VANGUARD MALVERN FDS

Ticker: VGMS CUSIP: 922020722 Class: MULTI SECTOR

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (14)

Holos Integrated Wealth LLC
Value ($000) $6,886 Shares 133,334
New Capital Management LP
Value ($000) $5,210 Shares 101,010
D.B. Root & Company, LLC
Value ($000) $2,952 Shares 57,234
Buska Wealth Management, LLC
Value ($000) $1,607 Shares 31,160
Swisher Financial Concepts, Inc.
Value ($000) $250 Shares 4,845
GSG Advisors LLC
Value ($000) $361 Shares 6,994
D'Orazio & Associates, Inc.
Value ($000) $271 Shares 5,260
New England Private Wealth Advisors LLC
Value ($000) $261 Shares 5,060
Arete Wealth Advisors, LLC
Value ($000) $1 Shares 21,370
KESTRA PRIVATE WEALTH SERVICES, LLC
Value ($000) $703 Shares 13,620
CITADEL ADVISORS LLC
Value ($000) $423 Shares 8,196
COMMONWEALTH EQUITY SERVICES, LLC
Value ($000) $237 Shares 4,586
Physician Wealth Advisors, Inc.
Value ($000) $26 Shares 497
MORGAN STANLEY
Value ($000) $21 Shares 400

Increased Positions (5)

DAHRING | CUSMANO LLC
Value ($000) $1,065 (+186.3%) Shares 20,650 (+187.3%)
Rialto Wealth Management, LLC
Value ($000) $2,678 (+55.6%) Shares 51,925 (+56.2%)
AFG FIDUCIARY SERVICES LIMITED PARTNERSHIP
Value ($000) $1,002 (+1.6%) Shares 19,396 (+1.6%)
Ancora Advisors LLC
Value ($000) $114 (+127.7%) Shares 2,212 (+128.5%)
ROYAL BANK OF CANADA
Value ($000) $527 (+11.7%) Shares 10,213 (+12.1%)

Decreased Positions (2)

JANE STREET GROUP, LLC
Value ($000) $3,337 (-65.5%) Shares 64,686 (-65.4%)
Principia Wealth Advisory, LLC
Value ($000) $175 (-4.7%) Shares 3,385 (-4.4%)