Vault-13

VANGUARD MUN BD FDS VCRM

CORE TAX EXEMPT · ETP · CUSIP 922907712

52 institutional holders +23 vs Q1 2025
2,016,7922.0m shares reported held*
$148.3mreported value*
28 new 13 added 8 reduced 5 sold out net bought ≈ $96.5m (+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 ($3.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $73.55.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q4 24: 12Q1 25: 29Q2 25: 5252Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q4 202412
Q1 202529
Q2 202552

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q1 25: 27 bought or addedQ1 25: 1 cut or sold outQ1 25Q2 25: 41 bought or addedQ2 25: 13 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025271
Q2 20254113

Biggest buyers

San Luis Wealth Advisors LLC New +204,407+204.4k
Verum Partners LLC Added +161,601+161.6k
Opus Capital Group, LLC Added +142,823+142.8k
JANE STREET GROUP, LLC Added +115,032+115.0k
CGN Advisors LLC New +93,408+93.4k
Physician Wealth Solutions Inc. New +72,386+72.4k
Verus Financial Partners, Inc. New +68,215+68.2k
Gutierrez Wealth Advisory, LLC New +52,432+52.4k
TAGStone Capital, Inc. New +51,458+51.5k
Advyzon Investment Management, LLC New +46,458+46.5k

Biggest sellers

COMMONWEALTH EQUITY SERVICES, LLC Sold out -21,811-21.8k
JPMORGAN CHASE & CO Reduced -18,166-18.2k
GOLDMAN SACHS GROUP INC Reduced -14,295-14.3k
Valeo Financial Advisors, LLC Reduced -9,172-9.2k
SJS Investment Consulting Inc. Reduced -7,097-7.1k
Financial Engines Advisors L.L.C. Sold out -6,592-6.6k
Retirement Planning Group, LLC Reduced -4,582-4.6k
NewEdge Advisors, LLC Sold out -3,886-3.9k
Magnolia Private Wealth, LLC Sold out -3,510-3.5k
HRT FINANCIAL LP Sold out -3,191-3.2k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

No one currently above 5% in the filings since 19 Dec 2024.

Fell to 5% or below in the last year: Karpus Management, Inc. (4.7%, 2026-02-06)

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Mills Wealth Advisors LLC 9.71% of their portfolio SOUTHLAKE, TX 287,889287.9k $21.2m $21.2m 9.71% Added +43.7k +43,687
2 San Luis Wealth Advisors LLC 3.23% of their portfolio SAN LUIS OBISPO, CA 204,407204.4k $15.0m $15.0m 3.23% New
3 Verum Partners LLC 2.82% of their portfolio CHARLOTTE, NC 166,687166.7k $12.3m $12.3m 2.82% Added +161.6k +161,601
4 Opus Capital Group, LLC 1.32% of their portfolio CINCINNATI, OH 149,512149.5k $11.0m $11.0m 1.32% Added +142.8k +142,823
5 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 135,873135.9k $10.0m $10.0m 0.02% Added +115.0k +115,032
6 Topsail Wealth Management, LLC 1.48% of their portfolio CHARLOTTE, NC 110,311110.3k $8.1m $8.1m 1.48% Added +31.3k +31,266
7 CGN Advisors LLC 0.61% of their portfolio MANHATTAN, KS 93,40893.4k $6.9m $6.9m 0.61% New
8 Physician Wealth Solutions Inc. 2.47% of their portfolio NORTH LAS VEGAS, NV 72,38672.4k $5.3m $5.3m 2.47% New
9 Verus Financial Partners, Inc. 0.51% of their portfolio RICHMOND, VA 68,21568.2k $5.0m $5.0m 0.51% New
10 Waverly Advisors, LLC 0.05% of their portfolio BIRMINGHAM, AL 63,26963.3k $4.7m $4.7m 0.05% Added +4.1k +4,079
11 Physician Wealth Advisors, Inc. 0.67% of their portfolio MIDVALE, UT 57,95158.0k $4.3m $4.3m 0.67% Added +1.9k +1,911
12 Gutierrez Wealth Advisory, LLC 2.59% of their portfolio LITTLE ROCK, AR 52,43252.4k $3.9m $3.9m 2.59% New
13 TAGStone Capital, Inc. 1.56% of their portfolio CHARLOTTE, NC 51,45851.5k $3.8m $3.8m 1.56% New
14 Wayfinding Financial, LLC 1.57% of their portfolio LYNNWOOD, WA 47,92547.9k $3.5m $3.5m 1.57% Reduced -62 -62
15 Advyzon Investment Management, LLC 0.76% of their portfolio LISLE, IL 46,45846.5k $3.4m $3.4m 0.76% New
16 Greenwich Wealth Management LLC 0.15% of their portfolio GREENWICH, CT 41,52941.5k $3.1m $3.1m 0.15% New
17 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 39,74639.7k $2.9m $2.9m 0.00% New
18 Rehmann Capital Advisory Group 0.18% of their portfolio LANSING, MI 39,74539.7k $2.9m $2.9m 0.18% New
19 Balanced Rock Investment Advisors LLC 1.87% of their portfolio ROSLINDALE, MA 32,37932.4k $2.4m $2.4m 1.87% New
20 Brio Consultants, LLC 0.34% of their portfolio SAN FRANCISCO, CA 31,28131.3k $2.3m $2.3m 0.34% New
21 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 25,70525.7k $1.9m $1.9m 0.00% Reduced -14.3k -14,295
22 SJS Investment Consulting Inc. 0.28% of their portfolio SYLVANIA, OH 23,77423.8k $1.7m $1.7m 0.28% Reduced -7.1k -7,097
23 CRA Financial Services, LLC 0.26% of their portfolio NORTHFIELD, NJ 22,91522.9k $1.7m $1.7m 0.26% Added +3.6k +3,580
24 Elequin Capital, LP 0.23% of their portfolio NEW YORK, NY 22,54522.5k $1.7m $1.7m 0.23% New
25 Kelman-Lazarov, Inc. 0.21% of their portfolio MEMPHIS, TN 17,30117.3k $1.3m $1.3m 0.21% New
26 Sunpointe, LLC 0.43% of their portfolio ST. LOUIS, MO 14,66714.7k $1.1m $1.1m 0.43% New
27 Breakwater Capital Group 0.16% of their portfolio PARAMUS, NJ 13,16313.2k $968.4k $968.4k 0.16% Added +1.1k +1,133
28 L.K. Benson & Company, P.C. 0.55% of their portfolio TIMONIUM, MD 12,11812.1k $891.5k $891.5k 0.55% New
29 FLOW TRADERS U.S. LLC 0.03% of their portfolio NEW YORK, NY 11,01911.0k $811.0k $811.0k 0.03% New
30 Galvin, Gaustad & Stein, LLC 0.07% of their portfolio Scottsdale, AZ 10,53910.5k $775.4k $775.4k 0.07% Added +1.5k +1,522
31 HUB Investment Partners, LLC 0.03% of their portfolio AUSTIN, TX 10,33410.3k $760.3k $760.3k 0.03% Added +2.6k +2,555
32 ABLE Financial Group, LLC 0.16% of their portfolio SCOTTSDALE, AZ 9,0449.0k $665.4k $665.4k 0.16% New
33 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,9918.0k $587.9k $587.9k 0.00% Reduced -18.2k -18,166
34 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 7,0007.0k $515.0k $515.0k 0.00% New
35 Essex Financial Services, Inc. 0.03% of their portfolio ESSEX, CT 6,4306.4k $473.1k $473.1k 0.03% New
36 OAK HILL WEALTH ADVISORS, LLC 0.09% of their portfolio LANSDOWNE, VA 6,0196.0k $441.2k $441.2k 0.09% Reduced -1.7k -1,726
37 Retirement Planning Group, LLC 0.02% of their portfolio LEAWOOD, KS 5,4745.5k $402.7k $402.7k 0.02% Reduced -4.6k -4,582
38 Bridgewealth Advisory Group, LLC 0.10% of their portfolio Fresno, CA 5,0955.1k $374.8k $374.8k 0.10% New
39 TPG Advisors LLC 0.26% of their portfolio NORTHFIELD, IL 4,8734.9k $358.5k $358.5k 0.26% New
40 Capital Investment Services of America, Inc. 0.03% of their portfolio MILWAUKEE, WI 4,7154.7k $346.9k $346.9k 0.03% New
41 OLD MISSION CAPITAL LLC 0.01% of their portfolio CHICAGO, IL 4,4214.4k $325.3k $325.3k 0.01% New
42 Burton Enright Welch 0.05% of their portfolio WALNUT CREEK, CA 3,6093.6k $265.5k $265.5k 0.05% Added +120 +120
43 WEBSTERROGERS FINANCIAL ADVISORS, LLC 0.08% of their portfolio FLORENCE, SC 3,5873.6k $263.9k $263.9k 0.08% New
44 SHUFRO ROSE & CO LLC 0.02% of their portfolio NEW YORK, NY 3,5163.5k $261.0k $261.0k 0.02% Unchanged
45 Valeo Financial Advisors, LLC 0.01% of their portfolio CARMEL, IN 3,4613.5k $254.6k $254.6k 0.01% Reduced -9.2k -9,172
46 MFA Wealth Services 0.19% of their portfolio THOUSAND OAKS, CA 3,3503.4k $246.5k $246.5k 0.19% Added +28 +28
47 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,2803.3k $241.3k $241.3k 0.00% Reduced -2.1k -2,083
48 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,2502.2k $165.5k $165.5k 0.00% Unchanged
49 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,3041.3k $95.9k $95.9k 0.00% New
50 North Star Investment Management Corp. 0.00% of their portfolio CHICAGO, IL 820820 $60.3k $60.3k 0.00% New
51 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 7070 $5.2k $5.2k 0.00% New
52 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged