Vanguard® Municipal Low Duration Fund
Schedule of Investments (unaudited)
As of May 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 (104.4%)
Alaska (1.2%)
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue VRDO 1.920%   6/5/25 14,220    14,220
  Valdez AK Industrial Revenue VRDO 2.950%   6/2/25 32,765    32,765
                                46,985
Arizona (0.5%)
1 Arizona IDA Multifamily Housing Revenue TOB VRDO 3.220%   6/2/25 20,000    20,000
California (3.4%)
1 California Educational Facilities Authority College & University Revenue TOB VRDO 1.980%   6/5/25  8,000     8,000
1 California Multifamily Revenue TOB VRDO 3.100%   6/2/25 35,000    35,000
1,2 California Municipal Finance Authority Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO 3.050%   6/2/25 11,525    11,525
1,3 FHLMC Multifamily Certificates Revenue TOB VRDO 3.100%   6/2/25 39,470    39,470
  Los Angeles CA General Fund Revenue TRAN 5.000%  6/26/25 22,500    22,521
1,2,4 San Francisco CA City & County Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO 3.150%   6/2/25 11,470    11,470
                               127,986
Colorado (2.9%)
5 Adams & Arapahoe Joint School District 28J Aurora GO 5.500%  12/1/25  8,500     8,605
  Colorado State Education Loan Program Intergovernmental Agreement Revenue (Education Loan Program) TRAN 5.000%  6/30/25 45,000    45,058
  Colorado State Education Loan Program Intergovernmental Agreement Revenue TRAN 5.000%  6/30/25 36,415    36,464
  Denver City & County CO GO 5.000%   8/1/25  2,390     2,397
  Denver City & County School District No. 1 GO 5.000%  12/1/25  3,560     3,596
  Denver City & County School District No. 1 GO 5.000%  12/1/25  1,840     1,859
  University of Colorado Hospital Authority Health, Hospital, Nursing Home Revenue VRDO 3.000%   6/2/25 11,400    11,400
                               109,379
Connecticut (2.6%)
  Connecticut GO 5.000%  12/1/25  2,500     2,525
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 1.850%   6/5/25  3,850     3,850
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25 13,000    13,000
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25  1,910     1,910
  Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO 2.800%   6/2/25  3,980     3,980
  Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO 2.800%   6/2/25 37,775    37,775
  Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO 2.800%   6/2/25 34,165    34,165
                                97,205
District of Columbia (0.7%)
2 District of Columbia Health, Hospital, Nursing Home Revenue VRDO 1.950%   6/4/25  1,450     1,450
2 District of Columbia Miscellaneous Revenue VRDO 1.950%   6/5/25 20,655    20,655
  District of Columbia Water & Sewer Authority Water Revenue VRDO 2.970%   6/2/25  4,600     4,600
                                26,705
Florida (6.4%)
1,2 Escambia County FL Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 3.080%   6/2/25 21,390    21,390
1,2 Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue TOB VRDO 3.080%   6/2/25 36,510    36,510
2 Gainesville FL Utilities System Multiple Utility Revenue VRDO 3.030%   6/2/25  6,500     6,500
  Hillsborough County IDA Health, Hospital, Nursing Home Revenue VRDO 3.000%   6/2/25 21,600    21,600
  Hillsborough County IDA Health, Hospital, Nursing Home Revenue VRDO 1.950%   6/4/25 15,000    15,000
2 Miami-Dade County FL Recreational Revenue VRDO 1.950%   6/5/25 24,800    24,800
1,2 Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO 3.150%   6/2/25  5,870     5,870
1,2 Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO 3.150%   6/2/25  5,000     5,000
1 Tampa FL Water & Wastewater System Water Revenue TOB VRDO 2.000%   6/5/25  5,000     5,000
1,2 Volusia County FL Health, Hospital, Nursing Home Revenue TOB VRDO 3.100%   6/2/25 99,220    99,220
                               240,890
Georgia (1.2%)
  Fulton County GA Miscellaneous Revenue 4.000% 12/30/25 20,000    20,125
  Georgia GO 5.000%   8/1/25  3,200     3,210
1 Georgia GO TOB VRDO 1.990%   6/5/25  9,375     9,375
2 Georgia Municipal Electric Authority Electric Power & Light Revenue (Various Projects 1) VRDO 2.100%   6/4/25 13,570    13,570
                                46,280
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
Hawaii (0.2%)
2 Hawaii Housing Finance & Development Corp. Local or Guaranteed Housing Revenue VRDO 2.000%   6/5/25  9,250     9,250
Illinois (1.2%)
2 Aurora IL College & University Revenue VRDO 1.970%   6/5/25  5,000     5,000
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO 2.040%   6/4/25 31,000    31,000
  Illinois Finance Authority Water Revenue 5.000%   7/1/25  1,000     1,002
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO 1.750%   6/5/25  8,785     8,785
                                45,787
Indiana (0.4%)
2 Indiana Finance Authority Health, Hospital, Nursing Home Revenue VRDO 3.050%   6/2/25  7,150     7,150
2 Indiana Finance Authority Industrial Revenue VRDO 2.050%   6/4/25  8,340     8,340
                                15,490
Iowa (0.5%)
  Iowa Finance Authority Local or Guaranteed Housing Revenue VRDO 2.800%   6/2/25 17,300    17,300
Louisiana (3.3%)
  East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO 2.970%   6/2/25 71,430    71,430
  East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO 2.970%   6/2/25  7,918     7,918
2 Louisiana Gasoline & Fuels Sales Tax Revenue VRDO 3.000%   6/2/25 38,870    38,870
2 Louisiana Gasoline & Fuels Sales Tax Revenue VRDO 3.000%   6/2/25  6,825     6,825
                               125,043
Maryland (2.0%)
1,2 Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 3.080%   6/2/25 20,435    20,435
2 Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.950%   6/2/25 25,730    25,730
2,6 Montgomery County Housing Opportunities Commission Local or Guaranteed Housing Revenue VRDO 3.000%   6/2/25 22,990    22,990
  Montgomery County MD GO VRDO 2.850%   6/2/25  6,330     6,330
                                75,485
Massachusetts (9.0%)
  Commonwealth of Massachusetts GO 5.000%   7/1/25 10,760    10,777
1 Commonwealth of Massachusetts GO TOB VRDO 1.970%   6/5/25 16,275    16,275
  Massachusetts Health & Educational Facilities Authority Recreational Revenue VRDO 3.050%   6/2/25 40,600    40,600
  Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue VRDO 1.840%   6/5/25 44,105    44,105
  Massachusetts Water Resources Authority Water Revenue VRDO 2.000%   6/4/25  9,655     9,655
1 Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP 2.040%   6/5/25 92,500    92,500
1 Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP 2.040%   6/5/25  3,000     3,000
1,2 Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP 2.030%   6/5/25 23,000    23,000
1 Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP 2.040%   6/5/25 53,500    53,500
1 Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP 2.050%   6/5/25 13,000    13,000
1 Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP 2.060%   6/5/25 34,300    34,300
                               340,712
Michigan (2.7%)
1 Detroit Regional Convention Facility Authority Special Tax Revenue TOB VRDO 3.100%   6/5/25 50,000    50,000
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO 1.900%   6/4/25 19,300    19,300
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO 1.900%   6/4/25 10,730    10,730
  University of Michigan College & University Revenue VRDO 1.740%   6/5/25 20,985    20,985
                               101,015
Minnesota (0.5%)
1,2 Bloomington Minnesota Multifamily Local or Guaranteed Housing Revenue TOB VRDO 3.150%  12/1/25  8,600     8,600
  Minnesota GO 5.000%   8/1/25  4,065     4,078
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25  6,540     6,540
                                19,218
Mississippi (3.6%)
  Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO 2.950%   6/2/25  5,300     5,300
  Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO 2.950%   6/2/25 28,200    28,200
  Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO 2.950%   6/2/25  6,000     6,000
  Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO 2.950%   6/2/25 86,175    86,175
  Mississippi Business Finance Corp. Industrial Revenue VRDO 2.950%   6/2/25 10,000    10,000
                               135,675
Missouri (3.1%)
2 Kansas City MO Special Obligation Revenue VRDO 2.130%   6/4/25  2,390     2,390
  Missouri Development Finance Board Miscellaneous Revenue VRDO 2.800%   6/2/25 23,100    23,100
  Missouri Development Finance Board Recreational Revenue VRDO 2.800%   6/2/25 22,100    22,100
  Missouri Health & Educational Facilities Authority College & University Revenue VRDO 2.800%   6/2/25 19,500    19,500
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 3.050%   6/2/25 48,300    48,300
                               115,390
Multiple States (0.2%)
1,3 FHLMC Multifamily Certificates Local or Guaranteed Housing Revenue VRDO 1.990%   6/5/25  8,150     8,150
Nebraska (0.1%)
2 Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue VRDO 3.000%   6/2/25  4,400     4,400
Nevada (0.9%)
2 Clark County NV Economic Development Revenue (Opportunity Village Foundation Project) VRDO 2.040%   6/5/25 10,000    10,000
1 Clark County NV Water Reclamation District GO TOB VRDO 3.100%   6/2/25 23,580    23,580
                                33,580
New Jersey (0.8%)
  Mercer County NJ BAN GO 4.000%  3/31/26 15,535    15,655
2 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 1.950%   6/5/25 15,240    15,240
                                30,895
New Mexico (0.8%)
  New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue VRDO 1.850%   6/5/25 29,920    29,920
New York (20.2%)
2 Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue VRDO 3.000%   6/2/25 18,505    18,505
2 Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue VRDO 3.000%   6/2/25  2,175     2,175
2 Metropolitan Transportation Authority Transit Revenue VRDO 2.950%   6/2/25 44,800    44,800
2 Metropolitan Transportation Authority Transit Revenue VRDO 2.950%   6/2/25 38,400    38,400
2 Metropolitan Transportation Authority Transit Revenue VRDO 2.950%   6/2/25  4,000     4,000
2 Metropolitan Transportation Authority Transit Revenue VRDO 3.000%   6/2/25  7,000     7,000
2 Metropolitan Transportation Authority Transit Revenue VRDO 3.050%   6/2/25 36,275    36,275
2 Metropolitan Transportation Authority Transit Revenue VRDO 1.900%   6/5/25  5,225     5,225
  Nassau County IDA College & University Revenue VRDO 3.000%   6/2/25 22,855    22,855
  Nassau County Industrial Development Agency College & University Revenue VRDO 3.000%   6/2/25  3,505     3,505
  Nassau County Local Economic Assistance Corp. College & University Revenue VRDO 1.950%   6/5/25  5,035     5,035
6 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.900%   6/5/25  5,000     5,000
6 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.930%   6/5/25 19,170    19,170
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25 30,000    30,000
2 New York City Industrial Development Agency Lease (Appropriation) Revenue (New York Stock Exchange Project) VRDO 2.950%   6/2/25 15,470    15,470
  New York City Municipal Water Finance Authority Water Revenue VRDO 3.000%   6/2/25  6,000     6,000
  New York City Municipal Water Finance Authority Water Revenue VRDO 3.000%   6/2/25 25,000    25,000
  New York City Municipal Water Finance Authority Water Revenue VRDO 3.000%   6/2/25 12,800    12,800
  New York City Municipal Water Finance Authority Water Revenue VRDO 3.000%   6/2/25  1,400     1,400
  New York City Municipal Water Finance Authority Water Revenue VRDO 3.050%   6/2/25  4,200     4,200
  New York City Municipal Water Finance Authority Water Revenue VRDO 3.050%   6/2/25 35,325    35,325
  New York City Municipal Water Finance Authority Water Revenue VRDO 1.930%   6/5/25 23,760    23,760
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 2.950%   6/2/25 65,000    65,000
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 2.960%   6/2/25  6,000     6,000
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 3.000%   6/2/25 23,190    23,190
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 3.050%   6/2/25  5,000     5,000
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 3.050%   6/2/25 20,000    20,000
2 New York City Trust for Cultural Resources Miscellaneous Revenue VRDO 1.960%   6/5/25  3,615     3,615
  New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue VRDO 2.150%   6/4/25  4,500     4,500
1,2 New York NY GO TOB VRDO 3.100%   6/2/25 20,500    20,500
  New York NY GO VRDO 2.950%   6/2/25 47,700    47,700
2 New York NY GO VRDO 2.970%   6/2/25  3,575     3,575
  New York NY GO VRDO 3.000%   6/2/25  2,200     2,200
  New York NY GO VRDO 3.050%   6/2/25 22,450    22,450
  New York NY GO VRDO 3.050%   6/2/25  2,900     2,900
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.650%   6/4/25 21,100    21,100
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.850%   6/4/25 49,430    49,430
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.850%   6/4/25  6,900     6,900
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.920%   6/4/25  5,350     5,350
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 2.200%   6/4/25  9,385     9,385
1 Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP 2.020%   6/5/25 35,300    35,300
1 Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP 2.020%   6/5/25 16,700    16,700
2 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 2.950%   6/2/25  6,950     6,950
2 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 3.000%   6/2/25  3,085     3,085
2 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 3.050%   6/2/25  4,175     4,175
2 Triborough Bridge & Tunnel Authority Transit Revenue VRDO 2.020%   6/4/25 14,830    14,830
                               765,735
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
North Carolina (0.6%)
  North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue VRDO 1.770%   6/4/25 21,005    21,005
  University of North Carolina at Chapel Hill Health, Hospital, Nursing Home Revenue VRDO 1.940%   6/5/25  2,350     2,350
                                23,355
Ohio (7.2%)
1,2 Columbus Franklin County Ohio Finance Authority Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO 3.150%   6/2/25 36,775    36,775
1,2 Montgomery County OH Health, Hospital, Nursing Home Revenue TOB VRDO 3.080%   6/2/25 28,130    28,130
  Ohio Lease (Appropriation) Revenue (Parks & Recreation Improvement Fund Projects) VRDO 1.800%   6/4/25 36,640    36,640
  Ohio Lease (Appropriation) Revenue VRDO 2.000%   6/4/25  2,750     2,750
  Ohio State University College & University Revenue VRDO 1.750%   6/4/25 41,300    41,300
  Ohio State University College & University Revenue VRDO 1.750%   6/4/25 42,450    42,450
  Ohio State University College & University Revenue VRDO 1.850%   6/4/25 38,950    38,950
  Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue 5.000%   6/1/25  1,255     1,255
  Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue VRDO 3.000%   6/2/25 43,400    43,400
                               271,650
Oregon (0.3%)
  Oregon GO VRDO 2.800%   6/2/25  7,075     7,075
2 Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue VRDO 1.960%   6/5/25  3,900     3,900
                                10,975
Pennsylvania (5.4%)
  Allegheny County Higher Education Building Authority College & University Revenue VRDO 2.500%   6/2/25 16,860    16,860
2 Allegheny County IDA Private Schools Revenue VRDO 1.950%   6/5/25  1,400     1,400
  Butler County General Authority Miscellaneous Revenue VRDO 1.950%   6/5/25  3,760     3,760
  Commonwealth of Pennsylvania GO 5.000%  8/15/25  5,055     5,075
2 Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue VRDO 1.950%   6/4/25 19,585    19,585
2 Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue VRDO 3.000%   6/2/25 30,410    30,410
2 Lancaster IDA Health, Hospital, Nursing Home Revenue VRDO 2.050%   6/5/25  8,240     8,240
  Northampton County General Purpose Authority College & University Revenue VRDO 1.950%   6/5/25 34,600    34,600
1 Pennsylvania Economic Development Financing Authority College & University Revenue TOB VRDO 2.000%   6/5/25  4,950     4,950
2 Pennsylvania Economic Development Financing Authority Private Schools Revenue (Montessori Academy Inc. Project-C2) VRDO 2.050%   6/5/25    600       600
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO 3.100%   6/2/25 11,450    11,450
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO 3.100%   6/2/25  3,750     3,750
1,2 Pennsylvania State Higher Educational Facilities Authority College & University Revenue TOB VRDO 2.000%   6/5/25 28,000    28,000
1 Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue TOB VRDO 2.000%   6/5/25  1,700     1,700
  Washington County Authority College & University Revenue VRDO 1.700%   6/5/25 35,485    35,485
                               205,865
South Carolina (2.1%)
  Clover School District No. 2 BAN GO 5.000%  10/1/25 10,000    10,061
1,2 South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue TOB VRDO 3.100%   6/2/25 68,605    68,605
                                78,666
South Dakota (0.6%)
  South Dakota Housing Development Authority Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25 23,500    23,500
Tennessee (4.2%)
2 Greeneville Health & Educational Facilities Board Health, Hospital, Nursing Home Revenue VRDO 2.050%   6/5/25  8,755     8,755
  Sevier County TN Public Building Authority Intergovernmental Agreement Revenue VRDO 2.950%   6/2/25 69,000    69,000
1,2 Sullivan County Health Educational & Housing Facilities Board Health, Hospital, Nursing Home Revenue TOB VRDO 3.080%   6/2/25 40,640    40,640
  Tennessee County Public Building Authority of Blount Intergovernmental Agreement Revenue VRDO 2.850%   6/2/25 41,600    41,600
                               159,995
Texas (10.1%)
  Austin TX GO 5.000%   9/1/25  4,400     4,421
  Gulf Coast IDA Industrial Revenue (Exxon Mobil Project) VRDO 3.000%   6/2/25 22,170    22,170
  Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO 1.600%   6/4/25 50,000    50,000
2 Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO 2.150%   6/4/25 19,485    19,485
  Harris County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO 3.000%   6/2/25 14,900    14,900
  Harris County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO 3.000%   6/2/25 54,515    54,515
  Houston Higher Education Finance Corp. College & University Revenue (Rice University Project) VRDO 1.750%   6/4/25 13,625    13,625
  Permanent University Fund - Texas A&M University System College & University Revenue 5.000%   7/1/25  2,965     2,970
  Red River Education Finance Corp. College & University Revenue (Texas Christian University Project) VRDO 1.850%   6/4/25 13,000    13,000
1 San Antonio TX Electric & Gas Systems Electric Power & Light Revenue TOB VRDO 3.080%   6/2/25  2,500     2,500
2 Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO 2.950%   6/2/25 28,800    28,800
  Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO 1.970%   6/5/25  5,000     5,000
  Tarrant County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO 1.950%   6/5/25  8,000     8,000
  Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue VRDO 1.990%   6/5/25 19,100    19,100
  Texas GO VRDO 1.800%   6/4/25 45,525    45,525
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Texas GO VRDO 1.800%   6/4/25  3,360     3,360
  Texas GO VRDO 1.800%   6/4/25 29,550    29,550
  Texas GO VRDO 2.090%   6/4/25 15,895    15,895
2 Texas GO VRDO 2.300%   6/4/25 28,905    28,905
                               381,721
Utah (0.3%)
  Utah County UT Health, Hospital, Nursing Home Revenue VRDO 1.850%   6/4/25 11,700    11,700
Vermont (0.4%)
2 Vermont Educational & Health Buildings Financing Agency Health, Hospital, Nursing Home Revenue VRDO 2.110%   6/4/25 13,380    13,380
Virginia (1.5%)
  Albemarle County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO 3.000%   6/2/25  9,800     9,800
  Albemarle County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO 2.000%   6/4/25  5,500     5,500
  Fairfax County Economic Development Authority Economic Development Revenue VRDO 1.850%   6/5/25  8,625     8,625
  Fairfax County Economic Development Authority Recreational Revenue VRDO 1.870%   6/5/25 27,845    27,845
  Loudoun County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO 2.020%   6/4/25  1,315     1,315
  Loudoun County Economic Development Authority Industrial Revenue VRDO 2.020%   6/4/25  2,000     2,000
  Virginia College Building Authority College & University Revenue (Richmond University Project) VRDO 2.800%   6/2/25  2,750     2,750
                                57,835
Washington (1.1%)
  Washington GO 5.000%   7/1/25  1,190     1,192
  Washington GO 5.000%   7/1/25  2,755     2,759
  Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25 15,000    15,000
2 Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO 2.000%   6/5/25 15,165    15,165
2 Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO 2.000%   6/5/25  6,370     6,370
                                40,486
Wisconsin (2.0%)
  University of Wisconsin Hospitals & Clinics Health, Hospital, Nursing Home Revenue VRDO 3.000%   6/2/25 32,080    32,080
  Wisconsin Environmental Improvement Fund Water Revenue 5.000%   6/1/25  1,285     1,285
1 Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 3.100%   6/2/25 13,980    13,980
  Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25  9,395     9,395
  Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25  7,125     7,125
  Wisconsin Housing & Economic Development Authority Housing Local or Guaranteed Housing Revenue VRDO 1.960%   6/5/25 10,535    10,535
                                74,400
Wyoming (0.2%)
  Wyoming Community Development Authority Local or Guaranteed Housing Revenue VRDO 1.950%   6/5/25  8,500     8,500
Total Tax-Exempt Municipal Bonds (Cost $3,950,558) 3,950,503
Total Investments (104.4%) (Cost $3,950,558) 3,950,503
Other Assets and Liabilities—Net (-4.4%) (166,494)
Net Assets (100%) 3,784,009
Cost is in $000.
1 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 May 31, 2025, the aggregate value was $967,150, representing 25.6% of net assets.
2 Scheduled principal and interest payments are guaranteed by bank letter of credit.
3 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.
4 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
5 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2025.
6 Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
  BAN—Bond Anticipation Note.
  GO—General Obligation Bond.
  IDA—Industrial Development Authority Bond.
  TOB—Tender Option Bond.
  TRAN—Tax Revenue Anticipation Note.
  VRDO—Variable Rate Demand Obligation.
  VRDP—Variable Rate Demand Preferred.
    
Letter Of Credit Guarantors as of Period End  
Entity Name Market Value
Bank of America NA $330,995,000
Toronto-Dominion Bank NA 250,295,000
JPMorgan Chase Bank NA 199,440,000
Federal Home Loan Mortgage Corp. 108,215,000
PNC Bank NA 65,500,000
Sumitomo Mitsui Banking Corp. 58,195,000
Barclays Bank plc 52,825,000
Royal Bank of Canada 27,500,000
State Street Bank & Trust Co. 14,830,000
US Bank NA 13,155,000
Other 47,770,000
Total 1,168,720,000
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. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
B. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At May 31, 2025, 100% of the market value of the fund’s investments was determined based on Level 2 inputs.