VTEB · VANGUARD TAX-EXEMPT BOND INDEX FUND · Holdings ETF

$48.01 +0.04 (+0.08%) At close · Oct 21

Volume · Oct 21 21.09M Avg daily vol (3M) 20.02M

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP →

Institutional holdings are being reconciled with SEC filings. Holder totals and changes may be incomplete until reconciliation finishes.

Quarter:

Holders: 422

Total Value: $2,509,022,890

Total Shares: 52,977,683

Showing 1–100 of 422 holdings by value · page 1 of 5

Institutional Ownership Trend

27 quarters

Holder Concentration

Across 422 13F filers · Δ vs Jun 30, 2026

Top Holder

13.0%

+4.0 pts

Top 5

35.9%

+7.2 pts

Top 10

44.8%

−0.6 pts

HHI

370

Broadly held+91

Who Holds VTEB

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 1,408 filers, like-for-like change +7.9%; actively managed books +8.4%; index-like books +1.8%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	44.8%	1,007	+5.3%	82	39
Exempt adviser	0.0%	1	+192.6%	0	0
Adviser	1.9%	8	+1.9%	0	0
Bank	19.7%	32	+12.6%	0	1
Insurer	0.1%	2	+29.7%	0	0
Broker-dealer	1.7%	1	+8.4%	0	0
Benefit plan	0.1%	2	0.0%	0	0
Non-US	0.1%	4	-17.5%	0	0
Holding company	8.7%	8	+3.9%	1	0
Unknown	23.0%	343	+11.2%	28	23

Style	Share	Filers	Change	New	Exited
Index-like	7.7%	12	+1.8%	2	0
Systematic-like	0.1%	5	-35.6%	0	4
Concentrated	27.5%	728	+8.2%	59	25
Diversified active	64.7%	661	+8.6%	50	33
Unknown	0.0%	2	-93.9%	0	1
Not measured	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	90.6%	1,037	+6.6%	64	35
Medium turnover	3.4%	181	+15.7%	26	12
High turnover	0.9%	18	+335.0%	5	7
Unknown	5.1%	172	+10.6%	16	9
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	5.0%	167	+13.4%	21	12
Medium horizon	9.1%	371	+11.1%	34	18
Long horizon	85.4%	842	+7.2%	51	29
Unknown	0.5%	28	+15.2%	5	4
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	8.5%	839	+8.4%	76	45
$1B to $10B	15.1%	433	+7.5%	29	14
$10B to $100B	20.8%	94	+10.2%	5	2
$100B or more	55.5%	42	+7.0%	1	2
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	38.2%	919	+5.1%	73	37
Pooled investment vehicles	0.6%	6	+155.9%	1	1
Registered funds and BDCs	4.3%	8	-2.1%	2	0
Pension and profit sharing plans	0.6%	23	+6.2%	0	0
Insurance companies	0.0%	4	+12.1%	0	0
Charitable organizations	0.0%	5	-0.7%	0	0
Governments and sovereign funds	0.0%	2	+13.5%	0	0
Corporations	0.0%	5	+23.7%	1	0
Other investment advisers	0.3%	9	+6.4%	1	0
Other	0.1%	4	+59.1%	1	0
Diversified	0.3%	18	-3.6%	2	1
Banks and thrifts	0.0%	0	—	0	0
Unknown	55.4%	405	+10.1%	30	24

Private funds	Share	Filers	Change	New	Exited
Hedge funds	1.7%	42	+51.0%	7	2
Private equity funds	6.0%	33	+0.8%	2	0
Venture capital funds	0.0%	6	-37.7%	0	0
Real estate funds	0.3%	13	+18.3%	1	0
Securitized asset funds	0.1%	2	-6.1%	0	0
Other private funds	2.4%	37	+4.6%	1	0
Mixed private funds	0.1%	5	-7.2%	1	1
Private funds, type not stated	0.3%	8	+26.4%	1	0
No private funds	34.0%	862	+4.5%	69	36
Unknown	55.2%	400	+10.0%	29	24

Location	Share	Filers	Change	New	Exited
United States	98.5%	1,389	+7.9%	110	63
Outside the US	1.5%	19	+7.6%	1	0

The Sep 30, 2026 filing window is still open, so its bar shows only the filers that have filed so far.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 21 holders with no observed 2026-03-31 13F and 17 holders with no observed 2026-06-30 13F.

Conviction and Crowding

1,408 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

186

13.2% of filers hold it in their top 10

Mar 31, 2026: 210

Holders above 5%

median weight 0.170%

Mar 31, 2026: 49

Crowding

—

shares outstanding is an issuer-wide count, not one listing's

Private-fund advisers

—

of shares outstanding

Institutional ownership

—

shares outstanding is an issuer-wide count, not one listing's

Top 10 holders

45.4%

of 13F shares, Herfindahl 0.028

Active holders

+8.4%

like-for-like share change of active filers

5% stakes on record

0 13D, 0 13G

How long holders have held it value-weighted 20.3 quarters

Under 1 year 6.49% 1 to 3 years 15.8% 3 years or more 77.7% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $155,223 (1 buying, 1 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$50.05

estimated per share

Mar 31, 2026: $50.02

Quarter-end price

$50.58

implied by 13F values

Estimated gain or loss

+1.1%

price against the estimated cost

Estimated at a loss

7.56%

of costed 13F value

Estimated cost covers 23.8% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Fund Ownership of VTEB by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 513,500 shares.

Fund type	Shares	Funds
Index funds	513,500	1
Index ETFs	0	0
Active ETFs	0	0
Active funds	1,568,327	7
Unclassified	0	0
All registered funds	2,081,827	8

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Quarterly Activity

vs Jun 30, 2026

New

Increased

197

Decreased

119

Sold Out

Unchanged

New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.

Holder count: -990

Institutional value: -91.9%

Shares held: -91.3%

Top Buyers

vs Jun 30, 2026

Institution	Added	Now Holds
Mid Orgel Wealth Management, LLC	+763,337	4,334,288
Mid CLIFTONLARSONALLEN WEALTH ADVISORS, LLC	+473,743	6,867,973
Mid 1900 WEALTH MANAGEMENT LLC	+450,214	535,280
Large Concurrent Investment Advisors, LLC	+221,492	695,650
Mid OpenArc Corporate Advisory, LLC	+141,093	168,017

Top Sellers

vs Jun 30, 2026

Institution	Sold	Now Holds
Mid Wedmont Private Capital	−1,253,382	914,576
Mid Forum Financial Management, LP	−789,590	517,204
Mid Avidian Wealth Enterprises, LLC	−384,564	415,790
Mid Resonant Capital Advisors, LLC	−197,777	398,221
Mid AXXCESS WEALTH MANAGEMENT, LLC	−112,160	46,235

Top New Positions

vs Jun 30, 2026

Institution	Acquired	Value (USD)
Small Boston Standard Wealth Management, LLC	645,412	$30,566,712
Micro 21 West Wealth Management LLC	286,903	$13,587,726
Small TruNorth Capital Management, LLC	190,372	$9,016,017
Small Buttonwood Financial Group, LLC	128,160	$6,069,657
Small Advisory Solutions Group, LLC	58,885	$2,788,793

Top Sold-Out Positions

vs Jun 30, 2026

Institution	Previously Held	Last Value (USD)
Mid Cardinal Point Capital Management ULC	204,989	$10,368,343
Small Asio Capital, LLC	56,990	$2,882,554
Small Penney Financial, LLC	47,994	$2,427,536
Small Mallini Complete Financial Planning LLC	47,117	$2,383,177
Small LINCOLN CAPITAL CORP	31,589	$1,597,771

Filter: New 38 Increased 197 Reduced 119 Sold out 32 Unchanged 65

Holder type: Registered adviser 312 Bank 4 Unknown 106

Showing 100 of 422

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

CLIFTONLARSONALLEN WEALTH ADVISORS, LLC VTEB

$325,267,201

12.96%

6,867,973

ASPIRIANT, LLC VTEB

$208,514,240

8.31%

4,402,750

Orgel Wealth Management, LLC VTEB

$205,271,879

8.18%

4,334,288

Prime Capital Investment Advisors, LLC VTEB

$88,028,979

3.51%

1,858,720

WEALTH ENHANCEMENT ADVISORY SERVICES, LLC VTEB

$74,557,379

2.97%

1,574,269

MATHER GROUP, LLC. VTEB

$50,556,894

2.02%

1,067,502

OLD NATIONAL BANCORP /IN/ VTEB

$44,957,189

1.79%

949,265

Global Strategic Investment Solutions, LLC VTEB

$43,865,684

1.75%

926,218

Wedmont Private Capital VTEB

$43,314,319

1.73%

914,576

Foster Group, Inc. VTEB

$38,730,581

1.54%

817,791

Lexington Hill Partners, LLC VTEB

$37,555,438

1.50%

792,978

Concurrent Investment Advisors, LLC VTEB

$32,945,984

1.31%

695,650

Gleason Group, Inc. VTEB

$30,982,817

1.23%

654,198

Boston Standard Wealth Management, LLC VTEB

$30,566,712

1.22%

645,412

Luminvest Wealth Management LLC VTEB

$27,417,982

1.09%

578,927

1900 WEALTH MANAGEMENT LLC VTEB

$25,350,860

1.01%

535,280

FIRST CITIZENS BANK & TRUST CO VTEB

$25,040,889

1.00%

528,735

Apella Capital, LLC VTEB

$24,861,584

0.99%

524,949

Forum Financial Management, LP VTEB

$24,494,781

0.98%

517,204

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Henry Bragg & Co., LLC	7,200	$340,992	1.4%	Other
PR Wealth Management Group	10,490	$496,806	2.0%	Other
Held directly	499,514	$23,656,983	96.6%	Sole

Heartwood Wealth Advisors LLC VTEB

$24,493,644

0.98%

517,180

MOLLER WEALTH PARTNERS VTEB

$23,585,137

0.94%

497,997

CX Institutional VTEB

$23,339,860

0.93%

492,818

ASSETMARK, INC VTEB

$22,777,744

0.91%

480,949

ATMOS ADVISORY, LLC VTEB

$21,820,314

0.87%

460,733

DAVIDSON INVESTMENT ADVISORS VTEB

$20,283,151

0.81%

428,276

Avidian Wealth Enterprises, LLC VTEB

$19,691,814

0.78%

415,790

Stairway Partners, LLC VTEB

$18,954,561

0.76%

400,223

Resonant Capital Advisors, LLC VTEB

$18,859,746

0.75%

398,221

Towneley Capital Management, Inc / DE VTEB

$17,416,592

0.69%

367,749

RIVERSEDGE ADVISORS, LLC VTEB

$16,953,127

0.68%

357,963

Farther Finance Advisors, LLC VTEB

$16,835,959

0.67%

355,489

Carnegie Investment Counsel VTEB

$15,921,105

0.63%

336,172

Newton One Investments LLC VTEB

$15,032,253

0.60%

317,404

Frisco Financial Planning LLC VTEB

$15,001,895

0.60%

316,763

Foster Victor Wealth Advisors, LLC VTEB

$14,934,123

0.60%

315,332

CoreCap Advisors, LLC VTEB

$14,609,802

0.58%

308,484

Single Point Partners, LLC VTEB

$14,592,373

0.58%

308,116

Clark Asset Management, LLC VTEB

$14,371,912

0.57%

303,461

MLG Wealth Management DBA Pine Grove Financial Group VTEB

$14,030,542

0.56%

296,253

21 West Wealth Management LLC VTEB

$13,587,726

0.54%

286,903

Grove Bank & Trust VTEB

$13,515,122

0.54%

285,370

Graves Light Lenhart Wealth, Inc. VTEB

$13,165,748

0.52%

277,993

Hanson & Doremus Investment Management VTEB

$12,387,813

0.49%

261,567

Stonebridge Financial Group, LLC VTEB

$11,707,249

0.47%

247,197

25 LLC VTEB

$11,524,156

0.46%

243,331

PFG Advisors VTEB

$10,636,487

0.42%

224,588

Stewardship Advisors, LLC VTEB

$10,450,315

0.42%

220,657

CAPSTONE CAPITAL LLC VTEB

$10,227,297

0.41%

215,948

Roth Financial Partners LLC VTEB

$10,138,828

0.40%

214,080

Physician Wealth Solutions Inc. VTEB

$10,126,562

0.40%

213,821

San Luis Wealth Advisors LLC VTEB

$9,325,184

0.37%

196,900

Forvis Mazars Wealth Advisors, LLC VTEB

$9,252,249

0.37%

195,360

TruNorth Capital Management, LLC VTEB

$9,016,017

0.36%

190,372

Beacon Wealthcare LLC VTEB

$8,845,000

0.35%

186,761

COLLECTIVE FAMILY OFFICE LLC VTEB

$8,447,603

0.34%

178,370

Wealthcare Advisory Partners LLC VTEB

$8,086,388

0.32%

170,743

Northern Lights Advisors, Inc. VTEB

$7,963,347

0.32%

168,145

OpenArc Corporate Advisory, LLC VTEB

$7,957,285

0.32%

168,017

LAUREL OAK WEALTH MANAGEMENT, LLC VTEB

$7,754,915

0.31%

163,744

Capital Advisors Wealth Management, LLC VTEB

$7,753,826

0.31%

163,721

Vannoy Advisory Group, Inc. VTEB

$7,737,155

0.31%

163,369

MOODY NATIONAL BANK TRUST DIVISION VTEB

$7,481,648

0.30%

157,974

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MOODY BANCSHARES INC joint	157,974	$7,481,648	100.0%	Defined

RTD Financial Advisors, Inc. VTEB

$7,381,387

0.29%

155,857

EAGLE ROCK INVESTMENT COMPANY, LLC VTEB

$7,288,514

0.29%

153,896

Trinity Financial Advisors LLC VTEB

$6,794,076

0.27%

143,456

Chesley Taft & Associates LLC VTEB

$6,781,431

0.27%

143,189

Diversify Advisory Services, LLC VTEB

$6,726,493

0.27%

142,029

DIVERSIFY WEALTH MANAGEMENT, LLC VTEB

$6,726,493

0.27%

142,029

PATRIOT INVESTMENT MANAGEMENT GROUP, INC. VTEB

$6,166,414

0.25%

130,203

Buttonwood Financial Group, LLC VTEB

$6,069,657

0.24%

128,160

IFP Advisors, Inc VTEB

$5,881,164

0.23%

124,180

Detalus Advisors, LLC VTEB

$5,866,956

0.23%

123,880

Kings Path Partners LLC VTEB

$5,832,999

0.23%

123,163

BROWN WEALTH MANAGEMENT, LLC VTEB

$5,626,936

0.22%

118,812

AMERICAN FINANCIAL & TAX STRATEGIES INC VTEB

$5,290,822

0.21%

111,715

First Affirmative Financial Network VTEB

$5,272,825

0.21%

111,335

Xena Financial Planning, LLC VTEB

$5,243,272

0.21%

110,711

ELEMENT POINTE ADVISORS, LLC VTEB

$5,213,672

0.21%

110,086

NewCorp Financial Services, Inc. VTEB

$5,106,023

0.20%

107,813

Diversified Enterprises, LLC VTEB

$5,052,506

0.20%

106,683

Dickmeyer Boyce Financial Management, Inc. VTEB

$4,936,806

0.20%

104,240

Envision Financial LLC VTEB

$4,903,133

0.20%

103,529

Mason & Associates, LLC VTEB

$4,865,387

0.19%

102,732

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GeoWealth Management, LLC	102,732	$4,865,387	100.0%	Sole

CERTIOR FINANCIAL GROUP, LLC VTEB

$4,851,226

0.19%

102,433

Legacy Wealth Partners, LLC VTEB

$4,763,752

0.19%

100,586

Integrated Advisors Network LLC VTEB

$4,595,814

0.18%

97,040

MISSION WEALTH MANAGEMENT, LP VTEB

$4,592,357

0.18%

96,967

High Probability Advisors, LLC VTEB

$4,582,127

0.18%

96,751

LPWM LLC VTEB

$4,576,017

0.18%

96,622

VERUS WEALTH MANAGEMENT, LLC VTEB

$4,548,217

0.18%

96,035

Elmwood Wealth Management, Inc. VTEB

$4,534,862

0.18%

95,753

Keystone Global Partners, LLC VTEB

$4,470,594

0.18%

94,396

McAdam, LLC VTEB

$4,292,473

0.17%

90,635

SigFig Wealth Management, LLC VTEB

$4,279,260

0.17%

90,356

First Heartland Consultants, Inc. VTEB

$4,226,595

0.17%

89,244

Elser Financial Planning, Inc VTEB

$4,197,943

0.17%

88,639

Insight Wealth Strategies, LLC VTEB

$4,116,199

0.16%

86,913

Cherry Tree Wealth Management, LLC VTEB

$4,093,040

0.16%

86,424

DAVENPORT & Co LLC VTEB

$4,074,949

0.16%

86,042

PINNACLE ASSOCIATES LTD VTEB

$4,013,333

0.16%

84,741

Showing the top 100 of 422 holders. Create a free account to see every holder, past quarters, search, filters and CSV export.