VCRM's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Great Lakes Water Authority, Triborough Bridge & Tunnel Authority Sales Tax Revenue, Public Finance Authority. The full top list is on this page.

How concentrated is VCRM?

The top 10 holdings are 7.7% of the fund, across 2,130 positions.

The total expense ratio on record is 0.12%. That is cheaper than 78% of the 864 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

2,130 holdings as of 2026-04-30 · top 10 = 7.7% · TER 0.12%

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Concentration

Well diversifiedtop 10 = 7.7%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

2,130

as of 2026-04-30

Top 10

7.7%

TER

0.12%

cheaper than 78% of peers

Net assets

US$1.28B

Largest

2.5%

P / E

–

Sections

Holdings as of 2026-04-30.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2024-11-19

Volatility 1Y

3.3%

Tracked index

S&P Broad AMT-Free Municipal Bond Index

How it tracks

Actively managed

02Performance

market price return · as of 2026-09-02

-1.0%

-2.4%

-2.8%

YTD

-2.0%

+1.1%

03Holdings

50 largest · as of 2026-04-30

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	2.4
2	Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program) US	US57604TGH32	0.8
3	Great Lakes Water Authority US	US39081JAA60	0.6
4	Triborough Bridge & Tunnel Authority Sales Tax Revenue US	US896035DH24	0.6
5	Public Finance Authority US	US74448GAA76	0.6
6	University of California US	US91412HXA66	0.6
7	Texas Municipal Gas Acquisition & Supply Corp IV US	TMGUTL	0.5
8	Grand Parkway Transportation Corp. (TELA Supported) US	US38611TBQ94	0.5
9	California Community Choice Financing Authority US	US13013JCS33	0.5
10	MARYLAND CMNTY DEV ADMIN HSG & US	US57419UX293	0.5
11	New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority) US	US64986DDY85	0.5
12	State of California US	US13063ESZ06	0.5
13	Southeast Energy Authority A Cooperative District US	US84136FAH01	0.5
14	Omaha Public Facilities Corp US	US681785RR40	0.5
15	Pennsylvania (Commonwealth of) Turnpike Commission US	US709224K402	0.5
16	MASSACHUSETTS ST DEV FIN AGY S US	US57563WAC29	0.5
17	Boston Water & Sewer Commission US	US101029UQ74	0.4
18	New Jersey Economic Development Authority US	US64577XEH52	0.4
19	California Community Choice Financing Authority US	CCEDEV	0.4
20	New York State Dormitory Authority US	US64990AHY47	0.4
21	New York City Municipal Water Finance Authority US	US64972GT463	0.4
22	MINNESOTA MUN GAS AGY US	MGAUTL	0.4
23	New York (State of) Dormitory Authority US	US64990KBD46	0.4
24	Energy Southeast A Cooperative District US	ESDPWR	0.4
25	Louisiana Public Facilities Authority US	US546399RQ10	0.4
26	California Public Finance Authority US	CASMED	0.4
27	Hudson Yards Infrastructure Corp. US	US44420RBE99	0.4
28	ILLINOIS STATE TOLL AUTHO RITY US	ILSTRN	0.4
29	Brevard County Health Facilities Authority US	US107416RD31	0.3
30	Tennessee Housing Development Agency US	US88046KVL78	0.3
31	City of New York US	US64966SCH76	0.3
32	Hudson Yards Infrastructure Corp. US	US44420RBG48	0.3
33	New York City Transitional Finance Authority US	NYCGEN	0.3
34	KENTUCKY INC KY PUB ENERGY AUTH US	KYSPWR	0.3
35	Indiana University US	US455160CN94	0.3
36	North Texas Tollway Authority US	NRTTRN	0.3
37	Pennsylvania (Commonwealth of) Turnpike Commission US	US709224ZC60	0.3
38	Southeast Energy Authority A Cooperative District US	SEEPWR	0.3
39	City of Kansas City MO US	US485106R679	0.3
40	Freddie Mac Gold Pool US	US3132YBW286	0.3
41	CALIFORNIA CMNTY CHOICE FING A US	US13013JBL98	0.3
42	Black Belt Energy Gas District US	BBEUTL	0.3
43	Lower Alabama Gas District/The US	US547804AQ73	0.3
44	Southeast Energy Authority A Cooperative District US	US84136HBC60	0.3
45	Black Belt Energy Gas District US	BBEUTL	0.3
46	New York (City of), NY Transitional Finance Authority US	US64972HS604	0.3
47	Pennsylvania Housing Finance Agency US	US70879Q5L33	0.3
48	SOUTH DAKOTA HSG DEV AUT US	US83756LDX01	0.3
49	Pennsylvania Economic Development Financing Authority US	US70870JKC17	0.3
50	Pennsylvania Housing Finance Agency US	US70879Q6S76	0.3

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04Exposure

Bonds 97.5%Cash 2.5%

By country

USUnited States102.6%

PRPR0.1%

GUGU0.0%

CurrencyUSD 102.6%

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