Vanguard® U.S. Multifactor ETF
Schedule of Investments (unaudited)
As of February 28, 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 (5.2%) | |||
Freeport-McMoRan Inc. | 29,182 | 1,196 | |
Steel Dynamics Inc. | 5,314 | 670 | |
Reliance Steel & Aluminum Co. | 2,610 | 647 | |
UFP Industries Inc. | 6,307 | 539 | |
Nucor Corp. | 3,161 | 529 | |
CF Industries Holdings Inc. | 5,600 | 481 | |
Olin Corp. | 8,052 | 465 | |
Mosaic Co. | 8,350 | 444 | |
Albemarle Corp. | 1,546 | 393 | |
Commercial Metals Co. | 7,281 | 377 | |
* | Univar Solutions Inc. | 10,111 | 351 |
Boise Cascade Co. | 4,966 | 343 | |
Dow Inc. | 5,788 | 331 | |
Olympic Steel Inc. | 6,029 | 317 | |
Chemours Co. | 8,962 | 306 | |
LyondellBasell Industries NV Class A | 3,139 | 301 | |
Mueller Industries Inc. | 3,788 | 280 | |
AdvanSix Inc. | 6,715 | 276 | |
Southern Copper Corp. | 3,712 | 274 | |
Westlake Corp. | 2,161 | 258 | |
* | Clearwater Paper Corp. | 5,702 | 220 |
Huntsman Corp. | 7,480 | 220 | |
* | US Silica Holdings Inc. | 14,808 | 180 |
Cabot Corp. | 1,800 | 143 | |
Timken Co. | 1,636 | 140 | |
Alcoa Corp. | 2,487 | 122 | |
US Steel Corp. | 3,434 | 105 | |
Materion Corp. | 697 | 78 | |
American Vanguard Corp. | 3,699 | 77 | |
Fastenal Co. | 944 | 49 | |
10,112 | |||
Consumer Discretionary (17.2%) | |||
* | Booking Holdings Inc. | 434 | 1,095 |
* | Capri Holdings Ltd. | 20,487 | 1,016 |
* | AutoZone Inc. | 405 | 1,007 |
H&R Block Inc. | 27,257 | 1,003 | |
Lowe's Cos. Inc. | 4,231 | 871 | |
* | O'Reilly Automotive Inc. | 1,040 | 863 |
PVH Corp. | 9,348 | 750 | |
* | American Airlines Group Inc. | 46,668 | 746 |
Scholastic Corp. | 13,395 | 611 | |
Tapestry Inc. | 12,777 | 556 |
Shares | Market Value ($000) | ||
Academy Sports & Outdoors Inc. | 9,234 | 546 | |
Lennar Corp. Class A | 5,299 | 513 | |
Dick's Sporting Goods Inc. | 3,872 | 498 | |
1 | Dillard's Inc. Class A | 1,392 | 496 |
* | AutoNation Inc. | 3,520 | 481 |
Tempur Sealy International Inc. | 11,227 | 480 | |
* | Brinker International Inc. | 11,490 | 437 |
LKQ Corp. | 7,514 | 430 | |
* | Perdoceo Education Corp. | 30,470 | 420 |
Omnicom Group Inc. | 4,395 | 398 | |
* | Crocs Inc. | 3,232 | 393 |
* | Green Brick Partners Inc. | 12,530 | 391 |
Ethan Allen Interiors Inc. | 13,010 | 384 | |
Genuine Parts Co. | 2,151 | 380 | |
Hibbett Inc. | 5,244 | 377 | |
Macy's Inc. | 18,379 | 376 | |
PulteGroup Inc. | 6,759 | 370 | |
DR Horton Inc. | 3,979 | 368 | |
* | Deckers Outdoor Corp. | 880 | 366 |
Boyd Gaming Corp. | 5,605 | 365 | |
* | Cars.com Inc. | 18,649 | 358 |
Oxford Industries Inc. | 3,007 | 354 | |
* | United Airlines Holdings Inc. | 6,763 | 351 |
Thor Industries Inc. | 3,800 | 346 | |
TJX Cos. Inc. | 4,471 | 343 | |
Ralph Lauren Corp. Class A | 2,862 | 338 | |
* | SeaWorld Entertainment Inc. | 5,145 | 332 |
* | American Axle & Manufacturing Holdings Inc. | 35,703 | 314 |
Nexstar Media Group Inc. Class A | 1,688 | 314 | |
Signet Jewelers Ltd. | 4,344 | 311 | |
Harley-Davidson Inc. | 6,170 | 293 | |
Haverty Furniture Cos. Inc. | 7,644 | 289 | |
* | M/I Homes Inc. | 4,987 | 288 |
Movado Group Inc. | 8,288 | 287 | |
Travel + Leisure Co. | 6,792 | 285 | |
* | Chico's FAS Inc. | 49,406 | 284 |
Murphy USA Inc. | 1,094 | 279 | |
* | Adient plc | 6,509 | 278 |
Lennar Corp. Class B | 3,331 | 272 | |
* | NVR Inc. | 51 | 264 |
Penske Automotive Group Inc. | 1,814 | 262 | |
Winnebago Industries Inc. | 4,101 | 261 | |
Dana Inc. | 16,208 | 257 | |
* | Urban Outfitters Inc. | 9,539 | 257 |
Dine Brands Global Inc. | 3,290 | 252 | |
BorgWarner Inc. (XNYS) | 4,986 | 251 | |
Interpublic Group of Cos. Inc. | 7,028 | 250 | |
Rush Enterprises Inc. Class A | 4,370 | 248 | |
* | Bowlero Corp. | 16,057 | 247 |
* | Skyline Champion Corp. | 3,553 | 243 |
* | BJ's Wholesale Club Holdings Inc. | 3,350 | 241 |
International Game Technology plc | 8,864 | 235 | |
Monarch Casino & Resort Inc. | 3,173 | 234 | |
* | Asbury Automotive Group Inc. | 1,022 | 232 |
Service Corp. International | 3,393 | 229 | |
* | Taylor Morrison Home Corp. Class A | 6,185 | 222 |
Fox Corp. Class A | 6,324 | 221 | |
* | ODP Corp. | 4,734 | 214 |
Shares | Market Value ($000) | ||
* | Cavco Industries Inc. | 695 | 198 |
* | Master Craft Boat Holdings Inc. | 5,782 | 195 |
1 | Guess? Inc. | 9,194 | 193 |
Group 1 Automotive Inc. | 865 | 191 | |
* | Meritage Homes Corp. | 1,736 | 190 |
Bath & Body Works Inc. | 4,655 | 190 | |
Entravision Communications Corp. Class A | 28,838 | 189 | |
* | Dave & Buster's Entertainment Inc. | 4,526 | 181 |
Williams-Sonoma Inc. | 1,430 | 179 | |
Buckle Inc. | 3,682 | 150 | |
Sonic Automotive Inc. Class A | 2,634 | 150 | |
Acushnet Holdings Corp. | 2,997 | 145 | |
Jack in the Box Inc. | 1,821 | 143 | |
eBay Inc. | 3,066 | 141 | |
Best Buy Co. Inc. | 1,626 | 135 | |
* | elf Beauty Inc. | 1,805 | 135 |
La-Z-Boy Inc. | 4,038 | 131 | |
Rollins Inc. | 3,727 | 131 | |
* | Mattel Inc. | 7,250 | 130 |
Upbound Group Inc. | 4,782 | 128 | |
Century Communities Inc. | 2,066 | 124 | |
Gentex Corp. | 4,311 | 123 | |
Foot Locker Inc. | 2,716 | 119 | |
* | Ulta Beauty Inc. | 230 | 119 |
* | Knowles Corp. | 6,977 | 118 |
* | Visteon Corp. | 709 | 118 |
Strategic Education Inc. | 1,370 | 117 | |
U-Haul Holding Co. (XNYS) | 1,805 | 116 | |
1 | Nordstrom Inc. | 5,956 | 116 |
* | MarineMax Inc. | 3,358 | 113 |
Bloomin' Brands Inc. | 3,939 | 103 | |
* | Malibu Boats Inc. Class A | 1,597 | 95 |
* | Thryv Holdings Inc. | 3,978 | 95 |
* | Stride Inc. | 2,101 | 89 |
Ford Motor Co. | 7,262 | 88 | |
Shoe Carnival Inc. | 3,339 | 88 | |
Matthews International Corp. Class A | 2,176 | 83 | |
Whirlpool Corp. | 604 | 83 | |
* | Adtalem Global Education Inc. | 2,106 | 82 |
Kontoor Brands Inc. | 1,524 | 79 | |
News Corp. Class B | 4,351 | 75 | |
* | Golden Entertainment Inc. | 1,809 | 74 |
HNI Corp. | 2,378 | 74 | |
A-Mark Precious Metals Inc. | 2,480 | 73 | |
Caleres Inc. | 2,746 | 72 | |
* | Genesco Inc. | 1,549 | 70 |
Cato Corp. Class A | 6,681 | 62 | |
John Wiley & Sons Inc. Class A | 1,173 | 52 | |
* | Tri Pointe Homes Inc. | 2,041 | 49 |
* | Copart Inc. | 618 | 44 |
Interface Inc. Class A | 4,943 | 44 | |
News Corp. Class A | 2,446 | 42 | |
Advance Auto Parts Inc. | 248 | 36 | |
33,583 | |||
Consumer Staples (6.4%) | |||
Altria Group Inc. | 37,558 | 1,744 | |
McKesson Corp. | 4,015 | 1,404 | |
Philip Morris International Inc. | 11,756 | 1,144 |
Shares | Market Value ($000) | ||
Kimberly-Clark Corp. | 7,154 | 895 | |
CVS Health Corp. | 8,945 | 747 | |
Kroger Co. | 14,762 | 637 | |
Vector Group Ltd. | 47,001 | 624 | |
Weis Markets Inc. | 7,309 | 559 | |
Ingles Markets Inc. Class A | 6,159 | 551 | |
Archer-Daniels-Midland Co. | 6,762 | 538 | |
SpartanNash Co. | 20,093 | 538 | |
General Mills Inc. | 5,383 | 428 | |
* | Performance Food Group Co. | 5,529 | 313 |
Nu Skin Enterprises Inc. Class A | 6,941 | 276 | |
Kellogg Co. | 3,923 | 259 | |
Molson Coors Beverage Co. Class B | 4,841 | 257 | |
Flowers Foods Inc. | 8,967 | 250 | |
Coca-Cola Consolidated Inc. | 393 | 219 | |
Cal-Maine Foods Inc. | 3,780 | 215 | |
PepsiCo Inc. | 1,132 | 196 | |
AmerisourceBergen Corp. | 845 | 131 | |
Kraft Heinz Co. | 3,256 | 127 | |
* | Sprouts Farmers Market Inc. | 2,571 | 78 |
* | Pilgrim's Pride Corp. | 3,222 | 75 |
Campbell Soup Co. | 1,368 | 72 | |
Casey's General Stores Inc. | 326 | 68 | |
Edgewell Personal Care Co. | 1,488 | 63 | |
John B Sanfilippo & Son Inc. | 535 | 48 | |
12,456 | |||
Energy (15.8%) | |||
Exxon Mobil Corp. | 18,206 | 2,001 | |
Chevron Corp. | 10,802 | 1,737 | |
EOG Resources Inc. | 12,403 | 1,402 | |
Marathon Petroleum Corp. | 10,925 | 1,350 | |
Valero Energy Corp. | 9,932 | 1,308 | |
ConocoPhillips | 12,144 | 1,255 | |
Pioneer Natural Resources Co. | 5,523 | 1,107 | |
Occidental Petroleum Corp. | 17,074 | 1,000 | |
Devon Energy Corp. | 14,541 | 784 | |
Cheniere Energy Inc. | 4,924 | 775 | |
Phillips 66 | 5,984 | 614 | |
Marathon Oil Corp. | 23,649 | 595 | |
Civitas Resources Inc. | 7,903 | 555 | |
Northern Oil and Gas Inc. | 15,961 | 495 | |
Schlumberger Ltd. | 9,022 | 480 | |
ChampionX Corp. | 15,026 | 459 | |
* | Helix Energy Solutions Group Inc. | 54,286 | 449 |
SunCoke Energy Inc. | 46,914 | 446 | |
Texas Pacific Land Corp. | 242 | 431 | |
CONSOL Energy Inc. | 7,697 | 421 | |
Diamondback Energy Inc. | 2,992 | 421 | |
* | Denbury Inc. | 4,904 | 409 |
Helmerich & Payne Inc. | 9,693 | 408 | |
PDC Energy Inc. | 5,916 | 397 | |
* | Par Pacific Holdings Inc. | 13,296 | 369 |
Chord Energy Corp. | 2,664 | 359 | |
* | W&T Offshore Inc. | 63,436 | 356 |
California Resources Corp. | 8,446 | 356 | |
Patterson-UTI Energy Inc. | 25,845 | 354 | |
Murphy Oil Corp. | 8,947 | 349 | |
Matador Resources Co. | 6,425 | 346 |
Shares | Market Value ($000) | ||
CVR Energy Inc. | 10,738 | 341 | |
Targa Resources Corp. | 4,533 | 336 | |
APA Corp. | 8,768 | 336 | |
EQT Corp. | 9,942 | 330 | |
HF Sinclair Corp. | 6,606 | 328 | |
* | NOW Inc. | 25,093 | 322 |
Warrior Met Coal Inc. | 8,162 | 312 | |
Sitio Royalties Corp. Class A | 12,861 | 302 | |
* | Weatherford International plc | 4,304 | 287 |
Arch Resources Inc. | 1,778 | 280 | |
RPC Inc. | 31,423 | 276 | |
* | ProPetro Holding Corp. | 31,075 | 274 |
* | Antero Resources Corp. | 9,970 | 261 |
Liberty Energy Inc. Class A | 16,787 | 256 | |
* | Southwestern Energy Co. | 48,377 | 256 |
* | Oil States International Inc. | 27,955 | 255 |
* | MRC Global Inc. | 22,155 | 248 |
Delek US Holdings Inc. | 9,334 | 235 | |
Range Resources Corp. | 8,468 | 228 | |
PBF Energy Inc. Class A | 5,161 | 226 | |
* | NexTier Oilfield Solutions Inc. | 24,680 | 225 |
*,1 | Earthstone Energy Inc. Class A | 15,716 | 219 |
* | Kosmos Energy Ltd. | 27,545 | 217 |
* | Talos Energy Inc. | 11,348 | 202 |
VAALCO Energy Inc. | 41,090 | 193 | |
Ovintiv Inc. (XNYS) | 4,446 | 190 | |
* | SandRidge Energy Inc. | 12,278 | 179 |
Coterra Energy Inc. | 6,911 | 173 | |
Permian resources Corp. Class A | 14,713 | 159 | |
SM Energy Co. | 5,320 | 157 | |
Comstock Resources Inc. | 12,816 | 156 | |
Antero Midstream Corp. | 14,477 | 153 | |
* | REX American Resources Corp. | 4,493 | 148 |
* | Expro Group Holdings NV | 6,377 | 145 |
* | Oceaneering International Inc. | 6,799 | 142 |
Magnolia Oil & Gas Corp. Class A | 5,907 | 129 | |
* | Golar LNG Ltd. | 5,265 | 120 |
* | Noble Corp. plc | 2,789 | 116 |
Berry Corp. | 11,528 | 109 | |
Select Energy Services Inc. Class A | 12,369 | 92 | |
1 | Kinetik Holdings Inc. Class A | 2,950 | 88 |
* | Newpark Resources Inc. | 10,149 | 45 |
Hess Corp. | 296 | 40 | |
* | Vitesse Energy Inc. | 1 | — |
30,874 | |||
Financials (15.6%) | |||
Bank of New York Mellon Corp. | 21,224 | 1,080 | |
American International Group Inc. | 16,874 | 1,031 | |
MetLife Inc. | 13,364 | 959 | |
Morgan Stanley | 8,643 | 834 | |
Aon plc Class A (XNYS) | 2,689 | 818 | |
CNO Financial Group Inc. | 25,177 | 645 | |
Unum Group | 14,103 | 628 | |
* | PRA Group Inc. | 14,155 | 602 |
First Financial Corp. | 13,152 | 578 | |
Travelers Cos. Inc. | 3,065 | 567 | |
Associated Banc-Corp. | 20,268 | 469 | |
First Financial Bancorp | 18,400 | 453 |
Shares | Market Value ($000) | ||
Fidelity National Financial Inc. | 11,143 | 444 | |
First Commonwealth Financial Corp. | 27,408 | 439 | |
Jefferies Financial Group Inc. | 11,544 | 436 | |
MGIC Investment Corp. | 31,089 | 428 | |
First BanCorp (XNYS) | 27,962 | 406 | |
Hartford Financial Services Group Inc. | 5,053 | 396 | |
Allstate Corp. | 3,069 | 395 | |
* | Enstar Group Ltd. | 1,614 | 395 |
OFG Bancorp | 12,903 | 393 | |
Voya Financial Inc. | 5,219 | 389 | |
Ameriprise Financial Inc. | 1,120 | 384 | |
Principal Financial Group Inc. | 4,256 | 381 | |
City Holding Co. | 3,673 | 361 | |
State Street Corp. | 3,986 | 353 | |
* | Mr Cooper Group Inc. | 7,176 | 333 |
Northwest Bancshares Inc. | 23,620 | 326 | |
Radian Group Inc. | 15,273 | 326 | |
Popular Inc. | 4,527 | 323 | |
Wells Fargo & Co. | 6,826 | 319 | |
HarborOne Bancorp Inc. | 23,059 | 315 | |
Central Pacific Financial Corp. | 13,978 | 314 | |
CNA Financial Corp. | 6,822 | 299 | |
* | Encore Capital Group Inc. | 5,664 | 293 |
Navient Corp. | 16,036 | 289 | |
Aflac Inc. | 4,226 | 288 | |
WesBanco Inc. | 7,879 | 285 | |
Nelnet Inc. Class A | 3,030 | 284 | |
Discover Financial Services | 2,517 | 282 | |
SLM Corp. | 19,568 | 281 | |
Hope Bancorp Inc. | 21,877 | 280 | |
Dime Community Bancshares Inc. | 8,934 | 274 | |
White Mountains Insurance Group Ltd. | 187 | 270 | |
Equitable Holdings Inc. | 8,480 | 266 | |
BOK Financial Corp. | 2,510 | 263 | |
HomeStreet Inc. | 10,433 | 263 | |
Comerica Inc. | 3,744 | 262 | |
Oppenheimer Holdings Inc. Class A | 5,912 | 261 | |
Byline Bancorp Inc. | 10,460 | 258 | |
Provident Financial Services Inc. | 10,847 | 253 | |
Heritage Financial Corp. | 8,954 | 250 | |
PennyMac Financial Services Inc. | 4,071 | 246 | |
Washington Federal Inc. | 7,016 | 246 | |
NBT Bancorp Inc. | 6,001 | 244 | |
Kearny Financial Corp. | 23,313 | 234 | |
Employers Holdings Inc. | 5,106 | 227 | |
International Bancshares Corp. | 4,645 | 225 | |
Amalgamated Financial Corp. | 9,419 | 222 | |
Federal Agricultural Mortgage Corp. Class C | 1,523 | 216 | |
Hanmi Financial Corp. | 9,038 | 213 | |
RLI Corp. | 1,519 | 210 | |
Assured Guaranty Ltd. | 3,295 | 206 | |
Bank of NT Butterfield & Son Ltd. | 5,711 | 206 | |
First American Financial Corp. | 3,603 | 205 | |
Houlihan Lokey Inc. Class A | 2,138 | 205 | |
LPL Financial Holdings Inc. | 805 | 201 | |
Great Southern Bancorp Inc. | 3,439 | 200 | |
Midland States Bancorp Inc. | 7,602 | 198 | |
Piper Sandler Cos. | 1,311 | 198 |
Shares | Market Value ($000) | ||
* | Credit Acceptance Corp. | 438 | 195 |
Flushing Financial Corp. | 9,594 | 187 | |
Primerica Inc. | 974 | 187 | |
Cathay General Bancorp | 4,315 | 185 | |
QCR Holdings Inc. | 3,341 | 179 | |
Federated Hermes Inc. | 4,406 | 173 | |
Southside Bancshares Inc. | 4,519 | 173 | |
* | NMI Holdings Inc. Class A | 7,372 | 172 |
Chubb Ltd. | 779 | 164 | |
Safety Insurance Group Inc. | 1,995 | 161 | |
Commerce Bancshares Inc. | 2,334 | 154 | |
American Equity Investment Life Holding Co. | 3,621 | 151 | |
RenaissanceRe Holdings Ltd. | 704 | 151 | |
S&T Bancorp Inc. | 3,977 | 148 | |
Northfield Bancorp Inc. | 9,782 | 144 | |
TrustCo Bank Corp. NY | 3,526 | 132 | |
Hancock Whitney Corp. | 2,533 | 124 | |
Affiliated Managers Group Inc. | 728 | 116 | |
Globe Life Inc. | 930 | 113 | |
Zions Bancorp NA | 2,232 | 113 | |
1st Source Corp. | 2,198 | 110 | |
Preferred Bank | 1,521 | 107 | |
OceanFirst Financial Corp. | 4,121 | 98 | |
OneMain Holdings Inc. | 2,267 | 98 | |
Enact Holdings Inc. | 4,032 | 98 | |
Essent Group Ltd. | 2,258 | 97 | |
Reinsurance Group of America Inc. | 624 | 90 | |
UMB Financial Corp. | 984 | 89 | |
Berkshire Hills Bancorp Inc. | 2,915 | 85 | |
Park National Corp. | 614 | 78 | |
ServisFirst Bancshares Inc. | 1,057 | 78 | |
Trustmark Corp. | 2,483 | 73 | |
FNB Corp. | 4,663 | 67 | |
Ally Financial Inc. | 2,159 | 65 | |
BankUnited Inc. | 1,743 | 62 | |
Origin Bancorp Inc. | 1,647 | 62 | |
Banner Corp. | 973 | 61 | |
* | Arch Capital Group Ltd. | 793 | 56 |
Virtus Investment Partners Inc. | 257 | 54 | |
* | Avantax Inc. | 1,752 | 50 |
Washington Trust Bancorp Inc. | 1,190 | 50 | |
Franklin Resources Inc. | 1,618 | 48 | |
Stewart Information Services Corp. | 990 | 42 | |
Fulton Financial Corp. | 2,327 | 40 | |
30,503 | |||
Health Care (11.9%) | |||
Bristol-Myers Squibb Co. | 25,355 | 1,748 | |
* | Regeneron Pharmaceuticals Inc. | 2,108 | 1,603 |
Pfizer Inc. | 36,426 | 1,478 | |
AbbVie Inc. | 8,401 | 1,293 | |
Cigna Group | 4,159 | 1,215 | |
Humana Inc. | 2,402 | 1,189 | |
Gilead Sciences Inc. | 14,584 | 1,174 | |
Elevance Health Inc. | 2,302 | 1,081 | |
* | Vertex Pharmaceuticals Inc. | 2,978 | 864 |
Merck & Co. Inc. | 7,803 | 829 | |
* | Moderna Inc. | 5,779 | 802 |
Amgen Inc. | 3,190 | 739 |
Shares | Market Value ($000) | ||
HCA Healthcare Inc. | 2,934 | 714 | |
* | Hologic Inc. | 7,880 | 628 |
UnitedHealth Group Inc. | 1,282 | 610 | |
* | Lantheus Holdings Inc. | 8,006 | 592 |
* | Centene Corp. | 7,996 | 547 |
Johnson & Johnson | 3,555 | 545 | |
Cardinal Health Inc. | 6,486 | 491 | |
* | Catalyst Pharmaceuticals Inc. | 27,334 | 417 |
* | Molina Healthcare Inc. | 1,402 | 386 |
* | Medpace Holdings Inc. | 1,761 | 341 |
Organon & Co. | 13,789 | 338 | |
* | Biogen Inc. | 1,183 | 319 |
Quest Diagnostics Inc. | 2,245 | 311 | |
Eli Lilly & Co. | 976 | 304 | |
Premier Inc. Class A | 9,001 | 290 | |
* | Haemonetics Corp. | 3,075 | 239 |
* | United Therapeutics Corp. | 811 | 199 |
* | QuidelOrtho Corp. | 2,081 | 181 |
* | CorVel Corp. | 773 | 139 |
* | AbCellera Biologics Inc. | 16,169 | 136 |
* | Hims & Hers Health Inc. | 12,034 | 136 |
1 | SIGA Technologies Inc. | 19,203 | 132 |
* | NextGen Healthcare Inc. | 5,998 | 109 |
Laboratory Corp. of America Holdings | 452 | 108 | |
* | Harmony Biosciences Holdings Inc. | 2,405 | 106 |
Chemed Corp. | 195 | 102 | |
* | Amphastar Pharmaceuticals Inc. | 2,975 | 95 |
* | Jazz Pharmaceuticals plc | 620 | 87 |
Patterson Cos. Inc. | 2,762 | 73 | |
* | HealthStream Inc. | 2,717 | 70 |
* | Corcept Therapeutics Inc. | 3,026 | 63 |
* | Zynex Inc. | 4,853 | 63 |
* | Shockwave Medical Inc. | 315 | 60 |
* | Henry Schein Inc. | 653 | 51 |
* | iTeos Therapeutics Inc. | 2,598 | 46 |
* | Computer Programs and Systems Inc. | 1,438 | 43 |
Abbott Laboratories | 404 | 41 | |
23,127 | |||
Industrials (16.4%) | |||
American Express Co. | 5,409 | 941 | |
Caterpillar Inc. | 3,643 | 873 | |
* | Atkore Inc. | 4,843 | 707 |
* | Modine Manufacturing Co. | 28,695 | 700 |
* | Builders FirstSource Inc. | 8,046 | 682 |
Encore Wire Corp. | 3,236 | 625 | |
United Rentals Inc. | 1,317 | 617 | |
Lockheed Martin Corp. | 1,181 | 560 | |
International Seaways Inc. | 10,237 | 527 | |
* | WESCO International Inc. | 2,908 | 482 |
Griffon Corp. | 12,281 | 448 | |
* | Titan Machinery Inc. | 9,340 | 428 |
Scorpio Tankers Inc. | 7,098 | 428 | |
Ardmore Shipping Corp. | 23,478 | 426 | |
Dorian LPG Ltd. | 19,310 | 424 | |
Valmont Industries Inc. | 1,325 | 420 | |
* | Teekay Tankers Ltd. Class A | 9,266 | 418 |
Louisiana-Pacific Corp. | 7,126 | 417 | |
Owens Corning | 4,192 | 410 |
Shares | Market Value ($000) | ||
Ryder System Inc. | 4,179 | 409 | |
* | GMS Inc. | 6,401 | 389 |
Wabash National Corp. | 14,111 | 387 | |
Snap-on Inc. | 1,536 | 382 | |
Synchrony Financial | 10,116 | 361 | |
Covenant Logistics Group Inc. Class A | 10,221 | 354 | |
Schneider National Inc. Class B | 12,606 | 354 | |
General Electric Co. | 4,139 | 351 | |
AGCO Corp. | 2,484 | 350 | |
Paychex Inc. | 3,138 | 346 | |
Terex Corp. | 5,680 | 336 | |
Resources Connection Inc. | 18,477 | 334 | |
* | Hub Group Inc. Class A | 3,621 | 332 |
Applied Industrial Technologies Inc. | 2,295 | 328 | |
Hubbell Inc. Class B | 1,292 | 325 | |
SFL Corp. Ltd. | 31,041 | 320 | |
* | Fluor Corp. | 8,589 | 315 |
* | FTI Consulting Inc. | 1,706 | 313 |
General Dynamics Corp. | 1,366 | 311 | |
Accenture plc Class A | 1,154 | 306 | |
Automatic Data Processing Inc. | 1,378 | 303 | |
Marten Transport Ltd. | 13,557 | 299 | |
H&E Equipment Services Inc. | 5,250 | 291 | |
EMCOR Group Inc. | 1,727 | 289 | |
ArcBest Corp. | 2,945 | 283 | |
Crane Holdings Co. | 2,346 | 281 | |
* | O-I Glass Inc. | 12,145 | 270 |
* | Gibraltar Industries Inc. | 4,962 | 265 |
* | XPO Inc. | 7,953 | 265 |
* | MYR Group Inc. | 2,129 | 257 |
Moog Inc. Class A | 2,535 | 250 | |
* | Saia Inc. | 906 | 245 |
* | ExlService Holdings Inc. | 1,461 | 240 |
Johnson Controls International plc | 3,833 | 240 | |
* | AMN Healthcare Services Inc. | 2,649 | 238 |
Insperity Inc. | 1,894 | 235 | |
Acuity Brands Inc. | 1,206 | 234 | |
Old Dominion Freight Line Inc. | 684 | 232 | |
McGrath RentCorp. | 2,141 | 220 | |
Quanex Building Products Corp. | 8,496 | 220 | |
Heidrick & Struggles International Inc. | 6,004 | 206 | |
* | American Woodmark Corp. | 3,904 | 199 |
Air Lease Corp. Class A | 4,566 | 198 | |
Simpson Manufacturing Co. Inc. | 1,832 | 198 | |
Kforce Inc. | 3,155 | 197 | |
DHT Holdings Inc. | 16,741 | 194 | |
* | Cross Country Healthcare Inc. | 7,244 | 192 |
Kronos Worldwide Inc. | 16,952 | 191 | |
Nordic American Tankers Ltd. | 42,290 | 187 | |
* | Aersale Corp. | 9,356 | 186 |
Triton International Ltd. | 2,586 | 178 | |
Jack Henry & Associates Inc. | 1,066 | 175 | |
Advanced Drainage Systems Inc. | 1,957 | 174 | |
Greif Inc. Class A | 2,442 | 174 | |
Werner Enterprises Inc. | 3,717 | 173 | |
Insteel Industries Inc. | 5,730 | 170 | |
Apogee Enterprises Inc. | 3,695 | 169 | |
Cummins Inc. | 689 | 167 |
Shares | Market Value ($000) | ||
*,1 | Frontline plc | 8,840 | 167 |
Genco Shipping & Trading Ltd. | 8,607 | 164 | |
* | AAR Corp. | 2,933 | 160 |
* | Fair Isaac Corp. | 234 | 159 |
nVent Electric plc | 3,443 | 158 | |
Eagle Materials Inc. | 1,114 | 156 | |
Matson Inc. | 2,336 | 155 | |
Crown Holdings Inc. | 1,743 | 151 | |
Kelly Services Inc. Class A | 9,042 | 151 | |
* | Manitowoc Co. Inc. | 7,705 | 146 |
Belden Inc. | 1,666 | 141 | |
Barrett Business Services Inc. | 1,393 | 134 | |
Carlisle Cos. Inc. | 494 | 128 | |
WW Grainger Inc. | 191 | 128 | |
* | Thermon Group Holdings Inc. | 4,830 | 128 |
Textainer Group Holdings Ltd. | 3,879 | 128 | |
Knight-Swift Transportation Holdings Inc. | 2,223 | 126 | |
* | CoreCivic Inc. | 12,845 | 125 |
* | Teekay Corp. | 19,908 | 124 |
Safe Bulkers Inc. | 32,289 | 121 | |
* | WEX Inc. | 605 | 117 |
Myers Industries Inc. | 4,409 | 114 | |
CRA International Inc. | 910 | 113 | |
* | TriNet Group Inc. | 1,366 | 113 |
* | TrueBlue Inc. | 6,004 | 112 |
Expeditors International of Washington Inc. | 1,052 | 110 | |
Watts Water Technologies Inc. Class A | 608 | 107 | |
CSW Industrials Inc. | 742 | 105 | |
Landstar System Inc. | 566 | 102 | |
Franklin Electric Co. Inc. | 1,044 | 100 | |
* | Sterling Infrastructure Inc. | 2,591 | 100 |
Comfort Systems USA Inc. | 661 | 96 | |
CH Robinson Worldwide Inc. | 954 | 95 | |
Heartland Express Inc. | 5,862 | 95 | |
JB Hunt Transport Services Inc. | 484 | 88 | |
* | Keysight Technologies Inc. | 523 | 84 |
Booz Allen Hamilton Holding Corp. Class A | 880 | 83 | |
Badger Meter Inc. | 673 | 82 | |
1 | Golden Ocean Group Ltd. | 7,868 | 82 |
Berry Global Group Inc. | 1,263 | 78 | |
Western Union Co. | 5,851 | 76 | |
Kadant Inc. | 349 | 75 | |
ManpowerGroup Inc. | 866 | 74 | |
1 | Flex LNG Ltd. | 2,127 | 74 |
Forward Air Corp. | 708 | 73 | |
Watsco Inc. | 241 | 73 | |
* | Conduent Inc. | 17,255 | 69 |
* | NV5 Global Inc. | 632 | 67 |
* | Beacon Roofing Supply Inc. | 1,000 | 65 |
Robert Half International Inc. | 764 | 62 | |
Costamare Inc. | 5,931 | 62 | |
Korn Ferry | 1,081 | 60 | |
* | Franklin Covey Co. | 1,269 | 59 |
Westrock Co. | 1,858 | 58 | |
Enerpac Tool Group Corp. Class A | 2,127 | 57 | |
United Parcel Service Inc. Class B (XNYS) | 280 | 51 | |
* | Air Transport Services Group Inc. | 2,338 | 49 |
* | Masonite International Corp. | 548 | 49 |
Shares | Market Value ($000) | ||
Standex International Corp. | 397 | 46 | |
ABM Industries Inc. | 874 | 42 | |
31,988 | |||
Real Estate (0.1%) | |||
Newmark Group Inc. Class A | 9,197 | 74 | |
* | Anywhere Real Estate Inc. | 7,680 | 44 |
* | CBRE Group Inc. Class A | 485 | 41 |
159 | |||
Technology (10.0%) | |||
Microchip Technology Inc. | 12,684 | 1,028 | |
Broadcom Inc. | 1,473 | 875 | |
International Business Machines Corp. | 6,681 | 864 | |
Jabil Inc. | 10,001 | 830 | |
KLA Corp. | 2,055 | 780 | |
Oracle Corp. | 8,693 | 760 | |
* | Cadence Design Systems Inc. | 3,844 | 742 |
* | Axcelis Technologies Inc. | 5,566 | 715 |
Amkor Technology Inc. | 21,346 | 550 | |
* | Autodesk Inc. | 2,605 | 518 |
* | Lattice Semiconductor Corp. | 5,674 | 482 |
Amdocs Ltd. | 5,239 | 480 | |
* | ON Semiconductor Corp. | 6,135 | 475 |
Cognizant Technology Solutions Corp. Class A | 7,573 | 474 | |
* | Photronics Inc. | 26,817 | 472 |
HP Inc. | 15,821 | 467 | |
* | Arrow Electronics Inc. | 3,275 | 386 |
* | Onto Innovation Inc. | 4,640 | 383 |
* | Cohu Inc. | 10,177 | 379 |
*,1 | GLOBALFOUNDRIES Inc. | 5,062 | 331 |
* | Super Micro Computer Inc. | 3,356 | 329 |
Apple Inc. | 2,129 | 314 | |
QUALCOMM Inc. | 2,477 | 306 | |
Dell Technologies Inc. Class C | 6,832 | 278 | |
Adeia Inc. | 27,708 | 273 | |
* | Gartner Inc. | 824 | 270 |
* | Alphabet Inc. Class C | 2,876 | 260 |
* | DXC Technology Co. | 9,072 | 252 |
* | Sanmina Corp. | 3,840 | 232 |
Lam Research Corp. | 473 | 230 | |
Monolithic Power Systems Inc. | 467 | 226 | |
* | Veradigm Inc. | 13,379 | 222 |
* | Box Inc. Class A | 6,535 | 218 |
* | Allegro MicroSystems Inc. | 4,925 | 215 |
CSG Systems International Inc. | 3,558 | 200 | |
Vishay Intertechnology Inc. | 9,242 | 196 | |
Applied Materials Inc. | 1,560 | 181 | |
* | Diodes Inc. | 1,878 | 172 |
* | Consensus Cloud Solutions Inc. | 4,045 | 166 |
Science Applications International Corp. | 1,490 | 159 | |
A10 Networks Inc. | 10,328 | 157 | |
* | Kyndryl Holdings Inc. | 9,909 | 155 |
Kulicke & Soffa Industries Inc. | 2,768 | 148 | |
* | Qualys Inc. | 1,154 | 136 |
Texas Instruments Inc. | 793 | 136 | |
* | Cirrus Logic Inc. | 1,291 | 133 |
* | Avid Technology Inc. | 4,290 | 125 |
* | Rambus Inc. | 2,793 | 124 |
Shares | Market Value ($000) | ||
* | SMART Global Holdings Inc. | 7,335 | 122 |
* | PDF Solutions Inc. | 3,137 | 117 |
* | Synopsys Inc. | 322 | 117 |
* | CACI International Inc. Class A | 381 | 112 |
Teradyne Inc. | 1,067 | 108 | |
NetApp Inc. | 1,541 | 99 | |
Hewlett Packard Enterprise Co. | 6,277 | 98 | |
CTS Corp. | 2,183 | 95 | |
* | NCR Corp. | 3,610 | 92 |
* | Qorvo Inc. | 815 | 82 |
* | ePlus Inc. | 1,462 | 79 |
Methode Electronics Inc. | 1,619 | 79 | |
* | FormFactor Inc. | 2,263 | 68 |
* | NetScout Systems Inc. | 2,399 | 68 |
* | Pure Storage Inc. Class A | 2,389 | 68 |
* | Alphabet Inc. Class A | 700 | 63 |
*,1 | Vivid Seats Inc. Class A | 8,079 | 62 |
* | Fabrinet | 482 | 59 |
PC Connection Inc. | 1,069 | 47 | |
* | F5 Inc. | 308 | 44 |
19,483 | |||
Telecommunications (1.0%) | |||
Cisco Systems Inc. | 13,688 | 663 | |
AT&T Inc. | 18,386 | 348 | |
* | Extreme Networks Inc. | 13,014 | 244 |
Juniper Networks Inc. | 6,067 | 187 | |
* | Clearfield Inc. | 2,645 | 166 |
Adtran Holdings Inc. | 4,889 | 85 | |
* | CommScope Holding Co. Inc. | 10,811 | 78 |
* | WideOpenWest Inc. | 4,345 | 47 |
* | Calix Inc. | 745 | 38 |
1,856 | |||
Utilities (0.0%) | |||
* | Heritage-Crystal Clean Inc. | 1,335 | 48 |
Total Common Stocks (Cost $171,709) | 194,189 | ||
Temporary Cash Investments (1.2%) | |||
Money Market Fund (1.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.640% (Cost $2,308) | 23,078 | 2,308 |
Total Investments (100.8%) (Cost $174,017) | 196,497 | ||
Other Assets and Liabilities—Net (-0.8%) | (1,530) | ||
Net Assets (100%) | 194,967 | ||
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 $1,710,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $1,779,000 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 | March 2023 | 34 | 676 | 11 |
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 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.
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, 2023, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.