VTEL · VANGUARD LONG-TERM TAX-EXEMPT BOND ETF · Holdings ETF

$100.68 +0.49 (+0.49%) At close · Nov 6

Volume · Nov 6 437K Avg daily vol (3M) 145.77K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP →

Some SEC filings for this period have not finished importing. Holder totals and changes may be incomplete; these filings remain queued for recovery.

Quarter:

Holders: 29

Total Value: $57,751,275

Total Shares: 601,075

Institutional Ownership Trend

6 quarters

Holder Concentration

Across 29 13F filers · Δ vs Jun 30, 2026

Top Holder

18.7%

−8.8 pts

Top 5

66.6%

−4.9 pts

Top 10

87.4%

+4.7 pts

HHI

1,067

Broadly held−336

Who Holds VTEL

Last 6 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 37 filers, like-for-like change +15.3%; actively managed books +15.6%; index-like books +0.9%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	44.0%	18	+18.2%	5	1
Adviser	13.5%	1	+4.8%	0	0
Bank	22.8%	5	+28.0%	1	0
Broker-dealer	0.8%	1	new	1	0
Holding company	1.1%	1	-8.2%	0	0
Unknown	17.7%	11	+0.3%	2	1

Style	Share	Filers	Change	New	Exited
Index-like	1.7%	1	+0.9%	0	0
Systematic-like	2.3%	1	+49.2%	0	0
Concentrated	7.0%	8	+81.8%	3	0
Diversified active	89.0%	27	+11.7%	6	2
Not measured	0.0%	0	—	0	0
Unknown	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	91.6%	29	+20.2%	6	1
Medium turnover	1.8%	2	+23.0%	1	0
High turnover	5.0%	3	-33.9%	1	1
Unknown	1.5%	3	+1.4%	1	0
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	1.0%	2	+1.4%	1	0
Medium horizon	15.6%	7	+31.6%	0	0
Long horizon	83.3%	28	+13.4%	8	1
Unknown	0.0%	0	-100.0%	0	1
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	9.6%	9	+92.0%	2	0
$1B to $10B	11.8%	13	+62.8%	4	0
$10B to $100B	16.1%	5	+1.7%	0	2
$100B or more	62.5%	10	+6.8%	3	0
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	40.1%	16	+17.3%	5	1
Pooled investment vehicles	2.3%	1	+49.2%	0	0
Pension and profit sharing plans	1.6%	1	+6.6%	0	0
Unknown	56.0%	19	+13.0%	4	1

Private funds	Share	Filers	Change	New	Exited
Hedge funds	2.3%	1	+49.2%	0	0
Other private funds	27.6%	1	+2.7%	0	0
No private funds	14.1%	16	+60.3%	5	1
Unknown	56.0%	19	+13.0%	4	1

Location	Share	Filers	Change	New	Exited
United States	100.0%	37	+15.3%	9	2

The Sep 30, 2026 filing window is still open, so its bar shows only the filers that have filed so far.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 1 holder with no observed 2026-03-31 13F.

Conviction and Crowding

37 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

5.41% of filers hold it in their top 10

Mar 31, 2026: 1

Holders above 5%

median weight 0.009%

Mar 31, 2026: 0

Crowding

—

shares outstanding is an issuer-wide count, not one listing's

Private-fund advisers

—

of shares outstanding

Institutional ownership

—

shares outstanding is an issuer-wide count, not one listing's

Top 10 holders

83.2%

of 13F shares, Herfindahl 0.142

Active holders

+15.6%

like-for-like share change of active filers

5% stakes on record

0 13D, 0 13G

How long holders have held it value-weighted 3.2 quarters

Under 1 year 52.4% 1 to 3 years 47.6% 3 years or more 0.000% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$102.97

estimated per share

Mar 31, 2026: $102.82

Quarter-end price

$104.77

implied by 13F values

Estimated gain or loss

+1.7%

price against the estimated cost

Estimated at a loss

0.000%

of costed 13F value

Estimated cost covers 98.5% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Quarterly Activity

vs Jun 30, 2026

New

Increased

Decreased

Sold Out

Unchanged

New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.

Holder count: -9

Institutional value: -32.7%

Shares held: -26.6%

Top Buyers

vs Jun 30, 2026

Institution	Added	Now Holds
Small ABLE Financial Group, LLC	+37,122	75,039
Mid ASPIRIANT, LLC	+33,506	47,181
Mid Diversified Portfolios, Inc.	+31,550	41,825
Large COMMONWEALTH EQUITY SERVICES, LLC	+1,387	3,514
Small Burk Holdings LLC	+392	1,449

Top Sellers

vs Jun 30, 2026

Institution	Sold	Now Holds
Small Blume Capital Management, Inc.	−7,000	2,000
Mega LPL Financial LLC	−2,725	4,155
Mega Bank of New York Mellon Corp	−215	13,564
Mid Ashton Thomas Private Wealth, LLC	−66	28,674

Top New Positions

vs Jun 30, 2026

Institution	Acquired	Value (USD)
Mid Wedmont Private Capital	112,239	$10,783,923
Mid Tortoise Investment Management, LLC	92,807	$8,916,896
Small Elevated Financial Group LLC	72,986	$7,012,494
Mid Valeo Financial Advisors, LLC	28,316	$2,720,601
Small Cassilly Financial Group LLC	8,895	$854,631

Top Sold-Out Positions

vs Jun 30, 2026

Institution	Previously Held	Last Value (USD)	Open
Mid SIGNATURE ESTATE & INVESTMENT ADVISORS LLC	1,955	$204,825

Filter: New 14 Increased 7 Reduced 4 Sold out 1 Unchanged 4

Holder type: Registered adviser 21 Bank 3 Broker-dealer 1 Unknown 4

Showing 29 of 29

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

Wedmont Private Capital VTEL

$10,783,923

18.67%

112,239

Tortoise Investment Management, LLC VTEL

$8,916,896

15.44%

92,807

ABLE Financial Group, LLC VTEL

$7,209,747

12.48%

75,039

Elevated Financial Group LLC VTEL

$7,012,494

12.14%

72,986

ASPIRIANT, LLC VTEL

$4,533,150

7.85%

47,181

Diversified Portfolios, Inc. VTEL

$4,018,546

6.96%

41,825

Ashton Thomas Private Wealth, LLC VTEL

$2,754,997

4.77%

28,674

Valeo Financial Advisors, LLC VTEL

$2,720,601

4.71%

28,316

Bank of New York Mellon Corp VTEL

$1,303,229

2.26%

13,564

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BNY Mellon Advisors, Inc. joint	13,564	$1,303,229	100.0%	Other

MMA ASSET MANAGEMENT LLC VTEL

$1,242,986

2.15%

12,937

Cassilly Financial Group LLC VTEL

$854,631

1.48%

8,895

High Net Worth Advisory Group LLC VTEL

$791,122

1.37%

8,234

STONE LOFT WEALTH MANAGEMENT LLC VTEL

$787,759

1.36%

8,199

StoneX Group Inc. VTEL

$663,720

1.15%

6,908

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
StoneX Advisors Inc. joint	6,908	$663,720	100.0%	Defined

FLAGSHIP HARBOR ADVISORS, LLC VTEL

$486,453

0.84%

5,063

Old Mission Investment Co LLC VTEL

$462,625

0.80%

4,815

Sowell Financial Services LLC VTEL

$451,576

0.78%

4,700

TRUIST FINANCIAL CORP VTEL

$413,144

0.72%

4,300

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TRUIST BANK /NC/	4,300	$413,144	100.0%	Defined

LPL Financial LLC VTEL

$399,212

0.69%

4,155

Cullen/Frost Bankers, Inc. VTEL

$384,320

0.67%

4,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Frost Bank - FWA	4,000	$384,320	100.0%	Defined

COMMONWEALTH EQUITY SERVICES, LLC VTEL

$337,625

0.58%

3,514

Sage Investment Counsel LLC VTEL

$302,652

0.52%

3,150

FINANCIAL LIFE ADVISORS VTEL

$285,165

0.49%

2,968

Hanson & Doremus Investment Management VTEL

$237,701

0.41%

2,474

Blume Capital Management, Inc. VTEL

$192,160

0.33%

2,000

Burk Holdings LLC VTEL

$139,219

0.24%

1,449

Farther Finance Advisors, LLC VTEL

$43,620

0.08%

454

CREATIVE FINANCIAL DESIGNS INC /ADV VTEL

$17,198

0.03%

179

BLUELINE ADVISORS LLC VTEL

$4,804

0.01%