Vanguard® U.S. Multifactor 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 (4.1%) | |||
Nucor Corp. | 12,493 | 2,402 | |
Mueller Industries Inc. | 27,336 | 1,405 | |
Boise Cascade Co. | 9,576 | 1,301 | |
UFP Industries Inc. | 9,070 | 1,040 | |
Reliance Steel & Aluminum Co. | 1,441 | 463 | |
CF Industries Holdings Inc. | 5,473 | 442 | |
Olin Corp. | 8,052 | 433 | |
Olympic Steel Inc. | 6,029 | 410 | |
LyondellBasell Industries NV Class A | 3,139 | 315 | |
Hawkins Inc. | 4,468 | 314 | |
Commercial Metals Co. | 5,599 | 302 | |
Westlake Corp. | 2,161 | 300 | |
Steel Dynamics Inc. | 2,177 | 291 | |
* | Clearwater Paper Corp. | 4,977 | 196 |
* | US Silica Holdings Inc. | 13,942 | 160 |
Cabot Corp. | 1,800 | 153 | |
Timken Co. | 1,097 | 92 | |
Southern Copper Corp. | 837 | 68 | |
* | TimkenSteel Corp. | 3,084 | 67 |
10,154 | |||
Consumer Discretionary (20.1%) | |||
PulteGroup Inc. | 21,109 | 2,288 | |
* | Booking Holdings Inc. | 599 | 2,078 |
* | Taylor Morrison Home Corp. | 32,447 | 1,837 |
* | Lululemon Athletica Inc. | 2,778 | 1,298 |
PVH Corp. | 9,348 | 1,278 | |
* | AutoZone Inc. | 405 | 1,217 |
Walmart Inc. | 19,557 | 1,146 | |
Costco Wholesale Corp. | 1,458 | 1,085 | |
News Corp. Class B | 37,905 | 1,061 | |
* | O'Reilly Automotive Inc. | 963 | 1,047 |
TJX Cos. Inc. | 10,466 | 1,038 | |
* | M/I Homes Inc. | 7,405 | 940 |
Academy Sports & Outdoors Inc. | 12,430 | 929 | |
Perdoceo Education Corp. | 51,461 | 917 | |
H&R Block Inc. | 18,065 | 884 | |
Lennar Corp. Class A | 5,299 | 840 | |
Steelcase Inc. Class A | 56,794 | 780 | |
Thor Industries Inc. | 5,772 | 740 | |
* | American Airlines Group Inc. | 46,125 | 723 |
* | Skechers USA Inc. Class A | 11,553 | 714 |
Caleres Inc. | 17,775 | 686 |
Shares | Market Value ($000) | ||
Signet Jewelers Ltd. | 6,607 | 672 | |
* | G-III Apparel Group Ltd. | 19,527 | 650 |
* | Deckers Outdoor Corp. | 721 | 646 |
Williams-Sonoma Inc. | 2,723 | 641 | |
* | Central Garden & Pet Co. Class A | 16,843 | 635 |
Meritage Homes Corp. | 3,902 | 615 | |
DR Horton Inc. | 3,979 | 595 | |
* | NVR Inc. | 76 | 580 |
* | Abercrombie & Fitch Co. Class A | 4,298 | 549 |
* | Brinker International Inc. | 11,490 | 532 |
Ralph Lauren Corp. | 2,862 | 532 | |
Scholastic Corp. | 13,161 | 519 | |
* | Cavco Industries Inc. | 1,358 | 506 |
Lennar Corp. Class B | 3,331 | 491 | |
Dick's Sporting Goods Inc. | 2,615 | 465 | |
* | SkyWest Inc. | 7,214 | 463 |
American Eagle Outfitters Inc. | 18,981 | 451 | |
Ethan Allen Interiors Inc. | 12,934 | 432 | |
Tapestry Inc. | 8,968 | 426 | |
Macy's Inc. | 22,999 | 401 | |
* | Urban Outfitters Inc. | 9,539 | 396 |
* | 1-800-Flowers.com Inc. Class A | 37,170 | 387 |
* | Adtalem Global Education Inc. | 7,656 | 379 |
* | YETI Holdings Inc. | 9,177 | 377 |
KB Home | 5,614 | 373 | |
MillerKnoll Inc. | 12,064 | 369 | |
* | Tri Pointe Homes Inc. | 10,339 | 366 |
Murphy USA Inc. | 867 | 362 | |
* | Beazer Homes USA Inc. | 11,480 | 360 |
* | Expedia Group Inc. | 2,631 | 360 |
* | Dream Finders Homes Inc. Class A | 9,000 | 352 |
* | AutoNation Inc. | 2,335 | 350 |
Winnebago Industries Inc. | 4,699 | 337 | |
* | Stride Inc. | 5,602 | 335 |
* | Malibu Boats Inc. Class A | 7,633 | 333 |
Gap Inc. | 17,545 | 332 | |
* | Green Brick Partners Inc. | 5,579 | 326 |
Upbound Group Inc. | 9,542 | 322 | |
Oxford Industries Inc. | 3,007 | 305 | |
Genuine Parts Co. | 2,026 | 302 | |
Build-A-Bear Workshop Inc. | 12,351 | 296 | |
Nexstar Media Group Inc. | 1,688 | 281 | |
* | ODP Corp. | 4,732 | 267 |
Haverty Furniture Cos. Inc. | 7,644 | 262 | |
* | Cars.com Inc. | 14,201 | 260 |
Worthington Enterprises Inc. | 4,051 | 252 | |
* | Royal Caribbean Cruises Ltd. | 2,000 | 247 |
Rush Enterprises Inc. Class A | 4,880 | 238 | |
Guess? Inc. | 9,194 | 233 | |
Movado Group Inc. | 7,845 | 225 | |
Bath & Body Works Inc. | 4,655 | 213 | |
PriceSmart Inc. | 2,456 | 207 | |
La-Z-Boy Inc. | 5,164 | 196 | |
* | Helen of Troy Ltd. | 1,474 | 184 |
* | American Axle & Manufacturing Holdings Inc. | 26,086 | 181 |
Aaron's Co. Inc. | 23,412 | 181 | |
Century Communities Inc. | 2,066 | 178 | |
* | Hovnanian Enterprises Inc. Class A | 1,133 | 178 |
Shares | Market Value ($000) | ||
* | Amazon.com Inc. | 1,000 | 177 |
* | AMC Networks Inc. Class A | 13,509 | 175 |
* | Liberty Media Corp.-Liberty SiriusXM Class A | 5,732 | 167 |
* | Grand Canyon Education Inc. | 1,168 | 157 |
BorgWarner Inc. (XNYS) | 4,986 | 155 | |
Designer Brands Inc. Class A | 14,530 | 153 | |
Strategic Education Inc. | 1,370 | 152 | |
eBay Inc. | 3,066 | 145 | |
Lowe's Cos. Inc. | 597 | 144 | |
Sinclair Inc. | 9,649 | 143 | |
Buckle Inc. | 3,352 | 137 | |
Jack in the Box Inc. | 1,821 | 133 | |
Best Buy Co. Inc. | 1,626 | 132 | |
Penske Automotive Group Inc. | 849 | 130 | |
* | MasterCraft Boat Holdings Inc. | 5,782 | 127 |
* | Liquidity Services Inc. | 7,022 | 126 |
Dillard's Inc. Class A | 294 | 122 | |
* | Knowles Corp. | 7,422 | 121 |
Ross Stores Inc. | 814 | 121 | |
Acushnet Holdings Corp. | 1,746 | 112 | |
Steven Madden Ltd. | 2,557 | 109 | |
Shoe Carnival Inc. | 3,339 | 109 | |
* | Ulta Beauty Inc. | 199 | 109 |
Bloomin' Brands Inc. | 3,939 | 107 | |
HNI Corp. | 2,378 | 107 | |
Monarch Casino & Resort Inc. | 1,487 | 105 | |
* | Inspired Entertainment Inc. | 9,225 | 91 |
Hibbett Inc. | 1,096 | 90 | |
Sonic Automotive Inc. Class A | 1,684 | 88 | |
* | Thryv Holdings Inc. | 3,978 | 83 |
Boyd Gaming Corp. | 1,231 | 81 | |
Standard Motor Products Inc. | 2,445 | 78 | |
* | e.l.f. Beauty Inc. | 366 | 76 |
Inter Parfums Inc. | 497 | 73 | |
Group 1 Automotive Inc. | 246 | 67 | |
* | SeaWorld Entertainment Inc. | 1,299 | 67 |
A-Mark Precious Metals Inc. | 2,480 | 64 | |
International Game Technology plc | 2,277 | 62 | |
Travel & Leisure Co. | 1,297 | 58 | |
Tempur Sealy International Inc. | 960 | 52 | |
* | Asbury Automotive Group Inc. | 233 | 49 |
49,983 | |||
Consumer Staples (3.9%) | |||
McKesson Corp. | 4,943 | 2,577 | |
Kroger Co. | 22,131 | 1,098 | |
Kimberly-Clark Corp. | 6,310 | 765 | |
Ingles Markets Inc. Class A | 7,079 | 545 | |
Cencora Inc. | 2,285 | 538 | |
Vector Group Ltd. | 47,001 | 525 | |
Bunge Global SA | 4,929 | 465 | |
Weis Markets Inc. | 6,685 | 434 | |
Cal-Maine Foods Inc. | 7,458 | 429 | |
* | Performance Food Group Co. | 5,529 | 424 |
Molson Coors Beverage Co. Class B | 6,056 | 378 | |
Coca-Cola Consolidated Inc. | 393 | 330 | |
SpartanNash Co. | 13,979 | 295 | |
John B Sanfilippo & Son Inc. | 1,987 | 203 | |
Universal Corp. | 3,864 | 186 |
Shares | Market Value ($000) | ||
Casey's General Stores Inc. | 601 | 183 | |
* | Sprouts Farmers Market Inc. | 2,571 | 161 |
Dole plc | 11,911 | 141 | |
ACCO Brands Corp. | 20,266 | 113 | |
9,790 | |||
Energy (11.4%) | |||
Marathon Petroleum Corp. | 15,252 | 2,581 | |
Valero Energy Corp. | 15,307 | 2,165 | |
Phillips 66 | 12,628 | 1,800 | |
Exxon Mobil Corp. | 14,352 | 1,500 | |
EOG Resources Inc. | 12,289 | 1,407 | |
ConocoPhillips | 12,019 | 1,353 | |
Chevron Corp. | 8,234 | 1,252 | |
Occidental Petroleum Corp. | 12,607 | 764 | |
Cheniere Energy Inc. | 4,906 | 761 | |
SM Energy Co. | 17,235 | 754 | |
SunCoke Energy Inc. | 57,537 | 616 | |
Liberty Energy Inc. | 27,563 | 589 | |
* | Weatherford International plc | 5,663 | 581 |
HF Sinclair Corp. | 10,215 | 567 | |
Chord Energy Corp. | 3,334 | 542 | |
Coterra Energy Inc. | 20,697 | 534 | |
Diamondback Energy Inc. | 2,796 | 510 | |
TechnipFMC plc | 22,204 | 482 | |
* | Par Pacific Holdings Inc. | 13,296 | 480 |
CONSOL Energy Inc. | 5,564 | 478 | |
ChampionX Corp. | 15,026 | 467 | |
California Resources Corp. | 8,446 | 441 | |
Vitesse Energy Inc. | 19,197 | 436 | |
PBF Energy Inc. Class A | 9,232 | 431 | |
Arch Resources Inc. | 2,568 | 425 | |
Range Resources Corp. | 12,791 | 404 | |
Helmerich & Payne Inc. | 10,000 | 384 | |
* | Gulfport Energy Corp. | 2,640 | 375 |
CVR Energy Inc. | 10,738 | 356 | |
Permian resources Corp. | 22,121 | 344 | |
RPC Inc. | 45,289 | 335 | |
Warrior Met Coal Inc. | 5,877 | 335 | |
Civitas Resources Inc. | 4,744 | 326 | |
Murphy Oil Corp. | 7,970 | 316 | |
Peabody Energy Corp. | 12,248 | 303 | |
Matador Resources Co. | 4,573 | 289 | |
Select Water Solutions Inc. | 32,004 | 273 | |
* | Newpark Resources Inc. | 42,333 | 272 |
Kinetik Holdings Inc. | 7,643 | 270 | |
Northern Oil & Gas Inc. | 7,107 | 254 | |
Noble Corp. plc | 5,062 | 212 | |
* | REX American Resources Corp. | 4,493 | 198 |
* | DMC Global Inc. | 11,369 | 190 |
* | DNOW Inc. | 13,431 | 190 |
* | Helix Energy Solutions Group Inc. | 20,140 | 181 |
* | ProPetro Holding Corp. | 23,838 | 176 |
SandRidge Energy Inc. | 12,278 | 160 | |
Magnolia Oil & Gas Corp. Class A | 5,500 | 125 | |
Evolution Petroleum Corp. | 16,625 | 97 | |
* | MRC Global Inc. | 6,800 | 78 |
Shares | Market Value ($000) | ||
* | Tidewater Inc. | 1,000 | 70 |
28,429 | |||
Financials (19.2%) | |||
American International Group Inc. | 35,454 | 2,584 | |
Aflac Inc. | 30,170 | 2,436 | |
Apollo Global Management Inc. | 20,781 | 2,323 | |
MGIC Investment Corp. | 112,220 | 2,232 | |
Popular Inc. | 24,410 | 2,043 | |
Hartford Financial Services Group Inc. | 19,617 | 1,880 | |
JPMorgan Chase & Co. | 10,092 | 1,878 | |
OFG Bancorp | 43,106 | 1,561 | |
OneMain Holdings Inc. | 28,858 | 1,363 | |
Bank OZK | 31,103 | 1,362 | |
Old Republic International Corp. | 37,675 | 1,091 | |
W R Berkley Corp. | 11,359 | 950 | |
Cboe Global Markets Inc. | 4,942 | 949 | |
Primerica Inc. | 3,704 | 908 | |
Bank of New York Mellon Corp. | 15,592 | 875 | |
Wells Fargo & Co. | 15,226 | 846 | |
Radian Group Inc. | 28,830 | 840 | |
Fulton Financial Corp. | 53,691 | 827 | |
First BanCorp (XNYS) | 47,797 | 812 | |
Unum Group | 14,103 | 697 | |
Employers Holdings Inc. | 14,755 | 674 | |
* | NMI Holdings Inc. Class A | 22,407 | 674 |
CNO Financial Group Inc. | 25,177 | 672 | |
Enact Holdings Inc. | 23,485 | 651 | |
* | Mr Cooper Group Inc. | 8,741 | 623 |
International Bancshares Corp. | 11,811 | 613 | |
Cathay General Bancorp | 15,094 | 589 | |
Bank of NT Butterfield & Son Ltd. | 19,312 | 577 | |
Preferred Bank | 7,921 | 569 | |
Fidelity National Financial Inc. | 11,143 | 564 | |
* | Genworth Financial Inc. Class A | 90,852 | 559 |
Evercore Inc. Class A | 2,971 | 556 | |
Amalgamated Financial Corp. | 23,566 | 544 | |
Globe Life Inc. | 3,920 | 498 | |
* | Enstar Group Ltd. | 1,614 | 497 |
Jefferies Financial Group Inc. | 11,544 | 483 | |
Pathward Financial Inc. | 9,172 | 466 | |
PennyMac Financial Services Inc. | 5,328 | 453 | |
* | Axos Financial Inc. | 8,312 | 433 |
WaFd Inc. | 14,424 | 393 | |
Assured Guaranty Ltd. | 4,273 | 391 | |
SLM Corp. | 18,594 | 387 | |
1st Source Corp. | 7,672 | 382 | |
Westamerica BanCorp | 8,264 | 378 | |
Corebridge Financial Inc. | 14,860 | 369 | |
Victory Capital Holdings Inc. Class A | 9,397 | 361 | |
QCR Holdings Inc. | 6,305 | 359 | |
Virtu Financial Inc. Class A | 19,673 | 355 | |
City Holding Co. | 3,327 | 334 | |
Merchants Bancorp | 7,435 | 319 | |
Banco Latinoamericano de Comercio Exterior SA Class E | 11,417 | 319 | |
State Street Corp. | 3,986 | 294 | |
Equitable Holdings Inc. | 8,480 | 290 | |
Navient Corp. | 17,317 | 282 | |
Central Pacific Financial Corp. | 14,763 | 276 |
Shares | Market Value ($000) | ||
S&T Bancorp Inc. | 7,987 | 249 | |
Federal Agricultural Mortgage Corp. Class C | 1,254 | 224 | |
First Financial Corp. | 5,896 | 220 | |
LPL Financial Holdings Inc. | 805 | 216 | |
BOK Financial Corp. | 2,510 | 213 | |
FirstCash Holdings Inc. | 1,625 | 186 | |
Principal Financial Group Inc. | 2,197 | 178 | |
CNA Financial Corp. | 4,018 | 177 | |
Hanmi Financial Corp. | 10,594 | 160 | |
RenaissanceRe Holdings Ltd. | 704 | 158 | |
Old Second Bancorp Inc. | 10,378 | 139 | |
Brookline Bancorp Inc. | 12,751 | 125 | |
* | Texas Capital Bancshares Inc. | 1,955 | 115 |
Affiliated Managers Group Inc. | 712 | 111 | |
WSFS Financial Corp. | 2,368 | 100 | |
BankUnited Inc. | 3,598 | 97 | |
TrustCo Bank Corp. NY | 3,526 | 96 | |
Southside Bancshares Inc. | 2,626 | 75 | |
ConnectOne Bancorp Inc. | 3,272 | 65 | |
Berkshire Hills Bancorp Inc. | 2,915 | 63 | |
Great Southern Bancorp Inc. | 1,111 | 58 | |
Ameriprise Financial Inc. | 136 | 55 | |
47,721 | |||
Health Care (6.9%) | |||
AbbVie Inc. | 15,093 | 2,657 | |
HCA Healthcare Inc. | 5,477 | 1,707 | |
Gilead Sciences Inc. | 23,579 | 1,700 | |
* | Regeneron Pharmaceuticals Inc. | 1,442 | 1,393 |
* | Vertex Pharmaceuticals Inc. | 2,978 | 1,253 |
Cardinal Health Inc. | 10,614 | 1,189 | |
Cigna Group | 2,906 | 977 | |
Merck & Co. Inc. | 7,258 | 923 | |
Elevance Health Inc. | 1,703 | 854 | |
* | Molina Healthcare Inc. | 1,229 | 484 |
* | Collegium Pharmaceutical Inc. | 11,535 | 424 |
* | Catalyst Pharmaceuticals Inc. | 25,290 | 405 |
* | Amneal Pharmaceuticals Inc. | 70,369 | 388 |
* | OraSure Technologies Inc. | 49,062 | 353 |
* | Medpace Holdings Inc. | 842 | 335 |
* | Centene Corp. | 4,000 | 314 |
* | Owens & Minor Inc. | 11,854 | 288 |
* | Exelixis Inc. | 11,572 | 253 |
* | PetIQ Inc. | 12,039 | 219 |
Bristol-Myers Squibb Co. | 4,140 | 210 | |
* | CorVel Corp. | 773 | 189 |
* | Ironwood Pharmaceuticals Inc. | 13,238 | 125 |
Chemed Corp. | 195 | 122 | |
* | Inmode Ltd. | 5,044 | 111 |
* | Hims & Hers Health Inc. | 6,308 | 82 |
HealthStream Inc. | 2,717 | 74 | |
* | Jazz Pharmaceuticals plc | 620 | 74 |
* | Amphastar Pharmaceuticals Inc. | 1,124 | 52 |
* | Lantheus Holdings Inc. | 723 | 47 |
17,202 | |||
Industrials (17.1%) | |||
FedEx Corp. | 6,959 | 1,733 | |
PACCAR Inc. | 12,982 | 1,440 |
Shares | Market Value ($000) | ||
* | Fiserv Inc. | 8,422 | 1,257 |
Caterpillar Inc. | 3,643 | 1,217 | |
Owens Corning | 7,903 | 1,184 | |
Allison Transmission Holdings Inc. | 13,929 | 1,049 | |
Griffon Corp. | 12,281 | 877 | |
* | Builders FirstSource Inc. | 4,143 | 809 |
MSC Industrial Direct Co. Inc. Class A | 7,576 | 765 | |
American Express Co. | 3,463 | 760 | |
Atkore Inc. | 4,427 | 750 | |
Comfort Systems USA Inc. | 2,392 | 731 | |
* | GMS Inc. | 7,929 | 708 |
General Electric Co. | 4,139 | 649 | |
* | American Woodmark Corp. | 6,367 | 638 |
* | Masterbrand Inc. | 36,796 | 637 |
* | Sterling Infrastructure Inc. | 5,747 | 613 |
Acuity Brands Inc. | 2,350 | 590 | |
* | JELD-WEN Holding Inc. | 32,178 | 586 |
Terex Corp. | 10,169 | 583 | |
Synchrony Financial | 13,983 | 577 | |
Crane NXT Co. | 9,744 | 569 | |
* | TopBuild Corp. | 1,400 | 563 |
International Seaways Inc. | 10,237 | 542 | |
* | Teekay Corp. | 71,520 | 541 |
EMCOR Group Inc. | 1,691 | 530 | |
Encore Wire Corp. | 2,183 | 526 | |
Ardmore Shipping Corp. | 32,398 | 526 | |
Kelly Services Inc. Class A | 21,217 | 520 | |
Teekay Tankers Ltd. Class A | 9,266 | 508 | |
United Rentals Inc. | 715 | 496 | |
* | TriNet Group Inc. | 3,812 | 488 |
Vontier Corp. | 11,300 | 486 | |
Packaging Corp. of America | 2,650 | 480 | |
Nordic American Tankers Ltd. | 117,483 | 478 | |
Ryder System Inc. | 4,178 | 477 | |
Scorpio Tankers Inc. | 7,098 | 476 | |
DHT Holdings Inc. | 42,642 | 461 | |
Patrick Industries Inc. | 3,758 | 451 | |
Applied Industrial Technologies Inc. | 2,295 | 436 | |
Accenture plc Class A | 1,154 | 432 | |
Snap-on Inc. | 1,536 | 423 | |
* | IES Holdings Inc. | 3,620 | 398 |
Simpson Manufacturing Co. Inc. | 1,868 | 390 | |
* | Saia Inc. | 672 | 387 |
EnerSys | 4,191 | 385 | |
Wabash National Corp. | 14,111 | 385 | |
* | Gibraltar Industries Inc. | 4,962 | 384 |
Moog Inc. Class A | 2,535 | 380 | |
* | Modine Manufacturing Co. | 4,052 | 364 |
* | WEX Inc. | 1,564 | 344 |
Hubbell Inc. | 884 | 337 | |
Powell Industries Inc. | 1,752 | 325 | |
* | Hub Group Inc. Class A | 7,242 | 308 |
ArcBest Corp. | 2,137 | 305 | |
* | Fair Isaac Corp. | 234 | 297 |
Insteel Industries Inc. | 7,906 | 288 | |
Landstar System Inc. | 1,501 | 285 | |
Eagle Materials Inc. | 1,114 | 282 | |
* | XPO Inc. | 2,328 | 280 |
Shares | Market Value ($000) | ||
SFL Corp. Ltd. | 20,978 | 280 | |
AGCO Corp. | 2,541 | 279 | |
Parker-Hannifin Corp. | 500 | 268 | |
Quanex Building Products Corp. | 7,741 | 268 | |
Covenant Logistics Group Inc. | 5,366 | 261 | |
Matson Inc. | 2,336 | 259 | |
REV Group Inc. | 11,762 | 243 | |
* | Core & Main Inc. Class A | 4,916 | 235 |
Preformed Line Products Co. | 1,626 | 224 | |
* | MYR Group Inc. | 1,344 | 218 |
* | Beacon Roofing Supply Inc. | 2,469 | 212 |
Apogee Enterprises Inc. | 3,695 | 211 | |
Deluxe Corp. | 10,796 | 210 | |
Resources Connection Inc. | 14,926 | 206 | |
Advanced Drainage Systems Inc. | 1,228 | 200 | |
Pactiv Evergreen Inc. | 13,111 | 193 | |
* | AAR Corp. | 2,656 | 177 |
Genco Shipping & Trading Ltd. | 8,607 | 176 | |
Carlisle Cos. Inc. | 494 | 173 | |
Barrett Business Services Inc. | 1,393 | 170 | |
* | API Group Corp. | 4,495 | 158 |
Tennant Co. | 1,300 | 147 | |
Brunswick Corp. | 1,663 | 145 | |
LSI Industries Inc. | 10,070 | 145 | |
* | Manitowoc Co. Inc. | 9,968 | 139 |
WESCO International Inc. | 901 | 135 | |
* | Thermon Group Holdings Inc. | 4,830 | 132 |
Kforce Inc. | 1,872 | 130 | |
Marten Transport Ltd. | 6,889 | 130 | |
Standex International Corp. | 733 | 127 | |
Expeditors International of Washington Inc. | 1,052 | 126 | |
H&E Equipment Services Inc. | 2,206 | 125 | |
* | Cross Country Healthcare Inc. | 6,480 | 118 |
* | Tutor Perini Corp. | 9,676 | 110 |
Franklin Electric Co. Inc. | 1,049 | 109 | |
Werner Enterprises Inc. | 2,610 | 105 | |
* | Proto Labs Inc. | 2,800 | 102 |
JB Hunt Transport Services Inc. | 484 | 100 | |
Carrier Global Corp. | 1,702 | 95 | |
* | FleetCor Technologies Inc. | 338 | 94 |
* | O-I Glass Inc. | 5,564 | 94 |
Argan Inc. | 1,886 | 88 | |
Pentair plc | 1,100 | 86 | |
Kennametal Inc. | 3,288 | 83 | |
Schneider National Inc. Class B | 3,512 | 83 | |
Berry Global Group Inc. | 1,263 | 74 | |
Enerpac Tool Group Corp. | 2,127 | 72 | |
Graphic Packaging Holding Co. | 2,601 | 67 | |
Ennis Inc. | 3,061 | 62 | |
ManpowerGroup Inc. | 866 | 62 | |
Robert Half Inc. | 764 | 61 | |
Dorian LPG Ltd. | 1,627 | 59 | |
nVent Electric plc | 811 | 55 | |
42,567 | |||
Real Estate (0.4%) | |||
* | Forestar Group Inc. | 9,378 | 316 |
Newmark Group Inc. Class A | 28,018 | 302 | |
St. Joe Co. | 5,565 | 300 |
Shares | Market Value ($000) | ||
* | CBRE Group Inc. Class A | 853 | 79 |
997 | |||
Technology (14.1%) | |||
* | Alphabet Inc. Class C | 21,297 | 2,977 |
Meta Platforms Inc. Class A | 5,951 | 2,917 | |
Applied Materials Inc. | 12,236 | 2,467 | |
Lam Research Corp. | 2,317 | 2,174 | |
International Business Machines Corp. | 9,760 | 1,806 | |
* | Adobe Inc. | 2,554 | 1,431 |
QUALCOMM Inc. | 8,341 | 1,316 | |
* | Palo Alto Networks Inc. | 4,123 | 1,280 |
* | Alphabet Inc. Class A | 8,925 | 1,236 |
* | Cadence Design Systems Inc. | 3,844 | 1,170 |
KLA Corp. | 1,620 | 1,105 | |
Jabil Inc. | 7,113 | 1,025 | |
Broadcom Inc. | 750 | 975 | |
* | Photronics Inc. | 32,886 | 947 |
* | Salesforce Inc. | 3,039 | 938 |
NVIDIA Corp. | 1,134 | 897 | |
* | Insight Enterprises Inc. | 3,368 | 633 |
Amkor Technology Inc. | 19,607 | 608 | |
* | Dropbox Inc. Class A | 24,756 | 593 |
Apple Inc. | 3,129 | 566 | |
* | Synopsys Inc. | 879 | 504 |
Amdocs Ltd. | 5,239 | 478 | |
* | Daktronics Inc. | 54,208 | 471 |
* | Kyndryl Holdings Inc. | 20,747 | 456 |
HP Inc. | 15,792 | 447 | |
* | Arrow Electronics Inc. | 3,275 | 385 |
Cognizant Technology Solutions Corp. Class A | 4,635 | 366 | |
PC Connection Inc. | 5,496 | 365 | |
* | LiveRamp Holdings Inc. | 9,663 | 338 |
* | Sanmina Corp. | 4,964 | 314 |
Adeia Inc. | 27,708 | 314 | |
* | ScanSource Inc. | 6,693 | 289 |
Skyworks Solutions Inc. | 2,653 | 278 | |
* | Qualys Inc. | 1,593 | 274 |
* | CommVault Systems Inc. | 2,674 | 256 |
Xerox Holdings Corp. | 12,851 | 240 | |
NetApp Inc. | 2,465 | 220 | |
Science Applications International Corp. | 1,490 | 209 | |
* | ePlus Inc. | 2,515 | 207 |
Vishay Intertechnology Inc. | 9,242 | 201 | |
* | Workday Inc. Class A | 639 | 188 |
Oracle Corp. | 1,362 | 152 | |
* | CACI International Inc. Class A | 381 | 143 |
* | Axcelis Technologies Inc. | 1,193 | 134 |
* | Yelp Inc. | 3,348 | 129 |
* | Mitek Systems Inc. | 10,959 | 127 |
* | Pure Storage Inc. Class A | 2,389 | 126 |
* | Super Micro Computer Inc. | 143 | 124 |
CTS Corp. | 2,183 | 97 | |
Hewlett Packard Enterprise Co. | 6,277 | 96 | |
A10 Networks Inc. | 5,190 | 69 | |
* | F5 Inc. | 308 | 58 |
* | Cohu Inc. | 1,539 | 49 |
35,165 |
Shares | Market Value ($000) | ||
Telecommunications (2.3%) | |||
Cisco Systems Inc. | 40,115 | 1,940 | |
Verizon Communications Inc. | 34,180 | 1,368 | |
Comcast Corp. Class A | 19,690 | 844 | |
* | Arista Networks Inc. | 2,126 | 590 |
Bel Fuse Inc. Class B | 6,744 | 351 | |
Spok Holdings Inc. | 15,357 | 276 | |
InterDigital Inc. | 1,536 | 164 | |
T-Mobile US Inc. | 900 | 147 | |
* | IDT Corp. Class B | 2,555 | 95 |
5,775 | |||
Total Common Stocks (Cost $198,714) | 247,783 | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
1 | Vanguard Market Liquidity Fund, 5.400% (Cost $917) | 9,168 | 917 |
Total Investments (99.9%) (Cost $199,631) | 248,700 | ||
Other Assets and Liabilities—Net (0.1%) | 254 | ||
Net Assets (100%) | 248,954 | ||
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 | March 2024 | 44 | 1,123 | 78 |
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.