Vanguard® Explorer™ Fund
Schedule of Investments (unaudited)
As of January 31, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Shares | Market Value ($000) | ||
| Common Stocks (96.8%) | |||
| Communication Services (3.4%) | |||
| * | Live Nation Entertainment Inc. | 1,059,380 | 116,013 |
| * | Ziff Davis Inc. | 856,774 | 90,013 |
| New York Times Co. Class A | 1,813,814 | 72,607 | |
| * | Cinemark Holdings Inc. | 3,792,861 | 57,272 |
| * | Take-Two Interactive Software Inc. | 317,144 | 51,802 |
| * | Bandwidth Inc. Class A | 788,713 | 49,381 |
| * | Cargurus Inc. | 1,257,209 | 40,105 |
| * | Cardlytics Inc. | 567,150 | 38,056 |
| * | IAC/InterActiveCorp. | 242,443 | 33,103 |
| * | ZipRecruiter Inc. Class A | 1,507,592 | 32,700 |
| Electronic Arts Inc. | 236,116 | 31,323 | |
| Warner Music Group Corp. Class A | 730,951 | 31,065 | |
| * | Match Group Inc. | 262,641 | 29,600 |
| * | Yelp Inc. Class A | 407,578 | 14,078 |
| * | Iridium Communications Inc. | 299,022 | 10,729 |
| * | Roku Inc. | 51,772 | 8,493 |
| * | TechTarget Inc. | 99,593 | 8,260 |
| * | Playtika Holding Corp. | 444,723 | 7,574 |
| Nexstar Media Group Inc. Class A | 39,797 | 6,582 | |
| * | Vimeo Inc. | 333,899 | 4,892 |
| Sinclair Broadcast Group Inc. Class A | 137,403 | 3,776 | |
| * | Clear Channel Outdoor Holdings Inc. | 869,038 | 2,659 |
| * | Skillz Inc. Class A | 493,179 | 2,372 |
| *,1 | Gogo Inc. | 152,542 | 1,899 |
| * | AMC Networks Inc. Class A | 18,335 | 782 |
| * | EverQuote Inc. Class A | 47,437 | 781 |
| * | IDT Corp. Class B | 19,546 | 733 |
| * | Globalstar Inc. | 581,659 | 622 |
| 747,272 | |||
| Consumer Discretionary (13.0%) | |||
| * | Burlington Stores Inc. | 647,377 | 153,383 |
| *,2 | Houghton Mifflin Harcourt Co. | 6,421,500 | 115,651 |
| * | Under Armour Inc. Class C | 6,355,040 | 101,617 |
| * | Skyline Champion Corp. | 1,492,810 | 100,526 |
| Steven Madden Ltd. | 2,348,290 | 96,609 | |
| Wingstop Inc. | 614,163 | 94,120 | |
| * | Skechers USA Inc. Class A | 2,179,817 | 91,552 |
| * | Ollie's Bargain Outlet Holdings Inc. | 1,902,119 | 91,188 |
| * | frontdoor Inc. | 2,385,942 | 86,610 |
| Carter's Inc. | 885,205 | 82,430 | |
| * | Sally Beauty Holdings Inc. | 4,773,796 | 81,966 |
| Levi Strauss & Co. Class A | 3,333,950 | 73,114 | |
| Shares | Market Value ($000) | ||
| * | Five Below Inc. | 438,796 | 71,963 |
| Hanesbrands Inc. | 4,199,678 | 67,615 | |
| * | Farfetch Ltd. Class A | 2,974,745 | 64,582 |
| * | Leslie's Inc. | 3,015,124 | 62,805 |
| * | Etsy Inc. | 352,305 | 55,340 |
| Acushnet Holdings Corp. | 1,079,647 | 50,419 | |
| * | Floor & Decor Holdings Inc. Class A | 433,605 | 47,142 |
| * | Grand Canyon Education Inc. | 560,264 | 46,883 |
| * | Dollar Tree Inc. | 325,649 | 42,732 |
| Papa John's International Inc. | 341,103 | 42,109 | |
| * | Deckers Outdoor Corp. | 129,448 | 41,453 |
| * | Ulta Beauty Inc. | 109,644 | 39,882 |
| * | Revolve Group Inc. | 804,041 | 39,655 |
| Pool Corp. | 82,680 | 39,376 | |
| La-Z-Boy Inc. | 1,069,225 | 39,251 | |
| * | Petco Health & Wellness Co. Inc. Class A | 2,082,802 | 39,053 |
| * | RealReal Inc. | 4,126,480 | 38,995 |
| * | Callaway Golf Co. | 1,626,472 | 38,808 |
| * | 2U Inc. | 2,261,100 | 36,494 |
| * | National Vision Holdings Inc. | 855,968 | 34,992 |
| Domino's Pizza Inc. | 65,310 | 29,693 | |
| Shutterstock Inc. | 271,647 | 26,342 | |
| Garmin Ltd. | 203,915 | 25,371 | |
| Ralph Lauren Corp. Class A | 213,688 | 23,685 | |
| Churchill Downs Inc. | 110,658 | 23,271 | |
| * | Canada Goose Holdings Inc. | 708,622 | 21,762 |
| *,1 | Chewy Inc. Class A | 455,129 | 21,669 |
| * | Bright Horizons Family Solutions Inc. | 167,797 | 21,547 |
| * | Vroom Inc. | 2,610,301 | 20,935 |
| Williams-Sonoma Inc. | 123,852 | 19,883 | |
| * | Boyd Gaming Corp. | 324,195 | 19,277 |
| Tapestry Inc. | 483,074 | 18,333 | |
| Polaris Inc. | 152,984 | 17,224 | |
| *,1 | Arrival SA | 4,385,123 | 17,146 |
| * | Chegg Inc. | 622,939 | 16,489 |
| Texas Roadhouse Inc. Class A | 193,016 | 16,482 | |
| Signet Jewelers Ltd. | 186,120 | 16,030 | |
| * | Fox Factory Holding Corp. | 119,737 | 15,933 |
| * | Sportradar Holding AG Class A | 1,170,208 | 15,681 |
| * | Six Flags Entertainment Corp. | 359,255 | 14,187 |
| * | Tri Pointe Homes Inc. | 562,345 | 13,389 |
| Tempur Sealy International Inc. | 332,251 | 13,227 | |
| * | Dave & Buster's Entertainment Inc. | 357,958 | 12,811 |
| * | Scientific Games Corp. Class A | 218,298 | 12,596 |
| * | Coursera Inc. | 617,730 | 12,546 |
| * | Crocs Inc. | 121,548 | 12,473 |
| * | Abercrombie & Fitch Co. Class A | 291,571 | 11,371 |
| * | SeaWorld Entertainment Inc. | 158,425 | 9,439 |
| Wendy's Co. | 404,144 | 9,307 | |
| Winnebago Industries Inc. | 141,605 | 9,136 | |
| * | Everi Holdings Inc. | 430,259 | 8,506 |
| Columbia Sportswear Co. | 87,639 | 8,139 | |
| PulteGroup Inc. | 148,276 | 7,813 | |
| * | Urban Outfitters Inc. | 259,633 | 7,457 |
| * | XPEL Inc. | 118,446 | 7,386 |
| * | Gentherm Inc. | 84,256 | 7,363 |
| *,1 | GameStop Corp. Class A | 67,290 | 7,330 |
| * | Tenneco Inc. Class A | 692,813 | 7,275 |
| Shares | Market Value ($000) | ||
| * | Overstock.com Inc. | 141,553 | 6,786 |
| * | Brinker International Inc. | 199,616 | 6,629 |
| Buckle Inc. | 172,207 | 6,482 | |
| Brunswick Corp. | 71,083 | 6,454 | |
| Oxford Industries Inc. | 76,606 | 6,312 | |
| Dine Brands Global Inc. | 92,115 | 6,250 | |
| Caleres Inc. | 259,116 | 6,214 | |
| * | Sleep Number Corp. | 85,206 | 6,092 |
| H&R Block Inc. | 263,245 | 6,018 | |
| * | Children's Place Inc. | 82,603 | 5,844 |
| * | Boot Barn Holdings Inc. | 60,291 | 5,545 |
| Hibbett Inc. | 88,082 | 5,430 | |
| Shoe Carnival Inc. | 151,190 | 5,165 | |
| * | Master Craft Boat Holdings Inc. | 194,458 | 4,945 |
| * | American Axle & Manufacturing Holdings Inc. | 570,001 | 4,640 |
| Toll Brothers Inc. | 69,361 | 4,090 | |
| * | Ruth's Hospitality Group Inc. | 200,816 | 4,022 |
| * | Perdoceo Education Corp. | 354,118 | 3,902 |
| * | YETI Holdings Inc. | 58,634 | 3,845 |
| * | Asbury Automotive Group Inc. | 20,522 | 3,303 |
| Jack in the Box Inc. | 36,156 | 3,292 | |
| * | Cavco Industries Inc. | 11,828 | 3,187 |
| * | Stitch Fix Inc. Class A | 181,378 | 2,980 |
| * | Citi Trends Inc. | 60,959 | 2,970 |
| * | MarineMax Inc. | 62,748 | 2,953 |
| Patrick Industries Inc. | 42,025 | 2,706 | |
| Century Communities Inc. | 40,327 | 2,656 | |
| * | WW International Inc. | 194,142 | 2,446 |
| Standard Motor Products Inc. | 49,905 | 2,389 | |
| * | Academy Sports & Outdoors Inc. | 54,150 | 2,106 |
| Wolverine World Wide Inc. | 77,576 | 2,055 | |
| * | Party City Holdco Inc. | 415,542 | 1,965 |
| * | Golden Entertainment Inc. | 39,284 | 1,767 |
| Carriage Services Inc. Class A | 31,633 | 1,592 | |
| * | Lumber Liquidators Holdings Inc. | 100,963 | 1,458 |
| * | Neogames SA | 59,624 | 1,411 |
| *,1 | Torrid Holdings Inc. | 151,156 | 1,391 |
| * | Dorman Products Inc. | 13,820 | 1,294 |
| Red Rock Resorts Inc. Class A | 27,540 | 1,226 | |
| * | RH | 2,820 | 1,136 |
| * | Vivint Smart Home Inc. | 152,159 | 1,096 |
| * | Chico's FAS Inc. | 227,000 | 1,069 |
| * | Funko Inc. Class A | 61,166 | 1,057 |
| * | Kirkland's Inc. | 62,036 | 1,050 |
| * | Red Robin Gourmet Burgers Inc. | 67,430 | 995 |
| Vail Resorts Inc. | 3,554 | 985 | |
| * | Bloomin' Brands Inc. | 46,906 | 954 |
| * | Quotient Technology Inc. | 120,834 | 859 |
| Aaron's Co. Inc. | 37,036 | 784 | |
| * | Malibu Boats Inc. Class A | 9,402 | 617 |
| * | QuantumScape Corp. Class A | 32,582 | 544 |
| 2,847,777 | |||
| Consumer Staples (3.0%) | |||
| * | Performance Food Group Co. | 3,402,079 | 143,534 |
| Nu Skin Enterprises Inc. Class A | 2,136,906 | 102,978 | |
| * | BJ's Wholesale Club Holdings Inc. | 1,666,239 | 102,424 |
| * | Nomad Foods Ltd. | 3,504,711 | 90,422 |
| Casey's General Stores Inc. | 266,643 | 50,078 | |
| Shares | Market Value ($000) | ||
| MGP Ingredients Inc. | 604,651 | 45,748 | |
| Coca-Cola Consolidated Inc. | 41,493 | 23,775 | |
| * | Olaplex Holdings Inc. | 888,230 | 19,399 |
| * | Herbalife Nutrition Ltd. | 341,214 | 14,505 |
| * | BellRing Brands Inc. Class A | 528,523 | 12,875 |
| Medifast Inc. | 50,241 | 9,983 | |
| * | Darling Ingredients Inc. | 154,373 | 9,844 |
| * | Celsius Holdings Inc. | 175,605 | 8,382 |
| Vector Group Ltd. | 689,663 | 7,662 | |
| * | Pilgrim's Pride Corp. | 237,776 | 6,651 |
| John B Sanfilippo & Son Inc. | 67,616 | 5,348 | |
| * | USANA Health Sciences Inc. | 49,637 | 4,744 |
| * | United Natural Foods Inc. | 103,726 | 4,023 |
| Lamb Weston Holdings Inc. | 26,121 | 1,677 | |
| Albertsons Cos. Inc. Class A | 48,316 | 1,360 | |
| Turning Point Brands Inc. | 31,360 | 1,105 | |
| National Beverage Corp. | 16,798 | 750 | |
| 667,267 | |||
| Energy (1.7%) | |||
| * | Whiting Petroleum Corp. | 1,229,387 | 91,282 |
| Magnolia Oil & Gas Corp. Class A | 3,501,086 | 75,728 | |
| Viper Energy Partners LP | 2,049,187 | 55,410 | |
| * | ChampionX Corp. | 1,872,698 | 41,948 |
| Pioneer Natural Resources Co. | 103,134 | 22,575 | |
| Coterra Energy Inc. | 823,305 | 18,030 | |
| Ovintiv Inc. (XNYS) | 446,849 | 17,338 | |
| Diamondback Energy Inc. | 94,017 | 11,861 | |
| * | Southwestern Energy Co. | 2,583,787 | 11,369 |
| Texas Pacific Land Corp. | 7,890 | 8,482 | |
| * | Kosmos Energy Ltd. | 1,451,245 | 6,284 |
| * | Laredo Petroleum Inc. | 88,890 | 5,970 |
| * | Denbury Inc. | 74,711 | 5,614 |
| * | Callon Petroleum Co. | 97,346 | 4,813 |
| Matador Resources Co. | 91,367 | 4,090 | |
| * | Talos Energy Inc. | 247,313 | 2,631 |
| * | Par Pacific Holdings Inc. | 42,235 | 596 |
| 384,021 | |||
| Financials (8.4%) | |||
| LPL Financial Holdings Inc. | 917,487 | 158,101 | |
| Western Alliance Bancorp | 1,389,242 | 137,799 | |
| Synovus Financial Corp. | 2,698,050 | 134,255 | |
| Assured Guaranty Ltd. | 1,979,361 | 105,480 | |
| Voya Financial Inc. | 1,419,245 | 96,452 | |
| Webster Financial Corp. | 1,686,269 | 95,797 | |
| American Financial Group Inc. | 685,638 | 89,325 | |
| Assurant Inc. | 581,239 | 88,645 | |
| Prosperity Bancshares Inc. | 1,189,799 | 87,153 | |
| Tradeweb Markets Inc. Class A | 1,015,257 | 86,063 | |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,874,077 | 77,737 | |
| Valley National Bancorp | 5,431,923 | 75,612 | |
| Houlihan Lokey Inc. Class A | 666,420 | 70,827 | |
| * | SVB Financial Group | 110,265 | 64,384 |
| MGIC Investment Corp. | 3,013,389 | 45,743 | |
| * | PRA Group Inc. | 956,062 | 44,457 |
| * | Silvergate Capital Corp. Class A | 353,592 | 38,096 |
| * | PROG Holdings Inc. | 877,263 | 34,924 |
| MarketAxess Holdings Inc. | 97,432 | 33,563 | |
| Shares | Market Value ($000) | ||
| WisdomTree Investments Inc. | 4,896,168 | 27,468 | |
| Piper Sandler Cos. | 151,126 | 23,307 | |
| * | Ryan Specialty Group Holdings Inc. Class A | 606,654 | 22,695 |
| * | Palomar Holdings Inc. | 410,848 | 21,672 |
| Bank OZK | 454,598 | 21,298 | |
| Primerica Inc. | 132,178 | 20,400 | |
| SLM Corp. | 1,017,506 | 18,661 | |
| Moelis & Co. Class A | 308,966 | 17,447 | |
| Kinsale Capital Group Inc. | 73,193 | 14,662 | |
| Virtus Investment Partners Inc. | 55,600 | 14,549 | |
| * | Enova International Inc. | 277,951 | 11,196 |
| Walker & Dunlop Inc. | 80,780 | 10,696 | |
| Sterling Bancorp | 400,000 | 10,516 | |
| * | Credit Acceptance Corp. | 15,975 | 8,620 |
| * | Upstart Holdings Inc. | 61,710 | 6,727 |
| Cowen Inc. Class A | 210,668 | 6,674 | |
| StepStone Group Inc. Class A | 133,987 | 4,691 | |
| * | Texas Capital Bancshares Inc. | 70,294 | 4,407 |
| Brown & Brown Inc. | 64,806 | 4,295 | |
| Universal Insurance Holdings Inc. | 206,778 | 3,565 | |
| Pacific Premier Bancorp Inc. | 90,003 | 3,443 | |
| * | Donnelley Financial Solutions Inc. | 72,973 | 2,716 |
| * | Open Lending Corp. Class A | 95,299 | 1,810 |
| PJT Partners Inc. Class A | 19,739 | 1,368 | |
| FactSet Research Systems Inc. | 3,034 | 1,280 | |
| * | Atlanticus Holdings Corp. | 12,544 | 807 |
| UWM Holdings Corp. | 123,307 | 638 | |
| 1,850,021 | |||
| Health Care (18.8%) | |||
| * | ICON plc | 861,751 | 228,984 |
| * | Molina Healthcare Inc. | 467,363 | 135,760 |
| * | Omnicell Inc. | 870,020 | 130,625 |
| * | Charles River Laboratories International Inc. | 347,232 | 114,503 |
| * | Acadia Healthcare Co. Inc. | 2,081,623 | 109,597 |
| * | Insulet Corp. | 402,427 | 99,802 |
| STERIS plc | 394,101 | 88,436 | |
| * | Avantor Inc. | 2,341,931 | 87,424 |
| * | ABIOMED Inc. | 293,141 | 86,732 |
| Bio-Techne Corp. | 228,193 | 85,894 | |
| * | Catalent Inc. | 818,984 | 85,117 |
| * | Glaukos Corp. | 1,485,927 | 79,111 |
| * | LHC Group Inc. | 611,024 | 75,828 |
| * | Hologic Inc. | 1,079,326 | 75,812 |
| * | Globus Medical Inc. Class A | 1,117,571 | 74,576 |
| * | Amedisys Inc. | 540,937 | 73,081 |
| * | Penumbra Inc. | 321,791 | 72,728 |
| * | Repligen Corp. | 355,878 | 70,585 |
| * | HealthEquity Inc. | 1,194,668 | 63,843 |
| * | Tandem Diabetes Care Inc. | 532,268 | 62,866 |
| * | Horizon Therapeutics plc | 669,904 | 62,522 |
| * | Haemonetics Corp. | 1,265,338 | 61,179 |
| * | Veracyte Inc. | 1,877,537 | 57,096 |
| * | Myriad Genetics Inc. | 2,139,603 | 56,250 |
| * | Merit Medical Systems Inc. | 1,001,223 | 55,518 |
| * | Syneos Health Inc. | 604,773 | 54,768 |
| * | Ultragenyx Pharmaceutical Inc. | 751,380 | 52,544 |
| * | Arena Pharmaceuticals Inc. | 526,953 | 48,469 |
| * | IDEXX Laboratories Inc. | 93,215 | 47,288 |
| Shares | Market Value ($000) | ||
| * | AMN Healthcare Services Inc. | 464,266 | 47,049 |
| * | Integra LifeSciences Holdings Corp. | 690,369 | 44,694 |
| * | Apellis Pharmaceuticals Inc. | 1,048,645 | 42,229 |
| * | Biohaven Pharmaceutical Holding Co. Ltd. | 314,414 | 41,776 |
| * | Maravai LifeSciences Holdings Inc. Class A | 1,438,138 | 41,591 |
| * | DexCom Inc. | 94,898 | 40,852 |
| * | Exelixis Inc. | 2,235,637 | 40,465 |
| ResMed Inc. | 171,664 | 39,242 | |
| * | Mettler-Toledo International Inc. | 25,875 | 38,106 |
| * | Quidel Corp. | 365,417 | 37,769 |
| * | Ascendis Pharma A/S ADR | 304,261 | 37,010 |
| * | Henry Schein Inc. | 466,404 | 35,120 |
| * | Pacira BioSciences Inc. | 557,637 | 35,003 |
| * | CareDx Inc. | 812,338 | 33,956 |
| * | Kodiak Sciences Inc. | 574,758 | 33,738 |
| * | Mirati Therapeutics Inc. | 253,505 | 30,243 |
| * | Neogen Corp. | 792,927 | 28,918 |
| * | Sotera Health Co. | 1,332,828 | 28,669 |
| * | iRhythm Technologies Inc. | 218,034 | 27,217 |
| Bruker Corp. | 394,652 | 26,284 | |
| * | Ligand Pharmaceuticals Inc. | 203,738 | 25,392 |
| * | Supernus Pharmaceuticals Inc. | 810,645 | 25,008 |
| * | Halozyme Therapeutics Inc. | 666,081 | 23,053 |
| * | Stevanato Group SPA | 1,316,623 | 22,870 |
| Chemed Corp. | 48,255 | 22,627 | |
| * | MEDNAX Inc. | 921,608 | 22,533 |
| * | NuVasive Inc. | 432,899 | 22,515 |
| * | Turning Point Therapeutics Inc. | 594,508 | 22,134 |
| * | Privia Health Group Inc. | 1,027,167 | 21,858 |
| * | Sarepta Therapeutics Inc. | 285,018 | 20,399 |
| * | Align Technology Inc. | 41,048 | 20,317 |
| * | Nevro Corp. | 307,412 | 20,197 |
| * | Neurocrine Biosciences Inc. | 250,740 | 19,813 |
| * | Sage Therapeutics Inc. | 478,803 | 18,874 |
| * | Kymera Therapeutics Inc. | 441,251 | 18,533 |
| * | Medpace Holdings Inc. | 101,971 | 18,096 |
| * | Doximity Inc. Class A | 388,760 | 17,716 |
| * | Cano Health Inc. | 2,937,865 | 16,981 |
| Cooper Cos. Inc. | 41,425 | 16,500 | |
| * | Arvinas Inc. | 227,425 | 16,259 |
| * | SpringWorks Therapeutics Inc. | 289,961 | 16,145 |
| * | Certara Inc. | 597,540 | 15,972 |
| * | Agios Pharmaceuticals Inc. | 515,444 | 15,922 |
| * | Heron Therapeutics Inc. | 1,782,068 | 15,522 |
| * | 10X Genomics Inc. Class A | 159,625 | 15,367 |
| * | Definitive Healthcare Corp. Class A | 699,500 | 15,305 |
| * | STAAR Surgical Co. | 208,881 | 15,190 |
| * | REVOLUTION Medicines Inc. | 695,291 | 14,963 |
| * | Axogen Inc. | 1,577,807 | 13,743 |
| * | C4 Therapeutics Inc. | 555,472 | 13,570 |
| * | Exact Sciences Corp. | 175,526 | 13,403 |
| * | Illumina Inc. | 38,391 | 13,392 |
| * | Relay Therapeutics Inc. | 576,091 | 12,749 |
| * | Ionis Pharmaceuticals Inc. | 397,701 | 12,647 |
| * | Inspire Medical Systems Inc. | 55,720 | 12,330 |
| * | Y-mAbs Therapeutics Inc. | 1,209,598 | 11,963 |
| * | Novavax Inc. | 124,653 | 11,680 |
| * | Veeva Systems Inc. Class A | 48,445 | 11,459 |
| Shares | Market Value ($000) | ||
| Select Medical Holdings Corp. | 481,146 | 11,177 | |
| * | Tenet Healthcare Corp. | 148,573 | 11,012 |
| * | Travere Thrapeutics Inc. | 357,604 | 9,834 |
| * | Alkermes plc | 383,536 | 9,780 |
| * | FibroGen Inc. | 640,092 | 9,659 |
| Encompass Health Corp. | 147,233 | 9,134 | |
| * | ACADIA Pharmaceuticals Inc. | 401,686 | 9,034 |
| * | Shockwave Medical Inc. | 61,458 | 8,910 |
| * | Community Health Systems Inc. | 695,939 | 8,831 |
| * | Schrodinger Inc. | 300,396 | 8,516 |
| * | Masimo Corp. | 37,397 | 8,222 |
| * | Agenus Inc. | 2,723,138 | 7,516 |
| * | Atara Biotherapeutics Inc. | 459,978 | 7,065 |
| * | AtriCure Inc. | 97,699 | 6,413 |
| * | ImmunoGen Inc. | 1,135,017 | 6,413 |
| * | Enanta Pharmaceuticals Inc. | 107,900 | 6,411 |
| Ensign Group Inc. | 80,101 | 6,042 | |
| * | Tivity Health Inc. | 234,153 | 5,957 |
| * | Seres Therapeutics Inc. | 664,751 | 5,544 |
| * | ModivCare Inc. | 46,262 | 5,363 |
| * | MacroGenics Inc. | 431,583 | 5,330 |
| * | Vir Biotechnology Inc. | 153,456 | 5,268 |
| * | Akebia Therapeutics Inc. | 2,536,975 | 5,049 |
| * | Option Care Health Inc. | 213,416 | 4,988 |
| * | CytomX Therapeutics Inc. | 1,067,482 | 4,910 |
| * | PTC Therapeutics Inc. | 117,544 | 4,728 |
| *,1 | Intercept Pharmaceuticals Inc. | 269,368 | 4,415 |
| * | Codexis Inc. | 210,481 | 4,315 |
| * | Figs Inc. Class A | 189,063 | 4,250 |
| * | Theravance Biopharma Inc. | 446,438 | 4,067 |
| * | Multiplan Corp. | 977,233 | 3,938 |
| * | Joint Corp. | 72,839 | 3,936 |
| *,1 | Clovis Oncology Inc. | 1,912,571 | 3,902 |
| * | Editas Medicine Inc. Class A | 201,881 | 3,844 |
| * | Viking Therapeutics Inc. | 997,091 | 3,699 |
| * | Fortress Biotech Inc. | 1,732,308 | 3,621 |
| * | Inogen Inc. | 118,725 | 3,530 |
| * | Intellia Therapeutics Inc. | 36,592 | 3,461 |
| * | Esperion Therapeutics Inc. | 787,000 | 3,376 |
| * | Vanda Pharmaceuticals Inc. | 221,579 | 3,359 |
| * | Meridian Bioscience Inc. | 159,723 | 3,330 |
| US Physical Therapy Inc. | 31,914 | 3,088 | |
| * | Alector Inc. | 174,500 | 2,768 |
| * | Natera Inc. | 37,823 | 2,672 |
| * | Beam Therapeutics Inc. | 37,652 | 2,606 |
| * | Ovid therapeutics Inc. | 940,320 | 2,595 |
| * | Sangamo Therapeutics Inc. | 419,814 | 2,531 |
| * | Affimed NV | 592,606 | 2,418 |
| * | Allscripts Healthcare Solutions Inc. | 115,239 | 2,330 |
| * | RadNet Inc. | 89,046 | 2,293 |
| * | Twist Bioscience Corp. | 36,313 | 2,158 |
| * | Deciphera Pharmaceuticals Inc. | 248,148 | 2,092 |
| *,1 | Talis Biomedical Corp. | 694,769 | 2,050 |
| * | ICU Medical Inc. | 9,472 | 2,021 |
| * | Amicus Therapeutics Inc. | 207,761 | 1,955 |
| * | Puma Biotechnology Inc. | 777,390 | 1,912 |
| *,1 | Cassava Sciences Inc. | 40,417 | 1,788 |
| * | Prothena Corp. plc | 48,492 | 1,653 |
| Shares | Market Value ($000) | ||
| * | Precision BioSciences Inc. | 342,301 | 1,633 |
| *,1 | Omeros Corp. | 266,897 | 1,601 |
| * | Fate Therapeutics Inc. | 38,443 | 1,596 |
| * | Sesen Bio Inc. | 2,002,873 | 1,484 |
| * | Amneal Pharmaceuticals Inc. | 325,809 | 1,443 |
| * | Personalis Inc. | 126,241 | 1,438 |
| * | Pennant Group Inc. | 85,464 | 1,420 |
| * | Organogenesis Holdings Inc. Class A | 184,461 | 1,419 |
| * | Pacific Biosciences of California Inc. | 125,467 | 1,403 |
| * | REGENXBIO Inc. | 52,874 | 1,396 |
| * | Infinity Pharmaceuticals Inc. | 1,121,598 | 1,391 |
| * | Inari Medical Inc. | 18,699 | 1,375 |
| * | Bluebird Bio Inc. | 173,134 | 1,366 |
| * | Cross Country Healthcare Inc. | 61,627 | 1,326 |
| * | Selecta Biosciences Inc. | 528,838 | 1,322 |
| * | Molecular Templates Inc. | 424,818 | 1,308 |
| * | Voyager Therapeutics Inc. | 457,063 | 1,307 |
| * | Allakos Inc. | 187,807 | 1,270 |
| West Pharmaceutical Services Inc. | 3,141 | 1,235 | |
| * | Lexicon Pharmaceuticals Inc. | 382,691 | 1,213 |
| *,1 | ZIOPHARM Oncology Inc. | 1,105,848 | 1,194 |
| * | Quanterix Corp. | 39,158 | 1,192 |
| * | Kiniksa Pharmaceuticals Ltd. Class A | 97,334 | 1,093 |
| * | Radius Health Inc. | 143,225 | 1,086 |
| * | Endo International plc | 337,491 | 1,077 |
| * | Cutera Inc. | 29,037 | 1,057 |
| * | Minerva Neurosciences Inc. | 1,241,858 | 1,025 |
| * | Mustang Bio Inc. | 864,161 | 1,020 |
| *,1 | Co-Diagnostics Inc. | 143,082 | 1,016 |
| * | Atossa Therapeutics Inc. | 698,520 | 957 |
| * | NextCure Inc. | 171,519 | 955 |
| * | Sutro Biopharma Inc. | 84,721 | 905 |
| * | Reata Pharmaceuticals Inc. Class A | 29,797 | 838 |
| *,1 | Ocugen Inc. | 204,196 | 725 |
| * | Rapt Therapeutics Inc. | 33,154 | 717 |
| * | Xencor Inc. | 19,574 | 673 |
| * | CorVel Corp. | 3,774 | 665 |
| * | Spero Therapeutics Inc. | 54,307 | 645 |
| * | Amphastar Pharmaceuticals Inc. | 27,094 | 626 |
| * | Athenex Inc. | 602,458 | 615 |
| *,1 | vTv Therapeutics Inc. Class A | 820,390 | 588 |
| *,1 | Retractable Technologies Inc. | 107,784 | 588 |
| * | Precigen Inc. | 216,409 | 558 |
| * | Denali Therapeutics Inc. | 15,820 | 541 |
| * | Syros Pharmaceuticals Inc. | 236,590 | 468 |
| * | PAVmed Inc. | 241,990 | 416 |
| * | Mersana Therapeutics Inc. | 84,339 | 402 |
| * | Tactile Systems Technology Inc. | 22,060 | 348 |
| * | Cue Biopharma Inc. | 46,345 | 342 |
| *,1 | Cortexyme Inc. | 53,754 | 327 |
| * | Aldeyra Therapeutics Inc. | 86,259 | 317 |
| 4,127,867 | |||
| Industrials (19.9%) | |||
| * | Middleby Corp. | 837,740 | 155,149 |
| * | TriNet Group Inc. | 1,566,085 | 133,430 |
| * | Kirby Corp. | 1,994,417 | 129,996 |
| * | Clean Harbors Inc. | 1,379,529 | 127,675 |
| * | Trex Co. Inc. | 1,316,631 | 120,432 |
| Shares | Market Value ($000) | ||
| * | Builders FirstSource Inc. | 1,745,750 | 118,694 |
| * | AerCap Holdings NV | 1,767,122 | 111,329 |
| SPX FLOW Inc. | 1,271,584 | 109,611 | |
| Spirit AeroSystems Holdings Inc. Class A | 2,290,099 | 100,375 | |
| GATX Corp. | 959,213 | 100,190 | |
| * | Sensata Technologies Holding plc | 1,741,483 | 99,891 |
| * | Fluor Corp. | 4,516,658 | 95,031 |
| Matson Inc. | 956,234 | 93,386 | |
| * | Mercury Systems Inc. | 1,628,659 | 92,703 |
| Zurn Water Solutions Corp. | 3,020,716 | 92,253 | |
| * | RBC Bearings Inc. | 503,672 | 90,898 |
| Fortune Brands Home & Security Inc. | 961,436 | 90,538 | |
| * | Sterling Check Corp. | 4,332,487 | 86,693 |
| Acuity Brands Inc. | 421,321 | 80,696 | |
| John Bean Technologies Corp. | 597,289 | 80,634 | |
| Science Applications International Corp. | 982,789 | 80,618 | |
| Kennametal Inc. | 2,283,998 | 78,958 | |
| Regal Rexnord Corp. | 457,646 | 72,528 | |
| Ritchie Bros Auctioneers Inc. | 1,167,354 | 71,162 | |
| CH Robinson Worldwide Inc. | 658,831 | 68,947 | |
| IDEX Corp. | 308,180 | 66,394 | |
| * | Chart Industries Inc. | 521,467 | 63,551 |
| * | Masonite International Corp. | 634,940 | 63,011 |
| EnerSys | 824,010 | 61,743 | |
| TransUnion | 592,363 | 61,085 | |
| * | Gibraltar Industries Inc. | 1,063,520 | 58,281 |
| * | WillScot Mobile Mini Holdings Corp. | 1,565,700 | 57,994 |
| * | API Group Corp. | 2,579,955 | 57,533 |
| 2 | Enerpac Tool Group Corp. Class A | 3,138,204 | 56,017 |
| * | Generac Holdings Inc. | 192,370 | 54,321 |
| Rush Enterprises Inc. Class A | 985,531 | 52,056 | |
| Tennant Co. | 654,223 | 50,486 | |
| * | SiteOne Landscape Supply Inc. | 268,425 | 48,349 |
| * | Kornit Digital Ltd. | 457,222 | 48,036 |
| * | GXO Logistics Inc. | 579,268 | 47,042 |
| Forward Air Corp. | 430,722 | 45,786 | |
| * | XPO Logistics Inc. | 671,745 | 44,449 |
| * | Axon Enterprise Inc. | 303,715 | 42,499 |
| * | ACV Auctions Inc. Class A | 3,115,117 | 41,306 |
| Verisk Analytics Inc. Class A | 197,505 | 38,737 | |
| Vertiv Holdings Co. Class A | 1,784,079 | 37,216 | |
| Robert Half International Inc. | 300,294 | 34,011 | |
| ABM Industries Inc. | 778,717 | 32,465 | |
| HEICO Corp. Class A | 275,721 | 30,247 | |
| * | Alight Inc. Class A | 3,046,517 | 29,429 |
| * | Atkore Inc. | 263,450 | 28,395 |
| * | United Rentals Inc. | 88,430 | 28,308 |
| * | Cimpress plc | 398,534 | 26,789 |
| * | Saia Inc. | 91,951 | 26,140 |
| UFP Industries Inc. | 319,983 | 25,554 | |
| Rockwell Automation Inc. | 87,469 | 25,298 | |
| Allison Transmission Holdings Inc. | 604,542 | 22,967 | |
| * | Shoals Technologies Group Inc. Class A | 1,341,023 | 22,610 |
| Boise Cascade Co. | 318,289 | 22,350 | |
| JB Hunt Transport Services Inc. | 114,725 | 22,089 | |
| Booz Allen Hamilton Holding Corp. Class A | 282,464 | 21,673 | |
| * | AZEK Co. Inc. Class A | 652,720 | 21,559 |
| Terex Corp. | 501,336 | 20,916 |
| Shares | Market Value ($000) | ||
| EMCOR Group Inc. | 174,811 | 20,839 | |
| * | GMS Inc. | 381,052 | 19,502 |
| AGCO Corp. | 157,238 | 18,428 | |
| * | Ameresco Inc. Class A | 360,609 | 18,250 |
| Woodward Inc. | 164,032 | 18,088 | |
| * | IAA Inc. | 383,856 | 17,631 |
| * | CoStar Group Inc. | 250,893 | 17,603 |
| Tetra Tech Inc. | 111,069 | 15,460 | |
| * | Kratos Defense & Security Solutions Inc. | 900,850 | 15,098 |
| Applied Industrial Technologies Inc. | 151,903 | 14,883 | |
| GrafTech International Ltd. | 1,307,787 | 13,706 | |
| Allegion plc | 110,219 | 13,527 | |
| Landstar System Inc. | 73,130 | 11,701 | |
| Heartland Express Inc. | 705,913 | 10,560 | |
| Lincoln Electric Holdings Inc. | 79,116 | 10,114 | |
| Exponent Inc. | 94,414 | 8,967 | |
| * | ASGN Inc. | 72,153 | 8,288 |
| Franklin Electric Co. Inc. | 86,233 | 7,485 | |
| Nordson Corp. | 25,243 | 5,870 | |
| Textainer Group Holdings Ltd. | 156,935 | 5,772 | |
| * | TrueBlue Inc. | 216,816 | 5,767 |
| Mueller Industries Inc. | 108,181 | 5,589 | |
| Simpson Manufacturing Co. Inc. | 49,333 | 5,564 | |
| * | Cornerstone Building Brands Inc. | 357,860 | 5,278 |
| Pitney Bowes Inc. | 854,237 | 5,262 | |
| Donaldson Co. Inc. | 82,675 | 4,602 | |
| Kforce Inc. | 64,769 | 4,448 | |
| Hillenbrand Inc. | 80,898 | 3,760 | |
| Toro Co. | 32,667 | 3,155 | |
| * | Meritor Inc. | 134,369 | 3,097 |
| * | Plug Power Inc. | 138,411 | 3,027 |
| Primoris Services Corp. | 114,624 | 2,948 | |
| * | SPX Corp. | 56,049 | 2,925 |
| * | GEO Group Inc. | 419,912 | 2,826 |
| Graco Inc. | 37,609 | 2,729 | |
| Watts Water Technologies Inc. Class A | 16,881 | 2,586 | |
| REV Group Inc. | 168,117 | 2,258 | |
| Huntington Ingalls Industries Inc. | 10,058 | 1,883 | |
| * | MYR Group Inc. | 19,036 | 1,790 |
| * | BlueLinx Holdings Inc. | 23,050 | 1,651 |
| * | Huron Consulting Group Inc. | 33,314 | 1,470 |
| * | JELD-WEN Holding Inc. | 59,879 | 1,413 |
| * | Upwork Inc. | 45,391 | 1,235 |
| * | First Advantage Corp. | 40,283 | 682 |
| Brady Corp. Class A | 12,906 | 670 | |
| Argan Inc. | 15,021 | 558 | |
| 4,367,454 | |||
| Information Technology (21.4%) | |||
| * | New Relic Inc. | 2,157,707 | 226,861 |
| * | Five9 Inc. | 1,417,986 | 178,241 |
| *,2 | Momentive Global Inc. | 9,467,071 | 162,171 |
| Concentrix Corp. | 578,923 | 116,358 | |
| Power Integrations Inc. | 1,329,105 | 107,272 | |
| * | ON Semiconductor Corp. | 1,785,798 | 105,362 |
| * | Guidewire Software Inc. | 1,003,769 | 101,220 |
| * | Silicon Laboratories Inc. | 580,245 | 95,851 |
| * | Viavi Solutions Inc. | 5,295,361 | 87,162 |
| * | Varonis Systems Inc. Class B | 2,314,857 | 86,252 |
| Shares | Market Value ($000) | ||
| Monolithic Power Systems Inc. | 210,933 | 84,991 | |
| * | First Solar Inc. | 1,033,537 | 81,009 |
| * | Smartsheet Inc. Class A | 1,291,652 | 80,367 |
| * | GoDaddy Inc. Class A | 1,039,828 | 78,725 |
| * | Cadence Design Systems Inc. | 508,142 | 77,309 |
| * | Zendesk Inc. | 760,480 | 74,915 |
| * | Manhattan Associates Inc. | 554,805 | 74,272 |
| Maximus Inc. | 953,880 | 73,754 | |
| * | Tower Semiconductor Ltd. | 2,005,191 | 68,878 |
| Entegris Inc. | 570,704 | 68,393 | |
| * | Arrow Electronics Inc. | 538,296 | 66,749 |
| * | Informatica Inc. Class A | 2,342,548 | 65,404 |
| * | Jamf Holding Corp. | 1,946,090 | 64,338 |
| * | Teledyne Technologies Inc. | 132,410 | 55,802 |
| * | 8x8 Inc. | 3,558,496 | 54,623 |
| * | Avalara Inc. | 496,910 | 54,471 |
| * | Semtech Corp. | 745,375 | 52,996 |
| * | Trimble Inc. | 731,697 | 52,799 |
| * | Dynatrace Inc. | 898,065 | 49,268 |
| * | Enphase Energy Inc. | 349,954 | 49,158 |
| * | Euronet Worldwide Inc. | 348,898 | 46,714 |
| * | PTC Inc. | 401,804 | 46,714 |
| * | HubSpot Inc. | 93,269 | 45,590 |
| * | Mandiant Inc. | 2,998,704 | 45,250 |
| * | Wix.com Ltd. | 343,313 | 45,101 |
| * | Palo Alto Networks Inc. | 81,654 | 42,248 |
| *,1 | GLOBALFOUNDRIES Inc. | 854,201 | 42,146 |
| * | Envestnet Inc. | 564,755 | 41,758 |
| * | Tenable Holdings Inc. | 785,886 | 40,395 |
| Microchip Technology Inc. | 515,012 | 39,903 | |
| * | Fortinet Inc. | 130,156 | 38,688 |
| * | Tyler Technologies Inc. | 81,643 | 38,682 |
| * | Mimecast Ltd. | 470,138 | 37,475 |
| * | Black Knight Inc. | 475,572 | 35,478 |
| * | Fair Isaac Corp. | 70,453 | 34,874 |
| * | Anaplan Inc. | 702,777 | 33,930 |
| * | Paycor HCM Inc. | 1,253,757 | 32,522 |
| * | Onto Innovation Inc. | 346,299 | 31,700 |
| * | Everbridge Inc. | 612,473 | 31,310 |
| * | CyberArk Software Ltd. | 224,703 | 30,818 |
| * | WEX Inc. | 191,392 | 30,810 |
| * | Ciena Corp. | 458,743 | 30,419 |
| * | MongoDB Inc. Class A | 73,414 | 29,741 |
| * | Dropbox Inc. Class A | 1,167,395 | 28,893 |
| * | N-Able Inc. | 2,572,165 | 28,705 |
| Jabil Inc. | 462,951 | 28,467 | |
| * | SentinelOne Inc. Class A | 635,300 | 28,430 |
| * | Sprout Social Inc. Class A | 401,186 | 27,622 |
| * | Rapid7 Inc. | 284,700 | 27,425 |
| * | Aspen Technology Inc. | 179,373 | 26,935 |
| National Instruments Corp. | 652,976 | 26,916 | |
| * | Ambarella Inc. | 188,616 | 26,435 |
| Cognex Corp. | 393,517 | 26,153 | |
| * | Procore Technologies Inc. | 415,400 | 25,987 |
| * | Nutanix Inc. Class A | 912,630 | 24,951 |
| * | Globant SA | 95,845 | 24,458 |
| * | Pure Storage Inc. Class A | 897,641 | 23,779 |
| * | KnowBe4 Inc. Class A | 989,238 | 23,663 |
| Shares | Market Value ($000) | ||
| * | ANSYS Inc. | 69,172 | 23,519 |
| * | Sumo Logic Inc. | 1,916,212 | 22,822 |
| * | Qualys Inc. | 174,109 | 22,310 |
| * | Allegro MicroSystems Inc. | 783,984 | 22,249 |
| A10 Networks Inc. | 1,488,904 | 22,036 | |
| * | Q2 Holdings Inc. | 327,180 | 21,348 |
| * | ChannelAdvisor Corp. | 963,952 | 20,378 |
| * | RingCentral Inc. Class A | 113,841 | 20,092 |
| Azenta Inc. | 236,296 | 19,929 | |
| MKS Instruments Inc. | 125,906 | 19,557 | |
| * | Teradata Corp. | 463,530 | 18,699 |
| Belden Inc. | 323,080 | 18,076 | |
| TTEC Holdings Inc. | 218,518 | 17,501 | |
| * | Workiva Inc. Class A | 137,586 | 16,274 |
| * | Consensus Cloud Solutions Inc. | 285,591 | 16,193 |
| * | Elastic NV | 173,391 | 16,169 |
| * | CommScope Holding Co. Inc. | 1,684,847 | 15,821 |
| * | Atlassian Corp. plc Class A | 47,201 | 15,309 |
| * | EPAM Systems Inc. | 32,097 | 15,283 |
| * | Alarm.com Holdings Inc. | 201,482 | 15,025 |
| * | Coupa Software Inc. | 110,669 | 14,860 |
| * | Box Inc. Class A | 563,800 | 14,732 |
| SolarWinds Corp. | 1,056,943 | 14,374 | |
| * | CommVault Systems Inc. | 210,425 | 14,195 |
| * | PROS Holdings Inc. | 509,666 | 14,123 |
| *,1 | Toast Inc. Class A | 616,373 | 14,103 |
| * | Extreme Networks Inc. | 1,106,851 | 14,046 |
| * | Unity Software Inc. | 133,516 | 14,039 |
| *,1 | Freshworks Inc. Class A | 643,300 | 13,992 |
| * | Ultra Clean Holdings Inc. | 276,065 | 13,919 |
| * | Axcelis Technologies Inc. | 221,954 | 13,897 |
| * | IPG Photonics Corp. | 87,941 | 13,584 |
| * | Paylocity Holding Corp. | 65,901 | 13,442 |
| * | Clear Secure Inc. Class A | 516,100 | 12,742 |
| * | Lattice Semiconductor Corp. | 224,085 | 12,374 |
| CDW Corp. | 63,762 | 12,054 | |
| * | Domo Inc. Class B | 242,849 | 11,404 |
| Kulicke & Soffa Industries Inc. | 206,097 | 11,271 | |
| * | Diodes Inc. | 117,458 | 10,899 |
| CSG Systems International Inc. | 189,827 | 10,776 | |
| * | SMART Global Holdings Inc. | 175,318 | 10,056 |
| * | Braze Inc. Class A | 200,000 | 10,004 |
| * | Avaya Holdings Corp. | 522,648 | 9,523 |
| * | Ichor Holdings Ltd. | 220,818 | 9,367 |
| * | Sitime Corp. | 33,306 | 7,763 |
| Amkor Technology Inc. | 336,946 | 7,420 | |
| * | Alpha & Omega Semiconductor Ltd. | 160,902 | 7,245 |
| * | Zuora Inc. Class A | 411,505 | 6,843 |
| * | MaxLinear Inc. | 105,182 | 6,313 |
| * | Bill.Com Holdings Inc. | 32,932 | 6,198 |
| * | Fabrinet | 52,652 | 5,958 |
| * | Unisys Corp. | 289,663 | 5,286 |
| * | Plantronics Inc. | 188,802 | 5,032 |
| * | Brightcove Inc. | 524,919 | 4,950 |
| * | Agilysys Inc. | 127,866 | 4,867 |
| * | Diebold Nixdorf Inc. | 519,313 | 4,850 |
| * | eGain Corp. | 440,680 | 4,552 |
| * | Perficient Inc. | 42,798 | 4,486 |
| Shares | Market Value ($000) | ||
| * | Cohu Inc. | 128,232 | 4,229 |
| Hackett Group Inc. | 198,772 | 3,804 | |
| * | Digital Turbine Inc. | 81,912 | 3,616 |
| * | Yext Inc. | 434,515 | 3,520 |
| * | Avid Technology Inc. | 110,972 | 3,480 |
| * | ePlus Inc. | 73,114 | 3,361 |
| Progress Software Corp. | 69,342 | 3,156 | |
| * | Upland Software Inc. | 157,583 | 3,089 |
| * | Eastman Kodak Co. | 752,131 | 2,956 |
| * | ON24 Inc. | 175,483 | 2,888 |
| * | FormFactor Inc. | 63,901 | 2,731 |
| * | Super Micro Computer Inc. | 65,149 | 2,640 |
| * | Cambium Networks Corp. | 103,127 | 2,494 |
| * | Duck Creek Technologies Inc. | 90,771 | 2,319 |
| Genpact Ltd. | 45,152 | 2,246 | |
| * | ExlService Holdings Inc. | 17,817 | 2,147 |
| * | Asana Inc. Class A | 38,087 | 1,999 |
| * | LiveRamp Holdings Inc. | 44,254 | 1,976 |
| * | International Money Express Inc. | 118,414 | 1,896 |
| * | DigitalOcean Holdings Inc. | 31,933 | 1,831 |
| * | Veritone Inc. | 106,753 | 1,683 |
| * | MACOM Technology Solutions Holdings Inc. Class H | 26,614 | 1,629 |
| * | BigCommerce Holdings Inc. Series 1 | 42,963 | 1,404 |
| * | Arlo Technologies Inc. | 114,201 | 992 |
| * | Grid Dynamics Holdings Inc. | 34,623 | 923 |
| EVERTEC Inc. | 19,857 | 867 | |
| *,1 | MicroStrategy Inc. Class A | 2,155 | 793 |
| * | Turtle Beach Corp. | 30,150 | 613 |
| * | Mitek Systems Inc. | 37,186 | 609 |
| * | Flywire Corp. | 19,776 | 557 |
| 4,696,633 | |||
| Materials (2.4%) | |||
| Smurfit Kappa Group plc | 1,917,978 | 101,211 | |
| Louisiana-Pacific Corp. | 1,458,820 | 96,924 | |
| Methanex Corp. | 2,100,088 | 95,554 | |
| * | Summit Materials Inc. Class A | 1,830,961 | 65,109 |
| Graphic Packaging Holding Co. | 1,370,758 | 25,921 | |
| Ashland Global Holdings Inc. | 269,000 | 25,835 | |
| Balchem Corp. | 162,012 | 23,806 | |
| Westlake Chemical Corp. | 203,589 | 20,084 | |
| Steel Dynamics Inc. | 293,385 | 16,289 | |
| Olin Corp. | 312,391 | 15,829 | |
| * | O-I Glass Inc. | 520,515 | 6,928 |
| Trinseo plc | 116,052 | 6,213 | |
| Warrior Met Coal Inc. | 197,595 | 5,177 | |
| Chemours Co. | 130,286 | 4,262 | |
| Sensient Technologies Corp. | 49,030 | 4,155 | |
| Avery Dennison Corp. | 15,281 | 3,139 | |
| Orion Engineered Carbons SA | 141,341 | 2,417 | |
| Schnitzer Steel Industries Inc. Class A | 61,147 | 2,393 | |
| Innospec Inc. | 8,642 | 803 | |
| 522,049 | |||
| Other (1.3%) | |||
| 1,3 | Vanguard Small-Cap ETF | 1,373,109 | 285,895 |
| Real Estate (3.1%) | |||
| PS Business Parks Inc. | 711,188 | 118,740 | |
| 1 | VICI Properties Inc. | 2,825,326 | 80,861 |
| Shares | Market Value ($000) | ||
| Essential Properties Realty Trust Inc. | 2,999,109 | 79,626 | |
| Life Storage Inc. | 574,578 | 77,539 | |
| Douglas Emmett Inc. | 2,135,110 | 66,658 | |
| Phillips Edison & Co. Inc. | 2,000,000 | 63,040 | |
| Pebblebrook Hotel Trust | 2,114,744 | 45,784 | |
| * | Xenia Hotels & Resorts Inc. | 2,529,999 | 43,870 |
| Americold Realty Trust | 1,070,900 | 30,467 | |
| National Storage Affiliates Trust | 264,265 | 16,268 | |
| Lamar Advertising Co. Class A | 133,764 | 14,816 | |
| Iron Mountain Inc. | 272,693 | 12,522 | |
| * | Redfin Corp. | 195,608 | 5,784 |
| American Finance Trust Inc. | 556,322 | 4,595 | |
| EastGroup Properties Inc. | 21,942 | 4,387 | |
| Outfront Media Inc. | 124,772 | 3,099 | |
| * | Ryman Hospitality Properties Inc. | 31,560 | 2,790 |
| Alexander's Inc. | 9,841 | 2,591 | |
| RMR Group Inc. Class A | 75,418 | 2,414 | |
| * | Douglas Elliman Inc. | 306,322 | 2,377 |
| UMH Properties Inc. | 53,595 | 1,265 | |
| eXp World Holdings Inc. | 42,847 | 1,163 | |
| St. Joe Co. | 23,313 | 1,131 | |
| Tanger Factory Outlet Centers Inc. | 36,494 | 621 | |
| 682,408 | |||
| Utilities (0.4%) | |||
| Atlantica Sustainable Infrastructure plc | 2,379,746 | 77,651 | |
| NRG Energy Inc. | 405,793 | 16,203 | |
| Brookfield Infrastructure Corp. Class A (XTSE) | 54,357 | 3,605 | |
| 97,459 | |||
| Total Common Stocks (Cost $16,536,533) | 21,276,123 | ||
| Preferred Stock (0.0%) | |||
| *,4 | Meta Material Inc. Preference Shares (Cost $267) | 181,756 | 236 |
| Temporary Cash Investments (3.3%) | |||
| Money Market Fund (2.9%) | |||
| 5,6 | Vanguard Market Liquidity Fund, 0.120% | 6,272,217 | 627,159 |
| Face Amount ($000) | Market Value ($000) | ||
| Repurchase Agreement (0.4%) | |||
| Deutsche Bank Securities Inc. 0.050%, 2/1/22 (Dated 1/31/22, Repurchase Value $89,500,000, collateralized by Ginnie Mae 1.500%–4.741%, 5/20/44–9/20/64, with a value of $91,290,000) | 89,500 | 89,500 | |
| Total Temporary Cash Investments (Cost $716,600) | 716,659 | ||
| Total Investments (100.1%) (Cost $17,253,400) | 21,993,018 | ||
| Other Assets and Liabilities—Net (-0.1%) | (18,571) | ||
| Net Assets (100%) | 21,974,447 | ||
| 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 $88,960,000. |
| 2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 4 | Perpetual security with no stated maturity date. |
| 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 $87,387,000 was received for securities on loan. |
| ADR—American Depositary Receipt. |
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 2022 | 4,080 | 412,978 | (37,490) |
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, 2022, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 21,174,912 | 101,211 | — | 21,276,123 |
| Preferred Stock | 236 | — | — | 236 |
| Temporary Cash Investments | 627,159 | 89,500 | — | 716,659 |
| Total | 21,802,307 | 190,711 | — | 21,993,018 |
| Derivative Financial Instruments | ||||
| Liabilities | ||||
| Futures Contracts1 | 37,490 | — | — | 37,490 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
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, 2021 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, 2022 Market Value ($000) | |
| Enerpac Tool Group Corp. Class A | 65,557 | — | — | — | (9,540) | — | — | 56,017 |
| Houghton Mifflin Harcourt Co. | 90,571 | 683 | — | — | 24,397 | — | — | 115,651 |
| Momentive Global Inc. | 210,733 | 4,521 | — | — | (53,083) | — | — | 162,171 |
| Vanguard Market Liquidity Fund | 627,469 | NA1 | NA1 | (22) | (37) | 141 | 15 | 627,159 |
| Vanguard Small-Cap ETF | 315,115 | — | — | — | (29,220) | 1,498 | — | 285,895 |
| Total | 1,309,445 | (22) | (67,483) | 1,639 | 15 | 1,246,893 | ||
| 1 | Not applicable—purchases and sales are for temporary cash investment purposes. |