Vanguard® U.S. Momentum Factor 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 (99.5%) | |||
Basic Materials (5.1%) | |||
Air Products and Chemicals Inc. | 7,255 | 2,075 | |
Nucor Corp. | 6,932 | 1,161 | |
US Steel Corp. | 35,062 | 1,074 | |
Commercial Metals Co. | 14,790 | 765 | |
Steel Dynamics Inc. | 5,576 | 703 | |
Albemarle Corp. | 2,519 | 641 | |
Southern Copper Corp. | 7,973 | 588 | |
Timken Co. | 6,871 | 587 | |
* | RBC Bearings Inc. | 2,475 | 569 |
* | Livent Corp. | 24,126 | 566 |
Ryerson Holding Corp. | 15,748 | 566 | |
* | Piedmont Lithium Inc. | 8,582 | 557 |
Olin Corp. | 7,965 | 460 | |
Sylvamo Corp. | 8,915 | 440 | |
*,1 | Energy Fuels Inc. | 62,931 | 422 |
CF Industries Holdings Inc. | 4,435 | 381 | |
* | Rayonier Advanced Materials Inc. | 45,754 | 375 |
*,1 | Uranium Energy Corp. | 98,733 | 365 |
* | TimkenSteel Corp. | 17,937 | 328 |
Mueller Industries Inc. | 4,181 | 309 | |
Olympic Steel Inc. | 5,663 | 297 | |
Carpenter Technology Corp. | 5,670 | 274 | |
Materion Corp. | 1,995 | 223 | |
Worthington Industries Inc. | 3,519 | 213 | |
Haynes International Inc. | 3,450 | 189 | |
Cabot Corp. | 2,071 | 165 | |
Freeport-McMoRan Inc. | 3,429 | 140 | |
Reliance Steel & Aluminum Co. | 391 | 97 | |
Orion Engineered Carbons SA | 3,621 | 92 | |
* | Clearwater Paper Corp. | 2,306 | 89 |
UFP Industries Inc. | 901 | 77 | |
American Vanguard Corp. | 3,475 | 72 | |
14,860 | |||
Consumer Discretionary (13.5%) | |||
* | O'Reilly Automotive Inc. | 3,391 | 2,815 |
* | AutoZone Inc. | 892 | 2,218 |
TJX Cos. Inc. | 26,443 | 2,026 | |
Starbucks Corp. | 16,812 | 1,716 | |
McDonald's Corp. | 4,677 | 1,234 | |
* | Crocs Inc. | 8,673 | 1,056 |
Dollar General Corp. | 4,483 | 970 | |
H&R Block Inc. | 24,412 | 898 |
Shares | Market Value ($000) | ||
Murphy USA Inc. | 3,355 | 856 | |
* | elf Beauty Inc. | 11,142 | 833 |
Tapestry Inc. | 19,061 | 829 | |
* | Las Vegas Sands Corp. | 13,880 | 798 |
* | United Airlines Holdings Inc. | 14,341 | 745 |
* | Chipotle Mexican Grill Inc. Class A | 494 | 737 |
* | Wynn Resorts Ltd. | 6,664 | 722 |
Tempur Sealy International Inc. | 16,872 | 721 | |
* | Deckers Outdoor Corp. | 1,701 | 708 |
* | Ulta Beauty Inc. | 1,308 | 679 |
Wingstop Inc. | 3,971 | 676 | |
* | BJ's Wholesale Club Holdings Inc. | 8,127 | 584 |
Yum! Brands Inc. | 4,583 | 583 | |
* | Etsy Inc. | 4,753 | 577 |
* | Liberty Media Corp.-Liberty Formula One Class C | 8,381 | 569 |
* | Five Below Inc. | 2,780 | 568 |
Harley-Davidson Inc. | 11,876 | 565 | |
* | Light & Wonder Inc. | 8,571 | 537 |
Genuine Parts Co. | 3,006 | 532 | |
Ross Stores Inc. | 4,245 | 469 | |
Aramark | 12,046 | 443 | |
* | Burlington Stores Inc. | 2,025 | 434 |
* | American Axle & Manufacturing Holdings Inc. | 47,100 | 414 |
* | Instructure Holdings Inc. | 15,346 | 395 |
Rush Enterprises Inc. Class A | 6,711 | 380 | |
* | Lululemon Athletica Inc. | 1,210 | 374 |
Dillard's Inc. Class A | 987 | 352 | |
* | Kura Sushi USA Inc. Class A | 5,613 | 351 |
* | Green Brick Partners Inc. | 11,015 | 344 |
* | Xponential Fitness Inc. Class A | 13,286 | 337 |
* | Capri Holdings Ltd. | 6,771 | 336 |
* | Chico's FAS Inc. | 56,619 | 326 |
Hibbett Inc. | 4,445 | 320 | |
* | Life Time Group Holdings Inc. | 17,114 | 309 |
* | Clean Energy Fuels Corp. | 52,618 | 295 |
World Wrestling Entertainment Inc. Class A | 3,491 | 293 | |
* | Visteon Corp. | 1,742 | 291 |
Rollins Inc. | 8,006 | 282 | |
Texas Roadhouse Inc. Class A | 2,770 | 281 | |
* | Bowlero Corp. | 18,200 | 280 |
Inter Parfums Inc. | 2,284 | 275 | |
* | XPEL Inc. | 4,122 | 275 |
* | Dave & Buster's Entertainment Inc. | 6,654 | 266 |
* | PowerSchool Holdings Inc. Class A | 11,541 | 265 |
Dick's Sporting Goods Inc. | 2,050 | 264 | |
* | Avis Budget Group Inc. | 1,190 | 261 |
* | Copa Holdings SA Class A | 2,799 | 259 |
* | Adtalem Global Education Inc. | 6,406 | 251 |
Service Corp. International | 3,551 | 240 | |
* | Frontier Group Holdings Inc. | 20,218 | 238 |
PVH Corp. | 2,832 | 227 | |
RCI Hospitality Holdings Inc. | 2,691 | 225 | |
* | Destination XL Group Inc. | 37,458 | 224 |
Academy Sports & Outdoors Inc. | 3,673 | 217 | |
* | Stoneridge Inc. | 9,000 | 214 |
Bloomin' Brands Inc. | 8,049 | 210 | |
Scholastic Corp. | 4,078 | 186 | |
Oxford Industries Inc. | 1,498 | 176 |
Shares | Market Value ($000) | ||
Winmark Corp. | 603 | 176 | |
Caleres Inc. | 6,299 | 164 | |
Movado Group Inc. | 4,728 | 164 | |
* | Liberty Media Corp.- Liberty Formula One Class A | 2,648 | 161 |
* | Grand Canyon Education Inc. | 1,250 | 142 |
* | Liberty Media Corp.- Liberty Braves Class C | 4,235 | 142 |
Penske Automotive Group Inc. | 967 | 139 | |
* | Hyatt Hotels Corp. Class A | 1,178 | 137 |
* | Cavco Industries Inc. | 475 | 135 |
* | Build-A-Bear Workshop Inc. | 6,053 | 127 |
A-Mark Precious Metals Inc. | 4,224 | 124 | |
Nexstar Media Group Inc. Class A | 573 | 107 | |
Red Rock Resorts Inc. Class A | 2,250 | 98 | |
Monarch Casino & Resort Inc. | 966 | 71 | |
Churchill Downs Inc. | 250 | 61 | |
* | Driven Brands Holdings Inc. | 2,160 | 60 |
39,339 | |||
Consumer Staples (5.5%) | |||
McKesson Corp. | 6,151 | 2,152 | |
Corteva Inc. | 26,934 | 1,678 | |
Hershey Co. | 6,965 | 1,660 | |
Archer-Daniels-Midland Co. | 19,198 | 1,528 | |
General Mills Inc. | 18,531 | 1,473 | |
Philip Morris International Inc. | 6,742 | 656 | |
* | Celsius Holdings Inc. | 6,719 | 610 |
Lamb Weston Holdings Inc. | 5,996 | 603 | |
Weis Markets Inc. | 7,193 | 550 | |
Ingles Markets Inc. Class A | 5,523 | 494 | |
* | Performance Food Group Co. | 8,653 | 490 |
* | Hostess Brands Inc. Class A | 19,358 | 478 |
SpartanNash Co. | 17,540 | 469 | |
Reynolds Consumer Products Inc. | 16,328 | 448 | |
AmerisourceBergen Corp. | 2,691 | 418 | |
Cal-Maine Foods Inc. | 4,927 | 280 | |
MGP Ingredients Inc. | 2,612 | 265 | |
* | SunOpta Inc. | 29,907 | 230 |
Edgewell Personal Care Co. | 5,337 | 228 | |
*,1 | Veru Inc. | 57,358 | 227 |
* | Chefs' Warehouse Inc. | 6,172 | 201 |
* | Post Holdings Inc. | 1,839 | 165 |
Campbell Soup Co. | 3,003 | 158 | |
* | United Natural Foods Inc. | 2,988 | 122 |
Vector Group Ltd. | 8,592 | 114 | |
* | TreeHouse Foods Inc. | 1,495 | 73 |
* | Vita Coco Co. Inc. | 4,219 | 71 |
* | Sprouts Farmers Market Inc. | 1,911 | 58 |
15,899 | |||
Energy (16.8%) | |||
Marathon Petroleum Corp. | 19,849 | 2,453 | |
Exxon Mobil Corp. | 21,904 | 2,407 | |
ConocoPhillips | 22,922 | 2,369 | |
Schlumberger Ltd. | 39,858 | 2,121 | |
Valero Energy Corp. | 16,054 | 2,115 | |
EOG Resources Inc. | 17,524 | 1,981 | |
Chevron Corp. | 11,814 | 1,899 | |
Phillips 66 | 17,821 | 1,828 | |
Devon Energy Corp. | 23,546 | 1,270 |
Shares | Market Value ($000) | ||
Occidental Petroleum Corp. | 20,448 | 1,197 | |
* | Nabors Industries Ltd. (XNYS) | 6,836 | 1,028 |
Pioneer Natural Resources Co. | 4,060 | 814 | |
* | First Solar Inc. | 4,802 | 812 |
ChampionX Corp. | 24,092 | 737 | |
Cheniere Energy Inc. | 4,415 | 695 | |
* | Enphase Energy Inc. | 3,256 | 685 |
Hess Corp. | 4,470 | 602 | |
* | Fluence Energy Inc. | 30,463 | 569 |
Helmerich & Payne Inc. | 13,140 | 553 | |
APA Corp. | 14,029 | 538 | |
Diamondback Energy Inc. | 3,759 | 528 | |
Murphy Oil Corp. | 13,216 | 516 | |
* | Helix Energy Solutions Group Inc. | 61,938 | 513 |
* | Array Technologies Inc. | 27,336 | 512 |
Marathon Oil Corp. | 20,300 | 511 | |
NOV Inc. | 23,006 | 503 | |
Matador Resources Co. | 9,192 | 494 | |
* | Oceaneering International Inc. | 23,668 | 494 |
Williams Cos. Inc. | 15,412 | 464 | |
* | Expro Group Holdings NV | 20,230 | 460 |
Ovintiv Inc. (XNYS) | 10,518 | 450 | |
Targa Resources Corp. | 6,005 | 445 | |
Texas Pacific Land Corp. | 250 | 445 | |
DTE Midstream LLC | 8,852 | 444 | |
* | Centrus Energy Corp. Class A | 9,595 | 430 |
* | Par Pacific Holdings Inc. | 15,426 | 429 |
* | Shoals Technologies Group Inc. Class A | 16,950 | 416 |
PBF Energy Inc. Class A | 9,217 | 403 | |
Warrior Met Coal Inc. | 10,386 | 397 | |
HF Sinclair Corp. | 7,815 | 389 | |
Civitas Resources Inc. | 5,432 | 381 | |
EQT Corp. | 11,463 | 380 | |
* | Tidewater Inc. | 7,599 | 371 |
* | Denbury Inc. | 4,450 | 371 |
* | Weatherford International plc | 5,530 | 368 |
CVR Energy Inc. | 11,412 | 362 | |
Alpha Metallurgical Resources Inc. | 2,152 | 361 | |
* | Valaris Ltd. | 5,369 | 361 |
* | Kosmos Energy Ltd. | 45,363 | 357 |
* | Stem Inc. | 43,485 | 355 |
Halliburton Co. | 9,696 | 351 | |
Chord Energy Corp. | 2,483 | 334 | |
* | Peabody Energy Corp. | 12,083 | 330 |
*,1 | SunPower Corp. | 20,826 | 313 |
* | Oil States International Inc. | 33,718 | 308 |
Cactus Inc. Class A | 6,361 | 292 | |
* | Amplify Energy Corp. | 33,956 | 285 |
CONSOL Energy Inc. | 5,191 | 284 | |
* | Talos Energy Inc. | 15,966 | 284 |
* | MRC Global Inc. | 25,001 | 280 |
* | NOW Inc. | 21,476 | 276 |
Northern Oil and Gas Inc. | 8,859 | 275 | |
Range Resources Corp. | 10,117 | 273 | |
* | NextDecade Corp. | 37,762 | 267 |
*,1 | Borr Drilling Ltd. | 36,128 | 261 |
* | W&T Offshore Inc. | 44,062 | 247 |
1 | HighPeak Energy Inc. | 8,896 | 238 |
Shares | Market Value ($000) | ||
* | Southwestern Energy Co. | 43,205 | 229 |
New Fortress Energy Inc. Class A | 6,778 | 224 | |
* | Antero Resources Corp. | 8,359 | 219 |
Patterson-UTI Energy Inc. | 16,010 | 219 | |
* | TETRA Technologies Inc. | 60,372 | 215 |
Comstock Resources Inc. | 17,599 | 214 | |
*,1 | Earthstone Energy Inc. Class A | 14,967 | 209 |
SunCoke Energy Inc. | 21,507 | 205 | |
Permian resources Corp. Class A | 18,935 | 205 | |
* | Noble Corp. plc | 4,803 | 200 |
* | CNX Resources Corp. | 11,747 | 180 |
Delek US Holdings Inc. | 6,845 | 172 | |
Magnolia Oil & Gas Corp. Class A | 7,884 | 172 | |
PDC Energy Inc. | 2,552 | 171 | |
Sitio Royalties Corp. Class A | 6,954 | 163 | |
* | Ameresco Inc. Class A | 3,426 | 151 |
Solaris Oilfield Infrastructure Inc. Class A | 15,293 | 137 | |
Liberty Energy Inc. Class A | 8,843 | 135 | |
* | REX American Resources Corp. | 4,095 | 135 |
1 | Kinetik Holdings Inc. Class A | 4,170 | 124 |
Coterra Energy Inc. | 4,802 | 120 | |
Arcosa Inc. | 1,943 | 118 | |
* | TPI Composites Inc. | 8,849 | 102 |
* | Golar LNG Ltd. | 4,475 | 102 |
* | Gulfport Energy Corp. | 1,491 | 99 |
California Resources Corp. | 2,108 | 89 | |
* | Newpark Resources Inc. | 16,936 | 75 |
* | NexTier Oilfield Solutions Inc. | 5,944 | 54 |
* | SandRidge Energy Inc. | 3,150 | 46 |
Select Energy Services Inc. Class A | 6,089 | 45 | |
49,010 | |||
Financials (11.1%) | |||
Unum Group | 47,785 | 2,129 | |
Progressive Corp. | 11,760 | 1,688 | |
FNB Corp. | 107,728 | 1,537 | |
Chubb Ltd. | 7,101 | 1,498 | |
American Financial Group Inc. | 11,100 | 1,489 | |
Reinsurance Group of America Inc. | 6,675 | 964 | |
CVB Financial Corp. | 39,736 | 951 | |
W R Berkley Corp. | 12,450 | 824 | |
* | Genworth Financial Inc. Class A | 125,560 | 782 |
Aon plc Class A (XNYS) | 2,512 | 764 | |
American International Group Inc. | 11,457 | 700 | |
* | Arch Capital Group Ltd. | 9,592 | 671 |
Assured Guaranty Ltd. | 10,378 | 648 | |
Kinsale Capital Group Inc. | 1,965 | 626 | |
Marsh & McLennan Cos. Inc. | 3,842 | 623 | |
Ares Management Corp. Class A | 7,717 | 622 | |
Affiliated Managers Group Inc. | 3,714 | 592 | |
City Holding Co. | 5,912 | 581 | |
Travelers Cos. Inc. | 3,118 | 577 | |
Safety Insurance Group Inc. | 7,082 | 571 | |
First BanCorp (XNYS) | 38,650 | 561 | |
Employers Holdings Inc. | 12,287 | 546 | |
LPL Financial Holdings Inc. | 2,178 | 544 | |
Principal Financial Group Inc. | 5,659 | 507 | |
Globe Life Inc. | 4,140 | 504 | |
White Mountains Insurance Group Ltd. | 320 | 462 |
Shares | Market Value ($000) | ||
Erie Indemnity Co. Class A | 1,946 | 458 | |
WesBanco Inc. | 12,334 | 446 | |
First Citizens BancShares Inc. Class A | 594 | 436 | |
Jefferies Financial Group Inc. | 11,530 | 436 | |
Berkshire Hills Bancorp Inc. | 14,779 | 429 | |
Washington Federal Inc. | 10,691 | 375 | |
BancFirst Corp. | 4,023 | 363 | |
* | Brighthouse Financial Inc. | 6,041 | 349 |
NBT Bancorp Inc. | 8,107 | 329 | |
* | Avantax Inc. | 11,441 | 327 |
Towne Bank | 10,777 | 327 | |
Federal Agricultural Mortgage Corp. Class C | 2,217 | 315 | |
Nelnet Inc. Class A | 3,358 | 315 | |
* | EZCorp. Inc. Class A | 35,543 | 313 |
* | StoneX Group Inc. | 3,052 | 308 |
* | Ryan Specialty Holdings Inc. | 7,254 | 306 |
Hanmi Financial Corp. | 11,671 | 276 | |
Amalgamated Financial Corp. | 11,713 | 276 | |
Stock Yards Bancorp Inc. | 4,249 | 249 | |
United Bankshares Inc. | 5,831 | 238 | |
Banner Corp. | 3,763 | 237 | |
Heritage Financial Corp. | 8,103 | 226 | |
Arthur J Gallagher & Co. | 1,107 | 207 | |
* | Ambac Financial Group Inc. | 12,162 | 201 |
OFG Bancorp | 6,565 | 200 | |
1st Source Corp. | 3,980 | 198 | |
Enterprise Financial Services Corp. | 3,334 | 182 | |
* | Enova International Inc. | 3,719 | 181 |
RLI Corp. | 1,220 | 168 | |
International Bancshares Corp. | 3,212 | 156 | |
United Fire Group Inc. | 5,461 | 156 | |
Raymond James Financial Inc. | 1,419 | 154 | |
Stellar Bancorp Inc. | 5,237 | 153 | |
Flushing Financial Corp. | 7,046 | 137 | |
TriCo Bancshares | 2,196 | 111 | |
Fulton Financial Corp. | 6,231 | 107 | |
Old Republic International Corp. | 3,978 | 105 | |
Northwest Bancshares Inc. | 7,400 | 102 | |
* | Texas Capital Bancshares Inc. | 1,507 | 100 |
First Bancorp (XNGS) | 1,841 | 76 | |
Byline Bancorp Inc. | 2,683 | 66 | |
Dime Community Bancshares Inc. | 1,920 | 59 | |
Trustmark Corp. | 1,914 | 56 | |
32,170 | |||
Health Care (18.4%) | |||
* | Vertex Pharmaceuticals Inc. | 6,634 | 1,926 |
Cigna Group | 6,530 | 1,907 | |
* | Regeneron Pharmaceuticals Inc. | 2,306 | 1,754 |
Gilead Sciences Inc. | 21,767 | 1,753 | |
Humana Inc. | 3,539 | 1,752 | |
Agilent Technologies Inc. | 12,208 | 1,733 | |
Eli Lilly & Co. | 5,409 | 1,683 | |
* | Moderna Inc. | 10,309 | 1,431 |
* | DexCom Inc. | 12,851 | 1,427 |
* | Boston Scientific Corp. | 24,314 | 1,136 |
* | Alnylam Pharmaceuticals Inc. | 5,243 | 1,004 |
* | Sarepta Therapeutics Inc. | 7,994 | 976 |
Amgen Inc. | 3,824 | 886 |
Shares | Market Value ($000) | ||
Merck & Co. Inc. | 7,337 | 779 | |
* | Pacific Biosciences of California Inc. | 85,604 | 777 |
* | BioMarin Pharmaceutical Inc. | 6,479 | 645 |
* | TransMedics Group Inc. | 7,454 | 597 |
* | Sage Therapeutics Inc. | 14,289 | 595 |
* | Novocure Ltd. | 7,566 | 582 |
* | Shockwave Medical Inc. | 3,033 | 577 |
Cardinal Health Inc. | 7,547 | 571 | |
* | Biogen Inc. | 2,082 | 562 |
* | Halozyme Therapeutics Inc. | 11,641 | 559 |
* | Revance Therapeutics Inc. | 16,039 | 557 |
* | Karuna Therapeutics Inc. | 2,744 | 547 |
* | Amicus Therapeutics Inc. | 40,131 | 529 |
* | Medpace Holdings Inc. | 2,725 | 528 |
* | Apellis Pharmaceuticals Inc. | 7,966 | 522 |
* | ADMA Biologics Inc. | 145,253 | 516 |
*,1 | Bionano Genomics Inc. | 381,437 | 511 |
* | Insulet Corp. | 1,835 | 507 |
* | Bioxcel Therapeutics Inc. | 15,807 | 505 |
* | Inspire Medical Systems Inc. | 1,804 | 469 |
* | Ventyx Biosciences Inc. | 10,842 | 469 |
* | Ionis Pharmaceuticals Inc. | 12,898 | 463 |
* | Immunovant Inc. | 26,328 | 460 |
* | Acadia Healthcare Co. Inc. | 6,225 | 451 |
* | Prothena Corp. plc | 8,011 | 447 |
* | PROCEPT BioRobotics Corp. | 11,945 | 447 |
* | Mersana Therapeutics Inc. | 71,445 | 433 |
* | FibroGen Inc. | 19,059 | 423 |
HCA Healthcare Inc. | 1,719 | 418 | |
* | Geron Corp. (XNGS) | 146,724 | 408 |
* | UFP Technologies Inc. | 3,462 | 408 |
* | Zynex Inc. | 30,463 | 394 |
* | Chinook Therapeutics Inc. | 17,734 | 387 |
* | Hims & Hers Health Inc. | 32,996 | 372 |
* | Viridian Therapeutics Inc. | 11,232 | 368 |
* | Option Care Health Inc. | 11,926 | 366 |
* | Neurocrine Biosciences Inc. | 3,498 | 361 |
* | Dyne Therapeutics Inc. | 27,511 | 354 |
* | Incyte Corp. | 4,507 | 347 |
* | Inhibrx Inc. | 14,240 | 343 |
* | Rocket Pharmaceuticals Inc. | 17,795 | 342 |
* | Syndax Pharmaceuticals Inc. | 13,069 | 331 |
* | Phreesia Inc. | 8,675 | 319 |
* | Penumbra Inc. | 1,214 | 316 |
* | Madrigal Pharmaceuticals Inc. | 1,161 | 315 |
* | Akero Therapeutics Inc. | 6,893 | 314 |
* | Provention Bio Inc. | 37,229 | 309 |
*,1 | Axsome Therapeutics Inc. | 4,456 | 304 |
* | Deciphera Pharmaceuticals Inc. | 20,547 | 298 |
* | Krystal Biotech Inc. | 3,586 | 294 |
* | Catalyst Pharmaceuticals Inc. | 18,867 | 288 |
*,1 | Theravance Biopharma Inc. | 25,803 | 279 |
* | REVOLUTION Medicines Inc. | 10,297 | 276 |
* | Haemonetics Corp. | 3,493 | 272 |
* | Axonics Inc. | 4,475 | 269 |
* | CTI BioPharma Corp. | 49,336 | 269 |
* | Alphatec Holdings Inc. | 18,105 | 268 |
* | Lantheus Holdings Inc. | 3,622 | 268 |
Shares | Market Value ($000) | ||
* | Amylyx Pharmaceuticals Inc. | 7,615 | 265 |
* | Arcellx Inc. | 9,407 | 263 |
* | Nuvalent Inc. Class A | 8,634 | 262 |
* | Esperion Therapeutics Inc. | 41,683 | 258 |
* | Silk Road Medical Inc. | 4,793 | 254 |
* | AbCellera Biologics Inc. | 29,672 | 249 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 19,167 | 246 |
*,1 | ImmunityBio Inc. | 100,889 | 246 |
* | Agenus Inc. | 118,339 | 244 |
* | Cerevel Therapeutics Holdings Inc. | 9,064 | 242 |
* | Treace Medical Concepts Inc. | 10,983 | 236 |
* | Cogent Biosciences Inc. | 17,665 | 234 |
* | 4D Molecular Therapeutics Inc. | 11,814 | 227 |
*,1 | Liquidia Corp. | 29,385 | 222 |
* | TG Therapeutics Inc. | 13,770 | 221 |
* | IGM Biosciences Inc. | 10,348 | 217 |
* | IVERIC bio Inc. | 10,332 | 215 |
* | Vaxcyte Inc. | 5,131 | 210 |
* | Bluebird Bio Inc. | 40,208 | 209 |
* | DICE Therapeutics Inc. | 6,900 | 206 |
* | Reata Pharmaceuticals Inc. Class A | 6,339 | 198 |
* | Celldex Therapeutics Inc. | 4,527 | 194 |
* | MannKind Corp. | 36,292 | 192 |
* | Day One Biopharmaceuticals Inc. | 10,372 | 191 |
* | Ideaya Biosciences Inc. | 10,503 | 185 |
* | Addus HomeCare Corp. | 1,678 | 182 |
* | Prometheus Biosciences Inc. | 1,428 | 175 |
* | Cytokinetics Inc. | 3,968 | 172 |
1 | SIGA Technologies Inc. | 24,578 | 168 |
* | Harmony Biosciences Holdings Inc. | 3,688 | 162 |
* | Rapt Therapeutics Inc. | 5,081 | 150 |
Ensign Group Inc. | 1,588 | 142 | |
* | Paragon 28 Inc. | 8,030 | 141 |
* | Supernus Pharmaceuticals Inc. | 3,487 | 131 |
* | Evolent Health Inc. Class A | 3,521 | 123 |
* | Verve Therapeutics Inc. | 6,344 | 121 |
* | Axogen Inc. | 14,075 | 116 |
* | Dynavax Technologies Corp. | 10,736 | 111 |
* | Corcept Therapeutics Inc. | 5,240 | 109 |
* | Alignment Healthcare Inc. | 10,545 | 105 |
* | Replimune Group Inc. | 4,724 | 103 |
* | Seres Therapeutics Inc. | 18,294 | 92 |
* | Cara Therapeutics Inc. | 8,977 | 91 |
* | Prestige Consumer Healthcare Inc. | 1,493 | 90 |
* | Aclaris Therapeutics Inc. | 7,085 | 88 |
* | Fulcrum Therapeutics Inc. | 14,548 | 88 |
* | ViewRay Inc. | 19,076 | 82 |
*,1 | Cassava Sciences Inc. | 3,328 | 82 |
* | Adicet Bio Inc. | 9,535 | 75 |
* | DocGo Inc. | 8,180 | 75 |
* | Privia Health Group Inc. | 2,530 | 71 |
* | Keros Therapeutics Inc. | 1,205 | 64 |
*,1 | Point Biopharma Global Inc. | 8,392 | 63 |
* | Amphastar Pharmaceuticals Inc. | 1,910 | 61 |
* | Relmada Therapeutics Inc. | 16,214 | 58 |
Atrion Corp. | 99 | 56 | |
* | Agios Pharmaceuticals Inc. | 2,108 | 53 |
Shares | Market Value ($000) | ||
* | Sight Sciences Inc. | 4,503 | 49 |
53,388 | |||
Industrials (17.4%) | |||
Caterpillar Inc. | 8,776 | 2,102 | |
Northrop Grumman Corp. | 3,828 | 1,777 | |
Deere & Co. | 3,716 | 1,558 | |
Lockheed Martin Corp. | 2,837 | 1,346 | |
General Electric Co. | 14,841 | 1,257 | |
General Dynamics Corp. | 5,510 | 1,256 | |
Carlisle Cos. Inc. | 4,777 | 1,234 | |
* | Boeing Co. | 6,005 | 1,210 |
Automatic Data Processing Inc. | 5,365 | 1,179 | |
Huntington Ingalls Industries Inc. | 4,750 | 1,022 | |
* | Modine Manufacturing Co. | 40,868 | 998 |
* | O-I Glass Inc. | 41,400 | 920 |
United Rentals Inc. | 1,940 | 909 | |
Valmont Industries Inc. | 2,821 | 895 | |
Silgan Holdings Inc. | 14,445 | 771 | |
* | Axon Enterprise Inc. | 3,771 | 755 |
WW Grainger Inc. | 1,113 | 744 | |
Comfort Systems USA Inc. | 5,104 | 742 | |
* | WESCO International Inc. | 4,302 | 712 |
Griffon Corp. | 19,291 | 704 | |
* | Bloom Energy Corp. Class A | 32,002 | 694 |
Terex Corp. | 11,688 | 692 | |
* | Atkore Inc. | 4,718 | 689 |
* | Fair Isaac Corp. | 958 | 649 |
Schneider National Inc. Class B | 22,220 | 624 | |
* | Fluor Corp. | 16,672 | 611 |
Applied Industrial Technologies Inc. | 4,073 | 582 | |
Quanta Services Inc. | 3,608 | 582 | |
EnPro Industries Inc. | 5,319 | 572 | |
* | WillScot Mobile Mini Holdings Corp. | 10,994 | 565 |
* | ExlService Holdings Inc. | 3,333 | 548 |
H&E Equipment Services Inc. | 9,836 | 546 | |
Ryder System Inc. | 5,444 | 533 | |
AGCO Corp. | 3,741 | 527 | |
Hubbell Inc. Class B | 2,065 | 519 | |
Curtiss-Wright Corp. | 2,948 | 515 | |
* | Huron Consulting Group Inc. | 7,066 | 496 |
Booz Allen Hamilton Holding Corp. Class A | 4,822 | 457 | |
* | Hudson Technologies Inc. | 44,980 | 456 |
Triton International Ltd. | 6,485 | 447 | |
*,1 | Frontline plc | 23,302 | 440 |
Xylem Inc. | 4,268 | 438 | |
* | CBIZ Inc. | 8,538 | 428 |
* | Target Hospitality Corp. | 28,744 | 426 |
Encore Wire Corp. | 2,184 | 422 | |
* | Shift4 Payments Inc. Class A | 6,405 | 413 |
* | Titan Machinery Inc. | 8,417 | 385 |
nVent Electric plc | 7,959 | 365 | |
McGrath RentCorp. | 3,509 | 361 | |
Nordic American Tankers Ltd. | 81,425 | 361 | |
Belden Inc. | 4,128 | 348 | |
DHT Holdings Inc. | 29,933 | 346 | |
* | ATI Inc. | 8,463 | 344 |
Wabash National Corp. | 12,502 | 343 | |
* | SPX Technologies Inc. | 4,786 | 337 |
Shares | Market Value ($000) | ||
1 | Flex LNG Ltd. | 9,622 | 334 |
CRA International Inc. | 2,637 | 328 | |
* | AvidXchange Holdings Inc. | 32,279 | 321 |
Covenant Logistics Group Inc. Class A | 8,955 | 310 | |
* | Napco Security Technologies Inc. | 9,317 | 294 |
ICF International Inc. | 2,808 | 279 | |
* | GMS Inc. | 4,455 | 271 |
AAON Inc. | 2,908 | 265 | |
* | Titan International Inc. | 21,156 | 263 |
Cadre Holdings Inc. | 12,113 | 260 | |
Cummins Inc. | 1,064 | 259 | |
* | AAR Corp. | 4,755 | 259 |
* | International Money Express Inc. | 10,085 | 258 |
* | Remitly Global Inc. | 17,484 | 256 |
HEICO Corp. | 1,509 | 250 | |
* | Teekay Tankers Ltd. Class A | 5,469 | 247 |
* | Flywire Corp. | 9,745 | 241 |
* | BlueLinx Holdings Inc. | 2,836 | 239 |
* | Paylocity Holding Corp. | 1,241 | 239 |
* | Cross Country Healthcare Inc. | 8,865 | 235 |
* | Dycom Industries Inc. | 2,792 | 235 |
Marten Transport Ltd. | 10,315 | 228 | |
* | Donnelley Financial Solutions Inc. | 5,093 | 216 |
* | StoneCo. Ltd. Class A | 25,196 | 214 |
Dorian LPG Ltd. | 9,664 | 212 | |
Eagle Bulk Shipping Inc. | 3,246 | 212 | |
* | MYR Group Inc. | 1,714 | 207 |
Emerson Electric Co. | 2,479 | 205 | |
International Seaways Inc. | 3,888 | 200 | |
* | Payoneer Global Inc. | 34,546 | 200 |
* | Energy Recovery Inc. | 8,718 | 192 |
* | NV5 Global Inc. | 1,825 | 192 |
Scorpio Tankers Inc. | 2,923 | 176 | |
* | Construction Partners Inc. Class A | 6,305 | 171 |
* | CoreCivic Inc. | 16,811 | 163 |
Graphic Packaging Holding Co. | 6,819 | 162 | |
Trinity Industries Inc. | 5,570 | 156 | |
Eneti Inc. | 14,763 | 156 | |
Standex International Corp. | 1,341 | 155 | |
ArcBest Corp. | 1,560 | 150 | |
Moog Inc. Class A | 1,469 | 145 | |
* | Teekay Corp. | 23,149 | 144 |
* | MasTec Inc. | 1,423 | 139 |
* | Montrose Environmental Group Inc. | 2,857 | 139 |
Toro Co. | 1,230 | 136 | |
Resources Connection Inc. | 7,392 | 134 | |
GATX Corp. | 1,163 | 127 | |
MDU Resources Group Inc. | 3,910 | 125 | |
* | I3 Verticals Inc. Class A | 5,002 | 123 |
* | AeroVironment Inc. | 1,403 | 120 |
Ardmore Shipping Corp. | 6,518 | 118 | |
* | Aersale Corp. | 5,257 | 104 |
AECOM | 1,151 | 99 | |
ESCO Technologies Inc. | 829 | 77 | |
* | Sterling Infrastructure Inc. | 1,722 | 66 |
SFL Corp. Ltd. | 6,280 | 65 | |
Enerpac Tool Group Corp. Class A | 2,370 | 64 | |
* | PGT Innovations Inc. | 2,965 | 63 |
Shares | Market Value ($000) | ||
* | Thermon Group Holdings Inc. | 2,349 | 62 |
* | Franklin Covey Co. | 1,310 | 61 |
REV Group Inc. | 4,232 | 50 | |
50,523 | |||
Real Estate (0.1%) | |||
* | GEO Group Inc. | 19,951 | 175 |
* | CoStar Group Inc. | 836 | 59 |
234 | |||
Technology (9.3%) | |||
KLA Corp. | 6,238 | 2,367 | |
* | Cadence Design Systems Inc. | 7,439 | 1,435 |
* | Synopsys Inc. | 3,785 | 1,377 |
* | Rambus Inc. | 26,569 | 1,175 |
* | Lattice Semiconductor Corp. | 13,015 | 1,106 |
Oracle Corp. | 11,063 | 967 | |
* | Toast Inc. Class A | 42,657 | 807 |
Jabil Inc. | 9,485 | 788 | |
Amdocs Ltd. | 8,388 | 769 | |
Vertiv Holdings Co. Class A | 45,182 | 734 | |
* | ON Semiconductor Corp. | 9,447 | 731 |
* | Box Inc. Class A | 20,361 | 679 |
* | Impinj Inc. | 5,086 | 675 |
National Instruments Corp. | 12,230 | 618 | |
* | SPS Commerce Inc. | 3,990 | 601 |
* | Axcelis Technologies Inc. | 4,528 | 582 |
* | Fabrinet | 4,704 | 573 |
Amkor Technology Inc. | 20,887 | 538 | |
* | Aspen Technology Inc. | 2,445 | 518 |
International Business Machines Corp. | 3,491 | 451 | |
* | Gartner Inc. | 1,355 | 444 |
* | Agilysys Inc. | 5,309 | 424 |
* | PDF Solutions Inc. | 11,171 | 418 |
* | Allegro MicroSystems Inc. | 9,246 | 404 |
CTS Corp. | 9,282 | 402 | |
* | Super Micro Computer Inc. | 3,860 | 378 |
Clear Secure Inc. Class A | 11,830 | 364 | |
*,1 | GLOBALFOUNDRIES Inc. | 5,576 | 364 |
* | Nutanix Inc. Class A | 12,527 | 354 |
* | Photronics Inc. | 19,827 | 349 |
* | Wix.com Ltd. | 3,783 | 343 |
* | Magnite Inc. | 29,172 | 325 |
* | Model N Inc. | 9,343 | 310 |
* | Sanmina Corp. | 4,965 | 300 |
* | Wolfspeed Inc. | 4,008 | 297 |
* | Pinterest Inc. Class A | 11,689 | 294 |
* | NerdWallet Inc. Class A | 13,478 | 278 |
* | Credo Technology Group Holding Ltd. | 24,444 | 259 |
* | PTC Inc. | 2,053 | 257 |
Science Applications International Corp. | 2,399 | 256 | |
* | Parsons Corp. | 5,535 | 249 |
Adeia Inc. | 24,809 | 245 | |
* | indie Semiconductor Inc. | 23,061 | 241 |
* | Intapp Inc. | 5,744 | 227 |
* | Zeta Global Holdings Corp. Class A | 21,068 | 224 |
* | GoDaddy Inc. Class A | 2,711 | 205 |
* | EverQuote Inc. Class A | 14,932 | 204 |
* | TTM Technologies Inc. | 14,855 | 197 |
Shares | Market Value ($000) | ||
A10 Networks Inc. | 9,959 | 152 | |
* | Alteryx Inc. Class A | 2,027 | 132 |
* | DoubleVerify Holdings Inc. | 4,765 | 125 |
Hackett Group Inc. | 6,442 | 120 | |
* | Planet Labs PBC | 23,360 | 108 |
* | CACI International Inc. Class A | 288 | 84 |
* | Avid Technology Inc. | 2,595 | 75 |
* | Sprout Social Inc. Class A | 1,113 | 68 |
* | Edgio Inc. | 52,420 | 65 |
27,032 | |||
Telecommunications (1.9%) | |||
Motorola Solutions Inc. | 4,564 | 1,200 | |
* | T-Mobile US Inc. | 8,406 | 1,195 |
* | Iridium Communications Inc. | 10,173 | 624 |
* | Arista Networks Inc. | 4,464 | 619 |
* | Extreme Networks Inc. | 23,217 | 435 |
* | Clearfield Inc. | 4,783 | 300 |
* | Digi International Inc. | 8,621 | 288 |
* | Globalstar Inc. | 207,197 | 265 |
* | CommScope Holding Co. Inc. | 34,124 | 247 |
* | Harmonic Inc. | 16,334 | 215 |
* | Lightwave Logic Inc. | 17,593 | 104 |
* | Calix Inc. | 2,019 | 103 |
Ubiquiti Inc. | 195 | 52 | |
5,647 | |||
Utilities (0.4%) | |||
* | Sunrun Inc. | 22,577 | 543 |
* | Clean Harbors Inc. | 2,188 | 289 |
*,1 | NuScale Power Corp. | 18,795 | 195 |
*,1 | Vertex Energy Inc. | 19,078 | 181 |
Aris Water Solution Inc. Class A | 3,565 | 50 | |
1,258 | |||
Total Common Stocks (Cost $270,574) | 289,360 | ||
Temporary Cash Investments (1.9%) | |||
Money Market Fund (1.9%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.640% (Cost $5,459) | 54,596 | 5,459 |
Total Investments (101.4%) (Cost $276,033) | 294,819 | ||
Other Assets and Liabilities—Net (-1.4%) | (4,097) | ||
Net Assets (100%) | 290,722 | ||
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 $4,017,000. |
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 $4,379,000 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 | ||||
E-mini S&P 500 Index | March 2023 | 5 | 994 | (43) |
Micro E-mini S&P 500 Index | March 2023 | 10 | 199 | 5 |
(38) |
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.