# EDGAR Filing Document

**Accession Number:** 0001021882
**File Stem:** 0001752724-25-182521
**Filing Date:** 2025-7
**Character Count:** 94049
**Document Hash:** 0f4049aee8fc54630f7545bb975855c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182521.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182521

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD SCOTTSDALE FUNDS
- **CENTRAL INDEX KEY:** 0001021882

**ORGANIZATION NAME:**
- **EIN:** 232439140
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07803
- **FILM NUMBER:** 251161275

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TREASURY FUND
- **DATE OF NAME CHANGE:** 19960829

## Series and Classes Contracts Data

### Vanguard Explorer Value Fund (Series ID: S000028087)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000085513 | Investor Shares | VEVFX           |

## Nport-Ex

Vanguard<sup>®</sup> Explorer Value Fund

#### Schedule of Investments (unaudited)
As of May 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (96.3%)** | **Common Stocks (96.3%)** | **Common Stocks (96.3%)** | **Common Stocks (96.3%)** |
| **Communication Services (4.1%)** | **Communication Services (4.1%)** | **Communication Services (4.1%)** | **Communication Services (4.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;197295 | &nbsp;&nbsp;&nbsp;&nbsp; 7322 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. | &nbsp;&nbsp;&nbsp;&nbsp;181802 | &nbsp;&nbsp;&nbsp;&nbsp; 6854 |
|  | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274619 | &nbsp;&nbsp;&nbsp;&nbsp; 6580 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26488 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Class B | &nbsp;&nbsp;&nbsp;&nbsp;346382 | &nbsp;&nbsp;&nbsp;&nbsp; 4191 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Manchester United plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;293153 | &nbsp;&nbsp;&nbsp;&nbsp; 4154 |
|  | &nbsp;&nbsp;&nbsp;National CineMedia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;760794 | &nbsp;&nbsp;&nbsp;&nbsp; 4146 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **38277** |
| **Consumer Discretionary (17.3%)** | **Consumer Discretionary (17.3%)** | **Consumer Discretionary (17.3%)** | **Consumer Discretionary (17.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147032 | &nbsp;&nbsp;&nbsp;&nbsp; 19413 |
|  | &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;874549 | &nbsp;&nbsp;&nbsp;&nbsp; 16494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;795047 | &nbsp;&nbsp;&nbsp;&nbsp; 15058 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;663891 | &nbsp;&nbsp;&nbsp;&nbsp; 11718 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105721 | &nbsp;&nbsp;&nbsp;&nbsp; 7926 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;921698 | &nbsp;&nbsp;&nbsp;&nbsp; 7669 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;196358 | &nbsp;&nbsp;&nbsp;&nbsp; 6684 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256509 | &nbsp;&nbsp;&nbsp;&nbsp; 5533 |
|  | &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95606 | &nbsp;&nbsp;&nbsp;&nbsp; 5492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23721 | &nbsp;&nbsp;&nbsp;&nbsp; 5406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52924 | &nbsp;&nbsp;&nbsp;&nbsp; 5325 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62946 | &nbsp;&nbsp;&nbsp;&nbsp; 5271 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;557286 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
|  | &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;188298 | &nbsp;&nbsp;&nbsp;&nbsp; 4642 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400558 | &nbsp;&nbsp;&nbsp;&nbsp; 4390 |
|  | &nbsp;&nbsp;&nbsp;Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120699 | &nbsp;&nbsp;&nbsp;&nbsp; 4369 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99091 | &nbsp;&nbsp;&nbsp;&nbsp; 4301 |
|  | &nbsp;&nbsp;&nbsp;Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77805 | &nbsp;&nbsp;&nbsp;&nbsp; 4292 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59571 | &nbsp;&nbsp;&nbsp;&nbsp; 4087 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;124303 | &nbsp;&nbsp;&nbsp;&nbsp; 3746 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110755 | &nbsp;&nbsp;&nbsp;&nbsp; 3474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65758 | &nbsp;&nbsp;&nbsp;&nbsp; 3294 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;37622 | &nbsp;&nbsp;&nbsp;&nbsp; 3278 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74318 | &nbsp;&nbsp;&nbsp;&nbsp; 1998 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Leslie's Inc. | 2208756 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**160574** |
| **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;50408 | &nbsp;&nbsp;&nbsp;&nbsp; 5677 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149946 | &nbsp;&nbsp;&nbsp;&nbsp; 4672 |
|  | &nbsp;&nbsp;&nbsp;WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;253611 | &nbsp;&nbsp;&nbsp;&nbsp; 4291 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142519 | &nbsp;&nbsp;&nbsp;&nbsp; 3319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17959** |
| **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;180399 | &nbsp;&nbsp;&nbsp;&nbsp; 4342 |
|  | &nbsp;&nbsp;&nbsp;Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403684 | &nbsp;&nbsp;&nbsp;&nbsp; 4340 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;99534 | &nbsp;&nbsp;&nbsp;&nbsp; 4281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79296 | &nbsp;&nbsp;&nbsp;&nbsp; 3149 |
|  | &nbsp;&nbsp;&nbsp;Select Water Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372949 | &nbsp;&nbsp;&nbsp;&nbsp; 2998 |
|  | &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;117310 | &nbsp;&nbsp;&nbsp;&nbsp; 2747 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;47383 | &nbsp;&nbsp;&nbsp;&nbsp; 2066 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141268 | &nbsp;&nbsp;&nbsp;&nbsp; 1716 |
|  | &nbsp;&nbsp;&nbsp;MEG Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74400 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **26942** |
| **Financials (24.5%)** | **Financials (24.5%)** | **Financials (24.5%)** | **Financials (24.5%)** |
|  | &nbsp;&nbsp;&nbsp;Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224054 | &nbsp;&nbsp;&nbsp;&nbsp; 10127 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90910 | &nbsp;&nbsp;&nbsp;&nbsp; 9704 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54159 | &nbsp;&nbsp;&nbsp;&nbsp; 9532 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150708 | &nbsp;&nbsp;&nbsp;&nbsp; 8411 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75164 | &nbsp;&nbsp;&nbsp;&nbsp; 7782 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63862 | &nbsp;&nbsp;&nbsp;&nbsp; 7626 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;359528 | &nbsp;&nbsp;&nbsp;&nbsp; 7183 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156496 | &nbsp;&nbsp;&nbsp;&nbsp; 6792 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220666 | &nbsp;&nbsp;&nbsp;&nbsp; 6243 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118033 | &nbsp;&nbsp;&nbsp;&nbsp; 6243 |
|  | &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;205749 | &nbsp;&nbsp;&nbsp;&nbsp; 6234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156204 | &nbsp;&nbsp;&nbsp;&nbsp; 6204 |
|  | &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175559 | &nbsp;&nbsp;&nbsp;&nbsp; 6153 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57635 | &nbsp;&nbsp;&nbsp;&nbsp; 6125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45825 | &nbsp;&nbsp;&nbsp;&nbsp; 6091 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178144 | &nbsp;&nbsp;&nbsp;&nbsp; 6084 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116342 | &nbsp;&nbsp;&nbsp;&nbsp; 5989 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61917 | &nbsp;&nbsp;&nbsp;&nbsp; 5846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;285027 | &nbsp;&nbsp;&nbsp;&nbsp; 5584 |
|  | &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292641 | &nbsp;&nbsp;&nbsp;&nbsp; 5487 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105756 | &nbsp;&nbsp;&nbsp;&nbsp; 5419 |
|  | &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357212 | &nbsp;&nbsp;&nbsp;&nbsp; 5358 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;386263 | &nbsp;&nbsp;&nbsp;&nbsp; 5191 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202655 | &nbsp;&nbsp;&nbsp;&nbsp; 4839 |
|  | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167223 | &nbsp;&nbsp;&nbsp;&nbsp; 4821 |
|  | &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160489 | &nbsp;&nbsp;&nbsp;&nbsp; 4818 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167920 | &nbsp;&nbsp;&nbsp;&nbsp; 4772 |
|  | &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;106275 | &nbsp;&nbsp;&nbsp;&nbsp; 4711 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;170375 | &nbsp;&nbsp;&nbsp;&nbsp; 4626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84887 | &nbsp;&nbsp;&nbsp;&nbsp; 4625 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69980 | &nbsp;&nbsp;&nbsp;&nbsp; 4460 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318931 | &nbsp;&nbsp;&nbsp;&nbsp; 4424 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187854 | &nbsp;&nbsp;&nbsp;&nbsp; 4392 |
|  | &nbsp;&nbsp;&nbsp;Lancashire Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;536543 | &nbsp;&nbsp;&nbsp;&nbsp; 4384 |
|  | &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;365089 | &nbsp;&nbsp;&nbsp;&nbsp; 4071 |
|  | &nbsp;&nbsp;&nbsp;Hope Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380472 | &nbsp;&nbsp;&nbsp;&nbsp; 3820 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EZCorp. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;252684 | &nbsp;&nbsp;&nbsp;&nbsp; 3399 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95972 | &nbsp;&nbsp;&nbsp;&nbsp; 3261 |
|  | &nbsp;&nbsp;&nbsp;DigitalBridge Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232785 | &nbsp;&nbsp;&nbsp;&nbsp; 2575 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12845 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6808 | &nbsp;&nbsp;&nbsp;&nbsp; 1576 |
|  | &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39705 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**227759** |
| **Health Care (6.5%)** | **Health Care (6.5%)** | **Health Care (6.5%)** | **Health Care (6.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109986 | &nbsp;&nbsp;&nbsp;&nbsp; 9423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;420617 | &nbsp;&nbsp;&nbsp;&nbsp; 7685 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28543 | &nbsp;&nbsp;&nbsp;&nbsp; 7106 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34748 | &nbsp;&nbsp;&nbsp;&nbsp; 4713 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;339991 | &nbsp;&nbsp;&nbsp;&nbsp; 4569 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;358799 | &nbsp;&nbsp;&nbsp;&nbsp; 4542 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140275 | &nbsp;&nbsp;&nbsp;&nbsp; 4260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113026 | &nbsp;&nbsp;&nbsp;&nbsp; 3467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15175 | &nbsp;&nbsp;&nbsp;&nbsp; 3444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veradigm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;732048 | &nbsp;&nbsp;&nbsp;&nbsp; 3148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120295 | &nbsp;&nbsp;&nbsp;&nbsp; 3108 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32558 | &nbsp;&nbsp;&nbsp;&nbsp; 3094 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varex Imaging Corp. | &nbsp;&nbsp;&nbsp;&nbsp;195425 | &nbsp;&nbsp;&nbsp;&nbsp; 1499 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **60058** |
| **Industrials (16.3%)** | **Industrials (16.3%)** | **Industrials (16.3%)** | **Industrials (16.3%)** |
|  | &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;147555 | &nbsp;&nbsp;&nbsp;&nbsp; 12108 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;503112 | &nbsp;&nbsp;&nbsp;&nbsp; 10832 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;386832 | &nbsp;&nbsp;&nbsp;&nbsp; 8007 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59253 | &nbsp;&nbsp;&nbsp;&nbsp; 7237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48035 | &nbsp;&nbsp;&nbsp;&nbsp; 7019 |
|  | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56808 | &nbsp;&nbsp;&nbsp;&nbsp; 6655 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77840 | &nbsp;&nbsp;&nbsp;&nbsp; 6199 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MRC Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;492346 | &nbsp;&nbsp;&nbsp;&nbsp; 6110 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;285210 | &nbsp;&nbsp;&nbsp;&nbsp; 5892 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88711 | &nbsp;&nbsp;&nbsp;&nbsp; 5537 |
|  | &nbsp;&nbsp;&nbsp;Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61112 | &nbsp;&nbsp;&nbsp;&nbsp; 5467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89945 | &nbsp;&nbsp;&nbsp;&nbsp; 5209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;135633 | &nbsp;&nbsp;&nbsp;&nbsp; 5070 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225617 | &nbsp;&nbsp;&nbsp;&nbsp; 4955 |
|  | &nbsp;&nbsp;&nbsp;TriNet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59516 | &nbsp;&nbsp;&nbsp;&nbsp; 4952 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;59427 | &nbsp;&nbsp;&nbsp;&nbsp; 4826 |
|  | &nbsp;&nbsp;&nbsp;KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88780 | &nbsp;&nbsp;&nbsp;&nbsp; 4633 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78564 | &nbsp;&nbsp;&nbsp;&nbsp; 4526 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;65012 | &nbsp;&nbsp;&nbsp;&nbsp; 4453 |
|  | &nbsp;&nbsp;&nbsp;Loomis AB | &nbsp;&nbsp;&nbsp;&nbsp;109650 | &nbsp;&nbsp;&nbsp;&nbsp; 4242 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244320 | &nbsp;&nbsp;&nbsp;&nbsp; 4122 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192464 | &nbsp;&nbsp;&nbsp;&nbsp; 3867 |
|  | &nbsp;&nbsp;&nbsp;nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;53817 | &nbsp;&nbsp;&nbsp;&nbsp; 3541 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182 | &nbsp;&nbsp;&nbsp;&nbsp; 2945 |
|  | &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;33293 | &nbsp;&nbsp;&nbsp;&nbsp; 2784 |
|  | &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15277 | &nbsp;&nbsp;&nbsp;&nbsp; 2379 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13732 | &nbsp;&nbsp;&nbsp;&nbsp; 2306 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9779 | &nbsp;&nbsp;&nbsp;&nbsp; 2215 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPENLANE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84299 | &nbsp;&nbsp;&nbsp;&nbsp; 1933 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp; 1559 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**151580** |
| **Information Technology (8.6%)** | **Information Technology (8.6%)** | **Information Technology (8.6%)** | **Information Technology (8.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77835 | &nbsp;&nbsp;&nbsp;&nbsp; 6592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39247 | &nbsp;&nbsp;&nbsp;&nbsp; 6163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;21198 | &nbsp;&nbsp;&nbsp;&nbsp; 6143 |
|  | &nbsp;&nbsp;&nbsp;Belden Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57653 | &nbsp;&nbsp;&nbsp;&nbsp; 6123 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47751 | &nbsp;&nbsp;&nbsp;&nbsp; 5794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43447 | &nbsp;&nbsp;&nbsp;&nbsp; 5143 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30003 | &nbsp;&nbsp;&nbsp;&nbsp; 5041 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56702 | &nbsp;&nbsp;&nbsp;&nbsp; 4660 |
|  | &nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;75697 | &nbsp;&nbsp;&nbsp;&nbsp; 4633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;558261 | &nbsp;&nbsp;&nbsp;&nbsp; 4349 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327825 | &nbsp;&nbsp;&nbsp;&nbsp; 4209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Voyix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;362371 | &nbsp;&nbsp;&nbsp;&nbsp; 4019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;248912 | &nbsp;&nbsp;&nbsp;&nbsp; 3928 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26402 | &nbsp;&nbsp;&nbsp;&nbsp; 3443 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cohu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200729 | &nbsp;&nbsp;&nbsp;&nbsp; 3426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77168 | &nbsp;&nbsp;&nbsp;&nbsp; 3426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148120 | &nbsp;&nbsp;&nbsp;&nbsp; 2869 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **79961** |
| **Materials (4.1%)** | **Materials (4.1%)** | **Materials (4.1%)** | **Materials (4.1%)** |
|  | &nbsp;&nbsp;&nbsp;Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115712 | &nbsp;&nbsp;&nbsp;&nbsp; 6372 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;180008 | &nbsp;&nbsp;&nbsp;&nbsp; 5544 |
|  | &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25836 | &nbsp;&nbsp;&nbsp;&nbsp; 5224 |
|  | &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41933 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;98723 | &nbsp;&nbsp;&nbsp;&nbsp; 4496 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55660 | &nbsp;&nbsp;&nbsp;&nbsp; 4041 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34708 | &nbsp;&nbsp;&nbsp;&nbsp; 3266 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;129624 | &nbsp;&nbsp;&nbsp;&nbsp; 2880 |
|  | &nbsp;&nbsp;&nbsp;Mativ Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255201 | &nbsp;&nbsp;&nbsp;&nbsp; 1460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **37830** |
| **Other (0.2%)** | **Other (0.2%)** | **Other (0.2%)** | **Other (0.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard S&P Small-Cap 600 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;24599 | &nbsp;&nbsp;&nbsp;&nbsp; 2025 |
| **Real Estate (7.8%)** | **Real Estate (7.8%)** | **Real Estate (7.8%)** | **Real Estate (7.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37164 | &nbsp;&nbsp;&nbsp;&nbsp; 8276 |
|  | &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97677 | &nbsp;&nbsp;&nbsp;&nbsp; 7355 |
|  | &nbsp;&nbsp;&nbsp;Independence Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362098 | &nbsp;&nbsp;&nbsp;&nbsp; 6731 |
|  | &nbsp;&nbsp;&nbsp;STAG Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160971 | &nbsp;&nbsp;&nbsp;&nbsp; 5727 |
|  | &nbsp;&nbsp;&nbsp;Sila Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228755 | &nbsp;&nbsp;&nbsp;&nbsp; 5701 |
|  | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173251 | &nbsp;&nbsp;&nbsp;&nbsp; 5631 |
|  | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108576 | &nbsp;&nbsp;&nbsp;&nbsp; 5367 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;746456 | &nbsp;&nbsp;&nbsp;&nbsp; 5315 |
|  | &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;588781 | &nbsp;&nbsp;&nbsp;&nbsp; 5052 |
|  | &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;176881 | &nbsp;&nbsp;&nbsp;&nbsp; 4014 |
|  | &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;428253 | &nbsp;&nbsp;&nbsp;&nbsp; 3931 |
|  | &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;141346 | &nbsp;&nbsp;&nbsp;&nbsp; 3880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc | &nbsp;&nbsp;&nbsp;&nbsp;263851 | &nbsp;&nbsp;&nbsp;&nbsp; 2646 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15483 | &nbsp;&nbsp;&nbsp;&nbsp; 1936 |
|  | &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103026 | &nbsp;&nbsp;&nbsp;&nbsp; 1228 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **72790** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;MDU Resources Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383619 | &nbsp;&nbsp;&nbsp;&nbsp; 6594 |
|  | &nbsp;&nbsp;&nbsp;Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72834 | &nbsp;&nbsp;&nbsp;&nbsp; 5483 |
|  | &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133219 | &nbsp;&nbsp;&nbsp;&nbsp; 4804 |
|  | &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47893 | &nbsp;&nbsp;&nbsp;&nbsp; 2626 |
|  | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **19663** |
| **Total Common Stocks (Cost $846,633)** | **Total Common Stocks (Cost $846,633)** | **Total Common Stocks (Cost $846,633)** | &nbsp;&nbsp;&nbsp;&nbsp;**895418** |
| **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** |
| **Money Market Fund (3.6%)** | **Money Market Fund (3.6%)** | **Money Market Fund (3.6%)** | **Money Market Fund (3.6%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.342% **(Cost $33,676)** | &nbsp;&nbsp;&nbsp;&nbsp;336803 | &nbsp;&nbsp;&nbsp;&nbsp; **33677** |
| **Total Investments (99.9%) (Cost $880,309)** | **Total Investments (99.9%) (Cost $880,309)** | **Total Investments (99.9%) (Cost $880,309)** | &nbsp;&nbsp;&nbsp;&nbsp;**929095** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1146** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**930241** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,573. |
| 2 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $1,668 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini Russell 2000 Index | June 2025 | 182 | 18822 | &nbsp;&nbsp;334 |

---

**A.** Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales
prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices.
Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary
markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net
asset value.

**B.** Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund
may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of
futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving
futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the
financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's
performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of
Investments.

Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).

**C.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

The following table summarizes the market value of the fund's investments and derivatives as of May 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 886792 | &nbsp;&nbsp;&nbsp;8626 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;895418 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;33677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33677 |
| Total | 920469 | &nbsp;&nbsp;&nbsp;8626 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;929095 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 334 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;334 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.

**D.** Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Aug. 31,<br> 2024<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | May. 31,<br> 2025<br> Market<br> Value<br> ($000) |
| Vanguard Market Liquidity Fund | 52827 | &nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;(2) | 1480 |  | 33677 |
| Vanguard S&P Small-Cap 600 Value ETF | &nbsp;&nbsp;8568 | 15979 | 21061 | (966) | (495) | &nbsp;&nbsp;&nbsp;&nbsp;123 |  | &nbsp;&nbsp;&nbsp;2025 |
| Total | 61395 | 15979 | 21061 | (964) | (497) | 1603 |  | 35702 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD SCOTTSDALE FUNDS

- **b. Investment Company Act file number:** 811-07803

- **c. CIK number of Registrant:** 0001021882

- **d. LEI of Registrant:** 549300Y88GQ3VLJIBX57

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD EXPLORER VALUE FUND

- **b. EDGAR series identifier (if any):** S000028087

- **c. LEI of Series:** NAZTA6U3CX9F49HN3I37

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $931005336.95

**Total Liabilities:** $815451.58

**Net Assets:** $930189885.37

**Cash Not Reported:** $1941905.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000085513 | -6.33%               | -4.99%               | 6.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6978004.74              | $-75945886.54                              |
| Month 2  | $4768095.01              | $-55236075.59                              |
| Month 3  | $1771886.38              | $49299605.33                               |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Varex Imaging Corp                                | VAREX IMAGIN                   | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |    195425 | NS      | $1498909.75   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp                    | SILICON MOTI-ADR               | CUSIP: N/A<br>LEI: 5299005RBVBZQJTYFC89       | Long             | EC               | CORP              | US        |     75697 | NS      | $4632656.40   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                                  | MALIBU BOATS-A                 | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124303 | NS      | $3746492.42   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                                  | KNIFE RIVER                    | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34708 | NS      | $3266022.80   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                                     | TIDEWATER INC                  | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     79296 | NS      | $3148844.16   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc                     | EVERUS CONSTRUCT               | CUSIP: 300426103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89945 | NS      | $5208714.95   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc                      | MSC INDL DIRECT                | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     59427 | NS      | $4825472.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                             | ARROW ELECTRONIC               | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     43447 | NS      | $5143255.86   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                                 | SITE CENTERS COR               | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |    103026 | NS      | $1228069.92   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem Inc                   | FIRST INTER/MT-A               | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    170375 | NS      | $4625681.25   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc                        | SELECT WATER SOL               | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    372949 | NS      | $2998509.96   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                      | BREAD FINANCIAL                | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |    105756 | NS      | $5418937.44   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp                             | ENVISTA HOLDINGS               | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |    420617 | NS      | $7684672.59   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc                                | MATIV INC                      | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |    255201 | NS      | $1459749.72   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                         | JABIL INC                      | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     30003 | NS      | $5040804.03   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                              | LXP INDUSTRIAL T               | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    588781 | NS      | $5051740.98   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Xperi Inc                                         | XPERI INC                      | CUSIP: 98423J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    558261 | NS      | $4348853.19   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                             | SILA REALTY TRUS               | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |    222810 | NS      | $5552425.20   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc                           | INSIGHT ENTERPRI               | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     26402 | NS      | $3442556.78   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp                          | CURBLINE PROPERT               | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |    176881 | NS      | $4013429.89   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                                     | LGI HOMES INC                  | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     65758 | NS      | $3294475.80   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                         | FIRST BANCORP PR               | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    359528 | NS      | $7183369.44   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc                       | PACIFIC PREMIER                | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |     76605 | NS      | $1624026.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Leslie's Inc                                      | LESLIE'S INC                   | CUSIP: 527064109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2208756 | NS      | $1664739.40   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co                           | SPHERE ENTERTAIN               | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |    181802 | NS      | $6853935.40   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                                     | TIMKEN CO                      | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     65012 | NS      | $4452671.88   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                          | WAFD INC                       | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    167920 | NS      | $4772286.40   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                                    | AIR LEASE C                    | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     78564 | NS      | $4526072.04   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL               | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     37164 | NS      | $8276422.80   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                                  | PJT PARTNERS - A               | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     12845 | NS      | $1935227.70   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc                     | AMER EAGLE OUTF                | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |    400558 | NS      | $4390115.68   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc                              | STURM RUGER & CO               | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |    120699 | NS      | $4369303.80   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     15483 | NS      | $1935684.66   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                                | KONTOOR BRAND                  | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     59571 | NS      | $4086570.60   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The                        | CHEESECAKE FACTO               | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     77805 | NS      | $4292501.85   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                      | EVERCORE INC                   | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      6808 | NS      | $1575983.92   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                                   | MILLERKNOLL INC                | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |    244320 | NS      | $4121678.40   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc                             | CORE LABORATORIE               | CUSIP: 21867A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    403684 | NS      | $4339603.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                 | FIRST IND REALTY               | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108576 | NS      | $5366911.68   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                                     | RENASANT CORP                  | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |    175559 | NS      | $6153342.95   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                               | WSFS FINANCIAL                 | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |    118033 | NS      | $6242765.37   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                           | DARLING INGREDIE               | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    149946 | NS      | $4672317.36   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |     16700 | NS      | $1669812.09   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                                    | BRINK'S CO/THE                 | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |    147555 | NS      | $12108363.30  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc                       | COLUMBIA BANKING               | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    187854 | NS      | $4392026.52   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                             | CARLYLE GROUP IN               | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    224054 | NS      | $10127240.80  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                         | KEYSIGHT TEC                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     39247 | NS      | $6163348.88   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                         | SPIRE INC                      | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     72834 | NS      | $5482943.52   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                           | WEX INC                        | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     45825 | NS      | $6091517.25   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc                 | DONNELLEY FINANC               | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     84887 | NS      | $4624643.76   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp/The                                 | MIDDLEBY CORP                  | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     48035 | NS      | $7019354.55   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                                   | SIRIUSPOINT LTD                | CUSIP: G8192H106<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | US        |    285027 | NS      | $5583678.93   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                       | MONARCH CASINO                 | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |     62946 | NS      | $5271098.04   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic Inc                                     | CORECIVIC INC                  | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |    225617 | NS      | $4954549.32   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                           | CUSHMAN & WAKEFI               | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    230580 | NS      | $2312717.40   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                                | JM SMUCKER CO                  | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     50408 | NS      | $5676444.88   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                                      | CARTER'S INC                   | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |    110755 | NS      | $3474384.35   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc      | CHARLES RIVER LA               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     34748 | NS      | $4712871.24   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                                | NVENT ELECTRIC                 | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53817 | NS      | $3541158.60   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                           | ZEBRA TECH CORP                | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     21198 | NS      | $6142544.46   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WK Kellogg Co                                     | WK KELLOGG CO                  | CUSIP: 92942W107<br>LEI: 529900SWC935GFWUJ804 | Long             | EC               | CORP              | US        |    253611 | NS      | $4291098.12   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                       | POPULAR INC                    | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | US        |     75164 | NS      | $7781728.92   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                       | KEMPER CORP                    | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     69980 | NS      | $4459825.40   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                           | PEBBLEBROOK HOTE               | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    428253 | NS      | $3931362.54   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lancashire Holdings Ltd                           | LANCASHIRE HOLDI               | CUSIP: N/A<br>LEI: 5493002UNUYXLHOWF752       | Long             | EC               | CORP              | GB        |    536543 | NS      | $4384067.65   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Veradigm Inc                                      | VERADIGM INC                   | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |    732048 | NS      | $3147806.40   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                           | ADT INC                        | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    921698 | NS      | $7668527.36   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc                            | ENERGIZER HOLDIN               | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |    142519 | NS      | $3319267.51   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                              | QUAKER CHEMICAL                | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     41933 | NS      | $4547214.52   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co                      | GRAPHIC PACKAGIN               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129624 | NS      | $2880245.28   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                              | MATADOR RESOURCE               | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     99534 | NS      | $4280957.34   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp                    | ATLANTIC UNION B               | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160489 | NS      | $4817879.78   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                           | WINTRUST FINL                  | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     63862 | NS      | $7625761.42   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store Inc              | CRACKER BARREL                 | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |     95606 | NS      | $5491608.64   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                      | SANMINA CORP                   | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     77835 | NS      | $6591846.15   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                       | GENTEX CORP                    | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    256509 | NS      | $5532899.13   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Voyix Corp                                    | NCR VOYIX CORP                 | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    362371 | NS      | $4018694.39   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                      | SIMPSON MFG                    | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     15277 | NS      | $2378628.90   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA               | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    362098 | NS      | $6731401.82   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Manchester United Plc                             | MANCHESTER UNI-A               | CUSIP: G5784H106<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | US        |    293153 | NS      | $4153978.01   | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Navient Corp                                      | NAVIENT CORP                   | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |    386263 | NS      | $5191374.72   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                              | KAISER ALUMINUM                | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55660 | NS      | $4040359.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                                    | LCI INDUSTRIES                 | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     37622 | NS      | $3278381.08   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Holdings Inc                   | SPIRIT AEROSYS-A               | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135633 | NS      | $5069961.54   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc                               | MKS INC                        | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     56702 | NS      | $4660337.38   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                                    | CHAMPIONX CORP                 | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |    180399 | NS      | $4342203.93   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                           | KBR INC                        | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     88780 | NS      | $4633428.20   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc               | APPLIED INDU TEC               | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      9779 | NS      | $2215139.08   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                                 | PROG HOLDINGS IN               | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |    167223 | NS      | $4821039.09   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                          | UGI CORP                       | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    133219 | NS      | $4803877.14   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                                  | BOYD GAMING CORP               | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |    105721 | NS      | $7925903.37   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                           | ATI INC                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     77840 | NS      | $6199177.60   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                                  | PARAMOUNT GLOB-B               | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |    346382 | NS      | $4191222.20   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                          | GRANITE CONSTR                 | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     61112 | NS      | $5466468.40   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                                | BOK FINL CORP                  | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     61917 | NS      | $5846203.14   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/The                  | INTERPUBLIC GRP                | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |    274619 | NS      | $6579871.24   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR                            | HOME BANCSHARES                | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220666 | NS      | $6242641.14   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                          | ONESPAWORLD HOLD               | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | US        |    874549 | NS      | $16493994.14  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TriNet Group Inc                                  | TRINET GROUP INC               | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |     59516 | NS      | $4952326.36   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |  31156275 | NS      | $31153159.54  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |    160971 | NS      | $5727348.18   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                          | ELANCO ANIMAL HE               | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    339991 | NS      | $4569479.04   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                               | NORTHERN TRUST                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     90910 | NS      | $9703733.40   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                                         | ADEIA INC                      | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    327825 | NS      | $4209273.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                                  | RADIAN GROUP INC               | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |    178144 | NS      | $6083617.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc                            | NATIONAL CINEMED               | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |    760794 | NS      | $4146327.30   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                                  | QUIDELORTHO CORP               | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |    113026 | NS      | $3466507.42   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                           | WESCO INTL                     | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     13732 | NS      | $2305465.48   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertainment Corp          | MADISON SQUARE G               | CUSIP: 558256103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197295 | NS      | $7321617.45   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Office Realty Trust Inc                  | PIEDMONT OFFIC-A               | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    746456 | NS      | $5314766.72   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                                    | BANKUNITED INC                 | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     95972 | NS      | $3261128.56   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                                        | DIODES INC                     | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     77168 | NS      | $3426259.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Loomis AB                                         | LOOMIS AB                      | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |    109650 | NS      | $4241832.64   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Rithm Capital Corp                                | RITHM CAPITAL CO               | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    365089 | NS      | $4070742.35   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                        | EZCORP INC-A                   | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |    252684 | NS      | $3398599.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The                            | GREENBRIER COS                 | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     34600 | NS      | $1559422.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                          | BANK OZK                       | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |    106275 | NS      | $4711170.75   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                       | SNAP-ON INC                    | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      9182 | NS      | $2945126.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                        | MASCO CORP                     | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     88711 | NS      | $5537340.62   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                           | COPT DEFENSE PRO               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    141346 | NS      | $3879947.70   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC                     | WEATHERFORD INTE               | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |     47383 | NS      | $2065898.80   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                                           | ENERSYS                        | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     33293 | NS      | $2784293.59   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc                  | PRESTIGE CONSUME               | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109986 | NS      | $9422500.62   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc                                | FIRST HAWAIIA                  | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    202655 | NS      | $4839401.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                        | LAZARD INC                     | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |    156496 | NS      | $6791926.40   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co                      | PORTLAND GENERAL               | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     20707 | NS      | $877976.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MEG Energy Corp                                   | MEG ENERGY CORP                | CUSIP: N/A<br>LEI: 5493002WXPTG5ZC1T326       | Long             | EC               | CORP              | CA        |     74400 | NS      | $1302744.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                                  | NMI HOLDINGS INC               | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    156204 | NS      | $6204422.88   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                                        | MATTEL INC                     | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    795047 | NS      | $15058190.18  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                                  | HOPE BANCORP INC               | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |    380472 | NS      | $3819938.88   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                                      | OPENLANE INC                   | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |     84299 | NS      | $1932976.07   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                       | ASBURY AUTO GRP                | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |     23721 | NS      | $5406253.11   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | E-Mini Russ 2000  Jun25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       182 | NC      | $334285.33    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc                   | PINNACLE FINL                  | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     57635 | NS      | $6125447.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc                     | AFFIL MANAGERS                 | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     54159 | NS      | $9531984.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc                            | EASTERN BANKSHAR               | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    357212 | NS      | $5358180.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt Inc                               | LEGGETT & PLATT                | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |    557286 | NS      | $5049011.16   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                          | COHU INC                       | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |    200729 | NS      | $3426444.03   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp                 | MADISON SQUARE G               | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26488 | NS      | $5029806.32   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                | NORWEGIAN CRUISE               | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    663891 | NS      | $11717676.15  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                     | FIRST AMERICAN F               | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    150708 | NS      | $8411013.48   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                                    | KENNAMETAL INC                 | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    503112 | NS      | $10832001.36  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                              | GENERAC HOLDINGS               | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     59253 | NS      | $7236568.89   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                                | SONOCO PRODUCTS                | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     98723 | NS      | $4495845.42   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Energy Solutions Inc                        | ATLAS ENERGY SOL               | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141268 | NS      | $1716406.20   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard S&P Small-Cap 600 Value ETF              | VANGUARD S&P SM                | CUSIP: 921932778<br>LEI: 1L9X7IT41PS23HRPVG96 | Long             | EC               | RF                | US        |     24599 | NS      | $2025235.67   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                                | CVB FINANCIAL                  | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    292641 | NS      | $5487018.75   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                                    | MRC GLOBAL INC                 | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |    492346 | NS      | $6110013.86   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc                           | MDU RES GROUP                  | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    376208 | NS      | $6467015.52   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                               | SILGAN HOLDINGS                | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    115712 | NS      | $6372259.84   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                               | EAGLE MATERIALS                | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     25836 | NS      | $5224297.56   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc                      | ADTALEM GLOBAL E               | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |    147032 | NS      | $19412634.96  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                                 | STEVEN MADDEN                  | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    188298 | NS      | $4641545.70   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc             | ESSENTIAL PROPER               | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    173251 | NS      | $5630657.50   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                                        | BELDEN INC                     | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     57653 | NS      | $6122748.60   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc                              | AMENTUM HOLDINGS               | CUSIP: 023939101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    285210 | NS      | $5892438.60   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                            | PACIRA BIOSCIENC               | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120295 | NS      | $3108422.80   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd                                 | HELEN OF TROY                  | CUSIP: G4388N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74318 | NS      | $1998411.02   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                   | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97677 | NS      | $7355078.10   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp                            | WEBSTER FINL                   | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    116342 | NS      | $5989286.16   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                        | AXALTA COATING S               | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | US        |    180008 | NS      | $5544246.40   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                           | DIGITALBRIDGE GR               | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    232785 | NS      | $2574602.10   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                          | RESIDEO TECHN                  | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    386832 | NS      | $8007422.40   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                          | ULTRA CLEAN HOLD               | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |    148120 | NS      | $2869084.40   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                                    | TD SYNNEX CORP                 | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     47751 | NS      | $5794106.34   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                                        | PHINIA INC                     | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     99091 | NS      | $4300549.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                 | FTAI AVIATION LT               | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56808 | NS      | $6655057.20   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                                      | CADENCE BANK                   | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |    205749 | NS      | $6234194.70   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                                       | FNB CORP                       | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    318931 | NS      | $4423572.97   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd                                | ICHOR HOLDINGS L               | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | US        |    248912 | NS      | $3927831.36   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                                      | SM ENERGY CO                   | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    117310 | NS      | $2747400.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                                       | UNITIL CORP                    | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46633 | NS      | $2556887.39   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                             | MOHAWK INDS                    | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     52924 | NS      | $5324683.64   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                                     | INTERFACE INC                  | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    192464 | NS      | $3866601.76   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                         | MERIT MEDICAL                  | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     32558 | NS      | $3093986.74   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc                          | BIO-RAD LABS-A                 | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |     15175 | NS      | $3443662.75   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings Corp                | INTEGRA LIFESCIE               | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |    358799 | NS      | $4542395.34   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                           | PERDOCEO EDUCATI               | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |    196358 | NS      | $6684026.32   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                              | LABCORP HOLDINGS               | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28543 | NS      | $7106350.71   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                      | OMNICELL INC                   | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |    140275 | NS      | $4260151.75   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** VANGUARD SCOTTSDALE FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer