Vanguard Explorer Fund
Schedule of Investments (unaudited)
As of July 31, 2020
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.
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (96.1%) | |||
Communication Services (3.3%) | |||
* | Pinterest Inc. Class A | 2,159,752 | 74,058 |
New York Times Co. Class A | 1,467,343 | 67,703 | |
* | Live Nation Entertainment Inc. | 1,394,627 | 65,282 |
Cinemark Holdings Inc. | 4,905,016 | 58,026 | |
* | Bandwidth Inc. Class A | 400,157 | 57,935 |
* | Take-Two Interactive Software Inc. | 268,660 | 44,066 |
* | Match Group Inc. | 402,260 | 41,312 |
* | Electronic Arts Inc. | 202,060 | 28,616 |
* | Roku Inc. | 165,364 | 25,613 |
* | IAC/InterActiveCorp | 160,833 | 21,298 |
* | Cargurus Inc. | 445,389 | 12,867 |
* | EverQuote Inc. Class A | 229,676 | 12,506 |
* | Glu Mobile Inc. | 1,291,492 | 12,192 |
* | Boingo Wireless Inc. | 723,899 | 10,460 |
* | Zynga Inc. Class A | 847,460 | 8,331 |
* | TechTarget Inc. | 214,528 | 7,785 |
Cable One Inc. | 1,181 | 2,152 | |
* | Liberty TripAdvisor Holdings Inc. Class A | 599,574 | 1,487 |
* | Cardlytics Inc. | 17,000 | 1,129 |
*,^ | Gogo Inc. | 168,856 | 492 |
553,310 | |||
Consumer Discretionary (12.9%) | |||
* | Etsy Inc. | 1,385,740 | 164,044 |
* | Burlington Stores Inc. | 736,756 | 138,510 |
* | Skechers USA Inc. Class A | 3,627,273 | 106,207 |
* | MercadoLibre Inc. | 80,129 | 90,115 |
Monro Inc. | 1,354,213 | 76,242 | |
Acushnet Holdings Corp. | 1,963,239 | 74,701 | |
Carter's Inc. | 927,699 | 73,028 | |
Hanesbrands Inc. | 5,040,958 | 71,229 | |
* | Deckers Outdoor Corp. | 315,506 | 66,020 |
* | Skyline Champion Corp. | 2,308,259 | 65,162 |
Wingstop Inc. | 407,302 | 63,641 | |
* | Chewy Inc. | 1,203,490 | 63,171 |
*,^ | Carvana Co. Class A | 383,621 | 59,442 |
* | Five Below Inc. | 539,500 | 58,757 |
Domino's Pizza Inc. | 143,394 | 55,438 | |
* | Sally Beauty Holdings Inc. | 4,592,282 | 53,316 |
La-Z-Boy Inc. | 1,868,338 | 53,173 | |
* | Ollie's Bargain Outlet Holdings Inc. | 462,950 | 48,656 |
* | Under Armour Inc. Class C | 4,907,146 | 46,569 |
Levi Strauss & Co. Class A | 3,730,312 | 45,361 | |
* | frontdoor Inc. | 931,149 | 39,104 |
Aaron's Inc. | 704,943 | 36,784 |
Shutterstock Inc. | 609,021 | 33,094 | |
* | Chegg Inc. | 399,276 | 32,329 |
* | Floor & Decor Holdings Inc. Class A | 453,504 | 29,886 |
Core-Mark Holding Co. Inc. | 1,083,489 | 28,734 | |
* | Dollar Tree Inc. | 265,034 | 24,741 |
* | Farfetch Ltd. Class A | 949,109 | 24,326 |
Pool Corp. | 73,296 | 23,213 | |
*,^ | Vroom Inc. | 390,659 | 23,123 |
* | TopBuild Corp. | 169,479 | 22,358 |
*,1 Houghton Mifflin Harcourt Co. | 7,198,968 | 21,309 | |
Polaris Inc. | 186,658 | 19,343 | |
* | Murphy USA Inc. | 128,290 | 16,987 |
Rent-A-Center Inc. | 577,217 | 16,693 | |
* | Ulta Beauty Inc. | 83,815 | 16,175 |
* | Lululemon Athletica Inc. | 49,382 | 16,078 |
Papa John's International Inc. | 169,747 | 16,070 | |
* | Bright Horizons Family Solutions Inc. | 146,788 | 15,742 |
* | Grand Canyon Education Inc. | 161,127 | 14,298 |
Garmin Ltd. | 142,943 | 14,093 | |
Service Corp. International/US | 301,021 | 13,052 | |
* | Fox Factory Holding Corp. | 133,204 | 11,855 |
* | Planet Fitness Inc. Class A | 214,242 | 11,183 |
* | RH | 36,800 | 10,577 |
Lithia Motors Inc. Class A | 44,997 | 10,311 | |
* | NVR Inc. | 2,021 | 7,943 |
Texas Roadhouse Inc. Class A | 136,600 | 7,676 | |
PulteGroup Inc. | 166,248 | 7,248 | |
H&R Block Inc. | 465,111 | 6,744 | |
Kontoor Brands Inc. | 319,782 | 6,127 | |
* | Asbury Automotive Group Inc. | 54,252 | 5,433 |
* | Stamps.com Inc. | 20,851 | 5,427 |
^ | PetMed Express Inc. | 151,204 | 4,718 |
* | GAN Ltd. | 224,914 | 4,352 |
* | Helen of Troy Ltd. | 22,924 | 4,315 |
* | 1-800-Flowers.com Inc. Class A | 143,298 | 4,048 |
* | iRobot Corp. | 54,823 | 3,985 |
Lear Corp. | 34,506 | 3,809 | |
Winnebago Industries Inc. | 49,567 | 2,994 | |
Gentex Corp. | 108,497 | 2,928 | |
* | Malibu Boats Inc. Class A | 45,661 | 2,684 |
* | Zumiez Inc. | 111,605 | 2,578 |
* | Magnite Inc. | 409,054 | 2,456 |
* | Perdoceo Education Corp. | 152,241 | 2,192 |
Strategic Education Inc. | 17,268 | 2,179 | |
* | Sportsman's Warehouse Holdings Inc. | 134,845 | 2,170 |
* | Mattel Inc. | 190,106 | 2,112 |
* | Sleep Number Corp. | 39,959 | 1,858 |
* | GoPro Inc. Class A | 326,915 | 1,729 |
Brinker International Inc. | 63,374 | 1,704 | |
* | Lovesac Co. | 53,255 | 1,692 |
KB Home | 46,702 | 1,571 | |
Camping World Holdings Inc. Class A | 40,993 | 1,501 | |
* | Gentherm Inc. | 36,029 | 1,397 |
* | Waitr Holdings Inc. | 255,281 | 1,363 |
* | CarParts.com Inc. | 94,008 | 1,292 |
* | El Pollo Loco Holdings Inc. | 52,490 | 1,037 |
*,^ | Vivint Smart Home Inc. | 41,682 | 640 |
Standard Motor Products Inc. | 12,146 | 552 |
* WW International Inc. | 19,685 | 511 |
* Visteon Corp. | 6,646 | 483 |
* Funko Inc. Class A | 86,398 | 479 |
2,126,167 | ||
Consumer Staples (2.5%) | ||
* BJ's Wholesale Club Holdings Inc. | 1,660,255 | 66,493 |
Nu Skin Enterprises Inc. Class A | 1,412,345 | 63,344 |
* Nomad Foods Ltd. | 2,407,962 | 55,528 |
* Performance Food Group Co. | 1,787,441 | 50,084 |
Casey's General Stores Inc. | 270,109 | 42,999 |
Sanderson Farms Inc. | 321,439 | 35,839 |
* Monster Beverage Corp. | 328,009 | 25,742 |
Calavo Growers Inc. | 380,562 | 21,985 |
Coca-Cola Consolidated Inc. | 57,452 | 13,189 |
^ B&G Foods Inc. | 437,593 | 12,651 |
Reynolds Consumer Products Inc. | 154,144 | 5,250 |
* Beyond Meat Inc. | 40,269 | 5,070 |
John B Sanfilippo & Son Inc. | 56,598 | 4,990 |
Medifast Inc. | 19,682 | 3,289 |
* Pilgrim's Pride Corp. | 181,062 | 2,779 |
* elf Beauty Inc. | 151,199 | 2,700 |
* TreeHouse Foods Inc. | 41,101 | 1,801 |
* Sprouts Farmers Market Inc. | 60,480 | 1,595 |
* USANA Health Sciences Inc. | 17,590 | 1,428 |
Tootsie Roll Industries Inc. | 38,336 | 1,215 |
* Herbalife Nutrition Ltd. | 14,509 | 744 |
418,715 | ||
Energy (0.5%) | ||
Delek US Holdings Inc. | 1,788,075 | 31,256 |
Viper Energy Partners LP | 1,652,764 | 17,090 |
Cabot Oil & Gas Corp. | 766,109 | 14,326 |
* ChampionX Corp. | 950,972 | 9,044 |
Parsley Energy Inc. Class A | 497,451 | 5,462 |
* Renewable Energy Group Inc. | 26,753 | 738 |
CVR Energy Inc. | 30,497 | 586 |
* CONSOL Energy Inc. | 91,268 | 535 |
79,037 | ||
Financials (5.7%) | ||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,098,984 | 73,527 |
* SVB Financial Group | 312,004 | 69,973 |
Tradeweb Markets Inc. Class A | 1,238,860 | 66,985 |
Assurant Inc. | 562,139 | 60,413 |
MarketAxess Holdings Inc. | 114,440 | 59,131 |
Voya Financial Inc. | 1,190,033 | 58,788 |
Nasdaq Inc. | 425,249 | 55,839 |
Synovus Financial Corp. | 2,315,875 | 46,665 |
Sterling Bancorp | 4,056,526 | 45,636 |
RenaissanceRe Holdings Ltd. | 252,400 | 45,528 |
Assured Guaranty Ltd. | 1,948,127 | 42,528 |
LPL Financial Holdings Inc. | 521,227 | 41,187 |
* Palomar Holdings Inc. | 366,805 | 33,504 |
* PRA Group Inc. | 835,880 | 33,067 |
* Green Dot Corp. Class A | 619,221 | 31,388 |
* Encore Capital Group Inc. | 671,874 | 24,544 |
FirstCash Inc. | 414,088 | 23,868 |
WisdomTree Investments Inc. | 5,210,024 | 18,756 |
Primerica Inc. | 156,696 | 18,750 |
MSCI Inc. Class A | 44,296 | 16,654 | |
Piper Sandler Cos. | 245,722 | 15,213 | |
Bank OZK | 560,817 | 13,488 | |
Walker & Dunlop Inc. | 170,494 | 8,595 | |
Erie Indemnity Co. Class A | 25,501 | 5,358 | |
* | Enova International Inc. | 304,985 | 4,907 |
* | eHealth Inc. | 62,978 | 4,354 |
Lazard Ltd. Class A | 116,819�� | 3,425 | |
Universal Insurance Holdings Inc. | 184,462 | 3,230 | |
Prosperity Bancshares Inc. | 55,190 | 3,066 | |
Bank of NT Butterfield & Son Ltd. | 108,884 | 2,834 | |
Artisan Partners Asset Management Inc. Class A | 60,138 | 2,179 | |
FactSet Research Systems Inc. | 4,701 | 1,628 | |
Virtus Investment Partners Inc. | 11,539 | 1,568 | |
First Financial Bankshares Inc. | 46,159 | 1,381 | |
Evercore Inc. Class A | 20,457 | 1,131 | |
Virtu Financial Inc. Class A | 39,830 | 988 | |
PennyMac Financial Services Inc. | 12,454 | 601 | |
Cohen & Steers Inc. | 6,828 | 413 | |
941,090 | |||
Health Care (23.8%) | |||
* | ICON plc | 940,871 | 174,494 |
* | Insulet Corp. | 736,577 | 149,790 |
* | Penumbra Inc. | 503,515 | 111,735 |
* | Hologic Inc. | 1,517,991 | 105,925 |
* | Mettler-Toledo International Inc. | 89,150 | 83,355 |
* | Amedisys Inc. | 354,483 | 83,006 |
* | Quidel Corp. | 290,354 | 82,016 |
* | ABIOMED Inc. | 265,452 | 79,620 |
*,1 BioTelemetry Inc. | 1,863,781 | 79,323 | |
* | Molina Healthcare Inc. | 429,361 | 79,303 |
Encompass Health Corp. | 1,141,903 | 77,741 | |
Hill-Rom Holdings Inc. | 747,910 | 72,712 | |
* | LHC Group Inc. | 355,086 | 69,281 |
* | Haemonetics Corp. | 783,925 | 68,719 |
* | Catalent Inc. | 775,269 | 67,712 |
STERIS plc | 415,260 | 66,288 | |
* | Globus Medical Inc. | 1,367,667 | 65,894 |
* | Acadia Healthcare Co. Inc. | 2,170,193 | 64,693 |
* | IDEXX Laboratories Inc. | 156,302 | 62,169 |
* | DexCom Inc. | 139,406 | 60,717 |
* | Omnicell Inc. | 855,675 | 60,145 |
* | Repligen Corp. | 342,507 | 51,688 |
* | Syneos Health Inc. | 821,675 | 51,264 |
* | Varian Medical Systems Inc. | 349,592 | 49,894 |
* | Merit Medical Systems Inc. | 1,110,134 | 49,645 |
* | Neurocrine Biosciences Inc. | 408,160 | 49,126 |
* | Exact Sciences Corp. | 512,724 | 48,581 |
Bio-Techne Corp. | 167,777 | 46,166 | |
* | Ultragenyx Pharmaceutical Inc. | 575,962 | 45,017 |
* | Integra LifeSciences Holdings Corp. | 915,663 | 43,723 |
* | PRA Health Sciences Inc. | 409,170 | 43,601 |
* | Avanos Medical Inc. | 1,388,472 | 42,584 |
* | MEDNAX Inc. | 2,096,383 | 41,886 |
ResMed Inc. | 195,266 | 39,543 | |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 611,016 | 39,129 |
*,^ | Ligand Pharmaceuticals Inc. | 313,950 | 36,789 |
* | HealthEquity Inc. | 677,412 | 34,927 |
* | BioMarin Pharmaceutical Inc. | 282,152 | 33,805 |
* | Tandem Diabetes Care Inc. | 322,573 | 33,696 |
* | Kodiak Sciences Inc. | 712,309 | 33,001 |
* | ImmunoGen Inc. | 7,985,350 | 32,820 |
* | Immunomedics Inc. | 723,950 | 30,572 |
* | CRISPR Therapeutics AG | 349,335 | 29,854 |
* | Ascendis Pharma A/S ADR | 213,450 | 29,373 |
* | PPD Inc. | 997,120 | 29,285 |
* | Y-mAbs Therapeutics Inc. | 790,078 | 27,755 |
* | Akebia Therapeutics Inc. | 2,484,508 | 27,752 |
* | Sarepta Therapeutics Inc. | 180,450 | 27,703 |
* | Dicerna Pharmaceuticals Inc. | 1,253,706 | 26,955 |
* | Pacira BioSciences Inc. | 511,179 | 26,893 |
* | Turning Point Therapeutics Inc. | 451,596 | 26,748 |
* | Constellation Pharmaceuticals Inc. | 994,394 | 26,739 |
* | Arena Pharmaceuticals Inc. | 412,059 | 25,296 |
* | HMS Holdings Corp. | 777,746 | 25,277 |
Cooper Cos. Inc. | 88,562 | 25,057 | |
* | ChemoCentryx Inc. | 468,898 | 24,716 |
Chemed Corp. | 48,577 | 23,909 | |
Cerner Corp. | 319,401 | 22,182 | |
* | Novocure Ltd. | 289,409 | 21,934 |
* | Deciphera Pharmaceuticals Inc. | 471,004 | 21,840 |
* | Apellis Pharmaceuticals Inc. | 839,571 | 21,736 |
* | Horizon Therapeutics plc | 354,988 | 21,722 |
* | Theravance Biopharma Inc. | 1,108,584 | 21,529 |
* | Illumina Inc. | 56,178 | 21,469 |
* | Medpace Holdings Inc. | 177,846 | 21,226 |
* | Avantor Inc. | 941,413 | 20,786 |
* | Agios Pharmaceuticals Inc. | 455,365 | 20,637 |
* | Revance Therapeutics Inc. | 873,341 | 20,506 |
* | Neogen Corp. | 262,770 | 20,173 |
* | Heron Therapeutics Inc. | 1,237,387 | 20,157 |
* | AMN Healthcare Services Inc. | 366,727 | 20,148 |
* | Charles River Laboratories International Inc. | 98,688 | 19,638 |
* | Teladoc Health Inc. | 77,990 | 18,533 |
Bruker Corp. | 400,004 | 17,848 | |
* | Veeva Systems Inc. Class A | 66,959 | 17,715 |
* | Axogen Inc. | 1,473,804 | 16,757 |
* | STAAR Surgical Co. | 279,869 | 16,286 |
* | NuVasive Inc. | 280,527 | 16,029 |
* | Exelixis Inc. | 686,372 | 15,848 |
* | Intuitive Surgical Inc. | 22,199 | 15,216 |
* | Align Technology Inc. | 51,647 | 15,175 |
* | Alnylam Pharmaceuticals Inc. | 98,903 | 14,416 |
*,^ | Viking Therapeutics Inc. | 2,029,824 | 14,249 |
* | Natera Inc. | 287,010 | 13,782 |
* | Tricida Inc. | 1,011,221 | 13,530 |
* | MacroGenics Inc. | 497,154 | 12,628 |
* | Tenet Healthcare Corp. | 451,354 | 11,934 |
* | Halozyme Therapeutics Inc. | 432,814 | 11,768 |
* | Nevro Corp. | 86,838 | 11,546 |
* | Integer Holdings Corp. | 174,381 | 11,469 |
* | Ironwood Pharmaceuticals Inc. Class A | 1,191,913 | 10,930 |
PerkinElmer Inc. | 90,223 | 10,728 | |
* | Ionis Pharmaceuticals Inc. | 185,258 | 10,663 |
*,^ | Schrodinger Inc. | 146,625 | 10,613 |
* | Cytokinetics Inc. | 445,653 | 9,635 |
* | Iovance Biotherapeutics Inc. | 330,370 | 9,604 |
* | Puma Biotechnology Inc. | 921,370 | 9,499 |
*,^ | Esperion Therapeutics Inc. | 251,311 | 9,457 |
* | Masimo Corp. | 41,984 | 9,242 |
* | Enanta Pharmaceuticals Inc. | 197,931 | 9,075 |
*,^ | Novavax Inc. | 59,768 | 8,553 |
*,^ | Inovio Pharmaceuticals Inc. | 361,812 | 7,034 |
* | Arrowhead Pharmaceuticals Inc. | 141,623 | 6,100 |
* | Alkermes plc | 327,679 | 5,901 |
* | Vanda Pharmaceuticals Inc. | 571,818 | 5,764 |
*,^ | DBV Technologies SA ADR | 1,396,307 | 5,739 |
* | Veracyte Inc. | 160,469 | 5,724 |
* | Acceleron Pharma Inc. | 57,714 | 5,723 |
* | Inovalon Holdings Inc. Class A | 239,263 | 5,630 |
* | Select Medical Holdings Corp. | 287,718 | 5,478 |
*,^ | VBI Vaccines Inc. | 1,277,784 | 5,201 |
* | Bluebird Bio Inc. | 85,092 | 5,165 |
* | Voyager Therapeutics Inc. | 423,207 | 4,685 |
* | Corcept Therapeutics Inc. | 272,139 | 4,068 |
Ensign Group Inc. | 87,325 | 4,016 | |
* | BioCryst Pharmaceuticals Inc. | 976,071 | 3,973 |
* | GenMark Diagnostics Inc. | 217,280 | 3,881 |
West Pharmaceutical Services Inc. | 13,983 | 3,760 | |
* | ACADIA Pharmaceuticals Inc. | 87,601 | 3,642 |
* | Pennant Group Inc. | 132,282 | 3,315 |
* | Eidos Therapeutics Inc. | 78,871 | 3,163 |
* | Retrophin Inc. | 152,131 | 3,024 |
* | Karyopharm Therapeutics Inc. | 187,732 | 3,013 |
Luminex Corp. | 79,592 | 2,897 | |
* | Minerva Neurosciences Inc. | 784,648 | 2,734 |
US Physical Therapy Inc. | 31,926 | 2,652 | |
* | OraSure Technologies Inc. | 142,102 | 2,579 |
* | Meridian Bioscience Inc. | 104,796 | 2,566 |
* | Lantheus Holdings Inc. | 187,011 | 2,521 |
* | MyoKardia Inc. | 27,886 | 2,513 |
LeMaitre Vascular Inc. | 84,003 | 2,464 | |
* | Momenta Pharmaceuticals Inc. | 82,981 | 2,447 |
*,^ | Chembio Diagnostics Inc. | 437,956 | 2,422 |
* | Precision BioSciences Inc. | 365,573 | 2,325 |
* | Spectrum Pharmaceuticals Inc. | 773,904 | 2,314 |
* | Silk Road Medical Inc. | 47,078 | 2,187 |
* | Arcturus Therapeutics Holdings Inc. | 40,193 | 2,099 |
*,^ | Co-Diagnostics Inc. | 83,000 | 1,992 |
* | Translate Bio Inc. | 129,604 | 1,969 |
* | Editas Medicine Inc. | 66,463 | 1,951 |
* | Allogene Therapeutics Inc. | 50,872 | 1,865 |
*,^ | Zynex Inc. | 96,441 | 1,844 |
* | Fluidigm Corp. | 252,780 | 1,780 |
* | ICU Medical Inc. | 9,554 | 1,755 |
* | Blueprint Medicines Corp. | 23,166 | 1,695 |
* | Amphastar Pharmaceuticals Inc. | 77,004 | 1,542 |
* | Allscripts Healthcare Solutions Inc. | 167,460 | 1,507 |
* | CareDx Inc. | 45,030 | 1,502 |
* | Progyny Inc. | 55,987 | 1,491 |
* | CytomX Therapeutics Inc. | 211,869 | 1,485 |
* | Innoviva Inc. | 107,580 | 1,457 |
* | Providence Service Corp. | 17,899 | 1,450 |
* | Arvinas Inc. | 45,181 | 1,423 |
* | Ovid therapeutics Inc. | 213,892 | 1,380 |
* | Karuna Therapeutics Inc. | 16,539 | 1,353 |
* | Surgery Partners Inc. | 86,031 | 1,314 |
* | Xencor Inc. | 42,235 | 1,271 |
* | Bioxcel Therapeutics Inc. | 27,233 | 1,235 |
* | Selecta Biosciences Inc. | 513,164 | 1,221 |
*,^ | Vaxart Inc. | 126,018 | 1,183 |
* | Adverum Biotechnologies Inc | 70,057 | 1,175 |
* | Pacific Biosciences of California Inc. | 308,484 | 1,151 |
*,^ | Cassava Sciences Inc. | 361,773 | 1,147 |
* | Zogenix Inc. | 47,690 | 1,135 |
* | Evolent Health Inc. Class A | 94,300 | 1,099 |
* | Fulgent Genetics Inc. | 41,235 | 1,087 |
* | Rocket Pharmaceuticals Inc. | 45,757 | 1,077 |
* | Endo International plc | 301,077 | 1,048 |
*,^ | Accelerate Diagnostics Inc. | 71,981 | 1,046 |
* | Kala Pharmaceuticals Inc. | 118,225 | 1,034 |
* | Immunovant Inc. | 45,732 | 1,034 |
* | FibroGen Inc. | 25,369 | 1,027 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 51,686 | 1,009 |
* | NextCure Inc. | 108,667 | 969 |
* | Retractable Technologies Inc. | 76,472 | 915 |
* | Denali Therapeutics Inc. | 38,989 | 913 |
* | Molecular Templates Inc. | 78,163 | 857 |
* | Myriad Genetics Inc. | 69,670 | 841 |
* | Assertio Holdings Inc. | 879,479 | 792 |
* | Magellan Health Inc. | 10,631 | 789 |
* | MannKind Corp. | 454,148 | 708 |
* | Supernus Pharmaceuticals Inc. | 31,445 | 700 |
* | Ocular Therapeutix Inc. | 79,746 | 625 |
* | Protagonist Therapeutics Inc. | 39,674 | 624 |
* | Agenus Inc. | 195,257 | 594 |
* | Radius Health Inc. | 46,932 | 589 |
* | Vapotherm Inc. | 10,372 | 542 |
* | NanoString Technologies Inc. | 14,343 | 518 |
* | Krystal Biotech Inc. | 12,226 | 505 |
* | Phathom Pharmaceuticals Inc. | 15,061 | 501 |
* | Castle Biosciences Inc. | 12,827 | 497 |
*,^ | Acorda Therapeutics Inc. | 775,332 | 488 |
* | BioLife Solutions Inc. | 23,810 | 460 |
* | Syndax Pharmaceuticals Inc. | 32,099 | 453 |
* | Affimed NV | 126,434 | 446 |
* | Cue Biopharma Inc. | 23,438 | 443 |
* | ZIOPHARM Oncology Inc. | 148,255 | 440 |
* | Amneal Pharmaceuticals Inc. | 100,443 | 435 |
* | Natus Medical Inc. | 23,237 | 432 |
* | Provention Bio Inc. | 41,297 | 429 |
* | AVEO Pharmaceuticals Inc. | 92,619 | 395 |
* | Athenex Inc. | 36,558 | 388 |
* | Dynavax Technologies Corp. | 42,756 | 349 |
3,939,908 | |||
Industrials (16.9%) | |||
* | TriNet Group Inc. | 2,266,801 | 149,609 |
* | Trex Co. Inc. | 971,679 | 135,384 |
* | Clean Harbors Inc. | 1,663,843 | 99,165 |
John Bean Technologies Corp. | 1,045,380 | 98,015 |
Fortune Brands Home & Security Inc. | 1,125,076 | 86,068 | |
* | Copart Inc. | 909,860 | 84,844 |
* | Chart Industries Inc. | 1,116,908 | 76,542 |
Kennametal Inc. | 2,666,640 | 71,893 | |
* | Kirby Corp. | 1,545,102 | 71,446 |
* | SPX FLOW Inc. | 1,781,417 | 71,399 |
Advanced Drainage Systems Inc. | 1,454,337 | 71,263 | |
Rexnord Corp. | 2,383,097 | 69,038 | |
BWX Technologies Inc. | 1,205,936 | 65,748 | |
Woodward Inc. | 800,256 | 59,971 | |
EnerSys | 890,982 | 59,927 | |
* | Ingersoll Rand Inc. | 1,890,008 | 59,705 |
Enerpac Tool Group Corp. Class A | 2,954,892 | 55,847 | |
Ritchie Bros Auctioneers Inc. | 1,167,302 | 54,023 | |
IDEX Corp. | 319,850 | 52,718 | |
TransUnion | 574,622 | 51,469 | |
ABM Industries Inc. | 1,427,954 | 51,264 | |
* | Generac Holdings Inc. | 319,200 | 50,300 |
* | Sensata Technologies Holding plc | 1,300,109 | 49,378 |
* | Masonite International Corp. | 557,454 | 47,021 |
GATX Corp. | 738,559 | 45,045 | |
* | Middleby Corp. | 534,972 | 44,435 |
Verisk Analytics Inc. Class A | 232,869 | 43,945 | |
* | United Rentals Inc. | 268,320 | 41,689 |
* | AerCap Holdings NV | 1,546,632 | 41,651 |
Watts Water Technologies Inc. Class A | 467,442 | 39,214 | |
* | SiteOne Landscape Supply Inc. | 297,308 | 38,064 |
Rush Enterprises Inc. Class A | 798,783 | 38,006 | |
* | Teledyne Technologies Inc. | 111,590 | 34,225 |
* | XPO Logistics Inc. | 433,725 | 32,538 |
Tennant Co. | 485,897 | 32,370 | |
* | Kratos Defense & Security Solutions Inc. | 1,769,617 | 31,871 |
* | CoStar Group Inc. | 35,791 | 30,414 |
* | Proto Labs Inc. | 245,101 | 29,442 |
*,^ | Cimpress plc | 284,080 | 28,408 |
* | Kornit Digital Ltd. | 527,804 | 28,285 |
* | RBC Bearings Inc. | 229,861 | 28,140 |
* | Mercury Systems Inc. | 346,585 | 26,836 |
* | Axon Enterprise Inc. | 307,967 | 25,601 |
CH Robinson Worldwide Inc. | 250,739 | 23,499 | |
Matson Inc. | 625,699 | 22,788 | |
HEICO Corp. Class A | 264,581 | 20,254 | |
IHS Markit Ltd. | 243,741 | 19,677 | |
Rockwell Automation Inc. | 88,799 | 19,371 | |
Landstar System Inc. | 144,043 | 17,542 | |
Forward Air Corp. | 334,499 | 17,391 | |
JB Hunt Transport Services Inc. | 116,434 | 15,067 | |
Heartland Express Inc. | 689,870 | 13,994 | |
* | Aerojet Rocketdyne Holdings Inc. | 303,690 | 12,527 |
* | Atkore International Group Inc. | 422,125 | 11,258 |
Tetra Tech Inc. | 120,736 | 10,703 | |
* | AZEK Co. Inc. | 291,048 | 10,041 |
* | GMS Inc. | 415,465 | 9,734 |
EMCOR Group Inc. | 139,968 | 9,588 | |
UFP Industries Inc. | 152,082 | 8,854 | |
* | MRC Global Inc. | 1,461,260 | 8,694 |
* | Builders FirstSource Inc. | 361,490 | 8,564 |
Albany International Corp. Class A | 177,512 | 8,535 |
Simpson Manufacturing Co. Inc. | 87,777 | 8,476 | |
Huntington Ingalls Industries Inc. | 45,196 | 7,851 | |
Exponent Inc. | 86,551 | 7,275 | |
Allison Transmission Holdings Inc. | 187,652 | 7,011 | |
* | MasTec Inc. | 174,033 | 6,923 |
* | AeroVironment Inc. | 86,491 | 6,621 |
MSA Safety Inc. | 55,744 | 6,607 | |
* | HD Supply Holdings Inc. | 183,636 | 6,446 |
Terex Corp. | 335,727 | 6,328 | |
Allegion plc | 59,809 | 5,949 | |
* | FTI Consulting Inc. | 36,626 | 4,375 |
Armstrong World Industries Inc. | 56,326 | 4,013 | |
*,^ | Alpha Pro Tech Ltd. | 180,810 | 3,936 |
Barrett Business Services Inc. | 69,955 | 3,685 | |
* | American Woodmark Corp. | 45,560 | 3,673 |
Acuity Brands Inc. | 35,085 | 3,477 | |
* | TrueBlue Inc. | 216,816 | 3,345 |
Robert Half International Inc. | 61,436 | 3,125 | |
Hubbell Inc. Class B | 20,831 | 2,812 | |
* | Foundation Building Materials Inc. | 201,544 | 2,767 |
Nordson Corp. | 13,847 | 2,681 | |
CoreLogic Inc. | 33,808 | 2,304 | |
* | Herc Holdings Inc. | 60,495 | 2,029 |
Applied Industrial Technologies Inc. | 29,577 | 1,867 | |
* | SPX Corp. | 36,767 | 1,544 |
Steelcase Inc. Class A | 126,464 | 1,357 | |
AAON Inc. | 17,962 | 1,064 | |
* | Vicor Corp. | 11,759 | 958 |
Covanta Holding Corp. | 84,874 | 835 | |
* | WillScot Mobile Mini Holdings Corp. Class A | 54,142 | 815 |
Kaman Corp. | 18,592 | 734 | |
Franklin Electric Co. Inc. | 13,300 | 719 | |
* | Ameresco Inc. Class A | 25,333 | 701 |
Argan Inc. | 15,021 | 644 | |
* | Atlas Air Worldwide Holdings Inc. | 10,912 | 568 |
* | Air Transport Services Group Inc. | 21,507 | 524 |
ESCO Technologies Inc. | 6,001 | 516 | |
2,794,852 | |||
Information Technology (25.3%) | |||
* | DocuSign Inc. Class A | 843,262 | 182,844 |
* | Five9 Inc. | 1,373,531 | 165,950 |
* | Wix.com Ltd. | 488,652 | 141,944 |
* | SVMK Inc. | 5,476,691 | 131,331 |
* | Fortinet Inc. | 932,468 | 128,960 |
* | HubSpot Inc. | 429,053 | 100,660 |
* | Inphi Corp. | 752,564 | 98,330 |
Power Integrations Inc. | 692,889 | 84,553 | |
* | Mimecast Ltd. | 1,747,300 | 82,001 |
Teradyne Inc. | 893,522 | 79,488 | |
* | First Solar Inc. | 1,315,196 | 78,320 |
* | New Relic Inc. | 1,061,584 | 75,277 |
* | Ciena Corp. | 1,222,795 | 72,769 |
* | Tower Semiconductor Ltd. | 3,352,578 | 72,080 |
* | Cadence Design Systems Inc. | 650,884 | 71,109 |
MKS Instruments Inc. | 546,096 | 69,594 | |
Monolithic Power Systems Inc. | 245,870 | 65,158 | |
*,1 Cardtronics plc Class A | 2,886,983 | 64,466 |
* | GoDaddy Inc. Class A | 917,192 | 64,460 |
* | ON Semiconductor Corp. | 2,957,070 | 60,916 |
Science Applications International Corp. | 759,235 | 60,724 | |
* | Manhattan Associates Inc. | 630,680 | 60,413 |
* | Cloudera Inc. | 5,136,118 | 57,884 |
Entegris Inc. | 803,584 | 57,786 | |
* | Proofpoint Inc. | 494,113 | 57,154 |
* | 2U Inc. | 1,169,550 | 55,080 |
* | Trade Desk Inc. Class A | 118,922 | 53,672 |
* | Arrow Electronics Inc. | 746,484 | 53,463 |
* | Cornerstone OnDemand Inc. | 1,416,209 | 50,290 |
* | RealPage Inc. | 786,028 | 49,528 |
* | SolarWinds Corp. | 2,669,240 | 49,007 |
LogMeIn Inc. | 568,714 | 48,801 | |
* | IPG Photonics Corp. | 269,031 | 48,159 |
*,^ | SunPower Corp. | 5,085,391 | 47,447 |
Jack Henry & Associates Inc. | 262,944 | 46,883 | |
* | Slack Technologies Inc. Class A | 1,522,783 | 44,998 |
* | J2 Global Inc. | 782,973 | 44,410 |
* | RingCentral Inc. Class A | 139,540 | 40,504 |
* | Envestnet Inc. | 496,090 | 40,283 |
* | Pluralsight Inc. Class A | 1,900,212 | 40,227 |
MAXIMUS Inc. | 532,351 | 39,506 | |
* | Semtech Corp. | 637,443 | 35,525 |
* | Fair Isaac Corp. | 74,116 | 32,551 |
Microchip Technology Inc. | 318,495 | 32,400 | |
* | Nuance Communications Inc. | 1,108,911 | 30,329 |
* | Tyler Technologies Inc. | 82,909 | 29,619 |
* | Dynatrace Inc. | 706,210 | 29,541 |
* | Trimble Inc. | 651,768 | 29,010 |
Booz Allen Hamilton Holding Corp. Class A | 338,869 | 27,706 | |
* | Smartsheet Inc. Class A | 562,280 | 26,843 |
Cognex Corp. | 399,591 | 26,721 | |
* | FireEye Inc. | 1,758,833 | 26,558 |
* | Q2 Holdings Inc. | 270,925 | 25,480 |
Belden Inc. | 806,333 | 25,480 | |
* | Gartner Inc. | 195,060 | 24,312 |
* | Silicon Laboratories Inc. | 241,845 | 24,308 |
* | PTC Inc. | 282,704 | 24,188 |
* | Fastly Inc. Class A | 232,381 | 22,422 |
* | Qualys Inc. | 181,098 | 22,362 |
* | ANSYS Inc. | 70,222 | 21,811 |
* | Black Knight Inc. | 285,602 | 21,397 |
* | Workiva Inc. Class A | 373,758 | 20,893 |
* | Anaplan Inc. | 449,576 | 20,415 |
* | Enphase Energy Inc. | 336,353 | 20,302 |
* | Lattice Semiconductor Corp. | 652,473 | 20,285 |
* | Zscaler Inc. | 153,729 | 19,962 |
* | Synaptics Inc. | 244,540 | 19,568 |
* | Palo Alto Networks Inc. | 74,754 | 19,131 |
* | Guidewire Software Inc. | 161,286 | 18,977 |
* | Aspen Technology Inc. | 191,187 | 18,595 |
* | WEX Inc. | 116,435 | 18,440 |
* | EPAM Systems Inc. | 62,786 | 18,213 |
* | ChannelAdvisor Corp. | 885,524 | 18,038 |
FLIR Systems Inc. | 421,790 | 17,572 | |
* | CyberArk Software Ltd. | 149,053 | 17,564 |
* | Atlassian Corp. plc Class A | 90,995 | 16,074 |
* | Coupa Software Inc. | 51,647 | 15,827 |
SS&C Technologies Holdings Inc. | 272,687 | 15,680 | |
* | PROS Holdings Inc. | 454,160 | 14,819 |
* | Zendesk Inc. | 157,142 | 14,323 |
* | Rapid7 Inc. | 238,758 | 14,223 |
Jabil Inc. | 400,288 | 13,954 | |
* | Paylocity Holding Corp. | 103,313 | 13,761 |
National Instruments Corp. | 371,049 | 13,172 | |
* | Euronet Worldwide Inc. | 131,532 | 12,645 |
* | Everbridge Inc. | 85,132 | 12,157 |
* | Zebra Technologies Corp. | 41,004 | 11,512 |
TTEC Holdings Inc. | 221,177 | 10,497 | |
* | Paycom Software Inc. | 35,205 | 10,011 |
CDW Corp. | 85,552 | 9,945 | |
* | 8x8 Inc. | 614,332 | 9,768 |
* | Alteryx Inc. Class A | 54,274 | 9,525 |
* | Diodes Inc. | 179,768 | 9,249 |
* | Domo Inc. | 283,825 | 9,133 |
* | Teradata Corp. | 428,354 | 8,995 |
* | A10 Networks Inc. | 1,037,679 | 8,384 |
Switch Inc. | 443,546 | 7,979 | |
* | SPS Commerce Inc. | 106,036 | 7,971 |
* | Box Inc. | 431,219 | 7,740 |
* | Unisys Corp. | 622,324 | 7,399 |
* | Lumentum Holdings Inc. | 77,496 | 7,194 |
* | Cirrus Logic Inc. | 100,866 | 6,912 |
* | SMART Global Holdings Inc. | 235,354 | 6,564 |
* | NCR Corp. | 351,368 | 6,476 |
CSG Systems International Inc. | 149,331 | 6,291 | |
* | Okta Inc. | 24,989 | 5,522 |
* | NeoPhotonics Corp. | 536,066 | 4,884 |
* | Model N Inc. | 119,565 | 4,598 |
* | Digital Turbine Inc. | 300,090 | 4,165 |
* | Ceridian HCM Holding Inc. | 52,357 | 4,099 |
* | Insight Enterprises Inc. | 81,074 | 4,041 |
* | eGain Corp. | 387,493 | 3,840 |
* | Calix Inc. | 179,584 | 3,683 |
* | SolarEdge Technologies Inc. | 20,685 | 3,622 |
* | Elastic NV | 36,477 | 3,509 |
* | MACOM Technology Solutions Holdings Inc. | 79,350 | 3,353 |
Perspecta Inc. | 149,899 | 3,208 | |
Xperi Holding Corp | 166,678 | 3,074 | |
* | ePlus Inc. | 40,614 | 3,027 |
* | Shopify Inc. Class A | 2,866 | 2,935 |
* | Avid Technology Inc. | 355,035 | 2,922 |
* | Fabrinet | 40,215 | 2,921 |
* | Altair Engineering Inc. Class A | 71,290 | 2,873 |
Hackett Group Inc. | 201,447 | 2,778 | |
* | Viavi Solutions Inc. | 194,342 | 2,688 |
Plantronics Inc. | 131,154 | 2,622 | |
* | Diebold Nixdorf Inc. | 375,154 | 2,615 |
* | Amkor Technology Inc. | 191,232 | 2,600 |
*,^ | Veritone Inc. | 204,552 | 2,316 |
* | FormFactor Inc. | 74,156 | 2,139 |
*,^ | GTT Communications Inc. | 332,441 | 2,094 |
* | Paysign Inc. | 196,700 | 1,837 |
CDK Global Inc. | 38,909 | 1,769 | |
* | Brightcove Inc. | 162,060 | 1,715 |
* | Sailpoint Technologies Holdings Inc. | 54,218 | 1,708 |
* | Ambarella Inc. | 34,776 | 1,575 |
* | Ichor Holdings Ltd. | 44,079 | 1,447 |
* | Zuora Inc. Class A | 117,052 | 1,362 |
* | Infinera Corp. | 156,988 | 1,239 |
* | SiTime Corp. | 23,118 | 1,229 |
* | MicroStrategy Inc. Class A | 9,797 | 1,214 |
* | PagerDuty Inc. | 35,857 | 1,093 |
* | Sprout Social Inc. Class A | 36,608 | 1,058 |
* | Perficient Inc. | 24,714 | 969 |
* | Ultra Clean Holdings Inc. | 31,951 | 961 |
InterDigital Inc. | 14,118 | 847 | |
* | Virtusa Corp. | 19,244 | 781 |
Ubiquiti Inc. | 3,888 | 720 | |
* | Avaya Holdings Corp. | 53,343 | 675 |
* | Axcelis Technologies Inc. | 22,276 | 655 |
* | CEVA Inc. | 13,803 | 555 |
* | CyberOptics Corp. | 13,732 | 540 |
* | OSI Systems Inc. | 7,372 | 523 |
*,^ | Akoustis Technologies Inc. | 61,118 | 485 |
* | Endurance International Group Holdings Inc. | 80,039 | 460 |
4,172,672 | |||
Materials (1.8%) | |||
Louisiana-Pacific Corp. | 2,203,586 | 69,788 | |
Smurfit Kappa Group plc | 1,917,978 | 63,267 | |
* | Summit Materials Inc. Class A | 1,900,331 | 27,973 |
Methanex Corp. | 1,148,603 | 21,249 | |
Royal Gold Inc. | 126,137 | 17,650 | |
Scotts Miracle -Gro Co. | 96,491 | 15,301 | |
Balchem Corp. | 147,694 | 14,808 | |
* | Element Solutions Inc. | 1,338,313 | 14,534 |
Boise Cascade Co. | 263,927 | 12,296 | |
Graphic Packaging Holding Co. | 838,296 | 11,686 | |
Avery Dennison Corp. | 99,566 | 11,285 | |
Sealed Air Corp. | 193,622 | 6,908 | |
Carpenter Technology Corp. | 210,753 | 4,712 | |
* | Novagold Resources Inc. | 492,976 | 4,496 |
Verso Corp. | 289,866 | 3,539 | |
Silgan Holdings Inc. | 42,479 | 1,625 | |
NewMarket Corp. | 2,754 | 1,032 | |
* | Axalta Coating Systems Ltd. | 46,119 | 1,024 |
303,173 | |||
Other (0.8%) | |||
^,2 Vanguard Small-Cap ETF | 894,406 | 136,325 | |
Real Estate (2.5%) | |||
SBA Communications Corp. Class A | 286,046 | 89,115 | |
PS Business Parks Inc. | 494,121 | 68,164 | |
Life Storage Inc. | 613,138 | 60,167 | |
JBG SMITH Properties | 1,521,422 | 44,136 | |
Jones Lang LaSalle Inc. | 269,300 | 26,636 | |
CoreSite Realty Corp. | 206,150 | 26,604 | |
Americold Realty Trust | 502,960 | 20,294 | |
Xenia Hotels & Resorts Inc. | 2,529,999 | 20,139 | |
American Homes 4 Rent Class A | 557,610 | 16,171 | |
GEO Group Inc. | 857,604 | 9,116 | |
National Health Investors Inc. | 119,053 | 7,381 |
Omega Healthcare Investors Inc. | 193,643 | 6,270 | |||
Uniti Group Inc. | 560,756 | 5,551 | |||
Iron Mountain Inc. | 145,248 | 4,095 | |||
Innovative Industrial Properties Inc. | 29,281 | 3,052 | |||
RMR Group Inc. Class A | 64,317 | 1,850 | |||
Terreno Realty Corp. | 25,253 | 1,534 | |||
Alexander's Inc. | 5,781 | 1,456 | |||
American Finance Trust Inc. | 171,700 | 1,254 | |||
Four Corners Property Trust Inc. | 31,530 | 795 | |||
* | Redfin Corp. | 12,383 | 516 | ||
414,296 | |||||
Utilities (0.1%) | |||||
NRG Energy Inc. | 350,556 | 11,852 | |||
American States Water Co. | 74,655 | 5,739 | |||
Ormat Technologies Inc. | 28,693 | 1,707 | |||
Clearway Energy Inc. | 53,195 | 1,305 | |||
* | Brookfield Infrastructure Corp. Class A | 13,083 | 599 | ||
21,202 | |||||
Total Common Stocks (Cost $11,626,042) | 15,900,747 | ||||
Coupon | |||||
Temporary Cash Investments (5.0%) | |||||
Money Market Fund (3.9%) | |||||
3,4 Vanguard Market Liquidity Fund | 0.194% | 6,522,553 | 652,255 | ||
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
Repurchase Agreements (0.9%) | |||||
Deutsche Bank Securities, Inc. | |||||
Dated 7/31/20, Repurchased value | |||||
$144,501,000, collateralized by U.S. | |||||
Treasury Bill/Note, 0.000%-0.375%, | |||||
11/10/20-4/30/25, with a value of | |||||
$147,390,000) | |||||
0.090% | 8/3/20 | 144,500 | 144,500 | ||
U.S. Government and Agency Obligations (0.2%) | |||||
5 | United States Cash Management Bill | 0.210% | 9/15/20 | 2,700 | 2,700 |
5 | United States Cash Management Bill | 0.116% | 9/29/20 | 6,000 | 5,999 |
5 | United States Cash Management Bill | 0.165% | 11/3/20 | 1,670 | 1,669 |
5 | United States Cash Management Bill | 0.146% | 12/15/20 | 800 | 800 |
5 | United States Treasury Bill | 0.087% | 9/24/20 | 9,000 | 8,999 |
5 | United States Treasury Bill | 0.109% | 12/31/20 | 10,300 | 10,295 |
30,462 | |||||
Total Temporary Cash Investments (Cost $827,060) | 827,217 | ||||
Total Investments (101.1%) (Cost $12,453,102) | 16,727,964 | ||||
Other Assets and Liabilities -Net (-1.1%) | (187,933) | ||||
Net Assets (100%) | 16,540,031 | ||||
Cost is in $000. |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $172,024,000.
1 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities
of such company.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
4 Collateral of $182,045,000 was received for securities on loan.
5 Securities with a value of $29,057,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt
Derivative Financial Instruments Outstanding as of Period End |
Futures Contracts | ||||
($000) | ||||
Number of | Value and | |||
Long | Unrealized | |||
(Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | September 2020 | 4,858 | 358,958 | 5,274 |
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 at their fair values calculated according to procedures adopted by the board of
trustees. These procedures include obtaining quotations from an independent pricing service, monitoring
news to identify significant market- or security-specific events, and evaluating changes in the values of
foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the
time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices
of securities used by a fund to calculate its net asset value may differ from quoted or published prices for
the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset
value. Temporary cash investments are valued using the latest bid prices or using valuations based on a
matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as
furnished by independent pricing services.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are
translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's
pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on
investment securities include the effects of changes in exchange rates since the securities were
purchased, combined with the effects of changes in security prices. Fluctuations in the value of other
assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign
currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as
realized foreign currency gains (losses).
C. 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. The notional amounts of the co ntracts
are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as
an asset (liability).
D. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties.
Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank
until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold,
or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover
payments of interest and principal. The fund further mitigates its counterparty risk by entering into
repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial
strength, and entering into master repurchase agreements with its counterparties. The master repurchase
agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may
terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or
retain the collateral up to the net amount owed to the fund. Such action may be subject to legal
proceedings, which may delay or limit the disposition of collateral.
E. Various inputs may be used to determine the value of the fund's investments. 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.
The following table summarizes the market value of the fund's investments and derivatives as of July 31,
2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 15,900,747 | — | — | 15,900,747 |
Temporary Cash Investments | 652,255 | 174,962 | — | 827,217 |
Total | 16,553,002 | 174,962 | — | 16,727,964 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 3,184 | — | — | 3,184 |
1 Represents variation margin on the last day of the reporting period. |
F. Certain of the fund's investments are in companies that are considered to be affiliated companies of the
fund because the fund owns more than 5% of the outstanding voting securities of the co mpany or the
issuer is another member of The Vanguard Group. Transactions during the period in securities of these
companies were as follows:
Current Period Transactions | ||||||||
Oct. 31, | Proceeds | July 31, | ||||||
2019 | from | Realized | Change in | Capital Gain | 2020 | |||
Market | Purchases | Securities | Net Gain | Unrealized | Distributions | Market | ||
Value | at Cost | Sold | (Loss) | App.(Dep.) | Income | Received | Value | |
($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
BioTelemetry Inc. | ||||||||
NA1 | 18,723 | 1,958 | (1,122) | 6,645 | — | — | 79,323 | |
Cardtronics plc Class | ||||||||
A | 110,834 | 10,741 | 26,156 | (3,031) | (27,922) | — | — | 64,466 |
Endologix Inc. | 2,587 | — | 238 | (25,109) | 22,760 | — | — | NA2 |
Houghton Mifflin | ||||||||
Harcourt Co. | ||||||||
45,222 | 1,255 | — | — | (25,168) | — | — | 21,309 | |
Vanguard Market | ||||||||
Liquidity Fund | ||||||||
786,814 | NA3 | NA3 | 60 | 100 | 66 | — | 652,255 | |
Vanguard Small-Cap | ||||||||
ETF | 147,939 | 300,122 | 288,431 | (33,040) | 9,735 | 1,740 | — | 136,325 |
Total | ||||||||
1,093,396 | (62,242) | (13,850) | 1,806 | — | 953,679 |
1 Not applicable —at October 31, 2019, the issuer was not an affiliated company of the fund.
2 Not applicable —at July 31, 2020, the issuer was not an affiliated company of the fund, but it was affiliated during the
period.
3 Not applicable —purchases and sales are for temporary cash investment purposes.