Vault-13

VANGUARD MUN BD FDS VTEI

INTERMEDIATE TRM · ETP · CUSIP 922907738

110 institutional holders +21 vs Q2 2025
5,477,1055.5m shares reported held*
$549.4mreported value*
34 new 48 added 13 reduced 11 sold out net bought ≈ $254.7m (+2.5m 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 ≈ $100.31.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q1 24: 7Q2 24: 20Q3 24: 32Q4 24: 62Q1 25: 78Q2 25: 89Q3 25: 110110Q1 24Q3 24Q1 25Q3 25
Numbers
QuarterHolders
Q1 20247
Q2 202420
Q3 202432
Q4 202462
Q1 202578
Q2 202589
Q3 2025110

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 25Q3 25: 82 bought or addedQ3 25: 24 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q2 2024170
Q3 2024265
Q4 2024428
Q1 20255615
Q2 20256325
Q3 20258224

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ4 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 0.31Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —
Numbers
QuarterCallsPutsP/C
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$315.4k$98.6k0.31
Q3 2025$0$0—

Biggest buyers

Unison Advisors LLC Added +1,578,662+1.6m
TIAA TRUST, NATIONAL ASSOCIATION New +278,370+278.4k
SEEDS INVESTOR LLC Added +160,322+160.3k
Aspire Private Capital, LLC Added +103,351+103.4k
RAYMOND JAMES FINANCIAL INC Added +89,494+89.5k
BANK OF AMERICA CORP /DE/ Added +41,091+41.1k
ENVESTNET ASSET MANAGEMENT INC Added +31,757+31.8k
Joel Isaacson & Co., LLC Added +28,822+28.8k
TCI Wealth Advisors, Inc. New +20,249+20.2k
PFG Private Wealth Management, LLC New +19,244+19.2k

Biggest sellers

OLD MISSION CAPITAL LLC Sold out -22,764-22.8k
JANE STREET GROUP, LLC Reduced -20,941-20.9k
AQR CAPITAL MANAGEMENT LLC Reduced -11,340-11.3k
Paragon Capital Management Ltd Reduced -5,927-5.9k
Mill Creek Capital Advisors, LLC Sold out -5,734-5.7k
BROWN ADVISORY INC Sold out -5,000-5.0k
Fort Point Capital Partners LLC Sold out -4,258-4.3k
FLPUTNAM INVESTMENT MANAGEMENT CO Sold out -3,968-4.0k
New Republic Capital, LLC Sold out -3,460-3.5k
Valeo Financial Advisors, LLC Reduced -3,342-3.3k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Unison Advisors LLC 19.89% of their portfolio PROVIDENCE, RI 2,173,1282.2m $218.0m $218.0m 19.89% Added +1.6m +1,578,662
2 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 322,879322.9k $32.4m $32.4m 0.01% Added +31.8k +31,757
3 TIAA TRUST, NATIONAL ASSOCIATION 0.07% of their portfolio CHARLOTTE, NC 278,370278.4k $27.9m $27.9m 0.07% New
4 Joel Isaacson & Co., LLC 0.85% of their portfolio NEW YORK, NY 235,218235.2k $23.6m $23.6m 0.85% Added +28.8k +28,822
5 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 212,265212.3k $21.3m $21.3m 0.02% Added +1.5k +1,494
6 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 181,551181.6k $18.2m $18.2m 0.02% Added +10.5k +10,468
7 Aspire Private Capital, LLC 1.98% of their portfolio Cornelius, NC 176,023176.0k $17.5m $17.5m 1.98% Added +103.4k +103,351
8 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 175,275175.3k $17.6m $17.6m 0.02% Added +6.3k +6,318
9 Avantax Planning Partners, Inc. 0.49% of their portfolio DUBUQUE, IA 168,978169.0k $17.0m $17.0m 0.49% Reduced -2.1k -2,063
10 SEEDS INVESTOR LLC 3.50% of their portfolio NEW YORK, NY 165,232165.2k $16.6m $16.6m 3.50% Added +160.3k +160,322
11 Equitable Holdings, Inc. 0.09% of their portfolio NEW YORK, NY 117,526117.5k $11.8m $11.8m 0.09% Reduced -2.4k -2,389
12 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 110,963111.0k $11.1m $11.1m 0.00% Added +41.1k +41,091
13 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 92,42092.4k $9.3m $9.3m 0.00% Added +89.5k +89,494
14 Heartwood Wealth Advisors LLC 0.86% of their portfolio RICHMOND, VA 91,58291.6k $9.2m $9.2m 0.86% Added +2.1k +2,106
15 Atria Investments, Inc 0.06% of their portfolio Charlotte, NC 55,85755.9k $5.6m $5.6m 0.06% Added +7.4k +7,374
16 Silver Oak Advisory Group, Inc. 2.37% of their portfolio PORTLAND, OR 52,27852.3k $5.2m $5.2m 2.37% Added +13.4k +13,364
17 Seed Wealth Management, Inc. 3.47% of their portfolio EVANSTON, IL 50,09550.1k $5.0m $5.0m 3.47% Added +2.9k +2,850
18 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 47,09947.1k $4.7m $4.7m 0.01% Reduced -20.9k -20,941
19 Ashton Thomas Private Wealth, LLC 0.12% of their portfolio SCOTTSDALE, AZ 44,88044.9k $4.5m $4.5m 0.12% Added +10.7k +10,737
20 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 39,08839.1k $3.9m $3.9m 0.00% Added +10.3k +10,264
21 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.20% of their portfolio Westlake, OH 33,80333.8k $3.4m $3.4m 0.20% Added +4.6k +4,572
22 FIRST FINANCIAL BANK - TRUST DIVISION 0.24% of their portfolio HAMILTON, OH 28,35128.4k $2.8m $2.8m 0.24% Added +5.7k +5,654
23 TCI Wealth Advisors, Inc. 0.12% of their portfolio Tucson, AZ 20,24920.2k $2.0m $2.0m 0.12% New
24 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 20,07820.1k $2.0m $2.0m 0.00% Added +7.9k +7,940
25 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 19,49019.5k $2.0m $2.0m 0.00% Added +5.0k +5,001
26 PFG Private Wealth Management, LLC 0.86% of their portfolio LUTZ, FL 19,24419.2k $1.9m $1.9m 0.86% New
27 Integrity Wealth Solutions LLC 0.86% of their portfolio DENVER, CO 19,24419.2k $1.9m $1.9m 0.86% Reduced -100 -100
28 Timonier Family Office, LTD. 0.62% of their portfolio WINSTON SALEM, NC 18,80618.8k $1.9m $1.9m 0.62% Added +3.1k +3,126
29 Paragon Capital Management Ltd 0.33% of their portfolio DENVER, CO 17,44717.4k $1.8m $1.8m 0.33% Reduced -5.9k -5,927
30 OAK HILL WEALTH ADVISORS, LLC 0.32% of their portfolio LANSDOWNE, VA 16,78116.8k $1.7m $1.7m 0.32% Added +3.6k +3,574
31 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 16,75416.8k $1.7m $1.7m 0.00% Added +15.2k +15,205
32 Mariner, LLC 0.00% of their portfolio Overland Park, KS 16,00416.0k $1.6m $1.6m 0.00% Added +326 +326
33 First Heartland Consultants, Inc. 0.13% of their portfolio LAKE ST. LOUIS, MO 15,91715.9k $1.6m $1.6m 0.13% Added +1.7k +1,730
34 Freedom Investment Management, Inc. 0.38% of their portfolio SOUTH WINDSOR, CT 14,35414.4k $1.4m $1.4m 0.38% Added +95 +95
35 STEPHEN J. GARRY & ASSOCIATES, LLC 1.13% of their portfolio GARDEN CITY, NY 14,07614.1k $1.4m $1.4m 1.13% Reduced -390 -390
36 OPPENHEIMER & CO INC 0.02% of their portfolio NEW YORK, NY 13,90013.9k $1.4m $1.4m 0.02% New
37 SigFig Wealth Management, LLC 0.04% of their portfolio SAN FRANCISCO, CA 13,60813.6k $1.4m $1.4m 0.04% Added +5.7k +5,729
38 A. D. Beadell Investment Counsel, Inc. 0.92% of their portfolio MEQUON, WI 13,47513.5k $1.4m $1.4m 0.92% New
39 Hilltop Holdings Inc. 0.07% of their portfolio DALLAS, TX 13,14813.1k $1.3m $1.3m 0.07% Added +1.4k +1,408
40 Oak Wealth Advisors LLC 0.71% of their portfolio NORTHBROOK, IL 12,23512.2k $1.2m $1.2m 0.71% Added +4.8k +4,757
41 FINANCIAL MANAGEMENT NETWORK INC 0.19% of their portfolio MISSION VIEJO, CA 11,69311.7k $1.2m $1.2m 0.19% Added +1.1k +1,146
42 MITCHELL MCLEOD PUGH & WILLIAMS INC 0.19% of their portfolio MOBILE, AL 11,54911.5k $1.2m $1.2m 0.19% Added +3.2k +3,241
43 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 11,43911.4k $1.1m $1.1m 0.00% Added +2.3k +2,261
44 Valeo Financial Advisors, LLC 0.03% of their portfolio CARMEL, IN 11,06611.1k $1.1m $1.1m 0.03% Reduced -3.3k -3,342
45 Bryn Mawr Trust Advisors, LLC 0.05% of their portfolio PHILADELPHIA, PA 10,67710.7k $1.1m $1.1m 0.05% Unchanged
46 Clearstead Advisors, LLC 0.02% of their portfolio CLEVELAND, OH 10,59110.6k $1.1m $1.1m 0.02% Added +1.0k +1,013
47 Farther Finance Advisors, LLC 0.02% of their portfolio SAN FRANCISCO, CA 10,24310.2k $1.0m $1.0m 0.02% New
48 Retirement Planning Group, LLC 0.04% of their portfolio LEAWOOD, KS 10,21910.2k $1.0m $1.0m 0.04% Added +6.5k +6,479
49 FLAGSHIP HARBOR ADVISORS, LLC 0.04% of their portfolio BOSTON, MA 9,6009.6k $963.2k $963.2k 0.04% Unchanged
50 VISTA CAPITAL PARTNERS, INC. 0.10% of their portfolio PORTLAND, OR 9,5689.6k $960.0k $960.0k 0.10% New
51 WHITTIER TRUST CO OF NEVADA INC 0.02% of their portfolio RENO, NV 9,3419.3k $936.0k $936.0k 0.02% New
52 GENESIS PRIVATE WEALTH, LLC 0.37% of their portfolio ASHBURN, VA 8,7788.8k $880.7k $880.7k 0.37% Added +616 +616
53 Sheridan Capital Management, LLC 0.46% of their portfolio San Rafael, CA 8,6258.6k $865.3k $865.3k 0.46% Added +4.1k +4,125
54 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 8,4278.4k $845.5k $845.5k 0.00% Reduced -11.3k -11,340
55 HBK Sorce Advisory LLC 0.02% of their portfolio ERIE, PA 8,2948.3k $834.7k $834.7k 0.02% New
56 SIGNAL TREE FINANCIAL PARTNERS LLC 0.66% of their portfolio COPLEY, OH 8,2588.3k $827.5k $827.5k 0.66% Unchanged
57 PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio BEDMINSTER, NJ 7,7057.7k $773.0k $773.0k 0.01% Unchanged
58 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 7,6857.7k $760.8k $760.8k 0.00% Added +4.0k +3,990
59 HARBOUR INVESTMENTS, INC. 0.02% of their portfolio MADISON, WI 7,0137.0k $703.6k $703.6k 0.02% Added +2.1k +2,107
60 Maia Wealth LLC 0.11% of their portfolio DENVER, CO 6,5256.5k $657.7k $657.7k 0.11% Reduced -336 -336
61 Elser Financial Planning, Inc 0.78% of their portfolio INDIANAPOLIS, IN 6,4866.5k $649.4k $649.4k 0.78% New
62 25 LLC 0.21% of their portfolio ST. LOUIS, MO 6,2846.3k $630.4k $630.4k 0.21% Added +72 +72
63 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 6,1606.2k $618.0k $618.0k 0.00% Added +4.1k +4,052
64 JFS WEALTH ADVISORS, LLC 0.03% of their portfolio HERMITAGE, PA 5,5755.6k $559.3k $559.3k 0.03% New
65 OneDigital Investment Advisors LLC 0.01% of their portfolio OVERLAND PARK, KS 5,1805.2k $519.7k $519.7k 0.01% Added +39 +39
66 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 5,0565.1k $507.3k $507.3k 0.01% New
67 CoreCap Advisors, LLC 0.02% of their portfolio SOUTHFIELD, MI 4,8294.8k $484.5k $484.5k 0.02% Added +26 +26
68 Luminvest Wealth Management LLC 0.16% of their portfolio SCOTTSDALE, AZ 4,7824.8k $479.7k $479.7k 0.16% Unchanged
69 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 4,7264.7k $474.2k $474.2k 0.00% New
70 S.A. Mason LLC 0.20% of their portfolio HOLLAND, MI 4,5004.5k $451.5k $451.5k 0.20% New
71 SCS Capital Management LLC 0.00% of their portfolio BOSTON, MA 4,3904.4k $440.4k $440.4k 0.00% Unchanged
72 Crews Bank & Trust 0.06% of their portfolio PORT CHARLOTTE, FL 4,3504.3k $436.4k $436.4k 0.06% Unchanged
73 Gordian Advisors LLC 0.29% of their portfolio TUCSON, AZ 4,3134.3k $432.7k $432.7k 0.29% Unchanged
74 IFG Advisory, LLC 0.02% of their portfolio ATLANTA, GA 4,2004.2k $421.4k $421.4k 0.02% Unchanged
75 Integrated Advisors Network LLC 0.02% of their portfolio DALLAS, TX 4,1094.1k $412.3k $412.3k 0.02% New
76 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 3,9073.9k $392.0k $392.0k 0.00% Added +3.0k +3,032
77 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 3,8003.8k $380.6k $380.6k 0.00% New
78 Cadence Bank 0.02% of their portfolio Tupelo, MS 3,4593.5k $347.0k $347.0k 0.02% New
79 KESTRA PRIVATE WEALTH SERVICES, LLC 0.00% of their portfolio AUSTIN, TX 3,4453.4k $345.6k $345.6k 0.00% Reduced -601 -601
80 BENJAMIN EDWARDS INC 0.00% of their portfolio Clayton, MO 3,1423.1k $315.6k $315.6k 0.00% New
81 Sage Mountain Advisors LLC 0.02% of their portfolio ATLANTA, GA 2,9843.0k $299.4k $299.4k 0.02% Unchanged
82 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 2,9392.9k $294.8k $294.8k 0.00% Added +20 +20
83 Tribridge Partners Financial LLC 0.13% of their portfolio COLUMBIA, MD 2,8722.9k $287.6k $287.6k 0.13% New
84 WINEBRENNER CAPITAL MANAGEMENT LLC 0.19% of their portfolio LOUISVILLE, KY 2,7002.7k $270.9k $270.9k 0.19% Unchanged
85 Lakewood Asset Management LLC 0.16% of their portfolio NAPERVILLE, IL 2,6392.6k $264.8k $264.8k 0.16% Added +22 +22
86 Beacon Pointe Advisors, LLC 0.00% of their portfolio NEWPORT BEACH, CA 2,5972.6k $260.6k $260.6k 0.00% New
87 Essex Financial Services, Inc. 0.02% of their portfolio ESSEX, CT 2,5252.5k $253.3k $253.3k 0.02% New
88 Hemenway Trust Co LLC 0.02% of their portfolio SALEM, NH 2,4832.5k $249.1k $249.1k 0.02% Unchanged
89 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 2,3062.3k $231.4k $231.4k 0.00% New
90 J.W. COLE ADVISORS, INC. 0.00% of their portfolio TAMPA, FL 2,3022.3k $231.0k $231.0k 0.00% New
91 COMERICA BANK 0.00% of their portfolio DALLAS, TX 2,2452.2k $225.2k $225.2k 0.00% Unchanged
92 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 2,2262.2k $223.0k $223.0k 0.00% New
93 Westfuller Advisors, LLC 0.10% of their portfolio New York, NY 2,2032.2k $221.1k $221.1k 0.10% Added +16 +16
94 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 2,0362.0k $204.3k $204.3k 0.00% New
95 Narus Financial Partners, LLC 0.05% of their portfolio SALT LAKE CITY, UT 2,0002.0k $200.7k $200.7k 0.05% New
96 Beacon Harbor Wealth Advisors, Inc. 0.05% of their portfolio VIRGINIA BEACH, VA 2,0002.0k $200.7k $200.7k 0.05% New
97 Financial Architects, LLC 0.11% of their portfolio WOODSTOCK, GA 2,0002.0k $200.7k $200.7k 0.11% New
98 EverSource Wealth Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 1,6251.6k $163.0k $163.0k 0.01% Reduced -256 -256
99 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,3991.4k $140.0k $140.0k 0.00% New
100 SJS Investment Consulting Inc. 0.02% of their portfolio SYLVANIA, OH 1,1291.1k $113.3k $113.3k 0.02% Reduced -5 -5