VANGUARD TAX-EXEMPT BOND INDEX FUND
VANGUARD MUNICIPAL BOND FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD TAX-EXEMPT BOND INDEX FUND is a U.S. bond index ETF that tracks the S&P National AMT-Free Municipal Bond Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
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.
The fund tracks the S&P National AMT-Free Municipal Bond Index using a sampling approach, holding a range of investment-grade municipal bonds whose interest is exempt from federal income taxes and the alternative minimum tax. Because the fund samples rather than holds all index constituents, its returns may diverge from the index.
| Share class | Expense ratio |
|---|---|
| VTEAX | 0.07% |
| VTEB | 0.03% |
Portfolio turnover 23.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.50% |
| Cash & short-term | 1.16% |
Latest quarter
What changed since the fund's previous filing
Largest new: Dallas Independent School District, University of California, State of Texas, Commonwealth of Massachusetts, Bay Area Toll Authority, Triborough Bridge & Tunnel Authority, New York State Dormitory Authority, City of Houston TX Hotel Occupancy Tax & Special Revenue
Largest exited: City of New York NY ×2, State of Maryland, South Carolina Association of Governmental Organizations, Pennsylvania Higher Educational Facilities Authority, Salt River Project Agricultural Improvement & Power District, Ohio Higher Educational Facility Commission, Rib Floater Trust Various States
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.90% | +9.69% | +4.30% | 3.93% | -4.94% | |
| +5.97% | +9.82% | +4.51% | 3.92% | -4.90% |
These classes hold the same portfolio, so the 0.20pp spread over 5 years is the cost difference between them — roughly 0.04pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 96.0% |
| Floating rate | 2.2% |
| Zero-coupon or unclassified | 1.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.4% |
| 1-3y | 7.4% |
| 3-5y | 7.5% |
| 5-10y | 18.8% |
| 10y+ | 62.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.42 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.42 yr | 6% |
| 5 yr | 1.52 yr | 22% |
| 10 yr | 3.42 yr | 49% |
| 30 yr | 1.54 yr | 22% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.40 yr | 6% |
| 5 yr | 1.43 yr | 22% |
| 10 yr | 3.17 yr | 49% |
| 30 yr | 1.39 yr | 22% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.03 | +0.00 | $122.5k | $7 |
| 1 yr | +0.42 | +0.40 | +0.00 | $1.82m | $949 |
| 5 yr | +1.52 | +1.43 | +0.00 | $6.52m | $807 |
| 10 yr | +3.42 | +3.17 | +0.00 | $14.46m | $0 |
| 30 yr | +1.54 | +1.39 | +0.00 | $6.34m | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund | 1.16% | $527.27M | — |
| — | University of California5.00% · due 2036-05-15 | 0.12% | $55.10M | — |
| — | Triborough Bridge & Tunnel Authority5.00% · due 2028-02-01 | 0.11% | $52.07M | — |
| — | Colorado State Education Loan Program5.00% · due 2026-06-30 | 0.11% | $50.18M | — |
| — | State of California5.25% · due 2032-08-01 | 0.11% | $49.61M | — |
| — | New York City Transitional Finance Authority Future Tax Secured Revenue5.00% · due 2033-11-01 | 0.09% | $41.25M | — |
| — | Dallas Independent School District5.00% floating · due 2056-02-15 | 0.09% | $40.40M | — |
| — | Ohio Water Development Authority Water Pollution Control Loan Fund5.00% · due 2035-12-01 | 0.09% | $38.62M | — |
| — | New York State Dormitory Authority5.50% · due 2054-07-01 | 0.08% | $38.47M | — |
| — | New York State Dormitory Authority4.00% · due 2047-02-15 | 0.08% | $38.38M | — |
Top 10 positions are 2.04% of net assets, top 25 3.16%, across 1.1K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free