NPORT-EX 2 vg_usvaluefactoretf.htm
Vanguard® U.S. Value Factor ETF
Schedule of Investments (unaudited)
As of August 31, 2025
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 (99.7%)
Basic Materials (4.5%)
  Newmont Corp. (XNYS)  65,642   4,884
  Commercial Metals Co.  29,473   1,700
  Ashland Inc.  29,079   1,633
  Celanese Corp.  32,647   1,555
  Mosaic Co.  43,872   1,465
  LyondellBasell Industries NV Class A  25,860   1,457
  Freeport-McMoRan Inc.  32,547   1,445
  Mativ Holdings Inc. 112,432   1,413
  Alcoa Corp.  38,324   1,234
  CF Industries Holdings Inc.  13,661   1,183
  Koppers Holdings Inc.  40,683   1,179
  Nucor Corp.   7,329   1,090
  FMC Corp.  27,753   1,085
  Timken Co.  13,355   1,031
* Constellium SE  61,903     897
* Ecovyst Inc.  93,002     845
  Orion SA  75,380     795
* Rayonier Advanced Materials Inc. 132,053     736
  AdvanSix Inc.  33,962     729
  Olympic Steel Inc.  20,877     704
  Eastman Chemical Co.   9,782     688
  Olin Corp.  25,782     610
  Minerals Technologies Inc.   8,135     532
  Ferroglobe plc 103,526     433
  Ryerson Holding Corp.  18,463     421
* Magnera Corp.  32,149     399
* SSR Mining Inc. (XTSE)  17,688     342
  Reliance Inc.   1,102     326
  Tronox Holdings plc  69,168     296
  Cabot Corp.   2,176     177
  Sylvamo Corp.   3,093     143
             31,427
Consumer Discretionary (14.9%)
  General Motors Co.  86,451   5,065
  Target Corp.  46,178   4,432
  Walt Disney Co.  36,836   4,361
  BorgWarner Inc. (XNYS)  72,949   3,119
* United Airlines Holdings Inc.  26,146   2,745
* Aptiv plc  31,258   2,486
  Ford Motor Co. 196,785   2,316
* Abercrombie & Fitch Co. Class A  23,077   2,158
  Lear Corp.  19,360   2,130
  DR Horton Inc.  12,140   2,058
  Travel & Leisure Co.  29,128   1,841
* Tri Pointe Homes Inc.  50,831   1,796
  Lennar Corp. Class A  12,338   1,643
* Victoria's Secret & Co.  68,375   1,574
  Lithia Motors Inc.   4,530   1,525
  Boyd Gaming Corp.  17,183   1,475
* Adient plc  59,448   1,474
  Delta Air Lines Inc.  23,796   1,470
  Leggett & Platt Inc. 149,052   1,432
* Genesco Inc.  44,332   1,418
  Group 1 Automotive Inc.   3,043   1,414
* Caesars Entertainment Inc.  52,210   1,398
* ODP Corp.  68,585   1,390
  Century Communities Inc.  20,827   1,372
  Gap Inc.  61,623   1,356
  U-Haul Holding Co.  25,597   1,337
    Shares Market
Value
($000)
* Norwegian Cruise Line Holdings Ltd.  51,059   1,268
  LKQ Corp.  38,352   1,251
* Asbury Automotive Group Inc.   4,867   1,224
* Central Garden & Pet Co. Class A  36,414   1,203
* Mattel Inc.  63,623   1,164
  Standard Motor Products Inc.  29,717   1,153
* G-III Apparel Group Ltd.  41,527   1,121
* Sun Country Airlines Holdings Inc.  84,347   1,118
  Phinia Inc.  18,790   1,099
  Dine Brands Global Inc.  44,518   1,066
* MarineMax Inc.  39,171   1,032
* Fox Factory Holding Corp.  35,374   1,023
  Gray Media Inc. 165,259   1,013
* AMC Networks Inc. Class A 141,592   1,000
  Harley-Davidson Inc.  33,393     972
  Bath & Body Works Inc.  33,292     972
* Goodyear Tire & Rubber Co. 113,991     967
* Topgolf Callaway Brands Corp. 100,879     964
  Newell Brands Inc. 146,525     867
* M/I Homes Inc.   5,788     852
* Lyft Inc. Class A  51,078     829
  Ethan Allen Interiors Inc.  27,590     814
  MillerKnoll Inc.  38,462     812
  Scholastic Corp.  31,597     811
  Marriott Vacations Worldwide Corp.  10,331     807
  Haverty Furniture Cos. Inc.  35,639     804
* Alaska Air Group Inc.  12,696     797
  Lowe's Cos. Inc.   3,052     788
  Upbound Group Inc.  31,020     788
* Under Armour Inc. Class C 157,119     773
* Sabre Corp. 426,619     764
  H&R Block Inc.  15,001     755
* Petco Health & Wellness Co. Inc. 187,319     747
  Playtika Holding Corp. 196,189     728
  Wynn Resorts Ltd.   5,721     725
* Helen of Troy Ltd.  28,555     701
  Bloomin' Brands Inc.  92,598     681
  Dick's Sporting Goods Inc.   3,094     658
  Carter's Inc.  22,689     648
  KB Home  10,055     639
* Capri Holdings Ltd.  30,492     628
* Zumiez Inc.  35,479     610
* Gentherm Inc.  16,569     609
* Etsy Inc.  10,760     570
* Funko Inc. Class A 159,963     554
  Dollar General Corp.   5,018     546
* America's Car-Mart Inc.  10,923     489
  A-Mark Precious Metals Inc.  20,696     485
  Movado Group Inc.  25,863     473
* Beazer Homes USA Inc.  18,356     462
* Cars.com Inc.  35,180     459
* MGM Resorts International  11,450     454
* American Public Education Inc.  14,728     445
* Gannett Co. Inc. 102,865     423
  Camping World Holdings Inc. Class A  23,293     408
  Fox Corp. Class B   7,338     400
* Penn Entertainment Inc.  17,837     361
* Udemy Inc.  48,401     332
  PulteGroup Inc.   2,377     314
  Sonic Automotive Inc. Class A   3,788     311
  LCI Industries   2,587     273
* Sonos Inc.  18,902     263
* Stitch Fix Inc. Class A  49,576     262
* CarMax Inc.   4,144     254
* Gambling.com Group Ltd.  26,929     235
  Best Buy Co. Inc.   3,076     227
* Taylor Morrison Home Corp.   3,355     226
* European Wax Center Inc. Class A  52,694     226
  Gentex Corp.   7,808     219
  RCI Hospitality Holdings Inc.   5,875     219
    Shares Market
Value
($000)
  Penske Automotive Group Inc.   1,160     214
* Corsair Gaming Inc.  23,480     210
* Citi Trends Inc.   5,476     195
  Nexstar Media Group Inc.     941     192
* Dollar Tree Inc.   1,673     183
* Coty Inc. Class A  37,781     162
* El Pollo Loco Holdings Inc.  15,107     161
* Light & Wonder Inc.   1,520     141
* Carnival Corp.   4,367     139
  Sinclair Inc.   9,446     137
* Warner Bros Discovery Inc.  11,312     132
            104,786
Consumer Staples (6.8%)
  CVS Health Corp.  89,749   6,565
  Altria Group Inc.  62,749   4,217
  McKesson Corp.   4,910   3,371
  Kroger Co.  31,528   2,139
* Post Holdings Inc.  17,875   2,023
  Seaboard Corp.     500   1,985
  J M Smucker Co.  16,878   1,865
  Ingles Markets Inc. Class A  25,362   1,717
  Nu Skin Enterprises Inc. Class A 133,733   1,627
  Ingredion Inc.  11,685   1,514
  Albertsons Cos. Inc. Class A  73,484   1,430
  Dole plc  89,544   1,318
* Darling Ingredients Inc.  38,136   1,295
* Herbalife Ltd. 131,632   1,287
  Fresh Del Monte Produce Inc.  34,984   1,269
  Archer-Daniels-Midland Co.  19,847   1,243
  Tyson Foods Inc. Class A  21,346   1,212
  Mondelez International Inc. Class A  19,694   1,210
  Conagra Brands Inc.  60,272   1,153
* United Natural Foods Inc.  38,609   1,092
  Andersons Inc.  25,598   1,047
  Edgewell Personal Care Co.  43,203   1,038
  Weis Markets Inc.  12,913     925
* TreeHouse Foods Inc.  42,421     778
  Kraft Heinz Co.  26,521     742
* USANA Health Sciences Inc.  19,337     617
* Seneca Foods Corp. Class A   4,690     531
  MGP Ingredients Inc.  16,123     477
  ACCO Brands Corp. 112,491     452
  PepsiCo Inc.   2,969     441
  Spectrum Brands Holdings Inc.   6,818     389
* Hain Celestial Group Inc. 202,039     364
  Bunge Global SA   3,388     285
             47,618
Energy (11.2%)
  EOG Resources Inc.  50,071   6,250
  ConocoPhillips  54,102   5,354
  Exxon Mobil Corp.  44,873   5,128
  Chevron Corp.  29,285   4,703
  Phillips 66  32,706   4,369
  ONEOK Inc.  53,229   4,066
  Schlumberger NV 107,569   3,963
  Marathon Petroleum Corp.  19,593   3,521
  Diamondback Energy Inc.  14,376   2,139
  Ovintiv Inc. (XNYS)  45,910   1,934
  Weatherford International plc  28,042   1,786
  Chord Energy Corp.  15,804   1,737
  Matador Resources Co.  34,241   1,724
  Coterra Energy Inc.  67,963   1,661
* Expro Group Holdings NV 126,134   1,573
  Valero Energy Corp.   9,696   1,474
  Permian Resources Corp. 102,043   1,458
  Halliburton Co.  64,081   1,456
  Devon Energy Corp.  38,273   1,382
  NOV Inc.  99,446   1,322
  Civitas Resources Inc.  32,309   1,188
    Shares Market
Value
($000)
* Antero Resources Corp.  34,449   1,100
  Kinder Morgan Inc.  40,604   1,095
  SM Energy Co.  37,480   1,070
  Crescent Energy Co. Class A 110,168   1,051
  Peabody Energy Corp.  58,345   1,015
* Helix Energy Solutions Group Inc. 153,121   1,009
  Expand Energy Corp.  10,317     998
* Oil States International Inc. 177,249     993
  Riley Exploration Permian Inc.  32,419     949
* Talos Energy Inc.  83,193     822
  EQT Corp.  15,308     794
  Range Resources Corp.  22,423     768
  HF Sinclair Corp.  14,515     738
* Bristow Group Inc.  19,138     737
* Kosmos Energy Ltd. 395,064     707
  World Kinect Corp.  25,583     686
  Helmerich & Payne Inc.  32,778     685
  SandRidge Energy Inc.  54,466     645
* ProPetro Holding Corp. 122,033     622
  Berry Corp. 178,147     595
* Alpha Metallurgical Resources Inc.   3,813     569
  Diversified Energy Co. plc  27,546     454
* Gulfport Energy Corp.   2,475     431
  Select Water Solutions Inc.  48,072     410
  Liberty Energy Inc.  29,218     329
  Patterson-UTI Energy Inc.  55,825     324
  Cheniere Energy Inc.   1,251     302
  SunCoke Energy Inc.  38,416     297
  Granite Ridge Resources Inc.  50,651     282
  VAALCO Energy Inc.  52,555     204
* Enphase Energy Inc.   3,847     145
             79,014
Financials (23.3%)
  US Bancorp 119,085   5,815
  Truist Financial Corp. 120,104   5,623
  Chubb Ltd.  14,981   4,121
  Travelers Cos. Inc.  12,648   3,434
  Aflac Inc.  31,977   3,417
  American International Group Inc.  41,661   3,388
  Wells Fargo & Co.  39,140   3,217
  Webster Financial Corp.  49,726   3,094
  PNC Financial Services Group Inc.  14,624   3,034
  MetLife Inc.  34,930   2,842
  Jackson Financial Inc. Class A  28,574   2,823
  Columbia Banking System Inc.  87,968   2,355
  Bank of America Corp.  43,420   2,203
  Bank of New York Mellon Corp.  20,424   2,157
  Prudential Financial Inc.  18,680   2,048
  Bread Financial Holdings Inc.  29,388   1,945
  FNB Corp. 115,648   1,930
  Bank OZK  36,471   1,914
  S&T Bancorp Inc.  45,281   1,789
  First Financial Bancorp  67,521   1,788
  Invesco Ltd.  79,511   1,740
  Enterprise Financial Services Corp.  27,431   1,680
  Allstate Corp.   8,033   1,634
* Genworth Financial Inc. 190,495   1,633
  Western Alliance Bancorp  17,950   1,607
  Cadence Bank  42,355   1,594
  WaFd Inc.  49,912   1,570
  Old National Bancorp  66,606   1,525
  Essent Group Ltd.  23,449   1,471
  Associated Banc-Corp.  54,480   1,469
  Valley National Bancorp 139,983   1,464
  Franklin Resources Inc.  53,781   1,380
  Citizens Financial Group Inc.  26,360   1,378
  Zions Bancorp NA  23,413   1,358
* Brighthouse Financial Inc.  27,977   1,322
  OceanFirst Financial Corp.  71,675   1,318
    Shares Market
Value
($000)
  Ally Financial Inc.  32,018   1,314
  First American Financial Corp.  19,441   1,283
  Regions Financial Corp.  45,937   1,258
  Banc of California Inc.  69,379   1,174
  Arch Capital Group Ltd.  12,800   1,172
* Customers Bancorp Inc.  16,235   1,164
  Hancock Whitney Corp.  18,402   1,158
  SouthState Corp.  11,269   1,150
  Peoples Bancorp Inc.  36,759   1,137
  Lincoln National Corp.  26,300   1,129
* Hamilton Insurance Group Ltd. Class B  46,881   1,118
  Globe Life Inc.   7,939   1,111
  UMB Financial Corp.   9,074   1,106
  First Busey Corp.  43,407   1,072
  M&T Bank Corp.   5,308   1,070
  Renasant Corp.  26,601   1,041
  Everest Group Ltd.   3,020   1,032
* LendingClub Corp.  60,022   1,031
  First Commonwealth Financial Corp.  57,782   1,026
  WesBanco Inc.  30,352     996
  Home BancShares Inc.  32,739     974
  Navient Corp.  69,895     958
  Jefferies Financial Group Inc.  14,490     940
  Dime Community Bancshares Inc.  30,487     938
  First Citizens BancShares Inc. Class A     472     936
  Axis Capital Holdings Ltd.   9,492     936
  Hope Bancorp Inc.  81,665     909
* LendingTree Inc.  13,108     891
  Cathay General Bancorp  17,763     887
* Berkshire Hathaway Inc. Class B   1,753     882
  Fidelis Insurance Holdings Ltd.  50,408     881
  Bank of NT Butterfield & Son Ltd.  19,253     869
  Provident Financial Services Inc.  43,585     865
  Fulton Financial Corp.  43,928     864
  Trustmark Corp.  21,301     858
  RenaissanceRe Holdings Ltd.   3,501     851
* SiriusPoint Ltd.  45,307     848
  Metropolitan Bank Holding Corp.  10,123     804
  ConnectOne Bancorp Inc.  30,164     772
  Old Republic International Corp.  18,819     752
  Pinnacle Financial Partners Inc.   7,739     752
  Eagle Bancorp Inc.  38,640     750
* PRA Group Inc.  43,589     745
  Prosperity Bancshares Inc.  10,327     714
  Wintrust Financial Corp.   5,135     705
  Assured Guaranty Ltd.   8,380     689
  TriCo Bancshares  15,156     688
  Independent Bank Corp. (XNGS)   9,520     681
  Byline Bancorp Inc.  23,370     676
  Live Oak Bancshares Inc.  17,348     671
  Merchants Bancorp  19,976     648
  Apollo Global Management Inc.   4,723     643
  Eastern Bankshares Inc.  36,873     631
  First Interstate BancSystem Inc. Class A  19,253     630
  Berkshire Hills Bancorp Inc.  23,664     618
  Burford Capital Ltd.  43,756     613
  Affiliated Managers Group Inc.   2,668     600
  Comerica Inc.   8,310     587
* Encore Capital Group Inc.  13,856     580
  OneMain Holdings Inc.   9,275     574
  White Mountains Insurance Group Ltd.     312     571
  Corebridge Financial Inc.  16,302     567
  Preferred Bank   5,982     565
  Amalgamated Financial Corp.  19,557     565
  Origin Bancorp Inc.  14,464     563
* First Foundation Inc.  90,992     541
  Old Second Bancorp Inc.  29,304     541
  Heritage Financial Corp.  21,991     537
  Hanmi Financial Corp.  21,201     533
  Amerant Bancorp Inc.  24,159     519
    Shares Market
Value
($000)
  Hanover Insurance Group Inc.   2,905     504
  Fidelity National Financial Inc.   8,290     496
  Reinsurance Group of America Inc.   2,540     495
  Ameris Bancorp   6,730     493
  XP Inc. Class A  27,127     492
  Unum Group   7,014     490
  Kearny Financial Corp.  70,802     478
  Enact Holdings Inc.  12,613     475
  Principal Financial Group Inc.   5,813     468
  First Merchants Corp.  11,250     467
  Flushing Financial Corp.  32,180     443
  WSFS Financial Corp.   7,566     441
  Voya Financial Inc.   5,815     437
  Popular Inc.   3,386     425
  Peapack-Gladstone Financial Corp.  14,508     421
  Radian Group Inc.  12,046     420
  Capitol Federal Financial Inc.  62,974     408
  Northwest Bancshares Inc.  32,204     407
* Heritage Insurance Holdings Inc.  17,577     400
  United Community Banks Inc.  11,737     392
  Orrstown Financial Services Inc.  11,192     390
  Citigroup Inc.   3,877     374
  Northeast Bank   3,353     371
  QCR Holdings Inc.   4,583     359
  NB Bancorp Inc.  18,940     358
  Financial Institutions Inc.  12,622     349
  First Horizon Corp.  14,743     333
  Central Pacific Financial Corp.  10,563     331
  F&G Annuities & Life Inc.   9,278     321
  Banner Corp.   4,696     315
  MidWestOne Financial Group Inc.  10,311     312
  Heritage Commerce Corp.  30,116     311
  Cullen / Frost Bankers Inc.   2,331     301
  Univest Financial Corp.   9,383     297
  Horizon Bancorp Inc.  16,885     285
  OFG Bancorp   6,378     285
  Banco Latinoamericano de Comercio Exterior SA   6,181     285
  Towne Bank   7,753     284
  BOK Financial Corp.   2,537     283
  Selective Insurance Group Inc.   3,563     279
  MGIC Investment Corp.   9,577     267
  FB Financial Corp.   4,896     263
  Progressive Corp.   1,038     256
  First Bancorp / Southern Pines NC   4,668     255
  United Bankshares Inc.   6,583     252
  Morgan Stanley   1,662     250
  Northrim BanCorp Inc.   2,575     242
* Firstsun Capital Bancorp   6,310     240
  Atlantic Union Bankshares Corp.   6,613     236
* Liberty Broadband Corp. Class C   3,722     227
  Blackrock Inc.     192     216
  Washington Trust Bancorp Inc.   7,094     215
  National Bank Holdings Corp. Class A   5,315     208
  State Street Corp.   1,803     207
  United Fire Group Inc.   6,740     207
  Stellar Bancorp Inc.   6,205     192
  Janus Henderson Group plc   4,246     188
  Ameriprise Financial Inc.     342     176
  Community Trust Bancorp Inc.   2,827     165
  Equity Bancshares Inc. Class A   4,018     163
  Tompkins Financial Corp.   2,260     159
* NMI Holdings Inc.   3,988     157
  First Financial Corp.   2,587     153
  Burke & Herbert Financial Services Corp.   2,325     148
  East West Bancorp Inc.   1,375     145
  1st Source Corp.   2,216     143
  NBT Bancorp Inc.   3,181     141
  Universal Insurance Holdings Inc.   5,800     141
  Southside Bancshares Inc.   4,457     139
  Virtus Investment Partners Inc.     691     139
    Shares Market
Value
($000)
  NewtekOne Inc.  11,178     138
            163,437
Health Care (14.3%)
  Bristol-Myers Squibb Co. 116,932   5,517
  Pfizer Inc. 212,472   5,261
  Regeneron Pharmaceuticals Inc.   8,325   4,834
  Johnson & Johnson  26,258   4,652
  Cigna Group  15,302   4,604
  Medtronic plc  49,494   4,594
  Gilead Sciences Inc.  39,076   4,414
  Elevance Health Inc.  11,990   3,821
  UnitedHealth Group Inc.  11,746   3,640
  Becton Dickinson & Co.  18,702   3,609
  HCA Healthcare Inc.   8,808   3,558
  Merck & Co. Inc.  41,240   3,469
  Royalty Pharma plc Class A  70,618   2,541
* Biogen Inc.  15,664   2,071
  Viatris Inc. 194,425   2,051
* Jazz Pharmaceuticals plc  14,581   1,863
  DENTSPLY SIRONA Inc. 128,771   1,841
* Elanco Animal Health Inc. (XNYS)  86,511   1,587
  AbbVie Inc.   7,498   1,578
  Humana Inc.   4,905   1,489
  Universal Health Services Inc. Class B   8,156   1,481
* Centene Corp.  50,967   1,480
* Illumina Inc.  14,697   1,469
* Acadia Healthcare Co. Inc.  58,527   1,344
* Incyte Corp.  15,647   1,324
* Teladoc Health Inc. 161,987   1,252
  Perrigo Co. plc  49,238   1,169
* Tenet Healthcare Corp.   6,181   1,139
* Charles River Laboratories International Inc.   6,947   1,135
* Avanos Medical Inc.  95,000   1,134
  Embecta Corp.  74,186   1,074
  Amgen Inc.   3,608   1,038
  Zimmer Biomet Holdings Inc.   9,657   1,025
  Bruker Corp.  27,955     950
  Organon & Co.  96,981     914
* Ironwood Pharmaceuticals Inc. 668,320     882
* Molina Healthcare Inc.   4,709     852
* Exelixis Inc.  22,132     828
* Pediatrix Medical Group Inc.  47,901     824
* Envista Holdings Corp.  38,728     820
  Teleflex Inc.   6,113     773
* United Therapeutics Corp.   2,370     722
* Enhabit Inc.  87,726     691
* QuidelOrtho Corp.  23,498     674
* Pacira BioSciences Inc.  25,206     672
* Varex Imaging Corp.  57,153     660
* Owens & Minor Inc. 133,492     654
* Integra LifeSciences Holdings Corp.  41,754     632
  Cardinal Health Inc.   4,206     626
* Solventum Corp.   7,768     568
* Align Technology Inc.   3,761     534
* Health Catalyst Inc. 133,613     453
  Baxter International Inc.  17,157     424
* Enovis Corp.  13,317     412
* Alkermes plc  13,679     396
* Tactile Systems Technology Inc.  26,523     353
* Myriad Genetics Inc.  48,216     307
* Tandem Diabetes Care Inc.  21,265     266
* Neogen Corp.  42,694     245
* Fortrea Holdings Inc.  24,309     239
* Orthofix Medical Inc.  15,656     235
* Kura Oncology Inc.  29,167     230
* Bioventus Inc. Class A  30,351     225
* Vanda Pharmaceuticals Inc.  34,642     164
* Omnicell Inc.   4,779     156
    Shares Market
Value
($000)
* CareDx Inc.  11,322     155
            100,594
Industrials (11.9%)
  FedEx Corp.  26,317   6,081
  PACCAR Inc.  37,752   3,774
  CRH plc  25,488   2,879
  United Rentals Inc.   2,845   2,721
  Sensata Technologies Holding plc  67,463   2,195
  WESCO International Inc.   9,577   2,105
  Sonoco Products Co.  40,022   1,891
  United Parcel Service Inc. Class B (XNYS)  20,881   1,826
* PayPal Holdings Inc.  24,623   1,728
* Fiserv Inc.  11,953   1,652
  Sealed Air Corp.  44,294   1,438
  Teekay Tankers Ltd. Class A  27,755   1,365
  Kelly Services Inc. Class A  92,382   1,315
  General Dynamics Corp.   4,023   1,306
  MKS Inc.  12,635   1,306
* BILL Holdings Inc.  28,096   1,304
  Knight-Swift Transportation Holdings Inc.  29,663   1,302
* Resideo Technologies Inc.  37,562   1,279
* Green Dot Corp. Class A  91,678   1,276
  Herc Holdings Inc.   9,739   1,274
* AMN Healthcare Services Inc.  59,290   1,232
  Deluxe Corp.  62,136   1,222
  Emerson Electric Co.   9,059   1,196
  Hillenbrand Inc.  46,666   1,185
  Myers Industries Inc.  69,680   1,166
  Air Lease Corp.  18,978   1,143
  Brunswick Corp.  17,942   1,141
  Capital One Financial Corp.   4,989   1,134
  Greenbrier Cos. Inc.  23,201   1,082
  Matson Inc.  10,403   1,082
* BlueLinx Holdings Inc.  12,877   1,064
  Costamare Inc.  89,443   1,023
  Dorian LPG Ltd.  29,926     957
  Quanex Building Products Corp.  43,807     932
  Regal Rexnord Corp.   6,206     927
  Teekay Corp. Ltd. 110,893     909
  Textron Inc.  11,210     899
* Block Inc. (XNYS)  11,032     879
  Pitney Bowes Inc.  71,416     866
  Scorpio Tankers Inc.  17,118     863
  Vontier Corp.  20,080     862
  Boise Cascade Co.   9,790     852
  Stanley Black & Decker Inc.  11,455     851
  Atkore Inc.  14,580     848
  Safe Bulkers Inc. 196,694     836
* Repay Holdings Corp. 140,149     830
* O-I Glass Inc.  62,345     810
  Silgan Holdings Inc.  17,175     806
* Titan International Inc.  89,598     790
  ADT Inc.  89,293     778
  Graphic Packaging Holding Co.  33,579     748
* Masterbrand Inc.  56,037     712
* Mohawk Industries Inc.   5,329     707
  CSX Corp.  20,642     671
  Global Payments Inc.   7,530     669
* Builders FirstSource Inc.   4,753     659
  Accenture plc Class A   2,524     656
  Alight Inc. Class A 165,237     641
* BrightView Holdings Inc.  42,864     617
  Wabash National Corp.  53,786     596
* Cimpress plc   9,308     587
  Vestis Corp. 120,666     565
  Hyster-Yale Inc.  14,935     560
  Columbus McKinnon Corp.  36,454     546
* ASGN Inc.   9,859     535
  PagSeguro Digital Ltd. Class A  59,436     532
    Shares Market
Value
($000)
  Genpact Ltd.  11,165     506
* Upwork Inc.  32,596     502
  Resources Connection Inc.  92,040     470
* StoneCo. Ltd. Class A  20,187     332
  Willis Lease Finance Corp.   2,161     321
  Flowserve Corp.   5,722     307
  ManpowerGroup Inc.   6,685     283
  Robert Half Inc.   6,761     252
  Oshkosh Corp.   1,792     250
* Euronet Worldwide Inc.   2,433     227
* JELD-WEN Holding Inc.  32,706     209
  Owens Corning   1,229     184
  Kennametal Inc.   8,336     179
  DuPont de Nemours Inc.   2,275     175
* Manitowoc Co. Inc.  16,984     168
  DHT Holdings Inc.  12,707     149
  Smurfit WestRock plc   3,140     149
  AGCO Corp.   1,193     129
             83,975
Real Estate (0.2%)
* Forestar Group Inc.  22,454     621
* Cushman & Wakefield plc  37,084     585
              1,206
Technology (9.1%)
  Micron Technology Inc.  35,064   4,173
* Arrow Electronics Inc.  24,736   3,125
  Alphabet Inc. Class C  12,999   2,776
  HP Inc.  96,071   2,742
* Intel Corp. 106,526   2,594
  QUALCOMM Inc.  13,738   2,208
  Avnet Inc.  38,370   2,094
  Salesforce Inc.   7,944   2,036
* Dropbox Inc. Class A  69,245   2,012
  International Business Machines Corp.   8,099   1,972
* Workday Inc. Class A   6,811   1,572
* UiPath Inc. Class A 138,734   1,543
  Applied Materials Inc.   9,590   1,542
* Kyndryl Holdings Inc.  46,126   1,466
  Hewlett Packard Enterprise Co.  64,412   1,454
* RingCentral Inc. Class A  46,029   1,404
* DXC Technology Co.  94,259   1,362
* Consensus Cloud Solutions Inc.  42,871   1,139
  Match Group Inc.  29,663   1,108
* Ziff Davis Inc.  26,601   1,016
  Dell Technologies Inc. Class C   8,247   1,007
* Akamai Technologies Inc.  12,576     995
* NetScout Systems Inc.  39,751     989
* Twilio Inc. Class A   8,526     900
* ZoomInfo Technologies Inc.  82,210     896
* Qorvo Inc.   9,399     853
* Commerce.com Inc. 183,015     851
* Insight Enterprises Inc.   6,444     839
* ScanSource Inc.  18,631     813
* Jamf Holding Corp.  85,472     797
  TD SYNNEX Corp.   5,141     761
* Bumble Inc. Class A 121,686     751
* Bandwidth Inc. Class A  49,158     737
* IAC Inc.  19,663     720
* Photronics Inc.  31,205     707
* Digital Turbine Inc. 167,041     702
* LiveRamp Holdings Inc.  25,148     702
* Kimball Electronics Inc.  22,737     656
* Synaptics Inc.   9,281     648
* Five9 Inc.  22,349     602
  Alphabet Inc. Class A   2,753     586
* Zoom Communications Inc.   7,185     585
  Amdocs Ltd.   6,833     585
  Methode Electronics Inc.  72,594     561
* Adobe Inc.   1,504     536
    Shares Market
Value
($000)
* Mitek Systems Inc.  51,609     525
  Amkor Technology Inc.  20,369     493
* Eventbrite Inc. Class A 177,332     470
  Skyworks Solutions Inc.   6,243     468
* Rapid7 Inc.  21,999     456
* Teradata Corp.  21,577     453
* Diebold Nixdorf Inc.   7,378     451
  Western Digital Corp.   5,296     426
* Fastly Inc. Class A  47,053     358
  OneSpan Inc.  20,601     312
* NerdWallet Inc. Class A  28,778     298
* Ibotta Inc. Class A   9,323     251
  SS&C Technologies Holdings Inc.   2,619     232
* Tenable Holdings Inc.   7,355     227
* Yelp Inc.   5,369     170
  NetApp Inc.   1,419     160
* Progress Software Corp.   3,169     147
* Definitive Healthcare Corp.  34,335     138
* Maplebear Inc.   3,051     132
             64,284
Telecommunications (3.5%)
  Verizon Communications Inc. 142,070   6,284
  Comcast Corp. Class A 160,147   5,440
  AT&T Inc. 148,142   4,339
  T-Mobile US Inc.   6,064   1,528
  Millicom International Cellular SA  25,344   1,224
* CommScope Holding Co. Inc.  64,811   1,040
  Cisco Systems Inc.  11,696     808
* 8x8 Inc. 383,387     759
* Aviat Networks Inc.  29,251     672
* Xperi Inc.  98,445     591
* ADTRAN Holdings Inc.  61,249     574
* Viasat Inc.  14,927     483
* Liberty Global Ltd. Class A  38,403     451
* NETGEAR Inc.   5,500     149
             24,342
Total Common Stocks (Cost $650,677) 700,683
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
1 Vanguard Market Liquidity Fund, 4.362% (Cost $1,080)  10,805        1,080
Total Investments (99.9%) (Cost $651,757) 701,763
Other Assets and Liabilities—Net (0.1%) 872
Net Assets (100%) 702,635
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 September 2025 3 971 1
Micro E-mini S&P 500 Index September 2025 20 647 20
        21
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 August 31, 2025, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.