# EDGAR Filing Document

**Accession Number:** 0001021882
**File Stem:** 0001021882-26-000107
**Filing Date:** 2026-1
**Character Count:** 91674
**Document Hash:** 77b120dd03536ea03667172e80b832ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001021882-26-000107.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001021882-26-000107

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07803
- **FILM NUMBER:** 26567951

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

#### Schedule of Investments (unaudited)
As of November 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (96.5%)** | **Common Stocks (96.5%)** | **Common Stocks (96.5%)** | **Common Stocks (96.5%)** |
| **Communication Services (4.8%)** | **Communication Services (4.8%)** | **Communication Services (4.8%)** | **Communication Services (4.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. | &nbsp;&nbsp;&nbsp;&nbsp;178691 | &nbsp;&nbsp;&nbsp;&nbsp; 15116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;193918 | &nbsp;&nbsp;&nbsp;&nbsp; 9593 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92852 | &nbsp;&nbsp;&nbsp;&nbsp; 6650 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26035 | &nbsp;&nbsp;&nbsp;&nbsp; 5937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manchester United plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;288136 | &nbsp;&nbsp;&nbsp;&nbsp; 4581 |
|  | &nbsp;&nbsp;&nbsp;National CineMedia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;760794 | &nbsp;&nbsp;&nbsp;&nbsp; 3279 |
|  | &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;133029 | &nbsp;&nbsp;&nbsp;&nbsp; 2131 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **47287** |
| **Consumer Discretionary (15.8%)** | **Consumer Discretionary (15.8%)** | **Consumer Discretionary (15.8%)** | **Consumer Discretionary (15.8%)** |
|  | &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;845136 | &nbsp;&nbsp;&nbsp;&nbsp; 17258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;725546 | &nbsp;&nbsp;&nbsp;&nbsp; 15323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;673455 | &nbsp;&nbsp;&nbsp;&nbsp; 12432 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133421 | &nbsp;&nbsp;&nbsp;&nbsp; 12349 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103911 | &nbsp;&nbsp;&nbsp;&nbsp; 8656 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;905926 | &nbsp;&nbsp;&nbsp;&nbsp; 7474 |
|  | &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;156978 | &nbsp;&nbsp;&nbsp;&nbsp; 6559 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;316441 | &nbsp;&nbsp;&nbsp;&nbsp; 6455 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;272090 | &nbsp;&nbsp;&nbsp;&nbsp; 6212 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52018 | &nbsp;&nbsp;&nbsp;&nbsp; 6029 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;557286 | &nbsp;&nbsp;&nbsp;&nbsp; 5718 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99091 | &nbsp;&nbsp;&nbsp;&nbsp; 5360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;177107 | &nbsp;&nbsp;&nbsp;&nbsp; 5028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21220 | &nbsp;&nbsp;&nbsp;&nbsp; 4935 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167216 | &nbsp;&nbsp;&nbsp;&nbsp; 4675 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44966 | &nbsp;&nbsp;&nbsp;&nbsp; 4343 |
|  | &nbsp;&nbsp;&nbsp;Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133970 | &nbsp;&nbsp;&nbsp;&nbsp; 4035 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53545 | &nbsp;&nbsp;&nbsp;&nbsp; 3981 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75319 | &nbsp;&nbsp;&nbsp;&nbsp; 3918 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;204202 | &nbsp;&nbsp;&nbsp;&nbsp; 3870 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;32034 | &nbsp;&nbsp;&nbsp;&nbsp; 3641 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110755 | &nbsp;&nbsp;&nbsp;&nbsp; 3534 |
|  | &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70997 | &nbsp;&nbsp;&nbsp;&nbsp; 2051 |
|  | &nbsp;&nbsp;&nbsp;Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30435 | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Leslie's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108548 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**155609** |
| **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;52444 | &nbsp;&nbsp;&nbsp;&nbsp; 5463 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127696 | &nbsp;&nbsp;&nbsp;&nbsp; 4675 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242887 | &nbsp;&nbsp;&nbsp;&nbsp; 4428 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14566** |
| **Energy (2.6%)** | **Energy (2.6%)** | **Energy (2.6%)** | **Energy (2.6%)** |
|  | &nbsp;&nbsp;&nbsp;Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;396776 | &nbsp;&nbsp;&nbsp;&nbsp; 5991 |
|  | &nbsp;&nbsp;&nbsp;Select Water Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;526780 | &nbsp;&nbsp;&nbsp;&nbsp; 5321 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;62024 | &nbsp;&nbsp;&nbsp;&nbsp; 4639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80718 | &nbsp;&nbsp;&nbsp;&nbsp; 4360 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;93458 | &nbsp;&nbsp;&nbsp;&nbsp; 3963 |
|  | &nbsp;&nbsp;&nbsp;Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209536 | &nbsp;&nbsp;&nbsp;&nbsp; 1806 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **26080** |
| **Financials (24.6%)** | **Financials (24.6%)** | **Financials (24.6%)** | **Financials (24.6%)** |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;245630 | &nbsp;&nbsp;&nbsp;&nbsp; 16153 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55368 | &nbsp;&nbsp;&nbsp;&nbsp; 14885 |
|  | &nbsp;&nbsp;&nbsp;Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220220 | &nbsp;&nbsp;&nbsp;&nbsp; 12009 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84376 | &nbsp;&nbsp;&nbsp;&nbsp; 11082 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153818 | &nbsp;&nbsp;&nbsp;&nbsp; 7768 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64009 | &nbsp;&nbsp;&nbsp;&nbsp; 7342 |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54377 | &nbsp;&nbsp;&nbsp;&nbsp; 7288 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60857 | &nbsp;&nbsp;&nbsp;&nbsp; 6854 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45040 | &nbsp;&nbsp;&nbsp;&nbsp; 6682 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;166401 | &nbsp;&nbsp;&nbsp;&nbsp; 6629 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178144 | &nbsp;&nbsp;&nbsp;&nbsp; 6333 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220666 | &nbsp;&nbsp;&nbsp;&nbsp; 6192 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;306149 | &nbsp;&nbsp;&nbsp;&nbsp; 6053 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101179 | &nbsp;&nbsp;&nbsp;&nbsp; 6030 |
|  | &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312191 | &nbsp;&nbsp;&nbsp;&nbsp; 5878 |
|  | &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292641 | &nbsp;&nbsp;&nbsp;&nbsp; 5759 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83105 | &nbsp;&nbsp;&nbsp;&nbsp; 5629 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100493 | &nbsp;&nbsp;&nbsp;&nbsp; 5608 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;170375 | &nbsp;&nbsp;&nbsp;&nbsp; 5595 |
|  | &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160489 | &nbsp;&nbsp;&nbsp;&nbsp; 5429 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318931 | &nbsp;&nbsp;&nbsp;&nbsp; 5307 |
|  | &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149485 | &nbsp;&nbsp;&nbsp;&nbsp; 5298 |
|  | &nbsp;&nbsp;&nbsp;Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;281311 | &nbsp;&nbsp;&nbsp;&nbsp; 5218 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187854 | &nbsp;&nbsp;&nbsp;&nbsp; 5207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133009 | &nbsp;&nbsp;&nbsp;&nbsp; 5074 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202655 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120607 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
|  | &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;106275 | &nbsp;&nbsp;&nbsp;&nbsp; 4891 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EZCorp. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;252684 | &nbsp;&nbsp;&nbsp;&nbsp; 4872 |
|  | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167223 | &nbsp;&nbsp;&nbsp;&nbsp; 4813 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;386263 | &nbsp;&nbsp;&nbsp;&nbsp; 4790 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142990 | &nbsp;&nbsp;&nbsp;&nbsp; 4527 |
|  | &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77840 | &nbsp;&nbsp;&nbsp;&nbsp; 4348 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98213 | &nbsp;&nbsp;&nbsp;&nbsp; 4244 |
|  | &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;365089 | &nbsp;&nbsp;&nbsp;&nbsp; 4195 |
|  | &nbsp;&nbsp;&nbsp;Hope Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355515 | &nbsp;&nbsp;&nbsp;&nbsp; 3776 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72341 | &nbsp;&nbsp;&nbsp;&nbsp; 3549 |
|  | &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;118330 | &nbsp;&nbsp;&nbsp;&nbsp; 2161 |
|  | &nbsp;&nbsp;&nbsp;DigitalBridge Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198417 | &nbsp;&nbsp;&nbsp;&nbsp; 1927 |
|  | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**242495** |
| **Health Care (6.9%)** | **Health Care (6.9%)** | **Health Care (6.9%)** | **Health Care (6.9%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;438558 | &nbsp;&nbsp;&nbsp;&nbsp; 9166 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28055 | &nbsp;&nbsp;&nbsp;&nbsp; 7541 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41722 | &nbsp;&nbsp;&nbsp;&nbsp; 7432 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120932 | &nbsp;&nbsp;&nbsp;&nbsp; 7202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;245086 | &nbsp;&nbsp;&nbsp;&nbsp; 5703 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;16134 | &nbsp;&nbsp;&nbsp;&nbsp; 5241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140275 | &nbsp;&nbsp;&nbsp;&nbsp; 5121 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182732 | &nbsp;&nbsp;&nbsp;&nbsp; 4998 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;358799 | &nbsp;&nbsp;&nbsp;&nbsp; 4707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veradigm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;732048 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140378 | &nbsp;&nbsp;&nbsp;&nbsp; 3309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27714 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varex Imaging Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166428 | &nbsp;&nbsp;&nbsp;&nbsp; 1926 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **68406** |
| **Industrials (16.3%)** | **Industrials (16.3%)** | **Industrials (16.3%)** | **Industrials (16.3%)** |
|  | &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;145030 | &nbsp;&nbsp;&nbsp;&nbsp; 16291 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482275 | &nbsp;&nbsp;&nbsp;&nbsp; 13349 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328778 | &nbsp;&nbsp;&nbsp;&nbsp; 10847 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56170 | &nbsp;&nbsp;&nbsp;&nbsp; 8517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242856 | &nbsp;&nbsp;&nbsp;&nbsp; 6953 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49385 | &nbsp;&nbsp;&nbsp;&nbsp; 5837 |
|  | &nbsp;&nbsp;&nbsp;nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;52896 | &nbsp;&nbsp;&nbsp;&nbsp; 5674 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87192 | &nbsp;&nbsp;&nbsp;&nbsp; 5656 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346713 | &nbsp;&nbsp;&nbsp;&nbsp; 5489 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;59427 | &nbsp;&nbsp;&nbsp;&nbsp; 5287 |
|  | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;30482 | &nbsp;&nbsp;&nbsp;&nbsp; 5281 |
|  | &nbsp;&nbsp;&nbsp;KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126155 | &nbsp;&nbsp;&nbsp;&nbsp; 5200 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78564 | &nbsp;&nbsp;&nbsp;&nbsp; 5023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;135633 | &nbsp;&nbsp;&nbsp;&nbsp; 4982 |
|  | &nbsp;&nbsp;&nbsp;Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;55355 | &nbsp;&nbsp;&nbsp;&nbsp; 4505 |
|  | &nbsp;&nbsp;&nbsp;Loomis AB | &nbsp;&nbsp;&nbsp;&nbsp;109650 | &nbsp;&nbsp;&nbsp;&nbsp; 4420 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152622 | &nbsp;&nbsp;&nbsp;&nbsp; 4260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225617 | &nbsp;&nbsp;&nbsp;&nbsp; 4073 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AAR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48407 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;TriNet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66188 | &nbsp;&nbsp;&nbsp;&nbsp; 3879 |
|  | &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;24012 | &nbsp;&nbsp;&nbsp;&nbsp; 3436 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11690 | &nbsp;&nbsp;&nbsp;&nbsp; 3126 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9025 | &nbsp;&nbsp;&nbsp;&nbsp; 3069 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29585 | &nbsp;&nbsp;&nbsp;&nbsp; 2982 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59442 | &nbsp;&nbsp;&nbsp;&nbsp; 2970 |
|  | &nbsp;&nbsp;&nbsp;Alight Inc. Class A | 1216063 | &nbsp;&nbsp;&nbsp;&nbsp; 2809 |
|  | &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15016 | &nbsp;&nbsp;&nbsp;&nbsp; 2513 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25785 | &nbsp;&nbsp;&nbsp;&nbsp; 2371 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6523 | &nbsp;&nbsp;&nbsp;&nbsp; 1688 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPENLANE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49385 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**160717** |
| **Information Technology (7.9%)** | **Information Technology (7.9%)** | **Information Technology (7.9%)** | **Information Technology (7.9%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38575 | &nbsp;&nbsp;&nbsp;&nbsp; 7636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41535 | &nbsp;&nbsp;&nbsp;&nbsp; 6486 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38477 | &nbsp;&nbsp;&nbsp;&nbsp; 6018 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38556 | &nbsp;&nbsp;&nbsp;&nbsp; 5879 |
|  | &nbsp;&nbsp;&nbsp;Belden Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47810 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20836 | &nbsp;&nbsp;&nbsp;&nbsp; 5266 |
|  | &nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;58205 | &nbsp;&nbsp;&nbsp;&nbsp; 5178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;258931 | &nbsp;&nbsp;&nbsp;&nbsp; 4350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cohu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178337 | &nbsp;&nbsp;&nbsp;&nbsp; 4337 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327825 | &nbsp;&nbsp;&nbsp;&nbsp; 4055 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36996 | &nbsp;&nbsp;&nbsp;&nbsp; 3996 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150952 | &nbsp;&nbsp;&nbsp;&nbsp; 3828 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Voyix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;362371 | &nbsp;&nbsp;&nbsp;&nbsp; 3664 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78245 | &nbsp;&nbsp;&nbsp;&nbsp; 3616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;558261 | &nbsp;&nbsp;&nbsp;&nbsp; 3232 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33268 | &nbsp;&nbsp;&nbsp;&nbsp; 2880 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8006 | &nbsp;&nbsp;&nbsp;&nbsp; 1687 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **77530** |
| **Materials (4.7%)** | **Materials (4.7%)** | **Materials (4.7%)** | **Materials (4.7%)** |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;173419 | &nbsp;&nbsp;&nbsp;&nbsp; 7313 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61246 | &nbsp;&nbsp;&nbsp;&nbsp; 5883 |
|  | &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41933 | &nbsp;&nbsp;&nbsp;&nbsp; 5780 |
|  | &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24052 | &nbsp;&nbsp;&nbsp;&nbsp; 5381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;176928 | &nbsp;&nbsp;&nbsp;&nbsp; 5331 |
|  | &nbsp;&nbsp;&nbsp;Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112941 | &nbsp;&nbsp;&nbsp;&nbsp; 4477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52359 | &nbsp;&nbsp;&nbsp;&nbsp; 3919 |
|  | &nbsp;&nbsp;&nbsp;Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73388 | &nbsp;&nbsp;&nbsp;&nbsp; 3882 |
|  | &nbsp;&nbsp;&nbsp;Mativ Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255201 | &nbsp;&nbsp;&nbsp;&nbsp; 3187 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;84663 | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **46523** |
| **Other (1.1%)** | **Other (1.1%)** | **Other (1.1%)** | **Other (1.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard S&P Small-Cap 600 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;114815 | &nbsp;&nbsp;&nbsp;&nbsp; 11179 |
| **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36529 | &nbsp;&nbsp;&nbsp;&nbsp; 11897 |
|  | &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83185 | &nbsp;&nbsp;&nbsp;&nbsp; 6257 |
|  | &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;482894 | &nbsp;&nbsp;&nbsp;&nbsp; 5476 |
|  | &nbsp;&nbsp;&nbsp;STAG Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137167 | &nbsp;&nbsp;&nbsp;&nbsp; 5388 |
|  | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92467 | &nbsp;&nbsp;&nbsp;&nbsp; 5293 |
|  | &nbsp;&nbsp;&nbsp;Independence Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308352 | &nbsp;&nbsp;&nbsp;&nbsp; 5288 |
|  | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166997 | &nbsp;&nbsp;&nbsp;&nbsp; 5287 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;571198 | &nbsp;&nbsp;&nbsp;&nbsp; 4992 |
|  | &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;100201 | &nbsp;&nbsp;&nbsp;&nbsp; 4860 |
|  | &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;164174 | &nbsp;&nbsp;&nbsp;&nbsp; 4835 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;282741 | &nbsp;&nbsp;&nbsp;&nbsp; 4736 |
|  | &nbsp;&nbsp;&nbsp;Sila Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197703 | &nbsp;&nbsp;&nbsp;&nbsp; 4729 |
|  | &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;120267 | &nbsp;&nbsp;&nbsp;&nbsp; 3696 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15218 | &nbsp;&nbsp;&nbsp;&nbsp; 2463 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **75197** |
| **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;MDU Resources Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;375163 | &nbsp;&nbsp;&nbsp;&nbsp; 7999 |
|  | &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139980 | &nbsp;&nbsp;&nbsp;&nbsp; 7031 |
|  | &nbsp;&nbsp;&nbsp;Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72834 | &nbsp;&nbsp;&nbsp;&nbsp; 6457 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120122 | &nbsp;&nbsp;&nbsp;&nbsp; 4751 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **26238** |
| **Total Common Stocks (Cost $825,525)** | **Total Common Stocks (Cost $825,525)** | **Total Common Stocks (Cost $825,525)** | &nbsp;&nbsp;&nbsp;&nbsp;**951827** |
| **Temporary Cash Investments (3.3%)** | **Temporary Cash Investments (3.3%)** | **Temporary Cash Investments (3.3%)** | **Temporary Cash Investments (3.3%)** |
| **Money Market Fund (3.3%)** | **Money Market Fund (3.3%)** | **Money Market Fund (3.3%)** | **Money Market Fund (3.3%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.024% **(Cost $33,115)** | &nbsp;&nbsp;&nbsp;&nbsp;331186 | &nbsp;&nbsp;&nbsp;&nbsp; **33119** |
| **Total Investments (99.8%) (Cost $858,640)** | **Total Investments (99.8%) (Cost $858,640)** | **Total Investments (99.8%) (Cost $858,640)** | &nbsp;&nbsp;&nbsp;&nbsp;**984946** |
| **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;**1771** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**986717** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 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. |
|  | ADR—American Depositary Receipt. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini Russell 2000 Index | December 2025 | 163 | 20417 | &nbsp;&nbsp;530 |

---

**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 November 30, 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 | 947407 | &nbsp;&nbsp;&nbsp;4420 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;951827 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;33119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33119 |
| Total | 980526 | &nbsp;&nbsp;&nbsp;4420 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;984946 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 530 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;530 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Aug. 31,<br> 2025<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Nov. 30,<br> 2025<br> Market<br> Value<br> ($000) |
| Vanguard Market Liquidity Fund | 37366 | &nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3 | 369 |  | 33119 |
| Vanguard S&P Small-Cap 600 Value ETF | &nbsp;&nbsp;8129 | 9066 | 6428 | 107 | 305 | &nbsp;&nbsp;&nbsp;45 |  | 11179 |
| Total | 45495 | 9066 | 6428 | 107 | 308 | 414 |  | 44298 |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $987612262.08

**Total Liabilities:** $1002638.27

**Net Assets:** $986609623.81

**Cash Not Reported:** $188.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000085513 | 0.22%                | -2.84%               | 1.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6526393.57              | $-6287049.03                               |
| Month 2  | $3564793.83              | $-32519221.26                              |
| Month 3  | $3962995.01              | $12425191.33                               |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Varex Imaging Corp                                | VAREX IMAGIN                   | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |    166428 | NS      | $1925571.96   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp                    | SILICON MOTI-ADR               | CUSIP: N/A<br>LEI: 5299005RBVBZQJTYFC89       | Long             | EC               | CORP              | US        |     58205 | NS      | $5177916.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                                  | MALIBU BOATS-A                 | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    177107 | NS      | $5028067.73   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                                  | KNIFE RIVER                    | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52359 | NS      | $3918547.56   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                                     | TIDEWATER INC                  | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     80718 | NS      | $4360386.36   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                                 | OMNICOM GROUP                  | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     92852 | NS      | $6650060.24   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc                     | EVERUS CONSTRUCT               | CUSIP: 300426103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25785 | NS      | $2371188.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc                      | MSC INDL DIRECT                | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     59427 | NS      | $5286625.92   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                             | ARROW ELECTRONIC               | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     36996 | NS      | $3995937.96   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem Inc                   | FIRST INTER/MT-A               | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    170375 | NS      | $5595115.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc                        | SELECT WATER SOL               | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    526780 | NS      | $5320478.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                      | BREAD FINANCIAL                | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     83105 | NS      | $5628701.65   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp                             | ENVISTA HOLDINGS               | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |    438558 | NS      | $9165862.20   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc                                | MATIV INC                      | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |    255201 | NS      | $3187460.49   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                         | JABIL INC                      | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      8006 | NS      | $1686944.26   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                                          | AAR CORP                       | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |     48407 | NS      | $4027946.47   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Xperi Inc                                         | XPERI INC                      | CUSIP: 98423J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    558261 | NS      | $3232331.19   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                             | SILA REALTY TRUS               | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |    197703 | NS      | $4729055.76   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc                           | INSIGHT ENTERPRI               | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     33268 | NS      | $2880010.76   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                 | NATIONAL STORAGE               | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |    164174 | NS      | $4834924.30   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                                     | LGI HOMES INC                  | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     75319 | NS      | $3918094.38   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                         | FIRST BANCORP PR               | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    306149 | NS      | $6052565.73   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co                           | SPHERE ENTERTAIN               | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |    178691 | NS      | $15115471.69  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                                     | TIMKEN CO                      | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     55355 | NS      | $4505343.45   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                          | WAFD INC                       | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142990 | NS      | $4527063.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                                    | AIR LEASE C                    | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     78564 | NS      | $5022596.52   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL               | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     36529 | NS      | $11897130.01  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc                     | AMER EAGLE OUTF                | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |    316441 | NS      | $6455396.40   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc                              | STURM RUGER & CO               | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |    133970 | NS      | $4035176.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     15218 | NS      | $2462728.94   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                                | KONTOOR BRAND                  | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     53545 | NS      | $3981070.75   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The                        | CHEESECAKE FACTO               | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     30435 | NS      | $1450532.10   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                      | EVERCORE INC                   | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      4766 | NS      | $1525453.62   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                         | PERELLA WEINBERG               | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    118330 | NS      | $2160705.80   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                                   | MILLERKNOLL INC                | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |    346713 | NS      | $5488466.79   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc                             | CORE LABORATORIE               | CUSIP: 21867A105<br>LEI: 984500040P5J07V43135 | Long             | EC               | CORP              | US        |    396776 | NS      | $5991317.60   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                 | FIRST IND REALTY               | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92467 | NS      | $5292811.08   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                                     | RENASANT CORP                  | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |    149485 | NS      | $5297748.40   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                               | WSFS FINANCIAL                 | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |    100493 | NS      | $5608514.33   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                           | DARLING INGREDIE               | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    127696 | NS      | $4674950.56   | 0.47%             |  |  |  | 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        |        15 | NS      | $1485.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                                    | BRINK'S CO/THE                 | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |    145030 | NS      | $16291219.90  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc                       | COLUMBIA BANKING               | CUSIP: 197236102<br>LEI: 254900CTRJTQZ3BJ2V17 | Long             | EC               | CORP              | US        |    187854 | NS      | $5207312.88   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                             | CARLYLE GROUP IN               | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    220220 | NS      | $12008596.60  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                         | KEYSIGHT TEC                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     38575 | NS      | $7635921.25   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                         | SPIRE INC                      | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     72834 | NS      | $6457462.44   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                           | WEX INC                        | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     45040 | NS      | $6682134.40   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc                 | DONNELLEY FINANC               | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     72341 | NS      | $3549049.46   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc                          | GIBRALTAR INDUST               | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59442 | NS      | $2969722.32   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp/The                                 | MIDDLEBY CORP                  | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     49385 | NS      | $5837307.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                       | MONARCH CASINO                 | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |     44966 | NS      | $4342816.28   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic Inc                                     | CORECIVIC INC                  | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |    225617 | NS      | $4072386.85   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                           | CUSHMAN & WAKEFI               | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    282741 | NS      | $4735911.75   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                                | JM SMUCKER CO                  | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     52444 | NS      | $5463615.92   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                                      | CARTER'S INC                   | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |    110755 | NS      | $3534192.05   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc      | CHARLES RIVER LA               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     41722 | NS      | $7432357.08   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                                | NVENT ELECTRIC                 | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52896 | NS      | $5674153.92   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                       | SIMMONS FIRST -A               | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |    281311 | NS      | $5218319.05   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                           | ZEBRA TECH CORP                | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     20836 | NS      | $5266299.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp                | FED AGRI MTG-C                 | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |      8900 | NS      | $1528664.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                       | POPULAR INC                    | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | US        |     64009 | NS      | $7342472.39   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                       | KEMPER CORP                    | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |    120607 | NS      | $4911117.04   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                           | PEBBLEBROOK HOTE               | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    482894 | NS      | $5476017.96   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Veradigm Inc                                      | VERADIGM INC                   | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |    732048 | NS      | $3660240.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                           | ADT INC                        | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    905926 | NS      | $7473889.50   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc                            | ENERGIZER HOLDIN               | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |    242887 | NS      | $4427830.01   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alight Inc                                        | ALIGHT INC-CL A                | CUSIP: 01626W101<br>LEI: 549300600ESCO1HTVN74 | Long             | EC               | CORP              | US        |   1216063 | NS      | $2809105.53   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                              | QUAKER CHEMICAL                | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     41933 | NS      | $5780464.05   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co                      | GRAPHIC PACKAGIN               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84663 | NS      | $1369847.34   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                              | MATADOR RESOURCE               | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     93458 | NS      | $3962619.20   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp                    | ATLANTIC UNION B               | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160489 | NS      | $5429342.87   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                           | WINTRUST FINL                  | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     54377 | NS      | $7287605.54   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store Inc              | CRACKER BARREL                 | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |     70997 | NS      | $2051103.33   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                      | SANMINA CORP                   | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     41535 | NS      | $6486313.28   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                       | GENTEX CORP                    | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    272090 | NS      | $6211814.70   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Voyix Corp                                    | NCR VOYIX CORP                 | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    362371 | NS      | $3663570.81   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                      | SIMPSON MFG                    | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     15016 | NS      | $2513378.08   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA               | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    308352 | NS      | $5288236.80   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Manchester United Plc                             | MANCHESTER UNI-A               | CUSIP: G5784H106<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | US        |    288136 | NS      | $4581362.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                                      | NAVIENT CORP                   | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |    386263 | NS      | $4789661.20   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                              | KAISER ALUMINUM                | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61246 | NS      | $5882678.30   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                                    | LCI INDUSTRIES                 | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     32034 | NS      | $3641304.78   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Holdings Inc                   | SPIRIT AEROSYS-A               | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135633 | NS      | $4981800.09   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc                               | MKS INC                        | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     38477 | NS      | $6017418.03   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                           | KBR INC                        | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |    126155 | NS      | $5200109.10   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc               | APPLIED INDU TEC               | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      6523 | NS      | $1688282.86   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                                 | PROG HOLDINGS IN               | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |    167223 | NS      | $4812677.94   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                          | UGI CORP                       | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    120122 | NS      | $4750825.10   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                                  | BOYD GAMING CORP               | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |    103911 | NS      | $8655786.30   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                           | ATI INC                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     29585 | NS      | $2982168.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                          | GRANITE CONSTR                 | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     46000 | NS      | $4946380.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                                | BOK FINL CORP                  | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     60857 | NS      | $6853715.34   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR                            | HOME BANCSHARES                | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220666 | NS      | $6191887.96   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                          | ONESPAWORLD HOLD               | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | US        |    845136 | NS      | $17257677.12  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TriNet Group Inc                                  | TRINET GROUP INC               | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |     66188 | NS      | $3878616.80   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                                 | FB FINANCIAL COR               | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     77840 | NS      | $4348142.40   | 0.44%             |  |  |  | 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        |  34093916 | NS      | $34093916.07  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |    137167 | NS      | $5387919.76   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                          | ELANCO ANIMAL HE               | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    245086 | NS      | $5703151.22   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                               | NORTHERN TRUST                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     84376 | NS      | $11081943.84  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                                         | ADEIA INC                      | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    327825 | NS      | $4055195.25   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                                  | RADIAN GROUP INC               | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |    178144 | NS      | $6333019.20   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc                            | NATIONAL CINEMED               | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |    760794 | NS      | $3279022.14   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                                  | QUIDELORTHO CORP               | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |    182732 | NS      | $4997720.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                           | WESCO INTL                     | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     11690 | NS      | $3126022.90   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Skydance Corp                           | PARAMOUNT SKYDAN               | CUSIP: 69932A204<br>LEI: 529900B6VAJG54Y9QF02 | Long             | EC               | CORP              | US        |    133029 | NS      | $2131124.58   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertainment Corp          | MADISON SQUARE G               | CUSIP: 558256103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    193918 | NS      | $9593123.46   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc                         | PIEDMONT REALTY                | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    571198 | NS      | $4992270.52   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                                    | BANKUNITED INC                 | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     98213 | NS      | $4243783.73   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                                        | DIODES INC                     | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     78245 | NS      | $3615701.45   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Loomis AB                                         | LOOMIS AB                      | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |    109650 | NS      | $4419902.11   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Rithm Capital Corp                                | RITHM CAPITAL CO               | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    365089 | NS      | $4194872.61   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                        | EZCORP INC-A                   | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |    252684 | NS      | $4871747.52   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                          | BANK OZK                       | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |    106275 | NS      | $4890775.50   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                       | SNAP-ON INC                    | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      9025 | NS      | $3068951.25   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                        | MASCO CORP                     | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     87192 | NS      | $5656145.04   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                           | COPT DEFENSE PRO               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    120267 | NS      | $3695804.91   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC                     | WEATHERFORD INTE               | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |     62024 | NS      | $4639395.20   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                                           | ENERSYS                        | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     24012 | NS      | $3436357.32   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc                  | PRESTIGE CONSUME               | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120932 | NS      | $7201500.60   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc                                | FIRST HAWAIIA                  | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    202655 | NS      | $5050162.60   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                        | LAZARD INC                     | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |    153818 | NS      | $7767809.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                                  | NMI HOLDINGS INC               | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    133009 | NS      | $5074293.35   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                                        | MATTEL INC                     | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    725546 | NS      | $15323531.52  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                                  | HOPE BANCORP INC               | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |    355515 | NS      | $3775569.30   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                                      | OPENLANE INC                   | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |     49385 | NS      | $1256354.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                       | ASBURY AUTO GRP                | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |     21220 | NS      | $4935135.40   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc                     | AFFIL MANAGERS                 | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     55368 | NS      | $14884579.44  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc                            | EASTERN BANKSHAR               | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    312191 | NS      | $5878556.53   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt Inc                               | LEGGETT & PLATT                | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |    557286 | NS      | $5717754.36   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                          | COHU INC                       | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |    178337 | NS      | $4337155.84   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                                       | ASHLAND INC                    | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     73388 | NS      | $3882225.20   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp                 | MADISON SQUARE G               | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26035 | NS      | $5936761.05   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                | NORWEGIAN CRUISE               | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    673455 | NS      | $12431979.30  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                     | FIRST AMERICAN F               | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    245630 | NS      | $16152628.80  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                                    | KENNAMETAL INC                 | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    482275 | NS      | $13349372.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                              | GENERAC HOLDINGS               | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     56170 | NS      | $8517057.10   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                                | SONOCO PRODUCTS                | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |    173419 | NS      | $7313079.23   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Energy Solutions Inc                        | ATLAS ENERGY SOL               | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209536 | NS      | $1806200.32   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard S&P Small-Cap 600 Value ETF              | VANGUARD S&P SM                | CUSIP: 921932778<br>LEI: 1L9X7IT41PS23HRPVG96 | Long             | EC               | RF                | US        |    114815 | NS      | $11179536.55  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                                | CVB FINANCIAL                  | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    292641 | NS      | $5759174.88   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc                           | MDU RES GROUP                  | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    375163 | NS      | $7998475.16   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                               | SILGAN HOLDINGS                | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    112941 | NS      | $4476981.24   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                               | EAGLE MATERIALS                | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     24052 | NS      | $5380913.44   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc                      | ADTALEM GLOBAL E               | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |    133421 | NS      | $12349447.76  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                                 | STEVEN MADDEN                  | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    156978 | NS      | $6558540.84   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc             | ESSENTIAL PROPER               | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    166997 | NS      | $5287125.02   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                                        | BELDEN INC                     | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     47810 | NS      | $5421654.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc                              | AMENTUM HOLDINGS               | CUSIP: 023939101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    242856 | NS      | $6952967.28   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                            | PACIRA BIOSCIENC               | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140378 | NS      | $3308709.46   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd                                 | HELEN OF TROY                  | CUSIP: G4388N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    204202 | NS      | $3869627.90   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                   | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83185 | NS      | $6257175.70   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp                            | WEBSTER FINL                   | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    101179 | NS      | $6030268.40   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                        | AXALTA COATING S               | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | US        |    176928 | NS      | $5330840.64   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                              | LXP INDUSTRIAL T               | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    100201 | NS      | $4859748.50   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                           | DIGITALBRIDGE GR               | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    198417 | NS      | $1926629.07   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                          | RESIDEO TECHN                  | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    328778 | NS      | $10846386.22  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                          | ULTRA CLEAN HOLD               | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |    150952 | NS      | $3828142.72   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                                    | TD SYNNEX CORP                 | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     38556 | NS      | $5879018.88   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                                        | PHINIA INC                     | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     99091 | NS      | $5359832.19   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                 | FTAI AVIATION LT               | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30482 | NS      | $5280701.68   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                                      | CADENCE BANK                   | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |    166401 | NS      | $6629415.84   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                                       | FNB CORP                       | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    318931 | NS      | $5307011.84   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd                                | ICHOR HOLDINGS L               | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | US        |    258931 | NS      | $4350040.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                                       | UNITIL CORP                    | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139980 | NS      | $7031195.40   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                             | MOHAWK INDS                    | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     52018 | NS      | $6028886.20   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                                     | INTERFACE INC                  | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    152622 | NS      | $4259680.02   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                         | MERIT MEDICAL                  | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     27714 | NS      | $2399755.26   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc                          | BIO-RAD LABS-A                 | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |     16134 | NS      | $5241291.24   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings Corp                | INTEGRA LIFESCIE               | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |    358799 | NS      | $4707442.88   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Leslie's Inc                                      | LESLIE'S INC                   | CUSIP: 527064208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108548 | NS      | $322387.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                           | PERDOCEO EDUCATI               | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |    167216 | NS      | $4675359.36   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | E-Mini Russ 2000  Dec25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       163 | NC      | $529873.85    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                              | LABCORP HOLDINGS               | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28055 | NS      | $7540622.90   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                      | OMNICELL INC                   | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |    140275 | NS      | $5121440.25   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** VANGUARD SCOTTSDALE FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer