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

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionCerity Partners LLC
Latest Disclosed Ownership4,401,851 shares
Latest Disclosed Value $ 219,619,124
Cerity Partners LLC reports 8.98% increase in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On May 15, 2026 - Cerity Partners LLC filed a 13F-HR form disclosing ownership of 4,401,851 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $219,608,346 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 11, 2026 disclosing 4,039,189 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of 8.98% during the quarter. The current value of the position is $221,765,253 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)
2026-05-15 2026-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 4,401,851 362,662 8.98 219,619 8.12 0.1541
2026-02-11 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 4,039,189 -175,795 -4.17 203,131 -3.75 0.2960
2025-10-22 2025-09-30 13F VANGUARD MUN BD FDS ETF 922907746 4,214,984 62,340 1.50 211,044 3.65 0.3422
2025-08-13 2025-06-30 13F VANGUARD MUN BD FDS ETF 922907746 4,152,644 42,877 1.04 203,604 -0.16 0.3631
2025-04-30 2025-03-31 13F VANGUARD MUN BD FDS ETF 922907746 4,109,767 110,937 2.77 203,927 1.73 0.4131
2025-02-13 2024-12-31 13F VANGUARD MUN BD FDS ETF 922907746 3,998,830 762,893 23.58 200,463 21.18 0.4349
2024-11-12 2024-09-30 13F VANGUARD MUN BD FDS Stock 922907746 3,235,937 73,945 2.34 165,421 4.40 0.3663
2024-08-13 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 3,161,992 31,394 1.00 158,447 0.41 0.4172
2024-05-14 2024-03-31 13F VANGUARD MUN BD FDS Stock 922907746 3,130,598 248,062 8.61 157,804 7.24 0.4168
2024-01-26 2023-12-31 13F VANGUARD MUN BD FDS Closed End Fund 922907746 2,882,536 1,305,680 82.80 147,154 94.02 0.4835
2023-11-14 2023-09-30 13F VANGUARD MUN BD FDS Equities 922907746 1,576,856 79,101 5.28 75,847 0.84 0.3689
2023-08-14 2023-06-30 13F VANGUARD MUN BD FDS Closed End Fund 922907746 1,497,755 -507,142 -25.30 75,217 -25.95 0.2929
2023-05-11 2023-03-31 13F VANGUARD MUN BD FDS Equities 922907746 2,004,897 963,015 92.43 101,568 -1.32 0.2395
2023-02-15 2022-12-31 13F VANGUARD MUN BD FDS EX TD BD 922907746 1,041,882 198,812 23.58 102,923 153.59 0.6592
2022-11-14 2022-09-30 13F VANGUARD MUN BD FDS Equities 922907746 843,070 27,628 3.39 40,586 -0.30 0.4878
2022-08-10 2022-06-30 13F VANGUARD MUN BD FDS Equities 922907746 815,442 640,184 365.28 40,707 389.74 0.4499
2022-04-25 2022-03-31 13F VANGUARD MUN BD FDS Stock 922907746 175,258 107,228 157.62 8,312 108.84 0.1291
2022-02-14 2021-12-31 13F VANGUARD MUN BD FDS Stock 922907746 68,030 41,363 155.11 3,980 172.42 0.0606
2021-10-25 2021-09-30 13F Vanguard Mun BD FD Closed End Fund 922907746 26,667 1,414 5.60 1,461 4.66 0.0321
2021-08-11 2021-06-30 13F VANGUARD MUN BD FDS Closed End Fund 922907746 25,253 1,629 6.90 1,396 8.13 0.0306
2021-08-11 2021-03-31 13F/A-1 VANGUARD MUN BD FDS Closed End Fund 922907746 23,624 485 2.10 1,291 1.10 0.0307
2021-05-12 2021-03-31 13F VANGUARD MUN BD FDS Closed End Fund 922907746 17,329 -5,810 947 0.0281
2021-02-11 2020-12-31 13F VANGUARD MUN BD FDS Closed End Fund 922907746 23,139 23,139 1,277 0.0409
2020-08-17 2020-06-30 13F/A-1 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 0 -10,996 -100.00 0 -100.00
2020-05-14 2020-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 10,996 0 0.00 582 -1.19 0.0366
2020-02-14 2019-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 10,996 0 0.00 589 -0.17 0.0300
2019-10-30 2019-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 10,996 10,996 590 0.0346
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.