Vanguard® Explorer Value Fund
Schedule of Investments (unaudited)
As of November 30, 2022
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 (93.7%) | |||
Communication Services (6.8%) | |||
Nexstar Media Group Inc. Class A | 129,644 | 24,575 | |
* | Ziff Davis Inc. | 202,166 | 18,652 |
John Wiley & Sons Inc. Class A | 269,362 | 12,770 | |
Interpublic Group of Cos. Inc. | 150,917 | 5,186 | |
1 | Manchester United plc Class A | 229,484 | 5,072 |
* | Madison Square Garden Entertainment Corp. | 104,754 | 5,041 |
Paramount Global Inc. Class B | 187,272 | 3,760 | |
Madison Square Garden Sports Corp. | 16,358 | 2,664 | |
77,720 | |||
Consumer Discretionary (11.9%) | |||
* | Victoria's Secret & Co. | 412,216 | 18,962 |
Lithia Motors Inc. Class A | 54,737 | 13,099 | |
* | Adtalem Global Education Inc. | 229,500 | 9,547 |
* | Royal Caribbean Cruises Ltd. | 143,354 | 8,591 |
* | Modine Manufacturing Co. | 389,760 | 8,251 |
Kontoor Brands Inc. | 189,577 | 8,237 | |
* | Leslie's Inc. | 530,847 | 7,750 |
Cheesecake Factory Inc. | 219,409 | 7,688 | |
* | OneSpaWorld Holdings Ltd. | 659,627 | 6,577 |
LCI Industries | 54,686 | 5,406 | |
ADT Inc. | 549,536 | 5,133 | |
* | Mattel Inc. | 273,639 | 4,989 |
Boyd Gaming Corp. | 70,401 | 4,318 | |
* | Stoneridge Inc. | 177,386 | 4,202 |
Gentex Corp. | 135,786 | 3,924 | |
* | Perdoceo Education Corp. | 266,320 | 3,822 |
* | Helen of Troy Ltd. | 38,006 | 3,745 |
* | Mohawk Industries Inc. | 30,661 | 3,107 |
* | Under Armour Inc. Class A | 287,805 | 2,878 |
* | LGI Homes Inc. | 28,239 | 2,805 |
* | Lands' End Inc. | 234,130 | 2,707 |
135,738 | |||
Consumer Staples (0.9%) | |||
Spectrum Brands Holdings Inc. | 174,011 | 9,269 | |
J M Smucker Co. | 7,928 | 1,221 | |
10,490 | |||
Energy (4.8%) | |||
DTE Midstream LLC | 259,229 | 15,639 | |
Magnolia Oil & Gas Corp. Class A | 518,255 | 13,516 | |
PDC Energy Inc. | 128,920 | 9,582 | |
Viper Energy Partners LP | 207,210 | 6,844 |
Shares | Market Value ($000) | ||
Coterra Energy Inc. | 223,180 | 6,229 | |
Core Laboratories NV | 146,091 | 3,167 | |
54,977 | |||
Financials (17.6%) | |||
PacWest Bancorp | 593,323 | 15,498 | |
Starwood Property Trust Inc. | 659,452 | 14,119 | |
Columbia Banking System Inc. | 320,739 | 10,924 | |
* | Bancorp Inc. | 359,139 | 10,763 |
First Merchants Corp. | 232,474 | 10,278 | |
Wintrust Financial Corp. | 111,967 | 10,237 | |
Pinnacle Financial Partners Inc. | 109,407 | 9,178 | |
BGC Partners Inc. Class A | 2,013,165 | 8,677 | |
First BanCorp (XNYS) | 544,249 | 8,371 | |
Pacific Premier Bancorp Inc. | 218,133 | 8,060 | |
Popular Inc. | 103,336 | 7,546 | |
Washington Federal Inc. | 210,844 | 7,436 | |
BankUnited Inc. | 199,985 | 7,343 | |
Flushing Financial Corp. | 344,297 | 7,182 | |
Webster Financial Corp. | 125,192 | 6,803 | |
Renasant Corp. | 156,632 | 6,386 | |
WSFS Financial Corp. | 115,144 | 5,586 | |
* | NMI Holdings Inc. Class A | 254,535 | 5,480 |
KKR & Co. Inc. | 95,575 | 4,962 | |
Northern Trust Corp. | 51,274 | 4,774 | |
Evercore Inc. Class A | 39,212 | 4,516 | |
BOK Financial Corp. | 41,768 | 4,373 | |
PJT Partners Inc. Class A | 55,247 | 4,255 | |
Affiliated Managers Group Inc. | 24,093 | 3,865 | |
Lazard Ltd. Class A | 96,057 | 3,517 | |
First American Financial Corp. | 61,239 | 3,347 | |
Argo Group International Holdings Ltd. | 118,690 | 3,226 | |
* | Green Dot Corp. Class A | 88,116 | 1,796 |
Janus Henderson Group plc | 50,771 | 1,284 | |
199,782 | |||
Health Care (5.0%) | |||
* | Enovis Corp. | 161,886 | 8,763 |
* | Envista Holdings Corp. | 213,503 | 7,285 |
* | Varex Imaging Corp. | 310,090 | 6,586 |
* | LivaNova plc | 95,558 | 5,291 |
* | Pacira BioSciences Inc. | 97,091 | 4,685 |
* | Acadia Healthcare Co. Inc. | 49,941 | 4,448 |
Laboratory Corp. of America Holdings | 17,507 | 4,214 | |
* | Merit Medical Systems Inc. | 56,536 | 4,070 |
* | NuVasive Inc. | 99,400 | 3,861 |
* | Charles River Laboratories International Inc. | 14,974 | 3,422 |
* | Prestige Consumer Healthcare Inc. | 36,032 | 2,214 |
* | Bio-Rad Laboratories Inc. Class A | 3,966 | 1,645 |
56,484 | |||
Industrials (16.2%) | |||
BWX Technologies Inc. | 240,508 | 14,644 | |
* | KAR Auction Services Inc. | 863,218 | 11,861 |
* | GXO Logistics Inc. | 208,356 | 9,764 |
* | Beacon Roofing Supply Inc. | 161,550 | 9,433 |
Applied Industrial Technologies Inc. | 70,638 | 9,359 | |
MDU Resources Group Inc. | 293,322 | 9,237 | |
* | Univar Solutions Inc. | 275,340 | 9,122 |
KBR Inc. | 175,760 | 9,081 |
Shares | Market Value ($000) | ||
* | WESCO International Inc. | 65,234 | 8,410 |
Esab Corp. | 161,076 | 7,625 | |
* | Array Technologies Inc. | 332,214 | 6,957 |
* | IAA Inc. | 181,309 | 6,775 |
* | Stericycle Inc. | 129,162 | 6,733 |
EnerSys | 81,627 | 6,169 | |
Interface Inc. Class A | 521,354 | 5,646 | |
* | Builders FirstSource Inc. | 88,020 | 5,627 |
* | MRC Global Inc. | 425,387 | 5,003 |
nVent Electric plc | 113,993 | 4,561 | |
Kennametal Inc. | 168,561 | 4,453 | |
* | XPO Logistics Inc. | 110,430 | 4,265 |
HNI Corp. | 133,203 | 3,863 | |
Masco Corp. | 72,931 | 3,703 | |
* | Resideo Technologies Inc. | 202,631 | 3,283 |
Brink's Co. | 51,264 | 3,063 | |
Kaman Corp. | 141,342 | 2,879 | |
Greenbrier Cos. Inc. | 60,066 | 2,306 | |
Snap-on Inc. | 9,521 | 2,291 | |
* | Triumph Group Inc. | 194,276 | 2,224 |
* | RXO Inc. | 110,430 | 2,098 |
Steelcase Inc. Class A | 157,878 | 1,252 | |
Simpson Manufacturing Co. Inc. | 12,121 | 1,128 | |
* | Generac Holdings Inc. | 9,398 | 992 |
183,807 | |||
Information Technology (10.2%) | |||
* | Verint Systems Inc. | 363,328 | 14,290 |
Belden Inc. | 135,437 | 10,895 | |
Jabil Inc. | 149,830 | 10,816 | |
* | Insight Enterprises Inc. | 93,383 | 9,703 |
* | ACI Worldwide Inc. | 457,703 | 9,566 |
* | Fabrinet | 67,577 | 9,015 |
TD SYNNEX Corp. | 69,778 | 7,138 | |
Concentrix Corp. | 56,558 | 6,922 | |
* | Euronet Worldwide Inc. | 71,051 | 6,604 |
* | Teledyne Technologies Inc. | 14,545 | 6,110 |
MKS Instruments Inc. | 65,026 | 5,453 | |
* | Consensus Cloud Solutions Inc. | 94,182 | 5,349 |
* | Verra Mobility Corp. Class A | 285,332 | 4,523 |
* | Zebra Technologies Corp. Class A | 15,209 | 4,111 |
* | Keysight Technologies Inc. | 18,124 | 3,278 |
* | MACOM Technology Solutions Holdings Inc. Class H | 33,565 | 2,306 |
116,079 | |||
Materials (9.4%) | |||
Silgan Holdings Inc. | 648,063 | 34,283 | |
* | Axalta Coating Systems Ltd. | 614,059 | 16,481 |
Ashland Inc. | 136,413 | 15,260 | |
FMC Corp. | 93,502 | 12,215 | |
Eagle Materials Inc. | 63,285 | 8,628 | |
Pactiv Evergreen Inc. | 474,142 | 5,519 | |
Carpenter Technology Corp. | 128,299 | 5,268 | |
* | Diversey Holdings Ltd. | 857,894 | 4,410 |
Graphic Packaging Holding Co. | 189,761 | 4,361 | |
106,425 | |||
Real Estate (9.4%) | |||
Gaming and Leisure Properties Inc. | 394,554 | 20,757 | |
Medical Properties Trust Inc. | 849,450 | 11,145 |
Shares | Market Value ($000) | ||
Corporate Office Properties Trust | 299,502 | 8,317 | |
Agree Realty Corp. | 117,261 | 8,202 | |
SITE Centers Corp. | 569,134 | 7,735 | |
Spirit Realty Capital Inc. | 180,957 | 7,495 | |
STAG Industrial Inc. | 216,915 | 7,139 | |
NETSTREIT Corp. | 274,064 | 5,352 | |
Newmark Group Inc. Class A | 620,491 | 5,262 | |
Equity Commonwealth | 192,132 | 5,205 | |
Sunstone Hotel Investors Inc. | 446,707 | 4,909 | |
RPT Realty | 415,722 | 4,656 | |
Independence Realty Trust Inc. | 207,291 | 3,756 | |
* | CBRE Group Inc. Class A | 41,453 | 3,300 |
* | Jones Lang LaSalle Inc. | 19,079 | 3,209 |
106,439 | |||
Utilities (1.5%) | |||
Portland General Electric Co. | 164,100 | 8,079 | |
ALLETE Inc. | 86,889 | 5,752 | |
Unitil Corp. | 63,997 | 3,508 | |
17,339 | |||
Total Common Stocks (Cost $907,497) | 1,065,280 | ||
Temporary Cash Investments (6.5%) | |||
Money Market Fund (6.5%) | |||
2,3 | Vanguard Market Liquidity Fund, 3.877% (Cost $74,379) | 744,051 | 74,398 |
Total Investments (100.2%) (Cost $981,876) | 1,139,678 | ||
Other Assets and Liabilities—Net (-0.2%) | (2,229) | ||
Net Assets (100%) | 1,137,449 | ||
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 $4,866,000. |
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 $5,065,000 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 | ||||
E-mini Russell 2000 Index | December 2022 | 405 | 38,222 | 1,261 |
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 November 30, 2022, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.