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

SecurityVTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF
InstitutionValmark Advisers, Inc.
Latest Disclosed Ownership186,683 shares
Latest Disclosed Value $ 9,313,606
Valmark Advisers, Inc. reports 7.98% increase in ownership of VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF

On May 1, 2026 - Valmark Advisers, Inc. filed a 13F-HR form disclosing ownership of 186,683 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF (US:VTEB) valued at $9,313,615 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 172,880 shares of Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF. This represents a change in shares of 7.98% during the quarter. The current value of the position is $9,390,155 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)
2026-05-01 2026-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 186,683 13,803 7.98 9,314 7.12 0.1106
2026-01-26 2025-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 172,880 8,441 5.13 8,694 5.60 0.1071
2025-10-24 2025-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 164,439 10,169 6.59 8,233 8.86 0.1064
2025-07-23 2025-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 154,270 12,171 8.57 7,564 7.28 0.1053
2025-04-23 2025-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 142,099 -26,900 -15.92 7,051 -16.77 0.1064
2025-01-30 2024-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 168,999 10,998 6.96 8,472 4.88 0.1312
2024-10-25 2024-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 158,001 5,329 3.49 8,077 5.58 0.1262
2024-08-01 2024-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 152,672 9,605 6.71 7,650 5.68 0.1298
2024-05-06 2024-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 143,067 3,762 2.70 7,239 1.80 0.1259
2024-02-02 2023-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 139,305 12,283 9.67 7,112 16.40 0.1331
2023-11-08 2023-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 127,022 8,875 7.51 6,110 2.97 0.1268
2023-08-03 2023-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 118,147 -2,200 -1.83 5,933 -2.67 0.1207
2023-05-02 2023-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 120,347 5,834 5.09 6,097 7.57 0.1313
2023-02-07 2022-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 114,513 4,853 4.43 5,667 7.35 0.1308
2022-11-03 2022-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 109,660 10,492 10.58 5,279 6.65 0.1062
2022-08-01 2022-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 99,168 16,699 20.25 4,950 16.44 0.0961
2022-05-10 2022-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 82,469 10,069 13.91 4,251 6.94 0.0749
2022-02-02 2021-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 72,400 18,343 33.93 3,975 34.25 0.0685
2021-11-09 2021-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 54,057 28,083 108.12 2,961 106.20 0.0542
2021-08-06 2021-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 25,974 16,264 167.50 1,436 170.43 0.0263
2021-05-04 2021-03-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,710 0 0.00 531 -0.93 0.0102
2021-02-03 2020-12-31 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,710 0 0.00 536 1.32 0.0109
2020-11-09 2020-09-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,710 673 7.45 529 8.18 0.0120
2020-07-31 2020-06-30 13F VANGUARD MUN BD FDS TAX EXEMPT BD 922907746 9,037 926 11.42 489 13.99 0.0115
2020-05-01 2020-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 8,111 1,822 28.97 429 27.30 0.0112
2020-01-31 2019-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 6,289 6,289 337 0.0073
2019-11-06 2019-09-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 0 -5,654 -100.00 0 -100.00
2019-08-07 2019-06-30 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 5,654 582 11.47 300 13.21 0.0066
2019-05-10 2019-03-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 5,072 237 4.90 265 7.29 0.0059
2019-02-07 2018-12-31 13F VANGUARD MUN BD FD TAX EXEMPT BD 922907746 4,835 4,835 247 0.0059
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.