Vault-13

VANGUARD MUN BD FDS VCRM

CORE TAX EXEMPT · ETP · CUSIP 922907712

125 institutional holders +8 vs Q4 2025
10,250,10910.3m shares reported held*
$772.4mreported value*
15 new 72 added 20 reduced 8 sold out net bought ≈ $315.2m (+4.2m 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 ($3.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $75.36.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q4 24: 12Q1 25: 29Q2 25: 52Q3 25: 77Q4 25: 117Q1 26: 125125Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26
Numbers
QuarterHolders
Q4 202412
Q1 202529
Q2 202552
Q3 202577
Q4 2025117
Q1 2026125

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 25Q1 26: 87 bought or addedQ1 26: 28 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q1 2025271
Q2 20254113
Q3 20256410
Q4 20259615
Q1 20268728

Biggest buyers

HBK Sorce Advisory LLC Added +3,122,939+3.1m
JONES FINANCIAL COMPANIES LLLP Added +235,605+235.6k
Focus Partners Wealth Added +209,887+209.9k
Elite Life Management LLC New +173,841+173.8k
Verum Partners LLC Added +122,308+122.3k
HighTower Advisors, LLC Added +105,089+105.1k
ENVESTNET ASSET MANAGEMENT INC Added +75,626+75.6k
TRUIST FINANCIAL CORP Added +68,011+68.0k
Mills Wealth Advisors LLC Added +61,776+61.8k
Topsail Wealth Management, LLC Added +57,303+57.3k

Biggest sellers

JANE STREET GROUP, LLC Reduced -244,709-244.7k
JPMORGAN CHASE & CO Reduced -151,945-151.9k
Waverly Advisors, LLC Reduced -56,990-57.0k
Tower Research Capital LLC (TRC) Sold out -38,172-38.2k
Elequin Capital, LP Sold out -35,296-35.3k
Greenwich Wealth Management LLC Reduced -28,419-28.4k
GOLDMAN SACHS GROUP INC Reduced -27,250-27.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -20,422-20.4k
SEVEN MILE ADVISORY Sold out -18,381-18.4k
SMITHBRIDGE ASSET MANAGEMENT INC/DE Reduced -15,581-15.6k

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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK Sorce Advisory LLC 5.35% of their portfolio ERIE, PA 3,460,8733.5m $262.1m $262.1m 5.35% Added +3.1m +3,122,939
2 Aprio Wealth Management, LLC 2.59% of their portfolio ATLANTA, GA 631,116631.1k $47.4m $47.4m 2.59% Added +52.2k +52,153
3 Verum Partners LLC 8.60% of their portfolio CHARLOTTE, NC 602,359602.4k $45.3m $45.3m 8.60% Added +122.3k +122,308
4 Karpus Management, Inc. 1.38% of their portfolio Pittsford, NY 590,059590.1k $44.3m $44.3m 1.38% Added +35.9k +35,915
5 Mills Wealth Advisors LLC 10.48% of their portfolio SOUTHLAKE, TX 399,237399.2k $30.0m $30.0m 10.48% Added +61.8k +61,776
6 Topsail Wealth Management, LLC 4.26% of their portfolio CHARLOTTE, NC 384,157384.2k $28.9m $28.9m 4.26% Added +57.3k +57,303
7 Focus Partners Wealth 0.03% of their portfolio ST LOUIS, MO 307,708307.7k $23.1m $23.1m 0.03% Added +209.9k +209,887
8 Confluence Wealth Services, Inc. 0.79% of their portfolio MCMURRAY, PA 269,435269.4k $20.2m $20.2m 0.79% Added +51.3k +51,289
9 Opus Capital Group, LLC 2.02% of their portfolio CINCINNATI, OH 249,876249.9k $18.8m $18.8m 2.02% Added +26.6k +26,606
10 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 245,112245.1k $18.3m $18.3m 0.01% Added +235.6k +235,605
11 San Luis Wealth Advisors LLC 2.87% of their portfolio SAN LUIS OBISPO, CA 230,441230.4k $17.3m $17.3m 2.87% Reduced -8.6k -8,614
12 MB, LEVIS & ASSOCIATES, LLC 5.70% of their portfolio CENTER VALLEY, PA 181,877181.9k $13.7m $13.7m 5.70% Added +1.6k +1,554
13 Elite Life Management LLC 16.49% of their portfolio ERIE, PA 173,841173.8k $13.2m $13.2m 16.49% New
14 CGN Advisors LLC 1.02% of their portfolio MANHATTAN, KS 172,279172.3k $12.9m $12.9m 1.02% Reduced -430 -430
15 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 108,489108.5k $8.2m $8.2m 0.01% Added +105.1k +105,089
16 Verus Financial Partners, Inc. 0.66% of their portfolio RICHMOND, VA 97,48397.5k $7.4m $7.4m 0.66% Added +7.8k +7,782
17 TAGStone Capital, Inc. 2.58% of their portfolio CHARLOTTE, NC 97,17497.2k $7.3m $7.3m 2.58% Reduced -6.7k -6,653
18 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 92,58692.6k $7.0m $7.0m 0.01% Added +68.0k +68,011
19 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 88,95389.0k $6.7m $6.7m 0.00% Added +75.6k +75,626
20 Physician Wealth Advisors, Inc. 0.91% of their portfolio MIDVALE, UT 87,22587.2k $6.6m $6.6m 0.91% Added +5.7k +5,744
21 TFO Wealth Partners, LLC 0.84% of their portfolio MAUMEE, OH 82,55982.6k $6.2m $6.2m 0.84% Added +52.8k +52,827
22 Tilson Financial Group, Inc. 1.66% of their portfolio NEW PROVIDENCE, NJ 73,77173.8k $5.5m $5.5m 1.66% Added +17.3k +17,253
23 Physician Wealth Solutions Inc. 2.21% of their portfolio NORTH LAS VEGAS, NV 71,09571.1k $5.3m $5.3m 2.21% Reduced -4.1k -4,109
24 Blume Capital Management, Inc. 0.90% of their portfolio BERKELEY, CA 70,65070.7k $5.3m $5.3m 0.90% Reduced -13.4k -13,365
25 Keystone Financial Group, Inc. 2.33% of their portfolio ATLANTA, GA 59,66159.7k $4.5m $4.5m 2.33% Added +27.7k +27,671
26 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 55,87255.9k $4.2m $4.2m 0.00% Added +27.0k +27,038
27 Gutierrez Wealth Advisory, LLC 2.51% of their portfolio LITTLE ROCK, AR 53,82253.8k $4.0m $4.0m 2.51% Reduced -1.0k -1,015
28 EQ WEALTH ADVISORS, LLC 2.34% of their portfolio DALLAS, TX 53,14753.1k $4.0m $4.0m 2.34% Added +22.0k +21,956
29 Rehmann Capital Advisory Group 0.20% of their portfolio LANSING, MI 51,23951.2k $3.9m $3.9m 0.20% Added +4.3k +4,319
30 S.A. Mason LLC 1.44% of their portfolio HOLLAND, MI 50,98051.0k $3.8m $3.8m 1.44% Added +5.1k +5,122
31 D'Orazio & Associates, Inc. 0.49% of their portfolio VIENNA, VA 49,95150.0k $3.8m $3.8m 0.49% Added +38.6k +38,586
32 Balanced Rock Investment Advisors LLC 2.52% of their portfolio ROSLINDALE, MA 47,77347.8k $3.6m $3.6m 2.52% Added +1.7k +1,715
33 Advyzon Investment Management, LLC 0.31% of their portfolio LISLE, IL 45,65945.7k $3.4m $3.4m 0.31% Reduced -1.1k -1,108
34 Kelman-Lazarov, Inc. 0.49% of their portfolio MEMPHIS, TN 45,40045.4k $3.4m $3.4m 0.49% Added +4.1k +4,148
35 Brio Consultants, LLC 0.36% of their portfolio SAN FRANCISCO, CA 38,97539.0k $2.9m $2.9m 0.36% Added +997 +997
36 UP STRATEGIC WEALTH INVESTMENT ADVISORS LLC 1.80% of their portfolio PITTSBURGH, PA 37,80837.8k $2.9m $2.9m 1.80% New
37 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 37,11237.1k $2.8m $2.8m 0.01% Added +16.7k +16,691
38 SMITHBRIDGE ASSET MANAGEMENT INC/DE 0.38% of their portfolio Chadds Ford, PA 34,35334.4k $2.6m $2.6m 0.38% Reduced -15.6k -15,581
39 NWM ADVISORS, LLC 2.09% of their portfolio SAN LUIS OBISPO, CA 30,49730.5k $2.3m $2.3m 2.09% Reduced -198 -198
40 Sunpointe, LLC 0.74% of their portfolio ST. LOUIS, MO 29,91729.9k $2.2m $2.2m 0.74% Added +2.4k +2,401
41 HUB Investment Partners, LLC 0.05% of their portfolio AUSTIN, TX 28,08928.1k $2.1m $2.1m 0.05% Added +16.4k +16,443
42 Greenwich Wealth Management LLC 0.09% of their portfolio GREENWICH, CT 27,80827.8k $2.1m $2.1m 0.09% Reduced -28.4k -28,419
43 Capital Investment Services of America, Inc. 0.22% of their portfolio MILWAUKEE, WI 27,46027.5k $2.1m $2.1m 0.22% Added +1.3k +1,320
44 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 27,05127.1k $2.0m $2.0m 0.00% Added +10.2k +10,232
45 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 26,28026.3k $2.0m $2.0m 0.00% Reduced -86 -86
46 Beaird Harris Wealth Management, LLC 0.13% of their portfolio DALLAS, TX 26,23726.2k $2.0m $2.0m 0.13% New
47 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 25,47525.5k $1.9m $1.9m 0.00% Added +16.2k +16,210
48 CRA Financial Services, LLC 0.25% of their portfolio NORTHFIELD, NJ 25,22525.2k $1.9m $1.9m 0.25% Added +340 +340
49 Valeo Financial Advisors, LLC 0.04% of their portfolio CARMEL, IN 23,04523.0k $1.7m $1.7m 0.04% Added +4.8k +4,844
50 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 21,52521.5k $1.6m $1.6m 0.00% Reduced -244.7k -244,709
51 Burton Enright Welch 0.22% of their portfolio WALNUT CREEK, CA 21,39621.4k $1.6m $1.6m 0.22% Added +2.6k +2,589
52 SJS Investment Consulting Inc. 0.16% of their portfolio SYLVANIA, OH 17,90317.9k $1.3m $1.3m 0.16% Added +180 +180
53 Galvin, Gaustad & Stein, LLC 0.10% of their portfolio Scottsdale, AZ 17,02517.0k $1.3m $1.3m 0.10% Added +3.6k +3,594
54 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 16,51916.5k $1.2m $1.2m 0.01% New
55 Oak Wealth Advisors LLC 0.65% of their portfolio NORTHBROOK, IL 15,72815.7k $1.2m $1.2m 0.65% Added +9.3k +9,263
56 WEBSTERROGERS FINANCIAL ADVISORS, LLC 0.33% of their portfolio FLORENCE, SC 15,56115.6k $1.2m $1.2m 0.33% Added +4.9k +4,912
57 BOSTON FAMILY OFFICE LLC 0.08% of their portfolio BOSTON, MA 15,14015.1k $1.1m $1.1m 0.08% Added +311 +311
58 Landmark Wealth Management, LLC 0.30% of their portfolio MELVILLE, NY 14,83314.8k $1.1m $1.1m 0.30% Added +8.4k +8,428
59 Main Street Financial Solutions, LLC 0.08% of their portfolio NEWTOWN, PA 14,39014.4k $1.1m $1.1m 0.08% Added +4.6k +4,629
60 NavPoint Financial, Inc. 0.43% of their portfolio Prior Lake, MN 14,28914.3k $1.1m $1.1m 0.43% Reduced -774 -774
61 L.K. Benson & Company, P.C. 0.33% of their portfolio TIMONIUM, MD 13,40713.4k $1.0m $1.0m 0.33% Added +12 +12
62 Sprinkle Financial Consultants LLC 0.46% of their portfolio LITTLETON, CO 13,27113.3k $997.3k $997.3k 0.46% Added +40 +40
63 EVOLVE PRIVATE WEALTH, LLC 0.05% of their portfolio LOS ANGELES, CA 13,10713.1k $985.0k $985.0k 0.05% New
64 Lynch Investment Planning, LLC 0.84% of their portfolio NEWTOWN SQUARE, PA 12,37912.4k $930.3k $930.3k 0.84% Added +2.9k +2,939
65 ABLE Financial Group, LLC 0.17% of their portfolio SCOTTSDALE, AZ 11,83511.8k $889.4k $889.4k 0.17% Added +275 +275
66 Bernardo Wealth Planning LLC 0.17% of their portfolio HARLEYSVILLE, PA 11,50311.5k $864.4k $864.4k 0.17% Added +3.3k +3,307
67 TITLEIST ASSET MANAGEMENT, LLC 0.06% of their portfolio SAN ANTONIO, TX 11,42711.4k $858.7k $858.7k 0.06% New
68 North Star Investment Management Corp. 0.05% of their portfolio CHICAGO, IL 11,06911.1k $831.8k $831.8k 0.05% Added +21 +21
69 Outbound Financial Inc 0.59% of their portfolio BOULDER, CO 10,51310.5k $790.1k $790.1k 0.59% New
70 VOISARD ASSET MANAGEMENT GROUP, INC. 0.16% of their portfolio Grand Rapids, MI 9,7759.8k $734.6k $734.6k 0.16% Unchanged
71 Breakwater Capital Group 0.09% of their portfolio PARAMUS, NJ 9,3399.3k $701.8k $701.8k 0.09% Added +92 +92
72 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 9,2239.2k $693.1k $693.1k 0.01% Reduced -57.0k -56,990
73 Traub Capital Management LLC 0.69% of their portfolio NEEDHAM, MA 9,1989.2k $691.2k $691.2k 0.69% Added +153 +153
74 Next Level Wealth Planning, LLC 0.35% of their portfolio Meridian, ID 9,0819.1k $682.4k $682.4k 0.35% Added +6.3k +6,296
75 Hartmann Taylor Wealth Management, LLC 0.45% of their portfolio DALLAS, TX 9,0009.0k $676.4k $676.4k 0.45% New
76 Dakota Wealth Management 0.01% of their portfolio PALM BEACH GARDENS, FL 8,8008.8k $661.3k $661.3k 0.01% Unchanged
77 FLOW TRADERS U.S. LLC 0.02% of their portfolio NEW YORK, NY 8,7768.8k $660.0k $660.0k 0.02% Added +800 +800
78 Bridgewealth Advisory Group, LLC 0.13% of their portfolio Fresno, CA 8,5068.5k $639.2k $639.2k 0.13% Added +1.7k +1,666
79 Inspire Advisors, LLC 0.05% of their portfolio Meridian, ID 8,4678.5k $636.3k $636.3k 0.05% Added +51 +51
80 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 8,4508.4k $634.6k $634.6k 0.00% Added +1.7k +1,745
81 Sequoia Financial Advisors, LLC 0.00% of their portfolio Akron, OH 8,0688.1k $606.3k $606.3k 0.00% Added +3.9k +3,883
82 FIDUCIARY FINANCIAL ADVISORS 0.51% of their portfolio GRAND RAPIDS, MI 7,6387.6k $573.9k $573.9k 0.51% First filing
83 Cypress Point Wealth Management, LLC 0.12% of their portfolio DALLAS, TX 7,5267.5k $565.6k $565.6k 0.12% Added +3.0k +2,976
84 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 7,4707.5k $561.4k $561.4k 0.00% Reduced -27.2k -27,250
85 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 7,0457.0k $529.0k $529.0k 0.00% Added +3.5k +3,502
86 Prentice Wealth Management LLC 0.12% of their portfolio Rochester, NY 7,0457.0k $529.4k $529.4k 0.12% Added +410 +410
87 PENNSYLVANIA CAPITAL MANAGEMENT INC /ADV 0.14% of their portfolio HUNTINGDON VALLEY, PA 6,4446.4k $484.3k $484.3k 0.14% Added +1.3k +1,316
88 PERRYMAN FINANCIAL ADVISORY INC /AD 0.07% of their portfolio DALLAS, TX 5,8775.9k $441.7k $441.7k 0.07% Added +1.4k +1,350
89 Sincerus Advisory, LLC 0.32% of their portfolio NEW YORK, NY 5,7045.7k $428.7k $428.7k 0.32% New
90 Bryn Mawr Trust Advisors, LLC 0.02% of their portfolio PHILADELPHIA, PA 5,6435.6k $424.1k $424.1k 0.02% Added +2.4k +2,350
91 Evanson Asset Management, LLC 0.02% of their portfolio CARMEL, CA 5,5725.6k $418.7k $418.7k 0.02% Unchanged
92 Sowell Financial Services LLC 0.02% of their portfolio NORTH LITTLE ROCK, AR 5,4505.5k $409.6k $409.6k 0.02% Added +1.4k +1,450
93 TPG Advisors LLC 0.24% of their portfolio NORTHFIELD, IL 5,2165.2k $392.0k $392.0k 0.24% Added +22 +22
94 OLD MISSION CAPITAL LLC 0.01% of their portfolio CHICAGO, IL 5,1865.2k $389.7k $389.7k 0.01% Reduced -10.6k -10,559
95 Wilmington Savings Fund Society, FSB 0.01% of their portfolio WILMINGTON, DE 5,0785.1k $381.6k $381.6k 0.01% Unchanged
96 Private Wealth Asset Management, LLC 0.04% of their portfolio OMAHA, NE 4,8114.8k $361.5k $361.5k 0.04% Added +2.4k +2,386
97 AWM CAPITAL, LLC 0.03% of their portfolio Phoenix, AZ 4,5084.5k $338.8k $338.8k 0.03% Reduced -11.3k -11,253
98 SHUFRO ROSE & CO LLC 0.02% of their portfolio NEW YORK, NY 4,4564.5k $334.9k $334.9k 0.02% Unchanged
99 Retirement Planning Group, LLC 0.01% of their portfolio LEAWOOD, KS 4,2614.3k $320.2k $320.2k 0.01% Reduced -75 -75
100 Sterling Investment Advisors, Ltd. 0.06% of their portfolio BERWYN, PA 4,2404.2k $318.6k $318.6k 0.06% Added +975 +975