Vault-13

VANGUARD MUN BD FDS VSDM

SHORT TAX EXEMPT · ETP · CUSIP 922907696

100 institutional holders +25 vs Q4 2025
2,336,4062.3m shares reported held*
$178.4mreported value*
29 new 50 added 10 reduced 5 sold out net bought ≈ $56.0m (+734.2k 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 ($300.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $76.38.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100Q4 24: 10Q1 25: 17Q2 25: 33Q3 25: 48Q4 25: 75Q1 26: 100100Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26
Numbers
QuarterHolders
Q4 202410
Q1 202517
Q2 202533
Q3 202548
Q4 202575
Q1 2026100

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 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 25Q4 25: 58 bought or addedQ4 25: 11 cut or sold outQ4 25Q1 26: 79 bought or addedQ1 26: 15 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q1 2025153
Q2 2025266
Q3 2025395
Q4 20255811
Q1 20267915

Biggest buyers

TRUIST FINANCIAL CORP Added +114,354+114.4k
American Investment Services, Inc. Added +112,315+112.3k
Mills Wealth Advisors LLC Added +93,311+93.3k
IRON Financial LLC New +45,262+45.3k
Bank of New York Mellon Corp New +42,748+42.7k
Belpointe Asset Management LLC New +40,621+40.6k
S.A. Mason LLC Added +35,469+35.5k
Professional Financial Advisors, LLC New +32,565+32.6k
Opus Capital Group, LLC Added +26,119+26.1k
Beaird Harris Wealth Management, LLC New +25,641+25.6k

Biggest sellers

JANE STREET GROUP, LLC Reduced -58,682-58.7k
Corient Private Wealth LP Reduced -44,835-44.8k
Greenwich Wealth Management LLC Sold out -35,993-36.0k
Conservest Capital Advisors, Inc. Reduced -17,697-17.7k
Elequin Capital, LP Sold out -14,399-14.4k
CITADEL ADVISORS LLC Sold out -9,861-9.9k
JPMORGAN CHASE & CO Reduced -4,457-4.5k
GOLDMAN SACHS GROUP INC Sold out -3,977-4.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -3,314-3.3k
Dakota Wealth Management Reduced -1,965-2.0k

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital Investment Services of America, Inc. 2.04% of their portfolio MILWAUKEE, WI 256,084256.1k $19.5m $19.5m 2.04% Added +18.4k +18,353
2 Mills Wealth Advisors LLC 4.53% of their portfolio SOUTHLAKE, TX 170,012170.0k $13.0m $13.0m 4.53% Added +93.3k +93,311
3 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 150,740150.7k $11.5m $11.5m 0.02% Added +114.4k +114,354
4 Opus Capital Group, LLC 1.10% of their portfolio CINCINNATI, OH 134,358134.4k $10.2m $10.2m 1.10% Added +26.1k +26,119
5 S.A. Mason LLC 3.41% of their portfolio HOLLAND, MI 119,047119.0k $9.1m $9.1m 3.41% Added +35.5k +35,469
6 American Investment Services, Inc. 1.98% of their portfolio GREAT BARRINGTON, MA 116,464116.5k $8.9m $8.9m 1.98% Added +112.3k +112,315
7 Keystone Financial Group, Inc. 4.45% of their portfolio ATLANTA, GA 112,123112.1k $8.6m $8.6m 4.45% Added +22.7k +22,691
8 CGN Advisors LLC 0.63% of their portfolio MANHATTAN, KS 104,157104.2k $7.9m $7.9m 0.63% Added +6.6k +6,555
9 MOSAIC FAMILY WEALTH PARTNERS, LLC 0.46% of their portfolio ST. LOUIS, MO 58,61458.6k $4.5m $4.5m 0.46% Added +16.1k +16,109
10 Alliance Private Wealth, LLC 1.51% of their portfolio NORTH READING, MA 54,93754.9k $4.2m $4.2m 1.51% Added +2.3k +2,302
11 MASTER'S WEALTH MANAGEMENT INC. 1.36% of their portfolio LANCASTER, PA 52,71152.7k $4.0m $4.0m 1.36% Added +9.9k +9,885
12 RW Investment Management LLC 0.37% of their portfolio Eagle, ID 49,97250.0k $3.8m $3.8m 0.37% First filing
13 IRON Financial LLC 1.51% of their portfolio NORTHBROOK, IL 45,26245.3k $3.5m $3.5m 1.51% New
14 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 42,74842.7k $3.3m $3.3m 0.00% New
15 Belpointe Asset Management LLC 0.11% of their portfolio RENO, NV 40,62140.6k $3.1m $3.1m 0.11% New
16 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 38,21838.2k $2.9m $2.9m 0.00% Added +8.8k +8,784
17 Rialto Wealth Management, LLC 0.63% of their portfolio SYRACUSE, NY 36,59836.6k $2.8m $2.8m 0.63% Added +6.4k +6,399
18 Dakota Wealth Management 0.05% of their portfolio PALM BEACH GARDENS, FL 32,67432.7k $2.5m $2.5m 0.05% Reduced -2.0k -1,965
19 Professional Financial Advisors, LLC 0.51% of their portfolio NORTH PLATTE, NE 32,56532.6k $2.5m $2.5m 0.51% New
20 Topsail Wealth Management, LLC 0.36% of their portfolio CHARLOTTE, NC 32,26232.3k $2.5m $2.5m 0.36% Added +126 +126
21 Harbor Group, Inc. 0.35% of their portfolio BEDFORD, NH 31,45831.5k $2.4m $2.4m 0.35% Added +17.8k +17,819
22 Platt Wealth Management LLC 2.00% of their portfolio SAN DIEGO, CA 26,96027.0k $2.1m $2.1m 2.00% Added +4.4k +4,405
23 Aprio Wealth Management, LLC 0.11% of their portfolio ATLANTA, GA 26,94526.9k $2.1m $2.1m 0.11% Unchanged
24 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 25,70825.7k $2.0m $2.0m 0.00% Added +24.2k +24,184
25 Beaird Harris Wealth Management, LLC 0.13% of their portfolio DALLAS, TX 25,64125.6k $2.0m $2.0m 0.13% New
26 Blue Trust, Inc. 0.02% of their portfolio BRENTWOOD, TN 25,38825.4k $1.9m $1.9m 0.02% Added +21.1k +21,131
27 Verum Partners LLC 0.31% of their portfolio CHARLOTTE, NC 21,50121.5k $1.6m $1.6m 0.31% Added +2.3k +2,266
28 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 20,55920.6k $1.6m $1.6m 0.00% Added +13.3k +13,256
29 Financial Engines Advisors L.L.C. 0.00% of their portfolio SANTA CLARA, CA 18,81818.8k $1.4m $1.4m 0.00% Added +11.0k +10,996
30 CRA Financial Services, LLC 0.18% of their portfolio NORTHFIELD, NJ 18,32318.3k $1.4m $1.4m 0.18% Added +580 +580
31 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 15,91015.9k $1.2m $1.2m 0.00% New
32 Burton Enright Welch 0.16% of their portfolio WALNUT CREEK, CA 15,49515.5k $1.2m $1.2m 0.16% Added +798 +798
33 Baker Ellis Asset Management LLC 0.14% of their portfolio Vancouver, WA 15,40015.4k $1.2m $1.2m 0.14% Unchanged
34 BOSTON FAMILY OFFICE LLC 0.08% of their portfolio BOSTON, MA 15,23515.2k $1.2m $1.2m 0.08% Added +246 +246
35 Breakwater Capital Group 0.15% of their portfolio PARAMUS, NJ 15,02815.0k $1.1m $1.1m 0.15% Added +2.1k +2,097
36 MFA Wealth Services 0.76% of their portfolio THOUSAND OAKS, CA 14,96415.0k $1.1m $1.1m 0.76% Added +267 +267
37 Stonebridge Financial Group, LLC 0.09% of their portfolio Wormleysburg, PA 14,82814.8k $1.1m $1.1m 0.09% Added +4.5k +4,510
38 Essex Financial Services, Inc. 0.06% of their portfolio ESSEX, CT 14,82714.8k $1.1m $1.1m 0.06% Added +312 +312
39 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 12,86112.9k $981.0k $981.0k 0.00% New
40 Signal Advisors Wealth, LLC 0.06% of their portfolio DETROIT, MI 11,16511.2k $851.8k $851.8k 0.06% New
41 Acumen Wealth Advisors, LLC 0.23% of their portfolio CHATTANOOGA, TN 11,06411.1k $844.1k $844.1k 0.23% Added +10.8k +10,802
42 &PARTNERS 0.01% of their portfolio NASHVILLE, TN 11,00011.0k $1.1m $1.1m 0.01% New
43 Kelman-Lazarov, Inc. 0.12% of their portfolio MEMPHIS, TN 10,54210.5k $804.3k $804.3k 0.12% Added +288 +288
44 Clearstead Advisors, LLC 0.01% of their portfolio CLEVELAND, OH 9,7519.8k $743.9k $743.9k 0.01% New
45 PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio BEDMINSTER, NJ 9,7009.7k $740.0k $740.0k 0.01% Added +3.7k +3,700
46 GREAT VALLEY ADVISOR GROUP, INC. 0.01% of their portfolio WILMINGTON, DE 9,5559.6k $729.0k $729.0k 0.01% New
47 Prospera Capital Management, LLC 0.36% of their portfolio GILBERT, AZ 9,3429.3k $712.7k $712.7k 0.36% Unchanged
48 Pandowealth. LLC 0.61% of their portfolio PEACHTREE CITY, GA 9,1049.1k $694.5k $694.5k 0.61% New
49 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 8,7158.7k $664.9k $664.9k 0.01% New
50 New England Private Wealth Advisors LLC 0.07% of their portfolio WELLESLEY, MA 8,3878.4k $639.9k $639.9k 0.07% Added +2 +2
51 Timmons Wealth Management, LLC 0.56% of their portfolio ATTLEBORO, MA 7,6837.7k $586.1k $586.1k 0.56% Added +4.3k +4,292
52 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 7,5927.6k $579.2k $579.2k 0.00% Reduced -58.7k -58,682
53 Quantum Financial Planning Services, Inc. 0.21% of their portfolio SPOKANE, WA 7,5527.6k $576.1k $576.1k 0.21% Added +20 +20
54 Equitable Holdings, Inc. 0.00% of their portfolio NEW YORK, NY 7,2847.3k $555.7k $555.7k 0.00% New
55 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 7,2477.2k $552.8k $552.8k 0.00% Reduced -44.8k -44,835
56 Soltis Investment Advisors LLC 0.03% of their portfolio ST. GEORGE, UT 7,0267.0k $536.0k $536.0k 0.03% Added +3.1k +3,133
57 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 7,0007.0k $534.0k $534.0k 0.00% New
58 Gutierrez Wealth Advisory, LLC 0.32% of their portfolio LITTLE ROCK, AR 6,6586.7k $507.9k $507.9k 0.32% Added +1.9k +1,908
59 L. Roy Papp & Associates, LLP 0.06% of their portfolio Phoenix, AZ 6,5206.5k $497.4k $497.4k 0.06% New
60 Waverly Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 5,8405.8k $445.5k $445.5k 0.00% Added +615 +615
61 Bryn Mawr Trust Advisors, LLC 0.02% of their portfolio PHILADELPHIA, PA 5,5695.6k $424.9k $424.9k 0.02% Added +2.3k +2,300
62 N.E.W. Advisory Services LLC 0.03% of their portfolio DE PERE, WI 5,4285.4k $414.1k $414.1k 0.03% Added +28 +28
63 Sugar Maple Asset Management, LLC 0.25% of their portfolio SISTER BAY, WI 5,3265.3k $406.3k $406.3k 0.25% Added +2.3k +2,318
64 Beacon Pointe Advisors, LLC 0.00% of their portfolio NEWPORT BEACH, CA 4,9004.9k $373.8k $373.8k 0.00% Added +1.3k +1,333
65 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 4,7134.7k $359.6k $359.6k 0.00% Reduced -3.3k -3,314
66 Financial Planning Hawaii, Inc. 0.20% of their portfolio HONOLULU, HI 4,5354.5k $346.0k $346.0k 0.20% Added +8 +8
67 Ascent Group, LLC 0.01% of their portfolio VIRGINIA BEACH, VA 4,1224.1k $314.5k $314.5k 0.01% Added +843 +843
68 Stratos Wealth Partners, LTD. 0.00% of their portfolio BEACHWOOD, OH 4,0034.0k $305.5k $305.5k 0.00% New
69 Advyzon Investment Management, LLC 0.03% of their portfolio LISLE, IL 3,8423.8k $293.1k $293.1k 0.03% Reduced -61 -61
70 Conservest Capital Advisors, Inc. 0.03% of their portfolio WYNNEWOOD, PA 3,6553.7k $278.8k $278.8k 0.03% Reduced -17.7k -17,697
71 Cherry Tree Wealth Management, LLC 0.06% of their portfolio MINNETONKA, MN 3,6213.6k $276.2k $276.2k 0.06% New
72 Wayfinding Financial, LLC 0.12% of their portfolio LYNNWOOD, WA 3,6083.6k $275.0k $275.0k 0.12% Reduced -1.9k -1,897
73 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 3,4033.4k $259.6k $259.6k 0.00% Added +204 +204
74 DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 0.01% of their portfolio BLOOMFIELD HILLS, MI 3,4003.4k $259.0k $259.0k 0.01% Unchanged
75 Strategic Investment Solutions, Inc. /IL 0.05% of their portfolio ORLAND PARK, IL 3,3023.3k $227.0k $227.0k 0.05% Added +17 +17
76 Rosenberg Matthew Hamilton 0.05% of their portfolio GRAND JUNCTION, CO 3,2023.2k $244.3k $244.3k 0.05% New
77 CFS Investment Advisory Services, LLC 0.02% of their portfolio TOTOWA, NJ 3,1183.1k $238.9k $238.9k 0.02% New
78 Foundry Financial LLC 0.10% of their portfolio PASADENA, CA 3,0823.1k $235.1k $235.1k 0.10% New
79 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 2,8662.9k $218.6k $218.6k 0.00% Reduced -600 -600
80 CARDIFF PARK ADVISORS, LLC 0.02% of their portfolio SAN MARCOS, CA 2,8502.9k $217.4k $217.4k 0.02% Unchanged
81 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 2,8492.8k $217.0k $217.0k 0.00% New
82 Vise Technologies, Inc. 0.00% of their portfolio NEW YORK, NY 2,7452.7k $209.9k $209.9k 0.00% Unchanged
83 Root Financial Partners, LLC 0.01% of their portfolio ENCINITAS, CA 2,7452.7k $209.4k $209.4k 0.01% Unchanged
84 Elmwood Wealth Management, Inc. 0.06% of their portfolio BERKELEY, CA 2,6832.7k $204.7k $204.7k 0.06% Added +14 +14
85 Graney & King, LLC 0.11% of their portfolio LATHAM, NY 2,6232.6k $200.1k $200.1k 0.11% New
86 Wilmington Savings Fund Society, FSB 0.00% of their portfolio WILMINGTON, DE 2,1582.2k $164.6k $164.6k 0.00% Unchanged
87 1015 Capital Partners, LLC 0.14% of their portfolio NARBERTH, PA 1,8311.8k $139.7k $139.7k 0.14% Added +782 +782
88 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 1,5721.6k $119.9k $119.9k 0.00% New
89 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 1,5381.5k $117.3k $117.3k 0.00% New
90 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,4151.4k $108.0k $108.0k 0.00% Added +200 +200
91 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,0341.0k $78.9k $78.9k 0.00% New
92 Destiny Wealth Partners, LLC 0.01% of their portfolio TAVARES, FL 856856 $65.3k $65.3k 0.01% New
93 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 768768 $58.5k $58.5k 0.00% Reduced -2 -2
94 Trust Co 0.01% of their portfolio MANHATTAN, KS 759759 $57.9k $57.9k 0.01% Added +307 +307
95 UBS Group AG 0.00% of their portfolio ZURICH, V8 551551 $42.0k $42.0k 0.00% New
96 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 442442 $33.7k $33.7k 0.00% New
97 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 301301 $23.0k $23.0k 0.00% Added +1 +1
98 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 100100 $7.6k $7.6k 0.00% Reduced -4.5k -4,457
99 Medallion Wealth Advisors, LLC 0.00% of their portfolio FARMINGTON, CT 8989 $6.8k $6.8k 0.00% Unchanged
100 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $66 $66 0.00% Unchanged