Vault-13

VANGUARD MUN BD FDS VSDM

SHORT TAX EXEMPT · ETP · CUSIP 922907696

48 institutional holders +15 vs Q2 2025
1,117,2251.1m shares reported held*
$85.7mreported value*
17 new 22 added 4 reduced 1 sold out net bought ≈ $29.9m (+390.3k 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 ≈ $76.69.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q4 24: 10Q1 25: 17Q2 25: 33Q3 25: 4848Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q4 202410
Q1 202517
Q2 202533
Q3 202548

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 25: 15 bought or addedQ1 25: 3 cut or sold outQ1 25Q2 25: 26 bought or addedQ2 25: 6 cut or sold outQ2 25Q3 25: 39 bought or addedQ3 25: 5 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025153
Q2 2025266
Q3 2025395

Biggest buyers

CGN Advisors LLC Added +73,200+73.2k
Capital Investment Services of America, Inc. Added +63,835+63.8k
Keystone Financial Group, Inc. Added +46,604+46.6k
von Borstel & Associates, Inc. New +34,313+34.3k
Topsail Wealth Management, LLC New +31,787+31.8k
Corient Private Wealth LP New +26,041+26.0k
COMMONWEALTH EQUITY SERVICES, LLC Added +19,841+19.8k
Mills Wealth Advisors LLC Added +16,850+16.9k
Lindenwold Advisors, INC Added +15,450+15.4k
Rialto Wealth Management, LLC New +12,551+12.6k

Biggest sellers

Elequin Capital, LP Reduced -28,222-28.2k
CITADEL ADVISORS LLC Sold out -3,148-3.1k
JANE STREET GROUP, LLC Reduced -1,772-1.8k
ROYAL BANK OF CANADA Reduced -715-715
Wayfinding Financial, LLC Reduced -128-128

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Verum Partners LLC 3.66% of their portfolio CHARLOTTE, NC 224,336224.3k $17.2m $17.2m 3.66% Added +2.0k +2,000
2 Capital Investment Services of America, Inc. 1.08% of their portfolio MILWAUKEE, WI 158,525158.5k $12.2m $12.2m 1.08% Added +63.8k +63,835
3 Opus Capital Group, LLC 0.71% of their portfolio CINCINNATI, OH 82,78782.8k $6.3m $6.3m 0.71% Added +8.4k +8,360
4 CGN Advisors LLC 0.52% of their portfolio MANHATTAN, KS 82,19682.2k $6.3m $6.3m 0.52% Added +73.2k +73,200
5 Mills Wealth Advisors LLC 2.38% of their portfolio SOUTHLAKE, TX 76,32476.3k $5.9m $5.9m 2.38% Added +16.9k +16,850
6 Keystone Financial Group, Inc. 2.53% of their portfolio ATLANTA, GA 58,49458.5k $4.5m $4.5m 2.53% Added +46.6k +46,604
7 von Borstel & Associates, Inc. 0.40% of their portfolio THE DALLES, OR 34,31334.3k $2.6m $2.6m 0.40% New
8 Topsail Wealth Management, LLC 0.41% of their portfolio CHARLOTTE, NC 31,78731.8k $2.4m $2.4m 0.41% New
9 Greenwich Wealth Management LLC 0.11% of their portfolio GREENWICH, CT 28,35428.4k $2.2m $2.2m 0.11% Added +2.5k +2,460
10 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 26,04126.0k $2.0m $2.0m 0.00% New
11 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 25,92125.9k $2.0m $2.0m 0.00% Added +19.8k +19,841
12 Lindenwold Advisors, INC 0.84% of their portfolio READING, PA 23,07523.1k $1.8m $1.8m 0.84% Added +15.4k +15,450
13 Conservest Capital Advisors, Inc. 0.15% of their portfolio WYNNEWOOD, PA 21,27421.3k $1.6m $1.6m 0.15% Unchanged
14 Wayfinding Financial, LLC 0.66% of their portfolio LYNNWOOD, WA 20,08820.1k $1.5m $1.5m 0.66% Reduced -128 -128
15 CRA Financial Services, LLC 0.19% of their portfolio NORTHFIELD, NJ 17,74317.7k $1.4m $1.4m 0.19% Added +770 +770
16 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 13,62513.6k $1.0m $1.0m 0.00% Reduced -1.8k -1,772
17 Burton Enright Welch 0.16% of their portfolio WALNUT CREEK, CA 13,60513.6k $1.0m $1.0m 0.16% Added +1.3k +1,313
18 Essex Financial Services, Inc. 0.06% of their portfolio ESSEX, CT 13,34513.3k $1.0m $1.0m 0.06% Added +1.3k +1,290
19 Rialto Wealth Management, LLC 0.25% of their portfolio SYRACUSE, NY 12,55112.6k $962.7k $962.7k 0.25% New
20 Baker Ellis Asset Management LLC 0.11% of their portfolio Vancouver, WA 11,70011.7k $897.4k $897.4k 0.11% Added +1.0k +1,000
21 Elequin Capital, LP 0.08% of their portfolio NEW YORK, NY 11,69811.7k $897.2k $897.2k 0.08% Reduced -28.2k -28,222
22 Breakwater Capital Group 0.12% of their portfolio PARAMUS, NJ 10,32710.3k $792.1k $792.1k 0.12% Added +5.9k +5,940
23 Harbor Group, Inc. 0.12% of their portfolio BEDFORD, NH 10,05710.1k $771.4k $771.4k 0.12% Added +605 +605
24 DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 0.04% of their portfolio BLOOMFIELD HILLS, MI 9,9009.9k $759.0k $759.0k 0.04% New
25 BOSTON FAMILY OFFICE LLC 0.05% of their portfolio BOSTON, MA 9,4269.4k $723.0k $723.0k 0.05% New
26 Prospera Capital Management, LLC 0.35% of their portfolio GILBERT, AZ 9,3429.3k $716.5k $716.5k 0.35% Unchanged
27 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 8,6658.7k $664.6k $664.6k 0.01% New
28 Kelman-Lazarov, Inc. 0.10% of their portfolio MEMPHIS, TN 8,4018.4k $644.4k $644.4k 0.10% Added +2.7k +2,720
29 MFA Wealth Services 0.41% of their portfolio THOUSAND OAKS, CA 7,7587.8k $595.0k $595.0k 0.41% Added +385 +385
30 Financial Engines Advisors L.L.C. 0.00% of their portfolio SANTA CLARA, CA 5,4735.5k $419.8k $419.8k 0.00% Added +580 +580
31 N.E.W. Advisory Services LLC 0.04% of their portfolio DE PERE, WI 5,4005.4k $414.2k $414.2k 0.04% Unchanged
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,0065.0k $384.0k $384.0k 0.00% New
33 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 4,2124.2k $323.1k $323.1k 0.00% Added +32 +32
34 Gutierrez Wealth Advisory, LLC 0.21% of their portfolio LITTLE ROCK, AR 4,2064.2k $322.6k $322.6k 0.21% Added +346 +346
35 Advyzon Investment Management, LLC 0.05% of their portfolio LISLE, IL 3,8953.9k $298.7k $298.7k 0.05% Added +35 +35
36 Beacon Pointe Advisors, LLC 0.00% of their portfolio NEWPORT BEACH, CA 3,5673.6k $273.6k $273.6k 0.00% New
37 Belpointe Asset Management LLC 0.01% of their portfolio RENO, NV 3,4703.5k $266.1k $266.1k 0.01% New
38 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 3,4583.5k $265.2k $265.2k 0.00% New
39 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 3,1653.2k $242.8k $242.8k 0.00% New
40 World Investment Advisors 0.00% of their portfolio LINCROFT, NJ 2,9673.0k $227.6k $227.6k 0.00% New
41 CARDIFF PARK ADVISORS, LLC 0.02% of their portfolio SAN MARCOS, CA 2,8502.9k $218.6k $218.6k 0.02% New
42 J.W. COLE ADVISORS, INC. 0.00% of their portfolio TAMPA, FL 2,6802.7k $205.6k $205.6k 0.00% Unchanged
43 Elmwood Wealth Management, Inc. 0.07% of their portfolio BERKELEY, CA 2,6412.6k $202.6k $202.6k 0.07% New
44 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,0151.0k $78.0k $78.0k 0.00% Reduced -715 -715
45 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 884884 $67.8k $67.8k 0.00% New
46 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 577577 $44.3k $44.3k 0.00% Added +4 +4
47 Medallion Wealth Advisors, LLC 0.00% of their portfolio FARMINGTON, CT 100100 $7.7k $7.7k 0.00% Unchanged
48 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $49 $49 0.00% New