Vanguard® Explorer™ Fund
Schedule of Investments (unaudited)
As of July 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 (96.3%) | |||
| Communication Services (3.2%) | |||
| * | Live Nation Entertainment Inc. | 994,380 | 93,462 |
| * | Ziff Davis Inc. | 985,437 | 80,697 |
| * | Cinemark Holdings Inc. | 4,335,993 | 79,479 |
| * | Bumble Inc. Class A | 1,847,789 | 70,068 |
| New York Times Co. Class A | 2,164,255 | 69,148 | |
| * | Take-Two Interactive Software Inc. | 340,634 | 45,212 |
| * | ZipRecruiter Inc. Class A | 2,156,753 | 37,808 |
| Warner Music Group Corp. Class A | 1,063,704 | 31,911 | |
| Electronic Arts Inc. | 236,116 | 30,986 | |
| * | Match Group Inc. | 307,360 | 22,533 |
| * | Yelp Inc. Class A | 539,541 | 16,542 |
| * | Cargurus Inc. | 672,334 | 16,331 |
| * | Iridium Communications Inc. | 352,316 | 15,752 |
| * | Playtika Holding Corp. | 444,723 | 5,457 |
| Nexstar Media Group Inc. Class A | 22,914 | 4,316 | |
| Cable One Inc. | 2,769 | 3,812 | |
| * | TechTarget Inc. | 54,080 | 3,525 |
| *,1 | Starry Group Holdings Inc. | 963,915 | 3,085 |
| * | Clear Channel Outdoor Holdings Inc. | 1,948,279 | 3,020 |
| Sinclair Broadcast Group Inc. Class A | 76,254 | 1,665 | |
| Cogent Communications Holdings Inc. | 23,816 | 1,520 | |
| * | WideOpenWest Inc. | 82,232 | 1,511 |
| * | Vimeo Inc. | 241,964 | 1,345 |
| * | Integral Ad Science Holding Corp. | 107,028 | 1,014 |
| * | Globalstar Inc. | 581,659 | 814 |
| * | PubMatic Inc. Class A | 35,045 | 581 |
| * | IDT Corp. Class B | 19,546 | 509 |
| * | EverQuote Inc. Class A | 47,437 | 496 |
| 642,599 | |||
| Consumer Discretionary (10.2%) | |||
| * | Burlington Stores Inc. | 851,567 | 120,182 |
| * | Skyline Champion Corp. | 1,724,227 | 109,144 |
| Texas Roadhouse Inc. Class A | 1,122,219 | 97,880 | |
| Levi Strauss & Co. Class A | 5,006,792 | 94,729 | |
| * | frontdoor Inc. | 3,200,037 | 85,665 |
| Wingstop Inc. | 643,714 | 81,224 | |
| Steven Madden Ltd. | 2,432,771 | 77,119 | |
| Acushnet Holdings Corp. | 1,427,601 | 69,567 | |
| Carter's Inc. | 845,293 | 68,874 | |
| * | Skechers USA Inc. Class A | 1,787,869 | 67,868 |
| * | Sally Beauty Holdings Inc. | 4,979,371 | 63,636 |
| * | Deckers Outdoor Corp. | 195,326 | 61,178 |
| Shares | Market Value ($000) | ||
| * | Five Below Inc. | 465,912 | 59,203 |
| * | Leslie's Inc. | 3,098,616 | 46,975 |
| * | Dollar Tree Inc. | 253,604 | 41,936 |
| * | Callaway Golf Co. | 1,626,472 | 37,328 |
| * | Floor & Decor Holdings Inc. Class A | 462,661 | 37,277 |
| * | Etsy Inc. | 352,305 | 36,541 |
| Papa John's International Inc. | 366,107 | 35,106 | |
| * | Grand Canyon Education Inc. | 360,222 | 34,607 |
| Domino's Pizza Inc. | 86,484 | 33,911 | |
| *,1 | Farfetch Ltd. Class A | 4,124,400 | 32,748 |
| * | Ulta Beauty Inc. | 83,722 | 32,560 |
| Churchill Downs Inc. | 143,910 | 30,192 | |
| *,1 | Petco Health & Wellness Co. Inc. Class A | 2,082,802 | 28,993 |
| Pool Corp. | 77,668 | 27,782 | |
| Hanesbrands Inc. | 2,426,951 | 27,133 | |
| * | National Vision Holdings Inc. | 855,968 | 24,943 |
| * | Revolve Group Inc. | 880,615 | 24,939 |
| * | Fox Factory Holding Corp. | 235,826 | 22,323 |
| * | Bright Horizons Family Solutions Inc. | 202,093 | 18,930 |
| Boyd Gaming Corp. | 319,271 | 17,723 | |
| Williams-Sonoma Inc. | 117,330 | 16,945 | |
| * | Canada Goose Holdings Inc. | 779,580 | 15,264 |
| * | 2U Inc. | 1,540,273 | 15,079 |
| * | Chegg Inc. | 706,042 | 15,039 |
| * | Under Armour Inc. Class C | 1,736,368 | 14,342 |
| Polaris Inc. | 121,866 | 14,292 | |
| Tractor Supply Co. | 72,911 | 13,961 | |
| *,1 | Sportradar Holding AG Class A | 1,373,858 | 13,203 |
| Tapestry Inc. | 368,937 | 12,407 | |
| Toll Brothers Inc. | 247,074 | 12,151 | |
| * | Tri Pointe Homes Inc. | 562,345 | 10,415 |
| * | Dave & Buster's Entertainment Inc. | 261,536 | 9,771 |
| Buckle Inc. | 319,455 | 9,648 | |
| * | Cavco Industries Inc. | 37,066 | 9,555 |
| * | Six Flags Entertainment Corp. | 410,692 | 9,310 |
| Signet Jewelers Ltd. | 141,385 | 8,619 | |
| * | SeaWorld Entertainment Inc. | 169,834 | 8,106 |
| * | Everi Holdings Inc. | 387,131 | 7,437 |
| PulteGroup Inc. | 169,565 | 7,396 | |
| Shutterstock Inc. | 124,995 | 7,062 | |
| * | Stride Inc. | 156,285 | 6,983 |
| Patrick Industries Inc. | 114,991 | 6,982 | |
| *,1 | Arrival SA | 4,385,123 | 6,885 |
| Caleres Inc. | 250,694 | 6,222 | |
| Travel + Leisure Co. | 138,120 | 5,954 | |
| * | Boot Barn Holdings Inc. | 92,452 | 5,760 |
| Oxford Industries Inc. | 55,871 | 5,330 | |
| * | American Axle & Manufacturing Holdings Inc. | 570,001 | 5,079 |
| * | Perdoceo Education Corp. | 354,118 | 4,851 |
| Murphy USA Inc. | 16,660 | 4,737 | |
| * | Brinker International Inc. | 167,585 | 4,650 |
| * | Master Craft Boat Holdings Inc. | 194,458 | 4,607 |
| * | MarineMax Inc. | 106,970 | 4,369 |
| * | Dorman Products Inc. | 42,877 | 4,334 |
| * | WW International Inc. | 633,985 | 4,210 |
| * | Visteon Corp. | 32,991 | 4,209 |
| Winnebago Industries Inc. | 67,878 | 4,098 | |
| * | Asbury Automotive Group Inc. | 23,437 | 4,023 |
| Shares | Market Value ($000) | ||
| Brunswick Corp. | 47,007 | 3,766 | |
| * | Golden Entertainment Inc. | 83,224 | 3,651 |
| * | Taylor Morrison Home Corp. Class A | 119,320 | 3,424 |
| * | Crocs Inc. | 47,473 | 3,401 |
| * | Scientific Games Corp. Class A | 65,581 | 3,341 |
| * | CarParts.com Inc. | 415,067 | 3,312 |
| Wendy's Co. | 153,173 | 3,221 | |
| Ruth's Hospitality Group Inc. | 172,021 | 3,019 | |
| * | RH | 10,763 | 3,008 |
| Carriage Services Inc. Class A | 80,893 | 2,935 | |
| * | Funko Inc. Class A | 99,480 | 2,607 |
| Shoe Carnival Inc. | 119,114 | 2,598 | |
| Academy Sports & Outdoors Inc. | 54,150 | 2,330 | |
| Standard Motor Products Inc. | 49,905 | 2,283 | |
| Dine Brands Global Inc. | 31,555 | 2,250 | |
| H&R Block Inc. | 50,507 | 2,018 | |
| Hibbett Inc. | 40,557 | 1,903 | |
| Columbia Sportswear Co. | 24,679 | 1,826 | |
| * | XPEL Inc. | 28,999 | 1,777 |
| * | Green Brick Partners Inc. | 59,691 | 1,600 |
| *,1 | Workhorse Group Inc. | 481,001 | 1,573 |
| * | Malibu Boats Inc. Class A | 23,797 | 1,486 |
| * | Monarch Casino & Resort Inc. | 20,376 | 1,307 |
| Red Rock Resorts Inc. Class A | 29,345 | 1,154 | |
| * | Chico's FAS Inc. | 227,000 | 1,140 |
| * | Stitch Fix Inc. Class A | 181,378 | 1,083 |
| LCI Industries | 7,977 | 1,078 | |
| * | Vivint Smart Home Inc. | 218,632 | 1,045 |
| * | Mattel Inc. | 42,175 | 978 |
| * | Neogames SA | 59,624 | 912 |
| Vail Resorts Inc. | 3,554 | 843 | |
| * | Quotient Technology Inc. | 290,641 | 805 |
| * | Children's Place Inc. | 17,404 | 754 |
| * | Citi Trends Inc. | 25,466 | 626 |
| *,1 | Torrid Holdings Inc. | 151,156 | 614 |
| * | Denny's Corp. | 56,291 | 547 |
| Aaron's Co. Inc. | 37,036 | 482 | |
| * | Red Robin Gourmet Burgers Inc. | 39,006 | 341 |
| 2,042,539 | |||
| Consumer Staples (3.5%) | |||
| * | Performance Food Group Co. | 3,548,060 | 176,374 |
| * | BJ's Wholesale Club Holdings Inc. | 1,654,886 | 112,036 |
| Nu Skin Enterprises Inc. Class A | 1,894,154 | 82,415 | |
| * | Nomad Foods Ltd. | 3,727,720 | 68,739 |
| Casey's General Stores Inc. | 266,643 | 54,035 | |
| 1 | MGP Ingredients Inc. | 431,945 | 45,432 |
| * | Celsius Holdings Inc. | 348,094 | 30,966 |
| * | BellRing Brands Inc. | 827,775 | 19,983 |
| Coca-Cola Consolidated Inc. | 34,925 | 17,917 | |
| * | Darling Ingredients Inc. | 257,092 | 17,811 |
| * | Pilgrim's Pride Corp. | 429,437 | 13,471 |
| * | Herbalife Nutrition Ltd. | 360,148 | 8,791 |
| Medifast Inc. | 50,241 | 8,450 | |
| Vector Group Ltd. | 470,444 | 5,241 | |
| * | United Natural Foods Inc. | 120,926 | 5,141 |
| John B Sanfilippo & Son Inc. | 56,584 | 4,238 | |
| * | elf Beauty Inc. | 113,505 | 3,806 |
| Lamb Weston Holdings Inc. | 46,348 | 3,692 | |
| Shares | Market Value ($000) | ||
| * | USANA Health Sciences Inc. | 49,907 | 3,475 |
| * | Olaplex Holdings Inc. | 179,724 | 3,091 |
| Cal-Maine Foods Inc. | 47,700 | 2,438 | |
| Turning Point Brands Inc. | 75,086 | 1,802 | |
| * | Central Garden & Pet Co. Class A | 33,558 | 1,369 |
| Albertsons Cos. Inc. Class A | 48,316 | 1,297 | |
| 692,010 | |||
| Energy (3.4%) | |||
| Oasis Petroleum Inc. | 774,295 | 99,296 | |
| PDC Energy Inc. | 1,394,592 | 91,611 | |
| Magnolia Oil & Gas Corp. Class A | 3,735,507 | 90,138 | |
| Viper Energy Partners LP | 2,138,415 | 65,735 | |
| ChampionX Corp. | 1,872,698 | 39,121 | |
| * | Southwestern Energy Co. | 5,533,231 | 39,065 |
| Coterra Energy Inc. | 884,713 | 27,063 | |
| EQT Corp. | 557,700 | 24,556 | |
| Cactus Inc. Class A | 588,610 | 24,480 | |
| Matador Resources Co. | 403,920 | 23,338 | |
| Texas Pacific Land Corp. | 10,302 | 18,892 | |
| Pioneer Natural Resources Co. | 67,346 | 15,958 | |
| Diamondback Energy Inc. | 119,055 | 15,241 | |
| SM Energy Co. | 331,085 | 13,667 | |
| * | Talos Energy Inc. | 527,691 | 10,000 |
| * | Kosmos Energy Ltd. | 1,451,245 | 9,201 |
| Delek US Holdings Inc. | 204,314 | 5,447 | |
| * | Laredo Petroleum Inc. | 61,065 | 5,415 |
| * | Denbury Inc. | 74,711 | 5,372 |
| Ovintiv Inc. (XNYS) | 97,759 | 4,995 | |
| * | Valaris Ltd. | 95,857 | 4,810 |
| * | Liberty Energy Inc. Class A | 323,550 | 4,594 |
| * | Callon Petroleum Co. | 91,266 | 4,202 |
| * | PBF Energy Inc. Class A | 115,182 | 3,841 |
| CVR Energy Inc. | 98,722 | 3,311 | |
| * | W&T Offshore Inc. | 640,983 | 3,186 |
| * | Antero Resources Corp. | 79,310 | 3,144 |
| * | NexTier Oilfield Solutions Inc. | 308,839 | 3,079 |
| * | US Silica Holdings Inc. | 208,045 | 2,877 |
| Patterson-UTI Energy Inc. | 166,962 | 2,763 | |
| Arch Resources Inc. | 20,767 | 2,682 | |
| * | Nabors Industries Ltd. (XNYS) | 17,214 | 2,453 |
| * | TETRA Technologies Inc. | 525,793 | 2,303 |
| * | Amplify Energy Corp. | 332,054 | 2,275 |
| Kinetik Holdings Inc. Class A | 49,492 | 2,013 | |
| * | Gulfport Energy Corp. | 21,775 | 2,004 |
| Solaris Oilfield Infrastructure Inc. Class A | 82,776 | 918 | |
| * | Par Pacific Holdings Inc. | 41,339 | 682 |
| * | Range Resources Corp. | 19,047 | 630 |
| * | Weatherford International plc | 20,422 | 472 |
| 680,830 | |||
| Financials (8.8%) | |||
| LPL Financial Holdings Inc. | 694,999 | 145,894 | |
| Western Alliance Bancorp | 1,557,615 | 118,971 | |
| Assured Guaranty Ltd. | 2,031,241 | 118,604 | |
| Synovus Financial Corp. | 2,874,331 | 116,065 | |
| Prosperity Bancshares Inc. | 1,279,916 | 94,829 | |
| Webster Financial Corp. | 2,013,220 | 93,514 | |
| Voya Financial Inc. | 1,526,741 | 91,849 | |
| Shares | Market Value ($000) | ||
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,313,291 | 83,487 | |
| American Financial Group Inc. | 563,137 | 75,280 | |
| Valley National Bancorp | 6,325,793 | 73,948 | |
| Tradeweb Markets Inc. Class A | 1,042,537 | 73,520 | |
| StepStone Group Inc. Class A | 2,474,294 | 65,915 | |
| Assurant Inc. | 335,685 | 59,007 | |
| Houlihan Lokey Inc. Class A | 666,420 | 56,352 | |
| MGIC Investment Corp. | 3,825,856 | 54,098 | |
| * | SVB Financial Group | 101,184 | 40,833 |
| FirstCash Holdings Inc. | 556,424 | 40,764 | |
| * | PRA Group Inc. | 963,562 | 38,388 |
| MarketAxess Holdings Inc. | 122,223 | 33,096 | |
| * | Silvergate Capital Corp. Class A | 343,808 | 32,074 |
| FactSet Research Systems Inc. | 70,747 | 30,399 | |
| * | Palomar Holdings Inc. | 472,314 | 29,458 |
| WisdomTree Investments Inc. | 5,107,013 | 26,556 | |
| * | Ryan Specialty Group Holdings Inc. | 606,654 | 26,232 |
| Piper Sandler Cos. | 183,011 | 23,096 | |
| Kinsale Capital Group Inc. | 81,196 | 19,748 | |
| Everest Re Group Ltd. | 66,570 | 17,398 | |
| Virtus Investment Partners Inc. | 60,974 | 12,580 | |
| First Citizens BancShares Inc. Class A | 11,550 | 8,740 | |
| * | Credit Acceptance Corp. | 14,687 | 8,458 |
| * | LendingClub Corp. | 539,466 | 7,472 |
| Moelis & Co. Class A | 146,199 | 6,810 | |
| RLI Corp. | 53,800 | 5,917 | |
| Cowen Inc. Class A | 151,522 | 5,314 | |
| * | Focus Financial Partners Inc. Class A | 100,331 | 4,056 |
| * | Donnelley Financial Solutions Inc. | 102,942 | 3,499 |
| Brightsphere Investment Group Inc. | 127,564 | 2,412 | |
| Ares Management Corp. Class A | 33,558 | 2,404 | |
| * | Green Dot Corp. Class A | 83,657 | 2,351 |
| Pacific Premier Bancorp Inc. | 56,551 | 1,902 | |
| Hamilton Lane Inc. Class A | 23,878 | 1,804 | |
| Walker & Dunlop Inc. | 15,825 | 1,783 | |
| PJT Partners Inc. Class A | 20,413 | 1,459 | |
| * | Blucora Inc. | 60,995 | 1,220 |
| Brown & Brown Inc. | 17,926 | 1,167 | |
| * | Bancorp Inc. | 37,506 | 923 |
| * | Open Lending Corp. Class A | 87,853 | 910 |
| *,1 | Upstart Holdings Inc. | 34,867 | 848 |
| Cohen & Steers Inc. | 11,210 | 826 | |
| * | Atlanticus Holdings Corp. | 12,544 | 485 |
| 1,762,715 | |||
| Health Care (19.9%) | |||
| * | ICON plc | 850,113 | 205,090 |
| * | Acadia Healthcare Co. Inc. | 1,791,355 | 148,521 |
| * | Molina Healthcare Inc. | 398,555 | 130,614 |
| * | Omnicell Inc. | 1,090,440 | 120,079 |
| * | Haemonetics Corp. | 1,610,044 | 111,882 |
| * | Veracyte Inc. | 3,556,513 | 93,679 |
| * | Charles River Laboratories International Inc. | 368,347 | 92,286 |
| Bio-Techne Corp. | 228,193 | 87,918 | |
| * | Catalent Inc. | 775,178 | 87,673 |
| * | Glaukos Corp. | 1,609,992 | 86,698 |
| * | Amedisys Inc. | 719,496 | 86,232 |
| STERIS plc | 375,423 | 84,714 | |
| * | Globus Medical Inc. Class A | 1,410,607 | 82,788 |
| Shares | Market Value ($000) | ||
| * | Myriad Genetics Inc. | 3,121,439 | 82,344 |
| * | ABIOMED Inc. | 279,051 | 81,765 |
| * | ICU Medical Inc. | 457,762 | 81,102 |
| * | Ultragenyx Pharmaceutical Inc. | 1,491,686 | 79,477 |
| * | HealthEquity Inc. | 1,188,927 | 69,160 |
| * | Insulet Corp. | 274,127 | 67,929 |
| * | Repligen Corp. | 307,073 | 65,517 |
| * | Hologic Inc. | 827,574 | 59,072 |
| * | Avantor Inc. | 2,003,483 | 58,141 |
| * | QuidelOrtho Corp. | 548,951 | 56,015 |
| * | Horizon Therapeutics plc | 669,904 | 55,582 |
| * | Exelixis Inc. | 2,471,158 | 51,697 |
| * | Apellis Pharmaceuticals Inc. | 832,888 | 46,875 |
| * | Merit Medical Systems Inc. | 799,813 | 45,973 |
| * | Penumbra Inc. | 321,791 | 44,851 |
| ResMed Inc. | 171,664 | 41,289 | |
| * | REVOLUTION Medicines Inc. | 1,809,574 | 40,878 |
| *,1 | Doximity Inc. Class A | 934,950 | 39,567 |
| * | Ascendis Pharma A/S ADR | 449,286 | 38,427 |
| * | Cytokinetics Inc. | 906,797 | 38,385 |
| * | Integra LifeSciences Holdings Corp. | 690,369 | 37,998 |
| Stevanato Group SpA | 2,098,532 | 35,906 | |
| * | Syneos Health Inc. | 451,947 | 35,767 |
| * | Maravai LifeSciences Holdings Inc. Class A | 1,348,286 | 35,177 |
| * | Mettler-Toledo International Inc. | 25,875 | 34,924 |
| * | Tandem Diabetes Care Inc. | 495,001 | 32,774 |
| * | DexCom Inc. | 397,861 | 32,656 |
| * | Halozyme Therapeutics Inc. | 666,081 | 32,571 |
| * | Turning Point Therapeutics Inc. | 424,484 | 31,828 |
| * | Pacira BioSciences Inc. | 557,637 | 31,540 |
| * | NuVasive Inc. | 541,780 | 28,454 |
| * | iRhythm Technologies Inc. | 183,128 | 28,317 |
| * | Sotera Health Co. | 1,466,290 | 28,153 |
| * | Blueprint Medicines Corp. | 550,337 | 28,100 |
| * | Certara Inc. | 1,212,405 | 27,873 |
| * | IDEXX Laboratories Inc. | 68,300 | 27,264 |
| * | SpringWorks Therapeutics Inc. | 909,545 | 27,177 |
| * | Kymera Therapeutics Inc. | 1,229,527 | 27,086 |
| * | Medpace Holdings Inc. | 158,110 | 26,804 |
| * | Henry Schein Inc. | 327,519 | 25,818 |
| * | Sarepta Therapeutics Inc. | 277,565 | 25,800 |
| * | Supernus Pharmaceuticals Inc. | 810,645 | 25,738 |
| Bruker Corp. | 367,278 | 25,177 | |
| * | MEDNAX Inc. | 1,084,167 | 24,567 |
| * | Neurocrine Biosciences Inc. | 250,740 | 23,602 |
| * | CareDx Inc. | 979,594 | 23,305 |
| * | Nevro Corp. | 525,564 | 22,783 |
| * | AMN Healthcare Services Inc. | 194,215 | 21,838 |
| Cooper Cos. Inc. | 64,608 | 21,127 | |
| * | Ligand Pharmaceuticals Inc. | 222,433 | 20,470 |
| Azenta Inc. | 291,735 | 19,914 | |
| Chemed Corp. | 40,811 | 19,634 | |
| * | Y-mAbs Therapeutics Inc. | 1,242,624 | 19,372 |
| Teleflex Inc. | 78,718 | 18,929 | |
| * | Arvinas Inc. | 350,959 | 18,639 |
| * | C4 Therapeutics Inc. | 1,892,154 | 18,240 |
| *,1 | Definitive Healthcare Corp. Class A | 699,500 | 18,173 |
| * | Relay Therapeutics Inc. | 902,788 | 17,171 |
| Shares | Market Value ($000) | ||
| * | Neogen Corp. | 742,140 | 17,166 |
| * | STAAR Surgical Co. | 211,256 | 17,048 |
| * | Inspire Medical Systems Inc. | 81,567 | 17,047 |
| * | Sage Therapeutics Inc. | 478,803 | 16,476 |
| * | Masimo Corp. | 111,783 | 16,162 |
| * | Mirati Therapeutics Inc. | 238,314 | 15,347 |
| * | Shockwave Medical Inc. | 72,532 | 15,299 |
| * | Axogen Inc. | 1,577,807 | 14,705 |
| * | Alkermes plc | 540,175 | 13,828 |
| * | Ionis Pharmaceuticals Inc. | 361,752 | 13,587 |
| * | Agios Pharmaceuticals Inc. | 567,058 | 12,231 |
| * | Illumina Inc. | 54,883 | 11,892 |
| * | Lantheus Holdings Inc. | 142,531 | 10,935 |
| * | Veeva Systems Inc. Class A | 48,445 | 10,831 |
| * | FibroGen Inc. | 776,938 | 9,774 |
| * | Legend Biotech Corp. ADR | 199,385 | 9,419 |
| * | Schrodinger Inc. | 300,396 | 9,402 |
| *,1 | Novavax Inc. | 155,005 | 8,449 |
| * | Agenus Inc. | 3,039,411 | 7,842 |
| * | Deciphera Pharmaceuticals Inc. | 606,751 | 7,700 |
| * | Tenet Healthcare Corp. | 115,643 | 7,646 |
| Ensign Group Inc. | 80,101 | 6,383 | |
| * | Evolent Health Inc. Class A | 177,194 | 6,023 |
| * | Heron Therapeutics Inc. | 2,053,015 | 5,707 |
| * | Arrowhead Pharmaceuticals Inc. | 128,416 | 5,462 |
| *,1 | Esperion Therapeutics Inc. | 896,771 | 5,174 |
| * | PTC Therapeutics Inc. | 117,544 | 5,119 |
| * | AtriCure Inc. | 97,699 | 4,827 |
| * | CorVel Corp. | 28,354 | 4,675 |
| * | ImmunoGen Inc. | 943,679 | 4,473 |
| Select Medical Holdings Corp. | 147,960 | 4,383 | |
| Encompass Health Corp. | 86,469 | 4,377 | |
| * | Option Care Health Inc. | 129,218 | 4,342 |
| US Physical Therapy Inc. | 31,914 | 4,142 | |
| * | Sangamo Therapeutics Inc. | 910,182 | 3,905 |
| *,1 | Intercept Pharmaceuticals Inc. | 304,538 | 3,886 |
| * | Theravance Biopharma Inc. | 438,100 | 3,851 |
| * | Novocure Ltd. | 56,067 | 3,812 |
| * | Karyopharm Therapeutics Inc. | 866,779 | 3,684 |
| * | Seres Therapeutics Inc. | 853,943 | 3,510 |
| * | ACADIA Pharmaceuticals Inc. | 229,816 | 3,376 |
| * | Inogen Inc. | 113,643 | 3,162 |
| * | Voyager Therapeutics Inc. | 457,063 | 3,062 |
| * | Cross Country Healthcare Inc. | 110,187 | 2,905 |
| * | Health Catalyst Inc. | 169,456 | 2,837 |
| *,1 | Clovis Oncology Inc. | 1,439,253 | 2,404 |
| * | Multiplan Corp. | 464,364 | 2,350 |
| * | Embecta Corp. | 78,523 | 2,311 |
| * | Puma Biotechnology Inc. | 777,390 | 2,278 |
| * | ViewRay Inc. | 732,039 | 2,233 |
| * | Privia Health Group Inc. | 56,241 | 2,069 |
| * | Protagonist Therapeutics Inc. | 196,775 | 1,958 |
| * | Akebia Therapeutics Inc. | 4,698,164 | 1,837 |
| * | Allscripts Healthcare Solutions Inc. | 115,239 | 1,823 |
| * | Natera Inc. | 37,823 | 1,778 |
| * | LivaNova plc | 27,593 | 1,757 |
| * | Figs Inc. Class A | 159,434 | 1,685 |
| * | TG Therapeutics Inc. | 280,053 | 1,677 |
| Shares | Market Value ($000) | ||
| * | Affimed NV | 585,546 | 1,657 |
| * | Alector Inc. | 160,119 | 1,636 |
| * | Bridgebio Pharma Inc. | 180,257 | 1,561 |
| * | Aerie Pharmaceuticals Inc. | 220,270 | 1,544 |
| * | CytomX Therapeutics Inc. | 1,067,482 | 1,526 |
| * | Vir Biotechnology Inc. | 54,674 | 1,520 |
| * | Atara Biotherapeutics Inc. | 500,154 | 1,515 |
| * | Fortress Biotech Inc. | 1,732,308 | 1,491 |
| * | Enanta Pharmaceuticals Inc. | 26,140 | 1,442 |
| * | Joint Corp. | 81,335 | 1,391 |
| * | Codexis Inc. | 186,328 | 1,278 |
| *,1 | Senseonics Holdings Inc. | 932,365 | 1,203 |
| * | Sesen Bio Inc. | 1,476,709 | 1,159 |
| * | MacroGenics Inc. | 352,568 | 1,104 |
| West Pharmaceutical Services Inc. | 3,141 | 1,079 | |
| * | Kiniksa Pharmaceuticals Ltd. Class A | 97,334 | 965 |
| * | Travere Thrapeutics Inc. | 40,706 | 958 |
| * | Co-Diagnostics Inc. | 143,082 | 939 |
| * | ModivCare Inc. | 9,225 | 921 |
| *,1 | Lexicon Pharmaceuticals Inc. | 382,691 | 911 |
| * | Pennant Group Inc. | 66,647 | 889 |
| * | Amneal Pharmaceuticals Inc. | 244,539 | 866 |
| * | Selecta Biosciences Inc. | 528,838 | 841 |
| * | Addus HomeCare Corp. | 8,612 | 799 |
| * | REGENXBIO Inc. | 24,655 | 773 |
| * | NextCure Inc. | 171,519 | 738 |
| * | Reata Pharmaceuticals Inc. Class A | 23,908 | 733 |
| * | Organogenesis Holdings Inc. Class A | 126,114 | 724 |
| * | RadNet Inc. | 32,572 | 670 |
| * | Infinity Pharmaceuticals Inc. | 1,053,408 | 670 |
| * | Atea Pharmaceuticals Inc. | 81,077 | 665 |
| * | Atossa Therapeutics Inc. | 698,520 | 657 |
| * | Chimerix Inc. | 272,703 | 597 |
| * | MEI Pharma Inc. | 1,232,433 | 596 |
| * | Vanda Pharmaceuticals Inc. | 54,899 | 592 |
| * | Retractable Technologies Inc. | 107,784 | 511 |
| * | Precision BioSciences Inc. | 342,301 | 503 |
| * | Minerva Neurosciences Inc. | 155,232 | 414 |
| * | Molecular Templates Inc. | 424,818 | 358 |
| * | Personalis Inc. | 96,118 | 355 |
| * | Tabula Rasa HealthCare Inc. | 76,583 | 341 |
| * | Precigen Inc. | 216,409 | 340 |
| * | Athenex Inc. | 602,458 | 305 |
| * | Community Health Systems Inc. | 87,235 | 260 |
| *,1 | Talis Biomedical Corp. | 304,654 | 241 |
| * | Syros Pharmaceuticals Inc. | 236,590 | 186 |
| * | Tactile Systems Technology Inc. | 22,060 | 171 |
| * | Cue Biopharma Inc. | 46,345 | 126 |
| * | Spero Therapeutics Inc. | 54,307 | 40 |
| 3,995,670 | |||
| Industrials (20.1%) | |||
| * | Middleby Corp. | 893,807 | 129,325 |
| * | RBC Bearings Inc. | 519,572 | 122,619 |
| * | Clean Harbors Inc. | 1,189,279 | 116,062 |
| * | Chart Industries Inc. | 591,865 | 115,467 |
| * | Kirby Corp. | 1,775,457 | 112,635 |
| * | TriNet Group Inc. | 1,352,644 | 111,593 |
| * | Builders FirstSource Inc. | 1,606,793 | 109,262 |
| Shares | Market Value ($000) | ||
| * | Fluor Corp. | 4,246,929 | 107,914 |
| Zurn Water Solutions Corp. | 3,641,774 | 105,429 | |
| Science Applications International Corp. | 1,057,228 | 102,414 | |
| * | AerCap Holdings NV | 2,069,150 | 92,822 |
| Acuity Brands Inc. | 502,730 | 91,698 | |
| Spirit AeroSystems Holdings Inc. Class A | 2,748,561 | 90,208 | |
| *,1 | Sterling Check Corp. | 4,583,250 | 90,061 |
| * | Mercury Systems Inc. | 1,457,791 | 86,024 |
| Flowserve Corp. | 2,532,428 | 85,697 | |
| * | Trex Co. Inc. | 1,316,631 | 84,949 |
| Ritchie Bros Auctioneers Inc. | 1,154,820 | 83,228 | |
| Sensata Technologies Holding plc | 1,836,768 | 81,681 | |
| Rush Enterprises Inc. Class A | 1,591,502 | 76,695 | |
| * | Generac Holdings Inc. | 270,473 | 72,568 |
| Fortune Brands Home & Security Inc. | 1,025,769 | 71,476 | |
| 2 | Enerpac Tool Group Corp. Class A | 3,249,965 | 65,974 |
| Herc Holdings Inc. | 530,004 | 65,731 | |
| Kennametal Inc. | 2,425,229 | 65,117 | |
| IDEX Corp. | 308,180 | 64,333 | |
| Regal Rexnord Corp. | 471,386 | 63,307 | |
| GATX Corp. | 623,628 | 62,519 | |
| * | WillScot Mobile Mini Holdings Corp. | 1,565,700 | 60,452 |
| * | Masonite International Corp. | 652,204 | 59,370 |
| Matson Inc. | 639,952 | 58,664 | |
| CH Robinson Worldwide Inc. | 499,166 | 55,258 | |
| * | Gibraltar Industries Inc. | 1,131,725 | 52,953 |
| Forward Air Corp. | 500,501 | 52,518 | |
| * | API Group Corp. | 2,579,955 | 45,691 |
| Tennant Co. | 654,223 | 43,853 | |
| * | Axon Enterprise Inc. | 366,409 | 40,375 |
| * | XPO Logistics Inc. | 671,745 | 40,130 |
| Verisk Analytics Inc. Class A | 197,505 | 37,575 | |
| * | Alight Inc. Class A | 4,917,650 | 37,079 |
| HEICO Corp. Class A | 275,721 | 35,204 | |
| * | ACV Auctions Inc. Class A | 4,479,687 | 33,105 |
| * | SiteOne Landscape Supply Inc. | 232,356 | 32,374 |
| * | Shoals Technologies Group Inc. Class A | 1,341,023 | 31,688 |
| * | United Rentals Inc. | 88,430 | 28,534 |
| UFP Industries Inc. | 302,057 | 27,853 | |
| * | GXO Logistics Inc. | 558,445 | 26,805 |
| * | Saia Inc. | 104,534 | 24,863 |
| * | CoStar Group Inc. | 329,309 | 23,905 |
| Robert Half International Inc. | 300,294 | 23,765 | |
| Vertiv Holdings Co. Class A | 2,039,279 | 23,289 | |
| * | Atkore Inc. | 226,148 | 22,450 |
| Rockwell Automation Inc. | 87,469 | 22,329 | |
| John Bean Technologies Corp. | 198,399 | 22,282 | |
| Allison Transmission Holdings Inc. | 529,741 | 22,180 | |
| * | Ameresco Inc. Class A | 387,477 | 22,171 |
| * | GMS Inc. | 373,764 | 19,836 |
| * | AZEK Co. Inc. Class A | 909,491 | 18,808 |
| Applied Industrial Technologies Inc. | 186,642 | 18,774 | |
| * | Kratos Defense & Security Solutions Inc. | 1,246,201 | 17,933 |
| JB Hunt Transport Services Inc. | 97,176 | 17,809 | |
| Toro Co. | 205,970 | 17,711 | |
| Tetra Tech Inc. | 115,531 | 17,707 | |
| * | Cimpress plc | 426,407 | 17,137 |
| * | ASGN Inc. | 159,114 | 16,510 |
| Shares | Market Value ($000) | ||
| Boise Cascade Co. | 232,314 | 16,427 | |
| BWX Technologies Inc. | 271,534 | 15,391 | |
| * | AeroVironment Inc. | 177,096 | 15,344 |
| Carlisle Cos. Inc. | 51,632 | 15,288 | |
| GrafTech International Ltd. | 1,966,660 | 15,143 | |
| Lincoln Electric Holdings Inc. | 105,385 | 14,906 | |
| Terex Corp. | 443,127 | 14,849 | |
| AGCO Corp. | 134,294 | 14,627 | |
| * | Kornit Digital Ltd. | 519,660 | 14,140 |
| Woodward Inc. | 126,128 | 13,206 | |
| Watts Water Technologies Inc. Class A | 93,508 | 12,916 | |
| Simpson Manufacturing Co. Inc. | 116,416 | 12,023 | |
| EMCOR Group Inc. | 99,549 | 11,585 | |
| Heartland Express Inc. | 705,913 | 11,210 | |
| Mueller Industries Inc. | 165,351 | 11,133 | |
| Booz Allen Hamilton Holding Corp. Class A | 109,403 | 10,501 | |
| * | Rocket Lab USA Inc. | 2,211,061 | 10,326 |
| Kforce Inc. | 139,853 | 9,209 | |
| Howmet Aerospace Inc. | 213,032 | 7,910 | |
| Nordson Corp. | 31,874 | 7,363 | |
| Exponent Inc. | 71,892 | 7,224 | |
| Korn Ferry | 98,968 | 6,483 | |
| Donaldson Co. Inc. | 109,048 | 5,933 | |
| * | Veritiv Corp. | 45,973 | 5,702 |
| * | Titan International Inc. | 320,725 | 5,375 |
| Allegion plc | 46,987 | 4,967 | |
| * | Huron Consulting Group Inc. | 71,911 | 4,825 |
| * | TrueBlue Inc. | 216,816 | 4,692 |
| * | MYR Group Inc. | 47,903 | 4,562 |
| Franklin Electric Co. Inc. | 48,830 | 4,435 | |
| H&E Equipment Services Inc. | 100,605 | 3,597 | |
| * | BlueLinx Holdings Inc. | 41,424 | 3,314 |
| * | First Advantage Corp. | 201,067 | 2,821 |
| * | Dycom Industries Inc. | 25,837 | 2,665 |
| Textainer Group Holdings Ltd. | 76,677 | 2,605 | |
| Pitney Bowes Inc. | 718,970 | 2,351 | |
| * | Hudson Technologies Inc. | 230,530 | 2,054 |
| Hillenbrand Inc. | 37,987 | 1,755 | |
| * | Yellow Corp. | 341,727 | 1,647 |
| * | MRC Global Inc. | 135,066 | 1,570 |
| AECOM | 21,754 | 1,566 | |
| Landstar System Inc. | 9,759 | 1,528 | |
| Helios Technologies Inc. | 22,034 | 1,516 | |
| * | Aerojet Rocketdyne Holdings Inc. | 25,024 | 1,093 |
| Lindsay Corp. | 6,673 | 1,027 | |
| * | Janus International Group Inc. | 92,812 | 944 |
| * | Energy Recovery Inc. | 37,895 | 842 |
| Kadant Inc. | 3,828 | 780 | |
| Graco Inc. | 11,522 | 774 | |
| * | Franklin Covey Co. | 14,149 | 740 |
| * | Virgin Galactic Holdings Inc. | 85,246 | 634 |
| Brady Corp. Class A | 12,906 | 618 | |
| Griffon Corp. | 20,476 | 615 | |
| Argan Inc. | 15,021 | 558 | |
| * | Hireright Holdings Corp. | 36,992 | 550 |
| 4,041,607 | |||
| Information Technology (19.3%) | |||
| * | Five9 Inc. | 1,657,086 | 179,164 |
| Shares | Market Value ($000) | ||
| Power Integrations Inc. | 1,382,081 | 117,491 | |
| * | First Solar Inc. | 1,111,819 | 110,259 |
| * | New Relic Inc. | 1,772,144 | 107,516 |
| * | ON Semiconductor Corp. | 1,538,531 | 102,743 |
| * | Tower Semiconductor Ltd. | 2,010,978 | 96,245 |
| * | Guidewire Software Inc. | 1,188,120 | 92,341 |
| Monolithic Power Systems Inc. | 192,599 | 89,505 | |
| * | GoDaddy Inc. Class A | 1,193,927 | 88,565 |
| * | Viavi Solutions Inc. | 5,696,441 | 84,307 |
| * | Cadence Design Systems Inc. | 445,356 | 82,872 |
| * | Silicon Laboratories Inc. | 551,413 | 81,322 |
| * | Manhattan Associates Inc. | 554,805 | 78,044 |
| * | Jamf Holding Corp. | 3,060,414 | 74,796 |
| * | Cirrus Logic Inc. | 867,861 | 74,167 |
| *,1 | Informatica Inc. Class A | 3,234,333 | 74,066 |
| * | Dynatrace Inc. | 1,841,637 | 69,301 |
| Concentrix Corp. | 514,142 | 68,772 | |
| * | Avalara Inc. | 748,651 | 65,447 |
| * | Varonis Systems Inc. Class B | 2,486,392 | 63,229 |
| * | Trimble Inc. | 847,677 | 58,854 |
| * | Momentive Global Inc. | 6,569,498 | 56,826 |
| * | Teledyne Technologies Inc. | 132,410 | 51,825 |
| * | Zendesk Inc. | 646,908 | 48,790 |
| *,1 | GLOBALFOUNDRIES Inc. | 922,943 | 47,513 |
| * | Smartsheet Inc. Class A | 1,518,839 | 45,656 |
| * | Onto Innovation Inc. | 539,899 | 44,947 |
| Maximus Inc. | 630,466 | 42,147 | |
| * | PTC Inc. | 340,366 | 41,994 |
| * | HubSpot Inc. | 134,569 | 41,447 |
| * | Palo Alto Networks Inc. | 81,654 | 40,753 |
| * | Semtech Corp. | 624,405 | 38,919 |
| * | Enphase Energy Inc. | 136,400 | 38,762 |
| * | Fortinet Inc. | 632,470 | 37,727 |
| * | WEX Inc. | 224,693 | 37,346 |
| * | Envestnet Inc. | 618,898 | 36,063 |
| * | Tyler Technologies Inc. | 85,764 | 34,220 |
| *,1 | Paycor HCM Inc. | 1,253,757 | 33,463 |
| * | Fair Isaac Corp. | 69,796 | 32,248 |
| * | Globant SA | 159,244 | 31,728 |
| * | Black Knight Inc. | 475,572 | 31,236 |
| * | Euronet Worldwide Inc. | 317,061 | 31,158 |
| * | N-Able Inc. | 3,121,497 | 30,653 |
| * | Box Inc. Class A | 1,063,844 | 30,256 |
| * | CyberArk Software Ltd. | 224,703 | 29,241 |
| * | Lattice Semiconductor Corp. | 466,390 | 28,683 |
| Microchip Technology Inc. | 402,808 | 27,737 | |
| Jabil Inc. | 453,425 | 26,906 | |
| * | Procore Technologies Inc. | 505,100 | 26,114 |
| * | Dropbox Inc. Class A | 1,110,378 | 25,250 |
| National Instruments Corp. | 652,976 | 24,813 | |
| * | Aspen Technology Inc. | 117,709 | 24,023 |
| * | 8x8 Inc. | 4,851,070 | 23,722 |
| * | Everbridge Inc. | 942,566 | 23,696 |
| * | Ciena Corp. | 458,743 | 23,671 |
| * | Wix.com Ltd. | 397,584 | 23,589 |
| Cognex Corp. | 440,031 | 22,433 | |
| * | RingCentral Inc. Class A | 439,685 | 21,760 |
| * | Qualys Inc. | 174,109 | 21,297 |
| Shares | Market Value ($000) | ||
| * | Rapid7 Inc. | 314,117 | 20,094 |
| * | Monday.com Ltd. | 195,043 | 20,037 |
| * | Allegro MicroSystems Inc. | 783,984 | 19,466 |
| * | CommScope Holding Co. Inc. | 2,146,818 | 19,386 |
| * | SentinelOne Inc. Class A | 779,800 | 19,378 |
| * | ANSYS Inc. | 69,172 | 19,298 |
| * | Q2 Holdings Inc. | 437,156 | 19,191 |
| * | Extreme Networks Inc. | 1,458,576 | 19,078 |
| * | Mandiant Inc. | 834,271 | 19,005 |
| * | Elastic NV | 230,902 | 18,447 |
| * | Consensus Cloud Solutions Inc. | 314,188 | 16,976 |
| * | Nutanix Inc. Class A | 1,098,851 | 16,626 |
| * | KnowBe4 Inc. Class A | 1,155,096 | 16,506 |
| * | Toast Inc. Class A | 1,018,038 | 16,268 |
| * | Pure Storage Inc. Class A | 558,385 | 15,830 |
| * | DocuSign Inc. Class A | 246,848 | 15,793 |
| * | Axcelis Technologies Inc. | 221,954 | 15,610 |
| A10 Networks Inc. | 1,025,473 | 15,290 | |
| * | Ambarella Inc. | 174,828 | 15,131 |
| * | Okta Inc. | 153,068 | 15,070 |
| * | Tenable Holdings Inc. | 384,440 | 14,859 |
| * | Clear Secure Inc. Class A | 578,300 | 14,643 |
| *,1 | Freshworks Inc. Class A | 1,106,800 | 14,510 |
| * | Sumo Logic Inc. | 2,107,520 | 14,268 |
| * | Twilio Inc. Class A | 165,814 | 14,061 |
| TTEC Holdings Inc. | 182,282 | 13,338 | |
| * | CommVault Systems Inc. | 233,057 | 13,072 |
| * | Teradata Corp. | 339,463 | 12,998 |
| * | MaxLinear Inc. | 318,206 | 12,859 |
| * | PROS Holdings Inc. | 509,666 | 12,421 |
| * | Paylocity Holding Corp. | 58,702 | 12,088 |
| * | Diodes Inc. | 142,496 | 11,595 |
| CDW Corp. | 63,762 | 11,575 | |
| CSG Systems International Inc. | 164,794 | 10,753 | |
| * | Domo Inc. Class B | 356,124 | 9,975 |
| * | Atlassian Corp. plc Class A | 47,201 | 9,880 |
| * | Alarm.com Holdings Inc. | 125,353 | 8,871 |
| * | Coupa Software Inc. | 126,409 | 8,270 |
| Amkor Technology Inc. | 409,906 | 8,268 | |
| * | EPAM Systems Inc. | 23,149 | 8,085 |
| Pegasystems Inc. | 188,911 | 7,585 | |
| * | SMART Global Holdings Inc. | 350,636 | 6,879 |
| * | Agilysys Inc. | 137,951 | 6,663 |
| Kulicke & Soffa Industries Inc. | 138,189 | 6,650 | |
| * | Perficient Inc. | 60,211 | 6,353 |
| * | Super Micro Computer Inc. | 107,419 | 5,802 |
| * | Sprout Social Inc. Class A | 104,486 | 5,444 |
| * | ExlService Holdings Inc. | 31,292 | 5,269 |
| * | ChannelAdvisor Corp. | 353,884 | 5,216 |
| * | Fabrinet | 52,652 | 5,058 |
| * | Yext Inc. | 1,077,443 | 4,719 |
| Entegris Inc. | 42,735 | 4,697 | |
| * | MACOM Technology Solutions Holdings Inc. Class H | 75,523 | 4,376 |
| Hackett Group Inc. | 198,772 | 4,168 | |
| * | ePlus Inc. | 73,114 | 4,063 |
| * | Arrow Electronics Inc. | 31,262 | 4,007 |
| * | Unisys Corp. | 289,663 | 3,974 |
| * | Ultra Clean Holdings Inc. | 116,877 | 3,927 |
| Shares | Market Value ($000) | ||
| * | eGain Corp. | 440,680 | 3,904 |
| * | LivePerson Inc. | 266,348 | 3,633 |
| * | International Money Express Inc. | 134,153 | 3,225 |
| * | Brightcove Inc. | 524,919 | 3,123 |
| * | AvidXchange Holdings Inc. | 430,600 | 3,109 |
| * | Eastman Kodak Co. | 533,785 | 2,941 |
| Bentley Systems Inc. Class B | 71,576 | 2,834 | |
| * | Upland Software Inc. | 233,415 | 2,642 |
| * | Sitime Corp. | 12,939 | 2,406 |
| * | Payoneer Global Inc. | 416,625 | 2,225 |
| Jack Henry & Associates Inc. | 9,927 | 2,063 | |
| * | ACI Worldwide Inc. | 71,312 | 2,034 |
| Vontier Corp. | 72,143 | 1,861 | |
| Vishay Intertechnology Inc. | 83,285 | 1,721 | |
| * | Workiva Inc. Class A | 25,909 | 1,697 |
| * | Cambium Networks Corp. | 89,119 | 1,680 |
| * | Alpha & Omega Semiconductor Ltd. | 33,823 | 1,421 |
| * | Digital Turbine Inc. | 70,633 | 1,418 |
| * | Zuora Inc. Class A | 165,042 | 1,404 |
| * | Arlo Technologies Inc. | 176,325 | 1,240 |
| * | Diebold Nixdorf Inc. | 379,539 | 1,226 |
| * | FormFactor Inc. | 31,333 | 1,114 |
| Adtran Holdings Inc. | 40,396 | 973 | |
| * | OSI Systems Inc. | 7,962 | 770 |
| CTS Corp. | 15,406 | 627 | |
| * | Cohu Inc. | 21,868 | 625 |
| * | Veritone Inc. | 83,752 | 589 |
| * | C3.ai Inc. Class A | 31,316 | 576 |
| * | Insight Enterprises Inc. | 5,855 | 547 |
| * | Couchbase Inc. | 32,929 | 501 |
| 3,875,466 | |||
| Materials (3.0%) | |||
| Graphic Packaging Holding Co. | 5,405,708 | 120,277 | |
| Cabot Corp. | 1,132,512 | 84,100 | |
| Louisiana-Pacific Corp. | 1,281,063 | 81,514 | |
| Methanex Corp. | 1,946,800 | 72,421 | |
| * | Summit Materials Inc. Class A | 1,830,961 | 50,370 |
| Ashland Global Holdings Inc. | 474,900 | 47,713 | |
| Balchem Corp. | 210,593 | 28,590 | |
| Olin Corp. | 279,990 | 14,635 | |
| Chemours Co. | 401,690 | 14,296 | |
| Steel Dynamics Inc. | 163,836 | 12,759 | |
| Warrior Met Coal Inc. | 394,807 | 12,606 | |
| * | O-I Glass Inc. | 520,515 | 7,657 |
| Sensient Technologies Corp. | 85,307 | 7,335 | |
| Westlake Corp. | 65,561 | 6,382 | |
| Alpha Metallurgical Resources Inc. | 40,839 | 5,585 | |
| Eagle Materials Inc. | 38,473 | 4,865 | |
| * | Livent Corp. | 193,790 | 4,823 |
| Sealed Air Corp. | 67,207 | 4,108 | |
| * | Constellium SE Class A | 268,945 | 3,935 |
| AdvanSix Inc. | 89,488 | 3,516 | |
| Avery Dennison Corp. | 15,281 | 2,910 | |
| American Vanguard Corp. | 99,955 | 2,340 | |
| Schnitzer Steel Industries Inc. Class A | 61,147 | 2,174 | |
| * | Century Aluminum Co. | 241,265 | 1,904 |
| Innospec Inc. | 18,457 | 1,883 | |
| Greif Inc. Class A | 24,713 | 1,745 | |
| Shares | Market Value ($000) | ||
| Orion Engineered Carbons SA | 95,525 | 1,652 | |
| * | Ingevity Corp. | 21,876 | 1,468 |
| Crown Holdings Inc. | 14,209 | 1,445 | |
| Ramaco Resources Inc. | 99,897 | 1,173 | |
| Kronos Worldwide Inc. | 39,611 | 696 | |
| 606,877 | |||
| Other (0.8%) | |||
| 3 | Vanguard Small-Cap ETF | 809,823 | 157,745 |
| Real Estate (3.0%) | |||
| 1 | Phillips Edison & Co. Inc. | 2,889,655 | 98,364 |
| Essential Properties Realty Trust Inc. | 3,363,264 | 81,122 | |
| Rexford Industrial Realty Inc. | 1,234,521 | 80,750 | |
| Life Storage Inc. | 618,098 | 77,812 | |
| Douglas Emmett Inc. | 2,861,845 | 67,654 | |
| Pebblebrook Hotel Trust | 2,663,816 | 52,104 | |
| Americold Realty Trust Inc. | 1,070,900 | 35,072 | |
| * | Xenia Hotels & Resorts Inc. | 1,932,363 | 31,729 |
| National Storage Affiliates Trust | 310,937 | 17,052 | |
| Outfront Media Inc. | 780,642 | 14,411 | |
| EastGroup Properties Inc. | 79,832 | 13,615 | |
| Camden Property Trust | 77,711 | 10,965 | |
| Equity LifeStyle Properties Inc. | 96,584 | 7,101 | |
| NexPoint Residential Trust Inc. | 63,741 | 4,241 | |
| Necessity Retail REIT Inc. | 486,579 | 3,790 | |
| Alexander's Inc. | 9,841 | 2,396 | |
| RMR Group Inc. Class A | 75,418 | 2,180 | |
| Lamar Advertising Co. Class A | 17,994 | 1,819 | |
| Douglas Elliman Inc. | 254,240 | 1,525 | |
| Gladstone Commercial Corp. | 71,786 | 1,504 | |
| * | Redfin Corp. | 97,708 | 850 |
| Iron Mountain Inc. | 17,221 | 835 | |
| UMH Properties Inc. | 30,350 | 647 | |
| St. Joe Co. | 11,103 | 467 | |
| 608,005 | |||
| Utilities (1.1%) | |||
| Atlantica Sustainable Infrastructure plc | 2,523,495 | 89,988 | |
| Portland General Electric Co. | 1,603,821 | 82,340 | |
| Vistra Corp. | 591,821 | 15,299 | |
| NRG Energy Inc. | 253,526 | 9,571 | |
| National Fuel Gas Co. | 83,399 | 6,033 | |
| Brookfield Infrastructure Corp. Class A (XTSE) | 121,121 | 5,548 | |
| Otter Tail Corp. | 45,140 | 3,172 | |
| MGE Energy Inc. | 16,382 | 1,333 | |
| Chesapeake Utilities Corp. | 6,819 | 935 | |
| New Jersey Resources Corp. | 16,845 | 778 | |
| 214,997 | |||
| Total Common Stocks (Cost $16,836,089) | 19,321,060 | ||
| Preferred Stock (0.0%) | |||
| 1,4 | Meta Material Inc. Preference Shares 0.00% (Cost $267) | 181,756 | 251 |
| Temporary Cash Investments (4.0%) | |||
| Money Market Fund (3.5%) | |||
| 5,6 | Vanguard Market Liquidity Fund, 1.903% | 7,119,556 | 711,671 |
| Face Amount ($000) | Market Value ($000) | ||
| Repurchase Agreement (0.5%) | |||
| Deutsche Bank Securities, Inc. 2.250%, 8/1/22 (Dated 7/29/22, Repurchase Value $96,318,000, collateralized by Fannie Mae 3.500%–5.000%, 7/1/49–7/1/52, with a value of $98,226,000) | 96,300 | 96,300 | |
| Total Temporary Cash Investments (Cost $808,028) | 807,971 | ||
| Total Investments (100.3%) (Cost $17,644,384) | 20,129,282 | ||
| Other Assets and Liabilities—Net (-0.3%) | (69,938) | ||
| Net Assets (100%) | 20,059,344 | ||
| 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 $96,745,000. |
| 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 $100,364,000 was received for securities on loan, of which $100,094,000 is held in Vanguard Market Liquidity Fund and $270,000 is held in cash. |
| 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 | September 2022 | 4,463 | 420,705 | 18,710 |
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 July 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 | 19,321,060 | — | — | 19,321,060 |
| Preferred Stock | 251 | — | — | 251 |
| Temporary Cash Investments | 711,671 | 96,300 | — | 807,971 |
| Total | 20,032,982 | 96,300 | — | 20,129,282 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 18,710 | — | — | 18,710 |
| 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) | Jul. 31, 2022 Market Value ($000) | |
| Enerpac Tool Group Corp. Class A | 65,557 | 2,164 | — | — | (1,747) | — | — | 65,974 |
| Houghton Mifflin Harcourt Co. | 90,571 | 684 | 134,703 | 78,350 | (34,902) | — | — | — |
| Momentive Global Inc. | 210,733 | 21,839 | 69,398 | (6,429) | (99,919) | — | — | NA1 |
| Vanguard Market Liquidity Fund | 627,469 | NA2 | NA2 | (119) | (153) | 2,199 | 15 | 711,671 |
| Vanguard Small-Cap ETF | 315,115 | 182,196 | 289,488 | (16,606) | (33,472) | 2,609 | — | 157,745 |
| Total | 1,309,445 | 206,883 | 493,589 | 55,196 | (170,193) | 4,808 | 15 | 935,390 |
| 1 | Not applicable—at July 31, 2022, the security was still held, but the issuer was no longer an affiliated company of the fund. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |