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

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionMorgan Stanley
Latest Disclosed Ownership27,925,540 shares
Latest Disclosed Value $ 1,393,205,321
Morgan Stanley reports 10.94% increase in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 27,925,540 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $1,393,205,191 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 25,172,743 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of 10.94% during the quarter. The current value of the position is $1,406,888,705 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.

Upgrade to unlock premium data and export to Excel .

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 27,925,540 2,752,797 10.94 1,393,205 10.05 0.0839
2026-05-27 2025-12-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 25,172,743 2,173,235 9.45 1,265,937 9.93 0.0086
2026-02-13 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 25,172,743 2,173,235 1,265,937 0.0756
2026-05-27 2025-09-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 22,999,508 -315,379 -1.35 1,151,585 0.74 0.0697
2025-11-14 2025-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 22,999,508 -315,379 1,151,585 0.0697
2025-08-15 2025-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 23,314,887 312,466 1.36 1,143,129 0.15 0.0745
2025-05-15 2025-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 23,002,421 9,156,432 66.13 1,141,380 64.44 0.0816
2025-05-15 2024-12-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 13,845,989 838,412 6.45 694,099 4.38 0.0486
2025-02-14 2024-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 13,845,989 838,412 694,099 0.0486
2025-05-14 2024-09-30 13F/A-2 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 13,007,577 755,730 6.17 664,947 8.31 0.0482
2025-02-14 2024-09-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 13,007,577 755,730 664,947 0.0482
2024-11-14 2024-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 13,007,577 755,730 664,947 0.0057
2025-05-14 2024-06-30 13F/A-2 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,251,847 -50,496 -0.41 613,940 -1.37 0.0475
2024-10-17 2024-06-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,251,847 -50,496 613,940 0.0475
2024-08-14 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,251,847 -50,496 613,940 0.0475
2024-10-17 2024-03-31 13F/A-2 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,302,343 -156,208 -1.25 622,499 -2.12 0.0499
2024-08-16 2024-03-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,302,343 -156,208 622,499 0.0059
2024-05-15 2024-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,302,343 -156,208 622,499 0.0500
2024-08-16 2023-12-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,458,551 738,933 6.31 636,009 12.82 0.0560
2024-02-13 2023-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 12,458,551 738,933 636,009 0.0560
2023-11-15 2023-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 11,719,618 425,933 3.77 563,714 -0.61 0.0573
2023-08-14 2023-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 11,293,685 583,579 5.45 567,169 4.53 0.0559
2023-05-15 2023-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,710,106 63,780 0.60 542,574 2.98 0.0582
2023-02-14 2022-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,646,326 494,118 4.87 526,887 7.81 0.0598
2022-11-14 2022-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,152,208 913,648 9.89 488,728 5.97 0.0666
2022-10-27 2022-06-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,238,560 -104,316 -1.12 461,188 -4.24 0.0599
2022-08-15 2022-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,238,560 -104,316 461,188 0.0599
2022-10-27 2022-03-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,342,876 1,004,491 12.05 481,625 5.19 0.0650
2022-05-13 2022-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,342,876 1,004,491 481,625 0.0650
2022-02-14 2021-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 8,338,385 396,783 5.00 457,861 5.26 0.0565
2021-11-15 2021-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 7,941,602 1,188,879 17.61 434,962 16.48 0.0586
2021-08-23 2021-06-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 6,752,723 818,387 13.79 373,425 15.16 0.0493
2021-08-16 2021-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 6,752,723 818,387 373,425 0.0102
2021-05-17 2021-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 5,934,336 852,641 16.78 324,253 15.62 0.0476
2021-02-16 2020-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 5,081,695 2,441,210 92.45 280,458 95.10 0.0433
2020-11-13 2020-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 2,640,485 208,935 8.59 143,748 9.19 0.0278
2020-08-14 2020-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 2,431,550 182,132 8.10 131,644 10.63 0.0291
2020-05-26 2020-03-31 13F/A-1 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 2,249,418 543,259 31.84 118,994 30.27 0.0323
2020-05-15 2020-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 2,249,418 543,259 118,994 9,141.2198
2020-02-14 2019-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 1,706,159 368,379 27.54 91,347 27.34 0.0212
2019-11-14 2019-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 1,337,780 101,916 8.25 71,733 9.37 0.0190
2019-08-14 2019-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 1,235,864 70,768 6.07 65,587 7.94 0.0175
2019-05-15 2019-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 1,165,096 326,851 38.99 60,760 41.99 0.0172
2019-02-14 2018-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 838,245 273,703 48.48 42,792 50.07 0.0128
2019-04-23 2018-09-30 13F/A-2 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 564,542 10,541 1.90 28,514 0.96 0.0071
2018-11-20 2018-09-30 13F/A-1 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 564,542 0 28,514 0.0071
2018-11-14 2018-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 564,542 10,541 28,514
2019-04-23 2018-06-30 13F/A-1 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 554,001 53,634 10.72 28,243 11.07 0.0076
2018-08-14 2018-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 554,001 53,634 28,243
2019-04-23 2018-03-31 13F/A-1 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 500,367 133,868 36.53 25,429 34.27 0.0071
2018-05-14 2018-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 500,367 133,868 25,429
2019-04-23 2017-12-31 13F/A-1 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 366,499 254,130 226.16 18,939 226.25 0.0052
2018-02-14 2017-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 366,499 254,130 18,939
2017-11-14 2017-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 112,369 86,115 328.01 5,805 330.96 0.0017
2017-08-11 2017-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 26,254 19,067 265.30 1,347 270.05 0.0004
2017-05-22 2017-03-31 13F/A-1 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 7,187 6,772 1,631.81 364 1,633.33 0.0001
2017-05-12 2017-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 7,187 364
2017-02-22 2016-12-31 13F/A-1 VANGUARD MUN BD FD TAX EXEMPT BD 922907746 415 328 377.01 21 320.00 0.0000
2017-02-13 2016-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 415 21
2016-11-10 2016-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 87 0 0.00 5 0.00 0.0000
2016-08-12 2016-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 87 87 5 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.