Vanguard® U.S. Multifactor ETF
Schedule of Investments (unaudited)
As of February 28, 2022
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 (4.5%) | |||
Freeport-McMoRan Inc. | 30,861 | 1,449 | |
CF Industries Holdings Inc. | 6,310 | 512 | |
Reliance Steel & Aluminum Co. | 2,590 | 494 | |
Nucor Corp. | 3,674 | 484 | |
Steel Dynamics Inc. | 6,126 | 432 | |
UFP Industries Inc. | 4,840 | 415 | |
Olin Corp. | 7,602 | 392 | |
Boise Cascade Co. | 4,406 | 352 | |
AdvanSix Inc. | 7,566 | 303 | |
Southern Copper Corp. | 4,184 | 290 | |
Mosaic Co. | 5,174 | 271 | |
Commercial Metals Co. | 4,763 | 184 | |
Mueller Industries Inc. | 3,008 | 172 | |
Celanese Corp. Class A | 1,190 | 166 | |
Timken Co. | 1,840 | 121 | |
International Paper Co. | 2,467 | 107 | |
US Steel Corp. | 3,872 | 105 | |
Dow Inc. | 1,327 | 78 | |
Balchem Corp. | 557 | 77 | |
Materion Corp. | 917 | 77 | |
Tronox Holdings plc Class A | 3,584 | 73 | |
Cabot Corp. | 908 | 67 | |
Stepan Co. | 631 | 65 | |
Fastenal Co. | 1,076 | 55 | |
Valvoline Inc. | 1,053 | 34 | |
6,775 | |||
Consumer Discretionary (17.1%) | |||
Lowe's Cos. Inc. | 5,304 | 1,173 | |
Costco Wholesale Corp. | 1,714 | 890 | |
Target Corp. | 3,898 | 779 | |
Ford Motor Co. | 37,863 | 665 | |
* | O'Reilly Automotive Inc. | 822 | 534 |
* | NVR Inc. | 102 | 506 |
* | AutoNation Inc. | 4,199 | 481 |
Dillard's Inc. Class A | 1,888 | 473 | |
Dick's Sporting Goods Inc. | 4,418 | 464 | |
Fox Corp. Class A | 10,641 | 445 | |
* | AutoZone Inc. | 238 | 444 |
Omnicom Group Inc. | 4,964 | 416 | |
AMERCO | 691 | 399 | |
LKQ Corp. | 8,467 | 398 | |
eBay Inc. | 7,023 | 383 |
Shares | Market Value ($000) | ||
Scholastic Corp. | 8,407 | 354 | |
Macy's Inc. | 12,935 | 335 | |
Whirlpool Corp. | 1,516 | 305 | |
Oxford Industries Inc. | 3,381 | 299 | |
Genuine Parts Co. | 2,423 | 296 | |
International Game Technology plc | 9,667 | 296 | |
Williams-Sonoma Inc. | 1,980 | 287 | |
Bath & Body Works Inc. | 5,281 | 282 | |
Movado Group Inc. | 7,137 | 281 | |
Ethan Allen Interiors Inc. | 10,552 | 275 | |
* | BJ's Wholesale Club Holdings Inc. | 4,294 | 270 |
Rush Enterprises Inc. Class A | 5,120 | 266 | |
Advance Auto Parts Inc. | 1,187 | 243 | |
* | Cars.com Inc. | 15,048 | 243 |
H&R Block Inc. | 9,633 | 239 | |
* | Abercrombie & Fitch Co. Class A | 6,195 | 236 |
Service Corp. International | 3,831 | 233 | |
Signet Jewelers Ltd. | 3,262 | 230 | |
Penske Automotive Group Inc. | 2,208 | 217 | |
Toll Brothers Inc. | 3,995 | 217 | |
Tilly's Inc. Class A | 16,959 | 215 | |
Tapestry Inc. | 5,206 | 213 | |
Nexstar Media Group Inc. Class A | 1,147 | 212 | |
Interpublic Group of Cos. Inc. | 5,662 | 208 | |
Lithia Motors Inc. Class A | 601 | 205 | |
Travel + Leisure Co. | 3,568 | 200 | |
Lennar Corp. Class A | 2,193 | 197 | |
Hibbett Inc. | 4,349 | 196 | |
* | TravelCenters of America Inc. | 4,591 | 194 |
Hanesbrands Inc. | 12,094 | 187 | |
Shoe Carnival Inc. | 6,366 | 186 | |
Group 1 Automotive Inc. | 1,011 | 184 | |
* | Crocs Inc. | 2,172 | 182 |
* | Skyline Champion Corp. | 2,676 | 180 |
* | Tri Pointe Homes Inc. | 8,037 | 180 |
* | MarineMax Inc. | 3,796 | 174 |
* | Etsy Inc. | 1,115 | 173 |
* | Knowles Corp. | 7,862 | 171 |
* | Liquidity Services Inc. | 9,521 | 164 |
Sonic Automotive Inc. Class A | 2,970 | 160 | |
Acushnet Holdings Corp. | 3,571 | 156 | |
* | Deckers Outdoor Corp. | 536 | 155 |
* | Funko Inc. Class A | 8,862 | 155 |
Rent-A-Center Inc. | 5,390 | 153 | |
Buckle Inc. | 4,154 | 150 | |
PulteGroup Inc. | 2,974 | 148 | |
* | Perdoceo Education Corp. | 14,147 | 148 |
Gentex Corp. | 4,851 | 147 | |
PVH Corp. | 1,504 | 147 | |
* | Lululemon Athletica Inc. | 453 | 145 |
Inter Parfums Inc. | 1,529 | 142 | |
Lear Corp. | 884 | 139 | |
* | Gentherm Inc. | 1,622 | 138 |
OneWater Marine Inc. Class A | 2,714 | 138 | |
* | ODP Corp. | 3,138 | 138 |
* | Helen of Troy Ltd. | 655 | 135 |
Cato Corp. Class A | 7,527 | 132 | |
* | XPEL Inc. | 1,784 | 130 |
Shares | Market Value ($000) | ||
* | Academy Sports & Outdoors Inc. | 3,979 | 129 |
* | Malibu Boats Inc. Class A | 1,801 | 125 |
* | Sleep Number Corp. | 1,903 | 125 |
Century Communities Inc. | 1,914 | 122 | |
* | Citi Trends Inc. | 3,210 | 120 |
* | LGI Homes Inc. | 938 | 118 |
Steven Madden Ltd. | 2,736 | 117 | |
* | Zumiez Inc. | 2,583 | 115 |
* | Master Craft Boat Holdings Inc. | 3,978 | 114 |
* | Cavco Industries Inc. | 416 | 113 |
* | Asbury Automotive Group Inc. | 579 | 112 |
* | Central Garden & Pet Co. Class A | 2,518 | 111 |
News Corp. Class B | 4,900 | 110 | |
HNI Corp. | 2,684 | 109 | |
Garmin Ltd. | 985 | 109 | |
* | Conn's Inc. | 5,895 | 108 |
Best Buy Co. Inc. | 1,111 | 107 | |
* | Take-Two Interactive Software Inc. | 652 | 106 |
* | Goodyear Tire & Rubber Co. | 6,769 | 105 |
* | Duluth Holdings Inc. Class B | 7,309 | 102 |
Aaron's Co. Inc. | 4,870 | 102 | |
* | GoPro Inc. Class A | 11,609 | 100 |
Kontoor Brands Inc. | 2,010 | 100 | |
A-Mark Precious Metals Inc. | 1,396 | 100 | |
Polaris Inc. | 815 | 99 | |
Ralph Lauren Corp. Class A | 750 | 99 | |
* | Clean Energy Fuels Corp. | 13,136 | 96 |
Johnson Outdoors Inc. Class A | 1,139 | 94 | |
Tractor Supply Co. | 463 | 94 | |
Dana Inc. | 4,754 | 89 | |
Newell Brands Inc. | 3,678 | 87 | |
Standard Motor Products Inc. | 2,001 | 87 | |
* | Turtle Beach Corp. | 3,679 | 87 |
DR Horton Inc. | 1,012 | 86 | |
* | Ulta Beauty Inc. | 230 | 86 |
Estee Lauder Cos. Inc. Class A | 285 | 84 | |
Winnebago Industries Inc. | 1,275 | 82 | |
* | Lands' End Inc. | 4,757 | 81 |
Matthews International Corp. Class A | 2,448 | 81 | |
* | Vera Bradley Inc. | 10,671 | 81 |
Kohl's Corp. | 1,427 | 79 | |
Walmart Inc. | 587 | 79 | |
Haverty Furniture Cos. Inc. | 2,706 | 77 | |
* | RH | 191 | 77 |
Laureate Education Inc. Class A | 6,718 | 73 | |
* | Meritage Homes Corp. | 721 | 71 |
* | Beazer Homes USA Inc. | 4,105 | 67 |
John Wiley & Sons Inc. Class A | 1,309 | 66 | |
* | Sally Beauty Holdings Inc. | 3,729 | 64 |
News Corp. Class A | 2,752 | 61 | |
* | Callaway Golf Co. | 2,252 | 56 |
* | 1-800-Flowers.com Inc. Class A | 3,576 | 55 |
* | Copart Inc. | 420 | 52 |
* | Universal Electronics Inc. | 1,446 | 48 |
* | General Motors Co. | 976 | 46 |
Murphy USA Inc. | 257 | 46 | |
* | YETI Holdings Inc. | 734 | 45 |
* | Boot Barn Holdings Inc. | 511 | 44 |
Shares | Market Value ($000) | ||
* | American Axle & Manufacturing Holdings Inc. | 4,580 | 42 |
Qurate Retail Inc. Series A | 7,489 | 41 | |
* | PROG Holdings Inc. | 1,109 | 34 |
La-Z-Boy Inc. | 1,113 | 32 | |
Foot Locker Inc. | 942 | 30 | |
Global Industrial Co. | 912 | 29 | |
25,637 | |||
Consumer Staples (6.2%) | |||
Altria Group Inc. | 31,538 | 1,618 | |
CVS Health Corp. | 9,764 | 1,012 | |
McKesson Corp. | 3,045 | 837 | |
Tyson Foods Inc. Class A | 8,771 | 813 | |
Kroger Co. | 16,845 | 788 | |
SpartanNash Co. | 22,906 | 645 | |
Ingles Markets Inc. Class A | 7,227 | 594 | |
Weis Markets Inc. | 6,054 | 373 | |
Flowers Foods Inc. | 10,115 | 277 | |
Vector Group Ltd. | 22,514 | 252 | |
Coca-Cola Consolidated Inc. | 457 | 227 | |
Philip Morris International Inc. | 2,087 | 211 | |
Archer-Daniels-Midland Co. | 2,613 | 205 | |
* | Monster Beverage Corp. | 2,054 | 173 |
* | USANA Health Sciences Inc. | 1,886 | 166 |
AmerisourceBergen Corp. Class A | 1,105 | 158 | |
Albertsons Cos. Inc. Class A | 5,384 | 157 | |
* | Darling Ingredients Inc. | 2,099 | 152 |
Kraft Heinz Co. | 3,664 | 144 | |
* | Pilgrim's Pride Corp. | 3,630 | 86 |
* | Sprouts Farmers Market Inc. | 2,907 | 83 |
* | Hain Celestial Group Inc. | 2,112 | 77 |
Casey's General Stores Inc. | 360 | 68 | |
Edgewell Personal Care Co. | 1,688 | 60 | |
* | BellRing Brands Inc. Class A | 2,088 | 53 |
John B Sanfilippo & Son Inc. | 603 | 48 | |
9,277 | |||
Energy (9.8%) | |||
Chevron Corp. | 12,243 | 1,763 | |
EOG Resources Inc. | 13,993 | 1,608 | |
Exxon Mobil Corp. | 18,940 | 1,485 | |
ConocoPhillips | 9,826 | 932 | |
Cheniere Energy Inc. | 5,543 | 737 | |
Marathon Oil Corp. | 27,230 | 614 | |
Civitas Resources Inc. | 9,553 | 482 | |
Northern Oil and Gas Inc. | 17,999 | 451 | |
PDC Energy Inc. | 6,665 | 430 | |
SunCoke Energy Inc. | 53,002 | 420 | |
Oasis Petroleum Inc. | 3,004 | 398 | |
California Resources Corp. | 9,526 | 393 | |
* | W&T Offshore Inc. | 75,222 | 366 |
Occidental Petroleum Corp. | 8,262 | 361 | |
Targa Resources Corp. | 5,107 | 334 | |
Falcon Minerals Corp. | 57,962 | 333 | |
* | CONSOL Energy Inc. | 10,749 | 331 |
Continental Resources Inc. | 4,908 | 272 | |
* | Range Resources Corp. | 10,941 | 251 |
* | Centrus Energy Corp. Class A | 5,178 | 234 |
Ovintiv Inc. (XNYS) | 5,020 | 230 |
Shares | Market Value ($000) | ||
* | Antero Resources Corp. | 9,326 | 214 |
Marathon Petroleum Corp. | 2,647 | 206 | |
Antero Midstream Corp. | 19,230 | 193 | |
Coterra Energy Inc. | 7,791 | 182 | |
* | Renewable Energy Group Inc. | 2,470 | 152 |
Magnolia Oil & Gas Corp. Class A | 6,656 | 149 | |
Warrior Met Coal Inc. | 4,197 | 132 | |
Berry Corp. | 12,988 | 130 | |
* | Earthstone Energy Inc. Class A | 8,291 | 108 |
Diamondback Energy Inc. | 700 | 97 | |
Pioneer Natural Resources Co. | 395 | 95 | |
* | Newpark Resources Inc. | 24,764 | 93 |
* | Southwestern Energy Co. | 18,200 | 91 |
* | Denbury Inc. | 1,187 | 86 |
Murphy Oil Corp. | 2,457 | 85 | |
Valero Energy Corp. | 1,017 | 85 | |
Brigham Minerals Inc. Class A | 3,273 | 75 | |
ChampionX Corp. | 3,009 | 64 | |
* | Comstock Resources Inc. | 7,160 | 60 |
Arch Resources Inc. | 369 | 44 | |
Hess Corp. | 330 | 33 | |
14,799 | |||
Financials (21.7%) | |||
Bank of New York Mellon Corp. | 26,287 | 1,397 | |
Bank of America Corp. | 28,260 | 1,249 | |
* | Berkshire Hathaway Inc. Class B | 3,425 | 1,101 |
MetLife Inc. | 15,062 | 1,017 | |
Wells Fargo & Co. | 17,837 | 952 | |
Aon plc Class A (XNYS) | 3,029 | 885 | |
Goldman Sachs Group Inc. | 2,419 | 826 | |
* | Mr Cooper Group Inc. | 13,587 | 691 |
JPMorgan Chase & Co. | 4,418 | 626 | |
HomeStreet Inc. | 11,760 | 605 | |
Hope Bancorp Inc. | 34,831 | 591 | |
Associated Banc-Corp. | 22,846 | 557 | |
T Rowe Price Group Inc. | 3,581 | 518 | |
First Financial Bancorp | 20,740 | 510 | |
First Financial Corp. | 10,747 | 500 | |
First Commonwealth Financial Corp. | 30,905 | 499 | |
Popular Inc. | 5,101 | 469 | |
First BanCorp. (XNYS) | 31,527 | 445 | |
Allstate Corp. | 3,473 | 425 | |
Ameriprise Financial Inc. | 1,387 | 416 | |
Hanmi Financial Corp. | 15,823 | 413 | |
Comerica Inc. | 4,216 | 403 | |
Jefferies Financial Group Inc. | 10,602 | 377 | |
Northwest Bancshares Inc. | 26,635 | 375 | |
* | Enstar Group Ltd. | 1,296 | 369 |
Kearny Financial Corp. | 26,270 | 347 | |
* | Credit Acceptance Corp. | 609 | 335 |
Hilltop Holdings Inc. | 10,795 | 334 | |
City Holding Co. | 4,145 | 330 | |
FNB Corp. | 24,427 | 328 | |
Fidelity National Financial Inc. | 6,872 | 327 | |
WesBanco Inc. | 8,867 | 324 | |
Byline Bancorp Inc. | 11,788 | 321 | |
Eagle Bancorp Inc. | 5,343 | 320 | |
HarborOne Bancorp Inc. | 21,630 | 320 |
Shares | Market Value ($000) | ||
Sandy Spring Bancorp Inc. | 6,556 | 309 | |
Central Pacific Financial Corp. | 10,559 | 308 | |
OFG Bancorp | 10,773 | 304 | |
US Bancorp | 5,146 | 291 | |
Aflac Inc. | 4,766 | 291 | |
BOK Financial Corp. | 2,821 | 290 | |
SLM Corp. | 14,326 | 282 | |
Washington Federal Inc. | 7,901 | 281 | |
First American Financial Corp. | 4,051 | 272 | |
Simmons First National Corp. Class A | 9,399 | 268 | |
Heritage Financial Corp. | 10,102 | 265 | |
OceanFirst Financial Corp. | 11,735 | 263 | |
Stifel Financial Corp. | 3,576 | 263 | |
Fulton Financial Corp. | 14,263 | 257 | |
Moody's Corp. | 797 | 257 | |
Houlihan Lokey Inc. Class A | 2,410 | 248 | |
Bank of NT Butterfield & Son Ltd. | 6,431 | 247 | |
CNO Financial Group Inc. | 10,181 | 246 | |
First Citizens BancShares Inc. Class A | 311 | 245 | |
Virtus Investment Partners Inc. | 1,009 | 243 | |
NBT Bancorp Inc. | 6,018 | 231 | |
S&P Global Inc. | 614 | 231 | |
B Riley Financial Inc. | 3,742 | 223 | |
Piper Sandler Cos. | 1,481 | 219 | |
Federal Agricultural Mortgage Corp. Class C | 1,723 | 213 | |
QCR Holdings Inc. | 3,755 | 210 | |
Stewart Information Services Corp. | 2,999 | 204 | |
Midland States Bancorp Inc. | 6,859 | 201 | |
Western Alliance Bancorp | 2,051 | 192 | |
* | PRA Group Inc. | 4,250 | 190 |
WSFS Financial Corp. | 3,567 | 181 | |
Zions Bancorp NA | 2,504 | 178 | |
Employers Holdings Inc. | 4,500 | 175 | |
Northfield Bancorp Inc. | 11,032 | 173 | |
Voya Financial Inc. | 2,513 | 169 | |
Brookline Bancorp Inc. | 9,563 | 164 | |
Federated Hermes Inc. | 4,956 | 162 | |
HCI Group Inc. | 2,540 | 158 | |
Nelnet Inc. Class A | 1,950 | 157 | |
Merchants Bancorp | 5,273 | 153 | |
Carlyle Group Inc. | 3,115 | 146 | |
Primerica Inc. | 1,110 | 144 | |
Provident Financial Services Inc. | 5,822 | 138 | |
Hartford Financial Services Group Inc. | 1,976 | 137 | |
Preferred Bank | 1,721 | 135 | |
UMB Financial Corp. | 1,198 | 122 | |
ServisFirst Bancshares Inc. | 1,385 | 121 | |
Home BancShares Inc. | 5,106 | 120 | |
1st Source Corp. | 2,470 | 119 | |
Affiliated Managers Group Inc. | 830 | 115 | |
Raymond James Financial Inc. | 1,020 | 112 | |
Park National Corp. | 810 | 109 | |
Meta Financial Group Inc. | 1,946 | 108 | |
Equitable Holdings Inc. | 3,160 | 103 | |
* | SVB Financial Group | 166 | 101 |
Ameris Bancorp | 1,954 | 97 | |
Oppenheimer Holdings Inc. Class A | 2,255 | 97 | |
TriCo Bancshares | 2,243 | 97 |
Shares | Market Value ($000) | ||
* | Columbia Financial Inc. | 4,460 | 95 |
Southside Bancshares Inc. | 2,131 | 89 | |
Cathay General Bancorp | 1,874 | 88 | |
Trustmark Corp. | 2,789 | 88 | |
BankUnited Inc. | 1,953 | 86 | |
Origin Bancorp Inc. | 1,851 | 85 | |
Morgan Stanley | 862 | 78 | |
KKR & Co. Inc. | 1,277 | 77 | |
PacWest Bancorp | 1,545 | 76 | |
Horizon Bancorp Inc. | 3,740 | 75 | |
Independent Bank Corp. | 3,078 | 73 | |
Washington Trust Bancorp Inc. | 1,326 | 72 | |
Banner Corp. | 1,109 | 68 | |
Cohen & Steers Inc. | 805 | 65 | |
Blackstone Inc. | 510 | 65 | |
Universal Insurance Holdings Inc. | 5,444 | 63 | |
Franklin Resources Inc. | 1,822 | 54 | |
KeyCorp | 2,076 | 52 | |
State Street Corp. | 593 | 51 | |
Citizens Financial Group Inc. | 816 | 43 | |
Evercore Inc. Class A | 342 | 43 | |
Walker & Dunlop Inc. | 306 | 42 | |
First Bancorp (XNGS) | 813 | 36 | |
TrustCo Bank Corp. NY | 1,041 | 36 | |
Peoples Bancorp Inc. | 1,121 | 35 | |
Lazard Ltd. Class A | 1,004 | 35 | |
Artisan Partners Asset Management Inc. Class A | 881 | 34 | |
Hanover Insurance Group Inc. | 247 | 34 | |
32,575 | |||
Health Care (9.9%) | |||
Pfizer Inc. | 30,567 | 1,435 | |
AbbVie Inc. | 8,743 | 1,292 | |
HCA Healthcare Inc. | 4,935 | 1,235 | |
Anthem Inc. | 2,720 | 1,229 | |
* | Regeneron Pharmaceuticals Inc. | 1,979 | 1,224 |
UnitedHealth Group Inc. | 1,971 | 938 | |
Gilead Sciences Inc. | 9,101 | 550 | |
Merck & Co. Inc. | 6,880 | 527 | |
Abbott Laboratories | 4,340 | 523 | |
* | Molina Healthcare Inc. | 1,625 | 499 |
* | Innoviva Inc. | 25,082 | 482 |
Johnson & Johnson | 2,471 | 407 | |
* | Tenet Healthcare Corp. | 4,094 | 352 |
Eli Lilly & Co. | 1,373 | 343 | |
Quest Diagnostics Inc. | 2,522 | 331 | |
Premier Inc. Class A | 7,811 | 281 | |
* | Laboratory Corp. of America Holdings | 958 | 260 |
West Pharmaceutical Services Inc. | 613 | 237 | |
* | Quidel Corp. | 2,056 | 218 |
* | iTeos Therapeutics Inc. | 5,441 | 197 |
* | United Therapeutics Corp. | 1,137 | 189 |
* | Medpace Holdings Inc. | 1,157 | 177 |
* | Eagle Pharmaceuticals Inc. | 2,956 | 140 |
* | CorVel Corp. | 875 | 139 |
* | Community Health Systems Inc. | 12,957 | 136 |
* | Catalyst Pharmaceuticals Inc. | 16,308 | 127 |
* | Moderna Inc. | 821 | 126 |
* | AngioDynamics Inc. | 5,236 | 123 |
Shares | Market Value ($000) | ||
* | DaVita Inc. | 1,023 | 115 |
Patterson Cos. Inc. | 3,258 | 97 | |
* | Amphastar Pharmaceuticals Inc. | 3,349 | 93 |
* | Corcept Therapeutics Inc. | 3,932 | 88 |
Agilent Technologies Inc. | 643 | 84 | |
* | ModivCare Inc. | 681 | 80 |
* | Prothena Corp. plc | 2,199 | 76 |
* | Masimo Corp. | 479 | 75 |
* | Vanda Pharmaceuticals Inc. | 6,574 | 75 |
* | Varex Imaging Corp. | 2,980 | 70 |
* | Edwards Lifesciences Corp. | 581 | 65 |
* | Align Technology Inc. | 107 | 55 |
PerkinElmer Inc. | 297 | 53 | |
* | Computer Programs and Systems Inc. | 1,608 | 50 |
* | Meridian Bioscience Inc. | 1,928 | 49 |
* | Amneal Pharmaceuticals Inc. | 7,082 | 32 |
14,874 | |||
Industrials (15.0%) | |||
American Express Co. | 5,078 | 988 | |
Northrop Grumman Corp. | 2,228 | 985 | |
Accenture plc Class A | 2,185 | 691 | |
Sherwin-Williams Co. | 2,344 | 617 | |
Johnson Controls International plc | 7,560 | 491 | |
Louisiana-Pacific Corp. | 6,578 | 473 | |
Automatic Data Processing Inc. | 2,021 | 413 | |
General Dynamics Corp. | 1,536 | 360 | |
SFL Corp. Ltd. | 34,985 | 348 | |
Robert Half International Inc. | 2,813 | 338 | |
* | AMN Healthcare Services Inc. | 2,989 | 317 |
Dorian LPG Ltd. | 21,757 | 300 | |
* | FTI Consulting Inc. | 2,046 | 299 |
Old Dominion Freight Line Inc. | 946 | 297 | |
Matson Inc. | 2,638 | 292 | |
Heidrick & Struggles International Inc. | 6,758 | 289 | |
Encore Wire Corp. | 2,438 | 284 | |
Kforce Inc. | 3,625 | 273 | |
Eaton Corp. plc | 1,771 | 273 | |
Paychex Inc. | 2,232 | 266 | |
Zurn Water Solutions Corp. | 8,187 | 266 | |
Regal Rexnord Corp. | 1,622 | 260 | |
Acuity Brands Inc. | 1,348 | 246 | |
Simpson Manufacturing Co. Inc. | 2,070 | 245 | |
Crown Holdings Inc. | 1,977 | 243 | |
Insteel Industries Inc. | 6,450 | 239 | |
* | TopBuild Corp. | 1,110 | 238 |
ArcBest Corp. | 2,549 | 236 | |
* | Hub Group Inc. Class A | 2,798 | 236 |
A O Smith Corp. | 3,437 | 236 | |
* | MYR Group Inc. | 2,619 | 235 |
* | Saia Inc. | 815 | 234 |
* | Titan Machinery Inc. | 8,163 | 231 |
Covenant Logistics Group Inc. Class A | 10,193 | 229 | |
Ryder System Inc. | 2,868 | 226 | |
AGCO Corp. | 1,864 | 224 | |
* | ExlService Holdings Inc. | 1,636 | 198 |
* | United Rentals Inc. | 588 | 189 |
Apogee Enterprises Inc. | 4,167 | 188 | |
Fortune Brands Home & Security Inc. | 2,161 | 188 |
Shares | Market Value ($000) | ||
* | Zebra Technologies Corp. Class A | 450 | 186 |
3M Co. | 1,244 | 185 | |
* | TrueBlue Inc. | 6,758 | 184 |
Brunswick Corp. | 1,913 | 183 | |
* | Cross Country Healthcare Inc. | 8,163 | 182 |
Werner Enterprises Inc. | 4,189 | 182 | |
Watts Water Technologies Inc. Class A | 1,242 | 179 | |
* | ASGN Inc. | 1,600 | 177 |
Resources Connection Inc. | 10,559 | 175 | |
ICF International Inc. | 1,960 | 174 | |
Snap-on Inc. | 830 | 174 | |
Textainer Group Holdings Ltd. | 4,907 | 174 | |
* | Atlas Air Worldwide Holdings Inc. | 2,182 | 171 |
Eagle Materials Inc. | 1,250 | 171 | |
EMCOR Group Inc. | 1,481 | 171 | |
* | Generac Holdings Inc. | 543 | 171 |
Dover Corp. | 1,065 | 167 | |
Schneider National Inc. Class B | 6,373 | 166 | |
Genco Shipping & Trading Ltd. | 8,483 | 164 | |
Cummins Inc. | 787 | 161 | |
Illinois Tool Works Inc. | 729 | 158 | |
ManpowerGroup Inc. | 1,487 | 158 | |
* | Trex Co. Inc. | 1,712 | 157 |
* | Safe Bulkers Inc. | 36,394 | 152 |
CSW Industrials Inc. | 1,256 | 151 | |
* | Great Lakes Dredge & Dock Corp. | 10,521 | 148 |
ITT Inc. | 1,641 | 144 | |
REV Group Inc. | 10,202 | 138 | |
* | TriNet Group Inc. | 1,536 | 134 |
* | CoreCivic Inc. | 14,475 | 132 |
Knight-Swift Transportation Holdings Inc. | 2,411 | 131 | |
Owens Corning | 1,403 | 131 | |
Quanex Building Products Corp. | 5,478 | 125 | |
* | Sterling Construction Co. Inc. | 4,237 | 125 |
Quanta Services Inc. | 1,116 | 122 | |
Insperity Inc. | 1,281 | 115 | |
JB Hunt Transport Services Inc. | 552 | 112 | |
Marten Transport Ltd. | 6,388 | 110 | |
Oshkosh Corp. | 985 | 109 | |
Pentair plc | 1,874 | 109 | |
* | API Group Corp. | 5,075 | 109 |
Emerson Electric Co. | 1,150 | 107 | |
Franklin Electric Co. Inc. | 1,262 | 107 | |
* | Keysight Technologies Inc. | 679 | 107 |
Triton International Ltd. | 1,587 | 104 | |
Landstar System Inc. | 634 | 98 | |
Shyft Group Inc. | 2,427 | 98 | |
Crane Co. | 937 | 95 | |
Heartland Express Inc. | 6,606 | 95 | |
Westrock Co. | 2,096 | 95 | |
WW Grainger Inc. | 191 | 91 | |
CRA International Inc. | 1,012 | 90 | |
Costamare Inc. | 6,680 | 90 | |
Hubbell Inc. Class B | 497 | 89 | |
Myers Industries Inc. | 5,331 | 89 | |
* | Berry Global Group Inc. | 1,433 | 87 |
Kadant Inc. | 421 | 83 | |
Korn Ferry | 1,217 | 81 |
Shares | Market Value ($000) | ||
* | Modine Manufacturing Co. | 7,899 | 80 |
* | Construction Partners Inc. Class A | 2,884 | 77 |
Badger Meter Inc. | 746 | 74 | |
United Parcel Service Inc. Class B | 348 | 73 | |
Federal Signal Corp. | 2,002 | 72 | |
* | Beacon Roofing Supply Inc. | 1,136 | 68 |
* | Teekay Corp. | 20,309 | 68 |
Watsco Inc. | 241 | 66 | |
EVERTEC Inc. | 1,604 | 65 | |
Argan Inc. | 1,508 | 59 | |
Columbus McKinnon Corp. | 1,264 | 58 | |
* | Masonite International Corp. | 616 | 58 |
* | Atkore Inc. | 559 | 57 |
* | Mohawk Industries Inc. | 399 | 56 |
Standex International Corp. | 461 | 49 | |
Caterpillar Inc. | 256 | 48 | |
* | WESCO International Inc. | 391 | 48 |
ABM Industries Inc. | 976 | 44 | |
* | MasTec Inc. | 551 | 43 |
* | Vectrus Inc. | 919 | 42 |
* | XPO Logistics Inc. | 560 | 41 |
* | Gibraltar Industries Inc. | 778 | 38 |
Comfort Systems USA Inc. | 387 | 33 | |
Ennis Inc. | 1,652 | 31 | |
Packaging Corp. of America | 214 | 31 | |
Exponent Inc. | 314 | 30 | |
Sealed Air Corp. | 446 | 30 | |
22,493 | |||
Real Estate (0.2%) | |||
* | Jones Lang LaSalle Inc. | 938 | 231 |
* | CBRE Group Inc. Class A | 683 | 66 |
297 | |||
Technology (13.2%) | |||
* | Alphabet Inc. Class A | 558 | 1,507 |
Micron Technology Inc. | 13,643 | 1,212 | |
Applied Materials Inc. | 7,849 | 1,053 | |
Broadcom Inc. | 1,649 | 969 | |
International Business Machines Corp. | 7,211 | 883 | |
* | Alphabet Inc. Class C | 308 | 831 |
KLA Corp. | 2,217 | 773 | |
* | Advanced Micro Devices Inc. | 6,005 | 741 |
Microsoft Corp. | 2,461 | 735 | |
Jabil Inc. | 11,690 | 676 | |
HP Inc. | 17,831 | 613 | |
* | Synaptics Inc. | 2,458 | 561 |
Cognizant Technology Solutions Corp. Class A | 5,458 | 470 | |
Concentrix Corp. | 2,263 | 452 | |
* | Arrow Electronics Inc. | 3,683 | 449 |
NortonLifeLock Inc. | 13,722 | 398 | |
QUALCOMM Inc. | 2,186 | 376 | |
Dell Technologies Inc. Class C | 7,124 | 363 | |
* | Photronics Inc. | 18,815 | 347 |
Apple Inc. | 1,872 | 309 | |
NVIDIA Corp. | 1,172 | 286 | |
* | Gartner Inc. | 926 | 260 |
* | Fortinet Inc. | 751 | 259 |
CSG Systems International Inc. | 4,005 | 247 |
Shares | Market Value ($000) | ||
* | Diodes Inc. | 2,622 | 235 |
Xperi Holding Corp. | 13,556 | 235 | |
NetApp Inc. | 2,892 | 227 | |
Amkor Technology Inc. | 9,290 | 211 | |
* | Teradata Corp. | 4,195 | 210 |
Oracle Corp. | 2,709 | 206 | |
Teradyne Inc. | 1,716 | 202 | |
Texas Instruments Inc. | 1,029 | 175 | |
* | Sanmina Corp. | 4,321 | 172 |
Kulicke & Soffa Industries Inc. | 3,113 | 163 | |
Intel Corp. | 3,377 | 161 | |
Amdocs Ltd. | 2,035 | 160 | |
* | Lattice Semiconductor Corp. | 2,449 | 153 |
* | Avid Technology Inc. | 4,830 | 152 |
Shutterstock Inc. | 1,645 | 149 | |
* | TechTarget Inc. | 1,709 | 134 |
* | Axcelis Technologies Inc. | 1,854 | 128 |
* | Qorvo Inc. | 917 | 125 |
* | CACI International Inc. Class A | 415 | 116 |
* | Box Inc. Class A | 4,363 | 112 |
* | Meta Platforms Inc. Class A | 520 | 110 |
Vishay Intertechnology Inc. | 5,573 | 107 | |
* | SMART Global Holdings Inc. | 3,828 | 105 |
Skyworks Solutions Inc. | 749 | 104 | |
* | FormFactor Inc. | 2,541 | 103 |
CTS Corp. | 2,455 | 93 | |
* | Cirrus Logic Inc. | 1,074 | 93 |
TD SYNNEX Corp. | 912 | 93 | |
VMware Inc. Class A | 732 | 86 | |
* | NetScout Systems Inc. | 2,705 | 84 |
* | Perficient Inc. | 827 | 84 |
Methode Electronics Inc. | 1,823 | 83 | |
A10 Networks Inc. | 5,708 | 81 | |
* | ePlus Inc. | 1,662 | 78 |
* | F5 Inc. | 342 | 69 |
* | Kimball Electronics Inc. | 3,965 | 68 |
* | Fabrinet | 672 | 67 |
* | Mitek Systems Inc. | 3,936 | 58 |
* | Plexus Corp. | 624 | 51 |
* | EMCORE Corp. | 12,381 | 48 |
* | Onto Innovation Inc. | 386 | 33 |
Hewlett Packard Enterprise Co. | 1,999 | 32 | |
19,926 | |||
Telecommunications (2.0%) | |||
Cisco Systems Inc. | 20,635 | 1,151 | |
* | Ciena Corp. | 4,490 | 307 |
Motorola Solutions Inc. | 1,122 | 247 | |
Juniper Networks Inc. | 5,755 | 195 | |
Lumen Technologies Inc. | 17,557 | 182 | |
* | Clearfield Inc. | 2,186 | 140 |
* | WideOpenWest Inc. | 7,402 | 126 |
ADTRAN Inc. | 5,506 | 113 | |
* | Arista Networks Inc. | 914 | 112 |
* | Harmonic Inc. | 10,173 | 95 |
* | Calix Inc. | 1,733 | 94 |
* | Lumentum Holdings Inc. | 833 | 82 |
* | Charter Communications Inc. Class A | 112 | 67 |
* | Consolidated Communications Holdings Inc. | 8,657 | 62 |
Shares | Market Value ($000) | ||
* | NETGEAR Inc. | 1,433 | 38 |
3,011 | |||
Total Common Stocks (Cost $124,706) | 149,664 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
1 | Vanguard Market Liquidity Fund, 0.138% (Cost $295) | 2,950 | 295 |
Total Investments (99.8%) (Cost $125,001) | 149,959 | ||
Other Assets and Liabilities—Net (0.2%) | 242 | ||
Net Assets (100%) | 150,201 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
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 | March 2022 | 20 | 437 | (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 February 28, 2022, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.