Vanguard® U.S. Multifactor ETF
Schedule of Investments (unaudited)
As of August 31, 2021
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 (99.8%) | |||
Basic Materials (4.8%) | |||
Dow Inc. | 10,273 | 646 | |
Freeport-McMoRan Inc. | 15,767 | 574 | |
Reliance Steel & Aluminum Co. | 2,456 | 368 | |
Olin Corp. | 6,556 | 327 | |
UFP Industries Inc. | 3,831 | 288 | |
Southern Copper Corp. | 4,184 | 262 | |
Boise Cascade Co. | 4,406 | 255 | |
International Paper Co. | 4,143 | 249 | |
Nucor Corp. | 1,746 | 205 | |
Schnitzer Steel Industries Inc. Class A | 4,055 | 192 | |
Steel Dynamics Inc. | 2,825 | 191 | |
Celanese Corp. Class A | 1,190 | 189 | |
* | AdvanSix Inc. | 3,926 | 143 |
Timken Co. | 1,840 | 135 | |
CF Industries Holdings Inc. | 2,358 | 107 | |
Olympic Steel Inc. | 3,895 | 106 | |
Commercial Metals Co. | 2,443 | 80 | |
Stepan Co. | 631 | 74 | |
Materion Corp. | 917 | 67 | |
LyondellBasell Industries NV Class A | 644 | 65 | |
Fastenal Co. | 1,076 | 60 | |
Mosaic Co. | 1,854 | 60 | |
Chemours Co. | 1,689 | 56 | |
Cabot Corp. | 908 | 48 | |
U.S. Steel Corp. | 1,764 | 47 | |
Valvoline Inc. | 1,053 | 32 | |
Worthington Industries Inc. | 551 | 32 | |
GrafTech International Ltd. | 2,069 | 23 | |
4,881 | |||
Consumer Discretionary (23.0%) | |||
Target Corp. | 3,898 | 963 | |
eBay Inc. | 8,591 | 659 | |
Lowe's Cos. Inc. | 3,057 | 623 | |
Dick's Sporting Goods Inc. | 4,418 | 622 | |
* | O'Reilly Automotive Inc. | 923 | 548 |
Bath & Body Works Inc. | 7,803 | 526 | |
* | General Motors Co. | 10,012 | 491 |
* | AutoNation Inc. | 4,199 | 458 |
* | Ford Motor Co. | 34,054 | 444 |
Hibbett Inc. | 4,349 | 416 | |
Travel + Leisure Co. | 7,392 | 405 | |
Williams-Sonoma Inc. | 1,980 | 370 |
Shares | Market Value ($000) | ||
Dillard's Inc. Class A | 1,888 | 360 | |
Rent-A-Center Inc. | 5,390 | 340 | |
* | Macy's Inc. | 12,935 | 290 |
* | Citi Trends Inc. | 3,210 | 276 |
Estee Lauder Cos. Inc. Class A | 807 | 275 | |
Foot Locker Inc. | 4,743 | 269 | |
H&R Block Inc. | 10,436 | 268 | |
Movado Group Inc. | 7,137 | 258 | |
Signet Jewelers Ltd. | 3,262 | 258 | |
Qurate Retail Inc. Series A | 22,552 | 249 | |
Whirlpool Corp. | 1,106 | 245 | |
* | Etsy Inc. | 1,115 | 241 |
Haverty Furniture Cos. Inc. | 6,639 | 237 | |
Lennar Corp. Class A | 2,193 | 235 | |
* | Liquidity Services Inc. | 9,521 | 232 |
Fox Corp. Class A | 6,110 | 229 | |
Hanesbrands Inc. | 12,094 | 226 | |
* | Deckers Outdoor Corp. | 536 | 224 |
* | Abercrombie & Fitch Co. Class A | 6,195 | 221 |
Interpublic Group of Cos. Inc. | 5,662 | 211 | |
* | International Game Technology plc | 9,667 | 208 |
Nielsen Holdings plc | 9,449 | 203 | |
American Eagle Outfitters Inc. | 6,610 | 202 | |
* | Crocs Inc. | 1,398 | 200 |
Lithia Motors Inc. Class A | 601 | 199 | |
* | Tenneco Inc. Class A | 12,251 | 191 |
* | Turtle Beach Corp. | 6,663 | 189 |
* | Vera Bradley Inc. | 16,503 | 189 |
* | MarineMax Inc. | 3,796 | 185 |
* | Lululemon Athletica Inc. | 453 | 181 |
* | Sleep Number Corp. | 1,903 | 176 |
Nexstar Media Group Inc. Class A | 1,147 | 172 | |
Garmin Ltd. | 985 | 172 | |
Newell Brands Inc. | 6,680 | 170 | |
Group 1 Automotive Inc. | 1,011 | 167 | |
Kohl's Corp. | 2,873 | 165 | |
* | BJ's Wholesale Club Holdings Inc. | 2,904 | 164 |
Buckle Inc. | 4,154 | 161 | |
PulteGroup Inc. | 2,974 | 160 | |
* | AMC Networks Inc. Class A | 3,359 | 160 |
* | PVH Corp. | 1,504 | 158 |
* | Funko Inc. Class A | 7,853 | 157 |
* | Helen of Troy Ltd. | 655 | 157 |
Best Buy Co. Inc. | 1,289 | 150 | |
Sonic Automotive Inc. Class A | 2,970 | 150 | |
* | Duluth Holdings Inc. Class B | 9,589 | 149 |
Gentex Corp. | 4,851 | 149 | |
* | ODP Corp. | 3,138 | 148 |
Shoe Carnival Inc. | 3,830 | 147 | |
* | Conn's Inc. | 5,895 | 145 |
Activision Blizzard Inc. | 1,751 | 144 | |
Lear Corp. | 884 | 141 | |
* | Gentherm Inc. | 1,622 | 139 |
Polaris Inc. | 1,164 | 139 | |
Tilly's Inc. Class A | 8,921 | 139 | |
* | Lands' End Inc. | 4,011 | 136 |
* | XPEL Inc. | 1,784 | 136 |
Big Lots Inc. | 2,783 | 135 |
Shares | Market Value ($000) | ||
* | NVR Inc. | 26 | 135 |
Century Communities Inc. | 1,914 | 134 | |
* | RH | 191 | 134 |
ViacomCBS Inc. Class B | 3,181 | 132 | |
Johnson Outdoors Inc. Class A | 1,139 | 131 | |
* | Malibu Boats Inc. Class A | 1,801 | 129 |
* | Tapestry Inc. | 3,157 | 127 |
ViacomCBS Inc. Class A | 2,682 | 123 | |
* | GoPro Inc. Class A | 11,609 | 116 |
* | 1-800-Flowers.com Inc. Class A | 3,576 | 114 |
Dana Inc. | 4,754 | 111 | |
Ethan Allen Interiors Inc. | 4,521 | 109 | |
* | Asbury Automotive Group Inc. | 579 | 108 |
Kontoor Brands Inc. | 2,010 | 108 | |
News Corp. Class B | 4,900 | 108 | |
Costco Wholesale Corp. | 233 | 106 | |
* | Central Garden & Pet Co. Class A | 2,518 | 105 |
* | Take-Two Interactive Software Inc. | 652 | 105 |
* | Clean Energy Fuels Corp. | 13,136 | 104 |
* | Zumiez Inc. | 2,583 | 104 |
HNI Corp. | 2,684 | 102 | |
* | Master Craft Boat Holdings Inc. | 3,978 | 99 |
Rocky Brands Inc. | 1,992 | 99 | |
La-Z-Boy Inc. | 2,778 | 97 | |
* | YETI Holdings Inc. | 976 | 97 |
* | Revolve Group Inc. | 1,653 | 95 |
Penske Automotive Group Inc. | 1,051 | 94 | |
Acushnet Holdings Corp. | 1,854 | 93 | |
Matthews International Corp. Class A | 2,448 | 91 | |
Tractor Supply Co. | 463 | 90 | |
Walmart Inc. | 587 | 87 | |
NIKE Inc. Class B | 514 | 85 | |
* | LKQ Corp. | 1,603 | 84 |
Rush Enterprises Inc. Class A | 1,894 | 83 | |
News Corp. Class A | 3,660 | 82 | |
Herman Miller Inc. | 1,939 | 81 | |
Toll Brothers Inc. | 1,263 | 81 | |
* | Meritage Homes Corp. | 721 | 80 |
Cato Corp. Class A | 4,584 | 79 | |
* | Lazydays Holdings Inc. | 3,157 | 78 |
* | Beazer Homes USA Inc. | 4,105 | 77 |
Thor Industries Inc. | 656 | 74 | |
* | Universal Electronics Inc. | 1,446 | 73 |
Advance Auto Parts Inc. | 342 | 69 | |
* | Callaway Golf Co. | 2,252 | 63 |
* | Copart Inc. | 420 | 61 |
Gap Inc. | 2,270 | 61 | |
* | Under Armour Inc. Class C | 2,939 | 59 |
* | Tri Pointe Homes Inc. | 2,423 | 58 |
* | VOXX International Corp. Class A | 5,197 | 54 |
* | PROG Holdings Inc. | 1,109 | 52 |
PriceSmart Inc. | 609 | 51 | |
* | Sally Beauty Holdings Inc. | 2,694 | 50 |
* | Skechers USA Inc. Class A | 969 | 49 |
* | Goodyear Tire & Rubber Co. | 2,975 | 47 |
* | Boot Barn Holdings Inc. | 511 | 46 |
* | iRobot Corp. | 562 | 46 |
* | Skyline Champion Corp. | 702 | 44 |
Shares | Market Value ($000) | ||
Genuine Parts Co. | 342 | 42 | |
* | American Axle & Manufacturing Holdings Inc. | 4,580 | 41 |
Ralph Lauren Corp. Class A | 351 | 41 | |
Murphy USA Inc. | 257 | 40 | |
Oxford Industries Inc. | 438 | 40 | |
* | Cars.com Inc. | 2,942 | 37 |
Global Industrial Co. | 912 | 35 | |
BorgWarner Inc. (XNYS) | 618 | 26 | |
* | Mattel Inc. | 1,169 | 25 |
Steven Madden Ltd. | 575 | 23 | |
23,406 | |||
Consumer Staples (4.5%) | |||
Philip Morris International Inc. | 9,132 | 941 | |
Kroger Co. | 10,204 | 470 | |
Altria Group Inc. | 8,942 | 449 | |
Ingles Markets Inc. Class A | 4,105 | 279 | |
CVS Health Corp. | 3,209 | 277 | |
Walgreens Boots Alliance Inc. | 4,342 | 220 | |
* | Monster Beverage Corp. | 2,054 | 200 |
McKesson Corp. | 892 | 182 | |
Albertsons Cos. Inc. Class A | 5,384 | 164 | |
* | Darling Ingredients Inc. | 2,099 | 156 |
J M Smucker Co. | 1,221 | 151 | |
AmerisourceBergen Corp. Class A | 1,105 | 135 | |
Kraft Heinz Co. | 3,664 | 132 | |
Lancaster Colony Corp. | 642 | 114 | |
* | BellRing Brands Inc. Class A | 2,491 | 84 |
* | Hain Celestial Group Inc. | 2,112 | 79 |
* | Boston Beer Co. Inc. Class A | 134 | 76 |
SpartanNash Co. | 3,492 | 75 | |
Casey's General Stores Inc. | 360 | 74 | |
Corteva Inc. | 1,678 | 74 | |
Edgewell Personal Care Co. | 1,688 | 71 | |
* | PLBY Group Inc. | 2,667 | 66 |
Ingredion Inc. | 699 | 61 | |
Weis Markets Inc. | 788 | 45 | |
Medifast Inc. | 126 | 29 | |
Molson Coors Beverage Co. Class B | 501 | 24 | |
4,628 | |||
Energy (5.2%) | |||
Exxon Mobil Corp. | 11,692 | 637 | |
EOG Resources Inc. | 6,988 | 472 | |
Marathon Oil Corp. | 27,230 | 320 | |
Northern Oil and Gas Inc. | 17,999 | 299 | |
Bonanza Creek Energy Inc. | 6,325 | 246 | |
* | CONSOL Energy Inc. | 10,749 | 245 |
* | W&T Offshore Inc. | 71,629 | 234 |
PDC Energy Inc. | 5,008 | 209 | |
SunCoke Energy Inc. | 29,470 | 205 | |
ConocoPhillips | 3,531 | 196 | |
Antero Midstream Corp. | 19,230 | 185 | |
Targa Resources Corp. | 3,751 | 165 | |
* | Range Resources Corp. | 10,941 | 160 |
* | Centrus Energy Corp. Class A | 5,178 | 150 |
* | EQT Corp. | 8,122 | 149 |
* | National Energy Services Reunited Corp. | 12,247 | 139 |
Ovintiv Inc. | 5,020 | 137 |
Shares | Market Value ($000) | ||
Continental Resources Inc. | 3,435 | 135 | |
* | Antero Resources Corp. | 9,326 | 128 |
Texas Pacific Land Corp. | 94 | 128 | |
* | Renewable Energy Group Inc. | 2,470 | 120 |
Magnolia Oil & Gas Corp. Class A | 6,656 | 104 | |
Occidental Petroleum Corp. | 3,697 | 95 | |
Patterson-UTI Energy Inc. | 12,167 | 94 | |
* | Southwestern Energy Co. | 18,200 | 83 |
* | Talos Energy Inc. | 6,384 | 79 |
Diamondback Energy Inc. | 700 | 54 | |
* | FTS International Inc. Class A | 2,247 | 50 |
* | RPC Inc. | 12,659 | 48 |
Murphy Oil Corp. | 1,614 | 34 | |
* | CNX Resources Corp. | 2,585 | 29 |
5,329 | |||
Financials (23.5%) | |||
JPMorgan Chase & Co. | 6,603 | 1,056 | |
Goldman Sachs Group Inc. | 2,526 | 1,045 | |
* | Berkshire Hathaway Inc. Class B | 3,425 | 979 |
MetLife Inc. | 15,062 | 934 | |
Bank of America Corp. | 19,337 | 807 | |
T Rowe Price Group Inc. | 3,581 | 802 | |
U.S. Bancorp | 12,845 | 737 | |
SLM Corp. | 25,981 | 487 | |
Affiliated Managers Group Inc. | 2,817 | 479 | |
Allstate Corp. | 3,473 | 470 | |
Bank of New York Mellon Corp. | 8,108 | 448 | |
Aon plc Class A | 1,418 | 407 | |
First BanCorp. (XNYS) | 31,527 | 401 | |
Jefferies Financial Group Inc. | 10,602 | 392 | |
Popular Inc. | 5,101 | 387 | |
Ameriprise Financial Inc. | 1,387 | 379 | |
First Commonwealth Financial Corp. | 25,050 | 339 | |
Citigroup Inc. | 4,516 | 325 | |
Virtus Investment Partners Inc. | 1,009 | 316 | |
Associated Banc-Corp. | 14,988 | 309 | |
BlackRock Inc. | 326 | 308 | |
Harborone Bancorp Inc. | 21,630 | 306 | |
Citizens Financial Group Inc. | 6,610 | 289 | |
FNB Corp. | 24,427 | 285 | |
HCI Group Inc. | 2,540 | 284 | |
Old Republic International Corp. | 10,842 | 282 | |
First Citizens BancShares Inc. Class A | 311 | 279 | |
S&P Global Inc. | 614 | 273 | |
Simmons First National Corp. Class A | 9,399 | 273 | |
Comerica Inc. | 3,672 | 271 | |
Aflac Inc. | 4,766 | 270 | |
Nelnet Inc. Class A | 3,123 | 253 | |
East West Bancorp Inc. | 3,419 | 251 | |
CNO Financial Group Inc. | 10,181 | 249 | |
BOK Financial Corp. | 2,821 | 248 | |
Stifel Financial Corp. | 3,576 | 247 | |
B Riley Financial Inc. | 3,742 | 245 | |
HomeStreet Inc. | 5,988 | 245 | |
Wells Fargo & Co. | 5,357 | 245 | |
Hilltop Holdings Inc. | 6,995 | 234 | |
Hanmi Financial Corp. | 11,073 | 214 | |
Bank of NT Butterfield & Son Ltd. | 6,431 | 214 |
Shares | Market Value ($000) | ||
Moody's Corp. | 558 | 212 | |
BankUnited Inc. | 4,828 | 203 | |
Western Alliance Bancorp | 2,051 | 200 | |
Invesco Ltd. | 7,796 | 197 | |
Eagle Bancorp Inc. | 3,243 | 187 | |
PNC Financial Services Group Inc. | 946 | 181 | |
Truist Financial Corp. | 3,149 | 180 | |
Lazard Ltd. Class A | 3,736 | 177 | |
* | Enstar Group Ltd. | 757 | 175 |
First BanCorp. | 4,176 | 174 | |
First Financial Bancorp | 7,395 | 174 | |
Hope Bancorp Inc. | 12,426 | 171 | |
Primerica Inc. | 1,110 | 170 | |
Voya Financial Inc. | 2,513 | 163 | |
WSFS Financial Corp. | 3,567 | 162 | |
Evercore Inc. Class A | 1,154 | 161 | |
Cincinnati Financial Corp. | 1,195 | 147 | |
Zions Bancorp NA | 2,504 | 145 | |
Fulton Financial Corp. | 7,952 | 126 | |
Stewart Information Services Corp. | 1,831 | 115 | |
Home BancShares Inc. | 5,106 | 113 | |
Great Western Bancorp Inc. | 3,555 | 110 | |
OceanFirst Financial Corp. | 5,156 | 110 | |
Preferred Bank | 1,721 | 110 | |
UMB Financial Corp. | 1,198 | 110 | |
Oppenheimer Holdings Inc. Class A | 2,255 | 105 | |
Mercury General Corp. | 1,738 | 104 | |
ServisFirst Bancshares Inc. | 1,385 | 102 | |
First Interstate BancSystem Inc. Class A | 2,225 | 98 | |
Equitable Holdings Inc. | 3,160 | 98 | |
Ameris Bancorp | 1,954 | 96 | |
Park National Corp. | 810 | 95 | |
Raymond James Financial Inc. | 680 | 95 | |
Employers Holdings Inc. | 2,275 | 94 | |
* | SVB Financial Group | 166 | 93 |
Federal Agricultural Mortgage Corp. Class C | 926 | 91 | |
Morgan Stanley | 862 | 90 | |
TriCo Bancshares | 2,243 | 89 | |
Commerce Bancshares Inc. | 1,233 | 87 | |
OFG Bancorp | 3,238 | 77 | |
Sandy Spring Bancorp Inc. | 1,731 | 75 | |
Cohen & Steers Inc. | 805 | 71 | |
Washington Trust Bancorp Inc. | 1,326 | 71 | |
PacWest Bancorp | 1,545 | 66 | |
Blackstone Inc. | 510 | 64 | |
Banner Corp. | 1,109 | 63 | |
Bank OZK | 1,437 | 61 | |
Franklin Resources Inc. | 1,822 | 59 | |
Allegiance Bancshares Inc. | 1,534 | 57 | |
State Street Corp. | 593 | 55 | |
Globe Life Inc. | 534 | 51 | |
Virtu Financial Inc. Class A | 2,010 | 49 | |
WesBanco Inc. | 1,411 | 48 | |
Artisan Partners Asset Management Inc. Class A | 881 | 46 | |
* | Credit Acceptance Corp. | 75 | 43 |
KeyCorp. | 2,076 | 42 | |
Hanover Insurance Group Inc. | 247 | 35 | |
Kearny Financial Corp. | 2,766 | 35 |
Shares | Market Value ($000) | ||
Umpqua Holdings Corp. | 1,745 | 34 | |
Walker & Dunlop Inc. | 306 | 34 | |
TrustCo Bank Corp. NY | 1,041 | 33 | |
Chubb Ltd. | 164 | 30 | |
1st Source Corp. | 627 | 29 | |
City Holding Co. | 336 | 26 | |
Morningstar Inc. | 93 | 25 | |
Assured Guaranty Ltd. | 446 | 22 | |
Lakeland Financial Corp. | 319 | 21 | |
Towne Bank | 699 | 21 | |
Janus Henderson Group plc | 465 | 20 | |
23,937 | |||
Health Care (8.7%) | |||
* | Moderna Inc. | 2,572 | 969 |
HCA Healthcare Inc. | 2,982 | 754 | |
Anthem Inc. | 1,815 | 681 | |
* | Biogen Inc. | 1,773 | 601 |
Pfizer Inc. | 12,032 | 554 | |
AbbVie Inc. | 4,433 | 535 | |
Eli Lilly & Co. | 1,720 | 444 | |
* | Align Technology Inc. | 591 | 419 |
UnitedHealth Group Inc. | 621 | 259 | |
* | United Therapeutics Corp. | 1,137 | 244 |
* | Tenet Healthcare Corp. | 3,042 | 229 |
Johnson & Johnson | 1,234 | 214 | |
* | Medpace Holdings Inc. | 1,157 | 211 |
* | Laboratory Corp. of America Holdings | 627 | 190 |
* | Quidel Corp. | 1,193 | 154 |
West Pharmaceutical Services Inc. | 340 | 154 | |
* | AngioDynamics Inc. | 5,236 | 148 |
* | Molina Healthcare Inc. | 528 | 142 |
* | DaVita Inc. | 1,023 | 134 |
* | ModivCare Inc. | 681 | 134 |
* | Masimo Corp. | 479 | 130 |
* | Corcept Therapeutics Inc. | 5,998 | 128 |
Gilead Sciences Inc. | 1,734 | 126 | |
Agilent Technologies Inc. | 643 | 113 | |
* | Vanda Pharmaceuticals Inc. | 6,574 | 110 |
Bristol-Myers Squibb Co. | 1,498 | 100 | |
Patterson Cos. Inc. | 3,258 | 100 | |
Cigna Corp. | 465 | 98 | |
Cardinal Health Inc. | 1,818 | 96 | |
* | Catalyst Pharmaceuticals Inc. | 16,308 | 90 |
* | STAAR Surgical Co. | 572 | 88 |
* | Computer Programs and Systems Inc. | 2,391 | 85 |
* | Jazz Pharmaceuticals plc | 613 | 81 |
*,1 | Retractable Technologies Inc. | 6,310 | 81 |
* | Joint Corp. | 510 | 52 |
Quest Diagnostics Inc. | 312 | 48 | |
LeMaitre Vascular Inc. | 747 | 42 | |
* | Amneal Pharmaceuticals Inc. | 7,082 | 40 |
* | Meridian Bioscience Inc. | 1,928 | 39 |
* | Avid Bioservices Inc. | 1,485 | 36 |
* | Organogenesis Holdings Inc. Class A | 1,942 | 33 |
Healthcare Services Group Inc. | 881 | 23 | |
8,909 |
Shares | Market Value ($000) | ||
Industrials (17.8%) | |||
Johnson Controls International plc | 7,560 | 565 | |
American Express Co. | 3,080 | 511 | |
3M Co. | 2,570 | 500 | |
FedEx Corp. | 1,401 | 372 | |
Trane Technologies plc | 1,760 | 349 | |
Cummins Inc. | 1,442 | 340 | |
Eaton Corp. plc | 1,771 | 298 | |
Old Dominion Freight Line Inc. | 946 | 273 | |
* | Zebra Technologies Corp. Class A | 450 | 264 |
Accenture plc Class A | 784 | 264 | |
AGCO Corp. | 1,864 | 257 | |
Automatic Data Processing Inc. | 1,204 | 252 | |
* | TopBuild Corp. | 1,110 | 243 |
Deere & Co. | 637 | 241 | |
* | Generac Holdings Inc. | 543 | 237 |
Simpson Manufacturing Co. Inc. | 2,070 | 234 | |
Crown Holdings Inc. | 1,977 | 217 | |
L3Harris Technologies Inc. | 918 | 214 | |
Kforce Inc. | 3,625 | 212 | |
Fortune Brands Home & Security Inc. | 2,161 | 210 | |
Matson Inc. | 2,638 | 209 | |
Heidrick & Struggles International Inc. | 4,789 | 207 | |
* | United Rentals Inc. | 588 | 207 |
Emerson Electric Co. | 1,930 | 204 | |
* | Modine Manufacturing Co. | 16,192 | 201 |
Ryder System Inc. | 2,497 | 198 | |
Werner Enterprises Inc. | 4,189 | 198 | |
Eagle Materials Inc. | 1,250 | 196 | |
* | Saia Inc. | 815 | 196 |
Northrop Grumman Corp. | 517 | 190 | |
* | Trex Co. Inc. | 1,712 | 188 |
Snap-on Inc. | 830 | 187 | |
Caterpillar Inc. | 883 | 186 | |
Dover Corp. | 1,065 | 186 | |
Brunswick Corp. | 1,913 | 185 | |
ManpowerGroup Inc. | 1,487 | 181 | |
EMCOR Group Inc. | 1,481 | 180 | |
Regal Beloit Corp. | 1,143 | 171 | |
Illinois Tool Works Inc. | 729 | 170 | |
CSW Industrials Inc. | 1,256 | 167 | |
Louisiana-Pacific Corp. | 2,615 | 166 | |
* | Mohawk Industries Inc. | 834 | 165 |
* | Textainer Group Holdings Ltd. | 4,907 | 163 |
Genco Shipping & Trading Ltd. | 8,295 | 162 | |
* | Great Lakes Dredge & Dock Corp. | 10,521 | 159 |
ITT Inc. | 1,641 | 157 | |
Pentair plc | 1,874 | 145 | |
* | TriNet Group Inc. | 1,536 | 141 |
Watts Water Technologies Inc. Class A | 789 | 135 | |
Westrock Co. | 2,602 | 135 | |
* | MYR Group Inc. | 1,291 | 134 |
Owens Corning | 1,403 | 134 | |
Acuity Brands Inc. | 713 | 132 | |
Rexnord Corp. | 2,149 | 131 | |
Encore Wire Corp. | 1,528 | 130 | |
Quanex Building Products Corp. | 5,478 | 129 | |
Greenbrier Cos. Inc. | 2,847 | 126 |
Shares | Market Value ($000) | ||
United Parcel Service Inc. Class B | 643 | 126 | |
* | Hub Group Inc. Class A | 1,734 | 122 |
* | Keysight Technologies Inc. | 679 | 122 |
Myers Industries Inc. | 5,331 | 122 | |
Argan Inc. | 2,585 | 120 | |
*,2 | API Group Corp. | 5,075 | 118 |
General Dynamics Corp. | 585 | 117 | |
Quanta Services Inc. | 1,116 | 114 | |
* | Safe Bulkers Inc. | 28,156 | 114 |
Oshkosh Corp. | 985 | 113 | |
Sherwin-Williams Co. | 363 | 110 | |
* | FTI Consulting Inc. | 772 | 108 |
* | Titan Machinery Inc. | 3,755 | 108 |
* | Teekay Corp. | 35,598 | 108 |
Franklin Electric Co. Inc. | 1,262 | 107 | |
Landstar System Inc. | 634 | 107 | |
Shyft Group Inc. | 2,427 | 107 | |
Hubbell Inc. Class B | 497 | 102 | |
* | TrueBlue Inc. | 3,684 | 101 |
MSC Industrial Direct Co. Inc. Class A | 1,193 | 100 | |
JB Hunt Transport Services Inc. | 552 | 98 | |
* | Construction Partners Inc. Class A | 2,884 | 97 |
* | Berry Global Group Inc. | 1,433 | 96 |
Costamare Inc. | 6,680 | 96 | |
Crane Co. | 937 | 95 | |
CRA International Inc. | 1,012 | 94 | |
Robert Half International Inc. | 909 | 94 | |
Deluxe Corp. | 2,347 | 90 | |
Resources Connection Inc. | 5,652 | 89 | |
Kadant Inc. | 421 | 88 | |
ArcBest Corp. | 1,308 | 87 | |
Watsco Inc. | 312 | 87 | |
Triton International Ltd. | 1,587 | 87 | |
Kelly Services Inc. Class A | 4,303 | 84 | |
WW Grainger Inc. | 191 | 83 | |
* | Atlas Air Worldwide Holdings Inc. | 1,117 | 82 |
* | Cross Country Healthcare Inc. | 3,790 | 82 |
Federal Signal Corp. | 2,002 | 81 | |
Badger Meter Inc. | 746 | 80 | |
EVERTEC Inc. | 1,604 | 74 | |
* | Masonite International Corp. | 616 | 74 |
Schneider National Inc. Class B | 3,225 | 73 | |
MKS Instruments Inc. | 460 | 68 | |
MSA Safety Inc. | 415 | 68 | |
* | Sterling Construction Co. Inc. | 2,947 | 68 |
Advanced Drainage Systems Inc. | 585 | 67 | |
REV Group Inc. | 4,150 | 67 | |
* | Blue Bird Corp. | 2,841 | 61 |
* | Beacon Roofing Supply Inc. | 1,136 | 58 |
Columbus McKinnon Corp. | 1,264 | 58 | |
* | Gibraltar Industries Inc. | 778 | 58 |
Marten Transport Ltd. | 3,506 | 55 | |
* | Atkore Inc. | 559 | 52 |
Primoris Services Corp. | 2,005 | 52 | |
Apogee Enterprises Inc. | 1,181 | 51 | |
* | MasTec Inc. | 551 | 50 |
Knight-Swift Transportation Holdings Inc. | 948 | 49 | |
* | XPO Logistics Inc. | 560 | 49 |
Shares | Market Value ($000) | ||
McGrath RentCorp. | 692 | 48 | |
ABM Industries Inc. | 976 | 48 | |
Standex International Corp. | 461 | 46 | |
* | Vectrus Inc. | 919 | 46 |
* | WESCO International Inc. | 391 | 46 |
* | Covenant Logistics Group Inc. Class A | 1,808 | 44 |
Granite Construction Inc. | 1,071 | 43 | |
Astec Industries Inc. | 639 | 39 | |
Scorpio Tankers Inc. | 2,383 | 39 | |
Exponent Inc. | 314 | 37 | |
Packaging Corp. of America | 214 | 32 | |
Comfort Systems USA Inc. | 387 | 29 | |
* | Vicor Corp. | 227 | 28 |
ADT Inc. | 3,257 | 28 | |
Hillenbrand Inc. | 582 | 27 | |
SPX FLOW Inc. | 337 | 27 | |
Maximus Inc. | 291 | 25 | |
UniFirst Corp. | 104 | 24 | |
Valmont Industries Inc. | 88 | 22 | |
Insteel Industries Inc. | 571 | 21 | |
Installed Building Products Inc. | 165 | 20 | |
18,111 | |||
Real Estate (0.1%) | |||
* | CBRE Group Inc. Class A | 683 | 66 |
* | Jones Lang LaSalle Inc. | 121 | 29 |
St. Joe Co. | 488 | 23 | |
118 | |||
Technology (10.9%) | |||
* | Alphabet Inc. Class C | 308 | 896 |
Applied Materials Inc. | 6,052 | 818 | |
Intel Corp. | 8,787 | 475 | |
SYNNEX Corp. | 3,575 | 454 | |
* | Micron Technology Inc. | 5,733 | 423 |
KLA Corp. | 1,191 | 405 | |
* | Alphabet Inc. Class A | 130 | 376 |
International Business Machines Corp. | 2,643 | 371 | |
Lam Research Corp. | 579 | 350 | |
Apple Inc. | 1,872 | 284 | |
Texas Instruments Inc. | 1,490 | 284 | |
Jabil Inc. | 4,461 | 276 | |
NVIDIA Corp. | 1,172 | 262 | |
* | Diodes Inc. | 2,622 | 254 |
* | Synaptics Inc. | 1,324 | 251 |
Broadcom Inc. | 489 | 243 | |
Teradyne Inc. | 1,716 | 208 | |
* | Facebook Inc. Class A | 520 | 197 |
* | Arrow Electronics Inc. | 1,594 | 193 |
* | J2 Global Inc. | 1,395 | 192 |
Shutterstock Inc. | 1,645 | 190 | |
Microsoft Corp. | 584 | 176 | |
* | Qorvo Inc. | 917 | 172 |
* | Dell Technologies Inc. Class C | 1,663 | 162 |
NetApp Inc. | 1,769 | 157 | |
* | Lattice Semiconductor Corp. | 2,449 | 152 |
* | TechTarget Inc. | 1,709 | 145 |
Skyworks Solutions Inc. | 749 | 137 | |
Cognizant Technology Solutions Corp. Class A | 1,716 | 131 |
Shares | Market Value ($000) | ||
* | Avid Technology Inc. | 4,830 | 125 |
Vishay Intertechnology Inc. | 5,573 | 122 | |
* | Allscripts Healthcare Solutions Inc. | 7,363 | 113 |
* | Gartner Inc. | 358 | 111 |
* | Photronics Inc. | 6,808 | 103 |
* | FormFactor Inc. | 2,541 | 99 |
* | Perficient Inc. | 827 | 99 |
* | Fortinet Inc. | 304 | 96 |
* | EMCORE Corp. | 12,659 | 95 |
* | ePlus Inc. | 831 | 90 |
* | Mitek Systems Inc. | 3,936 | 88 |
Kulicke & Soffa Industries Inc. | 1,229 | 86 | |
* | Agilysys Inc. | 1,457 | 83 |
Oracle Corp. | 900 | 80 | |
HP Inc. | 2,564 | 76 | |
* | Western Digital Corp. | 1,132 | 72 |
* | Sanmina Corp. | 1,804 | 71 |
* | F5 Networks Inc. | 342 | 70 |
* | Rimini Street Inc. | 7,345 | 70 |
* | II-VI Inc. | 1,109 | 70 |
* | Fabrinet | 672 | 69 |
NXP Semiconductors NV | 303 | 65 | |
Xperi Holding Corp. | 2,881 | 62 | |
* | Plexus Corp. | 624 | 57 |
* | Dropbox Inc. Class A | 1,281 | 41 |
* | IAC/Inter Active Corp. | 258 | 34 |
* | NCR Corp. | 782 | 33 |
Avnet Inc. | 755 | 31 | |
Hewlett Packard Enterprise Co. | 1,999 | 31 | |
* | Onto Innovation Inc. | 386 | 29 |
Vertiv Holdings Co. Class A | 1,033 | 29 | |
Amkor Technology Inc. | 1,007 | 28 | |
* | Cadence Design Systems Inc. | 173 | 28 |
CDW Corp. | 130 | 26 | |
* | Manhattan Associates Inc. | 154 | 25 |
* | CommVault Systems Inc. | 262 | 21 |
11,062 | |||
Telecommunications (1.3%) | |||
Cisco Systems Inc. | 7,419 | 438 | |
Lumen Technologies Inc. | 28,384 | 349 | |
* | WideOpenWest Inc. | 11,384 | 242 |
* | NETGEAR Inc. | 2,971 | 106 |
* | Charter Communications Inc. Class A | 112 | 91 |
* | Calix Inc. | 1,733 | 81 |
1,307 | |||
Total Common Stocks (Cost $77,736) | 101,688 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $238) | 2,380 | 238 |
Total Investments (100.0%) (Cost $77,974) | 101,926 | ||
Other Assets and Liabilities—Net (0.0%) | 26 | ||
Net Assets (100%) | 101,952 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $76,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, the aggregate value was $118,000, representing 0.1% of net assets. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $77,000 was received for securities on loan. |
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 | ||||
Micro E-mini S&P 500 Index | September 2021 | 11 | 249 | 18 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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. Fluctuations in the value of the contracts are recorded as an asset (liability).
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.
At August 31, 2021, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.