Vanguard® Explorer™ Fund
Schedule of Investments (unaudited)
As of January 31, 2024
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 (96.5%) | |||
| Communication Services (3.9%) | |||
| New York Times Co. Class A | 2,228,653 | 108,223 | |
| * | Ziff Davis Inc. | 1,526,966 | 102,918 |
| * | Live Nation Entertainment Inc. | 988,478 | 87,826 |
| * | Cargurus Inc. | 3,340,496 | 77,633 |
| * | Cinemark Holdings Inc. | 4,236,195 | 58,587 |
| * | Bumble Inc. Class A | 3,987,095 | 54,703 |
| * | Take-Two Interactive Software Inc. | 313,804 | 51,756 |
| * | ZipRecruiter Inc. Class A | 3,573,704 | 49,746 |
| Warner Music Group Corp. Class A | 1,083,236 | 39,527 | |
| * | IAC Inc. | 770,869 | 38,705 |
| Iridium Communications Inc. | 934,535 | 33,886 | |
| Electronic Arts Inc. | 238,267 | 32,781 | |
| * | Spotify Technology SA | 126,144 | 27,165 |
| * | Yelp Inc. | 474,861 | 20,766 |
| * | TripAdvisor Inc. | 279,406 | 6,035 |
| * | Playtika Holding Corp. | 816,585 | 5,896 |
| * | Vimeo Inc. | 833,917 | 3,311 |
| * | ZoomInfo Technologies Inc. | 173,719 | 2,786 |
| * | Bandwidth Inc. Class A | 138,727 | 1,920 |
| * | Integral Ad Science Holding Corp. | 92,652 | 1,348 |
| * | IMAX Corp. | 90,642 | 1,266 |
| * | PubMatic Inc. Class A | 62,376 | 947 |
| * | Roku Inc. | 9,122 | 803 |
| Shutterstock Inc. | 15,565 | 731 | |
| 809,265 | |||
| Consumer Discretionary (11.3%) | |||
| * | Burlington Stores Inc. | 948,741 | 181,352 |
| Wingstop Inc. | 436,493 | 122,703 | |
| Texas Roadhouse Inc. | 884,054 | 111,143 | |
| Papa John's International Inc. | 1,467,097 | 107,802 | |
| Steven Madden Ltd. | 2,503,416 | 104,843 | |
| Levi Strauss & Co. Class A | 5,836,186 | 95,013 | |
| * | Five Below Inc. | 519,339 | 93,201 |
| * | Crocs Inc. | 896,147 | 90,941 |
| * | Skyline Champion Corp. | 1,271,053 | 87,042 |
| Gentex Corp. | 2,506,397 | 83,037 | |
| Meritage Homes Corp. | 496,422 | 82,212 | |
| * | YETI Holdings Inc. | 1,603,046 | 70,486 |
| Acushnet Holdings Corp. | 1,094,605 | 69,332 | |
| Churchill Downs Inc. | 558,847 | 67,604 | |
| * | Boot Barn Holdings Inc. | 938,285 | 67,313 |
| * | Deckers Outdoor Corp. | 89,146 | 67,192 |
| Shares | Market Value ($000) | ||
| Carter's Inc. | 876,633 | 66,308 | |
| Domino's Pizza Inc. | 113,979 | 48,580 | |
| Pool Corp. | 129,003 | 47,892 | |
| * | Skechers USA Inc. Class A | 687,093 | 42,902 |
| * | National Vision Holdings Inc. | 2,247,595 | 42,727 |
| * | Floor & Decor Holdings Inc. Class A | 413,961 | 41,628 |
| Tractor Supply Co. | 149,958 | 33,681 | |
| * | Under Armour Inc. Class C | 3,442,664 | 25,476 |
| * | Etsy Inc. | 358,505 | 23,862 |
| * | Sally Beauty Holdings Inc. | 1,892,650 | 23,317 |
| *,1 | Sportradar Holding AG Class A | 2,180,201 | 22,500 |
| * | Bright Horizons Family Solutions Inc. | 222,866 | 21,897 |
| Murphy USA Inc. | 61,614 | 21,720 | |
| Installed Building Products Inc. | 110,683 | 21,567 | |
| * | Abercrombie & Fitch Co. Class A | 210,173 | 21,417 |
| * | Ulta Beauty Inc. | 36,159 | 18,154 |
| Travel & Leisure Co. | 434,223 | 17,551 | |
| * | frontdoor Inc. | 532,345 | 17,440 |
| * | Fox Factory Holding Corp. | 258,725 | 16,310 |
| * | Grand Canyon Education Inc. | 124,897 | 16,310 |
| * | Tri Pointe Homes Inc. | 440,442 | 15,208 |
| Toll Brothers Inc. | 135,611 | 13,473 | |
| * | Dave & Buster's Entertainment Inc. | 230,184 | 12,322 |
| Buckle Inc. | 277,213 | 10,310 | |
| * | Green Brick Partners Inc. | 195,516 | 10,200 |
| Boyd Gaming Corp. | 158,854 | 10,086 | |
| * | Shake Shack Inc. Class A | 126,579 | 9,564 |
| * | Visteon Corp. | 78,359 | 9,034 |
| * | Everi Holdings Inc. | 797,530 | 8,302 |
| * | Duolingo Inc. | 45,556 | 8,149 |
| * | Stride Inc. | 133,784 | 8,020 |
| * | Cavco Industries Inc. | 23,560 | 7,820 |
| * | Coursera Inc. | 398,231 | 7,622 |
| * | Urban Outfitters Inc. | 199,531 | 7,582 |
| * | SeaWorld Entertainment Inc. | 147,385 | 7,281 |
| Tapestry Inc. | 186,396 | 7,230 | |
| * | Brinker International Inc. | 163,257 | 6,986 |
| Williams-Sonoma Inc. | 33,984 | 6,572 | |
| * | Modine Manufacturing Co. | 94,559 | 6,533 |
| Patrick Industries Inc. | 64,205 | 6,446 | |
| Perdoceo Education Corp. | 354,118 | 6,410 | |
| * | Taylor Morrison Home Corp. | 119,320 | 6,221 |
| Monarch Casino & Resort Inc. | 89,136 | 6,144 | |
| Upbound Group Inc. | 177,929 | 5,907 | |
| * | Warby Parker Inc. Class A | 412,174 | 5,255 |
| * | Wayfair Inc. Class A | 99,894 | 5,020 |
| Wynn Resorts Ltd. | 48,897 | 4,617 | |
| Build-A-Bear Workshop Inc. | 183,676 | 4,138 | |
| * | MasterCraft Boat Holdings Inc. | 213,187 | 4,129 |
| * | Norwegian Cruise Line Holdings Ltd. | 210,351 | 3,744 |
| Academy Sports & Outdoors Inc. | 54,150 | 3,397 | |
| * | Valvoline Inc. | 92,555 | 3,377 |
| Dine Brands Global Inc. | 68,827 | 3,211 | |
| Golden Entertainment Inc. | 83,224 | 3,194 | |
| * | Carvana Co. | 67,232 | 2,895 |
| * | Chegg Inc. | 267,814 | 2,638 |
| * | American Axle & Manufacturing Holdings Inc. | 315,002 | 2,548 |
| * | Malibu Boats Inc. Class A | 60,348 | 2,520 |
| Shares | Market Value ($000) | ||
| * | CarParts.com Inc. | 932,394 | 2,508 |
| International Game Technology plc | 95,767 | 2,486 | |
| Jack in the Box Inc. | 27,202 | 2,121 | |
| Carriage Services Inc. | 80,893 | 1,999 | |
| Wolverine World Wide Inc. | 211,219 | 1,766 | |
| * | Denny's Corp. | 160,030 | 1,701 |
| Standard Motor Products Inc. | 40,577 | 1,637 | |
| PulteGroup Inc. | 14,352 | 1,501 | |
| * | Stitch Fix Inc. Class A | 467,071 | 1,495 |
| American Eagle Outfitters Inc. | 72,784 | 1,443 | |
| * | BJ's Restaurants Inc. | 21,613 | 748 |
| * | Chuy's Holdings Inc. | 15,554 | 526 |
| RCI Hospitality Holdings Inc. | 6,265 | 387 | |
| 2,366,878 | |||
| Consumer Staples (3.0%) | |||
| * | Performance Food Group Co. | 1,657,769 | 120,487 |
| * | BJ's Wholesale Club Holdings Inc. | 1,515,211 | 97,489 |
| * | Freshpet Inc. | 998,513 | 85,972 |
| Casey's General Stores Inc. | 283,743 | 76,996 | |
| * | BellRing Brands Inc. | 1,028,604 | 56,851 |
| * | Celsius Holdings Inc. | 995,573 | 49,679 |
| Coca-Cola Consolidated Inc. | 28,027 | 24,142 | |
| MGP Ingredients Inc. | 272,271 | 23,129 | |
| PriceSmart Inc. | 213,394 | 16,222 | |
| * | elf Beauty Inc. | 82,404 | 13,146 |
| * | Simply Good Foods Co. | 272,991 | 10,319 |
| Energizer Holdings Inc. | 304,927 | 9,642 | |
| Primo Water Corp. | 522,626 | 7,620 | |
| John B Sanfilippo & Son Inc. | 57,258 | 6,134 | |
| * | Boston Beer Co. Inc. Class A | 16,757 | 5,853 |
| Vector Group Ltd. | 386,555 | 4,047 | |
| * | USANA Health Sciences Inc. | 49,907 | 2,337 |
| Medifast Inc. | 40,780 | 2,228 | |
| Turning Point Brands Inc. | 75,086 | 1,824 | |
| * | TreeHouse Foods Inc. | 23,841 | 1,004 |
| Dole plc | 68,552 | 774 | |
| 615,895 | |||
| Energy (4.2%) | |||
| Viper Energy Inc. | 4,770,745 | 148,943 | |
| Magnolia Oil & Gas Corp. Class A | 5,518,913 | 113,800 | |
| Chord Energy Corp. | 671,872 | 103,307 | |
| * | Antero Resources Corp. | 3,916,396 | 87,492 |
| * | Seadrill Ltd. | 1,583,329 | 68,432 |
| ChampionX Corp. | 2,015,984 | 55,258 | |
| Matador Resources Co. | 722,400 | 39,653 | |
| EQT Corp. | 1,025,000 | 36,285 | |
| TechnipFMC plc | 1,848,811 | 35,756 | |
| * | Southwestern Energy Co. | 4,555,862 | 29,385 |
| APA Corp. | 925,739 | 29,003 | |
| Diamondback Energy Inc. | 151,752 | 23,330 | |
| Coterra Energy Inc. | 698,968 | 17,390 | |
| * | Par Pacific Holdings Inc. | 475,270 | 17,390 |
| Cactus Inc. Class A | 408,916 | 17,354 | |
| Dorian LPG Ltd. | 304,981 | 11,419 | |
| Liberty Energy Inc. | 530,180 | 11,022 | |
| * | Weatherford International plc | 115,778 | 10,368 |
| * | Oceaneering International Inc. | 383,585 | 7,971 |
| Shares | Market Value ($000) | ||
| SM Energy Co. | 145,240 | 5,386 | |
| Murphy Oil Corp. | 117,091 | 4,531 | |
| * | US Silica Holdings Inc. | 255,517 | 2,739 |
| * | Amplify Energy Corp. | 363,162 | 2,223 |
| CONSOL Energy Inc. | 22,424 | 2,121 | |
| * | TETRA Technologies Inc. | 436,457 | 1,829 |
| Equitrans Midstream Corp. | 93,896 | 957 | |
| Solaris Oilfield Infrastructure Inc. Class A | 82,776 | 621 | |
| PBF Energy Inc. Class A | 11,404 | 576 | |
| * | REX American Resources Corp. | 13,882 | 575 |
| 885,116 | |||
| Financials (10.3%) | |||
| Houlihan Lokey Inc. | 1,176,758 | 140,952 | |
| Tradeweb Markets Inc. Class A | 1,267,201 | 120,878 | |
| Webster Financial Corp. | 2,305,848 | 114,093 | |
| Pinnacle Financial Partners Inc. | 1,290,749 | 114,076 | |
| Prosperity Bancshares Inc. | 1,747,490 | 111,682 | |
| Assured Guaranty Ltd. | 1,371,076 | 111,235 | |
| StepStone Group Inc. Class A | 2,810,750 | 94,020 | |
| Synovus Financial Corp. | 2,485,491 | 93,604 | |
| Morningstar Inc. | 323,934 | 90,475 | |
| * | Euronet Worldwide Inc. | 904,587 | 90,142 |
| Selective Insurance Group Inc. | 851,198 | 89,257 | |
| Voya Financial Inc. | 1,145,164 | 82,876 | |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 3,200,731 | 76,145 | |
| Assurant Inc. | 407,829 | 68,495 | |
| MGIC Investment Corp. | 3,393,499 | 67,327 | |
| FirstCash Holdings Inc. | 538,270 | 61,777 | |
| * | WEX Inc. | 259,094 | 52,956 |
| LPL Financial Holdings Inc. | 219,854 | 52,587 | |
| * | Palomar Holdings Inc. | 636,975 | 38,136 |
| Equitable Holdings Inc. | 1,097,144 | 35,866 | |
| Piper Sandler Cos. | 204,871 | 35,543 | |
| WisdomTree Inc. | 5,086,424 | 34,435 | |
| MarketAxess Holdings Inc. | 149,972 | 33,820 | |
| * | Shift4 Payments Inc. Class A | 468,910 | 33,672 |
| * | Ryan Specialty Holdings Inc. | 698,904 | 30,277 |
| * | Encore Capital Group Inc. | 471,429 | 23,609 |
| Hamilton Lane Inc. Class A | 180,000 | 20,869 | |
| Everest Group Ltd. | 51,791 | 19,938 | |
| Kinsale Capital Group Inc. | 48,967 | 19,468 | |
| * | Remitly Global Inc. | 1,100,474 | 18,862 |
| Virtus Investment Partners Inc. | 77,110 | 18,206 | |
| * | NMI Holdings Inc. Class A | 551,330 | 17,599 |
| Lincoln National Corp. | 571,231 | 15,680 | |
| * | Toast Inc. Class A | 805,663 | 14,317 |
| FactSet Research Systems Inc. | 26,848 | 12,778 | |
| SLM Corp. | 571,896 | 11,369 | |
| * | StoneCo. Ltd. Class A | 485,754 | 8,350 |
| Victory Capital Holdings Inc. Class A | 240,367 | 8,108 | |
| * | AvidXchange Holdings Inc. | 730,157 | 8,003 |
| Federated Hermes Inc. | 215,625 | 7,538 | |
| XP Inc. Class A | 271,539 | 6,674 | |
| * | PROG Holdings Inc. | 193,776 | 5,937 |
| Brown & Brown Inc. | 71,091 | 5,514 | |
| RenaissanceRe Holdings Ltd. | 23,611 | 5,403 | |
| Westamerica BanCorp | 103,214 | 4,925 | |
| First BanCorp (XNYS) | 237,153 | 3,956 | |
| Shares | Market Value ($000) | ||
| Bank of NT Butterfield & Son Ltd. | 125,305 | 3,801 | |
| * | Marqeta Inc. Class A | 576,583 | 3,465 |
| Pathward Financial Inc. | 64,454 | 3,337 | |
| * | Skyward Specialty Insurance Group Inc. | 102,715 | 3,194 |
| * | Payoneer Global Inc. | 548,875 | 2,569 |
| * | International Money Express Inc. | 117,616 | 2,423 |
| * | Donnelley Financial Solutions Inc. | 36,970 | 2,297 |
| Brightsphere Investment Group Inc. | 95,482 | 2,112 | |
| * | Green Dot Corp. Class A | 190,053 | 1,712 |
| First Citizens BancShares Inc. Class A | 929 | 1,403 | |
| * | LendingTree Inc. | 36,938 | 1,195 |
| * | SiriusPoint Ltd. | 90,539 | 1,068 |
| * | Open Lending Corp. Class A | 140,825 | 1,034 |
| * | PagSeguro Digital Ltd. Class A | 77,557 | 998 |
| * | StoneX Group Inc. | 11,883 | 781 |
| Patria Investments Ltd. Class A | 40,232 | 574 | |
| 2,163,392 | |||
| Health Care (19.6%) | |||
| * | Medpace Holdings Inc. | 475,085 | 138,525 |
| * | ICON plc | 524,289 | 136,771 |
| * | Acadia Healthcare Co. Inc. | 1,588,010 | 130,439 |
| Encompass Health Corp. | 1,487,746 | 105,690 | |
| * | Globus Medical Inc. Class A | 1,980,941 | 104,574 |
| Bio-Techne Corp. | 1,457,712 | 102,506 | |
| * | Inspire Medical Systems Inc. | 432,541 | 91,210 |
| * | Merit Medical Systems Inc. | 1,152,026 | 90,204 |
| * | Penumbra Inc. | 356,379 | 89,875 |
| STERIS plc | 405,528 | 88,790 | |
| * | Ultragenyx Pharmaceutical Inc. | 2,001,943 | 88,306 |
| * | Veracyte Inc. | 3,508,567 | 87,784 |
| * | Myriad Genetics Inc. | 3,938,772 | 84,250 |
| * | HealthEquity Inc. | 1,109,794 | 83,878 |
| * | Haemonetics Corp. | 1,091,863 | 83,484 |
| * | Surgery Partners Inc. | 2,591,247 | 79,525 |
| * | Neurocrine Biosciences Inc. | 534,113 | 74,653 |
| * | Evolent Health Inc. Class A | 2,438,468 | 71,715 |
| * | Ionis Pharmaceuticals Inc. | 1,360,598 | 69,921 |
| * | Doximity Inc. Class A | 2,541,412 | 68,491 |
| * | Intra-Cellular Therapies Inc. | 954,330 | 64,265 |
| Cooper Cos. Inc. | 164,012 | 61,181 | |
| * | Exelixis Inc. | 2,667,096 | 58,036 |
| * | Alkermes plc | 2,140,407 | 57,898 |
| * | Halozyme Therapeutics Inc. | 1,596,524 | 54,042 |
| * | QuidelOrtho Corp. | 783,626 | 53,686 |
| * | Blueprint Medicines Corp. | 671,350 | 53,393 |
| * | Charles River Laboratories International Inc. | 242,140 | 52,370 |
| * | DexCom Inc. | 383,206 | 46,502 |
| * | Celldex Therapeutics Inc. | 1,303,005 | 45,892 |
| * | REVOLUTION Medicines Inc. | 1,645,525 | 45,663 |
| 1 | Stevanato Group SpA | 1,437,223 | 45,618 |
| * | Repligen Corp. | 238,630 | 45,197 |
| * | Apellis Pharmaceuticals Inc. | 701,402 | 44,392 |
| * | Cytokinetics Inc. | 560,128 | 43,763 |
| * | Sarepta Therapeutics Inc. | 348,901 | 41,516 |
| * | Ascendis Pharma A/S ADR | 309,552 | 40,220 |
| * | Glaukos Corp. | 446,973 | 39,794 |
| * | Insulet Corp. | 204,627 | 39,057 |
| Teleflex Inc. | 159,140 | 38,644 | |
| Shares | Market Value ($000) | ||
| * | Immunocore Holdings plc ADR | 528,027 | 38,171 |
| * | Tandem Diabetes Care Inc. | 1,654,004 | 37,711 |
| * | Kymera Therapeutics Inc. | 1,145,365 | 37,545 |
| * | Shockwave Medical Inc. | 159,961 | 36,191 |
| ResMed Inc. | 180,833 | 34,395 | |
| * | Structure Therapeutics Inc. ADR | 785,626 | 34,269 |
| * | Hologic Inc. | 454,008 | 33,796 |
| * | Immatics NV | 2,941,391 | 33,414 |
| * | IDEXX Laboratories Inc. | 64,660 | 33,305 |
| * | TransMedics Group Inc. | 375,038 | 32,167 |
| * | Sotera Health Co. | 2,125,437 | 31,287 |
| * | Arvinas Inc. | 724,005 | 30,046 |
| * | SpringWorks Therapeutics Inc. | 649,666 | 28,670 |
| * | Integra LifeSciences Holdings Corp. | 702,569 | 28,208 |
| * | Karuna Therapeutics Inc. | 89,000 | 27,894 |
| * | Supernus Pharmaceuticals Inc. | 1,007,005 | 27,874 |
| * | iRhythm Technologies Inc. | 225,343 | 26,992 |
| * | Masimo Corp. | 207,701 | 26,781 |
| Bruker Corp. | 360,103 | 25,751 | |
| * | Certara Inc. | 1,591,462 | 25,718 |
| * | Mettler-Toledo International Inc. | 21,375 | 25,590 |
| * | Azenta Inc. | 349,190 | 22,767 |
| * | Ligand Pharmaceuticals Inc. | 302,279 | 22,097 |
| * | Nevro Corp. | 1,324,120 | 21,927 |
| * | Pacira BioSciences Inc. | 653,820 | 21,308 |
| * | Option Care Health Inc. | 681,735 | 21,297 |
| Chemed Corp. | 35,072 | 20,790 | |
| * | Legend Biotech Corp. ADR | 361,465 | 19,902 |
| * | Morphic Holding Inc. | 536,966 | 17,017 |
| * | Neogen Corp. | 1,013,587 | 15,711 |
| * | PTC Therapeutics Inc. | 598,923 | 15,626 |
| * | Agios Pharmaceuticals Inc. | 682,914 | 15,448 |
| * | Axogen Inc. | 1,577,983 | 15,259 |
| * | Henry Schein Inc. | 192,806 | 14,430 |
| * | Align Technology Inc. | 53,118 | 14,200 |
| * | Illumina Inc. | 98,427 | 14,076 |
| * | DaVita Inc. | 128,384 | 13,886 |
| * | Omnicell Inc. | 429,719 | 13,824 |
| * | ACADIA Pharmaceuticals Inc. | 476,487 | 12,346 |
| * | Jazz Pharmaceuticals plc | 99,215 | 12,176 |
| * | Relay Therapeutics Inc. | 1,121,009 | 10,369 |
| * | CorVel Corp. | 43,571 | 10,254 |
| * | Veeva Systems Inc. Class A | 48,445 | 10,048 |
| * | Schrodinger Inc. | 377,283 | 9,979 |
| * | Tenet Healthcare Corp. | 115,643 | 9,568 |
| * | Exact Sciences Corp. | 144,785 | 9,469 |
| * | Fate Therapeutics Inc. | 1,438,594 | 8,862 |
| * | Lantheus Holdings Inc. | 163,698 | 8,501 |
| * | Natera Inc. | 125,787 | 8,294 |
| * | Arrowhead Pharmaceuticals Inc. | 241,607 | 7,756 |
| * | Phreesia Inc. | 303,345 | 7,729 |
| * | Avantor Inc. | 329,856 | 7,583 |
| Select Medical Holdings Corp. | 280,907 | 7,301 | |
| * | Ironwood Pharmaceuticals Inc. | 485,488 | 6,889 |
| * | AtriCure Inc. | 185,690 | 6,325 |
| * | Addus HomeCare Corp. | 66,548 | 5,763 |
| * | ANI Pharmaceuticals Inc. | 103,131 | 5,757 |
| * | Travere Therapeutics Inc. | 627,587 | 5,604 |
| Shares | Market Value ($000) | ||
| * | Deciphera Pharmaceuticals Inc. | 366,577 | 5,249 |
| * | BioCryst Pharmaceuticals Inc. | 891,794 | 4,727 |
| * | Amphastar Pharmaceuticals Inc. | 87,946 | 4,693 |
| * | Sage Therapeutics Inc. | 182,277 | 4,674 |
| *,1 | Novavax Inc. | 1,116,075 | 4,464 |
| * | MacroGenics Inc. | 280,504 | 4,011 |
| * | LivaNova plc | 82,234 | 4,003 |
| * | Puma Biotechnology Inc. | 777,390 | 3,654 |
| *,1 | Coherus Biosciences Inc. | 1,693,303 | 3,641 |
| * | SI-BONE Inc. | 177,276 | 3,583 |
| * | ADMA Biologics Inc. | 663,323 | 3,443 |
| * | Voyager Therapeutics Inc. | 457,063 | 3,323 |
| * | Denali Therapeutics Inc. | 200,354 | 3,208 |
| * | Bridgebio Pharma Inc. | 91,174 | 3,126 |
| * | UFP Technologies Inc. | 17,934 | 3,022 |
| * | 10X Genomics Inc. Class A | 71,953 | 2,998 |
| * | Vir Biotechnology Inc. | 306,915 | 2,885 |
| * | Agenus Inc. | 3,798,334 | 2,534 |
| * | Aldeyra Therapeutics Inc. | 753,477 | 2,358 |
| * | PetIQ Inc. | 128,912 | 2,317 |
| * | TG Therapeutics Inc. | 142,144 | 2,308 |
| * | Hims & Hers Health Inc. | 241,759 | 2,074 |
| * | Arcturus Therapeutics Holdings Inc. | 59,759 | 1,970 |
| * | Health Catalyst Inc. | 199,526 | 1,949 |
| * | AMN Healthcare Services Inc. | 25,282 | 1,871 |
| * | Adaptive Biotechnologies Corp. | 484,990 | 1,780 |
| * | Alector Inc. | 291,113 | 1,735 |
| * | Keros Therapeutics Inc. | 31,245 | 1,730 |
| * | Inmode Ltd. | 72,098 | 1,708 |
| *,1 | Karyopharm Therapeutics Inc. | 2,262,243 | 1,698 |
| * | Tactile Systems Technology Inc. | 108,595 | 1,647 |
| * | Corcept Therapeutics Inc. | 75,128 | 1,585 |
| * | Arcus Biosciences Inc. | 98,488 | 1,491 |
| * | Akero Therapeutics Inc. | 68,908 | 1,489 |
| * | 89bio Inc. | 145,599 | 1,441 |
| *,1 | Seres Therapeutics Inc. | 1,222,006 | 1,381 |
| * | Quanterix Corp. | 59,600 | 1,317 |
| * | Amneal Pharmaceuticals Inc. | 244,539 | 1,308 |
| * | AdaptHealth Corp. | 176,017 | 1,271 |
| * | Rocket Pharmaceuticals Inc. | 44,127 | 1,268 |
| * | CytomX Therapeutics Inc. | 820,461 | 1,255 |
| * | Cogent Biosciences Inc. | 268,225 | 1,188 |
| * | Pediatrix Medical Group Inc. | 126,346 | 1,183 |
| * | Surmodics Inc. | 33,543 | 1,181 |
| * | RxSight Inc. | 25,603 | 1,165 |
| * | Crinetics Pharmaceuticals Inc. | 31,232 | 1,139 |
| * | Enanta Pharmaceuticals Inc. | 92,701 | 1,126 |
| * | Viridian Therapeutics Inc. | 57,753 | 1,112 |
| * | Rapt Therapeutics Inc. | 44,125 | 1,092 |
| * | Veradigm Inc. | 115,239 | 1,052 |
| * | Pennant Group Inc. | 66,647 | 1,000 |
| *,1 | Esperion Therapeutics Inc. | 445,798 | 954 |
| * | Xencor Inc. | 49,828 | 932 |
| * | MannKind Corp. | 277,305 | 926 |
| *,1 | Heron Therapeutics Inc. | 379,615 | 915 |
| * | Pliant Therapeutics Inc. | 50,779 | 910 |
| * | Evolus Inc. | 70,453 | 894 |
| * | Prothena Corp. plc | 30,317 | 861 |
| Shares | Market Value ($000) | ||
| * | Progyny Inc. | 21,557 | 821 |
| * | Joint Corp. | 81,335 | 794 |
| LeMaitre Vascular Inc. | 12,697 | 737 | |
| * | Zentalis Pharmaceuticals Inc. | 61,926 | 734 |
| * | Intellia Therapeutics Inc. | 30,463 | 726 |
| * | Inari Medical Inc. | 12,697 | 723 |
| * | Atara Biotherapeutics Inc. | 1,112,882 | 694 |
| * | Sangamo Therapeutics Inc. | 1,395,270 | 638 |
| * | STAAR Surgical Co. | 18,681 | 523 |
| Embecta Corp. | 28,751 | 493 | |
| * | Codexis Inc. | 186,328 | 490 |
| * | FibroGen Inc. | 246,795 | 474 |
| * | Affimed NV | 756,672 | 417 |
| * | Organogenesis Holdings Inc. | 126,114 | 416 |
| Cartesian Therapeutics Inc. (XNMS) | 528,838 | 381 | |
| * | Atea Pharmaceuticals Inc. | 81,077 | 337 |
| Mei Pharma Inc. | 61,621 | 277 | |
| * | Mural Oncology plc | 61,762 | 271 |
| * | Ventyx Biosciences Inc. | 103,893 | 219 |
| * | NextCure Inc. | 171,519 | 209 |
| * | Syros Pharmaceuticals Inc. | 23,659 | 169 |
| *,2 | Scilex Holding Co. (Acquired 1/6/23, Cost $1,032) | 98,470 | 145 |
| * | Personalis Inc. | 96,118 | 129 |
| * | Precision BioSciences Inc. | 342,301 | 129 |
| *,3 | Cartesian Therapeutics Inc. CVR | 528,838 | 95 |
| * | Aclaris Therapeutics Inc. | 73,649 | 86 |
| * | NanoString Technologies Inc. | 172,121 | 71 |
| *,3 | OmniAb Inc. 12.5 Earnout | 84,348 | — |
| *,3 | OmniAb Inc. 15 Earnout | 84,348 | — |
| 4,102,650 | |||
| Industrials (20.6%) | |||
| * | Kirby Corp. | 1,981,097 | 155,833 |
| * | AerCap Holdings NV | 1,731,887 | 132,593 |
| * | Builders FirstSource Inc. | 741,431 | 128,809 |
| * | Fluor Corp. | 3,383,217 | 127,581 |
| Science Applications International Corp. | 942,777 | 120,355 | |
| * | Middleby Corp. | 843,129 | 118,940 |
| * | RBC Bearings Inc. | 433,167 | 116,323 |
| Rush Enterprises Inc. Class A | 2,469,123 | 110,888 | |
| * | Trex Co. Inc. | 1,323,613 | 107,848 |
| * | AZEK Co. Inc. | 2,783,825 | 107,344 |
| Flowserve Corp. | 2,629,287 | 104,987 | |
| Acuity Brands Inc. | 416,637 | 99,226 | |
| RB Global Inc. (XTSE) | 1,501,903 | 96,077 | |
| * | Gibraltar Industries Inc. | 1,184,935 | 95,885 |
| Vertiv Holdings Co. Class A | 1,676,296 | 94,426 | |
| * | Shoals Technologies Group Inc. Class A | 7,132,918 | 93,941 |
| * | WillScot Mobile Mini Holdings Corp. | 1,953,567 | 92,404 |
| Ryder System Inc. | 802,597 | 91,151 | |
| Herc Holdings Inc. | 614,578 | 90,644 | |
| * | Alight Inc. Class A | 10,075,574 | 89,874 |
| Sensata Technologies Holding plc | 2,430,721 | 87,919 | |
| Zurn Elkay Water Solutions Corp. | 2,926,480 | 86,770 | |
| GATX Corp. | 675,691 | 82,873 | |
| * | Clean Harbors Inc. | 487,307 | 81,848 |
| *,4 | Sterling Check Corp. | 5,680,540 | 77,483 |
| Matson Inc. | 683,394 | 76,561 | |
| * | Axon Enterprise Inc. | 270,997 | 67,495 |
| Shares | Market Value ($000) | ||
| IDEX Corp. | 313,580 | 66,322 | |
| Maximus Inc. | 746,535 | 60,559 | |
| Kennametal Inc. | 2,434,279 | 59,689 | |
| * | ACV Auctions Inc. Class A | 4,498,395 | 58,344 |
| Applied Industrial Technologies Inc. | 328,084 | 57,894 | |
| * | XPO Inc. | 644,545 | 55,070 |
| * | API Group Corp. | 1,729,355 | 54,509 |
| * | SiteOne Landscape Supply Inc. | 342,882 | 52,992 |
| * | Cimpress plc | 613,774 | 46,168 |
| Verisk Analytics Inc. | 180,246 | 43,535 | |
| * | AeroVironment Inc. | 337,223 | 40,683 |
| * | Masonite International Corp. | 441,841 | 40,671 |
| * | Generac Holdings Inc. | 354,008 | 40,240 |
| BWX Technologies Inc. | 488,300 | 39,787 | |
| * | GXO Logistics Inc. | 722,545 | 39,292 |
| HEICO Corp. Class A | 262,620 | 37,153 | |
| * | Paycor HCM Inc. | 1,746,557 | 33,936 |
| * | Kratos Defense & Security Solutions Inc. | 1,962,260 | 33,221 |
| * | FTI Consulting Inc. | 166,583 | 31,919 |
| Rockwell Automation Inc. | 94,062 | 23,824 | |
| Curtiss-Wright Corp. | 104,657 | 23,294 | |
| Toro Co. | 245,424 | 22,697 | |
| * | GMS Inc. | 253,633 | 21,346 |
| EMCOR Group Inc. | 92,026 | 20,992 | |
| Watts Water Technologies Inc. Class A | 105,859 | 20,961 | |
| Comfort Systems USA Inc. | 94,470 | 20,544 | |
| * | ExlService Holdings Inc. | 643,218 | 20,120 |
| UFP Industries Inc. | 171,423 | 19,448 | |
| * | Atkore Inc. | 124,166 | 18,939 |
| JB Hunt Transport Services Inc. | 93,476 | 18,787 | |
| Allison Transmission Holdings Inc. | 290,046 | 17,559 | |
| * | American Airlines Group Inc. | 1,233,722 | 17,556 |
| * | Beacon Roofing Supply Inc. | 195,400 | 16,197 |
| Hubbell Inc. | 47,087 | 15,801 | |
| Heartland Express Inc. | 1,214,616 | 15,729 | |
| Terex Corp. | 248,624 | 15,273 | |
| AGCO Corp. | 123,805 | 15,145 | |
| * | ATS Corp. | 350,050 | 14,986 |
| * | Core & Main Inc. Class A | 357,077 | 14,751 |
| Griffon Corp. | 234,028 | 13,634 | |
| Booz Allen Hamilton Holding Corp. | 94,366 | 13,284 | |
| H&E Equipment Services Inc. | 246,118 | 13,239 | |
| * | Upwork Inc. | 954,997 | 13,093 |
| * | Huron Consulting Group Inc. | 120,153 | 12,439 |
| CSG Systems International Inc. | 246,442 | 12,398 | |
| *,1 | Bloom Energy Corp. Class A | 1,035,000 | 11,716 |
| * | Kornit Digital Ltd. | 682,420 | 11,676 |
| * | Paylocity Holding Corp. | 72,881 | 11,545 |
| * | ASGN Inc. | 117,167 | 10,875 |
| * | TriNet Group Inc. | 84,376 | 9,594 |
| * | Sterling Infrastructure Inc. | 126,262 | 9,482 |
| * | Legalzoom.com Inc. | 907,226 | 9,353 |
| Graco Inc. | 95,801 | 8,172 | |
| * | Janus International Group Inc. | 561,097 | 7,940 |
| Franklin Electric Co. Inc. | 82,010 | 7,730 | |
| * | Ameresco Inc. Class A | 371,059 | 7,581 |
| Donaldson Co. Inc. | 101,940 | 6,584 | |
| EnerSys | 68,853 | 6,580 |
| Shares | Market Value ($000) | ||
| * | MYR Group Inc. | 40,941 | 5,889 |
| Boise Cascade Co. | 43,222 | 5,855 | |
| * | American Woodmark Corp. | 62,617 | 5,716 |
| Brink's Co. | 68,004 | 5,497 | |
| Apogee Enterprises Inc. | 92,829 | 4,902 | |
| Kforce Inc. | 70,944 | 4,849 | |
| Tennant Co. | 50,082 | 4,734 | |
| Insperity Inc. | 41,156 | 4,720 | |
| * | Titan International Inc. | 319,736 | 4,719 |
| Alamo Group Inc. | 21,542 | 4,573 | |
| * | Lyft Inc. Class A | 348,114 | 4,348 |
| Brady Corp. Class A | 71,005 | 4,277 | |
| * | MRC Global Inc. | 375,076 | 3,998 |
| Avis Budget Group Inc. | 22,721 | 3,720 | |
| Genpact Ltd. | 100,516 | 3,609 | |
| Forward Air Corp. | 79,772 | 3,536 | |
| Marten Transport Ltd. | 175,503 | 3,247 | |
| TTEC Holdings Inc. | 158,137 | 3,223 | |
| Wabash National Corp. | 126,684 | 3,205 | |
| * | Masterbrand Inc. | 205,388 | 2,890 |
| ArcBest Corp. | 19,265 | 2,295 | |
| Enerpac Tool Group Corp. | 67,758 | 2,116 | |
| * | JELD-WEN Holding Inc. | 108,714 | 2,022 |
| HNI Corp. | 44,111 | 1,796 | |
| * | Blue Bird Corp. | 55,483 | 1,616 |
| * | Healthcare Services Group Inc. | 152,987 | 1,444 |
| CSW Industrials Inc. | 6,152 | 1,302 | |
| * | BlueLinx Holdings Inc. | 10,970 | 1,265 |
| First Advantage Corp. | 74,715 | 1,223 | |
| * | Hudson Technologies Inc. | 84,041 | 1,066 |
| * | Limbach Holdings Inc. | 24,131 | 1,038 |
| Pitney Bowes Inc. | 233,155 | 958 | |
| Federal Signal Corp. | 11,453 | 882 | |
| Lincoln Electric Holdings Inc. | 3,806 | 846 | |
| * | Construction Partners Inc. Class A | 18,139 | 825 |
| * | Franklin Covey Co. | 20,352 | 823 |
| Hyster-Yale Materials Handling Inc. | 9,900 | 651 | |
| Exponent Inc. | 6,919 | 610 | |
| 4,309,211 | |||
| Information Technology (16.6%) | |||
| * | Dynatrace Inc. | 2,622,388 | 149,476 |
| * | Guidewire Software Inc. | 1,337,119 | 149,329 |
| * | Informatica Inc. Class A | 4,131,082 | 123,932 |
| * | Five9 Inc. | 1,564,204 | 118,661 |
| * | Smartsheet Inc. Class A | 2,451,422 | 110,240 |
| * | Sprout Social Inc. Class A | 1,794,275 | 110,043 |
| * | Manhattan Associates Inc. | 423,232 | 102,659 |
| Monolithic Power Systems Inc. | 164,000 | 98,846 | |
| Power Integrations Inc. | 1,314,594 | 98,542 | |
| * | Trimble Inc. | 1,675,689 | 85,226 |
| * | Onto Innovation Inc. | 527,519 | 85,194 |
| * | HubSpot Inc. | 136,969 | 83,688 |
| * | Viavi Solutions Inc. | 8,487,479 | 83,432 |
| * | Jamf Holding Corp. | 4,310,896 | 79,924 |
| * | Okta Inc. | 966,315 | 79,866 |
| * | Squarespace Inc. Class A | 2,520,890 | 78,148 |
| * | Globant SA | 325,271 | 76,702 |
| * | Tenable Holdings Inc. | 1,555,788 | 73,278 |
| Shares | Market Value ($000) | ||
| * | Cadence Design Systems Inc. | 230,709 | 66,550 |
| * | Wix.com Ltd. | 497,790 | 63,160 |
| Crane NXT Co. | 1,077,976 | 62,824 | |
| *,1 | GLOBALFOUNDRIES Inc. | 1,069,332 | 58,792 |
| * | Teledyne Technologies Inc. | 134,710 | 56,372 |
| * | Pure Storage Inc. Class A | 1,264,916 | 50,584 |
| * | CyberArk Software Ltd. | 214,242 | 50,021 |
| * | Freshworks Inc. Class A | 2,248,214 | 49,910 |
| * | Elastic NV | 406,660 | 47,604 |
| * | PTC Inc. | 249,895 | 45,144 |
| * | Cirrus Logic Inc. | 541,958 | 41,839 |
| * | Silicon Laboratories Inc. | 324,404 | 40,018 |
| * | Rapid7 Inc. | 704,478 | 38,767 |
| * | Envestnet Inc. | 735,009 | 37,559 |
| * | Procore Technologies Inc. | 514,000 | 36,694 |
| * | Varonis Systems Inc. | 790,566 | 35,481 |
| * | Super Micro Computer Inc. | 66,380 | 35,156 |
| * | Tyler Technologies Inc. | 81,393 | 34,409 |
| Bentley Systems Inc. Class B | 550,000 | 27,720 | |
| * | Palo Alto Networks Inc. | 78,362 | 26,526 |
| * | Qualys Inc. | 135,469 | 25,627 |
| Microchip Technology Inc. | 285,567 | 24,325 | |
| * | Gitlab Inc. Class A | 322,121 | 22,906 |
| * | Everbridge Inc. | 980,593 | 21,926 |
| * | ANSYS Inc. | 66,820 | 21,906 |
| * | N-Able Inc. | 1,644,313 | 21,343 |
| * | CommVault Systems Inc. | 232,574 | 21,322 |
| * | SentinelOne Inc. Class A | 793,600 | 21,268 |
| * | Dropbox Inc. Class A | 665,808 | 21,093 |
| * | 8x8 Inc. | 6,111,407 | 20,534 |
| * | Nutanix Inc. Class A | 353,321 | 19,857 |
| * | Blackline Inc. | 331,241 | 19,437 |
| * | Axcelis Technologies Inc. | 145,791 | 18,960 |
| * | Novanta Inc. | 121,300 | 18,747 |
| * | Teradata Corp. | 394,896 | 18,236 |
| * | Lattice Semiconductor Corp. | 294,221 | 17,906 |
| Clear Secure Inc. Class A | 931,200 | 17,721 | |
| * | PROS Holdings Inc. | 492,084 | 16,938 |
| * | RingCentral Inc. Class A | 494,310 | 16,752 |
| * | Allegro MicroSystems Inc. | 633,400 | 16,430 |
| Jabil Inc. | 124,484 | 15,597 | |
| Pegasystems Inc. | 307,356 | 14,981 | |
| * | MaxLinear Inc. | 710,062 | 14,783 |
| * | SMART Global Holdings Inc. | 748,023 | 14,699 |
| * | Aspen Technology Inc. | 74,443 | 14,292 |
| * | ON Semiconductor Corp. | 200,091 | 14,232 |
| * | Consensus Cloud Solutions Inc. | 640,482 | 13,924 |
| Cognex Corp. | 378,628 | 13,684 | |
| * | Altair Engineering Inc. Class A | 140,430 | 11,939 |
| * | UiPath Inc. Class A | 477,430 | 10,971 |
| * | Q2 Holdings Inc. | 252,478 | 10,743 |
| * | Fortinet Inc. | 153,775 | 9,917 |
| A10 Networks Inc. | 696,445 | 9,311 | |
| * | CommScope Holding Co. Inc. | 3,951,653 | 9,168 |
| Amkor Technology Inc. | 282,937 | 8,958 | |
| * | Ambarella Inc. | 168,626 | 8,863 |
| * | Itron Inc. | 114,102 | 8,231 |
| * | Diodes Inc. | 121,698 | 8,193 |
| Shares | Market Value ($000) | ||
| * | Fabrinet | 38,015 | 8,117 |
| * | Domo Inc. Class B | 743,598 | 8,083 |
| * | Box Inc. Class A | 293,515 | 7,626 |
| * | Credo Technology Group Holding Ltd. | 363,753 | 7,461 |
| * | Zuora Inc. Class A | 803,377 | 7,343 |
| * | BigCommerce Holdings Inc. Series 1 | 879,068 | 7,191 |
| * | Yext Inc. | 1,154,695 | 6,847 |
| * | Arrow Electronics Inc. | 56,850 | 6,319 |
| * | Ultra Clean Holdings Inc. | 161,569 | 6,172 |
| * | ePlus Inc. | 80,163 | 6,056 |
| * | Arlo Technologies Inc. | 675,660 | 6,000 |
| * | Infinera Corp. | 1,164,498 | 5,753 |
| * | MicroStrategy Inc. Class A | 11,188 | 5,608 |
| * | Sanmina Corp. | 83,448 | 4,992 |
| * | HashiCorp Inc. Class A | 184,713 | 4,038 |
| * | ACM Research Inc. Class A | 229,222 | 3,947 |
| Hackett Group Inc. | 166,549 | 3,851 | |
| * | Synaptics Inc. | 34,138 | 3,646 |
| * | AppLovin Corp. Class A | 88,182 | 3,627 |
| * | FormFactor Inc. | 92,333 | 3,580 |
| * | Sprinklr Inc. Class A | 283,424 | 3,537 |
| * | eGain Corp. | 440,680 | 3,305 |
| * | Appian Corp. Class A | 98,671 | 3,220 |
| *,1 | DigitalOcean Holdings Inc. | 95,089 | 3,206 |
| *,1 | Marathon Digital Holdings Inc. | 180,595 | 3,202 |
| * | Extreme Networks Inc. | 222,153 | 3,001 |
| * | PDF Solutions Inc. | 87,030 | 2,715 |
| *,1 | Maxeon Solar Technologies Ltd. | 590,006 | 2,673 |
| * | Agilysys Inc. | 26,361 | 2,207 |
| * | LivePerson Inc. | 731,897 | 2,049 |
| * | Rambus Inc. | 29,507 | 2,022 |
| * | Olo Inc. Class A | 374,690 | 1,937 |
| * | ACI Worldwide Inc. | 60,968 | 1,833 |
| * | Weave Communications Inc. | 130,059 | 1,631 |
| * | Plexus Corp. | 16,950 | 1,605 |
| * | Eastman Kodak Co. | 451,327 | 1,557 |
| * | OSI Systems Inc. | 11,776 | 1,508 |
| * | Couchbase Inc. | 59,189 | 1,480 |
| * | Calix Inc. | 42,299 | 1,403 |
| * | Amplitude Inc. Class A | 102,159 | 1,324 |
| * | Asana Inc. Class A | 73,312 | 1,277 |
| * | Brightcove Inc. | 524,919 | 1,202 |
| Bel Fuse Inc. Class B | 16,161 | 1,081 | |
| * | Upland Software Inc. | 233,415 | 969 |
| * | Confluent Inc. Class A | 40,136 | 897 |
| Vontier Corp. | 25,628 | 886 | |
| * | Digital Turbine Inc. | 154,951 | 835 |
| * | inTEST Corp. | 58,088 | 693 |
| * | Alpha & Omega Semiconductor Ltd. | 26,248 | 674 |
| * | Cambium Networks Corp. | 74,883 | 318 |
| 3,478,540 | |||
| Materials (3.1%) | |||
| Graphic Packaging Holding Co. | 6,054,172 | 154,442 | |
| Methanex Corp. | 2,209,569 | 97,928 | |
| Cabot Corp. | 1,327,583 | 95,719 | |
| * | Summit Materials Inc. Class A | 1,581,687 | 57,225 |
| Ashland Inc. | 574,600 | 53,794 | |
| *,1 | Arcadium Lithium plc | 8,432,344 | 41,234 |
| Shares | Market Value ($000) | ||
| Eagle Materials Inc. | 128,188 | 29,006 | |
| Balchem Corp. | 140,445 | 19,685 | |
| * | Axalta Coating Systems Ltd. | 490,149 | 15,891 |
| Warrior Met Coal Inc. | 142,263 | 9,129 | |
| Ryerson Holding Corp. | 244,268 | 8,383 | |
| * | Constellium SE | 399,780 | 7,496 |
| Berry Global Group Inc. | 101,746 | 6,660 | |
| Innospec Inc. | 56,052 | 6,508 | |
| RPM International Inc. | 52,650 | 5,616 | |
| * | O-I Glass Inc. | 362,185 | 5,273 |
| Orion SA | 196,114 | 4,393 | |
| Materion Corp. | 36,771 | 4,301 | |
| Steel Dynamics Inc. | 34,879 | 4,210 | |
| Sensient Technologies Corp. | 56,336 | 3,495 | |
| AdvanSix Inc. | 78,953 | 2,004 | |
| Chemours Co. | 55,870 | 1,686 | |
| * | Ecovyst Inc. | 152,851 | 1,415 |
| Hawkins Inc. | 20,355 | 1,355 | |
| * | LSB Industries Inc. | 97,871 | 728 |
| Schnitzer Steel Industries Inc. Class A | 26,655 | 702 | |
| Greif Inc. Class A | 9,098 | 570 | |
| 638,848 | |||
| Other (0.7%) | |||
| 5 | Vanguard Small-Cap ETF | 703,985 | 146,133 |
| *,3 | Carisma Therapeutics Inc. CVR | 1,476,709 | — |
| 146,133 | |||
| Real Estate (2.6%) | |||
| Phillips Edison & Co. Inc. | 2,394,573 | 83,116 | |
| Essential Properties Realty Trust Inc. | 3,323,347 | 82,785 | |
| Rexford Industrial Realty Inc. | 1,558,731 | 81,974 | |
| PotlatchDeltic Corp. | 1,675,186 | 74,931 | |
| Douglas Emmett Inc. | 5,053,780 | 68,479 | |
| Xenia Hotels & Resorts Inc. | 3,484,299 | 46,446 | |
| Americold Realty Trust Inc. | 1,289,100 | 35,450 | |
| * | CoStar Group Inc. | 317,174 | 26,478 |
| Lamar Advertising Co. Class A | 142,896 | 14,958 | |
| Tanger Inc. | 323,612 | 8,705 | |
| Ryman Hospitality Properties Inc. | 61,010 | 6,705 | |
| * | Redfin Corp. | 543,987 | 4,439 |
| * | Opendoor Technologies Inc. | 909,082 | 3,109 |
| * | Zillow Group Inc. Class C | 42,562 | 2,419 |
| RMR Group Inc. Class A | 75,418 | 1,968 | |
| NexPoint Residential Trust Inc. | 56,187 | 1,716 | |
| Newmark Group Inc. Class A | 125,966 | 1,278 | |
| 544,956 | |||
| Utilities (0.6%) | |||
| IDACORP Inc. | 905,367 | 83,819 | |
| Vistra Corp. | 641,102 | 26,304 | |
| New Jersey Resources Corp. | 157,817 | 6,444 | |
| National Fuel Gas Co. | 132,468 | 6,247 | |
| Otter Tail Corp. | 7,566 | 684 | |
| MGE Energy Inc. | 10,109 | 652 | |
| 124,150 | |||
| Total Common Stocks (Cost $16,088,400) | 20,185,034 | ||
| Shares | Market Value ($000) | ||
| Temporary Cash Investments (4.0%) | |||
| Money Market Fund (2.7%) | |||
| 6,7 | Vanguard Market Liquidity Fund, 5.410% | 5,580,872 | 558,032 |
| Face Amount ($000) | |||
| Repurchase Agreement (1.3%) | |||
| Deutsche Bank Securities, Inc. 5.310%, 2/1/24 (Dated 1/31/24, Repurchase Value $272,140,000, collateralized by Fannie Mae 2.000%–6.500%, 6/1/51–9/1/53, and U.S. Treasury Bill 0.000%, 5/9/24, with a value of $277,542,000) | 272,100 | 272,100 | |
| Total Temporary Cash Investments (Cost $830,044) | 830,132 | ||
| Total Investments (100.5%) (Cost $16,918,444) | 21,015,166 | ||
| Other Assets and Liabilities—Net (-0.5%) | (100,790) | ||
| Net Assets (100%) | 20,914,376 | ||
| 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 $78,049,000. |
| 2 | Restricted securities totaling $145,000, representing 0.0% of net assets. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 5 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 7 | Collateral of $84,944,000 was received for securities on loan. |
| ADR—American Depositary Receipt. | |
| CVR—Contingent Value Rights. |
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 2024 | 2,825 | 276,271 | (11,057) |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. 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. Other 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. 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.
D. 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).
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, 2024, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 20,184,794 | 145 | 95 | 20,185,034 |
| Temporary Cash Investments | 558,032 | 272,100 | — | 830,132 |
| Total | 20,742,826 | 272,245 | 95 | 21,015,166 |
| Derivative Financial Instruments | ||||
| Liabilities | ||||
| Futures Contracts1 | 11,057 | — | — | 11,057 |
| 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, 2023 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, 2024 Market Value ($000) | |
| 8x8 Inc. | 14,545 | — | — | — | 5,989 | — | — | NA1 |
| Sterling Check Corp. | 63,508 | — | — | — | 13,975 | — | — | 77,483 |
| Vanguard Market Liquidity Fund | 488,155 | NA2 | NA2 | 4 | (10) | 5,398 | 3 | 558,032 |
| Vanguard Small-Cap ETF | 159,304 | — | 38,320 | 856 | 24,293 | 758 | — | 146,133 |
| Total | 725,512 | — | 38,320 | 860 | 44,247 | 6,156 | 3 | 781,648 |
| 1 | Not applicable—at January 31, 2024, 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. |