Vault-13

VANGUARD MUN BD FDS VCRM

CORE TAX EXEMPT · ETP · CUSIP 922907712

117 institutional holders +40 vs Q3 2025
6,047,4906.0m shares reported held*
$457.3mreported value*
43 new 53 added 10 reduced 5 sold out net bought ≈ $138.3m (+1.8m 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 ($3.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $75.62.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q4 24: 12Q1 25: 29Q2 25: 52Q3 25: 77Q4 25: 117117Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q4 202412
Q1 202529
Q2 202552
Q3 202577
Q4 2025117

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 25Q4 25: 96 bought or addedQ4 25: 15 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025271
Q2 20254113
Q3 20256410
Q4 20259615

Biggest buyers

Aprio Wealth Management, LLC New +578,963+579.0k
Verum Partners LLC Added +297,513+297.5k
Confluence Wealth Services, Inc. New +218,146+218.1k
HBK Sorce Advisory LLC Added +189,764+189.8k
Topsail Wealth Management, LLC Added +126,850+126.8k
Focus Partners Wealth New +97,821+97.8k
JANE STREET GROUP, LLC Added +93,978+94.0k
Tilson Financial Group, Inc. New +56,518+56.5k
Opus Capital Group, LLC Added +47,068+47.1k
S.A. Mason LLC New +45,858+45.9k

Biggest sellers

JPMORGAN CHASE & CO Reduced -299,589-299.6k
Thrivent Financial for Lutherans Reduced -74,606-74.6k
OLD MISSION CAPITAL LLC Reduced -65,165-65.2k
Wayfinding Financial, LLC Reduced -41,300-41.3k
von Borstel & Associates, Inc. Sold out -37,192-37.2k
ENVESTNET ASSET MANAGEMENT INC Reduced -29,960-30.0k
Integrated Wealth Concepts LLC Sold out -14,249-14.2k
Elequin Capital, LP Reduced -6,470-6.5k
SAXON INTERESTS, INC. Sold out -3,479-3.5k
MFA Wealth Services Sold out -3,381-3.4k

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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Aprio Wealth Management, LLC 2.51% of their portfolio ATLANTA, GA 578,963579.0k $43.8m $43.8m 2.51% New
2 Karpus Management, Inc. 1.29% of their portfolio Pittsford, NY 554,144554.1k $41.9m $41.9m 1.29% Added +20.7k +20,677
3 Verum Partners LLC 7.31% of their portfolio CHARLOTTE, NC 480,051480.1k $36.3m $36.3m 7.31% Added +297.5k +297,513
4 HBK Sorce Advisory LLC 0.59% of their portfolio ERIE, PA 337,934337.9k $25.7m $25.7m 0.59% Added +189.8k +189,764
5 Mills Wealth Advisors LLC 10.06% of their portfolio SOUTHLAKE, TX 337,461337.5k $25.5m $25.5m 10.06% Added +38.1k +38,126
6 Topsail Wealth Management, LLC 3.62% of their portfolio CHARLOTTE, NC 326,854326.9k $24.7m $24.7m 3.62% Added +126.8k +126,850
7 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 266,234266.2k $20.1m $20.1m 0.02% Added +94.0k +93,978
8 San Luis Wealth Advisors LLC 3.03% of their portfolio SAN LUIS OBISPO, CA 239,055239.1k $18.1m $18.1m 3.03% Added +19.9k +19,873
9 Opus Capital Group, LLC 1.83% of their portfolio CINCINNATI, OH 223,270223.3k $16.9m $16.9m 1.83% Added +47.1k +47,068
10 Confluence Wealth Services, Inc. 0.68% of their portfolio MCMURRAY, PA 218,146218.1k $16.5m $16.5m 0.68% New
11 MB, LEVIS & ASSOCIATES, LLC 5.74% of their portfolio CENTER VALLEY, PA 180,323180.3k $13.6m $13.6m 5.74% Added +11.8k +11,823
12 CGN Advisors LLC 1.03% of their portfolio MANHATTAN, KS 172,709172.7k $13.1m $13.1m 1.03% Added +11.2k +11,197
13 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 152,149152.1k $11.5m $11.5m 0.00% Reduced -299.6k -299,589
14 TAGStone Capital, Inc. 2.92% of their portfolio CHARLOTTE, NC 103,827103.8k $7.8m $7.8m 2.92% Added +8.4k +8,375
15 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 97,82197.8k $7.4m $7.4m 0.01% New
16 Verus Financial Partners, Inc. 0.63% of their portfolio RICHMOND, VA 89,70189.7k $6.8m $6.8m 0.63% Added +12.1k +12,105
17 Blume Capital Management, Inc. 1.17% of their portfolio BERKELEY, CA 84,01584.0k $6.3m $6.3m 1.17% Reduced -100 -100
18 Physician Wealth Advisors, Inc. 0.86% of their portfolio MIDVALE, UT 81,48181.5k $6.2m $6.2m 0.86% Added +15.2k +15,182
19 Physician Wealth Solutions Inc. 2.41% of their portfolio NORTH LAS VEGAS, NV 75,20475.2k $5.7m $5.7m 2.41% Added +5.1k +5,067
20 Waverly Advisors, LLC 0.04% of their portfolio BIRMINGHAM, AL 66,21366.2k $5.0m $5.0m 0.04% Added +2.9k +2,944
21 Tilson Financial Group, Inc. 1.31% of their portfolio NEW PROVIDENCE, NJ 56,51856.5k $4.3m $4.3m 1.31% New
22 Greenwich Wealth Management LLC 0.19% of their portfolio GREENWICH, CT 56,22756.2k $4.2m $4.2m 0.19% Added +11.2k +11,235
23 Gutierrez Wealth Advisory, LLC 2.60% of their portfolio LITTLE ROCK, AR 54,83754.8k $4.1m $4.1m 2.60% Added +536 +536
24 SMITHBRIDGE ASSET MANAGEMENT INC/DE 0.32% of their portfolio Chadds Ford, PA 49,93449.9k $3.8m $3.8m 0.32% Added +25.6k +25,567
25 Rehmann Capital Advisory Group 0.19% of their portfolio LANSING, MI 46,92046.9k $3.6m $3.6m 0.19% Added +3.8k +3,848
26 Advyzon Investment Management, LLC 0.41% of their portfolio LISLE, IL 46,76746.8k $3.5m $3.5m 0.41% Reduced -64 -64
27 Balanced Rock Investment Advisors LLC 2.47% of their portfolio ROSLINDALE, MA 46,05846.1k $3.5m $3.5m 2.47% Added +6.8k +6,768
28 S.A. Mason LLC 1.37% of their portfolio HOLLAND, MI 45,85845.9k $3.5m $3.5m 1.37% New
29 Kelman-Lazarov, Inc. 0.45% of their portfolio MEMPHIS, TN 41,25241.3k $3.1m $3.1m 0.45% Added +3.9k +3,884
30 Tower Research Capital LLC (TRC) 0.07% of their portfolio NEW YORK, NY 38,17238.2k $2.9m $2.9m 0.07% New
31 Brio Consultants, LLC 0.37% of their portfolio SAN FRANCISCO, CA 37,97838.0k $2.9m $2.9m 0.37% Added +4.9k +4,891
32 Elequin Capital, LP 0.35% of their portfolio NEW YORK, NY 35,29635.3k $2.7m $2.7m 0.35% Reduced -6.5k -6,470
33 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 34,72034.7k $2.6m $2.6m 0.00% Added +9.0k +9,015
34 Keystone Financial Group, Inc. 1.27% of their portfolio ATLANTA, GA 31,99032.0k $2.4m $2.4m 1.27% Added +8.8k +8,788
35 EQ WEALTH ADVISORS, LLC 1.39% of their portfolio DALLAS, TX 31,19131.2k $2.4m $2.4m 1.39% New
36 NWM ADVISORS, LLC 2.02% of their portfolio SAN LUIS OBISPO, CA 30,69530.7k $2.3m $2.3m 2.02% First filing
37 TFO Wealth Partners, LLC 0.34% of their portfolio MAUMEE, OH 29,73229.7k $2.2m $2.2m 0.34% Added +16.4k +16,392
38 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 28,83428.8k $2.2m $2.2m 0.00% Added +15.2k +15,179
39 Sunpointe, LLC 0.69% of their portfolio ST. LOUIS, MO 27,51627.5k $2.1m $2.1m 0.69% Added +9.2k +9,216
40 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 26,36626.4k $2.0m $2.0m 0.00% Reduced -74.6k -74,606
41 Capital Investment Services of America, Inc. 0.19% of their portfolio MILWAUKEE, WI 26,14026.1k $2.0m $2.0m 0.19% Added +8.8k +8,840
42 CRA Financial Services, LLC 0.25% of their portfolio NORTHFIELD, NJ 24,88524.9k $1.9m $1.9m 0.25% Unchanged
43 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 24,57524.6k $1.9m $1.9m 0.00% Added +4.3k +4,327
44 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 20,42220.4k $1.5m $1.5m 0.00% Added +17.5k +17,472
45 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 20,42120.4k $1.5m $1.5m 0.01% Added +10.9k +10,921
46 Burton Enright Welch 0.20% of their portfolio WALNUT CREEK, CA 18,80718.8k $1.4m $1.4m 0.20% Added +443 +443
47 SEVEN MILE ADVISORY 0.24% of their portfolio TALLAHASSEE, FL 18,38118.4k $1.4m $1.4m 0.24% New
48 Valeo Financial Advisors, LLC 0.03% of their portfolio CARMEL, IN 18,20118.2k $1.4m $1.4m 0.03% Added +14.6k +14,550
49 SJS Investment Consulting Inc. 0.17% of their portfolio SYLVANIA, OH 17,72317.7k $1.3m $1.3m 0.17% Added +195 +195
50 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 16,81916.8k $1.3m $1.3m 0.00% New
51 AWM CAPITAL, LLC 0.11% of their portfolio Phoenix, AZ 15,76115.8k $1.2m $1.2m 0.11% New
52 OLD MISSION CAPITAL LLC 0.05% of their portfolio CHICAGO, IL 15,74515.7k $1.2m $1.2m 0.05% Reduced -65.2k -65,165
53 NavPoint Financial, Inc. 0.49% of their portfolio Prior Lake, MN 15,06315.1k $1.1m $1.1m 0.49% Added +5.6k +5,589
54 BOSTON FAMILY OFFICE LLC 0.07% of their portfolio BOSTON, MA 14,82914.8k $1.1m $1.1m 0.07% New
55 Galvin, Gaustad & Stein, LLC 0.08% of their portfolio Scottsdale, AZ 13,43113.4k $1.0m $1.0m 0.08% Added +2.9k +2,892
56 L.K. Benson & Company, P.C. 0.51% of their portfolio TIMONIUM, MD 13,39513.4k $1.0m $1.0m 0.51% Added +249 +249
57 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 13,32713.3k $1.0m $1.0m 0.00% Reduced -30.0k -29,960
58 Sprinkle Financial Consultants LLC 0.51% of their portfolio LITTLETON, CO 13,23113.2k $999.9k $999.9k 0.51% New
59 HUB Investment Partners, LLC 0.02% of their portfolio AUSTIN, TX 11,64611.6k $880.1k $880.1k 0.02% Added +593 +593
60 ABLE Financial Group, LLC 0.18% of their portfolio SCOTTSDALE, AZ 11,56011.6k $873.6k $873.6k 0.18% Added +914 +914
61 D'Orazio & Associates, Inc. 0.11% of their portfolio VIENNA, VA 11,36511.4k $858.9k $858.9k 0.11% New
62 North Star Investment Management Corp. 0.05% of their portfolio CHICAGO, IL 11,04811.0k $834.9k $834.9k 0.05% Added +10.2k +10,221
63 WEBSTERROGERS FINANCIAL ADVISORS, LLC 0.23% of their portfolio FLORENCE, SC 10,64910.6k $804.7k $804.7k 0.23% Added +6.1k +6,107
64 VOISARD ASSET MANAGEMENT GROUP, INC. 0.16% of their portfolio Grand Rapids, MI 9,7759.8k $738.7k $738.7k 0.16% New
65 Main Street Financial Solutions, LLC 0.06% of their portfolio NEWTOWN, PA 9,7619.8k $737.6k $737.6k 0.06% Added +4.0k +3,956
66 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 9,5079.5k $718.4k $718.4k 0.00% New
67 Lynch Investment Planning, LLC 0.68% of their portfolio NEWTOWN SQUARE, PA 9,4409.4k $713.4k $713.4k 0.68% First filing
68 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 9,2659.3k $700.1k $700.1k 0.00% New
69 Breakwater Capital Group 0.10% of their portfolio PARAMUS, NJ 9,2479.2k $698.8k $698.8k 0.10% Added +689 +689
70 Traub Capital Management LLC 0.66% of their portfolio NEEDHAM, MA 9,0459.0k $683.5k $683.5k 0.66% Added +2.9k +2,900
71 Dakota Wealth Management 0.01% of their portfolio PALM BEACH GARDENS, FL 8,8008.8k $665.0k $665.0k 0.01% New
72 Inspire Advisors, LLC 0.06% of their portfolio Meridian, ID 8,4168.4k $636.0k $636.0k 0.06% New
73 Bernardo Wealth Planning LLC 0.12% of their portfolio HARLEYSVILLE, PA 8,1968.2k $619.4k $619.4k 0.12% Added +5.1k +5,143
74 FLOW TRADERS U.S. LLC 0.02% of their portfolio NEW YORK, NY 7,9768.0k $603.0k $603.0k 0.02% Reduced -1.8k -1,755
75 Bridgewealth Advisory Group, LLC 0.11% of their portfolio Fresno, CA 6,8406.8k $516.9k $516.9k 0.11% Added +2.5k +2,550
76 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 6,7056.7k $506.7k $506.7k 0.00% New
77 Prentice Wealth Management LLC 0.11% of their portfolio Rochester, NY 6,6356.6k $501.4k $501.4k 0.11% New
78 Oak Wealth Advisors LLC 0.28% of their portfolio NORTHBROOK, IL 6,4656.5k $488.6k $488.6k 0.28% New
79 Landmark Wealth Management, LLC 0.19% of their portfolio MELVILLE, NY 6,4056.4k $484.1k $484.1k 0.19% New
80 Wayfinding Financial, LLC 0.19% of their portfolio LYNNWOOD, WA 6,0316.0k $455.0k $455.0k 0.19% Reduced -41.3k -41,300
81 Evanson Asset Management, LLC 0.02% of their portfolio CARMEL, CA 5,5725.6k $421.1k $421.1k 0.02% Unchanged
82 TPG Advisors LLC 0.24% of their portfolio NORTHFIELD, IL 5,1945.2k $392.5k $392.5k 0.24% Added +211 +211
83 PENNSYLVANIA CAPITAL MANAGEMENT INC /ADV 0.11% of their portfolio HUNTINGDON VALLEY, PA 5,1285.1k $387.5k $387.5k 0.11% New
84 Wilmington Savings Fund Society, FSB 0.01% of their portfolio WILMINGTON, DE 5,0785.1k $383.7k $383.7k 0.01% New
85 Cypress Point Wealth Management, LLC 0.08% of their portfolio DALLAS, TX 4,5504.5k $343.8k $343.8k 0.08% New
86 PERRYMAN FINANCIAL ADVISORY INC /AD 0.05% of their portfolio DALLAS, TX 4,5274.5k $342.1k $342.1k 0.05% First filing
87 SHUFRO ROSE & CO LLC 0.02% of their portfolio NEW YORK, NY 4,4564.5k $336.7k $336.7k 0.02% Added +940 +940
88 Retirement Planning Group, LLC 0.01% of their portfolio LEAWOOD, KS 4,3364.3k $327.7k $327.7k 0.01% Added +1.0k +1,035
89 Sequoia Financial Advisors, LLC 0.00% of their portfolio Akron, OH 4,1854.2k $316.3k $316.3k 0.00% New
90 HARBOUR INVESTMENTS, INC. 0.01% of their portfolio MADISON, WI 4,0554.1k $306.4k $306.4k 0.01% Unchanged
91 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 4,0414.0k $305.4k $305.4k 0.00% Added +264 +264
92 Essex Financial Services, Inc. 0.02% of their portfolio ESSEX, CT 4,0354.0k $304.9k $304.9k 0.02% Added +65 +65
93 Sowell Financial Services LLC 0.01% of their portfolio NORTH LITTLE ROCK, AR 4,0004.0k $302.3k $302.3k 0.01% New
94 Commonwealth Retirement Investments LLC 0.10% of their portfolio RICHMOND, VA 4,0004.0k $302.3k $302.3k 0.10% Reduced -1.5k -1,500
95 Global Wealth Management, LLC 0.16% of their portfolio KINGSTON, NJ 3,8913.9k $294.1k $294.1k 0.16% New
96 Vise Technologies, Inc. 0.01% of their portfolio NEW YORK, NY 3,8223.8k $288.8k $288.8k 0.01% New
97 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 3,5433.5k $268.0k $268.0k 0.00% Added +305 +305
98 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 3,4443.4k $261.1k $261.1k 0.00% New
99 DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 0.01% of their portfolio BLOOMFIELD HILLS, MI 3,4003.4k $257.0k $257.0k 0.01% Unchanged
100 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 3,4003.4k $256.9k $256.9k 0.00% New