Vault-13

VANGUARD MUN BD FDS VTEI

INTERMEDIATE TRM · ETP · CUSIP 922907738

89 institutional holders +11 vs Q1 2025
2,939,4312.9m shares reported held*
$289.7mreported value*
20 new 43 added 16 reduced 9 sold out net bought ≈ $161.2m (+1.6m 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 ≈ $98.56. Options: 1 managers hold calls ($315.4k notional), 1 hold puts ($98.6k).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 7Q2 24: 20Q3 24: 32Q4 24: 62Q1 25: 78Q2 25: 8989Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q1 20247
Q2 202420
Q3 202432
Q4 202462
Q1 202578
Q2 202589

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 24: 17 bought or addedQ2 24: 0 cut or sold outQ2 24Q3 24: 26 bought or addedQ3 24: 5 cut or sold outQ3 24Q4 24: 42 bought or addedQ4 24: 8 cut or sold outQ4 24Q1 25: 56 bought or addedQ1 25: 15 cut or sold outQ1 25Q2 25: 63 bought or addedQ2 25: 25 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q2 2024170
Q3 2024265
Q4 2024428
Q1 20255615
Q2 20256325

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100k$200k$300k$400kQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $315.4kQ2 25 puts: $98.6kQ2 25P/C 0.31
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$315.4k$98.6k0.31

Biggest buyers

Unison Advisors LLC New +594,466+594.5k
HighTower Advisors, LLC New +210,771+210.8k
Joel Isaacson & Co., LLC Added +178,492+178.5k
Avantax Planning Partners, Inc. Added +150,395+150.4k
Cetera Investment Advisers Added +93,194+93.2k
JANE STREET GROUP, LLC Added +58,563+58.6k
Seed Wealth Management, Inc. New +47,245+47.2k
Aspire Private Capital, LLC Added +34,196+34.2k
ENVESTNET ASSET MANAGEMENT INC Added +32,852+32.9k
BANK OF AMERICA CORP /DE/ Added +32,668+32.7k

Biggest sellers

Valeo Financial Advisors, LLC Reduced -17,583-17.6k
OLD MISSION CAPITAL LLC Reduced -11,774-11.8k
Elser Financial Planning, Inc Sold out -9,445-9.4k
Beacon Pointe Advisors, LLC Sold out -7,351-7.4k
Magnolia Private Wealth, LLC Sold out -5,050-5.0k
JFS WEALTH ADVISORS, LLC Sold out -4,195-4.2k
Integrated Advisors Network LLC Sold out -4,148-4.1k
Smart Money Group LLC Sold out -2,726-2.7k
Ashton Thomas Private Wealth, LLC Reduced -2,254-2.3k
Cresset Asset Management, LLC Sold out -2,195-2.2k

Biggest calls

Belvedere Trading LLC New $315.4k3.2k shares

Biggest puts

Belvedere Trading LLC New $98.6k1.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Unison Advisors LLC 6.56% of their portfolio PROVIDENCE, RI 594,466594.5k $58.6m $58.6m 6.56% New
2 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 291,122291.1k $28.7m $28.7m 0.01% Added +32.9k +32,852
3 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 210,771210.8k $20.8m $20.8m 0.03% New
4 Joel Isaacson & Co., LLC 0.83% of their portfolio NEW YORK, NY 206,396206.4k $20.3m $20.3m 0.83% Added +178.5k +178,492
5 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 171,083171.1k $16.9m $16.9m 0.02% Added +18.3k +18,272
6 Avantax Planning Partners, Inc. 0.53% of their portfolio DUBUQUE, IA 171,041171.0k $16.9m $16.9m 0.53% Added +150.4k +150,395
7 Cetera Investment Advisers 0.03% of their portfolio SCHAUMBURG, IL 168,957169.0k $16.7m $16.7m 0.03% Added +93.2k +93,194
8 Equitable Holdings, Inc. 0.10% of their portfolio NEW YORK, NY 119,915119.9k $11.8m $11.8m 0.10% Added +31.3k +31,325
9 Heartwood Wealth Advisors LLC 0.92% of their portfolio RICHMOND, VA 89,47689.5k $8.8m $8.8m 0.92% Added +1.3k +1,274
10 Aspire Private Capital, LLC 1.66% of their portfolio Cornelius, NC 72,67272.7k $7.2m $7.2m 1.66% Added +34.2k +34,196
11 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 69,87269.9k $6.9m $6.9m 0.00% Added +32.7k +32,668
12 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 68,04068.0k $6.7m $6.7m 0.01% Added +58.6k +58,563
13 Atria Investments, Inc 0.06% of their portfolio Charlotte, NC 48,48348.5k $4.8m $4.8m 0.06% Added +4.6k +4,562
14 Seed Wealth Management, Inc. 3.47% of their portfolio EVANSTON, IL 47,24547.2k $4.7m $4.7m 3.47% New
15 Silver Oak Advisory Group, Inc. 1.86% of their portfolio PORTLAND, OR 38,91438.9k $3.8m $3.8m 1.86% Added +32.3k +32,343
16 Ashton Thomas Private Wealth, LLC 0.12% of their portfolio SCOTTSDALE, AZ 34,14334.1k $3.4m $3.4m 0.12% Reduced -2.3k -2,254
17 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.19% of their portfolio Westlake, OH 29,23129.2k $2.9m $2.9m 0.19% Added +3.5k +3,467
18 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 28,82428.8k $2.8m $2.8m 0.00% Added +1.5k +1,535
19 Paragon Capital Management Ltd 0.42% of their portfolio DENVER, CO 23,37423.4k $2.3m $2.3m 0.42% Added +12.2k +12,158
20 OLD MISSION CAPITAL LLC 0.06% of their portfolio CHICAGO, IL 22,76422.8k $2.2m $2.2m 0.06% Reduced -11.8k -11,774
21 FIRST FINANCIAL BANK - TRUST DIVISION 0.20% of their portfolio HAMILTON, OH 22,69722.7k $2.2m $2.2m 0.20% Added +8.8k +8,838
22 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 19,76719.8k $1.9m $1.9m 0.00% New
23 Integrity Wealth Solutions LLC 0.93% of their portfolio DENVER, CO 19,34419.3k $1.9m $1.9m 0.93% Added +12.6k +12,644
24 Timonier Family Office, LTD. 0.58% of their portfolio WINSTON SALEM, NC 15,68015.7k $1.5m $1.5m 0.58% Added +9.3k +9,280
25 Mariner, LLC 0.00% of their portfolio Overland Park, KS 15,67815.7k $1.5m $1.5m 0.00% Added +6.5k +6,453
26 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 14,48914.5k $1.4m $1.4m 0.00% Added +9.3k +9,329
27 STEPHEN J. GARRY & ASSOCIATES, LLC 1.23% of their portfolio GARDEN CITY, NY 14,46614.5k $1.4m $1.4m 1.23% Reduced -250 -250
28 Valeo Financial Advisors, LLC 0.03% of their portfolio CARMEL, IN 14,40814.4k $1.4m $1.4m 0.03% Reduced -17.6k -17,583
29 Freedom Investment Management, Inc. 0.11% of their portfolio SOUTH WINDSOR, CT 14,25914.3k $1.4m $1.4m 0.11% Added +101 +101
30 First Heartland Consultants, Inc. 0.12% of their portfolio LAKE ST. LOUIS, MO 14,18714.2k $1.4m $1.4m 0.12% New
31 OAK HILL WEALTH ADVISORS, LLC 0.27% of their portfolio LANSDOWNE, VA 13,20713.2k $1.3m $1.3m 0.27% Reduced -639 -639
32 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 12,13812.1k $1.2m $1.2m 0.00% Added +3.2k +3,192
33 Hilltop Holdings Inc. 0.07% of their portfolio DALLAS, TX 11,74011.7k $1.2m $1.2m 0.07% Reduced -83 -83
34 Bryn Mawr Trust Advisors, LLC 0.06% of their portfolio PHILADELPHIA, PA 10,67710.7k $1.1m $1.1m 0.06% Added +7.7k +7,677
35 FINANCIAL MANAGEMENT NETWORK INC 0.19% of their portfolio MISSION VIEJO, CA 10,54710.5k $1.0m $1.0m 0.19% Added +2.2k +2,183
36 FLAGSHIP HARBOR ADVISORS, LLC 0.04% of their portfolio BOSTON, MA 9,6009.6k $946.2k $946.2k 0.04% New
37 Clearstead Advisors, LLC 0.01% of their portfolio CLEVELAND, OH 9,5789.6k $944.0k $944.0k 0.01% New
38 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 9,1789.2k $904.6k $904.6k 0.00% Reduced -119 -119
39 MITCHELL MCLEOD PUGH & WILLIAMS INC 0.15% of their portfolio MOBILE, AL 8,3088.3k $818.9k $818.9k 0.15% Added +87 +87
40 SIGNAL TREE FINANCIAL PARTNERS LLC 0.70% of their portfolio COPLEY, OH 8,2588.3k $813.9k $813.9k 0.70% New
41 GENESIS PRIVATE WEALTH, LLC 0.38% of their portfolio ASHBURN, VA 8,1628.2k $804.4k $804.4k 0.38% Reduced -629 -629
42 SigFig Wealth Management, LLC 0.03% of their portfolio SAN FRANCISCO, CA 7,8797.9k $774.1k $774.1k 0.03% Added +4.6k +4,628
43 PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio BEDMINSTER, NJ 7,7057.7k $759.0k $759.0k 0.01% Added +2.9k +2,925
44 Oak Wealth Advisors LLC 0.47% of their portfolio NORTHBROOK, IL 7,4787.5k $737.0k $737.0k 0.47% Added +4.5k +4,543
45 Maia Wealth LLC 0.13% of their portfolio DENVER, CO 6,8616.9k $676.2k $676.2k 0.13% Added +739 +739
46 25 LLC 0.22% of their portfolio ST. LOUIS, MO 6,2126.2k $612.3k $612.3k 0.22% Added +12 +12
47 Mill Creek Capital Advisors, LLC 0.01% of their portfolio Conshohocken, PA 5,7345.7k $565.1k $565.1k 0.01% New
48 OneDigital Investment Advisors LLC 0.01% of their portfolio OVERLAND PARK, KS 5,1415.1k $506.7k $506.7k 0.01% New
49 BROWN ADVISORY INC 0.00% of their portfolio BALTIMORE, MD 5,0005.0k $492.8k $492.8k 0.00% Unchanged
50 SEEDS INVESTOR LLC 0.11% of their portfolio NEW YORK, NY 4,9104.9k $483.9k $483.9k 0.11% New
51 HARBOUR INVESTMENTS, INC. 0.01% of their portfolio MADISON, WI 4,9064.9k $483.5k $483.5k 0.01% Reduced -155 -155
52 CoreCap Advisors, LLC 0.02% of their portfolio SOUTHFIELD, MI 4,8034.8k $473.4k $473.4k 0.02% Added +35 +35
53 Luminvest Wealth Management LLC 0.17% of their portfolio SCOTTSDALE, AZ 4,7824.8k $471.3k $471.3k 0.17% Reduced -1.8k -1,816
54 Sheridan Capital Management, LLC 0.31% of their portfolio San Rafael, CA 4,5004.5k $443.5k $443.5k 0.31% New
55 SCS Capital Management LLC 0.00% of their portfolio BOSTON, MA 4,3904.4k $432.7k $432.7k 0.00% New
56 Crews Bank & Trust 0.07% of their portfolio PORT CHARLOTTE, FL 4,3504.3k $428.7k $428.7k 0.07% Added +660 +660
57 Gordian Advisors LLC 0.30% of their portfolio TUCSON, AZ 4,3134.3k $425.1k $425.1k 0.30% Unchanged
58 Fort Point Capital Partners LLC 0.04% of their portfolio San Francisco, CA 4,2584.3k $419.7k $419.7k 0.04% Reduced -986 -986
59 IFG Advisory, LLC 0.02% of their portfolio ATLANTA, GA 4,2004.2k $414.0k $414.0k 0.02% Added +1.3k +1,300
60 KESTRA PRIVATE WEALTH SERVICES, LLC 0.01% of their portfolio AUSTIN, TX 4,0464.0k $398.8k $398.8k 0.01% Added +20 +20
61 FLPUTNAM INVESTMENT MANAGEMENT CO 0.01% of their portfolio PORTLAND, ME 3,9684.0k $391.1k $391.1k 0.01% Unchanged
62 Retirement Planning Group, LLC 0.02% of their portfolio LEAWOOD, KS 3,7403.7k $368.6k $368.6k 0.02% New
63 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,6953.7k $364.2k $364.2k 0.00% Added +1.8k +1,785
64 New Republic Capital, LLC 0.12% of their portfolio CHARLOTTE, NC 3,4603.5k $341.0k $341.0k 0.12% Unchanged
65 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 3,2603.3k $321.0k $321.0k 0.00% New
66 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 3,1513.2k $310.6k $310.6k 0.00% Reduced -866 -866
67 Sage Mountain Advisors LLC 0.02% of their portfolio ATLANTA, GA 2,9843.0k $294.1k $294.1k 0.02% Reduced -1.5k -1,526
68 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 2,9262.9k $288.4k $288.4k 0.00% New
69 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 2,9192.9k $287.7k $287.7k 0.00% Added +61 +61
70 WINEBRENNER CAPITAL MANAGEMENT LLC 0.21% of their portfolio LOUISVILLE, KY 2,7002.7k $266.1k $266.1k 0.21% Unchanged
71 Lakewood Asset Management LLC 0.17% of their portfolio NAPERVILLE, IL 2,6172.6k $258.0k $258.0k 0.17% Added +17 +17
72 Hemenway Trust Co LLC 0.02% of their portfolio SALEM, NH 2,4832.5k $244.7k $244.7k 0.02% Unchanged
73 COMERICA BANK 0.00% of their portfolio DALLAS, TX 2,2452.2k $221.3k $221.3k 0.00% Reduced -1.4k -1,427
74 Westfuller Advisors, LLC 0.12% of their portfolio New York, NY 2,1872.2k $215.5k $215.5k 0.12% Added +17 +17
75 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 2,1082.1k $207.7k $207.7k 0.00% Reduced -5 -5
76 Aberdeen Wealth Management LLC 0.13% of their portfolio LAKE BLUFF, IL 2,0332.0k $200.4k $200.4k 0.13% Unchanged
77 EverSource Wealth Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 1,8811.9k $185.4k $185.4k 0.01% Reduced -1.9k -1,858
78 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 1,5491.5k $152.2k $152.2k 0.00% New
79 Moser Wealth Advisors, LLC 0.05% of their portfolio BELLEVUE, WA 1,1501.1k $113.3k $113.3k 0.05% Added +200 +200
80 SJS Investment Consulting Inc. 0.02% of their portfolio SYLVANIA, OH 1,1341.1k $111.8k $111.8k 0.02% Added +2 +2
81 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 875875 $86.2k $86.2k 0.00% New
82 DiNuzzo Private Wealth, Inc. 0.01% of their portfolio BEAVER, PA 729729 $71.9k $71.9k 0.01% Added +253 +253
83 Graney & King, LLC 0.03% of their portfolio LATHAM, NY 496496 $48.9k $48.9k 0.03% Added +2 +2
84 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 230230 $22.7k $22.7k 0.00% Unchanged
85 AMERICAN NATIONAL BANK & TRUST 0.00% of their portfolio WICHITA FALLS, TX 225225 $22.2k $22.2k 0.00% Added +141 +141
86 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 117117 $11.5k $11.5k 0.00% New
87 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6060 $5.9k $5.9k 0.00% Unchanged
88 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11 $105 $105 0.00% New
89 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged