VANGUARD MALVERN FDS

Ticker: VTG CUSIP: 922020680 Class: TOTAL TREASURY

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (7)

Angeles Investment Advisors, LLC
Value ($000) $3,451 Shares 45,325
GUIDANCE CAPITAL, INC
Value ($000) $367 Shares 4,829
HAZLETT, BURT & WATSON, INC.
Value ($000) $0 Shares 915
IFP Advisors, Inc
Value ($000) $126 Shares 1,650
Sanctuary Advisors, LLC
Value ($000) $238 Shares 3,125
ROYAL BANK OF CANADA
Value ($000) $76 Shares 1,000
Cambridge Investment Research Advisors, Inc.
Value ($000) $1 Shares 8,452

Increased Positions (3)

SUSQUEHANNA INTERNATIONAL GROUP, LLP
Value ($000) $3,227 (+1417.8%) Shares 42,378 (+1422.7%)
ENVESTNET ASSET MANAGEMENT INC
Value ($000) $434 (+6.5%) Shares 5,706 (+6.9%)
HARBOUR INVESTMENTS, INC.
Value ($000) $24 (+523.6%) Shares 313 (+526.0%)

Exited Positions (1)

JANE STREET GROUP, LLC
Value ($000) $541 Shares 7,087