Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,357 institutional holders +34 vs Q4 2025
561,780,217561.8m shares reported held*
$28.0bnreported value*
96 new 660 added 392 reduced 60 sold out net sold ≈ $2.5bn (-52.6m 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 ($130.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.92. Options: 2 managers hold calls ($11.8m notional), 2 hold puts ($15.8m).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 764Q4 22: 861Q1 23: 883Q2 23: 898Q3 23: 930Q4 23: 1,076Q1 24: 1,059Q2 24: 1,092Q3 24: 1,110Q4 24: 1,230Q1 25: 1,226Q2 25: 1,218Q3 25: 1,239Q4 25: 1,323Q1 26: 1,3571,357Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898
Q3 2023930
Q4 20231,076
Q1 20241,059
Q2 20241,092
Q3 20241,110
Q4 20241,230
Q1 20251,226
Q2 20251,218
Q3 20251,239
Q4 20251,323
Q1 20261,357

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 24: 573 bought or addedQ2 24: 403 cut or sold outQ3 24: 632 bought or addedQ3 24: 374 cut or sold outQ3 24Q4 24: 633 bought or addedQ4 24: 403 cut or sold outQ1 25: 602 bought or addedQ1 25: 539 cut or sold outQ1 25Q2 25: 601 bought or addedQ2 25: 566 cut or sold outQ3 25: 629 bought or addedQ3 25: 504 cut or sold outQ3 25Q4 25: 695 bought or addedQ4 25: 442 cut or sold outQ1 26: 756 bought or addedQ1 26: 452 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024573403
Q3 2024632374
Q4 2024633403
Q1 2025602539
Q2 2025601566
Q3 2025629504
Q4 2025695442
Q1 2026756452

Calls vs puts

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

CallsPuts
$0$20m$40m$60mQ2 25 calls: $6.1mQ2 25 puts: $3.1mQ2 25P/C 0.51Q3 25 calls: $14.1mQ3 25 puts: $2.8mQ3 25P/C 0.20Q4 25 calls: $45.3mQ4 25 puts: $6.6mQ4 25P/C 0.15Q1 26 calls: $11.8mQ1 26 puts: $15.8mQ1 26P/C 1.34
Numbers
QuarterCallsPutsP/C
Q2 2025$6.1m$3.1m0.51
Q3 2025$14.1m$2.8m0.20
Q4 2025$45.3m$6.6m0.15
Q1 2026$11.8m$15.8m1.34

Biggest buyers

MORGAN STANLEY Added +2,752,797+2.8m
Creative Planning Added +2,499,613+2.5m
JONES FINANCIAL COMPANIES LLLP Added +1,925,834+1.9m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +1,920,046+1.9m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Added +1,826,935+1.8m
Alvarez & Marsal Private Wealth Partners, LLC New +1,428,518+1.4m
Composition Wealth, LLC Added +1,213,245+1.2m
FRANKLIN RESOURCES INC Added +951,107+951.1k
WELLS FARGO & COMPANY/MN Added +885,725+885.7k
NICOLET BANKSHARES INC New +801,648+801.6k

Biggest sellers

JPMORGAN CHASE & CO Reduced -59,830,919-59.8m
TIAA TRUST, NATIONAL ASSOCIATION Reduced -13,439,919-13.4m
Corient Private Wealth LP Reduced -3,663,134-3.7m
Align Financial, LLC Reduced -1,882,878-1.9m
JANE STREET GROUP, LLC Reduced -1,612,723-1.6m
BlackRock, Inc. Reduced -1,508,706-1.5m
NORTHERN TRUST CORP Reduced -749,717-749.7k
BIP Wealth, LLC Sold out -636,346-636.3k
Envestnet Portfolio Solutions, Inc. Reduced -602,341-602.3k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -525,324-525.3k

Biggest calls

CITADEL ADVISORS LLC Added $6.6m132.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $5.2m104.3k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $9.8m197.0k shares
CITADEL ADVISORS LLC Added $6.0m120.4k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.15% of their portfolio NEW YORK, NY 44,720,65344.7m $2.2bn $2.2bn 0.15% Reduced -59.8m -59,830,919
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.18% of their portfolio MILWAUKEE, WI 38,571,55238.6m $1.9bn $1.9bn 1.18% Added +1.9m +1,920,046
3 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 27,925,54027.9m $1.4bn $1.4bn 0.08% Added +2.8m +2,752,797
4 Creative Planning 0.93% of their portfolio OVERLAND PARK, KS 27,532,08827.5m $1.4bn $1.4bn 0.93% Added +2.5m +2,499,613
5 Wealthfront Advisers LLC 2.73% of their portfolio Palo Alto, CA 24,913,75924.9m $1.2bn $1.2bn 2.73% Added +760.2k +760,249
6 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.19% of their portfolio SAN FRANCISCO, CA 24,824,61424.8m $1.2bn $1.2bn 0.19% Added +1.8m +1,826,935
7 RAYMOND JAMES FINANCIAL INC 0.38% of their portfolio ST. PETERSBURG, FL 24,433,77524.4m $1.2bn $1.2bn 0.38% Reduced -180.4k -180,421
8 FMR LLC 0.05% of their portfolio BOSTON, MA 20,319,50920.3m $1.0bn $1.0bn 0.05% Reduced -174.1k -174,122
9 NORTHERN TRUST CORP 0.10% of their portfolio CHICAGO, IL 14,599,76114.6m $728.4m $728.4m 0.10% Reduced -749.7k -749,717
10 WELLS FARGO & COMPANY/MN 0.14% of their portfolio SAN FRANCISCO, CA 14,373,73714.4m $717.1m $717.1m 0.14% Added +885.7k +885,725
11 SEI INVESTMENTS CO 0.65% of their portfolio OAKS, PA 14,164,68914.2m $706.7m $706.7m 0.65% Added +659.3k +659,339
12 TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC 2.44% of their portfolio CHARLOTTE, NC 12,706,86712.7m $633.9m $633.9m 2.44% First filing
13 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 12,650,37512.7m $631.1m $631.1m 0.05% Added +594.1k +594,110
14 MERCER GLOBAL ADVISORS INC /ADV 0.80% of their portfolio DENVER, CO 10,832,37610.8m $540.4m $540.4m 0.80% Added +603.6k +603,571
15 LPL Financial LLC 0.13% of their portfolio FORT MILL, SC 9,638,0509.6m $480.8m $480.8m 0.13% Added +503.0k +503,007
16 JONES FINANCIAL COMPANIES LLLP 0.21% of their portfolio DES PERES, MO 8,880,4338.9m $441.3m $441.3m 0.21% Added +1.9m +1,925,834
17 FRANKLIN RESOURCES INC 0.09% of their portfolio San Mateo, CA 7,223,2227.2m $360.4m $360.4m 0.09% Added +951.1k +951,107
18 Betterment LLC 0.65% of their portfolio NEW YORK, NY 6,930,0296.9m $345.7m $345.7m 0.65% Added +222.1k +222,124
19 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 4.62% of their portfolio MINNEAPOLIS, MN 6,316,7146.3m $315.1m $315.1m 4.62% Added +717.2k +717,204
20 ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio Berwyn, PA 5,402,4985.4m $269.5m $269.5m 0.07% Added +745.8k +745,787
21 Corient Private Wealth LP 0.31% of their portfolio MIAMI, FL 4,482,5894.5m $220.1m $220.1m 0.31% Reduced -3.7m -3,663,134
22 Cerity Partners LLC 0.31% of their portfolio NEW YORK, NY 4,401,8514.4m $219.6m $219.6m 0.31% Added +362.7k +362,662
23 UBS Group AG 0.04% of their portfolio ZURICH, V8 4,345,6534.3m $216.8m $216.8m 0.04% Added +598.3k +598,276
24 Mariner, LLC 0.25% of their portfolio Overland Park, KS 4,267,1504.3m $212.9m $212.9m 0.25% Added +309.4k +309,361
25 RWA WEALTH PARTNERS, LLC 2.32% of their portfolio BOSTON, MA 4,250,8704.3m $212.1m $212.1m 2.32% Added +236.1k +236,121
26 ASPIRIANT, LLC 6.02% of their portfolio San Francisco, CA 4,233,9534.2m $211.2m $211.2m 6.02% Reduced -70.1k -70,098
27 VANGUARD ADVISERS INC 0.75% of their portfolio Malvern, PA 3,852,2093.9m $192.2m $192.2m 0.75% First filing
28 US BANCORP \DE\ 0.21% of their portfolio MINNEAPOLIS, MN 3,492,6123.5m $174.2m $174.2m 0.21% Reduced -16.3k -16,267
29 Orgel Wealth Management, LLC 3.72% of their portfolio ALTOONA, WI 3,465,0553.5m $172.9m $172.9m 3.72% Reduced -91.8k -91,781
30 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 3,311,1603.3m $165.2m $165.2m 0.03% Reduced -91.7k -91,724
31 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 3,198,1323.2m $159.5m $159.5m 0.04% Added +161.5k +161,459
32 Facet Wealth, Inc. 2.28% of their portfolio WEST PALM BEACH, FL 2,638,9882.6m $131.7m $131.7m 2.28% Added +611.4k +611,368
33 HighTower Advisors, LLC 0.14% of their portfolio CHICAGO, IL 2,622,2612.6m $130.8m $130.8m 0.14% Added +75.5k +75,473
34 PNC Financial Services Group, Inc. 0.07% of their portfolio Pittsburgh, PA 2,462,8662.5m $122.9m $122.9m 0.07% Reduced -97.5k -97,485
35 Members Trust Co 4.07% of their portfolio TAMPA, FL 2,453,8612.5m $122.4m $122.4m 4.07% Added +90.2k +90,170
36 Pathstone Holdings, LLC 0.47% of their portfolio ENGLEWOOD, NJ 2,367,4742.4m $118.1m $118.1m 0.47% Added +20.1k +20,115
37 OneDigital Investment Advisors LLC 1.05% of their portfolio OVERLAND PARK, KS 2,153,5552.2m $107.4m $107.4m 1.05% Added +223.2k +223,228
38 SCS Capital Management LLC 1.02% of their portfolio BOSTON, MA 1,930,3651.9m $96.3m $96.3m 1.02% Reduced -15.5k -15,494
39 Prime Capital Investment Advisors, LLC 1.09% of their portfolio OVERLAND PARK, KS 1,896,1331.9m $94.6m $94.6m 1.09% Reduced -15.2k -15,240
40 Sequoia Financial Advisors, LLC 0.52% of their portfolio Akron, OH 1,846,3691.8m $92.1m $92.1m 0.52% Added +140.8k +140,834
41 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,804,8941.8m $90.0m $90.0m 0.02% Added +319.1k +319,117
42 Baird Financial Group, Inc. 0.13% of their portfolio MILWAUKEE, WI 1,707,7961.7m $85.2m $85.2m 0.13% Reduced -53.7k -53,681
43 Savant Capital, LLC 0.39% of their portfolio ROCKFORD, IL 1,615,6811.6m $80.6m $80.6m 0.39% Added +146.3k +146,263
44 OSAIC HOLDINGS, INC. 0.12% of their portfolio SCOTTSDALE, AZ 1,608,5061.6m $80.3m $80.3m 0.12% Reduced -350.5k -350,512
45 Wedmont Private Capital 2.57% of their portfolio WEST CHESTER, PA 1,587,7871.6m $79.6m $79.6m 2.57% Added +265.5k +265,487
46 Lutz Financial Services LLC 5.26% of their portfolio OMAHA, NE 1,569,6631.6m $78.3m $78.3m 5.26% Added +82.9k +82,868
47 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,555,1771.6m $77.6m $77.6m 0.07% Added +69.2k +69,173
48 GeoWealth Management, LLC 2.78% of their portfolio CHICAGO, IL 1,547,0811.5m $77.2m $77.2m 2.78% Added +29.6k +29,598
49 Alvarez & Marsal Private Wealth Partners, LLC 10.01% of their portfolio WEST PALM BEACH, FL 1,428,5181.4m $71.3m $71.3m 10.01% New
50 Composition Wealth, LLC 0.94% of their portfolio LOS ANGELES, CA 1,365,6101.4m $68.1m $68.1m 0.94% Added +1.2m +1,213,245
51 Sanctuary Advisors, LLC 0.37% of their portfolio INDIANAPOLIS, IN 1,361,4671.4m $67.9m $67.9m 0.37% Reduced -70.8k -70,818
52 Forum Financial Management, LP 0.93% of their portfolio LOMBARD, IL 1,319,8571.3m $65.8m $65.8m 0.93% Added +18.7k +18,686
53 Bleakley Financial Group, LLC 1.03% of their portfolio PARSIPPANY, NJ 1,314,7571.3m $65.6m $65.6m 1.03% Added +147.1k +147,129
54 EP Wealth Advisors, LLC 0.32% of their portfolio TORRANCE, CA 1,299,8441.3m $64.8m $64.8m 0.32% Added +399.8k +399,838
55 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.14% of their portfolio PLYMOUTH, MN 1,291,9561.3m $63.3m $63.3m 0.14% Reduced -525.3k -525,324
56 TIAA Wealth Investment Management LLC 0.49% of their portfolio New York, NY 1,277,0721.3m $63.7m $63.7m 0.49% First filing
57 Integrated Wealth Concepts LLC 0.51% of their portfolio WALTHAM, MA 1,273,6641.3m $63.5m $63.5m 0.51% Added +315.8k +315,789
58 BAKER BOYER NATIONAL BANK 17.57% of their portfolio WALLA WALLA, WA 1,172,2021.2m $58.5m $58.5m 17.57% Added +9.4k +9,431
59 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 1,151,6051.2m $57.5m $57.5m 0.06% Added +114.0k +114,033
60 Topsail Wealth Management, LLC 8.10% of their portfolio CHARLOTTE, NC 1,100,7571.1m $54.9m $54.9m 8.10% Reduced -5.2k -5,223
61 Focus Partners Wealth 0.06% of their portfolio ST LOUIS, MO 1,099,1041.1m $54.8m $54.8m 0.06% Added +5.2k +5,173
62 Kestra Investment Management, LLC 0.95% of their portfolio AUSTIN, TX 1,098,7411.1m $54.8m $54.8m 0.95% Added +305.7k +305,687
63 West Financial Advisors, LLC 9.27% of their portfolio DES MOINES, IA 1,094,8451.1m $54.6m $54.6m 9.27% Added +20.8k +20,806
64 GenTrust, LLC 2.23% of their portfolio MIAMI, FL 1,045,6211.0m $52.2m $52.2m 2.23% Added +144.0k +143,951
65 MATHER GROUP, LLC. 0.49% of their portfolio CHICAGO, IL 992,577992.6k $49.5m $49.5m 0.49% Added +49.6k +49,598
66 Beacon Pointe Advisors, LLC 0.26% of their portfolio NEWPORT BEACH, CA 989,502989.5k $49.4m $49.4m 0.26% Added +142.1k +142,073
67 THOMPSON SIEGEL & WALMSLEY LLC 0.86% of their portfolio RICHMOND, VA 973,264973.3k $48.6m $48.6m 0.86% Added +2.7k +2,737
68 Ackerman Capital Advisors, LLC 9.78% of their portfolio DALLAS, TX 957,011957.0k $47.7m $47.7m 9.78% Reduced -23.9k -23,921
69 Texas Capital Bank Wealth Management Services Inc 2.70% of their portfolio Dallas, TX 913,240913.2k $45.6m $45.6m 2.70% Reduced -14.8k -14,775
70 Sunflower Bank, N.A. 11.40% of their portfolio DALLAS, TX 896,240896.2k $44.7m $44.7m 11.40% Added +22.1k +22,074
71 NewEdge Advisors, LLC 0.16% of their portfolio NEW ORLEANS, LA 895,626895.6k $44.7m $44.7m 0.16% Added +20.9k +20,909
72 Beaird Harris Wealth Management, LLC 3.03% of their portfolio DALLAS, TX 894,199894.2k $44.6m $44.6m 3.03% Reduced -4.1k -4,054
73 Foster Group, Inc. 1.32% of their portfolio WEST DES MOINES, IA 885,687885.7k $44.2m $44.2m 1.32% Reduced -6.8k -6,844
74 Allworth Financial LP 0.18% of their portfolio FOLSOM, CA 869,401869.4k $43.4m $43.4m 0.18% Added +62.7k +62,725
75 Heritage Investment Group, Inc. 6.56% of their portfolio POMPANO BEACH, FL 868,264868.3k $43.3m $43.3m 6.56% Added +31.2k +31,243
76 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 866,033866.0k $43.2m $43.2m 0.06% Added +104.8k +104,839
77 One Capital Management, LLC 1.16% of their portfolio WESTLAKE VILLAGE, CA 845,847845.8k $42.2m $42.2m 1.16% Added +36.2k +36,204
78 Financial Engines Advisors L.L.C. 0.09% of their portfolio SANTA CLARA, CA 842,572842.6k $42.0m $42.0m 0.09% Reduced -1.8k -1,827
79 MML INVESTORS SERVICES, LLC 0.11% of their portfolio SPRINGFIELD, MA 824,157824.2k $41.1m $41.1m 0.11% Reduced -153.0k -153,028
80 JFS WEALTH ADVISORS, LLC 2.26% of their portfolio HERMITAGE, PA 811,204811.2k $40.5m $40.5m 2.26% Added +22.0k +22,041
81 NICOLET BANKSHARES INC 1.48% of their portfolio GREEN BAY, WI 801,648801.6k $40.0m $40.0m 1.48% New
82 M&T Bank Corp 0.14% of their portfolio BUFFALO, NY 796,708796.7k $39.7m $39.7m 0.14% Added +3.1k +3,117
83 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 777,821777.8k $38.8m $38.8m 0.05% Reduced -213.7k -213,711
84 Global Strategic Investment Solutions, LLC 3.78% of their portfolio Scottsdale, AZ 770,917770.9k $38.5m $38.5m 3.78% Added +78.8k +78,827
85 Fort Point Capital Partners LLC 4.92% of their portfolio San Francisco, CA 751,234751.2k $37.5m $37.5m 4.92% Reduced -284.4k -284,414
86 EVERGREEN CAPITAL MANAGEMENT LLC 0.81% of their portfolio Bellevue, WA 745,522745.5k $37.2m $37.2m 0.81% Reduced -96 -96
87 OLD NATIONAL BANCORP /IN/ 0.61% of their portfolio EVANSVILLE, IN 733,944733.9k $36.6m $36.6m 0.61% Added +138.1k +138,133
88 Lexington Hill Partners, LLC 20.37% of their portfolio DALLAS, TX 721,059721.1k $36.0m $36.0m 20.37% Added +325.3k +325,271
89 MBB PUBLIC MARKETS I LLC 4.29% of their portfolio CHICAGO, IL 718,533718.5k $35.8m $35.8m 4.29% Added +160.2k +160,200
90 Crestwood Advisors Group, LLC 0.60% of their portfolio BOSTON, MA 715,114715.1k $35.7m $35.7m 0.60% Reduced -125.3k -125,266
91 Waldron Private Wealth LLC 1.38% of their portfolio BRIDGEVILLE, PA 707,563707.6k $35.3m $35.3m 1.38% Reduced -16.6k -16,575
92 Avidian Wealth Enterprises, LLC 1.12% of their portfolio Houston, TX 705,710705.7k $35.2m $35.2m 1.12% Added +341.5k +341,469
93 Bedel Financial Consulting, Inc. 4.04% of their portfolio INDIANAPOLIS, IN 703,776703.8k $35.1m $35.1m 4.04% Added +11.9k +11,880
94 Jordan Park Group LLC 1.87% of their portfolio SAN FRANCISCO, CA 703,253703.3k $35.1m $35.1m 1.87% Added +120.3k +120,323
95 Resonant Capital Advisors, LLC 1.84% of their portfolio Madison, WI 702,048702.0k $35.0m $35.0m 1.84% Added +2.1k +2,056
96 Gleason Group, Inc. 3.44% of their portfolio PROSPECT, KY 695,356695.4k $34.7m $34.7m 3.44% Added +66.0k +65,977
97 Wealthspire Advisors, LLC 0.26% of their portfolio NEW YORK, NY 675,736675.7k $33.7m $33.7m 0.26% Reduced -11.7k -11,723
98 Allen Investment Management, LLC 0.42% of their portfolio NEW YORK, NY 673,326673.3k $33.6m $33.6m 0.42% Unchanged
99 Waverly Advisors, LLC 0.24% of their portfolio BIRMINGHAM, AL 653,649653.6k $32.6m $32.6m 0.24% Added +51.6k +51,593
100 Bragg Financial Advisors, Inc 1.03% of their portfolio CHARLOTTE, NC 652,691652.7k $32.6m $32.6m 1.03% Added +36.6k +36,641