Vanguard® Explorer Fund
Schedule of Investments (unaudited)
As of January 31, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Shares | Market Value ($000) | ||
| Common Stocks (95.8%) | |||
| Communication Services (2.8%) | |||
| * | Live Nation Entertainment Inc. | 1,356,984 | 90,172 |
| *,1 | Cinemark Holdings Inc. | 3,425,368 | 69,329 |
| New York Times Co. Class A | 1,253,184 | 62,145 | |
| * | Match Group Inc. | 421,673 | 58,975 |
| * | Take-Two Interactive Software Inc. | 251,911 | 50,496 |
| * | Roku Inc. | 124,038 | 48,255 |
| * | Bandwidth Inc. Class A | 259,216 | 46,177 |
| * | IAC/Inter Active Corp. | 214,345 | 45,002 |
| Electronic Arts Inc. | 217,033 | 31,079 | |
| * | Cargurus Inc. | 777,998 | 22,756 |
| * | TechTarget Inc. | 246,070 | 18,381 |
| �� | Warner Music Group Corp. Class A | 484,289 | 16,994 |
| * | Zillow Group Inc. Class A | 72,787 | 10,097 |
| * | Zynga Inc. Class A | 750,142 | 7,434 |
| * | Boingo Wireless Inc. | 595,217 | 6,869 |
| * | EverQuote Inc. Class A | 99,645 | 4,490 |
| * | Glu Mobile Inc. | 439,276 | 3,870 |
| Cable One Inc. | 1,181 | 2,362 | |
| * | Yelp Inc. Class A | 34,851 | 1,136 |
| * | Cardlytics Inc. | 5,678 | 694 |
| 596,713 | |||
| Consumer Discretionary (11.8%) | |||
| * | Burlington Stores Inc. | 760,906 | 189,390 |
| * | Etsy Inc. | 765,125 | 152,329 |
| * | Skechers USA Inc. Class A | 4,321,438 | 149,003 |
| * | Ollie's Bargain Outlet Holdings Inc. | 1,243,719 | 117,818 |
| * | Under Armour Inc. Class C | 6,017,901 | 90,088 |
| * | Carter's Inc. | 1,004,281 | 88,417 |
| * | Skyline Champion Corp. | 2,574,426 | 86,578 |
| Levi Strauss & Co. Class A | 3,855,312 | 75,988 | |
| *,1 | Chewy Inc. Class A | 745,051 | 75,861 |
| Acushnet Holdings Corp. | 1,825,861 | 74,532 | |
| * | Chegg Inc. | 775,176 | 73,843 |
| La-Z-Boy Inc. | 1,868,338 | 72,342 | |
| * | Sally Beauty Holdings Inc. | 4,664,874 | 70,440 |
| * | frontdoor Inc. | 1,231,332 | 67,773 |
| * | Farfetch Ltd. Class A | 1,099,419 | 67,328 |
| Hanesbrands Inc. | 4,168,100 | 63,730 | |
| * | Carvana Co. Class A | 242,866 | 63,434 |
| * | Deckers Outdoor Corp. | 184,767 | 53,948 |
| Wingstop Inc. | 350,882 | 52,650 | |
| * | Vroom Inc. | 1,424,090 | 52,449 |
| Shares | Market Value ($000) | ||
| * | Floor & Decor Holdings Inc. Class A | 494,291 | 45,509 |
| Domino's Pizza Inc. | 121,171 | 44,925 | |
| Shutterstock Inc. | 626,418 | 40,711 | |
| Polaris Inc. | 332,560 | 38,800 | |
| Papa John's International Inc. | 361,827 | 37,008 | |
| * | Dollar Tree Inc. | 364,004 | 37,005 |
| *,2 | Houghton Mifflin Harcourt Co. | 7,198,968 | 35,491 |
| Core-Mark Holding Co. Inc. | 1,046,789 | 32,105 | |
| * | Ulta Beauty Inc. | 113,212 | 31,672 |
| * | Purple Innovation Inc. Class A | 826,872 | 28,147 |
| Pool Corp. | 72,936 | 25,832 | |
| * | Bright Horizons Family Solutions Inc. | 168,258 | 25,570 |
| Monro Inc. | 390,730 | 22,846 | |
| * | Leslie's Inc. | 737,950 | 21,105 |
| Garmin Ltd. | 181,249 | 20,818 | |
| Rent-A-Center Inc. | 461,267 | 19,973 | |
| * | TopBuild Corp. | 89,415 | 17,879 |
| * | National Vision Holdings Inc. | 364,300 | 16,893 |
| * | Fox Factory Holding Corp. | 129,681 | 15,515 |
| Service Corp. International | 301,021 | 15,181 | |
| * | Grand Canyon Education Inc. | 175,656 | 14,920 |
| * | Lululemon Athletica Inc. | 38,494 | 12,652 |
| *,1 | Petco Health & Wellness Co. Inc. | 481,890 | 12,544 |
| * | Penn National Gaming Inc. | 114,921 | 11,920 |
| * | iRobot Corp. | 94,369 | 11,334 |
| * | Planet Fitness Inc. Class A | 157,302 | 11,326 |
| * | Stamps.com Inc. | 40,714 | 9,295 |
| H&R Block Inc. | 507,392 | 8,742 | |
| * | Tempur Sealy International Inc. | 302,320 | 7,981 |
| Murphy USA Inc. | 59,778 | 7,447 | |
| Camping World Holdings Inc. Class A | 213,272 | 7,285 | |
| PulteGroup Inc. | 166,248 | 7,232 | |
| Winnebago Industries Inc. | 104,277 | 7,201 | |
| * | RH | 14,902 | 7,084 |
| * | Overstock.com Inc. | 89,052 | 6,910 |
| * | Gentherm Inc. | 102,439 | 6,275 |
| Lithia Motors Inc. Class A | 19,638 | 6,258 | |
| * | Sleep Number Corp. | 54,127 | 5,832 |
| * | GAN Ltd. | 224,914 | 5,310 |
| Big Lots Inc. | 86,546 | 5,165 | |
| * | Brinker International Inc. | 83,976 | 4,945 |
| * | Visteon Corp. | 32,271 | 4,114 |
| * | YETI Holdings Inc. | 60,837 | 4,004 |
| Williams-Sonoma Inc. | 29,856 | 3,849 | |
| * | Caesars Entertainment Inc. | 53,916 | 3,795 |
| * | Sonos Inc. | 142,721 | 3,732 |
| * | Lovesac Co. | 63,737 | 3,604 |
| * | NVR Inc. | 785 | 3,490 |
| Gentex Corp. | 103,851 | 3,432 | |
| * | Malibu Boats Inc. Class A | 48,595 | 3,407 |
| * | Asbury Automotive Group Inc. | 23,079 | 3,291 |
| * | Perdoceo Education Corp. | 267,146 | 3,160 |
| * | Lumber Liquidators Holdings Inc. | 110,850 | 3,099 |
| * | Scientific Games Corp. Class A | 71,085 | 2,788 |
| * | El Pollo Loco Holdings Inc. | 134,943 | 2,746 |
| Kontoor Brands Inc. | 75,411 | 2,724 | |
| * | Stitch Fix Inc. Class A | 28,334 | 2,704 |
| * | Dorman Products Inc. | 26,006 | 2,362 |
| Shares | Market Value ($000) | ||
| * | Master Craft Boat Holdings Inc. | 84,129 | 2,148 |
| PetMed Express Inc. | 55,128 | 2,106 | |
| * | Waitr Holdings Inc. | 518,275 | 1,835 |
| Strategic Education Inc. | 20,488 | 1,811 | |
| * | Bloomin' Brands Inc. | 83,469 | 1,759 |
| Standard Motor Products Inc. | 43,880 | 1,721 | |
| * | Ruth's Hospitality Group Inc. | 85,851 | 1,562 |
| * | Red Rock Resorts Inc. Class A | 49,612 | 1,165 |
| * | CarParts.com Inc. | 67,431 | 1,059 |
| * | Texas Roadhouse Inc. Class A | 12,421 | 947 |
| * | Vivint Smart Home Inc. | 41,682 | 787 |
| * | Everi Holdings Inc. | 58,754 | 769 |
| * | WW International Inc. | 19,685 | 523 |
| * | Aaron's Co. Inc. | 29,219 | 495 |
| 2,563,572 | |||
| Consumer Staples (2.6%) | |||
| * | Performance Food Group Co. | 1,821,219 | 85,379 |
| Nu Skin Enterprises Inc. Class A | 1,412,345 | 81,732 | |
| * | Nomad Foods Ltd. | 2,866,687 | 71,954 |
| * | BJ's Wholesale Club Holdings Inc. | 1,696,376 | 71,367 |
| Sanderson Farms Inc. | 484,035 | 65,921 | |
| Casey's General Stores Inc. | 270,003 | 50,620 | |
| Calavo Growers Inc. | 411,685 | 31,350 | |
| * | Monster Beverage Corp. | 323,983 | 28,131 |
| Coca-Cola Consolidated Inc. | 67,945 | 18,132 | |
| * | Herbalife Nutrition Ltd. | 279,547 | 14,246 |
| * | Boston Beer Co. Inc. Class A | 12,894 | 11,822 |
| 1 | National Beverage Corp. | 72,451 | 10,979 |
| 1 | B&G Foods Inc. | 206,383 | 7,859 |
| Medifast Inc. | 23,268 | 5,460 | |
| John B Sanfilippo & Son Inc. | 54,854 | 4,412 | |
| * | Freshpet Inc. | 23,887 | 3,328 |
| Turning Point Brands Inc. | 59,064 | 2,782 | |
| * | USANA Health Sciences Inc. | 32,624 | 2,700 |
| * | Sprouts Farmers Market Inc. | 60,480 | 1,370 |
| Reynolds Consumer Products Inc. | 36,321 | 1,090 | |
| * | Pilgrim's Pride Corp. | 54,899 | 1,064 |
| Tootsie Roll Industries Inc. | 18,607 | 736 | |
| * | Hostess Brands Inc. Class A | 43,069 | 661 |
| 573,095 | |||
| Energy (0.5%) | |||
| * | Delek US Holdings Inc. | 1,788,075 | 33,544 |
| Viper Energy Partners LP | 1,652,764 | 22,709 | |
| * | ChampionX Corp. | 1,276,922 | 19,524 |
| Cabot Oil & Gas Corp. | 756,967 | 13,875 | |
| Pioneer Natural Resources Co. | 92,204 | 11,148 | |
| * | Magnolia Oil & Gas Corp. Class A | 375,774 | 3,183 |
| * | Renewable Energy Group Inc. | 23,226 | 2,081 |
| 106,064 | |||
| Financials (7.5%) | |||
| * | SVB Financial Group | 303,208 | 132,738 |
| LPL Financial Holdings Inc. | 1,178,211 | 127,647 | |
| Western Alliance Bancorp | 1,582,260 | 107,879 | |
| Sterling Bancorp | 4,946,771 | 91,317 | |
| Synovus Financial Corp. | 2,450,894 | 91,173 | |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,446,614 | 85,567 | |
| Webster Financial Corp. | 1,686,269 | 78,833 | |
| Shares | Market Value ($000) | ||
| Voya Financial Inc. | 1,419,245 | 78,711 | |
| Assurant Inc. | 562,139 | 76,153 | |
| MGIC Investment Corp. | 6,337,340 | 74,274 | |
| Prosperity Bancshares Inc. | 1,100,660 | 74,229 | |
| Tradeweb Markets Inc. Class A | 1,218,522 | 74,074 | |
| Assured Guaranty Ltd. | 2,048,496 | 73,234 | |
| * | Green Dot Corp. Class A | 1,098,174 | 55,161 |
| RenaissanceRe Holdings Ltd. | 359,733 | 54,118 | |
| MarketAxess Holdings Inc. | 80,540 | 43,553 | |
| PROG Holdings Inc. | 899,151 | 42,422 | |
| * | Palomar Holdings Inc. | 301,640 | 30,040 |
| WisdomTree Investments Inc. | 5,210,024 | 27,796 | |
| Bank OZK | 675,474 | 25,101 | |
| Piper Sandler Cos. | 244,789 | 22,357 | |
| Primerica Inc. | 156,696 | 21,829 | |
| * | PRA Group Inc. | 618,294 | 20,385 |
| Houlihan Lokey Inc. Class A | 262,600 | 17,030 | |
| * | Silvergate Capital Corp. Class A | 149,485 | 13,911 |
| MSCI Inc. Class A | 34,364 | 13,584 | |
| * | Encore Capital Group Inc. | 431,031 | 12,802 |
| Walker & Dunlop Inc. | 112,381 | 9,251 | |
| Virtu Financial Inc. Class A | 248,366 | 6,897 | |
| * | Enova International Inc. | 304,985 | 6,893 |
| Erie Indemnity Co. Class A | 26,433 | 6,426 | |
| Kinsale Capital Group Inc. | 22,844 | 4,285 | |
| SLM Corp. | 298,571 | 4,144 | |
| Cowen Inc. Class A | 139,778 | 3,515 | |
| Morningstar Inc. | 14,918 | 3,430 | |
| Brightsphere Investment Group Inc. | 152,337 | 2,792 | |
| * | Trupanion Inc. | 23,735 | 2,663 |
| Universal Insurance Holdings Inc. | 184,462 | 2,470 | |
| Virtus Investment Partners Inc. | 11,539 | 2,423 | |
| FactSet Research Systems Inc. | 7,846 | 2,372 | |
| * | Selectquote Inc. | 101,434 | 2,142 |
| * | eHealth Inc. | 43,761 | 2,094 |
| Bank of NT Butterfield & Son Ltd. | 58,402 | 1,776 | |
| Ares Management Corp. Class A | 25,371 | 1,146 | |
| Federated Hermes Inc. | 42,191 | 1,139 | |
| PJT Partners Inc. Class A | 15,636 | 1,079 | |
| Artisan Partners Asset Management Inc. Class A | 19,924 | 964 | |
| * | NMI Holdings Inc. Class A | 43,188 | 916 |
| PennyMac Financial Services Inc. | 12,454 | 722 | |
| 1,635,457 | |||
| Health Care (23.4%) | |||
| * | Insulet Corp. | 719,607 | 192,265 |
| * | ICON plc | 910,151 | 185,498 |
| * | Hologic Inc. | 1,561,289 | 124,482 |
| * | Acadia Healthcare Co. Inc. | 2,341,807 | 118,683 |
| * | Omnicell Inc. | 937,612 | 110,451 |
| *,1 | Penumbra Inc. | 336,761 | 87,925 |
| * | Ultragenyx Pharmaceutical Inc. | 633,459 | 87,791 |
| * | Catalent Inc. | 746,969 | 85,939 |
| * | LHC Group Inc. | 421,481 | 83,967 |
| Encompass Health Corp. | 1,021,343 | 82,116 | |
| * | ABIOMED Inc. | 235,779 | 82,110 |
| * | Haemonetics Corp. | 710,545 | 81,208 |
| STERIS plc | 428,405 | 80,159 | |
| * | Amedisys Inc. | 273,051 | 78,450 |
| Shares | Market Value ($000) | ||
| Hill-Rom Holdings Inc. | 816,269 | 78,394 | |
| * | Molina Healthcare Inc. | 364,956 | 77,958 |
| * | BioTelemetry Inc. | 1,075,983 | 76,890 |
| * | Repligen Corp. | 366,884 | 73,377 |
| * | Charles River Laboratories International Inc. | 278,017 | 72,020 |
| * | Globus Medical Inc. Class A | 1,144,233 | 70,588 |
| * | Avanos Medical Inc. | 1,553,044 | 70,353 |
| * | Quidel Corp. | 277,225 | 69,575 |
| * | Merit Medical Systems Inc. | 1,281,995 | 69,420 |
| * | Kodiak Sciences Inc. | 544,690 | 68,800 |
| * | HealthEquity Inc. | 810,734 | 67,737 |
| * | Syneos Health Inc. | 884,697 | 65,777 |
| * | IDEXX Laboratories Inc. | 136,913 | 65,538 |
| * | Mettler-Toledo International Inc. | 53,972 | 63,045 |
| Bio-Techne Corp. | 193,501 | 62,870 | |
| * | Integra LifeSciences Holdings Corp. | 930,215 | 61,431 |
| * | Avantor Inc. | 2,044,331 | 60,287 |
| * | Glaukos Corp. | 653,683 | 57,975 |
| * | ImmunoGen Inc. | 7,554,606 | 53,864 |
| * | Horizon Therapeutics plc | 718,677 | 52,090 |
| * | PRA Health Sciences Inc. | 420,184 | 51,783 |
| * | Neurocrine Biosciences Inc. | 442,989 | 48,618 |
| * | Turning Point Therapeutics Inc. | 383,203 | 48,088 |
| * | DexCom Inc. | 120,813 | 45,287 |
| * | Arena Pharmaceuticals Inc. | 551,811 | 40,966 |
| * | Sage Therapeutics Inc. | 502,805 | 40,551 |
| * | TG Therapeutics Inc. | 838,487 | 40,474 |
| * | Exact Sciences Corp. | 289,542 | 39,714 |
| * | Biohaven Pharmaceutical Holding Co. Ltd. | 464,213 | 39,560 |
| ResMed Inc. | 192,853 | 38,873 | |
| * | Halozyme Therapeutics Inc. | 796,934 | 37,926 |
| * | Dicerna Pharmaceuticals Inc. | 1,673,053 | 37,594 |
| * | Y-mAbs Therapeutics Inc. | 893,289 | 37,527 |
| * | Constellation Pharmaceuticals Inc. | 1,130,166 | 37,262 |
| * | AMN Healthcare Services Inc. | 500,454 | 36,093 |
| * | PPD Inc. | 1,103,003 | 35,473 |
| Cooper Cos. Inc. | 96,548 | 35,147 | |
| *,1 | Ligand Pharmaceuticals Inc. | 188,098 | 34,864 |
| * | Apellis Pharmaceuticals Inc. | 747,011 | 33,070 |
| * | Ascendis Pharma A/S ADR | 213,450 | 32,050 |
| * | Pacira BioSciences Inc. | 472,107 | 31,197 |
| * | Neogen Corp. | 382,321 | 30,918 |
| * | Mirati Therapeutics Inc. | 147,266 | 30,238 |
| * | Veracyte Inc. | 524,763 | 29,754 |
| * | Tandem Diabetes Care Inc. | 318,612 | 29,519 |
| * | ALX Oncology Holdings Inc. | 362,870 | 28,757 |
| * | Theravance Biopharma Inc. | 1,517,696 | 28,290 |
| * | Axogen Inc. | 1,628,287 | 28,251 |
| Chemed Corp. | 54,531 | 28,242 | |
| * | Allakos Inc. | 205,558 | 27,407 |
| * | MEDNAX Inc. | 993,912 | 27,104 |
| * | Exelixis Inc. | 1,197,125 | 26,588 |
| * | HMS Holdings Corp. | 718,266 | 26,447 |
| Cerner Corp. | 315,500 | 25,275 | |
| * | Agios Pharmaceuticals Inc. | 534,275 | 25,095 |
| * | iRhythm Technologies Inc. | 148,948 | 25,086 |
| * | Nevro Corp. | 155,033 | 25,083 |
| * | Novocure Ltd. | 154,132 | 24,809 |
| Shares | Market Value ($000) | ||
| * | Maravai LifeSciences Holdings Inc. Class A | 706,771 | 24,624 |
| * | Heron Therapeutics Inc. | 1,409,990 | 24,477 |
| * | Illumina Inc. | 55,496 | 23,666 |
| Bruker Corp. | 400,004 | 23,156 | |
| * | Align Technology Inc. | 43,858 | 23,042 |
| * | Sotera Health Co. | 882,895 | 23,035 |
| * | Revance Therapeutics Inc. | 901,670 | 22,938 |
| * | Henry Schein Inc. | 348,242 | 22,932 |
| * | Medpace Holdings Inc. | 171,414 | 22,762 |
| * | Deciphera Pharmaceuticals Inc. | 512,072 | 22,634 |
| * | BioMarin Pharmaceutical Inc. | 271,852 | 22,504 |
| * | Natera Inc. | 192,575 | 20,536 |
| * | Pacific Biosciences of California Inc. | 596,178 | 19,286 |
| * | Viking Therapeutics Inc. | 2,444,815 | 17,872 |
| PerkinElmer Inc. | 117,515 | 17,283 | |
| * | Guardant Health Inc. | 111,103 | 17,277 |
| * | Tenet Healthcare Corp. | 358,401 | 16,942 |
| * | Veeva Systems Inc. Class A | 61,250 | 16,932 |
| * | SpringWorks Therapeutics Inc. | 203,155 | 16,925 |
| *,1 | Ontrak Inc. | 209,074 | 16,577 |
| * | Sarepta Therapeutics Inc. | 183,531 | 16,408 |
| * | NuVasive Inc. | 298,115 | 16,021 |
| * | Acceleron Pharma Inc. | 128,713 | 14,870 |
| * | Teladoc Health Inc. | 50,144 | 13,230 |
| * | Emergent BioSolutions Inc. | 122,177 | 13,055 |
| * | Masimo Corp. | 50,568 | 12,941 |
| * | Ionis Pharmaceuticals Inc. | 209,360 | 12,576 |
| Ensign Group Inc. | 149,649 | 11,715 | |
| * | Ironwood Pharmaceuticals Inc. Class A | 1,016,860 | 10,392 |
| * | 10X Genomics Inc. Class A | 60,644 | 10,379 |
| * | Arvinas Inc. | 134,117 | 10,118 |
| * | Enanta Pharmaceuticals Inc. | 208,359 | 10,014 |
| * | Select Medical Holdings Corp. | 387,993 | 9,971 |
| * | Corcept Therapeutics Inc. | 344,204 | 9,727 |
| * | Supernus Pharmaceuticals Inc. | 326,624 | 9,599 |
| * | Travere Thrapeutics Inc. | 376,489 | 9,506 |
| * | Puma Biotechnology Inc. | 749,514 | 8,799 |
| * | Bluebird Bio Inc. | 190,856 | 8,503 |
| * | Inovalon Holdings Inc. Class A | 346,099 | 8,445 |
| * | MacroGenics Inc. | 404,278 | 8,263 |
| * | Iovance Biotherapeutics Inc. | 186,594 | 8,180 |
| * | Schrodinger Inc. | 90,127 | 8,141 |
| Luminex Corp. | 288,585 | 8,106 | |
| * | ModivCare Inc. | 47,676 | 7,560 |
| * | Vanda Pharmaceuticals Inc. | 516,657 | 7,409 |
| *,1 | Esperion Therapeutics Inc. | 228,769 | 7,204 |
| * | Alkermes plc | 327,679 | 6,878 |
| * | Blueprint Medicines Corp. | 70,799 | 6,850 |
| * | Novavax Inc. | 30,779 | 6,800 |
| * | CareDx Inc. | 83,892 | 6,412 |
| * | AtriCure Inc. | 108,745 | 6,332 |
| * | Tivity Health Inc. | 279,388 | 6,300 |
| * | Integer Holdings Corp. | 83,405 | 6,155 |
| * | Inspire Medical Systems Inc. | 29,344 | 5,913 |
| * | Pennant Group Inc. | 105,996 | 5,699 |
| * | Cytokinetics Inc. | 287,013 | 5,646 |
| * | BioCryst Pharmaceuticals Inc. | 659,725 | 5,621 |
| * | Immunovant Inc. | 141,405 | 5,519 |
| Shares | Market Value ($000) | ||
| * | GenMark Diagnostics Inc. | 381,172 | 5,264 |
| * | Agenus Inc. | 1,411,031 | 5,193 |
| * | Meridian Bioscience Inc. | 233,379 | 5,158 |
| * | Editas Medicine Inc. Class A | 81,620 | 5,007 |
| * | Twist Bioscience Corp. | 29,691 | 4,885 |
| * | Akebia Therapeutics Inc. | 1,472,363 | 4,770 |
| * | Inari Medical Inc. | 48,333 | 4,612 |
| * | Intellia Therapeutics Inc. | 71,582 | 4,482 |
| * | Precision BioSciences Inc. | 367,150 | 4,450 |
| * | MannKind Corp. | 1,261,012 | 4,439 |
| * | US Physical Therapy Inc. | 36,819 | 4,431 |
| * | Intercept Pharmaceuticals Inc. | 123,134 | 4,339 |
| * | Sutro Biopharma Inc. | 192,582 | 4,266 |
| * | ACADIA Pharmaceuticals Inc. | 87,601 | 4,209 |
| West Pharmaceutical Services Inc. | 13,983 | 4,188 | |
| * | Lexicon Pharmaceuticals Inc. | 521,386 | 4,124 |
| * | Minerva Neurosciences Inc. | 1,194,857 | 3,812 |
| * | Molecular Templates Inc. | 332,669 | 3,809 |
| * | Fortress Biotech Inc. | 1,187,477 | 3,788 |
| * | Kiniksa Pharmaceuticals Ltd. Class A | 184,752 | 3,638 |
| * | CytomX Therapeutics Inc. | 510,220 | 3,526 |
| * | Reata Pharmaceuticals Inc. Class A | 33,435 | 3,464 |
| * | AdaptHealth Corp. Class A | 89,785 | 3,436 |
| * | OraSure Technologies Inc. | 217,055 | 3,306 |
| * | Surgery Partners Inc. | 86,031 | 3,207 |
| * | Voyager Therapeutics Inc. | 423,207 | 3,195 |
| * | Denali Therapeutics Inc. | 46,132 | 3,160 |
| * | Sangamo Therapeutics Inc. | 222,109 | 3,034 |
| * | Radius Health Inc. | 160,723 | 3,006 |
| * | Accolade Inc. | 55,602 | 2,818 |
| * | Pulmonx Corp. | 49,539 | 2,810 |
| *,1 | NantKwest Inc. | 146,960 | 2,774 |
| * | Allscripts Healthcare Solutions Inc. | 167,460 | 2,763 |
| * | Silk Road Medical Inc. | 47,078 | 2,567 |
| * | ICU Medical Inc. | 12,066 | 2,467 |
| * | Seres Therapeutics Inc. | 101,144 | 2,402 |
| * | Selecta Biosciences Inc. | 595,795 | 2,383 |
| * | Karyopharm Therapeutics Inc. | 153,747 | 2,342 |
| *,1 | Inovio Pharmaceuticals Inc. | 182,412 | 2,326 |
| * | Castle Biosciences Inc. | 34,685 | 2,318 |
| * | Atara Biotherapeutics Inc. | 125,451 | 2,316 |
| * | Xencor Inc. | 49,947 | 2,285 |
| * | Ovid therapeutics Inc. | 805,652 | 2,264 |
| CONMED Corp. | 19,922 | 2,229 | |
| * | CryoPort Inc. | 28,487 | 1,943 |
| * | ZIOPHARM Oncology Inc. | 495,275 | 1,837 |
| * | Evolent Health Inc. Class A | 106,855 | 1,824 |
| * | REGENXBIO Inc. | 43,676 | 1,805 |
| * | NextCure Inc. | 152,773 | 1,771 |
| * | Karuna Therapeutics Inc. | 16,539 | 1,641 |
| * | Affimed NV | 283,113 | 1,622 |
| * | Arcturus Therapeutics Holdings Inc. | 21,864 | 1,584 |
| *,1 | VBI Vaccines Inc. | 479,852 | 1,564 |
| * | Translate Bio Inc. | 63,423 | 1,515 |
| *,1 | Vaxart Inc. | 126,018 | 1,510 |
| * | Myriad Genetics Inc. | 53,493 | 1,474 |
| * | Provention Bio Inc. | 102,645 | 1,413 |
| * | Replimune Group Inc. | 36,255 | 1,407 |
| Shares | Market Value ($000) | ||
| * | Amicus Therapeutics Inc. | 74,098 | 1,401 |
| * | Mustang Bio Inc. | 335,880 | 1,401 |
| * | Protagonist Therapeutics Inc. | 62,425 | 1,293 |
| *,1 | Retractable Technologies Inc. | 76,472 | 1,230 |
| * | Cue Biopharma Inc. | 90,638 | 1,227 |
| * | FibroGen Inc. | 25,369 | 1,222 |
| * | Amphastar Pharmaceuticals Inc. | 65,345 | 1,188 |
| *,1 | Co-Diagnostics Inc. | 90,100 | 1,157 |
| * | Option Care Health Inc. | 62,488 | 1,155 |
| * | Phreesia Inc. | 16,690 | 1,090 |
| * | STAAR Surgical Co. | 10,518 | 1,079 |
| * | Adaptive Biotechnologies Corp. | 18,317 | 1,016 |
| * | Innoviva Inc. | 82,607 | 992 |
| * | Spero Therapeutics Inc. | 54,307 | 984 |
| * | AVEO Pharmaceuticals Inc. | 123,820 | 982 |
| * | Syros Pharmaceuticals Inc. | 89,395 | 978 |
| * | Kadmon Holdings Inc. | 197,694 | 949 |
| *,1 | Clovis Oncology Inc. | 117,481 | 928 |
| * | Quanterix Corp. | 14,125 | 914 |
| * | ChemoCentryx Inc. | 15,267 | 870 |
| *,1 | Zynex Inc. | 47,116 | 851 |
| * | Vocera Communications Inc. | 18,323 | 805 |
| *,1 | Acutus Medical Inc. | 28,968 | 750 |
| * | Zogenix Inc. | 31,940 | 606 |
| * | Amneal Pharmaceuticals Inc. | 100,443 | 483 |
| 5,072,393 | |||
| Industrials (16.8%) | |||
| * | Trex Co. Inc. | 1,772,956 | 162,704 |
| * | TriNet Group Inc. | 1,860,286 | 137,866 |
| * | Clean Harbors Inc. | 1,582,771 | 122,601 |
| * | Middleby Corp. | 872,617 | 118,432 |
| Kennametal Inc. | 2,728,386 | 103,351 | |
| * | Generac Holdings Inc. | 414,482 | 102,137 |
| John Bean Technologies Corp. | 869,475 | 100,755 | |
| * | SPX FLOW Inc. | 1,781,417 | 94,362 |
| Woodward Inc. | 835,875 | 93,576 | |
| Rexnord Corp. | 2,412,146 | 91,324 | |
| * | Sensata Technologies Holding plc | 1,565,913 | 85,342 |
| * | Kirby Corp. | 1,631,434 | 82,812 |
| * | Builders FirstSource Inc. | 2,109,114 | 80,674 |
| Ritchie Bros Auctioneers Inc. | 1,353,903 | 79,758 | |
| Fortune Brands Home & Security Inc. | 900,230 | 77,645 | |
| EnerSys | 890,982 | 73,265 | |
| * | Chart Industries Inc. | 568,388 | 68,269 |
| * | AerCap Holdings NV | 1,767,122 | 67,575 |
| TransUnion | 774,622 | 67,423 | |
| BWX Technologies Inc. | 1,205,936 | 65,024 | |
| 2 | Enerpac Tool Group Corp. Class A | 3,138,204 | 63,611 |
| ABM Industries Inc. | 1,719,894 | 63,189 | |
| GATX Corp. | 675,374 | 62,675 | |
| Matson Inc. | 1,029,285 | 61,551 | |
| * | United Rentals Inc. | 245,230 | 59,593 |
| * | Masonite International Corp. | 588,267 | 58,533 |
| IDEX Corp. | 308,180 | 57,380 | |
| * | Copart Inc. | 512,469 | 56,243 |
| Advanced Drainage Systems Inc. | 671,558 | 55,390 | |
| * | SiteOne Landscape Supply Inc. | 348,095 | 54,888 |
| * | XPO Logistics Inc. | 485,045 | 53,554 |
| Shares | Market Value ($000) | ||
| * | Axon Enterprise Inc. | 318,216 | 52,238 |
| Rush Enterprises Inc. Class A | 1,198,174 | 50,311 | |
| * | Kornit Digital Ltd. | 521,275 | 47,246 |
| * | RBC Bearings Inc. | 275,364 | 46,077 |
| * | Gibraltar Industries Inc. | 480,826 | 43,096 |
| Verisk Analytics Inc. Class A | 229,988 | 42,203 | |
| Tennant Co. | 585,236 | 39,650 | |
| * | Kratos Defense & Security Solutions Inc. | 1,461,564 | 38,790 |
| * | Teledyne Technologies Inc. | 107,510 | 38,382 |
| CH Robinson Worldwide Inc. | 446,230 | 38,179 | |
| * | Proto Labs Inc. | 177,469 | 37,588 |
| * | Shoals Technologies Group Inc. Class A | 1,100,279 | 37,332 |
| Forward Air Corp. | 445,402 | 31,931 | |
| * | Cimpress plc | 342,159 | 31,270 |
| * | CoStar Group Inc. | 34,010 | 30,599 |
| * | Mercury Systems Inc. | 391,994 | 27,855 |
| HEICO Corp. Class A | 261,328 | 27,782 | |
| Vertiv Holdings Co. Class A | 1,365,229 | 27,468 | |
| * | AZEK Co. Inc. Class A | 580,908 | 23,172 |
| Rockwell Automation Inc. | 87,715 | 21,800 | |
| Landstar System Inc. | 152,673 | 21,283 | |
| IHS Markit Ltd. | 240,770 | 20,966 | |
| * | Array Technologies Inc. | 504,809 | 20,576 |
| * | Atkore International Group Inc. | 448,052 | 19,876 |
| * | Upwork Inc. | 463,377 | 19,207 |
| UFP Industries Inc. | 339,947 | 18,337 | |
| EMCOR Group Inc. | 194,392 | 17,165 | |
| JB Hunt Transport Services Inc. | 115,030 | 15,490 | |
| Boise Cascade Co. | 320,775 | 15,279 | |
| * | Plug Power Inc. | 225,919 | 14,271 |
| Heartland Express Inc. | 752,079 | 14,117 | |
| Tetra Tech Inc. | 115,825 | 14,081 | |
| * | Ameresco Inc. Class A | 242,557 | 13,605 |
| Allison Transmission Holdings Inc. | 297,088 | 12,092 | |
| * | GMS Inc. | 415,465 | 12,044 |
| * | MRC Global Inc. | 1,335,510 | 9,228 |
| Simpson Manufacturing Co. Inc. | 99,618 | 9,165 | |
| * | AeroVironment Inc. | 77,889 | 8,939 |
| Allegion plc | 82,408 | 8,818 | |
| Applied Industrial Technologies Inc. | 118,449 | 8,338 | |
| Franklin Electric Co. Inc. | 119,810 | 8,317 | |
| * | Sunrun Inc. | 106,616 | 7,385 |
| Exponent Inc. | 89,232 | 7,369 | |
| Albany International Corp. Class A | 102,370 | 7,117 | |
| * | Terex Corp. | 177,468 | 6,346 |
| Graco Inc. | 85,576 | 5,900 | |
| Nordson Corp. | 32,952 | 5,898 | |
| * | SPX Corp. | 96,202 | 4,975 |
| Werner Enterprises Inc. | 123,497 | 4,846 | |
| MSA Safety Inc. | 26,929 | 4,204 | |
| * | TrueBlue Inc. | 216,816 | 4,031 |
| * | American Woodmark Corp. | 45,560 | 3,941 |
| *,1 | Alpha Pro Tech Ltd. | 238,365 | 3,404 |
| Hubbell Inc. Class B | 20,831 | 3,241 | |
| Donaldson Co. Inc. | 54,435 | 3,236 | |
| * | Atlas Air Worldwide Holdings Inc. | 61,809 | 3,203 |
| CoreLogic Inc. | 33,808 | 2,545 | |
| * | ExOne Co. | 83,991 | 2,330 |
| Shares | Market Value ($000) | ||
| Huntington Ingalls Industries Inc. | 11,868 | 1,867 | |
| * | Cornerstone Building Brands Inc. | 159,951 | 1,820 |
| Toro Co. | 19,075 | 1,798 | |
| * | ASGN Inc. | 21,142 | 1,753 |
| Acuity Brands Inc. | 11,647 | 1,400 | |
| AAON Inc. | 14,918 | 1,104 | |
| * | Vicor Corp. | 11,759 | 1,018 |
| * | MasTec Inc. | 12,939 | 998 |
| * | Dycom Industries Inc. | 12,219 | 991 |
| * | Herc Holdings Inc. | 13,842 | 886 |
| Covanta Holding Corp. | 60,223 | 852 | |
| Argan Inc. | 15,021 | 649 | |
| 3,650,772 | |||
| Information Technology (24.4%) | |||
| * | Five9 Inc. | 1,151,542 | 191,444 |
| * | New Relic Inc. | 2,044,338 | 153,693 |
| * | SVMK Inc. | 5,725,847 | 144,349 |
| * | HubSpot Inc. | 387,157 | 144,100 |
| * | Wix.com Ltd. | 507,150 | 125,291 |
| * | Fortinet Inc. | 822,197 | 119,013 |
| Power Integrations Inc. | 1,380,696 | 111,215 | |
| * | Cloudera Inc. | 7,071,230 | 107,978 |
| Monolithic Power Systems Inc. | 297,018 | 105,528 | |
| * | J2 Global Inc. | 994,891 | 102,116 |
| * | Inphi Corp. | 574,730 | 96,905 |
| * | Proofpoint Inc. | 747,414 | 96,476 |
| * | DocuSign Inc. Class A | 400,060 | 93,170 |
| * | Medallia Inc. | 2,221,557 | 92,195 |
| * | ON Semiconductor Corp. | 2,618,323 | 90,306 |
| * | Ciena Corp. | 1,666,700 | 88,985 |
| * | Mimecast Ltd. | 2,049,163 | 88,237 |
| * | Tower Semiconductor Ltd. | 3,017,577 | 84,402 |
| * | Cadence Design Systems Inc. | 631,083 | 82,287 |
| * | GoDaddy Inc. Class A | 958,928 | 75,353 |
| * | RealPage Inc. | 859,976 | 74,448 |
| * | First Solar Inc. | 745,330 | 73,899 |
| MKS Instruments Inc. | 465,752 | 73,621 | |
| Science Applications International Corp. | 759,235 | 72,909 | |
| * | Arrow Electronics Inc. | 746,484 | 72,879 |
| * | Manhattan Associates Inc. | 599,854 | 67,921 |
| * | 2U Inc. | 1,614,854 | 66,048 |
| * | Concentrix Corp. | 609,605 | 65,179 |
| * | FireEye Inc. | 2,942,306 | 61,788 |
| Entegris Inc. | 621,619 | 61,161 | |
| MAXIMUS Inc. | 808,789 | 60,708 | |
| * | Everbridge Inc. | 455,962 | 60,611 |
| * | Envestnet Inc. | 782,802 | 60,064 |
| * | Cornerstone OnDemand Inc. | 1,421,758 | 58,150 |
| * | IPG Photonics Corp. | 252,477 | 56,411 |
| *,1 | SunPower Corp. | 989,057 | 53,419 |
| * | 8x8 Inc. | 1,512,397 | 53,312 |
| * | Pluralsight Inc. Class A | 2,459,950 | 51,167 |
| * | RingCentral Inc. Class A | 130,150 | 48,536 |
| * | Trimble Inc. | 710,541 | 46,832 |
| * | Smartsheet Inc. Class A | 670,830 | 46,784 |
| * | Euronet Worldwide Inc. | 369,383 | 46,158 |
| Belden Inc. | 971,185 | 45,879 | |
| * | Semtech Corp. | 629,557 | 44,667 |
| Shares | Market Value ($000) | ||
| * | Sprout Social Inc. Class A | 671,380 | 44,311 |
| Microchip Technology Inc. | 314,555 | 42,814 | |
| Teradyne Inc. | 370,355 | 42,028 | |
| * | Nuance Communications Inc. | 851,151 | 38,761 |
| * | Cardtronics plc Class A | 967,044 | 37,570 |
| * | Silicon Laboratories Inc. | 283,628 | 37,204 |
| * | PTC Inc. | 279,226 | 37,112 |
| Jack Henry & Associates Inc. | 253,344 | 36,682 | |
| * | SolarWinds Corp. | 2,177,009 | 36,596 |
| * | Gartner Inc. | 234,940 | 35,690 |
| * | Tyler Technologies Inc. | 81,886 | 34,621 |
| * | Q2 Holdings Inc. | 267,594 | 34,249 |
| * | Fair Isaac Corp. | 72,900 | 32,813 |
| Booz Allen Hamilton Holding Corp. Class A | 383,971 | 32,703 | |
| Cognex Corp. | 394,680 | 32,415 | |
| * | WEX Inc. | 171,830 | 32,407 |
| * | Enphase Energy Inc. | 177,650 | 32,394 |
| * | Dynatrace Inc. | 736,401 | 30,568 |
| * | Zendesk Inc. | 205,600 | 29,656 |
| * | Palo Alto Networks Inc. | 81,893 | 28,724 |
| * | Workiva Inc. Class A | 291,497 | 28,412 |
| * | Qualys Inc. | 199,718 | 27,655 |
| * | SolarEdge Technologies Inc. | 94,110 | 27,135 |
| * | Aspen Technology Inc. | 188,848 | 25,287 |
| * | Rapid7 Inc. | 285,525 | 24,789 |
| * | ANSYS Inc. | 69,366 | 24,581 |
| *,1 | Maxeon Solar Technologies Ltd. | 600,155 | 24,366 |
| * | Varonis Systems Inc. | 133,505 | 23,600 |
| * | CyberArk Software Ltd. | 147,254 | 23,597 |
| * | Black Knight Inc. | 287,138 | 23,456 |
| * | Domo Inc. Class B | 365,963 | 23,198 |
| * | ChannelAdvisor Corp. | 1,096,992 | 22,488 |
| National Instruments Corp. | 538,607 | 22,298 | |
| * | Box Inc. Class A | 1,259,113 | 21,833 |
| * | Atlassian Corp. plc Class A | 84,502 | 19,531 |
| * | Zscaler Inc. | 96,302 | 19,232 |
| * | PROS Holdings Inc. | 446,227 | 18,804 |
| * | Anaplan Inc. | 280,776 | 18,728 |
| TTEC Holdings Inc. | 246,586 | 18,637 | |
| * | Guidewire Software Inc. | 159,327 | 18,281 |
| Jabil Inc. | 440,829 | 18,237 | |
| * | EPAM Systems Inc. | 50,432 | 17,370 |
| * | Avalara Inc. | 114,474 | 17,171 |
| SS&C Technologies Holdings Inc. | 272,687 | 17,147 | |
| * | Repay Holdings Corp. | 773,094 | 17,124 |
| * | Elastic NV | 106,828 | 16,234 |
| * | Coupa Software Inc. | 51,026 | 15,811 |
| * | Synaptics Inc. | 142,588 | 14,148 |
| * | A10 Networks Inc. | 1,246,331 | 12,376 |
| * | Teradata Corp. | 455,795 | 12,261 |
| * | Zebra Technologies Corp. Class A | 31,596 | 12,254 |
| *,1 | Sumo Logic Inc. | 352,280 | 12,122 |
| * | Avaya Holdings Corp. | 521,184 | 11,591 |
| Brooks Automation Inc. | 148,949 | 11,284 | |
| CDW Corp. | 85,552 | 11,264 | |
| * | Fastly Inc. Class A | 97,749 | 10,689 |
| * | Bill.Com Holdings Inc. | 87,019 | 10,606 |
| * | SPS Commerce Inc. | 106,036 | 10,486 |
| Shares | Market Value ($000) | ||
| * | Veritone Inc. | 253,127 | 9,940 |
| * | Unisys Corp. | 398,262 | 9,515 |
| * | Comm Scope Holding Co. Inc. | 645,946 | 9,489 |
| * | Cirrus Logic Inc. | 100,866 | 9,450 |
| * | Alarm.com Holdings Inc. | 97,542 | 9,064 |
| * | Diodes Inc. | 124,061 | 8,781 |
| * | Calix Inc. | 273,898 | 8,272 |
| * | NeoPhotonics Corp. | 739,695 | 8,240 |
| * | Plantronics Inc. | 240,379 | 7,625 |
| * | Unity Software Inc. | 50,603 | 7,581 |
| * | Digital Turbine Inc. | 131,927 | 7,548 |
| * | Avid Technology Inc. | 414,086 | 7,056 |
| * | Nutanix Inc. Class A | 227,823 | 6,953 |
| * | SMART Global Holdings Inc. | 186,620 | 6,933 |
| * | Alteryx Inc. Class A | 54,274 | 6,841 |
| * | Affirm Holdings Inc. | 67,221 | 6,695 |
| * | MACOM Technology Solutions Holdings Inc. Class H | 110,048 | 6,257 |
| CSG Systems International Inc. | 143,499 | 6,183 | |
| * | Ultra Clean Holdings Inc. | 160,141 | 6,181 |
| * | Model N Inc. | 169,702 | 5,766 |
| Amkor Technology Inc. | 364,019 | 5,650 | |
| * | Brightcove Inc. | 343,232 | 5,646 |
| * | Okta Inc. | 21,202 | 5,492 |
| * | MongoDB Inc. | 14,826 | 5,480 |
| * | eGain Corp. | 456,710 | 5,024 |
| * | Zuora Inc. Class A | 336,631 | 4,965 |
| * | Insight Enterprises Inc. | 62,524 | 4,758 |
| Progress Software Corp. | 106,336 | 4,273 | |
| * | Diebold Nixdorf Inc. | 309,079 | 4,222 |
| * | LivePerson Inc. | 64,427 | 4,082 |
| * | Agilysys Inc. | 107,922 | 3,970 |
| * | Ichor Holdings Ltd. | 108,971 | 3,934 |
| * | Lumentum Holdings Inc. | 40,780 | 3,825 |
| * | Lattice Semiconductor Corp. | 94,984 | 3,810 |
| * | FormFactor Inc. | 90,395 | 3,694 |
| * | StoneCo. Ltd. Class A | 51,131 | 3,676 |
| * | ePlus Inc. | 40,614 | 3,413 |
| * | Ambarella Inc. | 34,776 | 3,281 |
| * | Axcelis Technologies Inc. | 87,945 | 3,011 |
| Hackett Group Inc. | 215,377 | 2,933 | |
| * | Fabrinet | 36,362 | 2,870 |
| * | Sitime Corp. | 23,118 | 2,822 |
| * | Cohu Inc. | 52,499 | 2,136 |
| * | Mitek Systems Inc. | 132,029 | 2,132 |
| * | Cambium Networks Corp. | 49,557 | 1,821 |
| * | PagerDuty Inc. | 35,857 | 1,747 |
| * | Altair Engineering Inc. Class A | 31,156 | 1,743 |
| * | LiveRamp Holdings Inc. | 22,251 | 1,685 |
| EVERTEC Inc. | 47,496 | 1,648 | |
| * | Tenable Holdings Inc. | 31,743 | 1,571 |
| * | Infinera Corp. | 156,988 | 1,546 |
| * | Zix Corp. | 188,743 | 1,538 |
| * | International Money Express Inc. | 95,820 | 1,368 |
| * | Perficient Inc. | 24,714 | 1,350 |
| *,1 | BigCommerce Holdings Inc. Series 1 | 16,639 | 1,330 |
| Ubiquiti Inc. | 3,888 | 1,197 | |
| * | Novanta Inc. | 9,242 | 1,155 |
| *,1 | GTT Communications Inc. | 229,041 | 1,065 |
| Shares | Market Value ($000) | ||
| * | Sailpoint Technologies Holdings Inc. | 18,661 | 1,032 |
| * | CEVA Inc. | 13,803 | 812 |
| * | Advanced Energy Industries Inc. | 7,865 | 807 |
| * | Duck Creek Technologies Inc. | 16,281 | 787 |
| * | Paylocity Holding Corp. | 3,776 | 708 |
| *,1 | Corsair Gaming Inc. | 13,333 | 504 |
| 5,303,878 | |||
| Materials (1.8%) | |||
| Smurfit Kappa Group plc | 1,917,978 | 91,461 | |
| Louisiana-Pacific Corp. | 2,175,522 | 82,692 | |
| Methanex Corp. | 1,656,281 | 54,840 | |
| * | Summit Materials Inc. Class A | 1,830,961 | 37,590 |
| Graphic Packaging Holding Co. | 1,328,313 | 20,801 | |
| Scotts Miracle-Gro Co. | 86,393 | 19,128 | |
| Element Solutions Inc. | 965,894 | 16,449 | |
| Balchem Corp. | 145,914 | 15,617 | |
| Avery Dennison Corp. | 99,566 | 15,022 | |
| Royal Gold Inc. | 117,302 | 12,537 | |
| RPM International Inc. | 102,708 | 8,470 | |
| Sensient Technologies Corp. | 73,253 | 5,167 | |
| * | Forterra Inc. | 106,888 | 1,956 |
| * | O-I Glass Inc. | 137,123 | 1,733 |
| 383,463 | |||
| Other (1.0%)3 | |||
| 1,4 | Vanguard Small-Cap ETF | 825,951 | 164,026 |
| * | Jaws Acquisition Corp. Class A | 3,930,850 | 51,140 |
| 215,166 | |||
| Real Estate (2.7%) | |||
| PS Business Parks Inc. | 555,279 | 75,585 | |
| Life Storage Inc. | 919,707 | 75,030 | |
| Essential Properties Realty Trust Inc. | 3,347,626 | 69,697 | |
| VICI Properties Inc. | 2,357,420 | 59,596 | |
| JBG SMITH Properties | 1,857,382 | 55,461 | |
| Pebblebrook Hotel Trust | 2,114,744 | 38,869 | |
| * | Xenia Hotels & Resorts Inc. | 2,529,999 | 36,609 |
| CoreSite Realty Corp. | 255,670 | 34,372 | |
| SBA Communications Corp. Class A | 121,661 | 32,687 | |
| * | Redfin Corp. | 387,896 | 27,622 |
| Iron Mountain Inc. | 571,935 | 19,257 | |
| Americold Realty Trust | 484,600 | 16,917 | |
| Uniti Group Inc. | 1,125,295 | 13,852 | |
| National Health Investors Inc. | 92,254 | 5,982 | |
| 1 | GEO Group Inc. | 617,508 | 5,520 |
| RMR Group Inc. Class A | 53,190 | 1,962 | |
| Innovative Industrial Properties Inc. | 8,629 | 1,615 | |
| CareTrust REIT Inc. | 59,111 | 1,328 | |
| Alexander's Inc. | 3,532 | 944 | |
| American Finance Trust Inc. | 81,888 | 596 | |
| 573,501 | |||
| Utilities (0.5%) | |||
| Atlantica Sustainable Infrastructure plc | 1,979,861 | 81,867 | |
| NRG Energy Inc. | 409,710 | 16,966 | |
| Ormat Technologies Inc. (XNYS) | 64,205 | 7,330 | |
| American States Water Co. | 77,230 | 5,967 | |
| California Water Service Group | 20,919 | 1,143 | |
| Shares | Market Value ($000) | ||
| Brookfield Infrastructure Corp. Class A | 13,083 | 877 | |
| 114,150 | |||
| Total Common Stocks (Cost $13,401,802) | 20,788,224 | ||
| Temporary Cash Investments (5.3%) | |||
| Money Market Fund (4.7%) | |||
| 5,6 | Vanguard Market Liquidity Fund, 0.107% | 10,278,201 | 1,027,820 |
| Face Amount ($000) | |||
| Repurchase Agreement (0.6%) | |||
| Deutsche Bank Securities, Inc. 0.060%, 2/1/21 (Dated 1/29/21, Repurchase Value $120,501,000, collateralized by Federal Home Loan Mortgage Corp., 3.500%–4.000%, 8/1/45–3/1/49, with a value of $122,910,000) | 120,500 | 120,500 | |
| U.S. Government and Agency Obligations (0.0%) | |||
| 7 | U.S. Treasury Bill, 0.083%, 3/30/21 | 800 | 800 |
| Total Temporary Cash Investments (Cost $1,148,986) | 1,149,120 | ||
| Total Investments (101.1%) (Cost $14,550,788) | 21,937,344 | ||
| Other Assets and Liabilities—Net (-1.1%) | (232,662) | ||
| Net Assets (100%) | 21,704,682 | ||
| 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 $241,456,000. |
| 2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 3 | “Other” represents securities that are not classified by the fund’s benchmark index. |
| 4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $249,090,000 was received for securities on loan. |
| 7 | Securities with a value of $689,000 have been segregated as initial margin for open futures contracts. |
| ADR—American Depositary Receipt. | |
| REIT—Real Estate Investment Trust. |
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 | March 2021 | 4,792 | 495,541 | 29,670 |
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. 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 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.
The following table summarizes the market value of the fund’s investments and derivatives as of January 31, 2021, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 20,696,763 | 91,461 | — | 20,788,224 |
| Temporary Cash Investments | 1,027,820 | 121,300 | — | 1,149,120 |
| Total | 21,724,583 | 212,761 | — | 21,937,344 |
| Derivative Financial Instruments | ||||
| Liabilities | ||||
| Futures Contracts1 | 7,510 | — | — | 7,510 |
| 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 company 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, 2020 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Jan. 31, 2021 Market Value ($000) | |
| BioTelemetry Inc. | 87,075 | 1,786 | 72,065 | 19,341 | 40,753 | — | — | NA1 |
| Cardtronics plc Class A | 56,987 | — | 88,556 | 6,824 | 62,315 | — | — | NA1 |
| Enerpac Tool Group Corp. Class A | NA2 | 4,612 | 653 | 225 | 6,741 | — | — | 63,611 |
| Houghton Mifflin Harcourt Co. | 18,789 | — | — | — | 16,702 | — | — | 35,491 |
| Vanguard Market Liquidity Fund | 456,995 | NA3 | NA3 | — | — | 38 | — | 1,027,820 |
| Vanguard Small-Cap ETF | 196,329 | 48,092 | 117,211 | 13,881 | 22,935 | 530 | — | 164,026 |
| Total | 816,175 | 40,271 | 149,446 | 568 | — | 1,290,948 | ||
| 1 | Not applicable—at January 31, 2021, the issuer was not an affiliated company of the fund. |
| 2 | Not applicable—at October 31, 2020, the issuer was not an affiliated company of the fund. |
| 3 | Not applicable—purchases and sales are for temporary cash investment purposes. |