Vanguard® U.S. Quality Factor 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 (3.4%) | |||
Fastenal Co. | 21,293 | 1,226 | |
UFP Industries Inc. | 11,187 | 1,167 | |
Ecolab Inc. | 5,565 | 1,023 | |
Mueller Industries Inc. | 11,178 | 863 | |
Olin Corp. | 12,792 | 742 | |
Reliance Steel & Aluminum Co. | 1,804 | 514 | |
CF Industries Holdings Inc. | 5,728 | 441 | |
Boise Cascade Co. | 3,973 | 435 | |
Steel Dynamics Inc. | 3,747 | 399 | |
Olympic Steel Inc. | 5,969 | 319 | |
Nucor Corp. | 1,746 | 301 | |
Innospec Inc. | 2,622 | 282 | |
Sylvamo Corp. | 5,797 | 242 | |
Ryerson Holding Corp. | 4,437 | 138 | |
* | Clearwater Paper Corp. | 3,243 | 124 |
Hawkins Inc. | 1,925 | 120 | |
8,336 | |||
Consumer Discretionary (20.0%) | |||
Walmart Inc. | 30,887 | 5,023 | |
TJX Cos. Inc. | 40,429 | 3,739 | |
Estee Lauder Cos. Inc. Class A | 21,613 | 3,470 | |
NIKE Inc. Class B | 24,955 | 2,538 | |
Costco Wholesale Corp. | 4,139 | 2,273 | |
* | Airbnb Inc. Class A | 15,618 | 2,055 |
* | Booking Holdings Inc. | 566 | 1,757 |
Best Buy Co. Inc. | 20,630 | 1,577 | |
Pool Corp. | 3,933 | 1,438 | |
* | YETI Holdings Inc. | 27,321 | 1,365 |
* | Lululemon Athletica Inc. | 3,325 | 1,268 |
eBay Inc. | 28,072 | 1,257 | |
Target Corp. | 9,121 | 1,154 | |
Genuine Parts Co. | 6,412 | 986 | |
Tapestry Inc. | 28,794 | 959 | |
* | Expedia Group Inc. | 8,364 | 907 |
* | Grand Canyon Education Inc. | 6,425 | 753 |
* | Ulta Beauty Inc. | 1,756 | 729 |
* | Coupang Inc. | 36,357 | 690 |
* | Abercrombie & Fitch Co. Class A | 11,993 | 645 |
Steven Madden Ltd. | 17,959 | 620 | |
American Eagle Outfitters Inc. | 34,351 | 583 | |
Oxford Industries Inc. | 5,746 | 580 | |
Perdoceo Education Corp. | 34,693 | 575 |
Shares | Market Value ($000) | ||
Macy's Inc. | 41,821 | 511 | |
* | Deckers Outdoor Corp. | 960 | 508 |
* | ODP Corp. | 10,190 | 503 |
Lennar Corp. Class B | 4,666 | 498 | |
* | MasterCraft Boat Holdings Inc. | 21,039 | 458 |
Rollins Inc. | 11,528 | 456 | |
John Wiley & Sons Inc. Class A | 10,578 | 393 | |
* | Skyline Champion Corp. | 5,423 | 386 |
Build-A-Bear Workshop Inc. | 13,747 | 362 | |
* | CarParts.com Inc. | 72,688 | 351 |
Ralph Lauren Corp. | 2,971 | 346 | |
Monarch Casino & Resort Inc. | 5,090 | 343 | |
* | Thryv Holdings Inc. | 16,513 | 337 |
HNI Corp. | 10,202 | 334 | |
Movado Group Inc. | 12,083 | 330 | |
PriceSmart Inc. | 4,010 | 319 | |
* | Cavco Industries Inc. | 1,092 | 305 |
* | elf Beauty Inc. | 2,187 | 303 |
* | Mattel Inc. | 12,947 | 287 |
* | NVR Inc. | 45 | 287 |
Ross Stores Inc. | 2,310 | 281 | |
* | Coursera Inc. | 15,613 | 272 |
* | Knowles Corp. | 15,817 | 254 |
* | Duolingo Inc. | 1,664 | 245 |
Buckle Inc. | 5,618 | 205 | |
Scholastic Corp. | 4,633 | 201 | |
Murphy USA Inc. | 545 | 173 | |
Aaron's Co. Inc. | 13,350 | 161 | |
Dick's Sporting Goods Inc. | 1,378 | 160 | |
Acushnet Holdings Corp. | 2,574 | 151 | |
* | Destination XL Group Inc. | 31,945 | 146 |
Upbound Group Inc. | 4,577 | 140 | |
Matthews International Corp. Class A | 2,995 | 126 | |
* | 1-800-Flowers.com Inc. Class A | 15,811 | 119 |
* | Malibu Boats Inc. Class A | 2,388 | 116 |
* | Under Armour Inc. Class A | 14,034 | 107 |
* | Zumiez Inc. | 5,420 | 103 |
* | Solo Brands Inc. Class A | 18,306 | 102 |
* | Hovnanian Enterprises Inc. Class A | 840 | 100 |
* | Amazon.com Inc. | 702 | 97 |
Caleres Inc. | 3,322 | 95 | |
* | TripAdvisor Inc. | 5,525 | 83 |
LKQ Corp. | 1,372 | 72 | |
Columbia Sportswear Co. | 883 | 65 | |
Electronic Arts Inc. | 542 | 65 | |
* | Liquidity Services Inc. | 3,375 | 62 |
Signet Jewelers Ltd. | 758 | 57 | |
* | Duluth Holdings Inc. Class B | 8,281 | 53 |
Ethan Allen Interiors Inc. | 1,602 | 50 | |
La-Z-Boy Inc. | 1,547 | 48 | |
* | Fossil Group Inc. | 22,132 | 47 |
48,514 | |||
Consumer Staples (7.2%) | |||
Kimberly-Clark Corp. | 34,383 | 4,430 | |
PepsiCo Inc. | 18,391 | 3,272 | |
Kroger Co. | 31,935 | 1,482 | |
Procter & Gamble Co. | 5,570 | 860 | |
Cencora Inc. | 3,752 | 660 |
Shares | Market Value ($000) | ||
Casey's General Stores Inc. | 2,207 | 540 | |
John B Sanfilippo & Son Inc. | 4,805 | 482 | |
Hershey Co. | 2,146 | 461 | |
* | Vita Coco Co. Inc. | 15,918 | 450 |
Coca-Cola Consolidated Inc. | 637 | 445 | |
Medifast Inc. | 5,220 | 440 | |
Coca-Cola Co. | 7,242 | 433 | |
* | Boston Beer Co. Inc. Class A | 1,151 | 421 |
Cal-Maine Foods Inc. | 8,252 | 394 | |
Lancaster Colony Corp. | 2,357 | 389 | |
* | National Beverage Corp. | 7,494 | 385 |
* | United Natural Foods Inc. | 17,675 | 356 |
* | USANA Health Sciences Inc. | 5,388 | 347 |
Flowers Foods Inc. | 14,191 | 334 | |
* | Monster Beverage Corp. | 4,553 | 261 |
Weis Markets Inc. | 3,546 | 230 | |
SpartanNash Co. | 10,027 | 218 | |
Ingles Markets Inc. Class A | 1,611 | 126 | |
Nu Skin Enterprises Inc. Class A | 4,020 | 96 | |
17,512 | |||
Energy (8.6%) | |||
EOG Resources Inc. | 22,782 | 2,930 | |
ConocoPhillips | 21,515 | 2,561 | |
Occidental Petroleum Corp. | 32,066 | 2,013 | |
Exxon Mobil Corp. | 14,049 | 1,562 | |
ChampionX Corp. | 33,794 | 1,220 | |
Texas Pacific Land Corp. | 560 | 1,055 | |
Marathon Petroleum Corp. | 5,856 | 836 | |
PBF Energy Inc. Class A | 14,840 | 696 | |
* | Enphase Energy Inc. | 5,407 | 684 |
Range Resources Corp. | 19,781 | 641 | |
Coterra Energy Inc. | 21,290 | 600 | |
CONSOL Energy Inc. | 6,448 | 555 | |
* | Southwestern Energy Co. | 77,072 | 523 |
Alpha Metallurgical Resources Inc. | 2,579 | 523 | |
* | ProPetro Holding Corp. | 52,024 | 502 |
* | Gulfport Energy Corp. | 4,130 | 487 |
SM Energy Co. | 9,600 | 406 | |
Warrior Met Coal Inc. | 9,918 | 392 | |
Patterson-UTI Energy Inc. | 23,642 | 334 | |
EQT Corp. | 6,347 | 274 | |
Magnolia Oil & Gas Corp. Class A | 11,491 | 262 | |
Valero Energy Corp. | 1,633 | 212 | |
Ovintiv Inc. (XNYS) | 4,363 | 205 | |
SunCoke Energy Inc. | 21,156 | 197 | |
* | Par Pacific Holdings Inc. | 5,639 | 194 |
Civitas Resources Inc. | 2,340 | 192 | |
Arch Resources Inc. | 1,196 | 156 | |
* | DMC Global Inc. | 4,749 | 114 |
* | Oceaneering International Inc. | 4,937 | 113 |
* | NOW Inc. | 9,364 | 105 |
* | Weatherford International plc | 1,127 | 100 |
* | Array Technologies Inc. | 3,204 | 80 |
RPC Inc. | 5,736 | 46 | |
20,770 | |||
Financials (12.5%) | |||
American International Group Inc. | 42,583 | 2,492 |
Shares | Market Value ($000) | ||
Equitable Holdings Inc. | 52,995 | 1,526 | |
Ameriprise Financial Inc. | 3,573 | 1,206 | |
Principal Financial Group Inc. | 15,158 | 1,178 | |
Popular Inc. | 16,827 | 1,149 | |
First BanCorp (XNYS) | 71,888 | 996 | |
Discover Financial Services | 9,387 | 845 | |
OFG Bancorp | 27,237 | 821 | |
Primerica Inc. | 4,062 | 816 | |
Charles Schwab Corp. | 12,944 | 766 | |
Evercore Inc. Class A | 5,259 | 737 | |
BankUnited Inc. | 27,729 | 728 | |
Pathward Financial Inc. | 14,685 | 724 | |
SLM Corp. | 42,530 | 606 | |
State Street Corp. | 8,709 | 599 | |
Jackson Financial Inc. Class A | 15,687 | 590 | |
WSFS Financial Corp. | 14,873 | 584 | |
Aon plc Class A (XNYS) | 1,745 | 582 | |
Fidelity National Financial Inc. | 13,130 | 544 | |
* | Customers Bancorp Inc. | 15,400 | 541 |
Berkshire Hills Bancorp Inc. | 25,744 | 538 | |
* | Bancorp Inc. | 13,819 | 507 |
PJT Partners Inc. Class A | 6,296 | 497 | |
Apollo Global Management Inc. | 5,650 | 493 | |
* | Brighthouse Financial Inc. | 9,913 | 492 |
CNO Financial Group Inc. | 20,389 | 477 | |
* | Triumph Financial Inc. | 7,171 | 461 |
City Holding Co. | 4,990 | 456 | |
Central Pacific Financial Corp. | 26,231 | 445 | |
Cathay General Bancorp | 12,169 | 434 | |
Ally Financial Inc. | 15,010 | 416 | |
Banc of California Inc. | 30,410 | 381 | |
Federated Hermes Inc. | 9,947 | 346 | |
Brightsphere Investment Group Inc. | 15,210 | 315 | |
1st Source Corp. | 7,004 | 313 | |
OneMain Holdings Inc. | 7,494 | 311 | |
Oppenheimer Holdings Inc. Class A | 8,037 | 306 | |
Virtus Investment Partners Inc. | 1,403 | 291 | |
SEI Investments Co. | 4,640 | 288 | |
First Financial Corp. | 6,258 | 230 | |
Radian Group Inc. | 8,033 | 218 | |
Moody's Corp. | 627 | 211 | |
MGIC Investment Corp. | 11,863 | 209 | |
* | Mr Cooper Group Inc. | 3,620 | 205 |
* | NMI Holdings Inc. Class A | 7,033 | 201 |
Dime Community Bancshares Inc. | 9,348 | 199 | |
Zions Bancorp NA | 5,317 | 189 | |
Eagle Bancorp Inc. | 7,805 | 188 | |
BOK Financial Corp. | 2,254 | 187 | |
Southside Bancshares Inc. | 6,024 | 181 | |
WesBanco Inc. | 7,008 | 178 | |
First Citizens BancShares Inc. Class A | 122 | 166 | |
Bank of NT Butterfield & Son Ltd. | 5,202 | 151 | |
First Interstate BancSystem Inc. Class A | 5,769 | 149 | |
Trustmark Corp. | 6,193 | 143 | |
* | Open Lending Corp. Class A | 16,844 | 139 |
Westamerica BanCorp | 3,055 | 135 | |
Navient Corp. | 6,808 | 120 | |
Hanmi Financial Corp. | 6,241 | 108 |
Shares | Market Value ($000) | ||
Affiliated Managers Group Inc. | 740 | 99 | |
PennyMac Financial Services Inc. | 1,302 | 93 | |
* | Avantax Inc. | 4,195 | 88 |
Lakeland Financial Corp. | 1,586 | 83 | |
HarborOne Bancorp Inc. | 7,805 | 78 | |
Regional Management Corp. | 2,408 | 66 | |
Amalgamated Financial Corp. | 3,632 | 65 | |
Tompkins Financial Corp. | 1,223 | 63 | |
Artisan Partners Asset Management Inc. Class A | 1,593 | 61 | |
Preferred Bank | 959 | 60 | |
Washington Trust Bancorp Inc. | 2,043 | 57 | |
* | Enova International Inc. | 1,050 | 53 |
Cohen & Steers Inc. | 780 | 51 | |
Peapack-Gladstone Financial Corp. | 1,772 | 48 | |
Kearny Financial Corp. | 5,819 | 43 | |
30,312 | |||
Health Care (9.4%) | |||
Gilead Sciences Inc. | 36,953 | 2,826 | |
Bristol-Myers Squibb Co. | 44,785 | 2,761 | |
Eli Lilly & Co. | 2,942 | 1,630 | |
AbbVie Inc. | 10,564 | 1,553 | |
* | Edwards Lifesciences Corp. | 17,768 | 1,359 |
* | Intuitive Surgical Inc. | 3,863 | 1,208 |
* | Vertex Pharmaceuticals Inc. | 3,364 | 1,172 |
Chemed Corp. | 2,092 | 1,070 | |
Merck & Co. Inc. | 9,706 | 1,058 | |
Humana Inc. | 1,773 | 818 | |
* | Biogen Inc. | 2,989 | 799 |
Johnson & Johnson | 4,894 | 791 | |
* | Lantheus Holdings Inc. | 9,856 | 675 |
* | Medpace Holdings Inc. | 2,170 | 587 |
* | CorVel Corp. | 2,612 | 565 |
* | Molina Healthcare Inc. | 1,766 | 548 |
* | Henry Schein Inc. | 4,329 | 331 |
Bruker Corp. | 4,599 | 302 | |
* | Align Technology Inc. | 778 | 288 |
* | Incyte Corp. | 4,237 | 273 |
Patterson Cos. Inc. | 8,952 | 269 | |
* | Corcept Therapeutics Inc. | 7,736 | 253 |
* | Hologic Inc. | 3,236 | 242 |
* | Shockwave Medical Inc. | 735 | 162 |
* | Haemonetics Corp. | 1,694 | 152 |
* | Alkermes plc | 5,163 | 151 |
* | ACADIA Pharmaceuticals Inc. | 5,484 | 148 |
* | Tactile Systems Technology Inc. | 6,876 | 130 |
* | Catalyst Pharmaceuticals Inc. | 8,775 | 123 |
* | AtriCure Inc. | 2,644 | 119 |
* | Zimvie Inc. | 10,080 | 119 |
* | OraSure Technologies Inc. | 15,492 | 100 |
* | Joint Corp. | 6,812 | 63 |
iRadimed Corp. | 1,092 | 51 | |
* | Maravai LifeSciences Holdings Inc. Class A | 4,504 | 47 |
22,743 | |||
Industrials (17.6%) | |||
Cintas Corp. | 5,607 | 2,827 | |
Paychex Inc. | 19,773 | 2,417 | |
MSC Industrial Direct Co. Inc. Class A | 18,524 | 1,891 |
Shares | Market Value ($000) | ||
Automatic Data Processing Inc. | 7,253 | 1,847 | |
Accenture plc Class A | 5,100 | 1,651 | |
American Express Co. | 9,545 | 1,508 | |
* | Builders FirstSource Inc. | 9,094 | 1,319 |
Acuity Brands Inc. | 8,136 | 1,312 | |
Landstar System Inc. | 6,843 | 1,299 | |
Donaldson Co. Inc. | 19,071 | 1,218 | |
Caterpillar Inc. | 3,848 | 1,082 | |
Robert Half Inc. | 12,698 | 939 | |
Visa Inc. Class A | 3,348 | 823 | |
* | Trex Co. Inc. | 11,133 | 795 |
Expeditors International of Washington Inc. | 6,724 | 785 | |
Synchrony Financial | 24,118 | 779 | |
Insperity Inc. | 7,216 | 731 | |
* | AMN Healthcare Services Inc. | 8,141 | 719 |
Fortune Brands Innovations Inc. | 9,943 | 686 | |
Jack Henry & Associates Inc. | 3,949 | 619 | |
Watts Water Technologies Inc. Class A | 3,076 | 581 | |
Mastercard Inc. Class A | 1,348 | 556 | |
EMCOR Group Inc. | 2,424 | 544 | |
A O Smith Corp. | 7,505 | 544 | |
* | BlueLinx Holdings Inc. | 6,001 | 536 |
Badger Meter Inc. | 3,181 | 528 | |
WW Grainger Inc. | 718 | 513 | |
Apogee Enterprises Inc. | 9,715 | 490 | |
Barrett Business Services Inc. | 5,095 | 487 | |
* | Donnelley Financial Solutions Inc. | 9,740 | 480 |
ManpowerGroup Inc. | 5,898 | 465 | |
Enerpac Tool Group Corp. | 17,517 | 459 | |
* | GMS Inc. | 6,506 | 451 |
Old Dominion Freight Line Inc. | 1,030 | 440 | |
Advanced Drainage Systems Inc. | 3,386 | 434 | |
Toro Co. | 4,224 | 432 | |
Kforce Inc. | 6,869 | 430 | |
* | Franklin Covey Co. | 9,498 | 405 |
Crane NXT Co. | 6,558 | 389 | |
* | Teekay Corp. | 54,082 | 347 |
* | XPO Inc. | 4,540 | 339 |
* | MYR Group Inc. | 2,329 | 331 |
Lincoln Electric Holdings Inc. | 1,658 | 319 | |
Graco Inc. | 3,953 | 312 | |
* | LegalZoom.Com Inc. | 26,931 | 307 |
Resources Connection Inc. | 19,507 | 303 | |
* | Proto Labs Inc. | 10,139 | 299 |
Brady Corp. Class A | 5,834 | 294 | |
Kadant Inc. | 1,305 | 287 | |
Allison Transmission Holdings Inc. | 4,664 | 282 | |
* | TrueBlue Inc. | 18,127 | 274 |
Comfort Systems USA Inc. | 1,248 | 230 | |
Owens Corning | 1,497 | 215 | |
Ardmore Shipping Corp. | 17,024 | 212 | |
* | FleetCor Technologies Inc. | 775 | 211 |
* | Hudson Technologies Inc. | 16,408 | 198 |
RPM International Inc. | 1,967 | 196 | |
* | Manitowoc Co. Inc. | 11,159 | 189 |
* | Cross Country Healthcare Inc. | 7,273 | 187 |
CRA International Inc. | 1,688 | 183 | |
Encore Wire Corp. | 1,058 | 174 |
Shares | Market Value ($000) | ||
Crane Co. | 1,876 | 171 | |
Myers Industries Inc. | 8,535 | 161 | |
Covenant Logistics Group Inc. | 3,249 | 160 | |
Snap-on Inc. | 589 | 158 | |
Shyft Group Inc. | 9,970 | 156 | |
* | Atkore Inc. | 991 | 153 |
* | Beacon Roofing Supply Inc. | 1,873 | 150 |
Insteel Industries Inc. | 4,237 | 147 | |
Standex International Corp. | 933 | 143 | |
* | ExlService Holdings Inc. | 4,115 | 120 |
Watsco Inc. | 305 | 111 | |
Wabash National Corp. | 4,544 | 102 | |
Kelly Services Inc. Class A | 5,121 | 95 | |
Tennant Co. | 1,151 | 95 | |
* | Forrester Research Inc. | 2,924 | 90 |
REV Group Inc. | 6,165 | 84 | |
Forward Air Corp. | 1,165 | 83 | |
Ennis Inc. | 3,475 | 74 | |
* | Keysight Technologies Inc. | 549 | 73 |
Nordson Corp. | 286 | 70 | |
* | TriNet Group Inc. | 620 | 69 |
Universal Logistics Holdings Inc. | 2,182 | 59 | |
* | Titan International Inc. | 4,338 | 55 |
Simpson Manufacturing Co. Inc. | 327 | 52 | |
Napco Security Technologies Inc. | 1,505 | 37 | |
42,768 | |||
Real Estate (0.0%) | |||
* | Anywhere Real Estate Inc. | 16,152 | 106 |
Technology (19.4%) | |||
* | Adobe Inc. | 7,445 | 4,164 |
Apple Inc. | 21,406 | 4,022 | |
* | Autodesk Inc. | 16,640 | 3,693 |
Lam Research Corp. | 4,698 | 3,300 | |
KLA Corp. | 6,188 | 3,106 | |
Microchip Technology Inc. | 32,576 | 2,666 | |
* | Cadence Design Systems Inc. | 10,209 | 2,455 |
Teradyne Inc. | 14,859 | 1,603 | |
Applied Materials Inc. | 8,315 | 1,270 | |
* | Palo Alto Networks Inc. | 4,818 | 1,172 |
* | Qualys Inc. | 7,432 | 1,157 |
* | Manhattan Associates Inc. | 5,201 | 1,054 |
QUALCOMM Inc. | 8,053 | 922 | |
* | ON Semiconductor Corp. | 8,644 | 851 |
* | Teradata Corp. | 18,075 | 836 |
* | Pure Storage Inc. Class A | 19,510 | 714 |
* | Smartsheet Inc. Class A | 15,765 | 658 |
* | Photronics Inc. | 27,093 | 644 |
* | Axcelis Technologies Inc. | 3,341 | 642 |
* | Fortinet Inc. | 10,291 | 620 |
* | Gartner Inc. | 1,713 | 599 |
* | Cirrus Logic Inc. | 7,075 | 580 |
* | Super Micro Computer Inc. | 2,032 | 559 |
* | Alphabet Inc. Class A | 4,041 | 550 |
* | MaxLinear Inc. | 23,405 | 550 |
Vertiv Holdings Co. | 13,821 | 544 | |
* | Lattice Semiconductor Corp. | 5,435 | 529 |
Hackett Group Inc. | 22,329 | 526 |
Shares | Market Value ($000) | ||
* | CommVault Systems Inc. | 6,883 | 470 |
* | F5 Inc. | 2,778 | 455 |
NetApp Inc. | 5,643 | 433 | |
* | Cargurus Inc. | 23,573 | 427 |
A10 Networks Inc. | 27,184 | 405 | |
* | Pinterest Inc. Class A | 13,452 | 370 |
* | Synopsys Inc. | 700 | 321 |
* | Yelp Inc. | 7,437 | 319 |
Texas Instruments Inc. | 1,834 | 308 | |
* | Synaptics Inc. | 3,503 | 307 |
* | Atlassian Corp. Ltd. Class A | 1,470 | 300 |
* | Appfolio Inc. Class A | 1,465 | 282 |
Paycom Software Inc. | 820 | 242 | |
PC Connection Inc. | 4,305 | 229 | |
Amdocs Ltd. | 2,513 | 224 | |
Concentrix Corp. | 2,711 | 216 | |
Vishay Intertechnology Inc. | 7,455 | 205 | |
Monolithic Power Systems Inc. | 388 | 202 | |
CTS Corp. | 3,889 | 174 | |
CSG Systems International Inc. | 3,146 | 171 | |
* | Cohu Inc. | 4,443 | 166 |
* | OneSpan Inc. | 11,960 | 146 |
* | Kyndryl Holdings Inc. | 8,253 | 139 |
Microsoft Corp. | 416 | 136 | |
Adeia Inc. | 10,247 | 103 | |
* | IAC Inc. | 1,695 | 94 |
* | EPAM Systems Inc. | 341 | 88 |
* | Allegro MicroSystems Inc. | 1,683 | 64 |
Dolby Laboratories Inc. Class A | 628 | 53 | |
*,1 | Yandex NV Class A | 1,459 | — |
47,035 | |||
Telecommunications (1.4%) | |||
Cisco Systems Inc. | 42,414 | 2,432 | |
* | Extreme Networks Inc. | 19,025 | 522 |
* | IDT Corp. Class B | 15,125 | 354 |
* | Arista Networks Inc. | 748 | 146 |
* | Lumen Technologies Inc. | 32,749 | 52 |
3,506 | |||
Total Common Stocks (Cost $218,153) | 241,602 | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
2 | Vanguard Market Liquidity Fund, 5.384% (Cost $1,023) | 10,228 | 1,023 |
Total Investments (99.9%) (Cost $219,176) | 242,625 | ||
Other Assets and Liabilities—Net (0.1%) | 158 | ||
Net Assets (100%) | 242,783 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
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. |
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 | September 2023 | 3 | 677 | 15 |
Micro E-mini S&P 500 Index | September 2023 | 16 | 361 | 8 |
23 |
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 August 31, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 241,602 | — | — | 241,602 |
Temporary Cash Investments | 1,023 | — | — | 1,023 |
Total | 242,625 | — | — | 242,625 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 23 | — | — | 23 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |