# EDGAR Filing Document

**Accession Number:** 0001021882
**File Stem:** 0001752724-23-016435
**Filing Date:** 2023-1
**Character Count:** 70291
**Document Hash:** b54df76359e86dbba33265215ffa7606
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016435.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016435

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD SCOTTSDALE FUNDS
- **CENTRAL INDEX KEY:** 0001021882
- **IRS NUMBER:** 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:** 23561773

**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, 2022

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 | Market<br> Value<br> ($000) |
| **Common Stocks (93.7%)** | **Common Stocks (93.7%)** | **Common Stocks (93.7%)** | **Common Stocks (93.7%)** |
| **Communication Services (6.8%)** | **Communication Services (6.8%)** | **Communication Services (6.8%)** | **Communication Services (6.8%)** |
|  | Nexstar Media Group Inc. Class A | 129644 | 24575 |
| <sup>\*</sup> | Ziff Davis Inc. | 202166 | 18652 |
|  | John Wiley & Sons Inc. Class A | 269362 | 12770 |
|  | Interpublic Group of Cos. Inc. | 150917 | 5186 |
| <sup>1</sup> | Manchester United plc Class A | 229484 | 5072 |
| <sup>\*</sup> | Madison Square Garden Entertainment Corp. | 104754 | 5041 |
|  | Paramount Global Inc. Class B | 187272 | 3760 |
|  | Madison Square Garden Sports Corp. | 16358 | 2664 |
|  |  |  | **77720** |
| **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** |
| <sup>\*</sup> | Victoria's Secret & Co. | 412216 | 18962 |
|  | Lithia Motors Inc. Class A | 54737 | 13099 |
| <sup>\*</sup> | Adtalem Global Education Inc. | 229500 | 9547 |
| <sup>\*</sup> | Royal Caribbean Cruises Ltd. | 143354 | 8591 |
| <sup>\*</sup> | Modine Manufacturing Co. | 389760 | 8251 |
|  | Kontoor Brands Inc. | 189577 | 8237 |
| <sup>\*</sup> | Leslie's Inc. | 530847 | 7750 |
|  | Cheesecake Factory Inc. | 219409 | 7688 |
| <sup>\*</sup> | OneSpaWorld Holdings Ltd. | 659627 | 6577 |
|  | LCI Industries | 54686 | 5406 |
|  | ADT Inc. | 549536 | 5133 |
| <sup>\*</sup> | Mattel Inc. | 273639 | 4989 |
|  | Boyd Gaming Corp. | 70401 | 4318 |
| <sup>\*</sup> | Stoneridge Inc. | 177386 | 4202 |
|  | Gentex Corp. | 135786 | 3924 |
| <sup>\*</sup> | Perdoceo Education Corp. | 266320 | 3822 |
| <sup>\*</sup> | Helen of Troy Ltd. | 38006 | 3745 |
| <sup>\*</sup> | Mohawk Industries Inc. | 30661 | 3107 |
| <sup>\*</sup> | Under Armour Inc. Class A | 287805 | 2878 |
| <sup>\*</sup> | LGI Homes Inc. | 28239 | 2805 |
| <sup>\*</sup> | Lands' End Inc. | 234130 | 2707 |
|  |  |  | **135738** |
| **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** |
|  | Spectrum Brands Holdings Inc. | 174011 | 9269 |
|  | J M Smucker Co. | 7928 | 1221 |
|  |  |  | **10490** |
| **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** |
|  | DTE Midstream LLC | 259229 | 15639 |
|  | Magnolia Oil & Gas Corp. Class A | 518255 | 13516 |
|  | PDC Energy Inc. | 128920 | 9582 |
|  | Viper Energy Partners LP | 207210 | 6844 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Coterra Energy Inc. | 223180 | 6229 |
|  | Core Laboratories NV | 146091 | 3167 |
|  |  |  | **54977** |
| **Financials (17.6%)** | **Financials (17.6%)** | **Financials (17.6%)** | **Financials (17.6%)** |
|  | PacWest Bancorp | 593323 | 15498 |
|  | Starwood Property Trust Inc. | 659452 | 14119 |
|  | Columbia Banking System Inc. | 320739 | 10924 |
| <sup>\*</sup> | Bancorp Inc. | 359139 | 10763 |
|  | First Merchants Corp. | 232474 | 10278 |
|  | Wintrust Financial Corp. | 111967 | 10237 |
|  | Pinnacle Financial Partners Inc. | 109407 | 9178 |
|  | BGC Partners Inc. Class A | 2013165 | 8677 |
|  | First BanCorp (XNYS) | 544249 | 8371 |
|  | Pacific Premier Bancorp Inc. | 218133 | 8060 |
|  | Popular Inc. | 103336 | 7546 |
|  | Washington Federal Inc. | 210844 | 7436 |
|  | BankUnited Inc. | 199985 | 7343 |
|  | Flushing Financial Corp. | 344297 | 7182 |
|  | Webster Financial Corp. | 125192 | 6803 |
|  | Renasant Corp. | 156632 | 6386 |
|  | WSFS Financial Corp. | 115144 | 5586 |
| <sup>\*</sup> | NMI Holdings Inc. Class A | 254535 | 5480 |
|  | KKR & Co. Inc. | 95575 | 4962 |
|  | Northern Trust Corp. | 51274 | 4774 |
|  | Evercore Inc. Class A | 39212 | 4516 |
|  | BOK Financial Corp. | 41768 | 4373 |
|  | PJT Partners Inc. Class A | 55247 | 4255 |
|  | Affiliated Managers Group Inc. | 24093 | 3865 |
|  | Lazard Ltd. Class A | 96057 | 3517 |
|  | First American Financial Corp. | 61239 | 3347 |
|  | Argo Group International Holdings Ltd. | 118690 | 3226 |
| <sup>\*</sup> | Green Dot Corp. Class A | 88116 | 1796 |
|  | Janus Henderson Group plc | 50771 | 1284 |
|  |  |  | **199782** |
| **Health Care (5.0%)** | **Health Care (5.0%)** | **Health Care (5.0%)** | **Health Care (5.0%)** |
| <sup>\*</sup> | Enovis Corp. | 161886 | 8763 |
| <sup>\*</sup> | Envista Holdings Corp. | 213503 | 7285 |
| <sup>\*</sup> | Varex Imaging Corp. | 310090 | 6586 |
| <sup>\*</sup> | LivaNova plc | 95558 | 5291 |
| <sup>\*</sup> | Pacira BioSciences Inc. | 97091 | 4685 |
| <sup>\*</sup> | Acadia Healthcare Co. Inc. | 49941 | 4448 |
|  | Laboratory Corp. of America Holdings | 17507 | 4214 |
| <sup>\*</sup> | Merit Medical Systems Inc. | 56536 | 4070 |
| <sup>\*</sup> | NuVasive Inc. | 99400 | 3861 |
| <sup>\*</sup> | Charles River Laboratories International Inc. | 14974 | 3422 |
| <sup>\*</sup> | Prestige Consumer Healthcare Inc. | 36032 | 2214 |
| <sup>\*</sup> | Bio-Rad Laboratories Inc. Class A | 3966 | 1645 |
|  |  |  | **56484** |
| **Industrials (16.2%)** | **Industrials (16.2%)** | **Industrials (16.2%)** | **Industrials (16.2%)** |
|  | BWX Technologies Inc. | 240508 | 14644 |
| <sup>\*</sup> | KAR Auction Services Inc. | 863218 | 11861 |
| <sup>\*</sup> | GXO Logistics Inc. | 208356 | 9764 |
| <sup>\*</sup> | Beacon Roofing Supply Inc. | 161550 | 9433 |
|  | Applied Industrial Technologies Inc. | 70638 | 9359 |
|  | MDU Resources Group Inc. | 293322 | 9237 |
| <sup>\*</sup> | Univar Solutions Inc. | 275340 | 9122 |
|  | KBR Inc. | 175760 | 9081 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| <sup>\*</sup> | WESCO International Inc. | 65234 | 8410 |
|  | Esab Corp. | 161076 | 7625 |
| <sup>\*</sup> | Array Technologies Inc. | 332214 | 6957 |
| <sup>\*</sup> | IAA Inc. | 181309 | 6775 |
| <sup>\*</sup> | Stericycle Inc. | 129162 | 6733 |
|  | EnerSys | 81627 | 6169 |
|  | Interface Inc. Class A | 521354 | 5646 |
| <sup>\*</sup> | Builders FirstSource Inc. | 88020 | 5627 |
| <sup>\*</sup> | MRC Global Inc. | 425387 | 5003 |
|  | nVent Electric plc | 113993 | 4561 |
|  | Kennametal Inc. | 168561 | 4453 |
| <sup>\*</sup> | XPO Logistics Inc. | 110430 | 4265 |
|  | HNI Corp. | 133203 | 3863 |
|  | Masco Corp. | 72931 | 3703 |
| <sup>\*</sup> | Resideo Technologies Inc. | 202631 | 3283 |
|  | Brink's Co. | 51264 | 3063 |
|  | Kaman Corp. | 141342 | 2879 |
|  | Greenbrier Cos. Inc. | 60066 | 2306 |
|  | Snap-on Inc. | 9521 | 2291 |
| <sup>\*</sup> | Triumph Group Inc. | 194276 | 2224 |
| <sup>\*</sup> | RXO Inc. | 110430 | 2098 |
|  | Steelcase Inc. Class A | 157878 | 1252 |
|  | Simpson Manufacturing Co. Inc. | 12121 | 1128 |
| <sup>\*</sup> | Generac Holdings Inc. | 9398 | 992 |
|  |  |  | **183807** |
| **Information Technology (10.2%)** | **Information Technology (10.2%)** | **Information Technology (10.2%)** | **Information Technology (10.2%)** |
| <sup>\*</sup> | Verint Systems Inc. | 363328 | 14290 |
|  | Belden Inc. | 135437 | 10895 |
|  | Jabil Inc. | 149830 | 10816 |
| <sup>\*</sup> | Insight Enterprises Inc. | 93383 | 9703 |
| <sup>\*</sup> | ACI Worldwide Inc. | 457703 | 9566 |
| <sup>\*</sup> | Fabrinet | 67577 | 9015 |
|  | TD SYNNEX Corp. | 69778 | 7138 |
|  | Concentrix Corp. | 56558 | 6922 |
| <sup>\*</sup> | Euronet Worldwide Inc. | 71051 | 6604 |
| <sup>\*</sup> | Teledyne Technologies Inc. | 14545 | 6110 |
|  | MKS Instruments Inc. | 65026 | 5453 |
| <sup>\*</sup> | Consensus Cloud Solutions Inc. | 94182 | 5349 |
| <sup>\*</sup> | Verra Mobility Corp. Class A | 285332 | 4523 |
| <sup>\*</sup> | Zebra Technologies Corp. Class A | 15209 | 4111 |
| <sup>\*</sup> | Keysight Technologies Inc. | 18124 | 3278 |
| <sup>\*</sup> | MACOM Technology Solutions Holdings Inc. Class H | 33565 | 2306 |
|  |  |  | **116079** |
| **Materials (9.4%)** | **Materials (9.4%)** | **Materials (9.4%)** | **Materials (9.4%)** |
|  | Silgan Holdings Inc. | 648063 | 34283 |
| <sup>\*</sup> | Axalta Coating Systems Ltd. | 614059 | 16481 |
|  | Ashland Inc. | 136413 | 15260 |
|  | FMC Corp. | 93502 | 12215 |
|  | Eagle Materials Inc. | 63285 | 8628 |
|  | Pactiv Evergreen Inc. | 474142 | 5519 |
|  | Carpenter Technology Corp. | 128299 | 5268 |
| <sup>\*</sup> | Diversey Holdings Ltd. | 857894 | 4410 |
|  | Graphic Packaging Holding Co. | 189761 | 4361 |
|  |  |  | **106425** |
| **Real Estate (9.4%)** | **Real Estate (9.4%)** | **Real Estate (9.4%)** | **Real Estate (9.4%)** |
|  | Gaming and Leisure Properties Inc. | 394554 | 20757 |
|  | Medical Properties Trust Inc. | 849450 | 11145 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Corporate Office Properties Trust | 299502 | 8317 |
|  | Agree Realty Corp. | 117261 | 8202 |
|  | SITE Centers Corp. | 569134 | 7735 |
|  | Spirit Realty Capital Inc. | 180957 | 7495 |
|  | STAG Industrial Inc. | 216915 | 7139 |
|  | NETSTREIT Corp. | 274064 | 5352 |
|  | Newmark Group Inc. Class A | 620491 | 5262 |
|  | Equity Commonwealth | 192132 | 5205 |
|  | Sunstone Hotel Investors Inc. | 446707 | 4909 |
|  | RPT Realty | 415722 | 4656 |
|  | Independence Realty Trust Inc. | 207291 | 3756 |
| <sup>\*</sup> | CBRE Group Inc. Class A | 41453 | 3300 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | 19079 | 3209 |
|  |  |  | **106439** |
| **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** |
|  | Portland General Electric Co. | 164100 | 8079 |
|  | ALLETE Inc. | 86889 | 5752 |
|  | Unitil Corp. | 63997 | 3508 |
|  |  |  | **17339** |
| **Total Common Stocks (Cost $907,497)** | **Total Common Stocks (Cost $907,497)** | **Total Common Stocks (Cost $907,497)** | **1065280** |
| **Temporary Cash Investments (6.5%)** | **Temporary Cash Investments (6.5%)** | **Temporary Cash Investments (6.5%)** | **Temporary Cash Investments (6.5%)** |
| **Money Market Fund (6.5%)** | **Money Market Fund (6.5%)** | **Money Market Fund (6.5%)** | **Money Market Fund (6.5%)** |
| <sup>2,3</sup> | Vanguard Market Liquidity Fund, 3.877% **(Cost $74,379)** | 744051 | **74398** |
| **Total Investments (100.2%) (Cost $981,876)** | **Total Investments (100.2%) (Cost $981,876)** | **Total Investments (100.2%) (Cost $981,876)** | **1139678** |
| **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | **(2229)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **1137449** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,866,000. |
| 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. |
| 3 | Collateral of $5,065,000 was received for securities on loan. |

---

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#### 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 2022 | 405 | 38222 | &nbsp;&nbsp;1261 |

---

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.**

At November 30, 2022, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

## 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:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $1138576176.60

**Total Liabilities:** $934436.43

**Net Assets:** $1137641740.17

**Cash Not Reported:** $2352839.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000085513 | -10.97%              | 11.98%               | 6.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2108060.12              | $-120701912.11                             |
| Month 2  | $2847008.31              | $109186540.92                              |
| Month 3  | $-3342673.31             | $66894827.55                               |

### 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        |    310090 | NS      | $6586311.60   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Partners LP                          | VIPER ENERGY PAR               | CUSIP: 92763M105<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    207210 | NS      | $6844146.30   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NuVasive Inc                                      | NUVASIVE INC                   | CUSIP: 670704105<br>LEI: 549300C5ZB4NZ6TWM881 | Long             | EC               | CORP              | US        |     99400 | NS      | $3860696.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc           | MACOM TECHNOLOGY               | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33565 | NS      | $2305579.85   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Esab Corp                                         | ESAB CORP                      | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |    161076 | NS      | $7625337.84   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                                | VERINT SYSTEMS                 | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |    363328 | NS      | $14289690.24  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp                         | CARPENTER TECH                 | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |    128299 | NS      | $5267956.94   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp                             | ENVISTA HOLDINGS               | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |    213503 | NS      | $7284722.36   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                                 | SITE CENTERS COR               | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |    569134 | NS      | $7734531.06   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                                      | KKR & CO INC                   | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     95575 | NS      | $4962254.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                         | JABIL INC                      | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |    149830 | NS      | $10816227.70  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                                  | DT MIDSTREAM                   | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    259229 | NS      | $15639285.57  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc                           | INSIGHT ENTERPRI               | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     93383 | NS      | $9703427.53   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                              | FIRST MERCHANTS                | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |    232474 | NS      | $10277675.54  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                                     | LGI HOMES INC                  | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     28239 | NS      | $2805262.26   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                         | FIRST BANCORP PR               | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    544249 | NS      | $8370549.62   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc                       | PACIFIC PREMIER                | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |    218133 | NS      | $8060014.35   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Leslie's Inc                                      | LESLIE'S INC                   | CUSIP: 527064109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    530847 | NS      | $7750366.20   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertainment Corp          | MADISON SQUARE G               | CUSIP: 55826T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104754 | NS      | $5040762.48   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                           | MODINE MFG CO                  | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    389760 | NS      | $8251219.20   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversey Holdings Ltd                             | DIVERSEY HOLDING               | CUSIP: G28923103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    857894 | NS      | $4409575.16   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Federal Inc                            | WASH FED                       | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    210844 | NS      | $7436467.88   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp                           | MAGNOLIA OIL-A                 | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    518255 | NS      | $13516090.40  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour Inc                                  | UNDER ARMOUR-A                 | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |    287805 | NS      | $2878050.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL               | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     19079 | NS      | $3208515.43   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lands' End Inc                                    | LANDS' END INC                 | CUSIP: 51509F105<br>LEI: 54930016WOL7P2P67Q43 | Long             | EC               | CORP              | US        |    234130 | NS      | $2706542.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories NV                              | CORE LABS NV                   | CUSIP: N22717107<br>LEI: 724500MDYY5VBSAF5W50 | Long             | EC               | CORP              | US        |    146091 | NS      | $3167252.88   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Array Technologies Inc                            | ARRAY TECHNOLOGI               | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |    332214 | NS      | $6956561.16   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                                  | PJT PARTNERS - A               | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     55247 | NS      | $4254571.47   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     41453 | NS      | $3299658.80   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                                | KONTOOR BRAND                  | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |    189577 | NS      | $8237120.65   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The                        | CHEESECAKE FACTO               | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |    219409 | NS      | $7688091.36   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneridge Inc                                    | STONERIDGE INC                 | CUSIP: 86183P102<br>LEI: PNBCIH9LE7WI83VJIF08 | Long             | EC               | CORP              | US        |    177386 | NS      | $4202274.34   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy Inc                                    | PDC ENERGY INC                 | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |    128920 | NS      | $9581334.40   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                      | EVERCORE INC                   | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     39212 | NS      | $4516438.16   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                                       | ENOVIS CORP                    | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    161886 | NS      | $8762889.18   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                                     | RENASANT CORP                  | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |    156632 | NS      | $6385886.64   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                               | WSFS FINANCIAL                 | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |    115144 | NS      | $5585635.44   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Commonwealth                               | EQUITY COMMONWEA               | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               | CORP              | US        |    178611 | NS      | $4838571.99   | 0.43%             |  |  |  | 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        |     48493 | NS      | $4848798.87   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                                    | BRINK'S CO/THE                 | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     51264 | NS      | $3063024.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc                       | COLUMBIA BANKING               | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    320739 | NS      | $10924370.34  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc                         | SPIRIT REALTY                  | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |    180957 | NS      | $7495238.94   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                         | KEYSIGHT TEC                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     18124 | NS      | $3278450.36   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                      | MEDICAL PROPERTI               | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |    849450 | NS      | $11144784.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                                          | FMC CORP                       | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     93502 | NS      | $12215101.28  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Univar Solutions Inc                              | UNIVAR SOLUTIONS               | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               | CORP              | US        |    275340 | NS      | $9122014.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE Inc                                        | ALLETE INC                     | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     86889 | NS      | $5752051.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                                | JM SMUCKER CO                  | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      7928 | NS      | $1220991.28   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Ltd                                        | LAZARD LTD-CL A                | CUSIP: G54050102<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     96057 | NS      | $3516646.77   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc      | CHARLES RIVER LA               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     14974 | NS      | $3422607.18   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                                | NVENT ELECTRIC                 | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113993 | NS      | $4560859.93   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                           | ZEBRA TECH CORP                | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     15209 | NS      | $4110688.52   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | E-Mini Russ 2000  Dec22        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       405 | NC      | $1261181.29   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                       | POPULAR INC                    | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | US        |    103336 | NS      | $7545594.72   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                           | ADT INC                        | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    549536 | NS      | $5132666.24   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co                      | GRAPHIC PACKAGIN               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    189761 | NS      | $4360707.78   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                                     | STEELCASE INC-A                | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |    157878 | NS      | $1251972.54   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                           | WINTRUST FINL                  | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |    111967 | NS      | $10237142.81  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Beacon Roofing Supply Inc                         | BEACON ROOFING S               | CUSIP: 073685109<br>LEI: 549300HDXQWWCBOYXP31 | Long             | EC               | CORP              | US        |    161550 | NS      | $9432904.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                      | LIVANOVA PLC                   | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | US        |     95558 | NS      | $5291046.46   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Partners Inc                                  | BGC PARTNERS-A                 | CUSIP: 05541T101<br>LEI: TF1LXM1YNB81WKUH5G19 | Long             | EC               | CORP              | US        |   2013165 | NS      | $8676741.15   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                       | GENTEX CORP                    | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    135786 | NS      | $3924215.40   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                      | SIMPSON MFG                    | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     12121 | NS      | $1127859.05   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA               | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    207291 | NS      | $3756112.92   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Manchester United Plc                             | MANCHESTER UNI-A               | CUSIP: G5784H106<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | US        |    229484 | NS      | $5071596.40   | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| LCI Industries                                    | LCI INDUSTRIES                 | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     54686 | NS      | $5406257.96   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc                               | MKS INSTRUMENTS                | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     65026 | NS      | $5453080.36   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                           | KBR INC                        | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |    175760 | NS      | $9081519.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                              | BWX TECHNOLOGIES               | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |    240508 | NS      | $14644532.12  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc               | APPLIED INDU TEC               | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     70638 | NS      | $9358828.62   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                                  | BOYD GAMING CORP               | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     70401 | NS      | $4317693.33   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                                  | PARAMOUNT GLOB-B               | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |    187272 | NS      | $3760421.76   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                                 | ACI WORLDWIDE IN               | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |    457703 | NS      | $9565992.70   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp                               | VERRA MOBILITY C               | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |    285332 | NS      | $4522512.20   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                                | BOK FINL CORP                  | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     41768 | NS      | $4373527.28   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings               | LABORATORY CP                  | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |     17507 | NS      | $4213934.90   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                           | NEXSTAR MEDIA                  | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |    129644 | NS      | $24575316.64  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Group Inc                                 | TRIUMPH GROUP                  | CUSIP: 896818101<br>LEI: 5493007L6S47Q14SL582 | Long             | EC               | CORP              | US        |    194276 | NS      | $2224460.20   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                                   | BANCORP INC/THE                | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    359139 | NS      | $10763395.83  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/The                  | INTERPUBLIC GRP                | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |    150917 | NS      | $5185508.12   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pactiv Evergreen Inc                              | PACTIV EVERGREEN               | CUSIP: 69526K105<br>LEI: 894500GNKGJRUSH1F791 | Long             | EC               | CORP              | US        |    474142 | NS      | $5519012.88   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc                             | WILEY JOHN&SON-A               | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |    269362 | NS      | $12770452.42  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                          | ONESPAWORLD HOLD               | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | US        |    659627 | NS      | $6576481.19   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                       | ROYAL CARIBBEAN                | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |    143354 | NS      | $8591205.22   | 0.76%             |  |  |  | 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        |  68719216 | NS      | $68712343.62  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |    216915 | NS      | $7138672.65   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                                    | ZIFF DAVIS INC                 | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |    202166 | NS      | $18651835.16  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                               | NORTHERN TRUST                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     51274 | NS      | $4774122.14   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                           | WESCO INTL                     | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     65234 | NS      | $8409967.28   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                      | SUNSTONE HOTEL                 | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |    446707 | NS      | $4909309.93   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                                           | RXO INC                        | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    110430 | NS      | $2098170.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                                    | BANKUNITED INC                 | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |    199985 | NS      | $7343449.20   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| IAA Inc                                           | IAA INC                        | CUSIP: 449253103<br>LEI: 549300PZCOPC5178W747 | Long             | EC               | CORP              | US        |    181309 | NS      | $6775517.33   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The                            | GREENBRIER COS                 | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     60066 | NS      | $2305933.74   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                       | SNAP-ON INC                    | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      9521 | NS      | $2290752.60   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Flushing Financial Corp                           | FLUSHING FINL                  | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    344297 | NS      | $7182035.42   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                        | MASCO CORP                     | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     72931 | NS      | $3703436.18   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporate Office Properties Trust                 | CORP OFFICE PROP               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    299502 | NS      | $8317170.54   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                                           | ENERSYS                        | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     81627 | NS      | $6169368.66   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc                  | PRESTIGE CONSUME               | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36032 | NS      | $2214526.72   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaman Corp                                        | KAMAN CORP                     | CUSIP: 483548103<br>LEI: 5493003YK076OLTEQF95 | Long             | EC               | CORP              | US        |    141342 | NS      | $2879136.54   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co                      | PORTLAND GENERAL               | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |    164100 | NS      | $8078643.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| RPT Realty                                        | RPT REALTY                     | CUSIP: 74971D101<br>LEI: 549300T03GDH1L37S188 | Long             | EC               | CORP              | US        |    415722 | NS      | $4656086.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                                  | NMI HOLDINGS I-A               | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    254535 | NS      | $5480138.55   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                                        | MATTEL INC                     | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    273639 | NS      | $4988438.97   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                    | NETSTREIT CORP                 | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |    274064 | NS      | $5352469.92   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                         | JANUS HENDERSON                | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | US        |     50771 | NS      | $1283998.59   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KAR Auction Services Inc                          | KAR AUCTION SERV               | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |    863218 | NS      | $11860615.32  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                 | GAMING AND LEISU               | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    394554 | NS      | $20757485.94  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                         | TELEDYNE TECH                  | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     14545 | NS      | $6110354.50   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc                     | CONSENSUS CLOUD                | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94182 | NS      | $5348595.78   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                | COTERRA ENERGY I               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    223180 | NS      | $6228953.80   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings Inc                      | SPECTRUM BRANDS                | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |    174011 | NS      | $9269565.97   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc                   | PINNACLE FINL                  | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |    109407 | NS      | $9178153.23   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                          | HNI CORP                       | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    133203 | NS      | $3862887.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                                 | LITHIA MOTORS                  | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     54737 | NS      | $13099111.47  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc                     | AFFIL MANAGERS                 | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     24093 | NS      | $3864999.06   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                                       | ASHLAND INC                    | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |    136413 | NS      | $15260522.31  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp                 | MADISON SQUARE G               | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16358 | NS      | $2663736.72   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc                          | ACADIA HEALTHCAR               | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     49941 | NS      | $4447745.46   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Argo Group International Holdings Ltd             | ARGO GROUP INTER               | CUSIP: G0464B107<br>LEI: 549300M4T8Y5TTWI6O03 | Long             | EC               | CORP              | US        |    118690 | NS      | $3225994.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                     | FIRST AMERICAN F               | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     61239 | NS      | $3346711.35   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                                    | KENNAMETAL INC                 | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    168561 | NS      | $4453381.62   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                              | GENERAC HOLDINGS               | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      9398 | NS      | $991676.96    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                          | BUILDERS FIRSTSO               | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     88020 | NS      | $5627118.60   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Dot Corp                                    | GREEN DOT CORP-A               | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88116 | NS      | $1795804.08   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                          | FABRINET                       | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | US        |     67577 | NS      | $9015447.57   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                                   | CONCENTRIX CORP                | CUSIP: 20602D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56558 | NS      | $6921568.04   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                                 | NEWMARK GROUP-A                | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    620491 | NS      | $5261763.68   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                                    | MRC GLOBAL INC                 | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |    425387 | NS      | $5002551.12   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc                           | MDU RES GROUP                  | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    293322 | NS      | $9236709.78   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                               | SILGAN HOLDINGS                | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    648063 | NS      | $34282532.70  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                               | EAGLE MATERIALS                | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     63285 | NS      | $8628276.90   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc                      | ADTALEM GLOBAL E               | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |    229500 | NS      | $9547200.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc                       | STARWOOD PROPERT               | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    659452 | NS      | $14118867.32  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                                        | BELDEN INC                     | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |    135437 | NS      | $10894552.28  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                            | PACIRA BIOSCIENC               | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97091 | NS      | $4684640.75   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd                                 | HELEN OF TROY                  | CUSIP: G4388N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38006 | NS      | $3745111.24   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                   | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117261 | NS      | $8202406.95   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc                             | EURONET WORLDWID               | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     71051 | NS      | $6604190.45   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp                            | WEBSTER FINL                   | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    125192 | NS      | $6802933.28   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                        | AXALTA COATING S               | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | US        |    614059 | NS      | $16481343.56  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc                                 | GXO LOGISTIC                   | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |    208356 | NS      | $9763562.16   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Logistics Inc                                 | XPO LOGISTICS IN               | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |    110430 | NS      | $4264806.60   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Stericycle Inc                                    | STERICYCLE INC                 | CUSIP: 858912108<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | EC               | CORP              | US        |    129162 | NS      | $6733215.06   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                          | RESIDEO TECHN                  | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    202631 | NS      | $3282622.20   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                                    | TD SYNNEX CORP                 | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     69778 | NS      | $7138289.40   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co                            | VICTORIA'S SECRE               | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |    412216 | NS      | $18961936.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                                       | UNITIL CORP                    | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63997 | NS      | $3508315.54   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                             | MOHAWK INDS                    | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     30661 | NS      | $3106879.13   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PacWest Bancorp                                   | PACWEST BANCORP                | CUSIP: 695263103<br>LEI: 549300YI8VMFO7G36V04 | Long             | EC               | CORP              | US        |    593323 | NS      | $15497596.76  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                                     | INTERFACE INC                  | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    521354 | NS      | $5646263.82   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                         | MERIT MEDICAL                  | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     56536 | NS      | $4070592.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc                          | BIO-RAD LABS-A                 | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      3966 | NS      | $1644739.86   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                           | PERDOCEO EDUCATI               | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |    266320 | NS      | $3821692.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

**Name of Applicant:** VANGUARD SCOTTSDALE FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer