Vanguard® Long-Term Tax-Exempt Fund
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 (97.1%)
Alabama (3.4%)
  Alabama GO 4.000%  11/1/30      6,195      6,236
  Alabama GO 4.000%  11/1/31      4,000      4,024
  Alabama Highway Finance Corp. Sales Tax Revenue 5.000%   8/1/39      1,135      1,210
  Alabama Public School & College Authority Miscellaneous Taxes Revenue 4.000%  11/1/38      1,465      1,481
  Auburn University College & University Revenue 5.000%   6/1/43      5,000      5,156
  Auburn University College & University Revenue 5.000%   6/1/48     12,265     12,563
1 Birmingham Airport Authority Port, Airport & Marina Revenue 4.000%   7/1/36        695        704
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project No.7) PUT 4.000%  12/1/26     19,560     19,618
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project No.8) PUT 4.000%  12/1/29     22,375     22,086
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project) PUT 5.000%   6/1/28     32,290     33,341
  Black Belt Energy Gas District Natural Gas Revenue (Gas Project) PUT 5.500%   2/1/29     28,595     30,295
  Black Belt Energy Gas District Natural Gas Revenue (Project No. 4) PUT 4.000%  12/1/25     32,930     33,056
  Black Belt Energy Gas District Natural Gas Revenue (Project No. 5) PUT 4.000%  10/1/26      2,210      2,219
  Black Belt Energy Gas District Natural Gas Revenue (Project No. 6) PUT 4.000%  12/1/26     18,780     18,836
  Black Belt Energy Gas District Natural Gas Revenue PUT 4.000%   6/1/27     10,755     10,867
  Black Belt Energy Gas District Natural Gas Revenue PUT 4.000%  10/1/27     30,195     30,228
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.250%   6/1/29      8,600      9,029
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.250%  10/1/30      1,900      2,020
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.250%  12/1/30      3,925      4,222
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.000%   7/1/31     31,485     33,359
  Black Belt Energy Gas District Natural Gas Revenue PUT 4.000%  12/1/31      5,965      6,010
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.000%   9/1/32     16,725     17,608
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.250%   9/1/32     13,260     14,099
  Black Belt Energy Gas District Natural Gas Revenue PUT 5.000%  11/1/34      8,605      9,193
  DCH Healthcare Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/38      1,630      1,593
  DCH Healthcare Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/40      1,560      1,490
  East Alabama Health Care Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/30      1,000      1,003
  Energy Southeast A Cooperative District Natural Gas Revenue PUT 5.500%   1/1/31        485        523
  Energy Southeast A Cooperative District Natural Gas Revenue PUT 5.250%   6/1/32      2,405      2,592
  Homewood Educational Building Authority College & University Revenue (Recreation Center Project) 5.500%  10/1/54      1,215      1,264
  Homewood Educational Building Authority College & University Revenue (Student Housing & Parking Project) 5.500%  10/1/54      1,185      1,233
  Huntsville AL GO 5.000%   5/1/32      3,190      3,348
  Huntsville Health Care Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   6/1/30     12,310     13,148
  Huntsville Public Building Authority Lease (Appropriation) Revenue 5.000%   2/1/47      3,715      3,887
  Infirmary Health System Special Care Facilities Financing Authority of Mobile Health, Hospital, Nursing Home Revenue 4.000%   2/1/37        625        611
  Infirmary Health System Special Care Facilities Financing Authority of Mobile Health, Hospital, Nursing Home Revenue 4.000%   2/1/38        605        582
  Infirmary Health System Special Care Facilities Financing Authority of Mobile Health, Hospital, Nursing Home Revenue 4.000%   2/1/39        690        656
  Infirmary Health System Special Care Facilities Financing Authority of Mobile Health, Hospital, Nursing Home Revenue 4.000%   2/1/40        545        511
  Infirmary Health System Special Care Facilities Financing Authority of Mobile Health, Hospital, Nursing Home Revenue 4.000%   2/1/41        645        600
  Jefferson County AL Sewer Revenue 5.250%  10/1/40      5,000      5,457
  Jefferson County AL Sewer Revenue 5.250%  10/1/41      5,000      5,424
  Jefferson County AL Sewer Revenue 5.250%  10/1/42      4,000      4,320
  Jefferson County AL Sewer Revenue 5.250%  10/1/44      3,000      3,210
  Jefferson County AL Sewer Revenue 5.250%  10/1/45      4,000      4,267
  Jefferson County AL Sewer Revenue 5.250%  10/1/49     15,835     16,723
  Jefferson County AL Sewer Revenue 5.500%  10/1/53      6,835      7,327
  Lower Alabama Gas District Natural Gas Revenue 5.000%   9/1/27      2,430      2,508
  Lower Alabama Gas District Natural Gas Revenue (Gas Project Revenue Bonds Project) PUT 4.000%  12/1/25      7,005      7,023
  Mobile Alabama Industrial Development Board Industrial Revenue (Alabama Power Co. Barry Plant Project) PUT 3.780%  6/16/26        430        433
  Oxford AL GO 5.000%   7/1/52      3,750      3,903
  Southeast Alabama Gas Supply District Natural Gas Revenue (Project No. 1) PUT 5.000%   4/1/32     34,545     36,769
  Southeast Energy Authority A Cooperative District Electric Power & Light Revenue PUT 5.000%   6/1/35     31,990     33,561
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 1) PUT 4.000%  10/1/28     12,315     12,331
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 3) PUT 5.500%  12/1/29      1,215      1,294
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 4) PUT 5.000%   8/1/28     14,080     14,607
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 5) PUT 5.250%   7/1/29     29,425     30,943
  Southeast Energy Authority A Cooperative District Natural Gas Revenue (Project No. 6) PUT 5.000%   6/1/30      1,610      1,702
  Southeast Energy Authority A Cooperative District Natural Gas Revenue PUT 5.000%  11/1/32     11,735     12,550
  Tuscaloosa AL GO 3.000%  10/1/50      3,000      2,266
  University of Alabama at Birmingham College & University Revenue 4.000%   7/1/40      7,135      7,198
  University of Alabama at Birmingham College & University Revenue 4.000%   7/1/41      7,420      7,427
  University of Alabama at Birmingham College & University Revenue 4.000%   7/1/46      8,665      8,410
  University of Alabama at Birmingham College & University Revenue 4.000%   7/1/47      5,000      4,844
  University of Alabama at Birmingham College & University Revenue 4.000%   7/1/48      1,745      1,682
1 University of South Alabama College & University Revenue 5.000%  10/1/29      1,000      1,042
1 University of South Alabama College & University Revenue 5.000%  10/1/30      1,020      1,061
1 University of South Alabama College & University Revenue 5.000%  10/1/31      1,000      1,038
1 University of South Alabama College & University Revenue 5.000%  10/1/32        750        777
1 University of South Alabama College & University Revenue 5.000%  10/1/33      1,435      1,484
  West Jefferson Industrial Development Board Industrial Revenue (Alabama Power Co. Project) 3.650%   6/1/28      2,120      2,136
                                     604,218
Alaska (0.1%)
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue (State Capital Project Bond) 5.000%  12/1/32        850        918
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue (State Capital Project Bond), Prere. 5.000%   6/1/25      6,620      6,668
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue (State Capital Project Bond), Prere. 5.000%   6/1/25      3,995      4,024
  Municipality of Anchorage AK GO 4.000%   9/1/37      1,000      1,024
  Municipality of Anchorage AK GO 4.000%   9/1/38      1,000      1,016
  Municipality of Anchorage AK GO 4.000%   9/1/39      2,620      2,643
  Municipality of Anchorage AK GO 4.000%   9/1/40      1,500      1,504
  Municipality of Anchorage AK GO 4.000%   9/1/41      1,285      1,278
  Northern Tobacco Securitization Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/50      5,000      4,417
  Northern Tobacco Securitization Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/50      1,085      1,068
                                      24,560
Arizona (1.5%)
  Arizona Board of Regents College & University Revenue 5.000%   7/1/43      4,000      4,212
2 Arizona IDA Charter School Aid Revenue (Academics of Math & Science Projects) 5.000%   7/1/49      1,610      1,577
  Arizona IDA Charter School Aid Revenue (MACOMBS Facility Project) 4.000%   7/1/41        505        474
  Arizona IDA Charter School Aid Revenue (MACOMBS Facility Project) 4.000%   7/1/61      3,365      2,886
2 Arizona IDA Charter School Aid Revenue (Pinecrest Academy of Nevada-Horizon, Inspirada & St. Rose Campus Projects) 5.750%  7/15/48      3,200      3,242
  Arizona IDA Health, Hospital, Nursing Home Revenue 4.000%   2/1/38      1,000      1,004
  Arizona IDA Health, Hospital, Nursing Home Revenue 4.000%   2/1/39      1,000      1,001
  Arizona IDA Health, Hospital, Nursing Home Revenue 4.000%   2/1/40        500        498
2 Arizona IDA Health, Hospital, Nursing Home Revenue 7.625%   5/1/54      6,125      6,404
  Arizona IDA Lease (Appropriation) Revenue (Lincoln South Beltway Project) 5.000%  11/1/31        605        676
  Arizona IDA Local or Guaranteed Housing Revenue (Hacienda Del Rio Project) 4.500%   6/1/41      4,984      5,060
1 Arizona IDA Local or Guaranteed Housing Revenue (NCCU Properties LLC - North Carolina Central University Project) 5.000%   6/1/54      2,000      2,044
1 Arizona IDA Local or Guaranteed Housing Revenue (NCCU Properties LLC - North Carolina Central University Project) 5.000%   6/1/58      1,500      1,530
2,3 Arizona IDA Recreational Revenue (Legacy Cares Inc. Project) 7.750%   7/1/50      4,000        120
2,3 Arizona IDA Recreational Revenue (Legacy Cares Inc. Project) 6.000%   7/1/51      5,000        150
  Arizona State University College & University Revenue 5.000%   7/1/43      5,400      5,643
  Buckeye AZ Excise Taxes Sales Tax Revenue 5.000%   7/1/43      6,000      6,027
  Bullhead AZ Excise Taxes Sales Tax Revenue 2.700%   7/1/51      5,020      3,368
  Chandler IDA Industrial Revenue (Intel Corp. Project) PUT 3.800%  6/15/28      4,810      4,857
  Coconino County Pollution Control Corp. Electric Power & Light Revenue (Nevada Power Co. Project) PUT 3.750%  3/31/26        330        330
4 Glendale Union High School District No. 205 (Project of 2024) GO 5.000%   7/1/43      1,275      1,388
4 Glendale Union High School District No. 205 (Project of 2024) GO 5.000%   7/1/44      1,000      1,082
  La Paz County IDA Charter School Aid Revenue (Charter School Solutions - Harmony Public Schools Project) 5.000%  2/15/48      1,350      1,291
2 Maricopa County IDA Charter School Aid Revenue (Legacy Traditional School Project) 4.000%   7/1/41      1,275      1,159
  Maricopa County IDA Charter School Aid Revenue (Legacy Traditional School Project) 5.000%   7/1/49      1,500      1,511
2 Maricopa County IDA Charter School Aid Revenue (Legacy Traditional School Project) 5.000%   7/1/49      3,500      3,438
  Maricopa County IDA Charter School Aid Revenue (Legacy Traditional School Project) 4.000%   7/1/55     11,535      9,608
  Maricopa County IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/39      1,000      1,104
  Maricopa County IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/40      1,350      1,478
  Maricopa County IDA Health, Hospital, Nursing Home Revenue 5.000%   1/1/41      5,000      5,141
  Maricopa County IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/41      1,000      1,088
  Maricopa County IDA Health, Hospital, Nursing Home Revenue 5.000%   9/1/42      4,000      4,102
  Maricopa County IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/42      1,135      1,228
  Maricopa County IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/44      2,750      2,938
  Maricopa County IDA Health, Hospital, Nursing Home Revenue PUT 5.000%  5/15/26      1,500      1,532
  Maricopa County Pollution Control Corp. Electric Power & Light Revenue (Palo Verde Project) PUT 3.875%   6/1/29        220        223
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Maricopa County Unified School District No. 69 Paradise Valley GO 4.000%   7/1/34        545        562
  Maricopa County Unified School District No. 69 Paradise Valley GO 4.000%   7/1/35        350        359
  Mesa AZ Excise Tax Sales Tax Revenue 4.000%   7/1/33        200        207
  Mesa AZ Excise Tax Sales Tax Revenue 4.000%   7/1/34        200        207
  Mesa AZ Excise Tax Sales Tax Revenue 4.000%   7/1/35        250        257
  Mesa AZ Excise Tax Sales Tax Revenue 4.000%   7/1/37        250        255
  Mesa AZ Utility System Water Revenue 4.000%   7/1/31      7,275      7,353
  Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.000%   7/1/35      2,100      2,217
  Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.000%   7/1/36      2,990      3,150
  Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.000%   7/1/37      3,350      3,522
  Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.000%   7/1/38      3,440      3,608
5 Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.500%   7/1/42      3,000      3,590
5 Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.500%   7/1/43      1,500      1,793
  Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.000%   7/1/44      6,540      6,788
  Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.000%   7/1/44      4,425      4,679
  Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.000%   7/1/44      1,000      1,057
  Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue 5.000%   7/1/49     13,905     14,262
  Phoenix IDA Local or Guaranteed Housing Revenue 5.000%   7/1/37      3,750      3,819
  Phoenix IDA Local or Guaranteed Housing Revenue 5.000%   7/1/42      3,000      3,028
2 Pima County IDA Charter School Aid Revenue (American Leadership Academy Project) 4.000%  6/15/41      1,000        887
2 Pima County IDA Charter School Aid Revenue (American Leadership Academy Project) 4.000%  6/15/51      2,570      2,101
2 Pima County IDA Charter School Aid Revenue (American Leadership Academy Project) 4.000%  6/15/57      3,680      2,938
2 Pima County IDA Charter School Aid Revenue (American Leadership Academy Project) 4.000%  6/15/57        500        399
  Pima County IDA Health, Hospital, Nursing Home Revenue 4.000%   4/1/46      2,175      1,987
  Pinal County Electric District No. 3 Electric Power & Light Revenue 4.000%   7/1/32      1,035      1,040
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%   1/1/38      3,155      3,252
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/35     10,020     10,532
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/47      4,000      4,281
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/48      5,000      5,346
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/50     19,050     20,186
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.250%   1/1/53     26,945     29,269
  Salt Verde Financial Corp. Natural Gas Revenue 5.000%  12/1/37      3,060      3,296
2 Sierra Vista IDA Charter School Aid Revenue (American Leadership Academy Project) 5.750%  6/15/58      7,250      7,479
  University of Arizona College & University Revenue 5.000%   6/1/36      1,500      1,644
  University of Arizona College & University Revenue 5.000%   6/1/37      2,235      2,440
  Yuma IDA Health, Hospital, Nursing Home Revenue 5.250%   8/1/49      1,000      1,066
  Yuma IDA Health, Hospital, Nursing Home Revenue 5.250%   8/1/54      5,520      5,825
                                     254,095
Arkansas (0.1%)
  Arkansas Development Finance Authority Local or Guaranteed Housing Revenue (Mortgage-Backed Securities/Mortgage Loans Program) 5.000%   1/1/55      1,500      1,581
  El Dorado Special School District No. 15 GO 5.000%   2/1/50      1,970      2,014
  Pulaski County AR Health, Hospital, Nursing Home Revenue 5.000%   3/1/42      1,000      1,067
  Pulaski County AR Health, Hospital, Nursing Home Revenue 5.000%   3/1/43      1,000      1,062
  Rogers School District No. 30 GO 3.000%   2/1/30      4,660      4,639
                                      10,363
California (7.0%)
6,7 Alameda Corridor Transportation Authority Port, Airport & Marina Revenue, 5.450% coupon rate effective 10/1/37 0.000%  10/1/52      9,000      5,022
6 Alameda County Oakland Unified School District GO 3.000%   8/1/40      7,000      6,066
8 Antelope Valley Community College District GO 0.000%   8/1/47      1,000        350
8 Antelope Valley Community College District GO 0.000%   8/1/48      1,330        441
  Bay Area Toll Authority Highway Revenue 2.600%   4/1/56      2,400      1,574
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) 5.000%   4/1/29      1,200      1,267
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 4.000%  12/1/27     19,115     19,171
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   8/1/29      7,270      7,578
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   8/1/29     20,015     20,980
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.250%   4/1/30      9,600     10,161
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.500%  11/1/30     10,015     10,844
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   3/1/31     12,965     13,701
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   4/1/32     17,145     18,280
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   9/1/32      2,825      3,023
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   9/1/32     27,500     29,651
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%  10/1/32     14,335     15,185
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%  12/1/32     32,475     34,236
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  California Community Choice Financing Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   8/1/33     22,225     24,231
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 4.000%   8/1/28     14,770     14,767
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 5.500%  11/1/28     50,000     52,790
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 5.000%   8/1/32     12,330     12,983
  California Community Choice Financing Authority Electric Power & Light Revenue PUT 5.000%  11/1/32     13,915     14,910
2 California Community Housing Agency Local or Guaranteed Housing Revenue 5.000%   2/1/50     11,100      8,243
2 California Community Housing Agency Local or Guaranteed Housing Revenue 4.000%   2/1/56      2,000      1,599
2 California Community Housing Agency Local or Guaranteed Housing Revenue 4.000%   2/1/56      5,000      4,292
2 California Community Housing Agency Local or Guaranteed Housing Revenue 3.000%   8/1/56      2,500      1,792
  California County Tobacco Securitization Agency Tobacco Settlement Funded Revenue 4.000%   6/1/49      1,000        917
  California County Tobacco Securitization Agency Tobacco Settlement Funded Revenue 4.000%   6/1/49      1,075        985
  California Educational Facilities Authority College & University Revenue 5.000%   4/1/42      5,000      5,097
  California Educational Facilities Authority College & University Revenue 5.000%   6/1/43      9,495     11,309
  California Educational Facilities Authority College & University Revenue 5.000%   5/1/45      4,555      5,386
  California Educational Facilities Authority College & University Revenue 5.000%   6/1/46      4,000      4,721
  California Educational Facilities Authority College & University Revenue 5.000%   5/1/49     14,900     17,476
  California Educational Facilities Authority College & University Revenue 5.000%   4/1/51      9,050     10,589
  California GO 5.000%   9/1/31     15,050     15,523
6 California GO 5.250%   8/1/32      9,765     11,164
  California GO 3.000%  10/1/36      5,400      5,245
  California GO 5.000%   4/1/37      1,010      1,078
  California GO 3.000%  10/1/37      4,750      4,480
  California GO 5.000%  10/1/39      1,500      1,601
  California GO 3.000%  11/1/40      4,500      3,980
  California GO 3.000%  11/1/41      5,500      4,782
  California GO 5.000%   4/1/42      5,000      5,484
  California GO 5.000%  10/1/42     10,000     10,528
  California Health Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%  12/1/40      1,000      1,099
  California Health Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   6/1/47      9,435      7,632
  California Health Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/47      3,700      4,171
  California Housing Finance Agency 4.000%  3/20/33      9,494      9,499
  California Housing Finance Agency Local or Guaranteed Housing Revenue 3.750%  3/25/35      6,684      6,603
  California Housing Finance Agency Local or Guaranteed Housing Revenue 3.500% 11/20/35     14,053     13,432
  California Housing Finance Agency Local or Guaranteed Housing Revenue 3.250%  8/20/36     13,293     12,439
  California Housing Finance Agency Local or Guaranteed Housing Revenue 4.375%  9/20/36      1,777      1,824
  California Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%  10/1/39     10,000      9,722
  California Housing Finance Agency Local or Guaranteed Housing Revenue 4.100%   9/1/40      7,500      7,466
  California Housing Finance Agency Local or Guaranteed Housing Revenue 4.250%   8/1/41      1,495      1,481
2 California Infrastructure & Economic Development Bank Health, Hospital, Nursing Home Revenue (PIH Health Energy Projects) 5.000%  12/1/54     20,000     20,934
  California Municipal Finance Authority Health, Hospital, Nursing Home Revenue 3.000%   2/1/46      2,470      1,896
  California Municipal Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/47      8,000      7,155
  California Municipal Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/51      9,095      8,493
1 California Municipal Finance Authority Local or Guaranteed Housing Revenue 3.000%  5/15/51      4,465      3,481
1 California Municipal Finance Authority Local or Guaranteed Housing Revenue 3.000%  5/15/54      1,200        912
2 California Municipal Finance Authority Private Schools Revenue (Westside Neighborhood School Project) 6.375%  6/15/64      1,550      1,677
  California Municipal Finance Authority Revenue 4.200%   8/1/40      1,260      1,239
2 California Public Finance Authority Local or Guaranteed Housing Revenue 6.500%   6/1/54      2,765      2,755
2 California Public Finance Authority Local or Guaranteed Housing Revenue 6.375%   6/1/59      7,735      7,523
  California State Public Works Board Lease (Appropriation) Revenue 5.000%  11/1/40      1,450      1,584
  California State University College & University Revenue 5.000%  11/1/36      6,010      6,263
  California State University College & University Revenue PUT 3.125%  11/1/26      1,000        999
  California State University Local or Guaranteed Housing Revenue 3.000%  11/1/39      1,000        888
2 California Statewide Communities Development Authority Health, Hospital, Nursing Home Revenue 5.500%  12/1/58      2,500      2,557
  Central Valley Energy Authority Natural Gas Revenue PUT 5.000%   8/1/35     16,425     17,886
6 Chino Public Financing Authority Special Tax Revenue 5.000%   9/1/34      1,100      1,110
6 Chula Vista Elementary School District COP 2.000%   9/1/46      6,500      3,961
6 Chula Vista Elementary School District COP 2.000%   9/1/51      3,500      1,948
2 CMFA Special Finance Agency I Local or Guaranteed Housing Revenue 3.300%   4/1/51      9,950      7,400
  Coast Community College District GO 3.000%   8/1/39      4,300      3,844
2 CSCDA Community Improvement Authority Local or Guaranteed Housing Revenue 3.250%   7/1/56     10,000      6,858
2 CSCDA Community Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/56      5,190      4,508
2 CSCDA Community Improvement Authority Local or Guaranteed Housing Revenue 3.000%  12/1/56      3,000      2,085
  Downey Unified School District GO 3.000%   8/1/46      5,720      4,624
  Downey Unified School District GO 3.000%   8/1/47      6,240      4,986
  East Bay Municipal Utility District Water System Water Revenue 5.000%   6/1/44      7,000      7,386
6 East Side Union High School District GO 3.000%   8/1/34        730        715
5 El Camino Healthcare District GO 0.000%   8/1/30      5,000      4,170
  Foothill-De Anza Community College District GO 3.000%   8/1/38      1,625      1,526
  Foothill-De Anza Community College District GO 3.000%   8/1/38        750        704
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Foothill-De Anza Community College District GO 3.000%   8/1/39      1,210      1,121
  Foothill-De Anza Community College District GO 3.000%   8/1/40      1,500      1,365
  Fresno Unified School District GO 3.000%   8/1/55      6,500      4,807
  Gavilan Joint Community College District GO 3.000%   8/1/45      8,215      6,703
  Gilroy Public Facilities Financing Authority Lease (Non-Terminable) Revenue 3.000%   8/1/51      1,750      1,357
  Glendale CA Community College District GO 0.000%   8/1/33      1,405      1,024
1 Hayward Unified School District GO 5.000%   8/1/40      9,000      9,405
  Irvine Unified School District GO 2.250%   9/1/49      7,775      4,890
  Kern Community College District GO 3.000%   8/1/46      4,890      3,995
  Lammersville Joint Unified School District Special Tax Revenue 4.000%   9/1/42      1,000        955
4 Long Beach Unified School District GO 0.000%   8/1/33        500        369
  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue 5.000%   7/1/37      8,215      8,701
  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue 5.000%   7/1/44      5,340      5,579
  Los Angeles County Public Works Financing Authority Lease (Abatement) Revenue 5.000%  12/1/39      1,155      1,265
  Los Angeles County Public Works Financing Authority Lease (Abatement) Revenue 2.625%  12/1/51      2,800      1,890
  Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency Tax Increment/Allocation Revenue (Long Beach Project Area) 5.000%   8/1/30      4,685      4,730
  Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency Tax Increment/Allocation Revenue (Long Beach Project Area) 5.000%   8/1/31      7,180      7,247
  Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency Tax Increment/Allocation Revenue (Long Beach Project Area) 5.000%   8/1/32      6,465      6,523
  Los Angeles Department of Airports Port, Airport & Marina Revenue 5.000%  5/15/38      3,500      3,864
  Los Angeles Department of Airports Port, Airport & Marina Revenue 5.000%  5/15/39      3,500      3,849
  Los Angeles Department of Airports Port, Airport & Marina Revenue 5.000%  5/15/40      1,500      1,644
  Los Angeles Department of Airports Port, Airport & Marina Revenue 5.000%  5/15/48      6,000      6,412
  Los Angeles Department of Airports Port, Airport & Marina Revenue 5.000%  5/15/49      4,750      4,931
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/31        700        762
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32        630        693
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32        410        451
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32        535        588
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32        320        350
  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%   7/1/32        800        879
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32        155        170
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32         90         99
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/32        510        561
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/33        200        219
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/33        265        294
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/33        160        174
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/33        310        338
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/33        125        138
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/33        475        526
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/33        925      1,025
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/33        300        332
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/34        845        926
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/34        335        361
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/34         20         22
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/34      2,315      2,511
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/34          5          5
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/34        810        901
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/34        265        295
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/35        350        379
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/35          5          5
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/35        140        152
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/35      1,365      1,509
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/35        860        955
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/35         25         27
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/35         10         11
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36        285        307
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36         45         49
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36        150        165
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36        960      1,062
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36        325        349
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36        295        318
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36         15         16
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36      1,800      1,973
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/36        225        249
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/37         40         44
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/37        365        402
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/37        115        126
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/37        165        182
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/37         30         32
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/37         50         54
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/37        100        111
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/37         75         83
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/38        255        278
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/38         10         11
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/38         15         16
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/38        150        166
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/38         35         39
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/39      1,780      1,892
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/39        180        192
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/39        800        879
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/39        265        292
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/39        340        374
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/40      2,465      2,605
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/40        920      1,002
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/41      2,905      3,063
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/41         30         32
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/41        575        618
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/41         30         32
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/41         15         16
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/41        275        297
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/42        200        210
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/42        805        852
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/42         30         32
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/42         60         64
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/42      1,435      1,531
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/42         90         96
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/43         90         95
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/43      1,480      1,554
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/43      1,295      1,372
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/43        465        494
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/43        300        319
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/44         15         16
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/46      6,265      6,490
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/46      6,005      6,206
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/46         20         21
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/47      2,145      2,238
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/48        220        226
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/48      2,985      3,125
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/48      1,935      2,035
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/49        490        514
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/50      3,000      3,078
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/51      4,445      4,577
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/51      1,150      1,182
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/51     13,655     14,061
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/52        815        846
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/52        320        335
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/53      4,065      4,233
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.250%   7/1/53      7,295      7,703
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/54      3,905      4,072
  Los Angeles Department of Water & Power Electric Power & Light Revenue 5.000%   7/1/54      1,480      1,546
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/29        230        246
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/31        300        328
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/31        490        535
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/31         80         87
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/32        250        276
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/32        355        391
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/32        685        755
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/33      1,330      1,476
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/33        120        131
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/33        570        626
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/33        300        333
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/34        500        549
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/34        125        139
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/35         20         22
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/35         15         17
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/35        100        111
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/35         30         33
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/35        100        112
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/36        490        532
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/36        415        443
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/36      2,150      2,345
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/36        150        167
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/36         75         81
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/36         90         99
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/37         10         11
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/37         60         65
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/37        740        795
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/37         10         11
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/37        175        194
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/37        270        300
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/38        700        760
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/38      2,175      2,375
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/38         40         43
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/38        645        704
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/38        260        288
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/38         90        100
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/39         90         98
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/39         55         61
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/39         35         39
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/40        125        135
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/40        105        115
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/41      5,000      5,324
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/41         85         91
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/41         80         86
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/41        280        303
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/41        705        764
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/42        160        169
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/42        255        270
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/42         10         11
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/42        200        213
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/42        155        166
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/43         10         11
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/43        435        459
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/43        700        742
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/43        185        195
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/43        395        421
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/44      1,415      1,497
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/44      1,640      1,740
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/47         25         26
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/48      7,000      7,103
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/49      1,160      1,215
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/50        100        105
  Los Angeles Department of Water & Power Water System Water Revenue 5.000%   7/1/52      8,555      8,905
  Los Angeles Department of Water & Power Water System Water Revenue VRDO 4.250%   2/3/25      8,800      8,800
  Los Angeles Department of Water & Power Water System Water Revenue VRDO 4.250%   2/3/25      7,580      7,580
  Los Angeles Department of Water & Power Water System Water Revenue VRDO 4.250%   2/6/25      4,735      4,735
  Los Angeles Department of Water & Power Water System Water Revenue VRDO 4.500%   2/6/25      2,756      2,756
  Milpitas CA Unified School District GO 3.000%   8/1/35      1,000        962
6 Montebello Unified School District GO 5.500%   8/1/47      3,500      3,785
6 Montebello Unified School District GO 5.000%   8/1/50      2,000      2,106
  Northern California Energy Authority Natural Gas Revenue PUT 5.000%   8/1/30      7,320      7,757
  Norwalk-La Mirada Unified School District GO 3.000%   8/1/50      7,750      6,002
  Palomar Health GO 0.000%   8/1/37      5,415      2,760
4 Palomar Health GO 7.000%   8/1/38     10,000     11,260
6 Pittsburg Unified School District GO 5.000%   8/1/47      2,180      2,307
  Poway Unified School District GO 0.000%   8/1/51     14,500      4,313
6 Riverside County Redevelopment Successor Agency Tax Increment/Allocation Revenue (Jurupa Valley Redevelopment Project) 4.000%  10/1/33      4,345      4,413
6 Riverside County Redevelopment Successor Agency Tax Increment/Allocation Revenue (Jurupa Valley Redevelopment Project) 4.000%  10/1/34      4,000      4,053
  Romoland School District Special Tax Revenue 5.000%   9/1/49      1,000      1,032
1 Sacramento CA City Unified School District GO 5.500%   8/1/47      1,265      1,374
1 Sacramento CA City Unified School District GO 5.500%   8/1/52      5,135      5,546
5 Sacramento City Financing Authority Tax Increment/Allocation Revenue 0.000%  12/1/28     15,815     13,824
  San Diego CA Unified School District GO 0.000%   7/1/33      2,500      1,837
  San Diego CA Unified School District GO 0.000%   7/1/35      3,605      2,432
  San Diego CA Unified School District GO 0.000%   7/1/37     14,000      8,804
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  San Diego County Regional Airport Authority Port, Airport & Marina Revenue 5.000%   7/1/56     16,000     16,904
  San Diego Housing Authority Inc. Local or Guaranteed Housing Revenue 4.200%   6/1/40      4,980      4,986
  San Francisco Bay Area Rapid Transit District GO 3.000%   8/1/36      2,250      2,105
1 San Francisco Bay Area Rapid Transit District GO 3.000%   8/1/50      5,035      3,928
  San Francisco Bay Area Rapid Transit District Sales Tax Revenue 3.000%   7/1/44      3,000      2,466
  San Francisco CA City & County Community Facilities District No. 2014-1 Special Tax Revenue 5.000%   9/1/47      1,735      1,844
  San Francisco CA Public Utilities Commission Water Revenue 5.000%  11/1/50     19,240     20,267
  San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue PUT 4.000%  10/1/29      1,000      1,045
  San Francisco Municipal Transportation Agency Transit Revenue 5.000%   3/1/51      3,450      3,613
  San Francisco Unified School District GO 4.000%  6/15/35      1,000      1,019
  San Francisco Unified School District GO 3.000%  6/15/39      2,000      1,812
  San Francisco Unified School District GO 3.000%  6/15/40      2,000      1,773
6 San Jacinto Unified School District COP 5.000%   9/1/37      1,850      1,982
6 San Jacinto Unified School District COP 5.000%   9/1/39      1,020      1,076
  San Luis Obispo County Financing Authority Lease (Appropriation) Revenue (Multiple Capital Projects) 5.500% 11/15/47      5,165      5,675
  San Mateo Joint Powers Financing Authority Lease (Abatement) Revenue (Capital Projects) 5.000%  7/15/43      3,000      3,131
  San Rafael City Elementary School District GO 5.250%   8/1/52      2,000      2,134
6 Sanger Unified School District (Capital Projects) COP 5.000%   6/1/45      5,500      5,729
6 Sanger Unified School District GO 3.000%   8/1/44      2,000      1,634
  Santa Clara County Financing Authority Lease (Abatement) Revenue 3.000%   5/1/36      2,500      2,363
  Santa Monica Public Financing Authority Lease (Abatement) Revenue (City Yards Project) 2.125%   7/1/46      5,500      3,562
  Santa Monica Public Financing Authority Lease (Abatement) Revenue (City Yards Project) 2.250%   7/1/51      6,500      4,005
  Santa Monica-Malibu Unified School District GO 3.000%   8/1/42      1,585      1,350
  Santa Rosa High School District GO 5.000%   8/1/53      5,000      5,353
6 Simi Valley Unified School District GO 0.000%   8/1/29      1,495      1,305
  Solano County Community College District GO 3.000%   8/1/50      3,100      2,387
  South San Francisco Public Facilities Financing Authority Lease (Abatement) Revenue (Multiple Capital Projects) 5.250%   6/1/46      1,500      1,603
  Southern California Public Power Authority Electric Power & Light Revenue (Clean Energy Project) PUT 5.000%   9/1/30      7,175      7,544
  Southern California Public Power Authority Electric Power & Light Revenue (Southern Transmission System Renewal Project) 5.000%   7/1/31      4,710      5,171
  Southern California Public Power Authority Intergovernmental Agreement Revenue (Southern Transmission System Renewal Project) 5.000%   7/1/44        470        499
  Southern California Public Power Authority Intergovernmental Agreement Revenue (Southern Transmission System Renewal Project) 5.250%   7/1/49      7,545      8,082
  Southwestern Community College District GO 3.000%   8/1/40      2,000      1,764
  State Center Community College District GO 3.000%   8/1/39      2,600      2,321
  State Center Community College District GO 3.000%   8/1/41      5,250      4,516
  Tobacco Securitization Authority of Northern California Tobacco Settlement Funded Revenue 4.000%   6/1/49        600        592
  Union Sanitary District Financing Authority Intergovernmental Agreement Revenue 3.000%   9/1/45      1,375      1,154
  Union Sanitary District Financing Authority Intergovernmental Agreement Revenue 3.000%   9/1/50      1,500      1,210
8 University of California College & University Revenue 5.000%  5/15/37     14,470     16,868
8 University of California College & University Revenue 5.000%  5/15/38      9,740     11,279
8 University of California College & University Revenue 5.000%  5/15/39      5,775      6,656
  University of California College & University Revenue 4.000%  5/15/40      4,265      4,401
  University of California College & University Revenue (Limited Project) 5.000%  5/15/35     10,045     10,451
  University of California College & University Revenue (Limited Project) 5.000%  5/15/46      7,125      7,602
  University of California College & University Revenue (Limited Project) 5.000%  5/15/58     10,000     10,292
6 Val Verde Unified School District GO 3.000%   8/1/47      1,730      1,348
                                   1,226,743
Colorado (2.1%)
  Adams & Weld Counties CO School District No. 27J Brighton GO 4.000%  12/1/30      1,100      1,107
  Adams & Weld Counties CO School District No. 27J Brighton GO 4.000%  12/1/31      1,515      1,523
  Adams & Weld Counties CO School District No. 27J Brighton GO 4.000%  12/1/38      1,370      1,387
  Adams & Weld Counties CO School District No. 27J Brighton GO 4.000%  12/1/39      1,000      1,010
  Adams & Weld Counties CO School District No. 27J Brighton GO 5.000%  12/1/47      3,165      3,412
  Adams & Weld Counties CO School District No. 27J Brighton GO 5.000%  12/1/48      3,170      3,405
  Adams County CO COP 4.000%  12/1/54      1,000        933
  Arapahoe County School District No. 6 Littleton GO 5.500%  12/1/43      7,130      7,599
  Board of Governors of Colorado State University System College & University Revenue 5.000%   3/1/43      2,000      2,237
  Brighton CO Water Activity Water Revenue (Water System Project) 5.000%   6/1/52      7,000      7,347
6 Castle Oaks Metropolitan District No. 3 GO 4.000%  12/1/50      1,180      1,087
  Centennial Water & Sanitation District Water Revenue 5.000%  12/1/48      1,300      1,399
  Centennial Water & Sanitation District Water Revenue 5.000%  12/1/53      2,650      2,818
2 Centerra Metropolitan District No. 1 Tax Increment/Allocation Revenue 5.000%  12/1/29      3,164      3,171
  Colorado COP 4.000% 12/15/35      1,000      1,017
  Colorado COP 6.000% 12/15/40      5,000      5,845
  Colorado COP 6.000% 12/15/41      3,570      4,152
  Colorado COP 5.250%  3/15/42      5,000      5,172
  Colorado COP 4.000%  3/15/46      4,530      4,321
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Colorado COP 5.000%  11/1/49      6,505      6,922
  Colorado COP 5.000%  11/1/53      2,300      2,432
  Colorado Educational & Cultural Facilities Authority Charter School Aid Revenue 5.000%  12/1/38      1,000      1,029
  Colorado Educational & Cultural Facilities Authority Charter School Aid Revenue 4.000%  12/1/48      2,500      2,211
  Colorado Educational & Cultural Facilities Authority Charter School Aid Revenue (American Academy Project) 5.000%  12/1/55      5,000      4,988
  Colorado Educational & Cultural Facilities Authority Charter School Aid Revenue (Aspen View Academy Project) 4.000%   5/1/51        750        638
  Colorado Educational & Cultural Facilities Authority Charter School Aid Revenue (Aspen View Academy Project) 4.000%   5/1/61      1,350      1,103
  Colorado Educational & Cultural Facilities Authority College & University Revenue (University of Denver Project) 5.000%   3/1/43      4,750      4,839
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/30      3,045      3,272
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/32      1,020      1,088
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/37      2,600      2,594
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%  11/1/37      1,550      1,706
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/38      5,375      5,342
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/39      1,925      1,888
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/39      1,200      1,271
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/39      2,235      2,457
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   1/1/40     26,410     26,074
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/41      1,750      1,881
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   1/1/42      1,500      1,350
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/42      2,000      2,137
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/44     19,750     20,107
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/50     17,350     15,982
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 3.000% 11/15/51      7,960      5,924
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/52      7,500      7,069
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/54      9,665     10,122
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue (Craig Hospital Project) 5.000%  12/1/26      1,010      1,038
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue (Frasier Project) 4.000%  5/15/48      1,000        866
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   8/1/26      1,000      1,022
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  8/17/26      4,500      4,625
  Colorado Housing & Finance Authority Local or Guaranteed Housing Revenue 4.250%  11/1/48        945        952
  Colorado Housing & Finance Authority Local or Guaranteed Housing Revenue 3.750%   5/1/50        975        974
  Colorado School of Mines College & University Revenue 5.250%  12/1/53      6,000      6,410
  Colorado Springs CO Utilities System Multiple Utility Revenue 5.000% 11/15/39      1,000      1,075
  Colorado Springs CO Utilities System Multiple Utility Revenue 5.000% 11/15/41      1,170      1,287
  Colorado Springs CO Utilities System Multiple Utility Revenue 5.000% 11/15/42      1,665      1,820
  Colorado Springs CO Utilities System Multiple Utility Revenue 5.000% 11/15/43      1,180      1,284
  Colorado Springs CO Utilities System Multiple Utility Revenue 5.000% 11/15/43      1,060      1,153
  Colorado Springs CO Utilities System Multiple Utility Revenue 5.000% 11/15/47      2,000      2,134
  Colorado Springs CO Utilities System Multiple Utility Revenue 5.250% 11/15/52      4,000      4,313
  Colorado Springs CO Utilities System Multiple Utility Revenue 5.250% 11/15/53     15,675     16,950
  Colorado Springs CO Utilities System Water Revenue 5.000% 11/15/43      1,295      1,347
  Colorado Springs CO Utilities System Water Revenue 5.000% 11/15/48      2,000      2,066
1 Colorado Springs School District No. 11 Facilities Corp. COP 5.250% 12/15/48      1,250      1,348
6 Colorado Water Resources & Power Development Authority Sewer Revenue 5.000%   9/1/55      1,730      1,797
  Denver City & County Board of Water Commissioners Water Revenue 5.000%  9/15/42      1,600      1,775
  Denver City & County Board of Water Commissioners Water Revenue 5.000%  9/15/43      1,630      1,800
  Denver City & County Board of Water Commissioners Water Revenue 5.000%  9/15/44      1,085      1,194
  Denver City & County School District No. 1 GO 3.000%  12/1/43      2,565      2,102
  Denver City & County School District No. 1 GO 5.000%  12/1/45      1,240      1,326
2 DIATC Metropolitan District GO 5.000%  12/1/39      1,000        992
5 E-470 Public Highway Authority Highway Revenue 0.000%   9/1/25      9,700      9,531
5 E-470 Public Highway Authority Highway Revenue 0.000%   9/1/29      4,120      3,530
5 E-470 Public Highway Authority Highway Revenue 0.000%   9/1/30      6,560      5,418
9 E-470 Public Highway Authority Highway Revenue, 67% of SOFR + 0.750% 3.665%   9/1/39      3,825      3,830
  Eagle County School District No. Re50J GO 4.000%  12/1/41      2,535      2,527
  El Paso County School District No. 2 Harrison GO 5.000%  12/1/38      1,070      1,169
  El Paso County School District No. 2 Harrison GO 5.000%  12/1/41      2,150      2,317
  Grand County School District No. 2 East Grand GO 4.000%  12/1/39      1,390      1,409
  Gunnison Watershed School District No. Re 1J GO 5.000%  12/1/42      1,000      1,084
4 Gypsum CO Sewer Revenue 4.000%  12/1/49      1,345      1,290
4 Gypsum CO Sewer Revenue 5.000%  12/1/54      8,675      9,155
  Independence Metropolitan District No. 3 GO 5.375%  12/1/54      1,540      1,515
  Jefferson County School District R-1 GO 4.000% 12/15/37      2,220      2,262
6 Midcities Metropolitan District No. 2 Ad Valorem Property Tax Revenue 4.000%  12/1/46      3,953      3,697
  Park Creek Metropolitan District Tax Increment/Allocation Revenue 5.000%  12/1/46      5,750      5,839
  Parker CO Water & Sanitation District Water Revenue 4.000%  11/1/52     12,800     12,114
  Prairie Center Metropolitan District No. 3 GO 5.875% 12/15/46      1,000      1,069
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Routt County School District Re-2 Steamboat Springs GO 5.000%  12/1/35      1,860      1,989
  Routt County School District Re-2 Steamboat Springs GO 5.000%  12/1/36      2,850      3,042
  Routt County School District Re-2 Steamboat Springs GO 5.000%  12/1/37      4,085      4,341
  Routt County School District Re-2 Steamboat Springs GO 5.000%  12/1/38      4,440      4,697
  Sterling Ranch Community Authority Board Ad Valorem Property Tax Revenue 3.750%  12/1/40      1,050        943
  Sterling Ranch Community Authority Board Ad Valorem Property Tax Revenue 6.500%  12/1/54      1,250      1,295
  University of Colorado College & University Revenue 5.000%   6/1/44      3,490      3,623
8 University of Colorado College & University Revenue 4.125%   6/1/45      1,000        981
8 University of Colorado College & University Revenue 4.125%   6/1/45      1,000        981
  University of Colorado College & University Revenue 4.000%   6/1/48      4,900      4,662
8 University of Colorado College & University Revenue 4.250%   6/1/55      4,000      3,907
  Weld County School District No. 6 Greeley GO 5.000%  12/1/36      4,155      4,448
  Weld County School District No. 6 Greeley GO 5.000%  12/1/44      3,000      3,129
  Weld County School District No. RE-2 Eaton GO 5.000%  12/1/44      3,015      3,146
6 Whispering Pines Metropolitan District No. 1 GO 5.000%  12/1/52      1,000      1,030
                                     364,988
Connecticut (0.5%)
  Connecticut GO 3.000%  1/15/33      1,090      1,047
  Connecticut GO 3.000%   6/1/35      1,000        936
  Connecticut GO 4.000%  1/15/36      9,230      9,577
  Connecticut GO 3.000%   6/1/38      2,000      1,795
  Connecticut GO 3.000%  1/15/39      4,710      4,174
1 Connecticut GO 5.000%  4/15/39      5,050      5,311
  Connecticut GO 3.000%  1/15/40      4,790      4,164
  Connecticut GO 3.000% 11/15/42      1,600      1,379
  Connecticut GO 3.000% 11/15/43      1,000        852
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue 4.000% 11/15/45      1,460      1,466
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue 3.000% 11/15/50      3,130      3,071
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue 6.000% 11/15/54      3,560      3,853
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue 6.000% 11/15/54      2,635      2,906
  Connecticut Special Tax Fuel Sales Tax Revenue 4.000%   5/1/36      2,250      2,325
  Connecticut Special Tax Fuel Sales Tax Revenue 4.000%   5/1/37      6,500      6,674
  Connecticut Special Tax Fuel Sales Tax Revenue 4.000%  11/1/40      8,275      8,370
  Connecticut Special Tax Fuel Sales Tax Revenue 5.000%   7/1/44      2,670      2,905
  Connecticut Special Tax Fuel Sales Tax Revenue 5.000%   7/1/45      1,430      1,552
  Connecticut State Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38      2,750      2,721
  Connecticut State Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39      1,500      1,463
  Connecticut State Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40      2,925      2,834
  Connecticut State Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41      1,300      1,246
  Connecticut State Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/42      1,830      1,737
  Metropolitan District GO 5.000%  7/15/36      1,750      1,837
  New Canaan Housing Authority Local or Guaranteed Housing Revenue 4.000%  12/1/34      3,690      3,679
2 New Canaan Housing Authority Local or Guaranteed Housing Revenue 6.000%   6/1/35      4,000      4,000
  Norwalk Housing Authority Revenue 4.400%   9/1/42      1,250      1,243
  University of Connecticut College & University Revenue 5.000%  8/15/42      1,000      1,102
  University of Connecticut College & University Revenue 5.000%  8/15/43        700        768
                                      84,987
Delaware (0.3%)
2 Affordable Housing Opportunities Trust Revenue 3.528%   5/1/39      9,952      8,099
  Delaware GO 4.000%   5/1/41     13,700     13,791
  Delaware GO 4.000%   5/1/43     13,140     13,149
  Delaware State Economic Development Authority Electric Power & Light Revenue (NRG Energy Project) PUT 1.250%  10/1/25      1,000        982
  Delaware State Economic Development Authority Electric Power & Light Revenue (NRG Energy Project) PUT 1.250%  10/1/25        310        304
  Delaware State Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/49      3,905      3,711
  University of Delaware College & University Revenue 5.000%  11/1/41      1,620      1,857
  University of Delaware College & University Revenue 5.000%  11/1/41      2,490      2,854
  University of Delaware College & University Revenue 5.000%  11/1/42      1,840      2,100
  University of Delaware College & University Revenue 5.000%  11/1/43      1,000      1,138
  University of Delaware College & University Revenue 5.000%  11/1/43      2,090      2,379
                                      50,364
District of Columbia (1.4%)
  District of Columbia Charter School Aid Revenue 5.000%   6/1/50      1,500      1,428
  District of Columbia Charter School Aid Revenue 5.000%   6/1/55      1,000        938
  District of Columbia College & University Revenue 3.000%   4/1/40        700        588
  District of Columbia College & University Revenue 3.000%   4/1/41        750        616
  District of Columbia College & University Revenue 5.000%   4/1/46      1,500      1,550
  District of Columbia GO 4.000%   6/1/34      6,000      6,098
  District of Columbia GO 5.000% 10/15/37      5,000      5,318
  District of Columbia GO 5.000% 10/15/38      3,105      3,289
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  District of Columbia GO 5.000%   6/1/42      8,555      8,770
  District of Columbia GO 5.000%   6/1/43      1,000      1,034
  District of Columbia GO 5.000% 10/15/44     14,020     14,583
  District of Columbia GO 5.250%   1/1/48      7,875      8,501
  District of Columbia Health, Hospital, Nursing Home Revenue 5.000%  7/15/33      9,235      9,363
  District of Columbia Income Tax Revenue 5.000%   3/1/40      2,605      2,770
  District of Columbia Income Tax Revenue 5.000%   5/1/42      1,680      1,833
  District of Columbia Income Tax Revenue 5.000%   3/1/44      4,720      4,926
  District of Columbia Water & Sewer Authority Water Revenue 4.000%  10/1/39      3,500      3,553
  District of Columbia Water & Sewer Authority Water Revenue 5.000%  10/1/52      7,875      7,992
  Metropolitan Washington Airports Authority Aviation Port, Airport & Marina Revenue 4.000%  10/1/37      1,250      1,278
  Metropolitan Washington Airports Authority Aviation Port, Airport & Marina Revenue 4.000%  10/1/38      1,300      1,324
  Metropolitan Washington Airports Authority Aviation Port, Airport & Marina Revenue 4.000%  10/1/39      1,000      1,012
  Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue 4.000%  10/1/35      2,000      2,005
  Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue 4.000%  10/1/44      1,735      1,644
  Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue 5.000%  10/1/47      1,000      1,023
  Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue 4.000%  10/1/49     39,740     36,565
6 Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue 4.000%  10/1/52     13,300     12,217
  Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue 4.000%  10/1/53     35,325     31,836
  Washington Convention & Sports Authority Miscellaneous Taxes Revenue 5.000%  10/1/30      5,025      5,251
  Washington Convention & Sports Authority Miscellaneous Taxes Revenue 4.000%  10/1/38        500        500
  Washington Convention & Sports Authority Miscellaneous Taxes Revenue 4.000%  10/1/40      1,170      1,143
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 3.000%  7/15/36      1,400      1,283
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 4.000%  7/15/38      4,000      4,087
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 4.000%  7/15/39      2,540      2,575
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 3.000%  7/15/40      4,000      3,407
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 5.000%  7/15/40      1,330      1,453
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 5.000%  7/15/44      3,860      4,137
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 5.000%  7/15/45      7,120      7,605
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 5.000%  7/15/46      1,045      1,099
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 4.125%  7/15/47      4,000      3,947
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 5.000%  7/15/48      5,705      6,049
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 5.250%  7/15/53      3,905      4,198
  Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue 5.250%  7/15/59     22,500     24,236
                                     243,024
Florida (4.8%)
  Alachua County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/46      1,200      1,027
  Alachua County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/46      2,500      2,140
  Alachua County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/49     19,220     17,405
  Brevard County Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/39      5,500      6,028
  Broward County Housing Finance Authority Local or Guaranteed Housing Revenue PUT 3.500%   4/1/26      1,000      1,000
  Cape Coral FL Sewer Revenue 5.000%   9/1/43      1,000      1,086
1 Cape Coral FL Water & Sewer Water Revenue 5.250%  10/1/48      1,250      1,359
  Capital FL Projects Finance Authority College & University Revenue (Florida University Project) 5.000%  10/1/33      1,500      1,569
2 Capital Trust Agency Inc. Charter School Aid Revenue 5.000%   7/1/56     11,430     10,845
  Capital Trust Agency Inc. Charter School Aid Revenue (Advantage Academy of Hillsborough Projects) 5.000% 12/15/49      3,270      3,106
  Capital Trust Agency Inc. Charter School Aid Revenue (Advantage Academy of Hillsborough Projects) 5.000% 12/15/54      1,400      1,314
2 Capital Trust Agency Inc. Charter School Aid Revenue (Imagine School at Land O'Lakes) 5.000% 12/15/49      1,000        951
  Capital Trust Agency Inc. Charter School Aid Revenue (Liza Jackson Preparatory School Inc. Project) 5.000%   8/1/55        845        817
2 Capital Trust Authority Charter School Aid Revenue 6.250%  6/15/53      4,250      4,416
2 Capital Trust Authority Charter School Aid Revenue 6.375%  6/15/58      3,600      3,753
2 Capital Trust Authority Charter School Aid Revenue (Kipp Miami North Campus Project) 5.000%  6/15/34        610        635
2 Capital Trust Authority Charter School Aid Revenue (Kipp Miami North Campus Project) 5.625%  6/15/44        405        419
2 Capital Trust Authority Charter School Aid Revenue (Kipp Miami North Campus Project) 6.000%  6/15/54      1,050      1,091
2 Capital Trust Authority Charter School Aid Revenue (Kipp Miami North Campus Project) 6.125%  6/15/60      1,000      1,040
6 Central Florida Expressway Authority Highway Revenue 2.125%   7/1/36      3,000      2,364
6 Central Florida Expressway Authority Highway Revenue 4.000%   7/1/39      3,400      3,432
  Collier County IDA Health, Hospital, Nursing Home Revenue (NHC Healthcare System Project) PUT 5.000%  10/1/31      1,000      1,080
  Escambia County FL Sales Tax Revenue 5.000%  10/1/43      8,930      9,182
  Escambia County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/45     18,515     16,679
  Florida Atlantic University Finance Corp. Local or Guaranteed Housing Revenue (Student Housing Project) 4.000%   7/1/38      1,000        993
  Florida Atlantic University Finance Corp. Local or Guaranteed Housing Revenue (Student Housing Project) 4.000%   7/1/39      1,050      1,034
  Florida Atlantic University Finance Corp. Local or Guaranteed Housing Revenue (Student Housing Project) 4.000%   7/1/40      1,135      1,113
  Florida Atlantic University Finance Corp. Local or Guaranteed Housing Revenue (Student Housing Project) 4.000%   7/1/41      1,100      1,070
  Florida Atlantic University Finance Corp. Local or Guaranteed Housing Revenue (Student Housing Project) 5.000%   7/1/54      2,570      2,682
  Florida Department of Transportation Turnpike System Highway Revenue 4.000%   7/1/43      8,260      8,282
2 Florida Development Finance Corp. Charter School Aid Revenue (Corner Stone Classical Academy Inc. Project) 5.500%   6/1/54        560        565
2 Florida Development Finance Corp. Charter School Aid Revenue (Corner Stone Classical Academy Inc. Project) 5.500%   6/1/59        600        602
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Florida Development Finance Corp. Charter School Aid Revenue (River City Science Academy Project) 5.000%   7/1/51        395        394
  Florida Development Finance Corp. Charter School Aid Revenue (River City Science Academy Project) 5.000%   7/1/51        905        903
2 Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%   6/1/51      3,000      2,854
  Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 5.000%   8/1/40      1,750      1,862
  Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 5.000%   8/1/41      1,450      1,535
  Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 5.000%   8/1/42      1,500      1,579
  Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 5.000%   8/1/43      1,110      1,163
  Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 5.000%   8/1/44      1,000      1,043
  Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 5.250%   8/1/49     11,500     11,903
  Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 5.250%   8/1/55      2,500      2,575
  Florida GO 4.000%   6/1/33     15,995     16,022
  Florida GO 4.000%   7/1/41      6,875      6,920
  Florida GO 4.000%   7/1/43      6,185      6,201
  Florida Gulf Coast University Financing Corp. Local or Guaranteed Housing Revenue (Housing Project) 4.000%   2/1/35        350        354
  Florida Gulf Coast University Financing Corp. Local or Guaranteed Housing Revenue (Housing Project) 4.000%   2/1/36        400        405
  Florida Gulf Coast University Financing Corp. Local or Guaranteed Housing Revenue (Housing Project) 4.000%   2/1/37        400        403
  Florida Gulf Coast University Financing Corp. Local or Guaranteed Housing Revenue (Housing Project) 3.000%   2/1/39        785        687
  Florida Housing Finance Corp. Local or Guaranteed Housing Revenue 6.250%   1/1/55      3,250      3,581
  Florida Housing Finance Corp. Local or Guaranteed Housing Revenue 6.250%   7/1/55      3,295      3,667
  Florida Housing Finance Corp. Local or Guaranteed Housing Revenue PUT 5.000%  12/1/25      2,500      2,536
  Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue 5.000%   9/1/26      2,545      2,595
  Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue 5.000%   9/1/27      5,040      5,181
  Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue 5.000%   9/1/28      5,600      5,751
  Fort Lauderdale FL (Parks & Recreation Projects) GO 3.000%   7/1/49      8,990      7,046
  Fort Lauderdale FL Special Assessment Revenue 5.000%   7/1/48      5,250      5,559
  Fort Lauderdale FL Special Assessment Revenue 5.000%   7/1/53      8,000      8,397
  Fort Lauderdale FL Water & Sewer Water Revenue 5.500%   9/1/53      4,750      5,221
  Fort Lauderdale FL Water & Sewer Water Revenue (Enabling Works Project) 5.500%   9/1/48      5,335      5,908
  Fort Myers FL Utility System Water Revenue 5.500%  10/1/49      5,000      5,501
  Gainesville FL Utilities System Electric Power & Light Revenue 5.000%  10/1/33      6,075      6,347
  Gainesville FL Utilities System Electric Power & Light Revenue 5.000%  10/1/36      8,235      8,557
  Halifax Hospital Medical Center Health, Hospital, Nursing Home Revenue 5.250%   6/1/54      5,275      5,604
  Hamilton Bluff Community Development District Special Assessment Revenue (Assessment Area One Project) 5.800%   5/1/54      1,000      1,005
  Hickory Tree Community Development District Special Assessment Revenue (Assessment Area One Project) 5.450%   5/1/55        750        736
  Hillsborough County Aviation Authority Port, Airport & Marina Revenue 4.000%  10/1/36      1,070      1,102
  Hillsborough County Aviation Authority Port, Airport & Marina Revenue 5.000%  10/1/43      8,945      9,249
  Hillsborough County FL Miscellaneous Revenue 3.000%   8/1/34      5,955      5,624
  Hillsborough County FL Miscellaneous Revenue 3.000%   8/1/35      6,135      5,711
  Hillsborough County FL Miscellaneous Revenue 3.000%   8/1/46      4,330      3,471
  Hillsborough County IDA Health, Hospital, Nursing Home Revenue 4.000%  10/1/34     13,130     13,140
  Hillsborough County IDA Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 4.000%   8/1/45      2,000      1,849
  Hillsborough County IDA Health, Hospital, Nursing Home Revenue (Tampa General Hospital Project) 4.000%   8/1/50     14,725     13,195
  Jacksonville FL Health, Hospital, Nursing Home Revenue 5.000%  8/15/35      1,440      1,488
  Jacksonville FL Health, Hospital, Nursing Home Revenue 5.000%  8/15/36      1,065      1,099
  JEA Electric System Electric Power & Light Revenue 5.000%  10/1/33      1,630      1,698
  JEA Electric System Electric Power & Light Revenue 4.000%  10/1/35      2,015      2,025
  Lakeland FL Department of Electric Utilities Electric Power & Light Revenue 5.000%  10/1/48      2,000      2,230
  Lakeland FL Health, Hospital, Nursing Home Revenue 5.000% 11/15/43      1,290      1,384
  Lakeland FL Health, Hospital, Nursing Home Revenue 5.000% 11/15/44      1,475      1,574
  Lakeland FL Health, Hospital, Nursing Home Revenue 5.000% 11/15/45      2,195      2,332
  Lee County School Board COP 4.000%   8/1/46      1,165      1,091
  Manatee County FL Appropriations Revenue 5.500%  10/1/53      8,870      9,777
  Marco Island FL Sales Tax Revenue 2.000%  10/1/37      1,020        762
  Miami Beach FL Miscellaneous Taxes Revenue 5.000%   9/1/31      1,015      1,026
1 Miami Beach FL Parking Auto Parking Revenue 5.000%   9/1/31      1,635      1,649
  Miami FL Ad Valorem Property Tax Revenue (Miami Forever Infrastructure Programs) 5.250%   1/1/49      8,000      8,723
1 Miami FL Parking System Auto Parking Revenue 4.000%  10/1/32      2,905      2,974
1 Miami FL Parking System Auto Parking Revenue 4.000%  10/1/33      1,500      1,532
1 Miami FL Parking System Auto Parking Revenue 4.000%  10/1/34      1,640      1,673
1 Miami FL Parking System Auto Parking Revenue 4.000%  10/1/35      1,770      1,800
2,6 Miami FL Special Obligation Revenue (Street & Sidewalk Improvement Project) 5.000%   1/1/36      3,390      3,525
2,6 Miami FL Special Obligation Revenue (Street & Sidewalk Improvement Project) 5.000%   1/1/37      3,000      3,119
  Miami FL Special Obligation Revenue (Street & Sidewalk Improvement Project) 5.250%   3/1/53     20,000     21,404
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Miami-Dade County Educational Facilities Authority College & University Revenue 5.250%   4/1/42      8,810      9,752
  Miami-Dade County Educational Facilities Authority College & University Revenue 5.250%   4/1/43     17,560     19,372
  Miami-Dade County FL (Public Health Trust Program) GO 4.000%   7/1/40      4,420      4,450
  Miami-Dade County FL Aviation Port, Airport & Marina Revenue 4.000%  10/1/35      3,600      3,667
  Miami-Dade County FL Aviation Port, Airport & Marina Revenue 4.000%  10/1/39      2,250      2,233
  Miami-Dade County FL Aviation Port, Airport & Marina Revenue 4.000%  10/1/40      5,405      5,328
  Miami-Dade County FL GO 3.000%   7/1/34     10,330      9,686
  Miami-Dade County FL GO 5.000%   7/1/37      4,465      4,792
  Miami-Dade County FL GO 5.000%   7/1/38      5,735      6,123
  Miami-Dade County FL GO 2.375%   7/1/40        955        710
  Miami-Dade County FL GO 5.000%   7/1/43      1,385      1,450
  Miami-Dade County FL GO 5.000%   7/1/48      2,000      2,061
  Miami-Dade County FL Health, Hospital, Nursing Home Revenue 5.000%   6/1/35      3,370      3,473
  Miami-Dade County FL Health, Hospital, Nursing Home Revenue 4.000%   6/1/36         10         10
  Miami-Dade County FL Health, Hospital, Nursing Home Revenue 5.000%   6/1/36      3,775      3,886
  Miami-Dade County FL Health, Hospital, Nursing Home Revenue 5.000%   6/1/37     12,610     12,962
  Miami-Dade County FL Special Obligation Revenue 4.000%   4/1/38      3,680      3,697
  Miami-Dade County FL Special Obligation Revenue 0.000%  10/1/44      1,750        720
  Miami-Dade County FL Special Obligation Revenue 5.000%   4/1/54      4,435      4,655
  Miami-Dade County FL Transit System Sales Tax Revenue 3.000%   7/1/37      4,885      4,501
  Miami-Dade County FL Transit System Sales Tax Revenue 5.000%   7/1/43      3,225      3,333
  Miami-Dade County FL Transit System Sales Tax Revenue 5.000%   7/1/47     12,500     13,176
  Miami-Dade County FL Water & Sewer System Water Revenue 5.000%  10/1/46      6,000      6,159
  Miami-Dade County FL Water & Sewer System Water Revenue 5.000%  10/1/48      3,875      4,112
  Miami-Dade County FL Water & Sewer System Water Revenue 3.000%  10/1/51      2,335      1,739
  Miami-Dade County Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/36        885        908
  Miami-Dade County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/46      1,070      1,016
  Miami-Dade County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/51      5,860      5,307
  Miami-Dade County Housing Finance Authority Local or Guaranteed Housing Revenue (Riverwalk I Apartment Project) 4.200%  10/1/40      1,677      1,643
  Miami-Dade County IDA Local or Guaranteed Housing Revenue 5.000%   6/1/48     10,000      9,313
6 Miami-Dade County Seaport Department Port, Airport & Marina Revenue 4.000%  10/1/49     15,000     14,309
  Mirada Community Development District Special Assessment Revenue 6.000%   5/1/55      1,375      1,389
2 Normandy Community Development District Special Assessment Revenue 5.550%   5/1/54      1,000        967
  North AR-1 Pasco Community Development District Special Assessment Revenue 6.000%   5/1/54        980        995
  North Sumter County Utility Dependent District Water Revenue 5.000%  10/1/32      5,095      5,531
  Orange County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/52     14,025     12,601
  Orange County Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/53      7,000      7,233
  Orange County Health Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%  10/1/56     23,460     25,000
6 Orlando FL Tourist Development Tax Intergovernmental Agreement Revenue 5.000%  11/1/36      2,335      2,416
6 Orlando FL Tourist Development Tax Intergovernmental Agreement Revenue 5.000%  11/1/38      3,160      3,253
  Osceola County Expressway Authority Highway Revenue, Prere. 6.150%  10/1/31      6,000      7,079
  Osceola County Expressway Authority Highway Revenue, Prere. 6.250%  10/1/31      7,540      8,941
  Osceola County FL Transportation Highway Revenue 5.000%  10/1/36        250        264
  Osceola County FL Transportation Highway Revenue 5.000%  10/1/38        250        262
  Osceola County FL Transportation Highway Revenue 5.000%  10/1/39        250        261
  Osceola County FL Transportation Highway Revenue 4.000%  10/1/54      9,455      8,594
  Palm Beach County Educational Facilities Authority College & University Revenue 5.000%  10/1/43      1,000      1,012
  Palm Beach County Educational Facilities Authority College & University Revenue 5.250%  10/1/53      1,500      1,512
  Palm Beach County FL Local or Guaranteed Housing Revenue (Lynn University Housing Project) 6.250%   6/1/59      3,625      3,615
  Palm Beach County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/49      5,750      5,459
  Palm Beach County Health Facilities Authority Health, Hospital, Nursing Home Revenue 4.250%   6/1/56      1,800      1,506
  Palm Beach County Health Facilities Authority Health, Hospital, Nursing Home Revenue (Jupiter Medical Center Project) 5.000%  11/1/47      1,000      1,008
  Palm Beach County Health Facilities Authority Health, Hospital, Nursing Home Revenue (Jupiter Medical Center Project) 5.000%  11/1/52      1,475      1,475
  Palm Beach County School District COP 5.000%   8/1/38      5,000      5,432
  Palm Beach County School District COP 5.000%   8/1/39      1,000      1,102
2 Pasco County FL Health, Hospital, Nursing Home Revenue (H. Lee Moffitt Cancer Center Project) 5.000%   7/1/30     10,000     10,828
6 Pasco County FL Intergovernmental Agreement Revenue (H. Lee Moffitt Cancer Center Project) 5.500%   9/1/37      1,030      1,158
6 Pasco County FL Intergovernmental Agreement Revenue (H. Lee Moffitt Cancer Center Project) 5.500%   9/1/38        885        988
6 Pasco County FL Intergovernmental Agreement Revenue (H. Lee Moffitt Cancer Center Project) 5.500%   9/1/39      1,390      1,541
6 Pasco County FL Intergovernmental Agreement Revenue (H. Lee Moffitt Cancer Center Project) 5.500%   9/1/40      3,090      3,408
6 Pasco County FL Intergovernmental Agreement Revenue (H. Lee Moffitt Cancer Center Project) 5.500%   9/1/44      3,725      4,038
6 Pasco County FL Intergovernmental Agreement Revenue (H. Lee Moffitt Cancer Center Project) 5.750%   9/1/54      8,000      8,757
  Pasco County FL Sales Tax Revenue 5.000%  10/1/54     10,150     10,778
6 Pasco County School Board COP 5.000%   8/1/43      5,840      6,140
2 Pinellas County Educational Facilities Authority Charter School Aid Revenue (Pinellas Academy Math & Science Project) 5.000% 12/15/48      3,285      3,195
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
2 Pinellas County Educational Facilities Authority Charter School Aid Revenue (Pinellas Academy Math & Science Project) 5.125% 12/15/53      2,355      2,294
  Putnam County FL Development Authority Electric Power & Light Revenue 5.000%  3/15/42     12,000     12,252
  Sarasota County Public Hospital District Health, Hospital, Nursing Home Revenue (Sarasota Memorial Hospital Project) 5.000%   7/1/41      7,500      7,700
  Sarasota County Public Hospital District Health, Hospital, Nursing Home Revenue (Sarasota Memorial Hospital Project) 4.000%   7/1/52      6,000      5,376
  Sarasota Water FL Utility System Water Revenue 5.000%  10/1/50      6,725      7,005
  Seminole County FL Special Obligation Revenue 5.000%  10/1/52      7,110      7,452
  Seminole County IDA Health, Hospital, Nursing Home Revenue (Legacy Pointe at UCF Project) 5.500% 11/15/49      6,850      6,655
  Seminole County IDA Health, Hospital, Nursing Home Revenue (Legacy Pointe at UCF Project) 5.750% 11/15/54      3,150      3,125
  South Broward Hospital District Health, Hospital, Nursing Home Revenue 3.000%   5/1/42      5,220      4,489
  South Miami Health Facilities Authority Inc. Health, Hospital, Nursing Home Revenue 4.000%  8/15/42      5,000      4,866
6 St. Lucie County School Board (Master Lease Program) COP 5.250%   7/1/53     10,000     10,639
  St. Petersburg FL Public Utility Water Revenue 5.000%  10/1/52      3,570      3,737
  Tampa FL Appropriations Revenue 2.125%  10/1/44      4,830      3,206
  Tampa FL Appropriations Revenue 2.000%  10/1/46      2,330      1,454
  Tampa FL Appropriations Revenue 2.250%  10/1/51     18,560     11,332
  Tampa FL Appropriations Revenue 2.500%  10/1/51      1,000        649
  Tampa FL College & University Revenue (University of Tampa Project) 5.000%   4/1/45      4,735      4,837
  Tampa FL Miscellaneous Taxes Revenue 0.000%   9/1/35        400        260
  Tampa FL Miscellaneous Taxes Revenue 0.000%   9/1/36      2,000      1,239
  Tampa FL Miscellaneous Taxes Revenue 0.000%   9/1/38      3,000      1,677
  Tampa FL Miscellaneous Taxes Revenue 0.000%   9/1/41      1,200        565
  Tampa FL Miscellaneous Taxes Revenue 0.000%   9/1/42      1,150        512
  Tampa FL Miscellaneous Taxes Revenue 0.000%   9/1/45      2,150        807
  Tampa FL Water & Wastewater System Water Revenue 5.000%  10/1/47      4,155      4,465
  Tampa FL Water & Wastewater System Water Revenue 5.000%  10/1/54      5,425      5,671
2,8 V-Dana Community Development District Special Assessment Revenue (Assessment Area Two-2025 Project) 5.550%   5/1/55        400        401
2 Village Community Development District No. 15 Special Assessment Revenue 5.250%   5/1/54      5,000      5,117
  Volusia County Educational Facility Authority College & University Revenue (Embry Riddle Aeronautical University Inc. Project) 5.000% 10/15/49      7,500      7,640
1 Wildwood Utility Dependent District Water Revenue (South Sumter Utility Project) 5.000%  10/1/46      5,215      5,448
1 Wildwood Utility Dependent District Water Revenue (South Sumter Utility Project) 5.000%  10/1/46      1,500      1,567
1 Wildwood Utility Dependent District Water Revenue (South Sumter Utility Project) 5.000%  10/1/52      6,000      6,224
                                     836,242
Georgia (2.7%)
  Albany-Dougherty County Hospital Authority Health, Hospital, Nursing Home Revenue RAN 5.000%   9/1/38     10,270     11,092
  Albany-Dougherty County Hospital Authority Health, Hospital, Nursing Home Revenue RAN 5.000%   9/1/43     16,775     17,685
  Atlanta Development Authority Hotel Occupancy Tax Revenue 5.250%   7/1/40      2,500      2,510
  Atlanta GA Department of Aviation Port, Airport & Marina Revenue 5.000%   7/1/39      1,000      1,105
  Atlanta GA Department of Aviation Port, Airport & Marina Revenue 5.000%   7/1/41      1,450      1,585
  Atlanta GA Department of Aviation Port, Airport & Marina Revenue 5.000%   7/1/42      2,085      2,268
  Atlanta GA Department of Aviation Port, Airport & Marina Revenue 5.000%   7/1/43      1,840      1,993
10 Atlanta Urban Residential Finance Authority Local or Guaranteed Housing Revenue (Englewood Senior Apartments Project) PUT 5.000%   5/1/27      4,473      4,600
  Bulloch County Development Authority Local or Guaranteed Housing Revenue (Georgia Southern University Project) 4.000%   7/1/38      1,000      1,000
  Bulloch County Development Authority Local or Guaranteed Housing Revenue (Georgia Southern University Project) 4.000%   7/1/40      2,000      1,959
  Bulloch County Development Authority Local or Guaranteed Housing Revenue (Georgia Southern University Project) 4.000%   7/1/41      1,000        972
  Burke County Development Authority Electric Power & Light Revenue (Georgia Power Co. Plant Vogtle Project) PUT 3.375%  3/12/27      1,000      1,003
  Clarke County Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/32      3,275      3,291
  Clayton County Development Authority Local or Guaranteed Housing Revenue (Clayton State University Project) 5.000%   7/1/39        955      1,010
  Clayton County Development Authority Local or Guaranteed Housing Revenue (Clayton State University Project) 3.000%   7/1/41      1,000        802
  Clayton County Development Authority Local or Guaranteed Housing Revenue (Clayton State University Project) 4.000%   7/1/42      1,000        961
  Cobb County Kennestone Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/52      8,810      8,088
  Columbia County GA Hospital Authority Health, Hospital, Nursing Home Revenue RAN 5.750%   4/1/53      5,205      5,728
  Columbus Medical Center Hospital Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   7/1/29      3,000      3,172
  Coweta County Development Authority Health, Hospital, Nursing Home Revenue (Piedmont Healthcare Inc. Project) 5.000%   7/1/44      4,990      5,142
  Dalton Board of Water Light & Sinking Fund Commissioners Electric Power & Light Revenue 4.000%   3/1/33      1,370      1,392
  Dalton Board of Water Light & Sinking Fund Commissioners Electric Power & Light Revenue 4.000%   3/1/38      1,250      1,250
  Dalton Board of Water Light & Sinking Fund Commissioners Electric Power & Light Revenue 4.000%   3/1/39      1,430      1,413
  Dalton Board of Water Light & Sinking Fund Commissioners Electric Power & Light Revenue 4.000%   3/1/40      1,000        979
  Dalton Board of Water Light & Sinking Fund Commissioners Electric Power & Light Revenue 4.000%   3/1/41      1,000        965
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Dalton Board of Water Light & Sinking Fund Commissioners Multiple Utility Revenue 4.000%   3/1/34        785        785
  Dalton Board of Water Light & Sinking Fund Commissioners Multiple Utility Revenue 4.000%   3/1/35      1,000      1,000
5 Dalton Downtown Development Authority Health, Hospital, Nursing Home Revenue 5.500%  8/15/26      1,280      1,304
  DeKalb County Housing Authority Local or Guaranteed Housing Revenue (1086 On Montreal Project) 4.000%   3/1/34      7,945      7,869
  DeKalb County Housing Authority Local or Guaranteed Housing Revenue (Park at 500 Project) 4.000%   3/1/34      6,205      6,169
  Downtown Savannah Authority Lease (Non-Terminable) Revenue 5.000%   6/1/32      1,750      1,793
  Fulton County Development Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/31      1,875      1,887
  Fulton County Development Authority Health, Hospital, Nursing Home Revenue (Piedmont Healthcare Inc. Project) 4.000%   7/1/49     10,000      9,284
2 Fulton County Residential Care Facilities for the Elderly Authority Health, Hospital, Nursing Home Revenue (Canterbury Court Project) 5.000%   4/1/47      3,000      2,900
2 Fulton County Residential Care Facilities for the Elderly Authority Health, Hospital, Nursing Home Revenue (Canterbury Court Project) 4.000%   4/1/51      4,000      3,320
2 Fulton County Residential Care Facilities for the Elderly Authority Health, Hospital, Nursing Home Revenue (Canterbury Court Project) 4.000%   4/1/56      5,650      4,553
  Gainesville & Hall County Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/35      1,625      1,653
  Gainesville & Hall County Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/36      4,945      5,010
  Gainesville & Hall County Hospital Authority Health, Hospital, Nursing Home Revenue (Northeast Georgia Health System Inc. Project) 5.250%  2/15/45      4,520      4,625
  Gainesville & Hall County Hospital Authority Health, Hospital, Nursing Home Revenue (Northeast Georgia Health System Inc. Project), Prere. 5.500%  2/15/25     10,000     10,009
6 Georgia Municipal Electric Authority Nuclear Revenue (Plant Vogtle Units 3&4 Project) 5.000%   7/1/48      1,310      1,379
1 Georgia Municipal Electric Authority Nuclear Revenue (Plant Vogtle Units 3&4 Project) 4.500%   7/1/63      1,335      1,309
6 Georgia Municipal Electric Authority Nuclear Revenue (Plant Vogtle Units 3&4 Project) 5.000%   7/1/64      1,965      2,040
  Georgia Municipal Electric Authority Nuclear Revenue (Plant Vogtle Units 3&4 Project) 5.250%   7/1/64      4,865      5,106
  Georgia Municipal Electric Authority Nuclear Revenue (Plant Vogtle Units 3&4 Project) 5.500%   7/1/64      5,790      6,152
  Georgia Municipal Electric Authority Nuclear Revenue (Project One Subordinated) 5.000%   1/1/50      4,000      4,125
  Georgia Ports Authority Port, Airport & Marina Revenue 3.000%   7/1/46      3,215      2,530
  Georgia Ports Authority Port, Airport & Marina Revenue 5.250%   7/1/52     10,000     10,736
  Georgia State Road & Tollway Authority Highway Revenue 3.000%  7/15/49      7,500      5,848
  Georgia State Road & Tollway Authority Highway Revenue 3.000%  7/15/51      2,750      2,105
  Lawrenceville Housing Authority Local or Guaranteed Housing Revenue (Applewood Towers Project) 4.375%  10/1/42      1,285      1,278
  Main Street Natural Gas Inc. Natural Gas Revenue 5.500%  9/15/25     15,000     15,174
  Main Street Natural Gas Inc. Natural Gas Revenue 5.000%  5/15/28      1,450      1,507
  Main Street Natural Gas Inc. Natural Gas Revenue 5.000%  5/15/36      1,250      1,334
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 4.000%   9/1/26     20,190     20,241
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 4.000%   9/1/27      3,960      4,010
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 4.000%  12/1/28      8,970      8,986
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   6/1/29      1,580      1,638
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 4.000%  12/1/29      3,625      3,614
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   3/1/30     26,150     27,604
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   6/1/30      5,155      5,373
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   9/1/30     38,075     40,334
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%  12/1/30      6,325      6,602
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   4/1/31     11,345     12,041
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   6/1/31     22,370     23,697
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   9/1/31     21,000     22,256
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%  12/1/31     16,335     17,165
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   3/1/32     17,855     19,061
8 Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%   6/1/32      3,485      3,723
  Main Street Natural Gas Inc. Natural Gas Revenue PUT 5.000%  12/1/32     16,765     17,709
  Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue 3.000%   7/1/34      5,420      5,153
  Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue 3.000%   7/1/37      2,500      2,266
  Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue 3.000%   7/1/38      4,335      3,867
2 Private Colleges & Universities Authority College & University Revenue 5.000%   9/1/33     20,000     22,377
  Private Colleges & Universities Authority College & University Revenue 4.000%   6/1/45        750        684
  Private Colleges & Universities Authority College & University Revenue (Savannah College of Arts & Design Project) 4.000%   4/1/37      1,000      1,011
  Private Colleges & Universities Authority College & University Revenue (Savannah College of Arts & Design Project) 4.000%   4/1/40      1,030      1,024
  Richmond County Hospital Authority Health, Hospital, Nursing Home Revenue (University Health Services Project) 4.000%   1/1/34      5,000      5,014
                                     480,199
Guam (0.2%)
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/38        780        843
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/39        800        855
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/40        650        693
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/41        780        827
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/42        975      1,031
  Guam Hotel Occupancy Tax Revenue 5.000%  11/1/40      2,050      2,078
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Guam Miscellaneous Taxes Revenue 5.000% 11/15/31      3,555      3,585
  Guam Miscellaneous Taxes Revenue 5.000% 11/15/34        790        796
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/36      3,785      3,698
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/42      1,235      1,168
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/30      1,005      1,078
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/31      1,000      1,080
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/34      2,820      3,065
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/37        110        120
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/38      1,350      1,380
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/38        270        292
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/40      2,375      2,415
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/40        650        694
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/44        385        398
                                      26,096
Hawaii (0.5%)
  Hawaii GO 4.000%  10/1/31      6,770      6,854
  Hawaii GO 5.000%   1/1/33      3,140      3,298
  Hawaii GO 5.000%   1/1/35      7,740      8,098
  Hawaii GO 5.000%   1/1/37     18,720     19,507
  Hawaii GO 5.000%   1/1/38      7,015      7,286
  Hawaii Harbor System Port, Airport & Marina Revenue 4.000%   7/1/39      1,855      1,868
  Hawaii State Highway Fund Miscellaneous Taxes Revenue 5.000%   1/1/38      2,770      2,917
  Hawaii State Highway Fund Miscellaneous Taxes Revenue 5.000%   1/1/39      3,155      3,308
  Hawaii State Highway Fund Miscellaneous Taxes Revenue 5.000%   1/1/40      2,565      2,677
  Honolulu City & County Board of Water Supply Water Revenue 3.000%   7/1/51      5,920      4,541
  Honolulu HI City & County GO 5.000%   7/1/44      1,000      1,079
  Honolulu HI City & County GO 5.000%   7/1/45      1,000      1,075
  Honolulu HI City & County GO 5.000%   7/1/46      1,000      1,073
  Honolulu HI City & County GO 5.000%   7/1/47      1,000      1,069
  Honolulu HI City & County GO 5.000%   7/1/48      1,000      1,067
8 Honolulu HI City & County Wastewater System Sewer Revenue 5.000%   7/1/34      4,875      5,563
  Honolulu HI City & County Wastewater System Sewer Revenue 4.000%   7/1/36      2,510      2,562
8 Honolulu HI City & County Wastewater System Sewer Revenue 5.000%   7/1/37      2,605      2,963
  Maui County HI GO 4.000%   3/1/37        685        701
  Maui County HI GO 4.000%   3/1/38      1,500      1,523
                                      79,029
Idaho (0.4%)
2 Avimor Community Infrastructure District No. 1 Special Assessment Revenue 5.875%   9/1/53        964        995
  Boise City ID Water Renewal Water Revenue 5.000%   9/1/51     10,060     10,508
  Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue 3.500%   9/1/33      1,300      1,149
  Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue (St. Luke's Health System Project) 5.000%   3/1/36      4,200      4,376
  Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue (St. Luke's Health System Project) 5.000%   3/1/37      3,060      3,177
8 Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue (St. Lukes's Health System Project) 5.250%   3/1/50      2,575      2,744
8 Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue (St. Lukes's Health System Project) 4.375%   3/1/53      1,000        962
8 Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue (St. Lukes's Health System Project) 5.250%   3/1/53      4,795      5,088
  Idaho Health Facilities Authority Revenue (Kootenai Health Project) 4.750%   7/1/44      6,630      6,547
  Idaho Health Facilities Authority Revenue (Kootenai Health Project) 5.000%   7/1/47     15,180     15,261
  Idaho Housing & Finance Association Appropriations Revenue 4.000%  7/15/38      2,500      2,519
  Idaho Housing & Finance Association Appropriations Revenue 4.000%  7/15/39      2,450      2,452
  Idaho Housing & Finance Association Intergovernmental Agreement Revenue 4.000%  8/15/49      3,500      3,366
  Idaho Housing & Finance Association Local or Guaranteed Housing Revenue 6.000%   7/1/54      5,610      6,183
  Idaho Housing & Finance Association Sales Tax Revenue 5.000%  8/15/47      2,000      2,133
  Idaho Housing & Finance Association Sales Tax Revenue 4.000%  8/15/48      6,600      6,394
                                      73,854
Illinois (5.1%)
  Champaign County Community Unit School District No. 4 Champaign GO 0.000%   1/1/28        550        492
  Champaign County Community Unit School District No. 4 Champaign GO 4.000%   6/1/33      1,000      1,024
  Champaign County Community Unit School District No. 4 Champaign GO 5.000%   1/1/34      2,000      2,089
  Champaign County Community Unit School District No. 4 Champaign GO 4.000%   6/1/34      1,000      1,018
  Champaign County Community Unit School District No. 4 Champaign GO 4.000%   6/1/35      1,290      1,311
  Champaign County Community Unit School District No. 4 Champaign GO 4.000%   6/1/36      1,575      1,597
  Chicago Board of Education Dedicated Capital Improvement Tax Ad Valorem Property Tax Revenue 5.000%   4/1/38      1,250      1,319
  Chicago Board of Education Dedicated Capital Improvement Tax Ad Valorem Property Tax Revenue 5.000%   4/1/41      1,250      1,302
  Chicago Board of Education Dedicated Capital Improvement Tax Ad Valorem Property Tax Revenue 5.500%   4/1/42      1,000      1,071
  Chicago Board of Education Dedicated Capital Improvement Tax Ad Valorem Property Tax Revenue 5.500%   4/1/43      1,095      1,169
  Chicago Board of Education Dedicated Capital Improvement Tax Ad Valorem Property Tax Revenue 5.000%   4/1/45      4,640      4,764
  Chicago Board of Education Dedicated Capital Improvement Tax Ad Valorem Property Tax Revenue 5.750%   4/1/48     22,125     23,731
5 Chicago Board of Education GO 5.500%  12/1/26      4,035      4,080
5 Chicago Board of Education GO 0.000%  12/1/27      9,375      8,389
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
5 Chicago Board of Education GO 0.000%  12/1/30      5,000      3,944
5,11 Chicago Board of Education GO 0.000%  12/1/30      5,000      3,944
12 Chicago Board of Education GO 5.500%  12/1/30      3,640      3,812
5 Chicago Board of Education GO 0.000%  12/1/31     15,000     11,296
5,11 Chicago Board of Education GO 0.000%  12/1/31      2,435      1,871
6 Chicago Board of Education GO 5.000%  12/1/31        625        650
6 Chicago Board of Education GO 5.000%  12/1/32      1,500      1,557
  Chicago Board of Education GO 5.000%  12/1/32      1,400      1,443
  Chicago Board of Education GO 5.125%  12/1/32      1,250      1,250
  Chicago Board of Education GO 5.000%  12/1/33      1,560      1,603
  Chicago Board of Education GO 5.000%  12/1/34      1,000      1,025
6 Chicago Board of Education GO 5.000%  12/1/35      1,000      1,032
  Chicago Board of Education GO 5.000%  12/1/36      2,800      2,850
  Chicago Board of Education GO 4.000%  12/1/39     13,500     12,341
  Chicago Board of Education GO 5.000%  12/1/39        750        757
2 Chicago Board of Education GO 7.000%  12/1/46      1,815      1,917
  Chicago Board of Education GO 4.000%  12/1/47      6,500      5,491
  Chicago Board of Education GO 5.875%  12/1/47     10,000     10,697
  Chicago Board of Education GO 6.000%  12/1/49     27,500     29,606
  Chicago IL GO 5.000%   1/1/28      1,495      1,545
  Chicago IL GO 5.000%   1/1/33      3,920      4,088
5 Chicago IL GO 0.000%   1/1/34      1,000        695
  Chicago IL GO 5.000%   1/1/34      9,750     10,430
  Chicago IL GO 4.000%   1/1/35      2,500      2,443
  Chicago IL GO 5.500%   1/1/39      1,230      1,303
  Chicago IL GO 4.000%   1/1/40     11,457     10,628
  Chicago IL GO 5.500%   1/1/40      1,000      1,055
  Chicago IL GO 5.500%   1/1/41      4,000      4,155
  Chicago IL GO 5.500%   1/1/43      1,000      1,034
  Chicago IL GO 5.000%   1/1/44     11,395     11,481
  Chicago IL GO 5.000%   1/1/45     15,620     15,677
  Chicago IL GO 4.000%   1/1/49     13,632     11,712
1 Chicago IL Wastewater Transmission Sewer Revenue 5.000%   1/1/41      1,000      1,088
6 Chicago IL Wastewater Transmission Sewer Revenue 5.250%   1/1/42      2,000      2,045
6 Chicago IL Waterworks Water Revenue 5.250%  11/1/53      5,975      6,350
6 Chicago IL Waterworks Water Revenue 5.500%  11/1/62     17,145     18,473
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 4.000%   1/1/34      1,325      1,352
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 5.000%   1/1/34      5,000      5,389
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 4.000%   1/1/36      3,000      3,040
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 4.000%   1/1/37      2,300      2,320
6 Chicago O'Hare International Airport Port, Airport & Marina Revenue 4.000%   1/1/37     25,000     25,164
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 4.000%   1/1/38      1,000      1,001
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 4.000%   1/1/38      1,100      1,101
1 Chicago O'Hare International Airport Port, Airport & Marina Revenue 5.250%   1/1/40      1,700      1,890
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 5.250%   1/1/42     12,000     12,268
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 4.500%   1/1/56      4,500      4,454
  Chicago O'Hare International Airport Port, Airport & Marina Revenue 5.250%   1/1/56     12,000     12,575
  Chicago Park District GO 5.000%   1/1/41      2,285      2,413
  Chicago Park District GO 5.000%   1/1/42      1,290      1,358
  Chicago Park District GO 5.000%   1/1/43      1,450      1,521
  Chicago Park District GO 5.000%   1/1/44      1,290      1,349
  Chicago Park District GO 5.000%   1/1/45      1,140      1,185
  Chicago Park District GO 5.000%   1/1/47      1,750      1,825
  Chicago Transit Authority Sales Tax Receipts Fund Sales Tax Revenue 5.000%  12/1/45      8,000      8,173
  Chicago Transit Authority Sales Tax Receipts Fund Sales Tax Revenue 5.000%  12/1/49     15,000     15,795
  Chicago Transit Authority Sales Tax Receipts Fund Sales Tax Revenue 4.000%  12/1/50      9,500      8,678
  Chicago Transit Authority Sales Tax Receipts Fund Sales Tax Revenue 5.000%  12/1/57     16,500     16,980
1 Cook County Community College District No. 508 GO 5.000%  12/1/40      1,100      1,169
1 Cook County Community College District No. 508 GO 5.000%  12/1/41      1,060      1,120
1 Cook County Community College District No. 508 GO 5.000%  12/1/42      1,025      1,079
1 Cook County Community College District No. 508 GO 5.000%  12/1/43      1,515      1,588
1 Cook County Community College District No. 508 GO 5.000%  12/1/47     12,500     12,647
  Cook County IL GO 5.000% 11/15/31        450        493
  Cook County IL GO 5.000% 11/15/32        295        322
  Cook County IL Sales Tax Revenue 5.000% 11/15/43      1,000      1,056
  Cook County IL Sales Tax Revenue 5.000% 11/15/44      1,050      1,106
  Cook County IL Sales Tax Revenue 5.250% 11/15/45      7,295      7,783
  Cook Kane Lake & McHenry Counties Community College District No. 512 GO 3.000% 12/15/32      9,000      8,520
8 Elmhurst Park District GO 4.250% 12/15/49      8,380      8,131
2 Elwood IL GO 6.250%   3/1/44      4,000      4,316
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Illinois (Rebuild Illinois Program) GO 4.000%  11/1/34      3,505      3,534
  Illinois (Rebuild Illinois Program) GO 4.000%  11/1/38      4,850      4,764
  Illinois (Rebuild Illinois Program) GO 4.000%  11/1/40      2,990      2,880
  Illinois (Rebuild Illinois Program) GO 4.000%  11/1/44      1,350      1,261
  Illinois Finance Authority College & University Revenue 5.000%   9/1/36      1,000      1,019
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/32      3,080      3,053
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/33      1,110      1,092
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/33      5,000      5,019
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/34      2,800      2,733
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/34      3,640      3,951
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/35      2,120      2,276
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/36      2,670      2,654
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/36      3,000      3,025
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/37      3,000      3,011
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/38      2,000      1,957
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39      6,535      6,526
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/39      2,000      1,928
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/40      2,000      1,919
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/41      7,790      7,444
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/42      5,000      5,133
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/44        225        210
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   3/1/47      3,280      3,258
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/47     27,240     25,186
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/50      3,500      3,123
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/50      2,555      2,250
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/51      4,000      4,153
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/52     15,080     15,588
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/55      4,800      4,144
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/56        815        723
  Illinois GO 5.000%   1/1/27      3,510      3,567
  Illinois GO 5.000%   6/1/27      1,010      1,033
  Illinois GO 5.000%  10/1/27      3,430      3,585
  Illinois GO 5.000%  12/1/27        500        524
  Illinois GO 5.500%   1/1/30        445        491
  Illinois GO 5.000%   5/1/30        545        573
  Illinois GO 4.000%   6/1/33      1,575      1,577
  Illinois GO 5.000%   7/1/33      2,545      2,798
  Illinois GO 4.000%  12/1/33      4,000      4,027
  Illinois GO 5.000%   3/1/34      1,000      1,083
  Illinois GO 5.000%   5/1/37      2,835      3,077
  Illinois GO 4.000%   7/1/37      7,410      7,367
  Illinois GO 5.250%   5/1/38      1,570      1,723
  Illinois GO 4.000%   3/1/39      1,550      1,518
  Illinois GO 5.250%   5/1/39      6,205      6,773
  Illinois GO 5.500%   5/1/39      1,000      1,084
  Illinois GO 4.000%  10/1/39      6,665      6,487
  Illinois GO 5.250%   5/1/40      4,555      4,949
  Illinois GO 5.250%   5/1/41      6,705      7,255
  Illinois GO 5.500%   3/1/42      3,000      3,283
  Illinois GO 5.250%   5/1/42      6,345      6,839
  Illinois GO 5.250%   5/1/43      4,430      4,756
  Illinois GO 5.125%  10/1/43      4,500      4,796
  Illinois GO 5.750%   5/1/45      3,000      3,243
  Illinois GO 5.500%   5/1/47      8,805      9,502
  Illinois GO 5.250%   5/1/48      4,000      4,275
  Illinois GO 5.000%  12/1/48     10,000     10,449
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue 2.150%  10/1/41        720        510
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue (Harvey II & III Project) PUT 5.000%   3/1/26      8,610      8,772
2 Illinois Housing Development Authority Multifamily Local or Guaranteed Housing Revenue TOB 6.000%  10/5/40      4,896      5,063
  Illinois Sales Tax Revenue 5.000%  6/15/27      3,145      3,205
  Illinois Sales Tax Revenue 5.000%  6/15/42      5,000      5,313
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/39      1,210      1,251
  Illinois State Toll Highway Authority Highway Revenue 4.000%   1/1/40      3,200      3,170
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/40     11,000     11,079
  Illinois State Toll Highway Authority Highway Revenue 4.000%   1/1/42      5,230      5,084
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/44      5,750      5,972
  Illinois State Toll Highway Authority Highway Revenue 5.000%   1/1/45      5,095      5,346
  Illinois State Toll Highway Authority Highway Revenue 5.250%   1/1/45      6,960      7,571
  Illinois State Toll Highway Authority Highway Revenue 4.000%   1/1/46      1,110      1,027
8 Kane Cook & DuPage Counties School District No. U-46 Elgin GO 4.000%   1/1/41      1,490      1,467
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Kane Cook & DuPage etc Counties Community College District No. 509 Elgin GO 4.000% 12/15/34        150        155
  Kane Cook & DuPage etc Counties Community College District No. 509 Elgin GO 4.000% 12/15/35        500        517
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000%  6/15/25     10,010      9,898
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000%  6/15/31     17,500     14,032
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000% 12/15/31     17,500     13,763
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000%  6/15/32      7,500      5,772
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000%  6/15/33      7,500      5,533
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000% 12/15/33     10,350      7,481
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000% 12/15/34      4,870      3,370
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000%  6/15/35      4,000      2,709
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000%  6/15/38      4,500      2,642
5 Metropolitan Pier & Exposition Authority Appropriations Revenue 0.000% 12/15/40     15,000      7,684
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 0.000%  6/15/40        500        260
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 0.000% 12/15/40        500        254
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 0.000%  6/15/41      2,000        978
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 0.000% 12/15/41      1,750        837
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 4.000% 12/15/42     12,310     11,795
6 Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 0.000%  6/15/44      8,000      3,347
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 4.000% 12/15/47      7,240      6,513
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 4.000%  6/15/52     15,490     13,491
  Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) 5.000%  6/15/53      5,000      5,181
  Metropolitan Pier & Exposition Authority Economic Development Revenue 5.250%  6/15/37      3,055      3,014
  Metropolitan Pier & Exposition Authority Miscellaneous Revenue 5.250%  6/15/44      5,000      4,796
1 Metropolitan Pier & Exposition Authority Sales Tax Revenue (MCCormick Place Expansion Project) 0.000% 12/15/51     11,500      3,215
  Metropolitan Water Reclamation District of Greater Chicago GO 4.000%  12/1/46      3,000      2,818
  Metropolitan Water Reclamation District of Greater Chicago GO 4.000%  12/1/51      4,740      4,363
  Sales Tax Securitization Corp. Sales Tax Revenue 5.000%   1/1/35      3,205      3,549
  Sales Tax Securitization Corp. Sales Tax Revenue 5.000%   1/1/37      1,000      1,065
  Sales Tax Securitization Corp. Sales Tax Revenue 5.000%   1/1/39      1,765      1,857
1 Southwestern Illinois Development Authority Intergovernmental Agreement Revenue 5.500%  12/1/39      4,350      4,767
1 Will County Community High School District No. 210 Lincoln-Way GO 0.000%   1/1/32     16,500     12,659
  Will County School District No. 122 GO 4.000%  10/1/32      1,000      1,026
  Will County School District No. 122 GO 4.000%  10/1/33      1,390      1,424
                                     889,848
Indiana (0.6%)
  Avon Community School Building Corp. Lease (Abatement) Revenue 5.250%  7/15/39      1,250      1,391
  Avon Community School Building Corp. Lease (Abatement) Revenue 5.500%  7/15/40      1,260      1,423
  Avon Community School Building Corp. Lease (Abatement) Revenue 5.500%  7/15/41      1,000      1,122
  Carmel Local Public Improvement Bond Bank Indirect Ad Valorem Property Revenue 5.000%  7/15/33      4,000      4,097
  Franklin Township-Marion County Multiple School Building Corp. Lease (Abatement) Revenue 5.000%  7/15/42      1,250      1,347
  Hammond Multi-School Building Corp. Lease (Abatement) Revenue 5.000%  7/15/38      3,000      3,098
  Indiana Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   3/1/41      1,225      1,306
  Indiana Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   3/1/43      1,200      1,265
  Indiana Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   3/1/44      1,200      1,257
2 Indiana Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/54     10,000     10,470
  Indiana Finance Authority Health, Hospital, Nursing Home Revenue (Marquette Project) 5.000%   3/1/30      1,100      1,100
  Indiana Finance Authority Lease Revenue (Stadium Project) 5.250%   2/1/32      6,130      6,184
  Indiana Finance Authority Lease Revenue (Stadium Project) 5.250%   2/1/33     12,610     12,718
  Indiana Finance Authority Sewer Revenue (CWA Authority Project) 3.000%  10/1/38      1,905      1,715
  Indiana Finance Authority Sewer Revenue (CWA Authority Project) 5.000%  10/1/40      1,000      1,101
  Indiana Finance Authority Sewer Revenue (CWA Authority Project) 5.000%  10/1/44      1,000      1,071
  Indiana Finance Authority Sewer Revenue (CWA Authority Project) 5.000%  10/1/45        625        667
  Indiana Housing & Community Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/44      1,000      1,043
  Indiana Municipal Power Agency Electric Power & Light Revenue 5.500%   1/1/47      8,115      8,795
  Indianapolis Local Public Improvement Bond Bank Indirect Ad Valorem Property Revenue 6.000%   2/1/43      1,000      1,151
  Indianapolis Local Public Improvement Bond Bank Indirect Ad Valorem Property Revenue 6.000%   2/1/48      4,130      4,688
  Indianapolis Local Public Improvement Bond Bank Miscellaneous Revenue 5.000%   6/1/34      7,915      8,669
  Indianapolis Local Public Improvement Bond Bank Miscellaneous Revenue 5.000%   6/1/35      4,100      4,485
  Indianapolis Local Public Improvement Bond Bank Miscellaneous Revenue 5.000%   1/1/42      1,795      1,941
  Indianapolis Local Public Improvement Bond Bank Miscellaneous Revenue 5.000%   1/1/43      2,415      2,601
  Indianapolis Local Public Improvement Bond Bank Miscellaneous Revenue 5.000%   1/1/44      2,000      2,146
  IPS Multi-School Building Corp. Lease (Abatement) Revenue 3.000%  7/15/36      1,805      1,659
  IPS Multi-School Building Corp. Lease (Abatement) Revenue 3.000%  7/15/37      1,860      1,684
  IPS Multi-School Building Corp. Lease (Abatement) Revenue 3.000%  7/15/38      1,500      1,336
  Northern Indiana Commuter Transportation District Transit Revenue 5.000%   7/1/32      1,300      1,331
  Northern Indiana Commuter Transportation District Transit Revenue 5.250%   1/1/49      4,000      4,304
  Silver Creek School Building Corp. Lease (Abatement) Revenue 3.000%  1/15/40      1,000        861
                                      98,026
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
Iowa (0.1%)
  Iowa Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/48      5,000      5,000
  Iowa Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/53      1,125        932
  Iowa Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/55      1,960      1,607
  Iowa Finance Authority Health, Hospital, Nursing Home Revenue 5.125%  5/15/59      3,075      3,069
  Iowa Finance Authority Water Revenue 5.000%   8/1/44      1,915      2,025
  Iowa Higher Education Loan Authority College & University Revenue (Des Moines University Project) 5.000%  10/1/28      1,105      1,166
  Iowa Higher Education Loan Authority College & University Revenue (Des Moines University Project) 4.000%  10/1/45      3,375      3,088
  Iowa Higher Education Loan Authority College & University Revenue (Des Moines University Project) 4.000%  10/1/50      5,450      4,806
  Iowa Tobacco Settlement Authority Tobacco Settlement Funded Revenue 4.000%   6/1/49      4,250      3,826
                                      25,519
Kansas (0.2%)
  Johnson County Unified School District No. 233 Olathe GO 4.000%   9/1/30      5,000      5,066
  Johnson County Unified School District No. 233 Olathe GO 4.000%   9/1/31      4,000      4,046
  Kansas Development Finance Authority Local or Guaranteed Housing Revenue PUT 5.000%   6/1/27      4,735      4,874
  Leavenworth County Unified School District No. 458 GO 5.000%   9/1/46      3,465      3,628
  Leavenworth County Unified School District No. 458 GO 5.000%   9/1/49      5,860      6,099
  University of Kansas Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/48      6,165      6,320
1,8 Wyandotte County Unified School District No. 500 Kansas City GO 5.250%   9/1/55      5,930      6,304
                                      36,337
Kentucky (1.1%)
  Ashland KY Health, Hospital, Nursing Home Revenue 4.000%   2/1/37        375        358
  Ashland KY Health, Hospital, Nursing Home Revenue 4.000%   2/1/38        375        354
  Kentucky Housing Corp. Local or Guaranteed Housing Revenue 4.375%   9/1/40      1,500      1,513
  Kentucky Municipal Power Agency Electric Power & Light Revenue (Prairie State Project) 5.000%   9/1/34      1,000      1,043
  Kentucky Municipal Power Agency Electric Power & Light Revenue (Prairie State Project) 5.000%   9/1/35        725        754
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   6/1/25     16,450     16,474
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   6/1/25      4,445      4,452
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   6/1/26     14,915     15,002
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   2/1/28     11,105     11,133
  Kentucky Public Energy Authority Natural Gas Revenue PUT 5.000%   7/1/30     27,255     28,565
  Kentucky Public Energy Authority Natural Gas Revenue PUT 4.000%   8/1/30      2,825      2,820
  Kentucky Public Energy Authority Natural Gas Revenue PUT 5.250%   2/1/32      2,875      3,092
  Kentucky Public Energy Authority Natural Gas Revenue PUT 5.000%   8/1/32     32,975     35,083
  Kentucky Public Transportation Infrastructure Authority Highway Revenue 6.450%   7/1/34      2,010      2,345
  Kentucky Public Transportation Infrastructure Authority Highway Revenue 6.750%   7/1/43     10,000     11,517
  Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 122) 4.000%  11/1/35      1,000      1,012
  Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 128) 5.000%  11/1/40        905        995
  Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 128) 5.500%  11/1/42      1,150      1,296
  Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) 4.000%  11/1/41      1,565      1,552
  Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) 4.000%  11/1/43      1,110      1,077
  Louisville-Jefferson County Metropolitan Government Health, Hospital, Nursing Home Revenue 5.000%  10/1/37      1,500      1,558
  Louisville-Jefferson County Metropolitan Government Health, Hospital, Nursing Home Revenue 4.000%   4/1/38      1,500      1,539
  Louisville-Jefferson County Metropolitan Government Health, Hospital, Nursing Home Revenue 5.000%  5/15/52     20,675     21,087
  Owen County KY Water Revenue (Kentucky-American Water Co. Project) PUT 3.875%   9/1/28      1,000        996
  University of Kentucky College & University Revenue 3.750%   4/1/34      2,730      2,762
  University of Kentucky College & University Revenue 4.000%   4/1/35      5,000      5,001
  University of Kentucky College & University Revenue 4.000%   4/1/36      3,845      3,846
  Warren County KY Health, Hospital, Nursing Home Revenue 5.000%   4/1/41      1,385      1,494
  Warren County KY Health, Hospital, Nursing Home Revenue 5.000%   4/1/42      1,560      1,675
  Warren County KY Health, Hospital, Nursing Home Revenue 5.000%   4/1/43      1,500      1,603
  Warren County KY Health, Hospital, Nursing Home Revenue 5.250%   4/1/49      4,000      4,278
  Warren County KY Health, Hospital, Nursing Home Revenue 5.250%   4/1/54      9,250      9,833
                                     196,109
Louisiana (0.4%)
6 Jefferson Sales Tax District Sales Tax Revenue 5.000%  12/1/30      1,420      1,494
6 Jefferson Sales Tax District Sales Tax Revenue 5.000%  12/1/32      1,580      1,653
6 Lafayette Consolidated Government Telecom Revenue 5.000%  11/1/26      3,185      3,227
6 Lafayette Consolidated Government Telecom Revenue 5.000%  11/1/28      1,280      1,298
6 Lafayette LA Utilities Electric Power & Light Revenue 4.000%  11/1/32      1,520      1,543
6 Lafayette LA Utilities Electric Power & Light Revenue 4.000%  11/1/34      1,190      1,204
  Louisiana Housing Corp. Local or Guaranteed Housing Revenue (Glen Oaks Apartments Project) PUT 5.000%  11/1/25      2,523      2,556
  Louisiana Housing Corp. Local or Guaranteed Housing Revenue (Highland Place Township Project) PUT 5.000%   7/1/27      3,715      3,834
  Louisiana Housing Corp. Local or Guaranteed Housing Revenue (Loop Common Project) 4.500%   7/1/42      2,264      2,278
  Louisiana Housing Corp. Local or Guaranteed Housing Revenue PUT 5.000%   6/1/25      2,117      2,129
  Louisiana Local Government Environmental Facilities & Community Development Authority Industrial Revenue (Westlake Chemical Corp. Project) 3.500%  11/1/32        120        115
1 Louisiana Local Government Environmental Facilities & Community Development Authority Lease Revenue (LCTCS Act 360 Project) 5.000%  10/1/30     13,065     13,844
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36      2,380      2,501
  Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37      2,500      2,618
  Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/38      2,630      2,747
  Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/43      3,245      3,347
  Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/48     10,000     10,220
4 Shreveport LA GO 5.000%   3/1/49      1,000      1,037
4 Shreveport LA GO 5.000%   3/1/54      1,255      1,296
6 Shreveport LA Water & Sewer Water Revenue 5.000%  12/1/36      1,305      1,337
6 Shreveport LA Water & Sewer Water Revenue 5.000%  12/1/37      1,510      1,541
6 Shreveport LA Water & Sewer Water Revenue 5.000%  12/1/41      2,000      2,032
  St. John Parish the Baptist LA Industrial Revenue (Marathon Oil Corp. Project) PUT 2.375%   7/1/26      1,625      1,605
  St. John Parish the Baptist LA Industrial Revenue (Marathon Oil Corp. Project) PUT 4.050%   7/1/26      1,530      1,546
  St. John Parish the Baptist LA Industrial Revenue PUT 3.300%   7/3/28      2,975      2,978
  St. Tammany Parish Hospital Service District No. 1 Health, Hospital, Nursing Home Revenue (St. Tammany PSH Hospital Project) 5.000%   7/1/35      1,710      1,766
  Tangipahoa Parish Hospital Service District No. 1 Health, Hospital, Nursing Home Revenue (North Oaks Health Systeam Project) 4.000%   2/1/42        965        895
  Tangipahoa Parish Hospital Service District No. 1 Health, Hospital, Nursing Home Revenue (North Oaks Health System Project) 4.000%   2/1/35        470        466
  Tangipahoa Parish Hospital Service District No. 1 Health, Hospital, Nursing Home Revenue (North Oaks Health System Project) 4.000%   2/1/36      1,025      1,011
  Tangipahoa Parish Hospital Service District No. 1 Health, Hospital, Nursing Home Revenue (North Oaks Health System Project) 4.000%   2/1/37      1,105      1,084
  Tangipahoa Parish Hospital Service District No. 1 Health, Hospital, Nursing Home Revenue (North Oaks Health System Project) 4.000%   2/1/39        745        710
                                      75,912
Maine (0.3%)
  Bar Harbor ME GO 5.000%   9/1/54      2,370      2,539
  Lower Kennebec Regional School Unit No. 1 GO 3.250%  11/1/35        895        876
  Lower Kennebec Regional School Unit No. 1 GO 3.250%  11/1/36      1,000        975
  Maine Governmental Facilities Authority Lease (Appropriation) Revenue 4.000%  10/1/33      5,000      5,177
  Maine Health & Higher Educational Facilities Authority College & University Revenue 4.000%   7/1/46      1,250      1,187
  Maine Health & Higher Educational Facilities Authority College & University Revenue 4.000%   7/1/51      4,820      4,414
  Maine Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/48      3,020      3,042
  Maine Municipal Bond Bank Indirect Ad Valorem Property Revenue 4.000%  11/1/34      1,660      1,693
  Maine Turnpike Authority Highway Revenue 4.000%   7/1/37      1,640      1,678
  Maine Turnpike Authority Highway Revenue 3.000%   7/1/38      3,155      2,862
  Maine Turnpike Authority Highway Revenue 3.000%   7/1/39      3,310      2,957
  Maine Turnpike Authority Highway Revenue 3.000%   7/1/40      1,000        873
  Portland ME General Airport Port, Airport & Marina Revenue 4.000%   1/1/36      1,355      1,356
  University of Maine System College & University Revenue 5.500%   3/1/52      4,475      4,758
  University of Maine System College & University Revenue 5.500%   3/1/57      5,845      6,207
  University of Maine System College & University Revenue 5.500%   3/1/62      7,640      8,089
                                      48,683
Maryland (1.6%)
  Anne Arundel County MD GO 5.000%  10/1/32      3,615      3,727
  Anne Arundel County MD GO 5.000%  10/1/32      2,125      2,191
  Anne Arundel County MD GO 5.000%  10/1/33      2,090      2,153
  Anne Arundel County MD GO 5.000%  10/1/36      5,130      5,352
  Anne Arundel County MD GO 5.000%  10/1/42      1,690      1,786
  Anne Arundel County MD GO 5.000%  10/1/44      4,950      5,206
  Anne Arundel County MD GO 5.000%  10/1/46      3,000      3,144
  Baltimore MD Water Revenue (Water Projects) 5.000%   7/1/50      9,115      9,468
13 Freddie Mac Pool 3.650%  12/1/37      3,969      3,670
13 Freddie Mac Pool 3.600%   1/1/41      7,410      6,629
  Frederick County MD Tax Increment/Allocation Revenue (Oakdale-lake Linganore Project) 3.750%   7/1/39      1,410      1,262
  Howard County MD (Consolidated Public Improvement Project) GO 4.000%  8/15/41      4,960      4,999
  Howard County MD GO 4.000%  2/15/33      8,200      8,302
  Maryland Community Development Administration Local or Guaranteed Housing Revenue 4.000%   9/1/49      4,780      4,797
  Maryland Community Development Administration Local or Guaranteed Housing Revenue 3.250%   9/1/50      7,565      7,482
  Maryland Community Development Administration Local or Guaranteed Housing Revenue 3.000%   9/1/51      1,965      1,924
  Maryland Community Development Administration Local or Guaranteed Housing Revenue 5.000%   9/1/52      6,025      6,205
  Maryland Community Development Administration Local or Guaranteed Housing Revenue 5.750%   9/1/54      2,605      2,769
  Maryland Department of Transportation Intergovernmental Agreement Revenue 4.000%  12/1/32      3,650      3,677
  Maryland Economic Development Corp. Tax Allocation Revenue (Port Convington Project) 4.000%   9/1/50      1,700      1,434
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/33      2,000      2,164
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33      2,000      2,072
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   1/1/36        300        312
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/36      3,140      3,169
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   1/1/38        155        149
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/38      3,405      3,405
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/39      3,435      3,396
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/48      5,985      5,354
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/48      1,545      1,576
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/50      3,010      2,752
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/53      2,640      2,738
  Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/54      4,250      4,443
2,9 Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue, SIFMA Municipal Swap Index Yield + 0.540% 2.790%   7/1/41     14,045     14,045
  Maryland Stadium Authority Appropriations Revenue 4.000%   6/1/35      1,010      1,038
  Maryland Stadium Authority Appropriations Revenue 4.000%   6/1/37      1,740      1,771
  Maryland Stadium Authority Appropriations Revenue 4.000%   6/1/38      1,090      1,101
  Maryland Stadium Authority Appropriations Revenue 4.000%   6/1/39      1,500      1,501
  Maryland Stadium Authority Appropriations Revenue 4.000%   6/1/40      2,000      1,986
  Maryland Stadium Authority Appropriations Revenue 4.000%   6/1/52      5,810      5,444
  Maryland Stadium Authority Appropriations Revenue 5.000%   6/1/52      6,110      6,397
  Maryland Stadium Authority Appropriations Revenue 5.000%   6/1/54     15,000     15,795
  Maryland Stadium Authority Lottery Revenue (Baltimore City Public Schools Construction & Revitalization Program) 5.000%   5/1/50      3,000      3,282
  Maryland State Transportation Authority Highway Revenue 3.000%   7/1/37      1,500      1,360
  Maryland State Transportation Authority Highway Revenue 4.000%   7/1/38      1,750      1,779
  Maryland State Transportation Authority Highway Revenue 3.000%   7/1/40      3,710      3,201
  Maryland State Transportation Authority Highway Revenue 4.000%   7/1/40      2,525      2,527
  Maryland State Transportation Authority Highway Revenue 4.000%   7/1/41      2,420      2,408
  Maryland State Transportation Authority Highway Revenue 3.000%   7/1/47     10,685      8,320
  Maryland State Transportation Authority Highway Revenue 5.000%   7/1/51     20,690     21,752
  Maryland State Transportation Authority Highway Revenue (Transportation Facilities Projects) 4.000%   7/1/37      5,000      5,112
  Maryland State Transportation Authority Highway Revenue (Transportation Facilities Projects) 4.000%   7/1/39      4,250      4,283
  Montgomery County Housing Opportunities Commission Local or Guaranteed Housing Revenue 4.000%   7/1/49      3,085      3,100
  Prince George's County MD COP 5.000%  10/1/43     15,780     16,347
  Prince George's County MD GO 5.000%  7/15/37      2,025      2,138
  Prince George's County MD GO 5.000%  7/15/39      2,805      2,944
  Prince George's County MD GO 5.000%  7/15/40      1,500      1,571
  Washington Suburban Sanitary Commission Water Revenue 4.000%  6/15/32     14,725     14,948
  Washington Suburban Sanitary Commission Water Revenue 4.000%   6/1/42      9,630      9,668
  Washington Suburban Sanitary Commission Water Revenue 4.000%   6/1/42      1,065      1,069
                                     272,594
Massachusetts (4.4%)
  Ashland MA GO 3.000%   8/1/47      4,000      3,221
  Ashland MA GO 3.000%   8/1/52      3,500      2,677
  Attleboro MA GO 2.625% 10/15/50      3,335      2,312
  Belmont MA GO 4.000%  9/15/41      2,130      2,178
  Commonwealth of Massachusetts GO 4.000%   9/1/31     12,500     12,602
  Commonwealth of Massachusetts GO 4.000%   9/1/32      7,620      7,670
  Commonwealth of Massachusetts GO 3.000%   2/1/38     16,000     14,418
  Commonwealth of Massachusetts GO 3.000%  11/1/39      3,700      3,241
  Commonwealth of Massachusetts GO 4.000%   2/1/40      3,000      3,029
  Commonwealth of Massachusetts GO 2.000%   9/1/42      5,715      4,074
  Commonwealth of Massachusetts GO 5.000%  11/1/43        675        730
  Commonwealth of Massachusetts GO 5.250%   1/1/44      5,405      5,693
  Commonwealth of Massachusetts GO 5.000%   5/1/44      2,800      3,025
  Commonwealth of Massachusetts GO 5.000%  11/1/45      2,015      2,156
  Commonwealth of Massachusetts GO 5.000%   5/1/47      4,100      4,244
  Commonwealth of Massachusetts GO 3.000%   4/1/48     12,500      9,747
  Commonwealth of Massachusetts GO 5.000%   5/1/48     20,000     21,207
  Commonwealth of Massachusetts GO 5.000%   9/1/48      7,500      7,708
  Commonwealth of Massachusetts GO 5.000%   5/1/49      7,000      7,468
  Commonwealth of Massachusetts GO 5.000%  11/1/49      5,000      5,271
  Commonwealth of Massachusetts GO 2.750%   3/1/50     13,225      9,632
  Commonwealth of Massachusetts GO 2.000%   4/1/50     10,500      6,345
  Commonwealth of Massachusetts GO 5.000%   9/1/50      4,500      4,704
  Commonwealth of Massachusetts GO 5.000%  11/1/50      6,810      7,084
  Commonwealth of Massachusetts GO 5.000%   9/1/51     13,755     14,364
  Commonwealth of Massachusetts GO 5.000%  11/1/52      5,265      5,527
  Commonwealth of Massachusetts GO 5.000%   5/1/53     17,500     18,421
  Commonwealth of Massachusetts GO 5.000%  10/1/53     11,500     12,131
  Commonwealth of Massachusetts GO 5.000%   1/1/54     11,925     12,624
  Commonwealth of Massachusetts GO 5.000%   5/1/54     28,000     29,647
  Commonwealth of Massachusetts GO 5.000%   8/1/54     35,000     37,106
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue (Rail Enhancement & Accelerated Programs) 5.000%   6/1/48     11,000     11,323
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue (Rail Enhancement & Accelerated Programs) 5.000%   6/1/49     15,290     15,860
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue (Rail Enhancement Program) 5.000%   6/1/50     27,050     28,345
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue (Rail Enhancement Program) 5.000%   6/1/52     16,000     16,853
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue (Rail Enhancement Program) 5.000%   6/1/53      5,500      5,820
  East Longmeadow MA GO 4.000%  11/1/49      7,510      7,301
  Harvard MA GO 3.000%  8/15/37      1,210      1,114
  Hingham MA GO 3.000%  2/15/36        810        760
  Leominster MA GO 3.000%   3/1/52      1,250        936
  Lowell MA GO 2.000%   9/1/39      1,445      1,084
  Lowell MA GO 4.000%   9/1/44      1,515      1,503
  Massachusetts Bay Transportation Authority Sales Tax Revenue 4.000%   7/1/33      2,390      2,391
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/41      7,715      8,033
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/41      7,000      7,379
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/42      2,055      2,113
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/42      3,000      3,155
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/45     12,000     12,410
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/46      5,560      6,018
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/47      7,750      8,353
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.250%   7/1/52     16,205     17,624
  Massachusetts Bay Transportation Authority Sales Tax Revenue 4.000%   7/1/53      8,795      8,371
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.250%   7/1/53      6,075      6,534
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/32      1,250      1,264
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/33      2,200      2,220
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/34      1,000      1,007
  Massachusetts Development Finance Agency College & University Revenue 4.000%   6/1/35      4,300      3,733
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/35      1,060      1,066
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/36      1,010      1,014
  Massachusetts Development Finance Agency College & University Revenue 5.000%  7/15/40      7,425      8,833
  Massachusetts Development Finance Agency College & University Revenue 5.250%   1/1/42      4,800      4,837
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/43      3,015      2,991
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/45        725        679
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/46      4,845      4,035
  Massachusetts Development Finance Agency College & University Revenue 5.000%   6/1/48      7,000      7,150
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/48      1,000      1,071
  Massachusetts Development Finance Agency College & University Revenue 4.000%   6/1/50        895        646
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/50      5,000      5,801
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/52      1,000        991
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/55      5,900      6,729
  Massachusetts Development Finance Agency College & University Revenue 4.000%   6/1/56      1,000        694
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/30      3,270      3,452
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/32         40         43
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/33      4,760      4,832
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/33         40         43
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/34         45         49
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/35      7,500      7,568
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/35         45         48
8 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/35      1,455      1,633
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/36      1,685      1,712
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/44      7,500      6,538
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/47      2,000      1,786
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.375%   7/1/52     11,870     11,036
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.250%   7/1/52      4,850      5,039
8 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.500%   7/1/54      3,560      3,488
2 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/57      7,840      7,696
2 Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue (Merrimack College Student Housing Project) 5.000%   7/1/54        270        271
2 Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue (Merrimack College Student Housing Project) 5.000%   7/1/60        215        214
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue (Umass Boston Student Housing Program) 5.000%  10/1/48      5,000      4,820
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue (Umass Boston Student Housing Program) 5.000%  10/1/54      1,000        943
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%   6/1/51      1,620      1,578
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  12/1/54      7,530      6,284
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/49      2,500      2,594
  Massachusetts School Building Authority Sales Tax Revenue 4.750%  8/15/32     13,340     13,413
  Massachusetts School Building Authority Sales Tax Revenue 3.000%  8/15/38      5,000      4,484
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Massachusetts School Building Authority Sales Tax Revenue 5.000%  2/15/44     11,500     11,985
  Massachusetts School Building Authority Sales Tax Revenue 5.250%  2/15/48      7,500      7,777
  Massachusetts School Building Authority Sales Tax Revenue 5.250%  2/15/48      5,000      5,183
  Massachusetts School Building Authority Sales Tax Revenue 5.000%  8/15/50     13,565     14,197
  Milford MA GO 2.250%  12/1/44      2,000      1,395
  Milford MA GO 2.125%  12/1/48      5,000      3,182
  Milford MA GO 2.500%  12/1/51      3,000      1,995
  Northeast Metropolitan Regional Vocational School District GO 3.000%  4/15/52      6,465      4,871
  Springfield MA GO 3.250%   3/1/47      7,795      6,438
  Springfield MA GO 3.250%   3/1/52      9,815      7,756
  Swampscott MA GO 3.000%   3/1/52      2,855      2,149
  Tri-County MA Regional Vocational Technical School District GO 4.000%   6/1/54     23,770     22,727
  University of Massachusetts Building Authority College & University Revenue 5.000%   5/1/37      3,210      3,413
  University of Massachusetts Building Authority College & University Revenue 5.000%   5/1/38      3,000      3,175
  University of Massachusetts Building Authority College & University Revenue 5.000%   5/1/39      6,015      6,338
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/50      2,825      2,933
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/52     41,605     43,332
  Waltham MA GO 3.000%  8/15/42      1,165      1,003
  Waltham MA GO 3.000%  8/15/43      1,195      1,014
  Waltham MA GO 3.000%  8/15/44      1,235      1,034
  Waltham MA GO 3.000%  8/15/45      1,260      1,041
  Waltham MA GO 2.500% 10/15/50      5,000      3,427
  Weymouth MA GO 2.000%  9/15/41      1,180        834
  Weymouth MA GO 2.250%  9/15/50      4,420      2,785
6 Worcester MA GO 3.000%   2/1/36      6,795      6,315
6 Worcester MA GO 3.000%   2/1/37      3,690      3,390
  Worcester MA GO 2.000%   2/1/41      7,400      5,350
  Worcester MA GO 2.000%   2/1/42      7,465      5,282
                                     778,182
Michigan (2.0%)
  Ann Arbor School District GO 3.000%   5/1/32      5,975      5,762
  Ann Arbor School District GO 3.000%   5/1/33      6,150      5,846
  Ann Arbor School District GO 3.000%   5/1/35      6,525      6,057
  Bloomfield Hills School District GO 5.000%   5/1/48      1,250      1,308
  Bloomfield Hills School District GO 5.000%   5/1/50      1,000      1,046
6 Downriver Utility Wastewater Authority Sewer Revenue 5.000%   4/1/43      2,250      2,309
14 East Lansing School District GO 5.000%   5/1/39      1,000      1,029
14 East Lansing School District GO 5.000%   5/1/42      2,000      2,045
1 Eastern Michigan University College & University Revenue 5.000%   3/1/33      1,090      1,119
1 Eastern Michigan University College & University Revenue 5.000%   3/1/36      1,055      1,080
  Great Lakes Water Authority Sewage Disposal System Sewer Revenue 5.000%   7/1/43      5,000      5,180
  Great Lakes Water Authority Sewage Disposal System Sewer Revenue 5.000%   7/1/48      5,000      5,154
6 Great Lakes Water Authority Water Supply System Water Revenue 4.000%   7/1/33     10,000     10,092
  Great Lakes Water Authority Water Supply System Water Revenue 5.250%   7/1/53      1,450      1,567
  Ingham County Building Authority Lease Revenue 3.000%   5/1/35      4,025      3,723
14 Jackson MI Public Schools GO 5.000%   5/1/31      1,000      1,061
14 Jackson MI Public Schools GO 5.000%   5/1/48      5,000      5,102
  Kalamazoo County MI GO 3.000%   5/1/34      2,290      2,138
  Kalamazoo County MI GO 3.000%   5/1/35      1,185      1,095
  Kalamazoo County MI GO 3.000%   5/1/36      1,210      1,112
1 Karegnondi Water Authority Water Revenue 5.000%  11/1/43      4,000      4,357
  Kentwood Economic Development Corp. Health, Hospital, Nursing Home Revenue 4.000% 11/15/45        750        640
14 Lake Orion Community School District GO 4.000%   5/1/35      1,000      1,041
14 Lake Orion Community School District GO 4.000%   5/1/37      1,000      1,032
8,14 L'Anse Creuse Public Schools GO 5.000%   5/1/49      3,955      4,204
  Lansing Board of Water & Light Electric Power & Light Revenue 5.000%   7/1/44      7,000      7,287
  Lansing Community College GO 3.000%   5/1/49      3,755      2,948
6 Lapeer Community Schools GO 5.250%   5/1/46      4,700      5,013
  Macomb Interceptor Drain Drainage District Special Assessment Revenue 5.000%   5/1/42      8,360      8,557
14 Mattawan MI Consolidated School District GO 5.000%   5/1/54      2,000      2,107
  Michigan Finance Authority College & University Revenue 4.000%   9/1/46      6,750      5,975
  Michigan Finance Authority College & University Revenue 4.000%   9/1/50      5,300      4,564
  Michigan Finance Authority College & University Revenue (Kettering University Project) 4.000%   9/1/45      1,000        829
  Michigan Finance Authority College & University Revenue (Kettering University Project) 4.000%   9/1/50      1,000        791
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/35      1,000      1,099
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/36      2,750      3,008
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/36      2,345      2,349
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/36      8,080      8,100
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/37      3,010      3,278
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/38     17,355     17,238
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/39      9,290      9,141
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/42      1,200      1,163
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/48     11,000     11,239
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   3/1/51     21,080     19,190
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue 4.375%  2/28/54      3,775      3,591
  Michigan Finance Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   2/1/25      5,000      5,000
  Michigan Finance Authority Intergovernmental Agreement Revenue 4.000%  11/1/55      5,000      4,480
1 Michigan Finance Authority Intergovernmental Agreement Revenue 4.000%  11/1/55      6,000      5,405
  Michigan Finance Authority Intergovernmental Agreement Revenue (Charter County of Wayne Criminal Justice Center Project) 5.000%  11/1/43      6,000      6,152
  Michigan Finance Authority Tobacco Settlement Funded Revenue 5.000%   6/1/31      1,510      1,608
  Michigan Finance Authority Tobacco Settlement Funded Revenue 4.000%   6/1/49      5,000      4,364
  Michigan Finance Authority Water Revenue 5.000%  10/1/42      5,330      5,864
  Michigan Finance Authority Water Revenue (Local Government Loan Program) 5.000%   7/1/27        500        504
  Michigan State Building Authority Lease (Appropriation) Revenue 5.000% 10/15/33      2,245      2,308
  Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) 5.000% 10/15/39        650        717
  Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) 5.000% 10/15/40        875        960
  Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) 5.000% 10/15/42      1,350      1,466
  Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) 5.250% 10/15/57      6,105      6,486
  Michigan State Building Authority Lease (Non-Terminable) Revenue (Facilities Program) 4.000% 10/15/39      1,885      1,900
  Michigan State Building Authority Lease (Non-Terminable) Revenue (Facilities Program) 4.000% 10/15/41      2,235      2,229
  Michigan State Building Authority Lease (Non-Terminable) Revenue (Facilities Program) 3.000% 10/15/51     13,310     10,812
  Michigan State Building Authority Lease Revenue (Facilities Program) 5.250%  4/15/59     10,350     11,140
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue 3.000%  10/1/32      1,000        955
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue 5.000%   6/1/53      1,965      2,038
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue 5.750%   6/1/54      7,980      8,528
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue 6.000%   6/1/54     11,680     12,651
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue 6.250%   6/1/55      7,015      7,744
  Michigan State University College & University Revenue 5.000%  2/15/48      1,390      1,429
  Michigan State University College & University Revenue 5.000%  8/15/49      4,000      4,288
  Michigan Strategic Fund Lease Revenue (Michigan Senate Offices Project) 5.250% 10/15/40      5,500      5,563
  Michigan Trunk Line Fuel Sales Tax Revenue 4.000% 11/15/36      5,000      5,172
  Michigan Trunk Line Fuel Sales Tax Revenue 4.000% 11/15/39      1,500      1,525
  Michigan Trunk Line Fuel Sales Tax Revenue (Rebuilding Michigan Program) 5.500% 11/15/44      2,995      3,367
  Oakland University College & University Revenue 5.000%   3/1/41      1,000      1,072
  Oakland University College & University Revenue 5.000%   3/1/42      2,805      2,993
  Oakland University College & University Revenue 5.000%   3/1/43      3,700      3,931
  Rochester Community School District GO 3.000%   5/1/33      1,000        941
14 Rockford Public Schools GO 5.000%   5/1/49      5,710      6,008
  Royal Oak MI GO 5.000%   4/1/43      2,600      2,701
14 Saginaw City School District GO 4.000%   5/1/44      4,000      3,850
  Southfield MI GO 3.000%   5/1/33      1,000        941
  Wayne State University College & University Revenue 5.000% 11/15/35      1,100      1,113
6 Western Michigan University College & University Revenue 5.000% 11/15/38        300        320
6 Western Michigan University College & University Revenue 5.000% 11/15/39        385        411
6 Western Michigan University College & University Revenue 5.000% 11/15/40        325        345
6 Western Michigan University College & University Revenue 5.000% 11/15/46      2,000      2,084
14 Woodhaven-Brownstown School District GO 5.000%   5/1/27      3,675      3,771
14 Woodhaven-Brownstown School District GO 5.000%   5/1/28      3,705      3,795
                                     351,497
Minnesota (1.2%)
  Duluth Economic Development Authority Health, Hospital, Nursing Home Revenue 4.250%  2/15/48      5,000      4,727
  Duluth Economic Development Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/48      1,600      1,614
  Duluth Independent School District No. 709 COP 4.000%   2/1/27      1,200      1,209
13 Freddie Mac Pool 3.100%   2/1/40      5,816      4,988
  Hastings Independent School District No. 200 GO 0.000%   2/1/29      3,515      3,045
  Hennepin County MN GO 5.000% 12/15/38      6,000      6,347
  Mankato Independent School District No. 77 GO 4.000%   2/1/41      7,200      7,204
  Martin County West Independent School District No. 2448 GO 4.000%   2/1/42      4,560      4,571
  Martin County West Independent School District No. 2448 GO 4.000%   2/1/43      4,870      4,833
  Martin County West Independent School District No. 2448 GO 4.000%   2/1/44      1,000        984
  Metropolitan Council GO 4.000%   3/1/40      6,025      6,125
  Minneapolis MN Health, Hospital, Nursing Home Revenue 4.000% 11/15/48      5,000      4,372
  Minneapolis MN Health, Hospital, Nursing Home Revenue PUT 5.000% 11/15/28      9,375      9,919
  Minnesota Agricultural & Economic Development Board Health, Hospital, Nursing Home Revenue 5.000%   1/1/41      2,000      2,184
  Minnesota Agricultural & Economic Development Board Health, Hospital, Nursing Home Revenue 5.000%   1/1/43      2,715      2,924
  Minnesota GO 5.000%   8/1/37      6,000      6,540
  Minnesota GO 4.000%   8/1/41      2,200      2,247
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Minnesota Higher Education Facilities Authority College & University Revenue 4.000%  10/1/34        500        504
  Minnesota Higher Education Facilities Authority College & University Revenue PUT 5.000%  10/1/27      1,000      1,036
  Minnesota Housing Finance Agency Appropriations Revenue 4.000%   8/1/38      3,895      3,932
  Minnesota Housing Finance Agency Appropriations Revenue 4.000%   8/1/39      2,415      2,422
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 2.450%   1/1/52     10,000      6,435
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%   7/1/52      6,005      5,944
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 5.750%   7/1/53      2,110      2,247
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 6.000%   7/1/53        960      1,035
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%   7/1/54      1,675      1,825
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%   1/1/55      4,760      5,335
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 6.500%   1/1/55     11,990     13,571
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%   7/1/55      6,000      6,755
  Minnesota Municipal Gas Agency Natural Gas Revenue PUT 4.000%  12/1/27      8,045      8,146
  Moorhead Independent School District No. 152 GO 3.000%   2/1/33      2,170      2,084
  Moorhead Independent School District No. 152 GO 3.000%   2/1/34      2,245      2,132
  Nashwauk Keewatin Independent School District No. 319 GO 4.000%   2/1/34        370        385
  Osseo Independent School District No. 279 GO 4.000%   2/1/39     19,550     19,780
  Prior Lake-Savage Independent School District No. 719 GO 0.000%   2/1/29      5,690      4,904
  Rosemount-Apple Valley-Eagan Independent School District No. 196 GO 4.000%   2/1/42     23,050     22,969
  South Washington County MN Independent School District No. 833 GO 3.000%   2/1/34      2,975      2,849
  South Washington County MN Independent School District No. 833 GO 3.000%   2/1/35      1,925      1,830
  South Washington County MN Independent School District No. 833 GO 3.000%   2/1/36      3,250      3,050
  St. Cloud MN Health, Hospital, Nursing Home Revenue 5.000%   5/1/48      7,500      7,633
  St. Cloud MN Health, Hospital, Nursing Home Revenue 5.000%   5/1/54      6,540      6,762
  St. Paul Independent School District No. 625 COP 2.000%   2/1/32      3,530      3,089
  St. Paul Independent School District No. 625 GO 4.000%   2/1/38      1,000      1,020
  St. Paul Minnesota Housing & Redevelopment Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/31      1,000      1,028
  St. Paul Minnesota Housing & Redevelopment Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/43      3,430      3,056
  Virginia Independent School District No. 706 GO 3.000%   2/1/35      2,465      2,307
                                     217,898
Mississippi (0.1%)
  Mississippi Development Bank Special Obligation Revenue (Jackson Public School District Project) 5.000%   4/1/28      1,980      2,012
  Mississippi State University Educational Building Corp. College & University Revenue 5.000%   8/1/44      1,600      1,738
  Mississippi State University Educational Building Corp. College & University Revenue 5.000%   8/1/53      8,450      8,985
  Mississippi Tobacco & Liquor Taxes Revenue 5.000%  10/1/44        750        805
  Mississippi Tobacco & Liquor Taxes Revenue 5.000%  10/1/49      3,500      3,697
                                      17,237
Missouri (1.4%)
  Bi-State Development Agency of the Missouri-Illinois Metropolitan District Appropriations Revenue 5.000%  10/1/44      2,000      2,081
  Cape Girardeau County IDA Health, Hospital, Nursing Home Revenue 4.000%   6/1/38      1,745      1,757
  Cape Girardeau County IDA Health, Hospital, Nursing Home Revenue 4.000%   6/1/40      3,040      3,017
  Cape Girardeau County IDA Health, Hospital, Nursing Home Revenue 3.000%   3/1/46      1,500      1,155
6 Columbia MO Water & Electric System Electric Power & Light Revenue 3.000%  10/1/32      4,425      4,286
  Independence MO School District GO 3.250%   3/1/40      1,000        925
  Independence MO School District GO 3.250%   3/1/41      1,000        914
  Jackson County MO Special Obligation Revenue (Truman Sports Complex Project) 5.000%  12/1/28      1,000      1,002
  Jackson County MO Special Obligation Revenue (Truman Sports Complex Project) 5.000%  12/1/30      5,205      5,211
  Kansas City IDA Local or Guaranteed Housing Revenue 4.390%   9/1/42      2,494      2,477
  Kansas City MO GO 4.000%   2/1/36      3,460      3,577
  Kansas City MO GO 4.000%   2/1/37      1,000      1,027
  Kansas City MO GO 4.000%   2/1/39      2,145      2,174
  Kansas City MO GO 4.000%   2/1/42      1,795      1,771
  Kansas City MO GO 4.000%   2/1/43      1,350      1,319
  Kansas City MO Sanitary Sewer System Sewer Revenue 5.000%   1/1/39        730        805
  Kansas City MO Sanitary Sewer System Sewer Revenue 4.000%   1/1/42      1,590      1,565
  Kansas City MO Sanitary Sewer System Sewer Revenue 5.000%   1/1/42      1,500      1,639
  Kansas City MO Sanitary Sewer System Sewer Revenue 4.000%   1/1/43      2,420      2,355
  Kansas City MO Sanitary Sewer System Sewer Revenue 5.000%   1/1/43      1,525      1,659
  Kansas City MO Sanitary Sewer System Sewer Revenue 5.000%   1/1/44      1,000      1,082
  Kansas City MO Special Obligation Revenue (Downtown Arena Project) 5.000%   4/1/29      2,755      2,764
  Kansas City MO Special Obligation Revenue (Downtown Arena Project) 5.000%   4/1/30      6,905      6,926
  Kansas City MO Special Obligation Revenue (Main StreetCar Extension Program) 5.000%   9/1/34      2,660      2,949
  Kansas City MO Special Obligation Revenue (Main StreetCar Extension Program) 5.000%   9/1/44      5,010      5,231
  Kansas City MO Water Revenue 5.000%  12/1/41      2,600      2,863
  Kansas City MO Water Revenue 5.000%  12/1/48      2,000      2,131
  Little Blue Valley Sewer District Sewer Revenue 4.000%   9/1/32      3,370      3,426
  Little Blue Valley Sewer District Sewer Revenue 3.000%   9/1/35      3,705      3,435
  Metropolitan St. Louis Sewer District Sewer Revenue 5.000%   5/1/30      3,380      3,395
  Metropolitan St. Louis Sewer District Sewer Revenue 5.000%   5/1/31      2,000      2,009
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Metropolitan St. Louis Sewer District Sewer Revenue 5.000%   5/1/40      2,190      2,333
  Metropolitan St. Louis Sewer District Sewer Revenue 5.000%   5/1/45      6,785      6,816
  Metropolitan St. Louis Sewer District Sewer Revenue 5.000%   5/1/46      3,130      3,195
  Metropolitan St. Louis Sewer District Sewer Revenue 5.000%   5/1/48      2,000      2,084
  Metropolitan St. Louis Sewer District Sewer Revenue 5.000%   5/1/49      5,100      5,289
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/33      3,400      3,757
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/38      2,110      1,839
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.500%   1/1/39      4,945      4,872
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39      1,890      1,900
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40      2,125      2,132
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/41      3,400      2,850
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  2/15/46      2,250      1,580
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  12/1/48      3,965      4,334
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/51      1,060        910
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%   6/1/53      7,310      5,358
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/53     20,800     18,739
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/54      8,125      7,356
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue PUT 4.000%   5/1/26     11,000     11,133
  Missouri Housing Development Commission Local or Guaranteed Housing Revenue (Home Ownership Loan Program) 2.550%  11/1/50      2,000      1,320
  Missouri Housing Development Commission Local or Guaranteed Housing Revenue (Home Ownership Loan Program) 3.500%  11/1/50      1,255      1,246
  Missouri Housing Development Commission Local or Guaranteed Housing Revenue (Home Ownership Loan Program) 3.250%   5/1/51      1,220      1,203
  Missouri Housing Development Commission Local or Guaranteed Housing Revenue (Home Ownership Loan Program) 2.400%  11/1/51      2,560      1,633
  Missouri Housing Development Commission Local or Guaranteed Housing Revenue (Home Ownership Loan Program) 3.000%   5/1/52        880        861
  Missouri Housing Development Commission Local or Guaranteed Housing Revenue (Home Ownership Loan Program) 3.500%   5/1/52      6,510      6,455
  Missouri Housing Development Commission Local or Guaranteed Housing Revenue (Home Ownership Loan Program) 5.000%   5/1/53      3,980      4,116
  Pattonville R-3 School District GO 5.250%   3/1/41      1,150      1,238
  Pattonville R-3 School District GO 5.250%   3/1/42      1,000      1,074
  Republic School District No. R-3 GO 4.000%   3/1/42      3,075      3,039
  Republic School District No. R-3 GO 4.000%   3/1/43      1,500      1,471
  Springfield School District No. R-12 GO 4.000%   3/1/41      3,090      3,087
  St. Louis County IDA Health, Hospital, Nursing Home Revenue 5.000%   9/1/48      2,760      2,672
  St. Louis County IDA Local or Guaranteed Housing Revenue 4.910%   1/1/42      1,250      1,292
  St. Louis MO Airport Port, Airport & Marina Revenue 5.000%   7/1/44      1,760      1,827
  St. Louis MO Airport Port, Airport & Marina Revenue 5.000%   7/1/49      1,500      1,538
6 St. Louis MO Airport Port, Airport & Marina Revenue 5.250%   7/1/49      5,000      5,452
6 St. Louis MO Airport Port, Airport & Marina Revenue 5.250%   7/1/54      5,000      5,415
2,12 St. Louis Municipal Finance Corp. Hotel Occupancy Tax Revenue 0.000%  7/15/25      1,240      1,220
2,12 St. Louis Municipal Finance Corp. Hotel Occupancy Tax Revenue 0.000%  7/15/26      1,370      1,300
2,12 St. Louis Municipal Finance Corp. Hotel Occupancy Tax Revenue 0.000%  7/15/29      1,155        977
2,12 St. Louis Municipal Finance Corp. Hotel Occupancy Tax Revenue (Conventional Center Projects) 0.000%  7/15/25      1,070      1,053
2,12 St. Louis Municipal Finance Corp. Hotel Occupancy Tax Revenue (Conventional Center Projects) 0.000%  7/15/26      1,185      1,125
2,12 St. Louis Municipal Finance Corp. Hotel Occupancy Tax Revenue (Conventional Center Projects) 0.000%  7/15/29      1,000        846
6 St. Louis Municipal Finance Corp. Lease (Appropriation) Revenue (Convention Center Capital Improvement Project) 5.000%  10/1/49      9,500      9,658
6 St. Louis School District GO 5.000%   4/1/40      6,670      7,164
6 St. Louis School District GO 5.000%   4/1/41     10,100     10,791
                                     242,477
Montana (0.1%)
  Forsyth MT Electric Power & Light Revenue (Avista Corp. Colstrip Project) 3.875%  10/1/32      2,100      2,100
  Forsyth MT Industrial Revenue (Northwestern Corp. Colstrip Project) 3.875%   7/1/28      1,660      1,682
  Lewis & Clark County MT School District No. 1 GO 4.000%   7/1/33      1,685      1,711
10 Montana Board of Housing Local or Guaranteed Housing Revenue (South Forty Apartments Project) PUT 5.000%   5/1/25      2,444      2,454
  Montana Facility Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/35        640        646
  Montana Facility Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   1/1/36      2,820      2,865
  Montana Facility Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/36      1,370      1,376
  Montana Facility Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/37      1,120      1,126
  Montana Facility Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   1/1/38      1,200      1,207
  Montana Facility Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/40      1,245      1,223
  Montana Facility Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/45      1,500      1,411
  Montana State Board of Regents College & University Revenue 3.000% 11/15/43      1,020        841
                                      18,642
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
Multiple States (0.6%)
2,13 FHLMC Multifamily Certificates Local or Guaranteed Housing Revenue 3.150%  1/15/36      4,920      4,336
9,13 Freddie Mac Multifamily Certificates 4.299%  5/25/41      9,964      9,583
2,13 Freddie Mac Multifamily Certificates 4.700%  4/25/42      7,494      7,476
9,13 Freddie Mac Multifamily Certificates 3.084%  4/25/43      7,922      6,574
2,13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 2.750% 11/25/35      9,186      7,984
13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 3.400%  1/25/36      8,177      7,668
13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 2.875%  7/25/36      6,122      5,446
13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 4.033% 12/25/36      4,766      4,622
13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 2.250%  9/25/37      4,916      3,965
2,13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 3.650% 11/25/38      9,858      8,814
13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 4.140%  1/25/40      9,604      9,229
13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 4.551%  8/25/40      6,951      6,854
13 Freddie Mac Multifamily Certificates Local or Guaranteed Housing Revenue 4.684% 10/25/40     19,913     19,809
  National Finance Authority Affordable Housing Certificates 4.150% 10/20/40      4,245      4,152
  Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP 2.700%   2/3/25      2,300      2,300
                                     108,812
Nebraska (0.7%)
  Central Plains Energy Project Natural Gas Revenue (Project No. 3) 5.000%   9/1/26      1,000      1,021
  Central Plains Energy Project Natural Gas Revenue (Project No. 3) 5.000%   9/1/28      6,720      6,999
  Central Plains Energy Project Natural Gas Revenue (Project No. 3) 5.000%   9/1/42      1,195      1,296
  Central Plains Energy Project Natural Gas Revenue (Project No. 4) PUT 5.000%  11/1/29     38,305     40,110
  Central Plains Energy Project Natural Gas Revenue (Project No. 5) PUT 5.000%  10/1/29      2,490      2,596
  Central Plains Energy Project Natural Gas Revenue PUT 4.000%   8/1/25     18,440     18,482
  Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue 5.000% 11/15/33      1,250      1,350
  Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue 5.000% 11/15/34      1,000      1,030
  Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue 5.000% 11/15/35      2,000      2,057
  Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue 5.000% 11/15/37      1,000      1,025
  Gretna Public Schools GO 3.000% 12/15/46      1,000        783
  Madison County Hospital Authority No. 1 Health, Hospital, Nursing Home Revenue 5.000%   7/1/25      1,765      1,775
  Madison County Hospital Authority No. 1 Health, Hospital, Nursing Home Revenue 5.000%   7/1/28      1,500      1,539
  Nebraska Investment Finance Authority Local or Guaranteed Housing Revenue 3.000%   3/1/52        840        817
  Omaha NE Sewer Revenue 4.000%   4/1/36        425        436
  Omaha NE Sewer Revenue 4.000%   4/1/37        375        383
  Omaha NE Sewer Revenue 4.000%   4/1/38        200        203
  Omaha Public Power District Electric Power & Light Revenue 5.000%   2/1/36      1,010      1,049
  Omaha Public Power District Electric Power & Light Revenue 5.000%   2/1/42      1,000      1,025
  Omaha Public Power District Electric Power & Light Revenue 4.000%   2/1/49      5,000      4,768
  Omaha Public Power District Electric Power & Light Revenue 5.250%   2/1/52     19,660     21,026
  Omaha Public Power District Electric Power & Light Revenue 5.250%   2/1/53      8,190      8,818
  Scotts Bluff County Hospital Authority Health, Hospital, Nursing Home Revenue 5.250%   2/1/37      6,250      6,029
  University of Nebraska Facilities Corp. College & University Revenue 3.000%  7/15/59      1,000        723
                                     125,340
Nevada (0.5%)
  Clark County NV Electric Power & Light Revenue (Nevada Power Co. Project) PUT 3.750%  3/31/26        200        200
  Clark County NV GO 5.000%   5/1/48     10,000     10,269
  Clark County NV Sales & Excise Sales Tax Revenue (Streets & Highway Project) 4.000%   7/1/42      8,600      8,537
  Clark County School District GO 3.000%  6/15/37      3,500      3,184
  Clark County School District GO 3.000%  6/15/39      3,575      3,148
  Clark County School District GO 3.000%  6/15/41      3,000      2,560
  Las Vegas Convention & Visitors Authority Hotel Occupancy Tax Revenue 5.000%   7/1/43     15,000     15,478
  Las Vegas Convention & Visitors Authority Recreational Revenue 5.000%   7/1/28        425        445
  Las Vegas NV GO 4.000%   9/1/32      8,860      8,934
  Las Vegas NV GO 4.000%   9/1/33      9,220      9,286
  Las Vegas Valley Water District GO 5.000%   6/1/32      2,870      2,940
  Las Vegas Valley Water District GO 4.000%   6/1/37      2,000      2,045
  Las Vegas Valley Water District GO 4.000%   6/1/38      1,670      1,694
  Las Vegas Valley Water District GO 2.000%   6/1/39      3,000      2,165
  Nevada Highway Improvement Fuel Sales Tax Revenue 4.000%  12/1/41      3,120      3,084
1 North Las Vegas NV GO 3.000%   6/1/31      1,845      1,790
  Washoe County NV Gas Tax Fuel Sales Tax Revenue 4.000%   2/1/38      1,325      1,343
  Washoe County NV Gas Tax Fuel Sales Tax Revenue 4.000%   2/1/39      1,000      1,009
  Washoe County NV Gas Tax Fuel Sales Tax Revenue 4.000%   2/1/40      1,275      1,278
  Washoe County NV School District GO 4.000%   6/1/40      4,000      4,022
  Washoe County NV School District GO 3.000%   6/1/43      7,835      6,722
                                      90,133
New Hampshire (0.5%)
  Nashua NH GO 3.000%  10/1/40      2,975      2,713
  Nashua NH GO 3.000%  10/1/41      1,485      1,331
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Nashua NH GO 3.000%  10/1/42      2,975      2,613
  Nashua NH GO 3.000%  10/1/43      2,970      2,561
  New Hampshire Business Finance Authority 4.125%  1/20/34      8,015      7,987
2 New Hampshire Business Finance Authority Health, Hospital, Nursing Home Revenue 5.625% 12/15/33      2,270      2,316
2 New Hampshire Business Finance Authority Health, Hospital, Nursing Home Revenue 6.250% 12/15/38        895        926
  New Hampshire Business Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/51      5,000      4,672
2 New Hampshire Business Finance Authority Intergovernmental Agreement Revenue 5.375% 12/15/35      3,404      3,415
2 New Hampshire Business Finance Authority Intergovernmental Agreement Revenue (Tamarron Project) 5.250%  12/1/35      3,960      3,940
  New Hampshire Business Finance Authority Local or Guaranteed Housing Revenue 3.875%  1/20/38      7,865      7,487
  New Hampshire Business Finance Authority Local or Guaranteed Housing Revenue 3.625%  8/20/39      7,968      7,474
  New Hampshire Business Finance Authority Local or Guaranteed Housing Revenue 4.250%  7/20/41      3,469      3,389
  New Hampshire Business Finance Authority Local or Guaranteed Housing Revenue 4.035% 10/20/41      8,600      8,152
  New Hampshire Business Finance Authority Private School Revenue 4.000%   7/1/51      3,625      3,387
  New Hampshire Business Finance Authority Resource Recovery Revenue (The United Illuminating Co. Project) 4.500%  10/1/33      4,230      4,332
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 4.000%  10/1/32        500        508
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 4.000%  10/1/38        500        496
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 3.000%  10/1/39      1,415      1,178
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 4.000%   8/1/40     10,000      9,783
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 3.000%  10/1/40      1,460      1,183
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 3.000%  10/1/41      1,125        892
  New Hampshire Health & Education Facilities Authority Act Health, Hospital, Nursing Home Revenue 3.000%  10/1/42      1,045        809
  New Hampshire Municipal Bond Bank Indirect Ad Valorem Property Revenue 4.000%  8/15/31        705        714
  New Hampshire Municipal Bond Bank Indirect Ad Valorem Property Revenue 4.000%  8/15/32      1,010      1,021
                                      83,279
New Jersey (2.4%)
6 Clifton Board of Education GO 2.125%  8/15/43      5,000      3,356
  Essex County NJ GO 2.000%   9/1/46      3,900      2,497
  Mahwah Township NJ GO 0.050%  1/15/33      2,250      1,555
  Mercer County NJ GO 0.050%  2/15/31      5,000      3,894
1 New Jersey Economic Development Authority Appropriations Revenue 3.125%   7/1/31      1,250      1,220
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/38        125        126
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/39        180        180
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/40        890        885
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/41        490        485
6 New Jersey Economic Development Authority College & University Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.000%   6/1/31      1,760      1,817
6 New Jersey Economic Development Authority College & University Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 4.000%   6/1/32      1,850      1,866
2 New Jersey Economic Development Authority General Fund Revenue 5.250%   9/1/26      2,000      2,071
  New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.000%  6/15/33      1,500      1,699
  New Jersey Economic Development Authority Intergovernmental Agreement Revenue 5.250%  6/15/39      1,000      1,133
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/34        350        351
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40      2,080      2,168
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27      5,755      5,906
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29      3,065      3,142
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34      1,000      1,049
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35      1,435      1,501
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36      1,500      1,563
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37      3,000      3,113
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/38        335        307
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/39        180        163
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/40        285        255
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/41        220        193
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/48      6,415      5,657
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/52      3,285      2,846
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/54      4,320      4,677
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.300%  11/1/26     11,355     11,387
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   4/1/51      2,610      2,585
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/53      4,425      4,564
  New Jersey Infrastructure Bank Intergovernmental Agreement Revenue 5.000%   9/1/52      6,570      7,032
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/27      1,225      1,255
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/27     12,000     10,934
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/28      2,640      2,704
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/29      4,340      4,442
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/30      2,940      3,005
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/30      2,555      2,612
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/31      7,000      7,144
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/31      7,000      5,483
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/31      2,435      2,508
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
6 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/32     17,000     12,865
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/33      3,045      3,232
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/34      1,505      1,594
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35      2,000      1,310
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/36      1,395      1,419
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/38      1,835      1,847
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/38      1,380        792
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/39      3,665      3,668
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/40      2,665      2,648
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/40      2,000      1,018
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.250%  6/15/44      4,000      3,984
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/30      1,000      1,070
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/33      3,745      3,992
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/36      4,120      4,165
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/43      1,260      1,362
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/43      7,000      7,294
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/46      4,290      4,580
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/50     21,010     20,081
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/50      4,315      4,642
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/35      2,250      2,299
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/37      1,250      1,355
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/39      5,000      5,004
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/45     10,300      9,998
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/45      3,750      3,909
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.000%  6/15/50      2,750      2,103
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/50      6,850      6,547
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/50      4,310      4,484
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/37      5,000      5,662
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.000%  6/15/40      9,000      8,942
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 4.250%  6/15/40      7,250      7,395
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/40      1,545      1,717
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue 5.000%  6/15/42      8,535      9,345
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 4.125%  6/15/50      1,000        966
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 4.125%  6/15/55      1,265      1,208
  New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue (Transportation Program) 5.250%  6/15/55      9,710     10,437
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/34      1,000        687
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/38     10,000      5,659
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/39      8,000      4,293
1 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/37      1,745      1,051
1 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/38      2,530      1,451
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/31     12,000     12,430
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/34      3,000      3,092
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/35     17,170     17,416
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/37      9,000      9,388
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/40      5,740      5,938
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/44      5,000      5,426
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/45     11,995     12,458
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/50      6,665      6,270
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/34      1,000      1,033
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/35      1,900      1,958
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/37      1,250      1,284
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/46     32,385     32,680
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/46      8,135      8,159
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.250%   6/1/46      2,250      2,291
  Toms River Board of Education GO 3.000%  7/15/29      1,500      1,485
  Toms River Board of Education GO 3.000%  7/15/31      1,500      1,453
  Toms River Board of Education GO 3.000%  7/15/32      1,500      1,434
                                     421,600
New Mexico (0.5%)
  Albuquerque Municipal School District No. 12 GO 5.000%   8/1/27      1,525      1,574
  Albuquerque Municipal School District No. 12 GO 5.000%   8/1/30      1,650      1,701
  Farmington NM Electric Power & Light Revenue (Public Service Co. of New Mexico San Jaun Project) PUT 3.875%   6/1/29      1,440      1,461
  Farmington NM Industrial Revenue (San Juan Project) PUT 3.875%   6/1/29        430        436
  Farmington NM Industrial Revenue (San Juan Project) PUT 3.875%   6/1/29      1,695      1,720
  New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue 4.000%   8/1/33      6,705      6,761
  New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue 4.000%   8/1/34      9,860      9,926
  New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue 5.000%   8/1/36      1,650      1,743
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue 4.000%   8/1/48      3,610      3,352
  New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue, Prere. 5.000%   8/1/25     12,010     12,119
  New Mexico Mortgage Finance Authority Local or Guaranteed Housing Revenue 4.250%   1/1/50      1,300      1,310
  New Mexico Mortgage Finance Authority Local or Guaranteed Housing Revenue (Single Family Mortgage Program) 3.000%   3/1/53      4,050      3,949
  New Mexico Municipal Energy Acquisition Authority Natural Gas Revenue PUT 5.000%   5/1/25     38,065     38,190
  Santa Fe County NM Local or Guaranteed Housing Revenue PUT 3.290%   6/1/28      1,000        996
6 University of New Mexico College & University Revenue 5.500%   6/1/53      2,700      2,945
2 Winrock Town Center Tax Increment Development District No. 1 Tax Increment/Allocation Revenue 4.250%   5/1/40      2,750      2,559
                                      90,742
New York (14.6%)
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/45      1,055        402
  Dutchess County Local Development Corp. College & University Revenue (Bard College Project) 5.000%   7/1/45      1,000      1,014
  Dutchess County Local Development Corp. College & University Revenue (Bard College Project) 5.000%   7/1/51      2,375      2,388
  Empire State Development Corp. Income Tax Revenue 4.000%  3/15/37      3,985      4,070
  Empire State Development Corp. Income Tax Revenue 4.000%  3/15/39     11,500     11,589
  Empire State Development Corp. Income Tax Revenue 3.000%  3/15/40     14,530     12,519
  Empire State Development Corp. Income Tax Revenue 3.000%  3/15/40      7,725      6,656
  Empire State Development Corp. Income Tax Revenue 4.000%  3/15/40     11,000     11,024
  Empire State Development Corp. Income Tax Revenue 5.000%  3/15/40     10,090     10,477
  Empire State Development Corp. Income Tax Revenue 4.000%  3/15/41     13,940     13,809
  Empire State Development Corp. Income Tax Revenue 3.000%  3/15/48      8,070      6,160
  Empire State Development Corp. Income Tax Revenue 3.000%  3/15/50      3,000      2,243
  Empire State Development Corp. Intergovernmental Agreement Revenue 5.000%  3/15/42      7,000      7,618
  Empire State Development Corp. Lease (Appropriation) Revenue 3.000%  3/15/50     19,100     14,489
  Empire State Development Corp. Lease (Appropriation) Revenue 2.625%  3/15/51      6,000      3,924
13 Freddie Mac Pool 4.400%  10/1/40      8,900      8,990
13 Freddie Mac Pool 4.350%   4/1/41      4,495      4,343
13 Freddie Mac Pool 4.350%   4/1/41      4,425      4,275
6 Hempstead NY GO 4.000%   4/1/27      6,850      6,859
  Ithaca NY BAN GO 4.000%  2/14/25      4,015      4,016
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/37      2,025      2,103
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/37      2,000      2,179
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/41      1,000      1,096
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/53      2,000      2,100
  Long Island Power Authority Electric Power & Light Revenue PUT 1.500%   9/1/26      1,000        969
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.250% 11/15/32     14,670     15,214
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.000% 11/15/35      3,000      3,117
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.250% 11/15/36      3,230      3,337
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.000% 11/15/46      2,950      3,176
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.000% 11/15/48      7,000      7,486
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.000% 11/15/50      7,500      7,999
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.000% 11/15/51      2,500      2,664
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 5.000% 11/15/52      6,200      6,604
  Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue 4.000% 11/15/54     10,000      9,314
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/29      1,750      1,800
  Metropolitan Transportation Authority Transit Revenue 5.250% 11/15/31     10,000     10,131
6 Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/41      3,895      3,874
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/41     13,745     13,475
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/42      1,000        970
6 Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/42      2,870      2,830
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/42     16,085     15,602
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/42      8,170      8,797
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/43      3,000      2,880
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/43      5,200      4,992
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/43     12,000     12,523
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/43        700        749
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/44      7,000      6,647
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/45     12,045     11,373
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/45      1,900      1,968
1 Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/46      1,590      1,522
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/47     10,000     10,490
  Metropolitan Transportation Authority Transit Revenue 5.500% 11/15/47      4,675      5,130
1 Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/48     11,535     10,924
  Metropolitan Transportation Authority Transit Revenue 5.250% 11/15/49     14,185     15,191
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/50      4,000      3,671
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/50     13,000     11,932
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/50      3,500      3,581
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/51      3,000      2,744
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/52      3,365      3,070
  Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) 4.000%   7/1/50     19,000     18,024
  Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) 5.000%   7/1/53      3,000      3,183
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue (Rochester Regional Health Project) 4.000%  12/1/46      3,640      3,287
  Nassau County NY GO 4.000%   4/1/51      5,825      5,541
  Nassau County NY GO 4.000%   4/1/54     10,000      9,446
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.000% 12/15/31        200        204
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.375% 12/15/31        100        102
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.850%  11/1/43      2,575      2,374
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.000%  11/1/44      4,190      3,332
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.550%  11/1/45      5,710      3,993
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.950%  11/1/48      9,280      8,438
10 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.750%   5/1/51      2,000      1,399
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.250%   8/1/51      5,000      3,931
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.800%   2/1/53     10,000     10,064
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 5.000%  11/1/54     10,875     11,307
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 3.700% 12/30/27      3,000      3,007
10 New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 3.625%   7/1/28      3,000      3,016
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 3.700%   7/3/28      1,650      1,668
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 3.730% 12/29/28      1,595      1,601
6 New York City Industrial Development Agency Miscellaneous Revenue (Queens Baseball Stadium Project) 3.000%   1/1/37      1,710      1,535
6 New York City Industrial Development Agency Miscellaneous Revenue (Queens Baseball Stadium Project) 3.000%   1/1/46      1,670      1,281
6 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/40      3,295      2,866
6 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 4.000%   3/1/45      2,965      2,833
6 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/49      6,000      4,511
  New York City Municipal Water Finance Authority Water Revenue 5.250%  6/15/37     10,000     10,434
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/38      2,500      2,587
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/39      1,295      1,309
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/39     10,000     10,054
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/40      6,400      6,701
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/40      5,000      5,187
  New York City Municipal Water Finance Authority Water Revenue 3.500%  6/15/42     15,000     13,038
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/42      5,605      5,573
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/42     16,185     16,133
  New York City Municipal Water Finance Authority Water Revenue 3.000%  6/15/44     15,580     12,516
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/45      5,000      4,859
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/45      5,000      4,859
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/45     18,750     19,439
  New York City Municipal Water Finance Authority Water Revenue 4.125%  6/15/46     12,500     12,249
  New York City Municipal Water Finance Authority Water Revenue 5.250%  6/15/46      5,000      5,443
  New York City Municipal Water Finance Authority Water Revenue 4.125%  6/15/47      7,500      7,348
  New York City Municipal Water Finance Authority Water Revenue 5.250%  6/15/47     11,675     12,728
  New York City Municipal Water Finance Authority Water Revenue 3.500%  6/15/48      8,930      7,761
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/48     17,465     18,226
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/49      3,500      3,653
  New York City Municipal Water Finance Authority Water Revenue 3.000%  6/15/50      1,750      1,339
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/50      4,470      4,648
  New York City Municipal Water Finance Authority Water Revenue 3.000%  6/15/51      5,000      3,802
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/51     11,305     11,835
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/52      9,000      8,512
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/52     14,600     15,328
  New York City Municipal Water Finance Authority Water Revenue 5.250%  6/15/52     18,400     19,763
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/33      5,010      5,282
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/34      5,100      5,368
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/35      9,550     10,030
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43      4,500      4,642
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.250%  7/15/45      2,410      2,502
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/31     17,055     17,754
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/34      4,315      4,389
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/34     15,675     16,518
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/34     11,560     12,042
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/34      3,000      3,111
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/36     10,195     10,817
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/36      8,000      8,067
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/36      4,735      4,798
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/36      1,360      1,395
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/36      7,000      7,606
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/37      7,080      7,126
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/37     25,790     27,284
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/37      3,000      3,257
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/37      6,060      6,101
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/37     10,000     11,088
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%  11/1/37      5,000      4,444
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/37      5,000      5,108
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/38      3,500      3,552
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/38      4,100      4,162
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/38     10,000     10,488
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/38      4,250      4,307
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/38      2,725      2,769
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.250%  11/1/38      5,945      6,683
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/39      9,785      9,896
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/39      2,000      2,020
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/39      5,150      5,417
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/39      9,930     10,030
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/39      2,310      2,416
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/40     11,825     11,893
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/40      5,000      5,029
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/40      6,875      6,990
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/40      5,000      5,209
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   8/1/40      7,245      6,130
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/40      2,400      2,507
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/40      5,000      4,986
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/40      1,000      1,006
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/40      4,745      4,957
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/41      1,000      1,002
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/41      3,685      3,841
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/42     15,000     15,396
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/42        700        696
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/42      2,000      2,079
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.250%   8/1/42      2,140      2,344
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/43      3,390      3,467
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/43      8,000      7,887
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/44     10,000     10,686
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/44      1,395      1,493
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   5/1/45      1,295      1,023
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/45      8,000      7,748
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/45     14,000     14,353
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   5/1/46      8,000      6,249
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/46      2,000      2,121
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/47      7,030      7,399
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%  11/1/47      5,000      3,831
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   5/1/48     10,000      7,633
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 2.500%   8/1/48      5,000      3,229
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/48      4,500      4,325
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/49      5,000      4,797
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   2/1/51     13,000      9,680
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/53     16,500     15,598
  New York City Transitional Finance Authority Income Tax Revenue 5.000%  11/1/41        100        110
  New York City Transitional Finance Authority Income Tax Revenue 5.000%  11/1/41      1,710      1,893
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   2/1/43      8,000      8,643
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   2/1/44      9,250      9,950
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   5/1/44      5,000      5,387
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   5/1/46      1,175      1,261
  New York City Transitional Finance Authority Income Tax Revenue 5.000%  11/1/46      5,020      5,387
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   5/1/47      3,335      3,556
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   5/1/47     11,000     11,761
  New York City Transitional Finance Authority Income Tax Revenue 5.250%   5/1/48        705        767
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   5/1/49      2,630      2,796
  New York City Transitional Finance Authority Income Tax Revenue 5.250%   5/1/49     19,750     21,440
  New York City Transitional Finance Authority Income Tax Revenue 5.000%   5/1/50      2,290      2,429
  New York City Transitional Finance Authority Income Tax Revenue 5.250%   2/1/53     10,300     11,075
1 New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/40      2,850      1,403
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/47      6,180      1,954
2 New York Counties Tobacco Trust IV Tobacco Settlement Funded Revenue 6.250%   6/1/41      3,365      3,365
  New York Liberty Development Corp. Economic Development Revenue (World Trade Center Project) 3.000%  9/15/43      5,555      4,588
  New York Liberty Development Corp. Economic Development Revenue (World Trade Center Project) 3.125%  9/15/50     13,945     10,931
  New York Liberty Development Corp. Economic Development Revenue (World Trade Center Project) 3.250%  9/15/52      5,700      4,437
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  New York Liberty Development Corp. Economic Development Revenue (World Trade Center Project) 3.500%  9/15/52      1,310      1,069
2 New York Liberty Development Corp. Industrial Revenue 5.150% 11/15/34      2,000      2,002
  New York Liberty Development Corp. Industrial Revenue (Bank of America Tower at One Bryant Park Project) 2.450%  9/15/69     13,230     12,352
  New York Liberty Development Corp. Industrial Revenue (Bank of America Tower at One Bryant Park Project) 2.625%  9/15/69     15,575     14,468
  New York Liberty Development Corp. Industrial Revenue (Bank of America Tower at One Bryant Park Project) 2.800%  9/15/69     16,120     14,837
  New York Liberty Development Corp. Intergovernmental Agreement Revenue 3.000%  2/15/42      1,535      1,253
  New York Liberty Development Corp. Intergovernmental Agreement Revenue 2.750%  2/15/44     11,830      8,839
  New York Liberty Development Corp. Lease (Appropriation) Revenue 2.875% 11/15/46     17,000     12,454
1 New York Liberty Development Corp. Lease (Appropriation) Revenue 2.875% 11/15/46      5,000      3,694
  New York Liberty Development Corp. Lease (Appropriation) Revenue 3.000% 11/15/51      8,250      6,103
1 New York Liberty Development Corp. Lease (Appropriation) Revenue 3.000% 11/15/51      7,000      5,237
  New York Liberty Development Corp. Miscellaneous Revenue 5.250%  10/1/35      9,345     10,734
  New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue 2.200%  10/1/36      2,000      1,596
  New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue 5.000%  10/1/48      2,715      2,802
  New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue 3.000%   4/1/50      2,260      2,201
  New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue 3.500%  10/1/52      1,300      1,288
  New York NY GO 5.000%   8/1/32      3,000      3,082
  New York NY GO 5.000%   4/1/34      7,000      7,362
  New York NY GO 5.000%  12/1/34     16,310     16,839
  New York NY GO 3.000%   3/1/35      7,000      6,521
  New York NY GO 5.000%  10/1/35      5,020      5,251
  New York NY GO 5.000%  12/1/35      2,100      2,222
  New York NY GO 4.000%   8/1/36      2,635      2,707
  New York NY GO 5.000%   3/1/37      3,070      3,307
  New York NY GO 5.000%   3/1/37      1,175      1,282
  New York NY GO 4.000%   8/1/37      3,000      3,066
  New York NY GO 4.000%  10/1/37      5,840      5,918
  New York NY GO 5.000%  10/1/37      5,000      5,215
  New York NY GO 4.000%   3/1/38      6,950      7,067
  New York NY GO 5.000%   3/1/38      3,305      3,550
  New York NY GO 5.000%   8/1/38      5,430      5,855
  New York NY GO 5.000%   8/1/38      1,000      1,117
  New York NY GO 5.000%  10/1/38      2,045      2,175
  New York NY GO 5.000%  12/1/38     14,545     14,915
  New York NY GO 4.000%   8/1/39        970        979
  New York NY GO 4.000%   8/1/39      7,950      8,038
  New York NY GO 4.000%   3/1/40      2,000      2,016
  New York NY GO 4.000%   3/1/40      7,185      7,265
  New York NY GO 4.000%   8/1/40     11,650     11,696
  New York NY GO 4.000%   8/1/40      1,795      1,808
  New York NY GO 5.000%   8/1/40      1,000      1,105
  New York NY GO 5.250%  10/1/40      2,075      2,314
  New York NY GO 4.000%   3/1/41     14,370     14,444
  New York NY GO 4.000%   4/1/41     12,285     12,349
  New York NY GO 5.000%   8/1/41      2,000      2,191
  New York NY GO 5.250%  10/1/41      2,345      2,593
  New York NY GO 4.000%   4/1/42      3,500      3,495
  New York NY GO 4.000%   4/1/42     16,085     16,064
  New York NY GO 5.000%   8/1/42      1,000      1,088
  New York NY GO 5.000%   4/1/43     11,720     12,109
  New York NY GO 5.000%   8/1/43      3,000      3,236
  New York NY GO 5.000%  12/1/43      1,500      1,560
  New York NY GO 5.500%   5/1/44      2,930      3,227
  New York NY GO 5.000%   8/1/44      6,000      6,446
  New York NY GO 3.500%   4/1/46      3,110      2,680
  New York NY GO 5.000%   9/1/47      6,610      7,056
  New York NY GO 5.000%   9/1/48      5,195      5,529
  New York NY GO 5.000%   4/1/50     10,000     10,585
  New York NY GO 4.000%   9/1/52     11,895     11,232
  New York NY GO 5.250%   3/1/53      9,000      9,681
  New York NY GO 5.250%   4/1/54      8,260      8,885
  New York NY GO PUT 5.000%  12/1/25      1,000      1,006
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/55      9,000      8,498
6 New York Power Authority Electric Power & Light Revenue (Green Transmission Project) 5.125% 11/15/63      9,200      9,764
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/33      1,465      1,598
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/34      1,000      1,096
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/35      1,445      1,580
  New York State Dormitory Authority College & University Revenue 5.250%   5/1/40        500        544
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/40      1,500      1,513
  New York State Dormitory Authority College & University Revenue 3.000%   7/1/41      2,000      1,710
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/41         75         76
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/42      1,000      1,058
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/45      2,000      2,310
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/47     11,150     12,820
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/48     11,345     13,037
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/50      9,000      9,287
  New York State Dormitory Authority College & University Revenue 5.000%  7/15/50      5,000      5,001
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/50      6,500      7,467
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/52      1,310      1,182
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/52      3,000      3,137
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/31      1,975      2,042
8 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/35      1,310      1,482
8 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/36      3,515      3,959
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/37      2,000      2,195
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.250%  10/1/40      1,000      1,108
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.250%  10/1/41      2,000      2,202
8 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/42      1,000      1,091
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.250%  10/1/42      1,000      1,095
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.250%  11/1/42      1,000      1,069
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.250%  10/1/43      1,350      1,473
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.250%  10/1/44      1,600      1,738
6 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/48      7,330      5,935
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.250%  10/1/49      5,085      5,276
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/50      4,000      3,508
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/52      7,000      7,258
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/54      5,660      5,232
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/33      7,410      7,608
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/36     10,000     10,405
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/36      9,985     10,312
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/37      9,605      9,807
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/37     13,365     13,669
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/38      5,000      5,150
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/39     12,240     12,249
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/39      7,020      7,089
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/39      4,010      4,050
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/40      4,000      3,441
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/40      3,750      3,765
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/40        470        472
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/41      5,000      4,227
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/41     11,245      9,445
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/41      1,000      1,042
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/42      2,465      2,053
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/42      2,575      2,547
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/42     21,600     21,368
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/42      2,040      2,232
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/43      6,000      5,880
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/43      2,505      2,721
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/44      2,085      2,250
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/44      9,000      9,350
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/45      7,000      6,754
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/46      4,650      4,972
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/49      4,000      3,784
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/49      5,000      4,737
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/50     10,000      7,545
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/50      5,000      3,786
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/51      5,000      3,740
  New York State Dormitory Authority Income Tax Revenue 3.500%  3/15/52     10,000      8,505
  New York State Dormitory Authority Income Tax Revenue, Prere. 5.000%  2/15/25          5          5
  New York State Dormitory Authority Income Tax Revenue, Prere. 4.000%  3/15/32        650        692
  New York State Dormitory Authority Intergovernmental Agreement Revenue 3.000%  10/1/31      5,465      5,205
  New York State Dormitory Authority Intergovernmental Agreement Revenue 5.000%  3/15/40      5,000      5,338
  New York State Dormitory Authority Intergovernmental Agreement Revenue 5.000%  3/15/42      8,000      8,454
  New York State Dormitory Authority Intergovernmental Agreement Revenue 4.000%  3/15/43      2,075      2,055
  New York State Dormitory Authority Intergovernmental Agreement Revenue 5.250%  3/15/44      4,500      4,773
  New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) 5.000%  10/1/32      5,010      5,150
  New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) 5.000%  10/1/33      3,000      3,082
1 New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) 5.000%  10/1/42      7,110      7,541
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
6 New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) 5.250%  10/1/50      9,200      9,748
  New York State Dormitory Authority Lease (Appropriation) Revenue 4.000%  3/15/38        185        188
  New York State Dormitory Authority Lease (Appropriation) Revenue 4.000%  3/15/43      7,500      7,351
  New York State Dormitory Authority Lease (Appropriation) Revenue 3.000%  3/15/51      2,575      1,926
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/30     10,000     10,296
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/37      6,000      6,249
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/37      3,805      3,976
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/38     10,725     11,124
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/38      5,000      5,205
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/38     22,110     23,057
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/39     18,000     18,506
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/40      2,000      2,065
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/41      2,630      2,732
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/41      3,000      3,091
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/48      1,995      2,047
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/51      9,750     10,353
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/54     10,000     10,600
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/56     10,000     10,563
  New York State Dormitory Authority Sales Tax Revenue, Prere. 5.000%  9/15/28          5          5
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/42      5,000      5,168
  New York State Environmental Facilities Corp. Water Revenue 5.000%  8/15/44      7,985      8,390
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/48      4,000      4,109
10 New York State Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%  11/1/42      1,750      1,702
10 New York State Housing Finance Agency Local or Guaranteed Housing Revenue 4.125%  11/1/47      3,500      3,381
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.730%  11/1/51      4,500      3,121
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.800%   5/1/29     15,000     15,037
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.450%  11/1/29      6,000      6,000
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.570%  11/1/31      5,190      5,192
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.950%   1/1/35      7,495      7,388
  New York State Thruway Authority Highway Revenue 4.000%   1/1/39      5,205      5,251
  New York State Thruway Authority Highway Revenue 4.000%   1/1/41      3,350      3,351
  New York State Thruway Authority Highway Revenue 4.000%   1/1/43      6,790      6,666
  New York State Thruway Authority Highway Revenue 5.000%   1/1/44      1,005      1,091
  New York State Thruway Authority Highway Revenue 4.000%   1/1/45      4,560      4,403
  New York State Thruway Authority Highway Revenue 3.000%   1/1/48      1,125        860
  New York State Thruway Authority Highway Revenue 3.000%   1/1/51      9,385      6,816
6 New York State Thruway Authority Highway Revenue 3.000%   1/1/53      2,055      1,551
  New York State Thruway Authority Income Tax Revenue 4.000%  3/15/51      3,750      3,573
  New York State Thruway Authority Lease (Appropriation) Revenue 4.000%  3/15/46      3,150      3,038
  New York State Thruway Authority Lease (Appropriation) Revenue 4.000%  3/15/47      5,000      4,807
  New York State Thruway Authority Lease (Appropriation) Revenue 3.000%  3/15/48      4,775      3,657
  New York State Thruway Authority Lease (Appropriation) Revenue 3.000%  3/15/50      4,355      3,268
  New York State Thruway Authority Lease (Appropriation) Revenue 4.000%  3/15/57      4,055      3,817
6 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue (Mohawk Valley Health System Project) 3.000%  12/1/51      5,435      3,731
  Onondaga County Trust for Cultural Resources College & University Revenue (Syracuse University Project) 5.000%  12/1/45      3,000      3,126
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/37      3,185      3,244
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/38      4,575      4,647
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/39      4,815      4,877
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/48      4,745      5,087
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/49      1,000      1,078
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/53      2,765      2,934
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/53      3,555      3,772
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/54      1,000      1,066
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/56      3,000      3,141
  Suffolk County NY GO 4.000% 10/15/42     11,880     11,998
  Suffolk Regional Off-Track Betting Co. Casinos Revenue 5.000%  12/1/34      2,500      2,581
  Suffolk Regional Off-Track Betting Co. Revenue 5.750%  12/1/44      3,500      3,606
  Suffolk Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/50      1,540      1,478
  Triborough Bridge & Tunnel Authority Fuel Sales Tax Revenue 5.500%  5/15/52      5,000      5,456
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/38      7,035      7,283
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/44     13,000     13,472
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/45      5,000      5,177
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/45      4,000      4,279
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/46      7,395      7,647
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/47      7,880      8,327
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/48      2,275      2,410
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/49      3,865      4,018
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/54      4,415      4,140
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/54      4,500      4,666
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/56      7,170      6,682
  Triborough Bridge & Tunnel Authority Highway Revenue 5.500% 11/15/57     26,265     28,456
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.250% 11/15/40      1,140      1,291
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.250% 11/15/42      4,160      4,633
6 Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 3.000%  5/15/51      1,500      1,141
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 4.125%  5/15/52      1,000        957
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.250%  5/15/52      6,000      6,412
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.250%  12/1/54     12,935     13,963
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.500%  12/1/59      6,430      7,079
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 4.125%  5/15/53     17,000     16,333
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/57     10,000     10,650
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 4.250%  5/15/58      2,500      2,405
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/59      8,415      8,979
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/62      5,000      5,308
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 4.125%  5/15/64      4,000      3,732
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/64     37,500     40,083
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/64     10,000     10,602
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/28      5,500      5,674
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/35      6,020      6,151
6 Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/51      1,925      1,995
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 6.250%  11/1/52      2,085      2,315
2 Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.500%   7/1/56      4,000      3,605
6 Yonkers NY GO 5.000%  3/15/37      1,000      1,110
                                   2,560,706
North Carolina (1.2%)
  Cabarrus County NC Appropriations Revenue 5.000%   4/1/28      1,110      1,136
  Cabarrus County NC Appropriations Revenue 5.000%   4/1/32      1,825      1,864
  Cabarrus County NC Intergovernmental Agreement Revenue 5.000%   6/1/28      1,280      1,341
  Cabarrus County NC Intergovernmental Agreement Revenue 4.000%   6/1/34      1,000      1,011
  Cabarrus County NC Intergovernmental Agreement Revenue 5.000%   8/1/43      3,500      3,850
  Cabarrus County NC Intergovernmental Agreement Revenue 5.000%   8/1/44      1,500      1,642
  Catawba County NC Intergovernmental Agreement Revenue 4.000%   4/1/40        570        573
  Catawba County NC Intergovernmental Agreement Revenue 4.000%   4/1/41      1,050      1,039
  Catawba County NC Intergovernmental Agreement Revenue 4.000%   4/1/43        400        394
  Charlotte NC (Transit Projects) COP 3.000%   6/1/36      1,580      1,463
  Charlotte NC (Transit Projects) COP 3.000%   6/1/37      1,665      1,521
  Charlotte NC (Transit Projects) COP 3.000%   6/1/38      3,505      3,152
  Charlotte NC (Transit Projects) COP 3.000%   6/1/48      5,100      3,960
  Charlotte NC Airport Port, Airport & Marina Revenue 4.000%   7/1/41      2,500      2,512
  Charlotte NC Airport Port, Airport & Marina Revenue 5.000%   7/1/42      3,455      3,759
  Charlotte NC Airport Port, Airport & Marina Revenue 3.000%   7/1/46      5,000      3,867
  Charlotte NC Airport Port, Airport & Marina Revenue 5.000%   7/1/49      2,500      2,577
  Charlotte NC GO 2.000%   6/1/41      1,625      1,184
  Charlotte NC Storm Water Revenue 4.000%  12/1/45      2,000      1,972
  Charlotte NC Water & Sewer System Water Revenue 5.000%   7/1/44      9,460      9,826
  Charlotte NC Water & Sewer System Water Revenue 5.000%   7/1/44      2,645      2,905
  Charlotte NC Water & Sewer System Water Revenue 5.000%   7/1/54     25,000     26,755
  Fayetteville NC Public Works Commission Electric Power & Light Revenue 4.000%   3/1/39      3,385      3,428
  Inlivian Local or Guaranteed Housing Revenue 4.450%   6/1/41      2,491      2,515
  Inlivian Local or Guaranteed Housing Revenue PUT 4.750%   3/1/27      9,710      9,900
  Macon County NC Appropriations Revenue 4.000%  10/1/44      1,350      1,318
  Moore County NC Appropriations Revenue 3.000%   6/1/38        490        435
  Moore County NC Appropriations Revenue 3.000%   6/1/39        800        699
  Moore County NC Appropriations Revenue 3.000%   6/1/40        625        539
  North Carolina Agricultural & Technical State University College & University Revenue 5.000%  10/1/48      2,450      2,582
  North Carolina Agricultural & Technical State University College & University Revenue 5.000%  10/1/52      2,500      2,620
  North Carolina Appropriations Revenue (Build NC Programs) 3.000%   5/1/33      2,500      2,400
  North Carolina Government Fund/Grant Revenue 5.000%   3/1/27      4,500      4,507
  North Carolina Government Fund/Grant Revenue 5.000%   3/1/28     13,000     13,018
  North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue 2.200%   7/1/40      4,615      3,407
  North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%   7/1/47        730        731
  North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue 3.750%   7/1/52      2,350      2,347
  North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue 5.750%   1/1/54      4,750      5,054
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 3.750%  10/1/28        525        525
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 4.250%  10/1/28        350        351
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 5.000%  10/1/39      1,000      1,053
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 5.000%  10/1/44        750        775
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 5.000%  10/1/49        750        766
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 4.000%   9/1/50      3,515      2,911
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 4.000%  10/1/50      1,350      1,176
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 4.000%   1/1/52      3,000      2,475
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue 5.125%  10/1/54      2,000      2,046
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue (Salem Towne Project) 5.375%  10/1/45      7,000      6,655
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue (Salem Towne Project) 5.000%  10/1/48      3,000      2,618
  North Carolina Turnpike Authority Appropriations Revenue 5.000%   7/1/37      1,250      1,372
  North Carolina Turnpike Authority Appropriations Revenue 5.000%   7/1/38      1,250      1,366
  North Carolina Turnpike Authority Appropriations Revenue 5.000%   7/1/40      1,000      1,081
  North Carolina Turnpike Authority Appropriations Revenue 5.000%   7/1/41      1,000      1,076
  North Carolina Turnpike Authority Highway Revenue 4.000%   1/1/39      8,125      7,886
6 North Carolina Turnpike Authority Highway Revenue 4.000%   1/1/41     10,000      9,883
  North Carolina Turnpike Authority Highway Revenue 5.000%   1/1/49      7,000      7,158
  Pender County NC GO 3.000%   3/1/40      3,000      2,640
  Raleigh Housing Authority Local or Guaranteed Housing Revenue PUT 5.000%   9/1/26      4,880      4,975
  Raleigh NC Combined Enterprise System Water Revenue 4.000%  12/1/33      3,000      3,003
  Rowan County NC Appropriations Revenue 4.000%   4/1/40      2,240      2,237
  Rowan County NC Appropriations Revenue 4.000%   4/1/42      2,240      2,196
  Salisbury NC Local or Guaranteed Housing Revenue PUT 5.000%   6/1/26      2,305      2,358
  University of North Carolina at Greensboro College & University Revenue 4.000%   4/1/33      1,750      1,778
  Wake County Housing Authority Local or Guaranteed Housing Revenue PUT 5.000%   6/1/27      6,670      6,865
  Wilson NC Special Obligation Revenue 4.000%  10/1/41      2,450      2,423
  Winston-Salem NC Water & Sewer System Water Revenue 4.000%   6/1/31      1,530      1,543
  Winston-Salem State University Foundation LLC College & University Revenue 4.000%   4/1/43      1,965      1,839
                                     216,833
North Dakota (0.2%)
  Cass County Joint Water Resource District Intergovernmental Agreement Revenue 3.450%   4/1/27      3,340      3,334
  Grand Forks ND Health, Hospital, Nursing Home Revenue 4.000%  12/1/38      1,120      1,046
6 Grand Forks ND Health, Hospital, Nursing Home Revenue 3.000%  12/1/46      8,000      6,133
6 Grand Forks ND Health, Hospital, Nursing Home Revenue 3.000%  12/1/51      9,000      6,490
  North Dakota Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%   1/1/53      3,780      3,801
  North Dakota Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%   1/1/54      1,910      2,081
  North Dakota Housing Finance Agency Local or Guaranteed Housing Revenue 6.000%   7/1/54      5,180      5,610
6 University of North Dakota COP 4.000%   6/1/51      2,600      2,392
6 University of North Dakota COP 2.500%   6/1/54      5,000      2,986
  West Fargo Public School District No. 6 GO 3.000%   8/1/31      3,280      3,190
  West Fargo Public School District No. 6 GO 3.000%   8/1/32      3,380      3,244
                                      40,307
Ohio (2.5%)
  Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue 4.000%   8/1/36      2,250      2,269
  Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue 4.000%   8/1/37      3,750      3,767
  Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue 4.000%   8/1/38      7,600      7,606
  American Municipal Power Inc. Electric Power & Light Revenue (Fremont Energy Center Project) 4.000%  2/15/36      1,010      1,029
  American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) 5.000%  2/15/36      2,560      2,658
  American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) 5.000%  2/15/38      9,000     10,005
  American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) 5.000%  2/15/39      5,500      6,062
  Athens City School District GO 3.250%  12/1/48      2,775      2,261
  Beachwood City School District GO 5.000%  12/1/48      7,650      7,981
  Big Walnut Local School District GO 5.000%  12/1/55      6,000      6,129
  Bluffton OH Health, Hospital, Nursing Home Revenue 4.000%  12/1/33      2,050      2,066
1 Brunswick City School District GO 5.250%  12/1/53      4,200      4,432
1 Brunswick City School District GO 5.500%  12/1/60      4,305      4,598
  Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/36      1,000      1,048
  Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/38      1,000        978
  Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/39      2,500      2,422
  Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue 3.000%   6/1/48     18,130     13,453
  Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/48     20,715     18,508
  Cleveland OH GO 5.000%  12/1/51      2,000      2,102
  Cleveland OH Income Tax Revenue 4.000%  10/1/33        425        442
  Cleveland OH Income Tax Revenue 3.000%  10/1/34        730        692
  Cleveland OH Income Tax Revenue 3.000%  10/1/35        575        539
  Cleveland OH Income Tax Revenue 3.000%  10/1/36        500        464
  Cleveland OH Income Tax Revenue 3.000%  10/1/37        800        732
  Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue 4.220%   9/1/39      7,500      7,475
  Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Development Corp. Project) 5.000%   8/1/33      3,510      3,512
  Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Development Corp. Project) 5.000%   8/1/34      3,690      3,692
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Development Corp. Project) 5.500%   8/1/47      2,500      2,646
  Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Development Corp. Project) 5.500%   8/1/52      2,500      2,624
8 Columbus Regional Airport Authority Port, Airport & Marina Revenue 5.250%   1/1/55      2,000      2,151
  Cuyahoga Community College District GO 4.000%  12/1/34      3,000      3,019
  Cuyahoga County OH Health, Hospital, Nursing Home Revenue 4.750%  2/15/47     10,100      9,802
  Cuyahoga County OH Health, Hospital, Nursing Home Revenue 5.500%  2/15/52      8,000      8,109
  Franklin City School District GO 3.000%  11/1/57      5,205      3,794
  Franklin County Convention Facilities Authority Hotel Project Industrial Revenue (Greater Columbus Convention Center Hotel Expansion Project) 5.000%  12/1/51      2,250      2,126
  Franklin County OH Health, Hospital, Nursing Home Revenue 5.000%   7/1/29      2,235      2,266
  Franklin County OH Health, Hospital, Nursing Home Revenue 5.000%   7/1/38     11,525     11,595
13 Freddie Mac Pool 3.700%   9/1/38      1,616      1,492
13 Freddie Mac Pool 3.350%  10/1/38      4,983      4,597
13 Freddie Mac Pool 3.450%   7/1/40      9,903      8,933
13 Freddie Mac Pool 3.900%   7/1/40      5,762      5,468
  Great Oaks Career Campuses Board of Education COP 3.000%  12/1/33      1,850      1,766
  Great Oaks Career Campuses Board of Education COP 3.000%  12/1/34      1,000        940
  Great Oaks Career Campuses Board of Education COP 3.000%  12/1/35      1,000        930
  Great Oaks Career Campuses Board of Education COP 3.000%  12/1/44      1,140        931
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  8/15/31        500        541
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  8/15/32        300        324
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  8/15/33      1,575      1,697
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%   6/1/34      1,000      1,078
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  8/15/34      1,455      1,568
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  8/15/35        800        859
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  8/15/36      2,660      2,837
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  8/15/37      2,780      2,945
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%   6/1/38      2,000      2,132
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  8/15/38      2,890      3,036
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%   6/1/42      2,500      2,595
  Hamilton County OH Health, Hospital, Nursing Home Revenue 4.000%  8/15/50      1,245      1,147
  Hamilton County OH Health, Hospital, Nursing Home Revenue 5.000%  9/15/50      5,750      5,673
  Hamilton County OH Health, Hospital, Nursing Home Revenue (Cincinnati Children's Hospital Project) 5.000% 11/15/49      3,000      3,278
  Hilliard OH Income Tax Revenue 5.000%  12/1/52      8,750      9,283
  Kings Local School District GO 5.500%  12/1/62      8,990      9,632
  Lancaster Port Authority Natural Gas Revenue PUT 5.000%   2/1/25      3,745      3,745
  Lucas County OH Health, Hospital, Nursing Home Revenue 5.250% 11/15/48     15,160     15,259
  Miami County OH Health, Hospital, Nursing Home Revenue 5.000%   8/1/31        935        984
  Montgomery County OH Health, Hospital, Nursing Home Revenue 5.000%   8/1/32        690        751
  Montgomery County OH Health, Hospital, Nursing Home Revenue 5.000% 11/15/34      1,500      1,565
  Montgomery County OH Health, Hospital, Nursing Home Revenue 4.000%   8/1/37        175        176
  Montgomery County OH Health, Hospital, Nursing Home Revenue 5.000%   8/1/38        375        398
  Montgomery County OH Health, Hospital, Nursing Home Revenue 3.000%   8/1/40        225        185
  Montgomery County OH Health, Hospital, Nursing Home Revenue 4.000%   8/1/41        205        199
  Montgomery County OH Health, Hospital, Nursing Home Revenue 4.000% 11/15/42      7,655      7,055
  Montgomery County OH Health, Hospital, Nursing Home Revenue 3.000%   8/1/51      1,540      1,112
  Montgomery County OH Health, Hospital, Nursing Home Revenue 4.000%   8/1/51      5,000      4,600
  North Ridgeville City School District GO 5.500%  12/1/57      3,090      3,244
  Northeast Ohio Regional Sewer District Sewer Revenue 4.000% 11/15/36      4,250      4,327
  Ohio GO 5.000%   3/1/39     10,000     10,320
  Ohio GO 3.000%  6/15/39      2,500      2,230
  Ohio Health, Hospital, Nursing Home Revenue 4.000%  1/15/39      1,000        990
  Ohio Health, Hospital, Nursing Home Revenue 4.000%  1/15/40      1,455      1,433
  Ohio Health, Hospital, Nursing Home Revenue 4.000%  1/15/50      1,500      1,369
  Ohio Health, Hospital, Nursing Home Revenue 5.000%  1/15/50      5,000      5,083
  Ohio Higher Educational Facility Commission College & University Revenue (Case Western Reserve University Project) 4.000%  12/1/44      2,490      2,409
  Ohio Higher Educational Facility Commission College & University Revenue (College of Wooster Project) 5.000%   9/1/43     11,050     11,270
  Ohio Higher Educational Facility Commission College & University Revenue (Denison University 2021 Project) 3.000%  11/1/50      2,500      1,872
  Ohio Higher Educational Facility Commission College & University Revenue (Denison University 2023 Project) 5.000%  11/1/53      3,000      3,150
  Ohio Higher Educational Facility Commission College & University Revenue (John Carroll University 2022 Project) 4.000%  10/1/47      2,000      1,710
  Ohio Higher Educational Facility Commission College & University Revenue (John Carroll University 2022 Project) 4.000%  10/1/52      3,625      3,012
  Ohio Higher Educational Facility Commission College & University Revenue (University Findlay Project) 5.000%   3/1/34      3,160      3,173
  Ohio Higher Educational Facility Commission College & University Revenue (University Findlay Project) 5.000%   3/1/39      1,840      1,811
  Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue 5.000%  12/1/50      1,500      1,430
  Ohio Housing Finance Agency Local or Guaranteed Housing Revenue 3.250%   3/1/50      9,195      9,091
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Ohio Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%   3/1/55      4,900      5,353
  Ohio Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%   3/1/55      4,265      4,691
  Ohio Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%   3/1/55      7,675      8,477
  Ohio Housing Finance Agency Local or Guaranteed Housing Revenue (Mortgage-Backed Securities Program) 3.250%   9/1/52      1,845      1,818
  Ohio Housing Finance Agency Local or Guaranteed Housing Revenue (Mortgage-Backed Securities Program) 6.000%   3/1/55      6,165      6,732
  Ohio Special Obligation Revenue (Administrative Building Fund Project) 5.000%   4/1/40      1,110      1,188
  Ohio State University College & University Revenue 4.000%  12/1/41      1,175      1,182
  Ohio State University College & University Revenue 3.000%  12/1/44      3,750      3,030
  Ohio Turnpike & Infrastructure Commission Highway Revenue 4.000%  2/15/31     19,600     20,105
  Ohio Turnpike & Infrastructure Commission Highway Revenue 5.000%  2/15/43      1,385      1,425
  Ohio University College & University Revenue 5.250%  12/1/54      1,445      1,564
  Ohio Water Development Authority Water Pollution Control Loan Fund Lease Revenue 5.000%  12/1/44      4,450      4,663
  Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue 5.000%  12/1/40      1,000      1,073
  Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue 5.000%  12/1/50     12,265     12,806
  Port of Greater Cincinnati Development Authority Intergovernmental Agreement Revenue (Duke Energy Convention Center Project) 5.000%  12/1/63      2,495      2,557
  Summit County Development Finance Authority Auto Parking Revenue (University of Akron Parking Project) 5.750%  12/1/53      1,100      1,176
  Summit County Development Finance Authority Auto Parking Revenue (University of Akron Parking Project) 6.000%  12/1/58      1,615      1,754
  Union County OH GO 5.000%  12/1/47      2,500      2,560
  Wickliffe City School District GO 3.250%  12/1/56     10,355      7,647
  Worthington City School District GO 5.000%  12/1/48      5,000      5,314
  Worthington City School District GO 5.500%  12/1/54      4,000      4,352
                                     442,156
Oklahoma (0.8%)
1 Creek County Educational Facilities Authority Lease (Appropriation) Revenue (Sapulpa Public School Project) 5.000%   9/1/38      1,700      1,873
1 Creek County Educational Facilities Authority Lease (Appropriation) Revenue (Sapulpa Public School Project) 5.000%   9/1/41      1,000      1,080
  Norman Regional Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/45      4,490      3,320
  Oklahoma Capitol Improvement Authority Appropriations Revenue 4.000%   7/1/34      2,055      2,071
  Oklahoma City Water Utilities Trust Water Revenue 5.250%   7/1/64      8,000      8,654
1 Oklahoma County Finance Authority Lease (Appropriation) Revenue (MidWest City-Del City Public Schools Project) 5.000%  10/1/42      1,500      1,607
1 Oklahoma County Finance Authority Lease (Appropriation) Revenue (MidWest City-Del City Public Schools Project) 5.000%  10/1/43      2,500      2,666
  Oklahoma County Finance Authority Revenue 5.875%  12/1/47      3,000      2,301
  Oklahoma Development Finance Authority Health, Hospital, Nursing Home Revenue (OU Medicine Project) 5.250%  8/15/48      9,870     10,001
  Oklahoma Development Finance Authority Health, Hospital, Nursing Home Revenue (OU Medicine Project) 5.500%  8/15/57      5,525      5,624
  Oklahoma Industries Authority Lease (Appropriation) Revenue (Oklahoma City Public School Project) 5.000%   4/1/33      2,515      2,828
6 Oklahoma Municipal Power Authority Electric Power & Light Revenue 4.000%   1/1/32      1,000      1,036
6 Oklahoma Municipal Power Authority Electric Power & Light Revenue 4.000%   1/1/33        650        672
6 Oklahoma Municipal Power Authority Electric Power & Light Revenue 4.000%   1/1/34        950        980
6 Oklahoma Municipal Power Authority Electric Power & Light Revenue 4.000%   1/1/35        590        606
6 Oklahoma Municipal Power Authority Electric Power & Light Revenue 4.000%   1/1/39        500        504
  Oklahoma State University College & University Revenue 4.000%   9/1/36        375        383
  Oklahoma State University College & University Revenue 4.000%   9/1/37        785        802
  Oklahoma State University College & University Revenue 3.000%   9/1/40        500        429
  Oklahoma State University College & University Revenue 3.000%   9/1/41        500        421
  Oklahoma Turnpike Authority Highway Revenue 4.000%   1/1/35      5,000      5,020
8 Oklahoma Turnpike Authority Highway Revenue 5.000%   1/1/37      1,070      1,201
8 Oklahoma Turnpike Authority Highway Revenue 5.000%   1/1/41      4,650      5,082
8 Oklahoma Turnpike Authority Highway Revenue 5.250%   1/1/50      6,520      7,102
  Oklahoma Turnpike Authority Highway Revenue 5.500%   1/1/53     31,695     34,370
8 Oklahoma Turnpike Authority Highway Revenue 5.500%   1/1/54      6,460      7,144
4,8 Oklahoma Turnpike Authority Highway Revenue 4.250%   1/1/55      7,805      7,650
  Oklahoma Water Resources Board Intergovernmental Agreement Revenue 5.000%  10/1/43      2,195      2,346
  Oklahoma Water Resources Board Water Revenue 2.000%   4/1/35      1,000        804
  Oklahoma Water Resources Board Water Revenue (Drinking Water Program) 4.000%   4/1/48      5,080      4,871
  Tulsa Public Facilities Authority Sales Tax Revenue 4.000%  10/1/30     12,575     12,721
                                     136,169
Oregon (1.5%)
  Clackamas County School District No. 7J Lake Oswego GO 4.000%   6/1/33      1,415      1,439
  Clackamas County School District No. 7J Lake Oswego GO 4.000%   6/1/34      1,630      1,653
  Deschutes County Hospital Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   1/1/33      1,000      1,001
  Deschutes County Hospital Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   1/1/34        605        606
  Deschutes County Hospital Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   1/1/35      1,000        997
  Forest Grove OR College & University Revenue 4.000%   5/1/36        445        419
  Forest Grove OR College & University Revenue 4.000%   5/1/39      1,495      1,355
  Jackson County School District No. 5 Ashland GO 5.000%  6/15/43      1,935      2,009
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Jackson County School District No. 5 Ashland GO 5.000%  6/15/44      1,840      1,907
  Medford Hospital Facilities Authority Health, Hospital, Nursing Home Revenue (Asante Project) 5.000%  8/15/34        750        801
6 Medford Hospital Facilities Authority Health, Hospital, Nursing Home Revenue (Asante Project) 4.000%  8/15/40      1,810      1,781
  Medford Hospital Facilities Authority Health, Hospital, Nursing Home Revenue (Asante Project) 4.000%  8/15/50      7,750      7,010
  Multnomah County OR School District No. 1 Portland GO 3.000%  6/15/37      2,335      2,099
  Multnomah County School District No. 40 GO 5.500%  6/15/53     13,715     15,037
  Oregon (OHSU Project) GO 5.000%   8/1/35      2,040      2,131
  Oregon Department of Transportation Fuel Sales Tax Revenue 4.000% 11/15/38      7,500      7,610
  Oregon Department of Transportation Fuel Sales Tax Revenue 4.000% 11/15/39      5,000      5,054
  Oregon GO 5.000%   6/1/33        390        413
  Oregon GO 5.000%   6/1/34        500        528
  Oregon GO 5.000%   6/1/35        500        527
  Oregon GO 5.000%   5/1/36      1,000      1,051
  Oregon GO 5.000%   5/1/37        700        733
  Oregon GO 5.000%   6/1/37      1,560      1,634
  Oregon GO 5.000%   5/1/38        650        678
  Oregon GO 5.000%   6/1/41      1,910      2,101
  Oregon GO 2.600%  12/1/42      1,455      1,076
  Oregon GO 5.000%  12/1/52      2,470      2,558
  Oregon Health & Science University Health, Hospital, Nursing Home Revenue 4.000%   7/1/40      1,550      1,538
  Oregon Health & Science University Health, Hospital, Nursing Home Revenue 4.000%   7/1/41      1,190      1,171
  Oregon Health & Science University Health, Hospital, Nursing Home Revenue 5.000%   7/1/42      2,500      2,542
  Oregon Health & Science University Health, Hospital, Nursing Home Revenue 3.000%   7/1/51      3,420      2,524
  Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue 4.750%   1/1/50      2,180      2,205
  Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue 4.000%   7/1/51      3,080      3,097
  Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue (Single Family Mortgage Program) 2.250%   7/1/41      2,000      1,420
  Oregon State Business Development Commission Industrial Revenue (Intel Corp. Project) PUT 3.800%  6/15/28      1,870      1,888
  Oregon State Facilities Authority College & University Revenue (Willamette University Project) 4.000%  10/1/51      3,300      2,721
  Oregon State Facilities Authority Health, Hospital, Nursing Home Revenue (Legacy Health Project) 4.125%   6/1/52      3,575      3,303
  Oregon State Facilities Authority Health, Hospital, Nursing Home Revenue (Legacy Health Project) 5.000%   6/1/52      5,395      5,595
  Oregon State Lottery Revenue 5.000%   4/1/37      6,185      6,404
  Oregon State Lottery Revenue 5.000%   4/1/37      2,500      2,659
  Oregon State Lottery Revenue 5.000%   4/1/39      3,000      3,172
  Oregon State University College & University Revenue 5.000%   4/1/45      6,000      6,371
  Oregon Tri-County Metropolitan Transportation Government Fund/Grant Revenue 5.000%  10/1/30      4,760      5,034
  Oregon Tri-County Metropolitan Transportation Miscellaneous Taxes Revenue 3.000%   9/1/44      1,405      1,146
  Portland OR Sewer System Sewer Revenue 4.500%   5/1/32      9,475      9,618
  Portland OR Sewer System Sewer Revenue 3.000%   3/1/37      6,375      5,907
8 Portland OR Sewer System Sewer Revenue 5.000%  10/1/54      4,930      5,260
  Portland OR Water System Water Revenue 3.000%   5/1/34      7,760      7,403
  Portland OR Water System Water Revenue 3.000%   5/1/35      7,995      7,579
  Portland OR Water System Water Revenue 3.000%   5/1/36      8,230      7,699
  Portland OR Water System Water Revenue 2.125%   5/1/46      3,660      2,287
  Salem Hospital Facility Authority Health, Hospital, Nursing Home Revenue (Capital Manor Project) 5.000%  5/15/53      1,000        965
  Salem Hospital Facility Authority Health, Hospital, Nursing Home Revenue (Salem Health Projects) 5.000%  5/15/44      1,645      1,687
  Salem-Keizer School District No. 24J GO 5.000%  6/15/37      7,500      7,864
  Salem-Keizer School District No. 24J GO 5.000%  6/15/39      1,410      1,469
  Tualatin Valley Water District Water Revenue 5.000%   6/1/53      9,605     10,185
  Tualatin Valley Water District Water Revenue 5.000%   6/1/54     10,000     10,593
  University of Oregon College & University Revenue 5.000%   4/1/50     30,425     31,507
1 University of Oregon College & University Revenue 3.500%   4/1/52     28,370     24,135
  Yamhill Clackamas & Washington Counties School District No. 29J Newberg GO 0.000%  6/15/44      8,875      3,417
  Yamhill County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/46      1,635      1,440
  Yamhill County OR College & University Revenue (George Fox University Project) 4.000%  12/1/46      2,000      1,843
                                     257,856
Pennsylvania (4.6%)
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/33      5,960      6,190
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/38      4,950      4,937
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/44      2,500      2,329
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/47      3,990      4,038
  Allegheny County PA GO 5.000%  11/1/28      5,475      5,668
  Allegheny County PA GO 5.000%  12/1/54      1,445      1,521
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/49        815        860
  Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/52      7,500      8,303
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/42      5,625      5,835
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.000%   5/1/33      1,500      1,525
1 Berwick Area School District GO 4.000% 11/15/41      1,125      1,110
  Bethel Park School District GO 4.000%   8/1/37      1,500      1,546
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
6 Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/53      6,500      4,929
  Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/51      1,500      1,275
  Centennial School District Bucks County GO 5.000% 12/15/35      1,125      1,202
  Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/51     13,000     11,660
6 Central Valley School District GO 3.000%   6/1/40      2,415      2,102
6 Central Valley School District GO 3.000%   6/1/44      2,305      1,898
  Cheltenham Township School District GO, Prere. 5.000%  3/15/25     15,210     15,248
  Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/32      1,490      1,550
  Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/36      1,800      1,812
  Chester County IDA Charter School Aid Revenue 5.000%   3/1/27      1,000      1,018
  Chester County IDA Recreational Revenue 4.000%  12/1/51      2,580      2,390
1 Coatesville School District GO 0.000%  10/1/38      2,100      1,108
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/34      1,930      2,024
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/35         15         16
6 Commonwealth Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/39      2,625      2,628
6 Commonwealth of Pennsylvania GO 4.000%  8/15/28     15,000     15,062
6 Commonwealth of Pennsylvania GO 4.000%   3/1/33     10,000     10,200
  Commonwealth of Pennsylvania GO 4.000%  10/1/39     10,000     10,008
  Commonwealth of Pennsylvania GO 4.000%   9/1/43     15,000     14,757
  Conestoga Valley School District GO 3.000%   2/1/34      2,050      1,910
  Conestoga Valley School District GO 3.000%   2/1/36      2,175      2,002
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/44      7,000      6,450
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/49      2,000      1,799
  Cumberland Valley School District GO 4.000% 11/15/38      2,345      2,374
  Cumberland Valley School District GO 4.000% 11/15/40      3,000      3,000
2 Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.375%   7/1/39      1,000      1,080
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/45      1,970      1,802
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/49      2,135      2,174
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/50      5,000      3,989
6 Ellwood City Area School District GO 4.000% 11/15/40        810        795
1 Fairview School District GO 3.000%  9/15/39      1,000        881
1 Fairview School District GO 3.000%  9/15/40      1,000        860
1 Fairview School District GO 3.000%  9/15/41      1,000        862
13 Freddie Mac Pool 3.300%   8/1/39      4,950      4,453
13 Freddie Mac Pool 3.600%   7/1/40      3,980      3,571
1 Gateway School District Alleghany County GO 3.000% 10/15/38      1,500      1,317
1 Gateway School District Alleghany County GO 3.000% 10/15/39      1,000        865
1 Gateway School District Alleghany County GO 3.000% 10/15/40      1,400      1,215
1 Gateway School District Alleghany County GO 3.000% 10/15/43      2,500      2,050
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/39      5,600      5,723
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/50      6,000      6,171
  Geisinger Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   4/1/30      2,000      2,147
  Haverford Township PA GO 3.600%   6/1/43      3,355      3,133
1 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/47      2,935      3,047
1 Indiana County IDA Local or Guaranteed Housing Revenue 4.000%   5/1/54      1,000        928
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/51      8,485      8,608
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/41      2,175      2,027
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/51      6,300      5,305
  Lehigh County PA Health, Hospital, Nursing Home Revenue 4.000%   7/1/49     12,050     10,851
  Manheim Central School District GO 4.000%   5/1/39      1,100      1,103
  Monroe County PA Hospital Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/26      2,000      2,061
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/34      1,250      1,387
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/34      1,380      1,500
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/37      3,100      3,147
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/52      4,585      4,705
4 Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/56      1,765      1,618
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/57     25,330     25,806
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/44      2,700      2,511
  Montgomery County Higher Education & Health Authority Private Schools Revenue (Hill School Project) 4.000%  8/15/50      4,000      3,603
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 3.000%   3/1/49      3,500      2,635
  Moon IDA Health, Hospital, Nursing Home Revenue 6.000%   7/1/45      6,140      4,261
  Moon IDA Health, Hospital, Nursing Home Revenue 6.125%   7/1/50      5,015      3,399
  Mount Lebanon Hospital Authority Health, Hospital, Nursing Home Revenue (St. Clair Memorial Hospital Project) 4.000%   7/1/48     12,000     11,053
6 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.000%   1/1/38        805        857
6 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.000%   1/1/39        500        528
6 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.000%   1/1/40      1,000      1,051
  Pennsylvania Economic Development Financing Authority Electric Power & Light Revenue PUT 5.250%   6/1/27      1,000      1,010
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/33        690        768
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/33      2,240      2,415
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/35      1,530      1,692
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/36      1,545      1,557
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/37        450        453
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/40      6,375      6,269
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/40      1,945      1,913
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/41      5,240      5,054
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/43        840        793
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/48        545        509
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/53      7,250      6,497
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/32      2,750      2,773
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/33      1,555      1,566
6 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/40      1,750      1,723
6 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/50      3,500      3,153
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/33      2,895      3,007
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/37      1,155      1,175
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/38      2,600      2,620
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/39      1,185      1,188
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/41      1,110      1,095
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/42      4,255      4,004
4 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.250%  11/1/51      3,600      3,447
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.375%  11/1/54      3,790      3,600
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/54      3,135      3,230
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  11/1/54      2,970      3,193
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/50     12,020     11,817
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/52      2,635      2,722
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.500%  10/1/53      2,885      3,039
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/53      5,090      5,537
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.000%  10/1/54      5,385      5,833
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/54      4,735      5,213
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/54      6,290      6,961
  Pennsylvania State University College & University Revenue 5.000%   9/1/28      3,000      3,032
  Pennsylvania State University College & University Revenue 5.000%   9/1/38      2,005      2,119
  Pennsylvania State University College & University Revenue 5.000%   9/1/47      3,715      3,978
  Pennsylvania State University College & University Revenue 5.000%   9/1/47      1,530      1,592
  Pennsylvania State University College & University Revenue 5.250%   9/1/48      5,000      5,462
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/28      7,555      7,745
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/28      1,985      2,035
6 Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/29      8,000      8,177
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/32      1,085      1,175
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/34     11,670     11,753
  Pennsylvania Turnpike Commission Highway Revenue 4.500%  12/1/34      4,000      4,085
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34      2,440      2,614
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34      1,125      1,273
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35      5,050      5,251
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35      5,000      5,641
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/37      3,855      3,922
  Pennsylvania Turnpike Commission Highway Revenue 4.750%  12/1/37      6,000      6,116
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37     14,415     14,833
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/38      2,740      2,775
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/38      5,000      5,263
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/39      2,245      2,264
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/39      2,985      3,127
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/40      4,545      4,574
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/41      3,135      3,462
  Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/42      3,350      2,821
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/42      1,725      1,717
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/42      6,010      6,154
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/42      2,225      2,441
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/42      1,500      1,655
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/43      6,000      5,874
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/43      2,250      2,458
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/43      4,500      4,916
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/44      2,500      2,578
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/44      4,000      4,344
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/45      4,505      4,339
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/46      6,500      6,212
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/46      4,580      4,377
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/46      1,010      1,075
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/46      2,000      2,120
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/47      4,060      4,294
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/47      1,230      1,330
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/50     11,245     10,473
  Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/51      5,310      3,958
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/52      1,000      1,077
7 Pennsylvania Turnpike Commission Highway Revenue, 6.000% coupon rate effective 12/1/28 0.000%  12/1/37      1,610      1,550
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/43      5,110      5,315
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/48      6,250      6,477
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/53      6,675      6,137
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/34      1,115      1,156
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/35      1,150      1,191
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/36      1,700      1,757
6 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/37      1,615      1,646
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/37      1,600      1,650
6 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/37      6,025      6,457
6 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/50      3,000      3,093
6 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35      1,500      1,621
6 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36      1,175      1,264
6 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37      1,100      1,177
2 Philadelphia IDA Charter School Aid Revenue (String Theory Charter School Project) 5.000%  6/15/50      1,700      1,670
  Philadelphia IDA College & University Revenue 5.000%  11/1/34      5,250      5,534
  Philadelphia IDA College & University Revenue 4.000%  11/1/38      1,265      1,254
  Philadelphia IDA College & University Revenue 4.000%  11/1/45      1,200      1,103
  Philadelphia IDA College & University Revenue (Saint Joseph's University Project) 5.250%  11/1/47      3,715      3,999
  Philadelphia IDA College & University Revenue (Saint Joseph's University Project) 5.500%  11/1/60     12,010     12,934
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/37      5,000      5,008
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   9/1/47      6,150      5,606
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/49     20,000     18,978
1 Philadelphia PA Airport Port, Airport & Marina Revenue 3.000%   7/1/50      5,000      3,643
  Philadelphia PA GO 5.000%   8/1/29      5,745      5,796
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/45      1,050      1,100
  Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/47      4,400      4,780
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/49      7,000      7,192
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/50      6,000      6,220
  Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/52      4,905      5,287
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/54      2,180      2,234
6 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/35      1,140      1,176
6 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/38      1,100      1,122
6 Pittsburgh Water & Sewer Authority Water Revenue 5.500%   9/1/47      4,470      4,849
  Radnor Township School District GO 3.000%  8/15/35      1,400      1,313
1 School District of Philadelphia GO 5.000%   9/1/25      5,500      5,563
  School District of Philadelphia GO 5.250%   9/1/37      1,955      2,204
  School District of Philadelphia GO 5.250%   9/1/37      1,100      1,240
  School District of Philadelphia GO 4.000%   9/1/38      5,000      4,996
  School District of Philadelphia GO 5.250%   9/1/38        580        651
  School District of Philadelphia GO 5.250%   9/1/38      1,000      1,123
  School District of Philadelphia GO 5.250%   9/1/41     14,100     15,599
  School District of Philadelphia GO 5.250%   9/1/41      2,410      2,666
  School District of Philadelphia GO 5.250%   9/1/43      7,600      8,274
  School District of Philadelphia GO 4.000%   9/1/46      5,000      4,671
  Spring Township PA GO 3.000% 11/15/33      1,020        961
  Spring Township PA GO 3.000% 11/15/34      1,050        983
  Spring Township PA GO 3.000% 11/15/35      1,085      1,014
  Spring Township PA GO 3.000% 11/15/36      1,115      1,034
6 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/33      2,645      2,727
6 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/33        790        814
  Upper Merion Area PA School District GO 3.000%  1/15/40      1,500      1,325
  Upper St. Clair Township School District GO 3.250%  10/1/35      5,000      4,728
1 Wilkes-Barre PA Area School District GO 5.000%  4/15/59      3,355      3,413
  York County PA GO 4.000%   3/1/35      3,000      3,054
                                     807,999
Puerto Rico (1.6%)
  Commonwealth of Puerto Rico GO 5.375%   7/1/25      1,836      1,848
  Commonwealth of Puerto Rico GO 5.625%   7/1/27      6,633      6,915
  Commonwealth of Puerto Rico GO 5.625%   7/1/29     28,246     30,309
  Commonwealth of Puerto Rico GO 5.750%   7/1/31     27,378     30,334
  Commonwealth of Puerto Rico GO 0.000%   7/1/33     20,239     14,097
  Commonwealth of Puerto Rico GO 4.000%   7/1/33     37,346     37,136
  Commonwealth of Puerto Rico GO 4.000%   7/1/35      7,496      7,424
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Commonwealth of Puerto Rico GO 4.000%   7/1/37      2,210      2,160
  Commonwealth of Puerto Rico GO 4.000%   7/1/41      2,680      2,532
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/28      1,065      1,106
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/29      1,250      1,307
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/30      8,000      8,407
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/33      2,935      3,098
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/33      9,760     10,417
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/37      9,100      9,472
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/37        250        260
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/37      2,205      2,307
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/42      3,310      3,091
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/42      1,535      1,448
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/42      2,665      2,486
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/47      1,185      1,196
  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 Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33        215        229
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34         40         42
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35         40         42
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/36         40         38
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37         50         47
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38         45         42
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39         40         37
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40        135        124
  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41         40         36
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27      4,313      3,964
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29     11,299      9,673
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29      1,000        855
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31      3,080      2,433
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/33      5,272      3,836
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40     67,645     67,032
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40      9,502      9,416
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40      1,919      1,902
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/46      1,170        382
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/51        840        202
                                     277,860
Rhode Island (0.2%)
  Rhode Island Health & Educational Building Corp. College & University Revenue 4.000%  11/1/38        700        707
  Rhode Island Health & Educational Building Corp. College & University Revenue 4.000%  11/1/39        860        865
  Rhode Island Health & Educational Building Corp. College & University Revenue 4.000%  11/1/40        885        888
  Rhode Island Health & Educational Building Corp. College & University Revenue 4.000%  11/1/41        930        924
  Rhode Island Health & Educational Building Corp. College & University Revenue 4.000%  11/1/50      1,500      1,356
  Rhode Island Health & Educational Building Corp. Health, Hospital, Nursing Home Revenue 5.000%  5/15/40        280        298
  Rhode Island Health & Educational Building Corp. Health, Hospital, Nursing Home Revenue 5.000%  5/15/41        500        529
  Rhode Island Health & Educational Building Corp. Health, Hospital, Nursing Home Revenue 5.000%  5/15/42        550        580
  Rhode Island Health & Educational Building Corp. Health, Hospital, Nursing Home Revenue 5.000%  5/15/43        580        609
  Rhode Island Health & Educational Building Corp. Health, Hospital, Nursing Home Revenue 5.250%  5/15/49      3,670      3,854
  Rhode Island Health & Educational Building Corp. Health, Hospital, Nursing Home Revenue 5.250%  5/15/54      3,000      3,130
  Rhode Island Health & Educational Building Corp. Intergovernmental Agreement Revenue 5.250%  5/15/49      3,250      3,528
  Rhode Island Health & Educational Building Corp. Intergovernmental Agreement Revenue 4.125%  5/15/54      5,000      4,752
  Tobacco Settlement Financing Corp. RI Tobacco Settlement Funded Revenue 5.000%   6/1/40      6,580      6,594
  Tobacco Settlement Financing Corp. RI Tobacco Settlement Funded Revenue 4.500%   6/1/45      1,720      1,721
                                      30,335
South Carolina (1.6%)
  Charleston County SC GO 4.000%  11/1/30      5,715      5,827
8 Clemson University College & University Revenue 5.000%   5/1/50      2,800      3,001
8 Clemson University College & University Revenue 5.000%   5/1/55      3,750      3,991
  Columbia SC Waterworks & Sewer System Water Revenue 4.000%   2/1/34        725        739
  Dorchester County SC Special Assessment Revenue 5.250%  10/1/43      1,590      1,572
  Dorchester County SC Special Assessment Revenue 5.500%  10/1/51      2,115      2,083
  Dorchester County SC Waterworks & Sewer System Water Revenue 4.000%  10/1/42        250        247
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Dorchester County SC Waterworks & Sewer System Water Revenue 4.000%  10/1/43        250        246
  Dorchester County SC Waterworks & Sewer System Water Revenue 4.000%  10/1/44        300        294
  Dorchester County SC Waterworks & Sewer System Water Revenue 5.000%  10/1/54      2,670      2,868
  Greenville County SC Miscellaneous Revenue 3.000%   4/1/41      1,385      1,158
  Greenville County SC Miscellaneous Revenue 3.000%   4/1/42      1,000        823
  Greenville SC Housing Authority Local or Guaranteed Housing Revenue (Cherokee Landing Apartments Project) 4.910%   7/1/43      1,700      1,745
  Lancaster County Public Facilities Corp. Intergovernmental Agreement Revenue (Lancaster County Project) 5.000%   6/1/38      1,250      1,343
  Lancaster County Public Facilities Corp. Intergovernmental Agreement Revenue (Lancaster County Project) 5.000%   6/1/40      1,330      1,415
  Lancaster County Public Facilities Corp. Intergovernmental Agreement Revenue (Lancaster County Project) 5.000%   6/1/41      1,000      1,060
  Lancaster County Public Facilities Corp. Intergovernmental Agreement Revenue (Lancaster County Project) 5.000%   6/1/43      1,500      1,581
  Lexington County Health Services District Inc. Health, Hospital, Nursing Home Revenue 4.000%  11/1/30      1,045      1,068
  Lexington County Health Services District Inc. Health, Hospital, Nursing Home Revenue 4.000%  11/1/32      1,550      1,580
  Lexington County Health Services District Inc. Health, Hospital, Nursing Home Revenue 5.000%  11/1/34      1,165      1,183
  North Charleston SC Miscellaneous Taxes Revenue 5.000%  10/1/40      7,000      7,093
  Patriots Energy Group Financing Agency Natural Gas Revenue PUT 5.250%   3/1/31     13,010     14,007
  Patriots Energy Group Financing Agency Natural Gas Revenue PUT 5.250%   8/1/31      1,625      1,736
  Patriots Energy Group Natural Gas Revenue 4.000%   6/1/46      2,250      2,119
  Piedmont Municipal Power Agency Electric Power & Light Revenue 5.000%   1/1/29      3,275      3,278
  Rock Hill SC Combined Utility System Water Revenue 5.000%   1/1/41      1,310      1,425
  Rock Hill SC Combined Utility System Water Revenue 5.000%   1/1/42      1,250      1,353
  Rock Hill SC Combined Utility System Water Revenue 4.000%   1/1/43      1,000        954
  Rock Hill SC Combined Utility System Water Revenue 4.000%   1/1/44      1,500      1,429
  Rock Hill SC Combined Utility System Water Revenue 4.000%   1/1/49      4,250      3,957
  Rock Hill SC Combined Utility System Water Revenue 5.000%   1/1/54      4,000      4,198
  Rock Hill SC Combined Utility System Water Revenue 4.250%   1/1/59     10,430      9,789
  Scago Public Facilities Corp. for Georgetown County Intergovernmental Agreement Revenue (Georgetown County Project) 4.000%   6/1/41      1,365      1,345
  South Carolina Housing Finance & Development Authority Multifamily Tax-Exempt Mortgage-Backed Securities 4.800%   7/1/45      1,000      1,017
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/31      1,030      1,081
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/42      3,235      3,192
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/42      3,595      3,538
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/43      2,500      2,450
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.250%  11/1/43      5,415      5,928
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.250%  11/1/44      4,320      4,708
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/46     10,000     10,280
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 4.250%   5/1/48      8,000      7,488
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.500%  11/1/48      2,560      2,820
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.500%  11/1/49      3,050      3,350
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.250%   2/1/53      5,000      5,299
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue 5.500%  11/1/54      9,935     10,836
  South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue, Prere. 5.250%   7/1/26     12,600     12,708
  South Carolina Jobs-Economic Development Authority Local or Guaranteed Housing Revenue 4.000%   4/1/52     19,425     18,091
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/35      2,140      2,154
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/36      2,885      2,894
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/38      2,690      2,663
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/38      3,000      2,970
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/39      1,330      1,312
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/41     10,680     10,423
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/42      3,000      2,918
  South Carolina Public Service Authority Electric Power & Light Revenue 4.000%  12/1/42     11,480     11,167
  South Carolina Public Service Authority Electric Power & Light Revenue 5.000%  12/1/43      1,450      1,556
  South Carolina Public Service Authority Electric Power & Light Revenue 5.000%  12/1/46      3,075      3,266
  South Carolina Public Service Authority Electric Power & Light Revenue 5.000%  12/1/49      5,645      5,926
  South Carolina Public Service Authority Electric Power & Light Revenue 5.250%  12/1/54      9,450     10,082
  South Carolina Public Service Authority Nuclear Revenue 5.000%  12/1/33      5,295      5,388
  South Carolina Public Service Authority Nuclear Revenue 5.000%  12/1/33      2,690      2,754
  South Carolina State Housing Finance & Development Authority Local or Guaranteed Housing Revenue 3.250%   1/1/52      2,820      2,785
  South Carolina State Housing Finance & Development Authority Local or Guaranteed Housing Revenue 4.000%   1/1/52      7,055      7,095
  South Carolina State Housing Finance & Development Authority Local or Guaranteed Housing Revenue PUT 5.000%  12/1/26      3,065      3,162
  South Carolina Transportation Infrastructure Bank Miscellaneous Revenue 5.000%  10/1/40      1,545      1,599
  Spartanburg County School District No. 7 GO 5.000%   3/1/48      5,000      5,177
  Spartanburg Regional Health Services District Health, Hospital, Nursing Home Revenue 4.000%  4/15/36      2,760      2,767
  University of South Carolina College & University Revenue 5.000%   5/1/31      2,045      2,125
  University of South Carolina College & University Revenue 5.000%   5/1/32      2,145      2,224
  University of South Carolina College & University Revenue 5.000%   5/1/34        865        894
  University of South Carolina College & University Revenue 5.000%   5/1/40      9,075      9,257
                                     281,851
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
South Dakota (0.2%)
  Clay County SD GO 5.000%  12/1/52      1,945      2,016
  Lincoln County SD College & University Revenue 4.000%   8/1/51      2,775      2,269
  South Dakota Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/34      9,710      9,783
  South Dakota Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/42      2,890      2,805
  South Dakota Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/50     15,725     14,531
                                      31,404
Tennessee (1.3%)
  Chattanooga Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 5.000%   8/1/34      1,520      1,608
  Chattanooga Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 4.000%   8/1/36      1,000        995
  Chattanooga Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 4.000%   8/1/38      1,000        985
  Chattanooga Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 4.000%   8/1/44      2,120      1,973
  Chattanooga Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 5.000%   8/1/49      2,000      2,020
  Chattanooga Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 5.250%  12/1/49      5,000      5,288
  Cleveland Health & Educational Facilities Board Health, Hospital, Nursing Home Revenue (Hamilton Health Care System Inc. Project) 5.000%  8/15/49      2,345      2,441
  Cleveland Health & Educational Facilities Board Health, Hospital, Nursing Home Revenue (Hamilton Health Care System Inc. Project) 5.250%  8/15/54      2,300      2,444
  Knox County Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 5.000%   9/1/36      2,450      2,459
  Knox County Health Educational & Housing Facility Board Health, Hospital, Nursing Home Revenue 5.000% 11/15/37      4,030      4,156
1 Knox County Health Educational & Housing Facility Board Local or Guaranteed Housing Revenue (University of Tennessee Project) 5.250%   7/1/49      1,250      1,317
  Knox County TN GO 3.000%   6/1/40      3,730      3,258
  Knoxville TN Electric System Electric Power & Light Revenue 5.000%   7/1/53      5,000      5,268
  Knoxville TN Electric System Electric Power & Light Revenue 4.000%   7/1/54     10,000      9,417
10 Knoxville's Community Development Corp. Local or Guaranteed Housing Revenue (Bluegrass Apartments Project) PUT 5.000%   4/1/27      4,353      4,504
  Memphis TN Electric System Electric Power & Light Revenue 5.000%  12/1/54      1,600      1,695
  Memphis TN Sanitary Sewer Revenue Revenue 5.000%  10/1/45      1,040      1,098
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue 5.000%   5/1/40        725        780
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue 5.000%   5/1/41      1,000      1,071
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue 5.000%   5/1/42      1,315      1,402
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue (Lipscomb University Project) 5.000%  10/1/31        640        651
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue (Lipscomb University Project) 5.000%  10/1/32        670        680
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue (Lipscomb University Project) 5.000%  10/1/33        705        715
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue (Lipscomb University Project) 5.000%  10/1/34        745        755
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue (Lipscomb University Project) 5.000%  10/1/35        780        790
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue (Trevecca Nazarene University Project) 4.000%  10/1/41      1,265      1,152
  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board College & University Revenue (Trevecca University Project) 4.000%  10/1/51      2,120      1,788
  Metropolitan Government of Nashville & Davidson County TN Electric Power & Light Revenue 5.000%  5/15/41      2,000      2,209
  Metropolitan Government of Nashville & Davidson County TN Electric Power & Light Revenue 5.000%  5/15/42      1,935      1,982
  Metropolitan Government of Nashville & Davidson County TN Electric Power & Light Revenue 5.000%  5/15/44      2,000      2,175
  Metropolitan Government of Nashville & Davidson County TN Electric Power & Light Revenue 5.250%  5/15/49      6,650      7,256
  Metropolitan Government of Nashville & Davidson County TN GO 4.000%   1/1/37      2,400      2,470
  Metropolitan Government of Nashville & Davidson County TN GO 4.000%   1/1/42      2,475      2,454
  Metropolitan Government of Nashville & Davidson County TN GO 4.000%   1/1/43     15,000     14,773
  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Water Revenue 5.000%   7/1/42      1,415      1,451
  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Water Revenue 5.000%   7/1/42      3,745      3,841
  New Memphis Arena Public Building Authority Lease (Non-Terminable) Revenue (City of Memphis Project) 0.000%   4/1/36      4,075      2,480
  New Memphis Arena Public Building Authority Lease (Non-Terminable) Revenue (City of Memphis Project) 0.000%   4/1/37      3,175      1,835
  New Memphis Arena Public Building Authority Lease (Non-Terminable) Revenue (City of Memphis Project) 0.000%   4/1/38      2,725      1,486
  Shelby County Health Educational & Housing Facilities Board Health, Hospital, Nursing Home Revenue 5.250%   9/1/39     14,580     15,751
  Shelby County Health Educational & Housing Facilities Board Health, Hospital, Nursing Home Revenue PUT 5.000%   9/1/29      2,440      2,578
  Shelby County TN GO 3.125%   4/1/33      1,465      1,430
  Tennergy Corp. TN Natural Gas Revenue PUT 4.000%   9/1/28     10,225     10,255
  Tennergy Corp. TN Natural Gas Revenue PUT 5.000%  12/1/29     21,730     22,862
  Tennergy Corp. TN Natural Gas Revenue PUT 5.500%  12/1/30      2,500      2,657
  Tennessee Energy Acquisition Corp. Natural Gas Revenue 5.250%   9/1/26      2,160      2,196
  Tennessee Energy Acquisition Corp. Natural Gas Revenue 5.000%   2/1/27     19,950     20,252
  Tennessee Energy Acquisition Corp. Natural Gas Revenue (Gas Project) PUT 5.000%   5/1/28     16,990     17,574
  Tennessee Energy Acquisition Corp. Natural Gas Revenue PUT 4.000%  11/1/25      9,325      9,361
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Tennessee GO, Prere. 5.000%   8/1/25      1,345      1,361
  Tennessee Housing Development Agency Local or Guaranteed Housing Revenue 3.750%   7/1/52      2,660      2,656
  Tennessee Housing Development Agency Local or Guaranteed Housing Revenue 5.750%   1/1/54      4,540      4,831
  Tennessee Housing Development Agency Local or Guaranteed Housing Revenue (Residential Finance Program) 3.750%   1/1/50      1,950      1,948
  Tennessee Housing Development Agency Local or Guaranteed Housing Revenue (Residential Finance Program) 3.000%   1/1/51      4,095      4,020
  Tennessee State School Bond Authority College & University Revenue (Higher Educational Facilities 2nd Program) 5.000%  11/1/42      4,640      4,746
  Washington County TN GO 4.000%   6/1/29      3,260      3,290
  Williamson County TN GO 3.000%   4/1/36      3,275      3,041
                                     235,931
Texas (11.3%)
  Alamito Public Facility Corp. Local or Guaranteed Housing Revenue PUT 5.000%   8/1/26      3,796      3,864
15 Alvarado TX Independent School District GO 5.000%  2/15/47      7,000      7,377
15 Angleton Independent School District GO 4.000%  2/15/43      4,940      4,884
  Anna TX GO 4.250%  2/15/47      1,100      1,075
15 Argyle Independent School District GO 4.000%  8/15/53      1,000        945
  Arlington TX GO 4.000%  8/15/38      3,790      3,910
  Arlington TX GO 4.000%  8/15/43      3,790      3,753
  Arlington TX GO 4.000%  8/15/44      3,790      3,710
  Atascosa County Industrial Development Corp. Electric Power & Light Revenue 5.000% 12/15/31      1,445      1,580
  Atascosa County Industrial Development Corp. Electric Power & Light Revenue 5.000% 12/15/32      1,440      1,567
  Atascosa County Industrial Development Corp. Electric Power & Light Revenue 5.000% 12/15/33      2,045      2,213
15 Aubrey Independent School District GO 4.000%  2/15/52      2,250      2,133
  Austin Affordable PFC Inc. Revenue 4.450%   3/1/43      1,150      1,143
  Austin Community College District Public Facility Corp. Lease (Appropriation) Revenue 5.000%   8/1/29      3,315      3,344
  Austin Community College District Public Facility Corp. Lease (Appropriation) Revenue 5.000%   8/1/31        625        655
  Austin Community College District Public Facility Corp. Lease (Appropriation) Revenue 4.000%   8/1/32      1,000      1,018
  Austin Community College District Public Facility Corp. Lease (Appropriation) Revenue 4.000%   8/1/33        485        493
  Austin Community College District Public Facility Corp. Lease (Appropriation) Revenue 5.000%   8/1/36        785        815
  Austin Community College District Public Facility Corp. Lease (Appropriation) Revenue 5.000%   8/1/37        535        554
15 Austin Independent School District GO 5.000%   8/1/32      5,370      5,692
  Austin TX Electric Utility Electric Power & Light Revenue 5.000% 11/15/45      1,760      1,850
  Austin TX Electric Utility Electric Power & Light Revenue 5.000% 11/15/54      5,000      5,304
  Austin TX GO 5.000%   9/1/38      2,000      2,153
  Austin TX Water & Wastewater System Water Revenue 5.000% 11/15/45      5,360      5,631
  Austin TX Water & Wastewater System Water Revenue 5.000% 11/15/50      6,720      7,001
15 Barbers Hill Independent School District GO 5.000%  2/15/42      1,200      1,320
1 Bastrop TX GO 4.000%   8/1/49      1,500      1,389
15 Belton Independent School District GO 4.000%  2/15/40        645        649
15 Belton Independent School District GO 4.000%  2/15/41      1,000      1,002
  Board of Regents of the University of Texas System College & University Revenue 2.000%  8/15/36      2,500      1,941
  Board of Regents of the University of Texas System College & University Revenue 5.000%  8/15/40      1,980      2,305
  Board of Regents of the University of Texas System College & University Revenue 5.000%  8/15/43      1,000      1,081
  Board of Regents of the University of Texas System College & University Revenue 5.000%  8/15/49     22,740     25,996
  Board of Regents of the University of Texas System College & University Revenue 5.000%  8/15/50      8,250      9,460
  Board of Regents of the University of Texas System College & University Revenue 4.000%  8/15/52      9,000      8,460
15 Bonham Independent School District GO 4.000%  2/15/46      6,325      6,043
15 Bonham Independent School District GO 4.000%  2/15/53      2,500      2,361
15 Brownwood Independent School District GO 5.000%  2/15/38      1,300      1,421
15 Brownwood Independent School District GO 5.000%  2/15/39      2,100      2,280
2,8 Buda TX Special Assessment Revenue 6.000%   9/1/55        750        743
15 Bullard Independent School District GO 4.000%  2/15/40      1,125      1,134
15 Bullard Independent School District GO 5.000%  2/15/47      4,450      4,703
15 Burleson Independent School District GO 4.000%   8/1/35      2,000      2,010
15 Burleson Independent School District GO 4.000%   8/1/36      2,000      2,007
15 Calallen Independent School District GO 5.000%  2/15/42        500        540
15 Calallen Independent School District GO 5.000%  2/15/48      3,000      3,183
15 Calallen Independent School District GO 5.000%  2/15/53      1,000      1,054
15 Carrizo Springs Consolidated Independent School District GO 5.000%  8/15/41      2,215      2,414
15 Carrizo Springs Consolidated Independent School District GO 5.000%  8/15/42      1,900      2,058
15 Carrizo Springs Consolidated Independent School District GO 5.000%  8/15/44      2,500      2,681
15 Castleberry Independent School District GO 5.000%  2/15/54      2,750      2,896
15 Celina Independent School District GO 5.000%  2/15/40      1,055      1,160
15 Celina Independent School District GO 5.000%  2/15/41      1,100      1,201
  Central Texas Regional Mobility Authority Highway Revenue 4.000%   1/1/36      1,345      1,367
  Central Texas Regional Mobility Authority Highway Revenue 4.000%   1/1/40      1,200      1,185
  Central Texas Regional Mobility Authority Highway Revenue 4.000%   1/1/41      1,900      1,863
  Central Texas Regional Mobility Authority Highway Revenue 4.000%   1/1/45      7,225      6,727
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Central Texas Regional Mobility Authority Highway Revenue 5.000%   1/1/45      4,750      4,928
  Central Texas Regional Mobility Authority Highway Revenue 5.000%   1/1/45      1,875      1,949
  Central Texas Regional Mobility Authority Highway Revenue 4.000%   1/1/50      8,160      7,426
  Central Texas Regional Mobility Authority Highway Revenue, Prere. 5.000%   7/1/25      6,000      6,053
12 Central Texas Turnpike System Highway Revenue 0.000%  8/15/26      9,500      9,023
12 Central Texas Turnpike System Highway Revenue 0.000%  8/15/28     15,000     13,229
  Central Texas Turnpike System Highway Revenue 5.000%  8/15/36      7,000      7,905
  Central Texas Turnpike System Highway Revenue 5.000%  8/15/40      1,395      1,536
  Central Texas Turnpike System Highway Revenue 5.000%  8/15/41      1,100      1,201
  Central Texas Turnpike System Highway Revenue PUT 5.000%  8/15/30      1,740      1,843
12 Central Texas Turnpike System Highway Revenue, ETM 0.000%  8/15/28         50         45
  Chambers County TX GO 4.000%   3/1/47      1,080      1,019
15 Comal Independent School District GO 4.000%   2/1/36      1,000      1,027
15 Comal Independent School District GO 3.000%   2/1/41      3,720      3,147
15 Community TX Independent School District GO 5.000%  2/15/53      7,500      7,902
  Conroe Local Government Corp. Lease (Non-Terminable) Revenue 4.000%  10/1/41        650        624
15 Corpus Christi Independent School District GO 4.000%  8/15/33      1,425      1,478
15 Crowley Independent School District GO 5.250%   2/1/53     10,000     10,738
  Dallas Area Rapid Transit Sales Tax Revenue 3.000%  12/1/41      1,045        890
  Dallas Area Rapid Transit Sales Tax Revenue 5.000%  12/1/45      4,920      5,119
  Dallas Area Rapid Transit Sales Tax Revenue 5.000%  12/1/47     16,475     17,166
  Dallas County Utility & Reclamation District GO 5.000%  2/15/28      5,000      5,264
  Dallas Fort Worth International Airport Port, Airport & Marina Revenue 4.000%  11/1/34      4,520      4,617
  Dallas Fort Worth International Airport Port, Airport & Marina Revenue 4.000%  11/1/35      6,025      6,137
  Dallas Fort Worth International Airport Port, Airport & Marina Revenue 5.000%  11/1/40      3,000      3,297
  Dallas Fort Worth International Airport Port, Airport & Marina Revenue 5.000%  11/1/41      3,035      3,305
  Dallas Fort Worth International Airport Port, Airport & Marina Revenue 5.000%  11/1/42      3,825      4,145
  Dallas Fort Worth International Airport Port, Airport & Marina Revenue 5.250%  11/1/48     17,500     18,958
  Dallas Housing Finance Corp. Revenue 4.350%  10/1/41      1,275      1,270
15 Dallas Independent School District GO 5.000%  2/15/42      7,250      7,848
  Dallas TX Hotel Occupancy Tax Revenue 4.000%  8/15/38      1,340      1,277
  Dallas TX Waterworks & Sewer System Water Revenue 4.000%  10/1/35      2,225      2,301
  Dallas TX Waterworks & Sewer System Water Revenue 4.000%  10/1/40      4,360      4,399
  Dallas TX Waterworks & Sewer System Water Revenue 4.000%  10/1/41      5,000      5,018
  Dallas TX Waterworks & Sewer System Water Revenue 4.000%  10/1/42      4,455      4,442
  Dallas TX Waterworks & Sewer System Water Revenue 4.000%  10/1/44      9,355      9,216
15 Deer Park Independent School District GO 5.000%  8/15/47      5,000      5,292
15 Del Valle Independent School District TX GO 2.000%  6/15/40      2,400      1,736
15 Del Valle Independent School District TX GO 2.000%  6/15/41      2,260      1,593
15 Denison Independent School District GO 4.000%   8/1/53     11,000     10,393
15,16 Denton Independent School District GO 5.000%  8/15/53     47,925     50,561
  Denton TX GO 4.000%  2/15/42      1,410      1,392
  Denton TX GO 4.000%  2/15/44      1,770      1,719
  Denton TX GO 4.000%  2/15/46      5,840      5,604
  Denton TX GO 4.000%  2/15/49      7,835      7,380
15 Dripping Springs TX Independent School District GO 5.000%  2/15/39        550        605
15 Dripping Springs TX Independent School District GO 5.000%  2/15/40        850        930
15 Dripping Springs TX Independent School District GO 5.000%  2/15/41        650        707
15 Dripping Springs TX Independent School District GO 5.000%  2/15/42      1,000      1,082
15 Dripping Springs TX Independent School District GO 5.000%  2/15/43      1,145      1,232
15 East Central Independent School District GO 4.000%  8/15/54      2,295      2,129
15 Ector County Independent School District GO 5.000%  8/15/44      4,385      4,719
4 El Paso County Hospital District GO 5.000%  8/15/40      1,000      1,076
4 El Paso County Hospital District GO 5.000%  8/15/43      1,980      2,098
15 El Paso Independent School District GO 4.000%  8/15/33      2,500      2,515
  El Paso TX GO 3.000%  8/15/39      1,270      1,122
  El Paso TX GO 4.000%  8/15/39      1,370      1,371
  El Paso TX GO 3.000%  8/15/40        840        728
  El Paso TX GO 3.000%  8/15/40      1,000        867
  El Paso TX GO 3.000%  8/15/40      1,375      1,193
  El Paso TX GO 4.000%  8/15/40        635        628
  El Paso TX GO 3.000%  8/15/41        905        767
  El Paso TX GO 3.000%  8/15/41      1,200      1,017
  El Paso TX GO 3.000%  8/15/41      1,500      1,271
  El Paso TX Water & Sewer Water Revenue 5.000%   3/1/31      1,120      1,161
  El Paso TX Water & Sewer Water Revenue 4.000%   3/1/35      1,750      1,763
  El Paso TX Water & Sewer Water Revenue 5.000%   3/1/46     10,000     10,487
  El Paso TX Water & Sewer Water Revenue 5.000%   3/1/52     10,000     10,432
  EP Essential Housing WF PFC Local or Guaranteed Housing Revenue 4.250%  12/1/34      4,030      4,030
15 Farmersville Independent School District GO 4.000%  2/15/51      5,500      5,152
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
15 Forney Independent School District GO 3.000%  2/15/37      2,000      1,808
  Forney Independent School District GO 0.000%  8/15/39      1,000        529
1 Forney Independent School District GO 0.000%  8/15/39      1,000        529
1 Forney Independent School District GO 0.000%  8/15/40      1,000        500
15 Forney Independent School District GO 5.000%  8/15/40        865        940
15 Forney Independent School District GO 4.000%  8/15/41      1,040      1,043
  Fort Bend Grand Parkway Toll Road Authority Highway Revenue 3.000%   3/1/38      3,220      2,890
  Fort Bend Grand Parkway Toll Road Authority Highway Revenue 3.000%   3/1/39      2,250      2,001
  Fort Bend Grand Parkway Toll Road Authority Highway Revenue 3.000%   3/1/40      1,340      1,169
  Fort Bend Grand Parkway Toll Road Authority Highway Revenue 3.000%   3/1/51      3,715      2,790
  Fort Worth TX GO 5.000%   3/1/28      2,000      2,042
  Fort Worth TX Water & Sewer System Water Revenue 2.000%  2/15/43      2,100      1,349
13 Freddie Mac Pool 3.550%   1/1/40      5,000      4,624
15 Friendswood Independent School District GO 4.000%  2/15/32      3,630      3,652
  Galveston TX Wharves & Terminal Port, Airport & Marina Revenue 5.000%   8/1/38      1,300      1,402
  Galveston TX Wharves & Terminal Port, Airport & Marina Revenue 5.250%   8/1/40        550        598
  Galveston TX Wharves & Terminal Port, Airport & Marina Revenue 5.250%   8/1/42        750        806
  Galveston TX Wharves & Terminal Port, Airport & Marina Revenue 5.250%   8/1/44        680        726
15 Garland Independent School District GO 4.000%  2/15/41      1,235      1,241
6 Garland TX Electric Utility System Electric Power & Light Revenue 4.250%   3/1/48      1,450      1,446
  Garland TX Electric Utility System Electric Power & Light Revenue 4.000%   3/1/51      1,015        930
  Garland TX GO 5.000%  2/15/40      1,215      1,312
15 Georgetown Independent School District GO 5.000%  2/15/54      4,000      4,259
1 Georgetown TX Utility System Electric Power & Light Revenue 5.250%  8/15/48        960      1,020
1 Georgetown TX Utility System Electric Power & Light Revenue 5.250%  8/15/53      1,525      1,613
15 Goliad Independent School District GO 5.000%  2/15/38      2,150      2,350
15 Goliad Independent School District GO 5.000%  2/15/39      2,270      2,464
15 Goliad Independent School District GO 5.000%  2/15/41      2,490      2,675
15 Goliad Independent School District GO 5.000%  2/15/42      2,360      2,524
15 Goliad Independent School District GO 5.000%  2/15/43      2,735      2,920
15 Goliad Independent School District GO 4.000%  2/15/48      4,505      4,291
15 Goliad Independent School District GO 4.000%  2/15/53     11,315     10,685
15 Goose Creek Consolidated Independent School District GO 5.000%  10/1/41      1,450      1,568
  Grand Parkway Transportation Corp. Highway Revenue 5.500%  10/1/35     21,500     22,932
  Grand Parkway Transportation Corp. Highway Revenue 5.500%  10/1/36      8,585      9,145
  Grand Parkway Transportation Corp. Highway Revenue 4.000%  10/1/39      1,500      1,505
  Grand Parkway Transportation Corp. Highway Revenue 5.000%  10/1/43      5,000      5,140
  Grand Parkway Transportation Corp. Highway Revenue PUT 5.000%   4/1/28      4,160      4,377
15 Granger Independent School District GO 5.000%  2/15/52      6,575      6,788
15 Greenwood Independent School District GO 4.000%  2/15/41      9,550      9,516
  Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/34      1,775      2,020
  Harris County Industrial Development Corp. Industrial Revenue (Energy Transfer LP Project) PUT 4.050%   6/1/33     14,335     14,293
1 Harris County Municipal Utility District No. 165 GO 4.000%   3/1/41      2,895      2,817
1 Harris County Municipal Utility District No. 165 GO 4.000%   3/1/43      1,000        962
  Harris County TX Highway Revenue 5.000%  8/15/30        665        684
  Harris County TX Toll Road Highway Revenue 4.000%  8/15/37      2,520      2,548
  Harris County TX Toll Road Highway Revenue 4.000%  8/15/38      1,000      1,006
  Harris County TX Toll Road Highway Revenue 4.000%  8/15/39      1,500      1,501
  Harris County TX Toll Road Highway Revenue 4.000%  8/15/41      5,000      4,928
  Harris County TX Toll Road Highway Revenue 4.000%  8/15/54      5,500      5,067
  Harris County TX Toll Road Highway Revenue 5.250%  8/15/54      5,000      5,387
15 Hays Consolidated Independent School District GO 4.000%  2/15/37      1,000      1,023
15 Hays Consolidated Independent School District GO 4.000%  2/15/38      1,250      1,273
15 Hays Consolidated Independent School District GO 4.000%  2/15/40      1,650      1,659
  Hays County TX GO 4.000%  2/15/31      2,265      2,280
  Hays County TX GO 4.000%  2/15/32      3,135      3,173
  Hays County TX GO 4.000%  2/15/32      3,820      3,842
  Hays County TX GO 4.000%  2/15/33        865        874
  Hays County TX GO 4.000%  2/15/33      3,320      3,355
  Hays County TX GO 5.000%  2/15/42      4,000      4,067
  Hidalgo County Regional Mobility Authority Highway Revenue 5.000%  12/1/35      1,000      1,059
  Hidalgo County Regional Mobility Authority Highway Revenue 5.000%  12/1/36      1,000      1,054
  Hidalgo County Regional Mobility Authority Highway Revenue 5.000%  12/1/36      1,000      1,031
  Hidalgo County Regional Mobility Authority Highway Revenue 4.000%  12/1/37      2,370      2,238
  Hidalgo County Regional Mobility Authority Highway Revenue 4.000%  12/1/38      1,900      1,838
  Hidalgo County Regional Mobility Authority Highway Revenue 4.000%  12/1/38      1,000        933
  Hidalgo County Regional Mobility Authority Highway Revenue 4.000%  12/1/39      1,405      1,298
  Hidalgo County Regional Mobility Authority Highway Revenue 4.000%  12/1/39      1,000        959
  Hidalgo County Regional Mobility Authority Highway Revenue 4.000%  12/1/40      2,000      1,896
  Hidalgo County Regional Mobility Authority Highway Revenue 4.000%  12/1/41      2,750      2,573
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Hidalgo County Regional Mobility Authority Highway Revenue 4.000%  12/1/41      1,000        895
  Hidalgo County Regional Mobility Authority Highway Revenue 0.000%  12/1/53      5,000      1,054
15 Highland Park Independent School District/Potter County GO 5.250%  2/15/40      2,190      2,426
6 Horizon Regional Municipal Utility District GO 4.125%   2/1/48        375        361
6 Horizon Regional Municipal Utility District GO 4.125%   2/1/49      5,610      5,365
6 Horizon Regional Municipal Utility District GO 4.125%   2/1/50      4,785      4,569
6 Horizon Regional Municipal Utility District GO 4.125%   2/1/51      3,315      3,155
  Houston Community College System GO 4.000%  2/15/36      8,500      8,568
  Houston Higher Education Finance Corp. College & University Revenue (Houston Baptist University Project) 4.000%  10/1/51      1,700      1,421
  Houston TX Airport System Port, Airport & Marina Revenue 5.000%   7/1/39      1,250      1,299
  Houston TX Airport System Port, Airport & Marina Revenue 5.000%   7/1/43      3,230      3,328
  Houston TX Combined Utility System Water Revenue 3.000% 11/15/38      2,400      2,118
  Houston TX Combined Utility System Water Revenue 3.000% 11/15/39      1,385      1,203
  Houston TX Combined Utility System Water Revenue 5.000% 11/15/45      2,335      2,455
  Houston TX Combined Utility System Water Revenue 5.000% 11/15/49      1,720      1,784
  Houston TX Combined Utility System Water Revenue 4.000% 11/15/51     12,590     11,752
  Houston TX Combined Utility System Water Revenue 5.250% 11/15/54      7,200      7,774
  Houston TX GO 5.000%   3/1/27      1,250      1,275
  Houston TX GO 4.000%   3/1/34        590        611
  Houston TX GO 3.000%   3/1/36      1,030        944
  Houston TX GO 5.250%   3/1/42      1,925      2,124
15 Humble Independent School District GO 4.000%  2/15/28     10,290     10,295
  Hunt Memorial Hospital District Charitable Health GO 5.000%  2/15/33      1,125      1,165
  Huntsville TX Waterworks & Sewer System Water Revenue 3.000%  8/15/47      1,800      1,442
15 Hurst-Euless-Bedford Independent School District GO 4.000%  8/15/40      5,725      5,782
15 Hurst-Euless-Bedford Independent School District GO 4.000%  8/15/41      6,430      6,456
15 Hutto Independent School District GO 5.000%   8/1/48      1,215      1,297
15 Jarrell Independent School District GO 5.000%  2/15/53     10,000     10,448
15 Katy Independent School District GO 3.000%  2/15/33      3,000      2,838
15 Katy Independent School District GO 3.000%  2/15/34      6,995      6,536
15 Katy Independent School District GO 3.000%  2/15/35      7,185      6,608
15 Katy Independent School District GO 5.000%  2/15/38        965      1,061
15 Katy Independent School District GO 5.000%  2/15/39      1,125      1,230
15 Katy Independent School District GO 5.000%  2/15/48      5,280      5,591
15 Krum Independent School District GO 5.000%  8/15/40      3,265      3,583
15 Krum Independent School District GO 5.000%  8/15/41      3,430      3,743
15 Krum Independent School District GO 5.000%  8/15/42      3,600      3,910
15 Krum Independent School District GO 5.000%  8/15/43      3,580      3,869
  Laguna-Madre Water District GO 4.000%   3/1/52      4,670      4,384
15 Lake Travis Independent School District GO 4.000%  2/15/33        765        772
15 Lake Travis Independent School District GO 4.000%  2/15/34      1,015      1,024
15 Lake Travis Independent School District GO, Prere. 4.000%  2/15/27        235        240
15 Lamar Consolidated Independent School District GO 4.000%  2/15/30     10,000     10,004
15 Lamar Consolidated Independent School District GO 4.000%  2/15/31      4,000      4,002
15 Lamar Consolidated Independent School District GO 4.000%  2/15/32      6,835      6,838
15 Lamar Consolidated Independent School District GO 4.000%  2/15/54      7,960      7,350
15 Lamar Consolidated Independent School District GO 5.000%  2/15/58     10,955     11,532
15 Lamar Consolidated Independent School District GO 4.000%  2/15/62      5,000      4,552
  Laredo TX Waterworks & Sewer System Water Revenue 4.000%   3/1/54      5,335      4,934
15 Leander Independent School District GO 4.000%  2/15/39      2,500      2,539
15 Leander Independent School District GO 4.000%  2/15/40      2,500      2,523
15 Leander Independent School District GO 5.000%  8/15/40      1,000      1,082
15 Leander Independent School District GO 5.000%  8/15/41      1,355      1,457
15 Leander Independent School District GO 5.000%  8/15/47     10,495     11,050
1 Leander Independent School District GO 4.000%  2/15/49      2,255      2,092
1 Leander Independent School District GO 4.125%  2/15/53      1,340      1,241
15 Lewisville Independent School District GO 5.000%  8/15/44      4,000      4,323
15 Liberty Hill Independent School District GO 3.000%   2/1/35      1,500      1,407
15 Liberty Hill Independent School District GO 3.000%   2/1/36      5,000      4,642
15 Liberty Hill Independent School District GO 5.000%   2/1/54      4,800      5,080
15 Little Elm Independent School District GO 4.000%  8/15/54      5,000      4,717
  Lone Star College System College & University Revenue 4.000%  2/15/42      1,125      1,102
  Lone Star College System GO 4.000%  2/15/29      1,150      1,151
  Lower Colorado River Authority Electric Power & Light Revenue 5.000%  5/15/33      1,250      1,407
  Lower Colorado River Authority Electric Power & Light Revenue 5.000%  5/15/34      5,050      5,453
6 Lower Colorado River Authority Electric Power & Light Revenue 4.000%  5/15/37      3,625      3,699
6 Lower Colorado River Authority Electric Power & Light Revenue 4.000%  5/15/40      1,785      1,782
  Lower Colorado River Authority Electric Power & Light Revenue 5.000%  5/15/43      1,020      1,088
  Lower Colorado River Authority Electric Power & Light Revenue 5.000%  5/15/45      1,000      1,058
  Lower Colorado River Authority Electric Power & Light Revenue PUT 5.000%  5/15/28      2,810      2,934
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/36      1,500      1,589
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/36      1,000      1,072
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/37      1,040      1,097
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/37      3,000      3,198
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/37      1,290      1,393
6 Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/37      1,400      1,532
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/38      1,500      1,577
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/38      2,000      2,124
6 Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/38      1,500      1,633
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/39      1,500      1,572
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/39      2,720      2,879
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/39      8,500      9,090
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/40      1,000      1,045
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/40      3,000      3,164
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/41      3,920      4,117
  Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/46      1,500      1,557
4 Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/49     10,000     10,600
6 Lower Colorado River Authority Intergovernmental Agreement Revenue 5.250%  5/15/53      8,020      8,589
4 Lower Colorado River Authority Intergovernmental Agreement Revenue 5.000%  5/15/54      7,500      7,902
  Lubbock TX Electric Light & Power System Electric Power & Light Revenue 5.000%  4/15/43      3,930      4,026
  Lubbock TX GO 4.000%  2/15/30      1,250      1,258
15 Lumberton Independent School District GO 3.000%  2/15/45      1,300      1,042
15 Mabank Independent School District GO 5.000%  8/15/43      2,530      2,732
15 Mansfield Independent School District GO 4.000%  2/15/54      5,400      5,070
15 Mansfield Independent School District GO, Prere. 5.000%  2/15/25      5,000      5,004
  McKinney TX GO 5.000%  8/15/41      2,140      2,327
  McKinney TX GO 5.000%  8/15/42      2,345      2,540
  McKinney TX GO 4.000%  8/15/43      1,615      1,581
  McKinney TX Waterworks & Sewer System Water Revenue 2.000%  3/15/39      1,000        720
  McKinney TX Waterworks & Sewer System Water Revenue 2.000%  3/15/40      1,000        697
15 Medina Valley Independent School District GO 4.000%  2/15/53     14,750     13,928
  Mesquite Housing Finance Corp. Local or Guaranteed Housing Revenue 4.530%   2/1/44      3,500      3,487
15 Midland Independent School District GO 4.000%  2/15/40      1,595      1,603
15 Midland Independent School District GO 4.000%  2/15/41      1,725      1,723
15 Midland Independent School District GO 5.000%  2/15/50      5,155      5,281
15 Midland Independent School District GO 4.000%  2/15/54      7,800      7,324
  Midland TX GO 4.000%  2/15/39      5,000      5,074
15 Midlothian Independent School District GO 3.000%  2/15/45      6,220      4,855
  Missouri City TX GO 4.000%  6/15/32      1,125      1,133
15 Montgomery Independent School District GO 4.000%  2/15/54      2,570      2,413
15 Needville Independent School District GO 4.000%  8/15/49      4,770      4,532
15 Needville Independent School District GO 4.000%  8/15/54      7,640      7,207
15 New Braunfels Independent School District GO 4.000%   2/1/52      4,000      3,792
  New Braunfels TX Utility System Electric Power & Light Revenue 4.000%   7/1/55     10,305      9,471
15 New Caney Independent School District GO 5.000%  2/15/37        625        707
15 New Caney Independent School District GO 5.000%  2/15/38        750        836
  New Hope Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 5.500%  10/1/27      2,000      2,000
  New Hope Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 4.000%  8/15/37      5,720      5,645
  New Hope Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue (Legacy at Willow Bend Project) 5.000%  11/1/46      5,620      4,648
  New Hope Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue (Outlook at Windhaven Project) 4.250%  10/1/26        370        370
  New Hope Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue (Outlook at Windhaven Project) 4.500%  10/1/26      2,745      2,745
  New Hope Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue (Wesleyan Homes Inc. Project) 5.500%   1/1/43      1,650      1,592
  New Hope Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue (Wesleyan Homes Inc. Project) 5.500%   1/1/49      1,600      1,492
  New Hope Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue (Westminster Project) 4.000%  11/1/49      4,050      3,850
6 New Hope Cultural Education Facilities Finance Corp. Local or Guaranteed Housing Revenue 5.000%   7/1/58      3,670      3,700
6 New Hope Cultural Education Facilities Finance Corp. Local or Guaranteed Housing Revenue 5.000%   7/1/58      1,000      1,010
  North Texas Municipal Water District Upper East Fork Wastewater Interceptor System Sewer Revenue 2.000%   6/1/37      2,590      1,982
  North Texas Municipal Water District Upper East Fork Wastewater Interceptor System Sewer Revenue 4.000%   6/1/45      3,525      3,411
  North Texas Municipal Water District Upper East Fork Wastewater Interceptor System Sewer Revenue 4.000%   6/1/46      2,975      2,866
  North Texas Municipal Water District Water System Water Revenue 5.000%   9/1/32      4,125      4,164
  North Texas Municipal Water District Water System Water Revenue 5.000%   9/1/34      7,000      7,062
  North Texas Tollway Authority Highway Revenue 5.000%   1/1/36        410        458
  North Texas Tollway Authority Highway Revenue 5.000%   1/1/37        375        417
  North Texas Tollway Authority Highway Revenue 5.000%   1/1/38        730        806
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  North Texas Tollway Authority Highway Revenue 5.000%   1/1/39      8,500      8,676
  North Texas Tollway Authority Highway Revenue 5.000%   1/1/43     13,335     13,703
4 North Texas Tollway Authority Miscellaneous Revenue 0.000%   1/1/30      5,000      4,212
15 Northside Independent School District GO 5.000%   8/1/39      1,000      1,098
15 Northside Independent School District GO 5.000%   8/1/40      1,000      1,092
15 Northwest Independent School District GO 5.000%  2/15/40      1,890      2,074
15 Northwest Independent School District GO 4.000%  2/15/42      6,135      6,074
15 Northwest Independent School District GO 5.000%  2/15/48      4,560      4,812
15 Pampa Independent School District GO 5.000%  8/15/49      3,545      3,786
15 Paradise Independent School District GO 4.000%  8/15/38      1,380      1,411
  Pasadena TX GO 4.000%  2/15/32      1,500      1,502
15 Pearland Independent School District GO 5.000%  2/15/42      3,000      3,124
15 Pecos Barstow Toyah Independent School District GO 5.000%  2/15/35      1,000      1,050
15 Pecos Barstow Toyah Independent School District GO 5.000%  2/15/36      1,000      1,049
  Permanent University Fund - University of Texas System College & University Revenue 5.000%   7/1/35     10,000     11,643
  Pflugerville Independent School District GO 4.000%  2/15/44     12,445     12,021
  Pflugerville Independent School District GO 4.000%  2/15/45      5,000      4,805
  Pflugerville Independent School District GO 5.000%  2/15/48     12,880     13,336
  Plano TX GO 4.000%   9/1/44      5,645      5,538
15 Ponder Independent School District GO 4.000%  2/15/37      1,935      1,982
15 Ponder Independent School District GO 4.000%  2/15/38      1,000      1,019
  Port Authority of Houston of Harris County Texas Port, Airport & Marina Revenue 4.000%  10/1/39      1,170      1,173
  Port Authority of Houston of Harris County Texas Port, Airport & Marina Revenue 5.000%  10/1/48      9,425      9,906
  Port Authority of Houston of Harris County Texas Port, Airport & Marina Revenue 5.000%  10/1/51      5,000      5,181
15 Prosper Independent School District GO 5.000%  2/15/44      5,475      5,640
15 Prosper Independent School District GO 4.000%  2/15/53     10,500      9,850
15 Prosper Independent School District GO 4.000%  2/15/54      1,000        940
15 Prosper Independent School District GO PUT 4.000%  8/15/26      1,010      1,019
15 Quinlan Independent School District GO 5.000%  8/15/39        590        652
15 Quinlan Independent School District GO 5.000%  8/15/40        725        797
15 Richardson Independent School District GO 3.000%  2/15/36      1,000        912
15 Rockwall Independent School District GO 4.000%  2/15/53     25,435     24,018
6 Royse City TX GO 4.000%  8/15/40      2,630      2,611
15 Royse City TX Independent School District GO 5.000%  2/15/54      3,205      3,390
15 Salado Independent School GO 5.000%  2/15/40      3,265      3,581
15 Salado Independent School GO 5.000%  2/15/41      3,330      3,626
15 Salado Independent School GO 5.000%  2/15/42      3,705      4,005
15 Salado Independent School GO 5.000%  2/15/43      1,865      2,007
15 Salado Independent School GO 5.000%  2/15/44      1,400      1,501
  San Antonio Housing Trust Public Facility Corp. 4.450%   4/1/43      1,465      1,454
  San Antonio Housing Trust Public Facility Corp. Local or Guaranteed Housing Revenue 4.550%   3/1/43      2,575      2,591
  San Antonio Housing Trust Public Facility Corp. Local or Guaranteed Housing Revenue 4.430%   4/1/43      2,030      2,010
  San Antonio Housing Trust Public Facility Corp. Local or Guaranteed Housing Revenue PUT 4.000%   8/1/25      2,500      2,508
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 4.000%   2/1/37      1,275      1,300
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.000%   2/1/38      1,750      1,877
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.000%   2/1/39      2,500      2,761
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.000%   2/1/41      2,000      2,111
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 4.000%   2/1/42      3,890      3,843
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 4.000%   2/1/43      3,270      3,184
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.000%   2/1/46      8,900      9,258
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.000%   2/1/49     12,795     13,600
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue 5.250%   2/1/49     15,000     16,257
  San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT 3.650%  12/1/26      2,565      2,573
  San Antonio TX GO 4.000%   8/1/35      1,190      1,226
  San Antonio TX GO 4.000%   2/1/39      6,005      6,075
  San Antonio TX GO 4.000%   2/1/40      3,280      3,295
  San Antonio TX GO 4.000%   2/1/41      3,300      3,292
  San Antonio TX GO 4.000%   2/1/42      2,500      2,473
  San Antonio TX GO 4.000%   2/1/43      2,500      2,452
15 San Antonio TX Independent School District GO 4.000%  8/15/37      1,975      2,008
15 San Antonio TX Independent School District GO 5.000%  8/15/39      3,500      3,834
15 San Antonio TX Independent School District GO 5.000%  8/15/52      4,900      5,155
  San Antonio Water System Water Revenue 4.000%  5/15/39      3,385      3,396
  San Antonio Water System Water Revenue 4.000%  5/15/41      1,305      1,289
  San Antonio Water System Water Revenue 4.000%  5/15/42      1,875      1,834
  San Antonio Water System Water Revenue 5.000%  5/15/48      2,365      2,432
  San Jacinto Community College District GO 5.000%  2/15/29      3,860      3,925
  San Jacinto Community College District GO 5.000%  2/15/30      4,055      4,120
  San Jacinto Community College District GO 5.000%  2/15/32      2,000      2,029
15 San Marcos Consolidated Independent School District GO 5.000%  8/15/42      3,825      4,148
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
15 San Marcos Consolidated Independent School District GO 5.250%  8/15/47      4,490      4,869
1 Sands Consolidated Independent School District GO 4.000%  2/15/48      2,450      2,310
1 Sheldon Independent School District GO 4.000%  2/15/50      3,630      3,404
15 Sheldon Independent School District GO 4.000%  2/15/50      1,250      1,189
15 Smith County Chapel Hill Independent School District GO 5.000%  2/15/48      2,000      2,129
15 Smith County Chapel Hill Independent School District GO 4.000%  2/15/53      1,810      1,709
  South Manvel Development Authority Tax Increment/Allocation Revenue 5.000%   4/1/43        500        487
  South Manvel Development Authority Tax Increment/Allocation Revenue 5.250%   4/1/50      1,000        981
  Southwest Higher Education Authority Inc. College & University Revenue (Southern Methodist University Project) 5.000%  10/1/38      1,000      1,115
15 Southwest Independent School District GO 3.000%   2/1/40      2,395      2,054
15 Spring Branch Independent School District GO 4.000%   2/1/41      3,150      3,163
  Spring Independent School District GO 4.000%  8/15/41      5,000      4,941
  Strategic Housing Finance Corp. of Travis County Local or Guaranteed Housing Revenue PUT 3.350%   3/1/28      2,000      2,002
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 5.000% 11/15/37      4,500      4,566
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%  10/1/39      1,650      1,775
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%  10/1/40      2,000      2,138
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/48     10,000     10,220
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/53      9,680      9,028
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/53      2,000      2,068
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue PUT 5.000%   7/1/32      3,855      4,193
15 Taylor County Wylie Independent School District GO 5.000%  2/15/41      2,945      3,211
15 Taylor County Wylie Independent School District GO 5.000%  2/15/43      2,350      2,530
15 Taylor County Wylie Independent School District GO 5.000%  2/15/49     15,000     15,778
  Taylor TX GO 4.125%  8/15/49      1,515      1,443
  Taylor TX GO 4.125%  8/15/50      1,615      1,534
  Texas Department of Housing & Community Affairs Local or Guaranteed Housing Revenue 3.000%   3/1/52      2,200      2,146
  Texas Municipal Gas Acquisition & Supply Corp. I Natural Gas Revenue 5.250% 12/15/25      2,760      2,797
  Texas Municipal Gas Acquisition & Supply Corp. I Natural Gas Revenue 5.250% 12/15/26      1,490      1,530
  Texas Municipal Gas Acquisition & Supply Corp. I Natural Gas Revenue 6.250% 12/15/26        355        367
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/25        140        141
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/26      1,810      1,852
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/28      3,055      3,185
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/29      3,515      3,687
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/30     10,310     10,869
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/31      2,650      2,806
  Texas Municipal Gas Acquisition & Supply Corp. III Natural Gas Revenue 5.000% 12/15/32      8,575      9,110
  Texas Municipal Gas Acquisition & Supply Corp. IV Natural Gas Revenue PUT 5.500%   1/1/30     38,555     40,946
  Texas Municipal Gas Acquisition & Supply Corp. IV Natural Gas Revenue PUT 5.500%   1/1/34     18,440     20,214
  Texas Municipal Gas Acquisition & Supply Corp. V Natural Gas Revenue PUT 5.000%   1/1/34      5,910      6,276
6 Texas Municipal Power Agency Electric Power & Light Revenue 3.000%   9/1/46      1,500      1,130
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/31      1,000      1,022
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/32      1,040      1,060
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000% 12/31/32      5,000      5,087
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/33      2,045      2,076
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000% 12/31/33      6,500      6,589
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/34      1,000      1,012
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000% 12/31/34      7,500      7,578
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/35      1,000      1,009
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000% 12/31/35      3,715      3,743
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/36      3,190      3,206
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000% 12/31/36      1,000      1,004
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/37      2,150      2,153
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000% 12/31/37      3,165      3,160
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/39      1,000        988
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000% 12/31/39      4,000      3,940
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue 4.000%  6/30/40      3,135      3,074
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue (North Tarrant Express Managed Lanes Project) 5.000% 12/31/33      9,320      9,920
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue (North Tarrant Express Managed Lanes Project) 5.000% 12/31/34      7,275      7,709
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue (North Tarrant Express Managed Lanes Project) 4.000% 12/31/38      3,050      3,036
  Texas Private Activity Bond Surface Transportation Corp. Highway Revenue (North Tarrant Express Managed Lanes Project) 4.000% 12/31/39      3,225      3,184
1 Texas Public Finance Authority College & University Revenue 5.250%   5/1/38        500        543
1 Texas Public Finance Authority College & University Revenue 5.250%   5/1/42        500        532
10 Texas State Affordable Housing Corp. Local or Guaranteed Housing Revenue PUT 5.000%   2/1/26      2,500      2,544
  Texas State University System College & University Revenue 4.000%  3/15/35      2,130      2,168
  Texas State University System College & University Revenue 4.000%  3/15/49      5,205      4,939
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Texas Transportation Commission GO PUT 0.650%   4/1/26      3,100      2,980
  Texas Water Development Board Water Revenue 5.000%  4/15/28      3,305      3,472
  Texas Water Development Board Water Revenue 4.000% 10/15/32      2,230      2,237
  Texas Water Development Board Water Revenue 4.000% 10/15/33      7,000      7,130
  Texas Water Development Board Water Revenue 4.000% 10/15/34     11,590     11,774
  Texas Water Development Board Water Revenue 4.000%   8/1/36      6,000      6,154
  Texas Water Development Board Water Revenue 3.000% 10/15/38      3,075      2,768
  Texas Water Development Board Water Revenue 5.000% 10/15/38      3,780      3,977
  Texas Water Development Board Water Revenue 4.000% 10/15/41      6,800      6,821
  Texas Water Development Board Water Revenue 4.000% 10/15/42     13,500     13,416
  Texas Water Development Board Water Revenue 5.000% 10/15/42      5,310      5,471
  Texas Water Development Board Water Revenue 4.000% 10/15/43      9,225      9,069
  Texas Water Development Board Water Revenue 5.000% 10/15/43      4,835      5,009
  Texas Water Development Board Water Revenue 5.000%  4/15/49      6,765      6,998
  Texas Water Development Board Water Revenue 4.000%  4/15/51      2,720      2,543
  Texas Water Development Board Water Revenue 5.000% 10/15/53     16,815     18,092
  Texas Water Development Board Water Revenue 5.000% 10/15/58      2,500      2,665
15 Tomball Independent School District GO 3.950%  2/15/39      3,625      3,598
15 Tomball Independent School District GO 3.875%  2/15/43      4,810      4,713
  Travis County TX GO 5.000%   3/1/39      5,000      5,249
  Travis County TX GO 3.000%   3/1/40      1,000        883
  Trinity River Authority Water Revenue (Tarrant County Water Project) 5.000%   2/1/41        700        753
  Trinity River Authority Water Revenue (Tarrant County Water Project) 5.000%   2/1/43        825        879
  Tyler TX Water & Sewer System Water Revenue 5.000%   9/1/53      4,365      4,551
  University of Houston College & University Revenue 4.000%  2/15/30      4,610      4,612
  University of Houston College & University Revenue 3.000%  2/15/34     10,605      9,909
  University of Houston College & University Revenue 5.000%  2/15/56      6,510      6,796
  University of North Texas System College & University Revenue 5.000%  4/15/34      3,000      3,009
  University of North Texas System College & University Revenue 5.000%  4/15/44      3,890      3,989
15 Van Alstyne Independent School District GO 5.000%  2/15/47      3,100      3,267
15 Van Alstyne Independent School District GO 4.000%  2/15/48      1,580      1,505
15 Victoria Independent School District GO 4.000%  2/15/48      2,580      2,439
15 Waco Independent School District GO 4.000%  8/15/41      3,195      3,207
15 Waco Independent School District GO 4.000%  8/15/42      2,825      2,822
  Waco TX GO 4.000%   2/1/40      7,930      7,909
  Waco TX GO 4.000%   2/1/41      8,260      8,162
  Waco TX GO 4.000%   2/1/48      5,120      4,863
1 Waller Consolidated Independent School District GO 5.000%  2/15/38      3,860      4,224
1 Waller Consolidated Independent School District GO 5.000%  2/15/39      5,235      5,684
1 Waller Consolidated Independent School District GO 4.000%  2/15/53      2,000      1,828
15 Waxahachie Independent School District GO 5.000%  2/15/39      1,390      1,536
15 Waxahachie Independent School District GO 5.000%  2/15/40      1,400      1,533
15 Waxahachie Independent School District GO 5.000%  2/15/41      1,520      1,655
15 Wichita Falls Independent School District GO 3.000%   2/1/40      3,000      2,573
                                   1,980,653
Utah (1.8%)
  Cache County School District GO 4.000%  6/15/40      4,810      4,854
  Central Utah Water Conservancy District Water Revenue 4.000%  10/1/40        645        647
  Central Valley Water Reclamation Facility Sewer Revenue 4.000%   3/1/43      4,290      4,179
  Central Valley Water Reclamation Facility Sewer Revenue 4.000%   3/1/44      4,465      4,335
  Central Valley Water Reclamation Facility Sewer Revenue 4.000%   3/1/49      7,925      7,521
  Davis School District GO 4.000%   6/1/41      6,055      6,092
  Davis School District GO 4.000%   6/1/42      6,295      6,296
  Intermountain Power Agency Electric Power & Light Revenue 5.000%   7/1/37      2,530      2,732
  Intermountain Power Agency Electric Power & Light Revenue 5.000%   7/1/39      3,675      3,971
  Intermountain Power Agency Electric Power & Light Revenue 5.000%   7/1/40      3,355      3,606
  Intermountain Power Agency Electric Power & Light Revenue 5.000%   7/1/42      3,390      3,598
  Intermountain Power Agency Electric Power & Light Revenue 5.000%   7/1/43      9,500      9,953
  Intermountain Power Agency Electric Power & Light Revenue 5.000%   7/1/44      5,000      5,237
  Intermountain Power Agency Electric Power & Light Revenue 5.000%   7/1/44      1,000      1,060
  Intermountain Power Agency Electric Power & Light Revenue 5.000%   7/1/45      2,120      2,239
  Intermountain Power Agency Electric Power & Light Revenue 5.250%   7/1/45      8,735      9,370
  Iron County UT Sales Tax Revenue 5.000%  10/1/59      3,755      3,970
  Iron County UT Sales Tax Revenue 5.000%  10/1/64     11,035     11,525
  Jordan Valley Water Conservancy District Water Revenue 5.000%  10/1/54     11,000     11,508
  Millcreek UT Sales Tax Revenue 2.125%   6/1/51      7,570      4,390
1 Ogden City School District Municipal Building Authority Lease (Appropriation) Revenue 5.000%  1/15/37        300        337
1 Ogden City School District Municipal Building Authority Lease (Appropriation) Revenue 5.000%  1/15/38        250        279
1 Ogden City School District Municipal Building Authority Lease (Appropriation) Revenue 5.000%  1/15/39        250        278
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
1 Ogden City School District Municipal Building Authority Lease (Appropriation) Revenue 5.000%  1/15/40        500        550
1 Ogden City School District Municipal Building Authority Lease (Appropriation) Revenue 5.000%  1/15/41        750        818
1 Ogden City School District Municipal Building Authority Lease (Appropriation) Revenue 4.000%  1/15/42      1,325      1,274
1 Ogden City School District Municipal Building Authority Lease (Appropriation) Revenue 4.000%  1/15/43      1,500      1,432
1 Ogden City School District Municipal Building Authority Lease (Appropriation) Revenue 4.000%  1/15/44        800        760
  Ogden City UT Sewer & Water Revenue 3.000%  6/15/45      3,000      2,453
  Provo City School District Municipal Building Authority Lease (Appropriation) Revenue 4.000%  3/15/36      5,810      5,998
  Salt Lake City Corp. GO 3.000%  6/15/41      1,185      1,032
  Salt Lake City UT Public Utilities Water Revenue 5.000%   2/1/41      1,405      1,475
  Salt Lake City UT Public Utilities Water Revenue 5.000%   2/1/50      5,360      5,526
8 Salt Lake City UT Public Utilities Water Revenue 5.000%   2/1/50      7,500      8,074
  Salt Lake City UT Public Utilities Water Revenue 5.000%   2/1/52     10,000     10,531
  Spanish Fork City UT Sewer Revenue 4.000%   9/1/42      1,365      1,339
  Spanish Fork City UT Sewer Revenue 4.000%   9/1/43      1,420      1,379
  Spanish Fork City UT Sewer Revenue 4.000%   9/1/44      1,480      1,427
  University of Utah College & University Revenue 4.000%   8/1/34      1,175      1,193
  University of Utah College & University Revenue 4.000%   8/1/35      1,000      1,015
  University of Utah College & University Revenue 5.000%   8/1/39      1,000      1,100
  University of Utah College & University Revenue 5.250%   8/1/48      2,405      2,618
  University of Utah Local or Guaranteed Housing Revenue College & University Revenue 4.000%   8/1/39      4,000      4,034
  University of Utah Local or Guaranteed Housing Revenue College & University Revenue 4.000%   8/1/40      3,000      3,007
  University of Utah Local or Guaranteed Housing Revenue College & University Revenue 4.000%   8/1/41      5,000      4,973
  University of Utah Local or Guaranteed Housing Revenue College & University Revenue 4.000%   8/1/42      3,000      2,965
  University of Utah Local or Guaranteed Housing Revenue College & University Revenue 4.000%   8/1/43      5,585      5,471
  Utah Charter School Finance Authority Charter School Aid Revenue 5.000% 10/15/38        720        732
  Utah Charter School Finance Authority Charter School Aid Revenue 5.000%  4/15/39      1,475      1,543
  Utah Charter School Finance Authority Charter School Aid Revenue 5.000% 10/15/43      1,150      1,160
  Utah Charter School Finance Authority Charter School Aid Revenue 5.000%  4/15/44        625        636
  Utah Charter School Finance Authority Charter School Aid Revenue 5.000% 10/15/48      1,200      1,205
  Utah County UT Health, Hospital, Nursing Home Revenue 5.000%  5/15/41     16,500     16,702
  Utah County UT Health, Hospital, Nursing Home Revenue 5.000%  5/15/43      8,500      8,914
  Utah County UT Health, Hospital, Nursing Home Revenue 3.000%  5/15/50      5,795      4,588
  Utah County UT Health, Hospital, Nursing Home Revenue 5.000%  5/15/50      9,325      9,702
  Utah Housing Corp. Local or Guaranteed Housing Revenue 6.500%   1/1/54      6,765      7,421
  Utah Housing Corp. Local or Guaranteed Housing Revenue 6.000%   7/1/54      1,705      1,877
  Utah Housing Corp. Local or Guaranteed Housing Revenue 6.000%   7/1/54      3,240      3,581
  Utah Housing Corp. Local or Guaranteed Housing Revenue 6.250%   7/1/55     30,190     33,821
  Utah Housing Corp. Local or Guaranteed Housing Revenue 6.250%   7/1/55      6,170      6,940
  Utah Transit Authority Sales Tax Revenue 5.000% 12/15/42      7,140      7,842
  Wasatch County School District Local Building Authority Lease (Appropriation) Revenue 5.500%   6/1/54     15,000     15,950
  Weber Basin Water Conservancy District Water Revenue 5.000%  10/1/44      3,125      3,252
  Weber Basin Water Conservancy District Water Revenue 5.000%  10/1/50      6,200      6,399
  Weber School District Local Building Authority Lease (Appropriation) Revenue 4.000%  6/15/41      3,660      3,585
  Weber School District Local Building Authority Lease (Appropriation) Revenue 4.000%  6/15/42      3,810      3,691
  Weber School District Local Building Authority Lease (Appropriation) Revenue 4.000%  6/15/43      3,960      3,799
  Weber School District Local Building Authority Lease (Appropriation) Revenue 4.000%  6/15/44      1,970      1,874
                                     323,635
Vermont (0.1%)
  Vermont Economic Development Authority Health, Hospital, Nursing Home Revenue (Wake Robin Corp. Program) 4.000%   5/1/45      2,850      2,511
  Vermont Educational & Health Buildings Financing Agency College & University Revenue (Middlebury College Project) 5.000%  11/1/45      3,500      3,740
  Vermont Educational & Health Buildings Financing Agency College & University Revenue (Middlebury College Project) 5.000%  11/1/49     10,000     10,325
  Vermont Educational & Health Buildings Financing Agency College & University Revenue (Middlebury College Project) 5.000%  11/1/52      5,250      5,520
  Vermont GO 4.000%  8/15/40      3,135      3,180
                                      25,276
Virginia (1.6%)
  Arlington County IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/38      1,000      1,003
  Arlington County IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/39      1,750      1,747
  Arlington County IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/40      1,250      1,239
  Arlington County VA GO 2.500%  8/15/29      5,000      4,777
  Chesapeake Redevelopment & Housing Authority Local or Guaranteed Housing Revenue (Forest Cove II Project) PUT 4.500%   7/1/40      5,320      5,438
  Chesapeake Redevelopment & Housing Authority Local or Guaranteed Housing Revenue (Forest Cove II Project) PUT 4.500%   7/1/40      4,735      4,840
  Chesterfield County Economic Development Authority Intergovernmental Agreement Revenue (County Mobility Projects) 5.000%   4/1/45      7,500      8,130
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Chesterfield County Economic Development Authority Intergovernmental Agreement Revenue (County Mobility Projects) 5.000%   4/1/48      9,000      9,672
2 Cutalong II Community Development Authority District Special Assessment Revenue (Cutalong II Project) 4.500%   3/1/55      5,711      4,759
  Fairfax County Economic Development Authority Intergovernmental Agreement Revenue (County Facilities Project) 5.000%  10/1/39      1,525      1,653
  Fairfax County Economic Development Authority Special Tax Revenue (Route 28 Project) 3.000%   4/1/36      2,000      1,859
  Fairfax County Economic Development Authority Special Tax Revenue (Silver Line Phase I Project) 4.000%   4/1/32     11,190     11,294
  Fairfax County IDA Health, Hospital, Nursing Home Revenue (Innova Health System Project) 5.000%  5/15/37      2,500      2,759
  Fairfax County IDA Health, Hospital, Nursing Home Revenue (Innova Health System Project) 5.000%  5/15/51     10,000     10,662
  Fairfax County VA Sewer Revenue 4.000%  7/15/32      2,545      2,570
  Hampton Roads Transportation Accountability Commission Appropriations Revenue 5.000%   7/1/50      5,000      5,189
  Hampton Roads Transportation Accountability Commission Appropriations Revenue 5.250%   7/1/60     33,450     35,035
  Henrico County Economic Development Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/45        700        654
  Henrico County Economic Development Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/50      2,825      2,552
6 Isle Wight County IDA Health, Hospital, Nursing Home Revenue 5.250%   7/1/43      1,000      1,093
6 Isle Wight County IDA Health, Hospital, Nursing Home Revenue 5.250%   7/1/48      3,000      3,216
6 Isle Wight County IDA Health, Hospital, Nursing Home Revenue 4.750%   7/1/53      5,000      5,117
6 Isle Wight County IDA Health, Hospital, Nursing Home Revenue 5.250%   7/1/53      3,160      3,337
  James City County Economic Development Authority Health, Hospital, Nursing Home Revenue 5.250%  12/1/27        480        480
  James City County Economic Development Authority Health, Hospital, Nursing Home Revenue 6.750%  12/1/53        855        939
  James City County Economic Development Authority Health, Hospital, Nursing Home Revenue 6.875%  12/1/58      3,200      3,518
  Loudoun County Economic Development Authority Local or Guaranteed Housing Revenue 1.980%   6/1/58      2,296      1,373
  Loudoun County VA GO 4.000%  12/1/41      4,850      4,939
2 Newport News IDA Revenue 5.330%   7/1/45      7,000      6,845
  Northern Virginia Transportation Commission Transit Revenue (Transforming Rail in Virginia Program) 5.000%   6/1/52      5,000      5,293
  Richmond Redevelopment & Housing Authority Local or Guaranteed Housing Revenue 4.500%   5/1/40      1,993      2,038
  Richmond VA GO 2.000%  7/15/34      2,570      2,119
  Richmond VA Public Utility Multiple Utility Revenue 4.000%  1/15/42        500        497
  Shenandoah County IDA Local or Guaranteed Housing Revenue (Massanutten Manor Project) 3.650%   1/1/35      2,314      2,201
  University of Virginia College & University Revenue 5.000%   9/1/49     13,000     13,589
  Upper Occoquan Sewage Authority Sewer Revenue 4.000%   7/1/41      1,405      1,407
  Upper Occoquan Sewage Authority Sewer Revenue 4.000%   7/1/42      2,000      1,983
  Upper Occoquan Sewage Authority Sewer Revenue 4.000%   7/1/43      1,890      1,856
  Virginia Beach Development Authority Health, Hospital, Nursing Home Revenue 7.000%   9/1/53      2,570      2,914
  Virginia Beach Development Authority Health, Hospital, Nursing Home Revenue 7.000%   9/1/59      2,035      2,294
  Virginia College Building Authority Appropriations Revenue 3.000%   2/1/36      2,870      2,642
  Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) 5.000%   2/1/42      4,000      4,303
  Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) 4.000%   2/1/43      2,660      2,633
  Virginia College Building Authority Lease (Appropriation) Revenue (21st Century College & Equipment Program) 3.000%   2/1/40      3,000      2,614
  Virginia Commonwealth Transportation Board Appropriations Revenue (Capital Projects) 3.000%  5/15/34      5,470      5,209
  Virginia Commonwealth Transportation Board Appropriations Revenue (Capital Projects) 3.000%  5/15/35      2,720      2,567
  Virginia Commonwealth Transportation Board Appropriations Revenue (Capital Projects) 3.250%  5/15/43      1,225      1,054
  Virginia Commonwealth Transportation Board Appropriations Revenue (US Route 58 Corridor Development Program) 4.000%  5/15/36      4,880      5,091
  Virginia Commonwealth Transportation Board Appropriations Revenue (US Route 58 Corridor Development Program) 4.000%  5/15/37      5,075      5,253
  Virginia Commonwealth Transportation Board Appropriations Revenue (US Route 58 Corridor Development Program) 4.000%  5/15/44      3,140      3,089
  Virginia Commonwealth Transportation Board Appropriations Revenue (US Route 58 Corridor Development Program) 4.000%  5/15/45      6,000      5,864
  Virginia Commonwealth Transportation Board Appropriations Revenue (US Route 58 Corridor Development Program) 4.000%  5/15/47      4,000      3,899
  Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax Appropriations Revenue (Interstate 81 Corridor Program) 4.000%  5/15/35        935        972
  Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax Appropriations Revenue (Interstate 81 Corridor Program) 4.000%  5/15/36        650        672
  Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax Appropriations Revenue (Interstate 81 Corridor Program) 4.000%  5/15/37        940        968
  Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax Appropriations Revenue (Interstate 81 Corridor Program) 4.000%  5/15/38        905        926
  Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax Appropriations Revenue (Interstate 81 Corridor Program) 5.000%  5/15/57     12,140     12,637
  Virginia Housing Development Authority Local or Guaranteed Housing Revenue 4.000%   9/1/39      4,450      4,364
  Virginia Public Building Authority Appropriations Revenue 4.000%   8/1/30      4,000      4,098
  Virginia Public Building Authority Appropriations Revenue 4.000%   8/1/39      1,410      1,431
  Virginia Public Building Authority Appropriations Revenue 4.000%   8/1/40      8,450      8,517
  Virginia Small Business Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/49      8,000      7,502
  Virginia Small Business Financing Authority Health, Hospital, Nursing Home Revenue 5.500%  12/1/54      4,000      4,198
  Wise County IDA Electric Power & Light Revenue (Virginia Electric & Power Co. Project) PUT 3.800%  5/28/27      1,000      1,012
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  York County Economic Development Authority Electric Power & Light Revenue (Virginia Electric & Power Co. Project) PUT 3.650%  10/1/27        615        624
                                     275,019
Washington (1.0%)
  Energy Northwest Nuclear Revenue 4.000%   7/1/42      3,235      3,195
  Grant County Public Hospital District No. 1 GO 5.500%  12/1/36      1,670      1,829
  Grant County Public Hospital District No. 1 GO 5.500%  12/1/39      1,000      1,078
  Grant County Public Hospital District No. 1 GO 5.125%  12/1/48      5,000      5,078
  Grant County Public Utility District No. 2 Electric Power & Light Revenue (Priest Rapids Hydroelectric Project) 5.000%   1/1/39        270        296
  Grant County Public Utility District No. 2 Electric Power & Light Revenue (Priest Rapids Hydroelectric Project) 5.000%   1/1/40        590        643
  Grant County Public Utility District No. 2 Electric Power & Light Revenue (Priest Rapids Hydroelectric Project) 5.000%   1/1/41        750        813
  King County School District No. 403 Renton GO 4.000%  12/1/39      2,205      2,247
  King County School District No. 403 Renton GO 4.000%  12/1/40      2,850      2,889
  Kitsap County School District No. 100-C Bremerton GO 5.250%  12/1/47      2,385      2,602
4,8 Klickitat County Public Utility District No. 1 Electric Power & Light Revenue 5.000%  12/1/32        765        844
4,8 Klickitat County Public Utility District No. 1 Electric Power & Light Revenue 5.000%  12/1/33        750        832
4,8 Klickitat County Public Utility District No. 1 Electric Power & Light Revenue 5.000%  12/1/34        875        974
  Mason County Public Utility District No. 3 Electric Power & Light Revenue 4.000%  12/1/39      2,475      2,482
  Seattle WA Drainage & Wastewater Sewer Revenue 4.000%   9/1/42      1,200      1,189
  Seattle WA Municipal Light & Power Electric Power & Light Revenue 4.000%   4/1/29      3,825      3,868
  Seattle WA Municipal Light & Power Electric Power & Light Revenue 4.000%   7/1/41      2,390      2,398
  Seattle WA Municipal Light & Power Electric Power & Light Revenue 5.000%   3/1/48      8,110      8,613
  Seattle WA Municipal Light & Power Electric Power & Light Revenue 5.000%  10/1/48      8,365      8,949
  Seattle WA Municipal Light & Power Electric Power & Light Revenue 5.000%  10/1/49      3,585      3,825
  Skagit County Public Hospital District No. 1 Health, Hospital, Nursing Home Revenue 5.000%  12/1/31      1,950      1,974
  Vancouver Housing Authority Local or Guaranteed Housing Revenue (Navalia & Alena Projects) 4.000%   8/1/34      2,800      2,812
  Washington GO 5.000%   6/1/42      1,250      1,306
  Washington GO 5.000%   6/1/42         20         22
  Washington GO 5.000%   2/1/43      1,605      1,690
  Washington GO 5.000%   6/1/46      3,365      3,591
  Washington GO 5.000%   6/1/47      6,000      6,425
  Washington GO 5.000%   2/1/49      7,435      7,905
  Washington GO 5.000%   8/1/49     10,000     10,660
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/41      5,000      4,771
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/44      1,830      1,703
  Washington Health Care Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/50      8,750      7,852
  Washington Higher Education Facilities Authority College & University Revenue (Seattle University Project) 4.000%   5/1/50      1,400      1,248
  Washington Higher Education Facilities Authority College & University Revenue (Whitworth University Project) 4.000%  10/1/42        975        856
  Washington Higher Education Facilities Authority College & University Revenue (Whitworth University Project) 4.000%  10/1/46      2,205      1,864
  Washington State Convention Center Public Facilities District Hotel Occupancy Tax Revenue 4.000%   7/1/31      8,000      8,110
  Washington State Convention Center Public Facilities District Hotel Occupancy Tax Revenue 3.000%   7/1/34        130        119
  Washington State Convention Center Public Facilities District Hotel Occupancy Tax Revenue 5.000%   7/1/35      1,000      1,064
  Washington State Convention Center Public Facilities District Hotel Occupancy Tax Revenue 4.000%   7/1/58      4,460      3,855
  Washington State Housing Finance Commission Health, Hospital, Nursing Home Revenue (Emerald Heights Project) 5.000%   7/1/43      1,000      1,041
  Washington State Housing Finance Commission Health, Hospital, Nursing Home Revenue (Emerald Heights Project) 5.000%   7/1/48      1,000      1,029
2 Washington State Housing Finance Commission Health, Hospital, Nursing Home Revenue (Horizon House Project) 5.000%   1/1/48      5,500      4,994
  Washington State Housing Finance Commission Local or Guaranteed Housing Revenue 3.500% 12/20/35     28,711     26,817
  Washington State Housing Finance Commission Local or Guaranteed Housing Revenue 3.375%  4/20/37      8,907      8,005
  Washington State Housing Finance Commission Local or Guaranteed Housing Revenue 4.221%  3/20/40      5,490      5,316
  Washington State Housing Finance Commission Local or Guaranteed Housing Revenue 5.500%   7/1/59      2,000      2,121
2 Washington State Housing Finance Commission Private Schools Revenue 6.125%   7/1/53      3,000      3,249
  Washington State University College & University Revenue 5.000%   4/1/39      2,695      3,016
  Washington State University College & University Revenue 5.000%   4/1/40      1,790      1,993
                                     180,052
West Virginia (0.4%)
6 Morgantown Utility Board Inc. Water Revenue 5.000%  12/1/41      7,000      7,185
6 Morgantown Utility Board Inc. Water Revenue 5.000%  12/1/46      6,320      6,459
  West Virginia Economic Development Authority Industrial Revenue PUT 3.375%  6/15/28        305        303
  West Virginia Economic Development Authority Lottery Revenue 4.000%  6/15/34      7,595      7,676
  West Virginia GO 5.000%  12/1/45      1,500      1,581
6 West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/40      3,080      3,279
  West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 5.750%   9/1/41      4,000      4,389
6 West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 5.125%   9/1/42      6,265      6,732
  West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 5.750%   9/1/43      2,805      3,053
  West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 4.125%   1/1/47      5,000      4,342
  West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 4.250%   6/1/47      5,500      5,286
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
6 West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 5.500%   9/1/48      2,590      2,810
  West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 6.000%   9/1/48     15,175     16,889
  West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/51      2,500      2,277
  West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue 4.375%   6/1/53      6,010      5,747
                                      78,008
Wisconsin (1.8%)
  Central Brown County Water Authority Water Revenue 5.000%  11/1/34      7,120      8,070
  Central Brown County Water Authority Water Revenue 5.000%  11/1/35      6,480      7,365
  Madison WI Metropolitan School District GO 4.000%   3/1/36      2,460      2,516
1 Milwaukee WI GO 5.000%   4/1/27      1,920      2,006
  Milwaukee WI GO 3.000%   4/1/32      4,820      4,476
  Milwaukee WI Sewerage System Sewer Revenue 5.000%   6/1/38      1,915      2,064
  Milwaukee WI Sewerage System Sewer Revenue 5.000%   6/1/39      1,100      1,180
  Milwaukee WI Sewerage System Sewer Revenue 5.000%   6/1/40        800        857
  Milwaukee WI Sewerage System Sewer Revenue 5.000%   6/1/41      1,000      1,066
6 Monona Grove WI School District GO 3.000%   5/1/34      2,195      2,051
6 Monroe WI School District GO 5.000%   3/1/37        775        833
6 Monroe WI School District GO 5.000%   3/1/38        700        748
6 Monroe WI School District GO 4.000%   3/1/39      1,855      1,875
  Neenah Joint School District GO 3.000%   3/1/31      1,960      1,903
  Neenah Joint School District GO 3.000%   3/1/32      3,735      3,581
2 Public Finance Authority Charter School Aid Revenue 4.250%  7/15/44        180        169
  Public Finance Authority Charter School Aid Revenue 5.000%   7/1/48      1,530      1,521
2 Public Finance Authority Charter School Aid Revenue 4.500%  7/15/49        360        339
  Public Finance Authority Charter School Aid Revenue 4.000%   7/1/51      1,000        827
2 Public Finance Authority Charter School Aid Revenue 4.500%  7/15/53        160        148
  Public Finance Authority Charter School Aid Revenue 5.000%   7/1/55      4,135      4,025
2 Public Finance Authority Charter School Aid Revenue 5.000%   7/1/55      1,005        958
  Public Finance Authority Charter School Aid Revenue 5.750%   7/1/62      9,518      9,869
2 Public Finance Authority Charter School Aid Revenue (College Achieve Central Charter School Project) 5.000%  6/15/51      1,145      1,072
2 Public Finance Authority Charter School Aid Revenue (College Achieve Paterson Charter School Project) 5.000%  6/15/41      1,000        968
2 Public Finance Authority Charter School Aid Revenue (Eno River Academy Project) 5.000%  6/15/40        815        818
  Public Finance Authority College & University Revenue 5.250%  10/1/38      3,250      3,269
  Public Finance Authority College & University Revenue 5.250%  10/1/48      2,130      2,073
  Public Finance Authority College & University Revenue 5.125%   4/1/52      5,500      5,321
2 Public Finance Authority College & University Revenue (Rider University Project) 4.500%   7/1/48      3,000      2,343
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/37        390        372
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/38        450        421
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/39        375        346
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/40        350        318
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/41        375        336
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/45      9,620      8,922
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/46      8,000      6,469
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/46      2,700      2,187
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/49      6,250      5,633
1 Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/49      7,500      7,021
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/51      1,500      1,163
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/52     11,500     10,335
  Public Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/52      3,750      3,881
  Public Finance Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/56      1,125        844
  Public Finance Authority Health, Hospital, Nursing Home Revenue (Kahala Nui Project) 5.250% 11/15/55        820        862
  Public Finance Authority Health, Hospital, Nursing Home Revenue (Kahala Nui Project) 5.250% 11/15/61      1,200      1,250
  Public Finance Authority Intergovernmental Agreement Revenue PUT 4.000%   7/1/26      5,055      5,057
  Public Finance Authority Intergovernmental Agreement Revenue PUT 4.000%   2/1/27     15,362     15,246
  Public Finance Authority Intergovernmental Agreement Revenue PUT 4.000%   8/1/27     16,591     16,398
  Public Finance Authority Local or Guaranteed Housing Revenue 4.100%  9/25/39     10,422     10,156
2 Public Finance Authority Local or Guaranteed Housing Revenue 5.750%   7/1/63      3,000      3,161
2 Public Finance Authority Tax Increment/Allocation Revenue (Miami Worldcenter Project) 5.000%   6/1/41      1,000      1,028
6 Racine Unified School District GO 5.000%   4/1/37      1,000      1,086
6 Racine Unified School District GO 5.000%   4/1/41      1,480      1,584
1 Racine Unified School District GO 4.000%   4/1/42      3,555      3,472
6 Racine Unified School District GO 5.000%   4/1/42      1,000      1,066
1 Racine Unified School District GO 4.000%   4/1/43      4,075      3,947
1 Racine Unified School District GO 4.000%   4/1/44      2,565      2,470
  Sheboygan Area School District GO 3.000%   3/1/42      1,700      1,455
  Sheboygan Area School District GO 3.000%   3/1/43      1,755      1,480
  University of Wisconsin Hospitals & Clinics Health, Hospital, Nursing Home Revenue 5.000%   4/1/49      1,800      1,897
  Wisconsin Department of Transportation Miscellaneous Revenue 4.000%   7/1/36      1,250      1,286
  Wisconsin Department of Transportation Miscellaneous Revenue 4.000%   7/1/39      1,500      1,518
Vanguard® Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Wisconsin Health & Educational Facilities Authority College & University Revenue 4.000%  10/1/31      1,000      1,009
  Wisconsin Health & Educational Facilities Authority College & University Revenue 4.000%  10/1/32      1,080      1,088
  Wisconsin Health & Educational Facilities Authority College & University Revenue 5.000%  12/1/41     15,000     15,243
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/32      2,380      2,459
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/34      5,630      5,484
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34      1,250      1,250
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/35      5,055      4,891
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/35      1,440      1,448
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/36      1,600      1,607
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/36     15,000     14,851
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/37      5,000      5,007
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/38      1,000      1,073
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/40        700        739
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/42      4,000      4,048
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  8/15/44      1,305      1,391
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/46      3,765      3,599
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/51      2,550      2,322
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  12/1/52      3,080      3,297
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  2/15/54      4,645      4,997
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.750%  8/15/59      2,500      2,655
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  6/22/29      1,435      1,539
  Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  10/3/34      1,250      1,377
2 Wisconsin Health & Educational Facilities Authority Miscellaneous Revenue (Forensic Science & Protective Medicine Collabration Inc. Project) 5.000%   8/1/27      8,000      8,150
  Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue 3.000%   9/1/52      3,780      3,695
  Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue 5.000%   3/1/53      3,520      3,634
  Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue 6.000%   9/1/54      4,245      4,595
  Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue 6.000%   3/1/55      2,895      3,171
  Wisconsin Housing & Economic Development Authority Housing Local or Guaranteed Housing Revenue PUT 3.750%  11/1/26      4,470      4,474
  Wisconsin Housing & Economic Development Authority Local or Guaranteed Housing Revenue (View at Huxley Yards Project) PUT 5.000%   8/1/26      3,500      3,591
  Wisconsin Housing & Economic Development Authority Local or Guaranteed Housing Revenue (View at Huxley Yards Project) PUT 5.000%   8/1/26      3,500      3,591
                                     313,253
Wyoming (0.0%)
  Laramie County WY Health, Hospital, Nursing Home Revenue 4.000%   5/1/37         35         35
  Laramie County WY Health, Hospital, Nursing Home Revenue 3.000%   5/1/42        660        536
  Wyoming Community Development Authority Local or Guaranteed Housing Revenue 6.000%  12/1/54      2,450      2,666
                                       3,237
Total Tax-Exempt Municipal Bonds (Cost $17,500,725) 17,046,169
Taxable Municipal Bonds (0.1%)
Puerto Rico (0.1%)
  Commonwealth of Puerto Rico CVI 0.000%  11/1/43     19,134     11,997
  Commonwealth of Puerto Rico CVI 0.000%  11/1/51      8,965      5,711
Total Taxable Municipal Bonds (Cost $17,261) 17,708
Vanguard® Long-Term Tax-Exempt Fund
    Coupon   Shares Market
Value
($000)
Temporary Cash Investments (2.6%)
Investment Company (2.6%)
17 Vanguard Municipal Low Duration Fund (Cost $467,500) 2.123%         46,753,121    467,531
Total Investments (99.8%) (Cost $17,985,486) 17,531,408
Other Assets and Liabilities—Net (0.2%) 29,889
Net Assets (100%) 17,561,297
Cost is in $000.
1 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
2 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 $401,077,000, representing 2.3% of net assets.
3 Non-income-producing security—security in default.
4 Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp.
5 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
6 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
7 Step bond.
8 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2025.
9 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.
10 Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
11 Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co.
12 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
13 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.
14 Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund.
15 Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund.
16 Securities with a value of $1,038,000 have been segregated as initial margin for open futures contracts.
17 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.
  BAN—Bond Anticipation Note.
  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.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  RAN—Revenue Anticipation Note.
  SIFMA—Securities Industry and Financial Markets Association.
  SOFR—Secured Overnight Financing Rate.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
  VRDP—Variable Rate Demand Preferred.
  
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Short Futures Contracts        
10-Year U.S. Treasury Note March 2025 (377) (41,034) (33)
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. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, 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.
Vanguard® Long-Term Tax-Exempt Fund
B. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives 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 — 17,046,169 — 17,046,169
Taxable Municipal Bonds — 17,708 — 17,708
Temporary Cash Investments 467,531 — — 467,531
Total 467,531 17,063,877 — 17,531,408
Derivative Financial Instruments         
Liabilities        
Futures Contracts1 (33) — — (33)
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.