VTEB's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, City of New York NY, University of California, IDAHO (STATE OF), State of California. The full top list is on this page.

How concentrated is VTEB?

The top 10 holdings are 1.5% of the fund, across 10,592 positions.

The total expense ratio on record is 0.03%. That is cheaper than 96% of the 865 US-listed bond funds we track.

US-listed

VTEB

seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market.

VANGUARD TAX-EXEMPT BOND INDEX FUND

Vanguard

10,592 holdings as of 2026-07-31 · top 10 = 1.5% · TER 0.03%

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Concentration

Well diversifiedtop 10 = 1.5%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

10,592

as of 2026-07-31

Top 10

1.5%

TER

0.03%

cheaper than 96% of peers

Net assets

US$48.5B

Largest

0.7%

P / E

–

Sections

Holdings as of 2026-07-31.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

3.7%

Tracked index

S&P National AMT-Free Municipal Bond Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-10-29

+3.7%

-1.9%

-3.2%

YTD

-3.2%

-3.6%

03Holdings

50 largest · as of 2026-07-31

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	0.7
2	City of New York NY US	US64966SSY36	0.1
3	University of California US	US91412HWH29	0.1
4	IDAHO (STATE OF) US	US451434CB89	0.1
5	State of California US	US13062TH729	0.1
6	State of Maryland US	US574193YA01	0.1
7	New York State Thruway Authority US	US650028F737	0.1
8	Triborough Bridge & Tunnel Authority US	US89602HJC25	0.1
9	Dallas Independent School District US	US235308Y233	0.1
10	Ohio Water Development Authority Water Pollution Control Loan Fund US	US67766WV741	0.1
11	Energy Northwest US	US29270C7X72	0.1
12	New York State Dormitory Authority US	US65000BW384	0.1
13	NEW JERSEY ST TURNPIKE AUTHORITY US	US646140KX00	0.1
14	ILLINOIS ST US	ILS	0.1
15	Energy Northwest US	US29270C7Y55	0.1
16	KENTUCKY STATE PROPERTY AND BUILDI US	US49151HBT23	0.1
17	Metropolitan Government of Nashville & Davidson County TN US	US592112YZ36	0.1
18	Illinois (State of) US	ILS	0.1
19	Ohio State University/The US	OHSHGR	0.1
20	NEW YORK ST TWY AUTH US	US650028F240	0.1
21	Salt River Project Agricultural Improvement & Power District US	SALAGR	0.1
22	NEW YORK N Y CITY TRANSITIONALFIN AUTH REV US	US64972JZB78	0.1
23	NEW JERSEY ST TRANSN TR FD AUT US	US64613CGK80	0.1
24	Los Angeles Department of Water & Power US	US544532QE75	0.1
25	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JJW99	0.1
26	New Jersey (State of) Transportation Trust Fund Authority US	US6461363L36	0.1
27	University of California US	US91412HWB58	0.1
28	City of New York NY US	US64966SSW79	0.1
29	Triborough Bridge & Tunnel Authority Sales Tax Revenue US	US896035DH24	0.1
30	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JJQ22	0.1
31	NEW YORK ST TWY AUTH US	US650028F570	0.1
32	State of Wisconsin US	US97705MW353	0.1
33	New York City Transitional Finance Authority Future Tax Secured US	US64972JXS22	0.1
34	NEW YORK ST TWY AUTH US	US650028H220	0.1
35	Salt River Project Agricultural Improvement & Power District US	US79574CGL19	0.1
36	State of Texas US	US882725EF79	0.1
37	Los Angeles Unified School District US	US544647HR40	0.1
38	ILLINOIS ST TOLL HWY AU HWY RV US	US452252KS79	0.1
39	Triborough Bridge & Tunnel Authority US	US89602HAB33	0.1
40	New York State Dormitory Authority US	US64990AYB50	0.1
41	New Jersey (State of) US	US646039YN18	0.1
42	MASSACHUSETTS ST DEV FIN AGY R US	MASDEV	0.1
43	Triborough Bridge & Tunnel Authority US	US89602HHH30	0.1
44	New York State Dormitory Authority US	US64990ASL07	0.1
45	Commonwealth of Massachusetts US	US57582THY10	0.1
46	California Educational Facilities Authority US	US130179SD70	0.1
47	WILLIAM MARSH RICE UNIV US	HOUHGR	0.1
48	Texas Water Development Board US	US88285AKC17	0.1
49	New Hampshire Municipal Bond Bank US	US64465QRC23	0.1
50	County of Jefferson AL Sewer Revenue US	JEFUTL	0.1

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04Exposure

Bonds 99.2%Cash 0.8%

By country

USUnited States99.6%

CurrencyUSD 99.6%

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