Vanguard® U.S. Multifactor ETF
Schedule of Investments (unaudited)
As of August 31, 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 (4.3%) | |||
Freeport-McMoRan Inc. | 27,788 | 1,109 | |
Mueller Industries Inc. | 9,356 | 722 | |
Nucor Corp. | 2,748 | 473 | |
Olin Corp. | 8,052 | 467 | |
CF Industries Holdings Inc. | 5,582 | 430 | |
UFP Industries Inc. | 3,893 | 406 | |
Steel Dynamics Inc. | 3,744 | 399 | |
Commercial Metals Co. | 5,819 | 328 | |
Mosaic Co. | 8,350 | 324 | |
Olympic Steel Inc. | 6,029 | 323 | |
LyondellBasell Industries NV Class A | 3,139 | 310 | |
Worthington Industries Inc. | 4,051 | 305 | |
Westlake Corp. | 2,161 | 283 | |
Reliance Steel & Aluminum Co. | 918 | 262 | |
AdvanSix Inc. | 6,715 | 222 | |
Boise Cascade Co. | 2,001 | 219 | |
Huntsman Corp. | 7,480 | 208 | |
* | US Silica Holdings Inc. | 13,942 | 172 |
Cabot Corp. | 1,800 | 130 | |
* | Clearwater Paper Corp. | 3,117 | 119 |
United States Steel Corp. | 3,434 | 107 | |
Timken Co. | 1,097 | 84 | |
Southern Copper Corp. | 837 | 68 | |
American Vanguard Corp. | 3,699 | 51 | |
7,521 | |||
Consumer Discretionary (20.5%) | |||
* | Taylor Morrison Home Corp. | 32,447 | 1,538 |
* | Booking Holdings Inc. | 472 | 1,466 |
* | AutoZone Inc. | 450 | 1,139 |
Walmart Inc. | 6,519 | 1,060 | |
TJX Cos. Inc. | 10,466 | 968 | |
* | Airbnb Inc. Class A | 7,342 | 966 |
* | O'Reilly Automotive Inc. | 989 | 929 |
Lowe's Cos. Inc. | 3,995 | 921 | |
PVH Corp. | 9,348 | 781 | |
* | American Airlines Group Inc. | 46,125 | 679 |
Academy Sports & Outdoors Inc. | 12,430 | 678 | |
Lennar Corp. Class A | 5,299 | 631 | |
Thor Industries Inc. | 5,772 | 605 | |
Scholastic Corp. | 13,161 | 572 | |
Meritage Homes Corp. | 3,972 | 552 | |
H&R Block Inc. | 13,293 | 531 |
Shares | Market Value ($000) | ||
Tempur Sealy International Inc. | 11,227 | 524 | |
Perdoceo Education Corp. | 30,470 | 505 | |
Signet Jewelers Ltd. | 6,607 | 495 | |
* | M/I Homes Inc. | 4,987 | 490 |
* | NVR Inc. | 76 | 485 |
DR Horton Inc. | 3,979 | 474 | |
* | Skyline Champion Corp. | 6,010 | 428 |
Tapestry Inc. | 12,777 | 426 | |
* | Deckers Outdoor Corp. | 794 | 420 |
Ethan Allen Interiors Inc. | 12,971 | 407 | |
* | MasterCraft Boat Holdings Inc. | 17,762 | 386 |
LKQ Corp. | 7,279 | 382 | |
* | Cavco Industries Inc. | 1,358 | 380 |
* | Brinker International Inc. | 11,490 | 376 |
Boyd Gaming Corp. | 5,605 | 375 | |
* | AutoNation Inc. | 2,373 | 373 |
Omnicom Group Inc. | 4,395 | 356 | |
Lennar Corp. Class B | 3,331 | 355 | |
* | Cars.com Inc. | 18,649 | 349 |
PulteGroup Inc. | 4,101 | 337 | |
Ralph Lauren Corp. | 2,862 | 334 | |
Genuine Parts Co. | 2,151 | 331 | |
Dick's Sporting Goods Inc. | 2,825 | 329 | |
Build-A-Bear Workshop Inc. | 12,351 | 326 | |
* | Tri Pointe Homes Inc. | 10,339 | 322 |
* | Urban Outfitters Inc. | 9,539 | 317 |
* | Green Brick Partners Inc. | 6,269 | 310 |
Winnebago Industries Inc. | 4,699 | 305 | |
Oxford Industries Inc. | 3,007 | 304 | |
* | ODP Corp. | 5,881 | 290 |
KB Home | 5,614 | 285 | |
Murphy USA Inc. | 879 | 279 | |
Nexstar Media Group Inc. | 1,688 | 275 | |
Dana Inc. | 16,208 | 261 | |
* | Six Flags Entertainment Corp. | 11,114 | 255 |
* | Adient plc | 6,509 | 255 |
* | Chico's FAS Inc. | 49,406 | 253 |
* | SeaWorld Entertainment Inc. | 5,145 | 251 |
* | Asbury Automotive Group Inc. | 1,086 | 250 |
Haverty Furniture Cos. Inc. | 7,644 | 239 | |
Interpublic Group of Cos. Inc. | 7,028 | 229 | |
Macy's Inc. | 18,379 | 225 | |
Upbound Group Inc. | 7,256 | 222 | |
Guess? Inc. | 9,194 | 221 | |
Movado Group Inc. | 7,845 | 215 | |
Monarch Casino & Resort Inc. | 3,173 | 214 | |
Rush Enterprises Inc. Class A | 4,978 | 206 | |
BorgWarner Inc. (XNYS) | 4,986 | 203 | |
* | American Axle & Manufacturing Holdings Inc. | 26,086 | 197 |
American Eagle Outfitters Inc. | 11,444 | 194 | |
* | Stagwell Inc. | 35,045 | 191 |
Fox Corp. Class A | 5,549 | 183 | |
Dine Brands Global Inc. | 3,290 | 180 | |
Bath & Body Works Inc. | 4,655 | 172 | |
* | Hovnanian Enterprises Inc. Class A | 1,419 | 169 |
* | elf Beauty Inc. | 1,157 | 160 |
Century Communities Inc. | 2,066 | 153 | |
* | Ulta Beauty Inc. | 363 | 151 |
Shares | Market Value ($000) | ||
Rollins Inc. | 3,727 | 147 | |
Jack in the Box Inc. | 1,821 | 146 | |
* | Inspired Entertainment Inc. | 11,016 | 145 |
Travel & Leisure Co. | 3,581 | 144 | |
* | 1-800-Flowers.com Inc. Class A | 18,801 | 142 |
Penske Automotive Group Inc. | 849 | 139 | |
eBay Inc. | 3,066 | 137 | |
Dillard's Inc. Class A | 379 | 131 | |
La-Z-Boy Inc. | 4,038 | 125 | |
Best Buy Co. Inc. | 1,626 | 124 | |
Buckle Inc. | 3,352 | 122 | |
* | Knowles Corp. | 6,977 | 112 |
Bloomin' Brands Inc. | 3,939 | 111 | |
* | United Airlines Holdings Inc. | 2,155 | 107 |
Acushnet Holdings Corp. | 1,819 | 106 | |
Strategic Education Inc. | 1,370 | 106 | |
* | Visteon Corp. | 709 | 99 |
Nordstrom Inc. | 5,956 | 97 | |
News Corp. Class B | 4,351 | 96 | |
Aaron's Co. Inc. | 7,987 | 96 | |
Gap Inc. | 8,157 | 94 | |
* | Adtalem Global Education Inc. | 2,106 | 92 |
Matthews International Corp. Class A | 2,176 | 92 | |
Sonic Automotive Inc. Class A | 1,684 | 90 | |
* | Stride Inc. | 2,101 | 89 |
International Game Technology plc | 2,656 | 85 | |
A-Mark Precious Metals Inc. | 2,480 | 85 | |
* | Thryv Holdings Inc. | 3,978 | 81 |
Caleres Inc. | 2,746 | 79 | |
Entravision Communications Corp. Class A | 20,738 | 79 | |
* | Expedia Group Inc. | 731 | 79 |
HNI Corp. | 2,378 | 78 | |
* | Malibu Boats Inc. Class A | 1,597 | 78 |
Shoe Carnival Inc. | 3,339 | 77 | |
Hibbett Inc. | 1,548 | 72 | |
Inter Parfums Inc. | 497 | 69 | |
* | Skechers USA Inc. Class A | 1,245 | 63 |
* | Crocs Inc. | 550 | 54 |
Cato Corp. Class A | 6,681 | 52 | |
John Wiley & Sons Inc. Class A | 1,173 | 44 | |
Group 1 Automotive Inc. | 143 | 38 | |
35,597 | |||
Consumer Staples (5.2%) | |||
Altria Group Inc. | 37,558 | 1,661 | |
Philip Morris International Inc. | 11,756 | 1,129 | |
McKesson Corp. | 2,589 | 1,067 | |
Kimberly-Clark Corp. | 7,154 | 922 | |
Kroger Co. | 13,716 | 636 | |
Vector Group Ltd. | 47,001 | 503 | |
Weis Markets Inc. | 7,309 | 474 | |
Ingles Markets Inc. Class A | 5,274 | 412 | |
* | Performance Food Group Co. | 5,529 | 344 |
SpartanNash Co. | 13,979 | 304 | |
Coca-Cola Consolidated Inc. | 393 | 275 | |
Molson Coors Beverage Co. Class B | 3,966 | 252 | |
PepsiCo Inc. | 1,132 | 201 | |
Cal-Maine Foods Inc. | 3,780 | 181 | |
John B Sanfilippo & Son Inc. | 1,380 | 138 |
Shares | Market Value ($000) | ||
General Mills Inc. | 1,976 | 134 | |
* | Sprouts Farmers Market Inc. | 2,571 | 105 |
Nu Skin Enterprises Inc. Class A | 4,082 | 98 | |
Dole plc | 6,695 | 80 | |
Casey's General Stores Inc. | 209 | 51 | |
8,967 | |||
Energy (14.5%) | |||
Chevron Corp. | 10,802 | 1,740 | |
Exxon Mobil Corp. | 15,529 | 1,727 | |
Marathon Petroleum Corp. | 11,725 | 1,674 | |
EOG Resources Inc. | 12,403 | 1,595 | |
ConocoPhillips | 12,129 | 1,444 | |
Pioneer Natural Resources Co. | 5,523 | 1,314 | |
Valero Energy Corp. | 9,932 | 1,290 | |
Occidental Petroleum Corp. | 17,247 | 1,083 | |
Cheniere Energy Inc. | 4,804 | 784 | |
Phillips 66 | 5,984 | 683 | |
ChampionX Corp. | 15,026 | 542 | |
* | Weatherford International plc | 5,663 | 501 |
California Resources Corp. | 8,446 | 472 | |
* | Par Pacific Holdings Inc. | 13,296 | 457 |
Diamondback Energy Inc. | 2,848 | 432 | |
Chord Energy Corp. | 2,664 | 430 | |
SunCoke Energy Inc. | 44,834 | 417 | |
Matador Resources Co. | 6,425 | 408 | |
Civitas Resources Inc. | 4,797 | 394 | |
Murphy Oil Corp. | 8,149 | 370 | |
Patterson-UTI Energy Inc. | 25,845 | 365 | |
HF Sinclair Corp. | 6,606 | 364 | |
CVR Energy Inc. | 10,738 | 351 | |
RPC Inc. | 41,843 | 334 | |
* | Southwestern Energy Co. | 48,377 | 328 |
PBF Energy Inc. Class A | 6,960 | 326 | |
Northern Oil and Gas Inc. | 7,739 | 324 | |
Warrior Met Coal Inc. | 8,162 | 323 | |
Permian Resources Corp. | 22,121 | 314 | |
* | ProPetro Holding Corp. | 31,075 | 300 |
EQT Corp. | 6,683 | 289 | |
* | NOW Inc. | 25,093 | 280 |
Liberty Energy Inc. | 16,787 | 268 | |
CONSOL Energy Inc. | 2,876 | 248 | |
* | Helix Energy Solutions Group Inc. | 23,119 | 234 |
Arch Resources Inc. | 1,778 | 232 | |
SM Energy Co. | 5,320 | 225 | |
* | Oil States International Inc. | 27,955 | 219 |
* | Gulfport Energy Corp. | 1,780 | 210 |
* | MRC Global Inc. | 22,155 | 207 |
* | Kosmos Energy Ltd. | 27,545 | 201 |
* | Newpark Resources Inc. | 32,961 | 197 |
SandRidge Energy Inc. | 12,278 | 196 | |
Coterra Energy Inc. | 6,911 | 195 | |
* | REX American Resources Corp. | 4,493 | 177 |
* | DMC Global Inc. | 7,069 | 170 |
* | Expro Group Holdings NV | 6,377 | 150 |
Magnolia Oil & Gas Corp. Class A | 5,575 | 127 | |
Range Resources Corp. | 3,553 | 115 | |
Berry Corp. | 11,528 | 99 | |
* | Oceaneering International Inc. | 3,974 | 91 |
Shares | Market Value ($000) | ||
VAALCO Energy Inc. | 14,871 | 62 | |
25,278 | |||
Financials (12.6%) | |||
American International Group Inc. | 22,990 | 1,345 | |
OneMain Holdings Inc. | 27,015 | 1,121 | |
Morgan Stanley | 8,643 | 736 | |
Primerica Inc. | 3,605 | 724 | |
Unum Group | 14,103 | 694 | |
CNO Financial Group Inc. | 25,177 | 589 | |
MGIC Investment Corp. | 31,089 | 547 | |
Bank of New York Mellon Corp. | 11,445 | 514 | |
Travelers Cos. Inc. | 3,065 | 494 | |
First Financial Corp. | 13,152 | 483 | |
Fidelity National Financial Inc. | 11,143 | 461 | |
Radian Group Inc. | 15,273 | 414 | |
Jefferies Financial Group Inc. | 11,544 | 412 | |
* | Enstar Group Ltd. | 1,614 | 409 |
* | Mr Cooper Group Inc. | 7,176 | 407 |
First BanCorp (XNYS) | 27,962 | 388 | |
OFG Bancorp | 12,471 | 376 | |
* | NMI Holdings Inc. Class A | 12,901 | 369 |
Voya Financial Inc. | 5,219 | 364 | |
Hartford Financial Services Group Inc. | 5,053 | 363 | |
PennyMac Financial Services Inc. | 4,843 | 348 | |
Bank OZK | 8,511 | 342 | |
Principal Financial Group Inc. | 4,256 | 331 | |
Popular Inc. | 4,527 | 309 | |
City Holding Co. | 3,327 | 304 | |
White Mountains Insurance Group Ltd. | 187 | 297 | |
* | Genworth Financial Inc. Class A | 49,350 | 286 |
* | Avantax Inc. | 13,443 | 281 |
Aflac Inc. | 3,702 | 276 | |
State Street Corp. | 3,986 | 274 | |
SLM Corp. | 18,794 | 268 | |
* | Encore Capital Group Inc. | 5,664 | 265 |
Navient Corp. | 14,772 | 261 | |
Equitable Holdings Inc. | 8,480 | 244 | |
Central Pacific Financial Corp. | 13,978 | 237 | |
Federal Agricultural Mortgage Corp. Class C | 1,387 | 233 | |
HarborOne Bancorp Inc. | 23,059 | 230 | |
Discover Financial Services | 2,517 | 227 | |
Byline Bancorp Inc. | 10,460 | 222 | |
BOK Financial Corp. | 2,510 | 209 | |
International Bancshares Corp. | 4,645 | 208 | |
* | Axos Financial Inc. | 4,775 | 206 |
Employers Holdings Inc. | 5,106 | 200 | |
RLI Corp. | 1,519 | 200 | |
Piper Sandler Cos. | 1,311 | 195 | |
LPL Financial Holdings Inc. | 805 | 186 | |
Amalgamated Financial Corp. | 9,419 | 169 | |
Bank of NT Butterfield & Son Ltd. | 5,711 | 166 | |
Evercore Inc. Class A | 1,173 | 164 | |
Ameriprise Financial Inc. | 466 | 157 | |
Cathay General Bancorp | 4,315 | 154 | |
Federated Hermes Inc. | 4,406 | 153 | |
Oppenheimer Holdings Inc. Class A | 3,828 | 146 | |
Great Southern Bancorp Inc. | 2,864 | 145 | |
Victory Capital Holdings Inc. Class A | 4,141 | 143 |
Shares | Market Value ($000) | ||
BankUnited Inc. | 5,341 | 140 | |
Southside Bancshares Inc. | 4,519 | 136 | |
Flushing Financial Corp. | 9,594 | 135 | |
RenaissanceRe Holdings Ltd. | 704 | 132 | |
Midland States Bancorp Inc. | 5,577 | 124 | |
Enact Holdings Inc. | 4,032 | 116 | |
WesBanco Inc. | 4,499 | 114 | |
S&T Bancorp Inc. | 3,977 | 113 | |
Globe Life Inc. | 930 | 104 | |
Perella Weinberg Partners | 9,727 | 102 | |
TrustCo Bank Corp. NY | 3,526 | 100 | |
1st Source Corp. | 2,198 | 98 | |
Affiliated Managers Group Inc. | 712 | 95 | |
Assured Guaranty Ltd. | 1,616 | 95 | |
Preferred Bank | 1,521 | 94 | |
Kearny Financial Corp. | 12,599 | 93 | |
Dime Community Bancshares Inc. | 4,304 | 92 | |
QCR Holdings Inc. | 1,741 | 91 | |
Pathward Financial Inc. | 1,833 | 90 | |
Reinsurance Group of America Inc. | 624 | 87 | |
Nelnet Inc. Class A | 826 | 76 | |
Hanmi Financial Corp. | 3,821 | 66 | |
Berkshire Hills Bancorp Inc. | 2,915 | 61 | |
Ally Financial Inc. | 2,159 | 60 | |
Virtus Investment Partners Inc. | 257 | 53 | |
Banner Corp. | 973 | 42 | |
* | Arch Capital Group Ltd. | 545 | 42 |
NBT Bancorp Inc. | 1,030 | 35 | |
21,832 | |||
Health Care (8.6%) | |||
HCA Healthcare Inc. | 7,458 | 2,068 | |
Gilead Sciences Inc. | 18,083 | 1,383 | |
* | Regeneron Pharmaceuticals Inc. | 1,452 | 1,200 |
Humana Inc. | 2,402 | 1,109 | |
Bristol-Myers Squibb Co. | 17,277 | 1,065 | |
* | Vertex Pharmaceuticals Inc. | 2,978 | 1,037 |
Merck & Co. Inc. | 7,258 | 791 | |
Elevance Health Inc. | 1,712 | 757 | |
AbbVie Inc. | 4,756 | 699 | |
* | Hologic Inc. | 7,880 | 589 |
Cigna Group | 2,097 | 579 | |
Cardinal Health Inc. | 6,486 | 566 | |
* | Catalyst Pharmaceuticals Inc. | 25,290 | 355 |
* | Biogen Inc. | 1,183 | 316 |
* | Haemonetics Corp. | 3,075 | 276 |
* | Medpace Holdings Inc. | 904 | 244 |
* | Lantheus Holdings Inc. | 3,544 | 243 |
* | OraSure Technologies Inc. | 37,129 | 240 |
* | Collegium Pharmaceutical Inc. | 8,362 | 196 |
* | Intuitive Surgical Inc. | 628 | 196 |
* | Point Biopharma Global Inc. | 21,615 | 172 |
* | CorVel Corp. | 773 | 167 |
* | Align Technology Inc. | 407 | 151 |
Chemed Corp. | 195 | 100 | |
* | Tactile Systems Technology Inc. | 4,773 | 90 |
* | Jazz Pharmaceuticals plc | 620 | 89 |
* | Hims & Hers Health Inc. | 12,034 | 81 |
* | Amphastar Pharmaceuticals Inc. | 1,290 | 69 |
Shares | Market Value ($000) | ||
HealthStream Inc. | 2,717 | 57 | |
* | Henry Schein Inc. | 653 | 50 |
Premier Inc. Class A | 1,821 | 39 | |
* | Zynex Inc. | 4,757 | 37 |
15,011 | |||
Industrials (16.5%) | |||
* | Builders FirstSource Inc. | 9,047 | 1,312 |
Caterpillar Inc. | 3,643 | 1,024 | |
* | Fiserv Inc. | 8,422 | 1,022 |
* | Modine Manufacturing Co. | 20,095 | 956 |
* | Atkore Inc. | 4,451 | 685 |
* | XPO Inc. | 7,821 | 584 |
* | GMS Inc. | 7,929 | 550 |
American Express Co. | 3,463 | 547 | |
Griffon Corp. | 12,281 | 514 | |
Owens Corning | 3,550 | 511 | |
General Electric Co. | 4,139 | 474 | |
Crane NXT Co. | 7,638 | 453 | |
Synchrony Financial | 13,983 | 451 | |
Louisiana-Pacific Corp. | 7,126 | 445 | |
United Rentals Inc. | 927 | 442 | |
International Seaways Inc. | 10,237 | 440 | |
Ryder System Inc. | 4,179 | 421 | |
Belden Inc. | 4,453 | 418 | |
Snap-on Inc. | 1,536 | 413 | |
* | Saia Inc. | 966 | 412 |
Covenant Logistics Group Inc. | 7,721 | 380 | |
Acuity Brands Inc. | 2,350 | 379 | |
Teekay Tankers Ltd. Class A | 9,266 | 377 | |
Accenture plc Class A | 1,154 | 374 | |
* | Gibraltar Industries Inc. | 4,962 | 372 |
Encore Wire Corp. | 2,245 | 370 | |
Schneider National Inc. Class B | 12,606 | 364 | |
Scorpio Tankers Inc. | 7,098 | 358 | |
Applied Industrial Technologies Inc. | 2,295 | 354 | |
Terex Corp. | 5,680 | 344 | |
Valmont Industries Inc. | 1,325 | 336 | |
Comfort Systems USA Inc. | 1,780 | 329 | |
AGCO Corp. | 2,541 | 329 | |
* | Manitowoc Co. Inc. | 19,224 | 325 |
Wabash National Corp. | 14,111 | 318 | |
* | WEX Inc. | 1,564 | 307 |
* | American Woodmark Corp. | 3,904 | 303 |
Hubbell Inc. | 922 | 301 | |
Moog Inc. Class A | 2,535 | 294 | |
Ardmore Shipping Corp. | 23,478 | 292 | |
Landstar System Inc. | 1,501 | 285 | |
Marten Transport Ltd. | 13,557 | 285 | |
* | Hub Group Inc. Class A | 3,621 | 283 |
* | Teekay Corp. | 43,020 | 276 |
Resources Connection Inc. | 17,540 | 272 | |
* | Sterling Infrastructure Inc. | 3,221 | 267 |
DHT Holdings Inc. | 26,358 | 244 | |
H&E Equipment Services Inc. | 5,250 | 238 | |
* | AMN Healthcare Services Inc. | 2,649 | 234 |
ArcBest Corp. | 2,185 | 231 | |
EMCOR Group Inc. | 1,020 | 229 | |
* | O-I Glass Inc. | 11,476 | 228 |
Shares | Market Value ($000) | ||
Johnson Controls International plc | 3,833 | 226 | |
* | JELD-WEN Holding Inc. | 14,676 | 221 |
* | Fair Isaac Corp. | 234 | 212 |
Eagle Materials Inc. | 1,114 | 211 | |
Quanex Building Products Corp. | 7,741 | 209 | |
WESCO International Inc. | 1,272 | 206 | |
Matson Inc. | 2,336 | 205 | |
Insteel Industries Inc. | 5,730 | 199 | |
* | MYR Group Inc. | 1,392 | 198 |
nVent Electric plc | 3,443 | 195 | |
Insperity Inc. | 1,894 | 192 | |
Air Lease Corp. | 4,566 | 186 | |
Apogee Enterprises Inc. | 3,695 | 186 | |
* | AAR Corp. | 2,933 | 181 |
Greif Inc. Class A | 2,442 | 177 | |
Nordic American Tankers Ltd. | 43,363 | 170 | |
* | Cross Country Healthcare Inc. | 6,480 | 167 |
Kelly Services Inc. Class A | 9,042 | 167 | |
Werner Enterprises Inc. | 3,717 | 155 | |
Powell Industries Inc. | 1,752 | 147 | |
Dorian LPG Ltd. | 5,574 | 144 | |
Barrett Business Services Inc. | 1,393 | 133 | |
* | Thermon Group Holdings Inc. | 4,830 | 133 |
* | TriNet Group Inc. | 1,201 | 133 |
Brunswick Corp. | 1,663 | 132 | |
Carlisle Cos. Inc. | 494 | 130 | |
* | API Group Corp. | 4,495 | 127 |
Expeditors International of Washington Inc. | 1,052 | 123 | |
Knight-Swift Transportation Holdings Inc. | 2,223 | 122 | |
Genco Shipping & Trading Ltd. | 8,607 | 118 | |
Kforce Inc. | 1,872 | 117 | |
Standex International Corp. | 751 | 115 | |
Franklin Electric Co. Inc. | 1,066 | 103 | |
JB Hunt Transport Services Inc. | 484 | 91 | |
* | Titan Machinery Inc. | 2,941 | 91 |
* | TrueBlue Inc. | 6,004 | 91 |
REV Group Inc. | 6,470 | 88 | |
Kennametal Inc. | 3,288 | 87 | |
CH Robinson Worldwide Inc. | 954 | 86 | |
Allison Transmission Holdings Inc. | 1,378 | 83 | |
Berry Global Group Inc. | 1,263 | 82 | |
Heidrick & Struggles International Inc. | 2,902 | 77 | |
ManpowerGroup Inc. | 866 | 68 | |
Graphic Packaging Holding Co. | 2,601 | 58 | |
Golden Ocean Group Ltd. | 7,868 | 57 | |
Robert Half Inc. | 764 | 56 | |
Enerpac Tool Group Corp. | 2,127 | 56 | |
* | Masonite International Corp. | 532 | 55 |
* | Conduent Inc. | 17,255 | 54 |
Watts Water Technologies Inc. Class A | 288 | 54 | |
Forward Air Corp. | 708 | 50 | |
* | Beacon Roofing Supply Inc. | 474 | 38 |
28,714 | |||
Real Estate (0.1%) | |||
* | CBRE Group Inc. Class A | 853 | 73 |
Newmark Group Inc. Class A | 9,197 | 65 | |
138 |
Shares | Market Value ($000) | ||
Technology (15.9%) | |||
Microchip Technology Inc. | 24,759 | 2,026 | |
Oracle Corp. | 15,366 | 1,850 | |
Applied Materials Inc. | 10,830 | 1,654 | |
* | Meta Platforms Inc. Class A | 5,024 | 1,487 |
Broadcom Inc. | 1,610 | 1,486 | |
Lam Research Corp. | 1,843 | 1,295 | |
* | Alphabet Inc. Class C | 8,826 | 1,212 |
* | ON Semiconductor Corp. | 9,391 | 925 |
* | Cadence Design Systems Inc. | 3,844 | 924 |
Jabil Inc. | 7,961 | 911 | |
* | Adobe Inc. | 1,532 | 857 |
* | Alphabet Inc. Class A | 5,925 | 807 |
* | Photronics Inc. | 33,729 | 801 |
International Business Machines Corp. | 4,244 | 623 | |
Amkor Technology Inc. | 21,346 | 597 | |
* | Diodes Inc. | 7,275 | 595 |
* | Cohu Inc. | 15,297 | 572 |
KLA Corp. | 1,139 | 572 | |
* | Cirrus Logic Inc. | 6,426 | 527 |
HP Inc. | 15,792 | 469 | |
Amdocs Ltd. | 5,239 | 467 | |
* | Arrow Electronics Inc. | 3,275 | 437 |
* | Lattice Semiconductor Corp. | 4,399 | 428 |
* | Fortinet Inc. | 6,143 | 370 |
Kulicke & Soffa Industries Inc. | 7,154 | 370 | |
* | Kyndryl Holdings Inc. | 20,747 | 350 |
Cognizant Technology Solutions Corp. Class A | 4,635 | 332 | |
Dell Technologies Inc. Class C | 5,225 | 294 | |
* | Gartner Inc. | 824 | 288 |
Skyworks Solutions Inc. | 2,653 | 288 | |
* | Sanmina Corp. | 5,019 | 280 |
Adeia Inc. | 27,708 | 279 | |
Analog Devices Inc. | 1,491 | 271 | |
Vishay Intertechnology Inc. | 9,242 | 254 | |
* | Rambus Inc. | 4,466 | 252 |
* | Axcelis Technologies Inc. | 1,278 | 246 |
* | Allegro MicroSystems Inc. | 4,925 | 188 |
* | Veradigm Inc. | 13,379 | 179 |
Science Applications International Corp. | 1,490 | 175 | |
A10 Networks Inc. | 10,328 | 154 | |
* | Synopsys Inc. | 322 | 148 |
* | Super Micro Computer Inc. | 461 | 127 |
* | CACI International Inc. Class A | 381 | 125 |
* | PDF Solutions Inc. | 3,137 | 114 |
* | Yext Inc. | 12,793 | 112 |
* | OneSpan Inc. | 9,050 | 111 |
Hewlett Packard Enterprise Co. | 6,277 | 107 | |
CTS Corp. | 2,183 | 97 | |
* | Pure Storage Inc. Class A | 2,389 | 87 |
* | Asure Software Inc. | 6,819 | 85 |
* | Pinterest Inc. Class A | 3,008 | 83 |
* | Teradata Corp. | 1,529 | 71 |
* | Agilysys Inc. | 979 | 69 |
* | NetScout Systems Inc. | 2,399 | 69 |
PC Connection Inc. | 1,069 | 57 | |
Shutterstock Inc. | 1,292 | 54 |
Shares | Market Value ($000) | ||
* | F5 Inc. | 308 | 50 |
27,658 | |||
Telecommunications (1.3%) | |||
Cisco Systems Inc. | 21,096 | 1,210 | |
Comcast Corp. Class A | 11,228 | 525 | |
* | Extreme Networks Inc. | 11,678 | 321 |
Bel Fuse Inc. Class B | 4,668 | 244 | |
2,300 | |||
Total Common Stocks (Cost $151,239) | 173,016 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
1 | Vanguard Market Liquidity Fund, 5.384% (Cost $551) | 5,508 | 551 |
Total Investments (99.8%) (Cost $151,790) | 173,567 | ||
Other Assets and Liabilities—Net (0.2%) | 277 | ||
Net Assets (100%) | 173,844 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
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 | September 2023 | 30 | 677 | 11 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The
clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
At August 31, 2023, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.