Vault-13

VANGUARD CALIF TAX FREE FDS VTEC

TAX EXEMPT BD FD · ETP · CUSIP 922021605

212 institutional holders +35 vs Q1 2026
9,494,4719.5m shares reported held*
$954.9mreported value*
49 new 90 added 30 reduced 16 sold out net bought ≈ $69.7m (+693.0k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $100.57. Options: 1 managers hold calls ($744.4k notional), 1 hold puts ($482.9k).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0100200300Q1 24: 10Q2 24: 27Q3 24: 43Q4 24: 60Q1 25: 64Q2 25: 81Q3 25: 122Q4 25: 147Q1 26: 177Q2 26: 212212Q1 24Q3 24Q1 25Q3 25Q1 26Q2 26
Numbers
QuarterHolders
Q1 202410
Q2 202427
Q3 202443
Q4 202460
Q1 202564
Q2 202581
Q3 2025122
Q4 2025147
Q1 2026177
Q2 2026212

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 24: 36 bought or addedQ3 24: 3 cut or sold outQ4 24: 40 bought or addedQ4 24: 9 cut or sold outQ4 24Q1 25: 39 bought or addedQ1 25: 16 cut or sold outQ2 25: 57 bought or addedQ2 25: 18 cut or sold outQ2 25Q3 25: 91 bought or addedQ3 25: 18 cut or sold outQ4 25: 98 bought or addedQ4 25: 23 cut or sold outQ4 25Q1 26: 117 bought or addedQ1 26: 27 cut or sold outQ2 26: 139 bought or addedQ2 26: 46 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024363
Q4 2024409
Q1 20253916
Q2 20255718
Q3 20259118
Q4 20259823
Q1 202611727
Q2 202613946

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5m$2mQ3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $411.1kQ4 25 puts: $0Q4 25P/C 0.00Q1 26 calls: $584.6kQ1 26 puts: $1.7mQ1 26P/C 2.83Q2 26 calls: $744.4kQ2 26 puts: $482.9kQ2 26P/C 0.65
Numbers
QuarterCallsPutsP/C
Q3 2025$0$0—
Q4 2025$411.1k$00.00
Q1 2026$584.6k$1.7m2.83
Q2 2026$744.4k$482.9k0.65

Biggest buyers

MORGAN STANLEY Added +215,987+216.0k
Manhattan West Asset Management, LLC Added +112,777+112.8k
MAI Capital Management New +95,428+95.4k
BANK OF AMERICA CORP /DE/ Added +83,982+84.0k
Wedmont Private Capital Added +49,518+49.5k
GUGGENHEIM CAPITAL LLC Added +48,640+48.6k
CLIFTONLARSONALLEN WEALTH ADVISORS, LLC New +37,566+37.6k
Three Arch Wealth Management LLC New +29,203+29.2k
NATIXIS ADVISORS, LLC New +27,674+27.7k
Corient Private Wealth LP Added +26,393+26.4k

Biggest sellers

CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -253,305-253.3k
EVOKE WEALTH, LLC Sold out -94,940-94.9k
JANE STREET GROUP, LLC Sold out -62,600-62.6k
Shared Vision Wealth Group LLC Sold out -57,477-57.5k
Integrated Advisors Network LLC Reduced -35,314-35.3k
HRT FINANCIAL LP Sold out -18,824-18.8k
CITADEL ADVISORS LLC Reduced -16,218-16.2k
Synergy Financial Group, LTD Sold out -15,453-15.5k
UNITED CAPITAL FINANCIAL ADVISORS, LLC Reduced -11,984-12.0k
Luminvest Wealth Management LLC Reduced -10,277-10.3k

Biggest calls

CITADEL ADVISORS LLC Added $744.4k7.4k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $482.9k4.8k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio SAN FRANCISCO, CA 4,181,9934.2m $420.7m $420.7m 0.06% Reduced -253.3k -253,305
2 Composition Wealth, LLC 0.75% of their portfolio LOS ANGELES, CA 633,969634.0k $63.8m $63.8m 0.75% Reduced -2.4k -2,379
3 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 420,883420.9k $42.3m $42.3m 0.00% Added +84.0k +83,982
4 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 263,318263.3k $26.5m $26.5m 0.02% Added +10.5k +10,482
5 Wedmont Private Capital 0.67% of their portfolio WEST CHESTER, PA 244,141244.1k $24.4m $24.4m 0.67% Added +49.5k +49,518
6 CAPTRUST FINANCIAL ADVISORS 0.04% of their portfolio RALEIGH, NC 235,300235.3k $23.7m $23.7m 0.04% Added +25.6k +25,606
7 GUGGENHEIM CAPITAL LLC 0.15% of their portfolio CHICAGO, IL 227,332227.3k $22.9m $22.9m 0.15% Added +48.6k +48,640
8 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 219,452219.5k $22.1m $22.1m 0.00% Added +216.0k +215,987
9 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 189,536189.5k $19.1m $19.1m 0.00% Added +2.2k +2,197
10 Pasadena Private Wealth, LLC 1.81% of their portfolio PASADENA, CA 140,810140.8k $14.2m $14.2m 1.81% Added +1.8k +1,777
11 Manhattan West Asset Management, LLC 2.31% of their portfolio Los Angeles, CA 137,411137.4k $13.8m $13.8m 2.31% Added +112.8k +112,777
12 MAI Capital Management 0.04% of their portfolio INDEPENDENCE, OH 95,42895.4k $9.6m $9.6m 0.04% New
13 Concurrent Investment Advisors, LLC 0.08% of their portfolio Tampa, FL 92,11492.1k $9.3m $9.3m 0.08% Reduced -317 -317
14 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 91,66991.7k $9.2m $9.2m 0.01% Added +26.4k +26,393
15 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 85,65485.7k $8.6m $8.6m 0.00% Added +25.8k +25,819
16 ECLECTIC ASSOCIATES INC /ADV 0.90% of their portfolio FULLERTON, CA 78,85178.9k $7.9m $7.9m 0.90% Added +14.4k +14,376
17 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 69,67169.7k $7.0m $7.0m 0.00% Added +5.3k +5,305
18 Brio Consultants, LLC 0.69% of their portfolio SAN FRANCISCO, CA 58,90158.9k $5.9m $5.9m 0.69% Added +1.2k +1,210
19 Ballast Rock Private Wealth LLC 2.33% of their portfolio CHARLESTON, SC 50,04850.0k $5.0m $5.0m 2.33% Added +396 +396
20 Altiora Financial Group, LLC 0.79% of their portfolio LEBANON, OH 50,00050.0k $5.0m $5.0m 0.79% Unchanged
21 PFG Advisors 0.25% of their portfolio Phoenix, AZ 48,85548.9k $4.9m $4.9m 0.25% Added +1.1k +1,118
22 Beacon Pointe Advisors, LLC 0.02% of their portfolio NEWPORT BEACH, CA 47,76847.8k $4.8m $4.8m 0.02% Added +5.3k +5,350
23 Bell Investment Advisors, Inc 0.69% of their portfolio ORINDA, CA 46,83846.8k $4.7m $4.7m 0.69% Added +594 +594
24 Vise Technologies, Inc. 0.05% of their portfolio NEW YORK, NY 44,65844.7k $4.5m $4.5m 0.05% Added +19.3k +19,278
25 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.02% of their portfolio IRVING, TX 43,50043.5k $4.4m $4.4m 0.02% Reduced -12.0k -11,984
26 NDWM LLC 2.56% of their portfolio LA JOLLA, CA 43,28043.3k $4.4m $4.4m 2.56% Added +1.5k +1,478
27 Bernzott Capital Advisors 1.72% of their portfolio Camarillo, CA 42,69242.7k $4.3m $4.3m 1.72% Added +12.5k +12,477
28 Fort Point Capital Partners LLC 0.45% of their portfolio San Francisco, CA 41,65241.7k $4.2m $4.2m 0.45% Added +16.5k +16,492
29 Gotham Asset Management, LLC 0.01% of their portfolio NEW YORK, NY 39,61239.6k $4.0m $4.0m 0.01% Unchanged
30 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.05% of their portfolio MINNEAPOLIS, MN 37,56637.6k $3.8m $3.8m 0.05% New
31 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 36,51836.5k $3.7m $3.7m 0.00% Added +16.5k +16,484
32 Joel Isaacson & Co., LLC 0.11% of their portfolio NEW YORK, NY 36,45036.5k $3.7m $3.7m 0.11% Added +12.1k +12,089
33 Luminvest Wealth Management LLC 0.83% of their portfolio SCOTTSDALE, AZ 35,37035.4k $3.6m $3.6m 0.83% Reduced -10.3k -10,277
34 DeLarme Wealth Management, Inc. 1.90% of their portfolio PALOS VERDES ESTATES, CA 32,55732.6k $3.3m $3.3m 1.90% Added +6.7k +6,672
35 Root Financial Partners, LLC 0.12% of their portfolio ENCINITAS, CA 31,61431.6k $3.2m $3.2m 0.12% Reduced -4.3k -4,299
36 WEDBUSH SECURITIES INC 0.08% of their portfolio PASADENA, CA 29,27629.3k $2.9m $2.9m 0.08% Added +3.0k +3,000
37 Three Arch Wealth Management LLC 0.45% of their portfolio IRVINE, CA 29,20329.2k $2.9m $2.9m 0.45% New
38 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 29,18629.2k $2.9m $2.9m 0.00% Reduced -1.6k -1,617
39 FLC Capital Advisors 0.47% of their portfolio PALM DESERT, CA 28,33928.3k $2.9m $2.9m 0.47% Added +2.3k +2,324
40 NATIXIS ADVISORS, LLC 0.00% of their portfolio Boston, MA 27,67427.7k $2.8m $2.8m 0.00% New
41 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 26,62726.6k $2.7m $2.7m 0.00% Added +4.6k +4,553
42 Burton Enright Welch 0.31% of their portfolio WALNUT CREEK, CA 26,47026.5k $2.7m $2.7m 0.31% Added +6.6k +6,636
43 FINANCIAL MANAGEMENT NETWORK INC 0.36% of their portfolio MISSION VIEJO, CA 25,04425.0k $2.5m $2.5m 0.36% Added +2.1k +2,072
44 Apella Capital, LLC 0.03% of their portfolio WEST HARTFORD, CT 24,26724.3k $2.4m $2.4m 0.03% Added +7.3k +7,262
45 EVOLVE PRIVATE WEALTH, LLC 0.15% of their portfolio LOS ANGELES, CA 24,18324.2k $2.4m $2.4m 0.15% Added +1.6k +1,572
46 Entruity Wealth, LLC 1.50% of their portfolio BAKERSFIELD, CA 23,08123.1k $2.3m $2.3m 1.50% New
47 FF Advisors,LLC 0.87% of their portfolio MANHATTAN BEACH, CA 22,97923.0k $2.3m $2.3m 0.87% Unchanged
48 Tower Research Capital LLC (TRC) 0.06% of their portfolio NEW YORK, NY 22,89122.9k $2.3m $2.3m 0.06% Added +3.2k +3,174
49 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 21,49321.5k $2.2m $2.2m 0.00% Added +17.8k +17,765
50 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 20,83420.8k $2.1m $2.1m 0.00% Added +893 +893
51 BAILARD, INC. 0.04% of their portfolio Foster City, CA 20,69020.7k $2.1m $2.1m 0.04% New
52 Diversify Advisory Services, LLC 0.03% of their portfolio SANDY, UT 19,80619.8k $2.0m $2.0m 0.03% New
53 DIVERSIFY WEALTH MANAGEMENT, LLC 0.03% of their portfolio SANDY, UT 19,80619.8k $2.0m $2.0m 0.03% Reduced -141 -141
54 Valmark Advisers, Inc. 0.02% of their portfolio AKRON, OH 19,56419.6k $2.0m $2.0m 0.02% Added +7.1k +7,119
55 SATOVSKY ASSET MANAGEMENT LLC 0.31% of their portfolio NEW YORK, NY 19,28719.3k $1.9m $1.9m 0.31% New
56 KINGSWOOD WEALTH ADVISORS, LLC 0.08% of their portfolio SAN DIEGO, CA 19,26819.3k $1.9m $1.9m 0.08% New
57 WRAPMANAGER INC 0.60% of their portfolio MILL VALLEY, CA 19,20019.2k $1.9m $1.9m 0.60% New
58 Platt Wealth Management LLC 1.54% of their portfolio SAN DIEGO, CA 19,02119.0k $1.9m $1.9m 1.54% Added +6.9k +6,881
59 Manchester Capital Management LLC 0.24% of their portfolio MANCHESTER, VT 18,00018.0k $1.8m $1.8m 0.24% New
60 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 17,11617.1k $1.7m $1.7m 0.00% Reduced -16.2k -16,218
61 Freestone Capital Holdings, LLC 0.04% of their portfolio Seattle, WA 16,70416.7k $1.7m $1.7m 0.04% Added +2.3k +2,302
62 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 16,37816.4k $1.6m $1.6m 0.00% Added +93 +93
63 BURLING WEALTH PARTNERS, LLC 0.23% of their portfolio CHICAGO, IL 15,55615.6k $1.6m $1.6m 0.23% New
64 Ducere Wealth Management LLC 0.46% of their portfolio NEWPORT BEACH, CA 15,21215.2k $1.5m $1.5m 0.46% Added +118 +118
65 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 15,19415.2k $1.5m $1.5m 0.00% New
66 Savvy Advisors, Inc. 0.03% of their portfolio NEW YORK, NY 15,04615.0k $1.5m $1.5m 0.03% Added +499 +499
67 Focus Partners Advisor Solutions, LLC 0.01% of their portfolio SAINT LOUIS, MO 14,93414.9k $1.5m $1.5m 0.01% Reduced -9.8k -9,800
68 Elequin Capital, LP 0.05% of their portfolio NEW YORK, NY 13,49713.5k $1.4m $1.4m 0.05% Added +3.8k +3,781
69 Values Added Financial LLC 0.48% of their portfolio WASHINGTON, DC 13,14913.1k $1.3m $1.3m 0.48% Added +1.2k +1,158
70 Ariston Services Group 0.72% of their portfolio SAN DIEGO, CA 13,02513.0k $1.3m $1.3m 0.72% Added +13.0k +13,025
71 Moss Adams Wealth Advisors LLC 0.08% of their portfolio SEATTLE, WA 12,68012.7k $1.3m $1.3m 0.08% Added +3.7k +3,681
72 Mariner, LLC 0.00% of their portfolio Overland Park, KS 12,65712.7k $1.3m $1.3m 0.00% Reduced -2.5k -2,550
73 EP Wealth Advisors, LLC 0.00% of their portfolio TORRANCE, CA 12,42712.4k $1.3m $1.3m 0.00% Added +331 +331
74 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 12,01112.0k $1.2m $1.2m 0.00% Added +6.1k +6,081
75 Meridian Wealth Management, LLC 0.04% of their portfolio LEXINGTON, KY 11,72511.7k $1.2m $1.2m 0.04% Unchanged
76 VAN STRUM & TOWNE INC. 0.32% of their portfolio SAN FRANCISCO, CA 11,65011.7k $1.2m $1.2m 0.32% Added +4.0k +4,000
77 North Berkeley Wealth Management, LLC 0.46% of their portfolio Berkeley, CA 11,27611.3k $1.1m $1.1m 0.46% Added +3.0k +2,954
78 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 11,06711.1k $1.1m $1.1m 0.00% Added +932 +932
79 Geometric Wealth Advisors 0.12% of their portfolio WASHINGTON, DC 10,78010.8k $1.1m $1.1m 0.12% Added +83 +83
80 Raub Brock Capital Management LP 0.28% of their portfolio LARKSPUR, CA 10,10510.1k $1.0m $1.0m 0.28% New
81 Grant Street Asset Management, Inc. 0.17% of their portfolio CANONSBURG, PA 10,06310.1k $1.0m $1.0m 0.17% New
82 Sand Hill Global Advisors, LLC 0.03% of their portfolio Palo Alto, CA 9,4899.5k $954.6k $954.6k 0.03% Unchanged
83 SWEENEY & MICHEL, LLC 0.25% of their portfolio CHICO, CA 9,4769.5k $939.5k $939.5k 0.25% Added +1.0k +1,026
84 CRUX WEALTH ADVISORS 0.32% of their portfolio LONG BEACH, CA 9,2749.3k $933.0k $933.0k 0.32% New
85 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 8,7548.8k $880.7k $880.7k 0.00% New
86 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 8,6858.7k $873.7k $873.7k 0.00% Unchanged
87 OPPENHEIMER & CO INC 0.01% of their portfolio NEW YORK, NY 8,1048.1k $815.3k $815.3k 0.01% Reduced -500 -500
88 Integrated Advisors Network LLC 0.04% of their portfolio DALLAS, TX 7,9718.0k $801.9k $801.9k 0.04% Reduced -35.3k -35,314
89 Prospect Financial Group LLC 0.63% of their portfolio ARLINGTON, VA 7,7847.8k $783.1k $783.1k 0.63% New
90 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 7,4917.5k $753.6k $753.6k 0.00% Added +4.2k +4,220
91 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 7,4037.4k $744.7k $744.7k 0.00% Added +2.2k +2,226
92 CATALYST PRIVATE WEALTH, LLC 0.36% of their portfolio SAN MATEO, CA 7,3927.4k $743.6k $743.6k 0.36% Reduced -2.1k -2,080
93 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 7,0517.1k $709.3k $709.3k 0.00% Reduced -4.0k -3,978
94 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 7,0347.0k $707.6k $707.6k 0.00% Added +1.6k +1,598
95 Vanguard National Trust Co 0.04% of their portfolio MALVERN, PA 7,0237.0k $706.5k $706.5k 0.04% Unchanged
96 WorthPointe, LLC 0.18% of their portfolio La Jolla, CA 6,9707.0k $701.2k $701.2k 0.18% New
97 Stonebridge Financial Group, LLC/CA 0.10% of their portfolio SAN RAFAEL, CA 6,9166.9k $695.0k $695.0k 0.10% First filing
98 Ameritas Advisory Services, LLC 0.01% of their portfolio Lincoln, NE 6,8306.8k $687.1k $687.1k 0.01% Unchanged
99 SteelPeak Wealth, LLC 0.02% of their portfolio WOODLAND HILLS, CA 6,6576.7k $669.7k $669.7k 0.02% Unchanged
100 NavPoint Financial, Inc. 0.24% of their portfolio Prior Lake, MN 6,4456.4k $648.4k $648.4k 0.24% Added +848 +848