Dark
Light
System
Security
VANGUARD MUN BD FDS
VANGUARD MUN BD FDS. Institutional holdings reported to the SEC.

Institutional Holders (2016Q4)
Portfolio Summary: 85 Institutional holders with a total value of $323,155,561.
#
Manager Name
Shares
Value ($)
%
Options
Notes
1 Charles Schwab Investment Advisory, Inc. 1,654,635 83,162,000 25.73%
2 UBS Group AG 760,163 38,206,000 11.82%
3 BANK OF AMERICA CORP /DE/ 517,028 25,985,000 8.04%
4 SARGENT BICKHAM LAGUDIS LLC 291,661 14,659,000 4.54%
5 BRINKER CAPITAL INC 271,431 13,642,000 4.22%
6 Legacy Private Trust Co. 259,503 13,043,000 4.04%
7 Creative Planning 196,293 9,866,000 3.05%
8 Garde Capital, Inc. 195,220 9,812,000 3.04%
9 AMERIPRISE FINANCIAL INC 186,305 9,362,000 2.90%
10 Orion Porfolio Solutions, LLC 153,856 7,732,000 2.39%
11 SUSQUEHANNA INTERNATIONAL GROUP, LLP 151,044 7,591,000 2.35%
12 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 150,530 7,566,000 2.34%
13 Regis Management CO LLC 127,376 6,402,000 1.98%
14 CAMG SOLAMERE MANAGEMENT, LLC 117,551 5,905,000 1.83%
15 CARDAN CAPITAL PARTNERS, LLC 116,163 5,838,000 1.81%
16 WELLS FARGO & COMPANY/MN 86,625 4,354,000 1.35%
17 OGOREK ANTHONY JOSEPH /NY/ /ADV 82,153 4,288,000 1.33%
18 INDEPENDENCE ADVISORS, LLC 68,973 3,467,000 1.07%
19 Commonwealth Equity Services, Inc 62,133 3,123,000 0.97%
20 FDx Advisors, Inc. 61,739 3,103,000 0.96%
21 Capital Investment Services of America, Inc. 51,200 2,573,000 0.80%
22 ZEKE CAPITAL ADVISORS, LLC 49,885 2,507,000 0.78%
23 LPL Financial LLC 49,672 2,491,000 0.77%
24 RAYMOND JAMES & ASSOCIATES 44,532 2,238,000 0.69%
25 Eagle Ridge Investment Management 43,655 2,194,000 0.68%
26 BAIRD FINANCIAL GROUP, INC. 39,646 1,993,000 0.62%
27 Live Your Vision, LLC 37,747 1,897,000 0.59%
28 NAPLES GLOBAL ADVISORS, LLC 35,030 1,761,000 0.54%
29 BB&T SECURITIES, LLC 32,707 1,707,000 0.53%
30 EDGE ADVISORS, LLC 32,354 1,626,000 0.50%
31 FOSTER & MOTLEY INC 30,989 1,558,000 0.48%
32 LADENBURG THALMANN FINANCIAL SERVICES INC. 28,094 1,412,000 0.44%
33 Private Advisor Group, LLC 25,169 1,273,000 0.39%
34 ACR Alpine Capital Research, LLC 25,281 1,271,000 0.39%
35 ALESCO ADVISORS LLC 23,000 1,156,000 0.36%
36 CHATHAM CAPITAL GROUP, INC. 22,625 1,137,000 0.35%
37 ALLIANCE WEALTH MANAGEMENT GROUP 18,886 949,000 0.29%
38 PHILLIPS FINANCIAL MANAGEMENT, LLC 16,844 852,000 0.26%
39 INTEGRATED WEALTH MANAGEMENT 16,515 830,000 0.26%
40 Bouchey Financial Group Ltd 15,620 785,000 0.24%
41 Bartlett & Co. LLC 15,500 779,000 0.24%
42 STIFEL FINANCIAL CORP 14,950 752,000 0.23%
43 ROYAL BANK OF CANADA 14,619 735,000 0.23%
44 UNITED CAPITAL FINANCIAL ADVISORS, LLC 14,362 722,000 0.22%
45 ROBERTS GLORE & CO INC /IL/ 14,300 719,000 0.22%
46 Cetera Advisors LLC 12,731 640,000 0.20%
47 NewSquare Capital LLC 12,585 633,000 0.20%
48 CITIGROUP INC 11,329 569,000 0.18%
49 Cambridge Investment Research Advisors, Inc. 11,151 560,000 0.17%
50 SIGMA INVESTMENT COUNSELORS INC 10,570 531,000 0.16%
Page 1 of 2

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.