Vanguard Tax-Exempt Bond (VTEB)

Vanguard Tax-Exempt Bond ETF, an exchange-traded share class of Vanguard Tax-Exempt Bond Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market.

Investment Strategy

The Fund employs an indexing investment approach designed to track the performance of the S&P National AMT-Free Municipal Bond Index (the “Target Index”), which measures the performance of the investment-grade segment of the U.S. municipal bond market as determined by the Index Provider. The Target Index includes municipal bonds issued by states, local governments, or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). Bonds issued by U.S. territories and commonwealths are excluded from the Target Index, as are certain other bonds as determined by the Index Provider. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the bonds that make up the Target Index. The Fund also has a fundamental policy to, under normal circumstances, invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal income taxes, including the federal AMT.

Fees & Expenses

Net Expense Ratio	0.03%
Management Fee	0.02%
Portfolio Turnover	23%

Reported Performance

Average annual returns as reported in the fund's most recent prospectus. Past performance does not guarantee future results.

1-Year Return	3.72%
5-Year Avg Annual	0.75%
10-Year Avg Annual	2.21%

Holdings

9972 positions as of 2026-01-31. Total net assets: $46,447,273,061. Expense ratio: 0.03%. 100.0% of value is in positions not matched to an entity we track (typically bonds, derivatives, or foreign securities). Source: SEC N-PORT-P filing.

Top 10 holdings

Name	Weight	Value
Vanguard Municipal Cash Management Fund	0.88%	$408,220,089
NYC-D4	0.13%	$60,015,000
CA REGENTS UNIV-CD	0.12%	$56,816,984
MARYLAND ST-B-REF	0.12%	$56,095,000
TRIBOROUGH BRIDGE-A-1	0.11%	$52,684,010
SCAGO-B-COPS	0.11%	$51,172,926
CA REF	0.11%	$50,709,953
COLORADO ST-B-TRANS	0.11%	$50,562,410
NYC TRANSITIONAL-A-1	0.10%	$45,321,300
PA HIGHER EDUCTNL-D-2	0.09%	$40,000,000

Country

Country	Weight
United States	100.3%
Total	100.3%

Region

Region	Weight
Americas	100.3%
Total	100.3%

Market classification

Market	Weight
Developed	100.3%
Total	100.3%

Asset class

Class	Weight
Debt	99.4%
Short-term investment	0.9%
Total	100.3%

Issuer type

Type	Weight
Municipal	99.4%
Corporate	0.9%
Total	100.3%

Maturity

Maturity	Weight
Under 1 year	3.6%
1-3 years	7.1%
3-5 years	7.7%
5-10 years	18.7%
Over 10 years	62.3%
No expiry	0.9%
Total	100.3%

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Held by

holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM