# EDGAR Filing Document

**Accession Number:** 0000105563
**File Stem:** 0000105563-25-000094
**Filing Date:** 2025-10
**Character Count:** 93451
**Document Hash:** faf261b0bb7303de3f4b9d26ee33a4bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000105563-25-000094.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000105563-25-000094

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WELLINGTON FUND
- **CENTRAL INDEX KEY:** 0000105563

**ORGANIZATION NAME:**
- **EIN:** 510071687
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00121
- **FILM NUMBER:** 251423014

**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/WELLINGTON FUND INC
- **DATE OF NAME CHANGE:** 19940608

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLINGTON FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard U.S. Minimum Volatility ETF (Series ID: S000061301)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198465 | ETF Shares   | VFMV            |

## Nport-Ex

Vanguard<sup>®</sup> U.S. Minimum Volatility ETF

#### Schedule of Investments (unaudited)
As of August 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 (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
| **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 47234 | &nbsp;&nbsp;&nbsp;&nbsp; 4280 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 30760 | &nbsp;&nbsp;&nbsp;&nbsp; 4202 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | 105190 | &nbsp;&nbsp;&nbsp;&nbsp; 3094 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 51301 | &nbsp;&nbsp;&nbsp;&nbsp; 2798 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 75034 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | 20310 | &nbsp;&nbsp;&nbsp;&nbsp; 2106 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | 11656 | &nbsp;&nbsp;&nbsp;&nbsp; 1902 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9467 | &nbsp;&nbsp;&nbsp;&nbsp; 1795 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 15997 | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | 26958 | &nbsp;&nbsp;&nbsp;&nbsp; 1524 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 11213 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class C | 29076 | &nbsp;&nbsp;&nbsp;&nbsp; 1308 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3594 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5601 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2469 | &nbsp;&nbsp;&nbsp;&nbsp; 930 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | 19388 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | 13381 | &nbsp;&nbsp;&nbsp;&nbsp; 586 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4093 | &nbsp;&nbsp;&nbsp;&nbsp; 445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knowles Corp. | 15882 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | 21610 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;3672 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8847 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | 11850 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3540 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **35594** |
| **Consumer Staples (11.2%)** | **Consumer Staples (11.2%)** | **Consumer Staples (11.2%)** | **Consumer Staples (11.2%)** |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp; 4472 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 120434 | &nbsp;&nbsp;&nbsp;&nbsp; 4369 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 63223 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | 43380 | &nbsp;&nbsp;&nbsp;&nbsp; 4041 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | 12970 | &nbsp;&nbsp;&nbsp;&nbsp; 3782 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 23876 | &nbsp;&nbsp;&nbsp;&nbsp; 3749 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 49533 | &nbsp;&nbsp;&nbsp;&nbsp; 3329 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 31764 | &nbsp;&nbsp;&nbsp;&nbsp; 1952 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5717 | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 10151 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6362 | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
|  | &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5949 | &nbsp;&nbsp;&nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5057 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33588** |
| **Energy (3.6%)** | **Energy (3.6%)** | **Energy (3.6%)** | **Energy (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 31172 | &nbsp;&nbsp;&nbsp;&nbsp; 3563 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 22049 | &nbsp;&nbsp;&nbsp;&nbsp; 3541 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 13152 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 10026 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8361 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6877 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp;DTE Midstream LLC | &nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10654** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Financials (8.4%)** | **Financials (8.4%)** | **Financials (8.4%)** | **Financials (8.4%)** |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | 15228 | &nbsp;&nbsp;&nbsp;&nbsp; 4058 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | 33081 | &nbsp;&nbsp;&nbsp;&nbsp; 2920 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;8620 | &nbsp;&nbsp;&nbsp;&nbsp; 2817 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8047 | &nbsp;&nbsp;&nbsp;&nbsp; 1988 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | 42651 | &nbsp;&nbsp;&nbsp;&nbsp; 1970 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9172 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7602 | &nbsp;&nbsp;&nbsp;&nbsp; 1794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp; 1132 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 14743 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 802 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5376 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
|  | &nbsp;&nbsp;&nbsp;Donegal Group Inc. Class A | 16855 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8107 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;1972 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4573 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;4133 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4197 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp; 173 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9785 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;California BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | &nbsp;&nbsp;&nbsp;CF Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;First Financial Northwest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25177** |
| **Health Care (8.0%)** | **Health Care (8.0%)** | **Health Care (8.0%)** | **Health Care (8.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 226617 | &nbsp;&nbsp;&nbsp;&nbsp; 4630 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 102894 | &nbsp;&nbsp;&nbsp;&nbsp; 3702 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 27817 | &nbsp;&nbsp;&nbsp;&nbsp; 3690 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 12297 | &nbsp;&nbsp;&nbsp;&nbsp; 2373 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 15720 | &nbsp;&nbsp;&nbsp;&nbsp; 2339 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 10807 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4866 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | 28792 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | 12350 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7234 | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3658 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23745** |
| **Industrials (10.6%)** | **Industrials (10.6%)** | **Industrials (10.6%)** | **Industrials (10.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | 26145 | &nbsp;&nbsp;&nbsp;&nbsp; 4273 |
|  | &nbsp;&nbsp;&nbsp;ITT Inc. | 24217 | &nbsp;&nbsp;&nbsp;&nbsp; 4123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | 48659 | &nbsp;&nbsp;&nbsp;&nbsp; 3933 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 11412 | &nbsp;&nbsp;&nbsp;&nbsp; 3470 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;&nbsp;&nbsp; 2590 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | 15163 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 12200 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 17875 | &nbsp;&nbsp;&nbsp;&nbsp; 1911 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | 12785 | &nbsp;&nbsp;&nbsp;&nbsp; 1541 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp; 1139 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9424 | &nbsp;&nbsp;&nbsp;&nbsp; 981 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | 35982 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp; 617 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 13504 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31630** |
| **Real Estate (5.7%)** | **Real Estate (5.7%)** | **Real Estate (5.7%)** | **Real Estate (5.7%)** |
|  | &nbsp;&nbsp;&nbsp;LTC Properties Inc. | 117023 | &nbsp;&nbsp;&nbsp;&nbsp; 4271 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 68888 | &nbsp;&nbsp;&nbsp;&nbsp; 4048 |
|  | &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 106978 | &nbsp;&nbsp;&nbsp;&nbsp; 3058 |
|  | &nbsp;&nbsp;&nbsp;Four Corners Property Trust Inc. | 111108 | &nbsp;&nbsp;&nbsp;&nbsp; 2877 |
|  | &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 30123 | &nbsp;&nbsp;&nbsp;&nbsp; 2191 |
|  | &nbsp;&nbsp;&nbsp;Postal Realty Trust Inc. Class A | 40691 | &nbsp;&nbsp;&nbsp;&nbsp; 645 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17090** |
| **Technology (24.5%)** | **Technology (24.5%)** | **Technology (24.5%)** | **Technology (24.5%)** |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 23152 | &nbsp;&nbsp;&nbsp;&nbsp; 4688 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 18235 | &nbsp;&nbsp;&nbsp;&nbsp; 4583 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 41623 | &nbsp;&nbsp;&nbsp;&nbsp; 4168 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7723 | &nbsp;&nbsp;&nbsp;&nbsp; 4065 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7083 | &nbsp;&nbsp;&nbsp;&nbsp; 3987 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 16597 | &nbsp;&nbsp;&nbsp;&nbsp; 3853 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | 52276 | &nbsp;&nbsp;&nbsp;&nbsp; 3747 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 42882 | &nbsp;&nbsp;&nbsp;&nbsp; 3669 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 106764 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 105596 | &nbsp;&nbsp;&nbsp;&nbsp; 3014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc. | 21814 | &nbsp;&nbsp;&nbsp;&nbsp; 2795 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 34622 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | 282610 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9121 | &nbsp;&nbsp;&nbsp;&nbsp; 2221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | 16938 | &nbsp;&nbsp;&nbsp;&nbsp; 1934 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | 172085 | &nbsp;&nbsp;&nbsp;&nbsp; 1704 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 68166 | &nbsp;&nbsp;&nbsp;&nbsp; 1545 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | 67275 | &nbsp;&nbsp;&nbsp;&nbsp; 1401 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 39149 | &nbsp;&nbsp;&nbsp;&nbsp; 1354 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5838 | &nbsp;&nbsp;&nbsp;&nbsp; 1243 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;N-able Inc. | 138919 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 |
|  | &nbsp;&nbsp;&nbsp;NVE Corp. | 16204 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synaptics Inc. | 14789 | &nbsp;&nbsp;&nbsp;&nbsp; 1033 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9051 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;4501 | &nbsp;&nbsp;&nbsp;&nbsp; 961 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grindr Inc. | 42295 | &nbsp;&nbsp;&nbsp;&nbsp; 661 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp; 600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6037 | &nbsp;&nbsp;&nbsp;&nbsp; 548 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7729 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | 14883 | &nbsp;&nbsp;&nbsp;&nbsp; 486 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4893 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7547 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeco Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **73141** |
| **Telecommunications (7.9%)** | **Telecommunications (7.9%)** | **Telecommunications (7.9%)** | **Telecommunications (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 63427 | &nbsp;&nbsp;&nbsp;&nbsp; 4382 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 94886 | &nbsp;&nbsp;&nbsp;&nbsp; 4197 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 141993 | &nbsp;&nbsp;&nbsp;&nbsp; 4159 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 12566 | &nbsp;&nbsp;&nbsp;&nbsp; 3166 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9917 | &nbsp;&nbsp;&nbsp;&nbsp; 2695 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | 34011 | &nbsp;&nbsp;&nbsp;&nbsp; 2179 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3867 | &nbsp;&nbsp;&nbsp;&nbsp; 1827 |
|  | &nbsp;&nbsp;&nbsp;Spok Holdings Inc. | 50621 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23524** |
| **Utilities (7.7%)** | **Utilities (7.7%)** | **Utilities (7.7%)** | **Utilities (7.7%)** |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 13391 | &nbsp;&nbsp;&nbsp;&nbsp; 3133 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 33120 | &nbsp;&nbsp;&nbsp;&nbsp; 3057 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 26558 | &nbsp;&nbsp;&nbsp;&nbsp; 2948 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | 31575 | &nbsp;&nbsp;&nbsp;&nbsp; 2353 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 15436 | &nbsp;&nbsp;&nbsp;&nbsp; 1891 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | 16067 | &nbsp;&nbsp;&nbsp;&nbsp; 1578 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6020 | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 33897 | &nbsp;&nbsp;&nbsp;&nbsp; 1278 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 16649 | &nbsp;&nbsp;&nbsp;&nbsp; 1192 |
|  | &nbsp;&nbsp;&nbsp;MGE Energy Inc. | 13519 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 10133 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
|  | &nbsp;&nbsp;&nbsp;York Water Co. | 32083 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8097 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23084** |
| **Total Common Stocks (Cost $262,547)** | **Total Common Stocks (Cost $262,547)** | **Total Common Stocks (Cost $262,547)** | &nbsp;&nbsp;&nbsp;&nbsp;**297227** |
| **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** |
| **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost** $**982)** | &nbsp;&nbsp;&nbsp;&nbsp;9817 | &nbsp;&nbsp;&nbsp;&nbsp; **982** |
| **Total Investments (99.8%) (Cost $263,529)** | **Total Investments (99.8%) (Cost $263,529)** | **Total Investments (99.8%) (Cost $263,529)** | &nbsp;&nbsp;&nbsp;&nbsp;**298209** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**472** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**298681** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

\* Non-income-producing security. <br> 1 Security value determined using significant unobservable inputs. <br> 2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

------

#### 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 S&P 500 Index | September 2025 | 1 | 323 | &nbsp;&nbsp;7 |
| Micro E-mini S&P 500 Index | September 2025 | 21 | 680 | &nbsp;&nbsp;5 |
|  |  |  |  | &nbsp;&nbsp;12 |

---

**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 August 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 | 297226 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;297227 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 |
| Total | 298208 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;298209 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 12 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12 |

---

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

## 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 WELLINGTON FUND

- **b. Investment Company Act file number:** 811-00121

- **c. CIK number of Registrant:** 0000105563

- **d. LEI of Registrant:** 549300X1E8M3H6XRMS84

- **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 U.S. MINIMUM VOLATILITY ETF

- **b. EDGAR series identifier (if any):** S000061301

- **c. LEI of Series:** 549300RP1YLUB1WLOT10

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**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:** $298697276.50

**Total Liabilities:** $14802.96

**Net Assets:** $298682473.54

**Cash Not Reported:** $117915.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198465 | 1.56%                | -0.85%               | 2.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-67922.48               | $3912392.47                                |
| Month 2  | $1626745.20              | $-4422361.03                               |
| Month 3  | $721774.53               | $7078306.66                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| eBay Inc                                          | EBAY INC                       | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     47234 | NS      | $4279872.74   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                  | DUKE ENERGY CORP               | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     15436 | NS      | $1890755.64   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                       | CHEMED CORP                    | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      1086 | NS      | $497333.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                              | WASTE MANAGEMENT               | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      6020 | NS      | $1362867.80   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                         | NEWS CORP-CL A                 | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |    105190 | NS      | $3093637.90   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                                    | MGE ENERGY INC                 | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13519 | NS      | $1151142.85   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc           | MACOM TECHNOLOGY               | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21814 | NS      | $2795464.10   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                             | COMMVAULT SYSTEM               | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      6190 | NS      | $1155332.55   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                        | UNUM GROUP                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      1291 | NS      | $90189.26     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                           | PROCTER & GAMBLE               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     23876 | NS      | $3749487.04   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                   | FOUR CORNERS PRO               | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |    111108 | NS      | $2876586.12   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                   | MATCH GROUP INC                | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      7547 | NS      | $281804.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                             | QUEST DIAGNOSTIC               | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      1807 | NS      | $328223.48    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                                      | INNOVIVA INC                   | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |    226617 | NS      | $4629785.31   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                       | GODADDY INC-A                  | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      4045 | NS      | $599913.95    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                          | AT&T INC                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    141993 | NS      | $4158974.97   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                                 | BROWN & BROWN                  | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |       542 | NS      | $52546.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | ABBVIE INC                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      4866 | NS      | $1023806.40   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | APPLE INC                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     16597 | NS      | $3852827.58   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                                  | DT MIDSTREAM                   | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1610 | NS      | $167729.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Grindr Inc                                        | GRINDR INC                     | CUSIP: 39854F101<br>LEI: 254900J9EDQSYT0ERQ67 | Long             | EC               | CORP              | US        |     42295 | NS      | $661493.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                        | EVERGY INC                     | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      8097 | NS      | $576992.22    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                | ANALOG DEVICES                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     18235 | NS      | $4582637.85   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                   | T-MOBILE US INC                | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     12566 | NS      | $3166506.34   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                | LTC PROPERTIES                 | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |    117023 | NS      | $4271339.50   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                    | CONOCOPHILLIPS                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     10026 | NS      | $992273.22    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                                   | SOUTHERN CO                    | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     33120 | NS      | $3056976.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc                             | VEECO INSTRUMENT               | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |      3774 | NS      | $92538.48     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                          | WILLIS TOWERS WA               | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | US        |      8620 | NS      | $2816929.80   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2922 | NS      | $1480548.18   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tootsie Roll Industries Inc                       | TOOTSIE ROLL IND               | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |      2006 | NS      | $80661.26     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc        | EXPEDITORS INTL                | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     12785 | NS      | $1541103.90   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-C                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4501 | NS      | $961098.53    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                              | PROGRESSIVE CORP               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      8047 | NS      | $1988091.82   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1755 | NS      | $617373.90    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                                | SEI INVESTMENTS                | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     33081 | NS      | $2920390.68   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                       | TRIMBLE INC                    | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     48659 | NS      | $3932620.38   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                                     | INGREDION INC                  | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      6362 | NS      | $824133.48    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                                     | AMERISAFE INC                  | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |     42651 | NS      | $1969623.18   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd                      | GENCO SHIPPING &               | CUSIP: Y2685T131<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | US        |     13504 | NS      | $227407.36    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO                        | COMMERCE BCSHS                 | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14743 | NS      | $913181.42    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                      | AUTOZONE INC                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       150 | NS      | $629779.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | META PLATFORMS-A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1781 | NS      | $1315624.70   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus Corp/The                                   | MARCUS CORP                    | CUSIP: 566330106<br>LEI: 549300NL0OKPNEMP6B79 | Long             | EC               | CORP              | US        |     21610 | NS      | $333658.40    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc                       | FRESH DEL MONTE                | CUSIP: G36738105<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | US        |    120434 | NS      | $4369345.52   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                                   | TYSON FOODS-A                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      3814 | NS      | $216558.92    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     26558 | NS      | $2948469.16   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                            | SKYWORKS SOLUTIO               | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     34622 | NS      | $2594572.68   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                       | BIOMARIN PHARMAC               | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     12350 | NS      | $719634.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc                            | DOLBY LABORATO-A               | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |     52276 | NS      | $3747143.68   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One            | LIBERTY MEDIA CO               | CUSIP: 531229771<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3672 | NS      | $330920.64    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                                          | NVE CORP                       | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |     16204 | NS      | $1046454.32   | 0.35%             |  |  |  | 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        |         2 | NS      | $238.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME GROUP INC                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     15228 | NS      | $4058414.28   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      2619 | NS      | $720408.33    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                             | GENERAL DYNAMICS               | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       218 | NS      | $70756.26     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                               | ELECTRONIC ARTS                | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      5601 | NS      | $963091.95    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Carriage Services Inc                             | CARRIAGE SERVICE               | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13381 | NS      | $585820.18    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                                    | MURPHY USA INC                 | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      2469 | NS      | $929578.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                         | KEYSIGHT TEC                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     26145 | NS      | $4272877.35   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                     | AUTOMATIC DATA                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     11412 | NS      | $3469818.60   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| California BanCorp                                | CALIFORNIA BANCO               | CUSIP: 84252A106<br>LEI: 549300Z6CP542EI9L684 | Long             | EC               | CORP              | US        |      2857 | NS      | $48111.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Diebold Nixdorf Inc                               | DIEBOLD NIXDORF                | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |      4893 | NS      | $299011.23    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                            | TYLER TECHNOLOG                | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      7083 | NS      | $3986879.04   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                        | GRAND CANYON EDU               | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      1631 | NS      | $328760.67    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                              | TRADEWEB MARKE-A               | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1402 | NS      | $172950.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                              | COLGATE-PALMOLIV               | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     10151 | NS      | $853394.57    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                               | DOLLAR GENERAL C               | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      4093 | NS      | $445154.68    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | SP500 MIC EMIN FUTSep25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |        21 | NC      | $5097.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                           | CONS EDISON INC                | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     16067 | NS      | $1578261.41   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                   | TJX COS INC                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     30760 | NS      | $4202123.60   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                             | MCCORMICK-N/V                  | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |       791 | NS      | $55662.67     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                          | MARSH & MCLENNAN               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      9172 | NS      | $1887689.32   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                                     | SYNAPTICS INC                  | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |     14789 | NS      | $1033159.54   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                         | QORVO INC                      | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      6037 | NS      | $547555.90    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Bankshares Inc                                 | CF BANKSHARES IN               | CUSIP: 12520L109<br>LEI: 5493005T7GGZJKF4UK64 | Long             | EC               | CORP              | US        |      1320 | NS      | $32472.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA                                 | UNIVERSAL CORP                 | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |      5949 | NS      | $332846.55    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| QuinStreet Inc                                    | QUINSTREET INC                 | CUSIP: 74874Q100<br>LEI: 549300TP8MFBFPOS4Y78 | Long             | EC               | CORP              | US        |     11850 | NS      | $185808.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                       | AMEREN CORP                    | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      3065 | NS      | $305825.70    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                          | RLI CORP                       | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      5376 | NS      | $364116.48    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc                       | ATLANTA BRAVES H               | CUSIP: 047726104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3540 | NS      | $168167.70    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                       | WALMART INC                    | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     15997 | NS      | $1551389.06   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                          | FOX CORP - B                   | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     51301 | NS      | $2798469.55   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                   | CMS ENERGY CORP                | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     16649 | NS      | $1191568.93   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                       | IDACORP INC                    | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      1446 | NS      | $180894.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IDT Corp                                          | IDT CORP-CLASS B               | CUSIP: 448947507<br>LEI: 549300JNTN7ZMJDFCL56 | Long             | EC               | CORP              | US        |     34011 | NS      | $2179084.77   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                       | ROLLINS INC                    | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     26958 | NS      | $1524205.32   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                        | MONDELEZ INTER-A               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     31764 | NS      | $1951580.16   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp of North Carolina Inc             | PEOPLES BANC NC                | CUSIP: 710577107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2148 | NS      | $68048.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Employers Holdings Inc                            | EMPLOYERS HOLDIN               | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4573 | NS      | $197827.98    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                 | GETTY REALTY                   | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |    106978 | NS      | $3058501.02   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                           | ARTHUR J GALLAGH               | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      1738 | NS      | $526179.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N-able Inc/US                                     | N-ABLE INC                     | CUSIP: 62878D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    138919 | NS      | $1119687.14   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                           | O'REILLY AUTOMOT               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     20310 | NS      | $2105740.80   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                         | NEWS CORP-CL B                 | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |     19388 | NS      | $656671.56    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp                                | CNA FINL CORP                  | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |      1023 | NS      | $50689.65     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                            | ROPER TECHNOLOGI               | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      7723 | NS      | $4064692.13   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Orrstown Financial Services Inc                   | ORRSTOWN FINL SV               | CUSIP: 687380105<br>LEI: 5493008IR3FINUFGVM95 | Long             | EC               | CORP              | US        |      8107 | NS      | $282528.95    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc                       | ATLANTA BRAVES H               | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29076 | NS      | $1307838.48   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Northwest Inc                     | FIRST FINANCIAL                | CUSIP: 32022K102<br>LEI: 549300F9IPXLCC3K7B36 | Long             | EC               | CORP              | US        |      1402 | NS      | $785.12       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Yelp Inc                                          | YELP INC                       | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |    106764 | NS      | $3375877.68   | 1.13%             |  |  |  | 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        |    915562 | NS      | $915469.94    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                            | BOSTON SCIENTIFC               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     10807 | NS      | $1140138.50   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                  | COCA-COLA CO/THE               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     63223 | NS      | $4361754.77   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                            | CHURCH & DWIGHT                | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     43380 | NS      | $4041280.80   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     27817 | NS      | $3690203.22   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc                           | POSTAL REALTY-A                | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |     40691 | NS      | $644545.44    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TFS Financial Corp                                | TFS FINANCIAL CO               | CUSIP: 87240R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9785 | NS      | $137577.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Sep25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |         1 | NC      | $6510.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                                 | DONEGAL GRP-CL A               | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16855 | NS      | $301535.95    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                              | WILLIAMS COS INC               | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      8361 | NS      | $483934.68    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co                          | AMER STATES WATE               | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     31575 | NS      | $2353284.75   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                           | NVR INC                        | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        17 | NS      | $138000.05    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     23152 | NS      | $4687816.96   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                            | CENTERPOINT ENER               | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     33897 | NS      | $1278255.87   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc                  | PRESTIGE CONSUME               | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7234 | NS      | $492201.36    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                            | BERKSHIRE HATH-B               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2251 | NS      | $1132207.98   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                                 | KINDER MORGAN IN               | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      6877 | NS      | $185541.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                        | VERIZON COMMUNIC               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     94886 | NS      | $4196807.78   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| National Beverage Corp                            | NATL BEVERAGE                  | CUSIP: 635017106<br>LEI: 549300O9MZIQJI8TGV17 | Long             | EC               | CORP              | US        |      5057 | NS      | $212646.85    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc                   | PHILIP MORRIS IN               | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      5717 | NS      | $955482.21    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                                           | BOX INC- CLASS A               | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |     14883 | NS      | $485632.29    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                                          | YEXT INC                       | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |    282610 | NS      | $2568924.90   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| York Water Co/The                                 | YORK WATER CO                  | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32083 | NS      | $996818.81    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                     | MCKESSON CORP                  | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      6513 | NS      | $4472086.32   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                              | LOCKHEED MARTIN                | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2499 | NS      | $1138619.37   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc                            | LAUREATE EDUCATI               | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |      8847 | NS      | $243115.56    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                | REALTY INCOME                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     68888 | NS      | $4047858.88   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                        | STRIDE INC                     | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     11656 | NS      | $1902142.64   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                     | ACCENTURE PLC-A                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | US        |       789 | NS      | $205116.33    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                                  | CIRRUS LOGIC INC               | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |     16938 | NS      | $1934150.22   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                         | L3HARRIS TECHNOL               | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      3576 | NS      | $992769.12    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                                     | BLACKBAUD INC                  | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |      7729 | NS      | $515601.59    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                           | CBOE GLOBAL MARK               | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      7602 | NS      | $1793691.90   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                  | EXXON MOBIL CORP               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     31172 | NS      | $3562647.88   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc                   | PINNACLE FINL                  | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      1089 | NS      | $105872.58    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                   | MCDONALDS CORP                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3594 | NS      | $1126862.76   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                                | ROYALTY PHARMA-A               | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | US        |    102894 | NS      | $3702126.12   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                             | NORTHROP GRUMMAN               | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      4390 | NS      | $2590275.60   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| German American Bancorp Inc                       | GERMAN AMER BNCP               | CUSIP: 373865104<br>LEI: 5493002JDOI3GTNVUD76 | Long             | EC               | CORP              | US        |      4197 | NS      | $175350.66    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                      | CHEVRON CORP                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22049 | NS      | $3541069.40   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                          | KLA CORP                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       724 | NS      | $631328.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                                    | PHOTRONICS INC                 | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     68166 | NS      | $1545323.22   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                              | WEC ENERGY GROUP               | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     10133 | NS      | $1079265.83   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                          | RTX CORP                       | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     12200 | NS      | $1934920.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                                      | KNOWLES CORP                   | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     15882 | NS      | $339080.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                            | HP INC                         | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    105596 | NS      | $3013709.84   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                             | BECTON DICKINSON               | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     12297 | NS      | $2373075.06   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                             | TRAVELERS COS IN               | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      2225 | NS      | $604109.75    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp              | IBM                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      9121 | NS      | $2220872.29   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                       | COUPANG INC                    | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     75034 | NS      | $2144471.72   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc                            | TKO GROUP HOLDIN               | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9467 | NS      | $1794564.52   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                 | EOG RESOURCES                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     13152 | NS      | $1641632.64   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                            | MOTOROLA SOLUTIO               | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      3867 | NS      | $1827002.82   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                                      | CARGURUS INC                   | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     39149 | NS      | $1354555.40   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                        | AMDOCS LTD                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |     42882 | NS      | $3669412.74   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                                  | INTERDIGITAL INC               | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9917 | NS      | $2694548.07   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                                  | HEALTHSTREAM INC               | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |     28792 | NS      | $808479.36    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       311 | NS      | $93741.62     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                   | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30123 | NS      | $2191147.02   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc                        | SAFETY INSURANCE               | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |      3878 | NS      | $287010.78    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       703 | NS      | $418488.87    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                 | LAM RESEARCH                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     41623 | NS      | $4168543.45   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                               | CARDINAL HEALTH                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     15720 | NS      | $2338821.60   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp/IN                           | FIRST FINANCIAL                | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2454 | NS      | $144786.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                        | STERIS PLC                     | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6480 | NS      | $1587988.80   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                        | AMETEK INC                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       384 | NS      | $70963.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                   | FIRST SOLAR INC                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       403 | NS      | $78661.57     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Holdings Inc                                 | SPOK HOLDINGS IN               | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |     50621 | NS      | $919277.36    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Holdings Inc            | CCC INTELLIGENT                | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    172085 | NS      | $1703641.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                | JOHNSON CONTROLS               | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |     17875 | NS      | $1910658.75   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                               | GILEAD SCIENCES                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      3658 | NS      | $413244.26    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                        | NETAPP INC                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      9051 | NS      | $1020862.29   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                       | OFG BANCORP                    | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |      4133 | NS      | $184951.75    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                  | ALTRIA GROUP INC               | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     49533 | NS      | $3329112.93   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The                             | HACKETT GROUP                  | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     67275 | NS      | $1400665.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                                         | ENNIS INC                      | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35982 | NS      | $657391.14    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd               | WHITE MOUNTAINS                | CUSIP: G9618E107<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |       438 | NS      | $801618.84    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      4650 | NS      | $1382863.50   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                       | JACK HENRY                     | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     15163 | NS      | $2475511.38   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                       | CENCORA INC                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     12970 | NS      | $3782181.70   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                 | CISCO SYSTEMS                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     63427 | NS      | $4382171.43   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                        | MATSON INC                     | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      9424 | NS      | $980567.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc               | OLLIE'S BARGAIN                | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      1240 | NS      | $157281.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc                             | REPUBLIC SVCS                  | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     13391 | NS      | $3133092.27   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5838 | NS      | $1242968.58   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                           | ITT INC                        | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     24217 | NS      | $4122944.25   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                                   | CITY HOLDING CO                | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1972 | NS      | $253362.56    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                | WALT DISNEY CO/T               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     11213 | NS      | $1327394.94   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** VANGUARD WELLINGTON FUND

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer