Vanguard® U.S. Value 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 (6.6%) | |||
Dow Inc. | 52,380 | 2,996 | |
Celanese Corp. Class A | 23,885 | 2,776 | |
Freeport-McMoRan Inc. | 63,376 | 2,597 | |
LyondellBasell Industries NV Class A | 24,258 | 2,329 | |
US Steel Corp. | 60,525 | 1,854 | |
Tronox Holdings plc Class A | 115,366 | 1,800 | |
Huntsman Corp. | 59,545 | 1,747 | |
Reliance Steel & Aluminum Co. | 6,433 | 1,594 | |
Nucor Corp. | 9,135 | 1,530 | |
* | Cleveland-Cliffs Inc. | 67,485 | 1,439 |
Timken Co. | 15,629 | 1,335 | |
Olin Corp. | 22,850 | 1,320 | |
Mosaic Co. | 24,682 | 1,313 | |
Alcoa Corp. | 26,348 | 1,289 | |
Boise Cascade Co. | 18,387 | 1,271 | |
UFP Industries Inc. | 14,637 | 1,252 | |
AdvanSix Inc. | 28,592 | 1,177 | |
Koppers Holdings Inc. | 31,833 | 1,142 | |
Steel Dynamics Inc. | 8,625 | 1,088 | |
* | US Silica Holdings Inc. | 87,919 | 1,067 |
Ryerson Holding Corp. | 28,031 | 1,007 | |
* | Clearwater Paper Corp. | 25,055 | 967 |
* | Intrepid Potash Inc. | 27,886 | 883 |
Commercial Metals Co. | 16,720 | 865 | |
* | TimkenSteel Corp. | 42,190 | 772 |
Newmont Corp. | 17,572 | 766 | |
CF Industries Holdings Inc. | 7,061 | 606 | |
SSR Mining Inc. (XTSE) | 40,794 | 557 | |
Eastman Chemical Co. | 6,282 | 535 | |
Schnitzer Steel Industries Inc. Class A | 15,811 | 517 | |
Chemours Co. | 15,066 | 515 | |
Mueller Industries Inc. | 6,836 | 506 | |
* | Century Aluminum Co. | 41,204 | 497 |
* | LSB Industries Inc. | 33,889 | 461 |
Olympic Steel Inc. | 4,156 | 218 | |
Mativ Holdings Inc. | 8,211 | 213 | |
Element Solutions Inc. | 8,340 | 171 | |
International Paper Co. | 3,878 | 141 | |
Minerals Technologies Inc. | 2,220 | 135 | |
* | Alto Ingredients Inc. | 44,573 | 130 |
43,378 |
Shares | Market Value ($000) | ||
Consumer Discretionary (13.4%) | |||
General Motors Co. | 142,555 | 5,523 | |
Ford Motor Co. | 428,482 | 5,172 | |
Lennar Corp. Class A | 33,506 | 3,241 | |
Fox Corp. Class B | 81,051 | 2,614 | |
Toll Brothers Inc. | 42,629 | 2,555 | |
* | Alaska Air Group Inc. | 47,635 | 2,278 |
* | Taylor Morrison Home Corp. Class A | 62,921 | 2,255 |
U-Haul Holding Co. | 38,504 | 2,142 | |
* | JetBlue Airways Corp. | 252,883 | 2,099 |
Macy's Inc. | 98,173 | 2,009 | |
* | Perdoceo Education Corp. | 135,309 | 1,865 |
BorgWarner Inc. (XNYS) | 36,959 | 1,858 | |
Fox Corp. Class A | 47,002 | 1,646 | |
MDC Holdings Inc. | 41,490 | 1,535 | |
* | United Airlines Holdings Inc. | 29,390 | 1,527 |
* | Goodyear Tire & Rubber Co. | 130,496 | 1,482 |
Dana Inc. | 88,443 | 1,401 | |
* | American Airlines Group Inc. | 84,767 | 1,355 |
Group 1 Automotive Inc. | 6,005 | 1,328 | |
H&R Block Inc. | 35,544 | 1,308 | |
Foot Locker Inc. | 28,690 | 1,254 | |
Marriott Vacations Worldwide Corp. | 8,056 | 1,233 | |
* | Delta Air Lines Inc. | 31,309 | 1,200 |
PVH Corp. | 14,475 | 1,162 | |
* | PROG Holdings Inc. | 46,852 | 1,158 |
* | Brinker International Inc. | 30,211 | 1,148 |
* | Penn Entertainment Inc. | 36,315 | 1,109 |
Bath & Body Works Inc. | 26,955 | 1,102 | |
Travel + Leisure Co. | 25,491 | 1,069 | |
* | Asbury Automotive Group Inc. | 4,504 | 1,023 |
Harley-Davidson Inc. | 21,396 | 1,017 | |
La-Z-Boy Inc. | 30,026 | 972 | |
Tempur Sealy International Inc. | 20,864 | 892 | |
* | AMC Networks Inc. Class A | 39,272 | 878 |
Matthews International Corp. Class A | 22,991 | 877 | |
* | SeaWorld Entertainment Inc. | 13,433 | 868 |
* | Allegiant Travel Co. | 8,454 | 867 |
* | Chico's FAS Inc. | 147,021 | 845 |
Upbound Group Inc. | 31,198 | 838 | |
Dine Brands Global Inc. | 10,609 | 813 | |
Scholastic Corp. | 17,647 | 805 | |
* | iHeartMedia Inc. Class A | 109,915 | 798 |
News Corp. Class A | 46,033 | 790 | |
* | Tri Pointe Homes Inc. | 32,780 | 782 |
* | ODP Corp. | 16,986 | 769 |
* | Qurate Retail Inc. Series A | 331,968 | 701 |
* | Adtalem Global Education Inc. | 17,819 | 697 |
* | Cars.com Inc. | 36,008 | 691 |
* | EW Scripps Co. Class A | 54,744 | 691 |
* | M/I Homes Inc. | 11,469 | 663 |
Boyd Gaming Corp. | 10,006 | 652 | |
Rush Enterprises Inc. Class A | 10,870 | 616 | |
Sinclair Broadcast Group Inc. Class A | 37,704 | 614 | |
* | Container Store Group Inc. | 137,402 | 598 |
* | American Axle & Manufacturing Holdings Inc. | 66,990 | 590 |
* | Green Brick Partners Inc. | 18,753 | 585 |
* | Tilly's Inc. Class A | 60,689 | 527 |
Shares | Market Value ($000) | ||
* | Malibu Boats Inc. Class A | 8,428 | 504 |
* | Six Flags Entertainment Corp. | 19,023 | 502 |
Gray Television Inc. | 42,394 | 496 | |
* | Capri Holdings Ltd. | 9,748 | 483 |
Designer Brands Inc. Class A | 44,988 | 440 | |
* | Hovnanian Enterprises Inc. Class A | 6,019 | 410 |
Haverty Furniture Cos. Inc. | 10,765 | 406 | |
Movado Group Inc. | 11,135 | 386 | |
* | MarineMax Inc. | 11,424 | 384 |
* | Tupperware Brands Corp. | 93,252 | 382 |
* | Hilton Grand Vacations Inc. | 7,529 | 359 |
LKQ Corp. | 6,012 | 344 | |
Caleres Inc. | 12,789 | 334 | |
* | Sportsman's Warehouse Holdings Inc. | 36,624 | 329 |
Graham Holdings Co. Class B | 506 | 317 | |
A-Mark Precious Metals Inc. | 10,654 | 312 | |
* | Fossil Group Inc. | 66,514 | 288 |
Lennar Corp. Class B | 3,396 | 277 | |
Shoe Carnival Inc. | 10,353 | 273 | |
eBay Inc. | 5,648 | 259 | |
PulteGroup Inc. | 4,662 | 255 | |
Oxford Industries Inc. | 2,158 | 254 | |
Strategic Education Inc. | 2,782 | 237 | |
* | Chegg Inc. | 12,663 | 201 |
* | Gannett Co. Inc. | 65,450 | 198 |
Aaron's Co. Inc. | 13,233 | 190 | |
Signet Jewelers Ltd. | 2,478 | 178 | |
* | Universal Electronics Inc. | 13,220 | 168 |
Hibbett Inc. | 2,270 | 163 | |
Lear Corp. | 1,161 | 162 | |
* | Meritage Homes Corp. | 1,481 | 162 |
* | WW International Inc. | 44,012 | 161 |
1 | Big 5 Sporting Goods Corp. | 18,142 | 160 |
Omnicom Group Inc. | 1,712 | 155 | |
* | Vera Bradley Inc. | 25,498 | 135 |
Nexstar Media Group Inc. Class A | 658 | 122 | |
* | AutoZone Inc. | 44 | 109 |
* | Build-A-Bear Workshop Inc. | 4,227 | 89 |
Buckle Inc. | 1,942 | 79 | |
87,750 | |||
Consumer Staples (6.8%) | |||
CVS Health Corp. | 69,664 | 5,820 | |
McKesson Corp. | 16,411 | 5,741 | |
Kraft Heinz Co. | 131,408 | 5,117 | |
Altria Group Inc. | 104,018 | 4,830 | |
J M Smucker Co. | 22,006 | 3,254 | |
Archer-Daniels-Midland Co. | 39,134 | 3,115 | |
General Mills Inc. | 27,646 | 2,198 | |
Tyson Foods Inc. Class A | 30,713 | 1,819 | |
* | Herbalife Nutrition Ltd. | 91,971 | 1,780 |
Molson Coors Beverage Co. Class B | 28,383 | 1,510 | |
Conagra Brands Inc. | 32,685 | 1,190 | |
Walgreens Boots Alliance Inc. | 31,994 | 1,137 | |
Philip Morris International Inc. | 11,365 | 1,106 | |
Cal-Maine Foods Inc. | 18,693 | 1,062 | |
Vector Group Ltd. | 54,585 | 724 | |
Kroger Co. | 14,530 | 627 | |
ACCO Brands Corp. | 101,369 | 575 |
Shares | Market Value ($000) | ||
Fresh Del Monte Produce Inc. | 15,038 | 470 | |
Edgewell Personal Care Co. | 9,540 | 407 | |
Seaboard Corp. | 97 | 383 | |
SpartanNash Co. | 13,977 | 374 | |
* | Pilgrim's Pride Corp. | 11,472 | 268 |
* | United Natural Foods Inc. | 5,941 | 242 |
* | TreeHouse Foods Inc. | 4,679 | 228 |
Ingles Markets Inc. Class A | 2,500 | 224 | |
Ingredion Inc. | 2,185 | 217 | |
44,418 | |||
Energy (15.0%) | |||
Exxon Mobil Corp. | 61,533 | 6,763 | |
Chevron Corp. | 41,643 | 6,695 | |
Marathon Petroleum Corp. | 50,477 | 6,239 | |
Phillips 66 | 56,600 | 5,805 | |
Pioneer Natural Resources Co. | 24,687 | 4,948 | |
ConocoPhillips | 47,438 | 4,903 | |
EOG Resources Inc. | 35,660 | 4,030 | |
Occidental Petroleum Corp. | 67,018 | 3,925 | |
Valero Energy Corp. | 29,078 | 3,830 | |
Devon Energy Corp. | 53,787 | 2,900 | |
Williams Cos. Inc. | 92,504 | 2,784 | |
Cheniere Energy Inc. | 13,388 | 2,106 | |
Kinder Morgan Inc. | 122,234 | 2,085 | |
Diamondback Energy Inc. | 13,641 | 1,918 | |
Chord Energy Corp. | 14,010 | 1,886 | |
Coterra Energy Inc. | 71,750 | 1,792 | |
Civitas Resources Inc. | 23,797 | 1,670 | |
DTE Midstream LLC | 32,969 | 1,655 | |
Liberty Energy Inc. Class A | 100,301 | 1,530 | |
* | ProPetro Holding Corp. | 171,369 | 1,510 |
* | Antero Resources Corp. | 56,615 | 1,483 |
* | Southwestern Energy Co. | 267,664 | 1,419 |
* | Callon Petroleum Co. | 36,093 | 1,399 |
SM Energy Co. | 39,636 | 1,170 | |
Murphy Oil Corp. | 29,539 | 1,153 | |
EQT Corp. | 33,246 | 1,103 | |
* | W&T Offshore Inc. | 189,217 | 1,062 |
Marathon Oil Corp. | 41,546 | 1,045 | |
Warrior Met Coal Inc. | 27,134 | 1,038 | |
Berry Corp. | 106,960 | 1,009 | |
Ovintiv Inc. (XNYS) | 23,250 | 994 | |
HF Sinclair Corp. | 19,242 | 957 | |
PDC Energy Inc. | 12,423 | 834 | |
Delek US Holdings Inc. | 32,993 | 830 | |
SunCoke Energy Inc. | 85,710 | 815 | |
Matador Resources Co. | 14,918 | 802 | |
CONSOL Energy Inc. | 13,877 | 759 | |
California Resources Corp. | 17,795 | 751 | |
* | Talos Energy Inc. | 40,458 | 721 |
Range Resources Corp. | 26,696 | 719 | |
Ramaco Resources Inc. | 66,240 | 659 | |
* | Bristow Group Inc. | 23,842 | 649 |
* | Golar LNG Ltd. | 27,029 | 617 |
* | Par Pacific Holdings Inc. | 21,909 | 609 |
World Fuel Services Corp. | 22,174 | 609 | |
Helmerich & Payne Inc. | 13,514 | 569 | |
PBF Energy Inc. Class A | 12,681 | 554 |
Shares | Market Value ($000) | ||
Archrock Inc. | 45,355 | 502 | |
* | Helix Energy Solutions Group Inc. | 58,284 | 483 |
Equitrans Midstream Corp. | 69,897 | 421 | |
* | Kosmos Energy Ltd. | 53,320 | 420 |
Baker Hughes Co. Class A | 13,183 | 403 | |
* | Denbury Inc. | 4,504 | 375 |
* | REX American Resources Corp. | 11,027 | 364 |
* | NexTier Oilfield Solutions Inc. | 39,582 | 361 |
Alpha Metallurgical Resources Inc. | 1,932 | 324 | |
* | SandRidge Energy Inc. | 19,447 | 284 |
VAALCO Energy Inc. | 57,405 | 269 | |
* | Centrus Energy Corp. Class A | 4,363 | 195 |
Antero Midstream Corp. | 15,349 | 162 | |
* | Gulfport Energy Corp. | 2,449 | 162 |
* | Vital Energy Inc. | 2,583 | 133 |
98,161 | |||
Financials (24.6%) | |||
Bank of New York Mellon Corp. | 68,437 | 3,482 | |
Prudential Financial Inc. | 34,537 | 3,454 | |
Travelers Cos. Inc. | 18,005 | 3,333 | |
MetLife Inc. | 42,946 | 3,081 | |
American International Group Inc. | 45,885 | 2,804 | |
US Bancorp | 57,776 | 2,758 | |
PacWest Bancorp | 99,135 | 2,751 | |
Unum Group | 59,456 | 2,649 | |
Goldman Sachs Group Inc. | 7,462 | 2,624 | |
Citigroup Inc. | 51,218 | 2,596 | |
Bank of America Corp. | 74,902 | 2,569 | |
Essent Group Ltd. | 58,615 | 2,518 | |
Truist Financial Corp. | 53,598 | 2,516 | |
PNC Financial Services Group Inc. | 15,286 | 2,414 | |
Morgan Stanley | 24,766 | 2,390 | |
OceanFirst Financial Corp. | 97,297 | 2,308 | |
Wells Fargo & Co. | 47,773 | 2,234 | |
Old National Bancorp | 111,715 | 1,974 | |
Heartland Financial USA Inc. | 39,754 | 1,965 | |
Chubb Ltd. | 9,135 | 1,928 | |
OneMain Holdings Inc. | 43,526 | 1,876 | |
S&T Bancorp Inc. | 47,902 | 1,785 | |
Aflac Inc. | 26,138 | 1,781 | |
Provident Financial Services Inc. | 72,842 | 1,701 | |
* | Genworth Financial Inc. Class A | 272,755 | 1,699 |
Prosperity Bancshares Inc. | 22,836 | 1,678 | |
Enterprise Financial Services Corp. | 30,091 | 1,639 | |
Janus Henderson Group plc | 59,326 | 1,629 | |
JPMorgan Chase & Co. | 11,204 | 1,606 | |
FNB Corp. | 108,501 | 1,548 | |
MGIC Investment Corp. | 110,077 | 1,515 | |
WesBanco Inc. | 41,609 | 1,504 | |
Radian Group Inc. | 70,348 | 1,502 | |
Hope Bancorp Inc. | 117,011 | 1,499 | |
Washington Federal Inc. | 42,675 | 1,497 | |
* | Enstar Group Ltd. | 6,029 | 1,474 |
Affiliated Managers Group Inc. | 9,147 | 1,458 | |
RenaissanceRe Holdings Ltd. | 6,743 | 1,449 | |
Renasant Corp. | 39,911 | 1,436 | |
First Financial Bancorp | 53,858 | 1,327 | |
Reinsurance Group of America Inc. | 9,159 | 1,323 |
Shares | Market Value ($000) | ||
* | Brighthouse Financial Inc. | 22,827 | 1,320 |
Dime Community Bancshares Inc. | 42,312 | 1,296 | |
Jefferies Financial Group Inc. | 32,999 | 1,247 | |
Navient Corp. | 66,465 | 1,200 | |
Allstate Corp. | 9,280 | 1,195 | |
PennyMac Financial Services Inc. | 19,598 | 1,185 | |
Hancock Whitney Corp. | 24,023 | 1,180 | |
Fulton Financial Corp. | 68,388 | 1,176 | |
Eagle Bancorp Inc. | 26,135 | 1,145 | |
* | NMI Holdings Inc. Class A | 48,818 | 1,139 |
Everest Re Group Ltd. | 2,953 | 1,134 | |
Regions Financial Corp. | 48,512 | 1,131 | |
Axis Capital Holdings Ltd. | 18,546 | 1,126 | |
Webster Financial Corp. | 20,498 | 1,089 | |
First Citizens BancShares Inc. Class A | 1,471 | 1,079 | |
Jackson Financial Inc. Class A | 23,421 | 1,063 | |
Cadence Bank | 40,038 | 1,063 | |
Citizens Financial Group Inc. | 24,311 | 1,015 | |
Bank OZK | 22,019 | 1,014 | |
Atlantic Union Bankshares Corp. | 26,963 | 1,010 | |
Signature Bank | 8,619 | 992 | |
Towne Bank | 32,119 | 974 | |
Ameris Bancorp | 20,281 | 971 | |
Old Republic International Corp. | 35,929 | 947 | |
Charles Schwab Corp. | 11,877 | 925 | |
First Interstate BancSystem Inc. Class A | 25,493 | 906 | |
First Busey Corp. | 37,071 | 895 | |
* | Enova International Inc. | 18,232 | 889 |
Trustmark Corp. | 29,665 | 872 | |
Nelnet Inc. Class A | 8,923 | 838 | |
Synovus Financial Corp. | 19,894 | 832 | |
Carlyle Group Inc. | 24,172 | 832 | |
Zions Bancorp NA | 16,044 | 812 | |
Universal Insurance Holdings Inc. | 41,722 | 806 | |
M&T Bank Corp. | 5,113 | 794 | |
Peoples Bancorp Inc. | 24,910 | 775 | |
Stifel Financial Corp. | 11,552 | 772 | |
CNA Financial Corp. | 17,586 | 770 | |
Pinnacle Financial Partners Inc. | 10,275 | 761 | |
Lincoln National Corp. | 23,948 | 760 | |
Univest Financial Corp. | 26,716 | 753 | |
Brookline Bancorp Inc. | 57,673 | 747 | |
First Financial Corp. | 16,765 | 737 | |
Cathay General Bancorp | 17,048 | 732 | |
First Bancorp (XNGS) | 17,592 | 730 | |
SouthState Corp. | 9,032 | 729 | |
Globe Life Inc. | 5,971 | 727 | |
Fidelity National Financial Inc. | 17,914 | 714 | |
Huntington Bancshares Inc. | 46,063 | 706 | |
TrustCo Bank Corp. NY | 18,720 | 701 | |
United Bankshares Inc. | 16,485 | 672 | |
BOK Financial Corp. | 6,179 | 647 | |
ConnectOne Bancorp Inc. | 26,325 | 638 | |
Associated Banc-Corp. | 27,109 | 628 | |
Flushing Financial Corp. | 32,104 | 625 | |
First Commonwealth Financial Corp. | 38,004 | 608 | |
Selective Insurance Group Inc. | 5,965 | 606 | |
Premier Financial Corp. | 24,420 | 606 |
Shares | Market Value ($000) | ||
NBT Bancorp Inc. | 14,823 | 602 | |
Banc of California Inc. | 34,204 | 600 | |
* | Berkshire Hathaway Inc. Class B | 1,960 | 598 |
Primerica Inc. | 3,048 | 585 | |
Franklin Resources Inc. | 19,791 | 583 | |
Independent Bank Corp. (XNGS) | 7,215 | 575 | |
Western Alliance Bancorp | 7,581 | 563 | |
KeyCorp | 30,671 | 561 | |
TriCo Bancshares | 10,963 | 554 | |
OFG Bancorp | 18,151 | 552 | |
Valley National Bancorp | 47,595 | 551 | |
First American Financial Corp. | 9,676 | 549 | |
Popular Inc. | 7,673 | 548 | |
* | Customers Bancorp Inc. | 17,703 | 545 |
Pathward Financial Inc. | 10,685 | 545 | |
Raymond James Financial Inc. | 4,996 | 542 | |
Heritage Financial Corp. | 19,226 | 536 | |
Hartford Financial Services Group Inc. | 6,483 | 507 | |
* | StoneX Group Inc. | 4,989 | 503 |
Principal Financial Group Inc. | 5,562 | 498 | |
Pacific Premier Bancorp Inc. | 15,262 | 495 | |
Simmons First National Corp. Class A | 22,030 | 490 | |
Equitable Holdings Inc. | 15,485 | 487 | |
* | Axos Financial Inc. | 9,579 | 454 |
American Equity Investment Life Holding Co. | 10,672 | 444 | |
1st Source Corp. | 8,879 | 442 | |
* | Nicolet Bankshares Inc. | 5,939 | 442 |
* | SVB Financial Group | 1,516 | 437 |
Sandy Spring Bancorp Inc. | 12,471 | 411 | |
* | Eastern Bankshares Inc. | 26,085 | 409 |
Invesco Ltd. | 22,667 | 400 | |
Berkshire Hills Bancorp Inc. | 13,707 | 398 | |
Comerica Inc. | 5,379 | 377 | |
Northfield Bancorp Inc. | 23,218 | 342 | |
Banner Corp. | 5,235 | 330 | |
BGC Partners Inc. Class A | 65,413 | 318 | |
Horizon Bancorp Inc. | 18,755 | 285 | |
Bank of NT Butterfield & Son Ltd. | 7,889 | 285 | |
Northwest Bancshares Inc. | 19,984 | 276 | |
Discover Financial Services | 2,291 | 257 | |
Stewart Information Services Corp. | 6,033 | 256 | |
First Merchants Corp. | 6,166 | 252 | |
CNO Financial Group Inc. | 9,554 | 245 | |
* | Markel Corp. | 181 | 241 |
* | SiriusPoint Ltd. | 27,703 | 197 |
First Foundation Inc. | 12,736 | 192 | |
State Street Corp. | 2,152 | 191 | |
Veritex Holdings Inc. | 6,851 | 183 | |
East West Bancorp Inc. | 2,279 | 174 | |
Cullen/Frost Bankers Inc. | 1,274 | 168 | |
HarborOne Bancorp Inc. | 11,852 | 162 | |
Employers Holdings Inc. | 3,601 | 160 | |
Home BancShares Inc. | 6,653 | 160 | |
* | LendingClub Corp. | 16,974 | 160 |
SLM Corp. | 10,644 | 153 | |
Hanover Insurance Group Inc. | 1,077 | 150 | |
* | Mr Cooper Group Inc. | 3,205 | 149 |
QCR Holdings Inc. | 2,786 | 149 |
Shares | Market Value ($000) | ||
Byline Bancorp Inc. | 5,897 | 145 | |
Federal Agricultural Mortgage Corp. Class C | 1,023 | 145 | |
First BanCorp (XNYS) | 9,564 | 139 | |
Enact Holdings Inc. | 5,610 | 136 | |
* | Metropolitan Bank Holding Corp. | 2,424 | 135 |
Origin Bancorp Inc. | 3,545 | 134 | |
Preferred Bank | 1,859 | 131 | |
First Bancorp Inc. (XNMS) | 4,085 | 128 | |
Amalgamated Financial Corp. | 5,416 | 128 | |
HomeStreet Inc. | 4,938 | 125 | |
* | Arch Capital Group Ltd. | 1,484 | 104 |
161,178 | |||
Health Care (7.7%) | |||
Cigna Group | 15,846 | 4,629 | |
Bristol-Myers Squibb Co. | 64,999 | 4,482 | |
HCA Healthcare Inc. | 18,017 | 4,386 | |
Merck & Co. Inc. | 37,553 | 3,990 | |
* | Centene Corp. | 52,529 | 3,593 |
* | Syneos Health Inc. | 78,795 | 3,169 |
Pfizer Inc. | 59,633 | 2,419 | |
* | Elanco Animal Health Inc. (XNYS) | 196,104 | 2,249 |
Gilead Sciences Inc. | 24,257 | 1,953 | |
DENTSPLY SIRONA Inc. | 49,919 | 1,900 | |
* | QuidelOrtho Corp. | 20,827 | 1,811 |
* | Regeneron Pharmaceuticals Inc. | 2,336 | 1,776 |
Organon & Co. | 56,331 | 1,380 | |
Universal Health Services Inc. Class B | 10,122 | 1,352 | |
Premier Inc. Class A | 41,384 | 1,332 | |
* | Jazz Pharmaceuticals plc | 9,389 | 1,318 |
* | Cardinal Health Inc. | 17,380 | 1,316 |
Elevance Health Inc. | 2,400 | 1,127 | |
* | Owens & Minor Inc. | 64,126 | 983 |
* | United Therapeutics Corp. | 3,719 | 915 |
* | Tenet Healthcare Corp. | 14,248 | 834 |
Humana Inc. | 1,451 | 718 | |
* | Emergent BioSolutions Inc. | 51,661 | 640 |
* | Avanos Medical Inc. | 13,325 | 374 |
* | Eagle Pharmaceuticals Inc. | 10,270 | 288 |
Quest Diagnostics Inc. | 2,020 | 280 | |
* | Pediatrix Medical Group Inc. | 16,479 | 259 |
* | Computer Programs and Systems Inc. | 8,288 | 249 |
* | Amneal Pharmaceuticals Inc. | 108,040 | 223 |
* | Biogen Inc. | 810 | 219 |
* | iTeos Therapeutics Inc. | 11,076 | 196 |
* | Prestige Consumer Healthcare Inc. | 2,248 | 135 |
50,495 | |||
Industrials (14.3%) | |||
Fidelity National Information Services Inc. | 78,412 | 4,969 | |
FedEx Corp. | 19,693 | 4,002 | |
Capital One Financial Corp. | 31,276 | 3,412 | |
* | Fiserv Inc. | 26,325 | 3,030 |
Berry Global Group Inc. | 47,333 | 2,939 | |
Ryder System Inc. | 27,935 | 2,735 | |
Air Lease Corp. Class A | 62,193 | 2,692 | |
* | Builders FirstSource Inc. | 28,348 | 2,403 |
ManpowerGroup Inc. | 27,701 | 2,351 | |
Synchrony Financial | 59,964 | 2,141 |
Shares | Market Value ($000) | ||
Bread Financial Holdings Inc. | 48,418 | 1,989 | |
* | Mohawk Industries Inc. | 19,121 | 1,967 |
Scorpio Tankers Inc. | 32,526 | 1,963 | |
Owens Corning | 18,027 | 1,763 | |
General Dynamics Corp. | 7,574 | 1,726 | |
Triton International Ltd. | 24,887 | 1,716 | |
International Seaways Inc. | 33,074 | 1,701 | |
Knight-Swift Transportation Holdings Inc. | 27,835 | 1,582 | |
* | Atkore Inc. | 10,798 | 1,577 |
ArcBest Corp. | 15,772 | 1,517 | |
Genco Shipping & Trading Ltd. | 79,397 | 1,512 | |
Patrick Industries Inc. | 19,270 | 1,404 | |
* | GXO Logistics Inc. | 27,924 | 1,384 |
Schneider National Inc. Class B | 48,311 | 1,356 | |
Louisiana-Pacific Corp. | 22,814 | 1,335 | |
Westrock Co. | 42,487 | 1,334 | |
Matson Inc. | 19,486 | 1,296 | |
MDU Resources Group Inc. | 37,200 | 1,185 | |
Global Payments Inc. | 10,076 | 1,131 | |
MKS Instruments Inc. | 11,608 | 1,125 | |
Dorian LPG Ltd. | 49,255 | 1,081 | |
* | Teekay Tankers Ltd. Class A | 23,693 | 1,070 |
* | Titan Machinery Inc. | 22,979 | 1,052 |
* | Alight Inc. Class A | 108,669 | 1,043 |
* | BlueLinx Holdings Inc. | 11,890 | 1,003 |
SFL Corp. Ltd. | 90,548 | 934 | |
* | American Woodmark Corp. | 18,268 | 931 |
Ardmore Shipping Corp. | 50,033 | 908 | |
Allison Transmission Holdings Inc. | 17,720 | 842 | |
* | Manitowoc Co. Inc. | 44,307 | 838 |
DHT Holdings Inc. | 71,782 | 831 | |
* | PayPal Holdings Inc. | 11,052 | 813 |
Graphic Packaging Holding Co. | 33,612 | 800 | |
Quanex Building Products Corp. | 30,310 | 787 | |
Moog Inc. Class A | 7,750 | 764 | |
L3Harris Technologies Inc. | 3,595 | 759 | |
* | Conduent Inc. | 190,210 | 757 |
Trinseo plc | 31,997 | 742 | |
United Rentals Inc. | 1,574 | 737 | |
* | O-I Glass Inc. | 32,683 | 726 |
* | JELD-WEN Holding Inc. | 47,646 | 627 |
Brunswick Corp. | 7,162 | 626 | |
Textron Inc. | 8,190 | 594 | |
* | XPO Inc. | 17,174 | 573 |
PACCAR Inc. | 7,860 | 567 | |
* | Gates Industrial Corp. plc | 39,622 | 556 |
* | CoreCivic Inc. | 56,784 | 551 |
Safe Bulkers Inc. | 140,386 | 526 | |
Costamare Inc. | 49,383 | 519 | |
* | Sterling Infrastructure Inc. | 13,416 | 516 |
Greif Inc. Class A | 6,625 | 471 | |
Covenant Logistics Group Inc. Class A | 13,495 | 468 | |
* | AMN Healthcare Services Inc. | 4,832 | 435 |
Korn Ferry | 6,944 | 388 | |
* | BrightView Holdings Inc. | 60,662 | 383 |
REV Group Inc. | 32,785 | 383 | |
* | Air Transport Services Group Inc. | 17,234 | 361 |
* | Repay Holdings Corp. Class A | 41,957 | 356 |
Shares | Market Value ($000) | ||
* | WESCO International Inc. | 2,093 | 347 |
* | Tutor Perini Corp. | 41,882 | 340 |
Deluxe Corp. | 18,395 | 339 | |
* | StoneCo. Ltd. Class A | 39,461 | 336 |
Acuity Brands Inc. | 1,669 | 324 | |
Textainer Group Holdings Ltd. | 9,783 | 322 | |
* | GMS Inc. | 4,945 | 300 |
Kelly Services Inc. Class A | 16,963 | 284 | |
* | Green Dot Corp. Class A | 13,362 | 253 |
* | DXP Enterprises Inc. | 8,361 | 242 |
Resources Connection Inc. | 12,511 | 226 | |
* | First Advantage Corp. | 14,632 | 212 |
Insteel Industries Inc. | 7,030 | 209 | |
ADT Inc. | 27,059 | 204 | |
Kronos Worldwide Inc. | 17,253 | 195 | |
* | Summit Materials Inc. Class A | 6,051 | 179 |
Heidrick & Struggles International Inc. | 4,876 | 167 | |
Werner Enterprises Inc. | 3,594 | 167 | |
* | Hub Group Inc. Class A | 1,756 | 161 |
Raytheon Technologies Corp. | 1,572 | 154 | |
* | Resideo Technologies Inc. | 7,925 | 145 |
* | Hireright Holdings Corp. | 11,689 | 129 |
3M Co. | 1,142 | 123 | |
Griffon Corp. | 2,980 | 109 | |
Norfolk Southern Corp. | 485 | 109 | |
Herc Holdings Inc. | 624 | 90 | |
93,221 | |||
Real Estate (0.4%) | |||
* | Anywhere Real Estate Inc. | 164,091 | 950 |
Newmark Group Inc. Class A | 118,056 | 947 | |
* | Jones Lang LaSalle Inc. | 3,300 | 576 |
RE/MAX Holdings Inc. Class A | 7,747 | 143 | |
2,616 | |||
Technology (6.7%) | |||
HP Inc. | 118,112 | 3,487 | |
* | Meta Platforms Inc. Class A | 15,841 | 2,771 |
* | Coherent Corp. | 59,906 | 2,584 |
* | Synaptics Inc. | 20,604 | 2,423 |
Skyworks Solutions Inc. | 19,940 | 2,225 | |
* | NCR Corp. | 83,998 | 2,144 |
* | Magnite Inc. | 191,015 | 2,126 |
* | DXC Technology Co. | 73,359 | 2,035 |
Vishay Intertechnology Inc. | 79,623 | 1,690 | |
* | Semtech Corp. | 48,127 | 1,483 |
Xerox Holdings Corp. | 87,009 | 1,435 | |
Hewlett Packard Enterprise Co. | 89,615 | 1,399 | |
* | Qorvo Inc. | 12,457 | 1,257 |
* | TTM Technologies Inc. | 94,154 | 1,251 |
Oracle Corp. | 12,497 | 1,092 | |
* | Alpha & Omega Semiconductor Ltd. | 36,828 | 984 |
* | Ziff Davis Inc. | 11,489 | 907 |
* | Ultra Clean Holdings Inc. | 28,117 | 896 |
Science Applications International Corp. | 8,342 | 890 | |
* | CACI International Inc. Class A | 2,924 | 857 |
Adeia Inc. | 85,796 | 846 | |
Jabil Inc. | 9,985 | 829 | |
Micron Technology Inc. | 14,249 | 824 |
Shares | Market Value ($000) | ||
International Business Machines Corp. | 6,350 | 821 | |
* | Photronics Inc. | 37,768 | 665 |
Amdocs Ltd. | 6,658 | 610 | |
* | Dropbox Inc. Class A | 29,789 | 608 |
Dell Technologies Inc. Class C | 13,418 | 545 | |
* | Digital Turbine Inc. | 49,925 | 536 |
* | ScanSource Inc. | 16,790 | 523 |
SS&C Technologies Holdings Inc. | 8,126 | 477 | |
* | Sanmina Corp. | 6,417 | 388 |
* | Unisys Corp. | 69,391 | 346 |
* | Cohu Inc. | 9,085 | 338 |
Cognizant Technology Solutions Corp. Class A | 4,192 | 262 | |
* | Arrow Electronics Inc. | 2,080 | 245 |
* | NetScout Systems Inc. | 8,014 | 228 |
* | Kyndryl Holdings Inc. | 13,213 | 207 |
* | Upland Software Inc. | 27,426 | 159 |
* | SolarWinds Corp. | 17,481 | 149 |
* | Consensus Cloud Solutions Inc. | 2,966 | 122 |
43,664 | |||
Telecommunications (3.9%) | |||
AT&T Inc. | 333,383 | 6,304 | |
Verizon Communications Inc. | 152,575 | 5,922 | |
Comcast Corp. Class A | 139,608 | 5,189 | |
* | Charter Communications Inc. Class A | 9,598 | 3,528 |
* | Liberty Latin America Ltd. Class C | 126,349 | 1,109 |
Telephone and Data Systems Inc. | 62,244 | 790 | |
* | United States Cellular Corp. | 28,598 | 690 |
* | Altice USA Inc. Class A | 156,524 | 620 |
* | CommScope Holding Co. Inc. | 51,665 | 374 |
Cisco Systems Inc. | 7,173 | 347 | |
* | Liberty Latin America Ltd. Class A | 39,059 | 345 |
* | Consolidated Communications Holdings Inc. | 38,451 | 117 |
25,335 | |||
Utilities (0.1%) | |||
* | Harsco Corp. | 41,465 | 351 |
Total Common Stocks (Cost $618,172) | 650,567 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.640% (Cost $2,151) | 21,512 | 2,151 |
Total Investments (99.8%) (Cost $620,323) | 652,718 | ||
Other Assets and Liabilities—Net (0.2%) | 1,097 | ||
Net Assets (100%) | 653,815 | ||
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 $158,000. |
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 $179,000 was received for securities on loan, of which $178,000 is held in Vanguard Market Liquidity Fund and $1,000 is held in cash. |
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 | 10 | 1,988 | (63) |
Micro E-mini S&P 500 Index | March 2023 | 16 | 318 | (4) |
(67) |
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.