VANGUARD MUNICIPAL BOND FUNDS - VCRM
Detailed investor-level table based on 13F positions.
Early Q1 2026 data: only 1 institutional holders reported so far. The full shareholder list will grow as more funds file with the SEC.
Methodology:
Market value and % of portfolio use SEC reported VALUE ($000).
For PUT/CALL positions this reflects reported underlying exposure, not premium cash paid/received.
Details.
Rows: 0
| Investor | History | Status | Shares held | Market value ($000) | % of portfolio | Previous % | Rank | Change in shares | % change in shares | Source | Date reported |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aprio Wealth Management, LLC | History | New | 578,963 | 43,752 | 2.51% | — | 1 | +578,963 | New | Q4 2025 | Jan 29, 2026 |
| Karpus Management, Inc. | History | Added to | 554,144 | 41,876 | 1.29% | 1.27% | 2 | +20,677 | 3.88% | Q4 2025 | Feb 17, 2026 |
| Verum Partners LLC | History | Added to | 480,051 | 36,277 | 7.31% | 2.92% | 3 | +297,513 | 162.99% | Q4 2025 | Jan 14, 2026 |
| HBK Sorce Advisory LLC | History | Added to | 337,934 | 25,716 | 0.59% | 0.28% | 4 | +189,764 | 128.07% | Q4 2025 | Feb 09, 2026 |
| Mills Wealth Advisors LLC | History | Added to | 337,461 | 25,501 | 10.06% | 9.16% | 5 | +38,126 | 12.74% | Q4 2025 | Jan 27, 2026 |
| Topsail Wealth Management, LLC | History | Added to | 326,854 | 24,700 | 3.62% | 2.55% | 6 | +126,850 | 63.42% | Q4 2025 | Feb 04, 2026 |
| JANE STREET GROUP, LLC | History | Added to | 266,234 | 20,119 | 0.0% | 0.0% | 7 | +93,978 | 54.56% | Q4 2025 | Feb 12, 2026 |
| San Luis Wealth Advisors LLC | History | Added to | 239,055 | 18,065 | 3.03% | 2.97% | 8 | +19,873 | 9.07% | Q4 2025 | Jan 26, 2026 |
| Opus Capital Group, LLC | History | Added to | 223,270 | 16,873 | 1.83% | 1.49% | 9 | +47,068 | 26.71% | Q4 2025 | Jan 30, 2026 |
| Confluence Wealth Services, Inc. | History | New | 218,146 | 16,485 | 0.68% | — | 10 | +218,146 | New | Q4 2025 | Jan 28, 2026 |
| MB, LEVIS & ASSOCIATES, LLC | History | Added to | 180,323 | 13,626 | 5.74% | 5.49% | 11 | +11,823 | 7.02% | Q4 2025 | Jan 14, 2026 |
| CGN Advisors LLC | History | Added to | 172,709 | 13,051 | 1.03% | 1.0% | 12 | +11,197 | 6.93% | Q4 2025 | Jan 05, 2026 |
| JPMORGAN CHASE & CO | History | Reduced | 152,149 | 11,497 | 0.0% | 0.0% | 13 | -73,720 | -32.64% | Q4 2025 | Feb 11, 2026 |
| TAGStone Capital, Inc. | History | Added to | 103,827 | 7,846 | 2.92% | 2.85% | 14 | +8,375 | 8.77% | Q4 2025 | Feb 10, 2026 |
| Focus Partners Wealth | History | New | 97,821 | 7,392 | 0.01% | — | 15 | +97,821 | New | Q4 2025 | Feb 13, 2026 |
| Verus Financial Partners, Inc. | History | Added to | 89,701 | 6,815 | 0.63% | 0.56% | 16 | +12,105 | 15.6% | Q4 2025 | Feb 02, 2026 |
| Blume Capital Management, Inc. | History | Reduced | 84,015 | 6,349 | 1.16% | 1.2% | 17 | -100 | -0.12% | Q4 2025 | Feb 05, 2026 |
| Physician Wealth Advisors, Inc. | History | Added to | 81,481 | 6,157 | 0.86% | 0.71% | 18 | +15,182 | 22.9% | Q4 2025 | Jan 29, 2026 |
| Physician Wealth Solutions Inc. | History | Added to | 75,204 | 5,683 | 2.41% | 2.3% | 19 | +5,067 | 7.22% | Q4 2025 | Jan 12, 2026 |
| Waverly Advisors, LLC | History | Added to | 66,213 | 5,003 | 0.04% | 0.05% | 20 | +2,944 | 4.65% | Q4 2025 | Feb 17, 2026 |
| Tilson Financial Group, Inc. | History | New | 56,518 | 4,271 | 1.31% | — | 21 | +56,518 | New | Q4 2025 | Feb 05, 2026 |
| Greenwich Wealth Management LLC | History | Added to | 56,227 | 4,249 | 0.19% | 0.17% | 22 | +11,235 | 24.97% | Q4 2025 | Feb 10, 2026 |
| Gutierrez Wealth Advisory, LLC | History | Added to | 54,837 | 4,144 | 2.6% | 2.61% | 23 | +536 | 0.99% | Q4 2025 | Feb 06, 2026 |
| SMITHBRIDGE ASSET MANAGEMENT INC/DE | History | Added to | 49,934 | 3,773 | 0.32% | 0.27% | 24 | +25,567 | 104.92% | Q4 2025 | Feb 11, 2026 |
| Rehmann Capital Advisory Group | History | Added to | 46,920 | 3,610 | 0.19% | 0.18% | 25 | +3,848 | 8.93% | Q4 2025 | Mar 04, 2026 |
| Advyzon Investment Management, LLC | History | Reduced | 46,767 | 3,534 | 0.41% | 0.6% | 26 | -64 | -0.14% | Q4 2025 | Feb 13, 2026 |
| Balanced Rock Investment Advisors LLC | History | Added to | 46,058 | 3,480 | 2.47% | 2.16% | 27 | +6,768 | 17.23% | Q4 2025 | Feb 13, 2026 |
| S.A. Mason LLC | History | New | 45,858 | 3,465 | 1.37% | — | 28 | +45,858 | New | Q4 2025 | Jan 29, 2026 |
| Kelman-Lazarov, Inc. | History | Added to | 41,252 | 3,117 | 0.45% | 0.42% | 29 | +3,884 | 10.39% | Q4 2025 | Jan 26, 2026 |
| Tower Research Capital LLC (TRC) | History | New | 38,172 | 2,884 | 0.07% | — | 30 | +38,172 | New | Q4 2025 | Feb 17, 2026 |
| Brio Consultants, LLC | History | Added to | 37,978 | 2,870 | 0.37% | 0.34% | 31 | +4,891 | 14.78% | Q4 2025 | Feb 04, 2026 |
| Elequin Capital, LP | History | Reduced | 35,296 | 2,667 | 0.2% | 0.17% | 32 | -6,470 | -15.49% | Q4 2025 | Feb 17, 2026 |
| GOLDMAN SACHS GROUP INC | History | Added to | 34,720 | 2,623 | 0.0% | 0.0% | 33 | +9,015 | 35.07% | Q4 2025 | Mar 25, 2026 |
| Keystone Financial Group, Inc. | History | Added to | 31,990 | 2,417 | 1.27% | 0.98% | 34 | +8,788 | 37.88% | Q4 2025 | Jan 16, 2026 |
| EQ WEALTH ADVISORS, LLC | History | New | 31,191 | 2,357 | 1.39% | — | 35 | +31,191 | New | Q4 2025 | Feb 02, 2026 |
| NWM ADVISORS, LLC | History | New | 30,695 | 2,319 | 2.02% | — | 36 | +30,695 | New | Q4 2025 | Feb 04, 2026 |
| TFO Wealth Partners, LLC | History | Added to | 29,732 | 2,246 | 0.34% | 0.16% | 37 | +16,392 | 122.88% | Q4 2025 | Feb 05, 2026 |
| LPL Financial LLC | History | Added to | 28,834 | 2,179 | 0.0% | 0.0% | 38 | +15,179 | 111.16% | Q4 2025 | Feb 11, 2026 |
| Sunpointe, LLC | History | Added to | 27,516 | 2,079 | 0.69% | 0.5% | 39 | +9,216 | 50.36% | Q4 2025 | Jan 23, 2026 |
| THRIVENT FINANCIAL FOR LUTHERANS | History | Reduced | 26,366 | 1,992 | 0.0% | 0.01% | 40 | -74,606 | -73.89% | Q4 2025 | Feb 05, 2026 |
| Capital Investment Services of America, Inc. | History | Added to | 26,140 | 1,975 | 0.19% | 0.12% | 41 | +8,840 | 51.1% | Q4 2025 | Jan 29, 2026 |
| CRA Financial Services, LLC | History | No change | 24,885 | 1,880 | 0.25% | 0.26% | 42 | 0 | 0.0% | Q4 2025 | Jan 16, 2026 |
| TRUIST FINANCIAL CORP | History | Added to | 24,575 | 1,857 | 0.0% | 0.0% | 43 | +4,327 | 21.37% | Q4 2025 | Feb 02, 2026 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | History | Added to | 20,422 | 1,543 | 0.0% | 0.0% | 44 | +17,472 | 592.27% | Q4 2025 | Feb 17, 2026 |
| NewEdge Advisors, LLC | History | Added to | 20,421 | 1,543 | 0.01% | 0.0% | 45 | +10,921 | 114.96% | Q4 2025 | Feb 18, 2026 |
| Burton Enright Welch | History | Added to | 18,807 | 1,421 | 0.2% | 0.21% | 46 | +443 | 2.41% | Q4 2025 | Feb 13, 2026 |
| SEVEN MILE ADVISORY | History | New | 18,381 | 1,389 | 0.24% | — | 47 | +18,381 | New | Q4 2025 | Feb 13, 2026 |
| Valeo Financial Advisors, LLC | History | Added to | 18,201 | 1,375 | 0.03% | 0.01% | 48 | +14,550 | 398.52% | Q4 2025 | Feb 04, 2026 |
| SJS Investment Consulting Inc. | History | Added to | 17,723 | 1,339 | 0.17% | 0.18% | 49 | +195 | 1.11% | Q4 2025 | Jan 21, 2026 |
| Cerity Partners LLC | History | New | 16,819 | 1,271 | 0.0% | — | 50 | +16,819 | New | Q4 2025 | Feb 11, 2026 |
| AWM CAPITAL, LLC | History | New | 15,761 | 1,191 | 0.11% | — | 51 | +15,761 | New | Q4 2025 | Feb 17, 2026 |
| OLD MISSION CAPITAL LLC | History | Reduced | 15,745 | 1,189 | 0.03% | 0.12% | 52 | -65,165 | -80.54% | Q4 2025 | Feb 17, 2026 |
| NavPoint Financial, Inc. | History | Added to | 15,063 | 1,138 | 0.49% | 0.37% | 53 | +5,589 | 58.99% | Q4 2025 | Jan 20, 2026 |
| BOSTON FAMILY OFFICE LLC | History | New | 14,829 | 1,121 | 0.07% | — | 54 | +14,829 | New | Q4 2025 | Feb 13, 2026 |
| Galvin, Gaustad & Stein, LLC | History | Added to | 13,431 | 1,014 | 0.08% | 0.06% | 55 | +2,892 | 27.44% | Q4 2025 | Jan 23, 2026 |
| L.K. Benson & Company, P.C. | History | Added to | 13,395 | 1,012 | 0.51% | 0.53% | 56 | +249 | 1.89% | Q4 2025 | Feb 06, 2026 |
| ENVESTNET ASSET MANAGEMENT INC | History | Reduced | 13,327 | 1,007 | 0.0% | 0.0% | 57 | -29,960 | -69.21% | Q4 2025 | Feb 10, 2026 |
| Sprinkle Financial Consultants LLC | History | New | 13,231 | 999 | 0.51% | — | 58 | +13,231 | New | Q4 2025 | Jan 08, 2026 |
| HUB Investment Partners, LLC | History | Added to | 11,646 | 880 | 0.02% | 0.03% | 59 | +593 | 5.37% | Q4 2025 | Feb 17, 2026 |
| ABLE Financial Group, LLC | History | Added to | 11,560 | 873 | 0.18% | 0.17% | 60 | +914 | 8.59% | Q4 2025 | Jan 23, 2026 |
| D'Orazio & Associates, Inc. | History | New | 11,365 | 858 | 0.11% | — | 61 | +11,365 | New | Q4 2025 | Feb 04, 2026 |
| North Star Investment Management Corp. | History | Added to | 11,048 | 834 | 0.05% | 0.0% | 62 | +10,221 | 1235.91% | Q4 2025 | Jan 30, 2026 |
| WEBSTERROGERS FINANCIAL ADVISORS, LLC | History | Added to | 10,649 | 804 | 0.23% | 0.1% | 63 | +6,107 | 134.46% | Q4 2025 | Jan 08, 2026 |
| VOISARD ASSET MANAGEMENT GROUP, INC. | History | New | 9,775 | 738 | 0.16% | — | 64 | +9,775 | New | Q4 2025 | Jan 20, 2026 |
| Main Street Financial Solutions, LLC | History | Added to | 9,761 | 737 | 0.06% | 0.03% | 65 | +3,956 | 68.15% | Q4 2025 | Feb 17, 2026 |
| JONES FINANCIAL COMPANIES LLLP | History | New | 9,507 | 718 | 0.0% | — | 66 | +9,507 | New | Q4 2025 | Feb 17, 2026 |
| Lynch Investment Planning, LLC | History | New | 9,440 | 713 | 0.68% | — | 67 | +9,440 | New | Q4 2025 | Feb 24, 2026 |
| COMMONWEALTH EQUITY SERVICES, LLC | History | New | 9,265 | 700 | 0.0% | — | 68 | +9,265 | New | Q4 2025 | Feb 12, 2026 |
| Breakwater Capital Group | History | Added to | 9,247 | 698 | 0.1% | 0.09% | 69 | +689 | 8.05% | Q4 2025 | Jan 09, 2026 |
| Traub Capital Management LLC | History | Added to | 9,045 | 683 | 0.66% | 0.46% | 70 | +2,900 | 47.19% | Q4 2025 | Jan 29, 2026 |
| Dakota Wealth Management | History | New | 8,800 | 665 | 0.01% | — | 71 | +8,800 | New | Q4 2025 | Jan 13, 2026 |
| Inspire Advisors, LLC | History | New | 8,416 | 635 | 0.06% | — | 72 | +8,416 | New | Q4 2025 | Feb 13, 2026 |
| Bernardo Wealth Planning LLC | History | Added to | 8,196 | 619 | 0.12% | 0.04% | 73 | +5,143 | 168.46% | Q4 2025 | Jan 26, 2026 |
| FLOW TRADERS U.S. LLC | History | Reduced | 7,976 | 603 | 0.02% | 0.03% | 74 | -1,755 | -18.04% | Q4 2025 | Feb 13, 2026 |
| Bridgewealth Advisory Group, LLC | History | Added to | 6,840 | 516 | 0.11% | 0.07% | 75 | +2,550 | 59.44% | Q4 2025 | Feb 04, 2026 |
| &PARTNERS | History | New | 6,705 | 506 | 0.0% | — | 76 | +6,705 | New | Q4 2025 | Feb 17, 2026 |
| Prentice Wealth Management LLC | History | New | 6,635 | 501 | 0.11% | — | 77 | +6,635 | New | Q4 2025 | Jan 30, 2026 |
| Oak Wealth Advisors LLC | History | New | 6,465 | 488 | 0.28% | — | 78 | +6,465 | New | Q4 2025 | Feb 11, 2026 |
| Landmark Wealth Management, LLC | History | New | 6,405 | 484 | 0.19% | — | 79 | +6,405 | New | Q4 2025 | Feb 05, 2026 |
| Wayfinding Financial, LLC | History | Reduced | 6,031 | 455 | 0.19% | 1.53% | 80 | -41,300 | -87.26% | Q4 2025 | Feb 12, 2026 |
| Evanson Asset Management, LLC | History | No change | 5,572 | 421 | 0.02% | 0.02% | 81 | 0 | 0.0% | Q4 2025 | Jan 12, 2026 |
| TPG Advisors LLC | History | Added to | 5,194 | 392 | 0.24% | 0.25% | 82 | +211 | 4.23% | Q4 2025 | Jan 21, 2026 |
| PENNSYLVANIA CAPITAL MANAGEMENT INC /ADV | History | New | 5,128 | 387 | 0.11% | — | 83 | +5,128 | New | Q4 2025 | Jan 26, 2026 |
| Wilmington Savings Fund Society, FSB | History | New | 5,078 | 383 | 0.01% | — | 84 | +5,078 | New | Q4 2025 | Feb 12, 2026 |
| Cypress Point Wealth Management, LLC | History | New | 4,550 | 343 | 0.07% | — | 85 | +4,550 | New | Q4 2025 | Feb 02, 2026 |
| PERRYMAN FINANCIAL ADVISORY INC /AD | History | New | 4,527 | 342 | 0.05% | — | 86 | +4,527 | New | Q4 2025 | Feb 13, 2026 |
| SHUFRO ROSE & CO LLC | History | Added to | 4,456 | 336 | 0.02% | 0.02% | 87 | +940 | 26.73% | Q4 2025 | Feb 09, 2026 |
| Retirement Planning Group, LLC | History | Added to | 4,336 | 327 | 0.01% | 0.01% | 88 | +1,035 | 31.35% | Q4 2025 | Feb 03, 2026 |
| Sequoia Financial Advisors, LLC | History | New | 4,185 | 316 | 0.0% | — | 89 | +4,185 | New | Q4 2025 | Feb 03, 2026 |
| HARBOUR INVESTMENTS, INC. | History | No change | 4,055 | 306 | 0.01% | 0.01% | 90 | 0 | 0.0% | Q4 2025 | Feb 09, 2026 |
| OSAIC HOLDINGS, INC. | History | Added to | 4,041 | 305 | 0.0% | 0.0% | 91 | +264 | 6.99% | Q4 2025 | Feb 17, 2026 |
| Essex Financial Services, Inc. | History | Added to | 4,035 | 304 | 0.02% | 0.02% | 92 | +65 | 1.64% | Q4 2025 | Feb 10, 2026 |
| Sowell Financial Services LLC | History | New | 4,000 | 302 | 0.01% | — | 93 | +4,000 | New | Q4 2025 | Jan 21, 2026 |
| Commonwealth Retirement Investments LLC | History | Reduced | 4,000 | 302 | 0.1% | 0.14% | 94 | -1,500 | -27.27% | Q4 2025 | Feb 11, 2026 |
| Global Wealth Management, LLC | History | New | 3,891 | 294 | 0.16% | — | 95 | +3,891 | New | Q4 2025 | Jan 26, 2026 |
| Vise Technologies, Inc. | History | New | 3,822 | 288 | 0.01% | — | 96 | +3,822 | New | Q4 2025 | Feb 11, 2026 |
| Cambridge Investment Research Advisors, Inc. | History | Added to | 3,543 | 268 | 0.0% | 0.0% | 97 | +305 | 9.42% | Q4 2025 | Feb 05, 2026 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | History | New | 3,444 | 261 | 0.0% | — | 98 | +3,444 | New | Q4 2025 | Jan 08, 2026 |
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC | History | No change | 3,400 | 257 | 0.01% | 0.01% | 99 | 0 | 0.0% | Q4 2025 | Jan 27, 2026 |
| HighTower Advisors, LLC | History | New | 3,400 | 256 | 0.0% | — | 100 | +3,400 | New | Q4 2025 | Feb 06, 2026 |
| Lakewood Asset Management LLC | History | New | 3,373 | 254 | 0.15% | — | 101 | +3,373 | New | Q4 2025 | Jan 26, 2026 |
| Swisher Financial Concepts, Inc. | History | New | 3,310 | 250 | 0.14% | — | 102 | +3,310 | New | Q4 2025 | Feb 10, 2026 |
| Bryn Mawr Trust Advisors, LLC | History | New | 3,293 | 248 | 0.01% | — | 103 | +3,293 | New | Q4 2025 | Feb 04, 2026 |
| Sterling Investment Advisors, Ltd. | History | No change | 3,265 | 246 | 0.05% | 0.05% | 104 | 0 | 0.0% | Q4 2025 | Feb 09, 2026 |
| FLAGSHIP HARBOR ADVISORS, LLC | History | New | 2,900 | 219 | 0.01% | — | 105 | +2,900 | New | Q4 2025 | Jan 21, 2026 |
| Diversify Advisory Services, LLC | History | New | 2,831 | 215 | 0.01% | — | 106 | +2,831 | New | Q4 2025 | Jan 23, 2026 |
| Next Level Wealth Planning, LLC | History | Added to | 2,785 | 210 | 0.11% | 0.11% | 107 | +119 | 4.46% | Q4 2025 | Jan 26, 2026 |
| Private Wealth Asset Management, LLC | History | New | 2,425 | 183 | 0.02% | — | 108 | +2,425 | New | Q4 2025 | Feb 10, 2026 |
| Kestra Advisory Services, LLC | History | New | 2,017 | 152 | 0.0% | — | 109 | +2,017 | New | Q4 2025 | Feb 13, 2026 |
| Gould Capital, LLC | History | New | 1,650 | 124 | 0.08% | — | 110 | +1,650 | New | Q4 2025 | Feb 13, 2026 |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | History | New | 1,438 | 108 | 0.0% | — | 111 | +1,438 | New | Q4 2025 | Feb 10, 2026 |
| Capital Advisors, Ltd. LLC | History | New | 800 | 60 | 0.01% | — | 112 | +800 | New | Q4 2025 | Jan 21, 2026 |
| Trust Co | History | New | 474 | 35 | 0.0% | — | 113 | +474 | New | Q4 2025 | Jan 15, 2026 |
| MORGAN STANLEY | History | New | 348 | 26 | 0.0% | — | 114 | +348 | New | Q4 2025 | Feb 13, 2026 |
| Breakwater Investment Management | History | No change | 271 | 20 | 0.01% | 0.01% | 115 | 0 | 0.0% | Q4 2025 | Feb 02, 2026 |
| FRANKLIN RESOURCES INC | History | No change | 70 | 5 | 0.0% | 0.0% | 116 | 0 | 0.0% | Q4 2025 | Feb 11, 2026 |
| von Borstel & Associates, Inc. | History | Closed out | 0 | 0 | — | 0.43% | — | -37,192 | -100.0% | Q3 2025 | Nov 14, 2025 |
| Integrated Wealth Concepts LLC | History | Closed out | 0 | 0 | — | 0.01% | — | -14,249 | -100.0% | Q3 2025 | Nov 14, 2025 |
| SAXON INTERESTS, INC. | History | Closed out | 0 | 0 | — | 0.1% | — | -3,479 | -100.0% | Q3 2025 | Nov 03, 2025 |
| MFA Wealth Services | History | Closed out | 0 | 0 | — | 0.18% | — | -3,381 | -100.0% | Q3 2025 | Nov 14, 2025 |
| McIlrath & Eck, LLC | History | Closed out | 0 | 0 | — | 0.0% | — | -284 | -100.0% | Q3 2025 | Oct 22, 2025 |
| WELLS FARGO & COMPANY/MN | History | No change | 1 | 0 | — | — | — | 0 | 0.0% | Q4 2025 | Feb 13, 2026 |