Vanguard® U.S. Multifactor Fund
Schedule of Investments (unaudited)
As of August 31, 2021
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 (98.6%) | |||
Basic Materials (4.8%) | |||
Freeport-McMoRan Inc. | 8,711 | 317 | |
Dow Inc. | 4,155 | 261 | |
Olin Corp. | 2,382 | 119 | |
UFP Industries Inc. | 1,477 | 111 | |
Southern Copper Corp. | 1,727 | 108 | |
Steel Dynamics Inc. | 1,359 | 92 | |
Nucor Corp. | 769 | 90 | |
Reliance Steel & Aluminum Co. | 596 | 89 | |
Commercial Metals Co. | 2,470 | 81 | |
* | AdvanSix Inc. | 2,026 | 74 |
Mosaic Co. | 2,239 | 72 | |
Chemours Co. | 1,848 | 62 | |
Timken Co. | 823 | 60 | |
Schnitzer Steel Industries Inc. Class A | 1,245 | 59 | |
Boise Cascade Co. | 954 | 55 | |
GrafTech International Ltd. | 4,133 | 46 | |
CF Industries Holdings Inc. | 993 | 45 | |
International Paper Co. | 635 | 38 | |
Newmont Corp. | 639 | 37 | |
LyondellBasell Industries NV Class A | 371 | 37 | |
Valvoline Inc. | 1,051 | 32 | |
Fastenal Co. | 556 | 31 | |
Haynes International Inc. | 724 | 28 | |
Tredegar Corp. | 2,074 | 28 | |
U.S. Steel Corp. | 1,050 | 28 | |
Worthington Industries Inc. | 462 | 27 | |
Eastman Chemical Co. | 216 | 24 | |
Trinseo SA | 471 | 24 | |
Element Solutions Inc. | 783 | 18 | |
Innospec Inc. | 115 | 11 | |
Stepan Co. | 64 | 8 | |
2,112 | |||
Consumer Discretionary (22.4%) | |||
Target Corp. | 1,819 | 449 | |
eBay Inc. | 4,387 | 337 | |
* | Ford Motor Co. | 16,800 | 219 |
Lowe's Cos. Inc. | 1,051 | 214 | |
Bath & Body Works Inc. | 3,010 | 203 | |
* | General Motors Co. | 4,102 | 201 |
Dick's Sporting Goods Inc. | 1,339 | 189 | |
* | Deckers Outdoor Corp. | 412 | 172 |
Estee Lauder Cos. Inc. Class A | 506 | 172 |
Shares | Market Value ($000) | ||
* | AutoNation Inc. | 1,554 | 170 |
* | O'Reilly Automotive Inc. | 266 | 158 |
Lennar Corp. Class A | 1,353 | 145 | |
Williams-Sonoma Inc. | 760 | 142 | |
Hibbett Inc. | 1,401 | 134 | |
Walmart Inc. | 873 | 129 | |
Ethan Allen Interiors Inc. | 5,142 | 124 | |
Movado Group Inc. | 3,434 | 124 | |
Rent-A-Center Inc. | 1,955 | 123 | |
* | Macy's Inc. | 5,125 | 115 |
Acushnet Holdings Corp. | 2,169 | 108 | |
Matthews International Corp. Class A | 2,826 | 105 | |
Dillard's Inc. Class A | 533 | 102 | |
Foot Locker Inc. | 1,754 | 99 | |
Shoe Carnival Inc. | 2,554 | 98 | |
* | Sleep Number Corp. | 1,051 | 97 |
* | Discovery Inc. Class A | 3,323 | 96 |
PulteGroup Inc. | 1,747 | 94 | |
* | Tapestry Inc. | 2,270 | 92 |
Hanesbrands Inc. | 4,845 | 91 | |
Best Buy Co. Inc. | 760 | 89 | |
Group 1 Automotive Inc. | 537 | 89 | |
* | Citi Trends Inc. | 1,024 | 88 |
Haverty Furniture Cos. Inc. | 2,447 | 87 | |
Qurate Retail Inc. Series A | 7,760 | 86 | |
AMERCO | 126 | 83 | |
Signet Jewelers Ltd. | 1,052 | 83 | |
NIKE Inc. Class B | 495 | 82 | |
* | Crocs Inc. | 567 | 81 |
Century Communities Inc. | 1,137 | 80 | |
Johnson Outdoors Inc. Class A | 700 | 80 | |
Kohl's Corp. | 1,393 | 80 | |
Buckle Inc. | 2,019 | 78 | |
* | Abercrombie & Fitch Co. Class A | 2,146 | 77 |
Whirlpool Corp. | 346 | 77 | |
* | ODP Corp. | 1,619 | 76 |
Travel + Leisure Co. | 1,347 | 74 | |
* | MarineMax Inc. | 1,486 | 72 |
Sonic Automotive Inc. Class A | 1,427 | 72 | |
* | Gentherm Inc. | 825 | 71 |
* | Sonos Inc. | 1,748 | 69 |
American Eagle Outfitters Inc. | 2,243 | 68 | |
* | Discovery Inc. Class C | 2,460 | 68 |
* | Conn's Inc. | 2,724 | 67 |
* | NVR Inc. | 13 | 67 |
Thor Industries Inc. | 592 | 67 | |
* | Victoria's Secret & Co. | 1,003 | 67 |
* | Funko Inc. Class A | 3,291 | 66 |
* | RH | 94 | 66 |
* | BJ's Wholesale Club Holdings Inc. | 1,143 | 65 |
ViacomCBS Inc. Class A | 1,411 | 65 | |
* | Liquidity Services Inc. | 2,609 | 64 |
News Corp. Class A | 2,856 | 64 | |
* | AMC Networks Inc. Class A | 1,344 | 64 |
H&R Block Inc. | 2,461 | 63 | |
Gentex Corp. | 2,058 | 63 | |
* | Lands' End Inc. | 1,854 | 63 |
Lithia Motors Inc. Class A | 191 | 63 |
Shares | Market Value ($000) | ||
* | Revolve Group Inc. | 1,086 | 62 |
* | Duluth Holdings Inc. Class B | 3,949 | 61 |
* | Mattel Inc. | 2,868 | 61 |
Newell Brands Inc. | 2,291 | 58 | |
Gap Inc. | 2,115 | 57 | |
Interpublic Group of Cos. Inc. | 1,537 | 57 | |
* | Malibu Boats Inc. Class A | 802 | 57 |
* | Meritage Homes Corp. | 512 | 57 |
Penske Automotive Group Inc. | 629 | 57 | |
* | Lakeland Industries Inc. | 2,365 | 56 |
DR Horton Inc. | 571 | 55 | |
Big Lots Inc. | 1,117 | 54 | |
* | XPEL Inc. | 707 | 54 |
ViacomCBS Inc. Class B | 1,293 | 54 | |
Kontoor Brands Inc. | 979 | 53 | |
EW Scripps Co. Class A | 2,859 | 53 | |
* | Vera Bradley Inc. | 4,658 | 53 |
HNI Corp. | 1,379 | 52 | |
* | Asbury Automotive Group Inc. | 275 | 51 |
Tractor Supply Co. | 260 | 51 | |
* | Turtle Beach Corp. | 1,771 | 50 |
* | Tri Pointe Homes Inc. | 2,047 | 49 |
* | LKQ Corp. | 910 | 48 |
* | Goodyear Tire & Rubber Co. | 2,987 | 47 |
Nexstar Media Group Inc. Class A | 312 | 47 | |
* | PVH Corp. | 447 | 47 |
Polaris Inc. | 387 | 46 | |
Dana Inc. | 1,894 | 44 | |
Standard Motor Products Inc. | 1,037 | 44 | |
Fox Corp. Class B | 1,250 | 43 | |
* | Master Craft Boat Holdings Inc. | 1,709 | 43 |
Rush Enterprises Inc. Class A | 954 | 42 | |
* | YETI Holdings Inc. | 423 | 42 |
* | GoPro Inc. Class A | 4,069 | 41 |
* | Zumiez Inc. | 1,019 | 41 |
* | VOXX International Corp. Class A | 3,828 | 40 |
* | Beazer Homes USA Inc. | 1,972 | 37 |
* | Tenneco Inc. Class A | 2,315 | 36 |
Garmin Ltd. | 205 | 36 | |
Toll Brothers Inc. | 553 | 35 | |
Activision Blizzard Inc. | 415 | 34 | |
Fox Corp. Class A | 876 | 33 | |
BorgWarner Inc. (XNYS) | 703 | 30 | |
* | Universal Electronics Inc. | 591 | 30 |
* | American Public Education Inc. | 1,048 | 28 |
Tilly's Inc. Class A | 1,750 | 27 | |
* | Central Garden & Pet Co. Class A | 615 | 26 |
New York Times Co. Class A | 511 | 26 | |
News Corp. Class B | 1,114 | 25 | |
* | Lumber Liquidators Holdings Inc. | 1,167 | 24 |
Murphy USA Inc. | 155 | 24 | |
Rocky Brands Inc. | 492 | 24 | |
Nielsen Holdings plc | 1,095 | 24 | |
* | Sally Beauty Holdings Inc. | 1,214 | 23 |
* | iRobot Corp. | 272 | 22 |
Winnebago Industries Inc. | 322 | 22 | |
* | International Game Technology plc | 988 | 21 |
* | American Axle & Manufacturing Holdings Inc. | 1,940 | 17 |
Shares | Market Value ($000) | ||
Del Taco Restaurants Inc. | 1,922 | 17 | |
* | Lazydays Holdings Inc. | 706 | 17 |
PriceSmart Inc. | 190 | 16 | |
* | Helen of Troy Ltd. | 67 | 16 |
* | Lions Gate Entertainment Corp. Class A | 1,159 | 15 |
Pool Corp. | 28 | 14 | |
Aaron's Co. Inc. | 530 | 14 | |
Steven Madden Ltd. | 312 | 13 | |
* | Dorman Products Inc. | 128 | 12 |
Herman Miller Inc. | 260 | 11 | |
* | WW International Inc. | 531 | 11 |
* | Clean Energy Fuels Corp. | 1,203 | 10 |
* | Purple Innovation Inc. Class A | 368 | 9 |
* | LGI Homes Inc. | 52 | 8 |
* | Urban Outfitters Inc. | 203 | 7 |
* | 1-800-Flowers.com Inc. Class A | 195 | 6 |
9,913 | |||
Consumer Staples (3.7%) | |||
Philip Morris International Inc. | 2,044 | 211 | |
Altria Group Inc. | 2,706 | 136 | |
Walgreens Boots Alliance Inc. | 2,646 | 134 | |
CVS Health Corp. | 1,376 | 119 | |
Ingles Markets Inc. Class A | 1,468 | 100 | |
Weis Markets Inc. | 1,751 | 100 | |
McKesson Corp. | 445 | 91 | |
Kroger Co. | 1,771 | 82 | |
Kraft Heinz Co. | 2,206 | 79 | |
Casey's General Stores Inc. | 332 | 68 | |
AmerisourceBergen Corp. Class A | 534 | 65 | |
* | PLBY Group Inc. | 2,499 | 62 |
Corteva Inc. | 1,191 | 52 | |
Vector Group Ltd. | 3,335 | 50 | |
* | Hain Celestial Group Inc. | 982 | 37 |
SpartanNash Co. | 1,256 | 27 | |
* | Boston Beer Co. Inc. Class A | 46 | 26 |
Edgewell Personal Care Co. | 591 | 25 | |
* | Monster Beverage Corp. | 206 | 20 |
PetMed Express Inc. | 738 | 20 | |
National Beverage Corp. | 382 | 18 | |
* | Sprouts Farmers Market Inc. | 725 | 18 |
* | Darling Ingredients Inc. | 197 | 15 |
Medifast Inc. | 62 | 14 | |
Fresh Del Monte Produce Inc. | 432 | 14 | |
ACCO Brands Corp. | 1,260 | 12 | |
J M Smucker Co. | 74 | 9 | |
* | BellRing Brands Inc. Class A | 278 | 9 |
Ingredion Inc. | 53 | 5 | |
1,618 | |||
Energy (5.2%) | |||
Exxon Mobil Corp. | 4,472 | 244 | |
Northern Oil and Gas Inc. | 8,146 | 135 | |
* | CONSOL Energy Inc. | 5,089 | 116 |
* | Antero Resources Corp. | 8,357 | 115 |
Ovintiv Inc. | 4,236 | 115 | |
* | Centrus Energy Corp. Class A | 3,024 | 87 |
Texas Pacific Land Corp. | 61 | 83 | |
PDC Energy Inc. | 1,887 | 79 |
Shares | Market Value ($000) | ||
Patterson-UTI Energy Inc. | 10,156 | 79 | |
Antero Midstream Corp. | 7,959 | 76 | |
* | W&T Offshore Inc. | 23,276 | 76 |
ConocoPhillips | 1,343 | 75 | |
Bonanza Creek Energy Inc. | 1,887 | 73 | |
Diamondback Energy Inc. | 918 | 71 | |
EOG Resources Inc. | 1,010 | 68 | |
* | Southwestern Energy Co. | 14,832 | 67 |
Marathon Oil Corp. | 5,522 | 65 | |
Occidental Petroleum Corp. | 2,473 | 64 | |
SunCoke Energy Inc. | 9,260 | 64 | |
Targa Resources Corp. | 1,379 | 61 | |
Magnolia Oil & Gas Corp. Class A | 3,381 | 53 | |
* | Range Resources Corp. | 2,837 | 41 |
* | Green Plains Inc. | 1,122 | 39 |
* | Talos Energy Inc. | 3,108 | 39 |
* | National Energy Services Reunited Corp. | 3,474 | 39 |
Pioneer Natural Resources Co. | 251 | 38 | |
Archrock Inc. | 4,703 | 36 | |
Devon Energy Corp. | 1,145 | 34 | |
Continental Resources Inc. | 809 | 32 | |
Hess Corp. | 407 | 28 | |
* | Renewable Energy Group Inc. | 488 | 24 |
* | EQT Corp. | 1,152 | 21 |
* | Laredo Petroleum Inc. | 383 | 21 |
* | CNX Resources Corp. | 1,373 | 16 |
World Fuel Services Corp. | 455 | 15 | |
* | Newpark Resources Inc. | 3,978 | 10 |
2,299 | |||
Financials (23.5%) | |||
Goldman Sachs Group Inc. | 1,112 | 460 | |
* | Berkshire Hathaway Inc. Class B | 1,470 | 420 |
Allstate Corp. | 2,883 | 390 | |
MetLife Inc. | 6,029 | 374 | |
T Rowe Price Group Inc. | 1,567 | 351 | |
U.S. Bancorp | 5,094 | 292 | |
JPMorgan Chase & Co. | 1,744 | 279 | |
Bank of America Corp. | 6,425 | 268 | |
Jefferies Financial Group Inc. | 6,188 | 229 | |
Popular Inc. | 2,480 | 188 | |
SLM Corp. | 9,725 | 182 | |
Harborone Bancorp Inc. | 11,630 | 164 | |
Hilltop Holdings Inc. | 4,882 | 163 | |
First BanCorp. (XNYS) | 12,671 | 161 | |
Citizens Financial Group Inc. | 3,356 | 147 | |
Virtus Investment Partners Inc. | 464 | 145 | |
Ameriprise Financial Inc. | 519 | 142 | |
Primerica Inc. | 894 | 137 | |
Affiliated Managers Group Inc. | 783 | 133 | |
CNO Financial Group Inc. | 5,402 | 132 | |
PNC Financial Services Group Inc. | 673 | 129 | |
First Citizens BancShares Inc. Class A | 137 | 123 | |
Oppenheimer Holdings Inc. Class A | 2,643 | 123 | |
* | SVB Financial Group | 219 | 123 |
Aon plc Class A | 415 | 119 | |
BlackRock Inc. | 125 | 118 | |
Bank of New York Mellon Corp. | 2,065 | 114 | |
Walker & Dunlop Inc. | 986 | 110 |
Shares | Market Value ($000) | ||
B Riley Financial Inc. | 1,612 | 106 | |
HomeStreet Inc. | 2,579 | 105 | |
Zions Bancorp NA | 1,738 | 101 | |
East West Bancorp Inc. | 1,303 | 96 | |
BankUnited Inc. | 2,224 | 93 | |
Travelers Cos. Inc. | 583 | 93 | |
Stifel Financial Corp. | 1,260 | 87 | |
Nelnet Inc. Class A | 1,054 | 85 | |
Old Republic International Corp. | 3,219 | 84 | |
Associated Banc-Corp. | 4,006 | 83 | |
Fifth Third Bancorp | 2,124 | 83 | |
Simmons First National Corp. Class A | 2,872 | 83 | |
Wells Fargo & Co. | 1,808 | 83 | |
Equitable Holdings Inc. | 2,592 | 80 | |
Morningstar Inc. | 294 | 79 | |
Citigroup Inc. | 1,077 | 77 | |
Aflac Inc. | 1,349 | 76 | |
* | Axos Financial Inc. | 1,472 | 71 |
Cincinnati Financial Corp. | 571 | 70 | |
Federated Hermes Inc. | 2,007 | 68 | |
LPL Financial Holdings Inc. | 460 | 68 | |
Moody's Corp. | 178 | 68 | |
Evercore Inc. Class A | 477 | 67 | |
Great Western Bancorp Inc. | 2,082 | 64 | |
KeyCorp. | 3,173 | 64 | |
Trustmark Corp. | 2,035 | 64 | |
Voya Financial Inc. | 958 | 62 | |
Invesco Ltd. | 2,357 | 60 | |
Park National Corp. | 505 | 59 | |
Hanover Insurance Group Inc. | 398 | 56 | |
* | Enstar Group Ltd. | 242 | 56 |
Bank OZK | 1,265 | 54 | |
Bank of NT Butterfield & Son Ltd. | 1,620 | 54 | |
Eagle Bancorp Inc. | 925 | 53 | |
First Financial Bancorp | 2,249 | 53 | |
Mercury General Corp. | 885 | 53 | |
Morgan Stanley | 506 | 53 | |
Northern Trust Corp. | 449 | 53 | |
Comerica Inc. | 696 | 51 | |
Hanmi Financial Corp. | 2,664 | 51 | |
UMB Financial Corp. | 552 | 51 | |
BOK Financial Corp. | 567 | 50 | |
Fulton Financial Corp. | 3,152 | 50 | |
Preferred Bank | 779 | 50 | |
First Commonwealth Financial Corp. | 3,659 | 49 | |
Hope Bancorp Inc. | 3,542 | 49 | |
PacWest Bancorp | 1,117 | 48 | |
Progressive Corp. | 499 | 48 | |
Raymond James Financial Inc. | 345 | 48 | |
Washington Trust Bancorp Inc. | 910 | 48 | |
WSFS Financial Corp. | 1,043 | 47 | |
Federal Agricultural Mortgage Corp. Class C | 461 | 45 | |
Allegiance Bancshares Inc. | 1,156 | 43 | |
Home BancShares Inc. | 1,919 | 43 | |
FNB Corp. | 3,519 | 41 | |
First Foundation Inc. | 1,687 | 41 | |
BancFirst Corp. | 696 | 39 | |
Washington Federal Inc. | 1,157 | 39 |
Shares | Market Value ($000) | ||
Truist Financial Corp. | 686 | 39 | |
Renasant Corp. | 1,053 | 37 | |
Towne Bank | 1,210 | 37 | |
First BanCorp. | 856 | 36 | |
Employers Holdings Inc. | 840 | 35 | |
City Holding Co. | 430 | 34 | |
ServisFirst Bancshares Inc. | 465 | 34 | |
Ameris Bancorp | 670 | 33 | |
NBT Bancorp Inc. | 908 | 33 | |
Regions Financial Corp. | 1,600 | 33 | |
First Interstate BancSystem Inc. Class A | 658 | 29 | |
Signature Bank | 112 | 29 | |
Brookline Bancorp Inc. | 1,887 | 28 | |
Pinnacle Financial Partners Inc. | 282 | 27 | |
Artisan Partners Asset Management Inc. Class A | 500 | 26 | |
Lakeland Financial Corp. | 396 | 26 | |
OFG Bancorp | 1,084 | 26 | |
Lazard Ltd. Class A | 558 | 26 | |
Sandy Spring Bancorp Inc. | 582 | 25 | |
Blackstone Inc. | 191 | 24 | |
National Bank Holdings Corp. Class A | 623 | 23 | |
Old National Bancorp | 1,380 | 23 | |
TrustCo Bank Corp. NY | 713 | 23 | |
Atlantic Union Bankshares Corp. | 587 | 22 | |
Diamond Hill Investment Group Inc. | 121 | 22 | |
First Merchants Corp. | 535 | 22 | |
Southside Bancshares Inc. | 584 | 22 | |
TriCo Bancshares | 521 | 21 | |
Virtu Financial Inc. Class A | 837 | 21 | |
Heritage Financial Corp. | 790 | 20 | |
First Hawaiian Inc. | 698 | 19 | |
* | Credit Acceptance Corp. | 31 | 18 |
Central Pacific Financial Corp. | 662 | 17 | |
Tompkins Financial Corp. | 210 | 17 | |
Universal Insurance Holdings Inc. | 1,177 | 17 | |
Cathay General Bancorp | 410 | 16 | |
Banner Corp. | 262 | 15 | |
PennyMac Financial Services Inc. | 219 | 15 | |
Bank of Hawaii Corp. | 96 | 8 | |
First Busey Corp. | 98 | 2 | |
10,391 | |||
Health Care (9.0%) | |||
* | Moderna Inc. | 1,166 | 439 |
Anthem Inc. | 1,048 | 393 | |
HCA Healthcare Inc. | 1,351 | 342 | |
* | Biogen Inc. | 594 | 201 |
* | Align Technology Inc. | 265 | 188 |
Agilent Technologies Inc. | 845 | 148 | |
Eli Lilly & Co. | 545 | 141 | |
* | United Therapeutics Corp. | 593 | 127 |
AbbVie Inc. | 986 | 119 | |
Bristol-Myers Squibb Co. | 1,742 | 117 | |
Abbott Laboratories | 819 | 104 | |
UnitedHealth Group Inc. | 247 | 103 | |
Cigna Corp. | 440 | 93 | |
* | Molina Healthcare Inc. | 334 | 90 |
Pfizer Inc. | 1,824 | 84 | |
* | ModivCare Inc. | 378 | 75 |
Shares | Market Value ($000) | ||
* | Tenet Healthcare Corp. | 864 | 65 |
* | Joint Corp. | 620 | 63 |
* | DaVita Inc. | 460 | 60 |
Johnson & Johnson | 337 | 58 | |
* | Vanda Pharmaceuticals Inc. | 3,469 | 58 |
* | Corcept Therapeutics Inc. | 2,644 | 56 |
* | Medpace Holdings Inc. | 307 | 56 |
* | Organogenesis Holdings Inc. Class A | 3,292 | 56 |
* | Jazz Pharmaceuticals plc | 357 | 47 |
* | Henry Schein Inc. | 612 | 46 |
* | STAAR Surgical Co. | 296 | 46 |
* | Retractable Technologies Inc. | 3,386 | 44 |
West Pharmaceutical Services Inc. | 96 | 43 | |
Cardinal Health Inc. | 722 | 38 | |
* | Catalyst Pharmaceuticals Inc. | 6,841 | 38 |
* | Computer Programs and Systems Inc. | 1,054 | 38 |
* | Hologic Inc. | 468 | 37 |
* | Quidel Corp. | 284 | 37 |
Cerner Corp. | 473 | 36 | |
* | Meridian Bioscience Inc. | 1,798 | 36 |
Gilead Sciences Inc. | 439 | 32 | |
Quest Diagnostics Inc. | 185 | 28 | |
* | AngioDynamics Inc. | 952 | 27 |
Ensign Group Inc. | 315 | 26 | |
* | IDEXX Laboratories Inc. | 36 | 24 |
* | Emergent BioSolutions Inc. | 371 | 23 |
* | Laboratory Corp. of America Holdings | 75 | 23 |
* | Community Health Systems Inc. | 1,723 | 21 |
* | Amedisys Inc. | 109 | 20 |
Healthcare Services Group Inc. | 687 | 18 | |
* | Acadia Healthcare Co. Inc. | 259 | 17 |
* | Sage Therapeutics Inc. | 251 | 12 |
* | Amneal Pharmaceuticals Inc. | 1,944 | 11 |
4,004 | |||
Industrials (18.0%) | |||
Johnson Controls International plc | 3,415 | 255 | |
Accenture plc Class A | 718 | 242 | |
United Parcel Service Inc. Class B | 1,130 | 221 | |
3M Co. | 1,108 | 216 | |
American Express Co. | 1,239 | 206 | |
Cummins Inc. | 870 | 205 | |
Trane Technologies plc | 1,001 | 199 | |
* | Zebra Technologies Corp. Class A | 298 | 175 |
FedEx Corp. | 646 | 172 | |
Louisiana-Pacific Corp. | 2,499 | 159 | |
AGCO Corp. | 1,036 | 143 | |
Brunswick Corp. | 1,359 | 132 | |
Deere & Co. | 338 | 128 | |
Eaton Corp. plc | 761 | 128 | |
MSC Industrial Direct Co. Inc. Class A | 1,248 | 105 | |
Emerson Electric Co. | 959 | 101 | |
Sherwin-Williams Co. | 315 | 96 | |
ManpowerGroup Inc. | 780 | 95 | |
Caterpillar Inc. | 445 | 94 | |
* | Mohawk Industries Inc. | 477 | 94 |
L3Harris Technologies Inc. | 399 | 93 | |
* | MYR Group Inc. | 896 | 93 |
* | Generac Holdings Inc. | 206 | 90 |
Shares | Market Value ($000) | ||
Crown Holdings Inc. | 796 | 87 | |
Genco Shipping & Trading Ltd. | 4,386 | 85 | |
Quanta Services Inc. | 782 | 80 | |
* | Saia Inc. | 334 | 80 |
Schneider National Inc. Class B | 3,374 | 76 | |
Badger Meter Inc. | 703 | 75 | |
Snap-on Inc. | 334 | 75 | |
* | Hub Group Inc. Class A | 1,044 | 73 |
Marten Transport Ltd. | 4,313 | 67 | |
* | United Rentals Inc. | 189 | 67 |
Watts Water Technologies Inc. Class A | 380 | 65 | |
EMCOR Group Inc. | 529 | 64 | |
Old Dominion Freight Line Inc. | 220 | 64 | |
Regal Beloit Corp. | 431 | 64 | |
* | Trex Co. Inc. | 584 | 64 |
Knight-Swift Transportation Holdings Inc. | 1,207 | 63 | |
Rexnord Corp. | 1,036 | 63 | |
ITT Inc. | 645 | 62 | |
* | MasTec Inc. | 681 | 62 |
Owens Corning | 649 | 62 | |
* | Textainer Group Holdings Ltd. | 1,852 | 62 |
Encore Wire Corp. | 715 | 61 | |
Kforce Inc. | 1,003 | 59 | |
Ryder System Inc. | 726 | 58 | |
Simpson Manufacturing Co. Inc. | 508 | 57 | |
Hubbell Inc. Class B | 270 | 56 | |
* | TriNet Group Inc. | 608 | 56 |
Triton International Ltd. | 1,023 | 56 | |
Quanex Building Products Corp. | 2,298 | 54 | |
Acuity Brands Inc. | 288 | 53 | |
Advanced Drainage Systems Inc. | 457 | 52 | |
Matson Inc. | 651 | 52 | |
McGrath RentCorp. | 742 | 52 | |
Granite Construction Inc. | 1,257 | 51 | |
Landstar System Inc. | 301 | 51 | |
ArcBest Corp. | 725 | 48 | |
JB Hunt Transport Services Inc. | 271 | 48 | |
* | Modine Manufacturing Co. | 3,810 | 47 |
Oshkosh Corp. | 414 | 47 | |
DHT Holdings Inc. | 8,410 | 47 | |
* | Beacon Roofing Supply Inc. | 902 | 46 |
*,1 | API Group Corp. | 1,965 | 46 |
Apogee Enterprises Inc. | 1,051 | 45 | |
Crane Co. | 439 | 45 | |
Heidrick & Struggles International Inc. | 1,041 | 45 | |
Kadant Inc. | 215 | 45 | |
* | Masonite International Corp. | 380 | 45 |
* | Teekay Corp. | 14,881 | 45 |
Astec Industries Inc. | 727 | 44 | |
Franklin Electric Co. Inc. | 516 | 44 | |
* | Cross Country Healthcare Inc. | 1,962 | 43 |
Ennis Inc. | 2,172 | 42 | |
* | Middleby Corp. | 227 | 42 |
WW Grainger Inc. | 94 | 41 | |
Primoris Services Corp. | 1,589 | 41 | |
* | Titan Machinery Inc. | 1,423 | 41 |
Kronos Worldwide Inc. | 2,989 | 40 | |
Packaging Corp. of America | 264 | 40 |
Shares | Market Value ($000) | ||
* | Sterling Construction Co. Inc. | 1,731 | 40 |
Westrock Co. | 766 | 40 | |
* | Safe Bulkers Inc. | 9,937 | 40 |
Watsco Inc. | 132 | 37 | |
Werner Enterprises Inc. | 789 | 37 | |
Costamare Inc. | 2,586 | 37 | |
Argan Inc. | 782 | 36 | |
Hyster-Yale Materials Handling Inc. | 614 | 36 | |
Graphic Packaging Holding Co. | 1,693 | 35 | |
* | Berry Global Group Inc. | 510 | 34 |
John Bean Technologies Corp. | 235 | 34 | |
Shyft Group Inc. | 771 | 34 | |
Insteel Industries Inc. | 847 | 31 | |
nVent Electric plc | 876 | 30 | |
AZZ Inc. | 540 | 29 | |
Deluxe Corp. | 758 | 29 | |
* | Echo Global Logistics Inc. | 895 | 29 |
Valmont Industries Inc. | 115 | 29 | |
AAON Inc. | 424 | 29 | |
Robert Half International Inc. | 266 | 28 | |
Eagle Materials Inc. | 169 | 27 | |
Textron Inc. | 373 | 27 | |
Hillenbrand Inc. | 555 | 26 | |
Myers Industries Inc. | 1,162 | 26 | |
* | Atlas Air Worldwide Holdings Inc. | 335 | 25 |
Automatic Data Processing Inc. | 119 | 25 | |
* | Construction Partners Inc. Class A | 762 | 25 |
* | XPO Logistics Inc. | 284 | 25 |
Greif Inc. Class A | 380 | 24 | |
* | TrueBlue Inc. | 869 | 24 |
* | ASGN Inc. | 214 | 24 |
SPX FLOW Inc. | 283 | 23 | |
* | GXO Logistics Inc. | 284 | 23 |
REV Group Inc. | 1,362 | 22 | |
UniFirst Corp. | 97 | 22 | |
Kelly Services Inc. Class A | 1,085 | 21 | |
* | FTI Consulting Inc. | 146 | 20 |
ABM Industries Inc. | 403 | 20 | |
Greenbrier Cos. Inc. | 440 | 19 | |
Resources Connection Inc. | 1,178 | 19 | |
Sonoco Products Co. | 276 | 18 | |
* | Blue Bird Corp. | 804 | 17 |
ADT Inc. | 2,004 | 17 | |
* | Atkore Inc. | 151 | 14 |
Patrick Industries Inc. | 164 | 13 | |
* | American Woodmark Corp. | 176 | 12 |
Heartland Express Inc. | 741 | 12 | |
* | SPX Corp. | 192 | 12 |
International Seaways Inc. | 688 | 12 | |
Comfort Systems USA Inc. | 150 | 11 | |
CRA International Inc. | 93 | 9 | |
Dorian LPG Ltd. | 625 | 8 | |
Federal Signal Corp. | 22 | 1 | |
7,984 | |||
Real Estate (0.1%) | |||
St. Joe Co. | 779 | 36 |
Shares | Market Value ($000) | ||
Iron Mountain Inc. | 199 | 9 | |
45 | |||
Technology (10.9%) | |||
Applied Materials Inc. | 2,937 | 397 | |
* | Alphabet Inc. Class A | 109 | 315 |
* | Micron Technology Inc. | 3,888 | 287 |
KLA Corp. | 696 | 237 | |
* | Alphabet Inc. Class C | 80 | 233 |
Broadcom Inc. | 461 | 229 | |
Texas Instruments Inc. | 1,056 | 202 | |
Intel Corp. | 3,590 | 194 | |
HP Inc. | 6,255 | 186 | |
* | Facebook Inc. Class A | 480 | 182 |
International Business Machines Corp. | 1,030 | 145 | |
Lam Research Corp. | 225 | 136 | |
Apple Inc. | 856 | 130 | |
Cognizant Technology Solutions Corp. Class A | 1,701 | 130 | |
SYNNEX Corp. | 807 | 103 | |
Oracle Corp. | 1,053 | 94 | |
* | Arrow Electronics Inc. | 739 | 90 |
Jabil Inc. | 1,428 | 88 | |
* | Avid Technology Inc. | 2,434 | 63 |
Seagate Technology Holdings plc | 700 | 61 | |
Vishay Intertechnology Inc. | 2,536 | 56 | |
Kulicke & Soffa Industries Inc. | 735 | 52 | |
TE Connectivity Ltd. | 342 | 51 | |
* | EMCORE Corp. | 6,391 | 48 |
* | Rimini Street Inc. | 5,050 | 48 |
* | Verint Systems Inc. | 1,020 | 46 |
NetApp Inc. | 510 | 45 | |
Shutterstock Inc. | 392 | 45 | |
* | TechTarget Inc. | 534 | 45 |
Dolby Laboratories Inc. Class A | 434 | 43 | |
* | Teradata Corp. | 771 | 42 |
* | Dell Technologies Inc. Class C | 423 | 41 |
Hackett Group Inc. | 2,074 | 41 | |
* | Insight Enterprises Inc. | 397 | 41 |
* | J2 Global Inc. | 294 | 40 |
* | Allscripts Healthcare Solutions Inc. | 2,309 | 35 |
* | II-VI Inc. | 560 | 35 |
Methode Electronics Inc. | 734 | 34 | |
Vertiv Holdings Co. Class A | 1,209 | 34 | |
* | Gartner Inc. | 102 | 31 |
* | Manhattan Associates Inc. | 192 | 31 |
* | ePlus Inc. | 279 | 30 |
* | Sanmina Corp. | 735 | 29 |
* | SMART Global Holdings Inc. | 596 | 29 |
* | Rambus Inc. | 1,178 | 28 |
* | Fortinet Inc. | 83 | 26 |
* | Dropbox Inc. Class A | 773 | 25 |
Hewlett Packard Enterprise Co. | 1,530 | 24 | |
* | NetScout Systems Inc. | 875 | 24 |
Avnet Inc. | 578 | 23 | |
* | Plexus Corp. | 250 | 23 |
* | Ultra Clean Holdings Inc. | 474 | 22 |
* | Concentrix Corp. | 126 | 22 |
* | F5 Networks Inc. | 104 | 21 |
* | NCR Corp. | 425 | 18 |
Shares | Market Value ($000) | ||
Corning Inc. | 380 | 15 | |
* | TrueCar Inc. | 3,568 | 15 |
Xperi Holding Corp. | 681 | 15 | |
* | Unisys Corp. | 411 | 10 |
* | Agilysys Inc. | 160 | 9 |
* | Western Digital Corp. | 139 | 9 |
NXP Semiconductors NV | 43 | 9 | |
* | Vimeo Inc. | 233 | 9 |
* | Brightcove Inc. | 699 | 8 |
Skyworks Solutions Inc. | 43 | 8 | |
* | OneSpan Inc. | 326 | 6 |
4,843 | |||
Telecommunications (1.0%) | |||
Cisco Systems Inc. | 2,342 | 138 | |
* | WideOpenWest Inc. | 5,547 | 118 |
Lumen Technologies Inc. | 4,507 | 55 | |
* | Lumentum Holdings Inc. | 525 | 46 |
* | Calix Inc. | 678 | 32 |
* | NETGEAR Inc. | 870 | 31 |
* | Ciena Corp. | 195 | 11 |
* | Clearfield Inc. | 198 | 9 |
440 | |||
Utilities (0.0%) | |||
* | Evoqua Water Technologies Corp. | 428 | 17 |
Total Common Stocks (Cost $34,432) | 43,666 | ||
Temporary Cash Investments (1.4%) | |||
Money Market Fund (1.4%) | |||
2 | Vanguard Market Liquidity Fund 0.068% (Cost $625) | 6,250 | 625 |
Total Investments (100.0%) (Cost $35,057) | 44,291 | ||
Other Assets and Liabilities—Net (0.0%) | 11 | ||
Net Assets (100%) | 44,302 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, the aggregate value was $46,000, representing 0.1% of net assets. |
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 | ||||
Micro E-mini S&P 500 Index | September 2021 | 28 | 633 | 11 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the
latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been 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.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
At August 31, 2021, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.