Vanguard Tax-Managed Small-Cap Fund
Schedule of Investments (unaudited)
As of March 31, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (100.0%) | ||||||
Communication Services (2.0%) | ||||||
Cogent Communications Holdings Inc. | 362,958 | 24,957 | ||||
* | Vonage Holdings Corp. | 2,009,818 | 23,756 | |||
Shenandoah Telecommunications Co. | 421,932 | 20,595 | ||||
* | Glu Mobile Inc. | 1,265,430 | 15,793 | |||
* | TechTarget Inc. | 209,381 | 14,542 | |||
* | AMC Networks Inc. Class A | 245,150 | 13,032 | |||
EW Scripps Co. Class A | 558,352 | 10,760 | ||||
* | Meredith Corp. | 351,787 | 10,476 | |||
* | QuinStreet Inc. | 423,959 | 8,606 | |||
* | Cincinnati Bell Inc. | 476,715 | 7,318 | |||
* | Consolidated Communications Holdings Inc. | 823,253 | 5,927 | |||
* | Gannett Co. Inc. | 1,030,332 | 5,543 | |||
Scholastic Corp. | 172,305 | 5,188 | ||||
ATN International Inc. | 88,037 | 4,324 | ||||
Spok Holdings Inc. | 279,424 | 2,931 | ||||
* | Marcus Corp. | 144,425 | 2,887 | |||
176,635 | ||||||
Consumer Discretionary (16.2%) | ||||||
* | GameStop Corp. Class A | 471,387 | 89,479 | |||
* | Crocs Inc. | 579,198 | 46,596 | |||
* | Macy's Inc. | 2,825,743 | 45,749 | |||
* | Sleep Number Corp. | 244,982 | 35,152 | |||
* | Shake Shack Inc. Class A | 298,543 | 33,667 | |||
* | Asbury Automotive Group Inc. | 166,953 | 32,806 | |||
* | Bed Bath & Beyond Inc. | 1,060,300 | 30,908 | |||
MDC Holdings Inc. | 517,122 | 30,717 | ||||
* | Stamps.com Inc. | 153,466 | 30,618 | |||
* | Meritage Homes Corp. | 326,818 | 30,041 | |||
Wolverine World Wide Inc. | 770,273 | 29,517 | ||||
LCI Industries | 217,355 | 28,752 | ||||
* | iRobot Corp. | 234,875 | 28,697 | |||
* | LGI Homes Inc. | 191,442 | 28,584 | |||
* | Signet Jewelers Ltd. | 479,200 | 27,784 | |||
* | Brinker International Inc. | 371,944 | 26,430 | |||
Rent-A-Center Inc. | 447,303 | 25,791 | ||||
Steven Madden Ltd. | 681,751 | 25,402 | ||||
Group 1 Automotive Inc. | 155,042 | 24,464 | ||||
Cooper Tire & Rubber Co. | 432,986 | 24,239 | ||||
* | Dorman Products Inc. | 235,345 | 24,156 | |||
Winnebago Industries Inc. | 309,022 | 23,705 | ||||
Callaway Golf Co. | 858,574 | 22,967 |
Shares | Market Value ($000) | |||||
* | ODP Corp. | 497,062 | 21,518 | |||
Big Lots Inc. | 311,152 | 21,252 | ||||
Installed Building Products Inc. | 189,195 | 20,978 | ||||
* | Bloomin' Brands Inc. | 763,896 | 20,663 | |||
* | Gentherm Inc. | 274,892 | 20,372 | |||
* | Abercrombie & Fitch Co. Class A | 589,309 | 20,219 | |||
Kontoor Brands Inc. | 411,112 | 19,951 | ||||
* | Cheesecake Factory Inc. | 339,800 | 19,882 | |||
* | Dave & Buster's Entertainment Inc. | 390,300 | 18,695 | |||
Patrick Industries Inc. | 207,152 | 17,608 | ||||
* | Sally Beauty Holdings Inc. | 872,222 | 17,558 | |||
* | Cavco Industries Inc. | 75,024 | 16,926 | |||
La-Z-Boy Inc. | 392,259 | 16,663 | ||||
Shutterstock Inc. | 186,833 | 16,636 | ||||
* | Boot Barn Holdings Inc. | 261,614 | 16,301 | |||
* | Century Communities Inc. | 268,677 | 16,207 | |||
Monro Inc. | 245,696 | 16,167 | ||||
* | Vista Outdoor Inc. | 488,630 | 15,670 | |||
* | M/I Homes Inc. | 263,234 | 15,549 | |||
Core-Mark Holding Co. Inc. | 389,672 | 15,076 | ||||
* | Dine Brands Global Inc. | 157,717 | 14,199 | |||
* | Michaels Cos. Inc. | 599,074 | 13,144 | |||
* | Hibbett Sports Inc. | 170,653 | 11,756 | |||
Sonic Automotive Inc. Class A | 231,186 | 11,460 | ||||
Oxford Industries Inc. | 130,244 | 11,386 | ||||
* | American Axle & Manufacturing Holdings Inc. | 1,138,155 | 10,995 | |||
* | Tupperware Brands Corp. | 414,200 | 10,939 | |||
* | MarineMax Inc. | 207,756 | 10,255 | |||
* | BJ's Restaurants Inc. | 172,505 | 10,019 | |||
Guess? Inc. | 415,309 | 9,760 | ||||
* | G-III Apparel Group Ltd. | 322,544 | 9,721 | |||
Buckle Inc. | 242,484 | 9,525 | ||||
Sturm Ruger & Co. Inc. | 143,238 | 9,464 | ||||
* | America's Car-Mart Inc. | 57,500 | 8,761 | |||
* | Ruth's Hospitality Group Inc. | 344,515 | 8,554 | |||
* | Designer Brands Inc. Class A | 487,305 | 8,479 | |||
* | Zumiez Inc. | 182,212 | 7,817 | |||
* | Children's Place Inc. | 110,568 | 7,707 | |||
* | Chuy's Holdings Inc. | 161,179 | 7,143 | |||
Standard Motor Products Inc. | 166,876 | 6,939 | ||||
* | Universal Electronics Inc. | 117,532 | 6,461 | |||
* | Genesco Inc. | 131,184 | 6,231 | |||
* | Perdoceo Education Corp. | 509,547 | 6,094 | |||
Haverty Furniture Cos. Inc. | 162,786 | 6,054 | ||||
* | Liquidity Services Inc. | 319,019 | 5,927 | |||
PetMed Express Inc. | 167,230 | 5,882 | ||||
Aaron's Co. Inc. | 228,411 | 5,866 | ||||
* | Monarch Casino & Resort Inc. | 95,572 | 5,794 | |||
Caleres Inc. | 263,893 | 5,753 | ||||
* | Lumber Liquidators Holdings Inc. | 202,774 | 5,094 | |||
* | American Public Education Inc. | 141,732 | 5,050 | |||
* | Fossil Group Inc. | 400,414 | 4,965 | |||
* | Motorcar Parts of America Inc. | 206,780 | 4,653 | |||
Shoe Carnival Inc. | 73,945 | 4,576 | ||||
* | Cooper-Standard Holdings Inc. | 122,358 | 4,444 | |||
* | Red Robin Gourmet Burgers Inc. | 111,400 | 4,444 | |||
* | Barnes & Noble Education Inc. | 426,283 | 3,470 | |||
* | Chico's FAS Inc. | 1,026,471 | 3,398 |
Shares | Market Value ($000) | |||||
* | El Pollo Loco Holdings Inc. | 194,185 | 3,130 | |||
Movado Group Inc. | 104,483 | 2,973 | ||||
Ethan Allen Interiors Inc. | 105,899 | 2,924 | ||||
* | Fiesta Restaurant Group Inc. | 176,490 | 2,222 | |||
* | Regis Corp. | 151,932 | 1,908 | |||
* | Cato Corp. Class A | 135,022 | 1,620 | |||
* | Conn's Inc. | 81,815 | 1,591 | |||
* | Unifi Inc. | 45,947 | 1,266 | |||
* | Vera Bradley Inc. | 58,400 | 590 | |||
1,420,515 | ||||||
Consumer Staples (4.0%) | ||||||
WD-40 Co. | 119,007 | 36,438 | ||||
* | Simply Good Foods Co. | 709,700 | 21,589 | |||
Medifast Inc. | 100,787 | 21,349 | ||||
J & J Snack Foods Corp. | 128,760 | 20,219 | ||||
PriceSmart Inc. | 197,070 | 19,067 | ||||
B&G Foods Inc. | 590,029 | 18,326 | ||||
* | United Natural Foods Inc. | 489,427 | 16,122 | |||
* | Central Garden & Pet Co. Class A | 309,025 | 16,035 | |||
Vector Group Ltd. | 1,067,701 | 14,894 | ||||
Edgewell Personal Care Co. | 337,370 | 13,360 | ||||
Universal Corp. | 223,458 | 13,182 | ||||
* | Cal-Maine Foods Inc. | 331,737 | 12,745 | |||
Calavo Growers Inc. | 149,683 | 11,621 | ||||
Coca-Cola Consolidated Inc. | 39,777 | 11,487 | ||||
Inter Parfums Inc. | 160,307 | 11,371 | ||||
* | USANA Health Sciences Inc. | 113,584 | 11,086 | |||
* | Celsius Holdings Inc. | 226,159 | 10,867 | |||
National Beverage Corp. | 216,800 | 10,604 | ||||
* | elf Beauty Inc. | 332,500 | 8,921 | |||
Andersons Inc. | 312,031 | 8,543 | ||||
* | Chefs' Warehouse Inc. | 263,700 | 8,032 | |||
MGP Ingredients Inc. | 130,155 | 7,699 | ||||
* | Central Garden & Pet Co. | 117,130 | 6,795 | |||
John B Sanfilippo & Son Inc. | 75,067 | 6,784 | ||||
SpartanNash Co. | 328,997 | 6,458 | ||||
* | Seneca Foods Corp. Class A | 88,875 | 4,185 | |||
Fresh Del Monte Produce Inc. | 142,627 | 4,083 | ||||
351,862 | ||||||
Energy (3.8%) | ||||||
Helmerich & Payne Inc. | 1,218,317 | 32,846 | ||||
* | PDC Energy Inc. | 761,146 | 26,183 | |||
* | Southwestern Energy Co. | 5,546,065 | 25,789 | |||
* | Renewable Energy Group Inc. | 351,680 | 23,225 | |||
* | Range Resources Corp. | 2,199,821 | 22,724 | |||
Matador Resources Co. | 939,431 | 22,030 | ||||
Patterson-UTI Energy Inc. | 2,542,093 | 18,125 | ||||
* | PBF Energy Inc. Class A | 1,131,179 | 16,006 | |||
* | Callon Petroleum Co. | 366,340 | 14,122 | |||
SM Energy Co. | 850,301 | 13,919 | ||||
Archrock Inc. | 1,448,071 | 13,742 | ||||
Core Laboratories NV | 452,753 | 13,035 | ||||
* | Dril-Quip Inc. | 367,152 | 12,200 | |||
* | Oceaneering International Inc. | 1,020,537 | 11,655 | |||
* | Green Plains Inc. | 383,589 | 10,384 | |||
* | Nabors Industries Ltd. | 87,916 | 8,216 | |||
* | DMC Global Inc. | 143,900 | 7,808 |
Shares | Market Value ($000) | |||||
* | Bonanza Creek Energy Inc. | 213,954 | 7,645 | |||
* | Bristow Group Inc. Class A | 217,982 | 5,641 | |||
* | US Silica Holdings Inc. | 452,528 | 5,562 | |||
* | REX American Resources Corp. | 65,261 | 5,493 | |||
* | ProPetro Holding Corp. | 344,168 | 3,669 | |||
* | Par Pacific Holdings Inc. | 244,960 | 3,459 | |||
* | Talos Energy Inc. | 226,119 | 2,722 | |||
* | Penn Virginia Corp. | 195,429 | 2,619 | |||
* | Helix Energy Solutions Group Inc. | 475,349 | 2,400 | |||
* | Dorian LPG Ltd. | 123,702 | 1,624 | |||
* | Laredo Petroleum Inc. | 44,404 | 1,335 | |||
* | CONSOL Energy Inc. | 132,289 | 1,286 | |||
* | Oil States International Inc. | 9,100 | 55 | |||
* | RPC Inc. | 8,434 | 46 | |||
335,565 | ||||||
Financials (17.3%) | ||||||
BankUnited Inc. | 802,571 | 35,273 | ||||
Community Bank System Inc. | 457,465 | 35,097 | ||||
Pacific Premier Bancorp Inc. | 748,431 | 32,512 | ||||
First Hawaiian Inc. | 1,163,134 | 31,835 | ||||
Ameris Bancorp | 598,961 | 31,451 | ||||
Simmons First National Corp. Class A | 989,005 | 29,344 | ||||
Old National Bancorp | 1,441,612 | 27,881 | ||||
Assured Guaranty Ltd. | 653,533 | 27,631 | ||||
American Equity Investment Life Holding Co. | 836,941 | 26,389 | ||||
Columbia Banking System Inc. | 609,648 | 26,270 | ||||
Walker & Dunlop Inc. | 252,494 | 25,941 | ||||
Investors Bancorp Inc. | 1,726,594 | 25,364 | ||||
First Midwest Bancorp Inc. | 1,141,862 | 25,018 | ||||
ServisFirst Bancshares Inc. | 404,262 | 24,793 | ||||
Independent Bank Corp. (Massachusetts) | 294,390 | 24,785 | ||||
CVB Financial Corp. | 1,103,274 | 24,371 | ||||
United Community Banks Inc. | 703,159 | 23,992 | ||||
First Bancorp (XNYS) | 2,028,502 | 22,841 | ||||
Cadence Bancorp Class A | 1,097,948 | 22,760 | ||||
* | Axos Financial Inc. | 480,951 | 22,610 | |||
PennyMac Mortgage Investment Trust | 1,138,050 | 22,306 | ||||
* | Trupanion Inc. | 275,400 | 20,988 | |||
Independent Bank Group Inc. | 285,178 | 20,601 | ||||
* | Green Dot Corp. Class A | 439,930 | 20,144 | |||
* | Mr Cooper Group Inc. | 564,300 | 19,615 | |||
WSFS Financial Corp. | 381,525 | 18,996 | ||||
Renasant Corp. | 451,602 | 18,687 | ||||
Hilltop Holdings Inc. | 525,001 | 17,918 | ||||
* | Triumph Bancorp Inc. | 229,364 | 17,751 | |||
* | Seacoast Banking Corp. of Florida | 484,129 | 17,545 | |||
Great Western Bancorp Inc. | 578,003 | 17,508 | ||||
Waddell & Reed Financial Inc. Class A | 696,245 | 17,441 | ||||
Banner Corp. | 325,349 | 17,351 | ||||
Veritex Holdings Inc. | 518,868 | 16,977 | ||||
Flagstar Bancorp Inc. | 374,449 | 16,888 | ||||
First Financial Bancorp | 690,247 | 16,566 | ||||
* | NMI Holdings Inc. Class A | 693,350 | 16,391 | |||
Piper Sandler Cos. | 145,702 | 15,976 | ||||
Virtus Investment Partners Inc. | 67,490 | 15,894 | ||||
NBT Bancorp Inc. | 397,298 | 15,852 | ||||
* | eHealth Inc. | 216,926 | 15,777 | |||
Horace Mann Educators Corp. | 353,248 | 15,264 |
Shares | Market Value ($000) | |||||
* | PRA Group Inc. | 405,284 | 15,024 | |||
Northwest Bancshares Inc. | 1,026,800 | 14,837 | ||||
Westamerica Bancorp | 232,824 | 14,617 | ||||
Eagle Bancorp Inc. | 253,032 | 13,464 | ||||
New York Mortgage Trust Inc. | 2,973,330 | 13,291 | ||||
Meta Financial Group Inc. | 286,432 | 12,978 | ||||
James River Group Holdings Ltd. | 282,752 | 12,899 | ||||
Capitol Federal Financial Inc. | 968,109 | 12,823 | ||||
Park National Corp. | 97,989 | 12,670 | ||||
Hope Bancorp Inc. | 826,072 | 12,441 | ||||
Employers Holdings Inc. | 288,542 | 12,425 | ||||
City Holding Co. | 151,444 | 12,385 | ||||
Stewart Information Services Corp. | 236,889 | 12,325 | ||||
* | Palomar Holdings Inc. | 181,925 | 12,196 | |||
Berkshire Hills Bancorp Inc. | 538,909 | 12,028 | ||||
First Commonwealth Financial Corp. | 837,002 | 12,028 | ||||
Southside Bancshares Inc. | 311,077 | 11,980 | ||||
ProAssurance Corp. | 438,819 | 11,743 | ||||
Brookline Bancorp Inc. | 776,744 | 11,651 | ||||
Apollo Commercial Real Estate Finance Inc. | 832,733 | 11,633 | ||||
National Bank Holdings Corp. Class A | 292,987 | 11,626 | ||||
Provident Financial Services Inc. | 510,503 | 11,374 | ||||
OFG Bancorp | 489,877 | 11,081 | ||||
Safety Insurance Group Inc. | 131,127 | 11,047 | ||||
HomeStreet Inc. | 250,294 | 11,030 | ||||
* | Enova International Inc. | 309,786 | 10,991 | |||
* | Encore Capital Group Inc. | 268,909 | 10,818 | |||
AMERISAFE Inc. | 161,441 | 10,332 | ||||
S&T Bancorp Inc. | 307,442 | 10,299 | ||||
Tompkins Financial Corp. | 118,613 | 9,809 | ||||
FB Financial Corp. | 218,345 | 9,708 | ||||
Northfield Bancorp Inc. | 607,598 | 9,673 | ||||
Brightsphere Investment Group Inc. | 462,332 | 9,422 | ||||
First Bancorp (XNGS) | 214,889 | 9,348 | ||||
Banc of California Inc. | 493,661 | 8,925 | ||||
* | StoneX Group Inc. | 132,203 | 8,643 | |||
BancFirst Corp. | 120,770 | 8,537 | ||||
Redwood Trust Inc. | 819,428 | 8,530 | ||||
Heritage Financial Corp. | 295,704 | 8,351 | ||||
Dime Community Bancshares Inc. | 272,040 | 8,199 | ||||
Boston Private Financial Holdings Inc. | 602,504 | 8,025 | ||||
Ready Capital Corp. | 567,639 | 7,618 | ||||
* | World Acceptance Corp. | 58,058 | 7,534 | |||
TrustCo Bank Corp. | 1,004,358 | 7,402 | ||||
HCI Group Inc. | 93,506 | 7,183 | ||||
Invesco Mortgage Capital Inc. | 1,732,643 | 6,948 | ||||
Central Pacific Financial Corp. | 249,414 | 6,654 | ||||
* | Customers Bancorp Inc. | 207,559 | 6,605 | |||
Preferred Bank | 103,259 | 6,576 | ||||
KKR Real Estate Finance Trust Inc. | 355,665 | 6,541 | ||||
Allegiance Bancshares Inc. | 157,976 | 6,404 | ||||
* | SiriusPoint Ltd. | 619,200 | 6,297 | |||
* | Donnelley Financial Solutions Inc. | 216,659 | 6,030 | |||
United Fire Group Inc. | 159,396 | 5,547 | ||||
* | Blucora Inc. | 330,718 | 5,503 | |||
WisdomTree Investments Inc. | 804,883 | 5,031 | ||||
ARMOUR Residential REIT Inc. | 402,581 | 4,912 | ||||
Capstead Mortgage Corp. | 787,714 | 4,907 |
Shares | Market Value ($000) | |||||
* | Ambac Financial Group Inc. | 251,701 | 4,214 | |||
Granite Point Mortgage Trust Inc. | 340,948 | 4,081 | ||||
Universal Insurance Holdings Inc. | 225,672 | 3,236 | ||||
* | EZCORP Inc. Class A | 510,668 | 2,538 | |||
Hanmi Financial Corp. | 125,334 | 2,473 | ||||
Greenhill & Co. Inc. | 71,500 | 1,178 | ||||
United Insurance Holdings Corp. | 35,902 | 259 | ||||
1,525,471 | ||||||
Health Care (11.6%) | ||||||
* | NeoGenomics Inc. | 995,952 | 48,035 | |||
* | Omnicell Inc. | 369,594 | 47,999 | |||
Ensign Group Inc. | 437,860 | 41,089 | ||||
* | Select Medical Holdings Corp. | 1,024,999 | 34,952 | |||
CONMED Corp. | 262,141 | 34,233 | ||||
* | Glaukos Corp. | 382,774 | 32,126 | |||
* | AMN Healthcare Services Inc. | 414,470 | 30,546 | |||
* | HMS Holdings Corp. | 754,974 | 27,915 | |||
* | Merit Medical Systems Inc. | 464,644 | 27,823 | |||
* | Pacira BioSciences Inc. | 386,300 | 27,076 | |||
* | Integer Holdings Corp. | 289,699 | 26,681 | |||
* | Covetrus Inc. | 843,390 | 25,276 | |||
* | R1 RCM Inc. | 994,900 | 24,554 | |||
Owens & Minor Inc. | 623,708 | 23,445 | ||||
* | Corcept Therapeutics Inc. | 914,377 | 21,753 | |||
* | Xencor Inc. | 497,309 | 21,414 | |||
* | Magellan Health Inc. | 215,304 | 20,075 | |||
* | Allscripts Healthcare Solutions Inc. | 1,296,938 | 19,474 | |||
* | Myriad Genetics Inc. | 631,560 | 19,231 | |||
* | Vericel Corp. | 341,358 | 18,962 | |||
* | MEDNAX Inc. | 702,749 | 17,899 | |||
* | Prestige Consumer Healthcare Inc. | 403,418 | 17,783 | |||
* | ModivCare Inc. | 104,115 | 15,422 | |||
* | Fulgent Genetics Inc. | 149,031 | 14,399 | |||
* | Endo International plc | 1,942,821 | 14,396 | |||
* | Community Health Systems Inc. | 1,028,338 | 13,903 | |||
* | Cytokinetics Inc. | 597,312 | 13,893 | |||
* | Heska Corp. | 81,454 | 13,722 | |||
* | Cardiovascular Systems Inc. | 342,516 | 13,132 | |||
* | Addus HomeCare Corp. | 125,535 | 13,130 | |||
* | Supernus Pharmaceuticals Inc. | 497,793 | 13,032 | |||
US Physical Therapy Inc. | 117,200 | 12,201 | ||||
Luminex Corp. | 371,186 | 11,841 | ||||
* | REGENXBIO Inc. | 303,006 | 10,336 | |||
* | Pennant Group Inc. | 221,480 | 10,144 | |||
* | Lantheus Holdings Inc. | 471,492 | 10,076 | |||
Mesa Laboratories Inc. | 39,901 | 9,716 | ||||
* | Meridian Bioscience Inc. | 362,869 | 9,525 | |||
* | CorVel Corp. | 91,060 | 9,342 | |||
* | Tabula Rasa HealthCare Inc. | 182,332 | 8,396 | |||
* | Tactile Systems Technology Inc. | 152,640 | 8,317 | |||
* | NextGen Healthcare Inc. | 459,246 | 8,312 | |||
* | Tivity Health Inc. | 367,500 | 8,203 | |||
* | Inogen Inc. | 153,579 | 8,066 | |||
* | Enanta Pharmaceuticals Inc. | 160,966 | 7,939 | |||
Simulations Plus Inc. | 125,210 | 7,918 | ||||
* | Orthofix Medical Inc. | 179,712 | 7,791 | |||
* | CryoLife Inc. | 334,148 | 7,545 | |||
* | Innoviva Inc. | 628,018 | 7,505 |
Shares | Market Value ($000) | |||||
* | Coherus Biosciences Inc. | 496,882 | 7,259 | |||
LeMaitre Vascular Inc. | 147,782 | 7,209 | ||||
* | OraSure Technologies Inc. | 614,439 | 7,170 | |||
* | Surmodics Inc. | 125,977 | 7,064 | |||
* | RadNet Inc. | 306,733 | 6,671 | |||
* | AngioDynamics Inc. | 280,402 | 6,561 | |||
* | Vanda Pharmaceuticals Inc. | 435,708 | 6,544 | |||
* | Varex Imaging Corp. | 305,296 | 6,256 | |||
* | Natus Medical Inc. | 243,601 | 6,239 | |||
* | Amphastar Pharmaceuticals Inc. | 318,866 | 5,842 | |||
* | Collegium Pharmaceutical Inc. | 240,000 | 5,688 | |||
* | Anika Therapeutics Inc. | 137,615 | 5,613 | |||
* | HealthStream Inc. | 229,975 | 5,138 | |||
Computer Programs & Systems Inc. | 162,558 | 4,974 | ||||
* | Hanger Inc. | 217,248 | 4,958 | |||
Phibro Animal Health Corp. Class A | 198,007 | 4,831 | ||||
* | Cross Country Healthcare Inc. | 361,475 | 4,515 | |||
* | Cutera Inc. | 148,725 | 4,469 | |||
* | Spectrum Pharmaceuticals Inc. | 1,327,823 | 4,329 | |||
* | Eagle Pharmaceuticals Inc. | 101,619 | 4,242 | |||
Invacare Corp. | 375,689 | 3,013 | ||||
* | Zynex Inc. | 154,356 | 2,357 | |||
* | ANI Pharmaceuticals Inc. | 59,148 | 2,138 | |||
* | Lannett Co. Inc. | 331,211 | 1,749 | |||
* | BM Technologies Inc. | 31,757 | 333 | |||
1,021,705 | ||||||
Industrials (17.9%) | ||||||
* | Saia Inc. | 216,937 | 50,021 | |||
Exponent Inc. | 443,994 | 43,267 | ||||
* | Chart Industries Inc. | 298,820 | 42,537 | |||
UFP Industries Inc. | 546,461 | 41,444 | ||||
John Bean Technologies Corp. | 282,196 | 37,628 | ||||
* | Resideo Technologies Inc. | 1,184,240 | 33,455 | |||
* | Allegiant Travel Co. Class A | 129,620 | 31,635 | |||
Korn Ferry | 502,400 | 31,335 | ||||
Applied Industrial Technologies Inc. | 338,332 | 30,846 | ||||
ABM Industries Inc. | 598,845 | 30,547 | ||||
Hillenbrand Inc. | 628,635 | 29,992 | ||||
UniFirst Corp. | 133,974 | 29,971 | ||||
Aerojet Rocketdyne Holdings Inc. | 616,645 | 28,958 | ||||
* | Proto Labs Inc. | 231,134 | 28,141 | |||
Arcosa Inc. | 425,842 | 27,718 | ||||
Watts Water Technologies Inc. Class A | 226,978 | 26,967 | ||||
Franklin Electric Co. Inc. | 320,513 | 25,301 | ||||
* | Gibraltar Industries Inc. | 273,156 | 24,996 | |||
Moog Inc. Class A | 293,512 | 24,406 | ||||
Matson Inc. | 365,775 | 24,397 | ||||
SPX FLOW Inc. | 383,916 | 24,313 | ||||
AAON Inc. | 342,263 | 23,962 | ||||
Comfort Systems USA Inc. | 316,247 | 23,646 | ||||
Brady Corp. Class A | 436,249 | 23,317 | ||||
ESCO Technologies Inc. | 211,169 | 22,994 | ||||
* | AeroVironment Inc. | 197,784 | 22,955 | |||
Forward Air Corp. | 253,798 | 22,540 | ||||
Albany International Corp. Class A | 269,471 | 22,493 | ||||
* | SkyWest Inc. | 400,737 | 21,832 | |||
* | SPX Corp. | 366,651 | 21,365 | |||
Mueller Industries Inc. | 508,084 | 21,009 |
Shares | Market Value ($000) | |||||
Cubic Corp. | 279,280 | 20,826 | ||||
Boise Cascade Co. | 347,482 | 20,790 | ||||
* | Hub Group Inc. Class A | 301,715 | 20,299 | |||
Barnes Group Inc. | 408,784 | 20,251 | ||||
ManTech International Corp. Class A | 229,432 | 19,949 | ||||
Federal Signal Corp. | 520,014 | 19,917 | ||||
* | Meritor Inc. | 643,122 | 18,921 | |||
* | GMS Inc. | 407,405 | 17,009 | |||
EnPro Industries Inc. | 193,207 | 16,475 | ||||
Greenbrier Cos. Inc. | 345,364 | 16,308 | ||||
Lindsay Corp. | 90,791 | 15,128 | ||||
Granite Construction Inc. | 370,800 | 14,925 | ||||
* | American Woodmark Corp. | 149,298 | 14,718 | |||
Deluxe Corp. | 340,899 | 14,304 | ||||
* | Vicor Corp. | 166,133 | 14,126 | |||
* | Atlas Air Worldwide Holdings Inc. | 231,459 | 13,989 | |||
Enerpac Tool Group Corp. Class A | 524,983 | 13,713 | ||||
ArcBest Corp. | 191,898 | 13,504 | ||||
* | PGT Innovations Inc. | 534,169 | 13,488 | |||
Alamo Group Inc. | 85,527 | 13,355 | ||||
Tennant Co. | 165,064 | 13,187 | ||||
Astec Industries Inc. | 173,596 | 13,093 | ||||
Kaman Corp. | 237,716 | 12,192 | ||||
Encore Wire Corp. | 181,296 | 12,170 | ||||
Pitney Bowes Inc. | 1,447,270 | 11,925 | ||||
* | MYR Group Inc. | 164,919 | 11,820 | |||
HNI Corp. | 296,575 | 11,732 | ||||
AZZ Inc. | 231,645 | 11,663 | ||||
* | Harsco Corp. | 661,205 | 11,340 | |||
Raven Industries Inc. | 295,817 | 11,339 | ||||
Griffon Corp. | 393,364 | 10,688 | ||||
Standex International Corp. | 108,311 | 10,351 | ||||
* | US Ecology Inc. | 244,970 | 10,201 | |||
Quanex Building Products Corp. | 374,644 | 9,827 | ||||
* | AAR Corp. | 229,528 | 9,560 | |||
* | Aegion Corp. Class A | 314,972 | 9,055 | |||
* | Hawaiian Holdings Inc. | 338,641 | 9,032 | |||
* | Echo Global Logistics Inc. | 268,559 | 8,435 | |||
* | CoreCivic Inc. | 929,215 | 8,409 | |||
Wabash National Corp. | 441,059 | 8,292 | ||||
Marten Transport Ltd. | 486,205 | 8,251 | ||||
* | NOW Inc. | 796,366 | 8,035 | |||
* | Triumph Group Inc. | 419,700 | 7,714 | |||
Apogee Enterprises Inc. | 178,783 | 7,309 | ||||
Heartland Express Inc. | 355,633 | 6,963 | ||||
* | SEACOR Holdings Inc. | 163,402 | 6,659 | |||
* | Viad Corp. | 158,586 | 6,621 | |||
* | Kelly Services Inc. Class A | 279,173 | 6,217 | |||
* | TrueBlue Inc. | 277,331 | 6,107 | |||
Heidrick & Struggles International Inc. | 170,675 | 6,097 | ||||
Matthews International Corp. Class A | 153,258 | 6,061 | ||||
Insteel Industries Inc. | 195,383 | 6,026 | ||||
Interface Inc. Class A | 394,242 | 4,920 | ||||
* | Forrester Research Inc. | 112,916 | 4,797 | |||
* | CIRCOR International Inc. | 136,650 | 4,758 | |||
National Presto Industries Inc. | 45,493 | 4,643 | ||||
Resources Connection Inc. | 328,047 | 4,442 | ||||
* | Lydall Inc. | 112,783 | 3,805 |
Shares | Market Value ($000) | |||||
* | Veritiv Corp. | 80,684 | 3,432 | |||
Powell Industries Inc. | 99,676 | 3,376 | ||||
* | Titan International Inc. | 361,049 | 3,351 | |||
Park Aerospace Corp. | 232,914 | 3,079 | ||||
* | Team Inc. | 257,800 | 2,972 | |||
* | DXP Enterprises Inc. | 95,051 | 2,868 | |||
* | Matrix Service Co. | 176,239 | 2,310 | |||
1,571,107 | ||||||
Information Technology (13.4%) | ||||||
* | MicroStrategy Inc. Class A | 66,237 | 44,962 | |||
Power Integrations Inc. | 490,414 | 39,959 | ||||
Advanced Energy Industries Inc. | 331,368 | 36,175 | ||||
* | Alarm.com Holdings Inc. | 374,350 | 32,336 | |||
* | Viavi Solutions Inc. | 2,056,497 | 32,287 | |||
* | Itron Inc. | 355,074 | 31,477 | |||
* | Rogers Corp. | 165,650 | 31,177 | |||
* | SPS Commerce Inc. | 298,486 | 29,643 | |||
* | FormFactor Inc. | 651,381 | 29,384 | |||
* | Onto Innovation Inc. | 443,649 | 29,152 | |||
* | Insight Enterprises Inc. | 305,345 | 29,136 | |||
* | 8x8 Inc. | 897,258 | 29,107 | |||
* | Fabrinet | 321,099 | 29,024 | |||
* | 3D Systems Corp. | 1,048,437 | 28,769 | |||
* | LivePerson Inc. | 536,031 | 28,270 | |||
* | ExlService Holdings Inc. | 300,384 | 27,083 | |||
* | Diodes Inc. | 337,507 | 26,947 | |||
Kulicke & Soffa Industries Inc. | 548,716 | 26,947 | ||||
* | Plexus Corp. | 262,163 | 24,077 | |||
* | Sanmina Corp. | 562,332 | 23,269 | |||
* | Ultra Clean Holdings Inc. | 384,790 | 22,333 | |||
Badger Meter Inc. | 236,752 | 22,035 | ||||
Xperi Holding Corp. | 970,249 | 21,122 | ||||
* | MaxLinear Inc. Class A | 580,196 | 19,773 | |||
EVERTEC Inc. | 521,667 | 19,416 | ||||
NIC Inc. | 566,678 | 19,227 | ||||
* | Rambus Inc. | 950,097 | 18,470 | |||
Progress Software Corp. | 395,285 | 17,416 | ||||
* | Perficient Inc. | 292,323 | 17,165 | |||
* | Knowles Corp. | 807,441 | 16,892 | |||
* | Cohu Inc. | 368,340 | 15,411 | |||
* | Sykes Enterprises Inc. | 334,954 | 14,765 | |||
* | OSI Systems Inc. | 153,442 | 14,746 | |||
* | Bottomline Technologies DE Inc. | 324,438 | 14,681 | |||
TTEC Holdings Inc. | 142,312 | 14,295 | ||||
Methode Electronics Inc. | 334,396 | 14,038 | ||||
* | FARO Technologies Inc. | 159,815 | 13,835 | |||
* | Cardtronics plc Class A | 350,598 | 13,603 | |||
* | TTM Technologies Inc. | 920,881 | 13,353 | |||
* | Unisys Corp. | 520,011 | 13,219 | |||
* | Axcelis Technologies Inc. | 308,032 | 12,657 | |||
CSG Systems International Inc. | 281,528 | 12,638 | ||||
* | Ichor Holdings Ltd. | 232,256 | 12,495 | |||
Benchmark Electronics Inc. | 385,523 | 11,920 | ||||
* | Plantronics Inc. | 305,665 | 11,893 | |||
* | ePlus Inc. | 115,386 | 11,497 | |||
* | Diebold Nixdorf Inc. | 751,060 | 10,613 | |||
* | Extreme Networks Inc. | 1,162,220 | 10,169 | |||
* | NETGEAR Inc. | 238,200 | 9,790 |
Shares | Market Value ($000) | |||||
* | Agilysys Inc. | 202,050 | 9,690 | |||
* | CEVA Inc. | 170,146 | 9,554 | |||
CTS Corp. | 303,272 | 9,420 | ||||
* | MTS Systems Corp. | 145,611 | 8,475 | |||
* | Photronics Inc. | 648,709 | 8,342 | |||
* | Veeco Instruments Inc. | 366,766 | 7,607 | |||
* | OneSpan Inc. | 280,286 | 6,867 | |||
* | Digi International Inc. | 361,321 | 6,862 | |||
* | ScanSource Inc. | 219,816 | 6,584 | |||
Ebix Inc. | 197,187 | 6,316 | ||||
* | Harmonic Inc. | 797,584 | 6,253 | |||
ADTRAN Inc. | 361,838 | 6,036 | ||||
* | SMART Global Holdings Inc. | 127,947 | 5,888 | |||
Comtech Telecommunications Corp. | 224,130 | 5,567 | ||||
* | PDF Solutions Inc. | 258,070 | 4,589 | |||
* | Arlo Technologies Inc. | 692,018 | 4,346 | |||
PC Connection Inc. | 87,794 | 4,073 | ||||
* | CalAmp Corp. | 362,784 | 3,936 | |||
* | DSP Group Inc. | 231,046 | 3,292 | |||
* | Applied Optoelectronics Inc. | 260,767 | 2,180 | |||
Bel Fuse Inc. Class B | 105,953 | 2,107 | ||||
* | Daktronics Inc. | 56,704 | 356 | |||
1,176,988 | ||||||
Materials (4.9%) | ||||||
Balchem Corp. | 270,640 | 33,941 | ||||
HB Fuller Co. | 439,608 | 27,656 | ||||
Quaker Chemical Corp. | 111,900 | 27,278 | ||||
Trinseo SA | 376,211 | 23,953 | ||||
* | Livent Corp. | 1,328,878 | 23,016 | |||
Stepan Co. | 173,466 | 22,049 | ||||
Innospec Inc. | 211,790 | 21,749 | ||||
* | Allegheny Technologies Inc. | 1,025,841 | 21,604 | |||
* | Arconic Corp. | 788,897 | 20,030 | |||
Kaiser Aluminum Corp. | 143,350 | 15,840 | ||||
Carpenter Technology Corp. | 341,179 | 14,040 | ||||
* | O-I Glass Inc. | 936,500 | 13,804 | |||
Schweitzer-Mauduit International Inc. | 271,229 | 13,282 | ||||
* | Ferro Corp. | 725,268 | 12,228 | |||
Materion Corp. | 178,538 | 11,826 | ||||
* | Kraton Corp. | 312,672 | 11,441 | |||
* | Century Aluminum Co. | 621,577 | 10,977 | |||
* | GCP Applied Technologies Inc. | 416,318 | 10,216 | |||
Warrior Met Coal Inc. | 449,413 | 7,698 | ||||
* | Koppers Holdings Inc. | 214,113 | 7,443 | |||
* | US Concrete Inc. | 100,553 | 7,373 | |||
* | TimkenSteel Corp. | 577,614 | 6,787 | |||
* | AdvanSix Inc. | 251,748 | 6,752 | |||
Hawkins Inc. | 200,222 | 6,711 | ||||
* | Clearwater Paper Corp. | 155,957 | 5,867 | |||
Myers Industries Inc. | 282,940 | 5,591 | ||||
American Vanguard Corp. | 268,629 | 5,483 | ||||
Mercer International Inc. | 367,863 | 5,294 | ||||
Neenah Inc. | 98,602 | 5,066 | ||||
Glatfelter Corp. | 285,728 | 4,900 | ||||
* | Rayonier Advanced Materials Inc. | 476,097 | 4,318 | |||
FutureFuel Corp. | 271,152 | 3,940 | ||||
Tredegar Corp. | 258,645 | 3,882 | ||||
SunCoke Energy Inc. | 520,755 | 3,651 |
Shares | Market Value ($000) | |||||
Olympic Steel Inc. | 119,973 | 3,533 | ||||
Haynes International Inc. | 5,166 | 153 | ||||
429,372 | ||||||
Other (0.0%) | ||||||
*,1 | Lantheus Holdings Inc. CVR | 933,227 | — | |||
Real Estate (7.4%) | ||||||
Innovative Industrial Properties Inc. | 200,100 | 36,050 | ||||
Agree Realty Corp. | 526,018 | 35,406 | ||||
Lexington Realty Trust | 2,382,743 | 26,472 | ||||
Uniti Group Inc. | 2,074,611 | 22,883 | ||||
National Storage Affiliates Trust | 538,452 | 21,500 | ||||
Retail Properties of America Inc. Class A | 1,979,273 | 20,743 | ||||
Essential Properties Realty Trust Inc. | 880,500 | 20,102 | ||||
CareTrust REIT Inc. | 852,382 | 19,848 | ||||
SITE Centers Corp. | 1,365,086 | 18,511 | ||||
* | Xenia Hotels & Resorts Inc. | 928,119 | 18,098 | |||
Brandywine Realty Trust | 1,370,259 | 17,690 | ||||
Retail Opportunity Investments Corp. | 1,107,701 | 17,579 | ||||
* | DiamondRock Hospitality Co. | 1,705,703 | 17,569 | |||
* | Realogy Holdings Corp. | 1,134,214 | 17,161 | |||
Four Corners Property Trust Inc. | 608,448 | 16,671 | ||||
Washington REIT | 725,062 | 16,024 | ||||
Kite Realty Group Trust | 783,951 | 15,122 | ||||
LTC Properties Inc. | 353,609 | 14,753 | ||||
Easterly Government Properties Inc. | 696,887 | 14,446 | ||||
Global Net Lease Inc. | 798,501 | 14,421 | ||||
American Assets Trust Inc. | 426,256 | 13,828 | ||||
Tanger Factory Outlet Centers Inc. | 887,477 | 13,428 | ||||
Industrial Logistics Properties Trust | 577,340 | 13,354 | ||||
Office Properties Income Trust | 455,148 | 12,526 | ||||
Independence Realty Trust Inc. | 805,952 | 12,250 | ||||
Acadia Realty Trust | 645,387 | 12,243 | ||||
iStar Inc. | 674,100 | 11,985 | ||||
Mack-Cali Realty Corp. | 767,375 | 11,879 | ||||
St. Joe Co. | 260,200 | 11,163 | ||||
Diversified Healthcare Trust | 2,334,683 | 11,160 | ||||
* | Summit Hotel Properties Inc. | 1,052,483 | 10,693 | |||
NexPoint Residential Trust Inc. | 202,383 | 9,328 | ||||
Getty Realty Corp. | 309,457 | 8,764 | ||||
Safehold Inc. | 123,873 | 8,683 | ||||
Community Healthcare Trust Inc. | 184,500 | 8,509 | ||||
GEO Group Inc. | 1,040,188 | 8,072 | ||||
Alexander & Baldwin Inc. | 465,015 | 7,808 | ||||
* | Hersha Hospitality Trust Class A | 729,717 | 7,698 | |||
Centerspace | 109,500 | 7,446 | ||||
RPT Realty | 624,334 | 7,124 | ||||
* | Chatham Lodging Trust | 538,407 | 7,085 | |||
Universal Health Realty Income Trust | 100,747 | 6,829 | ||||
RE/MAX Holdings Inc. Class A | 158,378 | 6,238 | ||||
* | Marcus & Millichap Inc. | 168,790 | 5,688 | |||
Franklin Street Properties Corp. | 939,389 | 5,120 | ||||
Armada Hoffler Properties Inc. | 324,603 | 4,071 | ||||
Urstadt Biddle Properties Inc. Class A | 211,548 | 3,522 | ||||
Saul Centers Inc. | 62,454 | 2,505 | ||||
Whitestone REIT | 186,556 | 1,810 | ||||
651,858 |
Shares | Market Value ($000) | |||||
Utilities (1.5%) | ||||||
Avista Corp. | 634,307 | 30,288 | ||||
American States Water Co. | 351,321 | 26,567 | ||||
California Water Service Group | 461,213 | 25,985 | ||||
South Jersey Industries Inc. | 755,602 | 17,062 | ||||
Northwest Natural Holding Co. | 306,570 | 16,539 | ||||
Chesapeake Utilities Corp. | 130,271 | 15,122 | ||||
131,563 | ||||||
Total Common Stocks (Cost $4,659,038) | 8,792,641 | |||||
Coupon | ||||||
Temporary Cash Investments (0.0%) | ||||||
Money Market Fund (0.0%) | ||||||
2 | Vanguard Market Liquidity Fund (Cost $2) | 0.081% | 22 | 2 | ||
Total Investments (100.0%) (Cost $4,659,040) | 8,792,643 | |||||
Other Assets and Liabilities—Net (0.0%) | (411) | |||||
Net Assets (100%) | 8,792,232 | |||||
Cost is in $000. |
* | 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. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | June 2021 | 275 | 30,559 | (694) |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
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—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of March 31, 2021, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 8,792,308 | 333 | — | 8,792,641 |
Temporary Cash Investments | 2 | — | — | 2 |
Total | 8,792,310 | 333 | — | 8,792,643 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 694 | — | — | 694 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |