Vault-13

VANGUARD MUN BD FDS VCRM

CORE TAX EXEMPT · ETP · CUSIP 922907712

154 institutional holders +29 vs Q1 2026
13,010,67613.0m shares reported held*
$988.8mreported value*
36 new 77 added 22 reduced 8 sold out net bought ≈ $205.5m (+2.7m 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 ($2.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $76.00.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0100200Q4 24: 12Q1 25: 29Q2 25: 52Q3 25: 77Q4 25: 117Q1 26: 125Q2 26: 154154Q4 24Q2 25Q4 25Q2 26
Numbers
QuarterHolders
Q4 202412
Q1 202529
Q2 202552
Q3 202577
Q4 2025117
Q1 2026125
Q2 2026154

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 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 26Q2 26: 113 bought or addedQ2 26: 30 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q1 2025271
Q2 20254113
Q3 20256410
Q4 20259615
Q1 20268728
Q2 202611330

Biggest buyers

JONES FINANCIAL COMPANIES LLLP Added +255,063+255.1k
Verum Partners LLC Added +238,753+238.8k
Topsail Wealth Management, LLC Added +231,019+231.0k
HBK Sorce Advisory LLC Added +190,855+190.9k
Alaethes Wealth, LLC New +160,419+160.4k
Tradewinds Capital Management, LLC New +153,988+154.0k
JANE STREET GROUP, LLC Added +132,200+132.2k
Mallini Complete Financial Planning LLC New +131,776+131.8k
TRUIST FINANCIAL CORP Added +114,804+114.8k
Penney Financial, LLC New +113,444+113.4k

Biggest sellers

Aprio Wealth Management, LLC Reduced -59,409-59.4k
HighTower Advisors, LLC Reduced -43,128-43.1k
Focus Partners Wealth Reduced -19,553-19.6k
UP STRATEGIC WEALTH INVESTMENT ADVISORS LLC Reduced -16,349-16.3k
San Luis Wealth Advisors LLC Reduced -16,347-16.3k
FLOW TRADERS U.S. LLC Sold out -8,776-8.8k
Advyzon Investment Management, LLC Reduced -7,763-7.8k
VOISARD ASSET MANAGEMENT GROUP, INC. Reduced -6,020-6.0k
OLD MISSION CAPITAL LLC Sold out -5,186-5.2k
Gutierrez Wealth Advisory, LLC Reduced -5,104-5.1k

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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK Sorce Advisory LLC 5.34% of their portfolio ERIE, PA 3,651,7283.7m $273.9m $273.9m 5.34% Added +190.9k +190,855
2 Verum Partners LLC 9.72% of their portfolio CHARLOTTE, NC 841,112841.1k $64.3m $64.3m 9.72% Added +238.8k +238,753
3 Topsail Wealth Management, LLC 6.00% of their portfolio CHARLOTTE, NC 615,176615.2k $47.0m $47.0m 6.00% Added +231.0k +231,019
4 Karpus Management, Inc. 1.35% of their portfolio Pittsford, NY 613,630613.6k $46.9m $46.9m 1.35% Added +23.6k +23,571
5 Aprio Wealth Management, LLC 2.16% of their portfolio ATLANTA, GA 571,707571.7k $43.7m $43.7m 2.16% Reduced -59.4k -59,409
6 JONES FINANCIAL COMPANIES LLLP 0.02% of their portfolio DES PERES, MO 500,175500.2k $38.2m $38.2m 0.02% Added +255.1k +255,063
7 Mills Wealth Advisors LLC 10.85% of their portfolio SOUTHLAKE, TX 450,834450.8k $34.4m $34.4m 10.85% Added +51.6k +51,597
8 Confluence Wealth Services, Inc. 0.72% of their portfolio MCMURRAY, PA 329,907329.9k $25.2m $25.2m 0.72% Added +60.5k +60,472
9 Focus Partners Wealth 0.02% of their portfolio ST LOUIS, MO 288,155288.2k $22.0m $22.0m 0.02% Reduced -19.6k -19,553
10 Opus Capital Group, LLC 1.84% of their portfolio CINCINNATI, OH 248,789248.8k $19.0m $19.0m 1.84% Reduced -1.1k -1,087
11 San Luis Wealth Advisors LLC 2.46% of their portfolio SAN LUIS OBISPO, CA 214,094214.1k $16.4m $16.4m 2.46% Reduced -16.3k -16,347
12 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 207,390207.4k $15.8m $15.8m 0.02% Added +114.8k +114,804
13 Elite Life Management LLC 17.02% of their portfolio ERIE, PA 193,761193.8k $14.5m $14.5m 17.02% Added +19.9k +19,920
14 MB, LEVIS & ASSOCIATES, LLC 5.15% of their portfolio CENTER VALLEY, PA 182,879182.9k $14.0m $14.0m 5.15% Added +1.0k +1,002
15 CGN Advisors LLC 0.97% of their portfolio MANHATTAN, KS 173,051173.1k $13.2m $13.2m 0.97% Added +772 +772
16 Alaethes Wealth, LLC 3.57% of their portfolio GLENBROOK, NV 160,419160.4k $12.3m $12.3m 3.57% New
17 Tradewinds Capital Management, LLC 2.09% of their portfolio BELLINGHAM, WA 153,988154.0k $11.8m $11.8m 2.09% New
18 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 153,725153.7k $11.7m $11.7m 0.01% Added +132.2k +132,200
19 Mallini Complete Financial Planning LLC 7.18% of their portfolio GAINESVILLE, FL 131,776131.8k $10.1m $10.1m 7.18% New
20 Verus Financial Partners, Inc. 0.78% of their portfolio RICHMOND, VA 118,924118.9k $9.1m $9.1m 0.78% Added +21.4k +21,441
21 TFO Wealth Partners, LLC 0.96% of their portfolio MAUMEE, OH 115,064115.1k $8.8m $8.8m 0.96% Added +32.5k +32,505
22 Penney Financial, LLC 3.03% of their portfolio HOUSTON, TX 113,444113.4k $8.7m $8.7m 3.03% New
23 Keystone Financial Group, Inc. 4.37% of their portfolio ATLANTA, GA 109,104109.1k $8.3m $8.3m 4.37% Added +49.4k +49,443
24 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 99,59599.6k $7.6m $7.6m 0.00% Added +43.7k +43,723
25 Integrated Wealth Concepts LLC 0.04% of their portfolio WALTHAM, MA 97,45397.5k $7.4m $7.4m 0.04% Added +80.9k +80,934
26 TAGStone Capital, Inc. 2.32% of their portfolio CHARLOTTE, NC 95,67495.7k $7.3m $7.3m 2.32% Reduced -1.5k -1,500
27 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 92,26992.3k $7.0m $7.0m 0.00% Added +3.3k +3,316
28 Physician Wealth Advisors, Inc. 0.81% of their portfolio MIDVALE, UT 88,68688.7k $6.8m $6.8m 0.81% Added +1.5k +1,461
29 Tilson Financial Group, Inc. 1.84% of their portfolio NEW PROVIDENCE, NJ 87,58187.6k $6.7m $6.7m 1.84% Added +13.8k +13,810
30 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 83,63583.6k $6.4m $6.4m 0.00% Added +83.4k +83,431
31 D'Orazio & Associates, Inc. 0.68% of their portfolio VIENNA, VA 76,99177.0k $5.9m $5.9m 0.68% Added +27.0k +27,040
32 Physician Wealth Solutions Inc. 2.16% of their portfolio NORTH LAS VEGAS, NV 74,71674.7k $5.7m $5.7m 2.16% Added +3.6k +3,621
33 Blume Capital Management, Inc. 0.84% of their portfolio BERKELEY, CA 74,35074.3k $5.7m $5.7m 0.84% Added +3.7k +3,700
34 EQ WEALTH ADVISORS, LLC 2.75% of their portfolio DALLAS, TX 65,56465.6k $5.0m $5.0m 2.75% Added +12.4k +12,417
35 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 65,36165.4k $5.0m $5.0m 0.00% Reduced -43.1k -43,128
36 Elequin Capital, LP 0.16% of their portfolio NEW YORK, NY 64,14464.1k $4.9m $4.9m 0.16% New
37 QUANTUM FINANCIAL PARTNERS LLC 2.46% of their portfolio OVERLAND PARK, KS 63,06063.1k $4.8m $4.8m 2.46% First filing
38 Timmons Wealth Management, LLC 3.49% of their portfolio ATTLEBORO, MA 62,49962.5k $4.8m $4.8m 3.49% New
39 Rehmann Capital Advisory Group 0.21% of their portfolio LANSING, MI 60,03360.0k $4.6m $4.6m 0.21% Added +8.8k +8,794
40 Beaird Harris Wealth Management, LLC 0.27% of their portfolio DALLAS, TX 55,41455.4k $4.2m $4.2m 0.27% Added +29.2k +29,177
41 Kelman-Lazarov, Inc. 0.55% of their portfolio MEMPHIS, TN 55,19955.2k $4.2m $4.2m 0.55% Added +9.8k +9,799
42 S.A. Mason LLC 1.24% of their portfolio HOLLAND, MI 52,78052.8k $4.0m $4.0m 1.24% Added +1.8k +1,800
43 Brio Consultants, LLC 0.44% of their portfolio SAN FRANCISCO, CA 49,08349.1k $3.7m $3.7m 0.44% Added +10.1k +10,108
44 Gutierrez Wealth Advisory, LLC 2.15% of their portfolio LITTLE ROCK, AR 48,71848.7k $3.7m $3.7m 2.15% Reduced -5.1k -5,104
45 Balanced Rock Investment Advisors LLC 2.31% of their portfolio ROSLINDALE, MA 48,51548.5k $3.7m $3.7m 2.31% Added +742 +742
46 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 45,88545.9k $3.5m $3.5m 0.01% Added +8.8k +8,773
47 Rialto Wealth Management, LLC 0.63% of their portfolio SYRACUSE, NY 41,82441.8k $3.2m $3.2m 0.63% New
48 HUB Investment Partners, LLC 0.06% of their portfolio AUSTIN, TX 40,99141.0k $3.1m $3.1m 0.06% Added +12.9k +12,902
49 TD Capital Management LLC 0.24% of their portfolio MEMPHIS, TN 37,90037.9k $2.9m $2.9m 0.24% New
50 Advyzon Investment Management, LLC 0.21% of their portfolio LISLE, IL 37,89637.9k $2.9m $2.9m 0.21% Reduced -7.8k -7,763
51 WEBSTERROGERS FINANCIAL ADVISORS, LLC 0.71% of their portfolio FLORENCE, SC 36,48536.5k $2.8m $2.8m 0.71% Added +20.9k +20,924
52 SMITHBRIDGE ASSET MANAGEMENT INC/DE 0.37% of their portfolio Chadds Ford, PA 35,35335.4k $2.7m $2.7m 0.37% Added +1.0k +1,000
53 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 32,52632.5k $2.5m $2.5m 0.00% Added +7.1k +7,051
54 Sunpointe, LLC 0.67% of their portfolio ST. LOUIS, MO 31,02831.0k $2.4m $2.4m 0.67% Added +1.1k +1,111
55 BOSTON FAMILY OFFICE LLC 0.14% of their portfolio BOSTON, MA 30,81230.8k $2.4m $2.4m 0.14% Added +15.7k +15,672
56 NWM ADVISORS, LLC 1.84% of their portfolio SAN LUIS OBISPO, CA 30,61530.6k $2.3m $2.3m 1.84% Added +118 +118
57 Capital Investment Services of America, Inc. 0.22% of their portfolio MILWAUKEE, WI 28,76028.8k $2.2m $2.2m 0.22% Added +1.3k +1,300
58 Hills Bank & Trust Co 0.09% of their portfolio North Liberty, IA 27,30727.3k $2.1m $2.1m 0.09% New
59 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 26,88826.9k $2.1m $2.1m 0.00% Reduced -163 -163
60 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 26,27526.3k $2.0m $2.0m 0.00% Reduced -5 -5
61 CRA Financial Services, LLC 0.22% of their portfolio NORTHFIELD, NJ 24,88524.9k $1.9m $1.9m 0.22% Reduced -340 -340
62 Diversified Portfolios, Inc. 0.13% of their portfolio Bloomfield Hills, MI 24,35724.4k $1.9m $1.9m 0.13% New
63 Valeo Financial Advisors, LLC 0.04% of their portfolio CARMEL, IN 24,35724.4k $1.9m $1.9m 0.04% Added +1.3k +1,312
64 Greenwich Wealth Management LLC 0.07% of their portfolio GREENWICH, CT 23,92623.9k $1.8m $1.8m 0.07% Reduced -3.9k -3,882
65 Aptus Capital Advisors, LLC 0.01% of their portfolio FAIRHOPE, AL 23,40823.4k $1.8m $1.8m 0.01% New
66 Burton Enright Welch 0.21% of their portfolio WALNUT CREEK, CA 23,34623.3k $1.8m $1.8m 0.21% Added +1.9k +1,950
67 NATIXIS ADVISORS, LLC 0.00% of their portfolio Boston, MA 22,71722.7k $1.7m $1.7m 0.00% New
68 UP STRATEGIC WEALTH INVESTMENT ADVISORS LLC 0.96% of their portfolio PITTSBURGH, PA 21,45921.5k $1.6m $1.6m 0.96% Reduced -16.3k -16,349
69 Landmark Wealth Management, LLC 0.38% of their portfolio MELVILLE, NY 20,76920.8k $1.6m $1.6m 0.38% Added +5.9k +5,936
70 SJS Investment Consulting Inc. 0.17% of their portfolio SYLVANIA, OH 20,40320.4k $1.6m $1.6m 0.17% Added +2.5k +2,500
71 Lakewood Asset Management LLC 0.85% of their portfolio NAPERVILLE, IL 20,21520.2k $1.5m $1.5m 0.85% Added +16.8k +16,753
72 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 19,60419.6k $1.5m $1.5m 0.00% New
73 NavPoint Financial, Inc. 0.51% of their portfolio Prior Lake, MN 18,07418.1k $1.4m $1.4m 0.51% Added +3.8k +3,785
74 Galvin, Gaustad & Stein, LLC 0.10% of their portfolio Scottsdale, AZ 18,02518.0k $1.4m $1.4m 0.10% Added +1.0k +1,000
75 Lynch Investment Planning, LLC 1.03% of their portfolio NEWTOWN SQUARE, PA 17,59317.6k $1.3m $1.3m 1.03% Added +5.2k +5,214
76 Oak Wealth Advisors LLC 0.63% of their portfolio NORTHBROOK, IL 17,18217.2k $1.3m $1.3m 0.63% Added +1.5k +1,454
77 Main Street Financial Solutions, LLC 0.08% of their portfolio NEWTOWN, PA 16,28816.3k $1.2m $1.2m 0.08% Added +1.9k +1,898
78 L.K. Benson & Company, P.C. 0.37% of their portfolio TIMONIUM, MD 16,06216.1k $1.2m $1.2m 0.37% Added +2.7k +2,655
79 Souders Financial Advisors 0.12% of their portfolio CINCINNATI, OH 15,41815.4k $1.2m $1.2m 0.12% New
80 Dakota Wealth Management 0.02% of their portfolio PALM BEACH GARDENS, FL 14,70014.7k $1.1m $1.1m 0.02% Added +5.9k +5,900
81 Sprinkle Financial Consultants LLC 0.40% of their portfolio LITTLETON, CO 13,39513.4k $1.0m $1.0m 0.40% Added +124 +124
82 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 12,94812.9k $989.2k $989.2k 0.00% Added +8.8k +8,753
83 EVOLVE PRIVATE WEALTH, LLC 0.06% of their portfolio LOS ANGELES, CA 12,89912.9k $985.5k $985.5k 0.06% Reduced -208 -208
84 AWM CAPITAL, LLC 0.08% of their portfolio Phoenix, AZ 12,44512.4k $950.8k $950.8k 0.08% Added +7.9k +7,937
85 Retirement Planning Group, LLC 0.02% of their portfolio LEAWOOD, KS 12,35512.4k $943.9k $943.9k 0.02% Added +8.1k +8,094
86 ABLE Financial Group, LLC 0.15% of their portfolio SCOTTSDALE, AZ 11,83511.8k $904.2k $904.2k 0.15% Unchanged
87 Stratos Wealth Partners, LTD. 0.01% of their portfolio BEACHWOOD, OH 11,57911.6k $884.7k $884.7k 0.01% New
88 Bernardo Wealth Planning LLC 0.15% of their portfolio HARLEYSVILLE, PA 11,20211.2k $855.8k $855.8k 0.15% Reduced -301 -301
89 North Star Investment Management Corp. 0.05% of their portfolio CHICAGO, IL 11,10211.1k $848.2k $848.2k 0.05% Added +33 +33
90 Outbound Financial Inc 0.52% of their portfolio BOULDER, CO 10,51310.5k $803.2k $803.2k 0.52% Unchanged
91 Breakwater Capital Group 0.10% of their portfolio PARAMUS, NJ 10,36010.4k $791.5k $791.5k 0.10% Added +1.0k +1,021
92 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 10,05010.1k $768.0k $768.0k 0.00% Added +3.0k +3,005
93 TITLEIST ASSET MANAGEMENT, LLC 0.05% of their portfolio SAN ANTONIO, TX 9,97610.0k $762.2k $762.2k 0.05% Reduced -1.5k -1,451
94 Newman Dignan & Sheerar, Inc. 0.14% of their portfolio PROVIDENCE, RI 9,7269.7k $743.0k $743.0k 0.14% Added +6.4k +6,411
95 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 9,7179.7k $742.8k $742.8k 0.00% Added +1.3k +1,267
96 Next Level Wealth Planning, LLC 0.32% of their portfolio Meridian, ID 9,3709.4k $715.9k $715.9k 0.32% Added +289 +289
97 Waverly Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 9,2239.2k $704.6k $704.6k 0.00% Unchanged
98 Traub Capital Management LLC 0.63% of their portfolio NEEDHAM, MA 9,1989.2k $702.7k $702.7k 0.63% Unchanged
99 Hartmann Taylor Wealth Management, LLC 0.45% of their portfolio DALLAS, TX 9,0009.0k $676.4k $676.4k 0.45% Unchanged
100 JHP Wealth Management, LLC 0.56% of their portfolio CENTENNIAL, CO 8,9539.0k $684.0k $684.0k 0.56% New