Vanguard U.S. Value Fund
Schedule of Investments (unaudited)
As of December 31, 2020
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.
Market | ||
Value | ||
Shares | ($000) | |
Common Stocks (99.4%) | ||
Communication Services (9.4%) | ||
Verizon Communications Inc. | 325,372 | 19,116 |
* Alphabet Inc. Class C | 8,111 | 14,209 |
* Walt Disney Co. | 75,906 | 13,753 |
Comcast Corp. Class A | 215,158 | 11,274 |
AT&T Inc. | 317,574 | 9,133 |
* Discovery Inc. Class A | 267,358 | 8,045 |
Activision Blizzard Inc. | 79,914 | 7,420 |
News Corp. Class A | 167,162 | 3,004 |
CenturyLink Inc. | 298,478 | 2,910 |
* Alphabet Inc. Class A | 1,310 | 2,296 |
* Take-Two Interactive Software Inc. | 9,935 | 2,064 |
* Lions Gate Entertainment Corp. Class A | 146,214 | 1,662 |
* Cars.com Inc. | 104,591 | 1,182 |
* Pinterest Inc. Class A | 16,519 | 1,089 |
News Corp. Class B | 47,604 | 846 |
* Zillow Group Inc. Class A | 5,707 | 776 |
98,779 | ||
Consumer Discretionary (7.4%) | ||
Home Depot Inc. | 45,075 | 11,973 |
Yum! Brands Inc. | 64,705 | 7,024 |
McDonald's Corp. | 29,749 | 6,384 |
Target Corp. | 34,821 | 6,147 |
* frontdoor Inc. | 92,288 | 4,634 |
Whirlpool Corp. | 25,281 | 4,563 |
Service Corp. International | 89,350 | 4,387 |
Papa John's International Inc. | 35,971 | 3,052 |
Gentex Corp. | 88,313 | 2,996 |
Best Buy Co. Inc. | 29,633 | 2,957 |
Brunswick Corp. | 37,094 | 2,828 |
* Meritage Homes Corp. | 28,945 | 2,397 |
eBay Inc. | 37,984 | 1,909 |
Ford Motor Co. | 186,233 | 1,637 |
Thor Industries Inc. | 15,170 | 1,411 |
Darden Restaurants Inc. | 11,651 | 1,388 |
Rent-A-Center Inc. | 33,204 | 1,271 |
ODP Corp. | 35,126 | 1,029 |
Kontoor Brands Inc. | 24,406 | 990 |
* Del Taco Restaurants Inc. | 105,338 | 954 |
* American Axle & Manufacturing Holdings Inc. | 113,404 | 946 |
* Laureate Education Inc. Class A | 60,502 | 881 |
* Tupperware Brands Corp. | 25,067 | 812 |
* Nautilus Inc. | 43,682 | 792 |
Big Lots Inc. | 17,319 | 744 |
* Lakeland Industries Inc. | 26,615 | 725 |
* Hibbett Sports Inc. | 15,542 | 718 |
Standard Motor Products Inc. | 15,310 | 619 |
* Turtle Beach Corp. | 27,228 | 587 |
H&R Block Inc. | 35,850 | 569 |
* M/I Homes Inc. | 10,906 | 483 |
* Aaron's Co. Inc. | 17,991 | 341 |
78,148 | ||
Consumer Staples (7.3%) | ||
Walmart Inc. | 133,285 | 19,213 |
Procter & Gamble Co. | 107,827 | 15,003 |
Altria Group Inc. | 199,533 | 8,181 |
Campbell Soup Co. | 141,175 | 6,826 |
Philip Morris International Inc. | 78,180 | 6,472 |
General Mills Inc. | 97,749 | 5,748 |
Coca-Cola Co. | 68,343 | 3,748 |
* TreeHouse Foods Inc. | 78,463 | 3,334 |
* Herbalife Nutrition Ltd. | 67,184 | 3,228 |
* Hain Celestial Group Inc. | 71,018 | 2,851 |
Conagra Brands Inc. | 60,983 | 2,211 |
Albertsons Cos. Inc. Class A | 34,052 | 599 |
77,414 | ||
Energy (4.2%) | ||
Exxon Mobil Corp. | 272,320 | 11,225 |
Chevron Corp. | 128,849 | 10,881 |
Halliburton Co. | 183,586 | 3,470 |
National Oilwell Varco Inc. | 251,748 | 3,456 |
DHT Holdings Inc. | 423,104 | 2,213 |
* Magnolia Oil & Gas Corp. Class A | 286,442 | 2,022 |
* Green Plains Inc. | 153,303 | 2,019 |
Schlumberger Ltd. | 81,380 | 1,776 |
World Fuel Services Corp. | 45,500 | 1,418 |
Apache Corp. | 77,177 | 1,095 |
* Oceaneering International Inc. | 129,680 | 1,031 |
Targa Resources Corp. | 33,540 | 885 |
* Teekay Tankers Ltd. Class A | 75,174 | 828 |
Kinder Morgan Inc. | 39,251 | 537 |
* Range Resources Corp. | 77,639 | 520 |
Williams Cos. Inc. | 25,068 | 503 |
43,879 | ||
Financials (20.2%) | ||
* Berkshire Hathaway Inc. Class B | 134,782 | 31,252 |
JPMorgan Chase & Co. | 234,426 | 29,789 |
Citigroup Inc. | 238,805 | 14,725 |
Bank of America Corp. | 481,324 | 14,589 |
Morgan Stanley | 151,155 | 10,359 |
Allstate Corp. | 87,580 | 9,628 |
MetLife Inc. | 140,161 | 6,581 |
Hanover Insurance Group Inc. | 55,312 | 6,467 |
Progressive Corp. | 59,841 | 5,917 |
Synchrony Financial | 162,511 | 5,641 |
Navient Corp. | 554,780 | 5,448 |
FNB Corp. | 545,487 | 5,182 |
Wells Fargo & Co. | 166,921 | 5,038 |
Flagstar Bancorp Inc. | 100,372 | 4,091 |
Jefferies Financial Group Inc. | 161,240 | 3,967 |
CNO Financial Group Inc. | 166,811 | 3,708 |
Bank of New York Mellon Corp. | 83,275 | 3,534 |
OFG Bancorp | 187,391 | 3,474 |
Regions Financial Corp. | 213,928 | 3,449 |
S&P Global Inc. | 8,382 | 2,755 |
Associated Banc-Corp | 157,556 | 2,686 |
Cowen Inc. Class A | 103,030 | 2,678 |
Fifth Third Bancorp | 95,950 | 2,645 |
* Enova International Inc. | 101,708 | 2,519 |
* Cannae Holdings Inc. | 54,560 | 2,415 |
Primerica Inc. | 15,416 | 2,065 |
State Street Corp. | 28,362 | 2,064 |
First Horizon Corp. | 159,008 | 2,029 |
BlackRock Inc. | 2,779 | 2,005 |
PROG Holdings Inc. | 35,982 | 1,938 |
Interactive Brokers Group Inc. | 30,999 | 1,888 |
CME Group Inc. | 9,527 | 1,734 |
Hilltop Holdings Inc. | 60,281 | 1,658 |
Cboe Global Markets Inc. | 12,393 | 1,154 |
Artisan Partners Asset Management Inc. Class A | 22,143 | 1,115 |
Popular Inc. | 18,122 | 1,021 |
Universal Insurance Holdings Inc. | 65,696 | 993 |
Aflac Inc. | 21,462 | 954 |
Unum Group | 32,072 | 736 |
* NMI Holdings Inc. Class A | 32,249 | 730 |
Virtu Financial Inc. Class A | 28,969 | 729 |
Erie Indemnity Co. Class A | 2,457 | 603 |
* Encore Capital Group Inc. | 13,344 | 520 |
212,473 | ||
Health Care (13.5%) | ||
Johnson & Johnson | 178,358 | 28,070 |
Abbott Laboratories | 108,062 | 11,832 |
Pfizer Inc. | 310,178 | 11,418 |
Anthem Inc. | 26,425 | 8,485 |
Merck & Co. Inc. | 99,186 | 8,113 |
* IQVIA Holdings Inc. | 44,899 | 8,045 |
HCA Healthcare Inc. | 48,550 | 7,984 |
Cigna Corp. | 34,832 | 7,251 |
Cardinal Health Inc. | 123,980 | 6,640 |
Medtronic plc | 40,167 | 4,705 |
Danaher Corp. | 21,176 | 4,704 |
* DaVita Inc. | 38,452 | 4,514 |
CVS Health Corp. | 61,761 | 4,218 |
Becton Dickinson and Co. | 16,755 | 4,192 |
McKesson Corp. | 23,557 | 4,097 |
* Syneos Health Inc. | 44,693 | 3,045 |
Thermo Fisher Scientific Inc. | 6,206 | 2,891 |
* Medpace Holdings Inc. | 19,372 | 2,697 |
* Tenet Healthcare Corp. | 62,249 | 2,486 |
* Biogen Inc. | 9,111 | 2,231 |
Eli Lilly and Co. | 8,475 | 1,431 |
Gilead Sciences Inc. | 21,156 | 1,233 |
* Pacific Biosciences of California Inc. | 36,127 | 937 |
Owens & Minor Inc. | 19,889 | 538 |
141,757 | ||
Industrials (13.4%) | ||
General Electric Co. | 1,198,420 | 12,943 |
Deere & Co. | 33,893 | 9,119 |
Honeywell International Inc. | 38,508 | 8,191 |
WW Grainger Inc. | 18,874 | 7,707 |
Masco Corp. | 135,395 | 7,437 |
Expeditors International of Washington Inc. | 73,510 | 6,991 |
Lockheed Martin Corp. | 17,409 | 6,180 |
Landstar System Inc. | 45,810 | 6,169 |
* GMS Inc. | 201,515 | 6,142 |
Illinois Tool Works Inc. | 28,634 | 5,838 |
* Colfax Corp. | 128,521 | 4,915 |
Kansas City Southern | 21,690 | 4,428 |
* United Rentals Inc. | 19,048 | 4,417 |
United Parcel Service Inc. Class B | 26,180 | 4,409 |
* Builders FirstSource Inc. | 95,720 | 3,906 |
Northrop Grumman Corp. | 12,028 | 3,665 |
Owens Corning | 47,109 | 3,569 |
UFP Industries Inc. | 62,710 | 3,484 |
Union Pacific Corp. | 14,012 | 2,918 |
CoreLogic Inc. | 30,213 | 2,336 |
Deluxe Corp. | 68,483 | 2,000 |
Emerson Electric Co. | 24,857 | 1,998 |
Boeing Co. | 9,315 | 1,994 |
Nielsen Holdings plc | 84,125 | 1,756 |
Herman Miller Inc. | 51,222 | 1,731 |
Pentair plc | 31,818 | 1,689 |
Southwest Airlines Co. | 34,495 | 1,608 |
Lennox International Inc. | 5,496 | 1,506 |
Stanley Black & Decker Inc. | 7,923 | 1,415 |
Werner Enterprises Inc. | 35,515 | 1,393 |
Trane Technologies plc | 9,547 | 1,386 |
General Dynamics Corp. | 9,286 | 1,382 |
Steelcase Inc. Class A | 78,993 | 1,070 |
* Generac Holdings Inc. | 4,287 | 975 |
3M Co. | 5,152 | 900 |
Alaska Air Group Inc. | 14,922 | 776 |
Schneider National Inc. Class B | 37,076 | 767 |
Rush Enterprises Inc. Class A | 15,720 | 651 |
ManpowerGroup Inc. | 7,066 | 637 |
Franklin Electric Co. Inc. | 8,963 | 620 |
* Echo Global Logistics Inc. | 20,170 | 541 |
141,559 | ||
Information Technology (9.4%) | ||
Intel Corp. | 361,897 | 18,030 |
* Synaptics Inc. | 76,366 | 7,362 |
* CACI International Inc. Class A | 28,803 | 7,182 |
Booz Allen Hamilton Holding Corp. Class A | 77,148 | 6,726 |
Oracle Corp. | 102,080 | 6,604 |
HP Inc. | 265,896 | 6,538 |
Cisco Systems Inc. | 128,561 | 5,753 |
* Dell Technologies Inc. | 73,066 | 5,355 |
Western Digital Corp. | 77,846 | 4,312 |
Amkor Technology Inc. | 272,617 | 4,111 |
* Synopsys Inc. | 14,000 | 3,629 |
International Business Machines Corp. | 27,748 | 3,493 |
Plantronics Inc. | 97,122 | 2,625 |
* Autodesk Inc. | 7,239 | 2,210 |
Jabil Inc. | 46,868 | 1,993 |
Avnet Inc. | 54,843 | 1,926 |
Texas Instruments Inc. | 10,365 | 1,701 |
* NETGEAR Inc. | 31,907 | 1,296 |
* NeoPhotonics Corp. | 139,351 | 1,267 |
NortonLifeLock Inc. | 55,517 | 1,154 |
* Crowdstrike Holdings Inc. Class A | 4,835 | 1,024 |
* Manhattan Associates Inc. | 9,444 | 993 |
* MACOM Technology Solutions Holdings Inc. | 16,800 | 925 |
* Teradata Corp. | 40,957 | 920 |
* Diebold Nixdorf Inc. | 80,698 | 860 |
* eGain Corp. | 71,904 | 849 |
* CommScope Holding Co. Inc. | 52,976 | 710 |
99,548 | ||
Materials (4.7%) | ||
Linde plc | 29,395 | 7,746 |
Element Solutions Inc. | 333,478 | 5,913 |
International Paper Co. | 115,361 | 5,736 |
Corteva Inc. | 140,018 | 5,421 |
Ecolab Inc. | 19,410 | 4,199 |
Boise Cascade Co. | 62,143 | 2,970 |
RPM International Inc. | 32,131 | 2,917 |
* Crown Holdings Inc. | 26,414 | 2,647 |
Sensient Technologies Corp. | 35,618 | 2,627 |
* Coeur Mining Inc. | 216,550 | 2,241 |
Royal Gold Inc. | 19,582 | 2,083 |
Commercial Metals Co. | 78,854 | 1,620 |
Worthington Industries Inc. | 25,212 | 1,294 |
Dow Inc. | 16,390 | 910 |
Reliance Steel & Aluminum Co. | 7,203 | 863 |
Newmont Corp. | 8,355 | 500 |
49,687 | ||
Real Estate (4.5%) | ||
Sabra Health Care REIT Inc. | 418,311 | 7,266 |
Gaming and Leisure Properties Inc. | 145,203 | 6,157 |
Iron Mountain Inc. | 203,879 | 6,010 |
Weyerhaeuser Co. | 178,939 | 6,000 |
SBA Communications Corp. Class A | 16,338 | 4,609 |
PotlatchDeltic Corp. | 79,210 | 3,962 |
SL Green Realty Corp. | 60,684 | 3,616 |
Omega Healthcare Investors Inc. | 55,596 | 2,019 |
VICI Properties Inc. | 78,917 | 2,012 |
* Realogy Holdings Corp. | 117,185 | 1,538 |
CoreCivic Inc. | 219,513 | 1,438 |
Brandywine Realty Trust | 105,198 | 1,253 |
Simon Property Group Inc. | 11,957 | 1,020 |
GEO Group Inc. | 101,057 | 895 |
47,795 | ||
Utilities (5.4%) | ||
Exelon Corp. | 217,982 | 9,203 |
Southern Co. | 148,899 | 9,147 |
Sempra Energy | 58,507 | 7,455 |
NextEra Energy Inc. | 56,855 | 4,386 |
Vistra Corp. | 214,450 | 4,216 |
CenterPoint Energy Inc. | 170,809 | 3,696 |
Hawaiian Electric Industries Inc. | 99,263 | 3,513 |
FirstEnergy Corp. | 97,516 | 2,985 |
Evergy Inc. | 51,431 | 2,855 | ||
Dominion Energy Inc. | 34,760 | 2,614 | ||
Entergy Corp. | 20,307 | 2,028 | ||
Clearway Energy Inc. Class A | 61,599 | 1,820 | ||
AES Corp. | 66,465 | 1,562 | ||
NRG Energy Inc. | 31,914 | 1,198 | ||
56,678 | ||||
Total Common Stocks (Cost $799,725) | 1,047,717 | |||
Coupon | ||||
Temporary Cash Investments (0.7%) | ||||
Money Market Fund (0.6%) | ||||
1 Vanguard Market Liquidity Fund | 0.111% | 65,943 | 6,594 | |
Face | ||||
Maturity | Amount | |||
Date | ($000) | |||
U.S. Government and Agency Obligations (0.1%) | ||||
2 United States Cash Management Bill | 0.083% | 3/30/21 | 500 | 500 |
Total Temporary Cash Investments (Cost $7,094) | 7,094 | |||
Total Investments (100.1%) (Cost $806,819) | 1,054,811 | |||
Other Assets and Liabilities -Net (-0.1%) | (1,097) | |||
Net Assets (100%) | 1,053,714 | |||
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.
2 Securities with a value of $500,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2021 | 33 | 6,186 | 75 |
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 materially 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 board of
trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that
fund's net asset value. Temporary cash investments are valued using the latest bid prices or using
valuations based on a matrix system (which considers such factors as security prices, yields,
maturities, and ratings), both as furnished by independent pricing services.
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
December 31, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 1,047,717 | — | — | 1,047,717 |
Temporary Cash Investments | 6,594 | 500 | — | 7,094 |
Total | 1,054,311 | 500 | — | 1,054,811 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 51 | — | — | 51 |
1 Represents variation margin on the last day of the reporting period. |