NPORT-P false 0000836906 XXXXXXXX S000002869 C000007886 VANGUARD MALVERN FUNDS 811-05628 0000836906 549300EW16IGZDA38J20 100 Vanguard Boulevard Malvern 19355 610-669-1000 VANGUARD U.S. VALUE FUND S000002869 2RP5HU65TXU2TEBUMQ76 2020-09-30 2019-12-31 N 1498452594.95 13093048.14 1485359546.81 0 0 0 0 0 0 0 0 0 0 0 0 0 0.76 N International Paper Co. 824LMFJDH41EY779Q875 460146103 115361.00000000 NS USD 5312374.05000000 0.357649032613 Long EC CORP US N 1 N N N Brixmor Property Group Inc. 5299007UXW6Y0W2EGZ95 11120U105 393410.00000000 NS USD 8501590.10000000 0.572359070789 Long EC CORP US N 1 N N N frontdoor Inc. 5493008RB0JZJI3QGZ06 35905A109 131694.00000000 NS USD 6244929.48000000 0.420432177071 Long EC CORP US N 1 N N N K12 Inc. N/A 48273U102 30137.00000000 NS USD 613287.95000000 0.041288855032 Long EC CORP US N 1 N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 20825C104 252092.00000000 NS USD 16393542.76000000 1.103675052630 Long EC CORP US N 1 N N N Amkor Technology Inc. 529900VHLRTKPWZJBM84 031652100 95396.00000000 NS USD 1240148.00000000 0.083491434963 Long EC CORP US N 1 N N N Yum! Brands Inc. 549300JE8XHZZ7OHN517 988498101 23743.00000000 NS USD 2391632.39000000 0.161013701708 Long EC CORP US N 1 N N N Hanover Insurance Group Inc. JJYR6MFKFF6CF8DBZ078 410867105 58020.00000000 NS USD 7929593.40000000 0.533850098249 Long EC CORP US N 1 N N N Intrexon Corp. 549300XCWNQU35K64G19 46122T102 326484.00000000 NS USD 1789132.32000000 0.120451127394 Long EC CORP US N 1 N N W&T Offshore Inc. 549300Q7EOY2YIO3YK85 92922P106 867646.00000000 NS USD 4824111.76000000 0.324777375980 Long EC CORP US N 1 N N N Procter & Gamble Co. 2572IBTT8CCZW6AU4141 742718109 212218.00000000 NS USD 26506028.20000000 1.784485665906 Long EC CORP US N 1 N N N Walt Disney Co. 549300GZKULIZ0WOW665 254687106 116813.00000000 NS USD 16894664.19000000 1.137412435008 Long EC CORP US N 1 N N N Meritage Homes Corp. 52990044W9UMFJO2FB97 59001A102 50105.00000000 NS USD 3061916.55000000 0.206139756301 Long EC CORP US N 1 N N N Echo Global Logistics Inc. N/A 27875T101 37389.00000000 NS USD 773952.30000000 0.052105384293 Long EC CORP US N 1 N N N Progressive Corp. 529900TACNVLY9DCR586 743315103 10388.00000000 NS USD 751987.32000000 0.050626619098 Long EC CORP US N 1 N N N Cooper Cos. Inc. QJKMVPIGLH7530PCUE20 216648402 23705.00000000 NS USD 7616179.45000000 0.512749890513 Long EC CORP US N 1 N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 949746101 249767.00000000 NS USD 13437464.60000000 0.904660735433 Long EC CORP US N 1 N N N Jabil Inc. 5493000CGCQY2OQU7669 466313103 97691.00000000 NS USD 4037569.03000000 0.271824356511 Long EC CORP US N 1 N N N SunPower Corp. 549300TXO070764WUH65 867652406 263324.00000000 NS USD 2053927.20000000 0.138278116191 Long EC CORP US N 1 N N N Avnet Inc. XJI53DCPL7QABOWK4Z75 053807103 74531.00000000 NS USD 3163095.64000000 0.212951513779 Long EC CORP US N 1 N N N Teekay Tankers Ltd. 549300DE8ZAIYS2T6Q22 N/A 54945.00000000 NS USD 1317031.65000000 0.088667531900 Long EC CORP MH N 1 N N N Anthem Inc. 8MYN82XMYQH89CTMTH67 036752103 48106.00000000 NS USD 14529455.18000000 0.978177654777 Long EC CORP US N 1 N N N Heidrick & Struggles International Inc. 5493006284N2J367VB57 422819102 27371.00000000 NS USD 889557.50000000 0.059888361838 Long EC CORP US N 1 N N N IQVIA Holdings Inc. 549300W3R20NM4KQPH86 46266C105 70481.00000000 NS USD 10890019.31000000 0.733157122353 Long EC CORP US N 1 N N N Cardtronics plc 549300Y550MRJSMQQY02 N/A 74729.00000000 NS USD 3336649.85000000 0.224635836970 Long EC CORP GB N 1 N N N CenturyLink Inc. 8M3THTGWLTYZVE6BBY25 156700106 669432.00000000 NS USD 8843196.72000000 0.595357315270 Long EC CORP US N 1 N N N MGIC Investment Corp. 254900S8483WM4M98R28 552848103 52372.00000000 NS USD 742111.24000000 0.049961724189 Long EC CORP US N 1 N N N Under Armour Inc. 549300D4549QKWETZ406 904311206 50138.00000000 NS USD 961646.84000000 0.064741687766 Long EC CORP US N 1 N N N Ecolab Inc. 82DYEISM090VG8LTLS26 278865100 41879.00000000 NS USD 8082228.21000000 0.544126048629 Long EC CORP US N 1 N N N United Airlines Holdings Inc. N/A 910047109 113221.00000000 NS USD 9973637.89000000 0.671462873175 Long EC CORP US N 1 N N N Spirit Realty Capital Inc. 549300LTU6LVPZSHMJ25 84860W300 173379.00000000 NS USD 8526779.22000000 0.574054897234 Long EC CORP US N 1 N N N Philip Morris International Inc. HL3H1H2BGXWVG3BSWR90 718172109 224644.00000000 NS USD 19114957.96000000 1.286890975390 Long EC CORP US N 1 N N N Synaptics Inc. 549300AJ3LI4FWNRQX29 87157D109 114657.00000000 NS USD 7540990.89000000 0.507687913421 Long EC CORP US N 1 N N N Citigroup Inc. 6SHGI4ZSSLCXXQSBB395 172967424 217792.00000000 NS USD 17399402.88000000 1.171393344955 Long EC CORP US N 1 N N N DaVita Inc. M2XHYMU3TZNEZURC6H66 23918K108 20867.00000000 NS USD 1565651.01000000 0.105405523757 Long EC CORP US N 1 N N N Continental Resources Inc. XXRTID9RYWOZ0UPIVR53 212015101 22021.00000000 NS USD 755320.30000000 0.050851007866 Long EC CORP US N 1 N N N 1-800-Flowers.com Inc. N/A 68243Q106 40399.00000000 NS USD 585785.50000000 0.039437286497 Long EC CORP US N 1 N N N DuPont de Nemours Inc. 5493004JF0SDFLM8GD76 26614N102 28334.00000000 NS USD 1819042.80000000 0.122464813580 Long EC CORP US N 1 N N N Owens & Minor Inc. 549300LMT5KQQXCEZ733 690732102 99528.00000000 NS USD 514559.76000000 0.034642101375 Long EC CORP US N 1 N N N IDACORP Inc. N134NUJDWN8UEFA8B673 451107106 21652.00000000 NS USD 2312433.60000000 0.155681740826 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 478160104 234150.00000000 NS USD 34155460.50000000 2.299474263544 Long EC CORP US N 1 N N N Comerica Inc. I9Q57JVPWHHZ3ZGBW498 200340107 13869.00000000 NS USD 995100.75000000 0.066993931007 Long EC CORP US N 1 N N N Glu Mobile Inc. 5299006L6Z4VS4PBXT12 379890106 312253.00000000 NS USD 1889130.65000000 0.127183391661 Long EC CORP US N 1 N N N Primerica Inc. 254900621R686KJR7022 74164M108 10922.00000000 NS USD 1425976.32000000 0.096002097476 Long EC CORP US N 1 N N N Rent-A-Center Inc. 529900QUHE15UQNCCJ63 76009N100 266840.00000000 NS USD 7695665.60000000 0.518101197553 Long EC CORP US N 1 N N N Walmart Inc. Y87794H0US1R65VBXU25 931142103 132912.00000000 NS USD 15795262.08000000 1.063396543545 Long EC CORP US N 1 N N N OneMain Holdings Inc. 549300E3VEW8SMS5XW09 68268W103 25615.00000000 NS USD 1079672.25000000 0.072687602965 Long EC CORP US N 1 N N N CONSOL Energy Inc. 549300YJCTPJBTK7IJ81 20854L108 52804.00000000 NS USD 766186.04000000 0.051582530414 Long EC CORP US N 1 N N N eGain Corp. N/A 28225C806 98507.00000000 NS USD 780175.44000000 0.052524349520 Long EC CORP US N 1 N N N PepsiCo Inc. FJSUNZKFNQ5YPJ5OT455 713448108 45501.00000000 NS USD 6218621.67000000 0.418661036201 Long EC CORP US N 1 N N N Zimmer Biomet Holdings Inc. 2P2YLDVPES3BXQ1FRB91 98956P102 40634.00000000 NS USD 6082097.12000000 0.409469689211 Long EC CORP US N 1 N N N Caterpillar Inc. WRJR7GS4GTRECRRTVX92 149123101 65272.00000000 NS USD 9639368.96000000 0.648958629626 Long EC CORP US N 1 N N N Vistra Energy Corp. 549300KP43CPCUJOOG15 92840M102 279738.00000000 NS USD 6431176.62000000 0.432971036124 Long EC CORP US N 1 N N N TEGNA Inc. 549300YC5EDBGX85AO10 87901J105 0.00000000 NS USD 0.00000000 0.000000 Long EC CORP US N 1 N N N TreeHouse Foods Inc. 5493007M7EVHE470Q576 89469A104 91318.00000000 NS USD 4428923.00000000 0.298171779991 Long EC CORP US N 1 N N N Aflac Inc. 549300N0B7DOGLXWPP39 001055102 105283.00000000 NS USD 5569470.70000000 0.374957747567 Long EC CORP US N 1 N N N Campbell Soup Co. 5493007JDSMX8Z5Z1902 134429109 180470.00000000 NS USD 8918827.40000000 0.600449057546 Long EC CORP US N 1 N N N Allegheny Technologies Inc. ZW1LRE7C3H17O2ZN9B45 01741R102 191319.00000000 NS USD 3952650.54000000 0.266107323879 Long EC CORP US N 1 N N N JetBlue Airways Corp. 54930070J9H97ZO93T57 477143101 208071.00000000 NS USD 3895089.12000000 0.262232072252 Long EC CORP US N 1 N N N United States Treasury Bill 254900HROIFWPRGM1V77 912796RY7 450000.00000000 PA USD 449500.50000000 0.030262066916 Long DBT UST US N 2 2020-01-30 Fixed 1.54674150 N N N N N N PACCAR Inc. KDTEY8BWE486IKZ3CC07 693718108 13678.00000000 NS USD 1081929.80000000 0.072839589735 Long EC CORP US N 1 N N N Valvoline Inc. 549300CMHPBEY6VPOT75 92047W101 98321.00000000 NS USD 2105052.61000000 0.141720071380 Long EC CORP US N 1 N N N Expeditors International of Washington Inc. N/A 302130109 30014.00000000 NS USD 2341692.28000000 0.157651545380 Long EC CORP US N 1 N N N MetLife Inc. C4BXATY60WC6XEOZDX54 59156R108 232985.00000000 NS USD 11875245.45000000 0.799486257418 Long EC CORP US N 1 N N N Range Resources Corp. H3Y3WLYCX0BTO1TRW162 75281A109 949275.00000000 NS USD 4603983.75000000 0.309957529130 Long EC CORP US N 1 N N Dow Inc. 5493003S21INSLK2IP73 260557103 38534.00000000 NS USD 2108965.82000000 0.141983523418 Long EC CORP US N 1 N N N Enphase Energy Inc. 5493008U7KIGMI59Z314 29355A107 35543.00000000 NS USD 928738.59000000 0.062526180411 Long EC CORP US N 1 N N Linde plc 8945002PAZHZLBGKGF02 N/A 12212.00000000 NS USD 2599934.80000000 0.175037404619 Long EC CORP IE N 1 N N N Diebold Nixdorf Inc. 549300XZK6EWDBAZSY16 253651103 257001.00000000 NS 2713930.56000000 0.182712028601 Long EC CORP US N 1 N N N Sempra Energy PBBKGKLRK5S5C0Y4T545 816851109 50590.00000000 NS USD 7663373.20000000 0.515927151541 Long EC CORP US N 1 N N N Enanta Pharmaceuticals Inc. 529900SSN4DODDQSN594 29251M106 12022.00000000 NS USD 742719.16000000 0.050002651653 Long EC CORP US N 1 N N N OFG Bancorp 549300Q4QEXJ37LEXQ06 67103X102 380221.00000000 NS USD 8977017.81000000 0.604366655149 Long EC CORP PR N 1 N N N AGCO Corp. LYOM0B2GCF1JWXK5ZG04 001084102 9960.00000000 NS USD 769410.00000000 0.051799579546 Long EC CORP US N 1 N N N News Corp. 549300ITS31QK8VRBQ14 65249B109 230245.00000000 NS USD 3255664.30000000 0.219183584674 Long EC CORP US N 1 N N N Medpace Holdings Inc. 549300H8TYEUVTW14A54 58506Q109 32679.00000000 NS USD 2746996.74000000 0.184938168398 Long EC CORP US N 1 N N N Allison Transmission Holdings Inc. 529900RP7DJ882LI9T83 01973R101 32313.00000000 NS USD 1561364.16000000 0.105116916867 Long EC CORP US N 1 N N N Southern Co. 549300FC3G3YU2FBZD92 842587107 240473.00000000 NS USD 15318130.10000000 1.031274221308 Long EC CORP US N 1 N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 316773100 363719.00000000 NS USD 11180722.06000000 0.752728326553 Long EC CORP US N 1 N N N World Fuel Services Corp. D3W7PCXCBRQLL17DZ313 981475106 26082.00000000 NS USD 1132480.44000000 0.076242849243 Long EC CORP US N 1 N N N Landstar System Inc. 254900CUQXQRL09MEI52 515098101 38366.00000000 NS USD 4368736.42000000 0.294119792704 Long EC CORP US N 1 N N N Honeywell International Inc. ISRPG12PN4EIEOEMW547 438516106 71441.00000000 NS USD 12645057.00000000 0.851312870823 Long EC CORP US N 1 N N N Eli Lilly & Co. FRDRIPF3EKNDJ2CQJL29 532457108 18858.00000000 NS USD 2478506.94000000 0.166862423668 Long EC CORP US N 1 N N N Edgewell Personal Care Co. 549300CY8QZDL4Z3RU59 28035Q102 172807.00000000 NS USD 5350104.72000000 0.360189203448 Long EC CORP US N 1 N N N Chevron Corp. N/A 166764100 260023.00000000 NS USD 31335371.73000000 2.109615264351 Long EC CORP US N 1 N N N Triumph Group Inc. 5493007L6S47Q14SL582 896818101 132811.00000000 NS USD 3356133.97000000 0.225947581325 Long EC CORP US N 1 N N N International Business Machines Corp. VGRQXHF3J8VDLUA7XE92 459200101 5517.00000000 NS USD 739498.68000000 0.049785836808 Long EC CORP US N 1 N N N NextEra Energy Inc. BLVY3B5CY5IDPCFLQ577 65339F101 9209.00000000 NS USD 2230051.44000000 0.150135463483 Long EC CORP US N 1 N N N Lannett Co. Inc. 5299001DJ6C90XX17G45 516012101 81876.00000000 NS USD 722146.32000000 0.048617610567 Long EC CORP US N 1 N N N Integer Holdings Corp. 549300SUD2ED5XG6X569 45826H109 97120.00000000 NS USD 7811361.60000000 0.525890288097 Long EC CORP US N 1 N N N General Electric Co. 3C7474T6CDKPR9K6YT90 369604103 1508971.00000000 NS USD 16840116.36000000 1.133740069612 Long EC CORP US N 1 N N N Essex Property Trust Inc. 549300TR2H2VEFX0NC60 297178105 27868.00000000 NS USD 8384366.48000000 0.564467135112 Long EC CORP US N 1 N N N Clearway Energy Inc. 549300LHAZ9HA9G3XC48 18539C105 63803.00000000 NS USD 1219913.36000000 0.082129162775 Long EC CORP US N 1 N N N Zions Bancorp NA 8WH0EE09O9V05QJZ3V89 989701107 183761.00000000 NS USD 9540871.12000000 0.642327383998 Long EC CORP US N 1 N N N Macquarie Infrastructure Corp. 529900IZSJ64GH477714 55608B105 77964.00000000 NS USD 3339977.76000000 0.224859884407 Long EC CORP US N 1 N N N Nielsen Holdings plc 549300ZVCBHQE0XHG367 N/A 84025.00000000 NS USD 1705707.50000000 0.114834654253 Long EC CORP GB N 1 N N N Gentex Corp. 549300S3UD8XV1MN0287 371901109 290292.00000000 NS USD 8412662.16000000 0.566372106879 Long EC CORP US N 1 N N N Merck & Co. Inc. 4YV9Y5M8S0BRK1RP0397 58933Y105 111552.00000000 NS USD 10145654.40000000 0.683043672610 Long EC CORP US N 1 N N N Spirit AeroSystems Holdings Inc. N/A 848574109 100085.00000000 NS USD 7294194.80000000 0.491072670968 Long EC CORP US N 1 N N N Kraft Heinz Co. N/A 500754106 41895.00000000 NS USD 1346086.35000000 0.090623603752 Long EC CORP US N 1 N N N Duke Energy Corp. I1BZKREC126H0VB1BL91 26441C204 29624.00000000 NS USD 2702005.04000000 0.181909157671 Long EC CORP US N 1 N N N Lexington Realty Trust 549300S4MH2ICXDBFV43 529043101 186558.00000000 NS USD 1981245.96000000 0.133384941326 Long EC CORP US N 1 N N N Coty Inc. 549300BO9IWPF3S48F93 222070203 656735.00000000 NS USD 7388268.75000000 0.497406083656 Long EC CORP US N 1 N N N Omega Healthcare Investors Inc. 549300OJ7ENK42CZ8E73 681936100 55596.00000000 NS USD 2354490.60000000 0.158513176493 Long EC CORP US N 1 N N N Foundation Building Materials Inc. 549300ZVE6MONHB01I28 350392106 62439.00000000 NS USD 1208194.65000000 0.081340215074 Long EC CORP US N 1 N N N BMC Stock Holdings Inc. 549300GHSZDJ1FJEJG18 05591B109 67221.00000000 NS USD 1928570.49000000 0.129838630259 Long EC CORP US N 1 N N N Teradata Corp. 549300JU9SOUHV4U4R71 88076W103 28166.00000000 NS USD 754003.82000000 0.050762377474 Long EC CORP US N 1 N N N Hub Group Inc. N/A 443320106 1717.00000000 NS USD 88064.93000000 0.005928862825 Long EC CORP US N 1 N N N Valero Energy Corp. 549300XTO5VR8SKV1V74 91913Y100 30714.00000000 NS USD 2876366.10000000 0.193647801044 Long EC CORP US N 1 N N N Best Buy Co. Inc. HL5XPTVRV0O8TUN5LL90 086516101 22339.00000000 NS USD 1961364.20000000 0.132046426349 Long EC CORP US N 1 N N N CACI International Inc. SYRPI2D1O9WRTS2WX210 127190304 32345.00000000 NS USD 8085926.55000000 0.544375034809 Long EC CORP US N 1 N N N Unisys Corp. 549300T21W22FIJJOW08 909214306 66009.00000000 NS USD 782866.74000000 0.052705537974 Long EC CORP US N 1 N N N WW Grainger Inc. 549300TWZSP6O1IH2V34 384802104 27259.00000000 NS USD 9227716.68000000 0.621244647453 Long EC CORP US N 1 N N N Universal Insurance Holdings Inc. 529900GGAZ6WVUCWQM46 91359V107 104809.00000000 NS USD 2933603.91000000 0.197501266026 Long EC CORP US N 1 N N N Pentair plc 549300EVR9D56WPSRP15 G7S00T104 143948.00000000 NS USD 6602894.76000000 0.444531748167 Long EC CORP IE N 1 N N N AES Corp. 2NUNNB7D43COUIRE5295 00130H105 526647.00000000 NS USD 10480275.30000000 0.705571612106 Long EC CORP US N 1 N N N American Axle & Manufacturing Holdings Inc. 549300S7CW2U4N4EW602 024061103 145783.00000000 NS USD 1568625.08000000 0.105605749353 Long EC CORP US N 1 N N N FTI Consulting Inc. 549300K17GM8EQD0FQ48 302941109 80158.00000000 NS USD 8870284.28000000 0.597180951847 Long EC CORP US N 1 N N N Carnival F1OF2ZSX47CR0BCWA982 143658300 117386.00000000 NS USD 5966730.38000000 0.401702765691 Long EC CORP PA N 1 N N N Brighthouse Financial Inc. 5493003T8SZSHOGGAW52 10922N103 113410.00000000 NS USD 4449074.30000000 0.299528441417 Long EC CORP US N 1 N N N Bandwidth Inc. N/A 05988J103 11296.00000000 NS USD 723508.80000000 0.048709337853 Long EC CORP US N 1 N N N NRG Energy Inc. 5E2UPK5SW04M13XY7I38 629377508 238553.00000000 NS USD 9482481.75000000 0.638396391659 Long EC CORP US N 1 N N N Hilltop Holdings Inc. 54930010TA543US0PM65 432748101 32832.00000000 NS USD 818501.76000000 0.055104621756 Long EC CORP US N 1 N N N CF Industries Holdings Inc. 529900CG8YAQFZ2JMV97 125269100 206205.00000000 NS USD 9844226.70000000 0.662750424376 Long EC CORP US N 1 N N N Syneos Health Inc. 549300F1ZGKDS8P6GU13 87166B102 33574.00000000 NS USD 1996813.65000000 0.134433016860 Long EC CORP US N 1 N N N Exxon Mobil Corp. J3WHBG0MTS7O8ZVMDC91 30231G102 365466.00000000 NS USD 25502217.48000000 1.716905346908 Long EC CORP US N 1 N N N Erie Indemnity Co. 549300WA5KP94KRUFZ80 29530P102 21971.00000000 NS USD 3647186.00000000 0.245542300369 Long EC CORP US N 1 N N N AXA Equitable Holdings Inc. 549300FIBAKMNHPZ4009 054561105 388784.00000000 NS USD 9634067.52000000 0.648601716715 Long EC CORP US N 1 N N N SITE Centers Corp. W2AVA6SODOQ1LCYJQR54 82981J109 164527.00000000 NS USD 2306668.54000000 0.155293615270 Long EC CORP US N 1 N N N International Game Technology plc 549300UQ6KHRCZDRGZ76 N/A 51564.00000000 NS USD 771913.08000000 0.051968096321 Long EC CORP GB N 1 N N N Builders FirstSource Inc. 549300W0SKP6L3H7DP63 12008R107 309198.00000000 NS USD 7856721.18000000 0.528944065891 Long EC CORP US N 1 N N N Medical Properties Trust Inc. 254900U6E39J1MQCCY14 58463J304 462606.00000000 NS USD 9765612.66000000 0.657457831066 Long EC CORP US N 1 N N N Coca-Cola Co. UWJKFUJFZ02DKWI3RY53 191216100 13270.00000000 NS USD 734494.50000000 0.049448936560 Long EC CORP US N 1 N N N AMAG Pharmaceuticals Inc. 549300HCK1560YVVY867 00163U106 184011.00000000 NS USD 2239413.87000000 0.150765777539 Long EC CORP US N 1 N N N Kraton Corp. N/A 50077C106 32605.00000000 NS USD 825558.60000000 0.055579714808 Long EC CORP US N 1 N N N Ameren Corp. XRZQ5S7HYJFPHJ78L959 023608102 64491.00000000 NS USD 4952908.80000000 0.333448477887 Long EC CORP US N 1 N N N Stoneridge Inc. PNBCIH9LE7WI83VJIF08 86183P102 62341.00000000 NS USD 1827838.12000000 0.123056947654 Long EC CORP US N 1 N N N Synchrony Financial 549300RS7EWPM9MA6C78 87165B103 276354.00000000 NS USD 9951507.54000000 0.669972974649 Long EC CORP US N 1 N N N Johnson Controls International plc 549300XQ6S1GYKGBL205 N/A 92085.00000000 NS USD 3748780.35000000 0.252382014714 Long EC CORP IE N 1 N N N American Express Co. R4PP93JZOLY261QX3811 025816109 82006.00000000 NS USD 10208926.94000000 0.687303418349 Long EC CORP US N 1 N N N Discover Financial Services Z1YLO2USPORE63VVUL20 254709108 116698.00000000 NS USD 9898324.36000000 0.666392482632 Long EC CORP US N 1 N N N Element Solutions Inc. 549300FLGN6P5CU20J91 28618M106 719200.00000000 NS USD 8400256.00000000 0.565536877454 Long EC CORP US N 1 N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 46625H100 375047.00000000 NS USD 52281551.80000000 3.519791010350 Long EC CORP US N 1 N N N Unum Group 549300E32YFDO6TZ8R31 91529Y106 182016.00000000 NS USD 5307586.56000000 0.357326720752 Long EC CORP US N 1 N N N HP Inc. WHKXQACZ14C5XRO8LW03 40434L105 386126.00000000 NS USD 7934889.30000000 0.534206638186 Long EC CORP US N 1 N N N Park Hotels & Resorts Inc. 5493005UZ5TQN0H6HS73 700517105 291784.00000000 NS USD 7548452.08000000 0.508190228837 Long EC CORP US N 1 N N N US Bancorp N1GZ7BBF3NP8GI976H15 902973304 13462.00000000 NS USD 798161.98000000 0.053735271147 Long EC CORP US N 1 N N N Equity Residential 5493008RACSH5EP3PI59 29476L107 9717.00000000 NS USD 786299.64000000 0.052936653734 Long EC CORP US N 1 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 060505104 1083542.00000000 NS USD 38162349.24000000 2.569233107361 Long EC CORP US N 1 N N N Murphy USA Inc. 549300Y081F8XIKQIO72 626755102 19967.00000000 NS USD 2336139.00000000 0.157277677651 Long EC CORP US N 1 N N N HCA Healthcare Inc. 529900PH4ZGUH2MNEU89 40412C101 67342.00000000 NS USD 9953821.02000000 0.670128726837 Long EC CORP US N 1 N N N Voya Financial Inc. 549300T065Z4KJ686G75 929089100 13306.00000000 NS USD 811399.88000000 0.054626496442 Long EC CORP US N 1 N N N Capital One Financial Corp. ZUE8T73ROZOF6FLBAR73 14040H105 133054.00000000 NS USD 13692587.14000000 0.921836545865 Long EC CORP US N 1 N N N Devon Energy Corp. 54930042348RKR3ZPN35 25179M103 391606.00000000 NS USD 10170007.82000000 0.684683236583 Long EC CORP US N 1 N N N FirstEnergy Corp. 549300SVYJS666PQJH88 337932107 230480.00000000 NS USD 11201328.00000000 0.754115596055 Long EC CORP US N 1 N N N United Technologies Corp. I07WOS4YJ0N7YRFE7309 913017109 20867.00000000 NS USD 3125041.92000000 0.210389594001 Long EC CORP US N 1 N N N Bristol-Myers Squibb Co. HLYYNH7UQUORYSJQCN42 110122108 195841.00000000 NS USD 12571033.79000000 0.846329349482 Long EC CORP US N 1 N N N Radian Group Inc. 54930005OUP720S5U385 750236101 132231.00000000 NS USD 3326931.96000000 0.223981592008 Long EC CORP US N 1 N N N Kimberly-Clark Corp. MP3J6QPYPGN75NVW2S34 494368103 16132.00000000 NS USD 2218956.60000000 0.149388517060 Long EC CORP US N 1 N N N Standard Motor Products Inc. THGK1EO5B5HK0JHQVZ90 853666105 16752.00000000 NS USD 891541.44000000 0.060021928152 Long EC CORP US N 1 N N N Evergy Inc. 549300PGTHDQY6PSUI61 30034W106 51431.00000000 NS USD 3347643.79000000 0.225375990425 Long EC CORP US N 1 N N N WESCO International Inc. 529900TXOGREY3WNJ434 95082P105 60136.00000000 NS USD 3571477.04000000 0.240445287989 Long EC CORP US N 1 N N N T-Mobile US Inc. 549300QHIJYOHPACPG31 872590104 40083.00000000 NS USD 3143308.86000000 0.211619393213 Long EC CORP US N 1 N N N Exelon Corp. 3SOUA6IRML7435B56G12 30161N101 283033.00000000 NS USD 12903474.47000000 0.868710508355 Long EC CORP US N 1 N N N Ally Financial Inc. 549300JBN1OSM8YNAI90 02005N100 278611.00000000 NS USD 8514352.16000000 0.573218260742 Long EC CORP US N 1 N N N Clearway Energy Inc. 549300LHAZ9HA9G3XC48 18539C204 63549.00000000 NS USD 1267802.55000000 0.085353243443 Long EC CORP US N 1 N N N ArcBest Corp. 5493006S3KBNE8ZS3J23 03937C105 69493.00000000 NS USD 1918006.80000000 0.129127442855 Long EC CORP US N 1 N N N Mallinckrodt plc 549300LMDE3RUP8Z3L60 N/A 1464807.00000000 NS USD 5112176.43000000 0.344170974696 Long EC CORP IE N 1 N N McDonald's Corp. UE2136O97NLB5BYP9H04 580135101 23374.00000000 NS USD 4618936.14000000 0.310964180350 Long EC CORP US N 1 N N N Macerich Co. 529900PSWCB5KI0JYU46 554382101 174631.00000000 NS USD 4701066.52000000 0.316493506915 Long EC CORP US N 1 N N Phillips 66 5493005JBO5YSIGK1814 718546104 27425.00000000 NS USD 3055419.25000000 0.205702333590 Long EC CORP US N 1 N N N Healthpeak Properties Inc. PZ9HF5U52KPF0MH0QN75 42250P103 130888.00000000 NS USD 4511709.36000000 0.303745269600 Long EC CORP US N 1 N N N Entergy Corp. 4XM3TW50JULSLG8BNC79 29364G103 24642.00000000 NS USD 2952111.60000000 0.198747273435 Long EC CORP US N 1 N N N Bunge Ltd. 5493007M0RIN8HY3MM77 G16962105 143599.00000000 NS USD 8264122.45000000 0.556371854057 Long EC CORP BM N 1 N N N Ball Corp. 0BGI85ALH27ZJP15DY16 058498106 112265.00000000 NS USD 7260177.55000000 0.488782501556 Long EC CORP US N 1 N N N Brinker International Inc. 52990067JY6PBGJNTG76 109641100 152803.00000000 NS USD 6417726.00000000 0.432065489718 Long EC CORP US N 1 N N N Discovery Inc. 5493006ZCRFWKF6B1K26 25470F104 287571.00000000 NS USD 9415074.54000000 0.633858284360 Long EC CORP US N 1 N N N Lear Corp. 549300UPNBTXA1SYTQ33 521865204 5313.00000000 NS USD 728943.60000000 0.049075229062 Long EC CORP US N 1 N N N Abbott Laboratories HQD377W2YR662HK5JX27 002824100 184123.00000000 NS USD 15992923.78000000 1.076703873775 Long EC CORP US N 1 N N N ON Semiconductor Corp. ZV20P4CNJVT8V1ZGJ064 682189105 141750.00000000 NS USD 3455865.00000000 0.232661849948 Long EC CORP US N 1 N N N First Horizon National Corp. TF3RXI1ZB1TQ30H9JV10 320517105 57982.00000000 NS USD 960181.92000000 0.064643063833 Long EC CORP US N 1 N N N Dell Technologies Inc. 549300TJB5YBRUPOG437 24703L202 135997.00000000 NS USD 6988885.83000000 0.470518121017 Long EC CORP US N 1 N N N Expedia Group Inc. CI7MUJI4USF3V0NJ1H64 30212P303 54612.00000000 NS USD 5905741.68000000 0.397596776664 Long EC CORP US N 1 N N N Aerojet Rocketdyne Holdings Inc. 549300VULNLWHE8QWI76 007800105 80058.00000000 NS USD 3655448.28000000 0.246098548183 Long EC CORP US N 1 N N N SMART Global Holdings Inc. 529900RDGHQY8XKXPN14 N/A 53288.00000000 NS USD 2021746.72000000 0.136111605054 Long EC CORP KY N 1 N N N Medtronic plc 549300GX3ZBSQWUXY261 G5960L103 60544.00000000 NS USD 6868716.80000000 0.462427889244 Long EC CORP IE N 1 N N N Ameriprise Financial Inc. 6ZLKQF7QB6JAEKQS5388 03076C106 48325.00000000 NS USD 8049978.50000000 0.541954876668 Long EC CORP US N 1 N N N Cardinal Health Inc. CCU46N3GJMF4OK4N7U60 14149Y108 172173.00000000 NS USD 8708510.34000000 0.586289720808 Long EC CORP US N 1 N N N PNM Resources Inc. 5493003JOBJGLZSDDQ28 69349H107 29761.00000000 NS USD 1509180.31000000 0.101603703510 Long EC CORP US N 1 N N N Walker & Dunlop Inc. N/A 93148P102 29961.00000000 NS USD 1937877.48000000 0.130465211885 Long EC CORP US N 1 N N N Lam Research Corp. 549300I4GMO6D34U1T02 512807108 29407.00000000 NS USD 8598606.80000000 0.578890600492 Long EC CORP US N 1 N N N Allstate Corp. OBT0W1ED8G0NWVOLOJ77 020002101 111578.00000000 NS USD 12546946.10000000 0.844707675454 Long EC CORP US N 1 N N N Adient plc 5493002QLDY8O75RTR78 N/A 93567.00000000 NS USD 1988298.75000000 0.133859761716 Long EC CORP IE N 1 N N N Verizon Communications Inc. 2S72QS2UO2OESLG6Y829 92343V104 390178.00000000 NS USD 23956929.20000000 1.612870718840 Long EC CORP US N 1 N N N Reliance Steel & Aluminum Co. 549300E287ZOFT3C5Z56 759509102 79099.00000000 NS USD 9472896.24000000 0.637751059017 Long EC CORP US N 1 N N N Lockheed Martin Corp. DPRBOZP0K5RM2YE8UU08 539830109 19777.00000000 NS USD 7700768.26000000 0.518444727846 Long EC CORP US N 1 N N N Athene Holding Ltd. 549300H316CT32FQXI76 N/A 118629.00000000 NS USD 5579121.87000000 0.375607500687 Long EC CORP BM N 1 N N N Navient Corp. 54930067J0ZNOEBRW338 63938C108 513582.00000000 NS USD 7025801.76000000 0.473003440486 Long EC CORP US N 1 N N N Hannon Armstrong Sustainable Infrastructure Capital Inc. N/A 41068X100 186196.00000000 NS USD 5991787.28000000 0.403389690588 Long EC CORP US N 1 N N N Genesco Inc. 549300VY2Q511P1K5P56 371532102 103922.00000000 NS USD 4979942.24000000 0.335268470902 Long EC CORP US N 1 N N N HollyFrontier Corp. 549300J3U2WK73C9ZK26 436106108 130111.00000000 NS USD 6597928.81000000 0.444197421706 Long EC CORP US N 1 N N N Southwestern Energy Co. EFWMP121W54QV9MGOP87 845467109 3719332.00000000 NS USD 9000783.44000000 0.605966646885 Long EC CORP US N 1 N N N Home Depot Inc. QEKMOTMBBKA8I816DO57 437076102 46169.00000000 NS USD 10082386.22000000 0.678784220403 Long EC CORP US N 1 N N N Take-Two Interactive Software Inc. BOMSTHHJK882EWYX3334 874054109 31158.00000000 NS USD 3814673.94000000 0.256818219413 Long EC CORP US N 1 N N N Popular Inc. 5493008CARDZMVQ3LO89 733174700 92006.00000000 NS USD 5405352.50000000 0.363908692114 Long EC CORP PR N 1 N N N YETI Holdings Inc. 549300DSQICIGNT5GO63 98585X104 138581.00000000 NS USD 4819847.18000000 0.324490268389 Long EC CORP US N 1 N N N Regions Financial Corp. CW05CS5KW59QTC0DG824 7591EP100 614456.00000000 NS USD 10544064.96000000 0.709866172311 Long EC CORP US N 1 N N N Intel Corp. KNX4USFCNGPY45LOCE31 458140100 383098.00000000 NS USD 22928415.30000000 1.543627288708 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 617446448 16775.00000000 NS USD 857538.00000000 0.057732688482 Long EC CORP US N 1 N N N Booz Allen Hamilton Holding Corp. 529900JPV47PIUWMA015 099502106 119493.00000000 NS USD 8499537.09000000 0.572220854422 Long EC CORP US N 1 N N N McKesson Corp. 549300WZWOM80UCFSF54 58155Q103 23557.00000000 NS USD 3258404.24000000 0.219368047756 Long EC CORP US N 1 N N N Las Vegas Sands Corp. 549300DUOO1KXOHPM605 517834107 12474.00000000 NS USD 861204.96000000 0.057979562042 Long EC CORP US N 1 N N N Discovery Inc. 5493006ZCRFWKF6B1K26 25470F302 35934.00000000 NS USD 1095627.66000000 0.073761781270 Long EC CORP US N 1 N N N AT&T Inc. 549300Z40J86GGSTL398 00206R102 523836.00000000 NS USD 20471510.88000000 1.378219228062 Long EC CORP US N 1 N N N Whirlpool Corp. WHENKOULSSK7WUM60H03 963320106 57268.00000000 NS USD 8448748.04000000 0.568801544255 Long EC CORP US N 1 N N N CoreCivic Inc. 529900JFA3K6PTLT8B15 21871N101 84931.00000000 NS USD 1476100.78000000 0.099376664940 Long EC CORP US N 1 N N N Amgen Inc. 62QBXGPJ34PQ72Z12S66 031162100 16037.00000000 NS USD 3866039.59000000 0.260276348464 Long EC CORP US N 1 N N N EPR Properties 549300YSSXFHMPOWZ492 26884U109 108875.00000000 NS USD 7690930.00000000 0.517782379122 Long EC CORP US N 1 N N N Regency Centers Corp. 529900053A7X7FJ97S58 758849103 20257.00000000 NS USD 1278014.13000000 0.086040725475 Long EC CORP US N 1 N N N FNB Corp. PCYSKIGYNYFDTBLVZU83 302520101 545487.00000000 NS USD 6927684.90000000 0.466397843867 Long EC CORP US N 1 N N N MSG Networks Inc. 529900CN57TJSXQ5NM69 553573106 73415.00000000 NS USD 1277421.00000000 0.086000793729 Long EC CORP US N 1 N N N CVS Health Corp. 549300EJG376EN5NQE29 126650100 9708.00000000 NS USD 721207.32000000 0.048554393550 Long EC CORP US N 1 N N N Casey's General Stores Inc. 549300CAFWSI86V66Q65 147528103 31867.00000000 NS USD 5066534.33000000 0.341098176591 Long EC CORP US N 1 N N N B&G Foods Inc. 549300TRW1LZMDJZAQ78 05508R106 67753.00000000 NS USD 1214811.29000000 0.081785672203 Long EC CORP US N 1 N N N/A N/A N/A 68.00000000 NC USD 10985740.00000000 0.739601399781 N/A DE N/A N 1 MORGAN STANLEY CAPITAL SERVICES LLC I7331LVCZKQKX5T7XV54 BANK OF AMERICA, N.A. B4TYDEB6GKMZO031MB27 N/A S&P500 EMINI FUT Mar20 SPX 2020-03-21 10924278.88 USD 61461.12 N N N Berkshire Hathaway Inc. 5493000C01ZX7D35SD85 084670702 164318.00000000 NS USD 37218027.00000000 2.505657776928 Long EC CORP US N 1 N N N Hawaiian Electric Industries Inc. JJ8FWOCWCV22X7GUPJ23 419870100 31520.00000000 NS USD 1477027.20000000 0.099439035025 Long EC CORP US N 1 N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 20030N101 250686.00000000 NS USD 11273349.42000000 0.758964349353 Long EC CORP US N 1 N N N New York Times Co. N/A 650111107 123242.00000000 NS USD 3964695.14000000 0.266918211722 Long EC CORP US N 1 N N N Pfizer Inc. 765LHXWGK1KXCLTFYQ30 717081103 383094.00000000 NS USD 15009622.92000000 1.010504355813 Long EC CORP US N 1 N N N Mid-America Apartment Communities Inc. 549300FQZKFR5YNSHZ21 59522J103 5404.00000000 NS USD 712571.44000000 0.047972993577 Long EC CORP US N 1 N N N GMS Inc. 52990057RENOQO4U0D72 36251C103 126842.00000000 NS USD 3434881.36000000 0.231249152259 Long EC CORP US N 1 N N N News Corp. 549300ITS31QK8VRBQ14 65249B208 177185.00000000 NS USD 2570954.35000000 0.173086331556 Long EC CORP US N 1 N N N Molson Coors Brewing Co. 54930073LBBH6ZCBE225 60871R209 126312.00000000 NS USD 6808216.80000000 0.458354801342 Long EC CORP US N 1 N N N Danaher Corp. S4BKK9OTCEWQ3YHPFM11 235851102 27864.00000000 NS USD 4276566.72000000 0.287914581300 Long EC CORP US N 1 N N N Kennedy-Wilson Holdings Inc. 549300MOI1T78144X610 489398107 37564.00000000 NS USD 837677.20000000 0.056395584611 Long EC CORP US N 1 N N N Vanguard Cmt Funds-Vanguard Market Liquidity Fund 1I6HV0TLSTR3A4XQ6L78 N/A 73563.78000000 NS USD 7357113.93000000 0.495308623814 Long STIV CORP US N 1 N N N Vanguard Cmt Funds-Vanguard Market Liquidity Fund 1I6HV0TLSTR3A4XQ6L78 N/A 119159.67000000 NS USD 11917159.02000000 0.802308036838 Long STIV CORP US N 1 N N 2020-01-31 VANGUARD MALVERN FUNDS Christine M. Buchanan Christine M. Buchanan Treasurer XXXX