Vault-13

VANGUARD MUN BD FDS VSDM

SHORT TAX EXEMPT · ETP · CUSIP 922907696

123 institutional holders +23 vs Q1 2026
3,682,8693.7m shares reported held*
$282.4mreported value*
34 new 62 added 11 reduced 11 sold out net bought ≈ $103.2m (+1.3m 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 ($311.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $76.67.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q4 24: 10Q1 25: 17Q2 25: 33Q3 25: 48Q4 25: 75Q1 26: 100Q2 26: 123123Q4 24Q2 25Q4 25Q2 26
Numbers
QuarterHolders
Q4 202410
Q1 202517
Q2 202533
Q3 202548
Q4 202575
Q1 2026100
Q2 2026123

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 26Q2 26: 96 bought or addedQ2 26: 22 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q1 2025153
Q2 2025266
Q3 2025395
Q4 20255811
Q1 20267915
Q2 20269622

Biggest buyers

Kestra Investment Management, LLC New +139,319+139.3k
TRUIST FINANCIAL CORP Added +100,365+100.4k
Quantinno Capital Management LP New +98,000+98.0k
Frisch Financial Group, Inc. New +98,000+98.0k
Acumen Wealth Advisors, LLC Added +71,403+71.4k
MOSAIC FAMILY WEALTH PARTNERS, LLC Added +67,973+68.0k
Beaird Harris Wealth Management, LLC Added +49,051+49.1k
S.A. Mason LLC Added +44,841+44.8k
TD Capital Management LLC New +43,473+43.5k
GSG Advisors LLC New +39,200+39.2k

Biggest sellers

Blue Trust, Inc. Sold out -25,388-25.4k
HRT FINANCIAL LP Sold out -12,861-12.9k
Clearstead Advisors, LLC Sold out -9,751-9.8k
Alliance Private Wealth, LLC Reduced -9,436-9.4k
Breakwater Capital Group Reduced -6,164-6.2k
Harbor Group, Inc. Reduced -5,559-5.6k
Mills Wealth Advisors LLC Reduced -5,086-5.1k
Wayfinding Financial, LLC Sold out -3,608-3.6k
Strategic Investment Solutions, Inc. /IL Sold out -3,302-3.3k
Rosenberg Matthew Hamilton Sold out -3,202-3.2k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital Investment Services of America, Inc. 2.11% of their portfolio MILWAUKEE, WI 280,929280.9k $21.5m $21.5m 2.11% Added +24.8k +24,845
2 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 251,105251.1k $19.2m $19.2m 0.02% Added +100.4k +100,365
3 Mills Wealth Advisors LLC 3.98% of their portfolio SOUTHLAKE, TX 164,926164.9k $12.6m $12.6m 3.98% Reduced -5.1k -5,086
4 S.A. Mason LLC 3.86% of their portfolio HOLLAND, MI 163,888163.9k $12.6m $12.6m 3.86% Added +44.8k +44,841
5 Opus Capital Group, LLC 1.11% of their portfolio CINCINNATI, OH 148,913148.9k $11.4m $11.4m 1.11% Added +14.6k +14,555
6 Keystone Financial Group, Inc. 5.72% of their portfolio ATLANTA, GA 142,196142.2k $10.9m $10.9m 5.72% Added +30.1k +30,073
7 Kestra Investment Management, LLC 0.21% of their portfolio AUSTIN, TX 139,319139.3k $10.7m $10.7m 0.21% New
8 American Investment Services, Inc. 2.08% of their portfolio GREAT BARRINGTON, MA 128,709128.7k $9.9m $9.9m 2.08% Added +12.2k +12,245
9 MOSAIC FAMILY WEALTH PARTNERS, LLC 0.66% of their portfolio ST. LOUIS, MO 126,587126.6k $9.7m $9.7m 0.66% Added +68.0k +67,973
10 CGN Advisors LLC 0.69% of their portfolio MANHATTAN, KS 124,154124.2k $9.5m $9.5m 0.69% Added +20.0k +19,997
11 Quantinno Capital Management LP 0.01% of their portfolio NEW YORK, NY 98,00098.0k $7.5m $7.5m 0.01% New
12 Frisch Financial Group, Inc. 1.29% of their portfolio MELVILLE, NY 98,00098.0k $7.5m $7.5m 1.29% New
13 Acumen Wealth Advisors, LLC 1.34% of their portfolio CHATTANOOGA, TN 82,46782.5k $6.3m $6.3m 1.34% Added +71.4k +71,403
14 Beaird Harris Wealth Management, LLC 0.36% of their portfolio DALLAS, TX 74,69274.7k $5.7m $5.7m 0.36% Added +49.1k +49,051
15 RW Investment Management LLC 0.47% of their portfolio Eagle, ID 70,30970.3k $5.4m $5.4m 0.47% Added +20.3k +20,337
16 IRON Financial LLC 2.08% of their portfolio NORTHBROOK, IL 65,84065.8k $5.0m $5.0m 2.08% Added +20.6k +20,578
17 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 65,48765.5k $5.0m $5.0m 0.01% Added +27.3k +27,269
18 MASTER'S WEALTH MANAGEMENT INC. 1.42% of their portfolio LANCASTER, PA 61,68961.7k $4.7m $4.7m 1.42% Added +9.0k +8,978
19 Rialto Wealth Management, LLC 0.93% of their portfolio SYRACUSE, NY 61,25261.3k $4.7m $4.7m 0.93% Added +24.7k +24,654
20 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 50,49650.5k $3.9m $3.9m 0.00% Added +24.8k +24,788
21 Belpointe Asset Management LLC 0.13% of their portfolio RENO, NV 50,42150.4k $3.9m $3.9m 0.13% Added +9.8k +9,800
22 Alliance Private Wealth, LLC 1.21% of their portfolio NORTH READING, MA 45,50145.5k $3.5m $3.5m 1.21% Reduced -9.4k -9,436
23 TD Capital Management LLC 0.27% of their portfolio MEMPHIS, TN 43,47343.5k $3.3m $3.3m 0.27% New
24 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 41,72441.7k $3.2m $3.2m 0.00% Reduced -1.0k -1,024
25 Topsail Wealth Management, LLC 0.40% of their portfolio CHARLOTTE, NC 40,84340.8k $3.1m $3.1m 0.40% Added +8.6k +8,581
26 GSG Advisors LLC 0.66% of their portfolio MOUNT LAUREL, NJ 39,20039.2k $3.0m $3.0m 0.66% New
27 Professional Financial Advisors, LLC 0.51% of their portfolio NORTH PLATTE, NE 38,25538.3k $2.9m $2.9m 0.51% Added +5.7k +5,690
28 Timmons Wealth Management, LLC 2.11% of their portfolio ATTLEBORO, MA 37,63637.6k $2.9m $2.9m 2.11% Added +30.0k +29,953
29 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 37,51237.5k $2.9m $2.9m 0.00% Added +17.0k +16,953
30 Platt Wealth Management LLC 2.26% of their portfolio SAN DIEGO, CA 36,74236.7k $2.8m $2.8m 2.26% Added +9.8k +9,782
31 Dakota Wealth Management 0.05% of their portfolio PALM BEACH GARDENS, FL 35,87535.9k $2.7m $2.7m 0.05% Added +3.2k +3,201
32 GREAT VALLEY ADVISOR GROUP, INC. 0.04% of their portfolio WILMINGTON, DE 32,85832.9k $2.5m $2.5m 0.04% Added +23.3k +23,303
33 Bedel Financial Consulting, Inc. 0.22% of their portfolio INDIANAPOLIS, IN 30,56030.6k $2.3m $2.3m 0.22% New
34 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 28,57328.6k $2.2m $2.2m 0.00% Added +28.5k +28,473
35 Aprio Wealth Management, LLC 0.11% of their portfolio ATLANTA, GA 27,97028.0k $2.1m $2.1m 0.11% Added +1.0k +1,025
36 MBM WEALTH CONSULTANTS, LLC 0.41% of their portfolio CHESTERFIELD, MO 27,59427.6k $2.1m $2.1m 0.41% New
37 Harbor Group, Inc. 0.23% of their portfolio BEDFORD, NH 25,89925.9k $2.0m $2.0m 0.23% Reduced -5.6k -5,559
38 Stonebridge Financial Group, LLC 0.14% of their portfolio Wormleysburg, PA 23,71623.7k $1.8m $1.8m 0.14% Added +8.9k +8,888
39 Verum Partners LLC 0.27% of their portfolio CHARLOTTE, NC 23,10223.1k $1.8m $1.8m 0.27% Added +1.6k +1,601
40 Burton Enright Welch 0.19% of their portfolio WALNUT CREEK, CA 21,38721.4k $1.6m $1.6m 0.19% Added +5.9k +5,892
41 Karpus Management, Inc. 0.05% of their portfolio Pittsford, NY 21,00021.0k $1.6m $1.6m 0.05% New
42 BOSTON FAMILY OFFICE LLC 0.10% of their portfolio BOSTON, MA 20,48720.5k $1.6m $1.6m 0.10% Added +5.3k +5,252
43 Financial Engines Advisors L.L.C. 0.00% of their portfolio SANTA CLARA, CA 19,90619.9k $1.5m $1.5m 0.00% Added +1.1k +1,088
44 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 18,95919.0k $1.5m $1.5m 0.00% New
45 CRA Financial Services, LLC 0.16% of their portfolio NORTHFIELD, NJ 17,98818.0k $1.4m $1.4m 0.16% Reduced -335 -335
46 Essex Financial Services, Inc. 0.07% of their portfolio ESSEX, CT 17,62217.6k $1.4m $1.4m 0.07% Added +2.8k +2,795
47 Pandowealth. LLC 1.06% of their portfolio PEACHTREE CITY, GA 16,75416.8k $1.3m $1.3m 1.06% Added +7.7k +7,650
48 Baker Ellis Asset Management LLC 0.13% of their portfolio Vancouver, WA 16,40016.4k $1.3m $1.3m 0.13% Added +1.0k +1,000
49 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 16,01616.0k $1.2m $1.2m 0.01% Added +7.3k +7,301
50 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 15,91015.9k $1.2m $1.2m 0.00% Unchanged
51 TCI Wealth Advisors, Inc. 0.05% of their portfolio Tucson, AZ 15,42015.4k $1.2m $1.2m 0.05% New
52 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 14,37714.4k $1.1m $1.1m 0.00% Added +3.4k +3,377
53 MFA Wealth Services 0.64% of their portfolio THOUSAND OAKS, CA 14,08214.1k $1.1m $1.1m 0.64% Reduced -882 -882
54 NATIXIS ADVISORS, LLC 0.00% of their portfolio Boston, MA 13,19813.2k $1.0m $1.0m 0.00% New
55 Wedmont Private Capital 0.03% of their portfolio WEST CHESTER, PA 13,15613.2k $1.0m $1.0m 0.03% New
56 Composition Wealth, LLC 0.01% of their portfolio LOS ANGELES, CA 13,10613.1k $1.0m $1.0m 0.01% New
57 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 11,59911.6k $888.8k $888.8k 0.00% Added +4.0k +4,007
58 Signal Advisors Wealth, LLC 0.04% of their portfolio DETROIT, MI 11,16511.2k $855.6k $855.6k 0.04% Unchanged
59 Kelman-Lazarov, Inc. 0.11% of their portfolio MEMPHIS, TN 10,57010.6k $810.0k $810.0k 0.11% Added +28 +28
60 PARSONS CAPITAL MANAGEMENT INC/RI 0.04% of their portfolio PROVIDENCE, RI 10,26210.3k $786.4k $786.4k 0.04% New
61 Quantum Financial Planning Services, Inc. 0.24% of their portfolio SPOKANE, WA 10,21110.2k $782.4k $782.4k 0.24% Added +2.7k +2,659
62 Cascade Wealth Advisors, Inc 0.31% of their portfolio WENATCHEE, WA 10,14010.1k $772.3k $772.3k 0.31% New
63 PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio BEDMINSTER, NJ 9,7009.7k $743.0k $743.0k 0.01% Unchanged
64 Prospera Capital Management, LLC 0.22% of their portfolio GILBERT, AZ 9,3429.3k $714.6k $714.6k 0.22% Unchanged
65 Breakwater Capital Group 0.08% of their portfolio PARAMUS, NJ 8,8648.9k $679.2k $679.2k 0.08% Reduced -6.2k -6,164
66 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 8,6088.6k $657.5k $657.5k 0.00% New
67 CFS Investment Advisory Services, LLC 0.04% of their portfolio TOTOWA, NJ 8,4638.5k $647.1k $647.1k 0.04% Added +5.3k +5,345
68 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 8,3968.4k $643.4k $643.4k 0.00% Added +3.7k +3,683
69 New England Private Wealth Advisors LLC 0.06% of their portfolio WELLESLEY, MA 8,3938.4k $637.4k $637.4k 0.06% Added +6 +6
70 Donalies Financial Planning, LLC 0.47% of their portfolio WASHINGTON, DC 8,3148.3k $637.1k $637.1k 0.47% New
71 Equitable Holdings, Inc. 0.00% of their portfolio NEW YORK, NY 7,2857.3k $558.2k $558.2k 0.00% Added +1 +1
72 Bryn Mawr Trust Advisors, LLC 0.02% of their portfolio PHILADELPHIA, PA 7,2227.2k $553.4k $553.4k 0.02% Added +1.7k +1,653
73 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 7,0007.0k $536.0k $536.0k 0.00% Unchanged
74 VSM Wealth Advisory, LLC 0.19% of their portfolio HUNT VALLEY, MD 6,9897.0k $708.0k $708.0k 0.19% New
75 Gutierrez Wealth Advisory, LLC 0.30% of their portfolio LITTLE ROCK, AR 6,6846.7k $512.2k $512.2k 0.30% Added +26 +26
76 Conservest Capital Advisors, Inc. 0.04% of their portfolio WYNNEWOOD, PA 6,5886.6k $504.8k $504.8k 0.04% Added +2.9k +2,933
77 Forum Financial Management, LP 0.01% of their portfolio LOMBARD, IL 6,5676.6k $503.2k $503.2k 0.01% New
78 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 6,5376.5k $500.9k $500.9k 0.00% Reduced -710 -710
79 L. Roy Papp & Associates, LLP 0.05% of their portfolio Phoenix, AZ 6,5206.5k $499.6k $499.6k 0.05% Unchanged
80 OakTrust Wealth Advisors, LLC 0.43% of their portfolio WILTON, CT 6,5096.5k $498.8k $498.8k 0.43% New
81 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 6,4946.5k $498.0k $498.0k 0.00% Added +3.6k +3,645
82 Soltis Investment Advisors LLC 0.03% of their portfolio ST. GEORGE, UT 6,3716.4k $488.2k $488.2k 0.03% Reduced -655 -655
83 PENNSYLVANIA CAPITAL MANAGEMENT INC /ADV 0.12% of their portfolio HUNTINGDON VALLEY, PA 6,0926.1k $466.8k $466.8k 0.12% New
84 DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 0.02% of their portfolio BLOOMFIELD HILLS, MI 6,0306.0k $462.0k $462.0k 0.02% Added +2.6k +2,630
85 Waverly Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 5,8505.8k $448.3k $448.3k 0.00% Added +10 +10
86 EverSource Wealth Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 5,7225.7k $438.5k $438.5k 0.01% Added +4.2k +4,150
87 N.E.W. Advisory Services LLC 0.03% of their portfolio DE PERE, WI 5,4705.5k $419.1k $419.1k 0.03% Added +42 +42
88 Sugar Maple Asset Management, LLC 0.27% of their portfolio SISTER BAY, WI 5,3675.4k $411.3k $411.3k 0.27% Added +41 +41
89 Betterment LLC 0.00% of their portfolio NEW YORK, NY 5,1255.1k $393.0k $393.0k 0.00% New
90 Worth Asset Management, LLC 0.11% of their portfolio DALLAS, TX 4,6144.6k $353.6k $353.6k 0.11% New
91 Strategic Financial Concepts, LLC 0.10% of their portfolio SAN ANTONIO, TX 4,5874.6k $351.5k $351.5k 0.10% New
92 Financial Planning Hawaii, Inc. 0.19% of their portfolio HONOLULU, HI 4,5414.5k $348.0k $348.0k 0.19% Added +6 +6
93 Ascent Group, LLC 0.01% of their portfolio VIRGINIA BEACH, VA 4,1224.1k $315.9k $315.9k 0.01% Unchanged
94 Stratos Wealth Partners, LTD. 0.00% of their portfolio BEACHWOOD, OH 4,0344.0k $309.2k $309.2k 0.00% Added +31 +31
95 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 3,9323.9k $301.3k $301.3k 0.00% Added +529 +529
96 Advyzon Investment Management, LLC 0.02% of their portfolio LISLE, IL 3,8153.8k $292.3k $292.3k 0.02% Reduced -27 -27
97 Beacon Pointe Advisors, LLC 0.00% of their portfolio NEWPORT BEACH, CA 3,6003.6k $275.9k $275.9k 0.00% Reduced -1.3k -1,300
98 Foundry Financial LLC 0.08% of their portfolio PASADENA, CA 3,0823.1k $236.2k $236.2k 0.08% Unchanged
99 TAGStone Capital, Inc. 0.07% of their portfolio CHARLOTTE, NC 3,0663.1k $234.9k $234.9k 0.07% New
100 Summit Wealth Partners, LLC 0.03% of their portfolio Orlando, FL 3,0193.0k $231.3k $231.3k 0.03% New