VANGUARD MUN BD FDS

Ticker: VSDM CUSIP: 922907696 Class: SHORT TAX EXEMPT

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (28)

S.A. Mason LLC
Value ($000) $6,390 Shares 83,578
MASTER'S WEALTH MANAGEMENT INC.
Value ($000) $3,274 Shares 42,826
MOSAIC FAMILY WEALTH PARTNERS, LLC
Value ($000) $3,250 Shares 42,505
Quantum Financial Planning Services, Inc.
Value ($000) $576 Shares 7,532
Aprio Wealth Management, LLC
Value ($000) $2,060 Shares 26,945
Sugar Maple Asset Management, LLC
Value ($000) $230 Shares 3,008
New England Private Wealth Advisors LLC
Value ($000) $641 Shares 8,385
Stonebridge Financial Group, LLC
Value ($000) $789 Shares 10,318
American Investment Services, Inc.
Value ($000) $317 Shares 4,149
Dakota Wealth Management
Value ($000) $2,648 Shares 34,639
Strategic Investment Solutions, Inc. /IL
Value ($000) $251 Shares 3,285
Soltis Investment Advisors LLC
Value ($000) $298 Shares 3,893
Bryn Mawr Capital Management, LLC
Value ($000) $250 Shares 3,269
Root Financial Partners, LLC
Value ($000) $210 Shares 2,745
Ascent Group, LLC
Value ($000) $251 Shares 3,279
TRUIST FINANCIAL CORP
Value ($000) $2,782 Shares 36,386
Vise Technologies, Inc.
Value ($000) $210 Shares 2,745
Waverly Advisors, LLC
Value ($000) $399 Shares 5,225
NBC SECURITIES, INC.
Value ($000) $75 Shares 982
BRYN MAWR TRUST Co
Value ($000) $165 Shares 2,158

Increased Positions (26)

Keystone Financial Group, Inc.
Value ($000) $6,837 (+52.4%) Shares 89,432 (+52.9%)
Capital Investment Services of America, Inc.
Value ($000) $18,175 (+49.5%) Shares 237,731 (+50.0%)
MFA Wealth Services
Value ($000) $1,124 (+88.8%) Shares 14,697 (+89.4%)
Rialto Wealth Management, LLC
Value ($000) $2,309 (+139.8%) Shares 30,199 (+140.6%)
Opus Capital Group, LLC
Value ($000) $8 (+30.3%) Shares 108,239 (+30.7%)
CGN Advisors LLC
Value ($000) $7,462 (+18.4%) Shares 97,602 (+18.7%)
Harbor Group, Inc.
Value ($000) $1,043 (+35.2%) Shares 13,639 (+35.6%)
Baker Ellis Asset Management LLC
Value ($000) $1,177 (+31.2%) Shares 15,400 (+31.6%)
Breakwater Capital Group
Value ($000) $989 (+24.8%) Shares 12,931 (+25.2%)
Gutierrez Wealth Advisory, LLC
Value ($000) $363 (+12.6%) Shares 4,750 (+12.9%)
Kelman-Lazarov, Inc.
Value ($000) $784 (+21.7%) Shares 10,254 (+22.1%)
Elequin Capital, LP
Value ($000) $1,101 (+22.7%) Shares 14,399 (+23.1%)
Burton Enright Welch
Value ($000) $1,124 (+7.7%) Shares 14,697 (+8.0%)
Greenwich Wealth Management LLC
Value ($000) $3 (+26.5%) Shares 35,993 (+26.9%)
Topsail Wealth Management, LLC
Value ($000) $2,457 (+0.8%) Shares 32,136 (+1.1%)
BOSTON FAMILY OFFICE LLC
Value ($000) $1 (+58.5%) Shares 14,989 (+59.0%)
JANE STREET GROUP, LLC
Value ($000) $5,067 (+384.8%) Shares 66,274 (+386.4%)
Essex Financial Services, Inc.
Value ($000) $1,110 (+8.4%) Shares 14,515 (+8.8%)
Financial Engines Advisors L.L.C.
Value ($000) $598 (+42.5%) Shares 7,822 (+42.9%)
COMMONWEALTH EQUITY SERVICES, LLC
Value ($000) $2,250 (+113092.7%) Shares 29,434 (+13.6%)

Decreased Positions (3)

Verum Partners LLC
Value ($000) $1,471 (-91.5%) Shares 19,235 (-91.4%)
Wayfinding Financial, LLC
Value ($000) $0 (-72.7%) Shares 5,505 (-72.6%)
DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC
Value ($000) $0 (-65.7%) Shares 3,400 (-65.7%)

Exited Positions (6)

von Borstel & Associates, Inc.
Value ($000) $3 Shares 34,313
Belpointe Asset Management LLC
Value ($000) $266 Shares 3,470
Integrated Wealth Concepts LLC
Value ($000) $665 Shares 8,665
J.W. COLE ADVISORS, INC.
Value ($000) $206 Shares 2,680
World Investment Advisors
Value ($000) $228 Shares 2,967
HARBOUR INVESTMENTS, INC.
Value ($000) $68 Shares 884