FundWatcher
VWSTX
VANGUARD ULTRA-SHORT-TERM TAX-EXEMPT FUND
VANGUARD MUNICIPAL BOND FUNDS

Portfolio concentration

As of January 31, 2026 · N-PORT
Holdings
3040
Top-10 weight
9.63%
Effective holdings ?
415
Crowding ?
15.5

Holdings

As of January 31, 2026 · N-PORT
#SecurityTickerSharesValue% of fund
1 Vanguard Municipal Cash Management Fund — 3,872,374,426 $387.24M 2.20%
2 NUVEEN AMT-FREE MUNI — 219,000,000 $219.00M 1.25%
3 MUNIBOND BBEUTL 190,035,000 $192.12M 1.09%
4 Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A KYSPWR 148,350,000 $157.85M 0.90%
5 MUNIBOND — 137,625,000 $139.13M 0.79%
6 CA STWD CMNTYS DEV-A — 122,500,000 $131.85M 0.75%
7 MAIN STR NAT GA 4% 3/1/2050 MAIUTL 130,605,000 $131.35M 0.75%
8 California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 D, RB CCEDEV 106,345,000 $112.34M 0.64%
9 NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND — 110,740,000 $110.74M 0.63%
10 KY PUB ENERGY AUTH-A — 109,160,000 $110.01M 0.63%
11 HARRIS ED-VAR-REF-C-1 — 105,400,000 $105.40M 0.60%
12 Nuveen AMT-Free Municipal Credit Income Fund — 103,700,000 $103.70M 0.59%
13 NY NY CITY HS(NEW YORK MHSG) 3.25% 2/1/30 MT 65 — 100,895,000 $101.94M 0.58%
14 ALLGNY CNTY HDA 0% 11/15/2047 ALLMED 99,640,000 $98.81M 0.56%
15 MAIN STR NAT GA 4% MT MAIUTL 92,670,000 $94.42M 0.54%
16 MAIN STR NAT GA 4% 07/01/2052 MT MAIUTL 91,355,000 $92.80M 0.53%
17 RESTRUCTURED-SER A1 PRC 84,664,609 $86.57M 0.49%
18 WI HLTH & EDUCTL-C — 78,000,000 $78.00M 0.44%
19 MN MUNI GAS AGY-A MGAUTL 74,685,000 $76.04M 0.43%
20 ILLINOIS ST FIN AUTH REVENUE ILLINOIS FINANCE AUTHORITY — 73,050,000 $73.05M 0.42%
21 City of San Antonio TX SAEGSA MPIB 72,945,000 $72.99M 0.42%
22 NY ST HSG FIN AGY D-2 — 72,425,000 $72.81M 0.41%
23 NY ST HSG FIN AGY-C-2 — 71,830,000 $72.33M 0.41%
24 LOS ANGELES DEPT-C — 65,800,000 $72.31M 0.41%
25 Black Belt Energy Gas District (The), Series 2022 B-1, RB BBEUTL 68,140,000 $69.18M 0.39%
26 BLACK BELT ENER VAR MT — 67,725,000 $68.17M 0.39%
27 CALIFORNIA ST HLTH FACS FING AUTH REVENUE — 62,815,000 $67.71M 0.39%
28 BLACK BELT ENERGY GAS VAR BBEUTL 63,705,000 $66.55M 0.38%
29 BLACK BELT ENERGY GAS VAR BBEUTL 65,490,000 $66.33M 0.38%
30 TNDR OPT-FLTRS-XG0404 — 65,900,000 $65.90M 0.37%
31 CALIFORNIA COMMUNITY VAR CCEDEV 61,740,000 $62.86M 0.36%
32 HORSEHEADS CSD-BANS — 61,500,000 $61.86M 0.35%
33 PA ECON DEV FIN AUTH — 60,000,000 $59.94M 0.34%
34 MN MUNI GAS AUTH-B MGAUTL 59,350,000 $59.51M 0.34%
35 JPM-PUTTERS-5099 — 59,330,000 $59.33M 0.34%
36 PASADENA TX ISD 1.54% MT — 57,685,000 $58.10M 0.33%
37 TN TGYPWR 12/01/2051 TGYPWR 56,190,000 $57.24M 0.33%
38 TNDR OPT-FLTRS-008 — 55,455,000 $55.46M 0.32%
39 NY ST HSG FIN AGY-D2 — 55,270,000 $55.40M 0.32%
40 Nuveen AMT-Free Municipal Credit Income Fund, Series B — 55,315,000 $55.32M 0.31%
41 TARRANT TX EDFC 5% MT — 50,000,000 $54.19M 0.31%
42 NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT — 50,835,000 $54.11M 0.31%
43 California Community Choice Financing Authority, Series B-1 — 49,980,000 $52.86M 0.30%
44 Energy Southeast Cooperative District, Alabama, Energy Supply Revenue Bonds, Series 2025B ESDPWR 49,970,000 $52.72M 0.30%
45 TNDR OPT-FLTR-MS0041 — 52,500,000 $52.50M 0.30%
46 GA WELLSTAR HLTH 25A L=BA V7 — 52,220,000 $52.22M 0.30%
47 TN TNSUTL 05/01/2053 TNSUTL 49,665,000 $51.47M 0.29%
48 Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2025F — 50,000,000 $50.00M 0.28%
49 Metropolitan Government of Nashville & Davidson County TN METNSH MPIB 50,000,000 $50.00M 0.28%
50 TENNERGY CORP TN GAS REVENUE TENNERGY CORP/TN TGYPWR 46,950,000 $49.81M 0.28%
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