Vault-13

VANGUARD INSTL INDEX FD VBIL

0-3 MO TREAS BIL · ETP · CUSIP 922040845

204 institutional holders +69 vs Q2 2025
19,010,63319.0m shares reported held*
$1.4bnreported value*
82 new 86 added 23 reduced 14 sold out net bought ≈ $646.1m (+8.5m 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 ≈ $75.57.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q1 25: 50Q2 25: 135Q3 25: 204204Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q1 202550
Q2 2025135
Q3 2025204

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q2 25: 121 bought or addedQ2 25: 12 cut or sold outQ2 25Q3 25: 168 bought or addedQ3 25: 37 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q2 202512112
Q3 202516837

Biggest buyers

Oxbow Advisors, LLC New +2,079,988+2.1m
BANK OF AMERICA CORP /DE/ Added +754,438+754.4k
GREENHAVEN ASSOCIATES INC New +500,000+500.0k
TRUIST FINANCIAL CORP Added +416,189+416.2k
Tower Research Capital LLC (TRC) New +386,776+386.8k
Nicholas Hoffman & Company, LLC. Added +382,387+382.4k
Evanson Asset Management, LLC Added +309,999+310.0k
Focused Wealth Management, Inc New +308,620+308.6k
Corient Private Wealth LP Added +240,912+240.9k
Delta Investment Management, LLC New +207,219+207.2k

Biggest sellers

ROYAL BANK OF CANADA Reduced -324,727-324.7k
SYKON CAPITAL LLC Sold out -146,991-147.0k
CITADEL ADVISORS LLC Reduced -88,785-88.8k
RAYMOND JAMES FINANCIAL INC Reduced -80,872-80.9k
BASSO CAPITAL MANAGEMENT, L.P. Sold out -50,000-50.0k
Apella Capital, LLC Reduced -41,023-41.0k
Cambria Investment Management, L.P. Sold out -38,864-38.9k
RFP Financial Group LLC Reduced -36,786-36.8k
HANOVER ADVISORS INC Reduced -33,941-33.9k
GenTrust, LLC Reduced -30,617-30.6k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Oxbow Advisors, LLC 14.61% of their portfolio Austin, TX 2,079,9882.1m $157.3m $157.3m 14.61% New
2 Evanson Asset Management, LLC 5.81% of their portfolio CARMEL, CA 1,361,7271.4m $103.0m $103.0m 5.81% Added +310.0k +309,999
3 ARMSTRONG ADVISORY GROUP, INC 6.83% of their portfolio NEEDHAM, MA 1,280,7891.3m $96.8m $96.8m 6.83% Added +20.2k +20,203
4 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 763,865763.9k $57.8m $57.8m 0.01% Reduced -324.7k -324,727
5 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 760,885760.9k $57.5m $57.5m 0.00% Added +754.4k +754,438
6 Bridgewealth Advisory Group, LLC 12.60% of their portfolio Fresno, CA 719,107719.1k $54.4m $54.4m 12.60% Added +93.6k +93,555
7 Bragg Financial Advisors, Inc 1.52% of their portfolio CHARLOTTE, NC 605,802605.8k $45.8m $45.8m 1.52% Unchanged
8 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 525,082525.1k $39.7m $39.7m 0.05% Added +416.2k +416,189
9 FLPUTNAM INVESTMENT MANAGEMENT CO 0.58% of their portfolio PORTLAND, ME 513,390513.4k $38.8m $38.8m 0.58% Added +174.2k +174,249
10 GREENHAVEN ASSOCIATES INC 0.57% of their portfolio Purchase, NY 500,000500.0k $37.8m $37.8m 0.57% New
11 UBS Group AG 0.01% of their portfolio ZURICH, V8 481,921481.9k $36.4m $36.4m 0.01% Added +6.9k +6,941
12 Cypress Capital, LLC 9.26% of their portfolio FRANKLIN, TN 428,200428.2k $32.4m $32.4m 9.26% Added +127.2k +127,223
13 Garde Capital, Inc. 1.48% of their portfolio SEATTLE, WA 389,746389.7k $29.5m $29.5m 1.48% Added +88.7k +88,715
14 Nicholas Hoffman & Company, LLC. 0.71% of their portfolio ATLANTA, GA 388,426388.4k $29.4m $29.4m 0.71% Added +382.4k +382,387
15 Tower Research Capital LLC (TRC) 0.81% of their portfolio NEW YORK, NY 386,776386.8k $29.2m $29.2m 0.81% New
16 Pathway Financial Advisors LLC 3.52% of their portfolio SOUTH BURLINGTON, VT 349,206349.2k $26.4m $26.4m 3.52% Added +77.1k +77,079
17 BENJAMIN EDWARDS INC 0.28% of their portfolio Clayton, MO 325,446325.4k $24.6m $24.6m 0.28% Reduced -13.8k -13,766
18 Focused Wealth Management, Inc 2.52% of their portfolio Newburgh, NY 308,620308.6k $23.3m $23.3m 2.52% New
19 Corient Private Wealth LP 0.03% of their portfolio MIAMI, FL 245,939245.9k $17.8m $17.8m 0.03% Added +240.9k +240,912
20 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 240,400240.4k $18.2m $18.2m 0.01% Added +84.7k +84,700
21 JIM SAULNIER & ASSOCIATES, LLC 9.23% of their portfolio FORT COLLINS, CO 218,989219.0k $16.6m $16.6m 9.23% Added +150.9k +150,913
22 Greenline Partners, LLC 1.94% of their portfolio NEW YORK, NY 211,314211.3k $16.0m $16.0m 1.94% Added +172.6k +172,635
23 EverSource Wealth Advisors, LLC 0.62% of their portfolio BIRMINGHAM, AL 207,235207.2k $15.7m $15.7m 0.62% Added +69.1k +69,125
24 Delta Investment Management, LLC 2.81% of their portfolio SAN FRANCISCO, CA 207,219207.2k $15.7m $15.7m 2.81% New
25 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 198,096198.1k $15.0m $15.0m 0.00% Reduced -80.9k -80,872
26 Rialto Wealth Management, LLC 3.71% of their portfolio SYRACUSE, NY 190,127190.1k $14.4m $14.4m 3.71% Added +47.0k +46,986
27 AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio Greenwich, CT 183,128183.1k $13.8m $13.8m 0.01% New
28 Red Wave Investments LLC 4.21% of their portfolio DILLSBURG, PA 181,663181.7k $13.7m $13.7m 4.21% Added +91.5k +91,458
29 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 179,295179.3k $13.6m $13.6m 0.00% Added +34.8k +34,806
30 Whitaker-Myers Wealth Managers, LTD. 2.89% of their portfolio Mansfield, OH 175,424175.4k $13.3m $13.3m 2.89% New
31 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 169,729169.7k $12.8m $12.8m 0.00% New
32 Roehl & Yi Investment Advisors, LLC 5.52% of their portfolio Eugene, OR 167,969168.0k $12.7m $12.7m 5.52% New
33 Fort Point Capital Partners LLC 1.28% of their portfolio San Francisco, CA 132,894132.9k $10.0m $10.0m 1.28% Added +115.6k +115,575
34 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 125,372125.4k $9.5m $9.5m 0.00% New
35 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 118,091118.1k $8.9m $8.9m 0.01% Added +17.2k +17,151
36 ABOUND FINANCIAL, LLC 3.40% of their portfolio GRANITE BAY, CA 112,418112.4k $8.5m $8.5m 3.40% New
37 NewEdge Wealth, LLC 0.12% of their portfolio STAMFORD, CT 112,169112.2k $8.5m $8.5m 0.12% Added +35.3k +35,292
38 Apella Capital, LLC 0.18% of their portfolio WEST HARTFORD, CT 104,713104.7k $7.9m $7.9m 0.18% Reduced -41.0k -41,023
39 Mills Wealth Advisors LLC 3.00% of their portfolio SOUTHLAKE, TX 97,62597.6k $7.4m $7.4m 3.00% Added +85.1k +85,059
40 HANOVER ADVISORS INC 2.58% of their portfolio SENECA, SC 88,00088.0k $6.7m $6.7m 2.58% Reduced -33.9k -33,941
41 RPS ADVISORY SOLUTIONS LLC 3.25% of their portfolio LOUISVILLE, KY 87,59587.6k $6.6m $6.6m 3.25% Added +39.2k +39,202
42 MRWM Advisors, LLC 3.64% of their portfolio NASHVILLE, TN 84,48584.5k $6.4m $6.4m 3.64% Reduced -8.2k -8,161
43 ASSET PLANNING CORPORATION 2.60% of their portfolio KNOXVILLE, TN 72,58272.6k $5.5m $5.5m 2.60% New
44 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.04% of their portfolio IRVING, TX 69,96870.0k $5.3m $5.3m 0.04% Added +12.5k +12,492
45 Planned Solutions, Inc. 1.81% of their portfolio FOLSOM, CA 68,99069.0k $5.2m $5.2m 1.81% Added +2.9k +2,880
46 CEERA INVESTMENTS, LLC 1.63% of their portfolio BELLAIRE, TX 68,92468.9k $5.2m $5.2m 1.63% Reduced -25.2k -25,201
47 Willow Creek Wealth Management Inc. 0.43% of their portfolio Sebastopol, CA 68,84368.8k $5.2m $5.2m 0.43% Added +35.3k +35,317
48 Maltin Wealth Management, Inc. 2.16% of their portfolio RIDGEWOOD, NJ 68,76168.8k $5.2m $5.2m 2.16% Added +11.5k +11,478
49 PFW Advisors LLC 1.54% of their portfolio ATLANTA, GA 68,73868.7k $5.2m $5.2m 1.54% Added +49.0k +48,951
50 Modern Wealth Management, LLC 0.10% of their portfolio KANSAS CITY, MO 65,93765.9k $5.0m $5.0m 0.10% New
51 HRT FINANCIAL LP 0.02% of their portfolio NEW YORK, NY 63,16463.2k $4.8m $4.8m 0.02% Added +60.1k +60,064
52 Perigon Wealth Management, LLC 0.10% of their portfolio SAN FRANCISCO, CA 61,62761.6k $4.7m $4.7m 0.10% Added +11.8k +11,845
53 CreativeOne Wealth, LLC 0.11% of their portfolio OVERLAND PARK, KS 59,06759.1k $4.5m $4.5m 0.11% Added +43.3k +43,256
54 Sowell Financial Services LLC 0.16% of their portfolio NORTH LITTLE ROCK, AR 56,48456.5k $4.3m $4.3m 0.16% Added +2.5k +2,515
55 Robinswood Financial LLC 1.33% of their portfolio KIRKLAND, WA 52,77752.8k $4.0m $4.0m 1.33% Added +17.1k +17,096
56 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 51,13551.1k $3.9m $3.9m 0.01% Added +37.1k +37,098
57 FLC Capital Advisors 0.72% of their portfolio PALM DESERT, CA 49,31449.3k $3.7m $3.7m 0.72% Added +4.4k +4,405
58 Unison Advisors LLC 0.31% of their portfolio PROVIDENCE, RI 45,57545.6k $3.4m $3.4m 0.31% Added +34.5k +34,452
59 Tradition Wealth Management, LLC 0.25% of their portfolio EDINA, MN 45,22545.2k $3.4m $3.4m 0.25% New
60 CRA Financial Services, LLC 0.47% of their portfolio NORTHFIELD, NJ 45,19545.2k $3.4m $3.4m 0.47% Added +14.7k +14,672
61 SCRATCH CAPITAL LLC 2.22% of their portfolio BOISE, ID 44,48744.5k $3.4m $3.4m 2.22% Added +37.0k +37,013
62 eCIO, Inc. 1.18% of their portfolio MADISON, WI 41,81941.8k $3.2m $3.2m 1.18% Added +18.2k +18,151
63 Heck Capital Advisors, LLC 0.23% of their portfolio Rhinelander, WI 39,70039.7k $3.0m $3.0m 0.23% New
64 Clear Creek Financial Management, LLC 0.26% of their portfolio SILVERDALE, WA 39,24039.2k $3.0m $3.0m 0.26% Added +19.5k +19,540
65 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 38,76338.8k $2.9m $2.9m 0.01% Added +17.0k +17,023
66 Cherry Tree Wealth Management, LLC 0.64% of their portfolio MINNETONKA, MN 38,35138.4k $2.9m $2.9m 0.64% New
67 Miller Investment Management, LP 0.28% of their portfolio WEST CONSHOHOCKEN, PA 37,50037.5k $2.8m $2.8m 0.28% New
68 IFP Advisors, Inc 0.07% of their portfolio TAMPA, FL 37,42037.4k $2.8m $2.8m 0.07% Added +19.0k +18,976
69 CENTRAL TRUST Co 0.06% of their portfolio JEFFERSON CITY, MO 36,97037.0k $2.8m $2.8m 0.06% Added +21.3k +21,314
70 Parallel Advisors, LLC 0.05% of their portfolio SAN FRANCISCO, CA 36,74536.7k $2.8m $2.8m 0.05% Added +4.0k +4,023
71 RFP Financial Group LLC 1.12% of their portfolio ATLANTA, GA 36,48036.5k $2.8m $2.8m 1.12% Reduced -36.8k -36,786
72 TFO Wealth Partners, LLC 0.44% of their portfolio MAUMEE, OH 35,80835.8k $2.7m $2.7m 0.44% Added +4.7k +4,702
73 SJS Investment Consulting Inc. 0.37% of their portfolio SYLVANIA, OH 35,58535.6k $2.7m $2.7m 0.37% Added +16.2k +16,247
74 Savvy Advisors, Inc. 0.12% of their portfolio NEW YORK, NY 35,13835.1k $2.7m $2.7m 0.12% Added +28.3k +28,328
75 Running Point Capital Advisors, LLC 0.69% of their portfolio EL SEGUNDO, CA 33,87333.9k $2.6m $2.6m 0.69% Reduced -13.4k -13,367
76 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 33,79033.8k $2.5m $2.5m 0.00% Reduced -12.2k -12,224
77 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 32,34232.3k $2.4m $2.4m 0.00% Reduced -10.6k -10,562
78 SALEM INVESTMENT COUNSELORS INC 0.07% of their portfolio WINSTON-SALEM, NC 31,77631.8k $2.4m $2.4m 0.07% New
79 CoreCap Advisors, LLC 0.09% of their portfolio SOUTHFIELD, MI 31,76931.8k $2.4m $2.4m 0.09% Unchanged
80 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 31,74131.7k $2.4m $2.4m 0.01% Reduced -3.4k -3,424
81 Lakewood Asset Management LLC 1.44% of their portfolio NAPERVILLE, IL 31,43531.4k $2.4m $2.4m 1.44% Added +22.1k +22,059
82 TPG Advisors LLC 1.51% of their portfolio NORTHFIELD, IL 30,37830.4k $2.3m $2.3m 1.51% Added +19.6k +19,562
83 Greystone Financial Group, LLC 0.36% of their portfolio BLOOMFIELD HILLS, MI 30,33230.3k $2.3m $2.3m 0.36% New
84 Kingsview Wealth Management, LLC 0.03% of their portfolio GRANTS PASS, OR 29,86929.9k $2.3m $2.3m 0.03% New
85 Balefire, LLC 0.41% of their portfolio DALLAS, TX 27,41427.4k $2.1m $2.1m 0.41% New
86 Wrenne Financial Planning LLC 0.86% of their portfolio Lexington, KY 26,59626.6k $2.0m $2.0m 0.86% Unchanged
87 Sage Mountain Advisors LLC 0.11% of their portfolio ATLANTA, GA 25,60025.6k $1.9m $1.9m 0.11% New
88 Level Wealth Management LLC 1.02% of their portfolio GREENSBORO, NC 25,56425.6k $1.9m $1.9m 1.02% New
89 Capital Investment Services of America, Inc. 0.17% of their portfolio MILWAUKEE, WI 25,07025.1k $1.9m $1.9m 0.17% Added +70 +70
90 Northstar Group, Inc. 0.26% of their portfolio NEW YORK, NY 23,93023.9k $1.8m $1.8m 0.26% Added +15.6k +15,642
91 AVALON CAPITAL MANAGEMENT 0.44% of their portfolio Port Of Redwood City, CA 23,75723.8k $1.8m $1.8m 0.44% Reduced -13.9k -13,939
92 Praetorian Wealth Management, Inc. 0.36% of their portfolio CARMEL, CA 23,00023.0k $1.7m $1.7m 0.36% Added +3.4k +3,442
93 Lunt Capital Management, Inc. 0.65% of their portfolio HOLLADAY, UT 22,52022.5k $1.7m $1.7m 0.65% New
94 PENNSYLVANIA CAPITAL MANAGEMENT INC /ADV 0.48% of their portfolio HUNTINGDON VALLEY, PA 21,78321.8k $1.6m $1.6m 0.48% Added +1.9k +1,931
95 Ledgewood Wealth Advisors, LLC 0.97% of their portfolio EXETER, NH 21,69521.7k $1.6m $1.6m 0.97% New
96 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 21,02821.0k $1.6m $1.6m 0.00% Added +7.8k +7,774
97 BetterWealth, LLC 0.37% of their portfolio SAN JOSE, CA 20,62620.6k $1.6m $1.6m 0.37% New
98 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 20,08920.1k $1.5m $1.5m 0.00% Reduced -88.8k -88,785
99 PROFESSIONAL ADVISORY SERVICES INC 0.20% of their portfolio VERO BEACH, FL 20,00020.0k $1.5m $1.5m 0.20% Not comparable
100 Astra Wealth Partners LLC 1.03% of their portfolio JERSEY CITY, NJ 19,55119.6k $1.5m $1.5m 1.03% New