Vault-13

VANGUARD MUN BD FDS VCRM

CORE TAX EXEMPT · ETP · CUSIP 922907712

77 institutional holders +25 vs Q2 2025
4,234,4204.2m shares reported held*
$318.7mreported value*
28 new 36 added 8 reduced 2 sold out net bought ≈ $163.4m (+2.2m 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 ≈ $75.26.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

050100Q4 24: 12Q1 25: 29Q2 25: 52Q3 25: 7777Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q4 202412
Q1 202529
Q2 202552
Q3 202577

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 25: 27 bought or addedQ1 25: 1 cut or sold outQ1 25Q2 25: 41 bought or addedQ2 25: 13 cut or sold outQ2 25Q3 25: 64 bought or addedQ3 25: 10 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025271
Q2 20254113
Q3 20256410

Biggest buyers

Karpus Management, Inc. New +533,467+533.5k
JPMORGAN CHASE & CO Added +443,747+443.7k
MB, LEVIS & ASSOCIATES, LLC New +168,500+168.5k
HBK Sorce Advisory LLC New +148,170+148.2k
Thrivent Financial for Lutherans New +100,972+101.0k
Topsail Wealth Management, LLC Added +89,693+89.7k
Blume Capital Management, Inc. New +84,115+84.1k
OLD MISSION CAPITAL LLC Added +76,489+76.5k
CGN Advisors LLC Added +68,104+68.1k
TAGStone Capital, Inc. Added +43,994+44.0k

Biggest sellers

SJS Investment Consulting Inc. Reduced -6,246-6.2k
Breakwater Capital Group Reduced -4,605-4.6k
Essex Financial Services, Inc. Reduced -2,460-2.5k
BANK OF AMERICA CORP /DE/ Sold out -2,250-2.2k
Physician Wealth Solutions Inc. Reduced -2,249-2.2k
Retirement Planning Group, LLC Reduced -2,173-2.2k
UBS Group AG Sold out -1,304-1.3k
FLOW TRADERS U.S. LLC Reduced -1,288-1.3k
Bridgewealth Advisory Group, LLC Reduced -805-805
Wayfinding Financial, LLC Reduced -594-594

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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Karpus Management, Inc. 1.27% of their portfolio Pittsford, NY 533,467533.5k $40.1m $40.1m 1.27% New
2 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 451,738451.7k $34.0m $34.0m 0.00% Added +443.7k +443,747
3 Mills Wealth Advisors LLC 9.16% of their portfolio SOUTHLAKE, TX 299,335299.3k $22.5m $22.5m 9.16% Added +11.4k +11,446
4 San Luis Wealth Advisors LLC 2.97% of their portfolio SAN LUIS OBISPO, CA 219,182219.2k $16.5m $16.5m 2.97% Added +14.8k +14,775
5 Topsail Wealth Management, LLC 2.55% of their portfolio CHARLOTTE, NC 200,004200.0k $15.1m $15.1m 2.55% Added +89.7k +89,693
6 Verum Partners LLC 2.92% of their portfolio CHARLOTTE, NC 182,538182.5k $13.7m $13.7m 2.92% Added +15.9k +15,851
7 Opus Capital Group, LLC 1.49% of their portfolio CINCINNATI, OH 176,202176.2k $13.3m $13.3m 1.49% Added +26.7k +26,690
8 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 172,256172.3k $13.0m $13.0m 0.02% Added +36.4k +36,383
9 MB, LEVIS & ASSOCIATES, LLC 5.49% of their portfolio CENTER VALLEY, PA 168,500168.5k $12.7m $12.7m 5.49% New
10 CGN Advisors LLC 1.00% of their portfolio MANHATTAN, KS 161,512161.5k $12.2m $12.2m 1.00% Added +68.1k +68,104
11 HBK Sorce Advisory LLC 0.28% of their portfolio ERIE, PA 148,170148.2k $11.2m $11.2m 0.28% New
12 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 100,972101.0k $7.6m $7.6m 0.01% New
13 TAGStone Capital, Inc. 2.85% of their portfolio CHARLOTTE, NC 95,45295.5k $7.2m $7.2m 2.85% Added +44.0k +43,994
14 Blume Capital Management, Inc. 1.22% of their portfolio BERKELEY, CA 84,11584.1k $6.3m $6.3m 1.22% New
15 OLD MISSION CAPITAL LLC 0.22% of their portfolio CHICAGO, IL 80,91080.9k $6.1m $6.1m 0.22% Added +76.5k +76,489
16 Verus Financial Partners, Inc. 0.56% of their portfolio RICHMOND, VA 77,59677.6k $5.8m $5.8m 0.56% Added +9.4k +9,381
17 Physician Wealth Solutions Inc. 2.30% of their portfolio NORTH LAS VEGAS, NV 70,13770.1k $5.3m $5.3m 2.30% Reduced -2.2k -2,249
18 Physician Wealth Advisors, Inc. 0.71% of their portfolio MIDVALE, UT 66,29966.3k $5.0m $5.0m 0.71% Added +8.3k +8,348
19 Waverly Advisors, LLC 0.05% of their portfolio BIRMINGHAM, AL 63,26963.3k $4.8m $4.8m 0.05% Unchanged
20 Gutierrez Wealth Advisory, LLC 2.61% of their portfolio LITTLE ROCK, AR 54,30154.3k $4.1m $4.1m 2.61% Added +1.9k +1,869
21 Wayfinding Financial, LLC 1.53% of their portfolio LYNNWOOD, WA 47,33147.3k $3.6m $3.6m 1.53% Reduced -594 -594
22 Advyzon Investment Management, LLC 0.60% of their portfolio LISLE, IL 46,83146.8k $3.5m $3.5m 0.60% Added +373 +373
23 Greenwich Wealth Management LLC 0.17% of their portfolio GREENWICH, CT 44,99245.0k $3.4m $3.4m 0.17% Added +3.5k +3,463
24 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 43,28743.3k $3.3m $3.3m 0.00% Added +3.5k +3,541
25 Rehmann Capital Advisory Group 0.18% of their portfolio LANSING, MI 43,07243.1k $3.2m $3.2m 0.18% Added +3.3k +3,327
26 Elequin Capital, LP 0.27% of their portfolio NEW YORK, NY 41,76641.8k $3.1m $3.1m 0.27% Added +19.2k +19,221
27 Balanced Rock Investment Advisors LLC 2.16% of their portfolio ROSLINDALE, MA 39,29039.3k $3.0m $3.0m 2.16% Added +6.9k +6,911
28 Kelman-Lazarov, Inc. 0.42% of their portfolio MEMPHIS, TN 37,36837.4k $2.8m $2.8m 0.42% Added +20.1k +20,067
29 von Borstel & Associates, Inc. 0.43% of their portfolio THE DALLES, OR 37,19237.2k $2.8m $2.8m 0.43% New
30 Brio Consultants, LLC 0.34% of their portfolio SAN FRANCISCO, CA 33,08733.1k $2.5m $2.5m 0.34% Added +1.8k +1,806
31 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 25,70525.7k $1.9m $1.9m 0.00% Unchanged
32 CRA Financial Services, LLC 0.26% of their portfolio NORTHFIELD, NJ 24,88524.9k $1.9m $1.9m 0.26% Added +2.0k +1,970
33 SMITHBRIDGE ASSET MANAGEMENT INC/DE 0.27% of their portfolio Chadds Ford, PA 24,36724.4k $1.8m $1.8m 0.27% New
34 Keystone Financial Group, Inc. 0.98% of their portfolio ATLANTA, GA 23,20223.2k $1.7m $1.7m 0.98% New
35 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 20,24820.2k $1.5m $1.5m 0.00% New
36 Burton Enright Welch 0.21% of their portfolio WALNUT CREEK, CA 18,36418.4k $1.4m $1.4m 0.21% Added +14.8k +14,755
37 Sunpointe, LLC 0.50% of their portfolio ST. LOUIS, MO 18,30018.3k $1.4m $1.4m 0.50% Added +3.6k +3,633
38 SJS Investment Consulting Inc. 0.18% of their portfolio SYLVANIA, OH 17,52817.5k $1.3m $1.3m 0.18% Reduced -6.2k -6,246
39 Capital Investment Services of America, Inc. 0.12% of their portfolio MILWAUKEE, WI 17,30017.3k $1.3m $1.3m 0.12% Added +12.6k +12,585
40 OAK HILL WEALTH ADVISORS, LLC 0.20% of their portfolio LANSDOWNE, VA 14,46714.5k $1.1m $1.1m 0.20% Added +8.4k +8,448
41 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 14,24914.2k $1.1m $1.1m 0.01% New
42 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 13,65513.7k $1.0m $1.0m 0.00% Added +6.7k +6,655
43 TFO Wealth Partners, LLC 0.16% of their portfolio MAUMEE, OH 13,34013.3k $1.0m $1.0m 0.16% New
44 L.K. Benson & Company, P.C. 0.53% of their portfolio TIMONIUM, MD 13,14613.1k $989.3k $989.3k 0.53% Added +1.0k +1,028
45 HUB Investment Partners, LLC 0.03% of their portfolio AUSTIN, TX 11,05311.1k $831.7k $831.7k 0.03% Added +719 +719
46 ABLE Financial Group, LLC 0.17% of their portfolio SCOTTSDALE, AZ 10,64610.6k $801.1k $801.1k 0.17% Added +1.6k +1,602
47 Galvin, Gaustad & Stein, LLC 0.06% of their portfolio Scottsdale, AZ 10,53910.5k $793.1k $793.1k 0.06% Unchanged
48 FLOW TRADERS U.S. LLC 0.03% of their portfolio NEW YORK, NY 9,7319.7k $732.0k $732.0k 0.03% Reduced -1.3k -1,288
49 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 9,5009.5k $714.9k $714.9k 0.00% New
50 NavPoint Financial, Inc. 0.37% of their portfolio Prior Lake, MN 9,4749.5k $712.9k $712.9k 0.37% New
51 Breakwater Capital Group 0.10% of their portfolio PARAMUS, NJ 8,5588.6k $644.0k $644.0k 0.10% Reduced -4.6k -4,605
52 Traub Capital Management LLC 0.46% of their portfolio NEEDHAM, MA 6,1456.1k $462.4k $462.4k 0.46% New
53 Main Street Financial Solutions, LLC 0.03% of their portfolio NEWTOWN, PA 5,8055.8k $436.8k $436.8k 0.03% New
54 Evanson Asset Management, LLC 0.02% of their portfolio CARMEL, CA 5,5725.6k $419.3k $419.3k 0.02% New
55 Commonwealth Retirement Investments LLC 0.14% of their portfolio RICHMOND, VA 5,5005.5k $413.9k $413.9k 0.14% New
56 TPG Advisors LLC 0.25% of their portfolio NORTHFIELD, IL 4,9835.0k $375.0k $375.0k 0.25% Added +110 +110
57 WEBSTERROGERS FINANCIAL ADVISORS, LLC 0.10% of their portfolio FLORENCE, SC 4,5424.5k $341.8k $341.8k 0.10% Added +955 +955
58 Bridgewealth Advisory Group, LLC 0.07% of their portfolio Fresno, CA 4,2904.3k $322.8k $322.8k 0.07% Reduced -805 -805
59 HARBOUR INVESTMENTS, INC. 0.01% of their portfolio MADISON, WI 4,0554.1k $305.1k $305.1k 0.01% New
60 Essex Financial Services, Inc. 0.02% of their portfolio ESSEX, CT 3,9704.0k $298.7k $298.7k 0.02% Reduced -2.5k -2,460
61 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,7773.8k $284.2k $284.2k 0.00% Added +497 +497
62 Valeo Financial Advisors, LLC 0.01% of their portfolio CARMEL, IN 3,6513.7k $274.7k $274.7k 0.01% Added +190 +190
63 SHUFRO ROSE & CO LLC 0.02% of their portfolio NEW YORK, NY 3,5163.5k $261.0k $261.0k 0.02% Unchanged
64 SAXON INTERESTS, INC. 0.10% of their portfolio HOUSTON, TX 3,4793.5k $255.7k $255.7k 0.10% New
65 DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 0.01% of their portfolio BLOOMFIELD HILLS, MI 3,4003.4k $256.0k $256.0k 0.01% New
66 MFA Wealth Services 0.18% of their portfolio THOUSAND OAKS, CA 3,3813.4k $254.4k $254.4k 0.18% Added +31 +31
67 Retirement Planning Group, LLC 0.01% of their portfolio LEAWOOD, KS 3,3013.3k $248.4k $248.4k 0.01% Reduced -2.2k -2,173
68 Sterling Investment Advisors, Ltd. 0.05% of their portfolio BERWYN, PA 3,2653.3k $245.7k $245.7k 0.05% New
69 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 3,2383.2k $244.0k $244.0k 0.00% New
70 Bernardo Wealth Planning LLC 0.05% of their portfolio HARLEYSVILLE, PA 3,0533.1k $229.7k $229.7k 0.05% New
71 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 2,9503.0k $222.0k $222.0k 0.00% New
72 Next Level Wealth Planning, LLC 0.11% of their portfolio Meridian, ID 2,6662.7k $200.6k $200.6k 0.11% New
73 North Star Investment Management Corp. 0.00% of their portfolio CHICAGO, IL 827827 $62.3k $62.3k 0.00% Added +7 +7
74 McIlrath & Eck, LLC 0.00% of their portfolio ARLINGTON, WA 284284 $21.4k $21.4k 0.00% New
75 Breakwater Investment Management 0.01% of their portfolio SEATTLE, WA 271271 $20.4k $20.4k 0.01% New
76 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 7070 $5.3k $5.3k 0.00% Unchanged
77 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $64 $64 0.00% New