Vanguard® U.S. Value Factor ETF
Schedule of Investments (unaudited)
As of February 29, 2024
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 (5.9%) | |||
Nucor Corp. | 20,526 | 3,947 | |
Dow Inc. | 51,660 | 2,887 | |
Celanese Corp. | 17,274 | 2,625 | |
* | Cleveland-Cliffs Inc. | 121,392 | 2,525 |
LyondellBasell Industries NV Class A | 23,928 | 2,400 | |
Freeport-McMoRan Inc. | 62,395 | 2,359 | |
Tronox Holdings plc | 135,631 | 1,994 | |
Mosaic Co. | 53,828 | 1,677 | |
Koppers Holdings Inc. | 25,620 | 1,451 | |
* | US Silica Holdings Inc. | 116,766 | 1,343 |
Olin Corp. | 22,535 | 1,212 | |
Steel Dynamics Inc. | 9,049 | 1,211 | |
Mueller Industries Inc. | 22,870 | 1,175 | |
Ryerson Holding Corp. | 36,941 | 1,167 | |
* | Clearwater Paper Corp. | 29,529 | 1,160 |
Sylvamo Corp. | 18,635 | 1,126 | |
Huntsman Corp. | 40,678 | 1,041 | |
Commercial Metals Co. | 19,258 | 1,040 | |
AdvanSix Inc. | 30,092 | 842 | |
CF Industries Holdings Inc. | 10,164 | 820 | |
UFP Industries Inc. | 6,600 | 757 | |
Timken Co. | 8,578 | 721 | |
* | TimkenSteel Corp. | 31,614 | 688 |
Mativ Holdings Inc. | 34,375 | 597 | |
Eastman Chemical Co. | 6,192 | 543 | |
Radius Recycling Inc. | 24,895 | 492 | |
SSR Mining Inc. (XTSE) | 111,103 | 478 | |
Olympic Steel Inc. | 6,840 | 465 | |
* | LSB Industries Inc. | 54,916 | 404 |
Boise Cascade Co. | 1,604 | 218 | |
Reliance Steel & Aluminum Co. | 608 | 195 | |
Chemours Co. | 9,800 | 193 | |
Element Solutions Inc. | 7,626 | 179 | |
* | Intrepid Potash Inc. | 6,705 | 141 |
International Paper Co. | 3,818 | 135 | |
40,208 | |||
Consumer Discretionary (16.6%) | |||
General Motors Co. | 186,520 | 7,644 | |
Ford Motor Co. | 457,599 | 5,693 | |
Fox Corp. Class B | 83,644 | 2,290 | |
PulteGroup Inc. | 20,725 | 2,246 | |
* | Taylor Morrison Home Corp. | 36,824 | 2,085 |
Shares | Market Value ($000) | ||
Perdoceo Education Corp. | 113,084 | 2,014 | |
Lennar Corp. Class A | 12,600 | 1,997 | |
* | AutoZone Inc. | 663 | 1,993 |
Newell Brands Inc. | 251,208 | 1,884 | |
DR Horton Inc. | 12,574 | 1,879 | |
* | United Airlines Holdings Inc. | 40,480 | 1,841 |
Bath & Body Works Inc. | 39,504 | 1,805 | |
PVH Corp. | 12,552 | 1,715 | |
Travel & Leisure Co. | 35,649 | 1,593 | |
Lennar Corp. Class B | 10,364 | 1,527 | |
* | Liberty Media Corp.-Liberty SiriusXM Class C | 52,617 | 1,525 |
U-Haul Holding Co. | 23,684 | 1,506 | |
* | Tri Pointe Homes Inc. | 42,434 | 1,501 |
Academy Sports & Outdoors Inc. | 19,947 | 1,490 | |
Century Communities Inc. | 16,938 | 1,462 | |
* | Beazer Homes USA Inc. | 46,428 | 1,455 |
Meritage Homes Corp. | 9,167 | 1,445 | |
* | Goodyear Tire & Rubber Co. | 118,724 | 1,410 |
TEGNA Inc. | 96,844 | 1,357 | |
* | Adient plc | 38,889 | 1,320 |
* | Alaska Air Group Inc. | 35,214 | 1,317 |
Delta Air Lines Inc. | 30,874 | 1,305 | |
Gray Television Inc. | 219,666 | 1,283 | |
Harley-Davidson Inc. | 35,344 | 1,282 | |
* | Sally Beauty Holdings Inc. | 101,242 | 1,279 |
* | American Airlines Group Inc. | 81,278 | 1,274 |
Toll Brothers Inc. | 10,917 | 1,252 | |
Macy's Inc. | 71,707 | 1,251 | |
* | G-III Apparel Group Ltd. | 37,272 | 1,240 |
Fox Corp. Class A | 41,483 | 1,236 | |
* | SkyWest Inc. | 19,239 | 1,236 |
News Corp. Class A | 45,388 | 1,220 | |
Dollar General Corp. | 7,900 | 1,148 | |
Advance Auto Parts Inc. | 16,976 | 1,147 | |
Wolverine World Wide Inc. | 111,956 | 1,139 | |
Southwest Airlines Co. | 33,124 | 1,135 | |
Dana Inc. | 90,729 | 1,134 | |
* | M/I Homes Inc. | 8,901 | 1,130 |
La-Z-Boy Inc. | 29,606 | 1,125 | |
* | AutoNation Inc. | 7,390 | 1,107 |
H&R Block Inc. | 22,460 | 1,099 | |
BorgWarner Inc. (XNYS) | 33,205 | 1,034 | |
* | Asbury Automotive Group Inc. | 4,948 | 1,033 |
Lear Corp. | 7,435 | 1,021 | |
KB Home | 15,163 | 1,007 | |
Hibbett Inc. | 12,019 | 985 | |
* | ODP Corp. | 16,746 | 946 |
* | Brinker International Inc. | 20,184 | 935 |
* | Chegg Inc. | 103,189 | 923 |
Nexstar Media Group Inc. | 5,413 | 899 | |
* | American Axle & Manufacturing Holdings Inc. | 127,294 | 881 |
* | Hovnanian Enterprises Inc. Class A | 5,542 | 868 |
* | AMC Networks Inc. Class A | 66,351 | 859 |
Target Corp. | 5,614 | 858 | |
* | Stagwell Inc. | 156,985 | 838 |
* | Hanesbrands Inc. | 146,266 | 790 |
* | Liberty Media Corp.-Liberty SiriusXM Class A | 26,927 | 785 |
* | Caesars Entertainment Inc. | 18,018 | 783 |
Shares | Market Value ($000) | ||
Aaron's Co. Inc. | 98,800 | 766 | |
Caleres Inc. | 19,534 | 754 | |
Marriott Vacations Worldwide Corp. | 7,951 | 741 | |
* | Adtalem Global Education Inc. | 14,751 | 730 |
MillerKnoll Inc. | 23,253 | 710 | |
Allegiant Travel Co. | 9,685 | 705 | |
* | Green Brick Partners Inc. | 12,019 | 703 |
Scholastic Corp. | 17,176 | 677 | |
Boyd Gaming Corp. | 9,871 | 653 | |
Dine Brands Global Inc. | 13,390 | 650 | |
* | SeaWorld Entertainment Inc. | 12,281 | 631 |
* | Malibu Boats Inc. Class A | 14,386 | 628 |
VF Corp. | 34,618 | 566 | |
Upbound Group Inc. | 16,116 | 544 | |
Rush Enterprises Inc. Class A | 10,275 | 500 | |
* | Penn Entertainment Inc. | 26,261 | 481 |
Haverty Furniture Cos. Inc. | 13,712 | 470 | |
* | Tilly's Inc. Class A | 58,237 | 448 |
* | Crocs Inc. | 3,625 | 443 |
* | EW Scripps Co. Class A | 108,021 | 435 |
* | MasterCraft Boat Holdings Inc. | 18,309 | 402 |
Movado Group Inc. | 13,823 | 397 | |
* | Sun Country Airlines Holdings Inc. | 24,585 | 369 |
Matthews International Corp. Class A | 12,602 | 365 | |
* | Playtika Holding Corp. | 48,462 | 359 |
* | Solo Brands Inc. Class A | 129,328 | 349 |
Graham Holdings Co. Class B | 488 | 343 | |
* | Hilton Grand Vacations Inc. | 7,424 | 333 |
Tapestry Inc. | 6,613 | 314 | |
* | Fox Factory Holding Corp. | 5,993 | 303 |
* | Warner Bros Discovery Inc. | 31,258 | 275 |
* | Genesco Inc. | 8,521 | 272 |
LKQ Corp. | 5,184 | 271 | |
Avis Budget Group Inc. | 2,434 | 263 | |
eBay Inc. | 5,573 | 263 | |
Build-A-Bear Workshop Inc. | 10,999 | 263 | |
* | Bally's Corp. | 21,356 | 240 |
* | Xponential Fitness Inc. Class A | 23,064 | 232 |
Group 1 Automotive Inc. | 801 | 217 | |
Jack in the Box Inc. | 2,627 | 192 | |
Oxford Industries Inc. | 1,600 | 162 | |
Shoe Carnival Inc. | 4,735 | 155 | |
* | Liberty Media Corp.-Liberty Live Class A | 3,884 | 150 |
* | iHeartMedia Inc. Class A | 53,889 | 149 |
Sinclair Inc. | 9,907 | 147 | |
Standard Motor Products Inc. | 4,488 | 143 | |
* | Sportsman's Warehouse Holdings Inc. | 33,626 | 121 |
* | 2U Inc. | 121,848 | 55 |
112,800 | |||
Consumer Staples (6.6%) | |||
Altria Group Inc. | 198,448 | 8,118 | |
McKesson Corp. | 10,442 | 5,445 | |
CVS Health Corp. | 64,130 | 4,769 | |
Archer-Daniels-Midland Co. | 57,788 | 3,069 | |
Molson Coors Beverage Co. Class B | 40,934 | 2,555 | |
Kraft Heinz Co. | 44,498 | 1,570 | |
Bunge Global SA | 16,515 | 1,559 | |
Kroger Co. | 30,330 | 1,505 |
Shares | Market Value ($000) | ||
General Mills Inc. | 21,161 | 1,358 | |
Ingredion Inc. | 9,646 | 1,135 | |
Tyson Foods Inc. Class A | 20,679 | 1,122 | |
B&G Foods Inc. | 89,190 | 1,030 | |
J M Smucker Co. | 8,483 | 1,019 | |
Walgreens Boots Alliance Inc. | 47,120 | 1,002 | |
Ingles Markets Inc. Class A | 12,133 | 934 | |
* | Darling Ingredients Inc. | 20,584 | 871 |
Andersons Inc. | 15,239 | 842 | |
Seaboard Corp. | 250 | 822 | |
* | United Natural Foods Inc. | 51,989 | 812 |
Conagra Brands Inc. | 28,077 | 788 | |
Vector Group Ltd. | 69,366 | 774 | |
Philip Morris International Inc. | 8,525 | 767 | |
SpartanNash Co. | 35,551 | 749 | |
Fresh Del Monte Produce Inc. | 20,524 | 491 | |
Nu Skin Enterprises Inc. Class A | 36,320 | 454 | |
ACCO Brands Corp. | 76,619 | 428 | |
* | Pilgrim's Pride Corp. | 11,187 | 356 |
Medifast Inc. | 7,300 | 293 | |
Dole plc | 21,200 | 250 | |
Edgewell Personal Care Co. | 5,129 | 196 | |
45,083 | |||
Energy (14.1%) | |||
Phillips 66 | 41,598 | 5,928 | |
Marathon Petroleum Corp. | 33,581 | 5,683 | |
Valero Energy Corp. | 37,902 | 5,362 | |
Chevron Corp. | 34,054 | 5,177 | |
Occidental Petroleum Corp. | 72,931 | 4,420 | |
Exxon Mobil Corp. | 40,704 | 4,254 | |
EOG Resources Inc. | 35,798 | 4,097 | |
ConocoPhillips | 32,744 | 3,685 | |
PBF Energy Inc. Class A | 64,869 | 3,029 | |
Diamondback Energy Inc. | 13,738 | 2,507 | |
Williams Cos. Inc. | 58,955 | 2,119 | |
SM Energy Co. | 44,128 | 1,931 | |
Helmerich & Payne Inc. | 49,531 | 1,901 | |
HF Sinclair Corp. | 32,535 | 1,806 | |
Liberty Energy Inc. | 83,214 | 1,779 | |
Chord Energy Corp. | 10,524 | 1,710 | |
Murphy Oil Corp. | 42,362 | 1,680 | |
* | Gulfport Energy Corp. | 11,599 | 1,647 |
Marathon Oil Corp. | 67,506 | 1,637 | |
Coterra Energy Inc. | 62,882 | 1,621 | |
Schlumberger NV | 30,271 | 1,463 | |
Ovintiv Inc. (XNYS) | 28,935 | 1,430 | |
* | Antero Resources Corp. | 54,378 | 1,397 |
Cheniere Energy Inc. | 8,776 | 1,362 | |
Patterson-UTI Energy Inc. | 112,243 | 1,299 | |
Matador Resources Co. | 20,093 | 1,269 | |
* | ProPetro Holding Corp. | 170,266 | 1,260 |
Peabody Energy Corp. | 48,087 | 1,191 | |
EQT Corp. | 31,996 | 1,189 | |
Berry Corp. | 161,036 | 1,135 | |
California Resources Corp. | 21,527 | 1,123 | |
Arch Resources Inc. | 6,108 | 1,010 | |
DTE Midstream LLC | 16,868 | 972 | |
Devon Energy Corp. | 21,079 | 929 |
Shares | Market Value ($000) | ||
* | Talos Energy Inc. | 66,030 | 871 |
Noble Corp. plc | 19,468 | 814 | |
* | Par Pacific Holdings Inc. | 21,820 | 788 |
SunCoke Energy Inc. | 72,563 | 777 | |
Golar LNG Ltd. | 38,312 | 777 | |
Alpha Metallurgical Resources Inc. | 1,985 | 749 | |
* | Helix Energy Solutions Group Inc. | 81,928 | 737 |
CONSOL Energy Inc. | 8,285 | 711 | |
Warrior Met Coal Inc. | 12,303 | 701 | |
Kinder Morgan Inc. | 38,204 | 664 | |
* | Bristow Group Inc. | 23,512 | 634 |
Delek US Holdings Inc. | 23,950 | 611 | |
World Kinect Corp. | 24,873 | 606 | |
ChampionX Corp. | 18,779 | 583 | |
Northern Oil & Gas Inc. | 15,633 | 559 | |
SandRidge Energy Inc. | 41,363 | 539 | |
* | Seadrill Ltd. | 12,082 | 510 |
* | Kosmos Energy Ltd. | 79,166 | 486 |
* | Expro Group Holdings NV | 27,075 | 484 |
* | Nabors Industries Ltd. (XNYS) | 5,893 | 462 |
Range Resources Corp. | 12,983 | 411 | |
* | REX American Resources Corp. | 9,116 | 401 |
APA Corp. | 12,616 | 376 | |
* | Borr Drilling Ltd. | 62,445 | 376 |
VAALCO Energy Inc. | 77,942 | 348 | |
* | Oil States International Inc. | 62,637 | 338 |
RPC Inc. | 42,674 | 315 | |
* | SilverBow Resources Inc. | 10,033 | 285 |
Magnolia Oil & Gas Corp. Class A | 11,047 | 251 | |
Ramaco Resources Inc. Class A | 11,782 | 207 | |
Select Water Solutions Inc. | 21,931 | 187 | |
Equitrans Midstream Corp. | 14,948 | 160 | |
* | DMC Global Inc. | 6,689 | 112 |
95,832 | |||
Financials (25.0%) | |||
Wells Fargo & Co. | 114,659 | 6,374 | |
Bank of America Corp. | 176,400 | 6,089 | |
Citigroup Inc. | 91,595 | 5,083 | |
US Bancorp | 99,193 | 4,162 | |
JPMorgan Chase & Co. | 22,010 | 4,095 | |
American International Group Inc. | 54,249 | 3,954 | |
Bank of New York Mellon Corp. | 66,782 | 3,746 | |
Travelers Cos. Inc. | 15,901 | 3,513 | |
MetLife Inc. | 48,696 | 3,396 | |
Chubb Ltd. | 13,461 | 3,388 | |
Prudential Financial Inc. | 29,116 | 3,173 | |
Essent Group Ltd. | 57,805 | 3,097 | |
Goldman Sachs Group Inc. | 7,011 | 2,728 | |
Truist Financial Corp. | 74,647 | 2,611 | |
Unum Group | 52,743 | 2,608 | |
Lincoln National Corp. | 78,183 | 2,153 | |
Ally Financial Inc. | 57,618 | 2,131 | |
Morgan Stanley | 24,123 | 2,076 | |
MGIC Investment Corp. | 97,036 | 1,930 | |
Webster Financial Corp. | 40,085 | 1,910 | |
PNC Financial Services Group Inc. | 12,552 | 1,848 | |
Columbia Banking System Inc. | 100,947 | 1,827 | |
Old National Bancorp | 110,170 | 1,810 |
Shares | Market Value ($000) | ||
Radian Group Inc. | 61,665 | 1,797 | |
* | Brighthouse Financial Inc. | 38,238 | 1,780 |
* | Enstar Group Ltd. | 5,450 | 1,678 |
Axis Capital Holdings Ltd. | 25,525 | 1,597 | |
Valley National Bancorp | 190,684 | 1,562 | |
Synovus Financial Corp. | 40,966 | 1,554 | |
S&T Bancorp Inc. | 47,242 | 1,473 | |
FNB Corp. | 107,001 | 1,427 | |
Corebridge Financial Inc. | 56,830 | 1,411 | |
Affiliated Managers Group Inc. | 8,999 | 1,407 | |
Allstate Corp. | 8,534 | 1,361 | |
Jefferies Financial Group Inc. | 32,534 | 1,361 | |
Invesco Ltd. | 83,591 | 1,288 | |
Hancock Whitney Corp. | 29,523 | 1,287 | |
KeyCorp | 89,414 | 1,276 | |
Prosperity Bancshares Inc. | 19,425 | 1,212 | |
* | Arch Capital Group Ltd. | 13,801 | 1,209 |
Enterprise Financial Services Corp. | 29,609 | 1,182 | |
* | Customers Bancorp Inc. | 21,573 | 1,172 |
OceanFirst Financial Corp. | 76,686 | 1,166 | |
WaFd Inc. | 42,090 | 1,147 | |
First Financial Bancorp | 52,807 | 1,146 | |
M&T Bank Corp. | 8,113 | 1,134 | |
Heartland Financial USA Inc. | 33,133 | 1,126 | |
Cadence Bank | 39,483 | 1,093 | |
Citizens Financial Group Inc. | 34,240 | 1,075 | |
Renasant Corp. | 33,513 | 1,059 | |
Zions Bancorp NA | 26,077 | 1,028 | |
Hope Bancorp Inc. | 92,724 | 1,017 | |
New York Community Bancorp Inc. | 209,596 | 1,004 | |
BankUnited Inc. | 37,381 | 1,003 | |
RenaissanceRe Holdings Ltd. | 4,360 | 980 | |
Associated Banc-Corp. | 46,577 | 971 | |
Comerica Inc. | 19,538 | 965 | |
Western Alliance Bancorp | 16,685 | 963 | |
Bank OZK | 21,695 | 950 | |
Banc of California Inc. | 64,192 | 939 | |
Ameris Bancorp | 19,996 | 926 | |
Fulton Financial Corp. | 59,989 | 924 | |
OneMain Holdings Inc. | 19,341 | 913 | |
* | Metropolitan Bank Holding Corp. | 22,828 | 895 |
Fidelity National Financial Inc. | 17,659 | 893 | |
WesBanco Inc. | 30,633 | 888 | |
Towne Bank | 31,669 | 859 | |
Stifel Financial Corp. | 11,285 | 856 | |
Atlantic Union Bankshares Corp. | 25,701 | 855 | |
First Busey Corp. | 36,561 | 843 | |
Old Republic International Corp. | 29,064 | 842 | |
Everest Group Ltd. | 2,261 | 834 | |
* | Genworth Financial Inc. Class A | 132,568 | 815 |
Stewart Information Services Corp. | 12,897 | 812 | |
First Citizens BancShares Inc. Class A | 513 | 807 | |
* | Mr Cooper Group Inc. | 11,095 | 791 |
Trustmark Corp. | 29,260 | 786 | |
Charles Schwab Corp. | 11,712 | 782 | |
Peoples Bancorp Inc. | 27,820 | 781 | |
Provident Financial Services Inc. | 51,251 | 773 | |
SouthState Corp. | 8,908 | 749 |
Shares | Market Value ($000) | ||
Globe Life Inc. | 5,848 | 742 | |
Pinnacle Financial Partners Inc. | 8,911 | 737 | |
First Horizon Corp. | 51,383 | 724 | |
Regions Financial Corp. | 38,346 | 714 | |
Jackson Financial Inc. Class A | 12,545 | 691 | |
First Foundation Inc. | 84,914 | 673 | |
Cathay General Bancorp | 16,808 | 656 | |
Universal Insurance Holdings Inc. | 31,715 | 640 | |
CNA Financial Corp. | 14,143 | 622 | |
Aflac Inc. | 7,676 | 620 | |
Univest Financial Corp. | 29,956 | 600 | |
Bank of NT Butterfield & Son Ltd. | 19,965 | 597 | |
Raymond James Financial Inc. | 4,921 | 592 | |
Dime Community Bancshares Inc. | 31,465 | 590 | |
East West Bancorp Inc. | 7,974 | 581 | |
TrustCo Bank Corp. NY | 21,286 | 581 | |
Navient Corp. | 35,429 | 576 | |
United Bankshares Inc. | 16,260 | 564 | |
* | Axos Financial Inc. | 10,741 | 560 |
First American Financial Corp. | 9,541 | 557 | |
First Financial Corp. | 14,609 | 544 | |
Hartford Financial Services Group Inc. | 5,653 | 542 | |
1st Source Corp. | 10,777 | 536 | |
Franklin Resources Inc. | 19,521 | 536 | |
Veritex Holdings Inc. | 26,517 | 521 | |
Nelnet Inc. Class A | 6,040 | 519 | |
BOK Financial Corp. | 6,089 | 518 | |
NBT Bancorp Inc. | 14,613 | 503 | |
First Commonwealth Financial Corp. | 37,394 | 487 | |
Equitable Holdings Inc. | 14,172 | 485 | |
Janus Henderson Group plc | 15,233 | 475 | |
Heritage Financial Corp. | 25,451 | 467 | |
Nicolet Bankshares Inc. | 5,864 | 463 | |
Huntington Bancshares Inc. | 34,921 | 455 | |
* | NMI Holdings Inc. Class A | 15,015 | 452 |
James River Group Holdings Ltd. | 44,589 | 445 | |
Popular Inc. | 5,294 | 443 | |
* | StoneX Group Inc. | 6,306 | 437 |
Principal Financial Group Inc. | 5,379 | 435 | |
Carlyle Group Inc. | 8,482 | 389 | |
OFG Bancorp | 10,453 | 379 | |
Brookline Bancorp Inc. | 38,374 | 375 | |
TriCo Bancshares | 10,646 | 356 | |
PennyMac Financial Services Inc. | 4,057 | 345 | |
ConnectOne Bancorp Inc. | 17,246 | 341 | |
Premier Financial Corp. | 17,379 | 337 | |
Pacific Premier Bancorp Inc. | 14,622 | 334 | |
Eastern Bankshares Inc. | 25,725 | 332 | |
Flushing Financial Corp. | 25,371 | 326 | |
Sandy Spring Bancorp Inc. | 13,840 | 304 | |
Eagle Bancorp Inc. | 12,653 | 301 | |
Berkshire Hills Bancorp Inc. | 13,512 | 290 | |
First Bancorp (XNGS) | 8,472 | 289 | |
Reinsurance Group of America Inc. | 1,631 | 288 | |
SLM Corp. | 13,837 | 288 | |
Hanover Insurance Group Inc. | 2,168 | 285 | |
* | Enova International Inc. | 4,468 | 283 |
* | Markel Group Inc. | 181 | 270 |
Shares | Market Value ($000) | ||
Simmons First National Corp. Class A | 14,056 | 270 | |
Hanmi Financial Corp. | 17,278 | 261 | |
* | LendingClub Corp. | 31,406 | 255 |
CNO Financial Group Inc. | 9,049 | 241 | |
Horizon Bancorp Inc. | 19,540 | 235 | |
Banner Corp. | 5,160 | 226 | |
Northwest Bancshares Inc. | 19,714 | 226 | |
Cullen/Frost Bankers Inc. | 2,077 | 225 | |
First Merchants Corp. | 6,076 | 202 | |
Byline Bancorp Inc. | 9,611 | 200 | |
QCR Holdings Inc. | 3,298 | 188 | |
Amalgamated Financial Corp. | 8,054 | 186 | |
Origin Bancorp Inc. | 6,062 | 181 | |
Preferred Bank | 2,304 | 166 | |
First Bancshares Inc. | 6,629 | 165 | |
Employers Holdings Inc. | 3,556 | 163 | |
State Street Corp. | 2,122 | 156 | |
Home BancShares Inc. | 6,563 | 154 | |
Enact Holdings Inc. | 5,535 | 153 | |
ServisFirst Bancshares Inc. | 2,176 | 137 | |
Selective Insurance Group Inc. | 1,269 | 133 | |
Northfield Bancorp Inc. | 12,447 | 126 | |
169,367 | |||
Health Care (7.3%) | |||
Cigna Group | 14,585 | 4,903 | |
* | Centene Corp. | 59,402 | 4,659 |
HCA Healthcare Inc. | 14,815 | 4,618 | |
Bristol-Myers Squibb Co. | 78,458 | 3,982 | |
Gilead Sciences Inc. | 40,238 | 2,901 | |
Pfizer Inc. | 104,638 | 2,779 | |
Cardinal Health Inc. | 23,811 | 2,666 | |
Elevance Health Inc. | 5,073 | 2,543 | |
Organon & Co. | 109,883 | 1,913 | |
* | Regeneron Pharmaceuticals Inc. | 1,836 | 1,774 |
Humana Inc. | 4,542 | 1,591 | |
Royalty Pharma plc Class A | 48,884 | 1,483 | |
* | Jazz Pharmaceuticals plc | 10,523 | 1,251 |
Viatris Inc. | 98,650 | 1,220 | |
* | Elanco Animal Health Inc. (XNYS) | 72,070 | 1,145 |
* | United Therapeutics Corp. | 5,055 | 1,141 |
* | Owens & Minor Inc. | 45,940 | 1,118 |
Universal Health Services Inc. Class B | 6,641 | 1,109 | |
* | Envista Holdings Corp. | 43,533 | 899 |
* | QuidelOrtho Corp. | 17,071 | 778 |
* | AdaptHealth Corp. | 68,113 | 697 |
* | Pediatrix Medical Group Inc. | 63,852 | 584 |
Perrigo Co. plc | 22,217 | 583 | |
DENTSPLY SIRONA Inc. | 16,850 | 551 | |
Embecta Corp. | 29,399 | 420 | |
* | Amneal Pharmaceuticals Inc. | 62,974 | 348 |
Medtronic plc | 3,953 | 329 | |
* | Computer Programs and Systems Inc. | 28,218 | 250 |
Quest Diagnostics Inc. | 1,990 | 249 | |
* | Zimvie Inc. | 14,073 | 239 |
* | Integra LifeSciences Holdings Corp. | 4,680 | 173 |
* | Eagle Pharmaceuticals Inc. | 27,902 | 163 |
Shares | Market Value ($000) | ||
* | Avanos Medical Inc. | 6,373 | 118 |
49,177 | |||
Industrials (14.4%) | |||
FedEx Corp. | 19,423 | 4,836 | |
Capital One Financial Corp. | 34,417 | 4,736 | |
* | Fiserv Inc. | 25,142 | 3,753 |
* | Mohawk Industries Inc. | 28,566 | 3,388 |
Air Lease Corp. | 76,654 | 3,074 | |
Ryder System Inc. | 23,855 | 2,722 | |
Berry Global Group Inc. | 43,749 | 2,547 | |
Synchrony Financial | 59,139 | 2,442 | |
Fidelity National Information Services Inc. | 29,147 | 2,017 | |
International Seaways Inc. | 36,645 | 1,940 | |
* | Gates Industrial Corp. plc | 131,568 | 1,937 |
Matson Inc. | 17,265 | 1,917 | |
General Dynamics Corp. | 6,745 | 1,843 | |
Teekay Tankers Ltd. Class A | 30,255 | 1,659 | |
Scorpio Tankers Inc. | 23,266 | 1,562 | |
Knight-Swift Transportation Holdings Inc. | 27,445 | 1,546 | |
* | BlueLinx Holdings Inc. | 12,139 | 1,540 |
L3Harris Technologies Inc. | 7,071 | 1,497 | |
* | PayPal Holdings Inc. | 23,976 | 1,447 |
ManpowerGroup Inc. | 19,494 | 1,407 | |
Global Payments Inc. | 9,941 | 1,289 | |
Genco Shipping & Trading Ltd. | 62,969 | 1,285 | |
* | Resideo Technologies Inc. | 54,976 | 1,228 |
Patrick Industries Inc. | 9,806 | 1,176 | |
* | PagSeguro Digital Ltd. Class A | 81,982 | 1,141 |
Sensata Technologies Holding plc | 33,084 | 1,139 | |
MDU Resources Group Inc. | 50,368 | 1,092 | |
Schneider National Inc. Class B | 45,518 | 1,072 | |
Bread Financial Holdings Inc. | 27,557 | 1,055 | |
Ardmore Shipping Corp. | 64,389 | 1,045 | |
WESCO International Inc. | 6,737 | 1,007 | |
Allison Transmission Holdings Inc. | 13,076 | 985 | |
Regal Rexnord Corp. | 5,453 | 935 | |
DHT Holdings Inc. | 85,053 | 920 | |
Acuity Brands Inc. | 3,648 | 916 | |
Terex Corp. | 15,813 | 907 | |
Quanex Building Products Corp. | 26,104 | 903 | |
Huntington Ingalls Industries Inc. | 3,089 | 901 | |
Atkore Inc. | 5,210 | 883 | |
Herc Holdings Inc. | 5,495 | 872 | |
Sonoco Products Co. | 15,349 | 870 | |
Louisiana-Pacific Corp. | 11,400 | 843 | |
* | Titan International Inc. | 61,059 | 779 |
AGCO Corp. | 7,088 | 778 | |
Nordic American Tankers Ltd. | 189,860 | 773 | |
Wabash National Corp. | 26,756 | 730 | |
Deluxe Corp. | 36,339 | 705 | |
SFL Corp. Ltd. | 51,991 | 695 | |
Textron Inc. | 7,766 | 692 | |
* | American Woodmark Corp. | 6,881 | 690 |
* | O-I Glass Inc. | 40,583 | 687 |
MKS Instruments Inc. | 5,480 | 673 | |
Owens Corning | 4,496 | 673 | |
REV Group Inc. | 32,185 | 664 | |
* | JELD-WEN Holding Inc. | 35,991 | 655 |
Shares | Market Value ($000) | ||
* | CoreCivic Inc. | 41,869 | 638 |
Brunswick Corp. | 7,057 | 617 | |
PACCAR Inc. | 5,569 | 617 | |
* | Builders FirstSource Inc. | 3,124 | 610 |
* | Manitowoc Co. Inc. | 42,685 | 595 |
Safe Bulkers Inc. | 128,333 | 595 | |
* | Tutor Perini Corp. | 50,626 | 574 |
Golden Ocean Group Ltd. | 44,329 | 570 | |
Dorian LPG Ltd. | 15,388 | 556 | |
Costamare Inc. | 48,341 | 550 | |
* | Air Transport Services Group Inc. | 44,848 | 541 |
* | Alight Inc. Class A | 59,193 | 533 |
* | Cross Country Healthcare Inc. | 29,046 | 531 |
* | Conduent Inc. | 152,218 | 524 |
* | BrightView Holdings Inc. | 58,940 | 513 |
* | Repay Holdings Corp. | 59,054 | 513 |
Insteel Industries Inc. | 13,207 | 481 | |
* | ASGN Inc. | 4,559 | 453 |
Korn Ferry | 6,854 | 436 | |
ArcBest Corp. | 2,957 | 422 | |
Graphic Packaging Holding Co. | 15,956 | 414 | |
Kelly Services Inc. Class A | 16,723 | 410 | |
* | Titan Machinery Inc. | 16,090 | 406 |
RTX Corp. | 4,511 | 404 | |
* | DXP Enterprises Inc. | 11,254 | 400 |
Greif Inc. Class A | 6,189 | 399 | |
Deere & Co. | 1,017 | 371 | |
3M Co. | 3,965 | 365 | |
Forward Air Corp. | 9,782 | 363 | |
GATX Corp. | 2,809 | 356 | |
Griffon Corp. | 4,686 | 335 | |
* | Hillman Solutions Corp. | 31,837 | 310 |
* | Teekay Corp. | 39,618 | 300 |
Resources Connection Inc. | 20,252 | 280 | |
* | StoneCo. Ltd. Class A | 16,224 | 279 |
* | AMN Healthcare Services Inc. | 4,772 | 268 |
First Advantage Corp. | 14,422 | 226 | |
Covenant Logistics Group Inc. | 4,266 | 208 | |
EnerSys | 1,921 | 176 | |
Greenbrier Cos. Inc. | 3,286 | 170 | |
Heidrick & Struggles International Inc. | 4,801 | 163 | |
TTEC Holdings Inc. | 8,982 | 157 | |
Werner Enterprises Inc. | 3,549 | 142 | |
* | Green Dot Corp. Class A | 17,203 | 141 |
* | Hub Group Inc. Class A | 3,312 | 141 |
Kronos Worldwide Inc. | 14,369 | 131 | |
* | Babcock & Wilcox Enterprises Inc. | 66,055 | 84 |
97,736 | |||
Real Estate (0.4%) | |||
Newmark Group Inc. Class A | 100,497 | 1,084 | |
* | Jones Lang LaSalle Inc. | 4,559 | 867 |
* | Cushman & Wakefield plc | 44,985 | 450 |
RE/MAX Holdings Inc. Class A | 38,562 | 329 | |
* | Anywhere Real Estate Inc. | 19,219 | 121 |
2,851 | |||
Technology (5.3%) | |||
HP Inc. | 99,273 | 2,812 |
Shares | Market Value ($000) | ||
* | DXC Technology Co. | 119,734 | 2,617 |
QUALCOMM Inc. | 16,341 | 2,578 | |
Concentrix Corp. | 29,751 | 2,155 | |
* | TTM Technologies Inc. | 109,562 | 1,627 |
* | Coherent Corp. | 27,212 | 1,619 |
Hewlett Packard Enterprise Co. | 88,370 | 1,346 | |
* | Ziff Davis Inc. | 19,185 | 1,319 |
Xerox Holdings Corp. | 68,579 | 1,279 | |
* | RingCentral Inc. Class A | 36,744 | 1,228 |
TD SYNNEX Corp. | 11,486 | 1,193 | |
International Business Machines Corp. | 6,260 | 1,158 | |
* | Qorvo Inc. | 8,748 | 1,002 |
Skyworks Solutions Inc. | 8,895 | 933 | |
Adeia Inc. | 76,195 | 864 | |
* | NCR Voyix Corp. | 56,452 | 825 |
Science Applications International Corp. | 5,587 | 782 | |
Amkor Technology Inc. | 24,960 | 774 | |
* | Dropbox Inc. Class A | 28,288 | 678 |
Intel Corp. | 15,133 | 652 | |
* | ScanSource Inc. | 15,088 | 652 |
* | Consensus Cloud Solutions Inc. | 36,805 | 586 |
Vishay Intertechnology Inc. | 26,841 | 584 | |
* | NetScout Systems Inc. | 26,680 | 578 |
* | Sanmina Corp. | 8,404 | 531 |
SS&C Technologies Holdings Inc. | 8,006 | 511 | |
* | Digital Turbine Inc. | 146,164 | 463 |
Microchip Technology Inc. | 5,263 | 443 | |
* | Photronics Inc. | 15,383 | 443 |
* | Ultra Clean Holdings Inc. | 10,114 | 437 |
* | Verint Systems Inc. | 13,136 | 415 |
* | Alpha & Omega Semiconductor Ltd. | 18,832 | 412 |
* | Alphabet Inc. Class C | 2,623 | 367 |
Dun & Bradstreet Holdings Inc. | 34,715 | 366 | |
Cognizant Technology Solutions Corp. Class A | 4,132 | 327 | |
* | E2open Parent Holdings Inc. | 70,389 | 298 |
* | Cohu Inc. | 7,717 | 248 |
* | Synaptics Inc. | 2,444 | 245 |
Methode Electronics Inc. | 11,334 | 241 | |
* | SolarWinds Corp. | 17,241 | 206 |
* | Arrow Electronics Inc. | 1,420 | 167 |
Immersion Corp. | 17,520 | 118 | |
36,079 | |||
Telecommunications (3.9%) | |||
AT&T Inc. | 394,123 | 6,672 | |
Verizon Communications Inc. | 166,449 | 6,661 | |
Comcast Corp. Class A | 93,653 | 4,013 | |
* | Charter Communications Inc. Class A | 7,637 | 2,245 |
T-Mobile US Inc. | 10,446 | 1,706 | |
Telephone and Data Systems Inc. | 68,334 | 1,046 | |
Cisco Systems Inc. | 19,870 | 961 | |
Bel Fuse Inc. Class B | 14,982 | 779 | |
Cable One Inc. | 1,594 | 727 | |
* | Liberty Latin America Ltd. Class C | 100,217 | 653 |
* | CommScope Holding Co. Inc. | 485,690 | 566 |
* | Liberty Latin America Ltd. Class A | 22,541 | 145 |
26,174 | |||
Total Common Stocks (Cost $621,712) | 675,307 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
1 | Vanguard Market Liquidity Fund, 5.400% (Cost $2,205) | 22,055 | 2,205 |
Total Investments (99.8%) (Cost $623,917) | 677,512 | ||
Other Assets and Liabilities—Net (0.2%) | 1,137 | ||
Net Assets (100%) | 678,649 | ||
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 | ||||
E-mini S&P 500 Index | March 2024 | 10 | 2,552 | 213 |
Micro E-mini S&P 500 Index | March 2024 | 5 | 128 | 11 |
224 |
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 29, 2024, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.