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

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionMercer Global Advisors Inc /adv
Latest Disclosed Ownership10,832,376 shares
Latest Disclosed Value $ 540,427,233
Mercer Global Advisors Inc /adv reports 5.90% increase in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On May 15, 2026 - Mercer Global Advisors Inc /adv filed a 13F-HR form disclosing ownership of 10,832,376 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $540,427,239 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 10,228,805 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of 5.90% during the quarter. The current value of the position is $544,868,513 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 10,832,376 603,571 5.90 540,427 5.06 0.7997
2026-02-17 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,228,805 637,405 6.65 514,407 7.11 0.7841
2025-11-14 2025-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,591,400 3,187,040 49.76 480,241 52.94 0.8016
2025-08-14 2025-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 6,404,360 93,349 1.48 314,006 0.27 0.6395
2025-05-15 2025-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 6,311,011 436,747 7.43 313,152 6.34 0.7184
2025-02-14 2024-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 5,874,264 -84,941 -1.43 294,477 -3.37 0.7185
2024-11-14 2024-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 5,959,205 319,977 5.67 304,735 8.26 0.7132
2024-08-12 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 5,639,228 640,552 12.81 281,488 111,159.68 0.7674
2024-05-15 2024-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 4,998,676 362,585 7.82 253 7.20 0.7196
2024-02-15 2023-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 4,636,091 380,665 8.95 237 15.69 0.7119
2023-11-15 2023-09-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 4,255,426 463,172 12.21 205 7.37 0.7773
2023-11-14 2023-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 4,255,426 463,172 205 0.7771
2023-08-14 2023-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 3,792,254 747,137 24.54 190 24.18 0.7559
2023-05-16 2023-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 3,045,117 587,603 23.91 154 26.45 0.6976
2023-02-09 2022-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 2,457,514 948,578 62.86 122 -99.83 0.6091
2022-11-15 2022-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,508,936 426,952 39.46 72,640 34.49 0.4311
2022-08-10 2022-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,081,984 903,208 505.22 54,013 486.08 0.3306
2022-05-10 2022-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 178,776 2,933 1.67 9,216 -4.56 0.0543
2022-02-04 2021-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 175,843 5,593 3.29 9,656 3.55 0.0596
2021-11-10 2021-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 170,250 139,599 455.45 9,325 450.15 0.0651
2021-08-10 2021-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 30,651 761 2.55 1,695 3.80 0.0130
2021-08-10 2021-03-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 29,890 17,254 136.55 1,633 134.29 0.0149
2021-05-11 2021-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 29,890 17,254 1,633 0.0156
2021-02-12 2020-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,636 108 0.86 697 2.20 0.0087
2020-12-10 2020-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,528 1,374 12.32 682 12.91 0.0103
2020-08-10 2020-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 11,154 -15,598 -58.31 604 -57.34 0.0110
2020-05-18 2020-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 26,752 -10,876 -28.90 1,416 -29.69 0.0312
2020-02-13 2019-12-31 13F VANGUARD MUN BD FD INC TAX EXEMPT BD COM 922907746 37,628 -1,305 -3.35 2,014 -3.50 0.0402
2019-11-12 2019-09-30 13F VANGUARD MUN BD FD INC TAX EXEMPT BD COM 922907746 38,933 -7,788 -16.67 2,087 -15.81 0.0491
2019-08-14 2019-06-30 13F VANGUARD MUN BD FD INC TAX EXEMPT BD COM 922907746 46,721 7,751 19.89 2,479 22.00 0.0657
2019-04-23 2019-03-31 13F/A-1 VANGUARD MUN BD FD INC TAX EXEMPT BD COM 922907746 38,970 38,970 2,032 0.0731
2019-04-12 2019-03-31 13F VANGUARD MUN BD FD INC TAX COM 922907746 8,131 415 0.0221
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.