VCRM's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, University of Cincinnati, Black Belt Energy Gas District, Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), BLACK BELT ENERGY GAS DIST AL. The full top list is on this page.

How concentrated is VCRM?

The top 10 holdings are 7.1% of the fund, across 2,407 positions.

The total expense ratio on record is 0.12%. That is cheaper than 78% of the 865 US-listed bond funds we track.

US-listed

VCRM

Seeks to provide total return, through current income that is exempt from federal personal income taxes, and capital appreciation.

VANGUARD CORE TAX-EXEMPT BOND ETF

Vanguard

2,407 holdings as of 2026-07-31 · top 10 = 7.1% · TER 0.12%

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Concentration

Well diversifiedtop 10 = 7.1%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

2,407

as of 2026-07-31

Top 10

7.1%

TER

0.12%

cheaper than 78% of peers

Net assets

US$1.80B

Largest

1.6%

P / E

–

Sections

Holdings as of 2026-07-31.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2024-11-19

Volatility 1Y

3.8%

Tracked index

S&P Broad AMT-Free Municipal Bond Index

How it tracks

Actively managed

02Performance

market price return · as of 2026-10-16

-0.6%

-4.1%

-4.6%

YTD

-4.0%

-4.2%

03Holdings

50 largest · as of 2026-07-31

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	1.6
2	University of Cincinnati US	US914119F983	0.8
3	Black Belt Energy Gas District US	BBEUTL	0.7
4	Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program) US	US57604TGH32	0.7
5	BLACK BELT ENERGY GAS DIST AL US	US09182TEC71	0.6
6	KENTUCKY ST PUBLIC ENERGY AUTH US	US74440DDS09	0.6
7	CHICAGO IL OHARE INTL ARPT REV US	US167593WR94	0.6
8	Jefferson (Parish of), LA Sales Tax District US	US474176KM56	0.5
9	Black Belt Energy Gas District US	US09182THS96	0.5
10	PEFA, Inc. US	PEFUTL	0.5
11	Texas Department of Housing & Community Affairs US	US882750W731	0.5
12	Public Finance Authority US	US74448GAA76	0.4
13	Energy Southeast A Cooperative District US	ESDPWR	0.4
14	Las Vegas Convention & Visitors Authority US	LASGEN	0.4
15	MASSACHUSETTS ST DEV FIN AGY S US	US57563WAC29	0.4
16	Grand Parkway Transportation Corp. (TELA Supported) US	US38611TBQ94	0.4
17	Geisinger Authority (Geisinger Health System) US	US368497HP13	0.4
18	Indiana Finance Authority US	US45505MFE12	0.4
19	California Community Choice Financing Authority US	US13013JCS33	0.4
20	South Carolina State Housing Finance & Development Authority US	US83712EJE59	0.4
21	Texas Municipal Gas Acquisition & Supply Corp IV US	TMGUTL	0.4
22	Pennsylvania Housing Finance Agency US	US70879Q6S76	0.4
23	St Tammany Parish Hospital Service District No 1 US	US793556CR05	0.4
24	Southeast Energy Authority A Cooperative District US	US84136FAH01	0.4
25	California Public Finance Authority US	CASMED	0.4
26	New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority) US	US64986DDY85	0.4
27	BLACK BELT ENERGY GAS DIST US	BLACKB	0.3
28	McPherson County Unified School District No. 418 McPherson US	US582618HP21	0.3
29	Omaha Public Facilities Corp US	US681785RR40	0.3
30	Pennsylvania (Commonwealth of) Turnpike Commission US	US709224K402	0.3
31	MINNESOTA MUN GAS AGY US	MGAUTL	0.3
32	Lower Alabama Gas District/The US	US547804AQ73	0.3
33	California Community Choice Financing Authority US	US13013JEA07	0.3
34	Southeast Energy Authority A Cooperative District US	US84136HBC60	0.3
35	COOK CNTY ILL SALES TAX REV US	US213248GW15	0.3
36	Boston Water & Sewer Commission US	US101029UQ74	0.3
37	New Jersey Economic Development Authority US	US64577XEH52	0.3
38	California Community Choice Financing Authority US	CCEDEV	0.3
39	Black Belt Energy Gas District US	US09182TJX63	0.3
40	Texas (State of) Water Development Board US	US882854J605	0.3
41	Chicago Board of Education US	US167505C208	0.3
42	Southern California Public Power Authority US	US84247PPF26	0.3
43	City of New York NY US	US64966SSW79	0.3
44	Shaler Area School District/PA US	US819215VE11	0.3
45	New York (City of), NY US	NYC	0.3
46	New York (State of) Dormitory Authority US	US64990KBD46	0.3
47	California Public Finance Authority US	US13057SAC70	0.3
48	Burleson Independent School District US	US121403Z699	0.3
49	Metropolitan Government of Nashville & Davidson County US	US592098T492	0.3
50	North Texas Tollway Authority US	NRTTRN	0.3

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04Exposure

Bonds 98.3%Cash 1.6%

By country

USUnited States100.1%

GUGU0.0%

CurrencyUSD 100.1%

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