Vanguard® U.S. Quality 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 (3.3%) | |||
Freeport-McMoRan Inc. | 20,301 | 832 | |
Mueller Industries Inc. | 10,374 | 767 | |
Fastenal Co. | 12,412 | 640 | |
UFP Industries Inc. | 7,154 | 612 | |
CF Industries Holdings Inc. | 5,755 | 494 | |
US Steel Corp. | 15,660 | 480 | |
Olin Corp. | 7,315 | 422 | |
Ryerson Holding Corp. | 10,540 | 379 | |
Steel Dynamics Inc. | 2,504 | 316 | |
Nucor Corp. | 1,750 | 293 | |
Innospec Inc. | 2,644 | 289 | |
Boise Cascade Co. | 4,158 | 287 | |
Sylvamo Corp. | 5,811 | 287 | |
* | TimkenSteel Corp. | 12,264 | 224 |
Reliance Steel & Aluminum Co. | 817 | 202 | |
* | Ingevity Corp. | 1,520 | 126 |
* | Clearwater Paper Corp. | 3,251 | 125 |
American Vanguard Corp. | 5,455 | 114 | |
AdvanSix Inc. | 2,089 | 86 | |
Alcoa Corp. | 1,485 | 73 | |
Commercial Metals Co. | 245 | 13 | |
Orion Engineered Carbons SA | 379 | 10 | |
7,071 | |||
Consumer Discretionary (15.3%) | |||
* | Booking Holdings Inc. | 1,030 | 2,600 |
Costco Wholesale Corp. | 4,149 | 2,009 | |
* | Airbnb Inc. Class A | 15,184 | 1,872 |
Walmart Inc. | 12,674 | 1,801 | |
* | Lululemon Athletica Inc. | 5,622 | 1,738 |
Estee Lauder Cos. Inc. Class A | 7,115 | 1,729 | |
* | Tesla Inc. | 5,803 | 1,194 |
* | PROG Holdings Inc. | 31,721 | 784 |
* | Grand Canyon Education Inc. | 6,849 | 776 |
TJX Cos. Inc. | 9,241 | 708 | |
Oxford Industries Inc. | 5,760 | 677 | |
* | Ulta Beauty Inc. | 1,181 | 613 |
* | Deckers Outdoor Corp. | 1,468 | 611 |
* | Expedia Group Inc. | 4,944 | 539 |
Tapestry Inc. | 12,258 | 533 | |
* | Perdoceo Education Corp. | 34,779 | 479 |
* | Capri Holdings Ltd. | 9,387 | 465 |
Movado Group Inc. | 12,286 | 425 |
Shares | Market Value ($000) | ||
Genuine Parts Co. | 2,364 | 418 | |
H&R Block Inc. | 11,230 | 413 | |
Rollins Inc. | 11,476 | 404 | |
* | Master Craft Boat Holdings Inc. | 11,842 | 400 |
Upbound Group Inc. | 14,553 | 391 | |
* | Skyline Champion Corp. | 5,609 | 384 |
Lennar Corp. Class B | 4,678 | 382 | |
Monarch Casino & Resort Inc. | 5,103 | 376 | |
Signet Jewelers Ltd. | 5,246 | 376 | |
Macy's Inc. | 18,234 | 373 | |
Ethan Allen Interiors Inc. | 12,017 | 355 | |
Ralph Lauren Corp. Class A | 2,978 | 352 | |
* | frontdoor Inc. | 10,390 | 294 |
Target Corp. | 1,638 | 276 | |
Caleres Inc. | 10,487 | 274 | |
* | Knowles Corp. | 15,856 | 269 |
* | Sonos Inc. | 13,554 | 263 |
* | Under Armour Inc. Class A | 26,497 | 263 |
* | Thryv Holdings Inc. | 11,043 | 263 |
* | Chico's FAS Inc. | 45,030 | 259 |
* | NVR Inc. | 49 | 254 |
* | BJ's Wholesale Club Holdings Inc. | 3,372 | 242 |
Omnicom Group Inc. | 2,661 | 241 | |
Buckle Inc. | 5,848 | 239 | |
* | Figs Inc. Class A | 24,848 | 229 |
Red Rock Resorts Inc. Class A | 5,227 | 228 | |
Scholastic Corp. | 4,644 | 212 | |
Inter Parfums Inc. | 1,666 | 201 | |
Garmin Ltd. | 2,017 | 198 | |
* | ODP Corp. | 4,343 | 197 |
Hibbett Inc. | 2,692 | 194 | |
* | Abercrombie & Fitch Co. Class A | 6,454 | 190 |
* | Children's Place Inc. | 4,287 | 179 |
Best Buy Co. Inc. | 2,143 | 178 | |
* | Coursera Inc. | 15,652 | 176 |
* | Golden Entertainment Inc. | 4,246 | 175 |
HNI Corp. | 5,386 | 168 | |
* | Cars.com Inc. | 8,675 | 167 |
* | Tilly's Inc. Class A | 18,913 | 164 |
* | Build-A-Bear Workshop Inc. | 7,533 | 158 |
Acushnet Holdings Corp. | 3,212 | 155 | |
* | Malibu Boats Inc. Class A | 2,472 | 148 |
Designer Brands Inc. Class A | 13,466 | 132 | |
John Wiley & Sons Inc. Class A | 2,966 | 132 | |
* | Zumiez Inc. | 5,433 | 126 |
Gentex Corp. | 4,084 | 117 | |
Advance Auto Parts Inc. | 773 | 112 | |
* | Liquidity Services Inc. | 8,826 | 112 |
Steven Madden Ltd. | 3,013 | 109 | |
* | Victoria's Secret & Co. | 2,599 | 103 |
Pool Corp. | 270 | 96 | |
* | Destination XL Group Inc. | 15,279 | 91 |
Entravision Communications Corp. Class A | 13,379 | 88 | |
Rush Enterprises Inc. Class A | 1,449 | 82 | |
Columbia Sportswear Co. | 885 | 77 | |
* | MarineMax Inc. | 2,137 | 72 |
* | Duluth Holdings Inc. Class B | 11,319 | 68 |
* | Cavco Industries Inc. | 233 | 66 |
Shares | Market Value ($000) | ||
* | Mattel Inc. | 3,582 | 64 |
Tempur Sealy International Inc. | 1,445 | 62 | |
Electronic Arts Inc. | 543 | 60 | |
* | Visteon Corp. | 336 | 56 |
* | Dorman Products Inc. | 574 | 53 |
Matthews International Corp. Class A | 1,350 | 52 | |
* | Gentherm Inc. | 790 | 50 |
La-Z-Boy Inc. | 1,551 | 50 | |
LKQ Corp. | 767 | 44 | |
Murphy USA Inc. | 174 | 44 | |
Interface Inc. Class A | 4,799 | 42 | |
* | AutoNation Inc. | 298 | 41 |
Group 1 Automotive Inc. | 181 | 40 | |
* | Universal Electronics Inc. | 2,954 | 38 |
* | Accel Entertainment Inc. Class A | 4,080 | 37 |
Tractor Supply Co. | 134 | 31 | |
NIKE Inc. Class B | 249 | 30 | |
* | American Axle & Manufacturing Holdings Inc. | 2,821 | 25 |
* | elf Beauty Inc. | 181 | 14 |
Kontoor Brands Inc. | 216 | 11 | |
* | Dollar Tree Inc. | 68 | 10 |
33,068 | |||
Consumer Staples (5.4%) | |||
Colgate-Palmolive Co. | 37,445 | 2,745 | |
Kimberly-Clark Corp. | 12,888 | 1,612 | |
PepsiCo Inc. | 5,055 | 877 | |
AmerisourceBergen Corp. | 3,761 | 585 | |
Procter & Gamble Co. | 4,056 | 558 | |
Clorox Co. | 3,015 | 469 | |
Nu Skin Enterprises Inc. Class A | 11,628 | 463 | |
John B Sanfilippo & Son Inc. | 4,817 | 432 | |
Kroger Co. | 9,808 | 423 | |
Cal-Maine Foods Inc. | 6,937 | 394 | |
Flowers Foods Inc. | 13,168 | 367 | |
Coca-Cola Consolidated Inc. | 656 | 365 | |
* | National Beverage Corp. | 6,274 | 293 |
* | Monster Beverage Corp. | 2,823 | 287 |
* | Boston Beer Co. Inc. Class A | 879 | 285 |
* | USANA Health Sciences Inc. | 4,494 | 273 |
SpartanNash Co. | 10,052 | 269 | |
Weis Markets Inc. | 2,899 | 221 | |
Lancaster Colony Corp. | 1,115 | 214 | |
Brown-Forman Corp. Class B | 3,237 | 210 | |
Ingles Markets Inc. Class A | 1,899 | 170 | |
Casey's General Stores Inc. | 369 | 77 | |
Tyson Foods Inc. Class A | 1,130 | 67 | |
Medifast Inc. | 517 | 58 | |
* | United Natural Foods Inc. | 194 | 8 |
11,722 | |||
Energy (9.9%) | |||
EOG Resources Inc. | 22,979 | 2,597 | |
Pioneer Natural Resources Co. | 9,743 | 1,953 | |
ConocoPhillips | 18,556 | 1,918 | |
Exxon Mobil Corp. | 15,692 | 1,725 | |
Texas Pacific Land Corp. | 597 | 1,063 | |
Devon Energy Corp. | 16,719 | 901 | |
Valero Energy Corp. | 6,729 | 886 |
Shares | Market Value ($000) | ||
Occidental Petroleum Corp. | 13,750 | 805 | |
* | Denbury Inc. | 7,689 | 641 |
Magnolia Oil & Gas Corp. Class A | 27,890 | 609 | |
ChampionX Corp. | 18,451 | 564 | |
* | ProPetro Holding Corp. | 62,622 | 552 |
PDC Energy Inc. | 6,904 | 463 | |
* | SandRidge Energy Inc. | 30,946 | 451 |
SM Energy Co. | 14,035 | 414 | |
Warrior Met Coal Inc. | 9,943 | 381 | |
Marathon Oil Corp. | 14,514 | 365 | |
* | Talos Energy Inc. | 20,374 | 363 |
Permian resources Corp. Class A | 25,411 | 275 | |
* | Gulfport Energy Corp. | 4,140 | 274 |
Alpha Metallurgical Resources Inc. | 1,543 | 259 | |
Coterra Energy Inc. | 10,224 | 255 | |
CONSOL Energy Inc. | 4,562 | 250 | |
VAALCO Energy Inc. | 52,738 | 247 | |
* | Dril-Quip Inc. | 6,912 | 237 |
SunCoke Energy Inc. | 23,848 | 227 | |
1 | Sitio Royalties Corp. Class A | 9,674 | 227 |
* | Weatherford International plc | 3,340 | 222 |
PBF Energy Inc. Class A | 4,980 | 218 | |
Chord Energy Corp. | 1,586 | 213 | |
Comstock Resources Inc. | 17,069 | 207 | |
RPC Inc. | 22,806 | 200 | |
Arch Resources Inc. | 1,199 | 189 | |
Ovintiv Inc. (XNYS) | 4,374 | 187 | |
* | NexTier Oilfield Solutions Inc. | 17,533 | 160 |
* | Par Pacific Holdings Inc. | 5,653 | 157 |
CVR Energy Inc. | 4,620 | 147 | |
* | NOW Inc. | 9,800 | 126 |
* | Peabody Energy Corp. | 4,418 | 121 |
EQT Corp. | 3,594 | 119 | |
Chevron Corp. | 682 | 110 | |
* | REX American Resources Corp. | 3,279 | 108 |
Ramaco Resources Inc. | 7,526 | 75 | |
* | Vitesse Energy Inc. | 416 | 7 |
21,468 | |||
Financials (15.9%) | |||
Aon plc Class A (XNYS) | 11,011 | 3,348 | |
American International Group Inc. | 35,856 | 2,191 | |
OneMain Holdings Inc. | 23,916 | 1,031 | |
Equitable Holdings Inc. | 30,196 | 949 | |
Ameriprise Financial Inc. | 2,749 | 943 | |
Virtus Investment Partners Inc. | 4,115 | 866 | |
Brightsphere Investment Group Inc. | 32,423 | 813 | |
OFG Bancorp | 24,359 | 741 | |
Evercore Inc. Class A | 5,639 | 740 | |
PennyMac Financial Services Inc. | 12,097 | 731 | |
Ally Financial Inc. | 23,438 | 704 | |
Affiliated Managers Group Inc. | 4,197 | 669 | |
Discover Financial Services | 5,813 | 651 | |
Houlihan Lokey Inc. Class A | 6,694 | 641 | |
Virtu Financial Inc. Class A | 33,304 | 612 | |
Navient Corp. | 33,245 | 600 | |
Popular Inc. | 8,252 | 589 | |
Principal Financial Group Inc. | 6,237 | 559 | |
Federated Hermes Inc. | 14,067 | 554 |
Shares | Market Value ($000) | ||
* | Mr Cooper Group Inc. | 11,937 | 554 |
SLM Corp. | 37,673 | 542 | |
Jackson Financial Inc. Class A | 11,478 | 521 | |
City Holding Co. | 5,005 | 491 | |
* | Enova International Inc. | 9,624 | 469 |
Pathward Financial Inc. | 9,136 | 466 | |
LPL Financial Holdings Inc. | 1,830 | 457 | |
Dime Community Bancshares Inc. | 14,319 | 439 | |
Moody's Corp. | 1,510 | 438 | |
First BanCorp (XNYS) | 28,968 | 420 | |
WesBanco Inc. | 11,568 | 418 | |
Allstate Corp. | 3,194 | 411 | |
* | Ryan Specialty Holdings Inc. | 9,080 | 382 |
Piper Sandler Cos. | 2,516 | 380 | |
Radian Group Inc. | 17,322 | 370 | |
CNO Financial Group Inc. | 14,242 | 365 | |
Oppenheimer Holdings Inc. Class A | 8,057 | 355 | |
BankUnited Inc. | 8,573 | 304 | |
* | Customers Bancorp Inc. | 9,795 | 302 |
* | Ambac Financial Group Inc. | 18,174 | 301 |
American Equity Investment Life Holding Co. | 7,208 | 300 | |
First Financial Corp. | 6,626 | 291 | |
Central Pacific Financial Corp. | 12,945 | 290 | |
* | Triumph Financial Inc. | 4,752 | 289 |
Fidelity National Financial Inc. | 7,138 | 285 | |
Perella Weinberg Partners Class A | 27,809 | 281 | |
SEI Investments Co. | 4,652 | 280 | |
HomeStreet Inc. | 10,015 | 253 | |
BOK Financial Corp. | 2,260 | 237 | |
Cathay General Bancorp | 5,275 | 226 | |
Banner Corp. | 3,503 | 221 | |
Tompkins Financial Corp. | 2,924 | 219 | |
Lakeland Financial Corp. | 3,041 | 218 | |
* | Bancorp Inc. | 6,269 | 217 |
1st Source Corp. | 3,894 | 194 | |
Primerica Inc. | 1,006 | 193 | |
Bank of NT Butterfield & Son Ltd. | 5,236 | 189 | |
Heritage Financial Corp. | 6,726 | 187 | |
Premier Financial Corp. | 7,430 | 184 | |
Trustmark Corp. | 6,208 | 183 | |
Kearny Financial Corp. | 17,534 | 176 | |
PJT Partners Inc. Class A | 2,168 | 171 | |
Washington Federal Inc. | 4,803 | 168 | |
* | Open Lending Corp. Class A | 23,107 | 164 |
* | PRA Group Inc. | 3,717 | 158 |
Berkshire Hills Bancorp Inc. | 5,301 | 154 | |
Regional Management Corp. | 4,848 | 153 | |
FactSet Research Systems Inc. | 367 | 152 | |
BancFirst Corp. | 1,657 | 150 | |
Hanmi Financial Corp. | 6,321 | 149 | |
Jefferies Financial Group Inc. | 3,531 | 133 | |
Zions Bancorp NA | 2,460 | 125 | |
Byline Bancorp Inc. | 4,504 | 111 | |
HarborOne Bancorp Inc. | 7,824 | 107 | |
Employers Holdings Inc. | 2,260 | 100 | |
Independent Bank Corp. | 4,026 | 89 | |
Southside Bancshares Inc. | 2,273 | 87 | |
Washington Trust Bancorp Inc. | 2,048 | 86 |
Shares | Market Value ($000) | ||
Sandy Spring Bancorp Inc. | 2,126 | 70 | |
Preferred Bank | 847 | 60 | |
Provident Financial Services Inc. | 2,568 | 60 | |
Artisan Partners Asset Management Inc. Class A | 1,789 | 59 | |
First Hawaiian Inc. | 1,977 | 54 | |
First Commonwealth Financial Corp. | 3,332 | 53 | |
Commerce Bancshares Inc. | 770 | 51 | |
Northfield Bancorp Inc. | 3,450 | 51 | |
Hope Bancorp Inc. | 3,871 | 50 | |
Walker & Dunlop Inc. | 548 | 48 | |
Atlantic Union Bankshares Corp. | 1,149 | 43 | |
Assured Guaranty Ltd. | 696 | 43 | |
Associated Banc-Corp. | 1,835 | 42 | |
Wells Fargo & Co. | 841 | 39 | |
Park National Corp. | 300 | 38 | |
* | Axos Financial Inc. | 773 | 37 |
Cohen & Steers Inc. | 440 | 32 | |
Curo Group Holdings Corp. | 11,123 | 32 | |
Federal Agricultural Mortgage Corp. Class C | 178 | 25 | |
Fifth Third Bancorp | 618 | 22 | |
* | Brighthouse Financial Inc. | 283 | 16 |
Ameris Bancorp | 264 | 13 | |
F&G Annuities & Life Inc. | 485 | 10 | |
First Financial Bancorp | 357 | 9 | |
Synovus Financial Corp. | 118 | 5 | |
34,449 | |||
Health Care (13.7%) | |||
Johnson & Johnson | 10,852 | 1,663 | |
* | Vertex Pharmaceuticals Inc. | 5,287 | 1,535 |
* | Moderna Inc. | 10,813 | 1,501 |
UnitedHealth Group Inc. | 2,926 | 1,393 | |
Gilead Sciences Inc. | 16,125 | 1,299 | |
AbbVie Inc. | 8,071 | 1,242 | |
* | Regeneron Pharmaceuticals Inc. | 1,548 | 1,177 |
* | Biogen Inc. | 4,259 | 1,149 |
Chemed Corp. | 2,097 | 1,094 | |
* | Lantheus Holdings Inc. | 12,840 | 950 |
Abbott Laboratories | 9,324 | 948 | |
Amgen Inc. | 4,020 | 931 | |
* | Hologic Inc. | 11,193 | 891 |
Bristol-Myers Squibb Co. | 11,838 | 816 | |
Humana Inc. | 1,546 | 765 | |
* | Maravai LifeSciences Holdings Inc. Class A | 47,721 | 704 |
Merck & Co. Inc. | 6,428 | 683 | |
* | CorVel Corp. | 2,899 | 523 |
Pfizer Inc. | 12,739 | 517 | |
* | Molina Healthcare Inc. | 1,809 | 498 |
* | Exelixis Inc. | 26,889 | 459 |
Atrion Corp. | 782 | 444 | |
* | Corcept Therapeutics Inc. | 21,079 | 439 |
* | Medpace Holdings Inc. | 2,201 | 427 |
* | Vir Biotechnology Inc. | 17,815 | 406 |
* | iTeos Therapeutics Inc. | 21,701 | 384 |
* | Masimo Corp. | 2,148 | 359 |
* | Veeva Systems Inc. Class A | 2,056 | 341 |
* | Henry Schein Inc. | 4,340 | 340 |
Bruker Corp. | 4,794 | 330 | |
Eli Lilly & Co. | 1,057 | 329 |
Shares | Market Value ($000) | ||
* | Edwards Lifesciences Corp. | 3,980 | 320 |
* | NextGen Healthcare Inc. | 16,512 | 299 |
* | Amphastar Pharmaceuticals Inc. | 8,949 | 285 |
* | Incyte Corp. | 3,251 | 250 |
Cardinal Health Inc. | 3,194 | 242 | |
Patterson Cos. Inc. | 8,974 | 238 | |
* | Align Technology Inc. | 747 | 231 |
ResMed Inc. | 1,048 | 223 | |
* | Catalyst Pharmaceuticals Inc. | 14,180 | 216 |
* | Intuitive Surgical Inc. | 884 | 203 |
* | Shockwave Medical Inc. | 1,069 | 203 |
Agilent Technologies Inc. | 1,407 | 200 | |
Quest Diagnostics Inc. | 1,436 | 199 | |
1 | SIGA Technologies Inc. | 26,521 | 182 |
* | United Therapeutics Corp. | 700 | 172 |
* | Orthofix Medical Inc. | 7,231 | 149 |
* | ACADIA Pharmaceuticals Inc. | 6,459 | 134 |
* | Haemonetics Corp. | 1,698 | 132 |
* | Merit Medical Systems Inc. | 1,770 | 125 |
LeMaitre Vascular Inc. | 2,211 | 111 | |
* | AbCellera Biologics Inc. | 13,113 | 110 |
* | Joint Corp. | 6,829 | 107 |
* | Emergent BioSolutions Inc. | 8,018 | 99 |
* | Alkermes plc | 3,639 | 97 |
* | Seagen Inc. | 479 | 86 |
* | Vanda Pharmaceuticals Inc. | 10,979 | 71 |
iRadimed Corp. | 1,651 | 63 | |
West Pharmaceutical Services Inc. | 196 | 62 | |
* | Globus Medical Inc. Class A | 1,021 | 60 |
* | HealthStream Inc. | 1,780 | 46 |
* | QuidelOrtho Corp. | 447 | 39 |
* | LivaNova plc | 795 | 38 |
* | Innoviva Inc. | 3,037 | 37 |
29,566 | |||
Industrials (17.0%) | |||
American Express Co. | 12,768 | 2,221 | |
Paychex Inc. | 17,823 | 1,968 | |
Automatic Data Processing Inc. | 8,252 | 1,814 | |
Landstar System Inc. | 6,527 | 1,180 | |
Accenture plc Class A | 4,409 | 1,171 | |
* | Trex Co. Inc. | 21,153 | 1,082 |
Synchrony Financial | 28,186 | 1,006 | |
Badger Meter Inc. | 7,256 | 882 | |
Insperity Inc. | 6,863 | 852 | |
Jack Henry & Associates Inc. | 5,001 | 821 | |
Bread Financial Holdings Inc. | 19,336 | 794 | |
Robert Half International Inc. | 8,549 | 689 | |
Louisiana-Pacific Corp. | 10,440 | 611 | |
Cognex Corp. | 12,683 | 601 | |
Expeditors International of Washington Inc. | 5,737 | 600 | |
A O Smith Corp. | 8,203 | 538 | |
Acuity Brands Inc. | 2,707 | 525 | |
ManpowerGroup Inc. | 5,913 | 502 | |
Mastercard Inc. Class A | 1,383 | 491 | |
Toro Co. | 4,398 | 486 | |
Old Dominion Freight Line Inc. | 1,346 | 457 | |
* | Donnelley Financial Solutions Inc. | 10,426 | 441 |
* | AMN Healthcare Services Inc. | 4,828 | 435 |
Shares | Market Value ($000) | ||
* | Franklin Covey Co. | 9,156 | 429 |
Visa Inc. Class A | 1,877 | 413 | |
Kforce Inc. | 6,464 | 404 | |
Western Union Co. | 30,158 | 391 | |
Watts Water Technologies Inc. Class A | 2,198 | 385 | |
* | Aersale Corp. | 18,976 | 377 |
Capital One Financial Corp. | 3,351 | 366 | |
3M Co. | 3,389 | 365 | |
WW Grainger Inc. | 536 | 358 | |
Barrett Business Services Inc. | 3,712 | 356 | |
* | ZipRecruiter Inc. Class A | 20,312 | 347 |
Marten Transport Ltd. | 15,570 | 344 | |
Apogee Enterprises Inc. | 7,262 | 332 | |
Veritiv Corp. | 2,166 | 328 | |
Brady Corp. Class A | 5,848 | 323 | |
Lincoln Electric Holdings Inc. | 1,910 | 321 | |
Graco Inc. | 4,580 | 318 | |
Donaldson Co. Inc. | 5,016 | 317 | |
Encore Wire Corp. | 1,631 | 315 | |
Kadant Inc. | 1,450 | 311 | |
* | MYR Group Inc. | 2,402 | 290 |
* | Forrester Research Inc. | 8,586 | 282 |
Crane Holdings Co. | 2,331 | 279 | |
Heidrick & Struggles International Inc. | 7,905 | 271 | |
Resources Connection Inc. | 13,946 | 252 | |
Allison Transmission Holdings Inc. | 5,107 | 243 | |
* | TrueBlue Inc. | 12,620 | 236 |
Nordson Corp. | 1,063 | 233 | |
Covenant Logistics Group Inc. Class A | 6,449 | 223 | |
Myers Industries Inc. | 8,207 | 212 | |
CRA International Inc. | 1,692 | 211 | |
Illinois Tool Works Inc. | 894 | 208 | |
* | Builders FirstSource Inc. | 2,348 | 199 |
Exponent Inc. | 1,892 | 195 | |
Insteel Industries Inc. | 6,447 | 192 | |
Quanex Building Products Corp. | 7,279 | 189 | |
* | Titan Machinery Inc. | 4,031 | 185 |
* | Proto Labs Inc. | 5,620 | 177 |
Snap-on Inc. | 707 | 176 | |
JB Hunt Transport Services Inc. | 933 | 169 | |
* | Napco Security Technologies Inc. | 5,333 | 169 |
Albany International Corp. Class A | 1,588 | 160 | |
EMCOR Group Inc. | 945 | 158 | |
Deluxe Corp. | 8,339 | 154 | |
Owens Corning | 1,566 | 153 | |
Watsco Inc. | 495 | 151 | |
* | BlueLinx Holdings Inc. | 1,777 | 150 |
Cintas Corp. | 337 | 148 | |
* | Mettler-Toledo International Inc. | 103 | 148 |
* | NV5 Global Inc. | 1,404 | 148 |
* | Atkore Inc. | 993 | 145 |
* | FARO Technologies Inc. | 5,342 | 145 |
Sherwin-Williams Co. | 647 | 143 | |
UniFirst Corp. | 730 | 143 | |
Hillenbrand Inc. | 3,019 | 142 | |
* | Gibraltar Industries Inc. | 2,605 | 139 |
* | ExlService Holdings Inc. | 838 | 138 |
* | Saia Inc. | 502 | 136 |
Shares | Market Value ($000) | ||
Matson Inc. | 1,970 | 131 | |
* | Keysight Technologies Inc. | 787 | 126 |
Schneider National Inc. Class B | 4,387 | 123 | |
* | Beacon Roofing Supply Inc. | 1,878 | 122 |
Forward Air Corp. | 1,168 | 121 | |
* | Cross Country Healthcare Inc. | 4,252 | 112 |
Standex International Corp. | 935 | 108 | |
MSC Industrial Direct Co. Inc. Class A | 1,251 | 106 | |
Enerpac Tool Group Corp. Class A | 3,895 | 105 | |
Ryder System Inc. | 1,048 | 103 | |
National Presto Industries Inc. | 1,400 | 96 | |
Tennant Co. | 1,154 | 82 | |
* | TriNet Group Inc. | 973 | 81 |
* | XPO Inc. | 2,243 | 75 |
* | Modine Manufacturing Co. | 2,949 | 72 |
REV Group Inc. | 6,180 | 72 | |
Simpson Manufacturing Co. Inc. | 659 | 71 | |
Cummins Inc. | 271 | 66 | |
CH Robinson Worldwide Inc. | 641 | 64 | |
* | Hub Group Inc. Class A | 660 | 61 |
Emerson Electric Co. | 652 | 54 | |
* | Zebra Technologies Corp. Class A | 181 | 54 |
Applied Industrial Technologies Inc. | 355 | 51 | |
* | Waters Corp. | 162 | 50 |
* | Dycom Industries Inc. | 573 | 48 |
* | Mohawk Industries Inc. | 413 | 42 |
* | Conduent Inc. | 10,421 | 41 |
* | FTI Consulting Inc. | 198 | 36 |
* | GMS Inc. | 577 | 35 |
H&E Equipment Services Inc. | 581 | 32 | |
Comfort Systems USA Inc. | 213 | 31 | |
Franklin Electric Co. Inc. | 306 | 29 | |
Hubbell Inc. Class B | 112 | 28 | |
AGCO Corp. | 97 | 14 | |
CSW Industrials Inc. | 79 | 11 | |
* | Vicor Corp. | 187 | 9 |
36,821 | |||
Real Estate (0.5%) | |||
Newmark Group Inc. Class A | 75,253 | 603 | |
* | Anywhere Real Estate Inc. | 44,824 | 260 |
Marcus & Millichap Inc. | 6,715 | 231 | |
1,094 | |||
Technology (17.0%) | |||
* | Cadence Design Systems Inc. | 12,939 | 2,496 |
* | Autodesk Inc. | 11,244 | 2,234 |
* | Adobe Inc. | 6,688 | 2,167 |
Apple Inc. | 13,873 | 2,045 | |
Teradyne Inc. | 18,218 | 1,843 | |
* | Fortinet Inc. | 29,388 | 1,747 |
* | Palo Alto Networks Inc. | 8,996 | 1,695 |
Cognizant Technology Solutions Corp. Class A | 18,256 | 1,143 | |
* | Teradata Corp. | 26,122 | 1,065 |
* | Manhattan Associates Inc. | 7,222 | 1,038 |
* | Qualys Inc. | 7,450 | 880 |
* | Cargurus Inc. | 50,099 | 854 |
* | MaxLinear Inc. | 23,463 | 803 |
* | Smartsheet Inc. Class A | 17,891 | 788 |
Shares | Market Value ($000) | ||
* | Cirrus Logic Inc. | 7,108 | 730 |
* | ON Semiconductor Corp. | 8,738 | 676 |
Power Integrations Inc. | 7,862 | 647 | |
KLA Corp. | 1,674 | 635 | |
* | Synopsys Inc. | 1,587 | 577 |
* | Gartner Inc. | 1,717 | 563 |
* | Axcelis Technologies Inc. | 3,988 | 513 |
* | Photronics Inc. | 27,160 | 479 |
* | EPAM Systems Inc. | 1,499 | 461 |
* | Sprout Social Inc. Class A | 7,210 | 440 |
A10 Networks Inc. | 28,186 | 429 | |
Texas Instruments Inc. | 2,488 | 427 | |
NetApp Inc. | 6,439 | 416 | |
* | CommVault Systems Inc. | 6,900 | 406 |
* | F5 Inc. | 2,785 | 398 |
* | Pure Storage Inc. Class A | 13,568 | 387 |
* | Alphabet Inc. Class A | 4,051 | 365 |
National Instruments Corp. | 7,125 | 360 | |
* | SPS Commerce Inc. | 2,313 | 348 |
Hackett Group Inc. | 17,709 | 330 | |
* | ePlus Inc. | 5,875 | 318 |
Dolby Laboratories Inc. Class A | 3,732 | 307 | |
CTS Corp. | 6,838 | 296 | |
* | Paycom Software Inc. | 959 | 277 |
* | Pinterest Inc. Class A | 10,780 | 271 |
* | OneSpan Inc. | 19,852 | 268 |
* | PubMatic Inc. Class A | 16,489 | 250 |
Amdocs Ltd. | 2,519 | 231 | |
* | Yelp Inc. Class A | 7,525 | 226 |
Kulicke & Soffa Industries Inc. | 4,009 | 214 | |
Advanced Energy Industries Inc. | 2,212 | 206 | |
Monolithic Power Systems Inc. | 410 | 199 | |
* | Cohu Inc. | 4,454 | 166 |
* | Yext Inc. | 22,389 | 164 |
Vishay Intertechnology Inc. | 7,473 | 159 | |
* | Agilysys Inc. | 1,982 | 158 |
* | DXC Technology Co. | 5,464 | 152 |
Amkor Technology Inc. | 5,731 | 148 | |
* | Appfolio Inc. Class A | 1,049 | 139 |
* | Qorvo Inc. | 1,354 | 137 |
* | Veradigm Inc. | 7,840 | 130 |
* | PDF Solutions Inc. | 3,477 | 130 |
* | Onto Innovation Inc. | 1,570 | 129 |
American Software Inc. Class A | 9,324 | 126 | |
PC Connection Inc. | 2,849 | 125 | |
* | Lattice Semiconductor Corp. | 1,377 | 117 |
* | Vimeo Inc. | 29,874 | 114 |
Microsoft Corp. | 445 | 111 | |
Applied Materials Inc. | 950 | 110 | |
Adeia Inc. | 10,272 | 101 | |
CSG Systems International Inc. | 1,713 | 96 | |
Shutterstock Inc. | 1,229 | 92 | |
* | TrueCar Inc. | 31,592 | 74 |
* | Allegro MicroSystems Inc. | 1,687 | 74 |
* | Brightcove Inc. | 13,082 | 70 |
* | SecureWorks Corp. Class A | 8,490 | 64 |
Jabil Inc. | 731 | 61 | |
* | Arrow Electronics Inc. | 449 | 53 |
Shares | Market Value ($000) | ||
* | ScanSource Inc. | 1,645 | 51 |
Avnet Inc. | 1,128 | 50 | |
QUALCOMM Inc. | 317 | 39 | |
Lam Research Corp. | 62 | 30 | |
Intuit Inc. | 37 | 15 | |
* | TechTarget Inc. | 310 | 12 |
*,2 | Yandex NV Class A | 1,459 | — |
36,645 | |||
Telecommunications (1.5%) | |||
Cisco Systems Inc. | 34,704 | 1,680 | |
* | Extreme Networks Inc. | 24,921 | 467 |
* | IDT Corp. Class B | 15,162 | 461 |
Adtran Holdings Inc. | 10,472 | 183 | |
* | Arista Networks Inc. | 789 | 110 |
* | Clearfield Inc. | 1,525 | 96 |
* | Cambium Networks Corp. | 4,350 | 87 |
* | Ciena Corp. | 1,004 | 48 |
* | Calix Inc. | 632 | 32 |
3,164 | |||
Total Common Stocks (Cost $202,648) | 215,068 | ||
Temporary Cash Investments (0.5%) | |||
Money Market Fund (0.5%) | |||
3,4 | Vanguard Market Liquidity Fund, 4.640% (Cost $1,070) | 10,704 | 1,071 |
Total Investments (100.0%) (Cost $203,718) | 216,139 | ||
Other Assets and Liabilities—Net (0.0%) | 33 | ||
Net Assets (100%) | 216,172 | ||
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 $257,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $292,000 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 | 2 | 398 | 6 |
Micro E-mini S&P 500 Index | March 2023 | 25 | 497 | (4) |
2 |
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.
The following table summarizes the market value of the fund’s investments and derivatives as of February 28, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 215,068 | — | — | 215,068 |
Temporary Cash Investments | 1,071 | — | — | 1,071 |
Total | 216,139 | — | — | 216,139 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 6 | — | — | 6 |
Liabilities | ||||
Futures Contracts1 | 4 | — | — | 4 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |