Vanguard® U.S. Multifactor Fund
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 (98.7%) | |||
Basic Materials (4.1%) | |||
Freeport-McMoRan Inc. | 9,785 | 459 | |
Nucor Corp. | 1,134 | 149 | |
CF Industries Holdings Inc. | 1,785 | 145 | |
UFP Industries Inc. | 1,477 | 127 | |
Olin Corp. | 2,382 | 123 | |
Southern Copper Corp. | 1,727 | 120 | |
Reliance Steel & Aluminum Co. | 596 | 114 | |
Mosaic Co. | 1,906 | 100 | |
Steel Dynamics Inc. | 1,359 | 96 | |
Commercial Metals Co. | 2,470 | 95 | |
AdvanSix Inc. | 2,026 | 81 | |
Boise Cascade Co. | 954 | 76 | |
Mueller Industries Inc. | 1,160 | 66 | |
Dow Inc. | 1,098 | 65 | |
Timken Co. | 823 | 54 | |
LyondellBasell Industries NV Class A | 371 | 36 | |
Schnitzer Steel Industries Inc. Class A | 633 | 31 | |
Fastenal Co. | 556 | 29 | |
Eastman Chemical Co. | 216 | 26 | |
Element Solutions Inc. | 783 | 19 | |
GrafTech International Ltd. | 1,830 | 18 | |
Valvoline Inc. | 412 | 13 | |
Innospec Inc. | 115 | 11 | |
Haynes International Inc. | 278 | 10 | |
International Paper Co. | 229 | 10 | |
2,073 | |||
Consumer Discretionary (16.5%) | |||
Lowe's Cos. Inc. | 1,904 | 421 | |
Target Corp. | 1,819 | 363 | |
Ford Motor Co. | 16,800 | 295 | |
* | AutoNation Inc. | 1,978 | 227 |
* | O'Reilly Automotive Inc. | 350 | 227 |
eBay Inc. | 3,735 | 204 | |
Scholastic Corp. | 3,910 | 165 | |
Bath & Body Works Inc. | 3,010 | 161 | |
Dick's Sporting Goods Inc. | 1,339 | 141 | |
Interpublic Group of Cos. Inc. | 3,762 | 138 | |
Movado Group Inc. | 3,434 | 135 | |
Dillard's Inc. Class A | 533 | 134 | |
Macy's Inc. | 5,125 | 133 | |
Omnicom Group Inc. | 1,526 | 128 | |
Lennar Corp. Class A | 1,353 | 122 |
Shares | Market Value ($000) | ||
* | Deckers Outdoor Corp. | 412 | 119 |
Walmart Inc. | 873 | 118 | |
* | NVR Inc. | 23 | 114 |
Williams-Sonoma Inc. | 760 | 110 | |
Costco Wholesale Corp. | 210 | 109 | |
* | AutoZone Inc. | 56 | 104 |
Group 1 Automotive Inc. | 537 | 98 | |
Kohl's Corp. | 1,762 | 98 | |
Acushnet Holdings Corp. | 2,169 | 95 | |
Toll Brothers Inc. | 1,705 | 93 | |
Advance Auto Parts Inc. | 450 | 92 | |
LKQ Corp. | 1,936 | 91 | |
PulteGroup Inc. | 1,747 | 87 | |
Cato Corp. Class A | 4,437 | 78 | |
Hanesbrands Inc. | 4,845 | 75 | |
Ethan Allen Interiors Inc. | 2,834 | 74 | |
Matthews International Corp. Class A | 2,219 | 74 | |
Shoe Carnival Inc. | 2,554 | 74 | |
Signet Jewelers Ltd. | 1,052 | 74 | |
AMERCO | 126 | 73 | |
Buckle Inc. | 2,019 | 73 | |
* | BJ's Wholesale Club Holdings Inc. | 1,143 | 72 |
Century Communities Inc. | 1,137 | 72 | |
Genuine Parts Co. | 582 | 71 | |
* | Gentherm Inc. | 825 | 70 |
Whirlpool Corp. | 346 | 70 | |
* | MarineMax Inc. | 1,486 | 68 |
International Game Technology plc | 2,168 | 66 | |
Best Buy Co. Inc. | 646 | 62 | |
Gentex Corp. | 2,058 | 62 | |
Penske Automotive Group Inc. | 629 | 62 | |
* | ODP Corp. | 1,370 | 60 |
Oxford Industries Inc. | 669 | 59 | |
Travel + Leisure Co. | 1,059 | 59 | |
Johnson Outdoors Inc. Class A | 700 | 58 | |
Nexstar Media Group Inc. Class A | 312 | 58 | |
* | TravelCenters of America Inc. | 1,377 | 58 |
Hibbett Inc. | 1,270 | 57 | |
* | Abercrombie & Fitch Co. Class A | 1,464 | 56 |
HNI Corp. | 1,379 | 56 | |
* | Malibu Boats Inc. Class A | 802 | 56 |
Rent-A-Center Inc. | 1,955 | 56 | |
* | Duluth Holdings Inc. Class B | 3,949 | 55 |
* | Asbury Automotive Group Inc. | 275 | 53 |
Tilly's Inc. Class A | 4,136 | 53 | |
* | Academy Sports & Outdoors Inc. | 1,612 | 52 |
* | Conn's Inc. | 2,724 | 50 |
Rush Enterprises Inc. Class A | 954 | 50 | |
Sonic Automotive Inc. Class A | 936 | 50 | |
DR Horton Inc. | 571 | 49 | |
* | Master Craft Boat Holdings Inc. | 1,709 | 49 |
* | Crocs Inc. | 567 | 47 |
* | General Motors Co. | 975 | 46 |
* | Goodyear Tire & Rubber Co. | 2,987 | 46 |
* | Liquidity Services Inc. | 2,609 | 45 |
Standard Motor Products Inc. | 1,037 | 45 | |
* | Zumiez Inc. | 1,019 | 45 |
PVH Corp. | 447 | 44 |
Shares | Market Value ($000) | ||
* | XPEL Inc. | 599 | 44 |
News Corp. Class A | 1,913 | 43 | |
* | Meritage Homes Corp. | 430 | 42 |
Service Corp. International | 691 | 42 | |
* | Skyline Champion Corp. | 626 | 42 |
* | Cavco Industries Inc. | 152 | 41 |
* | Sleep Number Corp. | 590 | 39 |
* | Cars.com Inc. | 2,357 | 38 |
* | Citi Trends Inc. | 1,024 | 38 |
* | RH | 94 | 38 |
Fox Corp. Class A | 876 | 37 | |
Fox Corp. Class B | 974 | 37 | |
Newell Brands Inc. | 1,558 | 37 | |
* | Tri Pointe Homes Inc. | 1,659 | 37 |
Estee Lauder Cos. Inc. Class A | 123 | 36 | |
Dana Inc. | 1,894 | 35 | |
* | GoPro Inc. Class A | 4,069 | 35 |
* | Vera Bradley Inc. | 4,660 | 35 |
Ralph Lauren Corp. Class A | 236 | 31 | |
Haverty Furniture Cos. Inc. | 1,066 | 30 | |
Tapestry Inc. | 733 | 30 | |
John Wiley & Sons Inc. Class A | 588 | 30 | |
H&R Block Inc. | 1,176 | 29 | |
Kontoor Brands Inc. | 581 | 29 | |
Murphy USA Inc. | 155 | 28 | |
* | Central Garden & Pet Co. Class A | 615 | 27 |
* | Turtle Beach Corp. | 1,097 | 26 |
* | YETI Holdings Inc. | 423 | 26 |
Big Lots Inc. | 720 | 25 | |
News Corp. Class B | 1,114 | 25 | |
Polaris Inc. | 205 | 25 | |
Tractor Supply Co. | 125 | 25 | |
* | Perdoceo Education Corp. | 2,326 | 24 |
* | Funko Inc. Class A | 1,312 | 23 |
New York Times Co. Class A | 511 | 23 | |
Garmin Ltd. | 205 | 23 | |
Lithia Motors Inc. Class A | 63 | 21 | |
* | Universal Electronics Inc. | 591 | 20 |
Aaron's Co. Inc. | 924 | 19 | |
* | American Axle & Manufacturing Holdings Inc. | 1,940 | 18 |
* | Lions Gate Entertainment Corp. Class A | 1,159 | 18 |
Inter Parfums Inc. | 173 | 16 | |
Carriage Services Inc. Class A | 303 | 15 | |
PriceSmart Inc. | 190 | 14 | |
* | Helen of Troy Ltd. | 67 | 14 |
Steven Madden Ltd. | 312 | 13 | |
Pool Corp. | 28 | 13 | |
* | Victoria's Secret & Co. | 248 | 13 |
Interface Inc. Class A | 903 | 12 | |
Foot Locker Inc. | 281 | 9 | |
* | Lands' End Inc. | 539 | 9 |
8,403 | |||
Consumer Staples (6.2%) | |||
Ingles Markets Inc. Class A | 5,131 | 422 | |
McKesson Corp. | 1,468 | 404 | |
CVS Health Corp. | 3,502 | 363 | |
Tyson Foods Inc. Class A | 3,162 | 293 | |
Kroger Co. | 5,555 | 260 |
Shares | Market Value ($000) | ||
Altria Group Inc. | 4,464 | 229 | |
SpartanNash Co. | 7,091 | 200 | |
Weis Markets Inc. | 2,322 | 143 | |
Philip Morris International Inc. | 908 | 92 | |
Kraft Heinz Co. | 2,206 | 87 | |
Flowers Foods Inc. | 2,801 | 77 | |
AmerisourceBergen Corp. Class A | 534 | 76 | |
Albertsons Cos. Inc. Class A | 2,339 | 68 | |
Walgreens Boots Alliance Inc. | 1,460 | 67 | |
Casey's General Stores Inc. | 332 | 62 | |
Vector Group Ltd. | 4,828 | 54 | |
* | USANA Health Sciences Inc. | 594 | 52 |
Coca-Cola Consolidated Inc. | 79 | 39 | |
* | Hain Celestial Group Inc. | 982 | 36 |
* | BellRing Brands Inc. Class A | 1,379 | 35 |
Edgewell Personal Care Co. | 591 | 21 | |
* | Sprouts Farmers Market Inc. | 725 | 21 |
J M Smucker Co. | 131 | 18 | |
* | Monster Beverage Corp. | 206 | 17 |
* | Darling Ingredients Inc. | 197 | 14 |
Medifast Inc. | 62 | 12 | |
Fresh Del Monte Produce Inc. | 432 | 11 | |
3,173 | |||
Energy (11.1%) | |||
EOG Resources Inc. | 8,724 | 1,003 | |
ConocoPhillips | 5,554 | 527 | |
Exxon Mobil Corp. | 6,541 | 513 | |
Cheniere Energy Inc. | 2,735 | 363 | |
Oasis Petroleum Inc. | 2,262 | 300 | |
Continental Resources Inc. | 4,770 | 264 | |
Chevron Corp. | 1,533 | 221 | |
Ovintiv Inc. (XNYS) | 4,236 | 194 | |
Northern Oil and Gas Inc. | 7,679 | 193 | |
* | W&T Offshore Inc. | 35,864 | 174 |
Occidental Petroleum Corp. | 3,889 | 170 | |
* | Antero Resources Corp. | 7,131 | 163 |
* | CONSOL Energy Inc. | 5,089 | 156 |
* | Centrus Energy Corp. Class A | 3,024 | 137 |
Diamondback Energy Inc. | 918 | 127 | |
Marathon Oil Corp. | 5,522 | 125 | |
PDC Energy Inc. | 1,887 | 122 | |
Civitas Resources Inc. | 1,887 | 95 | |
Targa Resources Corp. | 1,379 | 90 | |
Murphy Oil Corp. | 2,321 | 80 | |
Magnolia Oil & Gas Corp. Class A | 3,381 | 76 | |
SunCoke Energy Inc. | 9,260 | 73 | |
California Resources Corp. | 1,713 | 71 | |
Devon Energy Corp. | 1,145 | 68 | |
* | Denbury Inc. | 925 | 67 |
Pioneer Natural Resources Co. | 251 | 60 | |
EQT Corp. | 2,541 | 59 | |
* | Comstock Resources Inc. | 5,374 | 45 |
* | Newpark Resources Inc. | 11,483 | 43 |
* | Earthstone Energy Inc. Class A | 2,678 | 35 |
* | Southwestern Energy Co. | 3,208 | 16 |
* | Talos Energy Inc. | 1,000 | 16 |
5,646 |
Shares | Market Value ($000) | ||
Financials (21.3%) | |||
* | Mr Cooper Group Inc. | 10,797 | 549 |
* | Berkshire Hathaway Inc. Class B | 1,470 | 473 |
Aon plc Class A (XNYS) | 1,437 | 420 | |
Wells Fargo & Co. | 7,287 | 389 | |
Goldman Sachs Group Inc. | 1,112 | 379 | |
Bank of New York Mellon Corp. | 7,069 | 376 | |
Bank of America Corp. | 6,425 | 284 | |
Popular Inc. | 2,480 | 228 | |
Jefferies Financial Group Inc. | 6,188 | 220 | |
T Rowe Price Group Inc. | 1,252 | 181 | |
First BanCorp. (XNYS) | 12,671 | 179 | |
HarborOne Bancorp Inc. | 11,630 | 172 | |
Allstate Corp. | 1,352 | 165 | |
SLM Corp. | 8,259 | 163 | |
Ameriprise Financial Inc. | 519 | 156 | |
Hilltop Holdings Inc. | 4,882 | 151 | |
HomeStreet Inc. | 2,579 | 133 | |
* | Credit Acceptance Corp. | 231 | 127 |
Comerica Inc. | 1,295 | 124 | |
KeyCorp | 4,925 | 123 | |
Zions Bancorp NA | 1,738 | 123 | |
Primerica Inc. | 894 | 116 | |
Voya Financial Inc. | 1,724 | 116 | |
* | SVB Financial Group | 187 | 113 |
Virtus Investment Partners Inc. | 464 | 112 | |
Affiliated Managers Group Inc. | 783 | 108 | |
First Citizens BancShares Inc. Class A | 137 | 108 | |
Fidelity National Financial Inc. | 2,246 | 107 | |
Chubb Ltd. | 513 | 104 | |
Hartford Financial Services Group Inc. | 1,457 | 101 | |
First American Financial Corp. | 1,485 | 100 | |
Carlyle Group Inc. | 2,107 | 99 | |
Associated Banc-Corp. | 4,006 | 98 | |
B Riley Financial Inc. | 1,612 | 96 | |
Stifel Financial Corp. | 1,260 | 93 | |
CNO Financial Group Inc. | 3,680 | 89 | |
Travelers Cos. Inc. | 519 | 89 | |
Nelnet Inc. Class A | 1,054 | 85 | |
Equitable Holdings Inc. | 2,592 | 85 | |
Aflac Inc. | 1,349 | 82 | |
* | Axos Financial Inc. | 1,472 | 81 |
Northfield Bancorp Inc. | 5,067 | 80 | |
Byline Bancorp Inc. | 2,774 | 76 | |
Morningstar Inc. | 263 | 74 | |
OFG Bancorp | 2,505 | 71 | |
First Financial Corp. | 1,514 | 70 | |
Hanmi Financial Corp. | 2,664 | 70 | |
Horizon Bancorp Inc. | 3,462 | 69 | |
Independent Bank Corp. | 2,911 | 69 | |
Oppenheimer Holdings Inc. Class A | 1,586 | 68 | |
Park National Corp. | 505 | 68 | |
* | PRA Group Inc. | 1,501 | 67 |
Sandy Spring Bancorp Inc. | 1,427 | 67 | |
Federated Hermes Inc. | 2,007 | 66 | |
Meta Financial Group Inc. | 1,153 | 64 | |
Stewart Information Services Corp. | 942 | 64 | |
Trustmark Corp. | 2,035 | 64 |
Shares | Market Value ($000) | ||
Kearny Financial Corp. | 4,798 | 63 | |
Fifth Third Bancorp | 1,294 | 62 | |
Merchants Bancorp | 2,143 | 62 | |
Preferred Bank | 779 | 61 | |
First Commonwealth Financial Corp. | 3,659 | 59 | |
Piper Sandler Cos. | 397 | 59 | |
BOK Financial Corp. | 567 | 58 | |
Federal Agricultural Mortgage Corp. Class C | 461 | 57 | |
Raymond James Financial Inc. | 517 | 57 | |
* | Enstar Group Ltd. | 201 | 57 |
Hanover Insurance Group Inc. | 398 | 56 | |
Eagle Bancorp Inc. | 925 | 55 | |
First Financial Bancorp | 2,249 | 55 | |
PacWest Bancorp | 1,117 | 55 | |
BancFirst Corp. | 696 | 54 | |
Dime Community Bancshares Inc. | 1,595 | 54 | |
BankUnited Inc. | 1,179 | 52 | |
Hope Bancorp Inc. | 3,065 | 52 | |
Walker & Dunlop Inc. | 373 | 52 | |
Midland States Bancorp Inc. | 1,736 | 51 | |
Northern Trust Corp. | 449 | 51 | |
Evercore Inc. Class A | 394 | 50 | |
Washington Trust Bancorp Inc. | 910 | 49 | |
1st Source Corp. | 999 | 48 | |
JPMorgan Chase & Co. | 335 | 47 | |
Morgan Stanley | 506 | 46 | |
Bank of NT Butterfield & Son Ltd. | 1,190 | 46 | |
Home BancShares Inc. | 1,919 | 45 | |
East West Bancorp Inc. | 487 | 43 | |
Provident Financial Services Inc. | 1,808 | 43 | |
Brookline Bancorp Inc. | 2,481 | 42 | |
ServisFirst Bancshares Inc. | 465 | 41 | |
Washington Federal Inc. | 1,157 | 41 | |
Cincinnati Financial Corp. | 314 | 39 | |
First Bancorp (XNGS) | 856 | 38 | |
Towne Bank | 1,210 | 38 | |
NBT Bancorp Inc. | 908 | 35 | |
City Holding Co. | 430 | 34 | |
Employers Holdings Inc. | 840 | 33 | |
Origin Bancorp Inc. | 712 | 33 | |
QCR Holdings Inc. | 595 | 33 | |
Lakeland Financial Corp. | 396 | 32 | |
PNC Financial Services Group Inc. | 156 | 31 | |
Citizens Financial Group Inc. | 547 | 29 | |
Virtu Financial Inc. Class A | 837 | 29 | |
WSFS Financial Corp. | 519 | 26 | |
Janus Henderson Group plc | 784 | 26 | |
Old National Bancorp | 1,380 | 25 | |
Atlantic Union Bankshares Corp. | 587 | 24 | |
Southside Bancshares Inc. | 584 | 24 | |
TrustCo Bank Corp. NY | 713 | 24 | |
Ameris Bancorp | 474 | 23 | |
Diamond Hill Investment Group Inc. | 121 | 23 | |
* | Columbia Financial Inc. | 1,027 | 22 |
FNB Corp. | 1,557 | 21 | |
Heritage Financial Corp. | 790 | 21 | |
First Hawaiian Inc. | 698 | 20 | |
UMB Financial Corp. | 194 | 20 |
Shares | Market Value ($000) | ||
Artisan Partners Asset Management Inc. Class A | 500 | 19 | |
Cathay General Bancorp | 410 | 19 | |
Central Pacific Financial Corp. | 662 | 19 | |
First Foundation Inc. | 658 | 18 | |
Bank OZK | 356 | 17 | |
Tompkins Financial Corp. | 210 | 17 | |
Banner Corp. | 262 | 16 | |
Houlihan Lokey Inc. Class A | 139 | 14 | |
PennyMac Financial Services Inc. | 219 | 13 | |
OceanFirst Financial Corp. | 531 | 12 | |
Signature Bank | 34 | 12 | |
Regions Financial Corp. | 432 | 10 | |
10,816 | |||
Health Care (10.7%) | |||
* | Regeneron Pharmaceuticals Inc. | 811 | 501 |
Anthem Inc. | 1,048 | 474 | |
HCA Healthcare Inc. | 1,879 | 470 | |
Pfizer Inc. | 9,694 | 455 | |
AbbVie Inc. | 2,319 | 343 | |
Merck & Co. Inc. | 4,215 | 323 | |
UnitedHealth Group Inc. | 465 | 221 | |
Abbott Laboratories | 1,750 | 211 | |
Gilead Sciences Inc. | 3,294 | 199 | |
Eli Lilly & Co. | 712 | 178 | |
Johnson & Johnson | 1,053 | 173 | |
* | Molina Healthcare Inc. | 462 | 142 |
* | Tenet Healthcare Corp. | 1,536 | 132 |
Quest Diagnostics Inc. | 899 | 118 | |
Agilent Technologies Inc. | 845 | 110 | |
Bristol-Myers Squibb Co. | 1,574 | 108 | |
West Pharmaceutical Services Inc. | 265 | 103 | |
* | United Therapeutics Corp. | 593 | 99 |
* | Innoviva Inc. | 4,959 | 95 |
* | Laboratory Corp. of America Holdings | 345 | 94 |
* | Moderna Inc. | 510 | 78 |
* | Natus Medical Inc. | 2,435 | 68 |
* | Medpace Holdings Inc. | 438 | 67 |
Bruker Corp. | 794 | 56 | |
* | Catalyst Pharmaceuticals Inc. | 6,841 | 53 |
* | Henry Schein Inc. | 612 | 53 |
* | DaVita Inc. | 460 | 52 |
* | Community Health Systems Inc. | 4,852 | 51 |
* | CorVel Corp. | 305 | 49 |
* | iTeos Therapeutics Inc. | 1,300 | 47 |
Premier Inc. Class A | 1,151 | 41 | |
* | Corcept Therapeutics Inc. | 1,733 | 39 |
* | Vanda Pharmaceuticals Inc. | 3,469 | 39 |
* | Computer Programs and Systems Inc. | 1,054 | 32 |
* | ModivCare Inc. | 262 | 31 |
* | Quidel Corp. | 256 | 27 |
* | ICU Medical Inc. | 93 | 22 |
* | IDEXX Laboratories Inc. | 36 | 19 |
* | Align Technology Inc. | 35 | 18 |
* | Meridian Bioscience Inc. | 631 | 16 |
* | Acadia Healthcare Co. Inc. | 259 | 15 |
* | Joint Corp. | 319 | 13 |
Shares | Market Value ($000) | ||
* | Eagle Pharmaceuticals Inc. | 209 | 10 |
5,445 | |||
Industrials (14.5%) | |||
American Express Co. | 2,235 | 435 | |
Northrop Grumman Corp. | 590 | 261 | |
Accenture plc Class A | 796 | 252 | |
Johnson Controls International plc | 3,415 | 222 | |
Louisiana-Pacific Corp. | 3,078 | 221 | |
Automatic Data Processing Inc. | 657 | 134 | |
Brunswick Corp. | 1,359 | 130 | |
* | Zebra Technologies Corp. Class A | 298 | 123 |
Eaton Corp. plc | 761 | 117 | |
United Parcel Service Inc. Class B | 513 | 108 | |
Regal Rexnord Corp. | 661 | 106 | |
General Dynamics Corp. | 449 | 105 | |
Ryder System Inc. | 1,333 | 105 | |
Acuity Brands Inc. | 562 | 103 | |
AGCO Corp. | 858 | 103 | |
ManpowerGroup Inc. | 949 | 101 | |
Deere & Co. | 277 | 100 | |
Crown Holdings Inc. | 796 | 98 | |
* | Saia Inc. | 334 | 96 |
* | AMN Healthcare Services Inc. | 863 | 92 |
Emerson Electric Co. | 959 | 89 | |
* | Hub Group Inc. Class A | 1,044 | 88 |
Quanta Services Inc. | 782 | 85 | |
Paychex Inc. | 706 | 84 | |
Caterpillar Inc. | 445 | 83 | |
Encore Wire Corp. | 715 | 83 | |
Sherwin-Williams Co. | 315 | 83 | |
Heidrick & Struggles International Inc. | 1,866 | 80 | |
* | MYR Group Inc. | 896 | 80 |
Kforce Inc. | 1,003 | 75 | |
Genco Shipping & Trading Ltd. | 3,785 | 73 | |
Insteel Industries Inc. | 1,931 | 72 | |
Matson Inc. | 651 | 72 | |
Badger Meter Inc. | 703 | 70 | |
Snap-on Inc. | 334 | 70 | |
Old Dominion Freight Line Inc. | 220 | 69 | |
Robert Half International Inc. | 561 | 68 | |
ArcBest Corp. | 725 | 67 | |
Triton International Ltd. | 1,023 | 67 | |
Cummins Inc. | 324 | 66 | |
Knight-Swift Transportation Holdings Inc. | 1,207 | 66 | |
Textainer Group Holdings Ltd. | 1,852 | 66 | |
* | Generac Holdings Inc. | 206 | 65 |
Marten Transport Ltd. | 3,756 | 65 | |
EMCOR Group Inc. | 529 | 61 | |
Owens Corning | 649 | 61 | |
* | United Rentals Inc. | 189 | 61 |
* | ExlService Holdings Inc. | 496 | 60 |
Simpson Manufacturing Co. Inc. | 508 | 60 | |
ITT Inc. | 645 | 57 | |
JB Hunt Transport Services Inc. | 271 | 55 | |
Watts Water Technologies Inc. Class A | 380 | 55 | |
* | Beacon Roofing Supply Inc. | 902 | 54 |
* | Trex Co. Inc. | 584 | 54 |
Advanced Drainage Systems Inc. | 457 | 53 |
Shares | Market Value ($000) | ||
Quanex Building Products Corp. | 2,298 | 53 | |
* | TriNet Group Inc. | 608 | 53 |
* | Sterling Construction Co. Inc. | 1,731 | 51 |
* | CoreCivic Inc. | 5,469 | 50 |
Hubbell Inc. Class B | 270 | 48 | |
Apogee Enterprises Inc. | 1,051 | 47 | |
Landstar System Inc. | 301 | 47 | |
WW Grainger Inc. | 94 | 45 | |
Crane Co. | 439 | 44 | |
* | Cross Country Healthcare Inc. | 1,962 | 44 |
Franklin Electric Co. Inc. | 516 | 44 | |
Kadant Inc. | 215 | 42 | |
* | API Group Corp. | 1,965 | 42 |
* | Safe Bulkers Inc. | 9,937 | 42 |
REV Group Inc. | 3,044 | 41 | |
* | Middleby Corp. | 227 | 40 |
* | Napco Security Technologies Inc. | 1,971 | 40 |
* | Titan Machinery Inc. | 1,423 | 40 |
Packaging Corp. of America | 264 | 39 | |
* | TrueBlue Inc. | 1,425 | 39 |
Granite Construction Inc. | 1,257 | 38 | |
Resources Connection Inc. | 2,309 | 38 | |
* | Masonite International Corp. | 380 | 36 |
Watsco Inc. | 132 | 36 | |
Graphic Packaging Holding Co. | 1,693 | 35 | |
Costamare Inc. | 2,586 | 35 | |
Werner Enterprises Inc. | 789 | 34 | |
Zurn Water Solutions Corp. | 1,036 | 34 | |
* | Modine Manufacturing Co. | 3,178 | 32 |
* | Berry Global Group Inc. | 510 | 31 |
Shyft Group Inc. | 771 | 31 | |
CRA International Inc. | 342 | 30 | |
nVent Electric plc | 876 | 30 | |
* | Forrester Research Inc. | 553 | 29 |
* | Franklin Covey Co. | 594 | 27 |
Textron Inc. | 373 | 27 | |
* | Atlas Air Worldwide Holdings Inc. | 335 | 26 |
Ennis Inc. | 1,394 | 26 | |
* | MasTec Inc. | 326 | 26 |
Astec Industries Inc. | 493 | 25 | |
Primoris Services Corp. | 950 | 25 | |
Valmont Industries Inc. | 115 | 25 | |
AAON Inc. | 424 | 25 | |
EVERTEC Inc. | 588 | 24 | |
* | ASGN Inc. | 214 | 24 |
* | GXO Logistics Inc. | 284 | 24 |
Eagle Materials Inc. | 169 | 23 | |
Greif Inc. Class A | 380 | 22 | |
Argan Inc. | 544 | 21 | |
* | FTI Consulting Inc. | 146 | 21 |
* | XPO Logistics Inc. | 284 | 21 |
* | Construction Partners Inc. Class A | 762 | 20 |
Myers Industries Inc. | 1,162 | 19 | |
ABM Industries Inc. | 403 | 18 | |
Sonoco Products Co. | 276 | 16 | |
* | Atkore Inc. | 151 | 15 |
ADT Inc. | 2,004 | 15 | |
* | Mohawk Industries Inc. | 102 | 14 |
Shares | Market Value ($000) | ||
Comfort Systems USA Inc. | 150 | 13 | |
McGrath RentCorp. | 153 | 12 | |
Patrick Industries Inc. | 164 | 12 | |
UniFirst Corp. | 61 | 11 | |
Trane Technologies plc | 73 | 11 | |
* | SPX Corp. | 192 | 10 |
* | American Woodmark Corp. | 176 | 9 |
7,396 | |||
Real Estate (0.1%) | |||
St. Joe Co. | 779 | 42 | |
* | Jones Lang LaSalle Inc. | 72 | 18 |
60 | |||
Technology (12.3%) | |||
* | Alphabet Inc. Class A | 250 | 675 |
* | Alphabet Inc. Class C | 149 | 402 |
Applied Materials Inc. | 2,937 | 394 | |
Oracle Corp. | 4,679 | 355 | |
KLA Corp. | 847 | 295 | |
Broadcom Inc. | 442 | 260 | |
* | Advanced Micro Devices Inc. | 2,095 | 258 |
Micron Technology Inc. | 2,629 | 234 | |
HP Inc. | 6,029 | 207 | |
NortonLifeLock Inc. | 6,095 | 177 | |
Concentrix Corp. | 759 | 152 | |
QUALCOMM Inc. | 801 | 138 | |
* | Teradata Corp. | 2,653 | 133 |
Intel Corp. | 2,767 | 132 | |
Cognizant Technology Solutions Corp. Class A | 1,510 | 130 | |
Amdocs Ltd. | 1,573 | 124 | |
Dell Technologies Inc. Class C | 2,398 | 122 | |
Texas Instruments Inc. | 713 | 121 | |
Jabil Inc. | 1,583 | 91 | |
* | Arrow Electronics Inc. | 739 | 90 |
* | Synaptics Inc. | 389 | 89 |
Amkor Technology Inc. | 3,702 | 84 | |
* | Avid Technology Inc. | 2,434 | 77 |
NetApp Inc. | 955 | 75 | |
CSG Systems International Inc. | 1,207 | 74 | |
Seagate Technology Holdings plc | 700 | 72 | |
* | Axcelis Technologies Inc. | 1,009 | 70 |
* | Gartner Inc. | 232 | 65 |
Kulicke & Soffa Industries Inc. | 1,178 | 62 | |
* | PDF Solutions Inc. | 2,025 | 55 |
* | Meta Platforms Inc. Class A | 255 | 54 |
TD SYNNEX Corp. | 494 | 50 | |
Xperi Holding Corp. | 2,902 | 50 | |
TE Connectivity Ltd. | 342 | 49 | |
* | Rambus Inc. | 1,780 | 48 |
International Business Machines Corp. | 375 | 46 | |
Hackett Group Inc. | 2,074 | 43 | |
* | TechTarget Inc. | 534 | 42 |
American Software Inc. Class A | 1,828 | 40 | |
* | Cirrus Logic Inc. | 460 | 40 |
Shutterstock Inc. | 392 | 35 | |
Methode Electronics Inc. | 734 | 33 | |
Lam Research Corp. | 56 | 31 | |
* | Fortinet Inc. | 83 | 29 |
Shares | Market Value ($000) | ||
* | Sanmina Corp. | 735 | 29 |
A10 Networks Inc. | 1,932 | 27 | |
* | NetScout Systems Inc. | 875 | 27 |
* | ePlus Inc. | 558 | 26 |
* | Manhattan Associates Inc. | 192 | 26 |
Hewlett Packard Enterprise Co. | 1,530 | 24 | |
* | Box Inc. Class A | 895 | 23 |
* | Ziff Davis Inc. | 224 | 23 |
* | Diodes Inc. | 244 | 22 |
VMware Inc. Class A | 186 | 22 | |
* | SMART Global Holdings Inc. | 788 | 22 |
* | F5 Inc. | 104 | 21 |
* | Lattice Semiconductor Corp. | 339 | 21 |
* | Photronics Inc. | 1,132 | 21 |
* | Plexus Corp. | 250 | 20 |
* | Qualys Inc. | 156 | 20 |
* | EMCORE Corp. | 4,859 | 19 |
* | Onto Innovation Inc. | 205 | 18 |
* | NCR Corp. | 425 | 17 |
Vertiv Holdings Co. Class A | 1,209 | 16 | |
CTS Corp. | 387 | 15 | |
6,262 | |||
Telecommunications (1.9%) | |||
Cisco Systems Inc. | 6,462 | 360 | |
Lumen Technologies Inc. | 10,821 | 112 | |
Motorola Solutions Inc. | 360 | 79 | |
* | WideOpenWest Inc. | 3,968 | 68 |
* | Arista Networks Inc. | 388 | 48 |
Juniper Networks Inc. | 1,395 | 47 | |
* | Digi International Inc. | 2,249 | 45 |
* | Harmonic Inc. | 4,555 | 43 |
* | Calix Inc. | 678 | 37 |
* | Consolidated Communications Holdings Inc. | 5,231 | 37 |
* | Lumentum Holdings Inc. | 371 | 37 |
* | Ciena Corp. | 501 | 34 |
* | NETGEAR Inc. | 870 | 23 |
970 | |||
Utilities (0.0%) | |||
* | Evoqua Water Technologies Corp. | 428 | 18 |
Total Common Stocks (Cost $40,490) | 50,262 | ||
Temporary Cash Investments (1.1%) | |||
Money Market Fund (1.1%) | |||
1 | Vanguard Market Liquidity Fund 0.138% (Cost $538) | 5,378 | 538 |
Total Investments (99.8%) (Cost $41,028) | 50,800 | ||
Other Assets and Liabilities—Net (0.2%) | 99 | ||
Net Assets (100%) | 50,899 | ||
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 | 29 | 633 | (9) |
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.