Annual Report   |   October 31, 2021
Vanguard Tax-Exempt Bond Index Fund

Contents
Your Fund’s Performance at a Glance

1
About Your Fund’s Expenses

2
Performance Summary

4
Financial Statements

7
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

Your Fund’s Performance at a Glance
For the 12 months ended October 31, 2021, ETF Shares of Vanguard Tax-Exempt Bond Index Fund returned 2.60% (based on net asset value) and Admiral Shares returned 2.56%. Those performances were roughly in line with that of the fund’s expense-free benchmark index.
The global economy continued to recover from the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing the virus, whether through vaccinations, lockdowns, or both, generally fared better economically. Policymakers provided extensive fiscal and monetary support, including $350 billion in May 2021 to state and municipal governments as part of the American Rescue Plan.
Bond yields moved higher across much of the developed world during the fiscal year amid concerns about inflation and the prospect that some developed-market central banks might scale back their bond-buying programs or raise interest rates.
U.S. municipal bonds outpaced U.S. Treasuries as demand remained in place for tax-exempt income.
By maturity, longer-dated munis returned more than shorter-dated ones. By quality, munis on the lowest rung of the investment-grade credit ladder significantly outperformed their higher-rated counterparts. Revenue bonds as a whole outpaced general obligation bonds.
Market Barometer
  Average Annual Total Returns
Periods Ended October 31, 2021
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) 43.51% 22.01% 19.16%
Russell 2000 Index (Small-caps) 50.80 16.47 15.52
Russell 3000 Index (Broad U.S. market) 43.90 21.62 18.91
FTSE All-World ex US Index (International) 30.23 12.42 10.05
Bonds      
Bloomberg U.S. Aggregate Bond Index
(Broad taxable market)
-0.48% 5.63% 3.10%
Bloomberg Municipal Bond Index
(Broad tax-exempt market)
2.64 5.17 3.41
FTSE Three-Month U.S. Treasury Bill Index 0.05 1.08 1.12
CPI      
Consumer Price Index 6.22% 3.03% 2.73%
1

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
2

Six Months Ended October 31, 2021      
  Beginning
Account Value
4/30/2021
Ending
Account Value
10/31/2021
Expenses
Paid During
Period
Based on Actual Fund Return      
Tax-Exempt Bond Index Fund      
ETF Shares $1,000.00 $1,000.80 $0.20
Admiral™ Shares 1,000.00 1,000.40 0.45
Based on Hypothetical 5% Yearly Return      
Tax-Exempt Bond Index Fund      
ETF Shares $1,000.00 $1,025.00 $0.20
Admiral Shares 1,000.00 1,024.75 0.46
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.04% for ETF Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
3

Tax-Exempt Bond Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 21, 2015, Through October 31, 2021
Initial Investment of $10,000
    Average Annual Total Returns
Periods Ended October 31, 2021
 
    One
Year
Five
Years
Since
Inception
(8/21/2015)
Final Value
of a $10,000
Investment
 Tax-Exempt Bond Index Fund
ETF Shares Net Asset Value
2.60% 3.22% 3.43% $12,326
  Tax-Exempt Bond Index Fund ETF Shares Market Price 2.81 3.23 3.45 12,335
 S&P National AMT-Free Municipal Bond Index 2.73 3.26 3.46 12,348
“Since Inception” performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).
       
    One
Year
Five
Years
Since
Inception
(8/25/2015)
Final Value
of a $10,000
Investment
Tax-Exempt Bond Index Fund
Admiral Shares
2.56% 3.20% 3.44% $12,329
S&P National AMT-Free Municipal Bond Index 2.73 3.26 3.49 12,359
“Since Inception” performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standard(s).
See Financial Highlights for dividend and capital gains information.
4

Tax-Exempt Bond Index Fund
Cumulative Returns of ETF Shares: August 21, 2015, Through October 31, 2021
  One
Year
Five
Years
Since
Inception
(8/21/2015)
Tax-Exempt Bond Index Fund ETF Shares Market Price 2.81% 17.22% 23.35%
Tax-Exempt Bond Index Fund ETF Shares Net Asset Value 2.60 17.19 23.26
S&P National AMT-Free Municipal Bond Index 2.73 17.39 23.48
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
See Financial Highlights for dividend and capital gains information.
5

Tax-Exempt Bond Index Fund
Fund Allocation
As of October 31, 2021
New York 24.4%
California 15.6
Texas 9.2
New Jersey 4.9
Illinois 4.5
Massachusetts 4.4
Florida 3.9
Pennsylvania 3.8
Washington 2.9
Maryland 2.4
Georgia 1.9
Virginia 1.6
Ohio 1.6
Colorado 1.5
District of Columbia 1.5
North Carolina 1.5
Connecticut 1.3
South Carolina 1.2
Minnesota 1.1
Arizona 1.1
Michigan 1.1
Oregon 1.0
Other 7.6
The table reflects the fund’s investments, except for short-term investments.
6

Tax-Exempt Bond Index Fund
Financial Statements
Schedule of Investments
As of October 31, 2021
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 (96.8%)
Alabama (0.4%)
  Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. 4.000%   9/1/24       555        611
  Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. 5.000%   9/1/24     1,405      1,587
  Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. 5.000%   9/1/24       915      1,033
  Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. 5.000%   9/1/24     1,980      2,236
  Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. 5.000%   9/1/26       795        960
  Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue GAN, Prere. 5.000%   9/1/22       290        302
  Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue GAN, Prere. 5.000%   9/1/22       165        172
  Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, ETM 5.000%   9/1/26       350        423
  Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, Prere. 4.000%   9/1/27     1,250      1,478
  Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, Prere. 5.000%   9/1/27       780        967
  Alabama GO 5.000%   8/1/27       245        293
  Alabama Incentives Financing Authority Miscellaneous Revenue, Prere. 5.000%   9/1/22       390        405
  Alabama Public School and College Authority Miscellaneous Taxes Revenue 5.000%  11/1/26     3,510      4,250
  Alabama Public School and College Authority Miscellaneous Taxes Revenue 5.000%  11/1/28     6,590      8,357
  Alabama Public School and College Authority Miscellaneous Taxes Revenue 5.000%  11/1/33     7,610      9,923
  Alabama Public School and College Authority Sales Tax Revenue 5.000%   1/1/22       100        101
  Alabama Public School and College Authority Sales Tax Revenue 5.000%   1/1/23     2,050      2,164
  Alabama Public School and College Authority Sales Tax Revenue 5.000%   1/1/24       575        633
  Alabama Public School and College Authority Sales Tax Revenue 5.000%   1/1/25       480        539
  Alabama Public School and College Authority Sales Tax Revenue 5.000%   1/1/26     3,465      3,884
7

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  Alabama Public School and College Authority Sales Tax Revenue 5.000%   1/1/27     1,700      1,905
  Auburn University College & University Revenue 5.000%   6/1/28       385        457
  Auburn University College & University Revenue 4.000%   6/1/41     4,720      5,258
  Auburn University College & University Revenue 5.000%   6/1/48     2,250      2,755
  Birmingham Water Works Board Water Revenue, Prere. 4.000%   1/1/27       250        292
  Birmingham Water Works Board Water Revenue, Prere. 5.000%   1/1/27     1,890      2,303
  Birmingham-Jefferson Civic Center Authority Special Tax Revenue 5.000%   7/1/48     1,315      1,544
  Jefferson County AL Board of Education Special Tax Revenue 5.000%   2/1/46     2,165      2,613
  Jefferson County AL Sales Tax Revenue 5.000%  9/15/33       500        600
  Jefferson County AL Sales Tax Revenue 5.000%  9/15/34       250        300
  Jefferson County AL Sales Tax Revenue 5.000%  9/15/35       250        300
  Jefferson County AL Sewer Revenue 7.000%  10/1/51     1,000      1,161
1 Jefferson County AL Sewer Revenue 5.500%  10/1/53       285        315
  Muscle Shoals Utilities Board Water Revenue, Prere. 4.750%  12/1/24     1,310      1,485
                 61,606
Alaska (0.1%)
  Alaska Municipal Bond Bank Authority Miscellaneous Revenue 5.000%   3/1/27       170        194
  Anchorage AK Electric Power & Light Revenue, Prere. 5.000%  12/1/24    14,525     16,573
  Anchorage AK GO 4.000%   9/1/22     1,500      1,547
                 18,314
Arizona (1.1%)
  Arizona COP, ETM 5.000%  10/1/22     8,000      8,353
  Arizona COP, ETM 5.000%  10/1/24        75         85
  Arizona COP, ETM 5.000%  10/1/25     3,620      4,249
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%   7/1/23       160        165
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%   7/1/24       280        315
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%   7/1/25       300        337
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%   7/1/26     1,000      1,122
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%   7/1/29     1,030      1,152
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%   7/1/31     2,375      2,651
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%   7/1/32     2,810      3,136
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue 5.000%   7/1/33        10         11
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue, Prere. 5.000%   7/1/22       590        609
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue, Prere. 5.000%   7/1/22     2,900      2,993
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue, Prere. 5.000%   7/1/22       570        588
  Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue, Prere. 5.000%   7/1/22     1,830      1,889
  Arizona Lottery Revenue, ETM 5.000%   7/1/26       755        906
  Arizona School Facilities Board COP, ETM 5.000%   9/1/23     1,190      1,292
  Arizona State University (Arizona State University Projects) COP 5.000%   9/1/23     1,515      1,644
  Arizona State University College & University Revenue, Prere. 5.000%   7/1/22       390        403
8

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  Arizona Transportation Board Government Fuel Sales Tax Revenue 5.000%   7/1/27     2,485      2,783
  Arizona Transportation Board Sales Tax Revenue 5.000%   7/1/22     1,100      1,135
  Arizona Transportation Board Sales Tax Revenue 5.000%   7/1/22       125        129
  Arizona Transportation Board Sales Tax Revenue 5.000%   7/1/23       280        302
  Arizona Transportation Board Sales Tax Revenue 5.000%   7/1/23       530        572
  Arizona Transportation Board Sales Tax Revenue 5.000%   7/1/23     2,250      2,428
  Arizona Transportation Board Sales Tax Revenue 5.000%   7/1/24       750        843
  Arizona Transportation Board Sales Tax Revenue 5.000%   7/1/25       360        404
  Arizona Water Infrastructure Finance Authority Water Revenue 5.000%  10/1/23       575        627
  Arizona Water Infrastructure Finance Authority Water Revenue 5.000%  10/1/24       725        822
  Arizona Water Infrastructure Finance Authority Water Revenue 5.000%  10/1/25     1,600      1,813
  Arizona Water Infrastructure Finance Authority Water Revenue 5.000%  10/1/26       115        130
  Arizona Water Infrastructure Finance Authority Water Revenue, ETM 5.000%  10/1/22       830        865
  Maricopa County AZ COP 5.000%   7/1/22     2,900      2,991
  Maricopa County Community College District GO 5.000%   7/1/23       100        108
  Maricopa County Special Health Care District GO 4.000%   7/1/35     4,010      4,867
  Mesa AZ Utility System Multiple Utility Revenue 5.000%   7/1/42     2,625      3,189
  Mesa AZ Utility System Water Revenue 4.000%   7/1/31       620        702
  Phoenix AZ GO 4.000%   7/1/22       460        472
  Phoenix AZ GO 4.000%   7/1/24     2,015      2,209
  Phoenix AZ GO 4.000%   7/1/25     2,100      2,298
  Phoenix AZ GO 5.000%   7/1/25     9,695     11,277
  Phoenix AZ GO 5.000%   7/1/26       650        780
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 5.000%   7/1/22       775        800
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 5.000%   7/1/26       845        947
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 4.000%   7/1/28     1,900      2,067
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 4.000%   7/1/29     2,365      2,573
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 5.000%   7/1/37     1,170      1,418
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 4.000%   7/1/44     5,000      5,729
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 4.000%   7/1/45     2,010      2,252
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 5.000%   7/1/45        40         48
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 5.000%   7/1/45     1,065      1,374
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue 3.000%   7/1/49     3,525      3,627
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue, Prere. 4.750%   7/1/24       160        179
  Phoenix Civic Improvement Corp. Lease (Non-Terminable) Revenue, Prere. 5.000%   7/1/24     1,810      2,034
  Phoenix Civic Improvement Corp. Port, Airport & Marina Revenue 5.000%   7/1/40     1,935      2,220
  Phoenix IDA College & University Revenue 5.250%   6/1/34       250        257
  Phoenix IDA College & University Revenue 5.000%   6/1/42        10         10
  Pima County AZ Sewer System Sewer Revenue 5.000%   7/1/22       105        108
  Pima County AZ Sewer System Sewer Revenue 5.000%   7/1/23     3,050      3,290
  Pima County AZ Sewer System Sewer Revenue 5.000%   7/1/24       285        320
9

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  Salt River Project Agricultural Improvement & Power District Electric Light & Power System Revenue 5.000%   1/1/22       685        690
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%   1/1/23       830        876
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%   1/1/24       270        298
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/24       185        186
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/27     2,575      2,585
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/28       395        397
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/29       720        740
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/31     2,815      2,893
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/32     5,000      5,762
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/35     2,235      2,565
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/36        20         23
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%   1/1/38     6,205      7,379
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/41     2,420      2,773
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue 5.000%  12/1/45    15,220     17,330
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/28       385        480
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/31     1,035      1,279
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/36     1,000      1,225
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/37     1,855      2,269
  Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) 5.000%   1/1/45     3,130      4,010
  Scottsdale Municipal Property Corp. Sales Tax Revenue 5.000%   7/1/30       125        157
  University of Arizona College & University Revenue 5.000%   6/1/40     1,000      1,147
                 157,963
Arkansas (0.0%)
  Arkansas GO 5.000%  6/15/22     2,500      2,575
  Bentonville AR Sales & Use Tax Sales Tax Revenue 1.050%  11/1/46       450        448
2 Springdale AR Sales & Use Tax Sales Tax Revenue 5.000%   4/1/37     1,200      1,319
  Springdale School District No. 50 GO 4.000%   6/1/33       395        403
  University of Arkansas College & University Revenue 5.000%  11/1/42     1,140      1,391
                 6,136
California (15.1%)
  Alameda Corridor Transportation Authority Transit Revenue 5.000%  10/1/34     2,390      2,796
3 Alameda Corridor Transportation Authority Transit Revenue 0.000%  10/1/35       315        238
  Alameda Corridor Transportation Authority Transit Revenue 5.000%  10/1/35     2,280      2,666
1 Alameda Corridor Transportation Authority Transit Revenue 5.000%  10/1/35       475        565
  Alameda Corridor Transportation Authority Transit Revenue 5.000%  10/1/36       500        584
1 Alameda Corridor Transportation Authority Transit Revenue 4.000%  10/1/37       415        464
  Alameda Corridor Transportation Authority Transit Revenue 5.000%  10/1/37     2,065      2,406
10

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
4 Allan Hancock CA Joint Community College GO, 5.600% coupon rate effective 8/1/33 0.000%   8/1/47       380        338
1 Alvord Unified School District GO 0.000%   8/1/41       220        124
1 Alvord Unified School District GO 0.000%   8/1/43       590        334
  Anaheim Housing & Public Improvements Authority Lease (Non-Terminable) Revenue (Water System Project) 5.000%  10/1/49     4,615      5,322
1 Anaheim Public Financing Authority Lease (Abatement) Revenue 0.000%   9/1/30     1,255      1,076
1 Anaheim Public Financing Authority Lease (Abatement) Revenue 0.000%   9/1/32     2,200      1,785
  Anaheim Public Financing Authority Lease (Abatement) Revenue 5.000%   5/1/39     5,725      6,238
1 Anaheim Public Financing Authority Lease (Abatement) Revenue, ETM 0.000%   9/1/36     1,490      1,150
2 Baldwin Park Unified School District GO, Prere. 0.000%   8/1/23       200         55
  Bay Area Toll Authority Highway Revenue 4.000%   4/1/35     1,000      1,151
  Bay Area Toll Authority Highway Revenue 3.250%   4/1/36     1,020      1,091
  Bay Area Toll Authority Highway Revenue 4.000%   4/1/37     1,000      1,150
  Bay Area Toll Authority Highway Revenue 4.000%   4/1/47    10,000     11,380
  Bay Area Toll Authority Highway Revenue 4.000%   4/1/49     1,150      1,307
  Bay Area Toll Authority Highway Revenue 3.000%   4/1/54     2,020      2,105
2 Bay Area Toll Authority Highway Revenue 3.000%   4/1/54     5,000      5,229
  Bay Area Toll Authority Highway Revenue 4.000%   4/1/56       565        643
  Bay Area Toll Authority Highway Revenue 5.000%   4/1/56     2,975      3,676
  Bay Area Toll Authority Highway Revenue PUT 2.100%   4/1/22       500        501
  Bay Area Toll Authority Highway Revenue PUT 2.000%   4/1/28     5,000      5,271
5 Bay Area Toll Authority Highway Revenue PUT, SIFMA Municipal Swap Index Yield + 0.280% 0.330%   4/1/24     1,000      1,002
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/22       100        102
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/22     1,100      1,122
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/23       100        107
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/23       805        860
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/23     1,070      1,143
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/23        10         11
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/23        55         59
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/23     2,010      2,146
  Bay Area Toll Authority Highway Revenue, Prere. 5.125%   4/1/23       100        107
  Bay Area Toll Authority Highway Revenue, Prere. 5.250%   4/1/23       385        412
  Bay Area Toll Authority Highway Revenue, Prere. 5.250%   4/1/23       280        300
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/24     5,315      5,918
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%  10/1/24     3,965      4,500
  Bay Area Toll Authority Highway Revenue, Prere. 5.000%   4/1/27     2,300      2,821
  Beverly Hills Unified School District CA GO 0.000%   8/1/33       100         82
  California Community College Financing Authority Local or Guaranteed Housing Revenue 5.250%   5/1/43       840        972
  California Department of Water Resources Power Supply Electric Power & Light Revenue, ETM 5.000%   5/1/22     3,205      3,283
  California Department of Water Resources Water Revenue 5.000%  12/1/22       225        237
  California Department of Water Resources Water Revenue 5.000%  12/1/23       130        143
  California Department of Water Resources Water Revenue 5.000%  12/1/32     1,000      1,325
  California Department of Water Resources Water Revenue 5.000%  12/1/33     1,000      1,322
  California Department of Water Resources Water Revenue, Prere. 5.000%  12/1/24       135        154
  California Department of Water Resources Water Revenue, Prere. 5.000%  12/1/24     1,645      1,882
  California Department of Water Resources Water Revenue, Prere. 5.000%  12/1/26       210        256
11

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  California Educational Facilities Authority College & University Revenue 5.000%  3/15/39     4,120      5,873
  California Educational Facilities Authority College & University Revenue 5.000%   4/1/42       650        757
  California Educational Facilities Authority College & University Revenue 5.000%   6/1/43       130        191
  California Educational Facilities Authority College & University Revenue 5.000%   6/1/46     1,035      1,554
  California Educational Facilities Authority College & University Revenue 5.000%   5/1/49     2,530      3,882
  California Educational Facilities Authority College & University Revenue 2.250%   4/1/51       500        464
  California Educational Facilities Authority College & University Revenue 5.000%   4/1/51     7,500     11,636
  California Educational Facilities Authority College & University Revenue, ETM 5.250%  10/1/24       120        137
  California GO 5.000%  11/1/21       175        175
  California GO 5.000%  12/1/21       265        266
  California GO 5.000%  12/1/21     1,000      1,004
  California GO 5.000%   2/1/22       675        683
  California GO 5.000%   2/1/22       900        911
  California GO 5.000%   3/1/22       110        112
  California GO 5.000%   4/1/22    10,000     10,200
  California GO 5.000%   5/1/22       105        108
  California GO 5.000%   8/1/22       370        383
  California GO 5.000%   8/1/22       100        104
  California GO 4.000%   9/1/22     2,900      2,992
  California GO 5.000%   9/1/22       200        208
  California GO 5.000%   9/1/22       500        520
  California GO 5.000%   9/1/22       185        192
  California GO 5.000%   9/1/22       100        104
  California GO 5.000%   9/1/22       100        104
  California GO 5.250%   9/1/22     1,310      1,365
  California GO 5.000%  10/1/22       385        402
  California GO 5.000%  10/1/22        20         21
  California GO 5.250%  10/1/22       255        267
  California GO 5.000%  11/1/22     2,260      2,368
  California GO 5.000%  11/1/22       350        367
  California GO 5.000%  12/1/22       325        342
  California GO 5.000%   2/1/23     1,415      1,432
  California GO 5.000%   2/1/23       725        768
  California GO 4.000%   3/1/23       115        121
  California GO 5.000%   3/1/23     3,125      3,323
  California GO 5.000%   4/1/23     1,935      2,065
  California GO 5.000%   8/1/23       210        227
  California GO 5.000%   8/1/23       125        135
  California GO 5.000%   8/1/23     1,015      1,099
  California GO 5.000%   8/1/23       755        817
  California GO 5.000%   8/1/23       100        108
  California GO 5.000%   9/1/23       200        208
  California GO 5.000%   9/1/23       145        158
  California GO 5.000%   9/1/23     1,140      1,238
  California GO 5.000%   9/1/23     1,535      1,667
  California GO 5.000%   9/1/23       130        141
  California GO 5.000%   9/1/23    23,000     24,984
  California GO 5.000%   9/1/23       200        217
12

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  California GO 4.000%  10/1/23       300        321
  California GO 5.000%  10/1/23       360        392
  California GO 5.000%  10/1/23     2,485      2,709
  California GO 4.000%  11/1/23       205        220
  California GO 5.000%  11/1/23       160        175
  California GO 5.000%  11/1/23       385        421
  California GO 5.000%  11/1/23       150        164
  California GO 5.000%  12/1/23       315        346
  California GO 5.000%  12/1/23       575        631
  California GO 5.000%  12/1/23     1,100      1,208
  California GO 5.000%   2/1/24       200        212
  California GO 4.000%   3/1/24       175        190
  California GO 5.000%   3/1/24     1,645      1,824
  California GO 5.000%   3/1/24       260        288
  California GO 5.000%   4/1/24       910      1,012
  California GO 5.000%   4/1/24       400        445
  California GO 5.000%   5/1/24       325        363
  California GO 5.000%   8/1/24     5,410      6,098
  California GO 5.000%   8/1/24       890      1,003
  California GO 5.000%   8/1/24       400        451
  California GO 5.000%   8/1/24     2,000      2,254
  California GO 5.000%   8/1/24        15         17
  California GO 5.000%   8/1/24       625        704
  California GO 5.000%   9/1/24     1,010      1,142
  California GO 5.000%   9/1/24     2,975      3,364
  California GO 4.000%  10/1/24       175        193
  California GO 5.000%  10/1/24       100        113
  California GO 5.000%  10/1/24       460        522
  California GO 5.000%  10/1/24     7,275      8,252
  California GO 5.000%  10/1/24       100        113
  California GO 5.000%  11/1/24       150        171
  California GO 5.000%  11/1/24       125        142
  California GO 5.000%  12/1/24     1,250      1,369
  California GO 5.000%  12/1/24     5,330      5,840
  California GO 5.000%  12/1/24     1,000      1,141
  California GO 5.000%   2/1/25     2,000      2,024
  California GO 5.500%   2/1/25       150        174
  California GO 5.000%   3/1/25     4,045      4,651
  California GO 5.000%   4/1/25       300        346
  California GO 5.000%   8/1/25     2,260      2,634
  California GO 5.000%   8/1/25       830        967
  California GO 5.000%   8/1/25       265        309
  California GO 5.000%   9/1/25       895      1,046
  California GO 5.000%   9/1/25       400        467
  California GO 5.000%   9/1/25       215        251
  California GO 5.000%   9/1/25     2,000      2,337
  California GO 5.000%   9/1/25       100        117
  California GO 5.000%  10/1/25       810        918
  California GO 5.000%  10/1/25       735        833
  California GO 5.000%  10/1/25     1,020      1,195
  California GO 5.000%  10/1/25        25         29
  California GO 4.000%  11/1/25     1,240      1,408
  California GO 5.000%  11/1/25       250        294
  California GO 5.000%  11/1/25        85         93
  California GO 5.000%  12/1/25     6,115      7,202
13

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  California GO 5.000%   2/1/26       525        555
  California GO 3.000%   3/1/26     2,875      3,167
  California GO 4.000%   3/1/26     5,070      5,802
  California GO 5.000%   3/1/26    10,170     11,660
  California GO 5.000%   3/1/26       980      1,124
  California GO 5.000%   4/1/26     2,000      2,380
  California GO 4.000%   8/1/26       400        462
  California GO 5.000%   8/1/26       100        120
  California GO 5.000%   8/1/26     7,405      8,899
  California GO 5.000%   8/1/26       900      1,029
  California GO 5.000%   8/1/26     1,800      2,097
  California GO 5.000%   8/1/26     3,550      4,266
  California GO 5.000%   8/1/26       100        120
  California GO 5.000%   9/1/26     1,825      2,199
  California GO 5.000%   9/1/26     1,580      1,845
  California GO 5.000%   9/1/26        60         72
  California GO 5.000%  10/1/26       100        107
  California GO 5.000%  10/1/26       455        516
  California GO 5.000%  10/1/26     1,000      1,208
  California GO 5.000%  10/1/26       100        113
  California GO 5.000%  11/1/26     2,020      2,445
  California GO 5.000%  11/1/26     3,665      4,436
  California GO 5.000%  11/1/26       100        114
  California GO 5.000%  12/1/26     3,000      3,639
6 California GO 5.000%   2/1/27       830      1,012
  California GO 5.000%   2/1/27       275        291
  California GO 5.000%   3/1/27     1,640      1,887
  California GO 5.000%   3/1/27     2,990      3,441
  California GO 5.000%   4/1/27     3,635      4,450
  California GO 5.000%   8/1/27       510        614
  California GO 5.000%   8/1/27     3,245      3,907
  California GO 5.000%   8/1/27       330        385
  California GO 5.000%   8/1/27       150        172
  California GO 5.000%   8/1/27     6,060      7,480
  California GO 4.000%   9/1/27       100        103
  California GO 5.000%   9/1/27       325        352
  California GO 5.000%   9/1/27     3,130      3,777
  California GO 5.000%   9/1/27     1,175      1,418
  California GO 4.000%  10/1/27     2,175      2,570
  California GO 5.000%  10/1/27       100        107
  California GO 5.000%  10/1/27       170        192
  California GO 5.000%  10/1/27     1,000      1,239
  California GO 5.000%  11/1/27       500        546
  California GO 5.000%  11/1/27     1,565      1,943
  California GO 5.000%  11/1/27     3,500      4,346
  California GO 3.000%   3/1/28     4,370      4,935
  California GO 5.000%   3/1/28       500        575
  California GO 5.000%   4/1/28    12,500     15,684
  California GO 5.000%   8/1/28     3,320      3,993
  California GO 5.000%   8/1/28     3,550      4,270
  California GO 5.000%   8/1/28     5,175      6,419
  California GO 5.000%   8/1/28       530        617
  California GO 5.000%   8/1/28       425        527
  California GO 5.000%   8/1/28     7,020      8,878
  California GO 4.000%   9/1/28       125        129
14

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  California GO 4.000%   9/1/28       200        230
  California GO 5.000%   9/1/28     1,050      1,138
  California GO 5.000%   9/1/28     1,550      1,869
  California GO 5.000%   9/1/28       425        496
  California GO 5.000%  10/1/28     1,000      1,132
  California GO 5.000%  10/1/28       930      1,053
  California GO 5.000%  11/1/28     6,600      8,395
  California GO 5.000%   2/1/29     5,100      5,388
  California GO 5.000%   8/1/29       270        325
  California GO 5.000%   8/1/29       190        236
  California GO 5.000%   8/1/29       655        761
  California GO 5.000%   8/1/29       100        120
  California GO 5.000%   8/1/29       130        148
  California GO 3.000%   9/1/29       105        113
  California GO 5.000%   9/1/29       550        663
  California GO 5.000%  10/1/29       250        283
  California GO 5.000%  10/1/29    10,060     13,007
  California GO 5.000%  10/1/29     3,700      4,407
  California GO 5.000%  10/1/29     3,000      3,879
  California GO 5.000%  11/1/29    17,940     23,233
  California GO 5.000%  11/1/29     6,900      8,936
  California GO 5.000%  12/1/29       100        109
  California GO 5.000%   3/1/30       160        183
  California GO 5.000%   8/1/30       140        168
  California GO 5.000%   8/1/30     6,990      8,638
  California GO 5.000%   8/1/30        50         57
  California GO 5.000%   8/1/30     1,150      1,334
  California GO 5.000%   8/1/30     1,600      1,977
  California GO 5.000%   8/1/30     4,200      5,277
  California GO 5.000%   9/1/30     2,450      2,953
  California GO 5.000%   9/1/30     1,770      2,133
  California GO 5.000%   9/1/30       200        233
  California GO 5.250%   9/1/30       250        272
  California GO 5.000%  10/1/30       340        385
  California GO 5.000%  10/1/30     7,950     10,245
  California GO 5.000%  10/1/30    13,755     18,134
  California GO 5.000%  11/1/30       720        785
  California GO 5.000%  11/1/30    14,660     19,357
  California GO 5.000%  12/1/30       950      1,039
  California GO 5.000%   2/1/31        50         53
  California GO 5.000%   5/1/31     2,220      2,469
  California GO 4.000%   8/1/31     1,000      1,146
  California GO 5.000%   8/1/31       965      1,083
  California GO 5.000%   8/1/31     4,815      5,484
  California GO 3.250%   9/1/31       115        124
  California GO 4.000%   9/1/31       710        815
  California GO 5.000%   9/1/31     2,200      2,652
  California GO 5.000%   9/1/31       510        552
  California GO 5.000%  10/1/31       340        384
  California GO 5.000%  11/1/31       145        158
  California GO 5.000%  11/1/31       400        496
  California GO 5.000%  11/1/31       500        620
  California GO 5.000%  12/1/31     2,000      2,692
  California GO 5.000%  12/1/31     1,000      1,196
  California GO 5.000%   2/1/32       180        190
15

Tax-Exempt Bond Index Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  California GO 5.000%   2/1/32       135        137
  California GO 5.000%   4/1/32     7,605     10,279
  California GO 5.000%   5/1/32        50         56
  California GO 4.000%   8/1/32       250        286
  California GO 5.000%   8/1/32     2,340      2,626
  California GO 5.000%   8/1/32       250        285
  California GO 5.000%   8/1/32       485        563
1 California GO 5.250%   8/1/32     9,000     12,325
  California GO 5.250%   8/1/32     1,000      1,171
  California GO 4.000%   9/1/32       485        556
  California GO 4.000%   9/1/32       595        682
  California GO 5.000%   9/1/32       685        826
  California GO 5.000%   9/1/32     3,260      3,793
  California GO 5.000%   9/1/32     1,000      1,205
  California GO 5.000%  10/1/32    13,675     18,110
  California GO 5.000%  11/1/32     1,475      1,606
  California GO 5.000%  11/1/32     1,285      1,591
  California GO 5.000%  11/1/32       500        619
  California GO 5.000%   2/1/33       510        538
  California GO 5.000%   3/1/33       130        148
  California GO 5.000%   3/1/33     5,000      6,449
  California GO 5.000%   4/1/33     6,500      7,197
  California GO 5.000%   8/1/33     5,000      6,003
  California GO 5.000%   8/1/33     1,400      1,570
  California GO 5.000%   8/1/33       375        427
  California GO 5.000%   8/1/33       325        377
  California GO 5.000%   8/1/33     2,285