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VANGUARD MUN BD FDS
VANGUARD MUN BD FDS. Institutional holdings reported to the SEC.

Institutional Holders (2016Q3)
Portfolio Summary: 58 Institutional holders with a total value of $196,333,000.
#
Manager Name
Shares
Value ($)
%
Options
Notes
1 Charles Schwab Investment Advisory, Inc. 1,330,531 69,454,000 35.38%
2 BANK OF AMERICA CORP /DE/ 469,420 24,504,000 12.48%
3 SARGENT BICKHAM LAGUDIS LLC 4,900 16,761,000 8.54%
4 BRINKER CAPITAL INC 210,303 10,978,000 5.59%
5 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 191,998 10,022,000 5.10% PRN
6 WELLS FARGO & COMPANY/MN 128,704 6,719,000 3.42%
7 UBS Group AG 122,398 6,389,000 3.25%
8 CARDAN CAPITAL PARTNERS, LLC 98,578 5,146,000 2.62%
9 OGOREK ANTHONY JOSEPH /NY/ /ADV 82,153 4,288,000 2.18%
10 FDx Advisors, Inc. 57,409 2,997,000 1.53%
11 RAYMOND JAMES & ASSOCIATES 47,745 2,492,000 1.27%
12 CITIGROUP INC 46,512 2,428,000 1.24%
13 Capital Investment Services of America, Inc. 46,200 2,412,000 1.23%
14 LPL Financial LLC 43,931 2,286,000 1.16%
15 ENVESTNET ASSET MANAGEMENT INC 34,716 1,812,000 0.92%
16 NAPLES GLOBAL ADVISORS, LLC 33,680 1,758,000 0.90%
17 Eagle Ridge Investment Management 33,515 1,749,000 0.89%
18 Sequoia Financial Advisors, LLC 33,238 1,735,000 0.88%
19 BB&T SECURITIES, LLC 32,707 1,707,000 0.87%
20 Commonwealth Equity Services, Inc 30,678 1,601,000 0.82%
21 BAIRD FINANCIAL GROUP, INC. 29,139 1,521,000 0.77%
22 Private Advisor Group, LLC 26,339 1,370,000 0.70%
23 ROYAL BANK OF CANADA 25,191 1,314,000 0.67%
24 LADENBURG THALMANN FINANCIAL SERVICES INC. 22,244 1,161,000 0.59%
25 ACR Alpine Capital Research, LLC 21,596 1,127,000 0.57%
26 JANE STREET GROUP, LLC 20,916 1,092,000 0.56%
27 ALESCO ADVISORS LLC 20,000 1,044,000 0.53%
28 Creative Planning 16,924 883,000 0.45%
29 PHILLIPS FINANCIAL MANAGEMENT, LLC 16,562 856,000 0.44%
30 FOSTER & MOTLEY INC 16,031 837,000 0.43%
31 Bartlett & Co. LLC 14,430 753,000 0.38%
32 UNITED CAPITAL FINANCIAL ADVISORS, LLC 14,362 750,000 0.38%
33 NewSquare Capital LLC 12,708 663,000 0.34%
34 Cambridge Investment Research Advisors, Inc. 12,635 660,000 0.34%
35 Virtu KCG Holdings LLC 12,420 648,000 0.33%
36 Cetera Advisors LLC 11,132 584,000 0.30%
37 CHATHAM CAPITAL GROUP, INC. 10,625 555,000 0.28%
38 AMI INVESTMENT MANAGEMENT INC 9,594 501,000 0.26%
39 Advisory Services Network, LLC 9,400 491,000 0.25%
40 GAMBLE JONES INVESTMENT COUNSEL 8,175 427,000 0.22%
41 VICUS CAPITAL 7,364 384,000 0.20%
42 M&T BANK CORP 6,849 358,000 0.18%
43 FIRST TRUST ADVISORS LP 4,204 219,000 0.11%
44 ADVISOR GROUP, INC. 3,504 183,000 0.09%
45 MSI Financial Services Inc 3,074 160,000 0.08%
46 JPMORGAN CHASE & CO 2,150 112,000 0.06%
47 SYNOVUS FINANCIAL CORP 1,918 100,000 0.05%
48 LAZARD ASSET MANAGEMENT LLC 1,900 99,000 0.05% PRN
49 Burt Wealth Advisors 1,370 71,000 0.04%
50 MANUFACTURERS LIFE INSURANCE COMPANY, THE 861 45,000 0.02%
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From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.