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

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionPinnacle Associates Ltd
Latest Disclosed Ownership101,970 shares
Latest Disclosed Value $ 5,087,295
Pinnacle Associates Ltd reports 3.63% increase in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On April 21, 2026 - Pinnacle Associates Ltd filed a 13F-HR form disclosing ownership of 101,970 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $5,087,283 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 5, 2026 disclosing 98,399 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of 3.63% during the quarter. The current value of the position is $5,130,111 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)
2026-04-21 2026-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 101,970 3,571 3.63 5,087 2.81 0.0652
2026-02-05 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 98,399 -10,884 -9.96 4,948 -9.56 0.0625
2025-11-13 2025-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 109,283 2,285 2.14 5,472 4.29 0.0726
2025-08-04 2025-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 106,998 30,115 39.17 5,246 37.55 0.0760
2025-05-06 2025-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 76,883 1,937 2.58 3,815 1.52 0.0559
2025-02-14 2024-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 74,946 18,589 32.98 3,757 30.59 0.0510
2024-10-25 2024-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 56,357 -7,108 -11.20 2,877 -9.53 0.0489
2024-07-30 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 63,465 4,632 7.87 3,180 6.85 0.0498
2024-04-26 2024-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 58,833 2,476 4.39 2,977 3.44 0.0469
2024-01-19 2023-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 56,357 7,066 14.34 2,877 21.39 0.0484
2023-10-24 2023-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 49,291 215 0.44 2,371 -3.81 0.0441
2023-07-27 2023-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 49,076 16,581 51.03 2,465 49.70 0.0428
2023-05-05 2023-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 32,495 5,347 19.70 1,646 22.56 0.0337
2023-02-01 2022-12-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 27,148 1,353 5.25 1,344 8.13 0.0293
2023-01-25 2022-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 21,976 -3,819 1,088 0.0000
2022-11-01 2022-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 25,795 2,944 12.88 1,242 8.85 0.0285
2022-08-02 2022-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 22,851 -5,050 -18.10 1,141 -20.65 0.0249
2022-05-05 2022-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 27,901 -2,060 -6.88 1,438 -12.58 0.0255
2022-02-02 2021-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 29,961 11,846 65.39 1,645 65.83 0.0284
2021-10-19 2021-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 18,115 1,349 8.05 992 7.01 0.0183
2021-08-02 2021-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 16,766 5,301 46.24 927 48.08 0.0168
2021-05-12 2021-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 11,465 2,549 28.59 626 27.24 0.0119
2021-01-26 2020-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 8,916 -2,015 -18.43 492 -17.31 0.0100
2020-10-23 2020-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,931 2,168 24.74 595 25.53 0.0141
2020-08-14 2020-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 8,763 -1,129 -11.41 474 -9.37 0.0117
2020-05-13 2020-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 9,892 -5,805 -36.98 523 -37.74 0.0159
2020-02-03 2019-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 15,697 10,522 203.32 840 203.25 0.0184
2019-11-08 2019-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 5,175 5,175 277 0.0065
2019-08-05 2019-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 0 -7,125 -100.00 0 -100.00
2019-05-10 2019-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 7,125 7,125 372 0.0084
2019-02-05 2018-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 0 -5,805 -100.00 0 -100.00
2018-11-09 2018-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 5,805 -2,765 -32.26 293 -32.95 0.0061
2018-08-08 2018-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 8,570 8,570 437 0.0090
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.