Vanguard® U.S. Multifactor Fund
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 (98.3%) | |||
Basic Materials (4.6%) | |||
Steel Dynamics Inc. | 2,032 | 256 | |
Dow Inc. | 4,068 | 233 | |
Nucor Corp. | 1,270 | 213 | |
Reliance Steel & Aluminum Co. | 854 | 212 | |
Mosaic Co. | 3,207 | 171 | |
Olin Corp. | 2,949 | 170 | |
Olympic Steel Inc. | 3,241 | 170 | |
CF Industries Holdings Inc. | 1,785 | 153 | |
Freeport-McMoRan Inc. | 3,642 | 149 | |
Commercial Metals Co. | 2,803 | 145 | |
Chemours Co. | 4,044 | 138 | |
LyondellBasell Industries NV Class A | 1,426 | 137 | |
Mueller Industries Inc. | 1,836 | 136 | |
UFP Industries Inc. | 1,477 | 126 | |
* | Univar Solutions Inc. | 3,048 | 106 |
Boise Cascade Co. | 1,311 | 91 | |
AdvanSix Inc. | 2,026 | 83 | |
* | Clearwater Paper Corp. | 2,008 | 77 |
Huntsman Corp. | 2,596 | 76 | |
American Vanguard Corp. | 3,539 | 74 | |
Timken Co. | 823 | 70 | |
* | US Silica Holdings Inc. | 4,899 | 59 |
Westlake Corp. | 416 | 50 | |
Fastenal Co. | 556 | 29 | |
* | Alto Ingredients Inc. | 6,460 | 19 |
Cabot Corp. | 208 | 17 | |
Element Solutions Inc. | 783 | 16 | |
Valvoline Inc. | 412 | 14 | |
3,190 | |||
Consumer Discretionary (15.2%) | |||
* | AutoZone Inc. | 181 | 450 |
H&R Block Inc. | 8,342 | 307 | |
* | Perdoceo Education Corp. | 21,587 | 298 |
* | O'Reilly Automotive Inc. | 350 | 291 |
* | AutoNation Inc. | 1,978 | 270 |
Scholastic Corp. | 5,728 | 261 | |
Target Corp. | 1,249 | 211 | |
Ethan Allen Interiors Inc. | 6,692 | 198 | |
1 | Dillard's Inc. Class A | 533 | 190 |
* | Deckers Outdoor Corp. | 412 | 172 |
Dick's Sporting Goods Inc. | 1,339 | 172 | |
Lennar Corp. Class A | 1,782 | 172 |
Shares | Market Value ($000) | ||
Omnicom Group Inc. | 1,870 | 169 | |
* | Cars.com Inc. | 8,659 | 166 |
Signet Jewelers Ltd. | 2,266 | 162 | |
* | United Airlines Holdings Inc. | 2,955 | 154 |
Tapestry Inc. | 3,451 | 150 | |
Tempur Sealy International Inc. | 3,379 | 144 | |
Thor Industries Inc. | 1,529 | 139 | |
eBay Inc. | 3,009 | 138 | |
Oxford Industries Inc. | 1,143 | 134 | |
Macy's Inc. | 6,464 | 132 | |
Genuine Parts Co. | 734 | 130 | |
* | Capri Holdings Ltd. | 2,630 | 130 |
Murphy USA Inc. | 495 | 126 | |
* | American Axle & Manufacturing Holdings Inc. | 14,222 | 125 |
Walmart Inc. | 873 | 124 | |
* | Master Craft Boat Holdings Inc. | 3,587 | 121 |
Group 1 Automotive Inc. | 537 | 119 | |
Movado Group Inc. | 3,434 | 119 | |
BorgWarner Inc. (XNYS) | 2,352 | 118 | |
Entravision Communications Corp. Class A | 18,021 | 118 | |
Haverty Furniture Cos. Inc. | 3,085 | 116 | |
* | American Airlines Group Inc. | 6,933 | 111 |
LKQ Corp. | 1,936 | 111 | |
Acushnet Holdings Corp. | 2,169 | 105 | |
Nexstar Media Group Inc. Class A | 562 | 105 | |
* | NVR Inc. | 20 | 104 |
PVH Corp. | 1,254 | 101 | |
Lowe's Cos. Inc. | 486 | 100 | |
* | Stride Inc. | 2,346 | 100 |
Monarch Casino & Resort Inc. | 1,323 | 97 | |
Winnebago Industries Inc. | 1,525 | 97 | |
PulteGroup Inc. | 1,747 | 96 | |
Jack in the Box Inc. | 1,213 | 95 | |
Williams-Sonoma Inc. | 760 | 95 | |
Academy Sports & Outdoors Inc. | 1,612 | 95 | |
Whirlpool Corp. | 664 | 92 | |
Hibbett Inc. | 1,270 | 91 | |
Lennar Corp. Class B | 1,118 | 91 | |
Penske Automotive Group Inc. | 629 | 91 | |
* | Chico's FAS Inc. | 15,688 | 90 |
* | Urban Outfitters Inc. | 3,288 | 89 |
* | Asbury Automotive Group Inc. | 376 | 85 |
Strategic Education Inc. | 999 | 85 | |
Dine Brands Global Inc. | 1,094 | 84 | |
* | BJ's Wholesale Club Holdings Inc. | 1,143 | 82 |
* | M/I Homes Inc. | 1,415 | 82 |
* | Brinker International Inc. | 2,112 | 80 |
Guess? Inc. | 3,776 | 79 | |
La-Z-Boy Inc. | 2,404 | 78 | |
* | Green Brick Partners Inc. | 2,403 | 75 |
* | Ulta Beauty Inc. | 143 | 74 |
* | Booking Holdings Inc. | 29 | 73 |
Caleres Inc. | 2,800 | 73 | |
* | Bowlero Corp. | 4,712 | 73 |
* | Skyline Champion Corp. | 1,007 | 69 |
* | Adtalem Global Education Inc. | 1,740 | 68 |
Buckle Inc. | 1,659 | 68 | |
* | Cavco Industries Inc. | 240 | 68 |
Shares | Market Value ($000) | ||
* | MarineMax Inc. | 1,976 | 66 |
* | Golden Entertainment Inc. | 1,587 | 65 |
Ford Motor Co. | 5,244 | 63 | |
* | SeaWorld Entertainment Inc. | 971 | 63 |
Dana Inc. | 3,883 | 62 | |
* | ODP Corp. | 1,370 | 62 |
Gentex Corp. | 2,058 | 59 | |
Best Buy Co. Inc. | 646 | 54 | |
Rush Enterprises Inc. Class A | 954 | 54 | |
Sonic Automotive Inc. Class A | 936 | 53 | |
* | Gentherm Inc. | 825 | 52 |
Bath & Body Works Inc. | 1,202 | 49 | |
* | Malibu Boats Inc. Class A | 802 | 48 |
Boyd Gaming Corp. | 717 | 47 | |
* | Meritage Homes Corp. | 430 | 47 |
Shoe Carnival Inc. | 1,771 | 47 | |
Travel + Leisure Co. | 1,059 | 44 | |
Century Communities Inc. | 698 | 42 | |
* | Crocs Inc. | 342 | 42 |
* | Zumiez Inc. | 1,717 | 40 |
John Wiley & Sons Inc. Class A | 792 | 35 | |
* | Tri Pointe Homes Inc. | 1,345 | 32 |
Ralph Lauren Corp. Class A | 261 | 31 | |
Tractor Supply Co. | 125 | 29 | |
Upbound Group Inc. | 998 | 27 | |
International Game Technology plc | 988 | 26 | |
* | Grand Canyon Education Inc. | 181 | 21 |
Garmin Ltd. | 205 | 20 | |
News Corp. Class B | 1,035 | 18 | |
Lithia Motors Inc. Class A | 63 | 16 | |
* | Mattel Inc. | 809 | 15 |
* | Genesco Inc. | 311 | 14 |
* | Dave & Buster's Entertainment Inc. | 332 | 13 |
PriceSmart Inc. | 190 | 13 | |
10,447 | |||
Consumer Staples (7.1%) | |||
McKesson Corp. | 1,468 | 514 | |
Ingles Markets Inc. Class A | 5,013 | 448 | |
Altria Group Inc. | 8,985 | 417 | |
CVS Health Corp. | 4,252 | 355 | |
Philip Morris International Inc. | 3,051 | 297 | |
Kroger Co. | 5,555 | 240 | |
SpartanNash Co. | 7,091 | 190 | |
Archer-Daniels-Midland Co. | 2,233 | 178 | |
Weis Markets Inc. | 2,322 | 177 | |
Kimberly-Clark Corp. | 1,374 | 172 | |
General Mills Inc. | 2,082 | 166 | |
PepsiCo Inc. | 870 | 151 | |
Colgate-Palmolive Co. | 1,899 | 139 | |
Molson Coors Beverage Co. Class B | 2,518 | 134 | |
Cal-Maine Foods Inc. | 2,312 | 131 | |
Campbell Soup Co. | 2,409 | 127 | |
* | Performance Food Group Co. | 2,207 | 125 |
Casey's General Stores Inc. | 576 | 120 | |
Flowers Foods Inc. | 4,280 | 119 | |
Coca-Cola Consolidated Inc. | 200 | 111 | |
Vector Group Ltd. | 7,899 | 105 | |
Nu Skin Enterprises Inc. Class A | 2,590 | 103 |
Shares | Market Value ($000) | ||
Kraft Heinz Co. | 2,206 | 86 | |
AmerisourceBergen Corp. | 534 | 83 | |
* | Sprouts Farmers Market Inc. | 2,539 | 77 |
Kellogg Co. | 977 | 64 | |
Edgewell Personal Care Co. | 591 | 25 | |
* | Monster Beverage Corp. | 206 | 21 |
J M Smucker Co. | 131 | 19 | |
4,894 | |||
Energy (17.0%) | |||
EOG Resources Inc. | 7,071 | 799 | |
Exxon Mobil Corp. | 6,130 | 674 | |
ConocoPhillips | 5,554 | 574 | |
Valero Energy Corp. | 3,901 | 514 | |
Marathon Petroleum Corp. | 4,113 | 508 | |
Pioneer Natural Resources Co. | 2,254 | 452 | |
Occidental Petroleum Corp. | 7,490 | 439 | |
Cheniere Energy Inc. | 2,735 | 430 | |
Chevron Corp. | 2,668 | 429 | |
Phillips 66 | 3,675 | 377 | |
Devon Energy Corp. | 6,923 | 373 | |
Chord Energy Corp. | 2,262 | 305 | |
Northern Oil and Gas Inc. | 7,679 | 238 | |
CONSOL Energy Inc. | 4,076 | 223 | |
* | Antero Resources Corp. | 7,131 | 187 |
Ovintiv Inc. (XNYS) | 4,236 | 181 | |
* | Helix Energy Solutions Group Inc. | 21,045 | 174 |
* | W&T Offshore Inc. | 29,552 | 166 |
Magnolia Oil & Gas Corp. Class A | 6,555 | 143 | |
* | Par Pacific Holdings Inc. | 5,145 | 143 |
Marathon Oil Corp. | 5,522 | 139 | |
* | Denbury Inc. | 1,669 | 139 |
SunCoke Energy Inc. | 13,933 | 133 | |
EQT Corp. | 3,977 | 132 | |
Helmerich & Payne Inc. | 3,136 | 132 | |
Civitas Resources Inc. | 1,887 | 132 | |
Range Resources Corp. | 4,853 | 131 | |
Diamondback Energy Inc. | 918 | 129 | |
PDC Energy Inc. | 1,887 | 127 | |
Murphy Oil Corp. | 3,240 | 126 | |
ChampionX Corp. | 4,050 | 124 | |
Coterra Energy Inc. | 4,890 | 122 | |
* | Kosmos Energy Ltd. | 14,982 | 118 |
Matador Resources Co. | 2,167 | 117 | |
1 | Arch Resources Inc. | 711 | 112 |
APA Corp. | 2,892 | 111 | |
Patterson-UTI Energy Inc. | 8,046 | 110 | |
Permian resources Corp. Class A | 9,902 | 107 | |
Liberty Energy Inc. Class A | 6,754 | 103 | |
*,1 | Earthstone Energy Inc. Class A | 7,331 | 102 |
Targa Resources Corp. | 1,379 | 102 | |
Berry Corp. | 10,600 | 100 | |
* | SandRidge Energy Inc. | 6,872 | 100 |
Warrior Met Coal Inc. | 2,572 | 98 | |
* | REX American Resources Corp. | 2,788 | 92 |
RPC Inc. | 10,192 | 89 | |
VAALCO Energy Inc. | 17,484 | 82 | |
CVR Energy Inc. | 2,548 | 81 | |
1 | Kinetik Holdings Inc. Class A | 2,725 | 81 |
Shares | Market Value ($000) | ||
* | Expro Group Holdings NV | 3,578 | 81 |
* | NOW Inc. | 6,182 | 80 |
* | Talos Energy Inc. | 4,472 | 80 |
1 | Crescent Energy Inc. Class A | 6,734 | 78 |
* | NexTier Oilfield Solutions Inc. | 8,259 | 75 |
HF Sinclair Corp. | 1,470 | 73 | |
California Resources Corp. | 1,713 | 72 | |
Solaris Oilfield Infrastructure Inc. Class A | 7,507 | 67 | |
Comstock Resources Inc. | 5,374 | 65 | |
* | Southwestern Energy Co. | 12,274 | 65 |
* | ProPetro Holding Corp. | 7,264 | 64 |
* | Dril-Quip Inc. | 1,841 | 63 |
* | SilverBow Resources Inc. | 2,297 | 57 |
* | Gulfport Energy Corp. | 827 | 55 |
SM Energy Co. | 1,582 | 47 | |
Delek US Holdings Inc. | 1,584 | 40 | |
* | TETRA Technologies Inc. | 7,077 | 25 |
* | Newpark Resources Inc. | 3,978 | 18 |
11,705 | |||
Financials (17.0%) | |||
American International Group Inc. | 7,400 | 452 | |
Aon plc Class A (XNYS) | 1,437 | 437 | |
MetLife Inc. | 4,046 | 290 | |
Jefferies Financial Group Inc. | 6,188 | 234 | |
Travelers Cos. Inc. | 1,180 | 218 | |
Wells Fargo & Co. | 4,616 | 216 | |
Navient Corp. | 11,280 | 204 | |
Ameriprise Financial Inc. | 587 | 201 | |
First Financial Corp. | 4,214 | 185 | |
First BanCorp (XNYS) | 12,671 | 184 | |
Popular Inc. | 2,480 | 177 | |
Allstate Corp. | 1,352 | 174 | |
Primerica Inc. | 894 | 172 | |
OFG Bancorp | 5,620 | 171 | |
WesBanco Inc. | 4,621 | 167 | |
CNO Financial Group Inc. | 6,439 | 165 | |
* | PRA Group Inc. | 3,825 | 163 |
American Equity Investment Life Holding Co. | 3,892 | 162 | |
HarborOne Bancorp Inc. | 11,630 | 159 | |
* | Mr Cooper Group Inc. | 3,294 | 153 |
* | Arch Capital Group Ltd. | 2,188 | 153 |
Provident Financial Services Inc. | 6,425 | 150 | |
Principal Financial Group Inc. | 1,657 | 148 | |
Nelnet Inc. Class A | 1,563 | 147 | |
Unum Group | 3,202 | 143 | |
Discover Financial Services | 1,244 | 139 | |
Dime Community Bancshares Inc. | 4,296 | 132 | |
1 | Voya Financial Inc. | 1,724 | 128 |
LPL Financial Holdings Inc. | 495 | 124 | |
MGIC Investment Corp. | 8,861 | 122 | |
OneMain Holdings Inc. | 2,798 | 121 | |
State Street Corp. | 1,341 | 119 | |
Assured Guaranty Ltd. | 1,902 | 119 | |
City Holding Co. | 1,199 | 118 | |
Morgan Stanley | 1,215 | 117 | |
Hartford Financial Services Group Inc. | 1,457 | 114 | |
Essent Group Ltd. | 2,606 | 112 | |
Employers Holdings Inc. | 2,451 | 109 |
Shares | Market Value ($000) | ||
Fidelity National Financial Inc. | 2,708 | 108 | |
Radian Group Inc. | 5,054 | 108 | |
SLM Corp. | 7,503 | 108 | |
Chubb Ltd. | 513 | 108 | |
Comerica Inc. | 1,513 | 106 | |
Bank of New York Mellon Corp. | 2,065 | 105 | |
* | Encore Capital Group Inc. | 2,025 | 105 |
Trustmark Corp. | 3,556 | 105 | |
First Citizens BancShares Inc. Class A | 137 | 101 | |
TrustCo Bank Corp. NY | 2,707 | 101 | |
Old Second Bancorp Inc. | 5,971 | 99 | |
Flushing Financial Corp. | 5,055 | 98 | |
White Mountains Insurance Group Ltd. | 65 | 94 | |
Associated Banc-Corp. | 4,006 | 93 | |
Federal Agricultural Mortgage Corp. Class C | 650 | 92 | |
Aflac Inc. | 1,349 | 92 | |
Enterprise Financial Services Corp. | 1,664 | 91 | |
Hope Bancorp Inc. | 7,069 | 91 | |
Great Southern Bancorp Inc. | 1,546 | 90 | |
* | NMI Holdings Inc. Class A | 3,807 | 89 |
Hancock Whitney Corp. | 1,781 | 88 | |
Zions Bancorp NA | 1,738 | 88 | |
1st Source Corp. | 1,745 | 87 | |
S&T Bancorp Inc. | 2,280 | 85 | |
Stifel Financial Corp. | 1,260 | 84 | |
NBT Bancorp Inc. | 2,043 | 83 | |
Equitable Holdings Inc. | 2,592 | 81 | |
Amalgamated Financial Corp. | 3,440 | 81 | |
Washington Federal Inc. | 2,284 | 80 | |
Federated Hermes Inc. | 2,007 | 79 | |
Affiliated Managers Group Inc. | 488 | 78 | |
Berkshire Hills Bancorp Inc. | 2,648 | 77 | |
Oppenheimer Holdings Inc. Class A | 1,721 | 76 | |
International Bancshares Corp. | 1,491 | 72 | |
BankUnited Inc. | 1,929 | 68 | |
Byline Bancorp Inc. | 2,774 | 68 | |
PennyMac Financial Services Inc. | 1,087 | 66 | |
Park National Corp. | 505 | 65 | |
Washington Trust Bancorp Inc. | 1,538 | 65 | |
BancFirst Corp. | 696 | 63 | |
Hanmi Financial Corp. | 2,664 | 63 | |
Kearny Financial Corp. | 6,200 | 62 | |
Premier Financial Corp. | 2,472 | 61 | |
BOK Financial Corp. | 567 | 59 | |
First Commonwealth Financial Corp. | 3,659 | 59 | |
Cathay General Bancorp | 1,333 | 57 | |
Raymond James Financial Inc. | 517 | 56 | |
First Financial Bancorp | 2,249 | 55 | |
Preferred Bank | 779 | 55 | |
Enact Holdings Inc. | 2,282 | 55 | |
First Busey Corp. | 2,187 | 53 | |
Heritage Financial Corp. | 1,878 | 52 | |
Northwest Bancshares Inc. | 3,732 | 52 | |
Loews Corp. | 772 | 47 | |
Home BancShares Inc. | 1,919 | 46 | |
HomeStreet Inc. | 1,821 | 46 | |
Peapack-Gladstone Financial Corp. | 1,170 | 43 | |
Bank of NT Butterfield & Son Ltd. | 1,190 | 43 |
Shares | Market Value ($000) | ||
East West Bancorp Inc. | 487 | 37 | |
Hanover Insurance Group Inc. | 268 | 37 | |
Regions Financial Corp. | 1,563 | 36 | |
Evercore Inc. Class A | 269 | 35 | |
ServisFirst Bancshares Inc. | 465 | 34 | |
Walker & Dunlop Inc. | 373 | 33 | |
Ally Financial Inc. | 1,064 | 32 | |
QCR Holdings Inc. | 595 | 32 | |
Lakeland Financial Corp. | 396 | 28 | |
* | Brighthouse Financial Inc. | 445 | 26 |
Safety Insurance Group Inc. | 291 | 23 | |
Atlantic Union Bankshares Corp. | 587 | 22 | |
FNB Corp. | 1,557 | 22 | |
Southside Bancshares Inc. | 584 | 22 | |
Diamond Hill Investment Group Inc. | 121 | 21 | |
First Hawaiian Inc. | 698 | 19 | |
Piper Sandler Cos. | 121 | 18 | |
UMB Financial Corp. | 194 | 18 | |
Artisan Partners Asset Management Inc. Class A | 500 | 17 | |
Banner Corp. | 262 | 17 | |
* | Axos Financial Inc. | 327 | 16 |
Bank OZK | 356 | 16 | |
* | Credit Acceptance Corp. | 36 | 16 |
Tompkins Financial Corp. | 210 | 16 | |
WSFS Financial Corp. | 329 | 16 | |
Huntington Bancshares Inc. | 1,010 | 15 | |
Virtu Financial Inc. Class A | 837 | 15 | |
11,720 | |||
Health Care (13.0%) | |||
* | Regeneron Pharmaceuticals Inc. | 811 | 617 |
Bristol-Myers Squibb Co. | 7,908 | 545 | |
AbbVie Inc. | 3,262 | 502 | |
Elevance Health Inc. | 1,048 | 492 | |
Gilead Sciences Inc. | 5,569 | 449 | |
Merck & Co. Inc. | 4,215 | 448 | |
Humana Inc. | 886 | 439 | |
Cigna Group | 1,450 | 424 | |
* | Vertex Pharmaceuticals Inc. | 1,443 | 419 |
HCA Healthcare Inc. | 1,667 | 406 | |
Pfizer Inc. | 9,912 | 402 | |
UnitedHealth Group Inc. | 764 | 364 | |
Johnson & Johnson | 2,019 | 309 | |
Amgen Inc. | 1,268 | 294 | |
* | Moderna Inc. | 2,058 | 286 |
* | Hologic Inc. | 2,627 | 209 |
Cardinal Health Inc. | 2,659 | 201 | |
* | Catalyst Pharmaceuticals Inc. | 12,131 | 185 |
* | Lantheus Holdings Inc. | 2,072 | 153 |
* | United Therapeutics Corp. | 593 | 146 |
Eli Lilly & Co. | 451 | 140 | |
* | Centene Corp. | 1,969 | 135 |
* | Biogen Inc. | 487 | 131 |
* | Molina Healthcare Inc. | 462 | 127 |
Premier Inc. Class A | 3,900 | 126 | |
* | Henry Schein Inc. | 1,485 | 116 |
* | Medpace Holdings Inc. | 531 | 103 |
* | Incyte Corp. | 1,331 | 102 |
* | Jazz Pharmaceuticals plc | 637 | 89 |
Shares | Market Value ($000) | ||
SIGA Technologies Inc. | 12,911 | 88 | |
Quest Diagnostics Inc. | 526 | 73 | |
* | Shockwave Medical Inc. | 368 | 70 |
* | AbCellera Biologics Inc. | 6,192 | 52 |
* | Corcept Therapeutics Inc. | 1,733 | 36 |
* | QuidelOrtho Corp. | 399 | 35 |
* | Tenet Healthcare Corp. | 582 | 34 |
* | Computer Programs and Systems Inc. | 1,054 | 32 |
West Pharmaceutical Services Inc. | 96 | 30 | |
* | NextGen Healthcare Inc. | 1,577 | 29 |
* | ModivCare Inc. | 213 | 21 |
* | Acadia Healthcare Co. Inc. | 259 | 19 |
* | Exelixis Inc. | 1,127 | 19 |
Laboratory Corp. of America Holdings | 75 | 18 | |
LeMaitre Vascular Inc. | 359 | 18 | |
8,933 | |||
Industrials (15.3%) | |||
American Express Co. | 2,235 | 389 | |
* | Builders FirstSource Inc. | 3,221 | 273 |
Northrop Grumman Corp. | 506 | 235 | |
United Rentals Inc. | 467 | 219 | |
* | Atkore Inc. | 1,344 | 196 |
Paychex Inc. | 1,769 | 195 | |
EMCOR Group Inc. | 1,009 | 169 | |
Lockheed Martin Corp. | 326 | 155 | |
Ryder System Inc. | 1,583 | 155 | |
FedEx Corp. | 726 | 148 | |
Louisiana-Pacific Corp. | 2,499 | 146 | |
Moog Inc. Class A | 1,459 | 144 | |
Carlisle Cos. Inc. | 543 | 140 | |
* | Titan Machinery Inc. | 3,063 | 140 |
Allison Transmission Holdings Inc. | 2,925 | 139 | |
Encore Wire Corp. | 715 | 138 | |
PACCAR Inc. | 1,894 | 137 | |
Eaton Corp. plc | 761 | 133 | |
United Parcel Service Inc. Class B (XNYS) | 708 | 129 | |
* | AMN Healthcare Services Inc. | 1,428 | 129 |
Applied Industrial Technologies Inc. | 898 | 128 | |
Quanta Services Inc. | 782 | 126 | |
Genco Shipping & Trading Ltd. | 6,625 | 126 | |
Crane Holdings Co. | 1,052 | 126 | |
* | Hub Group Inc. Class A | 1,364 | 125 |
Synchrony Financial | 3,490 | 125 | |
Insperity Inc. | 975 | 121 | |
AGCO Corp. | 858 | 121 | |
* | Modine Manufacturing Co. | 4,846 | 118 |
* | Saia Inc. | 430 | 116 |
Ardmore Shipping Corp. | 6,332 | 115 | |
Automatic Data Processing Inc. | 515 | 113 | |
Resources Connection Inc. | 6,279 | 113 | |
Owens Corning | 1,128 | 110 | |
* | MYR Group Inc. | 896 | 108 |
1 | Golden Ocean Group Ltd. | 10,304 | 107 |
Ennis Inc. | 4,764 | 104 | |
Regal Rexnord Corp. | 661 | 104 | |
Cummins Inc. | 422 | 103 | |
Schneider National Inc. Class B | 3,667 | 103 | |
Scorpio Tankers Inc. | 1,661 | 100 |
Shares | Market Value ($000) | ||
Accenture plc Class A | 374 | 99 | |
* | Aersale Corp. | 4,895 | 97 |
Hubbell Inc. Class B | 383 | 96 | |
Greif Inc. Class A | 1,330 | 95 | |
* | XPO Inc. | 2,841 | 95 |
Covenant Logistics Group Inc. Class A | 2,715 | 94 | |
ArcBest Corp. | 970 | 93 | |
Myers Industries Inc. | 3,617 | 93 | |
Apogee Enterprises Inc. | 2,021 | 92 | |
Wabash National Corp. | 3,335 | 91 | |
Barrett Business Services Inc. | 935 | 90 | |
Dorian LPG Ltd. | 4,107 | 90 | |
* | Zebra Technologies Corp. Class A | 298 | 89 |
* | GMS Inc. | 1,455 | 88 |
Badger Meter Inc. | 703 | 86 | |
Deere & Co. | 200 | 84 | |
Quanex Building Products Corp. | 3,255 | 84 | |
* | AAR Corp. | 1,549 | 84 |
Marten Transport Ltd. | 3,756 | 83 | |
Snap-on Inc. | 334 | 83 | |
* | WEX Inc. | 433 | 83 |
Old Dominion Freight Line Inc. | 220 | 75 | |
Belden Inc. | 853 | 72 | |
General Dynamics Corp. | 315 | 72 | |
* | Cross Country Healthcare Inc. | 2,677 | 71 |
Triton International Ltd. | 1,023 | 71 | |
Crown Holdings Inc. | 796 | 69 | |
JB Hunt Transport Services Inc. | 384 | 69 | |
Knight-Swift Transportation Holdings Inc. | 1,207 | 69 | |
Watts Water Technologies Inc. Class A | 380 | 67 | |
Brunswick Corp. | 739 | 65 | |
WW Grainger Inc. | 94 | 63 | |
Kforce Inc. | 1,003 | 63 | |
Matson Inc. | 915 | 61 | |
Textainer Group Holdings Ltd. | 1,852 | 61 | |
* | Beacon Roofing Supply Inc. | 902 | 59 |
Acuity Brands Inc. | 288 | 56 | |
* | TrueBlue Inc. | 3,010 | 56 |
Simpson Manufacturing Co. Inc. | 508 | 55 | |
Landstar System Inc. | 301 | 54 | |
* | CoreCivic Inc. | 5,469 | 53 |
Korn Ferry | 903 | 50 | |
* | TriNet Group Inc. | 608 | 50 |
Franklin Electric Co. Inc. | 516 | 49 | |
Kadant Inc. | 215 | 46 | |
* | Teekay Tankers Ltd. Class A | 969 | 44 |
CRA International Inc. | 342 | 43 | |
Deluxe Corp. | 2,269 | 42 | |
Expeditors International of Washington Inc. | 393 | 41 | |
Graphic Packaging Holding Co. | 1,693 | 40 | |
Watsco Inc. | 132 | 40 | |
nVent Electric plc | 876 | 40 | |
Kelly Services Inc. Class A | 2,310 | 39 | |
* | O-I Glass Inc. | 1,739 | 39 |
Valmont Industries Inc. | 115 | 37 | |
Werner Enterprises Inc. | 789 | 37 | |
Packaging Corp. of America | 264 | 36 | |
Johnson Controls International plc | 578 | 36 |
Shares | Market Value ($000) | ||
* | Masonite International Corp. | 380 | 34 |
Berry Global Group Inc. | 510 | 32 | |
* | MasTec Inc. | 326 | 32 |
Heartland Express Inc. | 1,937 | 31 | |
* | Sterling Infrastructure Inc. | 782 | 30 |
* | Franklin Covey Co. | 594 | 28 |
* | Conduent Inc. | 6,666 | 27 |
* | FTI Consulting Inc. | 146 | 27 |
Textron Inc. | 373 | 27 | |
Costamare Inc. | 2,586 | 27 | |
Caterpillar Inc. | 107 | 26 | |
H&E Equipment Services Inc. | 462 | 26 | |
Primoris Services Corp. | 950 | 26 | |
* | Generac Holdings Inc. | 206 | 25 |
ITT Inc. | 264 | 24 | |
Zurn Elkay Water Solutions Corp. | 1,036 | 24 | |
Comfort Systems USA Inc. | 150 | 22 | |
AECOM | 243 | 21 | |
* | Construction Partners Inc. Class A | 762 | 21 |
Jack Henry & Associates Inc. | 129 | 21 | |
Robert Half International Inc. | 266 | 21 | |
ABM Industries Inc. | 403 | 20 | |
Shyft Group Inc. | 771 | 20 | |
Parker-Hannifin Corp. | 55 | 19 | |
Standex International Corp. | 161 | 19 | |
* | ASGN Inc. | 214 | 19 |
* | WESCO International Inc. | 111 | 18 |
McGrath RentCorp. | 153 | 16 | |
Sonoco Products Co. | 276 | 16 | |
ManpowerGroup Inc. | 177 | 15 | |
Western Union Co. | 1,099 | 14 | |
* | Air Transport Services Group Inc. | 594 | 12 |
ADT Inc. | 1,640 | 12 | |
10,552 | |||
Real Estate (0.3%) | |||
RE/MAX Holdings Inc. Class A | 2,989 | 55 | |
* | Anywhere Real Estate Inc. | 7,545 | 44 |
* | GEO Group Inc. | 4,482 | 39 |
St. Joe Co. | 779 | 34 | |
Newmark Group Inc. Class A | 2,539 | 20 | |
192 | |||
Technology (8.2%) | |||
�� | International Business Machines Corp. | 2,497 | 323 |
Oracle Corp. | 3,482 | 304 | |
Broadcom Inc. | 381 | 226 | |
Jabil Inc. | 2,670 | 222 | |
* | Cadence Design Systems Inc. | 1,091 | 211 |
KLA Corp. | 541 | 205 | |
HP Inc. | 6,813 | 201 | |
Cognizant Technology Solutions Corp. Class A | 2,962 | 186 | |
* | ON Semiconductor Corp. | 2,376 | 184 |
Amdocs Ltd. | 1,944 | 178 | |
* | Cirrus Logic Inc. | 1,618 | 166 |
* | Axcelis Technologies Inc. | 1,268 | 163 |
Apple Inc. | 1,040 | 153 | |
* | Super Micro Computer Inc. | 1,433 | 140 |
* | GLOBALFOUNDRIES Inc. | 2,052 | 134 |
Shares | Market Value ($000) | ||
Amkor Technology Inc. | 5,085 | 131 | |
* | Onto Innovation Inc. | 1,392 | 115 |
* | Photronics Inc. | 6,388 | 113 |
* | Arrow Electronics Inc. | 935 | 110 |
* | NetScout Systems Inc. | 3,806 | 108 |
Vishay Intertechnology Inc. | 5,092 | 108 | |
* | Sanmina Corp. | 1,762 | 107 |
Hewlett Packard Enterprise Co. | 6,495 | 101 | |
Hackett Group Inc. | 5,319 | 99 | |
* | Autodesk Inc. | 490 | 97 |
Adeia Inc. | 9,707 | 96 | |
Texas Instruments Inc. | 534 | 92 | |
* | Cohu Inc. | 2,426 | 90 |
* | Diodes Inc. | 954 | 87 |
* | Alphabet Inc. Class C | 938 | 85 |
Avnet Inc. | 1,759 | 79 | |
Applied Materials Inc. | 661 | 77 | |
* | DXC Technology Co. | 2,609 | 72 |
* | Consensus Cloud Solutions Inc. | 1,742 | 71 |
* | Pure Storage Inc. Class A | 2,433 | 69 |
CSG Systems International Inc. | 1,207 | 68 | |
* | Avid Technology Inc. | 1,947 | 57 |
PC Connection Inc. | 1,235 | 54 | |
A10 Networks Inc. | 3,439 | 52 | |
* | Rambus Inc. | 1,178 | 52 |
TD SYNNEX Corp. | 494 | 48 | |
* | Lattice Semiconductor Corp. | 489 | 42 |
CTS Corp. | 887 | 38 | |
* | Semtech Corp. | 1,186 | 37 |
Methode Electronics Inc. | 734 | 36 | |
Xerox Holdings Corp. | 2,060 | 34 | |
* | Box Inc. Class A | 895 | 30 |
* | ePlus Inc. | 558 | 30 |
* | Manhattan Associates Inc. | 192 | 28 |
* | Plexus Corp. | 250 | 24 |
Shutterstock Inc. | 302 | 23 | |
* | TechTarget Inc. | 534 | 20 |
* | PDF Solutions Inc. | 507 | 19 |
Microchip Technology Inc. | 205 | 17 | |
Concentrix Corp. | 126 | 17 | |
* | Western Digital Corp. | 391 | 15 |
* | MaxLinear Inc. | 375 | 13 |
5,657 | |||
Telecommunications (0.5%) | |||
* | Extreme Networks Inc. | 7,369 | 138 |
AT&T Inc. | 5,496 | 104 | |
Cisco Systems Inc. | 1,308 | 63 | |
Adtran Holdings Inc. | 1,270 | 22 | |
* | Aviat Networks Inc. | 555 | 20 |
* | WideOpenWest Inc. | 1,752 | 19 |
366 | |||
Utilities (0.1%) | |||
* | Heritage-Crystal Clean Inc. | 1,352 | 49 |
Total Common Stocks (Cost $55,217) | 67,705 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (2.6%) | |||
Money Market Fund (2.6%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.640% (Cost $1,787) | 17,874 | 1,787 |
Total Investments (100.9%) (Cost $57,004) | 69,492 | ||
Other Assets and Liabilities—Net (-0.9%) | (634) | ||
Net Assets (100%) | 68,858 | ||
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 $721,000. |
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 $744,000 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 | 57 | 1,133 | (26) |
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.