Important information about shareholder reports

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and transmission of shareholder reports. Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available at vanguard.com, can be mailed upon request, or can be accessed on the SEC’s website at www.sec.gov.

You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

Contents

Your Fund’s Performance at a Glance	1
AboutYour Fund's Expenses	2
Performance Summary	4
Financial Statements	7
Trustees Approve Advisory Arrangement	37
Liquidity Risk Management	39

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

Table of Contents

Your Fund’s Performance at a Glance

•	For the 12 months ended August 31, 2023, Vanguard ESG U.S. Stock ETF returned 15.82% (based on net asset value), roughly in line with the 15.91% return of its expense-free benchmark.
•	Early in the period, inflation in many developed markets began to ease off multidecade highs but remained stubbornly high in some sectors—including services, which felt the effects of a tight labor market. While aggressive interest rate hikes by many major central banks including the Federal Reserve fanned fears of recession, the economy proved more resilient than expected.
•	For the fund’s benchmark index, eight of 11 industry sectors recorded gains. Technology was the standout among them, rising more than 30%. Industrials and basic materials also contributed to performance. Real estate, energy, and utilities, all of which represented small slices of the index, posted declines.

Market Barometer

	Average Annual Total Returns Periods Ended August 31, 2023
	One Year	Three Years	Five Years
Stocks
Russell 1000 Index (Large-caps)	15.40%	9.93%	10.77%
Russell 2000 Index (Small-caps)	4.65	8.12	3.14
Russell 3000 Index (Broad U.S. market)	14.76	9.81	10.25
FTSE All-World ex US Index (International)	12.02	4.49	3.74
Bonds
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market)	-1.05%	-4.40%	0.55%
Bloomberg Municipal Bond Index (Broad tax-exempt market)	1.70	-1.32	1.52
FTSE Three-Month U.S. Treasury Bill Index	4.44	1.63	1.68
CPI
Consumer Price Index	3.67%	5.71%	4.02%

Table of Contents

About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

•

Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

•

Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

Table of Contents

ESG U.S. Stock ETF

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: September 18, 2018, Through August 31, 2023

Initial Investment of $10,000

	Average Annual Total Returns Periods Ended August 31, 2023
	One Year	Since Inception (9/18/2018)	Final Value of a $10,000 Investment
ESG U.S. Stock ETF Net Asset Value	15.82%	11.15%	$16,873
ESG U.S. Stock ETF Market Price	15.83	11.15	16,875
FTSE US All Cap Choice Index	15.91	11.25	16,952
Dow Jones U.S. Total Stock Market Float Adjusted Index	14.75	10.23	16,198

“Since Inception” performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).

See Financial Highlights for dividend and capital gains information.

Table of Contents

ESG U.S. Stock ETF

Cumulative Returns of ETF Shares: September 18, 2018, Through August 31, 2023
	One Year	Since Inception (9/18/2018)
ESG U.S. Stock ETF Market Price	15.83%	68.75%
ESG U.S. Stock ETF Net Asset Value	15.82	68.73
FTSE US All Cap Choice Index	15.91	69.52

"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).

The market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares’ market prices have compared with their net asset value, visit vanguard.com, select your ETF, click on Price, and then scroll down to the Premium/Discount chart. The ETF premium/discount chart there shows the percentage and days on which the ETF Shares’ market price was above or below the NAV.

Table of Contents

ESG U.S. Stock ETF

Fund Allocation

As of August 31, 2023

Basic Materials	1.7%
Consumer Discretionary	16.2
Consumer Staples	5.1
Energy	0.2
Financials	10.0
Health Care	14.0
Industrials	10.8
Real Estate	3.3
Technology	35.5
Telecommunications	2.7
Utilities	0.5

The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.

The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

Table of Contents

ESG U.S. Stock ETF

Financial Statements

Schedule of Investments

As of August 31, 2023

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 Value• ($000)
Common Stocks (99.6%)
Basic Materials (1.7%)
	Linde plc	91,891	35,566
	Air Products and Chemicals Inc.	41,504	12,264
	Nucor Corp.	47,114	8,108
	Fastenal Co.	106,860	6,153
	Newmont Corp.	149,023	5,875
	LyondellBasell Industries NV Class A	48,190	4,760
	Albemarle Corp.	21,977	4,367
	International Flavors & Fragrances Inc.	47,813	3,368
	Steel Dynamics Inc.	30,023	3,200
	Reliance Steel & Aluminum Co.	10,948	3,120
	Avery Dennison Corp.	15,266	2,876
	CF Industries Holdings Inc.	36,662	2,826
	Mosaic Co.	61,749	2,399
	International Paper Co.	64,406	2,249
	FMC Corp.	23,605	2,035
	Royal Gold Inc.	12,258	1,374
	United States Steel Corp.	42,049	1,307
	UFP Industries Inc.	11,182	1,167
	Valvoline Inc.	32,234	1,110
	Huntsman Corp.	31,629	882
	Element Solutions Inc.	42,409	874
	Balchem Corp.	5,923	832
	Ashland Inc.	9,502	823
	Westlake Corp.	6,156	806
	Boise Cascade Co.	7,341	803
	Cabot Corp.	10,363	751
^*	Livent Corp.	33,471	719
	Avient Corp.	16,987	681
	NewMarket Corp.	1,114	523
	Hecla Mining Co.	116,031	509
	Innospec Inc.	4,598	494
	Sensient Technologies Corp.	7,874	485
	Quaker Chemical Corp.	2,566	455
	Scotts Miracle-Gro Co.	7,594	430
^*	Constellium SE Class A	23,500	423

		Shares	Market Value• ($000)
^*	MP Materials Corp.	20,046	420
^*	Ingevity Corp.	6,981	376
	Minerals Technologies Inc.	6,132	375
	Stepan Co.	4,018	351
	Tronox Holdings plc	21,815	298
	Sylvamo Corp.	6,297	263
	Orion SA	11,141	252
	Kaiser Aluminum Corp.	2,930	222
	Compass Minerals International Inc.	6,328	191
^*	Piedmont Lithium Inc.	3,323	149
^*	Coeur Mining Inc.	51,619	124
^*	Century Aluminum Co.	10,032	75
			117,710
Consumer Discretionary (16.1%)
^*	Amazon.com Inc.	1,689,058	233,107
^*	Tesla Inc.	517,255	133,493
	Home Depot Inc.	189,914	62,729
	Costco Wholesale Corp.	83,094	45,642
	McDonald's Corp.	136,738	38,444
^*	Netflix Inc.	82,329	35,704
^*	Walt Disney Co.	342,800	28,686
	Lowe's Cos. Inc.	111,933	25,798
	NIKE Inc. Class B	222,772	22,658
^*	Booking Holdings Inc.	6,958	21,605
	Starbucks Corp.	211,610	20,619
	TJX Cos. Inc.	215,966	19,973
^*	Uber Technologies Inc.	363,610	17,173
	Activision Blizzard Inc.	145,729	13,406
^*	MercadoLibre Inc.	8,728	11,978
	Target Corp.	86,221	10,911
^*	O'Reilly Automotive Inc.	11,489	10,796
^*	Airbnb Inc. Class A	75,995	9,997
^*	Chipotle Mexican Grill Inc. Class A	5,166	9,953
	Marriott International Inc. Class A	47,334	9,633
	Ford Motor Co.	735,150	8,917
^*	AutoZone Inc.	3,419	8,655
^*	Lululemon Athletica Inc.	20,914	7,974
	Ross Stores Inc.	62,978	7,671
^*	Copart Inc.	161,418	7,236

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ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	Hilton Worldwide Holdings Inc.	48,336	7,185
	Estee Lauder Cos. Inc. Class A	43,108	6,920
	Yum! Brands Inc.	52,347	6,773
^*	Trade Desk Inc. Class A	82,299	6,586
	Electronic Arts Inc.	51,305	6,156
	Lennar Corp. Class A	48,304	5,753
	Dollar General Corp.	41,093	5,691
^*	Warner Bros Discovery Inc.	413,266	5,430
^*	Aptiv plc	50,685	5,142
^*	Dollar Tree Inc.	39,152	4,791
	eBay Inc.	100,125	4,484
	Tractor Supply Co.	20,393	4,456
^*	Take-Two Interactive Software Inc.	31,017	4,411
^*	Royal Caribbean Cruises Ltd.	43,878	4,341
	Genuine Parts Co.	26,451	4,066
^*	Spotify Technology SA	26,279	4,046
^*	Ulta Beauty Inc.	9,421	3,910
^*	Coupang Inc. Class A	205,154	3,894
^*	NVR Inc.	550	3,508
	PulteGroup Inc.	41,525	3,408
	Garmin Ltd.	28,876	3,061
	Omnicom Group Inc.	36,876	2,987
^*	Carnival Corp.	187,785	2,971
^*	Expedia Group Inc.	26,931	2,919
	Best Buy Co. Inc.	36,205	2,768
^*	Liberty Media Corp.-Liberty Formula One Class C	38,800	2,669
^*	Deckers Outdoor Corp.	4,975	2,632
	LKQ Corp.	49,947	2,624
	Pool Corp.	7,102	2,597
	Domino's Pizza Inc.	6,607	2,560
^*	Live Nation Entertainment Inc.	29,225	2,470
^*	ROBLOX Corp. Class A	86,063	2,435
^*	CarMax Inc.	29,590	2,417
	Interpublic Group of Cos. Inc.	72,669	2,370
^*	Rivian Automotive Inc. Class A	97,557	2,217
	Fox Corp. Class A	65,860	2,177
^*	Grab Holdings Ltd. Class A	550,071	2,074
	News Corp. Class A	93,122	2,001
^*	Burlington Stores Inc.	12,198	1,979
^*	Floor & Decor Holdings Inc. Class A	19,361	1,930
	BorgWarner Inc.	43,759	1,783
	Hasbro Inc.	24,630	1,773
	Service Corp. International	28,061	1,771
^*	Five Below Inc.	10,216	1,757
	Williams-Sonoma Inc.	12,398	1,751
	Aramark	47,072	1,750

		Shares	Market Value• ($000)
	Vail Resorts Inc.	7,491	1,695
	Toll Brothers Inc.	20,659	1,693
^*	BJ's Wholesale Club Holdings Inc.	25,122	1,693
^*	Etsy Inc.	22,775	1,676
	Rollins Inc.	41,279	1,633
	Paramount Global Class B	108,109	1,631
	Lear Corp.	11,002	1,585
	Bath & Body Works Inc.	42,934	1,583
	Lithia Motors Inc. Class A	5,136	1,582
	Autoliv Inc.	16,178	1,579
	Tapestry Inc.	44,250	1,474
	Tempur Sealy International Inc.	31,158	1,456
	Gentex Corp.	44,101	1,440
^*	SiteOne Landscape Supply Inc.	8,356	1,430
	Whirlpool Corp.	9,976	1,396
	New York Times Co. Class A	30,444	1,348
^*	Skechers USA Inc. Class A	26,332	1,325
^*	Norwegian Cruise Line Holdings Ltd.	78,602	1,302
	Delta Air Lines Inc.	30,246	1,297
	VF Corp.	65,562	1,296
^*	elf Beauty Inc.	9,119	1,265
^*	Capri Holdings Ltd.	22,988	1,207
	Murphy USA Inc.	3,732	1,185
	Wyndham Hotels & Resorts Inc.	15,398	1,161
	H&R Block Inc.	28,580	1,143
^*	On Holding AG Class A	39,606	1,142
^*	RH	3,069	1,121
^*	Crocs Inc.	11,332	1,103
	Nexstar Media Group Inc. Class A	6,343	1,033
^*	Wayfair Inc. Class A	14,799	1,023
	Thor Industries Inc.	9,731	1,020
^*	Bright Horizons Family Solutions Inc.	10,771	1,017
	Hyatt Hotels Corp. Class A	8,884	999
	PVH Corp.	11,787	985
	U-Haul Holding Co.	17,998	970
^*	Planet Fitness Inc. Class A	15,669	953
^*	Asbury Automotive Group Inc.	4,103	944
	Meritage Homes Corp.	6,755	939
^*,1	GameStop Corp. Class A	50,392	935
^*	Taylor Morrison Home Corp. Class A	19,561	927
	Wingstop Inc.	5,640	906
^*	Ollie's Bargain Outlet Holdings Inc.	11,738	905
	Ralph Lauren Corp. Class A	7,642	891
^*	AutoNation Inc.	5,662	889
	Southwest Airlines Co.	27,948	883
^*,1	Lucid Group Inc.	140,484	882

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
^*	Fox Factory Holding Corp.	7,889	874
	Harley-Davidson Inc.	25,207	851
^*	Avis Budget Group Inc.	3,806	812
^*	YETI Holdings Inc.	16,161	807
^*	Duolingo Inc. Class A	5,330	784
	World Wrestling Entertainment Inc. Class A	8,090	781
	Advance Auto Parts Inc.	11,093	763
^*	United Airlines Holdings Inc.	15,299	762
^*	Coty Inc. Class A	65,785	760
	Marriott Vacations Worldwide Corp.	6,981	759
^*	Liberty Media Corp.-Liberty SiriusXM Class A	31,380	754
	Newell Brands Inc.	70,859	750
	KB Home	14,161	719
^*	Visteon Corp.	5,158	718
^*	Skyline Champion Corp.	9,909	706
	Leggett & Platt Inc.	24,961	704
	Group 1 Automotive Inc.	2,645	699
^*	Adient plc	17,712	694
	Choice Hotels International Inc.	5,416	687
	TEGNA Inc.	41,575	687
^*	Goodyear Tire & Rubber Co.	52,225	674
^*	Grand Canyon Education Inc.	5,723	671
^*	Lyft Inc. Class A	55,077	649
^*	Hilton Grand Vacations Inc.	14,623	639
	Wendy's Co.	31,968	633
	Madison Square Garden Sports Corp.	3,517	626
	Signet Jewelers Ltd.	8,306	623
	Macy's Inc.	50,579	619
	Penske Automotive Group Inc.	3,670	603
	LCI Industries	4,647	582
^*	Tri Pointe Homes Inc.	18,706	582
	American Eagle Outfitters Inc.	34,133	579
	Kohl's Corp.	20,637	550
^*	Helen of Troy Ltd.	4,428	544
	Travel + Leisure Co.	13,455	541
	MDC Holdings Inc.	10,898	517
	Carter's Inc.	7,063	506
^*	Boot Barn Holdings Inc.	5,496	504
^*	Frontdoor Inc.	15,296	502
	Steven Madden Ltd.	14,470	499
¹	Sirius XM Holdings Inc.	113,047	497
^*	Shake Shack Inc. Class A	7,041	493
	Columbia Sportswear Co.	6,706	492
^*	Abercrombie & Fitch Co. Class A	9,006	484

		Shares	Market Value• ($000)
	Rush Enterprises Inc. Class A	11,677	484
	Kontoor Brands Inc.	10,263	470
^*	LGI Homes Inc.	3,821	470
	Inter Parfums Inc.	3,295	460
	Papa John's International Inc.	6,054	458
^*	Topgolf Callaway Brands Corp.	26,117	456
^*	Cavco Industries Inc.	1,632	456
^*	Coursera Inc.	26,200	456
^*	American Airlines Group Inc.	30,262	446
	Fox Corp. Class B	13,912	425
	Gap Inc.	36,535	423
^*	QuantumScape Corp. Class A	58,147	415
^*	Dorman Products Inc.	4,913	405
^*	Urban Outfitters Inc.	11,827	393
	Century Communities Inc.	5,200	386
	Dana Inc.	23,867	385
	PriceSmart Inc.	4,779	380
	Graham Holdings Co. Class B	635	372
^*	Gentherm Inc.	6,142	370
^*	Adtalem Global Education Inc.	8,368	367
^*	Peloton Interactive Inc. Class A	57,540	367
	Acushnet Holdings Corp.	6,165	361
^*	SeaWorld Entertainment Inc.	7,374	359
	Winnebago Industries Inc.	5,524	358
	Laureate Education Inc.	24,800	345
	Hanesbrands Inc.	64,935	341
	Nordstrom Inc.	20,868	338
	Cracker Barrel Old Country Store Inc.	4,091	337
^*	Cinemark Holdings Inc.	20,200	329
^*	Sonos Inc.	23,785	328
	Strategic Education Inc.	4,161	322
^*	PROG Holdings Inc.	9,306	319
^*	Six Flags Entertainment Corp.	13,849	318
^*	SharkNinja Inc.	9,100	318
^*	OPENLANE Inc.	19,969	312
	Jack in the Box Inc.	3,857	310
^*	Central Garden & Pet Co. Class A	7,582	309
^*	Atlanta Braves Holdings Inc. Class C	8,232	303
^*	Sabre Corp.	60,230	301
	John Wiley & Sons Inc. Class A	8,055	299
	Foot Locker Inc.	15,063	296
^*	ODP Corp.	5,906	291
^*	Victoria's Secret & Co.	15,101	290

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	Upbound Group Inc.	9,448	289
^*	TripAdvisor Inc.	19,033	288
^*	Liberty Media Corp.-Liberty SiriusXM	11,730	287
	HNI Corp.	8,553	280
	Oxford Industries Inc.	2,741	277
^*	National Vision Holdings Inc.	14,697	269
	MillerKnoll Inc.	14,018	268
^*,1	Luminar Technologies Inc. Class A	46,418	267
^*	Liberty Media Corp.-Liberty Live Class A	8,011	267
^*	Brinker International Inc.	8,100	265
^*	PowerSchool Holdings Inc. Class A	12,000	265
^*	Madison Square Garden Entertainment Corp. Class A	8,100	260
^*	Alaska Air Group Inc.	5,965	250
	La-Z-Boy Inc.	8,038	248
^*	Phinia Inc.	8,785	244
	Dillard's Inc. Class A	700	242
	Scholastic Corp.	5,551	241
	Matthews International Corp. Class A	5,638	238
^*	Chegg Inc.	23,246	237
	Krispy Kreme Inc.	17,600	236
^*	Under Armour Inc. Class A	30,778	235
^*	Under Armour Inc. Class C	31,379	216
^*	Overstock.com Inc.	7,877	206
	Buckle Inc.	5,569	204
^*	Leslie's Inc.	32,628	204
^*	Sally Beauty Holdings Inc.	19,944	203
^*	iRobot Corp.	4,968	193
^*,1	Fisker Inc. Class A	32,698	192
	Monro Inc.	5,761	189
^*	Driven Brands Holdings Inc.	11,600	175
^*,1	Farfetch Ltd. Class A	60,858	173
^*	Sphere Entertainment Co.	4,800	168
^*	IMAX Corp.	8,688	166
^*	Lions Gate Entertainment Corp. Class B	21,472	160
^*	American Axle & Manufacturing Holdings Inc.	20,865	158
^*	G-III Apparel Group Ltd.	7,885	157
^*	Liberty Media Corp.-Liberty Live Class C	4,587	154
	Dine Brands Global Inc.	2,764	151
^*	Figs Inc. Class A	24,212	150
	Steelcase Inc. Class A	16,101	146
	Guess? Inc.	5,738	138
^*,1	AMC Entertainment Holdings Inc. Class A	11,006	138
	Gray Television Inc.	14,975	121

		Shares	Market Value• ($000)
	Wolverine World Wide Inc.	14,380	116
^*	Mister Car Wash Inc.	15,000	109
^*	Liberty Media Corp.-Liberty Formula One Class A	1,581	96
	Sinclair Inc.	7,500	95
^*	JetBlue Airways Corp.	15,321	91
^*	Lions Gate Entertainment Corp. Class A	11,396	90
	Spirit Airlines Inc.	5,056	83
^*	EW Scripps Co. Class A	10,870	83
^*	iHeartMedia Inc. Class A	22,306	81
	Allegiant Travel Co.	883	78
^*	Petco Health & Wellness Co. Inc. Class A	15,400	78
^*	Atlanta Braves Holdings Inc. Class A	1,835	77
	Lennar Corp. Class B	614	66
^*	Qurate Retail Inc. Class A	62,576	49
^*	Playtika Holding Corp.	4,718	46
	News Corp. Class B	400	9
			1,095,764
Consumer Staples (5.1%)
	Procter & Gamble Co.	441,402	68,126
	PepsiCo Inc.	258,106	45,922
	Coca-Cola Co.	730,005	43,676
	Mondelez International Inc. Class A	254,973	18,169
	CVS Health Corp.	240,063	15,645
	Colgate-Palmolive Co.	154,171	11,327
	McKesson Corp.	25,666	10,583
	Kimberly-Clark Corp.	63,152	8,136
	Archer-Daniels-Midland Co.	101,545	8,052
^*	Monster Beverage Corp.	139,307	7,998
	General Mills Inc.	109,885	7,435
	Corteva Inc.	134,160	6,776
	Sysco Corp.	95,311	6,638
	Keurig Dr Pepper Inc.	178,681	6,013
	Hershey Co.	27,693	5,950
	Kroger Co.	121,571	5,640
	Cencora Inc.	30,912	5,440
	Kraft Heinz Co.	150,274	4,973
	Church & Dwight Co. Inc.	45,529	4,406
	McCormick & Co. Inc. (Non-Voting)	47,022	3,859
	Clorox Co.	23,126	3,618
	Walgreens Boots Alliance Inc.	134,550	3,405
	Bunge Ltd.	27,955	3,196
	Kellogg Co.	48,898	2,984
	J M Smucker Co.	19,385	2,810
	Tyson Foods Inc. Class A	52,210	2,781
	Conagra Brands Inc.	88,276	2,638
	Lamb Weston Holdings Inc.	27,064	2,636

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	Coca-Cola Europacific Partners plc	37,856	2,427
	Hormel Foods Corp.	53,741	2,074
^*	Celsius Holdings Inc.	10,351	2,029
^*	Darling Ingredients Inc.	29,989	1,852
	Albertsons Cos. Inc. Class A	77,582	1,738
^*	US Foods Holding Corp.	42,385	1,714
	Campbell Soup Co.	36,371	1,517
	Ingredion Inc.	12,246	1,260
^*	BellRing Brands Inc.	24,953	1,035
^*	Post Holdings Inc.	10,152	911
	Flowers Foods Inc.	35,133	828
^*	Sprouts Farmers Market Inc.	19,829	809
^*	Hostess Brands Inc. Class A	24,986	712
	Coca-Cola Consolidated Inc.	932	651
^*	Freshpet Inc.	8,501	642
	Spectrum Brands Holdings Inc.	7,468	621
^*	Simply Good Foods Co.	16,603	599
	Lancaster Colony Corp.	3,590	593
	WD-40 Co.	2,584	555
^*	Grocery Outlet Holding Corp.	16,673	514
^*	Nomad Foods Ltd.	26,219	481
	Energizer Holdings Inc.	13,322	458
	J & J Snack Foods Corp.	2,824	458
^*	TreeHouse Foods Inc.	9,539	444
	Edgewell Personal Care Co.	9,563	369
	Cal-Maine Foods Inc.	7,079	338
	Reynolds Consumer Products Inc.	10,200	278
^*	Herbalife Ltd.	18,353	276
^*	National Beverage Corp.	4,386	225
^*	United Natural Foods Inc.	11,012	222
	Nu Skin Enterprises Inc. Class A	9,151	219
	Weis Markets Inc.	3,028	196
^*	Hain Celestial Group Inc.	16,590	176
	Medifast Inc.	2,065	174
	B&G Foods Inc.	13,155	168
	Fresh Del Monte Produce Inc.	5,591	143
^*,1	Beyond Meat Inc.	11,612	137
^*	USANA Health Sciences Inc.	2,122	136
^*	Beauty Health Co.	16,136	99
^*	Olaplex Holdings Inc.	23,100	63
			346,973
Energy (0.2%)
^*	First Solar Inc.	19,925	3,768
^*	Enphase Energy Inc.	24,913	3,152

		Shares	Market Value• ($000)
^*	SolarEdge Technologies Inc.	10,536	1,713
^*,1	Plug Power Inc.	97,343	824
	Arcosa Inc.	9,044	707
^*	Array Technologies Inc.	28,095	699
^*,1	ChargePoint Holdings Inc.	54,948	393
^*	Ameresco Inc. Class A	5,906	257
^*,1	Stem Inc.	26,806	137
^*,1	SunPower Corp.	15,271	109
^*	FuelCell Energy Inc.	75,690	106
	Enviva Inc.	5,700	52
			11,917
Financials (10.0%)
	JPMorgan Chase & Co.	548,083	80,201
	Bank of America Corp.	1,304,974	37,414
	S&P Global Inc.	60,152	23,511
	Goldman Sachs Group Inc.	60,603	19,860
	BlackRock Inc.	27,881	19,532
	Morgan Stanley	225,238	19,179
	Marsh & McLennan Cos. Inc.	92,613	18,059
	Charles Schwab Corp.	277,806	16,432
	Chubb Ltd.	77,111	15,489
	Citigroup Inc.	364,647	15,056
	Progressive Corp.	109,549	14,621
	Blackstone Inc.	132,303	14,073
	CME Group Inc.	67,354	13,651
	Aon plc Class A	37,897	12,634
	Intercontinental Exchange Inc.	103,593	12,223
	US Bancorp	286,600	10,469
	Moody's Corp.	29,773	10,028
	Arthur J Gallagher & Co.	39,630	9,134
	PNC Financial Services Group Inc.	74,440	8,987
	Apollo Global Management Inc.	97,834	8,545
	Aflac Inc.	112,516	8,390
	American International Group Inc.	137,257	8,032
	MSCI Inc. Class A	14,606	7,940
	MetLife Inc.	121,067	7,668
	KKR & Co. Inc.	121,192	7,612
	Truist Financial Corp.	247,549	7,563
	Travelers Cos. Inc.	43,156	6,958
	Ameriprise Financial Inc.	19,697	6,649
	Bank of New York Mellon Corp.	147,638	6,624
	Prudential Financial Inc.	69,092	6,541
	Allstate Corp.	48,992	5,282
^*	Arch Capital Group Ltd.	67,350	5,176
	T. Rowe Price Group Inc.	41,221	4,626
	State Street Corp.	62,412	4,290
	Discover Financial Services	47,295	4,260
	Willis Towers Watson plc	19,887	4,112

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	Hartford Financial Services Group Inc.	56,821	4,081
	Broadridge Financial Solutions Inc.	21,903	4,079
	M&T Bank Corp.	30,854	3,858
	Raymond James Financial Inc.	36,481	3,816
^*	Markel Group Inc.	2,479	3,666
	Principal Financial Group Inc.	45,371	3,526
	Fifth Third Bancorp	127,743	3,392
	Nasdaq Inc.	64,461	3,383
	LPL Financial Holdings Inc.	14,575	3,361
	Brown & Brown Inc.	44,279	3,281
	Regions Financial Corp.	175,303	3,215
	FactSet Research Systems Inc.	7,279	3,177
	Ares Management Corp. Class A	30,125	3,116
	Cincinnati Financial Corp.	28,782	3,045
	Huntington Bancshares Inc.	269,107	2,984
	Cboe Global Markets Inc.	19,779	2,961
	Northern Trust Corp.	38,510	2,929
	Everest Group Ltd.	7,988	2,881
	First Citizens BancShares Inc. Class A	2,054	2,794
	Citizens Financial Group Inc.	89,263	2,511
^*	Coinbase Global Inc. Class A	31,239	2,487
	W R Berkley Corp.	39,776	2,461
	Loews Corp.	35,106	2,180
	Fidelity National Financial Inc.	48,763	2,019
	KeyCorp	174,265	1,974
	Equitable Holdings Inc.	66,414	1,913
	Annaly Capital Management Inc.	92,291	1,871
	Globe Life Inc.	16,755	1,869
	Tradeweb Markets Inc. Class A	21,443	1,853
	Unum Group	37,139	1,827
	Credicorp Ltd.	12,777	1,807
	Reinsurance Group of America Inc.	12,560	1,741
	RenaissanceRe Holdings Ltd.	9,189	1,726
	Interactive Brokers Group Inc. Class A	18,506	1,686
	MarketAxess Holdings Inc.	6,988	1,684
	New York Community Bancorp Inc.	132,868	1,632
	Kinsale Capital Group Inc.	4,062	1,619
^*	XP Inc. Class A	62,892	1,594
	American Financial Group Inc.	13,557	1,572

		Shares	Market Value• ($000)
^*	SoFi Technologies Inc.	172,244	1,492
	East West Bancorp Inc.	26,521	1,468
	Franklin Resources Inc.	53,522	1,431
	Ally Financial Inc.	50,444	1,397
	Assurant Inc.	10,014	1,395
	Webster Financial Corp.	32,384	1,373
	Primerica Inc.	6,821	1,371
	Old Republic International Corp.	49,831	1,363
^*	Robinhood Markets Inc. Class A	124,873	1,360
	Voya Financial Inc.	18,223	1,270
	First Horizon Corp.	99,158	1,244
	Stifel Financial Corp.	19,107	1,242
	SEI Investments Co.	19,266	1,196
	Comerica Inc.	24,485	1,178
	First American Financial Corp.	18,912	1,166
	Starwood Property Trust Inc.	54,786	1,119
	Invesco Ltd.	70,016	1,115
	Selective Insurance Group Inc.	11,135	1,105
	AGNC Investment Corp.	107,236	1,062
	Commerce Bancshares Inc.	21,268	1,044
	Cullen/Frost Bankers Inc.	10,916	1,032
	SouthState Corp.	13,953	1,009
	Houlihan Lokey Inc. Class A	9,481	999
	Western Alliance Bancorp	19,751	988
	Zions Bancorp NA	27,593	980
	Essent Group Ltd.	19,516	980
	MGIC Investment Corp.	55,384	974
	RLI Corp.	7,318	962
	Evercore Inc. Class A	6,844	958
	Pinnacle Financial Partners Inc.	14,052	935
	Prosperity Bancshares Inc.	16,370	930
	Rithm Capital Corp.	88,100	908
	Popular Inc.	13,153	898
	OneMain Holdings Inc.	21,584	896
	Affiliated Managers Group Inc.	6,525	874
	Wintrust Financial Corp.	11,209	870
^*	Ryan Specialty Holdings Inc. Class A	17,289	843
	Bank OZK	20,954	842
	Synovus Financial Corp.	26,975	835
	Old National Bancorp	54,382	830
	Lincoln National Corp.	31,899	819
	Axis Capital Holdings Ltd.	14,636	803
	Columbia Banking System Inc.	38,850	796
	Radian Group Inc.	29,361	795

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	American Equity Investment Life Holding Co.	14,693	789
	Home BancShares Inc.	35,087	778
	Cadence Bank	33,976	777
	FNB Corp.	66,695	776
	Valley National Bancorp	79,928	734
^*	Mr Cooper Group Inc.	12,953	734
	United Bankshares Inc.	24,210	728
	White Mountains Insurance Group Ltd.	450	715
	Lazard Ltd. Class A	20,590	715
	Blackstone Mortgage Trust Inc. Class A	32,189	709
	Hanover Insurance Group Inc.	6,629	707
	Janus Henderson Group plc	25,475	700
	First Financial Bankshares Inc.	24,113	692
	Hancock Whitney Corp.	16,104	664
	SLM Corp.	44,931	640
	Assured Guaranty Ltd.	10,867	639
^*	Brighthouse Financial Inc.	12,756	633
	Hamilton Lane Inc. Class A	6,731	625
	Glacier Bancorp Inc.	20,664	624
	Jackson Financial Inc. Class A	16,106	606
^*	Credit Acceptance Corp.	1,200	602
	United Community Banks Inc.	22,303	602
^*	Enstar Group Ltd.	2,352	596
^*,2	Focus Financial Partners Inc. Class A	10,786	572
¹	Arbor Realty Trust Inc.	35,485	566
^*	Texas Capital Bancshares Inc.	9,014	563
	Moelis & Co. Class A	11,836	561
	Kemper Corp.	11,909	559
^*	Genworth Financial Inc. Class A	91,745	531
	ServisFirst Bancshares Inc.	9,434	529
	UMB Financial Corp.	8,235	521
	Ameris Bancorp	12,410	506
	CNO Financial Group Inc.	21,157	495
	Walker & Dunlop Inc.	5,753	491
	Piper Sandler Cos.	3,278	488
	Associated Banc-Corp	28,027	486
	Corebridge Financial Inc.	27,025	482
	Community Bank System Inc.	9,973	474
	First Bancorp	33,741	468
	Cathay General Bancorp	13,006	463
	Independent Bank Corp.	8,578	463
^*	Axos Financial Inc.	10,730	462
	First Hawaiian Inc.	24,169	457
	BOK Financial Corp.	5,458	454

		Shares	Market Value• ($000)
	WSFS Financial Corp.	11,493	452
	International Bancshares Corp.	10,050	450
	Artisan Partners Asset Management Inc. Class A	11,348	436
^*	NMI Holdings Inc. Class A	15,190	435
	CVB Financial Corp.	24,619	430
^*,1	Upstart Holdings Inc.	13,291	428
	First Interstate BancSystem Inc. Class A	16,500	427
	BancFirst Corp.	4,386	419
	Atlantic Union Bankshares Corp.	14,087	418
	Simmons First National Corp. Class A	22,957	409
	Pacific Premier Bancorp Inc.	17,723	408
	Fulton Financial Corp.	30,381	405
	Bank of Hawaii Corp.	7,267	391
	Eastern Bankshares Inc.	28,552	384
	Seacoast Banking Corp. of Florida	16,000	378
	BankUnited Inc.	14,034	368
	First Financial Bancorp	17,408	362
	PennyMac Financial Services Inc.	4,997	359
	Navient Corp.	18,872	333
	Virtu Financial Inc. Class A	17,747	333
	Washington Federal Inc.	11,951	325
	First Merchants Corp.	10,807	322
	Towne Bank	13,087	309
	Cohen & Steers Inc.	4,721	308
^*,1	Freedom Holding Corp.	3,000	295
	NBT Bancorp Inc.	8,535	294
	Renasant Corp.	10,334	288
	BGC Group Inc. Class A	58,309	288
	Banner Corp.	6,425	280
	Hilltop Holdings Inc.	9,170	279
	Independent Bank Group Inc.	6,564	277
^*	Triumph Financial Inc.	4,300	276
	Park National Corp.	2,700	275
	Virtus Investment Partners Inc.	1,324	274
	Bank of NT Butterfield & Son Ltd.	9,305	271
	Trustmark Corp.	11,705	270
	WesBanco Inc.	10,617	269
	Chimera Investment Corp.	43,521	263
	First Commonwealth Financial Corp.	19,159	250
	Northwest Bancshares Inc.	22,721	250
	City Holding Co.	2,726	249
	Nelnet Inc. Class A	2,713	249
	Two Harbors Investment Corp.	17,875	246
	Stock Yards Bancorp Inc.	5,292	242

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	Heartland Financial USA Inc.	7,624	234
	Ladder Capital Corp. Class A	21,300	233
^*	Palomar Holdings Inc.	4,500	230
	PennyMac Mortgage Investment Trust	16,825	226
	Provident Financial Services Inc.	13,628	225
	Horace Mann Educators Corp.	7,644	219
^*	Trupanion Inc.	7,231	215
	Westamerica Bancorp	4,858	214
	Hope Bancorp Inc.	21,821	211
	ARMOUR Residential REIT Inc.	42,454	208
	MFA Financial Inc.	19,023	208
	S&T Bancorp Inc.	7,235	205
	CNA Financial Corp.	5,134	202
^*	Encore Capital Group Inc.	4,275	200
	Live Oak Bancshares Inc.	6,200	200
	Employers Holdings Inc.	5,084	199
	BrightSpire Capital Inc. Class A	27,342	190
^*	SiriusPoint Ltd.	17,039	188
	Sandy Spring Bancorp Inc.	8,288	184
	WisdomTree Inc.	25,028	183
	Safety Insurance Group Inc.	2,608	180
	ProAssurance Corp.	9,985	177
	PacWest Bancorp	21,847	174
	Argo Group International Holdings Ltd.	5,838	174
	Berkshire Hills Bancorp Inc.	8,085	169
	Redwood Trust Inc.	20,905	167
^*	Open Lending Corp.	20,112	166
	Brookline Bancorp Inc.	15,653	150
^*	PRA Group Inc.	7,236	141
	1st Source Corp.	3,126	140
	Capitol Federal Financial Inc.	24,023	136
	Eagle Bancorp Inc.	5,651	136
	TFS Financial Corp.	9,336	127
	Brightsphere Investment Group Inc.	6,093	126
^*	Avantax Inc.	5,924	124
^*	Lemonade Inc.	8,700	120
^*	Columbia Financial Inc.	6,104	105
	Community Trust Bancorp Inc.	2,920	104
	F&G Annuities & Life Inc.	3,329	94
	Washington Trust Bancorp Inc.	3,131	88

		Shares	Market Value• ($000)
	Kearny Financial Corp.	11,041	82
	Republic Bancorp Inc. Class A	1,648	73
			677,716
Health Care (13.9%)
	Eli Lilly & Co.	158,627	87,911
	UnitedHealth Group Inc.	174,224	83,032
	Merck & Co. Inc.	476,206	51,897
	AbbVie Inc.	330,887	48,627
	Thermo Fisher Scientific Inc.	72,344	40,303
	Pfizer Inc.	1,059,303	37,478
	Abbott Laboratories	324,626	33,404
	Danaher Corp.	123,333	32,683
	Amgen Inc.	100,216	25,689
	Bristol-Myers Squibb Co.	394,214	24,303
^*	Intuitive Surgical Inc.	65,476	20,473
	Medtronic plc	249,068	20,299
	Elevance Health Inc.	44,399	19,625
	Stryker Corp.	66,673	18,905
	Gilead Sciences Inc.	234,440	17,930
^*	Vertex Pharmaceuticals Inc.	48,282	16,819
	Zoetis Inc. Class A	86,888	16,553
^*	Regeneron Pharmaceuticals Inc.	19,436	16,064
	Cigna Group	54,765	15,129
	Becton Dickinson & Co.	52,983	14,806
^*	Boston Scientific Corp.	269,429	14,533
	Humana Inc.	23,417	10,810
	HCA Healthcare Inc.	38,317	10,625
^*	Edwards Lifesciences Corp.	113,034	8,644
^*	IDEXX Laboratories Inc.	15,375	7,863
^*	IQVIA Holdings Inc.	34,538	7,689
^*	Dexcom Inc.	72,288	7,300
^*	Biogen Inc.	27,083	7,241
^*	Moderna Inc.	63,069	7,131
	Agilent Technologies Inc.	55,469	6,716
^*	Centene Corp.	102,732	6,333
^*	Veeva Systems Inc. Class A	27,153	5,667
	West Pharmaceutical Services Inc.	13,858	5,639
^*	Seagen Inc.	26,292	5,418
^*	Align Technology Inc.	14,329	5,304
	GE HealthCare Technologies Inc.	72,959	5,140
^*	Illumina Inc.	29,495	4,873
^*	Horizon Therapeutics plc	42,212	4,759
	Zimmer Biomet Holdings Inc.	39,345	4,687
^*	Alnylam Pharmaceuticals Inc.	23,069	4,564
	ResMed Inc.	27,061	4,319
	STERIS plc	18,465	4,239

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	Cardinal Health Inc.	48,258	4,214
^*	ICON plc	15,339	3,987
	Baxter International Inc.	94,424	3,834
	Laboratory Corp. of America Holdings	16,592	3,453
^*	Hologic Inc.	45,590	3,407
^*	Molina Healthcare Inc.	10,908	3,383
	Cooper Cos. Inc.	9,088	3,362
^*	BioMarin Pharmaceutical Inc.	35,287	3,225
^*	Exact Sciences Corp.	33,488	2,802
	Quest Diagnostics Inc.	21,239	2,793
	Revvity Inc.	23,679	2,771
^*	Avantor Inc.	126,374	2,736
^*	Insulet Corp.	12,884	2,470
	Viatris Inc.	220,335	2,369
	Bio-Techne Corp.	29,167	2,287
^*	Incyte Corp.	34,211	2,208
	Royalty Pharma plc Class A	69,757	2,080
^*	Sarepta Therapeutics Inc.	16,816	2,035
^*	Charles River Laboratories International Inc.	9,494	1,964
^*	Neurocrine Biosciences Inc.	18,011	1,961
^*	United Therapeutics Corp.	8,385	1,881
	Teleflex Inc.	8,820	1,876
^*	Henry Schein Inc.	24,498	1,875
^*	Penumbra Inc.	6,888	1,822
^*	Repligen Corp.	10,321	1,795
^*	Catalent Inc.	33,572	1,678
^*	Jazz Pharmaceuticals plc	11,555	1,657
^*	Bio-Rad Laboratories Inc. Class A	3,996	1,599
^*	Shockwave Medical Inc.	6,846	1,509
	Universal Health Services Inc. Class B	11,145	1,501
	DENTSPLY SIRONA Inc.	40,193	1,491
^*	Tenet Healthcare Corp.	19,001	1,474
	Chemed Corp.	2,691	1,376
^*	Exelixis Inc.	59,983	1,343
	Bruker Corp.	20,124	1,320
	Encompass Health Corp.	18,360	1,304
^*	Acadia Healthcare Co. Inc.	16,682	1,286
^*	Karuna Therapeutics Inc.	6,739	1,265
^*	Inspire Medical Systems Inc.	5,334	1,210
^*	Globus Medical Inc. Class A	22,183	1,200
^*	Medpace Holdings Inc.	4,353	1,176
^*	Natera Inc.	19,594	1,151
^*	Elanco Animal Health Inc.	92,620	1,130
^*	Option Care Health Inc.	31,157	1,085
^*	DaVita Inc.	10,422	1,067
^*	Ionis Pharmaceuticals Inc.	26,456	1,065
^*	Halozyme Therapeutics Inc.	24,779	1,055

		Shares	Market Value• ($000)
^*	HealthEquity Inc.	15,489	1,046
	Organon & Co.	47,641	1,046
^*	Masimo Corp.	8,896	1,017
	Ensign Group Inc.	10,052	1,007
^*	Envista Holdings Corp.	30,504	977
^*	Intra-Cellular Therapies Inc.	17,085	949
^*	Neogen Corp.	40,427	935
^*	agilon health Inc.	51,949	921
^*	10X Genomics Inc. Class A	17,278	896
^*	Vaxcyte Inc.	17,178	892
^*	Alkermes plc	30,472	889
	Perrigo Co. plc	25,228	883
^*	Lantheus Holdings Inc.	12,732	871
^*	Reata Pharmaceuticals Inc. Class A	5,114	864
^*	Haemonetics Corp.	9,335	838
^*	QuidelOrtho Corp.	10,012	825
^*	Syneos Health Inc.	19,254	823
^*	Guardant Health Inc.	20,468	800
^*	Apellis Pharmaceuticals Inc.	18,822	794
^*	Azenta Inc.	12,834	724
^*	CRISPR Therapeutics AG	14,396	720
^*	Teladoc Health Inc.	30,306	686
^*	Ginkgo Bioworks Holdings Inc. Class A	290,975	681
^*	Merit Medical Systems Inc.	10,423	680
^*	Inari Medical Inc.	10,102	673
^*	Amicus Therapeutics Inc.	51,607	662
	CONMED Corp.	5,924	660
^*	REVOLUTION Medicines Inc.	19,164	651
^*	Glaukos Corp.	8,541	642
^*	Intellia Therapeutics Inc.	16,891	633
^*	Cytokinetics Inc.	17,688	618
^*	ACADIA Pharmaceuticals Inc.	22,472	607
^*	Bridgebio Pharma Inc.	19,712	590
^*	iRhythm Technologies Inc.	5,618	581
^*	Integra LifeSciences Holdings Corp.	13,637	580
	Select Medical Holdings Corp.	19,548	571
^*	Inmode Ltd.	14,542	568
^*	Amedisys Inc.	5,994	562
^*	Blueprint Medicines Corp.	11,229	560
^*	LivaNova plc	10,009	556
^*	Insmed Inc.	25,393	556
^*	ICU Medical Inc.	3,750	544
^*	Prestige Consumer Healthcare Inc.	9,277	541
^*	Corcept Therapeutics Inc.	16,244	532
^*	Integer Holdings Corp.	6,206	529
^*	Progyny Inc.	14,139	528
^*	Arrowhead Pharmaceuticals Inc.	19,081	527

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
^*	Axonics Inc.	9,167	525
^*	Evolent Health Inc. Class A	20,542	524
^*	Pacific Biosciences of California Inc.	46,128	520
^*	PTC Therapeutics Inc.	13,151	519
^*	Denali Therapeutics Inc.	22,417	518
^*	Doximity Inc. Class A	20,956	500
	Patterson Cos. Inc.	16,257	488
^*	R1 RCM Inc.	28,165	486
^*	Axsome Therapeutics Inc.	5,972	483
	Premier Inc. Class A	22,182	478
^*	Omnicell Inc.	8,329	474
^*	Madrigal Pharmaceuticals Inc.	2,588	466
^*	Ultragenyx Pharmaceutical Inc.	12,532	461
^*	Surgery Partners Inc.	12,706	461
^*	Fortrea Holdings Inc.	16,565	456
^*	Xenon Pharmaceuticals Inc.	11,417	445
^*	Novocure Ltd.	19,435	429
^*	Akero Therapeutics Inc.	8,400	417
^*	STAAR Surgical Co.	8,986	390
^*	Prothena Corp. plc	7,363	389
^*	AtriCure Inc.	8,469	382
^*	CorVel Corp.	1,643	356
^*	NeoGenomics Inc.	23,569	354
^*	Certara Inc.	21,782	352
^*	Veracyte Inc.	13,302	351
^*	Privia Health Group Inc.	12,695	333
^*	Tandem Diabetes Care Inc.	11,907	326
^*	SpringWorks Therapeutics Inc.	11,100	313
^*	Mirati Therapeutics Inc.	8,348	311
^*	Sotera Health Co.	18,430	297
^*	Supernus Pharmaceuticals Inc.	9,199	293
^*	Pacira BioSciences Inc.	8,285	292
^*	Agios Pharmaceuticals Inc.	10,088	277
^*	Beam Therapeutics Inc.	11,849	275
^*	Myriad Genetics Inc.	14,962	267
^*	Phreesia Inc.	9,200	262
^*	TG Therapeutics Inc.	24,886	261
^*	Arvinas Inc.	8,984	253
^*	Cerevel Therapeutics Holdings Inc.	10,612	251
^*	BioCryst Pharmaceuticals Inc.	34,441	245
^*	Harmony Biosciences Holdings Inc.	6,700	243
^*	Iovance Biotherapeutics Inc.	39,658	240
^*	Xencor Inc.	10,589	233
^*	Owens & Minor Inc.	13,655	231
^*	Zentalis Pharmaceuticals Inc.	8,712	231
^*	Twist Bioscience Corp.	10,447	230

		Shares	Market Value• ($000)
^*	Aurinia Pharmaceuticals Inc.	25,060	227
^*	Ironwood Pharmaceuticals Inc. Class A	25,628	226
^*	Recursion Pharmaceuticals Inc. Class A	25,730	224
^*	Pediatrix Medical Group Inc.	15,418	218
^*	Biohaven Ltd.	11,703	214
^*	Maravai LifeSciences Holdings Inc. Class A	20,550	212
^*	Vir Biotechnology Inc.	15,875	201
^*	Amylyx Pharmaceuticals Inc.	9,300	201
^*	Arcus Biosciences Inc.	9,512	195
	Embecta Corp.	10,652	195
^*	Sage Therapeutics Inc.	9,724	194
^*	NextGen Healthcare Inc.	10,104	184
^*	Ligand Pharmaceuticals Inc.	2,774	182
^*	Avanos Medical Inc.	8,522	179
^*	Rocket Pharmaceuticals Inc.	10,400	163
^*	Relay Therapeutics Inc.	15,718	161
^*	AdaptHealth Corp. Class A	13,400	160
	Healthcare Services Group Inc.	13,674	158
^*	Innoviva Inc.	11,612	148
^*,1	Cassava Sciences Inc.	7,026	147
^*	OPKO Health Inc.	76,136	139
^*	Adaptive Biotechnologies Corp.	20,606	139
^*	Varex Imaging Corp.	7,088	139
^*	Kymera Therapeutics Inc.	7,106	136
^*	REGENXBIO Inc.	7,439	132
^*	Fulgent Genetics Inc.	4,000	131
^*	Nevro Corp.	6,466	130
^*,1	Novavax Inc.	16,169	129
^*	Multiplan Corp.	70,850	121
^*	Theravance Biopharma Inc.	12,406	118
^*	Enhabit Inc.	9,123	117
^*	Editas Medicine Inc.	12,906	115
^*	Alignment Healthcare Inc.	18,206	106
^*,1	CureVac NV	11,912	106
^*	Sana Biotechnology Inc.	17,500	94
^*	CareDx Inc.	9,492	88
^*	uniQure NV	8,200	71
^*	Alector Inc.	11,500	63
^*	Taro Pharmaceutical Industries Ltd.	1,552	61
^*	American Well Corp. Class A	41,400	59
^*	Allogene Therapeutics Inc.	14,600	57
^*	Enanta Pharmaceuticals Inc.	3,742	56

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
^*	Fate Therapeutics Inc.	15,328	38
^*,3	Scilex Holding Co. (Acquired 1/23/23, Cost $126)	12,014	31
^*	FibroGen Inc.	16,106	15
^*,2	OmniAb Inc. 12.5 Earnout	1,051	—
^*,2	OmniAb Inc. 15 Earnout	1,051	—
			944,259
Industrials (10.8%)
	Visa Inc. Class A	303,511	74,567
	Mastercard Inc. Class A	157,243	64,885
	Accenture plc Class A	118,401	38,335
	Caterpillar Inc.	96,806	27,215
	Union Pacific Corp.	114,309	25,213
	United Parcel Service Inc. Class B	135,663	22,981
	Deere & Co.	51,213	21,045
	Automatic Data Processing Inc.	77,518	19,737
	American Express Co.	110,885	17,519
	Illinois Tool Works Inc.	56,816	14,053
^*	Fiserv Inc.	115,169	13,980
^*	PayPal Holdings Inc.	210,524	13,160
	Sherwin-Williams Co.	44,568	12,110
	CSX Corp.	381,023	11,507
	FedEx Corp.	43,438	11,338
	Carrier Global Corp.	155,376	8,926
	Trane Technologies plc	42,739	8,773
	Cintas Corp.	16,272	8,204
	PACCAR Inc.	96,038	7,903
	Old Dominion Freight Line Inc.	18,432	7,877
	Johnson Controls International plc	128,257	7,575
	Paychex Inc.	60,482	7,393
	Capital One Financial Corp.	70,836	7,253
	Rockwell Automation Inc.	21,581	6,735
	Otis Worldwide Corp.	77,384	6,620
	DuPont de Nemours Inc.	86,020	6,614
	Verisk Analytics Inc. Class A	26,764	6,483
	Fidelity National Information Services Inc.	111,304	6,217
	Global Payments Inc.	48,992	6,207
^*	Block Inc. Class A	101,671	5,861
	Vulcan Materials Co.	24,772	5,406
	Ingersoll Rand Inc.	76,139	5,300
	Martin Marietta Materials Inc.	11,481	5,125
^*	Mettler-Toledo International Inc.	4,029	4,889
	Equifax Inc.	22,755	4,703
^*	Keysight Technologies Inc.	33,230	4,430
^*	Fair Isaac Corp.	4,557	4,122
	Dover Corp.	25,809	3,827

		Shares	Market Value• ($000)
	Westinghouse Air Brake Technologies Corp.	33,282	3,745
^*	FleetCor Technologies Inc.	13,508	3,671
^*	Builders FirstSource Inc.	23,753	3,445
	Expeditors International of Washington Inc.	28,660	3,345
	IDEX Corp.	14,252	3,227
^*	Waters Corp.	11,043	3,101
^*	NU Holdings Ltd. Class A	431,940	2,959
	TransUnion	36,124	2,934
	JB Hunt Transport Services Inc.	15,443	2,901
^*	Axon Enterprise Inc.	13,006	2,769
	Stanley Black & Decker Inc.	28,773	2,716
^*	Zebra Technologies Corp. Class A	9,665	2,658
	Nordson Corp.	10,743	2,623
	Snap-on Inc.	9,688	2,602
	Synchrony Financial	79,319	2,560
^*	Trimble Inc.	46,124	2,527
	Masco Corp.	42,276	2,495
	Graco Inc.	31,440	2,482
	Carlisle Cos. Inc.	9,374	2,466
	Packaging Corp. of America	16,471	2,456
	Owens Corning	16,859	2,426
	RPM International Inc.	23,941	2,388
	Lennox International Inc.	6,035	2,274
	Watsco Inc.	6,163	2,247
^*	BILL Holdings Inc.	19,288	2,224
	Jack Henry & Associates Inc.	13,574	2,128
^*	Saia Inc.	4,978	2,122
	Toro Co.	19,541	1,999
	Regal Rexnord Corp.	12,234	1,984
	CH Robinson Worldwide Inc.	21,787	1,970
	Allegion plc	16,423	1,869
^*	AerCap Holdings NV	29,800	1,833
	Crown Holdings Inc.	19,774	1,832
	nVent Electric plc	30,965	1,751
^*	TopBuild Corp.	5,949	1,726
	Fortune Brands Innovations Inc.	23,953	1,653
	A O Smith Corp.	22,541	1,634
	AptarGroup Inc.	12,323	1,634
	Knight-Swift Transportation Holdings Inc. Class A	29,276	1,605
^*	WEX Inc.	8,179	1,605
^*	XPO Inc.	21,412	1,598
^*	Paylocity Holding Corp.	7,929	1,590
	Westrock Co.	47,571	1,556
	Cognex Corp.	32,530	1,532
^*	WillScot Mobile Mini Holdings Corp.	36,808	1,510
	AGCO Corp.	11,597	1,502

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	Advanced Drainage Systems Inc.	11,631	1,491
	Berry Global Group Inc.	22,801	1,490
^*	Trex Co. Inc.	20,637	1,473
	Robert Half Inc.	19,858	1,469
	Donaldson Co. Inc.	22,810	1,457
^*	Middleby Corp.	10,007	1,457
^*	Chart Industries Inc.	7,923	1,431
^*	GXO Logistics Inc.	21,972	1,406
^*	Generac Holdings Inc.	11,656	1,385
	WESCO International Inc.	8,344	1,350
	Simpson Manufacturing Co. Inc.	8,003	1,279
	Graphic Packaging Holding Co.	57,355	1,276
	Eagle Materials Inc.	6,710	1,270
	MSA Safety Inc.	6,924	1,265
	Landstar System Inc.	6,659	1,264
	MKS Instruments Inc.	12,520	1,255
	Genpact Ltd.	33,449	1,249
	Comfort Systems USA Inc.	6,612	1,220
	Littelfuse Inc.	4,525	1,209
^*	FTI Consulting Inc.	6,367	1,183
^*	Axalta Coating Systems Ltd.	41,319	1,169
^*	MasTec Inc.	11,403	1,134
^*	Atkore Inc.	7,297	1,124
	Applied Industrial Technologies Inc.	7,134	1,101
^*	API Group Corp.	38,535	1,085
	Brunswick Corp.	13,537	1,071
	Sonoco Products Co.	18,284	1,050
	Sealed Air Corp.	27,303	1,012
^*	Mohawk Industries Inc.	9,891	1,003
	Valmont Industries Inc.	3,918	993
	Watts Water Technologies Inc. Class A	5,148	972
	Acuity Brands Inc.	5,989	966
	Vontier Corp.	29,740	934
^*	Kirby Corp.	11,247	932
	Maximus Inc.	11,299	913
	Badger Meter Inc.	5,439	903
^*	ExlService Holdings Inc.	30,360	887
	MSC Industrial Direct Co. Inc. Class A	8,630	881
^*	Affirm Holdings Inc. Class A	41,667	867
	Western Union Co.	69,905	863
	Triton International Ltd.	10,070	845
	Ryder System Inc.	8,305	836
^*	Summit Materials Inc. Class A	22,258	833
	Franklin Electric Co. Inc.	8,591	831
	Zurn Elkay Water Solutions Corp.	27,995	829
^*	Beacon Roofing Supply Inc.	10,038	802

		Shares	Market Value• ($000)
	Air Lease Corp. Class A	19,481	794
^*	AZEK Co. Inc. Class A	23,338	794
^*	Euronet Worldwide Inc.	8,894	777
	AAON Inc.	12,299	776
	GATX Corp.	6,503	768
^*	TriNet Group Inc.	6,925	768
	Louisiana-Pacific Corp.	12,143	759
	Terex Corp.	12,476	756
^*	ASGN Inc.	9,156	752
	ManpowerGroup Inc.	9,466	747
	Belden Inc.	7,954	747
	HB Fuller Co.	10,042	728
	Silgan Holdings Inc.	15,400	695
	Herc Holdings Inc.	5,275	686
	Federal Signal Corp.	11,150	680
	Insperity Inc.	6,656	674
^*	AMN Healthcare Services Inc.	7,415	655
	John Bean Technologies Corp.	5,924	651
	Armstrong World Industries Inc.	8,482	650
^*	SPX Technologies Inc.	8,111	641
	Brink's Co.	8,433	639
	Installed Building Products Inc.	4,417	639
^*	StoneCo Ltd. Class A	51,539	632
	Hillenbrand Inc.	12,955	628
^*	Flywire Corp.	17,880	618
^*	Shift4 Payments Inc. Class A	10,439	593
^*	Itron Inc.	8,482	580
^*	Marqeta Inc. Class A	94,248	580
^*	O-I Glass Inc.	28,636	569
^*	Alight Inc. Class A	71,842	549
^*	Dycom Industries Inc.	5,426	542
	Scorpio Tankers Inc.	10,124	511
^*	ACI Worldwide Inc.	20,836	506
^*	Bloom Energy Corp. Class A	33,684	505
	Korn Ferry	9,743	497
	UniFirst Corp.	2,814	496
	Werner Enterprises Inc.	11,888	495
^*	CBIZ Inc.	8,822	495
^*	Core & Main Inc. Class A	14,962	491
	Encore Wire Corp.	2,965	489
	ArcBest Corp.	4,500	475
^*	Hub Group Inc. Class A	6,052	472
^*	Verra Mobility Corp. Class A	26,101	464
	Kadant Inc.	2,104	462
	McGrath RentCorp	4,510	456
	EVERTEC Inc.	11,267	446
^*	Gibraltar Industries Inc.	5,806	436
^*	Masonite International Corp.	4,078	419

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
^*	Dlocal Ltd. Class A	19,268	413
^*	OSI Systems Inc.	2,959	403
^*	RXO Inc.	21,118	382
	Trinity Industries Inc.	15,180	381
^*	Hayward Holdings Inc.	24,842	368
^*	Huron Consulting Group Inc.	3,676	367
	Forward Air Corp.	5,066	359
^*,1	Enovix Corp.	25,574	352
	Bread Financial Holdings Inc.	9,312	350
	Helios Technologies Inc.	5,999	347
	Primoris Services Corp.	9,814	347
	Griffon Corp.	8,100	339
	Granite Construction Inc.	8,197	338
^*	Pagseguro Digital Ltd. Class A	37,341	335
^*	Masterbrand Inc.	24,207	310
	Schneider National Inc. Class B	10,054	291
	Tennant Co.	3,447	284
^*	Gates Industrial Corp. plc	22,607	278
	H&E Equipment Services Inc.	5,959	270
	Lindsay Corp.	2,028	252
	ADT Inc.	39,028	251
	Greenbrier Cos. Inc.	5,862	249
	SFL Corp. Ltd.	21,319	241
^*	American Woodmark Corp.	3,062	238
^*	JELD-WEN Holding Inc.	15,738	237
	Astec Industries Inc.	4,260	234
^*	Cimpress plc	3,328	215
	Apogee Enterprises Inc.	4,145	209
^*	Kornit Digital Ltd.	9,294	207
^*	Legalzoom.com Inc.	17,900	204
	TriMas Corp.	7,762	203
¹	ZIM Integrated Shipping Services Ltd.	15,300	185
	Golden Ocean Group Ltd.	22,800	167
	Deluxe Corp.	8,064	163
¹	Star Bulk Carriers Corp.	9,200	162
^*	Proto Labs Inc.	5,100	150
	Matson Inc.	1,519	133
^*	Green Dot Corp. Class A	8,701	129
	Heartland Express Inc.	8,511	128
^*	CryoPort Inc.	8,100	114
^*	Virgin Galactic Holdings Inc.	44,736	113
	TTEC Holdings Inc.	3,470	103
	Ardagh Metal Packaging SA	27,700	99
^*	TrueBlue Inc.	5,941	90
	Trinseo plc	6,543	69
^*	Forrester Research Inc.	2,169	66
			731,984

		Shares	Market Value• ($000)
Real Estate (3.3%)
	Prologis Inc.	172,761	21,457
	American Tower Corp.	87,387	15,845
	Equinix Inc.	17,461	13,644
	Crown Castle Inc.	80,980	8,138
	Public Storage	29,313	8,102
	Welltower Inc.	93,179	7,723
	Digital Realty Trust Inc.	54,519	7,181
	Realty Income Corp.	124,036	6,951
	Simon Property Group Inc.	60,596	6,877
^*	CoStar Group Inc.	75,661	6,203
	Extra Space Storage Inc.	38,931	5,010
^*	CBRE Group Inc. Class A	58,223	4,952
	AvalonBay Communities Inc.	26,195	4,815
	SBA Communications Corp. Class A	20,272	4,552
	Equity Residential	69,453	4,503
	Invitation Homes Inc.	114,449	3,902
	Alexandria Real Estate Equities Inc.	32,268	3,754
	Iron Mountain Inc.	54,110	3,438
	Ventas Inc.	74,846	3,269
	Mid-America Apartment Communities Inc.	21,949	3,188
	Essex Property Trust Inc.	12,044	2,871
	Sun Communities Inc.	22,815	2,793
	WP Carey Inc.	40,003	2,602
	UDR Inc.	61,399	2,450
	American Homes 4 Rent Class A	62,528	2,253
	Equity LifeStyle Properties Inc.	33,245	2,226
	Kimco Realty Corp.	113,256	2,145
	Healthpeak Properties Inc.	102,478	2,109
	Regency Centers Corp.	33,845	2,105
	Host Hotels & Resorts Inc.	132,733	2,096
	Camden Property Trust	19,425	2,091
	Rexford Industrial Realty Inc.	37,955	2,029
	Boston Properties Inc.	29,452	1,967
	CubeSmart	41,888	1,747
	Americold Realty Trust Inc.	50,365	1,695
^*	Jones Lang LaSalle Inc.	8,969	1,550
^*	Zillow Group Inc. Class C	29,057	1,516
	Lamar Advertising Co. Class A	16,205	1,478
	EastGroup Properties Inc.	8,217	1,476
	Federal Realty Investment Trust	15,061	1,475
	Omega Healthcare Investors Inc.	44,009	1,400
	NNN REIT Inc.	33,945	1,337
	First Industrial Realty Trust Inc.	24,668	1,281
	Healthcare Realty Trust Inc. Class A	71,063	1,245

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
	Brixmor Property Group Inc.	55,878	1,228
	STAG Industrial Inc.	33,582	1,227
	Agree Realty Corp.	16,369	1,012
	Spirit Realty Capital Inc.	26,043	1,006
	Apartment Income REIT Corp. Class A	28,005	954
	Terreno Realty Corp.	15,045	916
	Kite Realty Group Trust	40,557	915
	Ryman Hospitality Properties Inc.	10,723	912
	Rayonier Inc.	27,324	817
	Kilroy Realty Corp.	21,832	807
¹	Medical Properties Trust Inc.	111,216	803
	Vornado Realty Trust	33,248	799
	Phillips Edison & Co. Inc.	21,863	740
	Independence Realty Trust Inc.	41,815	704
	PotlatchDeltic Corp.	14,823	701
	Essential Properties Realty Trust Inc.	28,955	695
	Cousins Properties Inc.	28,506	670
	EPR Properties	13,912	623
	Apple Hospitality REIT Inc.	40,239	604
	Physicians Realty Trust	42,409	590
	Broadstone Net Lease Inc.	36,287	587
	Sabra Health Care REIT Inc.	43,900	550
	Corporate Office Properties Trust	21,168	548
	Park Hotels & Resorts Inc.	41,937	538
	DigitalBridge Group Inc.	29,508	514
	LXP Industrial Trust	50,942	500
^*	Zillow Group Inc. Class A	9,584	488
^*	Howard Hughes Holdings Inc.	6,120	481
	SITE Centers Corp.	35,659	476
	National Storage Affiliates Trust	14,177	476
	Macerich Co.	40,055	468
	Highwoods Properties Inc.	19,612	467
	SL Green Realty Corp.	11,887	467
	Innovative Industrial Properties Inc.	5,185	453
	Douglas Emmett Inc.	31,943	437
	Tanger Factory Outlet Centers Inc.	18,800	437
	Hannon Armstrong Sustainable Infrastructure Capital Inc.	18,617	416
	National Health Investors Inc.	7,833	400
	St. Joe Co.	6,311	390
	Four Corners Property Trust Inc.	15,474	389
	Equity Commonwealth	19,510	371

		Shares	Market Value• ($000)
	CareTrust REIT Inc.	18,431	371
	Kennedy-Wilson Holdings Inc.	22,184	354
	Urban Edge Properties	21,660	354
	Sunstone Hotel Investors Inc.	39,277	353
	Pebblebrook Hotel Trust	24,310	352
^*	Opendoor Technologies Inc.	89,975	351
	JBG SMITH Properties	20,199	317
	DiamondRock Hospitality Co.	38,909	314
	Outfront Media Inc.	27,414	311
	Retail Opportunity Investments Corp.	22,900	308
	RLJ Lodging Trust	29,929	299
^*	Veris Residential Inc.	15,914	296
^*	Cushman & Wakefield plc	29,300	269
	Acadia Realty Trust	17,518	261
	Elme Communities	16,643	256
	eXp World Holdings Inc.	13,200	254
	Xenia Hotels & Resorts Inc.	21,138	249
	Alexander & Baldwin Inc.	13,599	245
	LTC Properties Inc.	7,353	242
	Uniti Group Inc.	44,198	237
	Getty Realty Corp.	7,813	235
	Global Net Lease Inc.	19,342	220
	Empire State Realty Trust Inc. Class A	24,900	217
	Apartment Investment & Management Co. Class A	27,900	212
	American Assets Trust Inc.	9,328	200
	Paramount Group Inc.	35,404	182
	Centerspace	2,789	181
	Hudson Pacific Properties Inc.	26,082	178
	Newmark Group Inc. Class A	24,936	177
	RPT Realty	15,423	175
	Marcus & Millichap Inc.	4,757	158
	Piedmont Office Realty Trust Inc. Class A	22,871	157
	Brandywine Realty Trust	31,193	156
^*	Anywhere Real Estate Inc.	19,737	129
	Universal Health Realty Income Trust	2,431	113
	Summit Hotel Properties Inc.	19,124	111
	Saul Centers Inc.	2,184	82
^*	Star Holdings	3,121	42
^*	WeWork Inc. Class A	39,708	5
			224,940
Technology (35.3%)
	Apple Inc.	2,797,792	525,621
	Microsoft Corp.	1,395,251	457,308
	NVIDIA Corp.	445,449	219,851

Table of Contents

ESG U.S. Stock ETF

		Shares	Market Value• ($000)
^*	Alphabet Inc. Class C	1,035,830	142,271
^*	Alphabet Inc. Class A	1,043,520	142,096
^*	Meta Platforms Inc. Class A	414,725	122,713
	Broadcom Inc.	76,520	70,620
^*	Adobe Inc.	85,902	48,048
^*	Salesforce Inc.	177,465	39,301
	Oracle Corp.	285,026	34,314
^*	Advanced Micro Devices Inc.	300,584	31,778
	Texas Instruments Inc.	170,326	28,625
	Intuit Inc.	51,218	27,750
	Intel Corp.	782,827	27,509
	Applied Materials Inc.	158,009	24,137
	QUALCOMM Inc.	209,180	23,957
^*	ServiceNow Inc.	38,146	22,462
	Lam Research Corp.	25,150	17,665
	Micron Technology Inc.	204,876	14,329
^*	Palo Alto Networks Inc.	55,840	13,586
^*	Synopsys Inc.	28,460	13,060
	KLA Corp.	25,685	12,891
^*	Cadence Design Systems Inc.	50,644	12,177
	NXP Semiconductors NV	48,540	9,986
	Marvell Technology Inc.	160,319	9,339
^*	Snowflake Inc. Class A	58,192	9,127
^*	Workday Inc. Class A	37,141	9,081
^*	Autodesk Inc.	40,361	8,958
	Microchip Technology Inc.	100,892	8,257
^*	ON Semiconductor Corp.	80,666	7,942
^*	Fortinet Inc.	123,158	7,415
	Cognizant Technology Solutions Corp. Class A	95,067	6,808
^*	VMware Inc. Class A	40,308	6,803
^*	Crowdstrike Holdings Inc. Class A	39,504	6,440
^*	Atlassian Corp. Class A	27,303	5,571
	CDW Corp.	25,326	5,348
^*	Palantir Technologies Inc. Class A	351,157	5,260
^*	Gartner Inc.	14,340	5,014
^*	Datadog Inc. Class A	51,202	4,940
	HP Inc.	161,963	4,812
^*	DoorDash Inc. Class A	56,654	4,766
^*	MongoDB Inc. Class A	12,391	4,725
^*	HubSpot Inc.	8,600	4,700
	Corning Inc.	142,574	4,679
	Monolithic Power Systems Inc.	8,476	4,418
	Hewlett Packard Enterprise Co.	241,203	4,098
^*	Splunk Inc.	29,830	3,617
^*	Cloudflare Inc. Class A	54,041	3,514
^*	VeriSign Inc.	16,893	3,510
^*	Zoom Video Communications Inc. Class A	46,067	3,272

		Shares	Market Value• ($000)
	Skyworks Solutions Inc.	29,814	3,242
	Teradyne Inc.	29,392	3,171
^*	PTC Inc.	21,428	3,154
^*	Tyler Technologies Inc.	7,892	3,144
	NetApp Inc.	39,903	3,061
^*	Pinterest Inc. Class A	111,340	3,061
^*	Akamai Technologies Inc.	29,088	3,057
	Paycom Software Inc.	9,748	2,874
	Entegris Inc.	27,792	2,815
	Jabil Inc.	24,431	2,795
^*	Western Digital Corp.	59,623	2,683
^*	EPAM Systems Inc.	10,333	2,676
	Seagate Technology Holdings plc	36,197	2,562
^*	Zscaler Inc.	16,405	2,560
	Vertiv Holdings Co. Class A	64,240	2,530
^*	Lattice Semiconductor Corp.	25,468	2,477
^*	Match Group Inc.	52,217	2,447
^*	Super Micro Computer Inc.	8,723	2,400
^*	Okta Inc. Class A	28,337	2,366
^*	Check Point Software Technologies Ltd.	17,557	2,363
^*	Manhattan Associates Inc.	11,602	2,351
^*	Flex Ltd.	84,326	2,327
	SS&C Technologies Holdings Inc.	40,311	2,315
^*	Black Knight Inc.	29,203	2,212
^*	GoDaddy Inc. Class A	29,310	2,125
	Gen Digital Inc.	102,924	2,084
^*	Twilio Inc. Class A	31,682	2,018
^*	Ceridian HCM Holding Inc.	27,719	2,010
^*	Qorvo Inc.	18,654	2,003
^*	Unity Software Inc.	53,913	1,999
	Amdocs Ltd.	22,225	1,983
^*	Dynatrace Inc.	40,625	1,958
^*	Pure Storage Inc. Class A	53,480	1,957
^*	DocuSign Inc. Class A	38,112	1,917
^*	AppLovin Corp. Class A	43,801	1,893
^*	F5 Inc.	11,097	1,816
^*	Globant SA	7,687	1,572
^*	Toast Inc. Class A	66,381	1,472
	National Instruments Corp.	24,514	1,461
^*	Arrow Electronics Inc.	10,924	1,458
	Universal Display Corp.	8,756	1,423
^*	Dropbox Inc. Class A	50,415	1,401
^*	Nutanix Inc. Class A	43,030	1,338
^*	Guidewire Software Inc.	15,393	1,330
^*	Onto Innovation Inc.	9,221	1,282
^*	SPS Commerce Inc.	6,718	1,250
^*	CyberArk Software Ltd.	7,526	1,250
^*	Axcelis Technologies Inc.	6,116	1,175
^*	Confluent Inc. Class A	34,844	1,153
^*	Rambus Inc.	19,948	1,126
^*	UiPath Inc. Class A	70,825	1,120
^*	Fabrinet	6,882	1,106

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ESG U.S. Stock ETF

		Shares	Market Value• ($000)
^*	Wolfspeed Inc.	23,107	1,105
^*	Novanta Inc.	6,604	1,103
^*	ZoomInfo Technologies Inc. Class A	58,662	1,057
^*	Qualys Inc.	6,677	1,039
^*	Wix.com Ltd.	10,366	1,024
^*	Procore Technologies Inc.	14,807	1,000
^*	Smartsheet Inc. Class A	23,904	998
^*	Workiva Inc. Class A	8,840	989
^*	Aspen Technology Inc.	5,095	988
^*	Five9 Inc.	13,162	953
^*	Tenable Holdings Inc.	20,933	950
	Dolby Laboratories Inc. Class A	11,101	938
^*	Elastic NV	14,493	897
^*	DXC Technology Co.	43,167	895
^*	Teradata Corp.	19,218	889
	Power Integrations Inc.	10,559	887
	Avnet Inc.	17,034	865
^*	New Relic Inc.	9,994	851
^*	Cirrus Logic Inc.	10,271	843
^*	Insight Enterprises Inc.	5,248	840
	Advanced Energy Industries Inc.	7,015	828
^*	Monday.com Ltd.	4,578	812
^*,1	GLOBALFOUNDRIES Inc.	14,670	811
^*	Silicon Laboratories Inc.	5,881	793
^*	DoubleVerify Holdings Inc.	23,441	793
	TD SYNNEX Corp.	7,706	784
^*	NCR Corp.	24,039	739
^*	MicroStrategy Inc. Class A	2,055	735
^*	Appfolio Inc. Class A	3,633	700
^*	Box Inc. Class A	26,040	690
^*	Global-e Online Ltd.	17,244	683
^*	Diodes Inc.	8,334	682
^*	Freshworks Inc. Class A	30,576	669
	Vishay Intertechnology Inc.	24,293	667
^*	Clarivate plc	88,840	660
^*	Synaptics Inc.	7,413	649
^*	Altair Engineering Inc. Class A	9,664	642
^*	Varonis Systems Inc. Class B	19,926	636
	Concentrix Corp.	7,965	636
^*	BlackLine Inc.	10,359	622
^*	SentinelOne Inc. Class A	35,855	596
^*	Blackbaud Inc.	7,784	592
	Dun & Bradstreet Holdings Inc.	53,446	583
^*	CommVault Systems Inc.	8,393	573
^*	Ziff Davis Inc.	8,531	569
^*	Rapid7 Inc.	11,006	555
^*	Yelp Inc. Class A	12,652	542
	Kulicke & Soffa Industries Inc.	10,326	534
^*	Alarm.com Holdings Inc.	8,992	527

		Shares	Market Value• ($000)
	Amkor Technology Inc.	18,824	526
^*	IonQ Inc.	29,861	513
^*	FormFactor Inc.	14,277	504
^*	Fastly Inc. Class A	21,000	500
^*	RingCentral Inc. Class A	16,048	496
^*	Envestnet Inc.	9,071	496
	Progress Software Corp.	7,966	485
^*	Allegro MicroSystems Inc.	12,400	474
^*	Sprout Social Inc. Class A	8,661	464
^*	Rogers Corp.	3,117	450
^*	Gitlab Inc. Class A	9,506	450
^*	Ambarella Inc.	6,931	431
^*	nCino Inc.	12,900	424
^*	PagerDuty Inc.	16,018	413
^*	CCC Intelligent Solutions Holdings Inc.	38,100	408
^*	Perficient Inc.	6,314	403
^*	SiTime Corp.	3,013	400
^*	Verint Systems Inc.	11,999	389
	Pegasystems Inc.	7,742	384
^*	LiveRamp Holdings Inc.	11,747	380
^*	Schrodinger Inc.	10,132	374
^*	Appian Corp. Class A	7,455	363
^*	NetScout Systems Inc.	12,651	362
^*	Q2 Holdings Inc.	10,424	359
^*	JFrog Ltd.	12,400	356
^*,1	C3.ai Inc. Class A	11,200	347
^*	Cargurus Inc. Class A	18,925	343
	Clear Secure Inc. Class A	15,700	341
	Xerox Holdings Corp.	21,168	336
^*	Upwork Inc.	22,413	332
^*	Alteryx Inc. Class A	11,209	331
^*	MaxLinear Inc. Class A	13,425	316
	CSG Systems International Inc.	5,801	315
^*	Bumble Inc. Class A	18,543	311
^*	DigitalOcean Holdings Inc.	11,398	308
^*	Semtech Corp.	11,703	306
^*	Asana Inc. Class A	13,651	293
^*	PROS Holdings Inc.	7,668	275
^*	Veradigm Inc.	20,086	269
^*	Impinj Inc.	4,000	266
	CTS Corp.	5,938	265
^*	Paycor HCM Inc.	11,300	265
	Methode Electronics Inc.	6,600	213
^*	Jamf Holding Corp.	12,306	208
^*	Magnite Inc.	24,506	202
^*	Cerence Inc.	7,656	200
	Adeia Inc.	19,400	195
	Shutterstock Inc.	4,458	188
^*	Everbridge Inc.	7,400	184
^*	Yext Inc.	21,047	184
^*	Stratasys Ltd.	12,376	182
^*	E2open Parent Holdings Inc.	37,524	181
^*	N-able Inc.	12,937	173

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		Shares	Market Value• ($000)
^*	Fiverr International Ltd.	5,753	162
^*	Digital Turbine Inc.	17,342	155
^*	ScanSource Inc.	4,696	154
^*	3D Systems Corp.	23,663	149
^*	TechTarget Inc.	5,000	144
^*	BigCommerce Holdings Inc.	12,000	127
^*	Matterport Inc.	42,900	115
^*	Consensus Cloud Solutions Inc.	3,507	112
^*	SolarWinds Corp.	8,638	92
^*	Thoughtworks Holding Inc.	16,600	83
^*	LivePerson Inc.	13,006	55
^*,2	Yandex NV Class A	54,882	—
			2,401,686
Telecommunications (2.7%)
	Cisco Systems Inc.	768,828	44,092
	Comcast Corp. Class A	775,106	36,244
	Verizon Communications Inc.	789,009	27,600
	AT&T Inc.	1,344,123	19,880
^*	T-Mobile US Inc.	101,835	13,875
^*	Arista Networks Inc.	46,971	9,170
	Motorola Solutions Inc.	30,887	8,759
^*	Charter Communications Inc. Class A	19,238	8,429
^*	Roku Inc. Class A	22,807	1,852
	Juniper Networks Inc.	59,856	1,743
^*	Ciena Corp.	27,577	1,378
^*	Liberty Global plc Class C	41,751	828
^*	Frontier Communications Parent Inc.	45,927	736
^*	Lumentum Holdings Inc.	12,815	694
	Cable One Inc.	1,016	661
^*	Extreme Networks Inc.	23,382	642
^*	Liberty Global plc Class A	34,610	638
	Cogent Communications Holdings Inc.	8,012	565
^*	Calix Inc.	10,741	500
^*	Viavi Solutions Inc.	41,844	437
	InterDigital Inc.	4,755	412
	Telephone & Data Systems Inc.	18,869	405
^*	Lumen Technologies Inc.	192,655	306
^*	DISH Network Corp. Class A	46,642	280
^*	Liberty Latin America Ltd. Class C	26,282	235
	Shenandoah Telecommunications Co.	8,900	202
	Ubiquiti Inc.	800	140
^*	CommScope Holding Co. Inc.	37,903	127
^*	Liberty Latin America Ltd. Class A	7,448	67
			180,897

		Shares	Market Value• ($000)
Utilities (0.5%)
	Waste Management Inc.	76,178	11,943
	Republic Services Inc. Class A	38,729	5,582
	American Water Works Co. Inc.	36,663	5,087
	Atmos Energy Corp.	27,320	3,168
	Essential Utilities Inc.	45,604	1,683
^*	Clean Harbors Inc.	9,569	1,620
^*	Casella Waste Systems Inc. Class A	10,341	814
^*	Stericycle Inc.	17,216	761
	New Jersey Resources Corp.	17,906	755
	Ormat Technologies Inc.	9,763	741
	ONE Gas Inc.	9,976	723
	Southwest Gas Holdings Inc.	11,524	714
^*	Sunrun Inc.	39,102	611
	Spire Inc.	9,583	560
	California Water Service Group	10,244	515
	SJW Group	5,868	386
^*	Sunnova Energy International Inc.	18,306	255
	Northwest Natural Holding Co.	6,400	251
			36,169
Total Common Stocks (Cost $6,034,436)			6,770,015

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		Shares	Market Value• ($000)
Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
^4,5	Vanguard Market Liquidity Fund, 5.384% (Cost $29,398)	294,044	29,401
Total Investments (100.0%) (Cost $6,063,834)			6,799,416
Other Assets and Liabilities—Net (0.0%)			(72)
Net Assets (100%)			6,799,344

Cost is in $000.

•	See Note A in Notes to Financial Statements.

*	Non-income-producing security.
1	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $7,659,000.
2	Security value determined using significant unobservable inputs.
3	Restricted securities totaling $31,000, representing 0.0% of net assets.
4	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5	Collateral of $8,270,000 was received for securities on loan, of which $8,269,000 is held in Vanguard Market Liquidity Fund and $1,000 is held in cash.

REIT—Real Estate Investment Trust.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
			($000)
	Expiration	Number of Long (Short) Contracts	Notional Amount	Value and Unrealized Appreciation (Depreciation)
Long Futures Contracts
E-mini S&P 500 Index	September 2023	133	30,031	486

See accompanying Notes, which are an integral part of the Financial Statements.

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ESG U.S. Stock ETF

Statement of Assets and Liabilities

As of August 31, 2023


($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value¹
Unaffiliated Issuers (Cost $6,034,436)	6,770,015
Affiliated Issuers (Cost $29,398)	29,401
Total Investments in Securities	6,799,416
Investment in Vanguard	229
Cash	1
Cash Collateral Pledged—Futures Contracts	1,493
Receivables for Investment Securities Sold	465
Receivables for Accrued Income	6,903
Total Assets	6,808,507
Liabilities
Due to Custodian	66
Payables for Investment Securities Purchased	499
Collateral for Securities on Loan	8,270
Payables for Capital Shares Redeemed	13
Payables to Vanguard	261
Variation Margin Payable—Futures Contracts	54
Total Liabilities	9,163
Net Assets	6,799,344
1 Includes $7,659,000 of securities on loan.
At August 31, 2023, net assets consisted of:

Paid-in Capital	6,201,842
Total Distributable Earnings (Loss)	597,502
Net Assets	6,799,344

Net Assets
Applicable to 85,500,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	6,799,344
Net Asset Value Per Share	$79.52

See accompanying Notes, which are an integral part of the Financial Statements.

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ESG U.S. Stock ETF

Statement of Operations


	Year Ended August 31, 2023
	($000)
Investment Income
Income
Dividends¹	87,246
Interest²	682
Securities Lending—Net	1,275
Total Income	89,203
Expenses
The Vanguard Group—Note B
Investment Advisory Services	145
Management and Administrative	4,809
Marketing and Distribution	308
Custodian Fees	29
Auditing Fees	33
Shareholders’ Reports	122
Trustees’ Fees and Expenses	3
Other Expenses	17
Total Expenses	5,466
Net Investment Income	83,737
Realized Net Gain (Loss)
Investment Securities Sold^2,3	92,084
Futures Contracts	751
Realized Net Gain (Loss)	92,835
Change in Unrealized Appreciation (Depreciation)
Investment Securities²	754,528
Futures Contracts	1,064
Change in Unrealized Appreciation (Depreciation)	755,592
Net Increase (Decrease) in Net Assets Resulting from Operations	932,164

1	Dividends are net of foreign withholding taxes of $69,000.
2	Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $642,000, $1,000, less than $1,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes.
3	Includes $151,415,000 of net gain (loss) resulting from in-kind redemptions.

See accompanying Notes, which are an integral part of the Financial Statements.

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Financial Highlights

For a Share Outstanding Throughout Each Period	Year Ended August 31,				September 18, 2018¹ to August 31, 2019
For a Share Outstanding Throughout Each Period	2023	2022	2021	2020	September 18, 2018¹ to August 31, 2019
Net Asset Value, Beginning of Period	$69.60	$84.42	$64.47	$51.25	$50.00
Investment Operations
Net Investment Income²	.983	.921	.873	.846	.792
Net Realized and Unrealized Gain (Loss) on Investments	9.884	(14.856)	19.844	13.146	.868
Total from Investment Operations	10.867	(13.935)	20.717	13.992	1.660
Distributions
Dividends from Net Investment Income	(.947)	(.885)	(.767)	(.772)	(.410)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(.947)	(.885)	(.767)	(.772)	(.410)
Net Asset Value, End of Period	$79.52	$69.60	$84.42	$64.47	$51.25
Total Return	15.82%	-16.61%	32.41%	27.60%	3.40%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$6,799	$5,900	$5,259	$1,974	$595
Ratio of Total Expenses to Average Net Assets	0.09%	0.09%	0.09%	0.12%	0.12%³
Ratio of Net Investment Income to Average Net Assets	1.38%	1.18%	1.18%	1.54%	1.67%³
Portfolio Turnover Rate⁴	3%	7%	6%	6%	6%

1	Inception.
2	Calculated based on average shares outstanding.
3	Annualized.
4	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

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ESG U.S. Stock ETF

Notes to Financial Statements

Vanguard ESG U.S. Stock ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchange; they can be purchased and sold through a broker.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. 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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the year ended August 31, 2023, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.

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4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

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For the year ended August 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2023, the fund had contributed to Vanguard capital in the amount of $229,000, representing less than 0.01% of the fund’s net assets and 0.09% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

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.

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	6,767,328	2,115	572	6,770,015
Temporary Cash Investments	29,401	—	—	29,401
Total	6,796,729	2,115	572	6,799,416

Derivative Financial Instruments
Assets
Futures Contracts¹	486	—	—	486

1	Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions and passive foreign investment companies were reclassified between the following accounts:

	Amount ($000)
Paid-in Capital	151,407
Total Distributable Earnings (Loss)	(151,407)

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the recognition of unrealized gains from passive foreign investment companies; and the classification of securities for tax purposes. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

	Amount ($000)
Undistributed Ordinary Income	20,811
Undistributed Long-Term Gains	—
Net Unrealized Gains (Losses)	732,922
Capital Loss Carryforwards	(156,231)
Qualified Late-Year Losses	—
Other Temporary Differences	—
Total	597,502

The tax character of distributions paid was as follows:

	Year Ended August 31,
	2023 Amount ($000)	2022 Amount ($000)
Ordinary Income*	80,651	64,814
Long-Term Capital Gains	—	—
Total	80,651	64,814

*	Includes short-term capital gains, if any.

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As of August 31, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	6,066,494
Gross Unrealized Appreciation	1,331,747
Gross Unrealized Depreciation	(598,825)
Net Unrealized Appreciation (Depreciation)	732,922

E. During the year ended August 31, 2023, the fund purchased $655,927,000 of investment securities and sold $614,692,000 of investment securities, other than temporary cash investments. Purchases and sales include $455,095,000 and $416,233,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2023, such purchases were $49,156,000 and sales were $29,164,000, resulting in net realized loss of $11,298,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

F. Capital shares issued and redeemed were:

	Year Ended August 31,
	2023 Shares (000)	2022 Shares (000)
	2023 Shares (000)	2022 Shares (000)
Issued	6,625	25,425
Issued in Lieu of Cash Distributions	—	—
Redeemed	(5,900)	(2,950)
Net Increase (Decrease) in Shares Outstanding	725	22,475

G. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental ‎disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

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Report of Independent Registered

Public Accounting Firm

To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard ESG U.S. Stock ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard ESG U.S. Stock ETF (one of the funds constituting Vanguard World Fund, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2023 and for the period September 18, 2018 (inception) through August 31, 2019 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the four years in the period ended August 31, 2023 and for the period September 18, 2018 (inception) through August 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 18, 2023

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

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Tax information (unaudited)

For corporate shareholders, 90.3%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $77,088,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for individual shareholders for the fiscal year.

The fund hereby designates $203,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund hereby designates $1,238,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income for individual shareholders for the fiscal year.

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Trustees Approve Advisory Arrangement

The board of trustees of Vanguard ESG U.S. Stock ETF has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department’s ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services

The board considered the quality of the investment management services provided to the fund since its inception in 2018; it also took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance

The board considered the short-term and since-inception performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

Cost

The board concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also below the peer-group average.

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Liquidity Risk Management

Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.

Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

The board of trustees of Vanguard World Fund approved the appointment of liquidity risk management program administrators responsible for administering Vanguard ESG U.S. Stock ETF’s Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.

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London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE^®”, “Russell^®”, “MTS^®”, “FTSE TMX^®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies’ index values and the use of their indexes to create financial products require a license with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 205 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

Interested Trustee¹

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA.

Independent Trustees

Tara Bunch

Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University’s Leavey School of Business.

Emerson U. Fullwood

Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief ‎operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Director of the V Foundation. Member of the advisory council for the College of Arts and ‎Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.

1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

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Mark Loughridge

Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer ‎‎(retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. ‎‎(investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment ‎Committee, and the board of directors of Paxos Trust Company (finance).

Deanna Mulligan

Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

André F. Perold

Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

Sarah Bloom Raskin

Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–‎‎2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of ‎financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–‎present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School ‎‎(2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Partners (climate policy advisory services). ‎Member of the board of directors of Arcadia (energy solution technology).

Grant Reid

Born in 1959. Trustee since July 2023. Principal occupation(s) during the past five years and other experience: chief executive officer and president (2014–2022) and member of the board of directors (2015–2022) of Mars, Incorporated (multinational manufacturer). Member of the board of directors of Marriott International, Inc. Chair of Agribusiness Task Force, Sustainable Markets Initiative.

David Thomas

Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

Peter F. Volanakis

Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

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Executive Officers

Jacqueline Angell

Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer ‎‎(November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) ‎and deputy chief compliance officer (2017–2019) of State Street.

Christine M. Buchanan

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

John Galloway

Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

Ashley Grim

Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the ‎investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at ‎Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

Jodi Miller

Born in 1980. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2022–present) of each of the investment companies served by Vanguard. Head of Enterprise Investment Services (2020–present), head of Retail Client Services and Operations (2020–2022), and head of Retail Strategic Support (2018–2020) at Vanguard.

Anne E. Robinson

Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director (2022–present) of the board of National Grid (energy).

Michael Rollings

Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

Vanguard Senior Management Team

Matthew Benchener	Thomas M. Rampulla
Joseph Brennan	Karin A. Risi
Mortimer J. Buckley	Anne E. Robinson
Gregory Davis	Michael Rollings
John James	Nitin Tandon
Chris D. McIsaac	Lauren Valente

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Connect with Vanguard^®>vanguard.com

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].

Q43930 102023

Six Months Ended August 31, 2023
ESG U.S. Stock ETF	Beginning Account Value 2/28/2023	Ending Account Value 8/31/2023	Expenses Paid During Period
Based on Actual Fund Return	$1,000.00	$1,148.80	$0.49
Based on Hypothetical 5% Yearly Return	1,000.00	1,024.75	0.46


	Year Ended August 31,
	2023 ($000)	2022 ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	83,737	69,924
Realized Net Gain (Loss)	92,835	21,517
Change in Unrealized Appreciation (Depreciation)	755,592	(1,199,724)
Net Increase (Decrease) in Net Assets Resulting from Operations	932,164	(1,108,283)
Distributions
Total Distributions	(80,651)	(64,814)
Capital Share Transactions
Issued	464,375	2,042,647
Issued in Lieu of Cash Distributions	—	—
Redeemed	(416,802)	(228,692)
Net Increase (Decrease) from Capital Share Transactions	47,573	1,813,955
Total Increase (Decrease)	899,086	640,858
Net Assets
Beginning of Period	5,900,258	5,259,400
End of Period	6,799,344	5,900,258