NPORT-EX 2 vgusqualityfactoretf.htm
Vanguard® U.S. Quality Factor ETF
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 (99.7%)
Basic Materials (3.0%)
  Freeport-McMoRan Inc. 19,787 720
  Ecolab Inc. 1,685 380
  Fastenal Co. 6,256 349
* Alcoa Corp. 4,968 221
  Tredegar Corp. 14,837 197
  Reliance Steel & Aluminum Co. 1,167 175
  Avery Dennison Corp. 476 107
* Clearwater Paper Corp. 3,050 99
  Boise Cascade Co. 1,586 92
  UFP Industries Inc. 1,152 87
  Balchem Corp. 544 76
  Innospec Inc. 777 73
  Compass Minerals International Inc. 1,057 71
* Orion Engineered Carbons SA 3,706 66
* Alto Ingredients Inc. 12,323 63
  Verso Corp. Class A 3,057 58
  Mueller Industries Inc. 1,218 54
* TimkenSteel Corp. 3,932 54
  Steel Dynamics Inc. 773 52
  Southern Copper Corp. 798 50
  Commercial Metals Co. 1,505 49
  Materion Corp. 575 42
  Sensient Technologies Corp. 453 39
  CF Industries Holdings Inc. 824 37
  Worthington Industries Inc. 618 36
* Univar Solutions Inc. 1,437 34
* GCP Applied Technologies Inc. 1,314 31
* RBC Bearings Inc. 126 29
  Olin Corp. 550 27
  International Paper Co. 390 24
      3,392
Consumer Discretionary (23.0%)
  Target Corp. 4,173 1,031
  Costco Wholesale Corp. 2,248 1,024
  NIKE Inc. Class B 5,632 928
  Walmart Inc. 6,192 917
* O'Reilly Automotive Inc. 1,464 870
  Lowe's Cos. Inc. 3,853 786
  Estee Lauder Cos. Inc. Class A 2,303 784
* Lululemon Athletica Inc. 1,904 762
  TJX Cos. Inc. 8,036 584
  Ross Stores Inc. 4,493 532

    Shares Market
Value
($000)
* Amazon.com Inc. 131 455
* Deckers Outdoor Corp. 1,058 443
  Best Buy Co. Inc. 3,595 419
  Williams-Sonoma Inc. 1,884 352
* YETI Holdings Inc. 3,389 337
  Activision Blizzard Inc. 4,084 336
  Dick's Sporting Goods Inc. 2,387 336
* PROG Holdings Inc. 5,921 280
* Ulta Beauty Inc. 719 278
  Polaris Inc. 1,929 231
  Genuine Parts Co. 1,689 206
  Signet Jewelers Ltd. 2,398 190
  Hibbett Inc. 1,947 186
  Johnson Outdoors Inc. Class A 1,622 186
* NVR Inc. 36 186
  New York Times Co. Class A 3,651 185
  Carter's Inc. 1,769 181
  Kontoor Brands Inc. 3,285 177
* Lumber Liquidators Holdings Inc. 8,459 176
* Perdoceo Education Corp. 16,056 176
1 Big 5 Sporting Goods Corp. 6,257 174
  Columbia Sportswear Co. 1,682 172
* Turtle Beach Corp. 5,895 167
* AutoNation Inc. 1,521 166
* Citi Trends Inc. 1,926 166
* MarineMax Inc. 3,411 166
  Shoe Carnival Inc. 4,348 166
* Macy's Inc. 7,175 161
* Liquidity Services Inc. 6,524 159
* Nautilus Inc. 13,886 158
  Tempur Sealy International Inc. 3,506 157
* Etsy Inc. 721 156
  Acushnet Holdings Corp. 3,092 154
  Advance Auto Parts Inc. 758 154
  Dillard's Inc. Class A 810 154
  Garmin Ltd. 885 154
  Gentex Corp. 4,975 153
  Rollins Inc. 3,856 150
* Under Armour Inc. Class A 6,489 150
* Children's Place Inc. 1,708 148
  Buckle Inc. 3,756 145
* iRobot Corp. 1,769 144
  Movado Group Inc. 3,933 142
* XPEL Inc. 1,840 140
* BJ's Wholesale Club Holdings Inc. 2,348 133
  Haverty Furniture Cos. Inc. 3,706 132
  OneWater Marine Inc. Class A 3,264 132
  Hanesbrands Inc. 6,915 129
* Lovesac Co. 2,288 129
* Revolve Group Inc. 2,238 129
  Ethan Allen Interiors Inc. 5,316 128
* Mattel Inc. 6,011 128
* Zumiez Inc. 3,181 128
* Kirkland's Inc. 6,625 127
  La-Z-Boy Inc. 3,557 125
* Bed Bath & Beyond Inc. 4,503 124
* Sonos Inc. 3,126 124
  Standard Motor Products Inc. 2,811 121

    Shares Market
Value
($000)
* Lazydays Holdings Inc. 4,914 121
* Crocs Inc. 802 115
  HNI Corp. 3,047 115
* Abercrombie & Fitch Co. Class A 3,189 114
  Pool Corp. 231 114
  Tractor Supply Co. 582 113
* American Public Education Inc. 4,267 112
  Qurate Retail Inc. Series A 10,179 112
* ODP Corp. 2,374 112
  Foot Locker Inc. 1,939 110
  Kohl's Corp. 1,922 110
  Herman Miller Inc. 2,585 109
  Global Industrial Co. 2,820 109
* Helen of Troy Ltd. 452 108
* Ollie's Bargain Outlet Holdings Inc. 1,465 106
* Duluth Holdings Inc. Class B 6,771 105
  Rent-A-Center Inc. 1,661 105
  H&R Block Inc. 4,013 103
* Genesco Inc. 1,668 103
* Master Craft Boat Holdings Inc. 4,112 103
* Gannett Co. Inc. 16,190 103
  American Eagle Outfitters Inc. 3,341 102
* Skyline Champion Corp. 1,633 102
* Take-Two Interactive Software Inc. 624 101
* Capri Holdings Ltd. 1,791 101
* GoPro Inc. Class A 10,002 100
* Fossil Group Inc. 7,212 97
* Gentherm Inc. 1,133 97
  Inter Parfums Inc. 1,343 97
  Whirlpool Corp. 438 97
* Vera Bradley Inc. 8,395 96
  Gap Inc. 3,375 90
* Cavco Industries Inc. 346 88
  Wolverine World Wide Inc. 2,421 87
* Purple Innovation Inc. Class A 3,535 86
  eBay Inc. 1,099 84
* Funko Inc. Class A 4,195 84
* Container Store Group Inc. 7,042 82
  Group 1 Automotive Inc. 493 82
  Steven Madden Ltd. 2,014 82
  PulteGroup Inc. 1,526 82
* Conn's Inc. 3,275 81
  Oxford Industries Inc. 894 81
* Asbury Automotive Group Inc. 423 79
* LKQ Corp. 1,474 78
  Tilly's Inc. Class A 4,965 77
* Lands' End Inc. 2,232 76
* Adtalem Global Education Inc. 1,972 73
  News Corp. Class A 3,071 69
  Omnicom Group Inc. 941 69
* elf Beauty Inc. 2,168 67
  Matthews International Corp. Class A 1,807 67
  Sonic Automotive Inc. Class A 1,318 67
* Dorman Products Inc. 702 66
  Hasbro Inc. 669 66
* Malibu Boats Inc. Class A 921 66
  Caleres Inc. 2,617 64
* Tenneco Inc. Class A 3,944 62

    Shares Market
Value
($000)
  World Wrestling Entertainment Inc. Class A 1,185 62
* 1-800-Flowers.com Inc. Class A 1,893 60
  John Wiley & Sons Inc. Class A 1,003 58
* Under Armour Inc. Class C 2,837 57
* Cars.com Inc. 4,423 56
  Big Lots Inc. 1,119 54
  Cato Corp. Class A 2,945 51
  Rush Enterprises Inc. Class A 1,150 51
* Party City Holdco Inc. 7,329 50
  PriceSmart Inc. 589 50
* SiteOne Landscape Supply Inc. 246 49
* Copart Inc. 328 47
* Universal Electronics Inc. 890 45
  Interpublic Group of Cos. Inc. 1,171 44
* Tapestry Inc. 1,099 44
* PVH Corp. 402 42
  Murphy USA Inc. 263 41
  Nielsen Holdings plc 1,915 41
  Aaron's Co. Inc. 1,530 41
* Burlington Stores Inc. 125 37
* American Axle & Manufacturing Holdings Inc. 4,079 36
  Interface Inc. Class A 2,440 35
  Ralph Lauren Corp. Class A 294 34
  Camping World Holdings Inc. Class A 823 33
* AMC Networks Inc. Class A 658 31
* CarParts.com Inc. 1,765 31
* Fluent Inc. 10,907 30
* Dollar Tree Inc. 295 27
  VF Corp. 355 27
  Century Communities Inc. 332 23
* Lakeland Industries Inc. 943 23
  BorgWarner Inc. (XNYS) 516 22
      25,758
Consumer Staples (4.9%)
  Colgate-Palmolive Co. 10,154 792
  Sysco Corp. 5,466 435
  Altria Group Inc. 8,338 419
* Monster Beverage Corp. 3,587 350
  Procter & Gamble Co. 2,301 328
  Kroger Co. 5,681 262
  Flowers Foods Inc. 10,037 242
  Casey's General Stores Inc. 867 177
  Albertsons Cos. Inc. Class A 5,613 170
  PetMed Express Inc. 5,545 153
  Lancaster Colony Corp. 842 149
* USANA Health Sciences Inc. 1,498 145
  Ingles Markets Inc. Class A 2,074 141
  National Beverage Corp. 2,963 138
  Medifast Inc. 585 133
  WD-40 Co. 510 122
  SpartanNash Co. 5,618 121
* Boston Beer Co. Inc. Class A 200 114
  Weis Markets Inc. 1,840 105
* United Natural Foods Inc. 2,717 100
* Veru Inc. 10,411 93
  Hershey Co. 509 90
  AmerisourceBergen Corp. Class A 689 84
  Nu Skin Enterprises Inc. Class A 1,602 81

    Shares Market
Value
($000)
  Tyson Foods Inc. Class A 995 78
  John B Sanfilippo & Son Inc. 846 72
  J & J Snack Foods Corp. 377 62
  Calavo Growers Inc. 1,138 53
  McKesson Corp. 255 52
* Vital Farms Inc. 2,843 51
  Coca-Cola Consolidated Inc. 121 49
* Rite Aid Corp. 2,703 48
* Sprouts Farmers Market Inc. 1,439 36
  MGP Ingredients Inc. 498 33
* Hain Celestial Group Inc. 661 25
      5,503
Energy (1.1%)
  Texas Pacific Land Corp. 239 325
  EOG Resources Inc. 2,215 150
* Enphase Energy Inc. 784 136
  SM Energy Co. 4,287 82
* NOW Inc. 8,978 69
* ProPetro Holding Corp. 8,832 68
  Magnolia Oil & Gas Corp. Class A 2,864 45
  Bonanza Creek Energy Inc. 1,059 41
  Cactus Inc. Class A 1,102 41
* TETRA Technologies Inc. 12,213 40
* FTS International Inc. Class A 1,557 35
* DMC Global Inc. 854 34
  World Fuel Services Corp. 1,055 34
* MRC Global Inc. 3,959 32
* RPC Inc. 7,961 30
* Kosmos Energy Ltd. 11,340 27
* Frank's International NV 8,866 26
* Renewable Energy Group Inc. 493 24
      1,239
Financials (16.1%)
  Aon plc Class A 3,983 1,143
  Moody's Corp. 1,703 648
* Berkshire Hathaway Inc. Class B 2,231 638
  S&P Global Inc. 1,344 596
  Allstate Corp. 3,560 482
  Voya Financial Inc. 6,524 424
* Nicolet Bankshares Inc. 4,331 331
  Evercore Inc. Class A 2,252 314
  JPMorgan Chase & Co. 1,871 299
  Affiliated Managers Group Inc. 1,722 293
  Hilltop Holdings Inc. 8,046 269
  Fidelity National Financial Inc. 5,498 268
  First BanCorp. (XNYS) 20,915 266
* Credit Acceptance Corp. 449 260
  Federated Hermes Inc. 7,623 258
  SLM Corp. 13,078 245
  First Citizens BancShares Inc. Class A 268 241
  HomeStreet Inc. 5,119 209
  Bank of NT Butterfield & Son Ltd. 6,232 208
  Primerica Inc. 1,302 199
  PennyMac Financial Services Inc. 2,930 195
  Brightsphere Investment Group Inc. 7,162 195
  Popular Inc. 2,499 190
  SEI Investments Co. 3,020 190

    Shares Market
Value
($000)
  Meta Financial Group Inc. 3,831 188
  WSFS Financial Corp. 4,035 183
  American Financial Group Inc. 1,276 176
  City Holding Co. 2,221 173
  Ameriprise Financial Inc. 614 168
  Navient Corp. 7,240 168
  Assured Guaranty Ltd. 3,368 168
* Mr Cooper Group Inc. 4,236 165
  Virtu Financial Inc. Class A 6,707 164
  FactSet Research Systems Inc. 424 161
* Encore Capital Group Inc. 3,233 159
  LPL Financial Holdings Inc. 1,043 154
* Bancorp Inc. 6,170 152
  Employers Holdings Inc. 3,568 147
  First American Financial Corp. 2,059 145
  Cincinnati Financial Corp. 1,161 143
* Enstar Group Ltd. 621 143
* World Acceptance Corp. 746 142
  Washington Federal Inc. 3,996 133
  Associated Banc-Corp. 6,344 131
  Discover Financial Services 1,016 130
  Cboe Global Markets Inc. 1,004 127
  Equitable Holdings Inc. 4,100 127
* Triumph Bancorp Inc. 1,530 126
  Jefferies Financial Group Inc. 3,379 125
  Hanover Insurance Group Inc. 877 124
  MarketAxess Holdings Inc. 256 122
  CNO Financial Group Inc. 4,928 121
  Marsh & McLennan Cos. Inc. 772 121
  Mercury General Corp. 2,025 121
  Washington Trust Bancorp Inc. 2,281 121
* Axos Financial Inc. 2,435 118
  First Merchants Corp. 2,862 118
  OneMain Holdings Inc. 1,957 113
  Lazard Ltd. Class A 2,374 113
  State Street Corp. 1,181 110
  Lakeland Financial Corp. 1,648 109
  Ally Financial Inc. 2,023 107
  Veritex Holdings Inc. 2,929 105
  1st Source Corp. 2,219 104
  T Rowe Price Group Inc. 465 104
* Columbia Financial Inc. 5,590 101
  First Financial Bancorp 4,110 97
  Oppenheimer Holdings Inc. Class A 2,073 97
  Harborone Bancorp Inc. 6,761 96
  TriCo Bancshares 2,419 96
  First Commonwealth Financial Corp. 6,924 94
  FirstCash Inc. 1,099 94
  WisdomTree Investments Inc. 14,698 93
  First BanCorp. 2,177 91
  Park National Corp. 712 83
  Fifth Third Bancorp 2,074 81
  PJT Partners Inc. Class A 1,027 81
  Hope Bancorp Inc. 5,762 79
  Southside Bancshares Inc. 2,011 76
  Comerica Inc. 1,018 75
  Eagle Bancorp Inc. 1,292 75
  Synovus Financial Corp. 1,686 73

    Shares Market
Value
($000)
  First Hawaiian Inc. 2,539 71
  AMERISAFE Inc. 1,211 70
  Great Western Bancorp Inc. 2,225 69
  Walker & Dunlop Inc. 620 69
  First Foundation Inc. 2,818 68
  Cathay General Bancorp 1,697 67
  Curo Group Holdings Corp. 4,038 66
  OFG Bancorp 2,786 66
  Heritage Financial Corp. 2,538 65
  B Riley Financial Inc. 980 64
  Ameris Bancorp 1,287 63
  Kearny Financial Corp. 4,909 62
  UMB Financial Corp. 650 60
  BankUnited Inc. 1,378 58
* Brighthouse Financial Inc. 1,179 58
  Commerce Bancshares Inc. 819 58
  First Interstate BancSystem Inc. Class A 1,326 58
  BancorpSouth Bank 1,909 56
  BOK Financial Corp. 625 55
  Federal Agricultural Mortgage Corp. Class C 564 55
  Northern Trust Corp. 455 54
  Bank of New York Mellon Corp. 961 53
  Radian Group Inc. 2,227 53
  Janus Henderson Group plc 1,173 51
* Customers Bancorp Inc. 1,217 50
  Universal Insurance Holdings Inc. 3,523 50
  Artisan Partners Asset Management Inc. Class A 949 49
  Zions Bancorp NA 823 48
* SVB Financial Group 83 46
  U.S. Bancorp 780 45
  Wintrust Financial Corp. 605 45
  Northfield Bancorp Inc. 2,627 44
  Central Pacific Financial Corp. 1,702 43
* Markel Corp. 34 43
  Atlantic Union Bankshares Corp. 1,134 42
  Cohen & Steers Inc. 477 42
  Diamond Hill Investment Group Inc. 226 41
  Simmons First National Corp. Class A 1,340 39
  Tompkins Financial Corp. 491 39
  Westamerica BanCorp. 657 37
* Enova International Inc. 1,087 36
  Hanmi Financial Corp. 1,845 36
  Capitol Federal Financial Inc. 2,683 31
  Columbia Banking System Inc. 855 31
  Morningstar Inc. 114 31
  OceanFirst Financial Corp. 1,422 30
  BancFirst Corp. 505 29
  Fulton Financial Corp. 1,767 28
  NBT Bancorp Inc. 713 26
  Greenhill & Co. Inc. 1,665 25
  Independent Bank Group Inc. 353 25
* Focus Financial Partners Inc. Class A 471 24
  TrustCo Bank Corp. NY 737 24
  Home BancShares Inc. 1,050 23
  Premier Financial Corp. 770 23
  KeyCorp. 1,107 22
      18,088

    Shares Market
Value
($000)
Health Care (13.8%)
* Moderna Inc. 3,100 1,168
* Align Technology Inc. 1,612 1,143
* Veeva Systems Inc. Class A 2,602 864
  Johnson & Johnson 4,112 712
  Eli Lilly & Co. 2,536 655
* Edwards Lifesciences Corp. 4,698 550
  Amgen Inc. 2,367 534
  Abbott Laboratories 3,614 457
  Cerner Corp. 5,147 393
  Humana Inc. 924 375
  AbbVie Inc. 3,055 369
  ResMed Inc. 1,212 352
* Vertex Pharmaceuticals Inc. 1,691 339
* Seagen Inc. 2,007 336
* IDEXX Laboratories Inc. 493 332
  Agilent Technologies Inc. 1,767 310
  Bruker Corp. 3,451 305
* Quidel Corp. 2,045 264
* Sage Therapeutics Inc. 5,477 253
* Molina Healthcare Inc. 804 216
* Amedisys Inc. 1,140 209
  Cardinal Health Inc. 3,713 195
  Chemed Corp. 370 176
* CorVel Corp. 1,005 166
* STAAR Surgical Co. 1,059 164
* Incyte Corp. 2,015 154
* LHC Group Inc. 813 152
  Healthcare Services Group Inc. 5,677 148
* Emergent BioSolutions Inc. 2,249 142
  Hill-Rom Holdings Inc. 974 142
* Eagle Pharmaceuticals Inc. 2,642 141
*,1 Retractable Technologies Inc. 10,887 140
  Owens & Minor Inc. 3,707 138
  West Pharmaceutical Services Inc. 306 138
* ABIOMED Inc. 356 130
  Anthem Inc. 324 121
* Catalyst Pharmaceuticals Inc. 21,307 117
* Corcept Therapeutics Inc. 5,341 114
* Medpace Holdings Inc. 626 114
* Masimo Corp. 410 111
* Henry Schein Inc. 1,474 111
  Quest Diagnostics Inc. 717 110
* Puma Biotechnology Inc. 14,454 109
* Fulgent Genetics Inc. 1,157 106
* Vanda Pharmaceuticals Inc. 6,298 105
* Hologic Inc. 1,300 103
  Patterson Cos. Inc. 3,197 98
* Globus Medical Inc. Class A 1,175 96
* Collegium Pharmaceutical Inc. 4,594 94
* ModivCare Inc. 476 94
* Computer Programs and Systems Inc. 2,547 91
* ChromaDex Corp. 10,347 88
* Myriad Genetics Inc. 2,418 86
* Natus Medical Inc. 2,991 79
* NextGen Healthcare Inc. 5,203 79
* Orthofix Medical Inc. 1,834 78
* Tivity Health Inc. 3,325 77

    Shares Market
Value
($000)
* ICU Medical Inc. 354 71
* BioDelivery Sciences International Inc. 16,994 66
  Atrion Corp. 87 60
* Amphastar Pharmaceuticals Inc. 3,003 59
* Surmodics Inc. 966 58
* Meridian Bioscience Inc. 2,751 56
* Akebia Therapeutics Inc. 18,242 54
* Anika Therapeutics Inc. 1,243 54
* AngioDynamics Inc. 1,802 51
* DaVita Inc. 380 50
* Alphatec Holdings Inc. 3,154 46
* Ovid therapeutics Inc. 11,234 40
* Avid Bioservices Inc. 1,537 37
* Inogen Inc. 630 37
* Cutera Inc. 730 36
* Biogen Inc. 103 35
* Joint Corp. 296 30
* United Therapeutics Corp. 138 30
  Phibro Animal Health Corp. Class A 1,151 28
* Merit Medical Systems Inc. 361 26
* Antares Pharma Inc. 6,371 25
* Viemed Healthcare Inc. 3,576 23
  LeMaitre Vascular Inc. 395 22
      15,437
Industrials (17.4%)
  Accenture plc Class A 2,375 799
  Sherwin-Williams Co. 2,566 779
  3M Co. 3,322 647
  American Express Co. 3,465 575
  Automatic Data Processing Inc. 2,580 539
  Toro Co. 3,379 371
  Robert Half International Inc. 3,419 354
  Louisiana-Pacific Corp. 5,311 337
  Lincoln Electric Holdings Inc. 2,238 312
  Jack Henry & Associates Inc. 1,758 310
  Paychex Inc. 2,417 277
  Brunswick Corp. 2,803 272
  Donaldson Co. Inc. 3,817 259
  Watsco Inc. 901 251
  MSC Industrial Direct Co. Inc. Class A 2,841 239
* MYR Group Inc. 2,255 235
  Illinois Tool Works Inc. 1,002 233
  A O Smith Corp. 3,205 233
  Graco Inc. 2,923 229
  EMCOR Group Inc. 1,854 225
  Landstar System Inc. 1,265 213
  Simpson Manufacturing Co. Inc. 1,884 213
  Emerson Electric Co. 1,992 210
  Heartland Express Inc. 12,255 206
* Donnelley Financial Solutions Inc. 5,594 187
* Veritiv Corp. 1,905 171
  AGCO Corp. 1,222 168
  WW Grainger Inc. 375 163
  JB Hunt Transport Services Inc. 919 163
  Kforce Inc. 2,781 162
  Acuity Brands Inc. 838 155
* TriNet Group Inc. 1,672 154
* Generac Holdings Inc. 342 149

    Shares Market
Value
($000)
* Mettler-Toledo International Inc. 96 149
* Zebra Technologies Corp. Class A 253 149
  Expeditors International of Washington Inc. 1,182 147
  Pentair plc 1,859 143
  Insteel Industries Inc. 3,813 141
  AAON Inc. 2,064 141
* Fair Isaac Corp. 289 133
  CH Robinson Worldwide Inc. 1,463 132
  Astec Industries Inc. 2,138 131
* Franklin Covey Co. 3,007 131
  Rockwell Automation Inc. 404 131
  Watts Water Technologies Inc. Class A 749 129
  Ennis Inc. 6,581 128
* Keysight Technologies Inc. 716 128
* Saia Inc. 525 126
  Trane Technologies plc 635 126
  Insperity Inc. 1,112 123
* Trex Co. Inc. 1,122 123
* Napco Security Technologies Inc. 3,088 121
  CSW Industrials Inc. 901 120
  Synchrony Financial 2,353 117
  Tennant Co. 1,572 116
  ManpowerGroup Inc. 924 112
  Snap-on Inc. 488 110
* Modine Manufacturing Co. 8,723 109
  Marten Transport Ltd. 6,849 107
  Advanced Drainage Systems Inc. 923 105
  Exponent Inc. 894 105
  Apogee Enterprises Inc. 2,411 104
* Energy Recovery Inc. 5,073 104
  MSA Safety Inc. 629 102
  John Bean Technologies Corp. 687 100
  Myers Industries Inc. 4,350 99
* TrueBlue Inc. 3,575 98
  Brady Corp. Class A 1,821 97
  Cintas Corp. 246 97
* Echo Global Logistics Inc. 2,957 97
  Badger Meter Inc. 901 96
* Conduent Inc. 13,050 95
  Quanex Building Products Corp. 3,978 94
  Quanta Services Inc. 918 94
  Nordson Corp. 389 93
  Cognex Corp. 1,000 89
* GMS Inc. 1,804 89
* Mohawk Industries Inc. 449 89
  RPM International Inc. 1,084 89
  Schneider National Inc. Class B 3,960 89
  Allegion plc 620 89
  Xylem Inc. 623 85
* Vicor Corp. 672 83
  Werner Enterprises Inc. 1,770 83
* Cross Country Healthcare Inc. 3,748 82
  PPG Industries Inc. 517 82
  Kadant Inc. 381 80
  Franklin Electric Co. Inc. 903 77
  H&E Equipment Services Inc. 2,256 77
  Heidrick & Struggles International Inc. 1,789 77
  Cummins Inc. 317 75

    Shares Market
Value
($000)
  Valmont Industries Inc. 302 75
* MasTec Inc. 786 72
  McGrath RentCorp. 1,027 72
  Sonoco Products Co. 1,081 71
* IES Holdings Inc. 1,418 69
  Old Dominion Freight Line Inc. 240 69
* ASGN Inc. 613 69
  Terex Corp. 1,332 68
  ABM Industries Inc. 1,381 68
* DXP Enterprises Inc. 2,241 67
* Waters Corp. 162 67
  Resources Connection Inc. 4,193 66
  Oshkosh Corp. 563 65
* TopBuild Corp. 297 65
  UniFirst Corp. 285 65
  Hubbell Inc. Class B 295 61
  Booz Allen Hamilton Holding Corp. Class A 738 60
* Builders FirstSource Inc. 1,117 60
  Dover Corp. 326 57
  Shyft Group Inc. 1,306 57
* OSI Systems Inc. 570 56
* ShotSpotter Inc. 1,400 56
  Crane Co. 544 55
  Alamo Group Inc. 348 54
  Encore Wire Corp. 638 54
  Ryder System Inc. 675 54
  Comfort Systems USA Inc. 680 52
* FARO Technologies Inc. 760 52
  ITT Inc. 540 52
  AZZ Inc. 928 50
* FTI Consulting Inc. 361 50
  Barrett Business Services Inc. 621 48
* Dycom Industries Inc. 640 48
  Flowserve Corp. 1,222 48
* NV5 Global Inc. 456 48
  Pitney Bowes Inc. 6,288 47
  Douglas Dynamics Inc. 1,127 45
  Hyster-Yale Materials Handling Inc. 772 45
  Maximus Inc. 521 45
  Applied Industrial Technologies Inc. 493 44
* United Rentals Inc. 126 44
  Wabash National Corp. 2,760 43
* AMN Healthcare Services Inc. 380 43
* Construction Partners Inc. Class A 1,252 42
  Packaging Corp. of America 279 42
  Deluxe Corp. 1,065 41
* Hub Group Inc. Class A 590 41
  Huntington Ingalls Industries Inc. 201 41
* Sterling Construction Co. Inc. 1,764 41
  AptarGroup Inc. 297 40
  CRA International Inc. 432 40
  Hillenbrand Inc. 852 40
  REV Group Inc. 2,324 38
* Cornerstone Building Brands Inc. 2,164 36
* ExlService Holdings Inc. 294 36
  Regal Beloit Corp. 243 36
  Littelfuse Inc. 122 35
  Kelly Services Inc. Class A 1,756 34

    Shares Market
Value
($000)
  Mastercard Inc. Class A 97 34
* Titan Machinery Inc. 1,182 34
* Axalta Coating Systems Ltd. 1,095 33
  Forward Air Corp. 368 32
* Masonite International Corp. 256 31
  Owens Corning 322 31
  ICF International Inc. 324 30
  Enerpac Tool Group Corp. Class A 1,185 30
  Fortune Brands Home & Security Inc. 295 29
* O-I Glass Inc. 1,929 29
  SPX FLOW Inc. 334 27
  MKS Instruments Inc. 174 26
* Resideo Technologies Inc. 797 26
  Albany International Corp. Class A 317 25
* JELD-WEN Holding Inc. 910 25
  Helios Technologies Inc. 275 22
* Paysign Inc. 2,116 5
* BM Technologies Inc. (XASE) 194 2
      19,538
Real Estate (0.4%)
  Simon Property Group Inc. 1,913 257
  Iron Mountain Inc. 1,920 92
  Lamar Advertising Co. Class A 526 60
  Empire State Realty Trust Inc. Class A 3,644 37
  Urban Edge Properties 1,520 29
      475
Technology (18.5%)
* Advanced Micro Devices Inc. 8,882 983
  Applied Materials Inc. 7,255 980
* Zoom Video Communications Inc. Class A 3,232 936
  Texas Instruments Inc. 4,174 797
  KLA Corp. 2,237 761
* Cadence Design Systems Inc. 4,528 740
  Intel Corp. 12,617 682
* Adobe Inc. 939 623
* Facebook Inc. Class A 1,375 522
* Synopsys Inc. 1,445 480
* Fortinet Inc. 1,436 453
* Manhattan Associates Inc. 2,494 407
  NetApp Inc. 4,482 399
  International Business Machines Corp. 2,806 394
  QUALCOMM Inc. 2,680 393
  Apple Inc. 2,287 347
* Alphabet Inc. Class A 109 315
  Intuit Inc. 539 305
* Teradata Corp. 5,176 283
* Qualys Inc. 2,161 254
  Teradyne Inc. 2,024 246
  NVIDIA Corp. 1,076 241
* Atlassian Corp. plc Class A 608 223
* Digital Turbine Inc. 3,715 217
* Elastic NV 1,362 217
* EPAM Systems Inc. 342 216
  Lam Research Corp. 348 210
  Monolithic Power Systems Inc. 425 210
  TE Connectivity Ltd. 1,401 210
* Dropbox Inc. Class A 6,583 209

    Shares Market
Value
($000)
  Microsoft Corp. 691 209
* CommVault Systems Inc. 2,451 198
  Shutterstock Inc. 1,621 187
* eGain Corp. 15,321 180
* Cirrus Logic Inc. 2,139 179
* Lattice Semiconductor Corp. 2,858 178
* A10 Networks Inc. 12,014 167
* Upwork Inc. 3,737 167
* Paycom Software Inc. 336 164
  Skyworks Solutions Inc. 895 164
* Agilysys Inc. 2,805 159
* Anaplan Inc. 2,594 156
* Gartner Inc. 505 156
* VMware Inc. Class A 1,032 154
  Cognizant Technology Solutions Corp. Class A 1,980 151
  Kulicke & Soffa Industries Inc. 2,122 149
* F5 Networks Inc. 662 135
* Brightcove Inc. 11,784 134
  Dolby Laboratories Inc. Class A 1,343 133
  Universal Display Corp. 626 131
* TrueCar Inc. 30,880 130
* 3D Systems Corp. 4,064 124
  American Software Inc. Class A 4,751 121
* Yandex NV Class A 1,514 116
* Aspen Technology Inc. 876 113
  Advanced Energy Industries Inc. 1,213 109
* ChannelAdvisor Corp. 4,062 104
* Pinterest Inc. Class A 1,822 101
  SYNNEX Corp. 793 101
  Citrix Systems Inc. 919 95
* II-VI Inc. 1,496 94
* TechTarget Inc. 1,101 93
  Vertiv Holdings Co. Class A 3,281 92
* Appfolio Inc. Class A 770 91
* Veritone Inc. 4,328 90
* CyberOptics Corp. 2,106 89
* Crowdstrike Holdings Inc. Class A 313 88
* Qorvo Inc. 442 83
* Cohu Inc. 2,297 82
* ScanSource Inc. 2,190 78
* SPS Commerce Inc. 556 75
* Yelp Inc. Class A 1,914 74
* ePlus Inc. 666 72
  CDW Corp. 352 71
  CSG Systems International Inc. 1,477 71
* Synaptics Inc. 363 69
  CMC Materials Inc. 510 68
* Smith Micro Software Inc. 13,437 67
* OneSpan Inc. 3,148 61
  Power Integrations Inc. 566 61
* Arrow Electronics Inc. 496 60
* Box Inc. Class A 2,280 59
* Concentrix Corp. 331 57
  Amkor Technology Inc. 2,050 56
* Avaya Holdings Corp. 2,776 56
* Onto Innovation Inc. 749 56
  Jabil Inc. 882 54
* Mimecast Ltd. 764 53

    Shares Market
Value
($000)
* Alpha & Omega Semiconductor Ltd. 1,783 52
  Avnet Inc. 1,253 51
* Diodes Inc. 522 51
* Kopin Corp. 8,706 51
* IPG Photonics Corp. 293 50
* Rogers Corp. 232 49
* Perficient Inc. 367 44
  Simulations Plus Inc. 987 44
* AXT Inc. 4,535 42
* Cargurus Inc. 1,379 42
  National Instruments Corp. 999 42
* Blackbaud Inc. 591 41
* Alarm.com Holdings Inc. 474 40
* MACOM Technology Solutions Holdings Inc. Class H 609 37
* Mitek Systems Inc. 1,640 37
  PC Connection Inc. 765 37
* Axcelis Technologies Inc. 675 34
  Hackett Group Inc. 1,711 34
* SMART Global Holdings Inc. 688 33
  Brooks Automation Inc. 378 32
* Altair Engineering Inc. Class A 422 31
* Semtech Corp. 447 31
* Sprout Social Inc. Class A 253 31
* Verint Systems Inc. 662 30
* Zix Corp. 3,810 29
* FormFactor Inc. 714 28
* Nutanix Inc. Class A 727 27
  CTS Corp. 744 26
* NeoPhotonics Corp. 2,755 26
* Groupon Inc. Class A 1,044 26
* DXC Technology Co. 693 25
* Super Micro Computer Inc. 668 24
      20,815
Telecommunications (1.4%)
  Cisco Systems Inc. 4,920 290
* Extreme Networks Inc. 12,494 135
* Cambium Networks Corp. 3,600 135
* IDT Corp. Class B 3,061 133
* Calix Inc. 2,581 120
  Ubiquiti Inc. 342 111
* Clearfield Inc. 2,421 110
* Aviat Networks Inc. 2,518 89
* Ciena Corp. 1,350 77
* Viavi Solutions Inc. 4,014 65
* Ooma Inc. 3,259 62
* Arista Networks Inc. 161 60
* Digi International Inc. 2,137 47
* Consolidated Communications Holdings Inc. 4,991 46
* NETGEAR Inc. 1,185 42
* CommScope Holding Co. Inc. 2,368 38
  ADTRAN Inc. 1,763 37
* Vonage Holdings Corp. 1,842 26
      1,623
Utilities (0.1%)
* Clean Harbors Inc. 683 70
Total Common Stocks (Cost $85,033) 111,938

    Shares Market
Value
($000)
Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
2,3 Vanguard Market Liquidity Fund, 0.068% (Cost $440) 4,396 439
Total Investments (100.1%) (Cost $85,473) 112,377
Other Assets and Liabilities—Net (-0.1%) (123)
Net Assets (100%) 112,254
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $228,000.
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.
3 Collateral of $236,000 was received for securities on loan.

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 12 271 13
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.