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

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionChange Path, LLC
Latest Disclosed Ownership21,447 shares
Latest Disclosed Value $ 1,069,991
Change Path, LLC reports 15.31% decrease in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On May 15, 2026 - Change Path, LLC filed a 13F-HR form disclosing ownership of 21,447 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $1,069,991 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 25,325 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of -15.31% during the quarter. The current value of the position is $1,078,999 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 21,447 -3,878 -15.31 1,070 -16.03 0.0248
2026-02-13 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 25,325 7,554 42.51 1,274 43.19 0.0309
2025-11-13 2025-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 17,771 -21,530 -54.78 890 -53.84 0.0217
2025-08-12 2025-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 39,301 1,898 5.07 1,927 3.83 0.0505
2025-05-14 2025-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 37,403 329 0.89 1,856 -0.16 0.0555
2025-02-13 2024-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 37,074 -246 -0.66 1,858 -2.57 0.0569
2024-11-13 2024-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 37,320 8,274 28.49 1,908 190,600.00 0.0649
2024-08-14 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 29,046 -165 -0.56 1 0.00 0.0737
2024-05-14 2024-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 29,211 1,331 4.77 1 0.00 0.0589
2024-02-09 2023-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 27,880 2,745 10.92 1 0.00 0.0911
2023-10-17 2023-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 25,135 -1,170 -4.45 1 0.00 0.0870
2023-08-16 2023-06-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 26,305 -2,474 -8.60 1 0.00 0.0616
2023-08-14 2023-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 24,910 -3,869 1 0.0655
2023-05-15 2023-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 28,779 -309 -1.06 1 -99.93 0.0719
2023-02-15 2022-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 29,088 2,505 9.42 1,440 12.50 0.0793
2022-11-15 2022-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 26,583 541 2.08 1,280 -1.54 0.0769
2022-08-12 2022-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 26,042 -1,370 -5.00 1,300 -8.00 0.0704
2022-05-13 2022-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 27,412 8,893 48.02 1,413 38.94 0.0732
2022-02-15 2021-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 18,519 -4,407 -19.22 1,017 -19.03 0.0502
2021-11-16 2021-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 22,926 -4,303 -15.80 1,256 -16.60 0.0738
2021-08-13 2021-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 27,229 19,524 253.39 1,506 257.72 0.0930
2021-05-17 2021-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 7,705 36 0.47 421 -0.47 0.0319
2021-02-12 2020-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 7,669 -69 -0.89 423 0.48 0.0350
2020-11-13 2020-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 7,738 38 0.49 421 0.96 0.0585
2020-08-13 2020-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 7,700 43 0.56 417 2.96 0.0648
2020-05-14 2020-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 7,657 7,657 405 0.0774
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.