tallahassee FL Health, Hospital, Nursing Home Revenue 5.000%  12/1/26    110    111
  Tampa FL Health, Hospital, Nursing Home Revenue (H. Lee Moffitt Cancer Center Project) 5.000%   7/1/30     75     81
  Tampa FL Tobacco & Liquor Taxes Revenue (H. Lee Moffitt Cancer Center Project) 5.000%   9/1/26    200    205
  Tampa-Hillsborough County Expressway Authority Highway Revenue 5.000%   7/1/29    205    218
Vanguard® Short Duration Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Volusia County Educational Facility Authority College & University Revenue 5.000%   6/1/30    100    100
                             2,848
Georgia (2.6%)
  Burke County Development Authority Electric Power & Light Revenue (Georgia Power Co. Plant Vogtle Project) PUT 3.800%  5/21/26     70     71
6 Burke County Development Authority Electric Power & Light Revenue (Oglethorpe Power Corp. Vogtle Project) PUT 3.600%   2/1/30     50     50
  Clarke County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31     65     67
  Decatur Housing Authority Local or Guaranteed Housing Revenue (Calvin Court Project) PUT 3.600%   8/1/27    100    100
  Main Street Natural Gas Inc. Natural Gas Revenue 5.000%   9/1/26    170    174
  Main Street Natural Gas Inc. Natural Gas Revenue 5.000%  12/1/29    150    158
  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    160    170
  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%  12/1/32     95    100
  Warner Robins Housing Authority Resident Council Corp. Local or Guaranteed Housing Revenue (Arbours at Wellston Project) PUT 5.000%   2/1/28     50     52
                             1,257
Guam (0.3%)
  Guam Miscellaneous Taxes Revenue 5.000%   1/1/31    125    133
Hawaii (0.5%)
  Hawaii GO 5.000%   1/1/27     50     52
  Hawaii GO 5.000%  10/1/31     80     83
  Honolulu HI City & County GO 5.000%  11/1/27    100    106
                               241
Illinois (9.0%)
  Chicago Board of Education GO 4.000%  12/1/27    200    199
7 Chicago Board of Education GO 0.000%  12/1/29     90     74
7 Chicago Board of Education GO 0.000%  12/1/31    200    151
  Chicago IL GO 5.000%   1/1/27    100    101
  Chicago IL GO 0.000%   1/1/32    100     76
  Chicago IL GO 4.000%   1/1/32    150    150
7 Chicago IL GO, ETM 0.000%   1/1/27    120    113
7 Chicago IL Wastewater Transmission Sewer Revenue 0.000%   1/1/27    150    141
1 Chicago IL Wastewater Transmission Sewer Revenue 5.000%   1/1/29     95    102
  Chicago IL Waterworks Water Revenue 5.000%  11/1/26    115    119
  Chicago IL Waterworks Water Revenue 5.000%  11/1/29    100    103
  DuPage County Community High School District No. 94 West Chicago GO 4.000%   1/1/31    125    127
  Illinois Finance Authority College & University Revenue 5.000%  10/1/26    200    203
  Illinois Finance Authority College & University Revenue 5.000%  10/1/30    245    252
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/29     55     56
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/30    125    126
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/31    150    152
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/32     65     67
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/32    235    245
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/32    150    155
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  8/15/25    170    171
  Illinois Finance Authority Water Revenue 5.000%   7/1/31     55     57
  Illinois GO 5.000%  10/1/26     55     57
  Illinois GO 5.000%   3/1/27    100    104
  Illinois GO 5.000%   5/1/29    180    189
  Illinois GO 5.000%  11/1/29    150    157
  Illinois GO 5.000%  12/1/31     55     60
  Illinois GO 5.000%   3/1/32    140    152
2 Illinois Housing Development Authority Local or Guaranteed Housing Revenue PUT 4.000%   6/1/25     80     80
8 Illinois Sports Facilities Authority Hotel Occupancy Tax Revenue 5.000%  6/15/27    100    100
8 Kendall Kane & Will Counties Community Unit School District No. 308 GO 0.000%   2/1/27    100     93
7 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000% 12/15/31    135    106
7 Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 0.000%  6/15/26    100     96
  Northern Illinois Municipal Power Agency Electric Power & Light Revenue 5.000%  12/1/29    170    176
                             4,310
Indiana (0.3%)
  Gary Community School Building Corp. Lease (Abatement) Revenue 4.000%  1/15/29    100    100
  Indiana Municipal Power Agency Electric Power & Light Revenue 5.000%   1/1/31     50     53
                               153
Iowa (0.1%)
  Iowa Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/31     55     56
Vanguard® Short Duration Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
Kansas (0.7%)
  Kansas Development Finance Authority College & University Revenue 4.000%   3/1/31     90     90
  Wyandotte County Unified School District No. 500 Kansas City GO, Prere. 5.500%   9/1/26    250    261
                               351
Kentucky (1.8%)
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   6/1/25     50     50
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   6/1/26    300    302
  Kentucky Public Energy Authority Natural Gas Revenue PUT 5.000%   7/1/30    135    142
  Lexington-Fayette Urban County Government GO 4.000%   9/1/30    175    175
  Louisville-Jefferson County Metropolitan Government Health, Hospital, Nursing Home Revenue 5.000%  10/1/29     50     53
  Louisville-Jefferson County Metropolitan Government Health, Hospital, Nursing Home Revenue 5.000%  10/1/30    115    118
                               840
Louisiana (1.5%)
  Jefferson Parish Finance Authority Local or Guaranteed Housing Revenue 3.750%   7/1/29     55     56
3 Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue, 70% of SOFR + 0.500% 3.545%   5/1/43     40     40
2 Louisiana Housing Corp. Local or Guaranteed Housing Revenue PUT 5.000%   4/1/27    200    206
  Louisiana Local Government Environmental Facilities & Community Development Authority College & University Revenue 4.000%   8/1/26    100    100
  Louisiana Local Government Environmental Facilities & Community Development Authority Intergovernmental Agreement Revenue 5.000%  8/15/33    100    103
  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
  Tangipahoa Parish Hospital Service District No. 1 Health, Hospital, Nursing Home Revenue (North Oaks Health System Project) 5.000%   2/1/28     60     62
                               726
Maryland (0.8%)
  Maryland Community Development Administration Local or Guaranteed Housing Revenue 3.300%   1/1/29     50     50
  Maryland GO 5.000%   8/1/26    200    207
  Prince George's County MD GO 5.000%   8/1/29    100    109
                               366
Massachusetts (0.3%)
8 Commonwealth of Massachusetts GO 5.250%  11/1/26     55     57
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/29     65     67
                               124
Michigan (0.5%)
  Detroit MI GO 5.000%   4/1/30     70     73
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue PUT 3.750%  5/15/26     75     76
  Michigan State Hospital Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/30     65     68
                               217
Minnesota (1.1%)
  Minneapolis MN St. Paul Housing & Redevelopment Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/27    150    158
  Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue 5.000%   1/1/31    130    134
  Minnesota Appropriations Revenue 5.000%   3/1/27     75     78
  Minnesota Higher Education Facilities Authority College & University Revenue PUT 5.000%  10/1/27     50     52
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%   7/1/47    110    110
                               532
Mississippi (0.9%)
  Mississippi Development Bank Special Obligation Revenue 3.000%   3/1/29     75     69
  Mississippi State University Educational Building Corp. College & University Revenue (Campus Improvement Project) 5.000%  11/1/26    100    101
  Warren County MS GO 4.000%  10/1/27    185    185
  Warren County MS Industrial Revenue PUT 1.375%  6/16/25     85     84
                               439
Missouri (1.0%)
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/31    100    101
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue PUT 4.000%   5/1/26     40     40
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   6/1/28    150    158
  University of Missouri of Curators College & University Revenue 5.000%  11/1/27    150    159
                               458
Montana (0.1%)
  Forsyth MT Industrial Revenue (Puget Sound Energy Project) 3.900%   3/1/31     55     55
Nebraska (0.9%)
  Central Plains Energy Project Natural Gas Revenue (Project No. 3) 5.000%   9/1/25     55     56
  Central Plains Energy Project Natural Gas Revenue (Project No. 4) PUT 5.000%  11/1/29     85     89
  Central Plains Energy Project Natural Gas Revenue PUT 4.000%   8/1/25     80     80
Vanguard® Short Duration Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Nebraska Investment Finance Authority Local or Guaranteed Housing Revenue 5.000%   9/1/28    200    213
                               438
Nevada (0.1%)
  Clark County Department of Aviation Port, Airport & Marina Revenue 5.000%   7/1/29     60     65
New Hampshire (0.7%)
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 5.000%  10/1/29    150    153
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 5.000%   7/1/31    150    158
                               311
New Jersey (5.0%)
4 Essex County Improvement Authority Charter School Aid Revenue (North Star Academy Charter School of Newark Inc. - 2020 Project) 4.000%  7/15/30    100    101
  New Jersey Economic Development Authority Appropriations Revenue 3.375%   7/1/30    185    178
  New Jersey Economic Development Authority Appropriations Revenue (School Facilities Construction Program) 5.000%  6/15/29    225    243
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/35     40     39
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue (West Campus Housing LLC - New Jersey City University Student Housing Project) 4.125%   7/1/30    210    202
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28     50     48
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transfer Program) 5.000%  10/1/26    100    103
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30    120    125
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31     65     67
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   7/1/26    275    282
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.375%  11/1/27     50     50
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.400%   4/1/29    120    120
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   5/1/29     50     50
9 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/26    150    141
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/28    130    133
9 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28     55     48
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/29    125    106
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/30    100     82
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/31     60     63
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/28    175    182
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/29     50     52
                             2,415
New Mexico (1.0%)
  Farmington NM Industrial Revenue PUT 3.900%   6/1/28     50     51
  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     70     70
  New Mexico Severance Tax Permanent Fund Severance Tax Revenue 5.000%   7/1/27     95    100
  New Mexico Severance Tax Permanent Fund Severance Tax Revenue 5.000%   7/1/29     80     87
  Santa Fe County NM Local or Guaranteed Housing Revenue PUT 3.290%   6/1/28     50     50
                               464
New York (7.3%)
  Long Island Power Authority Electric Power & Light Revenue PUT 0.850%   9/1/25     75     74
  Long Island Power Authority Electric Power & Light Revenue PUT 1.500%   9/1/26    155    150
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/28    135    141
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/29    125    130
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/30     50     52
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/31    100    103
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue (Rochester Regional Health Project) 5.000%  12/1/26    100    103
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.375% 12/15/31    100    102
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 0.600%   7/1/25    215    212
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 3.400% 12/22/26    150    149
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/31     75     79
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/27    135    143
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/31    150    152
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/31     85     94
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/29    150    125
  New York NY GO 5.000%   8/1/27     85     90
  New York NY GO 5.000%   8/1/28    145    152
  New York NY GO 5.000%   8/1/29    200    218
  New York NY GO 5.000%  10/1/30     50     54
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30    100    108
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31     50     51
  New York State Dormitory Authority College & University Revenue (New School Project) 5.000%   7/1/28     85     88
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/29     55     57
Vanguard® Short Duration Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/31     60     54
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 2.500%   5/1/27    235    229
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.100%  11/1/27     50     50
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.100%  11/1/27    170    168
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.570%  11/1/31    100    100
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/31     75     79
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/32     70     73
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/31    185    145
                             3,525
North Carolina (1.2%)
  Charlotte-Mecklenburg Hospital Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  12/1/28    150    160
  North Carolina Government Fund/Grant Revenue 5.000%   3/1/31     50     54
  North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue PUT 5.000%   4/1/28    150    157
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 4.000%   3/1/30    150    149
  North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue 5.000%   1/1/30     60     61
                               581
Ohio (3.2%)
  American Municipal Power Inc. Electric Power & Light Revenue (Greenup Hydroelectric Project) 5.000%  2/15/30    165    168
  Lancaster Port Authority Natural Gas Revenue PUT 5.000%   8/1/30     50     53
  Montgomery County OH Health, Hospital, Nursing Home Revenue 5.000% 11/15/27     50     52
  Muskingum County OH Health, Hospital, Nursing Home Revenue (Genesis Healthcare System Obligated Group Project) 5.000%  2/15/33     50     50
  Ohio GO, ETM 5.000%   8/1/28     65     70
  Ohio Health, Hospital, Nursing Home Revenue 5.000%  1/15/27     80     83
  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 Health, Hospital, Nursing Home Revenue 5.000%   1/1/26    140    141
  Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue 5.000%   1/1/28     65     67
  Ohio Housing Finance Agency Local or Guaranteed Housing Revenue (Mortgage-Backed Securities Program) 3.250%   9/1/52    110    108
  Ohio Water Development Authority Lease Revenue 5.000%   6/1/26    100    103
  Ohio Water Development Authority Water Revenue 5.000%  12/1/29    115    126
  Scioto County OH Health, Hospital, Nursing Home Revenue 5.000%  2/15/28     50     51
  University of Akron College & University Revenue 5.000%   1/1/27    210    210
  University of Akron College & University Revenue 5.000%   1/1/30    100    108
                             1,558
Oklahoma (0.7%)
  Oklahoma Capitol Improvement Authority Lease Revenue (Capitol Repair Project) 5.000%   1/1/30     80     84
  Oklahoma Industries Authority Lease (Appropriation) Revenue (Oklahoma City Public School Project) 5.000%   4/1/31     60     66
1 University of Oklahoma College & University Revenue 5.000%   7/1/30    115    127
  University of Oklahoma College & University Revenue 5.000%   7/1/32     60     60
                               337
Oregon (1.4%)
  Oregon (Articale XI-M Seismic Projects) GO 5.000%   6/1/31    155    162
  Oregon Health & Science University Health, Hospital, Nursing Home Revenue PUT 5.000%   2/1/32    190    208
  Oregon State Facilities Authority Health, Hospital, Nursing Home Revenue (PeaceHealth Project) 4.125% 11/15/32     75     75
  Oregon Tri-County Metropolitan Transportation Miscellaneous Taxes Revenue 5.000%  10/1/28    200    212
                               657
Pennsylvania (5.5%)
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/27     50     52
5 Brentwood PA School District GO 5.000%  5/15/28    170    180
  Chester County Health & Education Facilities Authority Miscellaneous Revenue 3.000%  11/1/29    105    100
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/32     75     75
  Commonwealth of Pennsylvania GO 5.000%  8/15/27    250    264
  Commonwealth of Pennsylvania GO 5.000%   1/1/28     55     57
  Montgomery County PA IDA Industrial Revenue 4.100%   6/1/29    200    205
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue (St. Lukes Hospital-Monroe Project) 3.000%  8/15/33    105     99
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/29     55     56
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  6/15/30    145    156
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, ETM 5.000%  6/15/29     90     97
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/52    100     97
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.500%  10/1/53    185    195
8 Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/29    200    204
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/30    160    165
  Philadelphia IDA College & University Revenue 5.000%   4/1/26     75     75
8 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/26    145    150
  School District of Philadelphia GO 5.000%   9/1/27    100    105
Vanguard® Short Duration Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/27    100    101
  Upper Providence Township PA GO 1.500%   5/1/27     90     84
  Wilkes-Barre Finance Authority College & University Revenue 4.000%  11/1/28    150    150
                             2,667
Puerto Rico (1.0%)
  Commonwealth of Puerto Rico GO 5.375%   7/1/25     15     15
  Commonwealth of Puerto Rico GO 5.625%   7/1/29     50     54
  Commonwealth of Puerto Rico GO 5.750%   7/1/31    150    166
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31    165    178
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29     87     74
                               487
Rhode Island (0.4%)
  Rhode Island Housing & Mortgage Finance Corp. Local or Guaranteed Housing Revenue 3.000%  10/1/51     40     39
2 Rhode Island Housing & Mortgage Finance Corp. Local or Guaranteed Housing Revenue PUT 3.600%  10/1/27     55     55
  Rhode Island Turnpike & Bridge Authority Fuel Sales Tax Revenue 5.000%  10/1/29    100    102
                               196
South Carolina (0.5%)
  Patriots Energy Group Financing Agency Natural Gas Revenue PUT 5.250%   8/1/31    105    112
  South Carolina Public Service Authority Nuclear Revenue 5.000%  12/1/29     85     87
  South Carolina State Housing Finance & Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/31     50     54
                               253
South Dakota (0.4%)
  South Dakota Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/31     65     67
  South Dakota State Building Authority Lease (Appropriation) Revenue 4.000%   6/1/28    125    129
                               196
Tennessee (4.1%)
  Dickson TN Health & Educational Facilities Board Local or Guaranteed Housing Revenue PUT 3.000%   4/1/27    200    197
  Jackson TN Health, Hospital, Nursing Home Revenue 5.000%   4/1/31    165    172
  Knox County Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 5.000%   4/1/30    240    245
  Knox County Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 5.000%   4/1/31     50     51
  Knoxville's Community Development Corp. Local or Guaranteed Housing Revenue (Willow Place Project) PUT 3.750%   6/1/26    100    100
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue 5.000%   5/1/28     70     74
  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Water Revenue 5.000%   7/1/30    295    308
  Shelby County TN GO 5.000%   4/1/27    140    147
  Tennergy Corp. TN Natural Gas Revenue PUT 4.000%   9/1/28     40     40
  Tennergy Corp. TN Natural Gas Revenue PUT 5.000%  12/1/29    250    263
  Tennergy Corp. TN Natural Gas Revenue PUT 5.500%  12/1/30    100    106
  Tennessee Energy Acquisition Corp. Natural Gas Revenue 5.000%   2/1/27     75     76
  Tennessee Energy Acquisition Corp. Natural Gas Revenue (Gas Project) PUT 5.000%   5/1/28     40     41
  Tennessee Energy Acquisition Corp. Natural Gas Revenue PUT 4.000%  11/1/25    100    100
  Tennessee Housing Development Agency Local or Guaranteed Housing Revenue (Residential Finance Program) 2.450%   7/1/30     70     65
                             1,985
Texas (10.8%)
10 Austin Independent School District GO 5.000%   8/1/28    100    107
  Austin TX GO 5.000%   9/1/27    100    106
  Colorado River Municipal Water District Water Revenue 5.000%   1/1/28     75     79
  Corpus Christi TX Utility System Water Revenue 5.000%  7/15/26    150    155
4 Dallas TX Special Tax Revenue (Fair Park Venue Project) PUT 6.250%  8/15/28    115    115
  Garland TX Electric Utility System Electric Power & Light Revenue 5.000%   3/1/26    200    204
8 Georgetown TX Electric Utility System Multiple Utility Revenue 5.000%  8/15/28    285    304
3 Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue, SIFMA Municipal Swap Index Yield + 0.850% 3.100%   7/1/49     65     65
  Harris County Flood Control District GO 5.000%  10/1/31    100    109
1 Harris County Municipal Utility District No. 82 GO 2.000%  10/1/31     50     42
  Harris County TX Toll Road Highway Revenue 5.000%  8/15/30    110    122
8 Houston TX Airport System Port, Airport & Marina Revenue 5.000%   7/1/29    135    147
  Houston TX Combined Utility System Water Revenue 4.000% 11/15/31     75     75
  Ingleside TX GO 5.000%   2/1/30    120    130
10 Kilgore Independent School District GO 5.000%  2/15/27    125    130
10 Leander Independent School District GO 5.000%  8/15/31    110    117
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/25    110    111
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/31     90     92
9 Matagorda County Navigation District No. 1 Resource Recovery Revenue 4.400%   5/1/30    200    210
  New Hope Cultural Education Facilities Finance Corp. Local or Guaranteed Housing Revenue, Prere. 5.000%   4/1/27     80     83
Vanguard® Short Duration Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Newark Higher Education Finance Corp. College & University Revenue (Abilene Christian University University Program) 5.000%   4/1/30    150    152
10 Plainview Independent School District GO PUT 4.000%  8/15/26     75     76
  Port Authority of Houston of Harris County Texas GO 5.000%  10/1/30    140    155
10 Prosper Independent School District GO PUT 3.000%  8/15/25    225    225
10 Prosper Independent School District GO PUT 4.000%  8/15/26    155    156
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.000%   2/1/30    150    154
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT 1.750%  12/1/25     45     44
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT 3.650%  12/1/26    280    281
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT 2.000%  12/1/27     60     57
10 San Antonio TX Independent School District GO 5.000%  8/15/28     85     91
10 Spring Branch Independent School District GO 5.000%   2/1/29    140    151
  Strategic Housing Finance Corp. of Travis County Local or Guaranteed Housing Revenue PUT 3.350%   3/1/28    125    125
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/31    100    106
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue PUT 5.000%  5/15/26    175    179
  Tarrant County Housing Finance Corp. Local or Guaranteed Housing Revenue PUT 3.600%   2/1/28    100    101
  Texas Municipal Gas Acquisition & Supply Corp. I Natural Gas Revenue 5.250% 12/15/26    150    154
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/27     50     52
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/28    125    130
  Texas Municipal Gas Acquisition & Supply Corp. IV Natural Gas Revenue PUT 5.500%   1/1/30     55     58
  Texas Water Development Board Water Revenue 5.000%   8/1/27     75     79
  Texas Water Development Board Water Revenue 5.000%   8/1/29    125    131
  Williamson County TX GO 5.000%  2/15/29     50     54
                             5,214
Utah (0.7%)
  Utah Associated Municipal Power Systems Electric Power & Light Revenue 5.000%   9/1/30    195    204
  Utah State University Local or Guaranteed Housing Revenue 5.000%   4/1/27    110    115
                               319
Vermont (0.2%)
  Vermont Educational & Health Buildings Financing Agency College & University Revenue (Champlain College Project) 5.000% 10/15/26    100    100
Virginia (0.4%)
  Alexandria Redevelopment & Housing Authority Local or Guaranteed Housing Revenue PUT 3.400%  12/1/25     50     50
  Virginia Beach Development Authority Health, Hospital, Nursing Home Revenue 5.375%   9/1/29    100    103
  Virginia Housing Development Authority Local or Guaranteed Housing Revenue 3.400%   6/1/28     60     60
                               213
Washington (2.0%)
  Energy Northwest Nuclear Revenue (Project No. 1) 5.000%   7/1/27    115    121
  Washington GO 4.000%   7/1/27    225    232
  Washington GO 5.000%   8/1/31     75     77
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/28     55     58
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/30    125    126
  Washington Higher Education Facilities Authority College & University Revenue (Seattle Pacific University Project) 5.000%   5/1/29     75     78
  Washington Higher Education Facilities Authority College & University Revenue (Seattle Pacific University Project) 4.000%   5/1/33    130    131
  Washington State University College & University Revenue 5.000%   4/1/29    150    150
                               973
West Virginia (0.3%)
  West Virginia Economic Development Authority Lease (Appropriation) Revenue 5.000%   6/1/26     50     51
  West Virginia Housing Development Fund Local or Guaranteed Housing Revenue PUT 5.000%   4/1/27    100    103
                               154
Wisconsin (2.3%)
  Milwaukee WI GO 5.000%   4/1/26    120    122
  Milwaukee WI GO 3.000%   3/1/31     60     57
  Public Finance Authority Electric Power & Light Revenue (Duke Energy Progress Project) PUT 3.700%  10/1/30    100    100
4 Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/29    150    148
  Public Finance Authority Health, Hospital, Nursing Home Revenue PUT 4.000%  10/1/30     50     51
  Public Finance Authority Intergovernmental Agreement Revenue PUT 4.000%   7/1/26    145    145
  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
  Wisconsin Department of Transportation Miscellaneous Revenue 5.000%   7/1/30    200    209
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/31     50     52
  Wisconsin Housing & Economic Development Authority Housing Local or Guaranteed Housing Revenue PUT 4.000%  11/1/25     45     45
                             1,100
Total Tax-Exempt Municipal Bonds (Cost $47,299) 47,310
Vanguard® Short Duration Tax-Exempt Bond ETF
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
Taxable Municipal Bonds (0.1%)
Puerto Rico (0.1%)
  Commonwealth of Puerto Rico CVI 0.000%  11/1/43     62     39
  Commonwealth of Puerto Rico CVI 0.000%  11/1/51     11      7
Total Taxable Municipal Bonds (Cost $45) 46
        Shares  
Temporary Cash Investments (0.5%)
Investment Company (0.5%)
11 Vanguard Municipal Low Duration Fund (Cost $248) 2.123%          24,742    247
Total Investments (98.8%) (Cost $47,592) 47,603
Other Assets and Liabilities—Net (1.2%) 557
Net Assets (100%) 48,160
Cost is in $000.
1 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
2 Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
3 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.
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 $771,000, representing 1.6% of net assets.
5 Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp.
6 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2025.
7 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
8 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
9 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
10 Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund.
11 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.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  SIFMA—Securities Industry and Financial Markets Association.
  SOFR—Secured Overnight Financing Rate.
Vanguard® Short Duration 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 — 47,310 — 47,310
Taxable Municipal Bonds — 46 — 46
Temporary Cash Investments 247 — — 247
Total 247 47,356 — 47,603