Vanguard® Ultra-Short Treasury ETF
Schedule of Investments (unaudited)
As of March 31, 2026
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.
    Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
U.S. Government and Agency Obligations (99.3%)
U.S. Government Securities (99.3%)
  United States Treasury Bill 3.414%–3.637%   5/5/2026 22,742  22,664
  United States Treasury Bill 3.429%–3.710%   5/7/2026 34,763  34,636
  United States Treasury Bill 3.460%–3.633%  5/12/2026 22,738  22,644
  United States Treasury Bill 3.471%–4.207%  5/14/2026 29,463  29,335
  United States Treasury Bill 3.495%–3.642%  5/19/2026 20,700  20,599
  United States Treasury Bill 3.493%–3.712%  5/21/2026 23,495  23,376
  United States Treasury Bill 3.514%–3.652%  5/26/2026 20,200  20,087
  United States Treasury Bill 3.520%–3.710%  5/28/2026 23,808  23,671
  United States Treasury Bill 3.524%–3.658%   6/2/2026  9,532   9,473
  United States Treasury Bill 3.512%–3.650%   6/4/2026 23,077  22,928
  United States Treasury Bill 3.542%–3.653%   6/9/2026  8,265   8,208
  United States Treasury Bill 3.500%–4.195%  6/11/2026 30,233  30,018
  United States Treasury Bill 3.537%–3.655%  6/16/2026  8,216   8,153
  United States Treasury Bill 3.526%–3.674%  6/18/2026 23,365  23,182
  United States Treasury Bill 3.566%–3.666%  6/23/2026  9,097   9,021
  United States Treasury Bill 3.515%–3.673%  6/25/2026 23,812  23,610
  United States Treasury Bill 3.555%–3.667%  6/30/2026  8,625   8,547
  United States Treasury Bill 3.533%–3.675%   7/2/2026 10,777  10,678
  United States Treasury Bill        3.646%   7/7/2026  9,752   9,657
  United States Treasury Bill 3.467%–4.143%   7/9/2026 17,845  17,668
  United States Treasury Bill        3.638%  7/14/2026  9,753   9,652
  United States Treasury Bill 3.542%–3.679%  7/16/2026 10,854  10,739
  United States Treasury Bill        3.666%  7/21/2026  9,753   9,645
  United States Treasury Bill 3.544%–3.688%  7/23/2026 10,828  10,706
  United States Treasury Bill        3.668%  7/28/2026  9,752   9,637
  United States Treasury Bill 3.535%–3.689%  7/30/2026 10,861  10,731
  United States Treasury Bill 3.498%–3.847%   8/6/2026 17,946  17,719
  United States Treasury Bill 3.554%–3.702%  8/13/2026 11,050  10,902
  United States Treasury Bill 3.557%–3.701%  8/20/2026  9,915   9,776
  United States Treasury Bill 3.564%–3.710%  8/27/2026  9,680   9,537
  United States Treasury Bill 3.474%–3.738%   9/3/2026 18,096  17,816
  United States Treasury Bill        3.678%  9/10/2026 10,596  10,425
  United States Treasury Bill        3.682%  9/17/2026 10,883  10,699
  United States Treasury Bill        3.674%  9/24/2026 10,883  10,693
  United States Treasury Bill 3.487%–3.747%  10/1/2026  7,111   6,981
  United States Treasury Bill 3.482%–3.741% 10/29/2026  7,020   6,872
  United States Treasury Bill 3.477%–3.770% 11/27/2026  6,962   6,797
  United States Treasury Bill 3.458%–3.777% 12/24/2026  7,022   6,838
  United States Treasury Bill 3.407%–3.761%  1/21/2027  7,022   6,820
  United States Treasury Bill 3.493%–3.839%  2/18/2027  5,859   5,673
  United States Treasury Bill        3.703%  3/18/2027  7,067   6,824
  United States Treasury Note/Bond        1.625%  5/15/2026  6,616   6,598
  United States Treasury Note/Bond        3.625%  5/15/2026  4,960   4,959
  United States Treasury Note/Bond        0.750%  5/31/2026  7,102   7,066
  United States Treasury Note/Bond        2.125%  5/31/2026  3,084   3,075
  United States Treasury Note/Bond        4.875%  5/31/2026  8,727   8,742
  United States Treasury Note/Bond        4.125%  6/15/2026  5,599   5,604
  United States Treasury Note/Bond        0.875%  6/30/2026  7,296   7,244
  United States Treasury Note/Bond        1.875%  6/30/2026  3,383   3,367
  United States Treasury Note/Bond        4.625%  6/30/2026  9,812   9,833
  United States Treasury Note/Bond        4.500%  7/15/2026  5,202   5,213
  United States Treasury Note/Bond        0.625%  7/31/2026  7,539   7,462
  United States Treasury Note/Bond        1.875%  7/31/2026  3,221   3,201
  United States Treasury Note/Bond        4.375%  7/31/2026  8,968   8,987
  United States Treasury Note/Bond        1.500%  8/15/2026  7,544   7,480
  United States Treasury Note/Bond        4.375%  8/15/2026  5,732   5,744
  United States Treasury Note/Bond        6.750%  8/15/2026    275     278
  United States Treasury Note/Bond        0.750%  8/31/2026  7,679   7,584
  United States Treasury Note/Bond        1.375%  8/31/2026  3,185   3,153
  United States Treasury Note/Bond        3.750%  8/31/2026  9,718   9,717
  United States Treasury Note/Bond        4.625%  9/15/2026  6,068   6,092
  United States Treasury Note/Bond        0.875%  9/30/2026  8,088   7,973
  United States Treasury Note/Bond        1.625%  9/30/2026  2,719   2,690
  United States Treasury Note/Bond        3.500%  9/30/2026  9,876   9,863
  United States Treasury Note/Bond        4.625% 10/15/2026  6,418   6,447
  United States Treasury Note/Bond        1.125% 10/31/2026  8,097   7,973
  United States Treasury Note/Bond        1.625% 10/31/2026  3,301   3,260
  United States Treasury Note/Bond        4.125% 10/31/2026  9,616   9,633
  United States Treasury Note/Bond        2.000% 11/15/2026  6,985   6,909
  United States Treasury Note/Bond        4.625% 11/15/2026  6,747   6,781
  United States Treasury Note/Bond        6.500% 11/15/2026  1,162   1,179
  United States Treasury Note/Bond        1.250% 11/30/2026  8,151   8,017
    Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  United States Treasury Note/Bond        1.625% 11/30/2026  2,906   2,866
  United States Treasury Note/Bond        4.250% 11/30/2026  9,361   9,391
  United States Treasury Note/Bond        4.375% 12/15/2026  6,995   7,024
  United States Treasury Note/Bond        1.250% 12/31/2026  8,287   8,134
  United States Treasury Note/Bond        1.750% 12/31/2026  3,294   3,245
  United States Treasury Note/Bond        4.250% 12/31/2026 10,351  10,388
  United States Treasury Note/Bond        4.000%  1/15/2027  7,189   7,202
  United States Treasury Note/Bond        1.500%  1/31/2027 11,090  10,885
  United States Treasury Note/Bond        4.125%  1/31/2027 10,046  10,077
  United States Treasury Note/Bond        2.250%  2/15/2027  6,614   6,529
  United States Treasury Note/Bond        4.125%  2/15/2027  7,741   7,765
  United States Treasury Note/Bond        1.125%  2/28/2027  1,982   1,935
  United States Treasury Note/Bond        1.875%  2/28/2027  7,192   7,071
  United States Treasury Note/Bond        4.125%  2/28/2027  9,077   9,106
  United States Treasury Note/Bond        4.250%  3/15/2027  7,837   7,875
  United States Treasury Note/Bond        0.625%  3/31/2027  3,137   3,042
  United States Treasury Note/Bond        2.500%  3/31/2027  7,145   7,059
  United States Treasury Note/Bond        3.875%  3/31/2027  9,715   9,726
Total U.S. Government and Agency Obligations (Cost $905,336) 905,081
        Shares  
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
2 Vanguard Market Liquidity Fund (Cost $1,191)        3.687%            11,906        1,191
Total Investments (99.4%) (Cost $906,527) 906,272
Other Assets and Liabilities—Net (0.6%) 5,358
Net Assets (100%) 911,630
Cost is in $000.
1 Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
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.
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. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. 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.
B. Various inputs may be used to determine the value of the fund’s investments. 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 valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments as of March 31, 2026, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
U.S. Government and Agency Obligations — 905,081 — 905,081
Temporary Cash Investments 1,191 — — 1,191
Total 1,191 905,081 — 906,272