Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
US ˙ ARCA ˙ US9229077469

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionVanguard Group Inc
Latest Disclosed Ownership4,141,430 shares
Latest Disclosed Value $ 208,272,482
Vanguard Group Inc reports 10.61% increase in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On January 29, 2026 - Vanguard Group Inc filed a 13F-HR form disclosing ownership of 4,141,430 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $208,272,515 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 7, 2025 disclosing 3,744,173 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of 10.61% during the quarter. The current value of the position is $208,645,243 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-01-29 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 4,141,430 397,257 10.61 208,272 11.10 0.0030
2025-11-07 2025-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 3,744,173 585,416 18.53 187,471 21.05 0.0028
2025-08-11 2025-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 3,158,757 -611,458 -16.22 154,874 -17.21 0.0025
2025-05-09 2025-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 3,770,215 270,058 7.72 187,078 6.62 0.0034
2025-02-11 2024-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 3,500,157 1,044,587 42.54 175,463 39.78 0.0031
2024-11-13 2024-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 2,455,570 444,870 22.13 125,529 24.59 0.0022
2024-08-13 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 2,010,700 402,376 25.02 100,756 23.81 0.0019
2024-05-10 2024-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,608,324 -96,975 -5.69 81,381 -6.52 0.0016
2024-03-11 2023-12-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,705,299 -29,253 -1.69 87,056 4.34 0.0019
2024-02-14 2023-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 815,715 -918,837 41,642 0.0008
2023-12-18 2023-09-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,734,552 748,261 75.87 83,432 68.44 0.0020
2023-11-14 2023-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,734,552 748,261 83,432 0.0004
2023-08-14 2023-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 986,291 472,452 91.95 49,532 90.28 0.0012
2023-07-14 2023-03-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 513,839 193,839 60.57 26,031 64.38 0.0007
2023-05-15 2023-03-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 393,158 73,158 19,917 0.0001
2023-02-10 2022-12-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 320,000 320,000 15,837 0.0004
2022-08-12 2022-06-30 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 0 -777,760 -100.00 0 -100.00
2022-05-13 2022-03-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 777,760 -241,289 -23.68 40,094 -28.35 0.0009
2022-02-14 2021-12-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 1,019,049 -251,000 -19.76 55,956 -19.56 0.0013
2021-11-12 2021-09-30 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 1,270,049 -492,124 -27.93 69,561 -28.62 0.0017
2021-08-13 2021-06-30 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 1,762,173 7,561 0.43 97,448 1.64 0.0024
2021-05-14 2021-03-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 1,754,612 92,138 5.54 95,872 4.49 0.0026
2021-02-12 2020-12-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 1,662,474 866,589 108.88 91,751 111.76 0.0027
2020-11-16 2020-09-30 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 795,885 -230,118 -22.43 43,328 -22.00 0.0014
2020-08-14 2020-06-30 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 1,026,003 895,300 684.99 55,548 703.41 0.0020
2020-05-15 2020-03-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 130,703 -757 -0.58 6,914 -1.76 0.0003
2020-02-14 2019-12-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 131,460 -277,978 -67.89 7,038 -67.94 0.0002
2019-11-14 2019-09-30 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 409,438 -25,969 -5.96 21,954 -4.99 0.0008
2019-08-14 2019-06-30 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 435,407 -17,966 -3.96 23,107 -2.27 0.0009
2019-05-15 2019-03-31 13F TAX-EXEMPT BOND ETF TAX EXEMPT BD 922907746 453,373 8,263 1.86 23,643 4.05 0.0009
2019-02-14 2018-12-31 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 445,110 421,836 1,812.48 22,723 1,832.23 0.0010
2018-12-13 2018-09-30 13F/A-2 TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 23,274 1 0.00 1,176 -0.84 0.0000
2018-11-23 2018-09-30 13F/A-1 TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 23,274 0 1,176 0.0000
2018-11-14 2018-09-30 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 23,274 1 1,176
2018-08-14 2018-06-30 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 23,273 2 0.01 1,186 0.25 0.0000
2018-05-15 2018-03-31 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 23,271 872 3.89 1,183 2.25 0.0001
2018-02-14 2017-12-31 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 22,399 102 0.46 1,157 0.43 0.0001
2017-11-14 2017-09-30 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 22,297 1 0.00 1,152 0.70 0.0001
2017-08-24 2017-06-30 13F/A-1 TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 22,296 2,002 9.86 1,144 11.28 0.0001
2017-08-11 2017-06-30 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 22,296 2,002 1,144
2017-05-12 2017-03-31 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 20,294 20,294 1,028 0.0001
2016-11-14 2016-09-30 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 0 -9,674 -100.00 0 -100.00
2016-08-10 2016-06-30 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 9,674 1,379 16.62 510 19.44 0.0000
2016-05-13 2016-03-31 13F TAX-EXEMPT BOND ETF TAX-EXEMPT BD 922907746 8,295 2,903 53.84 427 55.27 0.0000
2016-02-08 2015-12-31 13F Vanguard Tax-Exempt Bond ETF Tax-Exempt Bond ETF 922907746 5,392 5,392 275 0.0000
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.