Vanguard® Explorer Value Fund
Schedule of Investments (unaudited)
As of November 30, 2023
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 (94.5%) | |||
| Communication Services (5.4%) | |||
| Nexstar Media Group Inc. | 105,114 | 14,919 | |
| * | Ziff Davis Inc. | 169,799 | 10,837 |
| Interpublic Group of Cos. Inc. | 150,917 | 4,639 | |
| *,1 | Manchester United plc Class A | 194,969 | 3,800 |
| * | Sphere Entertainment Co. | 92,795 | 3,175 |
| * | Madison Square Garden Entertainment Corp. | 104,754 | 3,172 |
| John Wiley & Sons Inc. Class A | 97,652 | 2,950 | |
| * | Madison Square Garden Sports Corp. | 16,358 | 2,768 |
| Paramount Global Class B | 187,272 | 2,691 | |
| 48,951 | |||
| Consumer Discretionary (12.3%) | |||
| Lithia Motors Inc. | 44,825 | 11,968 | |
| * | Adtalem Global Education Inc. | 167,544 | 9,545 |
| * | Royal Caribbean Cruises Ltd. | 84,516 | 9,082 |
| Kontoor Brands Inc. | 145,369 | 7,991 | |
| * | OneSpaWorld Holdings Ltd. | 659,627 | 7,948 |
| * | Victoria's Secret & Co. | 291,271 | 7,850 |
| * | Modine Manufacturing Co. | 126,178 | 6,208 |
| LCI Industries | 50,112 | 5,438 | |
| Cheesecake Factory Inc. | 168,246 | 5,275 | |
| * | Mattel Inc. | 273,639 | 5,199 |
| Boyd Gaming Corp. | 70,401 | 4,157 | |
| Gentex Corp. | 126,453 | 3,845 | |
| * | Asbury Automotive Group Inc. | 18,046 | 3,786 |
| Perdoceo Education Corp. | 204,217 | 3,557 | |
| * | LGI Homes Inc. | 29,551 | 3,489 |
| * | Helen of Troy Ltd. | 31,925 | 3,353 |
| ADT Inc. | 549,536 | 3,226 | |
| * | Mohawk Industries Inc. | 30,661 | 2,708 |
| * | Stoneridge Inc. | 142,323 | 2,277 |
| * | Leslie's Inc. | 431,826 | 2,129 |
| * | Under Armour Inc. Class A | 219,654 | 1,788 |
| * | Lands' End Inc. | 112,977 | 798 |
| 111,617 | |||
| Consumer Staples (2.2%) | |||
| Spectrum Brands Holdings Inc. | 171,641 | 11,900 | |
| * | US Foods Holding Corp. | 164,354 | 7,204 |
| J M Smucker Co. | 7,928 | 870 | |
| 19,974 | |||
| Energy (6.2%) | |||
| DTE Midstream LLC | 253,689 | 14,534 | |
| Shares | Market Value ($000) | ||
| TechnipFMC plc | 517,398 | 10,721 | |
| SM Energy Co. | 191,391 | 7,168 | |
| Magnolia Oil & Gas Corp. Class A | 298,520 | 6,418 | |
| Matador Resources Co. | 102,331 | 5,923 | |
| * | Weatherford International plc | 52,381 | 4,750 |
| * | Tidewater Inc. | 66,950 | 4,022 |
| Core Laboratories Inc. | 146,091 | 2,587 | |
| 56,123 | |||
| Financials (15.0%) | |||
| Starwood Property Trust Inc. | 603,073 | 11,983 | |
| BGC Group Inc. Class A | 1,574,302 | 10,233 | |
| * | Bancorp Inc. | 260,893 | 10,177 |
| Columbia Banking System Inc. | 307,604 | 6,900 | |
| Popular Inc. | 92,807 | 6,848 | |
| Wintrust Financial Corp. | 78,207 | 6,700 | |
| First BanCorp (XNYS) | 444,197 | 6,663 | |
| First Merchants Corp. | 202,188 | 6,201 | |
| * | NMI Holdings Inc. Class A | 195,181 | 5,367 |
| * | Euronet Worldwide Inc. | 59,660 | 5,203 |
| Pacific Premier Bancorp Inc. | 224,145 | 5,048 | |
| Northern Trust Corp. | 55,890 | 4,429 | |
| Carlyle Group Inc. | 128,531 | 4,406 | |
| WaFd Inc. | 161,679 | 4,322 | |
| Pinnacle Financial Partners Inc. | 56,871 | 4,127 | |
| Evercore Inc. Class A | 27,033 | 3,989 | |
| Flushing Financial Corp. | 264,012 | 3,730 | |
| First American Financial Corp. | 61,239 | 3,650 | |
| WSFS Financial Corp. | 90,913 | 3,506 | |
| Renasant Corp. | 120,109 | 3,272 | |
| Affiliated Managers Group Inc. | 24,093 | 3,266 | |
| PJT Partners Inc. Class A | 35,506 | 3,198 | |
| Webster Financial Corp. | 70,235 | 3,150 | |
| BOK Financial Corp. | 41,768 | 2,998 | |
| Lazard Ltd. Class A | 96,057 | 2,880 | |
| BankUnited Inc. | 74,899 | 2,066 | |
| Janus Henderson Group plc | 50,771 | 1,330 | |
| * | Enstar Group Ltd. | 2,242 | 616 |
| 136,258 | |||
| Health Care (6.2%) | |||
| * | Envista Holdings Corp. | 305,700 | 6,936 |
| * | Enovis Corp. | 135,950 | 6,724 |
| * | Varex Imaging Corp. | 260,435 | 4,909 |
| * | LivaNova plc | 104,218 | 4,674 |
| * | Pacira BioSciences Inc. | 163,141 | 4,451 |
| * | Elanco Animal Health Inc. (XNYS) | 371,946 | 4,382 |
| * | Globus Medical Inc. Class A | 89,454 | 4,018 |
| Laboratory Corp. of America Holdings | 17,507 | 3,798 | |
| * | Charles River Laboratories International Inc. | 18,574 | 3,661 |
| * | QuidelOrtho Corp. | 46,920 | 3,225 |
| * | Merit Medical Systems Inc. | 43,354 | 3,102 |
| * | Prestige Consumer Healthcare Inc. | 52,380 | 3,004 |
| * | Acadia Healthcare Co. Inc. | 26,309 | 1,920 |
| * | Bio-Rad Laboratories Inc. Class A | 3,966 | 1,209 |
| * | Fortrea Holdings Inc. | 17,507 | 515 |
| 56,528 | |||
| Industrials (20.2%) | |||
| BWX Technologies Inc. | 187,979 | 14,668 | |
| Shares | Market Value ($000) | ||
| * | GXO Logistics Inc. | 226,750 | 12,757 |
| * | XPO Inc. | 134,779 | 11,629 |
| * | OPENLANE Inc. | 714,585 | 10,447 |
| Esab Corp. | 134,238 | 10,356 | |
| FTAI Aviation Ltd. | 221,724 | 9,137 | |
| * | Beacon Roofing Supply Inc. | 104,923 | 8,432 |
| * | Verra Mobility Corp. | 413,778 | 8,309 |
| MDU Resources Group Inc. | 373,961 | 7,158 | |
| KBR Inc. | 132,326 | 6,837 | |
| * | MRC Global Inc. | 656,067 | 6,784 |
| Timken Co. | 77,955 | 5,644 | |
| * | Stericycle Inc. | 116,036 | 5,450 |
| Applied Industrial Technologies Inc. | 33,011 | 5,284 | |
| * | Array Technologies Inc. | 310,751 | 4,807 |
| nVent Electric plc | 84,367 | 4,493 | |
| Masco Corp. | 72,931 | 4,416 | |
| Interface Inc. | 411,547 | 4,161 | |
| * | Generac Holdings Inc. | 34,775 | 4,071 |
| Brink's Co. | 51,264 | 4,045 | |
| Kennametal Inc. | 168,561 | 3,929 | |
| RB Global Inc. (XTSE) | 61,689 | 3,928 | |
| EnerSys | 44,371 | 3,926 | |
| * | Resideo Technologies Inc. | 237,322 | 3,899 |
| * | Builders FirstSource Inc. | 23,163 | 3,106 |
| WESCO International Inc. | 18,307 | 2,853 | |
| * | Middleby Corp. | 20,028 | 2,528 |
| Kaman Corp. | 118,878 | 2,410 | |
| Simpson Manufacturing Co. Inc. | 12,121 | 2,024 | |
| Granite Construction Inc. | 43,894 | 2,017 | |
| Snap-on Inc. | 6,977 | 1,916 | |
| Greenbrier Cos. Inc. | 46,059 | 1,737 | |
| 183,158 | |||
| Information Technology (8.6%) | |||
| * | Verint Systems Inc. | 287,374 | 7,061 |
| * | ACI Worldwide Inc. | 232,046 | 6,205 |
| MKS Instruments Inc. | 74,975 | 6,189 | |
| * | Insight Enterprises Inc. | 40,375 | 6,114 |
| Jabil Inc. | 50,103 | 5,778 | |
| * | Fabrinet | 35,090 | 5,681 |
| Belden Inc. | 81,261 | 5,399 | |
| TD SYNNEX Corp. | 54,443 | 5,370 | |
| * | Ultra Clean Holdings Inc. | 188,753 | 5,123 |
| * | Teledyne Technologies Inc. | 12,214 | 4,922 |
| * | Diodes Inc. | 68,346 | 4,539 |
| * | Zebra Technologies Corp. Class A | 19,086 | 4,523 |
| * | Teradata Corp. | 89,938 | 4,250 |
| * | Keysight Technologies Inc. | 18,124 | 2,463 |
| * | MACOM Technology Solutions Holdings Inc. | 25,739 | 2,161 |
| * | Consensus Cloud Solutions Inc. | 88,295 | 1,626 |
| 77,404 | |||
| Materials (8.7%) | |||
| Silgan Holdings Inc. | 533,970 | 22,277 | |
| * | Axalta Coating Systems Ltd. | 505,162 | 15,898 |
| Eagle Materials Inc. | 48,528 | 8,786 | |
| Carpenter Technology Corp. | 80,841 | 5,724 | |
| Ashland Inc. | 68,170 | 5,448 | |
| FMC Corp. | 99,745 | 5,352 | |
| Shares | Market Value ($000) | ||
| Pactiv Evergreen Inc. | 443,057 | 5,069 | |
| * | Knife River Corp. | 58,981 | 3,520 |
| Graphic Packaging Holding Co. | 154,961 | 3,513 | |
| * | ATI Inc. | 75,341 | 3,311 |
| 78,898 | |||
| Real Estate (8.6%) | |||
| Gaming and Leisure Properties Inc. | 331,223 | 15,478 | |
| SITE Centers Corp. | 489,219 | 6,453 | |
| Equity Commonwealth | 332,300 | 6,244 | |
| Independence Realty Trust Inc. | 450,350 | 6,134 | |
| Agree Realty Corp. | 98,471 | 5,830 | |
| COPT Defense Properties | 237,700 | 5,752 | |
| LXP Industrial Trust | 623,662 | 5,476 | |
| DigitalBridge Group Inc. | 306,634 | 5,293 | |
| STAG Industrial Inc. | 146,988 | 5,270 | |
| Newmark Group Inc. Class A | 521,192 | 4,289 | |
| NETSTREIT Corp. | 227,176 | 3,494 | |
| * | CBRE Group Inc. Class A | 41,453 | 3,273 |
| * | Jones Lang LaSalle Inc. | 20,994 | 3,265 |
| First Industrial Realty Trust Inc. | 35,097 | 1,651 | |
| 77,902 | |||
| Utilities (1.1%) | |||
| ALLETE Inc. | 73,176 | 4,060 | |
| Portland General Electric Co. | 75,567 | 3,103 | |
| Unitil Corp. | 49,074 | 2,379 | |
| 9,542 | |||
| Total Common Stocks (Cost $741,137) | 856,355 | ||
| Temporary Cash Investments (5.5%) | |||
| Money Market Fund (5.5%) | |||
| 2,3 | Vanguard Market Liquidity Fund, 5.438% (Cost $50,388) | 503,996 | 50,395 |
| Total Investments (100.0%) (Cost $791,525) | 906,750 | ||
| Other Assets and Liabilities—Net (0.0%) | (289) | ||
| Net Assets (100%) | 906,461 | ||
| 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 $3,762,000. |
| 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 $3,860,000 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 2023 | 225 | 20,387 | 1,030 |
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, 2023, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.