VANGUARD MUN BD FDS

Ticker: VTEL CUSIP: 922907688 Class: LONG TERM TAX EX

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (9)

True Wealth Design, LLC
Value ($000) $210 Shares 2,025
Sowell Financial Services LLC
Value ($000) $311 Shares 3,000
OSAIC HOLDINGS, INC.
Value ($000) $1,201 Shares 11,591
BANK OF AMERICA CORP /DE/
Value ($000) $1,330 Shares 12,837
Global Retirement Partners, LLC
Value ($000) $147 Shares 1,419
CITADEL ADVISORS LLC
Value ($000) $364 Shares 3,516
RAYMOND JAMES FINANCIAL INC
Value ($000) $344 Shares 3,323
COMMONWEALTH EQUITY SERVICES, LLC
Value ($000) $219 Shares 2,118
Farther Finance Advisors, LLC
Value ($000) $52 Shares 505

Increased Positions (5)

Ashton Thomas Private Wealth, LLC
Value ($000) $2,986 (+46.3%) Shares 28,813 (+45.2%)
OLD MISSION CAPITAL LLC
Value ($000) $2,323 (+80.7%) Shares 22,418 (+79.3%)
HighTower Advisors, LLC
Value ($000) $15,182 (+243.6%) Shares 146,503 (+241.0%)
JANE STREET GROUP, LLC
Value ($000) $12,403 (+188.6%) Shares 119,687 (+186.4%)
Janney Montgomery Scott LLC
Value ($000) $11 (+2.4%) Shares 110,183 (+1.7%)

Exited Positions (3)

Elequin Capital, LP
Value ($000) $540 Shares 5,249
Quantinno Capital Management LP
Value ($000) $495 Shares 4,808
Advisory Services Network, LLC
Value ($000) $51 Shares 500