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This index-tracking fund aims to mirror the performance of a specific benchmark, the Standard & Poor's National AMT-Free Municipal Bond Index, which represents the investment-grade segment of the U.S. municipal bond market. It achieves this by employing a sampling strategy, carefully selecting a portion of the index's holdings to replicate its overall characteristics. A minimum of 80% of its assets will be invested in securities included in this target index. Crucially, under typical market conditions, at least 80% of the fund's portfolio will consist of bonds generating income that is exempt from both federal income tax and the federal alternative minimum tax (AMT). A primary risk is its sensitivity to interest rate fluctuations: rising rates can lead to a decrease in bond prices, while falling rates may eventually reduce the income distributed by the fund. This fund is designed for investors seeking potentially tax-free federal income who are comfortable with moderate swings in both investment value and distributed income. To maintain diversification, for 75% of its total assets, the fund generally restricts its holdings: it won't acquire more than 10% of an issuer's voting securities, nor will it invest more than 5% of its total assets in a single issuer's securities. Exceptions to these limits apply when necessary to match the target index's composition or when investing in U.S. government or agency obligations.
| Symbol | Name | Weight | Market Value |
|---|---|---|---|
| — | Vanguard Municipal Low Duration Fund 12/31/2049 | 1.62% | $775.93M |
| — | New Jersey Health Care Facilities Financing Authority 0.70% 07/01/2061 | 0.15% | $71.60M |
| — | University of California 5.00% 05/15/2036 | 0.12% | $55.52M |
| — | Triborough Bridge & Tunnel Authority 5.00% 02/01/2028 | 0.11% | $52.05M |
| — | New Jersey Health Care Facilities Financing Authority 0.75% 07/01/2061 | 0.11% | $51.15M |
| — | Colorado State Education Loan Program 5.00% 06/30/2026 | 0.10% | $50.09M |
| — | State of California 5.25% 08/01/2032 | 0.10% | $49.40M |
| — | Tarrant County Cultural Education Facilities Finance Corp 0.95% 11/15/2050 | 0.10% | $46.17M |
| — | Indiana Finance Authority 1.37% 11/01/2056 | 0.09% | $44.65M |
| — | New York City Transitional Finance Authority Future Tax Secured Revenue 5.00% 11/01/2033 | 0.09% | $41.06M |
| — | Ohio Water Development Authority Water Pollution Control Loan Fund 5.00% 12/01/2035 | 0.08% | $40.46M |
| — | Dallas Independent School District 5.00% 02/15/2056 | 0.08% | $40.20M |
| — | Salt River Project Agricultural Improvement & Power District 5.25% 01/01/2055 | 0.08% | $39.74M |
| — | California Municipal Finance Authority 1.00% 11/01/2035 | 0.08% | $39.03M |
| — | New York State Dormitory Authority 4.00% 02/15/2047 | 0.08% | $38.55M |
| — | New York State Dormitory Authority 5.50% 07/01/2054 | 0.08% | $38.50M |
| — | Ohio State University/The 5.00% 06/01/2035 | 0.08% | $37.80M |
| — | Metropolitan Government of Nashville & Davidson County TN 5.00% 01/01/2032 | 0.08% | $37.57M |
| — | New York City Transitional Finance Authority Future Tax Secured Revenue 5.00% 11/01/2035 | 0.08% | $36.45M |
| — | Public Finance Authority 1.55% 01/15/2046 | 0.08% | $36.00M |
| — | State of Illinois 5.00% 11/01/2029 | 0.08% | $35.92M |
| — | Illinois Finance Authority 1.30% 08/15/2049 | 0.07% | $35.84M |
| — | Los Angeles Department of Water & Power 5.00% 07/01/2030 | 0.07% | $34.84M |
| — | New Hampshire Municipal Bond Bank 5.00% 08/15/2032 | 0.07% | $34.30M |
| — | City of New York NY 5.00% 08/01/2032 | 0.07% | $34.16M |