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

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionSei Investments Co
Latest Disclosed Ownership13,505,350 shares
Latest Disclosed Value $ 679,183,480
Sei Investments Co reports 2.55% decrease in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On February 13, 2026 - Sei Investments Co filed a 13F-HR form disclosing ownership of 13,505,350 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $679,184,052 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 13, 2025 disclosing 13,859,052 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of -2.55% during the quarter. The current value of the position is $680,399,533 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)
2026-02-13 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 13,505,350 -353,702 -2.55 679,183 -2.12
2025-11-13 2025-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 13,859,052 654,293 4.95 693,922 7.18 0.7462
2025-08-14 2025-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 13,204,759 3,094,388 30.61 647,430 29.05 0.7505
2025-05-14 2025-03-31 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,110,371 573,662 6.02 501,677 4.94 0.6457
2025-05-13 2025-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,110,371 573,662 501,677 0.5456
2025-02-11 2024-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,536,709 -253,225 -2.59 478,074 -4.47 0.6140
2024-11-12 2024-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,789,934 -451,458 -4.41 500,461 -2.48 0.6499
2024-08-13 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,241,392 -378,064 -3.56 513,195 -4.49 0.7271
2024-05-07 2024-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 10,619,456 -427,127 -3.87 537,346 -4.71 0.7873
2024-02-14 2023-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 11,046,583 1,820,365 19.73 563,929 27.07 0.9052
2023-11-14 2023-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,226,218 1,584,755 20.74 443,782 15.64 0.7974
2023-08-11 2023-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 7,641,463 -394,454 -4.91 383,754 -5.73 0.6694
2023-05-12 2023-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 8,035,917 -286,242 -3.44 407,100 -1.16 0.7562
2023-02-10 2022-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 8,322,159 3,162,372 61.29 411,864 65.81 0.9153
2022-11-14 2022-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 5,159,787 1,341,579 35.14 248,393 30.35 0.5541
2022-08-15 2022-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 3,818,208 -3,074,642 -44.61 190,553 -46.38 0.4115
2022-05-13 2022-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 6,892,850 5,440,234 374.51 355,375 345.91 0.7143
2022-02-14 2021-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,452,616 -6,306 -0.43 79,697 -0.24 0.1495
2021-11-12 2021-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,458,922 -20,816 -1.41 79,885 -2.34 0.1676
2021-08-06 2021-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,479,738 271 0.02 81,801 0.19 0.1814
2021-05-12 2021-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,479,467 0 0.00 81,647 0.00 0.2057
2021-02-08 2020-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,479,467 -51,291 -3.35 81,647 -2.02 0.2111
2020-12-04 2020-09-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,530,758 -58,140 -3.66 83,334 -3.12 0.2413
2020-11-06 2020-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,556,455 -32,443 84,733 204,018.2246
2020-08-17 2020-06-30 13F/A-1 VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,588,898 379,358 31.36 86,018 34.44 0.2669
2020-08-11 2020-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 1,588,898 379,358 86,018 233,328.4037
2020-05-14 2020-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 1,209,540 325,956 36.89 63,983 35.21 0.2350
2020-02-06 2019-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 883,584 -21,681 -2.39 47,322 -2.55 0.1412
2019-11-12 2019-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 905,265 -7,800 -0.85 48,559 0.26 0.1242
2019-08-14 2019-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 913,065 -40,112 -4.21 48,433 -2.54 0.1582
2019-05-15 2019-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 953,177 -16,571 -1.71 49,694 0.35 0.1669
2019-02-13 2018-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 969,748 407,481 72.47 49,519 74.39 0.1763
2018-11-08 2018-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 562,267 561,730 104,605.21 28,395 105,066.67 0.1029
2018-08-03 2018-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 537 0 0.00 27 0.00 0.0001
2018-05-11 2018-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 537 537 27 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.