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

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionCwm, Llc
Latest Disclosed Ownership448,066 shares
Latest Disclosed Value $ 22,353,997
Cwm, Llc reports 0.29% increase in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On May 14, 2026 - Cwm, Llc filed a 13F-HR form disclosing ownership of 448,066 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $22,354,013 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 446,783 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of 0.29% during the quarter. The current value of the position is $22,573,565 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)
2026-05-14 2026-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 448,066 1,283 0.29 22,354 101,504.55 0.0581
2026-01-26 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 446,783 7,483 1.70 22 4.76 0.0609
2025-10-15 2025-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 439,300 -313 -0.07 22 0.00 0.0662
2025-07-25 2025-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 439,613 -8,416 -1.88 22 -4.55 0.0760
2025-05-01 2025-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 448,029 -111,466 -19.92 22 -21.43 0.0887
2025-02-04 2024-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 559,495 -38,883 -6.50 28 -6.67 0.1164
2024-10-08 2024-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 598,378 -97,111 -13.96 31 -11.76 0.1316
2024-07-10 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 695,489 -46,285 -6.24 35 -8.11 0.1643
2024-04-05 2024-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 741,774 1,850 0.25 38 0.00 0.1825
2024-02-01 2023-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 739,924 -163,646 -18.11 38 -13.95 0.2031
2023-10-11 2023-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 903,570 20,286 2.30 43 -2.27 0.2663
2023-08-03 2023-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 883,284 53,044 6.39 44 4.76 0.2741
2023-05-01 2023-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 830,240 46,826 5.98 42 10.53 0.2842
2023-02-01 2022-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 783,414 11,787 1.53 39 -99.90 0.2856
2022-10-27 2022-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 771,627 322,579 71.84 37,146 65.71 0.2951
2022-07-28 2022-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 449,048 56,314 14.34 22,416 10.72 0.1737
2022-04-21 2022-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 392,734 87,858 28.82 20,245 20.93 0.1436
2022-01-31 2021-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 304,876 90,276 42.07 16,741 41.07 0.1179
2021-09-15 2021-06-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2021-07-29 2021-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 11,867 0.0946
2021-09-15 2021-03-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2021-04-27 2021-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 163,051 -51,549 8,909 0.0784
2021-09-15 2020-12-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2021-01-27 2020-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 132,582 -82,018 7,317 0.0686
2021-09-15 2020-09-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2020-10-19 2020-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 95,298 -119,302 5,188 0.0577
2021-09-15 2020-06-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2020-07-22 2020-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 58,950 -155,650 3,192 0.0379
2021-09-15 2020-03-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2020-04-28 2020-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 835 -213,765 44 0.0007
2021-09-14 2019-12-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2020-01-27 2019-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 3,267 -211,333 175 0.0022
2021-09-14 2019-09-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2019-10-22 2019-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 176 -214,424 9 0.0001
2021-09-14 2019-06-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 0 0.00 11,867 0.00 0.0946
2021-09-02 2019-03-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 214,600 214,600 11,867 0.0946
2018-10-29 2018-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 0 -34 -100.00 0 -100.00
2018-07-31 2018-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 34 34 2 0.0001
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.