Vault-13

VANGUARD MUN BD FDS VTEI

INTERMEDIATE TRM · ETP · CUSIP 922907738

156 institutional holders +12 vs Q4 2025
7,364,6277.4m shares reported held*
$736.3mreported value*
27 new 86 added 18 reduced 15 sold out net bought ≈ $96.4m (+964.4k 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 ($977.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $99.98.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0100200Q1 24: 7Q2 24: 20Q3 24: 32Q4 24: 62Q1 25: 78Q2 25: 89Q3 25: 110Q4 25: 144Q1 26: 156156Q1 24Q3 24Q1 25Q3 25Q1 26
Numbers
QuarterHolders
Q1 20247
Q2 202420
Q3 202432
Q4 202462
Q1 202578
Q2 202589
Q3 2025110
Q4 2025144
Q1 2026156

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q2 24: 17 bought or addedQ2 24: 0 cut or sold outQ3 24: 26 bought or addedQ3 24: 5 cut or sold outQ3 24Q4 24: 42 bought or addedQ4 24: 8 cut or sold outQ1 25: 56 bought or addedQ1 25: 15 cut or sold outQ1 25Q2 25: 63 bought or addedQ2 25: 25 cut or sold outQ3 25: 82 bought or addedQ3 25: 24 cut or sold outQ3 25Q4 25: 107 bought or addedQ4 25: 23 cut or sold outQ1 26: 113 bought or addedQ1 26: 33 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024170
Q3 2024265
Q4 2024428
Q1 20255615
Q2 20256325
Q3 20258224
Q4 202510723
Q1 202611333

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ2 25 calls: $315.4kQ2 25 puts: $98.6kQ2 25P/C 0.31Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —
Numbers
QuarterCallsPutsP/C
Q2 2025$315.4k$98.6k0.31
Q3 2025$0$0—
Q4 2025$0$0—
Q1 2026$0$0—

Biggest buyers

FERGUSON WELLMAN CAPITAL MANAGEMENT, INC New +580,080+580.1k
Unison Advisors LLC Added +172,174+172.2k
BANK OF AMERICA CORP /DE/ Added +71,932+71.9k
JANE STREET GROUP, LLC Added +64,660+64.7k
FIRST FINANCIAL BANK - TRUST DIVISION Added +38,033+38.0k
ENVESTNET ASSET MANAGEMENT INC Added +37,332+37.3k
RAYMOND JAMES FINANCIAL INC Added +35,819+35.8k
Avantax Planning Partners, Inc. Added +30,334+30.3k
Verus Financial Partners, Inc. New +29,016+29.0k
COMMONWEALTH EQUITY SERVICES, LLC Added +28,889+28.9k

Biggest sellers

TIAA TRUST, NATIONAL ASSOCIATION Reduced -400,022-400.0k
&PARTNERS Reduced -26,705-26.7k
Heartwood Wealth Advisors LLC Reduced -18,540-18.5k
Hilltop Holdings Inc. Sold out -13,175-13.2k
HighTower Advisors, LLC Reduced -6,223-6.2k
Fort Point Capital Partners LLC Reduced -6,069-6.1k
Joel Isaacson & Co., LLC Reduced -5,102-5.1k
IFG Advisory, LLC Sold out -4,200-4.2k
Essex Financial Services, Inc. Sold out -4,011-4.0k
HRT FINANCIAL LP Sold out -3,384-3.4k

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Unison Advisors LLC 17.95% of their portfolio PROVIDENCE, RI 2,367,9522.4m $236.7m $236.7m 17.95% Added +172.2k +172,174
2 FERGUSON WELLMAN CAPITAL MANAGEMENT, INC 0.79% of their portfolio PORTLAND, OR 580,080580.1k $58.0m $58.0m 0.79% New
3 TIAA Wealth Investment Management LLC 0.33% of their portfolio New York, NY 438,910438.9k $43.9m $43.9m 0.33% First filing
4 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 345,991346.0k $34.6m $34.6m 0.01% Added +37.3k +37,332
5 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 234,760234.8k $23.5m $23.5m 0.03% Added +28.9k +28,889
6 Joel Isaacson & Co., LLC 0.77% of their portfolio NEW YORK, NY 231,552231.6k $23.1m $23.1m 0.77% Reduced -5.1k -5,102
7 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 218,434218.4k $21.8m $21.8m 0.02% Reduced -6.2k -6,223
8 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 205,701205.7k $20.6m $20.6m 0.00% Added +71.9k +71,932
9 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 198,090198.1k $19.8m $19.8m 0.02% Added +10.9k +10,925
10 Avantax Planning Partners, Inc. 0.52% of their portfolio DUBUQUE, IA 190,307190.3k $19.0m $19.0m 0.52% Added +30.3k +30,334
11 SEEDS INVESTOR LLC 2.24% of their portfolio NEW YORK, NY 163,601163.6k $16.5m $16.5m 2.24% Added +1.3k +1,335
12 Equitable Holdings, Inc. 0.09% of their portfolio NEW YORK, NY 138,894138.9k $14.0m $14.0m 0.09% Added +7.6k +7,560
13 Aspire Private Capital, LLC 2.66% of their portfolio Cornelius, NC 117,819117.8k $11.8m $11.8m 2.66% Added +14.4k +14,369
14 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 98,25398.3k $9.8m $9.8m 0.01% Added +64.7k +64,660
15 Merit Financial Group, LLC 0.07% of their portfolio ALPHARETTA, GA 87,73787.7k $8.8m $8.8m 0.07% Added +28.0k +27,980
16 FIRST FINANCIAL BANK - TRUST DIVISION 0.61% of their portfolio HAMILTON, OH 75,32175.3k $7.5m $7.5m 0.61% Added +38.0k +38,033
17 Heartwood Wealth Advisors LLC 0.63% of their portfolio RICHMOND, VA 72,59372.6k $7.3m $7.3m 0.63% Reduced -18.5k -18,540
18 Ashton Thomas Private Wealth, LLC 0.16% of their portfolio SCOTTSDALE, AZ 65,65265.7k $6.6m $6.6m 0.16% Added +898 +898
19 Atria Investments, Inc 0.07% of their portfolio Charlotte, NC 63,28763.3k $6.3m $6.3m 0.07% Added +9.2k +9,245
20 Silver Oak Advisory Group, Inc. 2.66% of their portfolio PORTLAND, OR 61,60361.6k $6.2m $6.2m 2.66% Added +2.1k +2,124
21 Apella Capital, LLC 0.08% of their portfolio WEST HARTFORD, CT 55,66455.7k $5.6m $5.6m 0.08% Added +3.6k +3,614
22 S.A. Mason LLC 2.07% of their portfolio HOLLAND, MI 55,28655.3k $5.5m $5.5m 2.07% Added +12.2k +12,225
23 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.30% of their portfolio Westlake, OH 52,73852.7k $5.3m $5.3m 0.30% Added +15.5k +15,497
24 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 51,84551.8k $5.2m $5.2m 0.00% Added +7.9k +7,935
25 Seed Wealth Management, Inc. 3.43% of their portfolio EVANSTON, IL 49,88549.9k $5.0m $5.0m 3.43% Unchanged
26 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 48,87148.9k $4.9m $4.9m 0.00% Added +10.0k +9,963
27 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 46,15346.2k $4.6m $4.6m 0.01% Added +12.5k +12,458
28 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 44,95845.0k $4.5m $4.5m 0.00% Added +35.8k +35,819
29 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 34,29934.3k $3.4m $3.4m 0.00% Added +2.3k +2,269
30 Verus Financial Partners, Inc. 0.26% of their portfolio RICHMOND, VA 29,01629.0k $2.9m $2.9m 0.26% New
31 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 28,87728.9k $2.9m $2.9m 0.00% New
32 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 27,05427.1k $2.7m $2.7m 0.00% Added +4.2k +4,228
33 Integrity Wealth Solutions LLC 0.92% of their portfolio DENVER, CO 23,38123.4k $2.3m $2.3m 0.92% Added +821 +821
34 Mariner, LLC 0.00% of their portfolio Overland Park, KS 23,25423.3k $2.3m $2.3m 0.00% Added +5.5k +5,513
35 TCI Wealth Advisors, Inc. 0.11% of their portfolio Tucson, AZ 21,27321.3k $2.1m $2.1m 0.11% Added +361 +361
36 OPPENHEIMER & CO INC 0.03% of their portfolio NEW YORK, NY 20,99121.0k $2.1m $2.1m 0.03% Reduced -756 -756
37 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 20,08120.1k $2.0m $2.0m 0.00% New
38 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 19,26219.3k $1.9m $1.9m 0.00% Added +7.8k +7,786
39 First Heartland Consultants, Inc. 0.15% of their portfolio LAKE ST. LOUIS, MO 19,09819.1k $1.9m $1.9m 0.15% Added +2.6k +2,600
40 Oak Wealth Advisors LLC 0.96% of their portfolio NORTHBROOK, IL 17,39317.4k $1.7m $1.7m 0.96% Unchanged
41 Paragon Capital Management Ltd 0.36% of their portfolio DENVER, CO 17,36217.4k $1.7m $1.7m 0.36% Reduced -200 -200
42 FINANCIAL MANAGEMENT NETWORK INC 0.25% of their portfolio MISSION VIEJO, CA 16,27916.3k $1.6m $1.6m 0.25% Added +3.7k +3,746
43 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 16,13816.1k $1.6m $1.6m 0.00% Reduced -1.5k -1,528
44 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 15,83215.8k $1.6m $1.6m 0.00% Added +5.5k +5,498
45 SigFig Wealth Management, LLC 0.04% of their portfolio SAN FRANCISCO, CA 15,19915.2k $1.5m $1.5m 0.04% Added +1.2k +1,192
46 Frankly Finances, LLC 1.34% of their portfolio WINTER PARK, FL 14,81914.8k $1.5m $1.5m 1.34% Added +840 +840
47 Valeo Financial Advisors, LLC 0.04% of their portfolio CARMEL, IN 14,74814.7k $1.5m $1.5m 0.04% Added +1.2k +1,212
48 Freedom Investment Management, Inc. 0.43% of their portfolio SOUTH WINDSOR, CT 14,55814.6k $1.5m $1.5m 0.43% Added +79 +79
49 Sheridan Capital Management, LLC 0.76% of their portfolio San Rafael, CA 14,50014.5k $1.4m $1.4m 0.76% Added +4.5k +4,475
50 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 14,30714.3k $1.4m $1.4m 0.01% Added +10.6k +10,556
51 KEYVANTAGE WEALTH, LLC 0.62% of their portfolio BETHLEHEM, PA 14,12314.1k $1.4m $1.4m 0.62% Added +9.1k +9,131
52 Hassell Wealth Management, LLC 0.47% of their portfolio Houma, LA 13,99614.0k $1.4m $1.4m 0.47% New
53 A. D. Beadell Investment Counsel, Inc. 0.88% of their portfolio MEQUON, WI 13,82513.8k $1.4m $1.4m 0.88% Added +350 +350
54 HARBOUR INVESTMENTS, INC. 0.02% of their portfolio MADISON, WI 13,80013.8k $1.4m $1.4m 0.02% Added +2.6k +2,639
55 MITCHELL MCLEOD PUGH & WILLIAMS INC 0.20% of their portfolio MOBILE, AL 13,76713.8k $1.4m $1.4m 0.20% Reduced -1.4k -1,408
56 GENESIS PRIVATE WEALTH, LLC 0.43% of their portfolio ASHBURN, VA 13,74413.7k $1.4m $1.4m 0.43% Added +1.1k +1,091
57 Elequin Capital, LP 0.10% of their portfolio NEW YORK, NY 12,36112.4k $1.1m $1.1m 0.10% Reduced -1.7k -1,701
58 Envestnet Portfolio Solutions, Inc. 0.01% of their portfolio BERWYN, PA 12,07112.1k $1.2m $1.2m 0.01% Added +338 +338
59 Farther Finance Advisors, LLC 0.01% of their portfolio SAN FRANCISCO, CA 11,47811.5k $1.1m $1.1m 0.01% Added +2.5k +2,466
60 STONE LOFT WEALTH MANAGEMENT LLC 0.82% of their portfolio WEST CHESTER, PA 11,44211.4k $1.1m $1.1m 0.82% Added +6.1k +6,119
61 Clearstead Advisors, LLC 0.01% of their portfolio CLEVELAND, OH 11,08411.1k $1.1m $1.1m 0.01% Reduced -500 -500
62 FLAGSHIP HARBOR ADVISORS, LLC 0.05% of their portfolio BOSTON, MA 10,99511.0k $1.1m $1.1m 0.05% Unchanged
63 Bryn Mawr Trust Advisors, LLC 0.05% of their portfolio PHILADELPHIA, PA 10,87210.9k $1.1m $1.1m 0.05% Added +195 +195
64 FLOW TRADERS U.S. LLC 0.03% of their portfolio NEW YORK, NY 10,86510.9k $1.1m $1.1m 0.03% Added +56 +56
65 JFS WEALTH ADVISORS, LLC 0.06% of their portfolio HERMITAGE, PA 10,71510.7k $1.1m $1.1m 0.06% Added +2.0k +1,960
66 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 10,50210.5k $1.0m $1.0m 0.01% Added +4.6k +4,596
67 Retirement Planning Group, LLC 0.03% of their portfolio LEAWOOD, KS 10,12010.1k $1.0m $1.0m 0.03% Reduced -99 -99
68 IAM Advisory, LLC 0.22% of their portfolio EASTON, PA 10,03210.0k $1.0m $1.0m 0.22% Added +446 +446
69 Sprinkle Financial Consultants LLC 0.46% of their portfolio LITTLETON, CO 10,02610.0k $1.0m $1.0m 0.46% Added +26 +26
70 HBK Sorce Advisory LLC 0.02% of their portfolio ERIE, PA 9,7839.8k $984.2k $984.2k 0.02% Unchanged
71 STEPHEN J. GARRY & ASSOCIATES, LLC 0.79% of their portfolio GARDEN CITY, NY 9,7759.8k $976.9k $976.9k 0.79% Reduced -671 -671
72 &PARTNERS 0.01% of their portfolio NASHVILLE, TN 9,7009.7k $1.1m $1.1m 0.01% Reduced -26.7k -26,705
73 VISTA CAPITAL PARTNERS, INC. 0.10% of their portfolio PORTLAND, OR 9,5689.6k $956.2k $956.2k 0.10% Unchanged
74 SIGNAL TREE FINANCIAL PARTNERS LLC 0.69% of their portfolio COPLEY, OH 9,1899.2k $918.3k $918.3k 0.69% Unchanged
75 CORA CAPITAL ADVISORS LLC 0.29% of their portfolio MARLTON, NJ 8,8418.8k $883.6k $883.6k 0.29% New
76 Focus Partners Advisor Solutions, LLC 0.01% of their portfolio SAINT LOUIS, MO 8,4618.5k $845.6k $845.6k 0.01% New
77 Integrity Investment Advisors, LLC 0.45% of their portfolio FORT COLLINS, CO 8,3808.4k $837.5k $837.5k 0.45% New
78 KESTRA PRIVATE WEALTH SERVICES, LLC 0.01% of their portfolio AUSTIN, TX 8,3368.3k $833.1k $833.1k 0.01% Added +4.5k +4,469
79 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 7,9948.0k $798.9k $798.9k 0.00% Reduced -275 -275
80 PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio BEDMINSTER, NJ 7,7057.7k $770.0k $770.0k 0.01% Unchanged
81 Rossmore Private Capital 0.07% of their portfolio GLASTONBURY, CT 7,6857.7k $768.0k $768.0k 0.07% Added +687 +687
82 Tribridge Partners Financial LLC 0.31% of their portfolio COLUMBIA, MD 7,3947.4k $740.3k $740.3k 0.31% Added +1.0k +1,048
83 Alesco Advisors, LLC, An ESL Co 0.02% of their portfolio Pittsford, NY 7,2557.3k $725.1k $725.1k 0.02% Added +2.8k +2,830
84 Sequent Planning LLC 0.17% of their portfolio OMAHA, NE 7,1877.2k $718.3k $718.3k 0.17% Added +3.4k +3,406
85 Elser Financial Planning, Inc 0.03% of their portfolio INDIANAPOLIS, IN 7,0327.0k $703.4k $703.4k 0.03% Added +24 +24
86 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 6,9226.9k $691.8k $691.8k 0.00% New
87 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 6,8006.8k $680.8k $680.8k 0.00% Added +1.0k +1,000
88 Compound Planning, Inc. 0.02% of their portfolio NEW YORK, NY 6,3826.4k $637.8k $637.8k 0.02% New
89 25 LLC 0.19% of their portfolio ST. LOUIS, MO 6,3106.3k $630.7k $630.7k 0.19% Unchanged
90 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 6,1666.2k $616.3k $616.3k 0.00% Added +1 +1
91 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6,1516.2k $615.0k $615.0k 0.00% Added +1.9k +1,935
92 Gateway Wealth Partners, LLC 0.02% of their portfolio APPLETON, WI 6,1406.1k $613.6k $613.6k 0.02% New
93 BENJAMIN EDWARDS INC 0.01% of their portfolio Clayton, MO 6,0526.1k $605.8k $605.8k 0.01% Added +844 +844
94 TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC 0.00% of their portfolio CHARLOTTE, NC 5,9576.0k $595.3k $595.3k 0.00% First filing
95 Crews Bank & Trust 0.08% of their portfolio PORT CHARLOTTE, FL 5,5155.5k $551.2k $551.2k 0.08% Unchanged
96 WealthSpring Partners, LLC 0.48% of their portfolio LONG BEACH, CA 5,2765.3k $527.3k $527.3k 0.48% New
97 OneDigital Investment Advisors LLC 0.01% of their portfolio OVERLAND PARK, KS 5,2605.3k $525.7k $525.7k 0.01% Added +26 +26
98 D.B. Root & Company, LLC 0.12% of their portfolio PITTSBURGH, PA 5,0255.0k $502.2k $502.2k 0.12% New
99 Per Stirling Capital Management, LLC. 0.05% of their portfolio AUSTIN, TX 4,9234.9k $492.0k $492.0k 0.05% New
100 CoreCap Advisors, LLC 0.02% of their portfolio SOUTHFIELD, MI 4,8554.9k $485.2k $485.2k 0.02% Unchanged