UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07043
Name of Registrant: | Vanguard Admiral Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: August 31
Date of reporting period: September 1, 2020—August 31, 2021
Item 1: Reports to Shareholders
Vanguard Cash Reserves Federal Money Market Fund |
Vanguard Federal Money Market Fund |
Vanguard Treasury Money Market Fund |
About Your Fund’s Expenses | 1 |
Cash Reserves Federal Money Market Fund | 3 |
Federal Money Market Fund | 19 |
Treasury Money Market Fund | 35 |
Trustees Approve Advisory Arrangements | 47 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Cash Reserves Federal Money Market Fund | $1000.00 | $1000.10 | $0.25 |
Federal Money Market Fund | $1000.00 | $1000.10 | $0.30 |
Treasury Money Market Fund | $1000.00 | $1000.10 | $0.30 |
Based on Hypothetical 5% Yearly Return | |||
Cash Reserves Federal Money Market Fund | $1000.00 | $1024.95 | $0.26 |
Federal Money Market Fund | $1000.00 | $1024.90 | $0.31 |
Treasury Money Market Fund | $1000.00 | $1024.90 | $0.31 |
1 - 7 Days | 54.9% |
8 - 30 Days | 15.7 |
31 - 60 Days | 10.4 |
61 - 90 Days | 8.9 |
91 - 180 Days | 10.0 |
Over 180 Days | 0.1 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (66.8%) | |||||
2 | Fannie Mae Discount Notes | 0.020%–0.025% | 9/1/21 | 29,560 | 29,560 |
2 | Fannie Mae Discount Notes | 0.056% | 9/15/21 | 14,433 | 14,433 |
2 | Fannie Mae Discount Notes | 0.051% | 9/22/21 | 61,334 | 61,332 |
2 | Fannie Mae Discount Notes | 0.051% | 9/29/21 | 51,804 | 51,802 |
2 | Fannie Mae Discount Notes | 0.045%–0.051% | 10/6/21 | 40,000 | 39,998 |
2 | Fannie Mae Discount Notes | 0.045% | 10/13/21 | 50,000 | 49,997 |
2 | Fannie Mae Discount Notes | 0.044% | 10/20/21 | 23,034 | 23,033 |
2 | Fannie Mae Discount Notes | 0.045% | 10/27/21 | 42,000 | 41,997 |
2 | Fannie Mae Discount Notes | 0.045% | 11/3/21 | 32,000 | 31,997 |
2 | Fannie Mae Discount Notes | 0.046%–0.051% | 11/10/21 | 8,837 | 8,836 |
3 | Federal Farm Credit Banks Funding Corp., EFFR + 0.000% | 0.080% | 9/1/21 | 17,000 | 17,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 0.055% | 9/1/21 | 125,000 | 124,996 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 0.055% | 9/1/21 | 115,000 | 114,997 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.025% | 0.075% | 9/1/21 | 183,000 | 182,998 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.025% | 0.075% | 9/1/21 | 35,000 | 34,998 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.030% | 0.080% | 9/1/21 | 194,000 | 193,989 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.030% | 0.080% | 9/1/21 | 127,000 | 126,996 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 0.090% | 9/1/21 | 82,000 | 82,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.050% | 0.100% | 9/1/21 | 69,125 | 69,136 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.050% | 0.100% | 9/1/21 | 59,000 | 59,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.050% | 0.100% | 9/1/21 | 36,000 | 36,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.055% | 0.105% | 9/1/21 | 351,000 | 350,988 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 225,000 | 224,989 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 158,000 | 157,997 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 80,000 | 80,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 60,000 | 60,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 45,000 | 45,000 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.070% | 0.120% | 9/1/21 | 246,000 | 245,993 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.080% | 0.130% | 9/1/21 | 122,000 | 122,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.080% | 0.130% | 9/1/21 | 98,000 | 98,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.090% | 0.140% | 9/1/21 | 117,000 | 117,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.100% | 0.150% | 9/1/21 | 99,000 | 99,032 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.040% | 0.085% | 9/1/21 | 61,000 | 60,998 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.065% | 0.110% | 9/1/21 | 148,000 | 147,996 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.065% | 0.110% | 9/1/21 | 91,000 | 90,996 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.070% | 0.115% | 9/1/21 | 123,000 | 122,994 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.070% | 0.125% | 9/1/21 | 41,000 | 40,998 |
Federal Farm Credit Discount Notes | 0.051% | 11/22/21 | 9,000 | 8,999 | |
Federal Home Loan Banks | 0.020% | 9/16/21 | 256,000 | 256,000 | |
Federal Home Loan Banks | 0.020% | 9/21/21 | 363,000 | 363,000 | |
Federal Home Loan Banks | 0.045% | 10/14/21 | 83,000 | 83,000 | |
Federal Home Loan Banks | 0.045% | 10/18/21 | 117,000 | 117,000 | |
Federal Home Loan Banks | 0.040% | 10/19/21 | 202,000 | 201,998 | |
Federal Home Loan Banks | 0.045% | 10/19/21 | �� 84,000 | 84,000 | |
Federal Home Loan Banks | 0.040% | 10/19/21 | 33,000 | 33,000 | |
Federal Home Loan Banks | 0.045% | 10/21/21 | 335,000 | 335,000 | |
Federal Home Loan Banks | 0.045% | 10/22/21 | 165,000 | 165,000 | |
Federal Home Loan Banks | 0.030% | 10/25/21 | 30,000 | 29,999 | |
Federal Home Loan Banks | 0.040% | 10/28/21 | 100,000 | 99,999 | |
Federal Home Loan Banks | 0.040% | 10/28/21 | 99,000 | 98,999 | |
Federal Home Loan Banks | 0.045% | 10/29/21 | 497,000 | 497,000 | |
Federal Home Loan Banks | 0.040% | 11/2/21 | 128,000 | 127,999 | |
Federal Home Loan Banks | 0.040% | 11/4/21 | 83,000 | 82,999 | |
Federal Home Loan Banks | 0.040% | 11/8/21 | 5,000 | 5,000 | |
Federal Home Loan Banks | 0.050% | 11/9/21 | 83,000 | 83,000 | |
Federal Home Loan Banks | 0.040% | 11/9/21 | 66,000 | 65,999 | |
Federal Home Loan Banks | 0.040% | 11/12/21 | 670,000 | 669,992 | |
Federal Home Loan Banks | 0.050% | 11/12/21 | 42,000 | 42,000 | |
Federal Home Loan Banks | 0.040% | 11/15/21 | 166,000 | 165,998 | |
Federal Home Loan Banks | 0.040% | 11/17/21 | 85,000 | 84,999 | |
Federal Home Loan Banks | 0.030% | 11/18/21 | 167,000 | 166,994 | |
Federal Home Loan Banks | 0.045% | 11/18/21 | 50,000 | 50,000 | |
Federal Home Loan Banks | 0.045% | 11/26/21 | 330,000 | 329,997 | |
Federal Home Loan Banks | 0.035% | 11/29/21 | 95,000 | 94,999 | |
Federal Home Loan Banks | 0.045% | 11/30/21 | 334,000 | 333,997 | |
Federal Home Loan Banks | 0.040% | 11/30/21 | 331,000 | 330,995 | |
Federal Home Loan Banks | 0.045% | 12/6/21 | 167,000 | 166,999 | |
Federal Home Loan Banks | 0.045% | 12/10/21 | 250,000 | 249,998 | |
Federal Home Loan Banks | 0.045% | 12/16/21 | 30,000 | 30,000 | |
Federal Home Loan Banks | 0.045% | 12/23/21 | 463,000 | 462,999 | |
Federal Home Loan Banks | 0.050% | 1/25/22 | 500,000 | 499,998 | |
Federal Home Loan Banks | 0.050% | 1/27/22 | 495,000 | 494,998 | |
Federal Home Loan Banks | 0.050% | 2/7/22 | 490,000 | 489,998 | |
Federal Home Loan Banks | 0.050% | 2/9/22 | 800,000 | 799,996 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Federal Home Loan Banks Discount Notes | 0.051%–0.061% | 9/1/21 | 36,439 | 36,439 | |
Federal Home Loan Banks Discount Notes | 0.046% | 9/3/21 | 3,002 | 3,002 | |
Federal Home Loan Banks Discount Notes | 0.055%–0.061% | 9/8/21 | 375,600 | 375,596 | |
Federal Home Loan Banks Discount Notes | 0.055% | 9/10/21 | 450,000 | 449,994 | |
Federal Home Loan Banks Discount Notes | 0.051% | 9/15/21 | 50,865 | 50,864 | |
Federal Home Loan Banks Discount Notes | 0.046%–0.051% | 9/17/21 | 162,033 | 162,029 | |
Federal Home Loan Banks Discount Notes | 0.046%–0.051% | 9/22/21 | 127,420 | 127,416 | |
Federal Home Loan Banks Discount Notes | 0.048%–0.061% | 9/24/21 | 1,116,965 | 1,116,930 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.055% | 9/29/21 | 392,402 | 392,387 | |
Federal Home Loan Banks Discount Notes | 0.042%–0.051% | 10/1/21 | 1,112,227 | 1,112,185 | |
Federal Home Loan Banks Discount Notes | 0.043% | 10/4/21 | 153,000 | 152,994 | |
Federal Home Loan Banks Discount Notes | 0.043%–0.051% | 10/6/21 | 863,491 | 863,454 | |
Federal Home Loan Banks Discount Notes | 0.039%–0.045% | 10/8/21 | 571,300 | 571,275 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.045% | 10/13/21 | 758,312 | 758,273 | |
Federal Home Loan Banks Discount Notes | 0.044% | 10/14/21 | 220,000 | 219,988 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.051% | 10/15/21 | 493,581 | 493,553 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.051% | 10/20/21 | 674,111 | 674,070 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.046% | 10/22/21 | 568,900 | 568,864 | |
Federal Home Loan Banks Discount Notes | 0.043%–0.045% | 10/27/21 | 394,000 | 393,973 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.046% | 10/29/21 | 288,000 | 287,979 | |
Federal Home Loan Banks Discount Notes | 0.041% | 11/2/21 | 330,000 | 329,974 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.045% | 11/3/21 | 644,000 | 643,950 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.045% | 11/4/21 | 345,000 | 344,972 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.044% | 11/5/21 | 463,000 | 462,963 | |
Federal Home Loan Banks Discount Notes | 0.039%–0.042% | 11/8/21 | 364,000 | 363,969 | |
Federal Home Loan Banks Discount Notes | 0.038%–0.041% | 11/9/21 | 381,000 | 380,967 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.051% | 11/10/21 | 374,000 | 373,967 | |
Federal Home Loan Banks Discount Notes | 0.042% | 11/12/21 | 167,000 | 166,985 | |
Federal Home Loan Banks Discount Notes | 0.040% | 11/15/21 | 58,000 | 57,995 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.043% | 11/16/21 | 391,000 | 390,963 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.042% | 11/17/21 | 564,000 | 563,946 | |
Federal Home Loan Banks Discount Notes | 0.039%–0.041% | 11/18/21 | 388,000 | 387,962 | |
Federal Home Loan Banks Discount Notes | ��� 0.042% | 11/19/21 | 150,000 | 149,985 | |
Federal Home Loan Banks Discount Notes | 0.044% | 11/24/21 | 388,000 | 387,960 | |
Federal Home Loan Banks Discount Notes | 0.044% | 11/26/21 | 461,000 | 460,952 | |
Federal Home Loan Banks Discount Notes | 0.044% | 12/1/21 | 58,000 | 57,994 | |
Federal Home Loan Banks Discount Notes | 0.040% | 12/2/21 | 248,000 | 247,974 | |
Federal Home Loan Banks Discount Notes | 0.039% | 12/7/21 | 330,000 | 329,963 | |
Federal Home Loan Banks Discount Notes | 0.035%–0.039% | 12/15/21 | 66,000 | 65,992 | |
3 | Federal Home Loan Banks, SOFR + 0.000% | 0.050% | 9/1/21 | 150,000 | 150,000 |
3 | Federal Home Loan Banks, SOFR + 0.000% | 0.050% | 9/1/21 | 83,000 | 83,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 500,000 | 500,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 330,000 | 330,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 250,000 | 250,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 132,000 | 132,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 125,000 | 125,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 79,000 | 79,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 500,000 | 500,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 257,000 | 257,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 250,000 | 250,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 210,000 | 210,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 21,000 | 21,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 400,000 | 400,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 219,000 | 219,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 124,000 | 124,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 88,000 | 88,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 44,000 | 44,000 |
3 | Federal Home Loan Banks, SOFR + 0.020% | 0.070% | 9/1/21 | 500,000 | 500,000 |
3 | Federal Home Loan Banks, SOFR + 0.020% | 0.070% | 9/1/21 | 250,000 | 250,000 |
3 | Federal Home Loan Banks, SOFR + 0.020% | 0.070% | 9/1/21 | 109,000 | 109,000 |
3 | Federal Home Loan Banks, SOFR + 0.035% | 0.085% | 9/1/21 | 250,000 | 250,000 |
3 | Federal Home Loan Banks, SOFR + 0.080% | 0.130% | 9/1/21 | 569,000 | 569,000 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Federal Home Loan Banks, SOFR + 0.085% | 0.135% | 9/1/21 | 10,000 | 10,000 |
3 | Federal Home Loan Banks, SOFR + 0.095% | 0.145% | 9/1/21 | 82,000 | 82,000 |
3 | Federal Home Loan Banks, SOFR + 0.120% | 0.170% | 9/1/21 | 550,000 | 550,000 |
3 | Federal Home Loan Banks, SOFR + 0.140% | 0.190% | 9/1/21 | 143,000 | 143,000 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.095% | 0.145% | 9/1/21 | 350,000 | 350,000 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.095% | 0.145% | 9/1/21 | 178,000 | 178,000 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.100% | 0.150% | 9/1/21 | 350,000 | 350,000 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.140% | 0.190% | 9/1/21 | 100,000 | 99,997 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.145% | 0.195% | 9/1/21 | 578,000 | 578,000 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.145% | 0.195% | 9/1/21 | 325,000 | 325,000 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.150% | 0.200% | 9/1/21 | 71,500 | 71,491 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.180% | 0.230% | 9/1/21 | 429,000 | 429,000 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.190% | 0.240% | 9/1/21 | 870,000 | 870,000 |
2,3 | Federal Home Loan Mortgage Corp., SOFR + 0.200% | 0.250% | 9/1/21 | 53,000 | 53,006 |
2,3 | Federal National Mortgage Association, SOFR + 0.100% | 0.150% | 9/1/21 | 490,000 | 490,003 |
2,3 | Federal National Mortgage Association, SOFR + 0.100% | 0.150% | 9/1/21 | 68,000 | 68,016 |
2,3 | Federal National Mortgage Association, SOFR + 0.110% | 0.160% | 9/1/21 | 23,000 | 22,993 |
2,3 | Federal National Mortgage Association, SOFR + 0.120% | 0.170% | 9/1/21 | 73,000 | 73,000 |
2,3 | Federal National Mortgage Association, SOFR + 0.140% | 0.190% | 9/1/21 | 219,000 | 219,000 |
2,3 | Federal National Mortgage Association, SOFR + 0.150% | 0.200% | 9/1/21 | 94,000 | 93,998 |
2,3 | Federal National Mortgage Association, SOFR + 0.170% | 0.220% | 9/1/21 | 105,250 | 105,338 |
2,3 | Federal National Mortgage Association, SOFR + 0.180% | 0.230% | 9/1/21 | 350,000 | 350,000 |
2,3 | Federal National Mortgage Association, SOFR + 0.190% | 0.240% | 9/1/21 | 204,000 | 204,029 |
2,3 | Federal National Mortgage Association, SOFR + 0.220% | 0.270% | 9/1/21 | 194,000 | 194,284 |
2,3 | Federal National Mortgage Association, SOFR + 0.220% | 0.270% | 9/1/21 | 98,000 | 98,106 |
2,3 | Federal National Mortgage Association, SOFR + 0.270% | 0.320% | 9/1/21 | 71,000 | 71,125 |
2,3 | Federal National Mortgage Association, SOFR + 0.320% | 0.370% | 9/1/21 | 106,000 | 106,216 |
2,3 | Federal National Mortgage Association, SOFR + 0.390% | 0.440% | 9/1/21 | 109,000 | 109,258 |
U.S. Cash Management Bill | 0.040% | 9/23/21 | 2,300,000 | 2,299,944 | |
U.S. Cash Management Bill | 0.048% | 12/7/21 | 174,483 | 174,459 | |
U.S. Treasury Bill | 0.020%–0.060% | 9/2/21 | 1,618,756 | 1,618,754 | |
U.S. Treasury Bill | 0.024%–0.042% | 9/7/21 | 1,445,550 | 1,445,539 | |
U.S. Treasury Bill | 0.025%–0.060% | 9/9/21 | 2,216,700 | 2,216,684 | |
U.S. Treasury Bill | 0.019%–0.047% | 9/14/21 | 2,200,000 | 2,199,968 | |
U.S. Treasury Bill | 0.055% | 9/16/21 | 2,000,000 | 1,999,954 | |
U.S. Treasury Bill | 0.042% | 9/28/21 | 1,415,400 | 1,415,352 | |
U.S. Treasury Bill | 0.040%–0.049% | 9/30/21 | 1,005,800 | 1,005,766 | |
U.S. Treasury Bill | 0.035% | 10/7/21 | 474,870 | 474,853 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Treasury Bill | 0.040% | 10/14/21 | 474,865 | 474,842 | |
U.S. Treasury Bill | 0.040% | 10/21/21 | 416,537 | 416,514 | |
U.S. Treasury Bill | 0.048% | 10/26/21 | 424,000 | 423,968 | |
U.S. Treasury Bill | 0.035% | 11/12/21 | 477,878 | 477,845 | |
U.S. Treasury Bill | 0.030% | 11/18/21 | 477,717 | 477,686 | |
U.S. Treasury Bill | 0.040% | 12/16/21 | 682,200 | 682,120 | |
U.S. Treasury Bill | 0.055% | 2/3/22 | 919,600 | 919,382 | |
U.S. Treasury Bill | 0.050% | 2/10/22 | 3,170,250 | 3,169,537 | |
U.S. Treasury Bill | 0.055% | 3/3/22 | 74,200 | 74,179 | |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.034% | 0.079% | 9/1/21 | 537,000 | 537,013 |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.049% | 0.094% | 9/1/21 | 1,250,000 | 1,250,119 |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.055% | 0.100% | 9/1/21 | 1,249,000 | 1,248,963 |
Total U.S. Government and Agency Obligations (Cost $63,382,023) | 63,382,023 | ||||
Repurchase Agreements (33.3%) | |||||
Bank of Montreal (Dated 7/8/21, Repurchase Value $84,008,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%, 1/15/31, and U.S. Treasury Note/Bond 0.625%–3.625%, 5/31/23–11/15/49, with a value of $85,680,000) | 0.060% | 9/3/21 | 84,000 | 84,000 | |
Bank of Montreal (Dated 8/5/21, Repurchase Value $182,009,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%, 2/15/51, and U.S. Treasury Note/Bond 0.250%–3.875%, 5/15/22–2/15/51, with a value of $185,640,000) | 0.055% | 9/7/21 | 182,000 | 182,000 | |
Bank of Montreal (Dated 8/17/21, Repurchase Value $66,002,000, collateralized by U.S. Treasury Note/Bond 0.625%–3.625%, 8/15/25–5/15/51, with a value of $67,320,000) | 0.055% | 9/10/21 | 66,000 | 66,000 | |
Bank of Montreal (Dated 7/16/21, Repurchase Value $84,008,000, collateralized by U.S. Treasury Note/Bond 0.250%–2.875%, 12/31/24–2/15/51, with a value of $85,680,000) | 0.055% | 9/14/21 | 84,000 | 84,000 | |
Bank of Montreal (Dated 7/19/21, Repurchase Value $68,006,000, collateralized by U.S. Treasury Note/Bond 0.125%–3.000%, 10/31/22–5/15/51, with a value of $69,360,000) | 0.055% | 9/17/21 | 68,000 | 68,000 | |
Bank of Montreal (Dated 8/5/21, Repurchase Value $83,008,000, collateralized by U.S. Treasury Note/Bond 0.250%–3.875%, 1/31/22–2/15/49, with a value of $84,660,000) | 0.055% | 10/4/21 | 83,000 | 83,000 | |
Bank of Montreal (Dated 8/30/21, Repurchase Value $66,006,000, collateralized by U.S. Treasury Note/Bond 0.125%–3.875%, 2/28/23–2/15/50, with a value of $67,320,000) | 0.055% | 10/29/21 | 66,000 | 66,000 | |
Federal Reserve Bank of New York (Dated 8/31/21, Repurchase Value $27,206,038,000, collateralized by U.S. Treasury Note/Bond 0.125%–3.625%, 8/15/22–5/15/46, with a value of $27,206,038,000) | 0.050% | 9/1/21 | 27,206,000 | 27,206,000 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Fixed Income Clearing Corp. (Dated 8/31/21, Repurchase Value $250,000,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.750%, 7/15/28, and U.S. Treasury Note/Bond 2.500%, 1/15/22, with a value of $255,000,000) | 0.055% | 9/1/21 | 250,000 | 250,000 | |
Goldman Sachs & Co. (Dated 8/31/21, Repurchase Value $435,001,000, collateralized by U.S. Treasury Note/Bond 0.250%–2.750%, 2/15/22–11/15/47, with a value of $443,700,000) | 0.050% | 9/1/21 | 435,000 | 435,000 | |
RBC Dominion Securities Inc. (Dated 8/24/21, Repurchase Value $99,004,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.250%–0.750%, 1/15/25–2/15/45, and U.S. Treasury Note/Bond 0.125%–7.250%, 8/15/22–11/15/50, with a value of $100,980,000) | 0.050% | 9/24/21 | 99,000 | 99,000 | |
Societe Generale SA (Dated 8/31/21, Repurchase Value $1,058,001,000, collateralized by U.S. Treasury Bill 0.000%, 9/9/21–4/21/22, U.S. Treasury Inflation Indexed Note/Bond 0.125%–2.375%, 7/15/23–2/15/50, and U.S. Treasury Note/Bond 0.079%–8.000%, 9/15/21–5/15/50, with a value of $1,079,160,000) | 0.050% | 9/1/21 | 1,058,000 | 1,058,000 | |
Standard Chartered Bank (Dated 8/31/21, Repurchase Value $1,000,002,000, collateralized by U.S. Treasury Bill 0.000%, 9/16/21, U.S. Treasury Inflation Indexed Note/Bond 0.125%–0.875%, 1/15/23–2/15/43, and U.S. Treasury Note/Bond 0.094%–4.625%, 2/28/22–8/15/47, with a value of $1,020,002,000) | 0.055% | 9/1/21 | 1,000,000 | 1,000,000 | |
Sumitomo Mitsui Banking Corp. (Dated 8/31/21, Repurchase Value $878,001,000, collateralized by U.S. Treasury Bill 0.000%, 4/21/22–5/19/22, and U.S. Treasury Note/Bond 1.375%–4.250%, 6/30/23–5/15/42, with a value of $895,560,000) | 0.055% | 9/1/21 | 878,000 | 878,000 | |
Total Repurchase Agreements (Cost $31,559,000) | 31,559,000 | ||||
Total Investments (100.1%) (Cost $94,941,023) | 94,941,023 | ||||
Other Assets and Liabilities—Net (-0.1%) | (57,592) | ||||
Net Assets (100%) | 94,883,431 | ||||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities. |
2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
3 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
3M—3-month. | |
EFFR—Effective Federal Funds Rate | |
SOFR—Secured Overnight Financing Rate. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $63,382,023) | 63,382,023 |
Repurchase Agreements (Cost $31,559,000) | 31,559,000 |
Total Investments in Securities | 94,941,023 |
Investment in Vanguard | 3,245 |
Cash | 15 |
Receivables for Investment Securities Sold | 795,997 |
Receivables for Accrued Income | 3,807 |
Receivables for Capital Shares Issued | 80,298 |
Total Assets | 95,824,385 |
Liabilities | |
Payables for Investment Securities Purchased | 824,099 |
Payables for Capital Shares Redeemed | 116,642 |
Payables for Distributions | 54 |
Payables to Vanguard | 159 |
Total Liabilities | 940,954 |
Net Assets | 94,883,431 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 94,874,942 |
Total Distributable Earnings (Loss) | 8,489 |
Net Assets | 94,883,431 |
Admiral Shares—Net Assets | |
Applicable to 94,861,659,186 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 94,883,431 |
Net Asset Value Per Share—Admiral Shares | $1.00 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest | 105,589 |
Total Income | 105,589 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,491 |
Management and Administrative—Investor Shares | 81,826 |
Management and Administrative—Admiral Shares | 47,917 |
Marketing and Distribution—Investor Shares | 5,824 |
Marketing and Distribution—Admiral Shares | 2,117 |
Custodian Fees | 502 |
Auditing Fees | 27 |
Shareholders’ Reports—Investor Shares | 779 |
Shareholders’ Reports—Admiral Shares | 205 |
Trustees’ Fees and Expenses | 59 |
Total Expenses | 141,747 |
Expense Reduction—Note B | (50,709) |
Net Expenses | 91,038 |
Net Investment Income | 14,551 |
Realized Net Gain (Loss) on Investment Securities Sold | 106 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,657 |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 14,551 | 1,453,568 |
Realized Net Gain (Loss) | 106 | 7,454 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,657 | 1,461,022 |
Distributions | ||
Investor Shares | (5,977) | (1,217,407) |
Admiral Shares | (8,575) | (236,100) |
Total Distributions | (14,552) | (1,453,507) |
Capital Share Transactions (at $1.00 per share) | ||
Investor Shares | (97,672,378) | (7,024,352) |
Admiral Shares | 69,160,933 | 6,780,334 |
Net Increase (Decrease) from Capital Share Transactions | (28,511,445) | (244,018) |
Total Increase (Decrease) | (28,511,340) | (236,503) |
Net Assets | ||
Beginning of Period | 123,394,771 | 123,631,274 |
End of Period | 94,883,431 | 123,394,771 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | September 1, 2020 to July 161, 2021 | Year Ended August 31, | |||
2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations | |||||
Net Investment Income2 | .0001 | .011 | .023 | .016 | .008 |
Net Realized and Unrealized Gain (Loss) on Investments | — | — | — | — | — |
Total from Investment Operations | .0001 | .011 | .023 | .016 | .008 |
Distributions | |||||
Dividends from Net Investment Income | (.0001) | (.011) | (.023) | (.016) | (.008) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.0001) | (.011) | (.023) | (.016) | (.008) |
Net Asset Value, End of Period | $1.001 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.01% | 1.15% | 2.36% | 1.59% | 0.83% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $— | $97,691 | $104,709 | $92,898 | $84,886 |
Ratio of Total Expenses to Average Net Assets4 | 0.10%5 | 0.16% | 0.16% | 0.16% | 0.16% |
Ratio of Net Investment Income to Average Net Assets | 0.01%5 | 1.15% | 2.33% | 1.59% | 0.82% |
1 | Net asset value as of July 16, 2021, on which date the remaining Investor Shares were converted to Admiral Shares. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2021. For the years ended August 31, 2020, 2019, 2018 and 2017, there were no expense reductions. |
5 | Annualized. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations | |||||
Net Investment Income1 | .0002 | .012 | .024 | .016 | .009 |
Net Realized and Unrealized Gain (Loss) on Investments | — | — | — | — | — |
Total from Investment Operations | .0002 | .012 | .024 | .016 | .009 |
Distributions | |||||
Dividends from Net Investment Income | (.0002) | (.012) | (.024) | (.016) | (.009) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.0002) | (.012) | (.024) | (.016) | (.009) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.02% | 1.21% | 2.42% | 1.66% | 0.89% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $94,883 | $25,704 | $18,923 | $16,118 | $11,997 |
Ratio of Total Expenses to Average Net Assets3 | 0.07% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.02% | 1.20% | 2.39% | 1.65% | 0.88% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.10% for 2021. For the years ended August 31, 2020, 2019, 2018 and 2017, there were no expense reductions. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | (201) |
Total Distributable Earnings (Loss) | 201 |
Amount ($000) | |
Undistributed Ordinary Income | 8,543 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | — |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 14,552 | 1,453,507 |
Long-Term Capital Gains | — | — |
Total | 14,552 | 1,453,507 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 94,941,023 |
Gross Unrealized Appreciation | — |
Gross Unrealized Depreciation | — |
Net Unrealized Appreciation (Depreciation) | — |
E. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 14,263,647 | 14,263,646 | 69,563,942 | 69,564,252 | |
Issued in Lieu of Cash Distributions | 5,196 | 5,196 | 1,121,946 | 1,121,946 | |
Redeemed1 | (111,941,221) | (111,941,221) | (77,710,240) | (77,710,240) | |
Net Increase (Decrease)—Investor Shares | (97,672,378) | (97,672,379) | (7,024,352) | (7,024,042) | |
Admiral Shares | |||||
Issued1 | 102,633,298 | 102,633,299 | 22,243,645 | 22,243,335 | |
Issued in Lieu of Cash Distributions | 7,874 | 7,873 | 216,326 | 216,326 | |
Redeemed | (33,480,239) | (33,480,239) | (15,679,637) | (15,679,637) | |
Net Increase (Decrease)—Admiral Shares | 69,160,933 | 69,160,933 | 6,780,334 | 6,780,024 |
1 | In August 2020, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, the outstanding Investor Shares have been converted to Admiral Shares. Investor Shares—Redeemed and Admiral Shares—Issued include $71,911,258,000 and 71,911,258,000 shares from the conversion during the year ended August 31, 2021. |
F. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
1 - 7 Days | 43.9% |
8 - 30 Days | 15.8 |
31 - 60 Days | 10.1 |
61 - 90 Days | 10.7 |
91 - 180 Days | 18.2 |
Over 180 Days | 1.3 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (76.5%) | |||||
2 | Fannie Mae Discount Notes | 0.051% | 9/15/21 | 37,546 | 37,545 |
2 | Fannie Mae Discount Notes | 0.051% | 9/22/21 | 134,083 | 134,079 |
2 | Fannie Mae Discount Notes | 0.051% | 9/29/21 | 98,196 | 98,192 |
2 | Fannie Mae Discount Notes | 0.045%–0.051% | 10/6/21 | 106,000 | 105,995 |
2 | Fannie Mae Discount Notes | 0.045%–0.051% | 10/13/21 | 100,966 | 100,961 |
2 | Fannie Mae Discount Notes | 0.044%–0.046% | 10/20/21 | 50,299 | 50,296 |
2 | Fannie Mae Discount Notes | 0.045% | 10/27/21 | 103,000 | 102,993 |
2 | Fannie Mae Discount Notes | 0.045% | 11/3/21 | 43,058 | 43,055 |
2 | Fannie Mae Discount Notes | 0.045%–0.061% | 11/10/21 | 85,037 | 85,030 |
2 | Fannie Mae Discount Notes | 0.051% | 11/17/21 | 257 | 257 |
3 | Federal Farm Credit Banks Funding Corp., EFFR + 0.000% | 0.080% | 9/1/21 | 33,000 | 33,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 0.055% | 9/1/21 | 250,000 | 249,993 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 0.055% | 9/1/21 | 235,000 | 234,994 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.025% | 0.075% | 9/1/21 | 337,000 | 336,997 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.025% | 0.075% | 9/1/21 | 64,000 | 63,996 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.030% | 0.080% | 9/1/21 | 341,000 | 340,981 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.030% | 0.080% | 9/1/21 | 239,000 | 238,993 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.050% | 0.100% | 9/1/21 | 129,000 | 129,020 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.050% | 0.100% | 9/1/21 | 111,000 | 111,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.050% | 0.100% | 9/1/21 | 61,000 | 61,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 268,000 | 267,995 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 109,000 | 109,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 80,000 | 80,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.060% | 0.110% | 9/1/21 | 45,000 | 45,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.070% | 0.120% | 9/1/21 | 404,000 | 403,989 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.080% | 0.130% | 9/1/21 | 166,000 | 166,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.080% | 0.130% | 9/1/21 | 127,000 | 127,000 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.085% | 0.135% | 9/1/21 | 85,000 | 85,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.090% | 0.140% | 9/1/21 | 193,000 | 193,000 |
3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.100% | 0.150% | 9/1/21 | 181,000 | 181,059 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.035% | 0.080% | 9/1/21 | 40,000 | 39,998 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.040% | 0.085% | 9/1/21 | 114,000 | 113,996 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.065% | 0.110% | 9/1/21 | 159,000 | 158,992 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.070% | 0.115% | 9/1/21 | 194,000 | 193,991 |
3 | Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.070% | 0.125% | 9/1/21 | 58,000 | 57,997 |
Federal Home Loan Banks | 0.020% | 9/16/21 | 494,000 | 494,000 | |
Federal Home Loan Banks | 0.020% | 9/21/21 | 1,012,000 | 1,012,000 | |
Federal Home Loan Banks | 0.040% | 9/22/21 | 244,500 | 244,499 | |
Federal Home Loan Banks | 0.030% | 10/5/21 | 419,500 | 419,494 | |
Federal Home Loan Banks | 0.045% | 10/14/21 | 167,000 | 167,000 | |
Federal Home Loan Banks | 0.045% | 10/18/21 | 233,000 | 233,000 | |
Federal Home Loan Banks | 0.040% | 10/19/21 | 398,000 | 397,997 | |
Federal Home Loan Banks | 0.045% | 10/19/21 | 166,000 | 166,000 | |
Federal Home Loan Banks | 0.040% | 10/19/21 | 67,000 | 66,999 | |
Federal Home Loan Banks | 0.045% | 10/21/21 | 665,000 | 664,999 | |
Federal Home Loan Banks | 0.045% | 10/22/21 | 335,000 | 335,000 | |
Federal Home Loan Banks | 0.030% | 10/25/21 | 61,000 | 60,999 | |
Federal Home Loan Banks | 0.040% | 10/28/21 | 201,000 | 200,998 | |
Federal Home Loan Banks | 0.040% | 10/28/21 | 200,000 | 199,998 | |
Federal Home Loan Banks | 0.045% | 10/29/21 | 1,003,000 | 1,002,999 | |
Federal Home Loan Banks | 0.040% | 11/2/21 | 257,000 | 256,997 | |
Federal Home Loan Banks | 0.040% | 11/4/21 | 167,000 | 166,998 | |
Federal Home Loan Banks | 0.040% | 11/8/21 | 10,000 | 10,000 | |
Federal Home Loan Banks | 0.050% | 11/9/21 | 167,000 | 167,000 | |
Federal Home Loan Banks | 0.040% | 11/9/21 | 134,000 | 133,998 | |
Federal Home Loan Banks | 0.040% | 11/12/21 | 1,313,000 | 1,312,984 | |
Federal Home Loan Banks | 0.050% | 11/12/21 | 83,000 | 83,000 | |
Federal Home Loan Banks | 0.040% | 11/15/21 | 325,000 | 324,996 | |
Federal Home Loan Banks | 0.040% | 11/17/21 | 166,000 | 165,998 | |
Federal Home Loan Banks | 0.030% | 11/18/21 | 325,000 | 324,989 | |
Federal Home Loan Banks | 0.045% | 11/18/21 | 100,000 | 99,999 | |
Federal Home Loan Banks | 0.045% | 11/26/21 | 670,000 | 669,994 | |
Federal Home Loan Banks | 0.035% | 11/29/21 | 182,505 | 182,502 | |
Federal Home Loan Banks | 0.040% | 11/30/21 | 669,000 | 668,990 | |
Federal Home Loan Banks | 0.045% | 11/30/21 | 666,000 | 665,994 | |
Federal Home Loan Banks | 0.045% | 12/6/21 | 333,000 | 332,997 | |
Federal Home Loan Banks | 0.045% | 12/10/21 | 500,000 | 499,995 | |
Federal Home Loan Banks | 0.045% | 12/16/21 | 62,130 | 62,130 | |
Federal Home Loan Banks | 0.045% | 12/23/21 | 937,000 | 936,998 | |
Federal Home Loan Banks | 0.050% | 1/25/22 | 500,000 | 499,998 | |
Federal Home Loan Banks | 0.050% | 1/27/22 | 1,005,000 | 1,004,996 | |
Federal Home Loan Banks Discount Notes | 0.051% | 9/1/21 | 596 | 596 | |
Federal Home Loan Banks Discount Notes | 0.051% | 9/10/21 | 670 | 670 | |
Federal Home Loan Banks Discount Notes | 0.056% | 9/15/21 | 114 | 114 | |
Federal Home Loan Banks Discount Notes | 0.046% | 9/17/21 | 512 | 512 | |
Federal Home Loan Banks Discount Notes | 0.045%–0.051% | 9/22/21 | 469,493 | 469,480 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Federal Home Loan Banks Discount Notes | 0.051% | 9/23/21 | 671 | 671 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.051% | 9/24/21 | 1,294,000 | 1,293,962 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.056% | 9/29/21 | 718,276 | 718,250 | |
Federal Home Loan Banks Discount Notes | 0.042%–0.051% | 10/1/21 | 1,465,954 | 1,465,899 | |
Federal Home Loan Banks Discount Notes | 0.043% | 10/4/21 | 310,000 | 309,987 | |
Federal Home Loan Banks Discount Notes | 0.044% | 10/5/21 | 624,000 | 623,974 | |
Federal Home Loan Banks Discount Notes | 0.043%–0.051% | 10/6/21 | 1,793,109 | 1,793,032 | |
Federal Home Loan Banks Discount Notes | 0.043%–0.051% | 10/8/21 | 1,041,349 | 1,041,302 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.051% | 10/13/21 | 1,712,688 | 1,712,599 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.051% | 10/15/21 | 1,202,308 | 1,202,239 | |
Federal Home Loan Banks Discount Notes | 0.044% | 10/18/21 | 110,000 | 109,994 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.051% | 10/20/21 | 1,366,381 | 1,366,298 | |
Federal Home Loan Banks Discount Notes | 0.044% | 10/21/21 | 110,000 | 109,993 | |
Federal Home Loan Banks Discount Notes | 0.042%–0.046% | 10/22/21 | 1,214,000 | 1,213,923 | |
Federal Home Loan Banks Discount Notes | 0.043%–0.045% | 10/27/21 | 790,600 | 790,546 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.046% | 10/29/21 | 579,000 | 578,958 | |
Federal Home Loan Banks Discount Notes | 0.041% | 11/2/21 | 670,000 | 669,948 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.045% | 11/3/21 | 1,301,000 | 1,300,898 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.045% | 11/4/21 | 690,000 | 689,945 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.044% | 11/5/21 | 934,000 | 933,925 | |
Federal Home Loan Banks Discount Notes | 0.039%–0.042% | 11/8/21 | 736,000 | 735,937 | |
Federal Home Loan Banks Discount Notes | 0.038%–0.041% | 11/9/21 | 769,000 | 768,934 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.051% | 11/10/21 | 1,410,000 | 1,409,876 | |
Federal Home Loan Banks Discount Notes | 0.042%–0.045% | 11/12/21 | 1,679,000 | 1,678,851 | |
Federal Home Loan Banks Discount Notes | 0.040% | 11/15/21 | 117,000 | 116,989 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.043% | 11/16/21 | 784,000 | 783,926 | |
Federal Home Loan Banks Discount Notes | 0.040%–0.042% | 11/17/21 | 1,136,000 | 1,135,891 | |
Federal Home Loan Banks Discount Notes | 0.039%–0.041% | 11/18/21 | 782,000 | 781,924 | |
Federal Home Loan Banks Discount Notes | 0.042% | 11/19/21 | 1,300,000 | 1,299,872 | |
Federal Home Loan Banks Discount Notes | 0.044%–0.051% | 11/24/21 | 787,909 | 787,828 | |
Federal Home Loan Banks Discount Notes | 0.044% | 11/26/21 | 937,000 | 936,902 | |
Federal Home Loan Banks Discount Notes | 0.044% | 12/1/21 | 118,000 | 117,987 | |
Federal Home Loan Banks Discount Notes | 0.040% | 12/2/21 | 502,000 | 501,948 | |
Federal Home Loan Banks Discount Notes | 0.039% | 12/7/21 | 670,000 | 669,925 | |
Federal Home Loan Banks Discount Notes | 0.035%–0.039% | 12/15/21 | 134,000 | 133,985 | |
3 | Federal Home Loan Banks, SOFR + 0.000% | 0.050% | 9/1/21 | 300,000 | 300,000 |
3 | Federal Home Loan Banks, SOFR + 0.000% | 0.050% | 9/1/21 | 167,000 | 167,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 670,000 | 670,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 268,000 | 268,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 161,000 | 161,000 |
3 | Federal Home Loan Banks, SOFR + 0.005% | 0.055% | 9/1/21 | 125,000 | 125,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 643,000 | 643,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 540,000 | 540,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 250,000 | 250,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 110,000 | 110,000 |
3 | Federal Home Loan Banks, SOFR + 0.010% | 0.060% | 9/1/21 | 39,000 | 39,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 600,000 | 600,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 387,000 | 387,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 219,000 | 219,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 162,000 | 162,000 |
3 | Federal Home Loan Banks, SOFR + 0.015% | 0.065% | 9/1/21 | 81,000 | 81,000 |
3 | Federal Home Loan Banks, SOFR + 0.020% | 0.070% | 9/1/21 | 1,250,000 | 1,250,000 |
3 | Federal Home Loan Banks, SOFR + 0.020% | 0.070% | 9/1/21 | 191,000 | 191,000 |
3 | Federal Home Loan Banks, SOFR + 0.030% | 0.080% | 9/1/21 | 500,000 | 500,000 |
3 | Federal Home Loan Banks, SOFR + 0.080% | 0.130% | 9/1/21 | 970,000 | 970,000 |
3 | Federal Home Loan Banks, SOFR + 0.085% | 0.135% | 9/1/21 | 250,000 | 250,000 |
3 | Federal Home Loan Banks, SOFR + 0.095% | 0.145% | 9/1/21 | 130,000 | 130,000 |
3 | Federal Home Loan Mortgage Corp., SOFR + 0.095% | 0.145% | 9/1/21 | 287,000 | 287,000 |
3 | Federal Home Loan Mortgage Corp., SOFR + 0.095% | 0.145% | 9/1/21 | 200,000 | 200,000 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Federal Home Loan Mortgage Corp., SOFR + 0.100% | 0.150% | 9/1/21 | 150,000 | 150,000 |
3 | Federal Home Loan Mortgage Corp., SOFR + 0.140% | 0.190% | 9/1/21 | 100,000 | 100,000 |
3 | Federal Home Loan Mortgage Corp., SOFR + 0.160% | 0.210% | 9/1/21 | 290,000 | 290,000 |
3 | Federal Home Loan Mortgage Corp., SOFR + 0.180% | 0.230% | 9/1/21 | 568,000 | 568,000 |
3 | Federal Home Loan Mortgage Corp., SOFR + 0.190% | 0.240% | 9/1/21 | 500,000 | 500,000 |
3 | Federal Home Loan Mortgage Corp., SOFR + 0.260% | 0.310% | 9/1/21 | 1,500,000 | 1,500,000 |
3 | Federal National Mortgage Association, SOFR + 0.100% | 0.150% | 9/1/21 | 132,000 | 132,031 |
3 | Federal National Mortgage Association, SOFR + 0.120% | 0.170% | 9/1/21 | 157,000 | 157,000 |
3 | Federal National Mortgage Association, SOFR + 0.170% | 0.220% | 9/1/21 | 197,000 | 197,166 |
3 | Federal National Mortgage Association, SOFR + 0.190% | 0.240% | 9/1/21 | 326,723 | 327,150 |
3 | Federal National Mortgage Association, SOFR + 0.220% | 0.270% | 9/1/21 | 376,000 | 376,550 |
3 | Federal National Mortgage Association, SOFR + 0.220% | 0.270% | 9/1/21 | 162,000 | 162,183 |
3 | Federal National Mortgage Association, SOFR + 0.270% | 0.320% | 9/1/21 | 136,300 | 136,540 |
3 | Federal National Mortgage Association, SOFR + 0.290% | 0.340% | 9/1/21 | 1,000,000 | 1,000,000 |
3 | Federal National Mortgage Association, SOFR + 0.300% | 0.350% | 9/1/21 | 525,000 | 525,000 |
3 | Federal National Mortgage Association, SOFR + 0.300% | 0.350% | 9/1/21 | 425,000 | 425,000 |
3 | Federal National Mortgage Association, SOFR + 0.320% | 0.370% | 9/1/21 | 196,700 | 197,100 |
3 | Federal National Mortgage Association, SOFR + 0.390% | 0.440% | 9/1/21 | 202,000 | 202,479 |
U.S. Cash Management Bill | 0.040% | 9/23/21 | 3,500,000 | 3,499,914 | |
U.S. Cash Management Bill | 0.048% | 11/30/21 | 966,276 | 966,155 | |
U.S. Cash Management Bill | 0.048% | 12/7/21 | 2,000,000 | 1,999,731 | |
U.S. Cash Management Bill | 0.043% | 12/14/21 | 1,575,800 | 1,575,595 | |
U.S. Cash Management Bill | 0.043% | 12/21/21 | 1,493,600 | 1,493,393 | |
U.S. Cash Management Bill | 0.048% | 12/28/21 | 3,000,000 | 2,999,508 | |
U.S. Treasury Bill | 0.020%–0.060% | 9/2/21 | 4,082,000 | 4,081,994 | |
U.S. Treasury Bill | 0.024%–0.042% | 9/7/21 | 3,079,900 | 3,079,878 | |
U.S. Treasury Bill | 0.025%–0.060% | 9/9/21 | 5,528,000 | 5,527,938 | |
U.S. Treasury Bill | 0.019% | 9/14/21 | 2,500,000 | 2,499,982 | |
U.S. Treasury Bill | 0.025%–0.055% | 9/16/21 | 5,801,000 | 5,800,902 | |
U.S. Treasury Bill | 0.014% | 9/21/21 | 2,375,000 | 2,374,980 | |
U.S. Treasury Bill | 0.019%–0.042% | 9/28/21 | 4,000,000 | 3,999,903 | |
U.S. Treasury Bill | 0.040%–0.049% | 9/30/21 | 2,170,200 | 2,170,129 | |
U.S. Treasury Bill | 0.035% | 10/7/21 | 963,990 | 963,956 | |
U.S. Treasury Bill | 0.040% | 10/14/21 | 963,995 | 963,949 | |
U.S. Treasury Bill | 0.040% | 10/21/21 | 963,991 | 963,937 | |
U.S. Treasury Bill | 0.035% | 11/4/21 | 963,990 | 963,930 | |
U.S. Treasury Bill | 0.035% | 11/12/21 | 957,756 | 957,689 | |
U.S. Treasury Bill | 0.030% | 11/18/21 | 966,917 | 966,854 | |
U.S. Treasury Bill | 0.040% | 12/16/21 | 1,364,400 | 1,364,239 | |
U.S. Treasury Bill | 0.050% | 1/6/22 | 1,243,400 | 1,243,181 | |
U.S. Treasury Bill | 0.050% | 1/13/22 | 2,934,400 | 2,933,854 | |
U.S. Treasury Bill | 0.050% | 1/20/22 | 3,000,000 | 2,999,412 | |
U.S. Treasury Bill | 0.055% | 2/3/22 | 4,000,000 | 3,999,053 | |
U.S. Treasury Bill | 0.050% | 2/10/22 | 4,000,000 | 3,999,100 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Treasury Bill | 0.050% | 2/17/22 | 2,000,000 | 1,999,531 | |
U.S. Treasury Bill | 0.050% | 2/24/22 | 2,000,000 | 1,999,511 | |
U.S. Treasury Bill | 0.055% | 3/3/22 | 2,500,000 | 2,499,305 | |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.034% | 0.079% | 9/1/21 | 2,441,000 | 2,441,063 |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.049% | 0.094% | 9/1/21 | 2,250,000 | 2,250,244 |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.055% | 0.100% | 9/1/21 | 2,017,000 | 2,016,938 |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.055% | 0.100% | 9/1/21 | 1,340,950 | 1,340,936 |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.114% | 0.159% | 9/1/21 | 200,000 | 200,126 |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.154% | 0.199% | 9/1/21 | 1,500,000 | 1,499,583 |
3 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.300% | 0.345% | 9/1/21 | 3,329,600 | 3,329,686 |
Total U.S. Government and Agency Obligations (Cost $148,689,697) | 148,689,697 | ||||
Repurchase Agreements (24.2%) | |||||
Bank of Montreal (Dated 7/8/21, Repurchase Value $166,016,000, collateralized by U.S. Treasury Bill 0.000%, 9/9/21, U.S. Treasury Inflation Indexed Note/Bond 0.125–0.625%, 1/15/24–10/15/25, and U.S. Treasury Note/Bond 0.100%–3.875%, 11/30/21–5/15/51, with a value of $169,320,000) | 0.060% | 9/3/21 | 166,000 | 166,000 | |
Bank of Montreal (Dated 8/5/21, Repurchase Value $366,018,000, collateralized by U.S. Treasury Bill 0.000% 9/9/21–11/23/21, U.S. Treasury Inflation Indexed Note/Bond 0.375%–0.750%, 7/15/25–2/15/45, and U.S. Treasury Note/Bond 0.100%–3.875%, 1/31/22–2/15/51, with a value of $373,320,000) | 0.055% | 9/7/21 | 366,000 | 366,000 | |
Bank of Montreal (Dated 8/17/21, Repurchase Value $133,005,000, collateralized by U.S. Treasury Bill 0.000%, 9/9/21–2/24/22, and U.S. Treasury Note/Bond 0.100%–3.875%, 10/31/22–8/15/49, with a value of $135,660,000) | 0.055% | 9/10/21 | 133,000 | 133,000 | |
Bank of Montreal (Dated 7/16/21, Repurchase Value $165,015,000, collateralized by U.S. Treasury Bill 0.000%, 9/9/21, U.S. Treasury Inflation Indexed Note/Bond 0.375–0.750%, 7/15/23–2/15/45, and U.S. Treasury Note/Bond 0.125%–3.875%, 10/31/22–2/15/51, with a value of $168,300,000) | 0.055% | 9/14/21 | 165,000 | 165,000 | |
Bank of Montreal (Dated 7/19/21, Repurchase Value $131,012,000, collateralized by U.S. Treasury Note/Bond 0.500%–3.875%, 7/31/26–8/15/48, with a value of $133,620,000) | 0.055% | 9/17/21 | 131,000 | 131,000 | |
Bank of Montreal (Dated 8/5/21, Repurchase Value $166,015,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 1.000%, 2/15/48, and U.S. Treasury Note/Bond 0.125%–3.375% 5/15/22–2/15/51, with a value of $169,320,000) | 0.055% | 10/4/21 | 166,000 | 166,000 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Bank of Montreal (Dated 8/30/21, Repurchase Value $134,012,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 1.000%–2.000%, 1/15/26–2/15/49, and U.S. Treasury Note/Bond 0.750%–3.875% 11/30/21–5/15/51, with a value of $136,680,000) | 0.055% | 10/29/21 | 134,000 | 134,000 | |
BNP Paribas (Dated 8/31/21, Repurchase Value $250,000,000, collateralized by U.S. Treasury Note/Bond 1.125%–2.750%, 2/15/22–4/30/24, with a value of $255,000,000) | 0.050% | 9/1/21 | 250,000 | 250,000 | |
Credit Agricole Securities (USA) Inc. (Dated 8/31/21, Repurchase Value $650,001,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.250%–0.750%, 4/15/24–7/15/28, with a value of $663,000,000) | 0.050% | 9/1/21 | 650,000 | 650,000 | |
Federal Reserve Bank of New York (Dated 8/31/21, Repurchase Value $40,258,056,000, collateralized by U.S. Treasury Note/Bond 0.125%–2.875%, 9/15/22–8/15/49, with a value of $40,258,056,000) | 0.050% | 9/1/21 | 40,258,000 | 40,258,000 | |
Goldman Sachs & Co. (Dated 8/31/21, Repurchase Value $565,001,000, collateralized by U.S. Treasury Note/Bond 0.500%–3.375%, 2/29/24–11/15/48, with a value of $576,300,000) | 0.050% | 9/1/21 | 565,000 | 565,000 | |
JP Morgan Securities LLC (Dated 8/31/21, Repurchase Value $500,001,000, collateralized by U.S. Treasury Note/Bond 0.750%, 5/31/26, with a value of $510,000,000) | 0.050% | 9/1/21 | 500,000 | 500,000 | |
RBC Dominion Securities Inc. (Dated 8/24/21, Repurchase Value $200,009,000, collateralized by U.S. Treasury Bill 0.000%, 9/28/21, U.S. Treasury Inflation Indexed Note/Bond 0.125%–0.750%, 1/15/30–2/15/45, and U.S. Treasury Note/Bond 0.250%–3.125%, 10/31/21–2/15/48, with a value of $204,000,000) | 0.050% | 9/24/21 | 200,000 | 200,000 | |
Sumitomo Mitsui Banking Corp. (Dated 8/31/21, Repurchase Value $3,115,005,000, collateralized by U.S. Treasury Note/Bond 0.250%–1.125%, 3/15/23–8/15/40, with a value of $3,177,300,000) | 0.055% | 9/1/21 | 3,115,000 | 3,115,000 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
TD Securities (USA) LLC (Dated 8/31/21, Repurchase Value $250,000,000, collateralized by U.S. Treasury Bill 0.000%, 10/7/21–10/14/21, U.S. Treasury Inflation Indexed Note/Bond 0.125%–0.875%, 7/15/26–1/15/29, and U.S. Treasury Note/Bond 0.125%–2.750%, 1/31/22–2/28/25, with a value of $255,000,000) | 0.050% | 9/1/21 | 250,000 | 250,000 | |
Total Repurchase Agreements (Cost $47,049,000) | 47,049,000 | ||||
Total Investments (100.7%) (Cost $195,738,697) | 195,738,697 | ||||
Other Assets and Liabilities—Net (-0.7%) | (1,353,238) | ||||
Net Assets (100%) | 194,385,459 | ||||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities. |
2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
3 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
3M—3-month. | |
EFFR—Effective Federal Funds Rate | |
SOFR—Secured Overnight Financing Rate. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $148,689,697) | 148,689,697 |
Repurchase Agreements (Cost $47,049,000) | 47,049,000 |
Total Investments in Securities | 195,738,697 |
Investment in Vanguard | 6,475 |
Cash | 1 |
Receivables for Investment Securities Sold | 2,703,987 |
Receivables for Accrued Income | 6,623 |
Receivables for Capital Shares Issued | 125,422 |
Other Assets | 10,500 |
Total Assets | 198,591,705 |
Liabilities | |
Payables for Investment Securities Purchased | 4,022,142 |
Payables for Capital Shares Redeemed | 183,723 |
Payables for Distributions | 92 |
Payables to Vanguard | 289 |
Total Liabilities | 4,206,246 |
Net Assets | 194,385,459 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 194,387,002 |
Total Distributable Earnings (Loss) | (1,543) |
Net Assets | 194,385,459 |
Net Assets | |
Applicable to 194,386,492,050 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 194,385,459 |
Net Asset Value Per Share | $1.00 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest | 208,775 |
Total Income | 208,775 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 4,153 |
Management and Administrative | 192,562 |
Marketing and Distribution | 17,455 |
Custodian Fees | 929 |
Auditing Fees | 27 |
Shareholders’ Reports | 3,977 |
Trustees’ Fees and Expenses | 168 |
Total Expenses | 219,271 |
Expense Reduction—Note B | (49,701) |
Net Expenses | 169,570 |
Net Investment Income | 39,205 |
Realized Net Gain (Loss) on Investment Securities Sold | 188 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 39,393 |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 39,205 | 1,544,028 |
Realized Net Gain (Loss) | 188 | 447 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 39,393 | 1,544,475 |
Distributions | ||
Total Distributions | (39,216) | (1,544,104) |
Capital Share Transactions (at $1.00 per share) | ||
Issued | 102,455,515 | 142,987,799 |
Issued in Lieu of Cash Distributions | 36,748 | 1,518,401 |
Redeemed | (105,631,589) | (79,947,875) |
Net Increase (Decrease) from Capital Share Transactions | (3,139,326) | 64,558,325 |
Total Increase (Decrease) | (3,139,149) | 64,558,696 |
Net Assets | ||
Beginning of Period | 197,524,608 | 132,965,912 |
End of Period | 194,385,459 | 197,524,608 |
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations | |||||
Net Investment Income1 | .0002 | .010 | .022 | .014 | .006 |
Net Realized and Unrealized Gain (Loss) on Investments | — | — | — | — | — |
Total from Investment Operations | .0002 | .010 | .022 | .014 | .006 |
Distributions | |||||
Dividends from Net Investment Income | (.0002) | (.010) | (.022) | (.014) | (.006) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.0002) | (.010) | (.022) | (.014) | (.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.02% | 1.03% | 2.26% | 1.42% | 0.57% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $194,385 | $197,525 | $132,966 | $100,287 | $79,452 |
Ratio of Total Expenses to Average Net Assets3 | 0.09% | 0.11% | 0.11% | 0.11% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 0.02% | 0.93% | 2.24% | 1.43% | 0.60% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.11% for 2021. For the years ended August 31, 2020, 2019, 2018, and 2017, there were no expense reductions. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
D. | Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. |
Amount ($000) | |
Undistributed Ordinary Income | 92 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (1,543) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | — |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 39,216 | 1,544,104 |
Long-Term Capital Gains | — | — |
Total | 39,216 | 1,544,104 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 195,738,697 |
Gross Unrealized Appreciation | — |
Gross Unrealized Depreciation | — |
Net Unrealized Appreciation (Depreciation) | — |
E. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
1 - 7 Days | 22.7% |
8 - 30 Days | 35.0 |
31 - 60 Days | 2.3 |
61 - 90 Days | 1.0 |
91 - 180 Days | 39.0 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (106.8%) | |||||
U.S. Cash Management Bill | 0.039%–0.049% | 9/23/21 | 3,384,000 | 3,383,912 | |
U.S. Cash Management Bill | 0.048% | 11/30/21 | 177,724 | 177,702 | |
U.S. Cash Management Bill | 0.043%–0.048% | 12/7/21 | 588,750 | 588,680 | |
U.S. Cash Management Bill | 0.043%–0.046% | 12/14/21 | 2,816,120 | 2,815,754 | |
U.S. Cash Management Bill | 0.043% | 12/21/21 | 1,260,000 | 1,259,825 | |
U.S. Cash Management Bill | 0.048% | 12/28/21 | 1,246,000 | 1,245,796 | |
U.S. Treasury Bill | 0.020%–0.060% | 9/2/21 | 2,610,183 | 2,610,180 | |
U.S. Treasury Bill | 0.024%–0.042% | 9/7/21 | 438,909 | 438,906 | |
U.S. Treasury Bill | 0.024%–0.060% | 9/9/21 | 3,118,263 | 3,118,234 | |
U.S. Treasury Bill | 0.019%–0.047% | 9/14/21 | 1,092,469 | 1,092,455 | |
U.S. Treasury Bill | 0.025%–0.055% | 9/16/21 | 2,494,000 | 2,493,959 | |
U.S. Treasury Bill | 0.014% | 9/21/21 | 300,000 | 299,997 | |
U.S. Treasury Bill | 0.019%–0.045% | 9/28/21 | 1,734,827 | 1,734,771 | |
U.S. Treasury Bill | 0.049% | 9/30/21 | 1,232,000 | 1,231,950 | |
U.S. Treasury Bill | 0.035% | 10/7/21 | 177,270 | 177,264 | |
U.S. Treasury Bill | 0.040% | 10/14/21 | 177,274 | 177,266 | |
U.S. Treasury Bill | 0.040% | 10/21/21 | 177,274 | 177,264 | |
U.S. Treasury Bill | 0.048% | 10/26/21 | 175,000 | 174,987 | |
U.S. Treasury Bill | 0.035% | 10/28/21 | 177,270 | 177,260 | |
U.S. Treasury Bill | 0.048% | 11/2/21 | 174,000 | 173,985 | |
U.S. Treasury Bill | 0.030% | 11/18/21 | 37,222 | 37,220 | |
U.S. Treasury Bill | 0.030% | 11/26/21 | 178,000 | 177,987 | |
U.S. Treasury Bill | 0.044% | 12/2/21 | 3,100,000 | 3,099,647 | |
U.S. Treasury Bill | 0.041% | 12/9/21 | 1,000,000 | 999,888 | |
U.S. Treasury Bill | 0.040% | 12/16/21 | 238,420 | 238,392 | |
U.S. Treasury Bill | 0.055% | 12/30/21 | 500,000 | 499,908 | |
U.S. Treasury Bill | 0.050% | 1/6/22 | 960,000 | 959,831 | |
U.S. Treasury Bill | 0.050% | 1/13/22 | 1,000,000 | 999,814 | |
U.S. Treasury Bill | 0.055% | 2/3/22 | 500,000 | 499,882 | |
U.S. Treasury Bill | 0.050% | 2/10/22 | 500,000 | 499,887 | |
U.S. Treasury Bill | 0.050% | 2/17/22 | 516,000 | 515,879 | |
U.S. Treasury Bill | 0.050% | 2/24/22 | 500,000 | 499,878 | |
2 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.029% | 0.074% | 9/1/21 | 300,000 | 300,000 |
2 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.034% | 0.079% | 9/1/21 | 550,000 | 550,010 |
2 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.049% | 0.094% | 9/1/21 | 700,000 | 700,072 |
2 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.055% | 0.100% | 9/1/21 | 869,706 | 869,695 |
2 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.055% | 0.100% | 9/1/21 | 711,000 | 710,994 |
2 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.114% | 0.159% | 9/1/21 | 615,000 | 615,236 |
Yield1 | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.154% | 0.199% | 9/1/21 | 700,000 | 699,805 |
2 | U.S. Treasury Floating Rate Note, U.S. Treasury 3M Bill Money Market Yield + 0.300% | 0.345% | 9/1/21 | 1,152,280 | 1,152,328 |
Total U.S. Government and Agency Obligations (Cost $38,176,500) | 38,176,500 | ||||
Total Investments (106.8%) (Cost $38,176,500) | 38,176,500 | ||||
Other Assets and Liabilities—Net (-6.8%) | (2,432,587) | ||||
Net Assets (100%) | 35,743,913 | ||||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities. |
2 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
3M—3-month. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Unaffiliated Issuers (Cost $38,176,500) | 38,176,500 |
Investment in Vanguard | 1,205 |
Receivables for Accrued Income | 873 |
Receivables for Capital Shares Issued | 202,742 |
Other Assets | 3,298 |
Total Assets | 38,384,618 |
Liabilities | |
Payables for Investment Securities Purchased | 2,599,704 |
Payables for Capital Shares Redeemed | 40,679 |
Payables for Distributions | 20 |
Payables to Vanguard | 302 |
Total Liabilities | 2,640,705 |
Net Assets | 35,743,913 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 35,743,997 |
Total Distributable Earnings (Loss) | (84) |
Net Assets | 35,743,913 |
Net Assets | |
Applicable to 35,740,957,207 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 35,743,913 |
Net Asset Value Per Share | $1.00 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest | 39,377 |
Total Income | 39,377 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 880 |
Management and Administrative | 29,361 |
Marketing and Distribution | 3,620 |
Custodian Fees | 136 |
Auditing Fees | 24 |
Shareholders’ Reports | 109 |
Trustees’ Fees and Expenses | 14 |
Total Expenses | 34,144 |
Expense Reduction—Note B | (5,204) |
Net Expenses | 28,940 |
Net Investment Income | 10,437 |
Realized Net Gain (Loss) on Investment Securities Sold | 25 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,462 |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 10,437 | 331,186 |
Realized Net Gain (Loss) | 25 | 507 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,462 | 331,693 |
Distributions | ||
Total Distributions | (10,438) | (331,197) |
Capital Share Transactions (at $1.00 per share) | ||
Issued | 20,291,516 | 36,588,228 |
Issued in Lieu of Cash Distributions | 9,604 | 302,542 |
Redeemed | (23,104,196) | (26,772,445) |
Net Increase (Decrease) from Capital Share Transactions | (2,803,076) | 10,118,325 |
Total Increase (Decrease) | (2,803,052) | 10,118,821 |
Net Assets | ||
Beginning of Period | 38,546,965 | 28,428,144 |
End of Period | 35,743,913 | 38,546,965 |
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations | |||||
Net Investment Income1 | .0003 | .010 | .022 | .014 | .005 |
Net Realized and Unrealized Gain (Loss) on Investments | — | — | — | — | — |
Total from Investment Operations | .0003 | .010 | .022 | .014 | .005 |
Distributions | |||||
Dividends from Net Investment Income | (.0003) | (.010) | (.022) | (.014) | (.005) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.0003) | (.010) | (.022) | (.014) | (.005) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.03% | 1.05% | 2.25% | 1.43% | 0.54% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $35,744 | $38,547 | $28,428 | $18,911 | $15,639 |
Ratio of Total Expenses to Average Net Assets3 | 0.08% | 0.09% | 0.09% | 0.09% | 0.09% |
Ratio of Net Investment Income to Average Net Assets | 0.03% | 0.95% | 2.23% | 1.43% | 0.55% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.09% for 2021. For the years ended August 31, 2020, 2019, 2018, and 2017, there were no expense reductions. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
D. | Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. |
Amount ($000) | |
Undistributed Ordinary Income | 20 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (84) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | — |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 10,438 | 331,197 |
Long-Term Capital Gains | — | — |
Total | 10,438 | 331,197 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 38,176,500 |
Gross Unrealized Appreciation | — |
Gross Unrealized Depreciation | — |
Net Unrealized Appreciation (Depreciation) | — |
E. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 18, 2021
Matthew Benchener | Chris D. Mclsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Vanguard S&P Mid-Cap 400 Index Fund |
Vanguard S&P Mid-Cap 400 Value Index Fund |
Vanguard S&P Mid-Cap 400 Growth Index Fund |
1 | |
2 | |
4 | |
24 | |
45 | |
64 | |
66 |
• | For the 12 months ended August 31, 2021, returns for the three Vanguard S&P Mid-Cap 400 Index Funds ranged from 35.70% for ETF Shares in the Growth Index Fund to 54.62% for Institutional Shares in the Value Index Fund. All three funds closely tracked their target indexes. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. Swift and extensive fiscal and monetary support from policymakers have also been key to the rebound. With the 12 months under review reflecting the recovery in stocks following the sharp downturn at the start of the pandemic, the funds’ results were excellent. |
• | Mid- and small-capitalization stocks outperformed their large-cap counterparts for the fiscal year, and value stocks surpassed growth. |
• | All 11 sectors for the three funds generated positive returns. Consumer discretionary stocks contributed the most to the Index Fund and the Growth Index Fund, while financial stocks led the Value Index Fund. Industrials and information technology were also among the top performers for all three funds. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
S&P Mid-Cap 400 Index Fund | |||
ETF Shares | $1,000.00 | $1,109.20 | $0.53 |
Institutional Shares | 1,000.00 | 1,109.30 | 0.43 |
S&P Mid-Cap 400 Value Index Fund | |||
ETF Shares | $1,000.00 | $1,133.50 | $0.81 |
Institutional Shares | 1,000.00 | 1,133.90 | 0.43 |
S&P Mid-Cap 400 Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,083.90 | $0.79 |
Institutional Shares | 1,000.00 | 1,084.30 | 0.42 |
Based on Hypothetical 5% Yearly Return | |||
S&P Mid-Cap 400 Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
S&P Mid-Cap 400 Value Index Fund | |||
ETF Shares | $1,000.00 | $1,024.45 | $0.77 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
S&P Mid-Cap 400 Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,024.45 | $0.77 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
S&P Mid-Cap 400 Index Fund ETF Shares Net Asset Value | 44.65% | 13.62% | 13.77% | $36,330 | |
S&P Mid-Cap 400 Index Fund ETF Shares Market Price | 44.61 | 13.62 | 13.77 | 36,338 | |
S&P MidCap 400 Index | 44.77 | 13.74 | 13.90 | 36,760 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
S&P Mid-Cap 400 Index Fund Institutional Shares | 44.69% | 13.67% | 13.84% | $18,272,876 | |
S&P MidCap 400 Index | 44.77 | 13.74 | 13.90 | 18,379,984 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 22,360,680 |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
S&P Mid-Cap 400 Index Fund ETF Shares Market Price | 44.61% | 89.36% | 263.38% |
S&P Mid-Cap 400 Index Fund ETF Shares Net Asset Value | 44.65 | 89.33 | 263.30 |
S&P MidCap 400 Index | 44.77 | 90.36 | 267.60 |
Communication Services | 1.7% |
Consumer Discretionary | 15.4 |
Consumer Staples | 3.2 |
Energy | 2.0 |
Financials | 15.2 |
Health Care | 10.0 |
Industrials | 18.5 |
Information Technology | 14.7 |
Materials | 6.3 |
Real Estate | 9.7 |
Utilities | 3.3 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Communication Services (1.7%) | ||||||
Cable One Inc. | 6,525 | 13,700 | ||||
New York Times Co. Class A | 174,511 | 8,862 | ||||
* | Iridium Communications Inc. | 141,138 | 6,282 | |||
TEGNA Inc. | 265,268 | 4,700 | ||||
* | TripAdvisor Inc. | 117,810 | 4,123 | |||
* | Yelp Inc. Class A | 84,144 | 3,240 | |||
John Wiley & Sons Inc. Class A | 52,317 | 3,040 | ||||
World Wrestling Entertainment Inc. Class A | 54,389 | 2,834 | ||||
Telephone & Data Systems Inc. | 119,675 | 2,432 | ||||
49,213 | ||||||
Consumer Discretionary (15.4%) | ||||||
Williams-Sonoma Inc. | 91,550 | 17,092 | ||||
* | GameStop Corp. Class A | 66,699 | 14,556 | |||
* | Five Below Inc. | 67,277 | 14,317 | |||
* | RH | 20,214 | 14,163 | |||
* | Deckers Outdoor Corp. | 33,418 | 13,984 | |||
Service Corp. International | 202,038 | 12,680 | ||||
Lithia Motors Inc. Class A | 35,753 | 11,845 | ||||
* | Crocs Inc. | 78,375 | 11,194 | |||
1 | Dick's Sporting Goods Inc. | 78,740 | 11,087 | |||
Kohl's Corp. | 187,720 | 10,775 | ||||
Lear Corp. | 65,754 | 10,517 | ||||
* | Capri Holdings Ltd. | 181,822 | 10,275 | |||
Tempur Sealy International Inc. | 220,076 | 9,837 | ||||
Brunswick Corp. | 93,595 | 9,067 | ||||
* | YETI Holdings Inc. | 90,147 | 8,955 | |||
* | Mattel Inc. | 419,067 | 8,947 | |||
Gentex Corp. | 290,223 | 8,939 | ||||
Churchill Downs Inc. | 41,654 | 8,768 | ||||
* | TopBuild Corp. | 39,725 | 8,692 | |||
Toll Brothers Inc. | 134,898 | 8,642 | ||||
Polaris Inc. | 69,169 | 8,284 | ||||
Wyndham Hotels & Resorts Inc. | 112,219 | 8,158 | ||||
* | Skechers U.S.A. Inc. Class A | 161,214 | 8,130 |
Shares | Market Value• ($000) | |||||
* | Fox Factory Holding Corp. | 50,421 | 7,748 | |||
* | Marriott Vacations Worldwide Corp. | 51,299 | 7,672 | |||
Thor Industries Inc. | 66,525 | 7,546 | ||||
Texas Roadhouse Inc. Class A | 78,771 | 7,483 | ||||
Harley-Davidson Inc. | 184,641 | 7,299 | ||||
* | AutoNation Inc. | 64,788 | 7,068 | |||
Foot Locker Inc. | 124,092 | 7,035 | ||||
* | Victoria's Secret & Co. | 106,034 | 7,030 | |||
* | Helen of Troy Ltd. | 29,377 | 7,027 | |||
Wingstop Inc. | 35,730 | 6,143 | ||||
* | Boyd Gaming Corp. | 96,959 | 5,950 | |||
Travel + Leisure Co. | 103,552 | 5,671 | ||||
H&R Block Inc. | 218,020 | 5,592 | ||||
American Eagle Outfitters Inc. | 181,369 | 5,535 | ||||
Carter's Inc. | 52,816 | 5,407 | ||||
* | Goodyear Tire & Rubber Co. | 335,300 | 5,311 | |||
Papa John's International Inc. | 39,749 | 5,069 | ||||
* | Grand Canyon Education Inc. | 55,695 | 4,965 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 68,247 | 4,940 | |||
* | Scientific Games Corp. | 68,112 | 4,928 | |||
Wendy's Co. | 212,784 | 4,898 | ||||
Murphy USA Inc. | 30,086 | 4,672 | ||||
KB Home | 106,777 | 4,595 | ||||
* | Adient plc | 113,200 | 4,453 | |||
* | Taylor Morrison Home Corp. Class A | 154,939 | 4,352 | |||
Choice Hotels International Inc. | 34,712 | 4,143 | ||||
Cracker Barrel Old Country Store Inc. | 28,510 | 4,094 | ||||
Dana Inc. | 174,388 | 4,056 | ||||
* | Callaway Golf Co. | 139,787 | 3,922 | |||
* | Six Flags Entertainment Corp. | 91,321 | 3,857 | |||
Columbia Sportswear Co. | 36,728 | 3,747 | ||||
* | Nordstrom Inc. | 130,802 | 3,742 | |||
* | Visteon Corp. | 33,579 | 3,549 | |||
* | Tri Pointe Homes Inc. | 142,293 | 3,382 |
Shares | Market Value• ($000) | |||||
Graham Holdings Co. Class B | 4,852 | 2,993 | ||||
Jack in the Box Inc. | 26,712 | 2,830 | ||||
* | Urban Outfitters Inc. | 82,611 | 2,728 | |||
* | WW International Inc. | 57,403 | 1,243 | |||
* | Just Eat Takeaway.com NV ADR | 2 | — | |||
441,579 | ||||||
Consumer Staples (3.2%) | ||||||
* | Darling Ingredients Inc. | 196,056 | 14,606 | |||
* | BJ's Wholesale Club Holdings Inc. | 164,779 | 9,336 | |||
Casey's General Stores Inc. | 44,395 | 9,082 | ||||
* | Post Holdings Inc. | 71,100 | 7,957 | |||
Ingredion Inc. | 80,473 | 7,070 | ||||
* | Boston Beer Co. Inc. Class A | 11,175 | 6,372 | |||
Flowers Foods Inc. | 236,599 | 5,709 | ||||
Sanderson Farms Inc. | 23,880 | 4,692 | ||||
Lancaster Colony Corp. | 23,497 | 4,165 | ||||
* | Hain Celestial Group Inc. | 98,255 | 3,676 | |||
* | Sprouts Farmers Market Inc. | 141,822 | 3,531 | |||
* | Coty Inc. Class A | 340,586 | 3,328 | |||
Nu Skin Enterprises Inc. Class A | 60,133 | 3,044 | ||||
Energizer Holdings Inc. | 69,829 | 2,747 | ||||
* | Grocery Outlet Holding Corp. | 104,662 | 2,724 | |||
* | TreeHouse Foods Inc. | 67,563 | 2,532 | |||
* | Pilgrim's Pride Corp. | 58,768 | 1,636 | |||
Tootsie Roll Industries Inc. | 21,014 | 665 | ||||
92,872 | ||||||
Energy (2.0%) | ||||||
Targa Resources Corp. | 274,737 | 12,067 | ||||
Cimarex Energy Co. | 123,550 | 7,934 | ||||
* | EQT Corp. | 335,366 | 6,147 | |||
HollyFrontier Corp. | 179,571 | 5,806 | ||||
* | DT Midstream Inc. | 116,385 | 5,408 | |||
* | ChampionX Corp. | 224,988 | 5,249 | |||
Equitrans Midstream Corp. | 488,505 | 4,265 | ||||
Murphy Oil Corp. | 174,315 | 3,706 | ||||
Antero Midstream Corp. | 344,162 | 3,307 | ||||
* | CNX Resources Corp. | 264,685 | 3,007 | |||
56,896 | ||||||
Financials (15.2%) | ||||||
Signature Bank | 69,239 | 17,956 | ||||
FactSet Research Systems Inc. | 45,480 | 17,292 | ||||
Brown & Brown Inc. | 281,070 | 16,316 | ||||
East West Bancorp Inc. | 170,451 | 12,501 | ||||
American Financial Group Inc. | 82,824 | 11,425 | ||||
* | Alleghany Corp. | 16,733 | 11,323 | |||
First Horizon Corp. | 663,663 | 10,878 | ||||
Reinsurance Group of America Inc. | 81,687 | 9,461 | ||||
RenaissanceRe Holdings Ltd. | 59,642 | 9,348 |
Shares | Market Value• ($000) | |||||
First American Financial Corp. | 131,855 | 9,300 | ||||
Commerce Bancshares Inc. | 126,561 | 8,950 | ||||
SEI Investments Co. | 142,417 | 8,945 | ||||
Janus Henderson Group plc | 205,008 | 8,889 | ||||
Jefferies Financial Group Inc. | 240,361 | 8,884 | ||||
Pinnacle Financial Partners Inc. | 91,428 | 8,861 | ||||
Old Republic International Corp. | 340,519 | 8,854 | ||||
Stifel Financial Corp. | 126,268 | 8,725 | ||||
Affiliated Managers Group Inc. | 50,028 | 8,510 | ||||
First Financial Bankshares Inc. | 170,961 | 8,141 | ||||
Prosperity Bancshares Inc. | 111,666 | 7,803 | ||||
Cullen/Frost Bankers Inc. | 67,953 | 7,762 | ||||
Synovus Financial Corp. | 178,543 | 7,695 | ||||
SLM Corp. | 387,957 | 7,274 | ||||
Primerica Inc. | 47,386 | 7,247 | ||||
New York Community Bancorp Inc. | 558,817 | 6,996 | ||||
Evercore Inc. Class A | 49,202 | 6,871 | ||||
CIT Group Inc. | 119,027 | 6,597 | ||||
Essent Group Ltd. | 135,591 | 6,384 | ||||
Valley National Bancorp | 487,652 | 6,359 | ||||
Interactive Brokers Group Inc. Class A | 97,116 | 6,278 | ||||
MGIC Investment Corp. | 407,698 | 6,226 | ||||
Bank OZK | 145,252 | 6,163 | ||||
Glacier Bancorp Inc. | 114,754 | 6,112 | ||||
Hanover Insurance Group Inc. | 43,133 | 6,095 | ||||
Selective Insurance Group Inc. | 72,122 | 6,027 | ||||
PacWest Bancorp | 140,474 | 5,977 | ||||
United Bankshares Inc. | 161,209 | 5,857 | ||||
Webster Financial Corp. | 108,647 | 5,489 | ||||
Sterling Bancorp | 231,422 | 5,297 | ||||
RLI Corp. | 47,798 | 5,221 | ||||
Umpqua Holdings Corp. | 265,093 | 5,161 | ||||
Wintrust Financial Corp. | 68,538 | 5,129 | ||||
* | Brighthouse Financial Inc. | 103,090 | 5,047 | |||
Navient Corp. | 215,694 | 5,006 | ||||
Kemper Corp. | 72,928 | 5,003 | ||||
Hancock Whitney Corp. | 104,291 | 4,793 | ||||
UMB Financial Corp. | 52,241 | 4,784 | ||||
Kinsale Capital Group Inc. | 25,765 | 4,685 | ||||
FNB Corp. | 383,752 | 4,482 | ||||
FirstCash Inc. | 49,296 | 4,224 | ||||
* | Texas Capital Bancshares Inc. | 60,766 | 4,132 | |||
Bank of Hawaii Corp. | 48,540 | 4,068 | ||||
Home BancShares Inc. | 182,227 | 4,036 | ||||
CNO Financial Group Inc. | 158,078 | 3,867 | ||||
PROG Holdings Inc. | 80,876 | 3,827 |
Shares | Market Value• ($000) | |||||
Federated Hermes Inc. Class B | 112,362 | 3,801 | ||||
Associated Banc-Corp | 183,622 | 3,786 | ||||
Cathay General Bancorp | 89,988 | 3,580 | ||||
BancorpSouth Bank | 115,945 | 3,401 | ||||
Fulton Financial Corp. | 195,391 | 3,097 | ||||
Washington Federal Inc. | 87,007 | 2,897 | ||||
International Bancshares Corp. | 66,997 | 2,806 | ||||
* | LendingTree Inc. | 13,274 | 2,212 | |||
Mercury General Corp. | 31,922 | 1,906 | ||||
436,019 | ||||||
Health Care (9.9%) | ||||||
* | Molina Healthcare Inc. | 70,168 | 18,859 | |||
* | Repligen Corp. | 61,353 | 17,362 | |||
* | Masimo Corp. | 60,797 | 16,509 | |||
Hill-Rom Holdings Inc. | 79,864 | 11,627 | ||||
* | United Therapeutics Corp. | 53,826 | 11,566 | |||
* | Syneos Health Inc. | 121,668 | 11,288 | |||
* | Penumbra Inc. | 40,767 | 11,209 | |||
* | Neurocrine Biosciences Inc. | 113,602 | 10,815 | |||
* | Tenet Healthcare Corp. | 128,310 | 9,668 | |||
* | Jazz Pharmaceuticals plc | 72,211 | 9,511 | |||
Encompass Health Corp. | 119,605 | 9,383 | ||||
Chemed Corp. | 19,165 | 9,136 | ||||
* | STAAR Surgical Co. | 56,348 | 8,704 | |||
* | Arrowhead Pharmaceuticals Inc. | 125,064 | 8,394 | |||
* | Envista Holdings Corp. | 193,182 | 8,266 | |||
* | Globus Medical Inc. Class A | 93,242 | 7,608 | |||
* | Exelixis Inc. | 376,556 | 7,219 | |||
* | Amedisys Inc. | 39,139 | 7,180 | |||
* | Acadia Healthcare Co. Inc. | 107,823 | 7,129 | |||
* | LHC Group Inc. | 38,048 | 7,106 | |||
* | Halozyme Therapeutics Inc. | 160,814 | 6,753 | |||
* | HealthEquity Inc. | 100,182 | 6,429 | |||
* | Integra LifeSciences Holdings Corp. | 85,336 | 6,420 | |||
* | Medpace Holdings Inc. | 33,281 | 6,069 | |||
* | Quidel Corp. | 46,528 | 6,000 | |||
* | Neogen Corp. | 129,051 | 5,650 | |||
* | LivaNova plc | 63,077 | 5,216 | |||
* | ICU Medical Inc. | 23,713 | 4,727 | |||
* | Option Care Health Inc. | 145,542 | 3,893 | |||
* | NuVasive Inc. | 62,041 | 3,855 | |||
* | Haemonetics Corp. | 61,189 | 3,840 | |||
* | Emergent BioSolutions Inc. | 54,729 | 3,452 | |||
* | Nektar Therapeutics | 218,782 | 3,387 | |||
* | R1 RCM Inc. | 166,078 | 3,275 | |||
Patterson Cos. Inc. | 104,507 | 3,202 | ||||
* | Ligand Pharmaceuticals Inc. | 20,011 | 2,647 | |||
* | Progyny Inc. | 44,676 | 2,496 | |||
285,850 | ||||||
Industrials (18.5%) | ||||||
Graco Inc. | 203,574 | 15,964 |
Shares | Market Value• ($000) | |||||
Nordson Corp. | 64,932 | 15,493 | ||||
* | Trex Co. Inc. | 138,609 | 15,214 | |||
Toro Co. | 128,636 | 14,142 | ||||
* | Axon Enterprise Inc. | 77,720 | 14,135 | |||
Lennox International Inc. | 41,305 | 13,845 | ||||
Hubbell Inc. Class B | 65,262 | 13,451 | ||||
* | Builders FirstSource Inc. | 248,878 | 13,263 | |||
Carlisle Cos. Inc. | 62,708 | 13,215 | ||||
* | Middleby Corp. | 66,844 | 12,228 | |||
Owens Corning | 125,513 | 11,993 | ||||
* | AECOM | 175,894 | 11,532 | |||
Watsco Inc. | 39,546 | 11,010 | ||||
* | XPO Logistics Inc. | 122,144 | 10,615 | |||
Donaldson Co. Inc. | 151,537 | 10,267 | ||||
AGCO Corp. | 74,241 | 10,217 | ||||
* | GXO Logistics Inc. | 122,144 | 9,990 | |||
Lincoln Electric Holdings Inc. | 71,536 | 9,987 | ||||
ITT Inc. | 103,448 | 9,897 | ||||
Oshkosh Corp. | 82,445 | 9,447 | ||||
Tetra Tech Inc. | 65,076 | 9,360 | ||||
* | IAA Inc. | 161,916 | 8,601 | |||
* | Sunrun Inc. | 193,575 | 8,566 | |||
Woodward Inc. | 70,447 | 8,520 | ||||
EMCOR Group Inc. | 65,549 | 7,964 | ||||
ManpowerGroup Inc. | 65,515 | 7,955 | ||||
Acuity Brands Inc. | 42,900 | 7,916 | ||||
Landstar System Inc. | 46,149 | 7,754 | ||||
* | Stericycle Inc. | 110,253 | 7,674 | |||
Knight-Swift Transportation Holdings Inc. Class A | 147,159 | 7,642 | ||||
* | Saia Inc. | 31,801 | 7,636 | |||
Regal Beloit Corp. | 48,820 | 7,295 | ||||
* | CACI International Inc. Class A | 28,297 | 7,288 | |||
* | ASGN Inc. | 63,920 | 7,171 | |||
MSA Safety Inc. | 43,765 | 7,127 | ||||
nVent Electric plc | 201,469 | 6,922 | ||||
* | Colfax Corp. | 141,742 | 6,828 | |||
KBR Inc. | 169,832 | 6,613 | ||||
Valmont Industries Inc. | 25,532 | 6,354 | ||||
* | MasTec Inc. | 67,859 | 6,205 | |||
* | Clean Harbors Inc. | 60,314 | 6,189 | |||
Flowserve Corp. | 156,580 | 6,086 | ||||
Crane Co. | 59,652 | 6,071 | ||||
Timken Co. | 82,170 | 6,043 | ||||
Curtiss-Wright Corp. | 49,188 | 5,990 | ||||
Simpson Manufacturing Co. Inc. | 52,182 | 5,904 | ||||
Science Applications International Corp. | 69,652 | 5,867 | ||||
* | JetBlue Airways Corp. | 380,459 | 5,756 | |||
* | FTI Consulting Inc. | 41,119 | 5,745 | |||
* | Hexcel Corp. | 100,661 | 5,708 | |||
* | Avis Budget Group Inc. | 62,114 | 5,637 | |||
Ryder System Inc. | 64,728 | 5,145 | ||||
* | Univar Solutions Inc. | 203,761 | 4,811 |
Shares | Market Value• ($000) | |||||
Insperity Inc. | 43,217 | 4,769 | ||||
MSC Industrial Direct Co. Inc. Class A | 56,463 | 4,755 | ||||
Brink's Co. | 59,780 | 4,672 | ||||
EnerSys | 51,467 | 4,354 | ||||
Terex Corp. | 83,870 | 4,282 | ||||
GATX Corp. | 42,536 | 3,900 | ||||
* | Kirby Corp. | 72,219 | 3,870 | |||
Kennametal Inc. | 100,453 | 3,735 | ||||
Herman Miller Inc. | 88,629 | 3,725 | ||||
* | Mercury Systems Inc. | 67,464 | 3,399 | |||
Werner Enterprises Inc. | 68,553 | 3,233 | ||||
Trinity Industries Inc. | 97,224 | 2,822 | ||||
* | Dycom Industries Inc. | 36,984 | 2,786 | |||
* | KAR Auction Services Inc. | 149,909 | 2,535 | |||
* | Fluor Corp. | 151,153 | 2,518 | |||
Healthcare Services Group Inc. | 89,784 | 2,349 | ||||
529,952 | ||||||
Information Technology (14.7%) | ||||||
Cognex Corp. | 212,199 | 18,805 | ||||
* | SolarEdge Technologies Inc. | 62,452 | 18,097 | |||
* | Ceridian HCM Holding Inc. | 157,796 | 17,728 | |||
* | Fair Isaac Corp. | 34,576 | 15,896 | |||
* | Manhattan Associates Inc. | 76,437 | 12,459 | |||
* | Paylocity Holding Corp. | 45,167 | 12,159 | |||
* | Cree Inc. | 138,743 | 11,790 | |||
Genpact Ltd. | 209,303 | 10,859 | ||||
* | Arrow Electronics Inc. | 89,113 | 10,802 | |||
Universal Display Corp. | 51,541 | 10,751 | ||||
* | Ciena Corp. | 186,192 | 10,637 | |||
* | Aspen Technology Inc. | 81,723 | 10,583 | |||
* | Lattice Semiconductor Corp. | 164,070 | 10,192 | |||
Jabil Inc. | 160,901 | 9,940 | ||||
* | WEX Inc. | 53,758 | 9,868 | |||
MKS Instruments Inc. | 66,513 | 9,789 | ||||
* | First Solar Inc. | 102,189 | 9,606 | |||
* | Concentrix Corp. | 50,035 | 8,676 | |||
* | Silicon Laboratories Inc. | 54,394 | 8,574 | |||
Littelfuse Inc. | 29,503 | 8,420 | ||||
* | Synaptics Inc. | 42,295 | 8,027 | |||
* | II-VI Inc. | 126,024 | 7,937 | |||
* | Lumentum Holdings Inc. | 91,197 | 7,901 | |||
Brooks Automation Inc. | 89,269 | 7,584 | ||||
* | Coherent Inc. | 29,474 | 7,447 | |||
Vontier Corp. | 202,817 | 7,376 | ||||
* | Teradata Corp. | 131,689 | 7,202 | |||
* | J2 Global Inc. | 50,985 | 7,021 | |||
* | NCR Corp. | 157,282 | 6,681 | |||
National Instruments Corp. | 158,133 | 6,613 | ||||
Maximus Inc. | 73,859 | 6,432 | ||||
SYNNEX Corp. | 49,839 | 6,333 | ||||
CDK Global Inc. | 146,316 | 6,087 | ||||
Alliance Data Systems Corp. | 59,745 | 5,862 | ||||
* | Cirrus Logic Inc. | 69,120 | 5,783 |
Shares | Market Value• ($000) | |||||
* | Semtech Corp. | 78,013 | 5,455 | |||
* | Envestnet Inc. | 65,393 | 5,223 | |||
* | Sailpoint Technologies Holdings Inc. | 110,937 | 5,199 | |||
* | Mimecast Ltd. | 71,527 | 4,993 | |||
* | Cerence Inc. | 45,442 | 4,928 | |||
Avnet Inc. | 119,549 | 4,837 | ||||
* | Qualys Inc. | 40,446 | 4,748 | |||
CMC Materials Inc. | 35,151 | 4,662 | ||||
* | ACI Worldwide Inc. | 141,940 | 4,575 | |||
* | CommVault Systems Inc. | 55,302 | 4,478 | |||
Xerox Holdings Corp. | 193,735 | 4,361 | ||||
* | Sabre Corp. | 383,867 | 4,311 | |||
* | Viasat Inc. | 81,779 | 4,223 | |||
* | Blackbaud Inc. | 58,660 | 4,088 | |||
* | LiveRamp Holdings Inc. | 82,204 | 4,028 | |||
Amkor Technology Inc. | 129,087 | 3,546 | ||||
Vishay Intertechnology Inc. | 159,459 | 3,503 | ||||
Belden Inc. | 53,758 | 3,078 | ||||
* | NetScout Systems Inc. | 88,616 | 2,430 | |||
422,583 | ||||||
Materials (6.3%) | ||||||
Steel Dynamics Inc. | 241,095 | 16,272 | ||||
* | Cleveland-Cliffs Inc. | 552,043 | 12,956 | |||
RPM International Inc. | 155,614 | 12,806 | ||||
Reliance Steel & Aluminum Co. | 76,545 | 11,485 | ||||
AptarGroup Inc. | 78,958 | 10,644 | ||||
Royal Gold Inc. | 78,828 | 8,776 | ||||
United States Steel Corp. | 324,008 | 8,667 | ||||
Olin Corp. | 172,162 | 8,581 | ||||
Eagle Materials Inc. | 50,919 | 7,986 | ||||
Sonoco Products Co. | 120,889 | 7,894 | ||||
Louisiana-Pacific Corp. | 122,859 | 7,794 | ||||
Scotts Miracle-Gro Co. | 48,859 | 7,663 | ||||
Chemours Co. | 198,891 | 6,665 | ||||
Valvoline Inc. | 217,576 | 6,562 | ||||
Ashland Global Holdings Inc. | 65,651 | 5,981 | ||||
Avient Corp. | 109,700 | 5,714 | ||||
Commercial Metals Co. | 144,800 | 4,723 | ||||
Sensient Technologies Corp. | 50,803 | 4,412 | ||||
Silgan Holdings Inc. | 94,166 | 3,995 | ||||
* | Ingevity Corp. | 48,086 | 3,866 | |||
Cabot Corp. | 68,017 | 3,632 | ||||
Minerals Technologies Inc. | 40,530 | 3,187 | ||||
NewMarket Corp. | 8,799 | 3,077 | ||||
Compass Minerals International Inc. | 40,857 | 2,735 | ||||
Worthington Industries Inc. | 42,025 | 2,435 | ||||
Greif Inc. Class A | 31,866 | 2,018 | ||||
180,526 | ||||||
Real Estate (9.7%) | ||||||
Camden Property Trust | 117,369 | 17,610 | ||||
* | Jones Lang LaSalle Inc. | 61,647 | 14,945 | |||
Medical Properties Trust Inc. | 706,734 | 14,474 |
Shares | Market Value• ($000) | |||||
Lamar Advertising Co. Class A | 104,159 | 11,856 | ||||
Life Storage Inc. | 92,343 | 11,491 | ||||
CyrusOne Inc. | 147,233 | 11,334 | ||||
STORE Capital Corp. | 292,500 | 10,550 | ||||
National Retail Properties Inc. | 210,961 | 10,044 | ||||
Rexford Industrial Realty Inc. | 161,078 | 9,976 | ||||
Apartment Income REIT Corp. | 188,432 | 9,576 | ||||
Omega Healthcare Investors Inc. | 282,799 | 9,482 | ||||
First Industrial Realty Trust Inc. | 155,153 | 8,687 | ||||
EastGroup Properties Inc. | 48,086 | 8,668 | ||||
American Campus Communities Inc. | 165,651 | 8,423 | ||||
Brixmor Property Group Inc. | 356,802 | 8,367 | ||||
Kilroy Realty Corp. | 127,325 | 8,359 | ||||
CoreSite Realty Corp. | 51,649 | 7,663 | ||||
Spirit Realty Capital Inc. | 138,125 | 7,151 | ||||
Cousins Properties Inc. | 178,607 | 6,887 | ||||
Douglas Emmett Inc. | 198,189 | 6,542 | ||||
Rayonier Inc. | 167,049 | 6,144 | ||||
SL Green Realty Corp. | 83,334 | 5,840 | ||||
Highwoods Properties Inc. | 125,027 | 5,713 | ||||
* | Park Hotels & Resorts Inc. | 284,159 | 5,439 | |||
National Storage Affiliates Trust | 93,387 | 5,346 | ||||
Healthcare Realty Trust Inc. | 170,216 | 5,112 | ||||
Physicians Realty Trust | 258,904 | 4,792 | ||||
Hudson Pacific Properties Inc. | 181,373 | 4,785 | ||||
EPR Properties | 89,836 | 4,559 | ||||
PotlatchDeltic Corp. | 80,552 | 4,185 | ||||
Sabra Health Care REIT Inc. | 259,457 | 4,151 | ||||
JBG SMITH Properties | 132,721 | 3,999 | ||||
Corporate Office Properties Trust | 134,919 | 3,802 | ||||
PS Business Parks Inc. | 24,147 | 3,797 | ||||
Pebblebrook Hotel Trust | 157,870 | 3,478 | ||||
Macerich Co. | 201,000 | 3,433 | ||||
Urban Edge Properties | 132,180 | 2,504 | ||||
Kimco Realty Corp. | 1 | — | ||||
279,164 |
Shares | Market Value• ($000) | |||||
Utilities (3.3%) | ||||||
Essential Utilities Inc. | 268,578 | 13,329 | ||||
UGI Corp. | 250,749 | 11,612 | ||||
OGE Energy Corp. | 240,514 | 8,517 | ||||
MDU Resources Group Inc. | 241,737 | 7,777 | ||||
IDACORP Inc. | 60,697 | 6,394 | ||||
Hawaiian Electric Industries Inc. | 131,190 | 5,720 | ||||
National Fuel Gas Co. | 109,544 | 5,675 | ||||
Black Hills Corp. | 75,546 | 5,313 | ||||
PNM Resources Inc. | 103,128 | 5,105 | ||||
Southwest Gas Holdings Inc. | 69,695 | 4,900 | ||||
ONE Gas Inc. | 63,974 | 4,595 | ||||
New Jersey Resources Corp. | 115,760 | 4,322 | ||||
ALLETE Inc. | 62,706 | 4,228 | ||||
Spire Inc. | 62,095 | 4,142 | ||||
NorthWestern Corp. | 60,889 | 3,873 | ||||
95,502 | ||||||
Total Common Stocks (Cost $2,104,105) | 2,870,156 | |||||
Temporary Cash Investments (0.4%) | ||||||
Money Market Fund (0.4%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $11,438) | 114,385 | 11,438 | |||
Total Investments (100.3%) (Cost $2,115,543) | 2,881,594 | |||||
Other Assets and Liabilities—Net (-0.3%) | (9,814) | |||||
Net Assets (100%) | 2,871,780 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $10,547,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $10,861,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P Mid-Cap 400 Index | September 2021 | 4 | 1,101 | 19 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,104,105) | 2,870,156 |
Affiliated Issuers (Cost $11,438) | 11,438 |
Total Investments in Securities | 2,881,594 |
Investment in Vanguard | 95 |
Cash Collateral Pledged—Futures Contracts | 60 |
Receivables for Investment Securities Sold | 1,425 |
Receivables for Accrued Income | 1,897 |
Receivables for Capital Shares Issued | 158 |
Total Assets | 2,885,229 |
Liabilities | |
Due to Custodian | 1,507 |
Payables for Investment Securities Purchased | 610 |
Collateral for Securities on Loan | 10,861 |
Payables for Capital Shares Redeemed | 355 |
Payables to Vanguard | 113 |
Variation Margin Payable—Futures Contracts | 3 |
Total Liabilities | 13,449 |
Net Assets | 2,871,780 |
Statement of Assets and Liabilities (continued) | |
At August 31, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 2,332,566 |
Total Distributable Earnings (Loss) | 539,214 |
Net Assets | 2,871,780 |
ETF Shares—Net Assets | |
Applicable to 7,926,158 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,475,510 |
Net Asset Value Per Share—ETF Shares | $186.16 |
Institutional Shares—Net Assets | |
Applicable to 3,760,478 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,396,270 |
Net Asset Value Per Share—Institutional Shares | $371.30 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 34,003 |
Interest1 | 2 |
Securities Lending—Net | 84 |
Total Income | 34,089 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 390 |
Management and Administrative—ETF Shares | 922 |
Management and Administrative—Institutional Shares | 808 |
Marketing and Distribution—ETF Shares | 53 |
Marketing and Distribution—Institutional Shares | 34 |
Custodian Fees | 50 |
Auditing Fees | 26 |
Shareholders’ Reports—ETF Shares | 27 |
Shareholders’ Reports—Institutional Shares | 9 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,320 |
Net Investment Income | 31,769 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 184,207 |
Futures Contracts | 1,087 |
Realized Net Gain (Loss) | 185,294 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 699,581 |
Futures Contracts | 24 |
Change in Unrealized Appreciation (Depreciation) | 699,605 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 916,668 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, $3,000, and ($3,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $231,108,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 31,769 | 32,257 |
Realized Net Gain (Loss) | 185,294 | 41,164 |
Change in Unrealized Appreciation (Depreciation) | 699,605 | 21,473 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 916,668 | 94,894 |
Distributions | ||
ETF Shares | (14,119) | (14,643) |
Institutional Shares | (16,856) | (18,508) |
Total Distributions | (30,975) | (33,151) |
Capital Share Transactions | ||
ETF Shares | 182,048 | (54,436) |
Institutional Shares | (248,994) | (75,560) |
Net Increase (Decrease) from Capital Share Transactions | (66,946) | (129,996) |
Total Increase (Decrease) | 818,747 | (68,253) |
Net Assets | ||
Beginning of Period | 2,053,033 | 2,121,286 |
End of Period | 2,871,780 | 2,053,033 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $130.31 | $127.18 | $138.01 | $116.74 | $105.51 |
Investment Operations | |||||
Net Investment Income1 | 1.996 | 1.959 | 1.880 | 1.778 | 1.510 |
Net Realized and Unrealized Gain (Loss) on Investments | 55.805 | 3.205 | (10.864) | 21.199 | 11.294 |
Total from Investment Operations | 57.801 | 5.164 | (8.984) | 22.977 | 12.804 |
Distributions | |||||
Dividends from Net Investment Income | (1.951) | (2.034) | (1.846) | (1.707) | (1.574) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.951) | (2.034) | (1.846) | (1.707) | (1.574) |
Net Asset Value, End of Period | $186.16 | $130.31 | $127.18 | $138.01 | $116.74 |
Total Return | 44.65% | 4.11% | -6.50% | 19.82% | 12.22% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,476 | $890 | $919 | $973 | $727 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 1.21% | 1.57% | 1.47% | 1.38% | 1.34% |
Portfolio Turnover Rate2 | 16% | 17% | 10% | 12% | 13% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $259.90 | $253.60 | $275.26 | $232.82 | $210.40 |
Investment Operations | |||||
Net Investment Income1 | 4.038 | 3.959 | 3.786 | 3.711 | 3.176 |
Net Realized and Unrealized Gain (Loss) on Investments | 111.307 | 6.384 | (21.653) | 42.301 | 22.516 |
Total from Investment Operations | 115.345 | 10.343 | (17.867) | 46.012 | 25.692 |
Distributions | |||||
Dividends from Net Investment Income | (3.945) | (4.043) | (3.793) | (3.572) | (3.272) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.945) | (4.043) | (3.793) | (3.572) | (3.272) |
Net Asset Value, End of Period | $371.30 | $259.90 | $253.60 | $275.26 | $232.82 |
Total Return | 44.69% | 4.14% | -6.49% | 19.92% | 12.31% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,396 | $1,164 | $1,202 | $1,420 | $1,119 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 1.24% | 1.59% | 1.49% | 1.45% | 1.41% |
Portfolio Turnover Rate2 | 16% | 17% | 10% | 12% | 13% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 230,899 |
Total Distributable Earnings (Loss) | (230,899) |
Amount ($000) | |
Undistributed Ordinary Income | 6,638 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (228,906) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 761,482 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 30,975 | 33,151 |
Long-Term Capital Gains | — | — |
Total | 30,975 | 33,151 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,120,112 |
Gross Unrealized Appreciation | 851,935 |
Gross Unrealized Depreciation | (90,453) |
Net Unrealized Appreciation (Depreciation) | 761,482 |
E. | During the year ended August 31, 2021, the fund purchased $937,289,000 of investment securities and sold $997,906,000 of investment securities, other than temporary cash investments. Purchases and sales include $530,814,000 and $464,921,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
F. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 666,229 | 4,125 | 513,113 | 4,275 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (484,181) | (3,025) | (567,549) | (4,675) | |
Net Increase (Decrease)—ETF Shares | 182,048 | 1,100 | (54,436) | (400) | |
Institutional Shares | |||||
Issued | 157,041 | 500 | 151,527 | 634 | |
Issued in Lieu of Cash Distributions | 16,165 | 52 | 17,876 | 71 | |
Redeemed | (422,200) | (1,269) | (244,963) | (969) | |
Net Increase (Decrease)—Institutional Shares | (248,994) | (717) | (75,560) | (264) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
S&P Mid-Cap 400 Value Index Fund ETF Shares Net Asset Value | 54.51% | 12.16% | 13.27% | $34,757 | |
S&P Mid-Cap 400 Value Index Fund ETF Shares Market Price | 54.43 | 12.15 | 13.31 | 34,895 | |
S&P MidCap 400 Value Index | 54.72 | 12.31 | 13.46 | 35,338 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
S&P Mid-Cap 400 Value Index Fund Institutional Shares | 54.62% | 12.26% | 13.39% | $17,564,816 | |
S&P MidCap 400 Value Index | 54.72 | 12.31 | 13.46 | 17,668,824 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 22,360,680 |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
S&P Mid-Cap 400 Value Index Fund ETF Shares Market Price | 54.43% | 77.44% | 248.95% |
S&P Mid-Cap 400 Value Index Fund ETF Shares Net Asset Value | 54.51 | 77.47 | 247.57 |
S&P MidCap 400 Value Index | 54.72 | 78.69 | 253.38 |
Communication Services | 1.1% |
Consumer Discretionary | 13.3 |
Consumer Staples | 3.7 |
Energy | 2.5 |
Financials | 21.0 |
Health Care | 5.0 |
Industrials | 17.2 |
Information Technology | 9.7 |
Materials | 7.4 |
Real Estate | 13.4 |
Utilities | 5.7 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.4%) | ||||||
Communication Services (1.0%) | ||||||
John Wiley & Sons Inc. Class A | 33,700 | 1,958 | ||||
TEGNA Inc. | 102,524 | 1,817 | ||||
* | TripAdvisor Inc. | 47,643 | 1,667 | |||
* | Iridium Communications Inc. | 35,506 | 1,580 | |||
Telephone & Data Systems Inc. | 77,044 | 1,566 | ||||
* | Yelp Inc. Class A | 26,399 | 1,017 | |||
World Wrestling Entertainment Inc. Class A | 14,758 | 769 | ||||
10,374 | ||||||
Consumer Discretionary (13.3%) | ||||||
1 | Dick's Sporting Goods Inc. | 50,656 | 7,133 | |||
Kohl's Corp. | 120,768 | 6,932 | ||||
Lear Corp. | 42,285 | 6,763 | ||||
* | Capri Holdings Ltd. | 116,969 | 6,610 | |||
* | Skechers U.S.A. Inc. Class A | 103,719 | 5,231 | |||
* | GameStop Corp. Class A | 22,743 | 4,963 | |||
* | Marriott Vacations Worldwide Corp. | 33,010 | 4,937 | |||
Thor Industries Inc. | 42,806 | 4,855 | ||||
* | AutoNation Inc. | 41,680 | 4,547 | |||
Foot Locker Inc. | 79,829 | 4,525 | ||||
H&R Block Inc. | 140,333 | 3,599 | ||||
American Eagle Outfitters Inc. | 116,740 | 3,563 | ||||
Carter's Inc. | 34,000 | 3,481 | ||||
* | Goodyear Tire & Rubber Co. | 215,864 | 3,419 | |||
Service Corp. International | 52,035 | 3,266 | ||||
Toll Brothers Inc. | 48,653 | 3,117 | ||||
Murphy USA Inc. | 19,378 | 3,009 | ||||
KB Home | 68,550 | 2,950 | ||||
* | Adient plc | 72,906 | 2,868 | |||
Polaris Inc. | 23,614 | 2,828 | ||||
* | Taylor Morrison Home Corp. Class A | 99,807 | 2,804 | |||
Cracker Barrel Old Country Store Inc. | 18,373 | 2,638 | ||||
Brunswick Corp. | 27,136 | 2,629 | ||||
Dana Inc. | 111,950 | 2,604 |
Shares | Market Value• ($000) | |||||
Gentex Corp. | 78,540 | 2,419 | ||||
* | Nordstrom Inc. | 84,307 | 2,412 | |||
Wyndham Hotels & Resorts Inc. | 33,145 | 2,410 | ||||
Travel + Leisure Co. | 40,558 | 2,221 | ||||
* | Tri Pointe Homes Inc. | 91,361 | 2,172 | |||
* | Grand Canyon Education Inc. | 22,522 | 2,008 | |||
* | Victoria's Secret & Co. | 30,001 | 1,989 | |||
Harley-Davidson Inc. | 48,806 | 1,929 | ||||
Graham Holdings Co. Class B | 3,126 | 1,928 | ||||
* | Boyd Gaming Corp. | 28,639 | 1,758 | |||
* | Urban Outfitters Inc. | 52,997 | 1,750 | |||
* | Six Flags Entertainment Corp. | 36,323 | 1,534 | |||
Columbia Sportswear Co. | 13,677 | 1,395 | ||||
* | Scientific Games Corp. | 18,366 | 1,329 | |||
Choice Hotels International Inc. | 10,521 | 1,256 | ||||
* | Visteon Corp. | 11,256 | 1,189 | |||
* | Callaway Golf Co. | 37,615 | 1,055 | |||
* | WW International Inc. | 22,649 | 490 | |||
130,515 | ||||||
Consumer Staples (3.7%) | ||||||
* | BJ's Wholesale Club Holdings Inc. | 106,039 | 6,008 | |||
* | Post Holdings Inc. | 45,744 | 5,119 | |||
Ingredion Inc. | 51,789 | 4,550 | ||||
Casey's General Stores Inc. | 17,716 | 3,624 | ||||
Sanderson Farms Inc. | 15,381 | 3,022 | ||||
* | Sprouts Farmers Market Inc. | 91,112 | 2,269 | |||
Flowers Foods Inc. | 92,620 | 2,235 | ||||
* | Coty Inc. Class A | 219,540 | 2,145 | |||
* | TreeHouse Foods Inc. | 43,373 | 1,625 | |||
Lancaster Colony Corp. | 6,324 | 1,121 | ||||
* | Pilgrim's Pride Corp. | 37,677 | 1,049 | |||
Energizer Holdings Inc. | 23,879 | 939 | ||||
* | Hain Celestial Group Inc. | 24,149 | 904 | |||
Nu Skin Enterprises Inc. Class A | 17,318 | 877 |
Shares | Market Value• ($000) | |||||
* | Grocery Outlet Holding Corp. | 25,670 | 668 | |||
Tootsie Roll Industries Inc. | 7,920 | 251 | ||||
36,406 | ||||||
Energy (2.5%) | ||||||
Targa Resources Corp. | 136,147 | 5,979 | ||||
HollyFrontier Corp. | 115,665 | 3,739 | ||||
* | DT Midstream Inc. | 74,930 | 3,482 | |||
Cimarex Energy Co. | 41,244 | 2,649 | ||||
* | EQT Corp. | 133,480 | 2,447 | |||
Murphy Oil Corp. | 111,959 | 2,380 | ||||
* | ChampionX Corp. | 85,587 | 1,997 | |||
Equitrans Midstream Corp. | 172,353 | 1,505 | ||||
24,178 | ||||||
Financials (20.9%) | ||||||
East West Bancorp Inc. | 109,656 | 8,042 | ||||
Signature Bank | 28,953 | 7,508 | ||||
American Financial Group Inc. | 53,276 | 7,349 | ||||
* | Alleghany Corp. | 10,761 | 7,282 | |||
First Horizon Corp. | 426,933 | 6,997 | ||||
Reinsurance Group of America Inc. | 52,560 | 6,088 | ||||
First American Financial Corp. | 84,826 | 5,983 | ||||
Janus Henderson Group plc | 131,858 | 5,717 | ||||
Jefferies Financial Group Inc. | 154,626 | 5,715 | ||||
Pinnacle Financial Partners Inc. | 58,809 | 5,700 | ||||
Old Republic International Corp. | 219,004 | 5,694 | ||||
Affiliated Managers Group Inc. | 32,180 | 5,474 | ||||
Prosperity Bancshares Inc. | 71,855 | 5,021 | ||||
Cullen/Frost Bankers Inc. | 43,726 | 4,994 | ||||
Synovus Financial Corp. | 114,870 | 4,951 | ||||
New York Community Bancorp Inc. | 359,658 | 4,503 | ||||
CIT Group Inc. | 76,594 | 4,245 | ||||
Valley National Bancorp | 313,816 | 4,092 | ||||
MGIC Investment Corp. | 262,398 | 4,007 | ||||
Bank OZK | 93,482 | 3,966 | ||||
Hanover Insurance Group Inc. | 27,760 | 3,923 | ||||
Selective Insurance Group Inc. | 46,420 | 3,879 | ||||
United Bankshares Inc. | 103,795 | 3,771 | ||||
Webster Financial Corp. | 69,942 | 3,533 | ||||
Sterling Bancorp | 149,006 | 3,411 | ||||
Wintrust Financial Corp. | 44,134 | 3,303 | ||||
Stifel Financial Corp. | 47,157 | 3,259 | ||||
Navient Corp. | 138,912 | 3,224 | ||||
Kemper Corp. | 46,958 | 3,221 | ||||
Hancock Whitney Corp. | 67,181 | 3,088 | ||||
UMB Financial Corp. | 33,650 | 3,082 | ||||
Commerce Bancshares Inc. | 42,388 | 2,998 |
Shares | Market Value• ($000) | |||||
FNB Corp. | 247,283 | 2,888 | ||||
SEI Investments Co. | 44,958 | 2,824 | ||||
PacWest Bancorp | 65,170 | 2,773 | ||||
FirstCash Inc. | 31,654 | 2,712 | ||||
* | Texas Capital Bancshares Inc. | 39,165 | 2,663 | |||
Bank of Hawaii Corp. | 31,161 | 2,612 | ||||
Home BancShares Inc. | 116,994 | 2,591 | ||||
RenaissanceRe Holdings Ltd. | 16,463 | 2,580 | ||||
CNO Financial Group Inc. | 101,496 | 2,483 | ||||
Associated Banc-Corp | 117,874 | 2,431 | ||||
Cathay General Bancorp | 57,780 | 2,299 | ||||
BancorpSouth Bank | 74,735 | 2,192 | ||||
Essent Group Ltd. | 43,672 | 2,056 | ||||
Fulton Financial Corp. | 125,442 | 1,988 | ||||
Glacier Bancorp Inc. | 36,837 | 1,962 | ||||
Umpqua Holdings Corp. | 97,011 | 1,889 | ||||
First Financial Bankshares Inc. | 39,637 | 1,888 | ||||
Washington Federal Inc. | 55,857 | 1,860 | ||||
International Bancshares Corp. | 43,022 | 1,802 | ||||
Evercore Inc. Class A | 11,689 | 1,632 | ||||
Federated Hermes Inc. Class B | 42,580 | 1,441 | ||||
RLI Corp. | 12,583 | 1,374 | ||||
PROG Holdings Inc. | 28,175 | 1,333 | ||||
Mercury General Corp. | 20,472 | 1,222 | ||||
205,515 | ||||||
Health Care (5.0%) | ||||||
* | Tenet Healthcare Corp. | 82,525 | 6,218 | |||
* | Molina Healthcare Inc. | 20,760 | 5,580 | |||
* | Envista Holdings Corp. | 124,265 | 5,317 | |||
Hill-Rom Holdings Inc. | 29,807 | 4,339 | ||||
* | United Therapeutics Corp. | 20,090 | 4,317 | |||
* | LivaNova plc | 40,599 | 3,357 | |||
* | Acadia Healthcare Co. Inc. | 43,075 | 2,848 | |||
Encompass Health Corp. | 33,915 | 2,661 | ||||
* | NuVasive Inc. | 40,002 | 2,486 | |||
* | Integra LifeSciences Holdings Corp. | 27,389 | 2,060 | |||
Patterson Cos. Inc. | 67,068 | 2,055 | ||||
* | ICU Medical Inc. | 7,459 | 1,487 | |||
* | Neogen Corp. | 33,134 | 1,451 | |||
* | Nektar Therapeutics | 87,187 | 1,350 | |||
* | Option Care Health Inc. | 43,008 | 1,150 | |||
* | Haemonetics Corp. | 17,756 | 1,114 | |||
* | Ligand Pharmaceuticals Inc. | 6,166 | 816 | |||
* | Progyny Inc. | 14,454 | 808 | |||
49,414 | ||||||
Industrials (17.1%) | ||||||
Owens Corning | 80,722 | 7,713 | ||||
* | AECOM | 113,132 | 7,417 | |||
Oshkosh Corp. | 53,033 | 6,077 |
Shares | Market Value• ($000) | |||||
EMCOR Group Inc. | 42,169 | 5,124 | ||||
ManpowerGroup Inc. | 42,139 | 5,117 | ||||
Acuity Brands Inc. | 27,602 | 5,093 | ||||
nVent Electric plc | 129,622 | 4,454 | ||||
* | Colfax Corp. | 91,193 | 4,393 | |||
* | Builders FirstSource Inc. | 81,672 | 4,352 | |||
KBR Inc. | 109,274 | 4,255 | ||||
* | MasTec Inc. | 43,671 | 3,993 | |||
Flowserve Corp. | 100,763 | 3,917 | ||||
Crane Co. | 38,388 | 3,907 | ||||
AGCO Corp. | 27,713 | 3,814 | ||||
* | JetBlue Airways Corp. | 244,926 | 3,706 | |||
Nordson Corp. | 15,464 | 3,690 | ||||
* | Hexcel Corp. | 64,792 | 3,674 | |||
Lennox International Inc. | 10,902 | 3,654 | ||||
* | Avis Budget Group Inc. | 39,983 | 3,628 | |||
Carlisle Cos. Inc. | 16,954 | 3,573 | ||||
ITT Inc. | 36,624 | 3,504 | ||||
Hubbell Inc. Class B | 16,805 | 3,464 | ||||
Ryder System Inc. | 41,672 | 3,312 | ||||
Donaldson Co. Inc. | 48,781 | 3,305 | ||||
* | XPO Logistics Inc. | 37,750 | 3,281 | |||
* | Univar Solutions Inc. | 131,222 | 3,098 | |||
* | GXO Logistics Inc. | 37,753 | 3,088 | |||
* | Middleby Corp. | 16,789 | 3,071 | |||
* | Stericycle Inc. | 43,325 | 3,015 | |||
Watsco Inc. | 9,682 | 2,696 | ||||
* | CACI International Inc. Class A | 10,391 | 2,676 | |||
Woodward Inc. | 21,788 | 2,635 | ||||
GATX Corp. | 27,306 | 2,503 | ||||
* | Kirby Corp. | 46,541 | 2,494 | |||
* | Clean Harbors Inc. | 23,626 | 2,424 | |||
Curtiss-Wright Corp. | 19,894 | 2,423 | ||||
Valmont Industries Inc. | 9,672 | 2,407 | ||||
Kennametal Inc. | 64,711 | 2,406 | ||||
Herman Miller Inc. | 56,899 | 2,391 | ||||
Regal Beloit Corp. | 15,733 | 2,351 | ||||
Science Applications International Corp. | 27,389 | 2,307 | ||||
Brink's Co. | 23,889 | 1,867 | ||||
Landstar System Inc. | 10,992 | 1,847 | ||||
Trinity Industries Inc. | 62,406 | 1,812 | ||||
* | Dycom Industries Inc. | 23,811 | 1,794 | |||
Terex Corp. | 33,477 | 1,709 | ||||
* | KAR Auction Services Inc. | 96,242 | 1,627 | |||
* | Fluor Corp. | 97,470 | 1,624 | |||
MSC Industrial Direct Co. Inc. Class A | 18,122 | 1,526 | ||||
Healthcare Services Group Inc. | 57,893 | 1,514 | ||||
EnerSys | 16,838 | 1,424 | ||||
Werner Enterprises Inc. | 23,724 | 1,119 | ||||
168,265 |
Shares | Market Value• ($000) | |||||
Information Technology (9.6%) | ||||||
* | Arrow Electronics Inc. | 57,293 | 6,945 | |||
Jabil Inc. | 103,459 | 6,392 | ||||
Vontier Corp. | 130,470 | 4,745 | ||||
* | Ceridian HCM Holding Inc. | 41,635 | 4,678 | |||
* | Ciena Corp. | 75,473 | 4,312 | |||
* | NCR Corp. | 101,196 | 4,299 | |||
SYNNEX Corp. | 32,072 | 4,075 | ||||
Alliance Data Systems Corp. | 38,456 | 3,773 | ||||
* | Coherent Inc. | 12,527 | 3,165 | |||
Avnet Inc. | 76,987 | 3,115 | ||||
* | Teradata Corp. | 53,441 | 2,923 | |||
* | Concentrix Corp. | 16,761 | 2,906 | |||
Xerox Holdings Corp. | 124,796 | 2,809 | ||||
Genpact Ltd. | 52,594 | 2,729 | ||||
* | Viasat Inc. | 52,689 | 2,721 | |||
* | Synaptics Inc. | 14,118 | 2,679 | |||
* | WEX Inc. | 14,548 | 2,670 | |||
National Instruments Corp. | 56,064 | 2,345 | ||||
Vishay Intertechnology Inc. | 102,768 | 2,258 | ||||
* | Silicon Laboratories Inc. | 14,207 | 2,239 | |||
* | Cirrus Logic Inc. | 25,288 | 2,116 | |||
* | Aspen Technology Inc. | 16,262 | 2,106 | |||
Belden Inc. | 34,511 | 1,976 | ||||
CDK Global Inc. | 46,954 | 1,953 | ||||
* | Sabre Corp. | 157,707 | 1,771 | |||
* | J2 Global Inc. | 12,145 | 1,672 | |||
Amkor Technology Inc. | 58,152 | 1,597 | ||||
Maximus Inc. | 18,018 | 1,569 | ||||
* | NetScout Systems Inc. | 57,158 | 1,567 | |||
* | CommVault Systems Inc. | 18,104 | 1,466 | |||
* | Blackbaud Inc. | 20,709 | 1,443 | |||
* | ACI Worldwide Inc. | 41,911 | 1,351 | |||
* | Envestnet Inc. | 15,996 | 1,278 | |||
* | LiveRamp Holdings Inc. | 24,956 | 1,223 | |||
94,866 | ||||||
Materials (7.3%) | ||||||
Steel Dynamics Inc. | 155,099 | 10,468 | ||||
Reliance Steel & Aluminum Co. | 49,235 | 7,387 | ||||
United States Steel Corp. | 208,458 | 5,576 | ||||
Olin Corp. | 110,771 | 5,521 | ||||
Sonoco Products Co. | 77,797 | 5,080 | ||||
Avient Corp. | 70,626 | 3,679 | ||||
RPM International Inc. | 38,081 | 3,134 | ||||
Commercial Metals Co. | 93,244 | 3,042 | ||||
AptarGroup Inc. | 19,775 | 2,666 | ||||
Ashland Global Holdings Inc. | 27,080 | 2,467 | ||||
Royal Gold Inc. | 21,342 | 2,376 | ||||
Chemours Co. | 70,224 | 2,353 | ||||
Cabot Corp. | 43,691 | 2,333 | ||||
Louisiana-Pacific Corp. | 35,497 | 2,252 | ||||
Minerals Technologies Inc. | 26,023 | 2,046 | ||||
Eagle Materials Inc. | 12,424 | 1,948 | ||||
Valvoline Inc. | 55,860 | 1,685 |
Shares | Market Value• ($000) | |||||
Sensient Technologies Corp. | 16,940 | 1,471 | ||||
Silgan Holdings Inc. | 33,822 | 1,435 | ||||
Greif Inc. Class A | 20,557 | 1,302 | ||||
* | Ingevity Corp. | 15,732 | 1,265 | |||
NewMarket Corp. | 3,498 | 1,223 | ||||
Compass Minerals International Inc. | 13,671 | 915 | ||||
Worthington Industries Inc. | 11,326 | 656 | ||||
72,280 | ||||||
Real Estate (13.3%) | ||||||
* | Jones Lang LaSalle Inc. | 39,658 | 9,614 | |||
National Retail Properties Inc. | 135,711 | 6,461 | ||||
Apartment Income REIT Corp. | 121,216 | 6,160 | ||||
Omega Healthcare Investors Inc. | 181,983 | 6,102 | ||||
Camden Property Trust | 40,000 | 6,002 | ||||
Medical Properties Trust Inc. | 277,345 | 5,680 | ||||
Brixmor Property Group Inc. | 229,525 | 5,382 | ||||
Kilroy Realty Corp. | 81,906 | 5,377 | ||||
Spirit Realty Capital Inc. | 88,861 | 4,600 | ||||
Cousins Properties Inc. | 114,907 | 4,431 | ||||
STORE Capital Corp. | 118,573 | 4,277 | ||||
Douglas Emmett Inc. | 127,530 | 4,210 | ||||
Lamar Advertising Co. Class A | 33,521 | 3,816 | ||||
SL Green Realty Corp. | 53,634 | 3,759 | ||||
Highwoods Properties Inc. | 80,480 | 3,677 | ||||
Life Storage Inc. | 28,535 | 3,551 | ||||
* | Park Hotels & Resorts Inc. | 182,934 | 3,501 | |||
American Campus Communities Inc. | 65,065 | 3,309 | ||||
Physicians Realty Trust | 166,728 | 3,086 | ||||
Hudson Pacific Properties Inc. | 116,818 | 3,082 | ||||
EPR Properties | 57,868 | 2,937 | ||||
First Industrial Realty Trust Inc. | 48,979 | 2,742 | ||||
Sabra Health Care REIT Inc. | 167,168 | 2,675 | ||||
Rexford Industrial Realty Inc. | 42,396 | 2,626 | ||||
JBG SMITH Properties | 85,209 | 2,567 | ||||
Corporate Office Properties Trust | 86,943 | 2,450 | ||||
Rayonier Inc. | 64,618 | 2,377 | ||||
EastGroup Properties Inc. | 12,966 | 2,337 | ||||
Pebblebrook Hotel Trust | 101,327 | 2,232 | ||||
Macerich Co. | 129,029 | 2,204 | ||||
Healthcare Realty Trust Inc. | 65,565 | 1,969 | ||||
CoreSite Realty Corp. | 11,973 | 1,776 |
Shares | Market Value• ($000) | |||||
PotlatchDeltic Corp. | 32,062 | 1,666 | ||||
Urban Edge Properties | 85,067 | 1,611 | ||||
National Storage Affiliates Trust | 23,378 | 1,338 | ||||
PS Business Parks Inc. | 8,401 | 1,321 | ||||
130,905 | ||||||
Utilities (5.7%) | ||||||
UGI Corp. | 161,329 | 7,471 | ||||
OGE Energy Corp. | 154,739 | 5,479 | ||||
MDU Resources Group Inc. | 155,528 | 5,003 | ||||
Essential Utilities Inc. | 86,408 | 4,288 | ||||
IDACORP Inc. | 39,060 | 4,115 | ||||
Hawaiian Electric Industries Inc. | 84,448 | 3,682 | ||||
National Fuel Gas Co. | 70,526 | 3,654 | ||||
Black Hills Corp. | 48,641 | 3,421 | ||||
Southwest Gas Holdings Inc. | 44,908 | 3,158 | ||||
ONE Gas Inc. | 41,208 | 2,960 | ||||
New Jersey Resources Corp. | 74,313 | 2,775 | ||||
ALLETE Inc. | 40,262 | 2,714 | ||||
Spire Inc. | 39,863 | 2,659 | ||||
NorthWestern Corp. | 39,092 | 2,486 | ||||
PNM Resources Inc. | 40,520 | 2,006 | ||||
55,871 | ||||||
Total Common Stocks (Cost $800,825) | 978,589 | |||||
Temporary Cash Investments (1.2%) | ||||||
Money Market Fund (1.2%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $11,775) | 117,747 | 11,775 | |||
Total Investments (100.6%) (Cost $812,600) | 990,364 | |||||
Other Assets and Liabilities—Net (-0.6%) | (6,307) | |||||
Net Assets (100%) | 984,057 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,787,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $6,989,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P Mid-Cap 400 Index | September 2021 | 9 | 2,477 | 63 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Harley-Davidson Inc. | 8/31/22 | BOANA | 2,767 | (0.065) | — | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $800,825) | 978,589 |
Affiliated Issuers (Cost $11,775) | 11,775 |
Total Investments in Securities | 990,364 |
Investment in Vanguard | 32 |
Cash Collateral Pledged—Futures Contracts | 130 |
Receivables for Investment Securities Sold | 13 |
Receivables for Accrued Income | 825 |
Receivables for Capital Shares Issued | 87 |
Total Assets | 991,451 |
Liabilities | |
Due to Custodian | 58 |
Payables for Investment Securities Purchased | 281 |
Collateral for Securities on Loan | 6,989 |
Payables for Capital Shares Redeemed | 1 |
Payables to Vanguard | 59 |
Variation Margin Payable—Futures Contracts | 6 |
Total Liabilities | 7,394 |
Net Assets | 984,057 |
Statement of Assets and Liabilities (continued) | |
At August 31, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 962,825 |
Total Distributable Earnings (Loss) | 21,232 |
Net Assets | 984,057 |
ETF Shares—Net Assets | |
Applicable to 4,975,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 822,319 |
Net Asset Value Per Share—ETF Shares | $165.29 |
Institutional Shares—Net Assets | |
Applicable to 487,918 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 161,738 |
Net Asset Value Per Share—Institutional Shares | $331.49 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 15,093 |
Interest1 | 3 |
Securities Lending—Net | 41 |
Total Income | 15,137 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 122 |
Management and Administrative—ETF Shares | 796 |
Management and Administrative—Institutional Shares | 91 |
Marketing and Distribution—ETF Shares | 25 |
Marketing and Distribution—Institutional Shares | 4 |
Custodian Fees | 22 |
Auditing Fees | 27 |
Shareholders’ Reports—ETF Shares | 13 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,100 |
Net Investment Income | 14,037 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 22,246 |
Futures Contracts | 367 |
Swap Contracts | 994 |
Realized Net Gain (Loss) | 23,607 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 272,892 |
Futures Contracts | 57 |
Change in Unrealized Appreciation (Depreciation) | 272,949 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 310,593 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,000, $3,000, and ($3,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $46,728,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 14,037 | 16,839 |
Realized Net Gain (Loss) | 23,607 | 17,712 |
Change in Unrealized Appreciation (Depreciation) | 272,949 | (107,563) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 310,593 | (73,012) |
Distributions | ||
ETF Shares | (12,813) | (13,478) |
Institutional Shares | (3,807) | (3,799) |
Total Distributions | (16,620) | (17,277) |
Capital Share Transactions | ||
ETF Shares | 92,161 | (104,441) |
Institutional Shares | (63,166) | (15,104) |
Net Increase (Decrease) from Capital Share Transactions | 28,995 | (119,545) |
Total Increase (Decrease) | 322,968 | (209,834) |
Net Assets | ||
Beginning of Period | 661,089 | 870,923 |
End of Period | 984,057 | 661,089 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $109.60 | $117.53 | $130.06 | $112.31 | $101.70 |
Investment Operations | |||||
Net Investment Income1 | 2.488 | 2.423 | 2.061 | 2.090 | 1.767 |
Net Realized and Unrealized Gain (Loss) on Investments | 56.385 | (8.078) | (12.629) | 17.548 | 10.344 |
Total from Investment Operations | 58.873 | (5.655) | (10.568) | 19.638 | 12.111 |
Distributions | |||||
Dividends from Net Investment Income | (3.183) | (2.275) | (1.962) | (1.888) | (1.501) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.183) | (2.275) | (1.962) | (1.888) | (1.501) |
Net Asset Value, End of Period | $165.29 | $109.60 | $117.53 | $130.06 | $112.31 |
Total Return | 54.51% | -5.10% | -8.04% | 17.60% | 11.91% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $822 | $501 | $685 | $735 | $632 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 1.72% | 2.13% | 1.72% | 1.72% | 1.61% |
Portfolio Turnover Rate2 | 36% | 51% | 38% | 36% | 39% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $219.78 | $235.62 | $260.90 | $225.05 | $203.65 |
Investment Operations | |||||
Net Investment Income1 | 5.090 | 5.011 | 4.332 | 4.454 | 3.866 |
Net Realized and Unrealized Gain (Loss) on Investments | 113.153 | (16.157) | (25.380) | 35.198 | 20.656 |
Total from Investment Operations | 118.243 | (11.146) | (21.048) | 39.652 | 24.522 |
Distributions | |||||
Dividends from Net Investment Income | (6.533) | (4.694) | (4.232) | (3.802) | (3.122) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (6.533) | (4.694) | (4.232) | (3.802) | (3.122) |
Net Asset Value, End of Period | $331.49 | $219.78 | $235.62 | $260.90 | $225.05 |
Total Return | 54.62% | -5.01% | -7.99% | 17.75% | 12.05% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $162 | $160 | $186 | $235 | $159 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 1.79% | 2.21% | 1.79% | 1.84% | 1.73% |
Portfolio Turnover Rate2 | 36% | 51% | 38% | 36% | 39% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 978,589 | — | — | 978,589 |
Temporary Cash Investments | 11,775 | — | — | 11,775 |
Total | 990,364 | — | — | 990,364 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 63 | — | — | 63 |
Liabilities | ||||
Swap Contracts | — | — | — | — |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 46,798 |
Total Distributable Earnings (Loss) | (46,798) |
Amount ($000) | |
Undistributed Ordinary Income | 9,254 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (164,382) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 176,360 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 16,620 | 17,277 |
Long-Term Capital Gains | — | — |
Total | 16,620 | 17,277 |
* | Includes short-term capital gains, if any. |
E. | As of August 31, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 814,004 |
Gross Unrealized Appreciation | 206,572 |
Gross Unrealized Depreciation | (30,212) |
Net Unrealized Appreciation (Depreciation) | 176,360 |
F. | During the year ended August 31, 2021, the fund purchased $545,989,000 of investment securities and sold $515,204,000 of investment securities, other than temporary cash investments. Purchases and sales include $257,888,000 and $207,234,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 301,250 | 2,050 | 354,917 | 2,800 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (209,089) | (1,650) | (459,358) | (4,050) | |
Net Increase (Decrease)—ETF Shares | 92,161 | 400 | (104,441) | (1,250) |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 26,775 | 92 | 21,310 | 91 | |
Issued in Lieu of Cash Distributions | 3,181 | 12 | 2,932 | 11 | |
Redeemed | (93,122) | (342) | (39,346) | (167) | |
Net Increase (Decrease)—Institutional Shares | (63,166) | (238) | (15,104) | (65) |
H. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
S&P Mid-Cap 400 Growth Index Fund ETF Shares Net Asset Value | 35.70% | 14.45% | 13.86% | $36,612 | |
S&P Mid-Cap 400 Growth Index Fund ETF Shares Market Price | 35.62 | 14.44 | 13.85 | 36,592 | |
S&P MidCap 400 Growth Index | 35.89 | 14.64 | 14.05 | 37,245 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
S&P Mid-Cap 400 Growth Index Fund Institutional Shares | 35.80% | 14.56% | 13.98% | $18,500,931 | |
S&P MidCap 400 Growth Index | 35.89 | 14.64 | 14.05 | 18,622,497 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 22,360,680 |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
S&P Mid-Cap 400 Growth Index Fund ETF Shares Market Price | 35.62% | 96.30% | 265.92% |
S&P Mid-Cap 400 Growth Index Fund ETF Shares Net Asset Value | 35.70 | 96.40 | 266.12 |
S&P MidCap 400 Growth Index | 35.89 | 98.02 | 272.45 |
Communication Services | 2.5% |
Consumer Discretionary | 17.4 |
Consumer Staples | 2.7 |
Energy | 1.4 |
Financials | 8.7 |
Health Care | 15.5 |
Industrials | 20.0 |
Information Technology | 20.5 |
Materials | 5.1 |
Real Estate | 5.6 |
Utilities | 0.6 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Communication Services (2.5%) | ||||||
Cable One Inc. | 5,208 | 10,935 | ||||
New York Times Co. Class A | 139,253 | 7,071 | ||||
* | Iridium Communications Inc. | 68,699 | 3,058 | |||
TEGNA Inc. | 84,674 | 1,500 | ||||
* | Yelp Inc. Class A | 34,243 | 1,319 | |||
World Wrestling Entertainment Inc. Class A | 25,174 | 1,312 | ||||
* | TripAdvisor Inc. | 34,783 | 1,217 | |||
26,412 | ||||||
Consumer Discretionary (17.4%) | ||||||
Williams-Sonoma Inc. | 73,049 | 13,638 | ||||
* | Five Below Inc. | 53,683 | 11,424 | |||
* | RH | 16,132 | 11,303 | |||
* | Deckers Outdoor Corp. | 26,666 | 11,158 | |||
Lithia Motors Inc. Class A | 28,530 | 9,452 | ||||
* | Crocs Inc. | 62,540 | 8,932 | |||
Tempur Sealy International Inc. | 175,614 | 7,850 | ||||
* | YETI Holdings Inc. | 71,935 | 7,146 | |||
* | Mattel Inc. | 334,398 | 7,139 | |||
Churchill Downs Inc. | 33,239 | 6,997 | ||||
* | TopBuild Corp. | 31,698 | 6,935 | |||
* | Fox Factory Holding Corp. | 40,232 | 6,182 | |||
Service Corp. International | 96,731 | 6,071 | ||||
Texas Roadhouse Inc. Class A | 62,856 | 5,971 | ||||
* | Helen of Troy Ltd. | 23,441 | 5,607 | |||
* | GameStop Corp. Class A | 25,100 | 5,478 | |||
Wingstop Inc. | 28,514 | 4,902 | ||||
Gentex Corp. | 134,316 | 4,137 | ||||
Papa John's International Inc. | 31,716 | 4,045 | ||||
Brunswick Corp. | 41,075 | 3,979 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 54,456 | 3,942 | |||
Wendy's Co. | 169,789 | 3,909 | ||||
Wyndham Hotels & Resorts Inc. | 48,357 | 3,516 | ||||
* | Victoria's Secret & Co. | 47,381 | 3,141 | |||
Polaris Inc. | 25,941 | 3,107 | ||||
Toll Brothers Inc. | 47,362 | 3,034 | ||||
* | Boyd Gaming Corp. | 41,781 | 2,564 |
Shares | Market Value• ($000) | |||||
* | Scientific Games Corp. | 31,522 | 2,281 | |||
Jack in the Box Inc. | 21,311 | 2,258 | ||||
* | Callaway Golf Co. | 64,696 | 1,815 | |||
Travel + Leisure Co. | 32,226 | 1,765 | ||||
Choice Hotels International Inc. | 14,682 | 1,752 | ||||
* | Grand Canyon Education Inc. | 16,443 | 1,466 | |||
* | Visteon Corp. | 12,867 | 1,360 | |||
Columbia Sportswear Co. | 12,310 | 1,256 | ||||
* | Six Flags Entertainment Corp. | 27,690 | 1,170 | |||
* | WW International Inc. | 17,860 | 387 | |||
187,069 | ||||||
Consumer Staples (2.7%) | ||||||
* | Darling Ingredients Inc. | 156,445 | 11,655 | |||
* | Boston Beer Co. Inc. Class A | 8,915 | 5,083 | |||
Casey's General Stores Inc. | 13,463 | 2,754 | ||||
Lancaster Colony Corp. | 10,877 | 1,928 | ||||
* | Hain Celestial Group Inc. | 48,611 | 1,819 | |||
Flowers Foods Inc. | 73,644 | 1,777 | ||||
* | Grocery Outlet Holding Corp. | 51,774 | 1,348 | |||
Nu Skin Enterprises Inc. Class A | 26,389 | 1,336 | ||||
Energizer Holdings Inc. | 26,191 | 1,030 | ||||
Tootsie Roll Industries Inc. | 6,862 | 217 | ||||
28,947 | ||||||
Energy (1.4%) | ||||||
Cimarex Energy Co. | 47,322 | 3,039 | ||||
Antero Midstream Corp. | 274,611 | 2,639 | ||||
* | CNX Resources Corp. | 211,190 | 2,399 | |||
Targa Resources Corp. | 50,423 | 2,215 | ||||
* | EQT Corp. | 101,686 | 1,864 | |||
* | ChampionX Corp. | 73,607 | 1,717 | |||
Equitrans Midstream Corp. | 175,409 | 1,531 | ||||
15,404 | ||||||
Financials (8.7%) | ||||||
FactSet Research Systems Inc. | 36,292 | 13,799 | ||||
Brown & Brown Inc. | 224,285 | 13,020 | ||||
SLM Corp. | 309,562 | 5,804 | ||||
Primerica Inc. | 37,813 | 5,783 | ||||
Signature Bank | 19,336 | 5,014 |
Shares | Market Value• ($000) | |||||
Interactive Brokers Group Inc. Class A | 77,492 | 5,009 | ||||
RenaissanceRe Holdings Ltd. | 27,127 | 4,252 | ||||
First Financial Bankshares Inc. | 87,307 | 4,158 | ||||
* | Brighthouse Financial Inc. | 82,257 | 4,027 | |||
Kinsale Capital Group Inc. | 20,561 | 3,739 | ||||
SEI Investments Co. | 57,960 | 3,640 | ||||
Evercore Inc. Class A | 24,737 | 3,454 | ||||
Commerce Bancshares Inc. | 48,473 | 3,428 | ||||
Stifel Financial Corp. | 42,316 | 2,924 | ||||
Essent Group Ltd. | 54,098 | 2,547 | ||||
RLI Corp. | 22,501 | 2,458 | ||||
Glacier Bancorp Inc. | 45,785 | 2,438 | ||||
Umpqua Holdings Corp. | 90,959 | 1,771 | ||||
* | LendingTree Inc. | 10,590 | 1,765 | |||
PROG Holdings Inc. | 29,704 | 1,406 | ||||
PacWest Bancorp | 31,387 | 1,336 | ||||
Federated Hermes Inc. Class B | 36,777 | 1,244 | ||||
93,016 | ||||||
Health Care (15.5%) | ||||||
* | Repligen Corp. | 48,957 | 13,854 | |||
* | Masimo Corp. | 48,515 | 13,174 | |||
* | Syneos Health Inc. | 97,084 | 9,007 | |||
* | Penumbra Inc. | 32,530 | 8,944 | |||
* | Neurocrine Biosciences Inc. | 90,647 | 8,630 | |||
* | Molina Healthcare Inc. | 30,235 | 8,126 | |||
* | Jazz Pharmaceuticals plc | 57,619 | 7,589 | |||
Chemed Corp. | 15,294 | 7,291 | ||||
* | STAAR Surgical Co. | 44,963 | 6,945 | |||
* | Arrowhead Pharmaceuticals Inc. | 99,791 | 6,698 | |||
* | Globus Medical Inc. Class A | 74,402 | 6,071 | |||
* | Exelixis Inc. | 300,468 | 5,760 | |||
* | Amedisys Inc. | 31,229 | 5,729 | |||
* | LHC Group Inc. | 30,360 | 5,670 | |||
* | Halozyme Therapeutics Inc. | 128,324 | 5,388 | |||
* | HealthEquity Inc. | 79,938 | 5,130 | |||
* | Medpace Holdings Inc. | 26,556 | 4,843 | |||
* | Quidel Corp. | 37,126 | 4,787 | |||
Encompass Health Corp. | 53,444 | 4,193 | ||||
Hill-Rom Holdings Inc. | 26,764 | 3,896 | ||||
* | United Therapeutics Corp. | 18,041 | 3,877 | |||
* | Emergent BioSolutions Inc. | 43,671 | 2,755 | |||
* | Neogen Corp. | 61,783 | 2,705 | |||
* | R1 RCM Inc. | 132,520 | 2,613 | |||
* | Integra LifeSciences Holdings Corp. | 34,046 | 2,561 | |||
* | Acadia Healthcare Co. Inc. | 32,695 | 2,162 | |||
* | ICU Medical Inc. | 9,650 | 1,924 | |||
* | Haemonetics Corp. | 26,869 | 1,686 | |||
* | Option Care Health Inc. | 62,184 | 1,663 | |||
* | Ligand Pharmaceuticals Inc. | 8,300 | 1,098 | |||
* | Nektar Therapeutics | 66,426 | 1,028 | |||
* | Progyny Inc. | 17,826 | 996 | |||
166,793 |
Shares | Market Value• ($000) | |||||
Industrials (19.9%) | ||||||
Graco Inc. | 162,447 | 12,739 | ||||
* | Trex Co. Inc. | 110,606 | 12,140 | |||
Toro Co. | 102,649 | 11,285 | ||||
* | Axon Enterprise Inc. | 62,017 | 11,279 | |||
Lincoln Electric Holdings Inc. | 57,083 | 7,969 | ||||
Nordson Corp. | 32,642 | 7,788 | ||||
Tetra Tech Inc. | 51,929 | 7,469 | ||||
* | IAA Inc. | 129,200 | 6,863 | |||
* | Sunrun Inc. | 154,462 | 6,835 | |||
Lennox International Inc. | 19,445 | 6,518 | ||||
Hubbell Inc. Class B | 31,246 | 6,440 | ||||
Carlisle Cos. Inc. | 29,023 | 6,116 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 117,427 | 6,098 | ||||
* | Saia Inc. | 25,255 | 6,064 | |||
* | Middleby Corp. | 32,536 | 5,952 | |||
* | ASGN Inc. | 51,008 | 5,723 | |||
MSA Safety Inc. | 34,924 | 5,687 | ||||
Watsco Inc. | 19,563 | 5,447 | ||||
* | Builders FirstSource Inc. | 97,311 | 5,186 | |||
Timken Co. | 65,566 | 4,822 | ||||
Simpson Manufacturing Co. Inc. | 41,641 | 4,712 | ||||
* | FTI Consulting Inc. | 32,811 | 4,584 | |||
* | XPO Logistics Inc. | 50,681 | 4,405 | |||
* | GXO Logistics Inc. | 50,681 | 4,145 | |||
Donaldson Co. Inc. | 60,461 | 4,096 | ||||
Landstar System Inc. | 23,199 | 3,898 | ||||
Insperity Inc. | 34,485 | 3,805 | ||||
ITT Inc. | 37,147 | 3,554 | ||||
Woodward Inc. | 29,230 | 3,535 | ||||
AGCO Corp. | 24,880 | 3,423 | ||||
Regal Beloit Corp. | 19,480 | 2,911 | ||||
* | Mercury Systems Inc. | 53,845 | 2,713 | |||
* | CACI International Inc. Class A | 9,710 | 2,501 | |||
* | Stericycle Inc. | 34,311 | 2,388 | |||
Valmont Industries Inc. | 8,354 | 2,079 | ||||
* | Clean Harbors Inc. | 18,769 | 1,926 | |||
MSC Industrial Direct Co. Inc. Class A | 22,527 | 1,897 | ||||
Science Applications International Corp. | 21,675 | 1,826 | ||||
Curtiss-Wright Corp. | 14,524 | 1,769 | ||||
EnerSys | 20,125 | 1,702 | ||||
Brink's Co. | 18,126 | 1,417 | ||||
Terex Corp. | 25,432 | 1,298 | ||||
Werner Enterprises Inc. | 25,165 | 1,187 | ||||
214,191 | ||||||
Information Technology (20.4%) | ||||||
Cognex Corp. | 169,327 | 15,006 | ||||
* | SolarEdge Technologies Inc. | 49,835 | 14,441 | |||
* | Fair Isaac Corp. | 27,590 | 12,684 | |||
* | Manhattan Associates Inc. | 60,994 | 9,941 | |||
* | Paylocity Holding Corp. | 36,041 | 9,702 |
Shares | Market Value• ($000) | |||||
* | Cree Inc. | 110,709 | 9,408 | |||
Universal Display Corp. | 41,130 | 8,579 | ||||
* | Ceridian HCM Holding Inc. | 74,288 | 8,346 | |||
* | Lattice Semiconductor Corp. | 130,920 | 8,133 | |||
MKS Instruments Inc. | 53,074 | 7,811 | ||||
* | First Solar Inc. | 81,545 | 7,665 | |||
Littelfuse Inc. | 23,542 | 6,719 | ||||
* | II-VI Inc. | 100,560 | 6,333 | |||
* | Lumentum Holdings Inc. | 72,772 | 6,305 | |||
Brooks Automation Inc. | 71,235 | 6,052 | ||||
* | Aspen Technology Inc. | 44,996 | 5,827 | |||
Genpact Ltd. | 101,878 | 5,285 | ||||
* | WEX Inc. | 24,879 | 4,567 | |||
* | Semtech Corp. | 62,250 | 4,353 | |||
* | Sailpoint Technologies Holdings Inc. | 88,519 | 4,148 | |||
* | Silicon Laboratories Inc. | 25,313 | 3,990 | |||
* | Mimecast Ltd. | 56,873 | 3,970 | |||
* | Cerence Inc. | 36,259 | 3,932 | |||
* | Qualys Inc. | 32,275 | 3,789 | |||
CMC Materials Inc. | 28,048 | 3,720 | ||||
* | J2 Global Inc. | 25,631 | 3,529 | |||
* | Concentrix Corp. | 19,163 | 3,323 | |||
Maximus Inc. | 36,541 | 3,182 | ||||
* | Ciena Corp. | 54,971 | 3,141 | |||
* | Synaptics Inc. | 16,199 | 3,074 | |||
* | Envestnet Inc. | 32,352 | 2,584 | |||
CDK Global Inc. | 58,379 | 2,429 | ||||
National Instruments Corp. | 56,781 | 2,375 | ||||
* | Teradata Corp. | 38,881 | 2,126 | |||
* | Coherent Inc. | 7,997 | 2,021 | |||
* | Cirrus Logic Inc. | 23,719 | 1,985 | |||
* | ACI Worldwide Inc. | 61,162 | 1,971 | |||
* | CommVault Systems Inc. | 21,626 | 1,751 | |||
* | LiveRamp Holdings Inc. | 34,765 | 1,704 | |||
* | Blackbaud Inc. | 21,062 | 1,468 | |||
* | Sabre Corp. | 110,268 | 1,238 | |||
Amkor Technology Inc. | 30,872 | 848 | ||||
219,455 | ||||||
Materials (5.1%) | ||||||
* | Cleveland-Cliffs Inc. | 440,506 | 10,339 | |||
RPM International Inc. | 76,987 | 6,335 | ||||
Scotts Miracle-Gro Co. | 38,984 | 6,114 | ||||
AptarGroup Inc. | 38,433 | 5,181 | ||||
Royal Gold Inc. | 36,480 | 4,061 | ||||
Eagle Materials Inc. | 25,191 | 3,951 | ||||
Louisiana-Pacific Corp. | 53,919 | 3,421 | ||||
Valvoline Inc. | 104,169 | 3,142 | ||||
Chemours Co. | 71,418 | 2,393 | ||||
Ashland Global Holdings Inc. | 18,860 | 1,718 | ||||
Sensient Technologies Corp. | 19,460 | 1,690 |
Shares | Market Value• ($000) | |||||
* | Ingevity Corp. | 18,805 | 1,512 | |||
Silgan Holdings Inc. | 33,067 | 1,403 | ||||
Worthington Industries Inc. | 19,448 | 1,127 | ||||
Compass Minerals International Inc. | 15,647 | 1,047 | ||||
NewMarket Corp. | 2,668 | 933 | ||||
54,367 | ||||||
Real Estate (5.6%) | ||||||
CyrusOne Inc. | 117,486 | 9,044 | ||||
Camden Property Trust | 44,016 | 6,604 | ||||
Life Storage Inc. | 38,318 | 4,768 | ||||
Lamar Advertising Co. Class A | 41,559 | 4,731 | ||||
Rexford Industrial Realty Inc. | 75,836 | 4,697 | ||||
Medical Properties Trust Inc. | 219,941 | 4,504 | ||||
EastGroup Properties Inc. | 22,254 | 4,012 | ||||
CoreSite Realty Corp. | 26,376 | 3,914 | ||||
First Industrial Realty Trust Inc. | 63,140 | 3,535 | ||||
STORE Capital Corp. | 86,362 | 3,115 | ||||
American Campus Communities Inc. | 51,551 | 2,621 | ||||
National Storage Affiliates Trust | 45,455 | 2,602 | ||||
Rayonier Inc. | 53,322 | 1,961 | ||||
Healthcare Realty Trust Inc. | 54,329 | 1,632 | ||||
PS Business Parks Inc. | 8,864 | 1,394 | ||||
PotlatchDeltic Corp. | 24,425 | 1,269 | ||||
60,403 | ||||||
Utilities (0.6%) | ||||||
Essential Utilities Inc. | 107,159 | 5,318 | ||||
PNM Resources Inc. | 32,095 | 1,589 | ||||
6,907 | ||||||
Total Common Stocks (Cost $824,405) | 1,072,964 | |||||
Temporary Cash Investments (0.2%) | ||||||
Money Market Fund (0.2%) | ||||||
1 | Vanguard Market Liquidity Fund, 0.068% (Cost $2,364) | 23,637 | 2,364 | |||
Total Investments (100.0%) (Cost $826,769) | 1,075,328 | |||||
Other Assets and Liabilities—Net (0.0%) | 412 | |||||
Net Assets (100%) | 1,075,740 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P Mid-Cap 400 Index | September 2021 | 9 | 2,477 | 6 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $824,405) | 1,072,964 |
Affiliated Issuers (Cost $2,364) | 2,364 |
Total Investments in Securities | 1,075,328 |
Investment in Vanguard | 36 |
Cash Collateral Pledged—Futures Contracts | 130 |
Receivables for Investment Securities Sold | 57 |
Receivables for Accrued Income | 491 |
Receivables for Capital Shares Issued | 10 |
Total Assets | 1,076,052 |
Liabilities | |
Due to Custodian | 1 |
Payables for Investment Securities Purchased | 166 |
Payables for Capital Shares Redeemed | 73 |
Payables to Vanguard | 66 |
Variation Margin Payable—Futures Contracts | 6 |
Total Liabilities | 312 |
Net Assets | 1,075,740 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 1,026,706 |
Total Distributable Earnings (Loss) | 49,034 |
Net Assets | 1,075,740 |
ETF Shares—Net Assets | |
Applicable to 4,500,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 924,505 |
Net Asset Value Per Share—ETF Shares | $205.45 |
Institutional Shares—Net Assets | |
Applicable to 369,274 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 151,235 |
Net Asset Value Per Share—Institutional Shares | $409.55 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 7,513 |
Interest1 | 1 |
Securities Lending—Net | 9 |
Total Income | 7,523 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 157 |
Management and Administrative—ETF Shares | 1,055 |
Management and Administrative—Institutional Shares | 108 |
Marketing and Distribution—ETF Shares | 36 |
Marketing and Distribution—Institutional Shares | 5 |
Custodian Fees | 22 |
Auditing Fees | 27 |
Shareholders’ Reports—ETF Shares | 20 |
Shareholders’ Reports—Institutional Shares | 1 |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,431 |
Net Investment Income | 6,092 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 164,165 |
Futures Contracts | 575 |
Realized Net Gain (Loss) | 164,740 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 133,730 |
Futures Contracts | (18) |
Change in Unrealized Appreciation (Depreciation) | 133,712 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 304,544 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $177,842,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 6,092 | 9,073 |
Realized Net Gain (Loss) | 164,740 | 46,572 |
Change in Unrealized Appreciation (Depreciation) | 133,712 | 41,964 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 304,544 | 97,609 |
Distributions | ||
ETF Shares | (6,040) | (9,255) |
Institutional Shares | (1,545) | (2,652) |
Total Distributions | (7,585) | (11,907) |
Capital Share Transactions | ||
ETF Shares | (91,008) | (25,872) |
Institutional Shares | (117,515) | (13,744) |
Net Increase (Decrease) from Capital Share Transactions | (208,523) | (39,616) |
Total Increase (Decrease) | 88,436 | 46,086 |
Net Assets | ||
Beginning of Period | 987,304 | 941,218 |
End of Period | 1,075,740 | 987,304 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $152.52 | $137.70 | $146.46 | $121.33 | $109.76 |
Investment Operations | |||||
Net Investment Income1 | 1.052 | 1.359 | 1.519 | 1.268 | 1.152 |
Net Realized and Unrealized Gain (Loss) on Investments | 53.198 | 15.183 | (9.084) | 25.098 | 11.576 |
Total from Investment Operations | 54.250 | 16.542 | (7.565) | 26.366 | 12.728 |
Distributions | |||||
Dividends from Net Investment Income | (1.320) | (1.722) | (1.195) | (1.236) | (1.158) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.320) | (1.722) | (1.195) | (1.236) | (1.158) |
Net Asset Value, End of Period | $205.45 | $152.52 | $137.70 | $146.46 | $121.33 |
Total Return | 35.70% | 12.08% | -5.08% | 21.83% | 11.67% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $925 | $774 | $737 | $831 | $686 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 0.57% | 0.98% | 1.13% | 0.94% | 0.99% |
Portfolio Turnover Rate2 | 40% | 49% | 40% | 43% | 40% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $303.97 | $274.38 | $292.07 | $241.68 | $218.61 |
Investment Operations | |||||
Net Investment Income1 | 2.347 | 2.925 | 3.242 | 2.894 | 2.604 |
Net Realized and Unrealized Gain (Loss) on Investments | 106.033 | 30.247 | (18.167) | 49.971 | 23.011 |
Total from Investment Operations | 108.380 | 33.172 | (14.925) | 52.865 | 25.615 |
Distributions | |||||
Dividends from Net Investment Income | (2.800) | (3.582) | (2.765) | (2.475) | (2.545) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.800) | (3.582) | (2.765) | (2.475) | (2.545) |
Net Asset Value, End of Period | $409.55 | $303.97 | $274.38 | $292.07 | $241.68 |
Total Return | 35.80% | 12.17% | -5.02% | 21.97% | 11.80% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $151 | $213 | $205 | $271 | $320 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 0.65% | 1.06% | 1.20% | 1.06% | 1.11% |
Portfolio Turnover Rate2 | 40% | 49% | 40% | 43% | 40% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 177,736 |
Total Distributable Earnings (Loss) | (177,736) |
Amount ($000) | |
Undistributed Ordinary Income | 2,465 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (201,166) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 247,735 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 7,585 | 11,907 |
Long-Term Capital Gains | — | — |
Total | 7,585 | 11,907 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 827,593 |
Gross Unrealized Appreciation | 281,644 |
Gross Unrealized Depreciation | (33,909) |
Net Unrealized Appreciation (Depreciation) | 247,735 |
E. | During the year ended August 31, 2021, the fund purchased $692,603,000 of investment securities and sold $902,389,000 of investment securities, other than temporary cash investments. Purchases and sales include $267,794,000 and $487,321,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
F. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 418,838 | 2,325 | 279,461 | 1,975 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (509,846) | (2,900) | (305,333) | (2,250) | |
Net Increase (Decrease)—ETF Shares | (91,008) | (575) | (25,872) | (275) | |
Institutional Shares | |||||
Issued | 12,736 | 34 | 20,460 | 79 | |
Issued in Lieu of Cash Distributions | 1,545 | 4 | 2,444 | 9 | |
Redeemed | (131,796) | (371) | (36,648) | (131) | |
Net Increase (Decrease)—Institutional Shares | (117,515) | (333) | (13,744) | (43) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 18, 2021
Fund | ($000) |
S&P Mid-Cap 400 Index Fund | 27,590 |
S&P Mid-Cap 400 Value Index Fund | 13,018 |
S&P Mid-Cap 400 Growth Index Fund | 7,563 |
Fund | ($000) |
S&P Mid-Cap 400 Index Fund | 3,385 |
S&P Mid-Cap 400 Value Index Fund | 2,001 |
S&P Mid-Cap 400 Growth Index Fund | 21 |
Fund | Percentage |
S&P Mid-Cap 400 Index Fund | 88.1% |
S&P Mid-Cap 400 Value Index Fund | 81.6 |
S&P Mid-Cap 400 Growth Index Fund | 100.0 |
Matthew Benchener | Chris D. McIsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Patent Nos. 6,879,964 and 7,720,749.
Vanguard Marketing Corporation, Distributor.
Index Funds
Vanguard S&P 500 Value Index Fund |
Vanguard S&P 500 Growth Index Fund |
1 | |
2 | |
4 | |
25 | |
46 | |
48 |
• | For the 12 months ended August 31, 2021, Vanguard S&P 500 Value Index Fund returned 33.14% for Institutional Shares and 33.10% for ETF Shares. Vanguard S&P 500 Growth Index Fund returned 30.29% for Institutional Shares and 30.26% for ETF Shares. Both funds tracked their target indexes. Returns for ETF shares are based on net asset value. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. Given that the 12-month period under review reflects the recovery in stocks that followed the sharp contraction, results for the two funds were excellent. |
• | Large-capitalization stocks trailed their mid- and small-cap counterparts for the period, and value stocks surpassed growth. |
• | All 11 sectors for both funds generated double-digit returns. Information technology stocks contributed the most to the Growth Index Fund, while financials stocks added the most to the Value Index Fund. Health care, consumer discretionary, and industrial stocks also made significant contributions to both funds, while communication services stocks bolstered the Growth Index Fund. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
S&P 500 Value Index Fund | |||
ETF Shares | $1,000.00 | $1,143.20 | $0.54 |
Institutional Shares | 1,000.00 | 1,143.40 | 0.43 |
S&P 500 Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,241.50 | $0.56 |
Institutional Shares | 1,000.00 | 1,241.70 | 0.45 |
Based on Hypothetical 5% Yearly Return | |||
S&P 500 Value Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
S&P 500 Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
S&P 500 Value Index Fund ETF Shares Net Asset Value | 33.10% | 12.23% | 13.12% | $34,298 | |
S&P 500 Value Index Fund ETF Shares Market Price | 33.01 | 12.22 | 13.11 | 34,289 | |
S&P 500 Value Index | 33.24 | 12.36 | 13.26 | 34,737 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Since Inception (3/3/2015) | Final Value of a $5,000,000 Investment | ||
S&P 500 Value Index Fund Institutional Shares | 33.14% | 12.29% | 10.22% | $9,405,391 | |
S&P 500 Value Index | 33.24 | 12.36 | 10.29 | 9,443,954 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 14.44 | 12,007,917 |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
S&P 500 Value Index Fund ETF Shares Market Price | 33.01% | 77.98% | 242.89% |
S&P 500 Value Index Fund ETF Shares Net Asset Value | 33.10 | 78.06 | 242.98 |
S&P 500 Value Index | 33.24 | 79.11 | 247.37 |
Communication Services | 6.4% |
Consumer Discretionary | 7.5 |
Consumer Staples | 9.0 |
Energy | 5.2 |
Financials | 21.2 |
Health Care | 15.2 |
Industrials | 11.6 |
Information Technology | 11.1 |
Materials | 3.5 |
Real Estate | 4.4 |
Utilities | 4.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.5%) | ||||||
Communication Services (6.3%) | ||||||
* | Walt Disney Co. | 260,965 | 47,313 | |||
Verizon Communications Inc. | 594,587 | 32,702 | ||||
AT&T Inc. | 1,025,437 | 28,117 | ||||
Comcast Corp. Class A | 368,736 | 22,375 | ||||
Activision Blizzard Inc. | 45,762 | 3,769 | ||||
ViacomCBS Inc. Class B | 86,926 | 3,603 | ||||
* | T-Mobile US Inc. | 26,074 | 3,573 | |||
Electronic Arts Inc. | 18,932 | 2,749 | ||||
Omnicom Group Inc. | 30,941 | 2,266 | ||||
Interpublic Group of Cos. Inc. | 56,631 | 2,108 | ||||
* | Live Nation Entertainment Inc. | 20,670 | 1,792 | |||
Fox Corp. Class A | 47,216 | 1,768 | ||||
Lumen Technologies Inc. | 143,374 | 1,764 | ||||
* | DISH Network Corp. Class A | 35,541 | 1,549 | |||
News Corp. Class A | 57,453 | 1,291 | ||||
* | Discovery Inc. Class C | 43,362 | 1,196 | |||
Fox Corp. Class B | 21,646 | 750 | ||||
* | Discovery Inc. Class A | 24,187 | 698 | |||
News Corp. Class B | 16,549 | 365 | ||||
159,748 | ||||||
Consumer Discretionary (7.5%) | ||||||
McDonald's Corp. | 64,307 | 15,270 | ||||
Home Depot Inc. | 42,757 | 13,946 | ||||
TJX Cos. Inc. | 173,216 | 12,596 | ||||
NIKE Inc. Class B | 65,920 | 10,860 | ||||
* | General Motors Co. | 183,381 | 8,988 | |||
* | Booking Holdings Inc. | 3,659 | 8,414 | |||
Starbucks Corp. | 71,116 | 8,355 | ||||
* | Ford Motor Co. | 563,212 | 7,339 | |||
Ross Stores Inc. | 51,230 | 6,066 | ||||
Lowe's Cos. Inc. | 29,417 | 5,998 | ||||
Target Corp. | 24,144 | 5,963 | ||||
* | Marriott International Inc. Class A | 38,301 | 5,176 | |||
Lennar Corp. Class A | 39,291 | 4,216 | ||||
VF Corp. | 46,151 | 3,529 | ||||
Yum! Brands Inc. | 24,402 | 3,197 |
Shares | Market Value• ($000) | |||||
* | Hilton Worldwide Holdings Inc. | 25,196 | 3,146 | |||
* | Dollar Tree Inc. | 33,313 | 3,016 | |||
* | CarMax Inc. | 23,430 | 2,934 | |||
Darden Restaurants Inc. | 18,807 | 2,833 | ||||
* | Carnival Corp. | 114,676 | 2,768 | |||
* | NVR Inc. | 504 | 2,611 | |||
* | Royal Caribbean Cruises Ltd. | 31,485 | 2,605 | |||
Genuine Parts Co. | 20,780 | 2,539 | ||||
MGM Resorts International | 58,578 | 2,497 | ||||
* | AutoZone Inc. | 1,368 | 2,119 | |||
* | Las Vegas Sands Corp. | 47,327 | 2,111 | |||
* | LKQ Corp. | 40,023 | 2,109 | |||
Whirlpool Corp. | 9,006 | 1,995 | ||||
* | Aptiv plc | 12,837 | 1,954 | |||
Advance Auto Parts Inc. | 9,426 | 1,912 | ||||
* | O'Reilly Automotive Inc. | 3,207 | 1,905 | |||
* | Expedia Group Inc. | 13,026 | 1,882 | |||
Best Buy Co. Inc. | 16,059 | 1,871 | ||||
Hasbro Inc. | 18,421 | 1,811 | ||||
DR Horton Inc. | 18,772 | 1,795 | ||||
* | Mohawk Industries Inc. | 8,379 | 1,657 | |||
Garmin Ltd. | 9,429 | 1,645 | ||||
* | Tapestry Inc. | 40,176 | 1,620 | |||
* | Wynn Resorts Ltd. | 15,054 | 1,531 | |||
* | Ulta Beauty Inc. | 3,868 | 1,498 | |||
BorgWarner Inc. | 34,305 | 1,464 | ||||
Newell Brands Inc. | 54,160 | 1,376 | ||||
* | Norwegian Cruise Line Holdings Ltd. | 52,913 | 1,367 | |||
* | Caesars Entertainment Inc. | 12,543 | 1,275 | |||
Bath & Body Works Inc. | 16,688 | 1,126 | ||||
* | PVH Corp. | 10,218 | 1,071 | |||
PulteGroup Inc. | 18,561 | 1,000 | ||||
Hanesbrands Inc. | 50,081 | 936 | ||||
Leggett & Platt Inc. | 19,094 | 924 | ||||
Ralph Lauren Corp. | 6,983 | 811 | ||||
Gap Inc. | 29,709 | 794 | ||||
* | Penn National Gaming Inc. | 8,534 | 692 | |||
* | Under Armour Inc. Class A | 26,929 | 623 |
Shares | Market Value• ($000) | |||||
* | Under Armour Inc. Class C | 28,151 | 565 | |||
Lennar Corp. Class B | 362 | 32 | ||||
188,333 | ||||||
Consumer Staples (8.9%) | ||||||
Walmart Inc. | 197,191 | 29,204 | ||||
Procter & Gamble Co. | 182,839 | 26,034 | ||||
Philip Morris International Inc. | 223,865 | 23,058 | ||||
Coca-Cola Co. | 362,214 | 20,396 | ||||
PepsiCo Inc. | 115,067 | 17,995 | ||||
Costco Wholesale Corp. | 29,840 | 13,592 | ||||
Altria Group Inc. | 265,814 | 13,352 | ||||
Mondelez International Inc. Class A | 201,682 | 12,518 | ||||
Sysco Corp. | 73,517 | 5,856 | ||||
Walgreens Boots Alliance Inc. | 103,163 | 5,236 | ||||
Constellation Brands Inc. Class A | 24,300 | 5,131 | ||||
General Mills Inc. | 87,538 | 5,061 | ||||
Kroger Co. | 108,848 | 5,010 | ||||
Estee Lauder Cos. Inc. Class A | 14,676 | 4,997 | ||||
Archer-Daniels-Midland Co. | 80,344 | 4,821 | ||||
Colgate-Palmolive Co. | 58,399 | 4,552 | ||||
Kimberly-Clark Corp. | 30,024 | 4,138 | ||||
Kraft Heinz Co. | 93,023 | 3,348 | ||||
Tyson Foods Inc. Class A | 42,364 | 3,326 | ||||
Kellogg Co. | 36,229 | 2,287 | ||||
Conagra Brands Inc. | 69,018 | 2,286 | ||||
Hershey Co. | 12,361 | 2,197 | ||||
J M Smucker Co. | 15,801 | 1,954 | ||||
Hormel Foods Corp. | 40,602 | 1,849 | ||||
McCormick & Co. Inc. (Non-Voting) | 19,948 | 1,721 | ||||
Molson Coors Beverage Co. Class B | 26,948 | 1,281 | ||||
Campbell Soup Co. | 29,299 | 1,223 | ||||
Clorox Co. | 5,857 | 984 | ||||
Church & Dwight Co. Inc. | 11,608 | 971 | ||||
Brown-Forman Corp. Class B | 13,206 | 927 | ||||
Lamb Weston Holdings Inc. | 13,217 | 861 | ||||
226,166 | ||||||
Energy (5.2%) | ||||||
Exxon Mobil Corp. | 608,034 | 33,150 | ||||
Chevron Corp. | 277,568 | 26,860 | ||||
ConocoPhillips | 193,797 | 10,762 | ||||
EOG Resources Inc. | 83,820 | 5,660 | ||||
Schlumberger NV | 200,946 | 5,634 | ||||
Marathon Petroleum Corp. | 91,565 | 5,427 | ||||
Pioneer Natural Resources Co. | 33,302 | 4,984 | ||||
Kinder Morgan Inc. | 280,053 | 4,556 | ||||
Phillips 66 | 62,989 | 4,478 | ||||
Williams Cos. Inc. | 174,272 | 4,303 |
Shares | Market Value• ($000) | |||||
Valero Energy Corp. | 58,673 | 3,891 | ||||
ONEOK Inc. | 63,913 | 3,357 | ||||
Occidental Petroleum Corp. | 120,635 | 3,099 | ||||
Halliburton Co. | 128,275 | 2,563 | ||||
Devon Energy Corp. | 85,692 | 2,532 | ||||
Baker Hughes Co. | 104,674 | 2,384 | ||||
Diamondback Energy Inc. | 26,052 | 2,010 | ||||
Marathon Oil Corp. | 112,674 | 1,324 | ||||
Hess Corp. | 18,453 | 1,269 | ||||
APA Corp. | 54,185 | 1,055 | ||||
Cabot Oil & Gas Corp. | 57,257 | 910 | ||||
* | NOV Inc. | 55,907 | 736 | |||
130,944 | ||||||
Financials (21.1%) | ||||||
* | Berkshire Hathaway Inc. Class B | 272,237 | 77,797 | |||
JPMorgan Chase & Co. | 434,794 | 69,545 | ||||
Bank of America Corp. | 1,083,114 | 45,220 | ||||
Wells Fargo & Co. | 593,726 | 27,133 | ||||
Morgan Stanley | 213,803 | 22,327 | ||||
Citigroup Inc. | 296,883 | 21,349 | ||||
Goldman Sachs Group Inc. | 48,867 | 20,207 | ||||
Charles Schwab Corp. | 215,442 | 15,695 | ||||
American Express Co. | 93,468 | 15,512 | ||||
Chubb Ltd. | 64,593 | 11,880 | ||||
PNC Financial Services Group Inc. | 61,026 | 11,662 | ||||
US Bancorp | 194,722 | 11,175 | ||||
Truist Financial Corp. | 193,142 | 11,021 | ||||
Capital One Financial Corp. | 64,871 | 10,767 | ||||
CME Group Inc. | 51,577 | 10,404 | ||||
American International Group Inc. | 123,143 | 6,719 | ||||
MetLife Inc. | 106,815 | 6,623 | ||||
Bank of New York Mellon Corp. | 115,971 | 6,404 | ||||
Prudential Financial Inc. | 56,657 | 5,999 | ||||
Marsh & McLennan Cos. Inc. | 37,274 | 5,859 | ||||
Allstate Corp. | 43,020 | 5,820 | ||||
Travelers Cos. Inc. | 36,159 | 5,775 | ||||
BlackRock Inc. | 6,116 | 5,769 | ||||
Discover Financial Services | 43,773 | 5,613 | ||||
Aflac Inc. | 90,892 | 5,152 | ||||
State Street Corp. | 49,890 | 4,635 | ||||
Ameriprise Financial Inc. | 16,634 | 4,540 | ||||
Aon plc Class A | 15,549 | 4,460 | ||||
Intercontinental Exchange Inc. | 37,140 | 4,439 | ||||
Willis Towers Watson plc | 18,503 | 4,084 | ||||
Fifth Third Bancorp | 101,174 | 3,932 | ||||
Synchrony Financial | 77,636 | 3,862 | ||||
Northern Trust Corp. | 29,898 | 3,544 | ||||
Hartford Financial Services Group Inc. | 51,318 | 3,450 | ||||
Huntington Bancshares Inc. | 212,506 | 3,300 |
Shares | Market Value• ($000) | |||||
Progressive Corp. | 30,290 | 2,918 | ||||
T. Rowe Price Group Inc. | 13,027 | 2,916 | ||||
KeyCorp | 139,489 | 2,834 | ||||
Regions Financial Corp. | 138,731 | 2,834 | ||||
Citizens Financial Group Inc. | 61,223 | 2,681 | ||||
Cincinnati Financial Corp. | 21,527 | 2,656 | ||||
M&T Bank Corp. | 18,507 | 2,591 | ||||
Moody's Corp. | 6,488 | 2,470 | ||||
Raymond James Financial Inc. | 17,599 | 2,462 | ||||
Principal Financial Group Inc. | 36,355 | 2,429 | ||||
Arthur J Gallagher & Co. | 16,801 | 2,413 | ||||
First Republic Bank | 11,843 | 2,356 | ||||
Loews Corp. | 32,240 | 1,801 | ||||
Lincoln National Corp. | 25,608 | 1,758 | ||||
Everest Re Group Ltd. | 5,745 | 1,522 | ||||
W R Berkley Corp. | 20,049 | 1,510 | ||||
Comerica Inc. | 19,968 | 1,476 | ||||
Assurant Inc. | 8,654 | 1,472 | ||||
Invesco Ltd. | 54,127 | 1,371 | ||||
Zions Bancorp NA | 23,420 | 1,356 | ||||
Globe Life Inc. | 13,558 | 1,303 | ||||
Franklin Resources Inc. | 38,902 | 1,262 | ||||
Nasdaq Inc. | 5,813 | 1,138 | ||||
People's United Financial Inc. | 61,158 | 1,005 | ||||
Cboe Global Markets Inc. | 7,491 | 945 | ||||
Unum Group | 29,301 | 780 | ||||
531,932 | ||||||
Health Care (15.1%) | ||||||
Johnson & Johnson | 226,943 | 39,291 | ||||
Pfizer Inc. | 804,022 | 37,041 | ||||
UnitedHealth Group Inc. | 65,067 | 27,085 | ||||
Medtronic plc | 193,238 | 25,793 | ||||
CVS Health Corp. | 189,095 | 16,336 | ||||
Merck & Co. Inc. | 189,119 | 14,428 | ||||
Abbott Laboratories | 104,632 | 13,222 | ||||
Anthem Inc. | 35,168 | 13,193 | ||||
Gilead Sciences Inc. | 180,158 | 13,112 | ||||
Eli Lilly & Co. | 44,589 | 11,517 | ||||
Becton Dickinson & Co. | 41,766 | 10,512 | ||||
Cigna Corp. | 49,281 | 10,430 | ||||
Bristol-Myers Squibb Co. | 154,021 | 10,298 | ||||
HCA Healthcare Inc. | 37,755 | 9,551 | ||||
Danaher Corp. | 29,194 | 9,464 | ||||
Amgen Inc. | 41,265 | 9,306 | ||||
* | Boston Scientific Corp. | 204,127 | 9,216 | |||
AbbVie Inc. | 65,963 | 7,967 | ||||
* | Moderna Inc. | 18,410 | 6,935 | |||
Stryker Corp. | 24,010 | 6,653 | ||||
Baxter International Inc. | 72,245 | 5,507 | ||||
* | Intuitive Surgical Inc. | 5,101 | 5,374 | |||
* | Centene Corp. | 83,724 | 5,273 | |||
* | Illumina Inc. | 10,497 | 4,799 | |||
McKesson Corp. | 22,704 | 4,635 |
Shares | Market Value• ($000) | |||||
Zimmer Biomet Holdings Inc. | 29,994 | 4,513 | ||||
* | Edwards Lifesciences Corp. | 38,348 | 4,494 | |||
* | Laboratory Corp. of America Holdings | 14,017 | 4,252 | |||
Zoetis Inc. | 18,399 | 3,764 | ||||
Humana Inc. | 8,885 | 3,602 | ||||
* | Biogen Inc. | 10,152 | 3,441 | |||
Quest Diagnostics Inc. | 18,783 | 2,871 | ||||
AmerisourceBergen Corp. | 21,258 | 2,598 | ||||
* | IQVIA Holdings Inc. | 9,930 | 2,579 | |||
Viatris Inc. | 173,695 | 2,541 | ||||
Cardinal Health Inc. | 41,711 | 2,189 | ||||
Agilent Technologies Inc. | 12,222 | 2,145 | ||||
DENTSPLY SIRONA Inc. | 31,424 | 1,939 | ||||
Cerner Corp. | 24,723 | 1,888 | ||||
Cooper Cos. Inc. | 4,160 | 1,875 | ||||
Universal Health Services Inc. Class B | 11,238 | 1,750 | ||||
* | Waters Corp. | 3,969 | 1,643 | |||
* | Henry Schein Inc. | 20,134 | 1,522 | |||
Teleflex Inc. | 3,546 | 1,402 | ||||
STERIS plc | 6,052 | 1,301 | ||||
* | Hologic Inc. | 10,302 | 815 | |||
Perrigo Co. plc | 19,134 | 784 | ||||
* | Incyte Corp. | 9,877 | 755 | |||
Organon & Co. | 18,782 | 637 | ||||
382,238 | ||||||
Industrials (11.5%) | ||||||
Honeywell International Inc. | 99,774 | 23,139 | ||||
Raytheon Technologies Corp. | 217,610 | 18,445 | ||||
* | Boeing Co. | 78,956 | 17,331 | |||
General Electric Co. | 157,628 | 16,616 | ||||
3M Co. | 83,271 | 16,216 | ||||
Union Pacific Corp. | 49,624 | 10,760 | ||||
Eaton Corp. plc | 57,258 | 9,640 | ||||
Caterpillar Inc. | 41,716 | 8,797 | ||||
Northrop Grumman Corp. | 21,502 | 7,906 | ||||
Johnson Controls International plc | 103,066 | 7,709 | ||||
Lockheed Martin Corp. | 18,958 | 6,821 | ||||
General Dynamics Corp. | 32,876 | 6,585 | ||||
United Parcel Service Inc. Class B | 31,182 | 6,100 | ||||
Emerson Electric Co. | 51,613 | 5,445 | ||||
Illinois Tool Works Inc. | 23,133 | 5,387 | ||||
Waste Management Inc. | 33,994 | 5,273 | ||||
CSX Corp. | 156,433 | 5,089 | ||||
Norfolk Southern Corp. | 19,734 | 5,003 | ||||
Stanley Black & Decker Inc. | 23,220 | 4,488 | ||||
Deere & Co. | 11,204 | 4,235 | ||||
* | Southwest Airlines Co. | 84,823 | 4,222 | |||
PACCAR Inc. | 49,823 | 4,079 | ||||
Republic Services Inc. | 30,227 | 3,752 | ||||
* | Delta Air Lines Inc. | 92,042 | 3,722 |
Shares | Market Value• ($000) | |||||
Trane Technologies plc | 18,537 | 3,680 | ||||
Dover Corp. | 20,663 | 3,603 | ||||
Fortive Corp. | 48,630 | 3,592 | ||||
Roper Technologies Inc. | 6,951 | 3,359 | ||||
FedEx Corp. | 12,618 | 3,352 | ||||
* | Ingersoll Rand Inc. | 55,691 | 2,953 | |||
L3Harris Technologies Inc. | 12,667 | 2,952 | ||||
Cummins Inc. | 11,979 | 2,827 | ||||
Parker-Hannifin Corp. | 8,900 | 2,640 | ||||
Otis Worldwide Corp. | 27,844 | 2,568 | ||||
Carrier Global Corp. | 42,131 | 2,427 | ||||
Rockwell Automation Inc. | 7,344 | 2,390 | ||||
Equifax Inc. | 8,750 | 2,382 | ||||
Textron Inc. | 32,428 | 2,357 | ||||
AMETEK Inc. | 16,926 | 2,301 | ||||
Westinghouse Air Brake Technologies Corp. | 25,565 | 2,295 | ||||
IHS Markit Ltd. | 18,919 | 2,282 | ||||
* | United Airlines Holdings Inc. | 46,601 | 2,167 | |||
* | TransDigm Group Inc. | 3,155 | 1,917 | |||
Xylem Inc. | 13,910 | 1,896 | ||||
Leidos Holdings Inc. | 19,029 | 1,867 | ||||
Pentair plc | 23,779 | 1,835 | ||||
* | American Airlines Group Inc. | 91,873 | 1,832 | |||
Kansas City Southern | 6,426 | 1,804 | ||||
Howmet Aerospace Inc. | 56,271 | 1,787 | ||||
Snap-on Inc. | 7,745 | 1,742 | ||||
CH Robinson Worldwide Inc. | 19,157 | 1,725 | ||||
Cintas Corp. | 4,321 | 1,710 | ||||
Robert Half International Inc. | 16,157 | 1,671 | ||||
A O Smith Corp. | 19,232 | 1,399 | ||||
IDEX Corp. | 5,974 | 1,338 | ||||
Masco Corp. | 20,318 | 1,234 | ||||
Huntington Ingalls Industries Inc. | 5,769 | 1,178 | ||||
Fastenal Co. | 20,516 | 1,146 | ||||
Nielsen Holdings plc | 51,264 | 1,100 | ||||
Allegion plc | 7,457 | 1,074 | ||||
WW Grainger Inc. | 2,458 | 1,066 | ||||
Expeditors International of Washington Inc. | 8,451 | 1,053 | ||||
* | Alaska Air Group Inc. | 17,840 | 1,023 | |||
Jacobs Engineering Group Inc. | 7,094 | 957 | ||||
JB Hunt Transport Services Inc. | 4,957 | 879 | ||||
Quanta Services Inc. | 8,377 | 855 | ||||
Fortune Brands Home & Security Inc. | 8,634 | 841 | ||||
291,816 | ||||||
Information Technology (11.1%) | ||||||
Cisco Systems Inc. | 605,306 | 35,725 | ||||
Intel Corp. | 579,979 | 31,354 | ||||
Visa Inc. Class A | 97,203 | 22,269 | ||||
Mastercard Inc. Class A | 40,211 | 13,922 |
Shares | Market Value• ($000) | |||||
International Business Machines Corp. | 96,848 | 13,592 | ||||
Accenture plc Class A | 40,179 | 13,523 | ||||
Texas Instruments Inc. | 62,327 | 11,899 | ||||
* | Micron Technology Inc. | 161,070 | 11,871 | |||
Fidelity National Information Services Inc. | 89,072 | 11,381 | ||||
Oracle Corp. | 117,408 | 10,465 | ||||
Broadcom Inc. | 18,773 | 9,334 | ||||
NXP Semiconductors NV | 37,555 | 8,079 | ||||
Analog Devices Inc. | 44,026 | 7,174 | ||||
Global Payments Inc. | 42,432 | 6,901 | ||||
Automatic Data Processing Inc. | 31,792 | 6,646 | ||||
HP Inc. | 172,502 | 5,130 | ||||
TE Connectivity Ltd. | 29,405 | 4,417 | ||||
Motorola Solutions Inc. | 13,411 | 3,275 | ||||
* | Fiserv Inc. | 27,365 | 3,223 | |||
Hewlett Packard Enterprise Co. | 187,633 | 2,901 | ||||
NetApp Inc. | 32,036 | 2,849 | ||||
Cognizant Technology Solutions Corp. Class A | 37,149 | 2,835 | ||||
* | Western Digital Corp. | 44,031 | 2,783 | |||
Amphenol Corp. Class A | 32,712 | 2,507 | ||||
Seagate Technology Holdings plc | 28,613 | 2,506 | ||||
Paychex Inc. | 21,675 | 2,481 | ||||
Corning Inc. | 59,032 | 2,361 | ||||
CDW Corp. | 11,302 | 2,267 | ||||
NortonLifeLock Inc. | 83,472 | 2,217 | ||||
Skyworks Solutions Inc. | 11,395 | 2,090 | ||||
* | Keysight Technologies Inc. | 11,397 | 2,044 | |||
* | FleetCor Technologies Inc. | 6,840 | 1,801 | |||
* | Gartner Inc. | 5,797 | 1,790 | |||
* | VeriSign Inc. | 8,225 | 1,779 | |||
Microchip Technology Inc. | 11,041 | 1,737 | ||||
* | Teledyne Technologies Inc. | 3,408 | 1,579 | |||
Broadridge Financial Solutions Inc. | 8,307 | 1,431 | ||||
Juniper Networks Inc. | 46,982 | 1,361 | ||||
* | DXC Technology Co. | 36,461 | 1,339 | |||
Western Union Co. | 58,532 | 1,267 | ||||
* | Zebra Technologies Corp. Class A | 2,067 | 1,214 | |||
Jack Henry & Associates Inc. | 5,524 | 974 | ||||
* | F5 Networks Inc. | 4,772 | 971 | |||
* | Akamai Technologies Inc. | 8,417 | 953 | |||
Citrix Systems Inc. | 6,217 | 640 | ||||
* | IPG Photonics Corp. | 2,840 | 485 | |||
279,342 | ||||||
Materials (3.5%) | ||||||
Linde plc | 31,378 | 9,871 | ||||
DuPont de Nemours Inc. | 76,475 | 5,661 | ||||
PPG Industries Inc. | 34,081 | 5,438 |
Shares | Market Value• ($000) | |||||
International Flavors & Fragrances Inc. | 35,778 | 5,420 | ||||
Nucor Corp. | 42,946 | 5,049 | ||||
Corteva Inc. | 105,742 | 4,650 | ||||
Air Products and Chemicals Inc. | 17,182 | 4,631 | ||||
Ecolab Inc. | 19,265 | 4,342 | ||||
LyondellBasell Industries NV Class A | 36,953 | 3,708 | ||||
Dow Inc. | 54,709 | 3,441 | ||||
Martin Marietta Materials Inc. | 8,960 | 3,416 | ||||
International Paper Co. | 56,252 | 3,380 | ||||
Sherwin-Williams Co. | 10,667 | 3,239 | ||||
Newmont Corp. | 51,783 | 3,003 | ||||
Freeport-McMoRan Inc. | 80,025 | 2,912 | ||||
Amcor plc | 221,664 | 2,848 | ||||
Celanese Corp. | 16,206 | 2,570 | ||||
Eastman Chemical Co. | 19,651 | 2,224 | ||||
Packaging Corp. of America | 13,668 | 2,073 | ||||
Vulcan Materials Co. | 11,074 | 2,059 | ||||
Westrock Co. | 38,322 | 1,994 | ||||
Ball Corp. | 16,928 | 1,624 | ||||
Mosaic Co. | 49,439 | 1,591 | ||||
Avery Dennison Corp. | 6,890 | 1,553 | ||||
CF Industries Holdings Inc. | 30,685 | 1,394 | ||||
Sealed Air Corp. | 7,371 | 450 | ||||
88,541 | ||||||
Real Estate (4.4%) | ||||||
Prologis Inc. | 106,250 | 14,308 | ||||
American Tower Corp. | 32,015 | 9,354 | ||||
Digital Realty Trust Inc. | 40,467 | 6,633 | ||||
Simon Property Group Inc. | 47,194 | 6,345 | ||||
Welltower Inc. | 60,048 | 5,256 | ||||
Crown Castle International Corp. | 24,805 | 4,829 | ||||
* | CBRE Group Inc. Class A | 48,158 | 4,638 | |||
AvalonBay Communities Inc. | 20,032 | 4,599 | ||||
Equinix Inc. | 5,410 | 4,563 | ||||
Equity Residential | 49,378 | 4,151 | ||||
Alexandria Real Estate Equities Inc. | 19,717 | 4,069 | ||||
Public Storage | 12,459 | 4,032 | ||||
Realty Income Corp. | 53,618 | 3,872 | ||||
Weyerhaeuser Co. | 107,544 | 3,872 | ||||
Mid-America Apartment Communities Inc. | 16,456 | 3,166 | ||||
Essex Property Trust Inc. | 9,331 | 3,086 | ||||
Ventas Inc. | 53,915 | 3,016 | ||||
Healthpeak Properties Inc. | 77,444 | 2,788 | ||||
Boston Properties Inc. | 20,419 | 2,307 | ||||
UDR Inc. | 42,688 | 2,306 | ||||
Iron Mountain Inc. | 41,590 | 1,986 | ||||
SBA Communications Corp. | 5,513 | 1,979 | ||||
Kimco Realty Corp. | 86,162 | 1,877 | ||||
Extra Space Storage Inc. | 10,013 | 1,872 |
Shares | Market Value• ($000) | |||||
* | Host Hotels & Resorts Inc. | 101,036 | 1,673 | |||
Duke Realty Corp. | 31,655 | 1,662 | ||||
Regency Centers Corp. | 22,773 | 1,563 | ||||
Federal Realty Investment Trust | 10,117 | 1,232 | ||||
Vornado Realty Trust | 22,409 | 938 | ||||
111,972 | ||||||
Utilities (4.9%) | ||||||
NextEra Energy Inc. | 160,567 | 13,486 | ||||
Duke Energy Corp. | 110,465 | 11,561 | ||||
Southern Co. | 152,041 | 9,994 | ||||
Dominion Energy Inc. | 115,879 | 9,020 | ||||
Exelon Corp. | 140,340 | 6,880 | ||||
American Electric Power Co. Inc. | 71,798 | 6,431 | ||||
Sempra Energy | 45,264 | 5,991 | ||||
Xcel Energy Inc. | 77,356 | 5,318 | ||||
Public Service Enterprise Group Inc. | 72,464 | 4,633 | ||||
Eversource Energy | 49,277 | 4,471 | ||||
WEC Energy Group Inc. | 45,252 | 4,275 | ||||
Consolidated Edison Inc. | 49,206 | 3,713 | ||||
DTE Energy Co. | 27,828 | 3,349 | ||||
PPL Corp. | 110,507 | 3,243 | ||||
Ameren Corp. | 36,708 | 3,220 | ||||
Entergy Corp. | 28,824 | 3,188 | ||||
Edison International | 54,512 | 3,153 | ||||
FirstEnergy Corp. | 78,091 | 3,035 | ||||
CMS Energy Corp. | 41,605 | 2,668 | ||||
American Water Works Co. Inc. | 13,056 | 2,380 | ||||
Evergy Inc. | 32,976 | 2,257 | ||||
Alliant Energy Corp. | 35,985 | 2,188 | ||||
CenterPoint Energy Inc. | 83,512 | 2,095 | ||||
Atmos Energy Corp. | 18,823 | 1,836 | ||||
AES Corp. | 59,581 | 1,422 | ||||
NiSource Inc. | 56,095 | 1,383 | ||||
Pinnacle West Capital Corp. | 16,112 | 1,239 | ||||
NRG Energy Inc. | 14,423 | 659 | ||||
123,088 | ||||||
Total Common Stocks (Cost $2,091,860) | 2,514,120 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
1 | Vanguard Market Liquidity Fund, 0.068% (Cost $6,791) | 67,907 | 6,791 | |||
Total Investments (99.8%) (Cost $2,098,651) | 2,520,911 | |||||
Other Assets and Liabilities—Net (0.2%) | 5,020 | |||||
Net Assets (100%) | 2,525,931 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | September 2021 | 32 | 7,233 | 137 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
International Business Machines Corp. | 8/31/22 | BOANA | 4,393 | (0.071) | 27 | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,091,860) | 2,514,120 |
Affiliated Issuers (Cost $6,791) | 6,791 |
Total Investments in Securities | 2,520,911 |
Investment in Vanguard | 85 |
Cash Collateral Pledged—Futures Contracts | 330 |
Receivables for Accrued Income | 5,163 |
Receivables for Capital Shares Issued | 5 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 27 |
Total Assets | 2,526,521 |
Liabilities | |
Due to Custodian | 474 |
Payables to Vanguard | 109 |
Variation Margin Payable—Futures Contracts | 7 |
Total Liabilities | 590 |
Net Assets | 2,525,931 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 2,195,431 |
Total Distributable Earnings (Loss) | 330,500 |
Net Assets | 2,525,931 |
ETF Shares—Net Assets | |
Applicable to 16,075,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,350,617 |
Net Asset Value Per Share—ETF Shares | $146.23 |
Institutional Shares—Net Assets | |
Applicable to 546,646 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 175,314 |
Net Asset Value Per Share—Institutional Shares | $320.71 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 45,958 |
Interest1 | 5 |
Securities Lending—Net | 22 |
Total Income | 45,985 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 301 |
Management and Administrative—ETF Shares | 1,389 |
Management and Administrative—Institutional Shares | 87 |
Marketing and Distribution—ETF Shares | 78 |
Marketing and Distribution—Institutional Shares | 3 |
Custodian Fees | 54 |
Auditing Fees | 27 |
Shareholders’ Reports—ETF Shares | 35 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,975 |
Net Investment Income | 44,010 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 50,427 |
Futures Contracts | 488 |
Swap Contracts | 651 |
Realized Net Gain (Loss) | 51,566 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 446,670 |
Futures Contracts | 118 |
Swap Contracts | 27 |
Change in Unrealized Appreciation (Depreciation) | 446,815 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 542,391 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $73,768,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 44,010 | 33,056 |
Realized Net Gain (Loss) | 51,566 | 115,227 |
Change in Unrealized Appreciation (Depreciation) | 446,815 | (108,671) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 542,391 | 39,612 |
Distributions | ||
ETF Shares | (37,692) | (28,680) |
Institutional Shares | (3,053) | (2,468) |
Total Distributions | (40,745) | (31,148) |
Capital Share Transactions | ||
ETF Shares | 643,375 | 252,592 |
Institutional Shares | 35,191 | 6,800 |
Net Increase (Decrease) from Capital Share Transactions | 678,566 | 259,392 |
Total Increase (Decrease) | 1,180,212 | 267,856 |
Net Assets | ||
Beginning of Period | 1,345,719 | 1,077,863 |
End of Period | 2,525,931 | 1,345,719 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $112.29 | $111.46 | $111.93 | $101.33 | $92.41 |
Investment Operations | |||||
Net Investment Income1 | 2.897 | 2.984 | 2.694 | 2.558 | 2.422 |
Net Realized and Unrealized Gain (Loss) on Investments | 33.786 | .683 | (.511) | 10.535 | 8.726 |
Total from Investment Operations | 36.683 | 3.667 | 2.183 | 13.093 | 11.148 |
Distributions | |||||
Dividends from Net Investment Income | (2.743) | (2.837) | (2.653) | (2.493) | (2.228) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.743) | (2.837) | (2.653) | (2.493) | (2.228) |
Net Asset Value, End of Period | $146.23 | $112.29 | $111.46 | $111.93 | $101.33 |
Total Return | 33.10% | 3.33% | 2.05% | 13.08% | 12.19% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,351 | $1,244 | $984 | $873 | $768 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 2.19% | 2.66% | 2.48% | 2.38% | 2.46% |
Portfolio Turnover Rate2 | 18% | 31% | 28% | 20% | 16% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $246.27 | $244.40 | $245.49 | $222.23 | $202.64 |
Investment Operations | |||||
Net Investment Income1 | 6.402 | 6.596 | 5.950 | 6.077 | 5.202 |
Net Realized and Unrealized Gain (Loss) on Investments | 74.102 | 1.491 | (1.115) | 22.813 | 19.393 |
Total from Investment Operations | 80.504 | 8.087 | 4.835 | 28.890 | 24.595 |
Distributions | |||||
Dividends from Net Investment Income | (6.064) | (6.217) | (5.925) | (5.630) | (5.005) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (6.064) | (6.217) | (5.925) | (5.630) | (5.005) |
Net Asset Value, End of Period | $320.71 | $246.27 | $244.40 | $245.49 | $222.23 |
Total Return | 33.14% | 3.39% | 2.07% | 13.18% | 12.27% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $175 | $102 | $94 | $89 | $4 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.22% | 2.68% | 2.50% | 2.45% | 2.53% |
Portfolio Turnover Rate2 | 18% | 31% | 28% | 20% | 16% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 2,514,120 | — | — | 2,514,120 |
Temporary Cash Investments | 6,791 | — | — | 6,791 |
Total | 2,520,911 | — | — | 2,520,911 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 137 | — | — | 137 |
Swap Contracts | — | 27 | — | 27 |
Total | 137 | 27 | — | 164 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 73,761 |
Total Distributable Earnings (Loss) | (73,761) |
Amount ($000) | |
Undistributed Ordinary Income | 11,098 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (99,530) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 418,932 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 40,745 | 31,148 |
Long-Term Capital Gains | — | — |
Total | 40,745 | 31,148 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,101,979 |
Gross Unrealized Appreciation | 475,118 |
Gross Unrealized Depreciation | (56,186) |
Net Unrealized Appreciation (Depreciation) | 418,932 |
E. | During the year ended August 31, 2021, the fund purchased $1,281,028,000 of investment securities and sold $603,580,000 of investment securities, other than temporary cash investments. Purchases and sales include $839,806,000 and $241,341,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
F. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 885,386 | 6,850 | 710,246 | 6,150 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (242,011) | (1,850) | (457,654) | (3,900) | |
Net Increase (Decrease)—ETF Shares | 643,375 | 5,000 | 252,592 | 2,250 |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 44,346 | 164 | 11,610 | 47 | |
Issued in Lieu of Cash Distributions | 2,575 | 9 | 1,990 | 8 | |
Redeemed | (11,730) | (40) | (6,800) | (27) | |
Net Increase (Decrease)—Institutional Shares | 35,191 | 133 | 6,800 | 28 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
S&P 500 Growth Index Fund ETF Shares Net Asset Value | 30.26% | 22.54% | 18.69% | $55,491 | |
S&P 500 Growth Index Fund ETF Shares Market Price | 30.18 | 22.53 | 18.69 | 55,473 | |
S&P 500 Growth Index | 30.38 | 22.70 | 18.85 | 56,251 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Since Inception (4/5/2019) 1 | Final Value of a $5,000,000 Investment | ||
S&P 500 Growth Index Fund Institutional Shares | 30.29% | 29.06% | $9,235,458 | |
S&P 500 Growth Index | 30.38 | 29.16 | 9,253,071 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 22.74 | 8,184,569 |
1 | Institutional Shares commenced operations on October 17, 2018, and on December 13, 2018, all outstanding shares were redeemed; the return for this period was -5.47%. On April 5, 2019, the class recommenced operations. The total returns shown for both the fund and its comparative standards are based on the period beginning April 5, 2019. |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
S&P 500 Growth Index Fund ETF Shares Market Price | 30.18% | 176.23% | 454.73% |
S&P 500 Growth Index Fund ETF Shares Net Asset Value | 30.26 | 176.31 | 454.91 |
S&P 500 Growth Index | 30.38 | 178.09 | 462.51 |
Communication Services | 15.8% |
Consumer Discretionary | 15.7 |
Consumer Staples | 3.0 |
Energy | 0.0 |
Financials | 2.8 |
Health Care | 11.9 |
Industrials | 5.3 |
Information Technology | 42.1 |
Materials | 1.8 |
Real Estate | 1.1 |
Utilities | 0.5 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.7%) | ||||||
Communication Services (15.8%) | ||||||
* | Facebook Inc. Class A | 783,166 | 297,118 | |||
* | Alphabet Inc. Class A | 98,140 | 284,012 | |||
* | Alphabet Inc. Class C | 93,227 | 271,220 | |||
* | Netflix Inc. | 144,930 | 82,493 | |||
Comcast Corp. Class A | 659,346 | 40,009 | ||||
* | Charter Communications Inc. Class A | 45,016 | 36,763 | |||
* | T-Mobile US Inc. | 132,150 | 18,107 | |||
* | Twitter Inc. | 260,873 | 16,826 | |||
Activision Blizzard Inc. | 149,848 | 12,343 | ||||
Electronic Arts Inc. | 50,526 | 7,337 | ||||
* | Take-Two Interactive Software Inc. | 37,807 | 6,095 | |||
1,072,323 | ||||||
Consumer Discretionary (15.7%) | ||||||
* | Amazon.com Inc. | 140,096 | 486,244 | |||
* | Tesla Inc. | 251,880 | 185,313 | |||
Home Depot Inc. | 250,233 | 81,621 | ||||
NIKE Inc. Class B | 266,698 | 43,936 | ||||
Lowe's Cos. Inc. | 164,067 | 33,452 | ||||
Target Corp. | 106,735 | 26,361 | ||||
Starbucks Corp. | 223,367 | 26,243 | ||||
McDonald's Corp. | 97,551 | 23,165 | ||||
* | Chipotle Mexican Grill Inc. | 9,219 | 17,547 | |||
Dollar General Corp. | 77,226 | 17,214 | ||||
eBay Inc. | 211,536 | 16,233 | ||||
* | Booking Holdings Inc. | 5,083 | 11,689 | |||
* | O'Reilly Automotive Inc. | 15,497 | 9,207 | |||
* | Aptiv plc | 59,234 | 9,015 | |||
* | Etsy Inc. | 41,525 | 8,980 | |||
Tractor Supply Co. | 37,660 | 7,316 | ||||
Domino's Pizza Inc. | 12,683 | 6,556 | ||||
Pool Corp. | 13,129 | 6,490 | ||||
DR Horton Inc. | 64,327 | 6,151 | ||||
* | AutoZone Inc. | 3,952 | 6,122 | |||
Yum! Brands Inc. | 41,871 | 5,486 | ||||
Garmin Ltd. | 27,452 | 4,788 | ||||
Best Buy Co. Inc. | 36,432 | 4,245 |
Shares | Market Value• ($000) | |||||
* | Hilton Worldwide Holdings Inc. | 33,665 | 4,203 | |||
* | Caesars Entertainment Inc. | 39,578 | 4,022 | |||
* | Ulta Beauty Inc. | 9,151 | 3,544 | |||
Bath & Body Works Inc. | 48,459 | 3,270 | ||||
* | Expedia Group Inc. | 16,622 | 2,402 | |||
PulteGroup Inc. | 44,137 | 2,377 | ||||
* | Penn National Gaming Inc. | 29,192 | 2,368 | |||
* | Victoria's Secret & Co. | 35 | 2 | |||
1,065,562 | ||||||
Consumer Staples (3.0%) | ||||||
Procter & Gamble Co. | 384,133 | 54,697 | ||||
Costco Wholesale Corp. | 76,580 | 34,881 | ||||
PepsiCo Inc. | 189,648 | 29,659 | ||||
Coca-Cola Co. | 443,904 | 24,996 | ||||
Estee Lauder Cos. Inc. Class A | 42,429 | 14,447 | ||||
* | Monster Beverage Corp. | 120,915 | 11,798 | |||
Colgate-Palmolive Co. | 143,785 | 11,208 | ||||
Kimberly-Clark Corp. | 41,941 | 5,780 | ||||
Clorox Co. | 27,226 | 4,575 | ||||
Church & Dwight Co. Inc. | 53,630 | 4,487 | ||||
Hershey Co. | 19,582 | 3,480 | ||||
McCormick & Co. Inc. (Non-Voting) | 35,847 | 3,093 | ||||
Brown-Forman Corp. Class B | 29,901 | 2,099 | ||||
Lamb Weston Holdings Inc. | 17,724 | 1,155 | ||||
206,355 | ||||||
Energy (0.0%) | ||||||
Hess Corp. | 47,550 | 3,269 | ||||
Financials (2.8%) | ||||||
S&P Global Inc. | 78,721 | 34,938 | ||||
BlackRock Inc. | 32,456 | 30,615 | ||||
MSCI Inc. | 26,934 | 17,092 | ||||
Moody's Corp. | 37,902 | 14,432 | ||||
Marsh & McLennan Cos. Inc. | 81,442 | 12,803 | ||||
Intercontinental Exchange Inc. | 99,526 | 11,896 | ||||
Progressive Corp. | 122,350 | 11,787 | ||||
Aon plc Class A | 38,330 | 10,995 |
Shares | Market Value• ($000) | |||||
* | SVB Financial Group | 19,172 | 10,727 | |||
T. Rowe Price Group Inc. | 44,489 | 9,960 | ||||
First Republic Bank | 30,529 | 6,073 | ||||
MarketAxess Holdings Inc. | 12,422 | 5,912 | ||||
Nasdaq Inc. | 24,446 | 4,786 | ||||
Arthur J Gallagher & Co. | 28,802 | 4,137 | ||||
Cboe Global Markets Inc. | 17,789 | 2,244 | ||||
188,397 | ||||||
Health Care (11.8%) | ||||||
Thermo Fisher Scientific Inc. | 128,451 | 71,284 | ||||
UnitedHealth Group Inc. | 160,406 | 66,772 | ||||
Johnson & Johnson | 344,283 | 59,606 | ||||
AbbVie Inc. | 427,192 | 51,596 | ||||
Danaher Corp. | 141,096 | 45,738 | ||||
Abbott Laboratories | 342,637 | 43,300 | ||||
Eli Lilly & Co. | 158,710 | 40,993 | ||||
Merck & Co. Inc. | 397,237 | 30,305 | ||||
* | Intuitive Surgical Inc. | 27,081 | 28,531 | |||
Bristol-Myers Squibb Co. | 379,675 | 25,385 | ||||
Zoetis Inc. | 113,264 | 23,169 | ||||
* | Regeneron Pharmaceuticals Inc. | 34,230 | 23,050 | |||
* | Moderna Inc. | 57,406 | 21,624 | |||
Amgen Inc. | 93,890 | 21,175 | ||||
* | IDEXX Laboratories Inc. | 27,862 | 18,772 | |||
* | Vertex Pharmaceuticals Inc. | 84,595 | 16,944 | |||
* | Dexcom Inc. | 31,605 | 16,732 | |||
* | Align Technology Inc. | 23,557 | 16,702 | |||
Stryker Corp. | 52,497 | 14,547 | ||||
ResMed Inc. | 47,575 | 13,822 | ||||
* | Edwards Lifesciences Corp. | 115,809 | 13,570 | |||
Agilent Technologies Inc. | 71,429 | 12,534 | ||||
* | Mettler-Toledo International Inc. | 7,608 | 11,814 | |||
* | Illumina Inc. | 23,862 | 10,909 | |||
West Pharmaceutical Services Inc. | 24,119 | 10,893 | ||||
* | IQVIA Holdings Inc. | 40,098 | 10,415 | |||
Humana Inc. | 21,929 | 8,890 | ||||
* | Biogen Inc. | 26,071 | 8,836 | |||
* | Charles River Laboratories International Inc. | 16,419 | 7,288 | |||
* | Catalent Inc. | 55,689 | 7,264 | |||
PerkinElmer Inc. | 36,627 | 6,769 | ||||
Bio-Techne Corp. | 12,686 | 6,332 | ||||
* | Bio-Rad Laboratories Inc. Class A | 7,024 | 5,653 | |||
* | ABIOMED Inc. | 14,781 | 5,380 | |||
* | Hologic Inc. | 60,237 | 4,768 | |||
* | Waters Corp. | 11,112 | 4,601 | |||
STERIS plc | 18,208 | 3,915 | ||||
Cerner Corp. | 42,346 | 3,233 | ||||
* | DaVita Inc. | 22,913 | 2,996 | |||
Cooper Cos. Inc. | 6,622 | 2,985 | ||||
* | Incyte Corp. | 38,531 | 2,947 |
Shares | Market Value• ($000) | |||||
Teleflex Inc. | 7,197 | 2,846 | ||||
Organon & Co. | 39,581 | 1,341 | ||||
806,226 | ||||||
Industrials (5.3%) | ||||||
United Parcel Service Inc. Class B | 165,491 | 32,375 | ||||
Deere & Co. | 76,475 | 28,910 | ||||
Union Pacific Corp. | 104,228 | 22,601 | ||||
Caterpillar Inc. | 84,154 | 17,745 | ||||
FedEx Corp. | 51,048 | 13,563 | ||||
Lockheed Martin Corp. | 36,750 | 13,223 | ||||
CSX Corp. | 386,211 | 12,563 | ||||
Verisk Analytics Inc. | 52,962 | 10,686 | ||||
Carrier Global Corp. | 170,956 | 9,847 | ||||
* | Copart Inc. | 68,036 | 9,819 | |||
IHS Markit Ltd. | 79,916 | 9,638 | ||||
Illinois Tool Works Inc. | 41,310 | 9,619 | ||||
Norfolk Southern Corp. | 36,795 | 9,329 | ||||
* | Generac Holdings Inc. | 20,577 | 8,992 | |||
Old Dominion Freight Line Inc. | 31,091 | 8,976 | ||||
Roper Technologies Inc. | 18,552 | 8,966 | ||||
L3Harris Technologies Inc. | 38,208 | 8,903 | ||||
* | United Rentals Inc. | 23,670 | 8,347 | |||
Emerson Electric Co. | 78,462 | 8,278 | ||||
Fastenal Co. | 140,774 | 7,862 | ||||
Waste Management Inc. | 49,571 | 7,689 | ||||
Cintas Corp. | 19,036 | 7,534 | ||||
Trane Technologies plc | 35,983 | 7,143 | ||||
Rockwell Automation Inc. | 21,253 | 6,917 | ||||
* | TransDigm Group Inc. | 10,751 | 6,531 | |||
Parker-Hannifin Corp. | 21,922 | 6,504 | ||||
Otis Worldwide Corp. | 68,583 | 6,325 | ||||
Equifax Inc. | 19,877 | 5,412 | ||||
AMETEK Inc. | 37,038 | 5,036 | ||||
Cummins Inc. | 20,533 | 4,845 | ||||
Expeditors International of Washington Inc. | 35,887 | 4,473 | ||||
Kansas City Southern | 15,144 | 4,250 | ||||
WW Grainger Inc. | 8,722 | 3,783 | ||||
Xylem Inc. | 27,036 | 3,685 | ||||
Jacobs Engineering Group Inc. | 26,414 | 3,565 | ||||
JB Hunt Transport Services Inc. | 16,086 | 2,854 | ||||
Rollins Inc. | 72,414 | 2,818 | ||||
Quanta Services Inc. | 26,437 | 2,699 | ||||
Fortune Brands Home & Security Inc. | 25,738 | 2,506 | ||||
IDEX Corp. | 11,161 | 2,500 | ||||
Masco Corp. | 36,497 | 2,216 | ||||
Allegion plc | 12,303 | 1,771 | ||||
361,298 | ||||||
Information Technology (42.0%) | ||||||
Apple Inc. | 5,127,193 | 778,462 |
Shares | Market Value• ($000) | |||||
Microsoft Corp. | 2,461,707 | 743,140 | ||||
NVIDIA Corp. | 814,502 | 182,326 | ||||
* | PayPal Holdings Inc. | 383,966 | 110,836 | |||
* | Adobe Inc. | 156,228 | 103,689 | |||
* | salesforce.com Inc. | 315,595 | 83,718 | |||
Visa Inc. Class A | 331,776 | 76,010 | ||||
Mastercard Inc. Class A | 194,420 | 67,314 | ||||
QUALCOMM Inc. | 368,705 | 54,085 | ||||
Intuit Inc. | 89,311 | 50,560 | ||||
Broadcom Inc. | 90,755 | 45,124 | ||||
* | ServiceNow Inc. | 64,524 | 41,530 | |||
Applied Materials Inc. | 299,944 | 40,531 | ||||
Accenture plc Class A | 116,355 | 39,160 | ||||
* | Advanced Micro Devices Inc. | 352,133 | 38,988 | |||
Texas Instruments Inc. | 159,975 | 30,541 | ||||
Oracle Corp. | 326,604 | 29,110 | ||||
Lam Research Corp. | 46,631 | 28,203 | ||||
* | Autodesk Inc. | 71,905 | 22,297 | |||
KLA Corp. | 50,085 | 17,027 | ||||
* | Synopsys Inc. | 49,857 | 16,565 | |||
* | Fiserv Inc. | 132,360 | 15,591 | |||
* | Cadence Design Systems Inc. | 90,914 | 14,863 | |||
* | Fortinet Inc. | 44,294 | 13,959 | |||
Automatic Data Processing Inc. | 66,774 | 13,958 | ||||
Xilinx Inc. | 80,352 | 12,502 | ||||
Analog Devices Inc. | 75,518 | 12,306 | ||||
* | ANSYS Inc. | 28,496 | 10,411 | |||
Microchip Technology Inc. | 64,350 | 10,126 | ||||
Amphenol Corp. Class A | 121,092 | 9,279 | ||||
* | Paycom Software Inc. | 16,066 | 7,855 | |||
* | Trimble Inc. | 81,974 | 7,724 | |||
* | Enphase Energy Inc. | 44,331 | 7,702 | |||
* | Zebra Technologies Corp. Class A | 12,753 | 7,488 | |||
Monolithic Power Systems Inc. | 14,073 | 6,965 | ||||
* | Qorvo Inc. | 36,784 | 6,917 | |||
Cognizant Technology Solutions Corp. Class A | 87,924 | 6,710 | ||||
* | Arista Networks Inc. | 17,955 | 6,635 | |||
Teradyne Inc. | 54,304 | 6,595 | ||||
* | Tyler Technologies Inc. | 13,321 | 6,470 | |||
Paychex Inc. | 55,524 | 6,356 | ||||
TE Connectivity Ltd. | 41,052 | 6,167 | ||||
* | Keysight Technologies Inc. | 34,331 | 6,158 | |||
Motorola Solutions Inc. | 24,963 | 6,096 | ||||
Skyworks Solutions Inc. | 28,065 | 5,149 | ||||
Corning Inc. | 118,990 | 4,758 | ||||
* | Gartner Inc. | 14,935 | 4,611 | |||
* | PTC Inc. | 34,347 | 4,522 | |||
CDW Corp. | 20,160 | 4,044 | ||||
* | Akamai Technologies Inc. | 34,169 | 3,870 | |||
* | Teledyne Technologies Inc. | 7,456 | 3,455 |
Shares | Market Value• ($000) | |||||
Broadridge Financial Solutions Inc. | 19,004 | 3,273 | ||||
* | FleetCor Technologies Inc. | 11,676 | 3,074 | |||
* | VeriSign Inc. | 13,591 | 2,939 | |||
Citrix Systems Inc. | 26,397 | 2,715 | ||||
Jack Henry & Associates Inc. | 11,646 | 2,054 | ||||
* | F5 Networks Inc. | 8,582 | 1,747 | |||
NXP Semiconductors NV | 4,695 | 1,010 | ||||
* | IPG Photonics Corp. | 5,293 | 903 | |||
2,856,173 | ||||||
Materials (1.7%) | ||||||
Linde plc | 98,611 | 31,022 | ||||
Sherwin-Williams Co. | 53,962 | 16,387 | ||||
Freeport-McMoRan Inc. | 296,999 | 10,808 | ||||
Albemarle Corp. | 38,157 | 9,033 | ||||
Air Products and Chemicals Inc. | 33,282 | 8,970 | ||||
Ecolab Inc. | 37,412 | 8,431 | ||||
Newmont Corp. | 144,013 | 8,351 | ||||
Dow Inc. | 119,615 | 7,524 | ||||
Ball Corp. | 68,714 | 6,594 | ||||
FMC Corp. | 42,104 | 3,942 | ||||
Vulcan Materials Co. | 18,238 | 3,391 | ||||
Avery Dennison Corp. | 11,429 | 2,576 | ||||
Sealed Air Corp. | 32,750 | 1,999 | ||||
119,028 | ||||||
Real Estate (1.1%) | ||||||
American Tower Corp. | 75,783 | 22,141 | ||||
Crown Castle International Corp. | 84,768 | 16,503 | ||||
Equinix Inc. | 16,994 | 14,334 | ||||
SBA Communications Corp. | 23,220 | 8,335 | ||||
Public Storage | 21,384 | 6,920 | ||||
Extra Space Storage Inc. | 20,992 | 3,924 | ||||
Duke Realty Corp. | 50,134 | 2,633 | ||||
74,790 | ||||||
Utilities (0.5%) | ||||||
NextEra Energy Inc. | 275,673 | 23,154 | ||||
American Water Works Co. Inc. | 29,661 | 5,406 | ||||
NRG Energy Inc. | 47,100 | 2,151 | ||||
AES Corp. | 82,711 | 1,974 | ||||
32,685 | ||||||
Total Common Stocks (Cost $3,958,319) | 6,786,106 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (0.2%) | ||||||
Money Market Fund (0.2%) | ||||||
1 | Vanguard Market Liquidity Fund, 0.068% (Cost $13,985) | 139,856 | 13,985 | |||
Total Investments (99.9%) (Cost $3,972,304) | 6,800,091 | |||||
Other Assets and Liabilities—Net (0.1%) | 4,713 | |||||
Net Assets (100%) | 6,804,804 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini NASDAQ 100 Index | September 2021 | 30 | 9,350 | 302 |
E-mini S&P 500 Index | September 2021 | 16 | 3,616 | 87 |
389 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Advanced Micro Devices Inc. | 8/31/22 | BOANA | 4,837 | (0.072) | 146 | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,958,319) | 6,786,106 |
Affiliated Issuers (Cost $13,985) | 13,985 |
Total Investments in Securities | 6,800,091 |
Investment in Vanguard | 217 |
Cash Collateral Pledged—Futures Contracts | 700 |
Receivables for Accrued Income | 3,953 |
Receivables for Capital Shares Issued | 8 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 146 |
Total Assets | 6,805,115 |
Liabilities | |
Due to Custodian | 7 |
Payables for Investment Securities Purchased | 1 |
Payables to Vanguard | 290 |
Variation Margin Payable—Futures Contracts | 13 |
Total Liabilities | 311 |
Net Assets | 6,804,804 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 4,083,455 |
Total Distributable Earnings (Loss) | 2,721,349 |
Net Assets | 6,804,804 |
ETF Shares—Net Assets | |
Applicable to 23,900,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,776,307 |
Net Asset Value Per Share—ETF Shares | $283.53 |
Institutional Shares—Net Assets | |
Applicable to 44,188 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 28,497 |
Net Asset Value Per Share—Institutional Shares | $644.91 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 43,605 |
Interest1 | 9 |
Securities Lending—Net | — |
Total Income | 43,614 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 787 |
Management and Administrative—ETF Shares | 4,125 |
Management and Administrative—Institutional Shares | 9 |
Marketing and Distribution—ETF Shares | 173 |
Marketing and Distribution—Institutional Shares | — |
Custodian Fees | 5 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 106 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 5,236 |
Net Investment Income | 38,378 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 237,552 |
Futures Contracts | 3,173 |
Swap Contracts | 174 |
Realized Net Gain (Loss) | 240,899 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,201,297 |
Futures Contracts | (279) |
Swap Contracts | 146 |
Change in Unrealized Appreciation (Depreciation) | 1,201,164 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,480,441 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $8,000, $0, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $252,220,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 38,378 | 39,621 |
Realized Net Gain (Loss) | 240,899 | 233,544 |
Change in Unrealized Appreciation (Depreciation) | 1,201,164 | 913,180 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,480,441 | 1,186,345 |
Distributions | ||
ETF Shares | (37,279) | (40,288) |
Institutional Shares | (106) | (94) |
Total Distributions | (37,385) | (40,382) |
Capital Share Transactions | ||
ETF Shares | 853,598 | 586,807 |
Institutional Shares | 14,513 | (520) |
Net Increase (Decrease) from Capital Share Transactions | 868,111 | 586,287 |
Total Increase (Decrease) | 2,311,167 | 1,732,250 |
Net Assets | ||
Beginning of Period | 4,493,637 | 2,761,387 |
End of Period | 6,804,804 | 4,493,637 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $219.32 | $161.81 | $158.27 | $127.78 | $109.12 |
Investment Operations | |||||
Net Investment Income1 | 1.751 | 2.111 | 2.156 | 1.833 | 1.841 |
Net Realized and Unrealized Gain (Loss) on Investments | 64.190 | 57.589 | 3.437 | 30.442 | 18.527 |
Total from Investment Operations | 65.941 | 59.700 | 5.593 | 32.275 | 20.368 |
Distributions | |||||
Dividends from Net Investment Income | (1.731) | (2.190) | (2.053) | (1.785) | (1.708) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.731) | (2.190) | (2.053) | (1.785) | (1.708) |
Net Asset Value, End of Period | $283.53 | $219.32 | $161.81 | $158.27 | $127.78 |
Total Return | 30.26% | 37.29% | 3.60% | 25.48% | 18.85% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,776 | $4,485 | $2,755 | $2,327 | $1,664 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 0.73% | 1.20% | 1.41% | 1.29% | 1.57% |
Portfolio Turnover Rate2 | 12% | 24% | 23% | 18% | 19% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | ||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | April 5, 20191 to August 31, 2019 | October 17, 20181 to December 13, 2018 | |
2021 | 2020 | |||
Net Asset Value, Beginning of Period | $498.89 | $368.04 | $356.55 | $343.28 |
Investment Operations | ||||
Net Investment Income2 | 3.959 | 4.861 | 3.777 | .856 |
Net Realized and Unrealized Gain (Loss) on Investments | 146.133 | 131.012 | 7.713 | (19.628) |
Total from Investment Operations | 150.092 | 135.873 | 11.490 | (18.772) |
Distributions | ||||
Dividends from Net Investment Income | (4.072) | (5.023) | — | (.938) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (4.072) | (5.023) | — | (.938) |
Net Asset Value, End of Period | $644.91 | $498.89 | $368.04 | $323.57 |
Total Return | 30.29% | 37.35% | 3.22% | -5.47% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $28 | $9 | $7 | — |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08%3 | 0.08%3 |
Ratio of Net Investment Income to Average Net Assets | 0.71% | 1.22% | 2.52%3 | 1.64%3 |
Portfolio Turnover Rate4 | 12% | 24% | 23%5 | 23%5 |
1 | The class commenced operations on October 17, 2018. On December 13, 2018, all outstanding shares were redeemed and the Net Asset Value represents the per-share amount at which such shares were redeemed. On April 5, 2019, the class recommenced operations. |
2 | Calculated based on average shares outstanding. |
3 | Annualized. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
5 | Reflects the fund’s portfolio turnover for the fiscal year ended August 31, 2019. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 6,786,106 | — | — | 6,786,106 |
Temporary Cash Investments | 13,985 | — | — | 13,985 |
Total | 6,800,091 | — | — | 6,800,091 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 389 | — | — | 389 |
Swap Contracts | — | 146 | — | 146 |
Total | 389 | 146 | — | 535 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 252,068 |
Total Distributable Earnings (Loss) | (252,068) |
Amount ($000) | |
Undistributed Ordinary Income | 8,474 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (113,526) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 2,826,401 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 37,385 | 40,382 |
Long-Term Capital Gains | — | — |
Total | 37,385 | 40,382 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,973,690 |
Gross Unrealized Appreciation | 2,841,362 |
Gross Unrealized Depreciation | (14,961) |
Net Unrealized Appreciation (Depreciation) | 2,826,401 |
E. | During the year ended August 31, 2021, the fund purchased $2,082,663,000 of investment securities and sold $1,220,182,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,374,217,000 and $593,360,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
F. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,457,681 | 6,075 | 1,279,912 | 7,500 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (604,083) | (2,625) | (693,105) | (4,075) | |
Net Increase (Decrease)—ETF Shares | 853,598 | 3,450 | 586,807 | 3,425 |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 15,809 | 30 | 965 | 2 | |
Issued in Lieu of Cash Distributions | 48 | — | 5 | — | |
Redeemed | (1,344) | (3) | (1,490) | (3) | |
Net Increase (Decrease)—Institutional Shares | 14,513 | 27 | (520) | (1) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 18, 2021
Fund | ($000) |
S&P 500 Value Index Fund | 39,706 |
S&P 500 Growth Index Fund | 37,385 |
Fund | ($000) |
S&P 500 Value Index Fund | 416 |
S&P 500 Growth Index Fund | — |
Fund | Percentage |
S&P 500 Value Index Fund | 94.2% |
S&P 500 Growth Index Fund | 100.0 |
Matthew Benchener | Chris D. McIsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Patent Nos. 6,879,964 and 7,720,749.
Vanguard Marketing Corporation, Distributor.
Vanguard S&P Small-Cap 600 Index Fund |
Vanguard S&P Small-Cap 600 Value Index Fund |
Vanguard S&P Small-Cap 600 Growth Index Fund |
1 | |
2 | |
4 | |
27 | |
48 | |
67 | |
69 |
• | Returns for the three Vanguard S&P Small-Cap 600 Index Funds ranged from 47.68% for ETF Shares in the Growth Index Fund to 60.32% for Institutional Shares in the Value Index Fund. All three funds closely tracked their target indexes. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. As the 12 months under review reflect the recovery in stocks following the 2020 downturn, results were excellent. |
• | Small- and mid-capitalization stocks outperformed their large-cap counterparts for the period, and value stocks surpassed growth. |
• | All 11 sectors for the three funds generated at least double-digit returns. Consumer discretionary stocks contributed the most to the Small-Cap 600 Index Fund and the Value Index Fund, while information technology stocks led the Growth Index Fund. Industrials, health care, and financials were also among the top performers for all three funds. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
S&P Small-Cap 600 Index Fund | |||
ETF Shares | $1,000.00 | $1,074.90 | $0.52 |
Institutional Shares | 1,000.00 | 1,075.00 | 0.42 |
S&P Small-Cap 600 Value Index Fund | |||
ETF Shares | $1,000.00 | $1,080.00 | $0.79 |
Institutional Shares | 1,000.00 | 1,080.50 | 0.42 |
S&P Small-Cap 600 Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,069.40 | $0.78 |
Based on Hypothetical 5% Yearly Return | |||
S&P Small-Cap 600 Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
S&P Small-Cap 600 Value Index Fund | |||
ETF Shares | $1,000.00 | $1,024.45 | $0.77 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
S&P Small-Cap 600 Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,024.45 | $0.77 |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
S&P Small-Cap 600 Index Fund ETF Shares Net Asset Value | 53.88% | 14.27% | 14.64% | $39,221 | |
S&P Small-Cap 600 Index Fund ETF Shares Market Price | 53.76 | 14.26 | 14.65 | 39,241 | |
S&P SmallCap 600 Index | 53.97 | 14.28 | 14.73 | 39,499 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
S&P Small-Cap 600 Index Fund Institutional Shares | 53.93% | 14.31% | 14.71% | $19,716,339 | |
S&P SmallCap 600 Index | 53.97 | 14.28 | 14.73 | 19,749,586 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 22,360,680 |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
S&P Small-Cap 600 Index Fund ETF Shares Market Price | 53.76% | 94.77% | 292.41% |
S&P Small-Cap 600 Index Fund ETF Shares Net Asset Value | 53.88 | 94.83 | 292.21 |
S&P SmallCap 600 Index | 53.97 | 94.88 | 294.99 |
Communication Services | 1.7% |
Consumer Discretionary | 14.2 |
Consumer Staples | 4.1 |
Energy | 4.0 |
Financials | 17.9 |
Health Care | 11.9 |
Industrials | 16.9 |
Information Technology | 14.1 |
Materials | 5.2 |
Real Estate | 8.2 |
Utilities | 1.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Communication Services (1.7%) | ||||||
Cogent Communications Holdings Inc. | 147,864 | 10,732 | ||||
* | TechTarget Inc. | 82,620 | 6,988 | |||
* | Cinemark Holdings Inc. | 380,121 | 6,778 | |||
* | Meredith Corp. | 141,848 | 6,101 | |||
Shenandoah Telecommunications Co. | 174,650 | 5,210 | ||||
* | AMC Networks Inc. Class A | 107,444 | 5,107 | |||
EW Scripps Co. Class A | 201,583 | 3,737 | ||||
Scholastic Corp. | 105,041 | 3,492 | ||||
* | QuinStreet Inc. | 172,409 | 3,088 | |||
* | Gannett Co. Inc. | 473,041 | 3,004 | |||
* | Cincinnati Bell Inc. | 177,869 | 2,755 | |||
* | Consolidated Communications Holdings Inc. | 256,880 | 2,381 | |||
ATN International Inc. | 38,211 | 1,742 | ||||
* | Marcus Corp. | 84,703 | 1,321 | |||
62,436 | ||||||
Consumer Discretionary (14.2%) | ||||||
* | Macy's Inc. | 1,089,325 | 24,390 | |||
* | Stamps.com Inc. | 64,017 | 21,055 | |||
* | Meritage Homes Corp. | 132,257 | 14,752 | |||
Signet Jewelers Ltd. | 182,990 | 14,493 | ||||
Rent-A-Center Inc. | 208,545 | 13,155 | ||||
* | Asbury Automotive Group Inc. | 67,578 | 12,586 | |||
LCI Industries | 88,260 | 12,503 | ||||
* | LGI Homes Inc. | 76,675 | 12,293 | |||
* | Shake Shack Inc. Class A | 127,076 | 11,024 | |||
Steven Madden Ltd. | 268,882 | 10,882 | ||||
Wolverine World Wide Inc. | 289,382 | 10,377 | ||||
* | Bed Bath & Beyond Inc. | 372,640 | 10,263 | |||
MDC Holdings Inc. | 193,985 | 10,136 | ||||
* | Gentherm Inc. | 115,732 | 9,932 | |||
Group 1 Automotive Inc. | 59,662 | 9,870 | ||||
Installed Building Products Inc. | 78,867 | 9,794 | ||||
* | Dorman Products Inc. | 99,799 | 9,367 |
Shares | Market Value• ($000) | |||||
* | Boot Barn Holdings Inc. | 102,211 | 9,125 | |||
Shutterstock Inc. | 77,918 | 8,981 | ||||
Kontoor Brands Inc. | 165,124 | 8,910 | ||||
* | ODP Corp. | 187,046 | 8,823 | |||
* | Brinker International Inc. | 159,851 | 8,515 | |||
* | Vista Outdoor Inc. | 201,787 | 8,243 | |||
Winnebago Industries Inc. | 117,423 | 8,175 | ||||
* | iRobot Corp. | 98,178 | 7,964 | |||
* | Sleep Number Corp. | 85,487 | 7,908 | |||
* | Abercrombie & Fitch Co. Class A | 216,426 | 7,739 | |||
* | Cavco Industries Inc. | 29,823 | 7,620 | |||
* | Bloomin' Brands Inc. | 282,707 | 7,574 | |||
* | Cheesecake Factory Inc. | 161,183 | 7,519 | |||
* | Sally Beauty Holdings Inc. | 394,718 | 7,338 | |||
Core-Mark Holding Co. Inc. | 157,812 | 7,259 | ||||
Century Communities Inc. | 102,519 | 7,187 | ||||
Strategic Education Inc. | 86,151 | 6,744 | ||||
Monro Inc. | 117,042 | 6,661 | ||||
* | M/I Homes Inc. | 101,987 | 6,567 | |||
* | Adtalem Global Education Inc. | 172,720 | 6,391 | |||
Patrick Industries Inc. | 78,100 | 6,374 | ||||
* | Dave & Buster's Entertainment Inc. | 166,948 | 6,247 | |||
La-Z-Boy Inc. | 161,801 | 5,665 | ||||
Big Lots Inc. | 111,626 | 5,432 | ||||
Hibbett Inc. | 56,687 | 5,424 | ||||
Oxford Industries Inc. | 59,087 | 5,336 | ||||
* | Dine Brands Global Inc. | 60,045 | 4,967 | |||
Sturm Ruger & Co. Inc. | 61,510 | 4,809 | ||||
* | G-III Apparel Group Ltd. | 152,411 | 4,714 | |||
* | Children's Place Inc. | 51,314 | 4,456 | |||
* | Tupperware Brands Corp. | 173,280 | 4,136 | |||
Sonic Automotive Inc. Class A | 81,449 | 4,116 | ||||
Buckle Inc. | 101,144 | 3,917 | ||||
* | MarineMax Inc. | 77,276 | 3,757 | |||
* | American Axle & Manufacturing Holdings Inc. | 397,679 | 3,527 | |||
* | BJ's Restaurants Inc. | 81,252 | 3,474 |
Shares | Market Value• ($000) | |||||
Caleres Inc. | 134,171 | 3,299 | ||||
Guess? Inc. | 133,795 | 3,237 | ||||
Aaron's Co. Inc. | 119,519 | 3,170 | ||||
* | Genesco Inc. | 49,648 | 3,080 | |||
* | Designer Brands Inc. Class A | 207,106 | 3,003 | |||
Standard Motor Products Inc. | 69,826 | 2,995 | ||||
* | Zumiez Inc. | 73,963 | 2,973 | |||
* | Monarch Casino & Resort Inc. | 45,320 | 2,872 | |||
* | America's Car-Mart Inc. | 21,500 | 2,781 | |||
* | Perdoceo Education Corp. | 246,218 | 2,703 | |||
* | Universal Electronics Inc. | 48,220 | 2,436 | |||
Shoe Carnival Inc. | 60,642 | 2,321 | ||||
* | Liquidity Services Inc. | 94,758 | 2,312 | |||
* | Ruth's Hospitality Group Inc. | 111,910 | 2,293 | |||
* | Chuy's Holdings Inc. | 70,029 | 2,259 | |||
* | Chico's FAS Inc. | 428,855 | 2,217 | |||
* | Fossil Group Inc. | 165,018 | 2,211 | |||
Movado Group Inc. | 58,766 | 2,124 | ||||
* | Lumber Liquidators Holdings Inc. | 101,252 | 2,112 | |||
Haverty Furniture Cos. Inc. | 58,901 | 2,099 | ||||
PetMed Express Inc. | 70,894 | 1,952 | ||||
Ethan Allen Interiors Inc. | 76,649 | 1,841 | ||||
* | American Public Education Inc. | 65,320 | 1,718 | |||
* | Conn's Inc. | 67,832 | 1,669 | |||
* | Cooper-Standard Holdings Inc. | 58,907 | 1,371 | |||
* | Red Robin Gourmet Burgers Inc. | 54,827 | 1,342 | |||
* | Motorcar Parts of America Inc. | 66,536 | 1,319 | |||
* | Unifi Inc. | 52,480 | 1,220 | |||
* | El Pollo Loco Holdings Inc. | 66,479 | 1,206 | |||
Cato Corp. Class A | 67,368 | 1,163 | ||||
* | Barnes & Noble Education Inc. | 111,409 | 909 | |||
* | Vera Bradley Inc. | 78,241 | 897 | |||
* | Fiesta Restaurant Group Inc. | 61,947 | 744 | |||
* | Regis Corp. | 85,097 | 461 | |||
518,775 | ||||||
Consumer Staples (4.0%) | ||||||
WD-40 Co. | 47,905 | 11,479 | ||||
* | Simply Good Foods Co. | 294,518 | 10,491 | |||
* | Celsius Holdings Inc. | 115,053 | 9,407 | |||
Medifast Inc. | 41,099 | 9,366 | ||||
J & J Snack Foods Corp. | 52,565 | 8,608 | ||||
Edgewell Personal Care Co. | 189,965 | 8,036 | ||||
* | United Natural Foods Inc. | 196,759 | 7,241 | |||
PriceSmart Inc. | 81,700 | 6,913 |
Shares | Market Value• ($000) | |||||
1 | B&G Foods Inc. | 226,317 | 6,871 | |||
Vector Group Ltd. | 447,289 | 6,718 | ||||
Coca-Cola Consolidated Inc. | 16,221 | 6,588 | ||||
* | Central Garden & Pet Co. Class A | 138,889 | 5,788 | |||
Cal-Maine Foods Inc. | 130,980 | 4,736 | ||||
Inter Parfums Inc. | 62,051 | 4,501 | ||||
Universal Corp. | 85,822 | 4,343 | ||||
* | elf Beauty Inc. | 135,353 | 4,189 | |||
* | USANA Health Sciences Inc. | 40,244 | 3,905 | |||
National Beverage Corp. | 81,405 | 3,789 | ||||
Fresh Del Monte Produce Inc. | 106,110 | 3,489 | ||||
* | Chefs' Warehouse Inc. | 113,778 | 3,440 | |||
Andersons Inc. | 109,298 | 3,320 | ||||
MGP Ingredients Inc. | 46,109 | 3,011 | ||||
Calavo Growers Inc. | 58,292 | 2,735 | ||||
SpartanNash Co. | 126,280 | 2,715 | ||||
John B Sanfilippo & Son Inc. | 30,910 | 2,627 | ||||
* | Central Garden & Pet Co. | 33,944 | 1,563 | |||
* | Seneca Foods Corp. Class A | 23,204 | 1,136 | |||
* | TreeHouse Foods Inc. | 20,971 | 786 | |||
147,791 | ||||||
Energy (4.0%) | ||||||
PDC Energy Inc. | 347,106 | 14,492 | ||||
* | Range Resources Corp. | 907,241 | 13,264 | |||
Matador Resources Co. | 383,650 | 11,030 | ||||
* | Southwestern Energy Co. | 2,271,408 | 10,335 | |||
Helmerich & Payne Inc. | 377,176 | 10,154 | ||||
* | Renewable Energy Group Inc. | 166,572 | 8,065 | |||
SM Energy Co. | 382,865 | 7,313 | ||||
World Fuel Services Corp. | 221,043 | 7,153 | ||||
* | Green Plains Inc. | 163,939 | 5,754 | |||
* | Callon Petroleum Co. | 161,791 | 5,528 | |||
Patterson-UTI Energy Inc. | 656,784 | 5,097 | ||||
Core Laboratories NV | 162,086 | 4,467 | ||||
* | Oceaneering International Inc. | 349,345 | 4,297 | |||
* | PBF Energy Inc. Class A | 335,841 | 3,493 | |||
Archrock Inc. | 451,588 | 3,468 | ||||
* | Dril-Quip Inc. | 124,015 | 3,013 | |||
* | DMC Global Inc. | 65,404 | 2,627 | |||
Bonanza Creek Energy Inc. | 66,594 | 2,589 | ||||
* | Par Pacific Holdings Inc. | 156,031 | 2,573 | |||
* | Bristow Group Inc. Class A | 80,979 | 2,556 | |||
* | CONSOL Energy Inc. | 105,799 | 2,415 | |||
* | US Silica Holdings Inc. | 258,883 | 2,273 | |||
* | ProPetro Holding Corp. | 285,389 | 2,209 | |||
* | Nabors Industries Ltd. | 22,845 | 1,927 | |||
* | Helix Energy Solutions Group Inc. | 493,121 | 1,854 |
Shares | Market Value• ($000) | |||||
* | Laredo Petroleum Inc. | 33,797 | 1,826 | |||
* | REX American Resources Corp. | 18,475 | 1,566 | |||
* | Talos Energy Inc. | 110,677 | 1,372 | |||
* | Oil States International Inc. | 213,591 | 1,252 | |||
Dorian LPG Ltd. | 94,167 | 1,245 | ||||
* | Penn Virginia Corp. | 53,574 | 1,109 | |||
* | RPC Inc. | 202,129 | 774 | |||
* | Nabors Industries Ltd. Warrants Exp. 6/11/26 | 8,451 | 49 | |||
147,139 | ||||||
Financials (17.9%) | ||||||
Community Bank System Inc. | 188,310 | 13,935 | ||||
BankUnited Inc. | 325,863 | 13,696 | ||||
Pacific Premier Bancorp Inc. | 330,781 | 13,218 | ||||
Assured Guaranty Ltd. | 263,548 | 13,141 | ||||
First Hawaiian Inc. | 455,641 | 12,717 | ||||
ServisFirst Bancshares Inc. | 164,635 | 12,088 | ||||
Ameris Bancorp | 243,678 | 11,999 | ||||
Walker & Dunlop Inc. | 103,335 | 11,475 | ||||
Investors Bancorp Inc. | 787,625 | 11,271 | ||||
Simmons First National Corp. Class A | 378,718 | 11,002 | ||||
* | Trupanion Inc. | 117,588 | 10,769 | |||
* | Green Dot Corp. Class A | 190,220 | 9,937 | |||
Old National Bancorp | 579,344 | 9,652 | ||||
First Bancorp | 753,425 | 9,591 | ||||
American Equity Investment Life Holding Co. | 300,202 | 9,513 | ||||
Cadence Bancorp Class A | 435,872 | 9,376 | ||||
* | Mr Cooper Group Inc. | 237,810 | 9,246 | |||
United Community Banks Inc. | 303,284 | 9,150 | ||||
Columbia Banking System Inc. | 250,712 | 9,116 | ||||
CVB Financial Corp. | 446,584 | 9,092 | ||||
Independent Bank Group Inc. | 128,317 | 9,037 | ||||
Independent Bank Corp. (Massachusetts) | 115,439 | 8,854 | ||||
* | Axos Financial Inc. | 180,091 | 8,731 | |||
Flagstar Bancorp Inc. | 165,830 | 8,202 | ||||
First Financial Bancorp | 340,069 | 7,995 | ||||
Virtus Investment Partners Inc. | 25,130 | 7,858 | ||||
Hilltop Holdings Inc. | 227,462 | 7,613 | ||||
WSFS Financial Corp. | 166,109 | 7,543 | ||||
First Midwest Bancorp Inc. | 399,675 | 7,486 | ||||
Two Harbors Investment Corp. | 1,096,655 | 7,238 | ||||
Piper Sandler Cos. | 50,398 | 7,203 | ||||
Trustmark Corp. | 221,633 | 7,008 |
Shares | Market Value• ($000) | |||||
Apollo Commercial Real Estate Finance Inc. | 449,936 | 6,997 | ||||
Banner Corp. | 121,635 | 6,958 | ||||
Renasant Corp. | 196,847 | 6,909 | ||||
* | Palomar Holdings Inc. | 76,014 | 6,826 | |||
* | NMI Holdings Inc. Class A | 299,133 | 6,751 | |||
* | PRA Group Inc. | 160,084 | 6,724 | |||
PennyMac Mortgage Investment Trust | 342,387 | 6,646 | ||||
* | Genworth Financial Inc. Class A | 1,771,295 | 6,642 | |||
* | Triumph Bancorp Inc. | 79,124 | 6,506 | |||
Eagle Bancorp Inc. | 111,706 | 6,445 | ||||
Veritex Holdings Inc. | 172,851 | 6,211 | ||||
Seacoast Banking Corp. of Florida | 193,220 | 6,171 | ||||
Great Western Bancorp Inc. | 192,586 | 5,962 | ||||
Hope Bancorp Inc. | 432,056 | 5,958 | ||||
Horace Mann Educators Corp. | 145,047 | 5,947 | ||||
Stewart Information Services Corp. | 93,709 | 5,899 | ||||
Lakeland Financial Corp. | 88,375 | 5,869 | ||||
New York Mortgage Trust Inc. | 1,325,975 | 5,861 | ||||
Park National Corp. | 49,694 | 5,826 | ||||
Northwest Bancshares Inc. | 444,971 | 5,794 | ||||
Brightsphere Investment Group Inc. | 208,023 | 5,656 | ||||
Provident Financial Services Inc. | 253,460 | 5,594 | ||||
Meta Financial Group Inc. | 111,602 | 5,490 | ||||
NBT Bancorp Inc. | 151,830 | 5,445 | ||||
* | Encore Capital Group Inc. | 108,429 | 5,336 | |||
Westamerica Bancorp | 93,934 | 5,330 | ||||
Capitol Federal Financial Inc. | 451,438 | 5,210 | ||||
Redwood Trust Inc. | 395,292 | 4,929 | ||||
FB Financial Corp. | 117,643 | 4,846 | ||||
ProAssurance Corp. | 188,781 | 4,814 | ||||
James River Group Holdings Ltd. | 130,374 | 4,796 | ||||
Berkshire Hills Bancorp Inc. | 179,239 | 4,594 | ||||
First Commonwealth Financial Corp. | 336,789 | 4,553 | ||||
* | Bancorp Inc. | 178,406 | 4,400 | |||
OFG Bancorp | 180,837 | 4,306 | ||||
* | Customers Bancorp Inc. | 103,553 | 4,288 | |||
City Holding Co. | 54,680 | 4,260 | ||||
* | Enova International Inc. | 128,181 | 4,227 | |||
First Bancorp (XNGS) | 99,350 | 4,149 | ||||
Employers Holdings Inc. | 99,470 | 4,095 | ||||
S&T Bancorp Inc. | 137,272 | 4,091 | ||||
Brookline Bancorp Inc. | 272,796 | 4,084 | ||||
Southside Bancshares Inc. | 107,972 | 4,069 |
Shares | Market Value• ($000) | |||||
Dime Community Bancshares Inc. | 123,271 | 4,068 | ||||
* | StoneX Group Inc. | 58,096 | 4,049 | |||
B. Riley Financial Inc. | 61,767 | 4,048 | ||||
Safety Insurance Group Inc. | 49,648 | 4,037 | ||||
National Bank Holdings Corp. Class A | 107,397 | 4,027 | ||||
AMERISAFE Inc. | 67,437 | 3,881 | ||||
BancFirst Corp. | 65,300 | 3,693 | ||||
* | eHealth Inc. | 91,159 | 3,523 | |||
* | Donnelley Financial Solutions Inc. | 104,086 | 3,471 | |||
Tompkins Financial Corp. | 42,214 | 3,360 | ||||
Heritage Financial Corp. | 125,605 | 3,197 | ||||
Invesco Mortgage Capital Inc. | 994,372 | 3,102 | ||||
Ready Capital Corp. | 201,444 | 3,084 | ||||
HomeStreet Inc. | 74,649 | 3,049 | ||||
Preferred Bank | 47,405 | 3,029 | ||||
Ellington Financial Inc. | 153,130 | 2,836 | ||||
Banc of California Inc. | 156,114 | 2,805 | ||||
* | Blucora Inc. | 169,253 | 2,777 | |||
Northfield Bancorp Inc. | 161,496 | 2,729 | ||||
ARMOUR Residential REIT Inc. | 249,179 | 2,706 | ||||
Granite Point Mortgage Trust Inc. | 192,001 | 2,642 | ||||
* | World Acceptance Corp. | 13,742 | 2,609 | |||
* | SiriusPoint Ltd. | 265,747 | 2,607 | |||
HCI Group Inc. | 22,760 | 2,541 | ||||
Central Pacific Financial Corp. | 99,186 | 2,510 | ||||
WisdomTree Investments Inc. | 392,391 | 2,476 | ||||
Allegiance Bancshares Inc. | 65,068 | 2,419 | ||||
Capstead Mortgage Corp. | 337,173 | 2,323 | ||||
* | Ambac Financial Group Inc. | 161,694 | 2,278 | |||
TrustCo Bank Corp. | 67,129 | 2,154 | ||||
Hanmi Financial Corp. | 107,165 | 2,066 | ||||
KKR Real Estate Finance Trust Inc. | 94,957 | 2,025 | ||||
United Fire Group Inc. | 75,699 | 1,965 | ||||
* | Selectquote Inc. | 153,629 | 1,467 | |||
Universal Insurance Holdings Inc. | 99,294 | 1,414 | ||||
* | EZCORP Inc. Class A | 184,699 | 1,273 | |||
Greenhill & Co. Inc. | 50,992 | 752 | ||||
United Insurance Holdings Corp. | 70,468 | 269 | ||||
653,477 | ||||||
Health Care (11.9%) | ||||||
* | Omnicell Inc. | 150,934 | 23,436 | |||
* | NeoGenomics Inc. | 412,107 | 20,037 | |||
* | AMN Healthcare Services Inc. | 165,137 | 18,746 |
Shares | Market Value• ($000) | |||||
Ensign Group Inc. | 180,591 | 14,749 | ||||
CONMED Corp. | 101,662 | 13,352 | ||||
Select Medical Holdings Corp. | 376,933 | 13,031 | ||||
* | Merit Medical Systems Inc. | 172,208 | 12,359 | |||
* | Integer Holdings Corp. | 115,239 | 11,384 | |||
* | Prestige Consumer Healthcare Inc. | 174,422 | 10,010 | |||
Owens & Minor Inc. | 262,613 | 9,790 | ||||
* | MEDNAX Inc. | 301,210 | 9,672 | |||
* | Glaukos Corp. | 161,738 | 9,644 | |||
* | Myriad Genetics Inc. | 269,278 | 9,635 | |||
* | Cytokinetics Inc. | 285,652 | 9,418 | |||
* | Heska Corp. | 34,610 | 9,182 | |||
* | Pacira BioSciences Inc. | 153,851 | 9,122 | |||
* | Vericel Corp. | 161,999 | 8,776 | |||
* | ModivCare Inc. | 42,599 | 8,403 | |||
* | Covetrus Inc. | 348,441 | 7,871 | |||
* | Corcept Therapeutics Inc. | 366,823 | 7,806 | |||
* | Magellan Health Inc. | 81,334 | 7,696 | |||
* | Allscripts Healthcare Solutions Inc. | 493,352 | 7,578 | |||
* | Xencor Inc. | 203,509 | 6,893 | |||
* | BioLife Solutions Inc. | 110,094 | 6,425 | |||
* | Lantheus Holdings Inc. | 235,843 | 6,219 | |||
*,1 | Fulgent Genetics Inc. | 61,830 | 5,641 | |||
* | Avanos Medical Inc. | 168,038 | 5,545 | |||
* | Community Health Systems Inc. | 434,211 | 5,345 | |||
US Physical Therapy Inc. | 45,089 | 5,293 | ||||
* | CorVel Corp. | 31,838 | 5,247 | |||
* | Supernus Pharmaceuticals Inc. | 185,521 | 5,107 | |||
* | Cardiovascular Systems Inc. | 140,449 | 5,027 | |||
* | RadNet Inc. | 153,022 | 4,806 | |||
* | Addus HomeCare Corp. | 52,843 | 4,752 | |||
* | Joint Corp. | 46,205 | 4,721 | |||
Mesa Laboratories Inc. | 17,093 | 4,563 | ||||
* | Varex Imaging Corp. | 137,108 | 3,999 | |||
* | REGENXBIO Inc. | 121,598 | 3,928 | |||
* | Inogen Inc. | 64,832 | 3,837 | |||
* | AngioDynamics Inc. | 133,274 | 3,772 | |||
* | Coherus Biosciences Inc. | 232,669 | 3,718 | |||
* | Enanta Pharmaceuticals Inc. | 62,826 | 3,594 | |||
* | CryoLife Inc. | 136,441 | 3,580 | |||
* | Apollo Medical Holdings Inc. | 46,065 | 3,497 | |||
LeMaitre Vascular Inc. | 59,766 | 3,384 | ||||
* | Innoviva Inc. | 219,935 | 3,356 | |||
* | Vanda Pharmaceuticals Inc. | 194,268 | 3,252 | |||
* | Hanger Inc. | 134,579 | 3,214 | |||
* | Natus Medical Inc. | 119,338 | 3,165 | |||
* | Cutera Inc. | 62,209 | 3,094 |
Shares | Market Value• ($000) | |||||
* | Tivity Health Inc. | 132,626 | 3,084 | |||
* | Meridian Bioscience Inc. | 151,426 | 3,065 | |||
* | Tactile Systems Technology Inc. | 68,673 | 3,055 | |||
* | Organogenesis Holdings Inc. Class A | 174,786 | 2,982 | |||
* | NextGen Healthcare Inc. | 194,812 | 2,973 | |||
* | Surmodics Inc. | 48,311 | 2,902 | |||
* | Orthofix Medical Inc. | 68,166 | 2,890 | |||
* | OraSure Technologies Inc. | 252,254 | 2,762 | |||
* | Pennant Group Inc. | 89,247 | 2,728 | |||
* | HealthStream Inc. | 87,951 | 2,673 | |||
* | Cross Country Healthcare Inc. | 122,038 | 2,654 | |||
* | Collegium Pharmaceutical Inc. | 123,374 | 2,533 | |||
* | Amphastar Pharmaceuticals Inc. | 128,630 | 2,529 | |||
* | Tabula Rasa HealthCare Inc. | 79,080 | 2,476 | |||
* | Cara Therapeutics Inc. | 149,986 | 2,367 | |||
Simulations Plus Inc. | 53,261 | 2,359 | ||||
* | Eagle Pharmaceuticals Inc. | 40,714 | 2,173 | |||
* | Anika Therapeutics Inc. | 50,208 | 2,166 | |||
* | Endo International plc | 818,599 | 1,875 | |||
Phibro Animal Health Corp. Class A | 70,817 | 1,720 | ||||
* | Computer Programs & Systems Inc. | 44,594 | 1,586 | |||
* | Spectrum Pharmaceuticals Inc. | 565,951 | 1,330 | |||
* | Ligand Pharmaceuticals Inc. | 8,260 | 1,093 | |||
* | ANI Pharmaceuticals Inc. | 34,532 | 1,047 | |||
* | Invacare Corp. | 121,977 | 1,032 | |||
* | Zynex Inc. | 68,778 | 922 | |||
*,2 | Lantheus Holdings Inc. CVR | 276,566 | — | |||
435,647 | ||||||
Industrials (16.9%) | ||||||
* | Chart Industries Inc. | 124,366 | 23,428 | |||
Exponent Inc. | 182,147 | 21,293 | ||||
Watts Water Technologies Inc. Class A | 96,264 | 16,516 | ||||
UFP Industries Inc. | 216,095 | 16,224 | ||||
* | Resideo Technologies Inc. | 502,701 | 16,207 | |||
John Bean Technologies Corp. | 110,954 | 16,187 | ||||
Korn Ferry | 188,735 | 13,342 | ||||
Hillenbrand Inc. | 262,979 | 12,207 | ||||
UniFirst Corp. | 53,249 | 12,198 | ||||
Applied Industrial Technologies Inc. | 135,806 | 12,061 | ||||
Matson Inc. | 151,784 | 12,017 | ||||
SPX FLOW Inc. | 147,522 | 11,880 | ||||
ABM Industries Inc. | 234,466 | 11,611 |
Shares | Market Value• ($000) | |||||
Franklin Electric Co. Inc. | 134,821 | 11,457 | ||||
Aerojet Rocketdyne Holdings Inc. | 260,314 | 10,808 | ||||
* | SPX Corp. | 158,143 | 9,881 | |||
* | Allegiant Travel Co. | 50,906 | 9,796 | |||
AAON Inc. | 142,921 | 9,734 | ||||
Comfort Systems USA Inc. | 126,819 | 9,636 | ||||
* | Vicor Corp. | 74,371 | 9,175 | |||
Brady Corp. Class A | 169,575 | 9,043 | ||||
Mueller Industries Inc. | 199,653 | 8,907 | ||||
Federal Signal Corp. | 211,573 | 8,596 | ||||
Arcosa Inc. | 168,390 | 8,558 | ||||
* | Gibraltar Industries Inc. | 114,027 | 8,513 | |||
Forward Air Corp. | 95,446 | 8,415 | ||||
Albany International Corp. Class A | 107,286 | 8,404 | ||||
* | Hub Group Inc. Class A | 117,990 | 8,283 | |||
* | SkyWest Inc. | 175,953 | 8,208 | |||
ESCO Technologies Inc. | 91,009 | 8,202 | ||||
Moog Inc. Class A | 102,324 | 8,129 | ||||
* | AeroVironment Inc. | 78,482 | 8,033 | |||
Boise Cascade Co. | 137,452 | 7,952 | ||||
Barnes Group Inc. | 162,873 | 7,764 | ||||
ManTech International Corp. Class A | 95,848 | 7,588 | ||||
* | GMS Inc. | 149,735 | 7,398 | |||
* | Raven Industries Inc. | 125,520 | 7,324 | |||
* | Proto Labs Inc. | 96,767 | 7,176 | |||
* | Atlas Air Worldwide Holdings Inc. | 96,314 | 7,047 | |||
Granite Construction Inc. | 160,068 | 6,489 | ||||
Lindsay Corp. | 38,117 | 6,280 | ||||
EnPro Industries Inc. | 71,999 | 6,157 | ||||
Encore Wire Corp. | 72,111 | 6,130 | ||||
* | MYR Group Inc. | 58,811 | 6,117 | |||
* | Meritor Inc. | 253,659 | 6,017 | |||
ArcBest Corp. | 88,710 | 5,920 | ||||
HNI Corp. | 152,216 | 5,767 | ||||
Deluxe Corp. | 147,489 | 5,656 | ||||
Alamo Group Inc. | 34,611 | 5,365 | ||||
Enerpac Tool Group Corp. Class A | 210,206 | 5,289 | ||||
Greenbrier Cos. Inc. | 114,778 | 5,062 | ||||
* | Harsco Corp. | 276,848 | 5,050 | |||
Astec Industries Inc. | 79,516 | 4,862 | ||||
Tennant Co. | 65,126 | 4,818 | ||||
AZZ Inc. | 87,527 | 4,687 | ||||
Pitney Bowes Inc. | 614,203 | 4,588 | ||||
* | PGT Innovations Inc. | 207,702 | 4,410 | |||
Standex International Corp. | 42,757 | 4,243 | ||||
* | American Woodmark Corp. | 59,476 | 4,191 | |||
Matthews International Corp. Class A | 110,655 | 4,098 | ||||
* | CoreCivic Inc. | 421,200 | 4,094 | |||
* | US Ecology Inc. | 109,899 | 3,940 | |||
* | Triumph Group Inc. | 212,818 | 3,929 |
Shares | Market Value• ($000) | |||||
* | AAR Corp. | 115,811 | 3,920 | |||
Apogee Enterprises Inc. | 90,091 | 3,872 | ||||
Griffon Corp. | 158,485 | 3,835 | ||||
* | Veritiv Corp. | 42,651 | 3,825 | |||
Kaman Corp. | 96,975 | 3,790 | ||||
* | Lydall Inc. | 59,729 | 3,702 | |||
* | Hawaiian Holdings Inc. | 178,379 | 3,607 | |||
* | TrueBlue Inc. | 124,141 | 3,393 | |||
Marten Transport Ltd. | 205,777 | 3,208 | ||||
* | Viad Corp. | 71,573 | 3,091 | |||
* | Echo Global Logistics Inc. | 93,314 | 3,068 | |||
Interface Inc. Class A | 206,229 | 2,966 | ||||
* | NOW Inc. | 385,344 | 2,959 | |||
Heidrick & Struggles International Inc. | 68,186 | 2,947 | ||||
Heartland Express Inc. | 170,318 | 2,858 | ||||
Wabash National Corp. | 181,365 | 2,818 | ||||
Quanex Building Products Corp. | 117,422 | 2,766 | ||||
* | CIRCOR International Inc. | 71,008 | 2,539 | |||
Insteel Industries Inc. | 67,818 | 2,509 | ||||
Kelly Services Inc. Class A | 116,881 | 2,272 | ||||
* | DXP Enterprises Inc. | 61,633 | 1,848 | |||
* | Forrester Research Inc. | 38,758 | 1,843 | |||
Resources Connection Inc. | 107,633 | 1,701 | ||||
National Presto Industries Inc. | 18,304 | 1,529 | ||||
* | Titan International Inc. | 175,630 | 1,459 | |||
* | Matrix Service Co. | 91,952 | 1,037 | |||
Park Aerospace Corp. | 65,070 | 949 | ||||
Powell Industries Inc. | 30,802 | 779 | ||||
* | Team Inc. | 106,530 | 477 | |||
617,924 | ||||||
Information Technology (14.1%) | ||||||
Power Integrations Inc. | 211,958 | 23,027 | ||||
*,1 | MicroStrategy Inc. Class A | 27,195 | 18,882 | |||
* | SPS Commerce Inc. | 125,322 | 16,985 | |||
Kulicke & Soffa Industries Inc. | 216,852 | 15,221 | ||||
* | ExlService Holdings Inc. | 116,907 | 14,396 | |||
* | LivePerson Inc. | 224,097 | 14,365 | |||
* | Diodes Inc. | 148,112 | 14,342 | |||
* | Rogers Corp. | 65,390 | 13,890 | |||
* | Perficient Inc. | 115,477 | 13,767 | |||
* | Alarm.com Holdings Inc. | 158,230 | 13,344 | |||
* | 3D Systems Corp. | 437,004 | 13,302 | |||
* | Fabrinet | 128,892 | 13,278 | |||
* | Itron Inc. | 157,718 | 13,250 | |||
* | Viavi Solutions Inc. | 798,882 | 13,014 | |||
* | Onto Innovation Inc. | 171,366 | 12,703 | |||
* | Insight Enterprises Inc. | 123,425 | 12,699 | |||
* | MaxLinear Inc. Class A | 239,699 | 12,520 | |||
Advanced Energy Industries Inc. | 134,246 | 12,106 | ||||
* | Vonage Holdings Corp. | 825,753 | 11,643 |
Shares | Market Value• ($000) | |||||
Badger Meter Inc. | 101,954 | 10,918 | ||||
* | FormFactor Inc. | 271,247 | 10,546 | |||
EVERTEC Inc. | 209,290 | 9,680 | ||||
* | Rambus Inc. | 393,124 | 9,356 | |||
* | 8x8 Inc. | 384,016 | 9,274 | |||
* | Plexus Corp. | 99,919 | 9,176 | |||
* | Sanmina Corp. | 227,488 | 8,981 | |||
Xperi Holding Corp. | 366,608 | 7,834 | ||||
InterDigital Inc. | 107,535 | 7,754 | ||||
Progress Software Corp. | 153,767 | 7,159 | ||||
* | Ultra Clean Holdings Inc. | 153,056 | 7,077 | |||
TTEC Holdings Inc. | 63,808 | 6,729 | ||||
* | Knowles Corp. | 324,231 | 6,485 | |||
Methode Electronics Inc. | 134,359 | 6,257 | ||||
* | Cohu Inc. | 169,257 | 6,039 | |||
* | Axcelis Technologies Inc. | 117,443 | 5,838 | |||
* | Bottomline Technologies DE Inc. | 137,444 | 5,810 | |||
* | OSI Systems Inc. | 58,424 | 5,781 | |||
* | Unisys Corp. | 234,254 | 5,671 | |||
CSG Systems International Inc. | 114,969 | 5,543 | ||||
* | ePlus Inc. | 47,219 | 5,110 | |||
* | TTM Technologies Inc. | 348,818 | 4,883 | |||
* | Extreme Networks Inc. | 441,061 | 4,777 | |||
* | FARO Technologies Inc. | 63,559 | 4,382 | |||
* | Ichor Holdings Ltd. | 98,340 | 4,357 | |||
* | Agilysys Inc. | 71,706 | 4,075 | |||
* | Veeco Instruments Inc. | 175,109 | 3,991 | |||
CTS Corp. | 113,297 | 3,974 | ||||
* | Plantronics Inc. | 132,823 | 3,956 | |||
* | CEVA Inc. | 79,718 | 3,846 | |||
* | NETGEAR Inc. | 106,456 | 3,804 | |||
ADTRAN Inc. | 169,280 | 3,497 | ||||
Benchmark Electronics Inc. | 125,026 | 3,379 | ||||
* | Photronics Inc. | 221,510 | 3,338 | |||
* | Harmonic Inc. | 352,785 | 3,260 | |||
* | ScanSource Inc. | 89,002 | 3,167 | |||
* | Diebold Nixdorf Inc. | 273,805 | 2,979 | |||
* | SMART Global Holdings Inc. | 58,355 | 2,828 | |||
* | Digi International Inc. | 119,193 | 2,620 | |||
Ebix Inc. | 82,290 | 2,368 | ||||
Comtech Telecommunications Corp. | 91,156 | 2,326 | ||||
* | PDF Solutions Inc. | 102,986 | 2,319 | |||
* | OneSpan Inc. | 118,398 | 2,282 | |||
PC Connection Inc. | 38,362 | 1,857 | ||||
* | Arlo Technologies Inc. | 282,834 | 1,754 | |||
* | DSP Group Inc. | 79,117 | 1,733 | |||
* | CalAmp Corp. | 123,639 | 1,402 | |||
* | Daktronics Inc. | 128,341 | 782 |
Shares | Market Value• ($000) | |||||
* | Applied Optoelectronics Inc. | 85,811 | 629 | |||
* | BM Technologies Inc. | 14,717 | 143 | |||
514,460 | ||||||
Materials (5.2%) | ||||||
Balchem Corp. | 113,347 | 15,916 | ||||
* | Livent Corp. | 557,616 | 13,868 | |||
HB Fuller Co. | 182,580 | 12,337 | ||||
Quaker Chemical Corp. | 46,218 | 11,976 | ||||
* | Arconic Corp. | 342,230 | 11,804 | |||
* | Domtar Corp. | 175,554 | 9,626 | |||
Stepan Co. | 74,753 | 8,788 | ||||
* | O-I Glass Inc. | 551,857 | 8,350 | |||
Innospec Inc. | 85,992 | 8,049 | ||||
* | Allegheny Technologies Inc. | 444,498 | 7,939 | |||
Trinseo SA | 135,378 | 7,030 | ||||
Kaiser Aluminum Corp. | 55,386 | 6,993 | ||||
* | Ferro Corp. | 288,713 | 6,005 | |||
Carpenter Technology Corp. | 167,914 | 5,600 | ||||
Materion Corp. | 71,363 | 5,212 | ||||
* | Kraton Corp. | 112,488 | 4,738 | |||
Schweitzer-Mauduit International Inc. | 109,562 | 4,193 | ||||
* | GCP Applied Technologies Inc. | 168,800 | 4,024 | |||
Warrior Met Coal Inc. | 179,675 | 4,023 | ||||
* | AdvanSix Inc. | 97,898 | 3,573 | |||
Neenah Inc. | 58,880 | 2,967 | ||||
Myers Industries Inc. | 126,155 | 2,876 | ||||
Hawkins Inc. | 66,095 | 2,504 | ||||
Glatfelter Corp. | 155,638 | 2,459 | ||||
* | Koppers Holdings Inc. | 74,336 | 2,446 | |||
* | Century Aluminum Co. | 176,202 | 2,259 | |||
SunCoke Energy Inc. | 289,988 | 2,015 | ||||
* | Clearwater Paper Corp. | 58,359 | 1,896 | |||
* | TimkenSteel Corp. | 134,168 | 1,835 | |||
Haynes International Inc. | 44,312 | 1,739 | ||||
Mercer International Inc. | 139,091 | 1,583 | ||||
* | Rayonier Advanced Materials Inc. | 223,433 | 1,577 | |||
American Vanguard Corp. | 95,225 | 1,460 | ||||
Tredegar Corp. | 90,452 | 1,201 | ||||
Olympic Steel Inc. | 31,548 | 860 | ||||
FutureFuel Corp. | 89,935 | 720 | ||||
190,441 | ||||||
Real Estate (8.2%) | ||||||
Innovative Industrial Properties Inc. | 83,609 | 20,560 | ||||
Agree Realty Corp. | 238,117 | 17,752 | ||||
Essential Properties Realty Trust Inc. | 410,562 | 13,306 | ||||
Lexington Realty Trust | 970,158 | 13,126 | ||||
Uniti Group Inc. | 815,752 | 10,662 |
Shares | Market Value• ($000) | |||||
Retail Properties of America Inc. Class A | 750,361 | 9,920 | ||||
SITE Centers Corp. | 589,910 | 9,503 | ||||
Brandywine Realty Trust | 597,095 | 8,288 | ||||
Four Corners Property Trust Inc. | 266,175 | 7,615 | ||||
Retail Opportunity Investments Corp. | 414,996 | 7,503 | ||||
CareTrust REIT Inc. | 338,216 | 7,437 | ||||
Washington REIT | 295,614 | 7,432 | ||||
1 | Independence Realty Trust Inc. | 356,917 | 7,310 | |||
* | Realogy Holdings Corp. | 406,834 | 7,140 | |||
American Assets Trust Inc. | 175,395 | 6,984 | ||||
* | Xenia Hotels & Resorts Inc. | 397,681 | 6,928 | |||
iStar Inc. | 255,900 | 6,769 | ||||
* | DiamondRock Hospitality Co. | 734,729 | 6,642 | |||
Service Properties Trust | 575,987 | 6,583 | ||||
Acadia Realty Trust | 301,601 | 6,400 | ||||
Easterly Government Properties Inc. Class A | 293,123 | 6,264 | ||||
Industrial Logistics Properties Trust | 228,237 | 6,261 | ||||
Kite Realty Group Trust | 295,228 | 5,981 | ||||
Tanger Factory Outlet Centers Inc. | 352,253 | 5,890 | ||||
Global Net Lease Inc. | 333,513 | 5,670 | ||||
* | Mack-Cali Realty Corp. | 301,323 | 5,388 | |||
Alexander & Baldwin Inc. | 253,212 | 5,287 | ||||
NexPoint Residential Trust Inc. | 79,116 | 5,126 | ||||
St. Joe Co. | 109,164 | 5,051 | ||||
LTC Properties Inc. | 137,730 | 4,753 | ||||
Centerspace | 45,427 | 4,596 | ||||
Safehold Inc. | 50,345 | 4,511 | ||||
Office Properties Income Trust | 169,149 | 4,487 | ||||
Getty Realty Corp. | 130,106 | 4,115 | ||||
Community Healthcare Trust Inc. | 80,071 | 3,884 | ||||
RPT Realty | 283,618 | 3,670 | ||||
* | Summit Hotel Properties Inc. | 370,900 | 3,457 | |||
* | Marcus & Millichap Inc. | 84,184 | 3,302 | |||
1 | GEO Group Inc. | 424,328 | 3,289 | |||
Diversified Healthcare Trust | 833,556 | 3,126 | ||||
Armada Hoffler Properties Inc. | 210,821 | 2,831 | ||||
Universal Health Realty Income Trust | 44,659 | 2,645 | ||||
RE/MAX Holdings Inc. Class A | 66,275 | 2,220 | ||||
Saul Centers Inc. | 45,170 | 2,081 | ||||
* | Chatham Lodging Trust | 169,342 | 2,032 |
Shares | Market Value• ($000) | |||||
Urstadt Biddle Properties Inc. Class A | 105,188 | 2,007 | ||||
Franklin Street Properties Corp. | 336,119 | 1,613 | ||||
Whitestone REIT | 139,915 | 1,373 | ||||
* | Hersha Hospitality Trust Class A | 129,114 | 1,211 | |||
299,981 | ||||||
Utilities (1.8%) | ||||||
American States Water Co. | 128,998 | 11,895 | ||||
California Water Service Group | 177,656 | 11,290 | ||||
Avista Corp. | 242,243 | 10,138 | ||||
South Jersey Industries Inc. | 392,912 | 9,748 | ||||
Chesapeake Utilities Corp. | 61,270 | 8,008 | ||||
Middlesex Water Co. | 61,072 | 6,682 | ||||
Northwest Natural Holding Co. | 107,160 | 5,513 | ||||
Unitil Corp. | 52,664 | 2,612 | ||||
65,886 | ||||||
Total Common Stocks (Cost $2,923,898) | 3,653,957 | |||||
Temporary Cash Investments (0.7%) | ||||||
Money Market Fund (0.7%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $26,949) | 269,536 | 26,954 | |||
Total Investments (100.6%) (Cost $2,950,847) | 3,680,911 | |||||
Other Assets and Liabilities—Net (-0.6%) | (23,309) | |||||
Net Assets (100%) | 3,657,602 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $24,823,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $25,857,000 was received for securities on loan. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
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 2021 | 37 | 4,202 | 75 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,923,898) | 3,653,957 |
Affiliated Issuers (Cost $26,949) | 26,954 |
Total Investments in Securities | 3,680,911 |
Investment in Vanguard | 120 |
Cash | 550 |
Cash Collateral Pledged—Futures Contracts | 245 |
Receivables for Accrued Income | 2,249 |
Receivables for Capital Shares Issued | 14,808 |
Variation Margin Receivable—Futures Contracts | 9 |
Total Assets | 3,698,892 |
Liabilities | |
Payables for Investment Securities Purchased | 15,076 |
Collateral for Securities on Loan | 25,857 |
Payables for Capital Shares Redeemed | 217 |
Payables to Vanguard | 140 |
Total Liabilities | 41,290 |
Net Assets | 3,657,602 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 3,048,433 |
Total Distributable Earnings (Loss) | 609,169 |
Net Assets | 3,657,602 |
ETF Shares—Net Assets | |
Applicable to 8,750,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,806,077 |
Net Asset Value Per Share—ETF Shares | $206.41 |
Institutional Shares—Net Assets | |
Applicable to 4,459,827 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,851,525 |
Net Asset Value Per Share—Institutional Shares | $415.16 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 40,783 |
Interest1 | 7 |
Securities Lending—Net | 896 |
Total Income | 41,686 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 466 |
Management and Administrative—ETF Shares | 1,030 |
Management and Administrative—Institutional Shares | 945 |
Marketing and Distribution—ETF Shares | 61 |
Marketing and Distribution—Institutional Shares | 48 |
Custodian Fees | 122 |
Auditing Fees | 27 |
Shareholders’ Reports—ETF Shares | 36 |
Shareholders’ Reports—Institutional Shares | 21 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,757 |
Net Investment Income | 38,929 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 277,507 |
Futures Contracts | 3,908 |
Realized Net Gain (Loss) | 281,415 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 916,919 |
Futures Contracts | (124) |
Change in Unrealized Appreciation (Depreciation) | 916,795 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,237,139 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,000, $4,000, and ($5,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $299,766,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 38,929 | 31,873 |
Realized Net Gain (Loss) | 281,415 | 111,777 |
Change in Unrealized Appreciation (Depreciation) | 916,795 | (142,760) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,237,139 | 890 |
Distributions | ||
ETF Shares | (13,235) | (15,071) |
Institutional Shares | (18,167) | (18,355) |
Total Distributions | (31,402) | (33,426) |
Capital Share Transactions | ||
ETF Shares | 297,208 | 8,344 |
Institutional Shares | (208,508) | 210,294 |
Net Increase (Decrease) from Capital Share Transactions | 88,700 | 218,638 |
Total Increase (Decrease) | 1,294,437 | 186,102 |
Net Assets | ||
Beginning of Period | 2,363,165 | 2,177,063 |
End of Period | 3,657,602 | 2,363,165 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $135.61 | $138.09 | $164.67 | $125.83 | $112.23 |
Investment Operations | |||||
Net Investment Income1 | 2.286 | 1.946 | 1.941 | 1.784 | 1.573 |
Net Realized and Unrealized Gain (Loss) on Investments | 70.340 | (2.340) | (26.858) | 38.598 | 13.212 |
Total from Investment Operations | 72.626 | (.394) | (24.917) | 40.382 | 14.785 |
Distributions | |||||
Dividends from Net Investment Income | (1.826) | (2.086) | (1.663) | (1.542) | (1.185) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.826) | (2.086) | (1.663) | (1.542) | (1.185) |
Net Asset Value, End of Period | $206.41 | $135.61 | $138.09 | $164.67 | $125.83 |
Total Return | 53.88% | -0.43% | -15.09% | 32.32% | 13.18% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,806 | $987 | $991 | $1,107 | $683 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.46% | 1.36% | 1.23% | 1.27% |
Portfolio Turnover Rate2 | 18% | 15% | 9% | 13% | 22% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $272.71 | $277.68 | $331.26 | $252.98 | $225.56 |
Investment Operations | |||||
Net Investment Income1 | 4.566 | 3.951 | 3.941 | 3.769 | 3.303 |
Net Realized and Unrealized Gain (Loss) on Investments | 141.589 | (4.694) | (54.011) | 77.632 | 26.605 |
Total from Investment Operations | 146.155 | (.743) | (50.070) | 81.401 | 29.908 |
Distributions | |||||
Dividends from Net Investment Income | (3.705) | (4.227) | (3.510) | (3.121) | (2.488) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.705) | (4.227) | (3.510) | (3.121) | (2.488) |
Net Asset Value, End of Period | $415.16 | $272.71 | $277.68 | $331.26 | $252.98 |
Total Return | 53.93% | -0.41% | -15.09% | 32.39% | 13.26% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,852 | $1,377 | $1,186 | $1,019 | $672 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 1.26% | 1.47% | 1.38% | 1.30% | 1.34% |
Portfolio Turnover Rate2 | 18% | 15% | 9% | 13% | 22% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 3,653,957 | — | — | 3,653,957 |
Temporary Cash Investments | 26,954 | — | — | 26,954 |
Total | 3,680,911 | — | — | 3,680,911 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 75 | — | — | 75 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 299,249 |
Total Distributable Earnings (Loss) | (299,249) |
Amount ($000) | |
Undistributed Ordinary Income | 25,182 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (131,044) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 715,031 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 31,402 | 33,426 |
Long-Term Capital Gains | — | — |
Total | 31,402 | 33,426 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,965,880 |
Gross Unrealized Appreciation | 936,690 |
Gross Unrealized Depreciation | (221,659) |
Net Unrealized Appreciation (Depreciation) | 715,031 |
E. | During the year ended August 31, 2021, the fund purchased $1,374,650,000 of investment securities and sold $1,267,684,000 of investment securities, other than temporary cash investments. Purchases and sales include $701,390,000 and $710,529,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
F. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,041,411 | 5,900 | 637,530 | 4,725 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (744,203) | (4,425) | (629,186) | (4,625) | |
Net Increase (Decrease)—ETF Shares | 297,208 | 1,475 | 8,344 | 100 |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 435,486 | 1,155 | 452,335 | 1,707 | |
Issued in Lieu of Cash Distributions | 15,606 | 47 | 15,647 | 52 | |
Redeemed | (659,600) | (1,790) | (257,688) | (983) | |
Net Increase (Decrease)—Institutional Shares | (208,508) | (588) | 210,294 | 776 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
S&P Small-Cap 600 Value Index Fund ETF Shares Net Asset Value | 60.19% | 12.40% | 13.70% | $36,108 | |
S&P Small-Cap 600 Value Index Fund ETF Shares Market Price | 60.04 | 12.39 | 13.70 | 36,112 | |
S&P SmallCap 600 Value Index | 60.33 | 12.45 | 13.84 | 36,556 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Since Inception (11/19/2014) | Final Value of a $5,000,000 Investment | ||
S&P Small-Cap 600 Value Index Fund Institutional Shares | 60.32% | 12.52% | 10.93% | $10,105,699 | |
S&P SmallCap 600 Value Index | 60.33 | 12.45 | 10.90 | 10,085,428 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 14.47 | 12,503,106 |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
S&P Small-Cap 600 Value Index Fund ETF Shares Market Price | 60.04% | 79.29% | 261.12% |
S&P Small-Cap 600 Value Index Fund ETF Shares Net Asset Value | 60.19 | 79.37 | 261.08 |
S&P SmallCap 600 Value Index | 60.33 | 79.79 | 265.56 |
Communication Services | 2.0% |
Consumer Discretionary | 14.1 |
Consumer Staples | 3.5 |
Energy | 5.8 |
Financials | 24.4 |
Health Care | 6.7 |
Industrials | 16.9 |
Information Technology | 7.9 |
Materials | 6.0 |
Real Estate | 10.3 |
Utilities | 2.4 |
Shares | Market Value• ($000) | |||||
Common Stocks (100.0%) | ||||||
Communication Services (2.0%) | ||||||
* | Cinemark Holdings Inc. | 271,812 | 4,846 | |||
* | Meredith Corp. | 101,935 | 4,384 | |||
* | AMC Networks Inc. Class A | 77,169 | 3,668 | |||
Cogent Communications Holdings Inc. | 39,314 | 2,853 | ||||
EW Scripps Co. Class A | 144,778 | 2,684 | ||||
Scholastic Corp. | 75,413 | 2,507 | ||||
* | Gannett Co. Inc. | 341,313 | 2,167 | |||
* | Consolidated Communications Holdings Inc. | 185,445 | 1,719 | |||
Shenandoah Telecommunications Co. | 43,834 | 1,308 | ||||
ATN International Inc. | 27,715 | 1,264 | ||||
* | Marcus Corp. | 60,763 | 948 | |||
28,348 | ||||||
Consumer Discretionary (14.1%) | ||||||
* | Macy's Inc. | 784,118 | 17,556 | |||
Signet Jewelers Ltd. | 131,743 | 10,434 | ||||
* | Asbury Automotive Group Inc. | 48,647 | 9,060 | |||
* | Bed Bath & Beyond Inc. | 268,329 | 7,390 | |||
Group 1 Automotive Inc. | 42,964 | 7,108 | ||||
* | ODP Corp. | 134,744 | 6,356 | |||
* | Abercrombie & Fitch Co. Class A | 155,913 | 5,575 | |||
* | Bloomin' Brands Inc. | 203,791 | 5,460 | |||
* | Sally Beauty Holdings Inc. | 284,453 | 5,288 | |||
Core-Mark Holding Co. Inc. | 113,433 | 5,218 | ||||
Strategic Education Inc. | 62,165 | 4,866 | ||||
Monro Inc. | 84,219 | 4,793 | ||||
Steven Madden Ltd. | 118,200 | 4,784 | ||||
* | M/I Homes Inc. | 73,292 | 4,719 | |||
Wolverine World Wide Inc. | 129,308 | 4,637 | ||||
* | Adtalem Global Education Inc. | 124,058 | 4,590 | |||
* | Dave & Buster's Entertainment Inc. | 120,375 | 4,504 | |||
Oxford Industries Inc. | 42,435 | 3,832 |
Shares | Market Value• ($000) | |||||
Kontoor Brands Inc. | 65,270 | 3,522 | ||||
* | Cheesecake Factory Inc. | 75,280 | 3,512 | |||
* | G-III Apparel Group Ltd. | 109,269 | 3,380 | |||
* | Children's Place Inc. | 36,833 | 3,199 | |||
MDC Holdings Inc. | 57,156 | 2,986 | ||||
Sonic Automotive Inc. Class A | 58,655 | 2,964 | ||||
Winnebago Industries Inc. | 41,320 | 2,877 | ||||
* | Brinker International Inc. | 52,830 | 2,814 | |||
* | Boot Barn Holdings Inc. | 29,353 | 2,621 | |||
* | American Axle & Manufacturing Holdings Inc. | 286,122 | 2,538 | |||
* | BJ's Restaurants Inc. | 58,619 | 2,507 | |||
* | Gentherm Inc. | 28,248 | 2,424 | |||
Caleres Inc. | 96,698 | 2,378 | ||||
Guess? Inc. | 96,649 | 2,338 | ||||
* | Cavco Industries Inc. | 8,978 | 2,294 | |||
Aaron's Co. Inc. | 85,722 | 2,273 | ||||
* | Genesco Inc. | 35,848 | 2,224 | |||
* | Designer Brands Inc. Class A | 149,541 | 2,168 | |||
Standard Motor Products Inc. | 50,363 | 2,160 | ||||
La-Z-Boy Inc. | 56,808 | 1,989 | ||||
Shoe Carnival Inc. | 43,629 | 1,670 | ||||
Buckle Inc. | 42,650 | 1,652 | ||||
* | Chuy's Holdings Inc. | 50,427 | 1,627 | |||
* | Chico's FAS Inc. | 309,218 | 1,599 | |||
Movado Group Inc. | 42,430 | 1,533 | ||||
Ethan Allen Interiors Inc. | 55,303 | 1,328 | ||||
Sturm Ruger & Co. Inc. | 16,855 | 1,318 | ||||
* | Conn's Inc. | 48,923 | 1,203 | |||
* | Perdoceo Education Corp. | 99,511 | 1,093 | |||
* | Ruth's Hospitality Group Inc. | 50,804 | 1,041 | |||
* | Universal Electronics Inc. | 20,516 | 1,036 | |||
* | Monarch Casino & Resort Inc. | 16,029 | 1,016 | |||
* | Cooper-Standard Holdings Inc. | 42,742 | 995 | |||
* | Red Robin Gourmet Burgers Inc. | 39,560 | 968 |
Shares | Market Value• ($000) | |||||
* | Motorcar Parts of America Inc. | 48,074 | 953 | |||
* | Zumiez Inc. | 23,440 | 942 | |||
* | Unifi Inc. | 37,828 | 879 | |||
Cato Corp. Class A | 48,878 | 844 | ||||
Haverty Furniture Cos. Inc. | 23,480 | 837 | ||||
* | Fossil Group Inc. | 55,002 | 737 | |||
* | America's Car-Mart Inc. | 5,600 | 724 | |||
* | Barnes & Noble Education Inc. | 80,357 | 656 | |||
* | Vera Bradley Inc. | 55,963 | 641 | |||
* | Liquidity Services Inc. | 23,197 | 566 | |||
* | American Public Education Inc. | 20,733 | 545 | |||
* | Fiesta Restaurant Group Inc. | 45,020 | 541 | |||
* | El Pollo Loco Holdings Inc. | 22,978 | 417 | |||
* | Regis Corp. | 39,946 | 216 | |||
196,915 | ||||||
Consumer Staples (3.5%) | ||||||
Edgewell Personal Care Co. | 136,825 | 5,788 | ||||
* | Simply Good Foods Co. | 116,376 | 4,145 | |||
J & J Snack Foods Corp. | 21,536 | 3,527 | ||||
Universal Corp. | 61,507 | 3,112 | ||||
PriceSmart Inc. | 33,018 | 2,794 | ||||
Coca-Cola Consolidated Inc. | 6,644 | 2,699 | ||||
Fresh Del Monte Produce Inc. | 76,746 | 2,523 | ||||
* | Chefs' Warehouse Inc. | 81,747 | 2,471 | |||
* | United Natural Foods Inc. | 66,293 | 2,440 | |||
Vector Group Ltd. | 160,393 | 2,409 | ||||
Andersons Inc. | 78,469 | 2,384 | ||||
SpartanNash Co. | 91,529 | 1,968 | ||||
John B Sanfilippo & Son Inc. | 22,230 | 1,889 | ||||
Inter Parfums Inc. | 25,039 | 1,816 | ||||
* | Central Garden & Pet Co. Class A | 38,953 | 1,623 | |||
* | elf Beauty Inc. | 46,913 | 1,452 | |||
Cal-Maine Foods Inc. | 38,736 | 1,401 | ||||
Calavo Growers Inc. | 24,762 | 1,162 | ||||
MGP Ingredients Inc. | 15,617 | 1,020 | ||||
* | USANA Health Sciences Inc. | 10,484 | 1,017 | |||
* | Seneca Foods Corp. Class A | 16,862 | 826 | |||
* | Central Garden & Pet Co. | 9,737 | 448 | |||
* | TreeHouse Foods Inc. | 8,144 | 305 | |||
49,219 | ||||||
Energy (5.8%) | ||||||
PDC Energy Inc. | 249,898 | 10,433 | ||||
Helmerich & Payne Inc. | 271,174 | 7,300 | ||||
SM Energy Co. | 275,856 | 5,269 | ||||
World Fuel Services Corp. | 159,144 | 5,150 |
Shares | Market Value• ($000) | |||||
Matador Resources Co. | 157,599 | 4,531 | ||||
* | Green Plains Inc. | 117,806 | 4,135 | |||
* | Range Resources Corp. | 280,258 | 4,097 | |||
* | Callon Petroleum Co. | 116,163 | 3,969 | |||
Patterson-UTI Energy Inc. | 471,221 | 3,657 | ||||
* | Southwestern Energy Co. | 701,493 | 3,192 | |||
* | Oceaneering International Inc. | 251,526 | 3,094 | |||
* | PBF Energy Inc. Class A | 241,029 | 2,507 | |||
Archrock Inc. | 324,824 | 2,495 | ||||
* | Dril-Quip Inc. | 88,823 | 2,158 | |||
Core Laboratories NV | 69,665 | 1,920 | ||||
* | Par Pacific Holdings Inc. | 112,367 | 1,853 | |||
* | Bristow Group Inc. Class A | 58,433 | 1,844 | |||
* | CONSOL Energy Inc. | 76,459 | 1,746 | |||
* | US Silica Holdings Inc. | 187,586 | 1,647 | |||
* | ProPetro Holding Corp. | 206,624 | 1,599 | |||
* | Nabors Industries Ltd. | 16,463 | 1,388 | |||
* | Helix Energy Solutions Group Inc. | 357,445 | 1,344 | |||
* | Laredo Petroleum Inc. | 24,405 | 1,319 | |||
* | REX American Resources Corp. | 13,176 | 1,117 | |||
* | Talos Energy Inc. | 80,402 | 997 | |||
* | Oil States International Inc. | 154,596 | 906 | |||
* | Penn Virginia Corp. | 38,622 | 799 | |||
* | RPC Inc. | 146,944 | 563 | |||
Dorian LPG Ltd. | 29,339 | 388 | ||||
* | Nabors Industries Ltd. Warrants Exp. 6/11/26 | 6,805 | 39 | |||
81,456 | ||||||
Financials (24.4%) | ||||||
BankUnited Inc. | 234,649 | 9,862 | ||||
Pacific Premier Bancorp Inc. | 238,175 | 9,517 | ||||
Assured Guaranty Ltd. | 189,691 | 9,458 | ||||
First Hawaiian Inc. | 328,152 | 9,159 | ||||
Ameris Bancorp | 175,470 | 8,640 | ||||
Investors Bancorp Inc. | 567,284 | 8,118 | ||||
Simmons First National Corp. Class A | 272,765 | 7,924 | ||||
Old National Bancorp | 417,395 | 6,954 | ||||
First Bancorp | 542,103 | 6,901 | ||||
American Equity Investment Life Holding Co. | 216,134 | 6,849 | ||||
Cadence Bancorp Class A | 313,747 | 6,749 | ||||
United Community Banks Inc. | 218,447 | 6,591 | ||||
Columbia Banking System Inc. | 180,575 | 6,566 | ||||
Independent Bank Group Inc. | 92,130 | 6,489 | ||||
First Financial Bancorp | 244,953 | 5,759 | ||||
WSFS Financial Corp. | 119,522 | 5,428 | ||||
First Midwest Bancorp Inc. | 287,924 | 5,393 |
Shares | Market Value• ($000) | |||||
Community Bank System Inc. | 72,001 | 5,328 | ||||
Apollo Commercial Real Estate Finance Inc. | 323,655 | 5,033 | ||||
Trustmark Corp. | 158,922 | 5,025 | ||||
Banner Corp. | 87,669 | 5,015 | ||||
Renasant Corp. | 141,753 | 4,976 | ||||
PennyMac Mortgage Investment Trust | 246,890 | 4,792 | ||||
* | Genworth Financial Inc. Class A | 1,272,843 | 4,773 | |||
Eagle Bancorp Inc. | 80,283 | 4,632 | ||||
Veritex Holdings Inc. | 124,220 | 4,463 | ||||
Seacoast Banking Corp. of Florida | 139,241 | 4,447 | ||||
Horace Mann Educators Corp. | 104,523 | 4,285 | ||||
Hope Bancorp Inc. | 310,366 | 4,280 | ||||
Stewart Information Services Corp. | 67,324 | 4,238 | ||||
New York Mortgage Trust Inc. | 953,676 | 4,215 | ||||
Northwest Bancshares Inc. | 319,777 | 4,164 | ||||
Independent Bank Corp. (Massachusetts) | 53,095 | 4,072 | ||||
Provident Financial Services Inc. | 182,100 | 4,019 | ||||
NBT Bancorp Inc. | 109,058 | 3,911 | ||||
CVB Financial Corp. | 189,360 | 3,855 | ||||
* | Encore Capital Group Inc. | 77,880 | 3,833 | |||
Capitol Federal Financial Inc. | 324,271 | 3,742 | ||||
Two Harbors Investment Corp. | 559,508 | 3,693 | ||||
Hilltop Holdings Inc. | 106,245 | 3,556 | ||||
FB Financial Corp. | 84,392 | 3,476 | ||||
ProAssurance Corp. | 135,416 | 3,453 | ||||
First Commonwealth Financial Corp. | 241,611 | 3,267 | ||||
OFG Bancorp | 129,629 | 3,086 | ||||
* | Customers Bancorp Inc. | 74,499 | 3,085 | |||
* | Enova International Inc. | 92,286 | 3,044 | |||
First Bancorp (XNGS) | 71,513 | 2,986 | ||||
Employers Holdings Inc. | 71,575 | 2,947 | ||||
S&T Bancorp Inc. | 98,820 | 2,945 | ||||
Brookline Bancorp Inc. | 196,288 | 2,938 | ||||
Southside Bancshares Inc. | 77,716 | 2,929 | ||||
Dime Community Bancshares Inc. | 88,734 | 2,928 | ||||
Safety Insurance Group Inc. | 35,721 | 2,904 | ||||
Great Western Bancorp Inc. | 91,314 | 2,827 | ||||
Lakeland Financial Corp. | 36,988 | 2,456 | ||||
Tompkins Financial Corp. | 30,270 | 2,409 | ||||
Flagstar Bancorp Inc. | 47,851 | 2,367 | ||||
Heritage Financial Corp. | 90,239 | 2,297 |
Shares | Market Value• ($000) | |||||
Berkshire Hills Bancorp Inc. | 87,359 | 2,239 | ||||
Redwood Trust Inc. | 178,432 | 2,225 | ||||
Ready Capital Corp. | 144,621 | 2,214 | ||||
HomeStreet Inc. | 53,890 | 2,201 | ||||
Preferred Bank | 34,203 | 2,185 | ||||
Westamerica Bancorp | 36,624 | 2,078 | ||||
James River Group Holdings Ltd. | 56,393 | 2,075 | ||||
Ellington Financial Inc. | 110,523 | 2,047 | ||||
Banc of California Inc. | 112,628 | 2,024 | ||||
Piper Sandler Cos. | 13,822 | 1,975 | ||||
ARMOUR Residential REIT Inc. | 179,922 | 1,954 | ||||
Northfield Bancorp Inc. | 115,626 | 1,954 | ||||
Granite Point Mortgage Trust Inc. | 138,037 | 1,899 | ||||
Park National Corp. | 16,164 | 1,895 | ||||
* | SiriusPoint Ltd. | 191,699 | 1,881 | |||
Central Pacific Financial Corp. | 71,398 | 1,807 | ||||
AMERISAFE Inc. | 30,723 | 1,768 | ||||
Allegiance Bancshares Inc. | 46,841 | 1,741 | ||||
Meta Financial Group Inc. | 35,157 | 1,729 | ||||
Capstead Mortgage Corp. | 244,335 | 1,683 | ||||
City Holding Co. | 21,362 | 1,664 | ||||
TrustCo Bank Corp. | 48,650 | 1,561 | ||||
* | Bancorp Inc. | 61,706 | 1,522 | |||
Hanmi Financial Corp. | 77,439 | 1,493 | ||||
KKR Real Estate Finance Trust Inc. | 68,567 | 1,463 | ||||
United Fire Group Inc. | 54,506 | 1,415 | ||||
Invesco Mortgage Capital Inc. | 451,128 | 1,408 | ||||
* | Donnelley Financial Solutions Inc. | 42,079 | 1,403 | |||
BancFirst Corp. | 24,045 | 1,360 | ||||
* | Blucora Inc. | 68,404 | 1,123 | |||
* | Ambac Financial Group Inc. | 76,922 | 1,084 | |||
National Bank Holdings Corp. Class A | 28,746 | 1,078 | ||||
WisdomTree Investments Inc. | 164,368 | 1,037 | ||||
Universal Insurance Holdings Inc. | 71,682 | 1,021 | ||||
B. Riley Financial Inc. | 14,278 | 936 | ||||
* | EZCORP Inc. Class A | 133,379 | 919 | |||
* | World Acceptance Corp. | 3,181 | 604 | |||
* | Selectquote Inc. | 36,726 | 351 | |||
Greenhill & Co. Inc. | 14,805 | 218 | ||||
United Insurance Holdings Corp. | 52,352 | 199 | ||||
340,481 | ||||||
Health Care (6.7%) | ||||||
* | Prestige Consumer Healthcare Inc. | 125,609 | 7,209 |
Shares | Market Value• ($000) | |||||
* | Myriad Genetics Inc. | 193,830 | 6,935 | |||
* | Magellan Health Inc. | 58,656 | 5,550 | |||
* | AMN Healthcare Services Inc. | 43,898 | 4,983 | |||
* | Integer Holdings Corp. | 49,669 | 4,907 | |||
Select Medical Holdings Corp. | 132,733 | 4,589 | ||||
* | Lantheus Holdings Inc. | 169,435 | 4,468 | |||
* | MEDNAX Inc. | 132,021 | 4,239 | |||
CONMED Corp. | 32,133 | 4,220 | ||||
Owens & Minor Inc. | 90,582 | 3,377 | ||||
* | Varex Imaging Corp. | 98,614 | 2,877 | |||
* | Glaukos Corp. | 41,762 | 2,490 | |||
* | Natus Medical Inc. | 85,442 | 2,266 | |||
* | Covetrus Inc. | 100,036 | 2,260 | |||
* | Cross Country Healthcare Inc. | 88,387 | 1,922 | |||
* | AngioDynamics Inc. | 62,542 | 1,770 | |||
* | Cardiovascular Systems Inc. | 49,296 | 1,764 | |||
* | RadNet Inc. | 55,890 | 1,756 | |||
US Physical Therapy Inc. | 14,526 | 1,705 | ||||
* | Inogen Inc. | 27,002 | 1,598 | |||
* | Enanta Pharmaceuticals Inc. | 26,301 | 1,504 | |||
* | CorVel Corp. | 8,293 | 1,367 | |||
* | Orthofix Medical Inc. | 31,588 | 1,339 | |||
* | Cutera Inc. | 25,151 | 1,251 | |||
Phibro Animal Health Corp. Class A | 51,312 | 1,246 | ||||
* | CryoLife Inc. | 46,367 | 1,217 | |||
* | HealthStream Inc. | 39,481 | 1,200 | |||
* | Vanda Pharmaceuticals Inc. | 68,685 | 1,150 | |||
* | NextGen Healthcare Inc. | 74,396 | 1,135 | |||
* | Eagle Pharmaceuticals Inc. | 18,834 | 1,005 | |||
* | Anika Therapeutics Inc. | 21,787 | 940 | |||
* | Apollo Medical Holdings Inc. | 12,324 | 936 | |||
* | Hanger Inc. | 37,924 | 906 | |||
* | Organogenesis Holdings Inc. Class A | 46,677 | 796 | |||
* | Surmodics Inc. | 12,595 | 757 | |||
* | Tivity Health Inc. | 32,524 | 756 | |||
* | Invacare Corp. | 88,170 | 746 | |||
* | OraSure Technologies Inc. | 65,513 | 717 | |||
* | Amphastar Pharmaceuticals Inc. | 32,422 | 637 | |||
* | Computer Programs & Systems Inc. | 17,135 | 610 | |||
* | Cara Therapeutics Inc. | 35,834 | 565 | |||
* | Endo International plc | 229,559 | 526 | |||
* | ANI Pharmaceuticals Inc. | 16,028 | 486 | |||
* | Spectrum Pharmaceuticals Inc. | 183,333 | 431 |
Shares | Market Value• ($000) | |||||
* | Ligand Pharmaceuticals Inc. | 3,188 | 422 | |||
*,1 | Lantheus Holdings Inc. CVR | 75,410 | — | |||
93,530 | ||||||
Industrials (16.9%) | ||||||
* | Resideo Technologies Inc. | 361,866 | 11,667 | |||
ABM Industries Inc. | 168,975 | 8,368 | ||||
* | Hub Group Inc. Class A | 84,806 | 5,953 | |||
* | SkyWest Inc. | 126,520 | 5,902 | |||
Korn Ferry | 81,594 | 5,768 | ||||
UFP Industries Inc. | 76,352 | 5,733 | ||||
Boise Cascade Co. | 99,039 | 5,729 | ||||
Barnes Group Inc. | 117,149 | 5,585 | ||||
* | GMS Inc. | 107,620 | 5,318 | |||
SPX FLOW Inc. | 65,936 | 5,310 | ||||
* | Atlas Air Worldwide Holdings Inc. | 69,383 | 5,077 | |||
Granite Construction Inc. | 115,350 | 4,676 | ||||
John Bean Technologies Corp. | 31,200 | 4,552 | ||||
EnPro Industries Inc. | 51,904 | 4,438 | ||||
Encore Wire Corp. | 51,975 | 4,418 | ||||
* | Meritor Inc. | 182,232 | 4,323 | |||
Aerojet Rocketdyne Holdings Inc. | 103,034 | 4,278 | ||||
ArcBest Corp. | 63,732 | 4,253 | ||||
UniFirst Corp. | 18,445 | 4,225 | ||||
Watts Water Technologies Inc. Class A | 24,330 | 4,174 | ||||
HNI Corp. | 109,427 | 4,146 | ||||
Deluxe Corp. | 105,984 | 4,064 | ||||
Brady Corp. Class A | 74,351 | 3,965 | ||||
* | Allegiant Travel Co. | 20,565 | 3,958 | |||
Mueller Industries Inc. | 86,081 | 3,840 | ||||
Greenbrier Cos. Inc. | 82,397 | 3,634 | ||||
* | Harsco Corp. | 198,773 | 3,626 | |||
Moog Inc. Class A | 45,551 | 3,619 | ||||
Applied Industrial Technologies Inc. | 38,076 | 3,382 | ||||
Pitney Bowes Inc. | 440,739 | 3,292 | ||||
Standex International Corp. | 30,766 | 3,053 | ||||
* | Raven Industries Inc. | 52,305 | 3,052 | |||
Albany International Corp. Class A | 38,539 | 3,019 | ||||
Hillenbrand Inc. | 64,241 | 2,982 | ||||
* | SPX Corp. | 47,724 | 2,982 | |||
Matthews International Corp. Class A | 79,456 | 2,942 | ||||
* | CoreCivic Inc. | 301,949 | 2,935 | |||
Arcosa Inc. | 55,628 | 2,827 | ||||
* | AAR Corp. | 83,345 | 2,821 | |||
Apogee Enterprises Inc. | 64,691 | 2,780 | ||||
* | Veritiv Corp. | 30,815 | 2,763 | |||
Griffon Corp. | 113,806 | 2,754 | ||||
Kaman Corp. | 69,798 | 2,728 |
Shares | Market Value• ($000) | |||||
* | Hawaiian Holdings Inc. | 128,209 | 2,592 | |||
* | TrueBlue Inc. | 88,973 | 2,432 | |||
ESCO Technologies Inc. | 26,973 | 2,431 | ||||
Enerpac Tool Group Corp. Class A | 88,956 | 2,238 | ||||
Interface Inc. Class A | 147,899 | 2,127 | ||||
* | NOW Inc. | 276,601 | 2,124 | |||
Heidrick & Struggles International Inc. | 48,862 | 2,112 | ||||
Wabash National Corp. | 129,936 | 2,019 | ||||
Quanex Building Products Corp. | 84,188 | 1,983 | ||||
* | MYR Group Inc. | 18,539 | 1,928 | |||
Tennant Co. | 25,430 | 1,881 | ||||
* | Triumph Group Inc. | 99,975 | 1,846 | |||
Lindsay Corp. | 11,006 | 1,813 | ||||
ManTech International Corp. Class A | 22,187 | 1,757 | ||||
* | US Ecology Inc. | 48,500 | 1,739 | |||
Kelly Services Inc. Class A | 84,473 | 1,642 | ||||
AZZ Inc. | 27,771 | 1,487 | ||||
* | Lydall Inc. | 23,321 | 1,445 | |||
* | American Woodmark Corp. | 20,160 | 1,420 | |||
Astec Industries Inc. | 22,366 | 1,367 | ||||
* | DXP Enterprises Inc. | 44,570 | 1,336 | |||
* | Viad Corp. | 30,490 | 1,317 | |||
Resources Connection Inc. | 77,838 | 1,230 | ||||
* | CIRCOR International Inc. | 32,690 | 1,169 | |||
National Presto Industries Inc. | 13,130 | 1,097 | ||||
* | Echo Global Logistics Inc. | 32,926 | 1,083 | |||
Insteel Industries Inc. | 28,791 | 1,065 | ||||
Heartland Express Inc. | 62,764 | 1,053 | ||||
* | Matrix Service Co. | 67,049 | 756 | |||
* | Titan International Inc. | 70,117 | 583 | |||
Powell Industries Inc. | 22,445 | 568 | ||||
Park Aerospace Corp. | 28,851 | 421 | ||||
* | Team Inc. | 77,942 | 349 | |||
235,321 | ||||||
Information Technology (7.9%) | ||||||
* | Insight Enterprises Inc. | 88,886 | 9,145 | |||
* | Sanmina Corp. | 163,640 | 6,461 | |||
Kulicke & Soffa Industries Inc. | 79,677 | 5,593 | ||||
InterDigital Inc. | 77,488 | 5,588 | ||||
* | 3D Systems Corp. | 166,949 | 5,082 | |||
* | Rogers Corp. | 22,084 | 4,691 | |||
* | Knowles Corp. | 233,663 | 4,673 | |||
* | Itron Inc. | 54,388 | 4,569 | |||
* | Rambus Inc. | 164,275 | 3,910 | |||
* | ePlus Inc. | 33,880 | 3,667 | |||
* | Fabrinet | 35,175 | 3,624 | |||
* | TTM Technologies Inc. | 251,490 | 3,521 | |||
* | Plexus Corp. | 30,834 | 2,831 | |||
* | NETGEAR Inc. | 76,451 | 2,732 |
Shares | Market Value• ($000) | |||||
Methode Electronics Inc. | 56,920 | 2,651 | ||||
ADTRAN Inc. | 121,458 | 2,509 | ||||
Benchmark Electronics Inc. | 89,827 | 2,428 | ||||
* | Unisys Corp. | 94,044 | 2,277 | |||
* | ScanSource Inc. | 63,738 | 2,268 | |||
Xperi Holding Corp. | 97,246 | 2,078 | ||||
* | SMART Global Holdings Inc. | 42,064 | 2,038 | |||
CSG Systems International Inc. | 41,522 | 2,002 | ||||
* | OSI Systems Inc. | 19,685 | 1,948 | |||
* | Extreme Networks Inc. | 178,054 | 1,928 | |||
Progress Software Corp. | 38,552 | 1,795 | ||||
Comtech Telecommunications Corp. | 65,701 | 1,677 | ||||
* | Bottomline Technologies DE Inc. | 39,342 | 1,663 | |||
* | Ichor Holdings Ltd. | 35,149 | 1,557 | |||
* | Axcelis Technologies Inc. | 29,673 | 1,475 | |||
CTS Corp. | 38,354 | 1,345 | ||||
PC Connection Inc. | 27,750 | 1,343 | ||||
* | FARO Technologies Inc. | 19,221 | 1,325 | |||
* | Veeco Instruments Inc. | 56,970 | 1,298 | |||
* | Photronics Inc. | 81,654 | 1,231 | |||
* | Harmonic Inc. | 132,620 | 1,225 | |||
* | Diebold Nixdorf Inc. | 104,608 | 1,138 | |||
* | Plantronics Inc. | 33,617 | 1,001 | |||
* | Digi International Inc. | 36,059 | 793 | |||
* | PDF Solutions Inc. | 29,069 | 655 | |||
* | CalAmp Corp. | 53,350 | 605 | |||
* | DSP Group Inc. | 27,267 | 597 | |||
* | Daktronics Inc. | 93,019 | 566 | |||
* | Applied Optoelectronics Inc. | 62,350 | 457 | |||
* | BM Technologies Inc. | 9,642 | 94 | |||
110,054 | ||||||
Materials (6.0%) | ||||||
* | Domtar Corp. | 126,471 | 6,934 | |||
* | O-I Glass Inc. | 397,535 | 6,015 | |||
* | Allegheny Technologies Inc. | 320,520 | 5,724 | |||
Trinseo SA | 97,420 | 5,059 | ||||
Kaiser Aluminum Corp. | 39,804 | 5,026 | ||||
HB Fuller Co. | 64,304 | 4,345 | ||||
Carpenter Technology Corp. | 120,618 | 4,023 | ||||
* | Arconic Corp. | 108,235 | 3,733 | |||
Innospec Inc. | 38,313 | 3,586 | ||||
* | Kraton Corp. | 80,710 | 3,400 | |||
Schweitzer-Mauduit International Inc. | 78,866 | 3,018 | ||||
Stepan Co. | 24,705 | 2,904 | ||||
Warrior Met Coal Inc. | 128,945 | 2,887 | ||||
* | Ferro Corp. | 134,815 | 2,804 | |||
* | AdvanSix Inc. | 70,345 | 2,568 |
Shares | Market Value• ($000) | |||||
Materion Corp. | 31,725 | 2,317 | ||||
Neenah Inc. | 42,507 | 2,142 | ||||
Glatfelter Corp. | 112,165 | 1,772 | ||||
* | Koppers Holdings Inc. | 53,637 | 1,765 | |||
SunCoke Energy Inc. | 207,518 | 1,442 | ||||
* | GCP Applied Technologies Inc. | 58,612 | 1,397 | |||
* | Clearwater Paper Corp. | 42,089 | 1,367 | |||
* | TimkenSteel Corp. | 96,857 | 1,325 | |||
Myers Industries Inc. | 55,534 | 1,266 | ||||
Haynes International Inc. | 32,007 | 1,256 | ||||
Mercer International Inc. | 99,892 | 1,137 | ||||
* | Rayonier Advanced Materials Inc. | 160,456 | 1,133 | |||
Tredegar Corp. | 65,759 | 873 | ||||
Hawkins Inc. | 21,513 | 815 | ||||
* | Century Aluminum Co. | 50,820 | 652 | |||
Olympic Steel Inc. | 22,911 | 625 | ||||
American Vanguard Corp. | 37,638 | 577 | ||||
FutureFuel Corp. | 37,751 | 302 | ||||
84,189 | ||||||
Real Estate (10.3%) | ||||||
Retail Properties of America Inc. Class A | 540,428 | 7,144 | ||||
SITE Centers Corp. | 424,456 | 6,838 | ||||
Agree Realty Corp. | 85,912 | 6,405 | ||||
Lexington Realty Trust | 445,839 | 6,032 | ||||
Brandywine Realty Trust | 429,412 | 5,960 | ||||
Retail Opportunity Investments Corp. | 298,541 | 5,398 | ||||
Washington REIT | 212,762 | 5,349 | ||||
* | Realogy Holdings Corp. | 293,162 | 5,145 | |||
American Assets Trust Inc. | 126,158 | 5,024 | ||||
* | Xenia Hotels & Resorts Inc. | 286,554 | 4,992 | |||
iStar Inc. | 183,908 | 4,864 | ||||
* | DiamondRock Hospitality Co. | 529,344 | 4,785 | |||
Service Properties Trust | 415,022 | 4,744 | ||||
Acadia Realty Trust | 217,358 | 4,612 | ||||
Kite Realty Group Trust | 212,831 | 4,312 | ||||
Global Net Lease Inc. | 239,740 | 4,076 | ||||
* | Mack-Cali Realty Corp. | 216,375 | 3,869 | |||
Alexander & Baldwin Inc. | 182,492 | 3,810 | ||||
Office Properties Income Trust | 121,352 | 3,219 | ||||
Uniti Group Inc. | 211,941 | 2,770 | ||||
Tanger Factory Outlet Centers Inc. | 164,451 | 2,750 | ||||
Independence Realty Trust Inc. | 130,671 | 2,676 | ||||
RPT Realty | 203,673 | 2,636 | ||||
CareTrust REIT Inc. | 119,060 | 2,618 | ||||
Easterly Government Properties Inc. Class A | 119,983 | 2,564 |
Shares | Market Value• ($000) | |||||
* | Summit Hotel Properties Inc. | 266,169 | 2,481 | |||
Industrial Logistics Properties Trust | 90,097 | 2,471 | ||||
Four Corners Property Trust Inc. | 84,071 | 2,405 | ||||
GEO Group Inc. | 306,673 | 2,377 | ||||
Diversified Healthcare Trust | 597,517 | 2,241 | ||||
LTC Properties Inc. | 60,211 | 2,078 | ||||
Armada Hoffler Properties Inc. | 152,144 | 2,043 | ||||
NexPoint Residential Trust Inc. | 24,532 | 1,589 | ||||
Getty Realty Corp. | 49,877 | 1,578 | ||||
* | Chatham Lodging Trust | 122,693 | 1,472 | |||
Urstadt Biddle Properties Inc. Class A | 75,939 | 1,449 | ||||
Centerspace | 14,084 | 1,425 | ||||
* | Marcus & Millichap Inc. | 32,851 | 1,288 | |||
Franklin Street Properties Corp. | 243,706 | 1,170 | ||||
Universal Health Realty Income Trust | 17,432 | 1,033 | ||||
Whitestone REIT | 100,734 | 988 | ||||
RE/MAX Holdings Inc. Class A | 27,637 | 926 | ||||
Saul Centers Inc. | 19,243 | 887 | ||||
* | Hersha Hospitality Trust Class A | 92,803 | 870 | |||
143,363 | ||||||
Utilities (2.4%) | ||||||
Avista Corp. | 174,610 | 7,307 | ||||
South Jersey Industries Inc. | 283,132 | 7,025 | ||||
Northwest Natural Holding Co. | 76,992 | 3,961 | ||||
American States Water Co. | 42,685 | 3,936 | ||||
California Water Service Group | 52,364 | 3,328 | ||||
Chesapeake Utilities Corp. | 21,689 | 2,835 | ||||
Middlesex Water Co. | 24,127 | 2,640 | ||||
Unitil Corp. | 37,968 | 1,883 | ||||
32,915 | ||||||
Total Common Stocks (Cost $1,222,348) | 1,395,791 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (0.0%) | ||||||
Money Market Fund (0.0%) | ||||||
2 | Vanguard Market Liquidity Fund, 0.068% (Cost $410) | 4,101 | 410 | |||
Total Investments (100.0%) (Cost $1,222,758) | 1,396,201 | |||||
Other Assets and Liabilities—Net (0.0%) | (135) | |||||
Net Assets (100%) | 1,396,066 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
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 2021 | 5 | 568 | 24 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,222,348) | 1,395,791 |
Affiliated Issuers (Cost $410) | 410 |
Total Investments in Securities | 1,396,201 |
Investment in Vanguard | 48 |
Cash | 1,409 |
Cash Collateral Pledged—Futures Contracts | 80 |
Receivables for Accrued Income | 1,148 |
Receivables for Capital Shares Issued | 3 |
Variation Margin Receivable—Futures Contracts | 3 |
Total Assets | 1,398,892 |
Liabilities | |
Payables for Investment Securities Purchased | 2,151 |
Payables for Capital Shares Redeemed | 585 |
Payables to Vanguard | 90 |
Total Liabilities | 2,826 |
Net Assets | 1,396,066 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 1,317,259 |
Total Distributable Earnings (Loss) | 78,807 |
Net Assets | 1,396,066 |
ETF Shares—Net Assets | |
Applicable to 7,475,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,327,825 |
Net Asset Value Per Share—ETF Shares | $177.64 |
Institutional Shares—Net Assets | |
Applicable to 183,524 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 68,241 |
Net Asset Value Per Share—Institutional Shares | $371.84 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 18,453 |
Interest1 | 1 |
Securities Lending—Net | 292 |
Total Income | 18,746 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 160 |
Management and Administrative—ETF Shares | 1,187 |
Management and Administrative—Institutional Shares | 35 |
Marketing and Distribution—ETF Shares | 42 |
Marketing and Distribution—Institutional Shares | 2 |
Custodian Fees | 71 |
Auditing Fees | 27 |
Shareholders’ Reports—ETF Shares | 27 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,551 |
Net Investment Income | 17,195 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 114,387 |
Futures Contracts | 163 |
Realized Net Gain (Loss) | 114,550 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 245,269 |
Futures Contracts | 28 |
Change in Unrealized Appreciation (Depreciation) | 245,297 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 377,042 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,000, $3,000, and ($3,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $138,102,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 17,195 | 8,521 |
Realized Net Gain (Loss) | 114,550 | 33,085 |
Change in Unrealized Appreciation (Depreciation) | 245,297 | (50,648) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 377,042 | (9,042) |
Distributions | ||
ETF Shares | (12,466) | (7,104) |
Institutional Shares | (894) | (761) |
Total Distributions | (13,360) | (7,865) |
Capital Share Transactions | ||
ETF Shares | 491,658 | 138,867 |
Institutional Shares | (1,682) | 12,441 |
Net Increase (Decrease) from Capital Share Transactions | 489,976 | 151,308 |
Total Increase (Decrease) | 853,658 | 134,401 |
Net Assets | ||
Beginning of Period | 542,408 | 408,007 |
End of Period | 1,396,066 | 542,408 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $112.51 | $123.23 | $149.05 | $118.23 | $106.98 |
Investment Operations | |||||
Net Investment Income1 | 2.592 | 2.182 | 2.141 | 2.087 | 1.749 |
Net Realized and Unrealized Gain (Loss) on Investments | 64.624 | (10.786) | (25.811) | 30.593 | 11.165 |
Total from Investment Operations | 67.216 | (8.604) | (23.670) | 32.680 | 12.914 |
Distributions | |||||
Dividends from Net Investment Income | (2.086) | (2.116) | (2.150) | (1.860) | (1.664) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.086) | (2.116) | (2.150) | (1.860) | (1.664) |
Net Asset Value, End of Period | $177.64 | $112.51 | $123.23 | $149.05 | $118.23 |
Total Return | 60.19% | -7.08% | -15.93% | 27.84% | 12.11% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,328 | $501 | $373 | $410 | $210 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 1.61% | 1.90% | 1.66% | 1.54% | 1.49% |
Portfolio Turnover Rate2 | 30% | 46% | 39% | 34% | 46% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $235.47 | $257.69 | $311.75 | $247.26 | $223.74 |
Investment Operations | |||||
Net Investment Income1 | 5.457 | 4.805 | 4.609 | 4.630 | 3.829 |
Net Realized and Unrealized Gain (Loss) on Investments | 135.457 | (22.489) | (53.914) | 64.065 | 23.461 |
Total from Investment Operations | 140.914 | (17.684) | (49.305) | 68.695 | 27.290 |
Distributions | |||||
Dividends from Net Investment Income | (4.544) | (4.536) | (4.755) | (4.205) | (3.770) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.544) | (4.536) | (4.755) | (4.205) | (3.770) |
Net Asset Value, End of Period | $371.84 | $235.47 | $257.69 | $311.75 | $247.26 |
Total Return | 60.32% | -6.94% | -15.87% | 28.01% | 12.25% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $68 | $42 | $35 | $32 | $12 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 1.67% | 2.00% | 1.73% | 1.66% | 1.61% |
Portfolio Turnover Rate2 | 30% | 46% | 39% | 34% | 46% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 1,395,791 | — | — | 1,395,791 |
Temporary Cash Investments | 410 | — | — | 410 |
Total | 1,396,201 | — | — | 1,396,201 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 24 | — | — | 24 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 137,900 |
Total Distributable Earnings (Loss) | (137,900) |
Amount ($000) | |
Undistributed Ordinary Income | 5,924 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (97,048) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 169,931 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 13,360 | 7,865 |
Long-Term Capital Gains | — | — |
Total | 13,360 | 7,865 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 1,226,270 |
Gross Unrealized Appreciation | 236,898 |
Gross Unrealized Depreciation | (66,967) |
Net Unrealized Appreciation (Depreciation) | 169,931 |
E. | During the year ended August 31, 2021, the fund purchased $1,172,837,000 of investment securities and sold $676,752,000 of investment securities, other than temporary cash investments. Purchases and sales include $779,697,000 and $365,724,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
F. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 867,064 | 5,475 | 381,520 | 3,375 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (375,406) | (2,450) | (242,653) | (1,950) | |
Net Increase (Decrease)—ETF Shares | 491,658 | 3,025 | 138,867 | 1,425 |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 23,407 | 80 | 25,956 | 102 | |
Issued in Lieu of Cash Distributions | 782 | 3 | 598 | 2 | |
Redeemed | (25,871) | (76) | (14,113) | (64) | |
Net Increase (Decrease)—Institutional Shares | (1,682) | 7 | 12,441 | 40 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
S&P Small-Cap 600 Growth Index Fund ETF Shares Net Asset Value | 47.68% | 15.72% | 15.31% | $41,560 | |
S&P Small-Cap 600 Growth Index Fund ETF Shares Market Price | 47.58 | 15.70 | 15.31 | 41,576 | |
S&P SmallCap 600 Growth Index | 47.84 | 15.88 | 15.49 | 42,225 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
S&P Small-Cap 600 Growth Index Fund ETF Shares Market Price | 47.58% | 107.32% | 315.76% |
S&P Small-Cap 600 Growth Index Fund ETF Shares Net Asset Value | 47.68 | 107.51 | 315.60 |
S&P SmallCap 600 Growth Index | 47.84 | 108.91 | 322.25 |
Communication Services | 1.3% |
Consumer Discretionary | 14.3 |
Consumer Staples | 4.6 |
Energy | 2.0 |
Financials | 10.5 |
Health Care | 17.8 |
Industrials | 17.0 |
Information Technology | 21.1 |
Materials | 4.3 |
Real Estate | 5.9 |
Utilities | 1.2 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.6%) | ||||||
Communication Services (1.3%) | ||||||
* | TechTarget Inc. | 27,135 | 2,295 | |||
Cogent Communications Holdings Inc. | 30,590 | 2,220 | ||||
Shenandoah Telecommunications Co. | 37,294 | 1,112 | ||||
* | QuinStreet Inc. | 56,710 | 1,016 | |||
* | Cincinnati Bell Inc. | 58,541 | 907 | |||
7,550 | ||||||
Consumer Discretionary (14.2%) | ||||||
* | Stamps.com Inc. | 21,023 | 6,914 | |||
* | Meritage Homes Corp. | 43,434 | 4,845 | |||
Rent-A-Center Inc. | 68,493 | 4,321 | ||||
LCI Industries | 28,985 | 4,106 | ||||
* | LGI Homes Inc. | 25,180 | 4,037 | |||
* | Shake Shack Inc. Class A | 41,739 | 3,621 | |||
Installed Building Products Inc. | 25,902 | 3,217 | ||||
* | Dorman Products Inc. | 32,772 | 3,076 | |||
Shutterstock Inc. | 25,592 | 2,950 | ||||
* | Vista Outdoor Inc. | 66,269 | 2,707 | |||
* | iRobot Corp. | 32,241 | 2,615 | |||
* | Sleep Number Corp. | 28,077 | 2,597 | |||
Century Communities Inc. | 33,671 | 2,360 | ||||
* | Gentherm Inc. | 25,088 | 2,153 | |||
Patrick Industries Inc. | 25,650 | 2,093 | ||||
MDC Holdings Inc. | 37,596 | 1,964 | ||||
* | Boot Barn Holdings Inc. | 20,148 | 1,799 | |||
Big Lots Inc. | 36,664 | 1,784 | ||||
Hibbett Inc. | 18,602 | 1,780 | ||||
* | Dine Brands Global Inc. | 19,697 | 1,629 | |||
* | Brinker International Inc. | 28,361 | 1,511 | |||
* | Cavco Industries Inc. | 5,681 | 1,452 | |||
Steven Madden Ltd. | 34,466 | 1,395 | ||||
Winnebago Industries Inc. | 19,667 | 1,369 | ||||
* | Tupperware Brands Corp. | 57,001 | 1,361 | |||
Kontoor Brands Inc. | 24,414 | 1,317 | ||||
Wolverine World Wide Inc. | 36,145 | 1,296 | ||||
* | MarineMax Inc. | 25,435 | 1,237 | |||
Sturm Ruger & Co. Inc. | 12,530 | 980 |
Shares | Market Value• ($000) | |||||
La-Z-Boy Inc. | 27,144 | 950 | ||||
* | Cheesecake Factory Inc. | 18,574 | 866 | |||
* | Lumber Liquidators Holdings Inc. | 33,451 | 698 | |||
PetMed Express Inc. | 23,166 | 638 | ||||
* | America's Car-Mart Inc. | 4,506 | 583 | |||
* | Zumiez Inc. | 13,511 | 543 | |||
Buckle Inc. | 13,529 | 524 | ||||
* | Liquidity Services Inc. | 20,401 | 498 | |||
* | Monarch Casino & Resort Inc. | 7,556 | 479 | |||
* | Fossil Group Inc. | 29,246 | 392 | |||
* | Perdoceo Education Corp. | 35,422 | 389 | |||
* | Universal Electronics Inc. | 6,450 | 326 | |||
* | American Public Education Inc. | 11,955 | 314 | |||
Haverty Furniture Cos. Inc. | 8,704 | 310 | ||||
* | Ruth's Hospitality Group Inc. | 13,512 | 277 | |||
* | El Pollo Loco Holdings Inc. | 11,272 | 204 | |||
* | Regis Corp. | 9,690 | 53 | |||
80,530 | ||||||
Consumer Staples (4.6%) | ||||||
WD-40 Co. | 15,730 | 3,769 | ||||
* | Celsius Holdings Inc. | 37,784 | 3,089 | |||
Medifast Inc. | 13,496 | 3,076 | ||||
1 | B&G Foods Inc. | 74,320 | 2,256 | |||
* | Simply Good Foods Co. | 43,514 | 1,550 | |||
* | United Natural Foods Inc. | 34,259 | 1,261 | |||
National Beverage Corp. | 26,786 | 1,247 | ||||
J & J Snack Foods Corp. | 7,425 | 1,216 | ||||
* | Central Garden & Pet Co. Class A | 27,645 | 1,152 | |||
Vector Group Ltd. | 73,525 | 1,104 | ||||
PriceSmart Inc. | 11,819 | 1,000 | ||||
Coca-Cola Consolidated Inc. | 2,284 | 928 | ||||
Cal-Maine Foods Inc. | 25,405 | 919 | ||||
* | USANA Health Sciences Inc. | 8,499 | 825 | |||
* | elf Beauty Inc. | 23,206 | 718 | |||
Inter Parfums Inc. | 8,913 | 646 | ||||
MGP Ingredients Inc. | 7,978 | 521 |
Shares | Market Value• ($000) | |||||
Calavo Growers Inc. | 7,795 | 366 | ||||
* | Central Garden & Pet Co. | 6,956 | 320 | |||
25,963 | ||||||
Energy (2.0%) | ||||||
* | Renewable Energy Group Inc. | 54,703 | 2,649 | |||
* | Range Resources Corp. | 169,834 | 2,483 | |||
* | Southwestern Energy Co. | 425,230 | 1,935 | |||
Matador Resources Co. | 54,195 | 1,558 | ||||
* | DMC Global Inc. | 21,495 | 863 | |||
Bonanza Creek Energy Inc. | 21,928 | 853 | ||||
Core Laboratories NV | 21,162 | 583 | ||||
Dorian LPG Ltd. | 17,666 | 233 | ||||
��� | 11,157 | |||||
Financials (10.5%) | ||||||
ServisFirst Bancshares Inc. | 54,067 | 3,970 | ||||
Walker & Dunlop Inc. | 33,939 | 3,769 | ||||
* | Trupanion Inc. | 38,616 | 3,536 | |||
* | Green Dot Corp. Class A | 62,471 | 3,264 | |||
* | Mr Cooper Group Inc. | 78,093 | 3,036 | |||
* | Axos Financial Inc. | 59,154 | 2,868 | |||
Virtus Investment Partners Inc. | 8,255 | 2,581 | ||||
* | Palomar Holdings Inc. | 24,963 | 2,242 | |||
* | NMI Holdings Inc. Class A | 98,248 | 2,217 | |||
* | PRA Group Inc. | 52,578 | 2,208 | |||
Community Bank System Inc. | 29,067 | 2,151 | ||||
* | Triumph Bancorp Inc. | 25,989 | 2,137 | |||
Brightsphere Investment Group Inc. | 68,314 | 1,858 | ||||
Flagstar Bancorp Inc. | 32,702 | 1,617 | ||||
Piper Sandler Cos. | 10,263 | 1,467 | ||||
* | StoneX Group Inc. | 19,116 | 1,332 | |||
CVB Financial Corp. | 60,150 | 1,225 | ||||
* | eHealth Inc. | 30,018 | 1,160 | |||
Park National Corp. | 8,984 | 1,053 | ||||
Independent Bank Corp. (Massachusetts) | 13,663 | 1,048 | ||||
Meta Financial Group Inc. | 20,553 | 1,011 | ||||
B. Riley Financial Inc. | 13,827 | 906 | ||||
Hilltop Holdings Inc. | 26,202 | 877 | ||||
HCI Group Inc. | 7,514 | 839 | ||||
National Bank Holdings Corp. Class A | 22,319 | 837 | ||||
Lakeland Financial Corp. | 12,207 | 811 | ||||
Westamerica Bancorp | 14,226 | 807 | ||||
* | Bancorp Inc. | 30,515 | 753 | |||
Two Harbors Investment Corp. | 104,832 | 692 | ||||
Great Western Bancorp Inc. | 21,414 | 663 | ||||
City Holding Co. | 8,244 | 642 | ||||
James River Group Holdings Ltd. | 17,037 | 627 | ||||
Redwood Trust Inc. | 47,785 | 596 |
Shares | Market Value• ($000) | |||||
BancFirst Corp. | 10,461 | 592 | ||||
* | World Acceptance Corp. | 3,054 | 580 | |||
* | Donnelley Financial Solutions Inc. | 14,975 | 499 | |||
Berkshire Hills Bancorp Inc. | 18,735 | 480 | ||||
AMERISAFE Inc. | 8,174 | 470 | ||||
* | Blucora Inc. | 24,324 | 399 | |||
Invesco Mortgage Capital Inc. | 119,903 | 374 | ||||
WisdomTree Investments Inc. | 53,856 | 340 | ||||
* | Selectquote Inc. | 33,782 | 323 | |||
* | Ambac Financial Group Inc. | 17,958 | 253 | |||
Greenhill & Co. Inc. | 10,049 | 148 | ||||
59,258 | ||||||
Health Care (17.7%) | ||||||
* | Omnicell Inc. | 49,562 | 7,696 | |||
* | NeoGenomics Inc. | 135,335 | 6,580 | |||
Ensign Group Inc. | 59,305 | 4,843 | ||||
* | Merit Medical Systems Inc. | 56,553 | 4,059 | |||
* | AMN Healthcare Services Inc. | 34,166 | 3,879 | |||
* | Cytokinetics Inc. | 93,818 | 3,093 | |||
* | Heska Corp. | 11,367 | 3,016 | |||
* | Pacira BioSciences Inc. | 50,532 | 2,996 | |||
* | Vericel Corp. | 53,206 | 2,882 | |||
* | ModivCare Inc. | 13,997 | 2,761 | |||
* | Corcept Therapeutics Inc. | 120,495 | 2,564 | |||
* | Allscripts Healthcare Solutions Inc. | 162,009 | 2,488 | |||
CONMED Corp. | 18,699 | 2,456 | ||||
* | Xencor Inc. | 66,864 | 2,265 | |||
Select Medical Holdings Corp. | 63,139 | 2,183 | ||||
* | BioLife Solutions Inc. | 36,156 | 2,110 | |||
* | Glaukos Corp. | 33,998 | 2,027 | |||
* | Fulgent Genetics Inc. | 20,305 | 1,853 | |||
* | Avanos Medical Inc. | 55,184 | 1,821 | |||
* | Community Health Systems Inc. | 142,551 | 1,755 | |||
* | Supernus Pharmaceuticals Inc. | 60,875 | 1,676 | |||
Owens & Minor Inc. | 44,846 | 1,672 | ||||
* | Addus HomeCare Corp. | 17,338 | 1,559 | |||
* | Covetrus Inc. | 68,666 | 1,551 | |||
* | Joint Corp. | 15,147 | 1,548 | |||
Mesa Laboratories Inc. | 5,607 | 1,497 | ||||
* | Integer Holdings Corp. | 15,141 | 1,496 | |||
* | REGENXBIO Inc. | 40,042 | 1,293 | |||
* | MEDNAX Inc. | 38,599 | 1,239 | |||
* | Coherus Biosciences Inc. | 76,562 | 1,223 | |||
LeMaitre Vascular Inc. | 19,649 | 1,113 | ||||
* | CorVel Corp. | 6,696 | 1,104 | |||
* | Innoviva Inc. | 72,244 | 1,102 | |||
* | Meridian Bioscience Inc. | 49,810 | 1,008 |
Shares | Market Value• ($000) | |||||
* | Tactile Systems Technology Inc. | 22,591 | 1,005 | |||
US Physical Therapy Inc. | 8,158 | 958 | ||||
* | Pennant Group Inc. | 29,312 | 896 | |||
* | Cardiovascular Systems Inc. | 23,570 | 844 | |||
* | Collegium Pharmaceutical Inc. | 40,549 | 832 | |||
* | Tabula Rasa HealthCare Inc. | 26,005 | 814 | |||
Simulations Plus Inc. | 17,599 | 780 | ||||
* | RadNet Inc. | 24,676 | 775 | |||
* | Apollo Medical Holdings Inc. | 9,583 | 727 | |||
* | Tivity Health Inc. | 28,596 | 665 | |||
* | Hanger Inc. | 26,866 | 642 | |||
* | CryoLife Inc. | 23,674 | 621 | |||
* | Organogenesis Holdings Inc. Class A | 35,997 | 614 | |||
* | Surmodics Inc. | 10,146 | 609 | |||
* | OraSure Technologies Inc. | 52,636 | 576 | |||
* | Vanda Pharmaceuticals Inc. | 32,381 | 542 | |||
* | Amphastar Pharmaceuticals Inc. | 27,250 | 536 | |||
* | Inogen Inc. | 8,919 | 528 | |||
* | Cara Therapeutics Inc. | 32,962 | 520 | |||
* | Enanta Pharmaceuticals Inc. | 8,620 | 493 | |||
* | NextGen Healthcare Inc. | 29,886 | 456 | |||
* | Cutera Inc. | 8,953 | 445 | |||
* | AngioDynamics Inc. | 15,254 | 432 | |||
* | Endo International plc | 162,633 | 372 | |||
* | Orthofix Medical Inc. | 8,052 | 341 | |||
* | HealthStream Inc. | 10,967 | 333 | |||
* | Zynex Inc. | 22,276 | 299 | |||
* | Anika Therapeutics Inc. | 6,581 | 284 | |||
* | Eagle Pharmaceuticals Inc. | 4,800 | 256 | |||
* | Computer Programs & Systems Inc. | 6,882 | 245 | |||
* | Spectrum Pharmaceuticals Inc. | 101,434 | 238 | |||
* | Ligand Pharmaceuticals Inc. | 1,283 | 170 | |||
* | ANI Pharmaceuticals Inc. | 4,085 | 124 | |||
*,2 | Lantheus Holdings Inc. CVR | 35,713 | — | |||
100,380 | ||||||
Industrials (16.9%) | ||||||
* | Chart Industries Inc. | 40,841 | 7,694 | |||
Exponent Inc. | 59,816 | 6,992 | ||||
Matson Inc. | 49,851 | 3,947 | ||||
Franklin Electric Co. Inc. | 44,268 | 3,762 | ||||
Watts Water Technologies Inc. Class A | 20,545 | 3,525 | ||||
John Bean Technologies Corp. | 22,226 | 3,242 | ||||
AAON Inc. | 46,935 | 3,198 | ||||
Comfort Systems USA Inc. | 41,643 | 3,164 | ||||
* | Vicor Corp. | 24,420 | 3,013 | |||
Federal Signal Corp. | 69,477 | 2,823 | ||||
* | Gibraltar Industries Inc. | 37,448 | 2,796 | |||
Forward Air Corp. | 31,362 | 2,765 |
Shares | Market Value• ($000) | |||||
UFP Industries Inc. | 36,189 | 2,717 | ||||
Hillenbrand Inc. | 56,996 | 2,646 | ||||
* | AeroVironment Inc. | 25,773 | 2,638 | |||
Applied Industrial Technologies Inc. | 27,208 | 2,416 | ||||
* | Proto Labs Inc. | 31,778 | 2,357 | |||
UniFirst Corp. | 9,095 | 2,083 | ||||
* | SPX Corp. | 30,124 | 1,882 | |||
Alamo Group Inc. | 11,358 | 1,761 | ||||
Korn Ferry | 24,796 | 1,753 | ||||
ManTech International Corp. Class A | 21,403 | 1,694 | ||||
Aerojet Rocketdyne Holdings Inc. | 38,460 | 1,597 | ||||
ESCO Technologies Inc. | 17,633 | 1,589 | ||||
Arcosa Inc. | 29,866 | 1,518 | ||||
SPX FLOW Inc. | 18,412 | 1,483 | ||||
* | PGT Innovations Inc. | 68,359 | 1,451 | |||
* | Allegiant Travel Co. | 7,363 | 1,417 | |||
Albany International Corp. Class A | 17,620 | 1,380 | ||||
Lindsay Corp. | 7,514 | 1,238 | ||||
Mueller Industries Inc. | 26,242 | 1,171 | ||||
Brady Corp. Class A | 21,736 | 1,159 | ||||
* | MYR Group Inc. | 10,825 | 1,126 | |||
Marten Transport Ltd. | 67,526 | 1,053 | ||||
Moog Inc. Class A | 12,785 | 1,016 | ||||
* | Raven Industries Inc. | 17,337 | 1,012 | |||
Astec Industries Inc. | 15,937 | 974 | ||||
AZZ Inc. | 16,121 | 863 | ||||
* | American Woodmark Corp. | 10,369 | 731 | |||
Tennant Co. | 9,858 | 729 | ||||
Enerpac Tool Group Corp. Class A | 28,398 | 714 | ||||
* | Forrester Research Inc. | 12,680 | 603 | |||
* | Lydall Inc. | 8,998 | 558 | |||
* | Echo Global Logistics Inc. | 15,527 | 510 | |||
* | US Ecology Inc. | 14,047 | 504 | |||
Heartland Express Inc. | 27,295 | 458 | ||||
* | Triumph Group Inc. | 24,368 | 450 | |||
* | Viad Corp. | 9,598 | 414 | |||
Insteel Industries Inc. | 9,054 | 335 | ||||
* | CIRCOR International Inc. | 8,329 | 298 | |||
* | Titan International Inc. | 25,987 | 216 | |||
Park Aerospace Corp. | 8,385 | 122 | ||||
95,557 | ||||||
Information Technology (21.0%) | ||||||
Power Integrations Inc. | 69,601 | 7,561 | ||||
* | MicroStrategy Inc. Class A | 8,932 | 6,201 | |||
* | SPS Commerce Inc. | 41,152 | 5,577 | |||
* | ExlService Holdings Inc. | 38,393 | 4,728 | |||
* | LivePerson Inc. | 73,590 | 4,717 | |||
* | Diodes Inc. | 48,637 | 4,710 | |||
* | Perficient Inc. | 37,922 | 4,521 | |||
* | Alarm.com Holdings Inc. | 51,959 | 4,382 |
Shares | Market Value• ($000) | |||||
* | Viavi Solutions Inc. | 262,377 | 4,274 | |||
* | Onto Innovation Inc. | 56,276 | 4,172 | |||
* | MaxLinear Inc. Class A | 78,718 | 4,111 | |||
Advanced Energy Industries Inc. | 44,086 | 3,976 | ||||
* | Vonage Holdings Corp. | 271,168 | 3,823 | |||
Badger Meter Inc. | 33,480 | 3,585 | ||||
* | FormFactor Inc. | 89,075 | 3,463 | |||
EVERTEC Inc. | 68,731 | 3,179 | ||||
* | 8x8 Inc. | 126,107 | 3,045 | |||
* | Fabrinet | 26,242 | 2,703 | |||
Kulicke & Soffa Industries Inc. | 34,894 | 2,449 | ||||
* | Rogers Corp. | 11,381 | 2,417 | |||
* | Ultra Clean Holdings Inc. | 50,265 | 2,324 | |||
* | Itron Inc. | 26,934 | 2,263 | |||
TTEC Holdings Inc. | 20,956 | 2,210 | ||||
* | 3D Systems Corp. | 67,454 | 2,053 | |||
* | Cohu Inc. | 55,579 | 1,983 | |||
* | Plexus Corp. | 18,702 | 1,717 | |||
Xperi Holding Corp. | 75,837 | 1,621 | ||||
Progress Software Corp. | 32,814 | 1,528 | ||||
* | Agilysys Inc. | 23,585 | 1,340 | |||
* | Rambus Inc. | 54,244 | 1,291 | |||
* | CEVA Inc. | 26,198 | 1,264 | |||
* | Axcelis Technologies Inc. | 25,076 | 1,247 | |||
* | Bottomline Technologies DE Inc. | 27,100 | 1,146 | |||
* | OSI Systems Inc. | 10,186 | 1,008 | |||
CSG Systems International Inc. | 18,912 | 912 | ||||
* | Plantronics Inc. | 28,459 | 848 | |||
Methode Electronics Inc. | 18,135 | 845 | ||||
* | FARO Technologies Inc. | 12,115 | 835 | |||
* | Unisys Corp. | 33,922 | 821 | |||
Ebix Inc. | 27,075 | 779 | ||||
* | OneSpan Inc. | 38,955 | 751 | |||
* | Veeco Instruments Inc. | 31,799 | 725 | |||
* | Ichor Holdings Ltd. | 16,180 | 717 | |||
* | Extreme Networks Inc. | 63,901 | 692 | |||
CTS Corp. | 19,593 | 687 | ||||
* | Arlo Technologies Inc. | 92,878 | 576 | |||
* | Photronics Inc. | 35,478 | 535 | |||
* | Harmonic Inc. | 55,483 | 513 | |||
* | Digi International Inc. | 22,551 | 496 | |||
* | PDF Solutions Inc. | 20,597 | 464 | |||
* | Diebold Nixdorf Inc. | 42,021 | 457 | |||
* | DSP Group Inc. | 13,387 | 293 | |||
* | CalAmp Corp. | 16,109 | 183 | |||
118,718 | ||||||
Materials (4.3%) | ||||||
Balchem Corp. | 37,228 | 5,227 | ||||
* | Livent Corp. | 183,135 | 4,555 | |||
Quaker Chemical Corp. | 15,181 | 3,934 | ||||
* | Arconic Corp. | 62,971 | 2,172 |
Shares | Market Value• ($000) | |||||
HB Fuller Co. | 30,600 | 2,068 | ||||
Stepan Co. | 13,266 | 1,559 | ||||
Innospec Inc. | 10,748 | 1,006 | ||||
* | Ferro Corp. | 33,051 | 687 | |||
* | GCP Applied Technologies Inc. | 28,775 | 686 | |||
Materion Corp. | 8,858 | 647 | ||||
Hawkins Inc. | 11,901 | 451 | ||||
* | Century Aluminum Co. | 34,594 | 443 | |||
Myers Industries Inc. | 16,085 | 367 | ||||
American Vanguard Corp. | 13,949 | 214 | ||||
FutureFuel Corp. | 12,390 | 99 | ||||
24,115 | ||||||
Real Estate (5.9%) | ||||||
Innovative Industrial Properties Inc. | 27,457 | 6,752 | ||||
Essential Properties Realty Trust Inc. | 134,844 | 4,370 | ||||
Agree Realty Corp. | 39,090 | 2,914 | ||||
Uniti Group Inc. | 171,466 | 2,241 | ||||
St. Joe Co. | 35,826 | 1,658 | ||||
Lexington Realty Trust | 114,725 | 1,552 | ||||
Safehold Inc. | 16,501 | 1,479 | ||||
Four Corners Property Trust Inc. | 48,973 | 1,401 | ||||
Community Healthcare Trust Inc. | 26,345 | 1,278 | ||||
CareTrust REIT Inc. | 56,669 | 1,246 | ||||
Independence Realty Trust Inc. | 57,479 | 1,177 | ||||
NexPoint Residential Trust Inc. | 14,823 | 960 | ||||
Industrial Logistics Properties Trust | 33,795 | 927 | ||||
Easterly Government Properties Inc. Class A | 41,473 | 886 | ||||
Centerspace | 8,510 | 861 | ||||
Tanger Factory Outlet Centers Inc. | 40,638 | 680 | ||||
Getty Realty Corp. | 20,033 | 634 | ||||
LTC Properties Inc. | 17,547 | 606 | ||||
* | Marcus & Millichap Inc. | 12,677 | 497 | |||
Universal Health Realty Income Trust | 6,727 | 398 | ||||
RE/MAX Holdings Inc. Class A | 9,066 | 304 | ||||
Saul Centers Inc. | 6,056 | 279 | ||||
33,100 | ||||||
Utilities (1.2%) | ||||||
California Water Service Group | 34,410 | 2,187 | ||||
American States Water Co. | 22,861 | 2,108 |
Shares | Market Value• ($000) | |||||
Chesapeake Utilities Corp. | 10,264 | 1,341 | ||||
Middlesex Water Co. | 9,027 | 988 | ||||
6,624 | ||||||
Total Common Stocks (Cost $469,884) | 562,952 | |||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $4,488) | 44,882 | 4,488 | |||
Total Investments (100.4%) (Cost $474,372) | 567,440 | |||||
Other Assets and Liabilities—Net (-0.4%) | (1,986) | |||||
Net Assets (100%) | 565,454 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,116,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $2,161,000 was received for securities on loan. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
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 2021 | 22 | 2,498 | (1) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $469,884) | 562,952 |
Affiliated Issuers (Cost $4,488) | 4,488 |
Total Investments in Securities | 567,440 |
Investment in Vanguard | 19 |
Cash | 63 |
Cash Collateral Pledged—Futures Contracts | 150 |
Receivables for Investment Securities Sold | 19 |
Receivables for Accrued Income | 228 |
Receivables for Capital Shares Issued | 3 |
Variation Margin Receivable—Futures Contracts | 5 |
Total Assets | 567,927 |
Liabilities | |
Payables for Investment Securities Purchased | 255 |
Collateral for Securities on Loan | 2,161 |
Payables for Capital Shares Redeemed | 20 |
Payables to Vanguard | 37 |
Total Liabilities | 2,473 |
Net Assets | 565,454 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 544,916 |
Total Distributable Earnings (Loss) | 20,538 |
Net Assets | 565,454 |
ETF Shares—Net Assets | |
Applicable to 2,425,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 565,454 |
Net Asset Value Per Share—ETF Shares | $233.18 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 4,379 |
Interest1 | — |
Securities Lending—Net | 76 |
Total Income | 4,455 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 72 |
Management and Administrative | 556 |
Marketing and Distribution | 21 |
Custodian Fees | 25 |
Auditing Fees | 27 |
Shareholders’ Reports | 13 |
Trustees’ Fees and Expenses | — |
Total Expenses | 714 |
Net Investment Income | 3,741 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 60,663 |
Futures Contracts | 136 |
Realized Net Gain (Loss) | 60,799 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 92,988 |
Futures Contracts | (2) |
Change in Unrealized Appreciation (Depreciation) | 92,986 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 157,526 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were less than $1,000. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $64,150,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 3,741 | 3,355 |
Realized Net Gain (Loss) | 60,799 | 31,473 |
Change in Unrealized Appreciation (Depreciation) | 92,986 | (23,188) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 157,526 | 11,640 |
Distributions | ||
Total Distributions | (2,856) | (3,615) |
Capital Share Transactions | ||
Issued | 342,033 | 157,186 |
Issued in Lieu of Cash Distributions | — | — |
Redeemed | (257,126) | (231,591) |
Net Increase (Decrease) from Capital Share Transactions | 84,907 | (74,405) |
Total Increase (Decrease) | 239,577 | (66,380) |
Net Assets | ||
Beginning of Period | 325,877 | 392,257 |
End of Period | 565,454 | 325,877 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $158.96 | $152.33 | $179.42 | $132.10 | $117.25 |
Investment Operations | |||||
Net Investment Income1 | 1.625 | 1.464 | 1.475 | 1.222 | 1.222 |
Net Realized and Unrealized Gain (Loss) on Investments | 73.892 | 6.656 | (27.154) | 47.288 | 14.762 |
Total from Investment Operations | 75.517 | 8.120 | (25.679) | 48.510 | 15.984 |
Distributions | |||||
Dividends from Net Investment Income | (1.297) | (1.490) | (1.411) | (1.190) | (1.134) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.297) | (1.490) | (1.411) | (1.190) | (1.134) |
Net Asset Value, End of Period | $233.18 | $158.96 | $152.33 | $179.42 | $132.10 |
Total Return | 47.68% | 5.37% | -14.32% | 36.92% | 13.67% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $565 | $326 | $392 | $547 | $264 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.16% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 0.79% | 0.97% | 0.94% | 0.80% | 0.95% |
Portfolio Turnover Rate2 | 35% | 57% | 47% | 37% | 48% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 562,952 | — | — | 562,952 |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Temporary Cash Investments | 4,488 | — | — | 4,488 |
Total | 567,440 | — | — | 567,440 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 1 | — | — | 1 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 64,103 |
Total Distributable Earnings (Loss) | (64,103) |
Amount ($000) | |
Undistributed Ordinary Income | 1,451 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (72,812) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 91,899 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 2,856 | 3,615 |
Long-Term Capital Gains | — | — |
Total | 2,856 | 3,615 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 475,541 |
Gross Unrealized Appreciation | 118,285 |
Gross Unrealized Depreciation | (26,386) |
Net Unrealized Appreciation (Depreciation) | 91,899 |
E. | During the year ended August 31, 2021, the fund purchased $489,068,000 of investment securities and sold $404,505,000 of investment securities, other than temporary cash investments. Purchases and sales include $303,791,000 and $237,199,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
F. | Capital shares issued and redeemed were: |
Year Ended August 31, | |||
2021 Shares (000) | 2020 Shares (000) | ||
ETF Shares | |||
Issued | 1,750 | 1,075 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | (1,375) | (1,600) | |
Net Increase (Decrease) in Shares Outstanding—ETF Shares | 375 | (525) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 18, 2021
Fund | ($000) |
S&P Small-Cap 600 Index Fund | 24,723 |
S&P Small-Cap 600 Value Index Fund | 10,861 |
S&P Small-Cap 600 Growth Index Fund | 2,730 |
Fund | ($000) |
S&P Small-Cap 600 Index Fund | 6,145 |
S&P Small-Cap 600 Value Index Fund | 1,565 |
S&P Small-Cap 600 Growth Index Fund | 126 |
Fund | Percentage |
S&P Small-Cap 600 Index Fund | 82.0% |
S&P Small-Cap 600 Value Index Fund | 81.5 |
S&P Small-Cap 600 Growth Index Fund | 93.0 |
Matthew Benchener | Chris D. McIsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Patent Nos. 6,879,964 and 7,720,749.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended August 31, 2021: $241,000
Fiscal Year Ended August 31, 2020: $277,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended August 31, 2021: $11,244,694
Fiscal Year Ended August 31, 2020: $10,761,407
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended August 31, 2021: $2,955,181
Fiscal Year Ended August 31, 2020: $2,915,863
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended August 31, 2021: $2,047,574
Fiscal Year Ended August 31, 2020: $247,168
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended August 31, 2021: $280,000
Fiscal Year Ended August 31, 2020: $115,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended August 31, 2021: $2,327,574
Fiscal Year Ended August 31, 2020: $362,168
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) Code of Ethics filed herewith.
(a)(2) Certifications filed herewith.
(b) Certifications field herewith.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD ADMIRAL FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: October 20, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD ADMIRAL FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: October 20, 2021
VANGUARD ADMIRAL FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: October 20, 2021
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on October 12, 2021 (see File Number 33-23444), and a Power of Attorney filed on August 26, 2021 (see file Number 811-02652), Incorporated by Reference.