Vanguard® 0-3 Month Treasury Bill 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 (100.0%)
U.S. Government Securities (100.0%)
  United States Treasury Bill 1.844%–3.630%  4/2/2026 350,337   350,302
  United States Treasury Bill 2.687%–3.637%  4/7/2026 382,488   382,257
  United States Treasury Bill 2.844%–3.628%  4/9/2026 345,356   345,079
  United States Treasury Bill 3.085%–3.630% 4/14/2026 371,676   371,189
  United States Treasury Bill 3.146%–3.631% 4/16/2026 427,714   427,065
  United States Treasury Bill 3.254%–3.634% 4/21/2026 366,980   366,240
  United States Treasury Bill 3.283%–3.642% 4/23/2026 356,955   356,162
  United States Treasury Bill 3.345%–3.643% 4/28/2026 367,948   366,945
  United States Treasury Bill 3.371%–3.651% 4/30/2026 355,809   354,769
  United States Treasury Bill 3.414%–3.637%  5/5/2026 225,726   224,954
  United States Treasury Bill 3.429%–3.640%  5/7/2026 345,347   344,090
  United States Treasury Bill 3.460%–3.641% 5/12/2026 221,437   220,520
  United States Treasury Bill 3.471%–3.638% 5/14/2026 300,710   299,401
  United States Treasury Bill 3.495%–3.642% 5/19/2026 205,450   204,453
  United States Treasury Bill 3.493%–3.643% 5/21/2026 233,201   232,022
  United States Treasury Bill 3.513%–3.642% 5/26/2026 200,127   199,013
  United States Treasury Bill 3.521%–3.652% 5/28/2026 236,341   234,977
  United States Treasury Bill 3.524%–3.650%  6/2/2026  89,342    88,785
  United States Treasury Bill 3.524%–3.651%  6/4/2026 229,025   227,551
  United States Treasury Bill 3.542%–3.653%  6/9/2026  84,178    83,597
  United States Treasury Bill 3.546%–3.657% 6/11/2026 300,089   297,953
  United States Treasury Bill 3.537%–3.655% 6/16/2026  84,871    84,223
  United States Treasury Bill 3.556%–3.664% 6/18/2026 231,894   230,080
  United States Treasury Bill 3.566%–3.653% 6/23/2026  86,651    85,932
  United States Treasury Bill 3.574%–3.661% 6/25/2026 236,425   234,418
  United States Treasury Bill 3.578%–3.659% 6/30/2026  80,573    79,847
Total U.S. Government and Agency Obligations (Cost $6,691,971) 6,691,824
        Shares  
Temporary Cash Investments (0.0%)
Money Market Fund (0.0%)
2 Vanguard Market Liquidity Fund (Cost $98)        3.687%               983          98
Total Investments (100.0%) (Cost $6,692,069) 6,691,922
Other Assets and Liabilities—Net (0.0%) 2,854
Net Assets (100%) 6,694,776
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 — 6,691,824 — 6,691,824
Temporary Cash Investments 98 — — 98
Total 98 6,691,824 — 6,691,922