Vanguard® Tax-Managed Small-Cap Fund
Schedule of Investments (unaudited)
As of March 31, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Shares | Market Value ($000) | |||||
| Common Stocks (99.2%) | ||||||
| Communication Services (1.7%) | ||||||
| Cogent Communications Holdings Inc. | 383,558 | 25,449 | ||||
| * | TechTarget Inc. | 233,181 | 18,953 | |||
| * | Cinemark Holdings Inc. | 990,111 | 17,109 | |||
| Telephone & Data Systems Inc. | 839,046 | 15,841 | ||||
| EW Scripps Co. Class A | 558,352 | 11,608 | ||||
| * | AMC Networks Inc. Class A | 265,850 | 10,802 | |||
| Scholastic Corp. | 261,150 | 10,519 | ||||
| * | Cars.com Inc. | 578,600 | 8,349 | |||
| Shenandoah Telecommunications Co. | 261,758 | 6,172 | ||||
| * | Gannett Co. Inc. | 1,185,032 | 5,345 | |||
| * | QuinStreet Inc. | 446,559 | 5,180 | |||
| * | Consolidated Communications Holdings Inc. | 823,253 | 4,857 | |||
| ATN International Inc. | 100,258 | 3,998 | ||||
| * | Thryv Holdings Inc. | 136,536 | 3,839 | |||
| * | Marcus Corp. | 200,025 | 3,541 | |||
| * | Loyalty Ventures Inc. | 174,263 | 2,881 | |||
| 154,443 | ||||||
| Consumer Discretionary (11.7%) | ||||||
| Signet Jewelers Ltd. | 479,200 | 34,838 | ||||
| * | Asbury Automotive Group Inc. | 205,063 | 32,851 | |||
| * | Sonos Inc. | 1,139,449 | 32,155 | |||
| Steven Madden Ltd. | 699,051 | 27,011 | ||||
| Group 1 Automotive Inc. | 155,942 | 26,172 | ||||
| * | Meritage Homes Corp. | 326,818 | 25,894 | |||
| * | Boot Barn Holdings Inc. | 261,614 | 24,798 | |||
| * | Shake Shack Inc. Class A | 348,343 | 23,653 | |||
| * | Dorman Products Inc. | 248,845 | 23,648 | |||
| * | Bed Bath & Beyond Inc. | 1,043,100 | 23,501 | |||
| * | Academy Sports & Outdoors Inc. | 590,331 | 23,259 | |||
| LCI Industries | 223,855 | 23,238 | ||||
| * | ODP Corp. | 497,062 | 22,780 | |||
| * | Gentherm Inc. | 291,792 | 21,313 | |||
| * | Dave & Buster's Entertainment Inc. | 401,500 | 19,714 | |||
| MDC Holdings Inc. | 517,122 | 19,568 | ||||
| * | Abercrombie & Fitch Co. Class A | 589,309 | 18,852 | |||
| Shutterstock Inc. | 202,533 | 18,852 | ||||
| * | LGI Homes Inc. | 191,442 | 18,700 | |||
| * | Cavco Industries Inc. | 75,024 | 18,070 | |||
| * | Vista Outdoor Inc. | 491,130 | 17,528 | |||
| Installed Building Products Inc. | 207,095 | 17,497 | ||||
| Kontoor Brands Inc. | 422,212 | 17,458 | ||||
| Shares | Market Value ($000) | |||||
| Wolverine World Wide Inc. | 770,273 | 17,377 | ||||
| Jack in the Box Inc. | 182,335 | 17,032 | ||||
| * | Cheesecake Factory Inc. | 422,000 | 16,791 | |||
| * | Bloomin' Brands Inc. | 763,896 | 16,760 | |||
| Winnebago Industries Inc. | 309,022 | 16,696 | ||||
| * | iRobot Corp. | 243,475 | 15,436 | |||
| * | Brinker International Inc. | 397,444 | 15,166 | |||
| * | Sally Beauty Holdings Inc. | 963,422 | 15,058 | |||
| Century Communities Inc. | 268,677 | 14,393 | ||||
| Strategic Education Inc. | 206,414 | 13,702 | ||||
| Rent-A-Center Inc. | 525,203 | 13,230 | ||||
| Oxford Industries Inc. | 144,144 | 13,045 | ||||
| * | Adtalem Global Education Inc. | 428,437 | 12,729 | |||
| Patrick Industries Inc. | 207,152 | 12,491 | ||||
| * | Sleep Number Corp. | 244,982 | 12,423 | |||
| Monro Inc. | 278,596 | 12,353 | ||||
| * | Dine Brands Global Inc. | 157,717 | 12,294 | |||
| * | M/I Homes Inc. | 263,234 | 11,674 | |||
| Big Lots Inc. | 311,152 | 10,766 | ||||
| Sturm Ruger & Co. Inc. | 154,638 | 10,766 | ||||
| La-Z-Boy Inc. | 404,759 | 10,674 | ||||
| * | Monarch Casino & Resort Inc. | 113,156 | 9,871 | |||
| Sonic Automotive Inc. Class A | 231,186 | 9,828 | ||||
| * | G-III Apparel Group Ltd. | 354,644 | 9,593 | |||
| Guess? Inc. | 415,309 | 9,075 | ||||
| * | Tupperware Brands Corp. | 460,500 | 8,957 | |||
| * | American Axle & Manufacturing Holdings Inc. | 1,138,155 | 8,832 | |||
| * | MarineMax Inc. | 207,756 | 8,364 | |||
| * | Genesco Inc. | 131,184 | 8,345 | |||
| Buckle Inc. | 242,484 | 8,012 | ||||
| * | Ruth's Hospitality Group Inc. | 344,515 | 7,883 | |||
| Hibbett Inc. | 170,653 | 7,567 | ||||
| * | Perdoceo Education Corp. | 645,960 | 7,416 | |||
| Standard Motor Products Inc. | 169,176 | 7,298 | ||||
| * | Zumiez Inc. | 182,212 | 6,962 | |||
| * | Golden Entertainment Inc. | 115,688 | 6,718 | |||
| * | Designer Brands Inc. Class A | 487,305 | 6,584 | |||
| * | Children's Place Inc. | 117,268 | 5,781 | |||
| * | XPEL Inc. | 109,110 | 5,740 | |||
| Caleres Inc. | 293,593 | 5,675 | ||||
| Aaron's Co. Inc. | 279,639 | 5,615 | ||||
| * | BJ's Restaurants Inc. | 193,405 | 5,473 | |||
| * | Liquidity Services Inc. | 319,019 | 5,462 | |||
| PetMed Express Inc. | 205,830 | 5,310 | ||||
| Movado Group Inc. | 126,859 | 4,954 | ||||
| * | WW International Inc. | 484,249 | 4,954 | |||
| * | Chico's FAS Inc. | 1,026,471 | 4,927 | |||
| * | America's Car-Mart Inc. | 57,500 | 4,632 | |||
| Ethan Allen Interiors Inc. | 173,035 | 4,511 | ||||
| * | Chuy's Holdings Inc. | 166,679 | 4,500 | |||
| Haverty Furniture Cos. Inc. | 162,786 | 4,464 | ||||
| Shoe Carnival Inc. | 147,890 | 4,312 | ||||
| * | Fossil Group Inc. | 415,514 | 4,006 | |||
| * | Universal Electronics Inc. | 119,032 | 3,719 | |||
| * | Motorcar Parts of America Inc. | 206,780 | 3,687 | |||
| * | American Public Education Inc. | 170,049 | 3,612 | |||
| * | LL Flooring Holdings Inc. | 200,874 | 2,816 | |||
| * | Conn's Inc. | 146,899 | 2,264 | |||
| Shares | Market Value ($000) | |||||
| * | El Pollo Loco Holdings Inc. | 194,185 | 2,256 | |||
| Cato Corp. Class A | 135,022 | 1,979 | ||||
| * | Unifi Inc. | 105,447 | 1,909 | |||
| * | Red Robin Gourmet Burgers Inc. | 107,103 | 1,806 | |||
| * | Barnes & Noble Education Inc. | 426,283 | 1,526 | |||
| * | Fiesta Restaurant Group Inc. | 176,490 | 1,319 | |||
| * | Vera Bradley Inc. | 144,152 | 1,106 | |||
| 1,061,826 | ||||||
| Consumer Staples (4.7%) | ||||||
| * | Simply Good Foods Co. | 749,011 | 28,425 | |||
| * | Hostess Brands Inc. Class A | 1,156,649 | 25,377 | |||
| WD-40 Co. | 127,607 | 23,381 | ||||
| J & J Snack Foods Corp. | 136,960 | 21,243 | ||||
| * | United Natural Foods Inc. | 498,027 | 20,593 | |||
| Coca-Cola Consolidated Inc. | 40,277 | 20,012 | ||||
| * | Cal-Maine Foods Inc. | 340,537 | 18,804 | |||
| * | Celsius Holdings Inc. | 339,856 | 18,753 | |||
| Medifast Inc. | 107,487 | 18,357 | ||||
| Edgewell Personal Care Co. | 479,770 | 17,593 | ||||
| PriceSmart Inc. | 211,870 | 16,710 | ||||
| * | TreeHouse Foods Inc. | 512,749 | 16,541 | |||
| B&G Foods Inc. | 590,029 | 15,919 | ||||
| Andersons Inc. | 312,031 | 15,683 | ||||
| Inter Parfums Inc. | 160,307 | 14,115 | ||||
| Vector Group Ltd. | 1,140,901 | 13,736 | ||||
| * | Central Garden & Pet Co. Class A | 322,125 | 13,136 | |||
| Universal Corp. | 225,958 | 13,121 | ||||
| SpartanNash Co. | 347,087 | 11,450 | ||||
| MGP Ingredients Inc. | 130,155 | 11,140 | ||||
| * | elf Beauty Inc. | 416,339 | 10,754 | |||
| National Beverage Corp. | 222,600 | 9,683 | ||||
| * | USANA Health Sciences Inc. | 115,384 | 9,167 | |||
| * | Chefs' Warehouse Inc. | 278,700 | 9,086 | |||
| Fresh Del Monte Produce Inc. | 267,681 | 6,936 | ||||
| John B Sanfilippo & Son Inc. | 78,167 | 6,522 | ||||
| Calavo Growers Inc. | 171,052 | 6,235 | ||||
| * | Central Garden & Pet Co. | 118,830 | 5,224 | |||
| * | Seneca Foods Corp. Class A | 88,875 | 4,581 | |||
| Tootsie Roll Industries Inc. | 44,381 | 1,552 | ||||
| 423,829 | ||||||
| Energy (6.0%) | ||||||
| * | Southwestern Energy Co. | 8,923,065 | 63,978 | |||
| Helmerich & Payne Inc. | 1,218,317 | 52,120 | ||||
| Matador Resources Co. | 939,431 | 49,771 | ||||
| SM Energy Co. | 1,054,803 | 41,084 | ||||
| Patterson-UTI Energy Inc. | 2,542,093 | 39,352 | ||||
| Civitas Resources Inc. | 586,821 | 35,039 | ||||
| * | PBF Energy Inc. Class A | 1,131,179 | 27,567 | |||
| * | Renewable Energy Group Inc. | 448,505 | 27,202 | |||
| * | Callon Petroleum Co. | 409,040 | 24,166 | |||
| * | Oceaneering International Inc. | 1,020,537 | 15,471 | |||
| World Fuel Services Corp. | 530,276 | 14,339 | ||||
| Core Laboratories NV | 452,753 | 14,320 | ||||
| * | Green Plains Inc. | 460,489 | 14,280 | |||
| * | Nabors Industries Ltd. | 87,916 | 13,426 | |||
| * | US Silica Holdings Inc. | 592,128 | 11,049 | |||
| * | Laredo Petroleum Inc. | 120,804 | 9,560 | |||
| Shares | Market Value ($000) | |||||
| * | CONSOL Energy Inc. | 252,633 | 9,507 | |||
| * | ProPetro Holding Corp. | 625,968 | 8,720 | |||
| * | Dril-Quip Inc. | 227,984 | 8,515 | |||
| * | Bristow Group Inc. Class A | 217,982 | 8,083 | |||
| * | RPC Inc. | 704,098 | 7,513 | |||
| * | Ranger Oil Corp. | 195,429 | 6,748 | |||
| Archrock Inc. | 706,603 | 6,522 | ||||
| * | REX American Resources Corp. | 65,261 | 6,500 | |||
| * | Talos Energy Inc. | 369,719 | 5,838 | |||
| * | Par Pacific Holdings Inc. | 387,850 | 5,050 | |||
| * | DMC Global Inc. | 158,843 | 4,845 | |||
| * | Helix Energy Solutions Group Inc. | 876,749 | 4,191 | |||
| Dorian LPG Ltd. | 182,302 | 2,641 | ||||
| * | Oil States International Inc. | 270,073 | 1,877 | |||
| * | Nabors Industries Ltd. Warrants Exp. 6/11/26 | 35,166 | 809 | |||
| 540,083 | ||||||
| Financials (18.2%) | ||||||
| Assured Guaranty Ltd. | 653,533 | 41,604 | ||||
| ServisFirst Bancshares Inc. | 419,462 | 39,971 | ||||
| BankUnited Inc. | 802,571 | 35,281 | ||||
| Independent Bank Corp. (Massachusetts) | 424,091 | 34,644 | ||||
| Community Bank System Inc. | 488,968 | 34,301 | ||||
| Walker & Dunlop Inc. | 260,794 | 33,752 | ||||
| American Equity Investment Life Holding Co. | 836,941 | 33,402 | ||||
| First Hawaiian Inc. | 1,163,134 | 32,440 | ||||
| * | Mr Cooper Group Inc. | 695,643 | 31,770 | |||
| United Community Banks Inc. | 876,589 | 30,505 | ||||
| Pacific Premier Bancorp Inc. | 826,634 | 29,222 | ||||
| Investors Bancorp Inc. | 1,911,168 | 28,534 | ||||
| WSFS Financial Corp. | 590,457 | 27,527 | ||||
| * | Trupanion Inc. | 305,821 | 27,255 | |||
| First Bancorp (XNYS) | 2,028,502 | 26,614 | ||||
| CVB Financial Corp. | 1,139,074 | 26,438 | ||||
| Simmons First National Corp. Class A | 1,004,105 | 26,328 | ||||
| Ameris Bancorp | 598,961 | 26,282 | ||||
| Independent Bank Group Inc. | 327,529 | 23,307 | ||||
| Columbia Banking System Inc. | 694,552 | 22,413 | ||||
| * | Axos Financial Inc. | 480,951 | 22,311 | |||
| * | Triumph Bancorp Inc. | 229,364 | 21,565 | |||
| Veritex Holdings Inc. | 518,868 | 19,805 | ||||
| PennyMac Mortgage Investment Trust | 1,138,050 | 19,222 | ||||
| Piper Sandler Cos. | 145,702 | 19,123 | ||||
| Flagstar Bancorp Inc. | 449,249 | 19,048 | ||||
| Banner Corp. | 325,349 | 19,043 | ||||
| First Financial Bancorp | 799,041 | 18,418 | ||||
| * | PRA Group Inc. | 405,284 | 18,270 | |||
| Seacoast Banking Corp. of Florida | 511,029 | 17,896 | ||||
| * | Genworth Financial Inc. Class A | 4,434,092 | 16,761 | |||
| Two Harbors Investment Corp. | 2,968,756 | 16,417 | ||||
| Park National Corp. | 124,522 | 16,360 | ||||
| Renasant Corp. | 487,902 | 16,320 | ||||
| Virtus Investment Partners Inc. | 67,490 | 16,197 | ||||
| Lakeland Financial Corp. | 221,069 | 16,138 | ||||
| * | NMI Holdings Inc. Class A | 776,550 | 16,012 | |||
| Hilltop Holdings Inc. | 541,101 | 15,908 | ||||
| Meta Financial Group Inc. | 286,432 | 15,731 | ||||
| * | Encore Capital Group Inc. | 250,086 | 15,688 | |||
| Apollo Commercial Real Estate Finance Inc. | 1,122,946 | 15,643 | ||||
| Shares | Market Value ($000) | |||||
| Westamerica Bancorp | 258,446 | 15,636 | ||||
| Berkshire Hills Bancorp Inc. | 538,909 | 15,612 | ||||
| Hope Bancorp Inc. | 969,438 | 15,589 | ||||
| Eagle Bancorp Inc. | 263,832 | 15,041 | ||||
| Horace Mann Educators Corp. | 353,248 | 14,776 | ||||
| Northwest Bancshares Inc. | 1,093,700 | 14,776 | ||||
| Provident Financial Services Inc. | 621,159 | 14,535 | ||||
| Stewart Information Services Corp. | 236,889 | 14,358 | ||||
| NBT Bancorp Inc. | 397,298 | 14,354 | ||||
| * | Bancorp Inc. | 499,150 | 14,141 | |||
| BancFirst Corp. | 166,259 | 13,834 | ||||
| * | Palomar Holdings Inc. | 212,617 | 13,605 | |||
| OFG Bancorp | 489,877 | 13,050 | ||||
| * | Green Dot Corp. Class A | 470,030 | 12,916 | |||
| Capitol Federal Financial Inc. | 1,174,509 | 12,779 | ||||
| Southside Bancshares Inc. | 311,077 | 12,701 | ||||
| First Commonwealth Financial Corp. | 837,002 | 12,689 | ||||
| * | Customers Bancorp Inc. | 241,187 | 12,576 | |||
| FB Financial Corp. | 282,244 | 12,537 | ||||
| Brookline Bancorp Inc. | 776,744 | 12,288 | ||||
| ProAssurance Corp. | 456,119 | 12,261 | ||||
| New York Mortgage Trust Inc. | 3,330,706 | 12,157 | ||||
| Safety Insurance Group Inc. | 133,527 | 12,131 | ||||
| Brightsphere Investment Group Inc. | 497,935 | 12,075 | ||||
| * | LendingTree Inc. | 100,367 | 12,011 | |||
| City Holding Co. | 151,444 | 11,919 | ||||
| HomeStreet Inc. | 250,294 | 11,859 | ||||
| Employers Holdings Inc. | 288,542 | 11,836 | ||||
| National Bank Holdings Corp. Class A | 292,987 | 11,802 | ||||
| * | Enova International Inc. | 309,786 | 11,763 | |||
| First Bancorp (XNGS) | 279,910 | 11,692 | ||||
| * | World Acceptance Corp. | 58,058 | 11,138 | |||
| Trustmark Corp. | 362,433 | 11,014 | ||||
| * | StoneX Group Inc. | 138,903 | 10,311 | |||
| Dime Community Bancshares Inc. | 289,341 | 10,003 | ||||
| S&T Bancorp Inc. | 326,242 | 9,650 | ||||
| B. Riley Financial Inc. | 137,854 | 9,644 | ||||
| Banc of California Inc. | 493,661 | 9,557 | ||||
| Redwood Trust Inc. | 902,418 | 9,503 | ||||
| Tompkins Financial Corp. | 118,613 | 9,284 | ||||
| Northfield Bancorp Inc. | 607,598 | 8,725 | ||||
| Ready Capital Corp. | 567,639 | 8,549 | ||||
| James River Group Holdings Ltd. | 340,140 | 8,415 | ||||
| AMERISAFE Inc. | 168,541 | 8,371 | ||||
| * | Donnelley Financial Solutions Inc. | 244,602 | 8,136 | |||
| Preferred Bank | 106,859 | 7,917 | ||||
| * | Blucora Inc. | 401,033 | 7,840 | |||
| Ellington Financial Inc. | 418,343 | 7,426 | ||||
| KKR Real Estate Finance Trust Inc. | 355,665 | 7,330 | ||||
| Allegiance Bancshares Inc. | 157,976 | 7,058 | ||||
| Central Pacific Financial Corp. | 249,414 | 6,959 | ||||
| TrustCo Bank Corp. | 202,771 | 6,475 | ||||
| HCI Group Inc. | 93,506 | 6,375 | ||||
| Invesco Mortgage Capital Inc. | 2,679,418 | 6,109 | ||||
| ARMOUR Residential REIT Inc. | 722,773 | 6,071 | ||||
| WisdomTree Investments Inc. | 917,779 | 5,387 | ||||
| * | SiriusPoint Ltd. | 672,867 | 5,033 | |||
| Hanmi Financial Corp. | 201,031 | 4,947 | ||||
| Shares | Market Value ($000) | |||||
| Granite Point Mortgage Trust Inc. | 421,048 | 4,682 | ||||
| * | Franklin BSP Realty Trust Inc. | 313,136 | 4,378 | |||
| * | Ambac Financial Group Inc. | 371,808 | 3,867 | |||
| Heritage Financial Corp. | 140,077 | 3,510 | ||||
| United Fire Group Inc. | 104,218 | 3,238 | ||||
| Universal Insurance Holdings Inc. | 220,302 | 2,972 | ||||
| * | eHealth Inc. | 220,321 | 2,734 | |||
| * | EZCORP Inc. Class A | 435,668 | 2,631 | |||
| PROG Holdings Inc. | 70,278 | 2,022 | ||||
| * | Selectquote Inc. | 705,788 | 1,969 | |||
| Greenhill & Co. Inc. | 106,917 | 1,654 | ||||
| 1,643,649 | ||||||
| Health Care (11.7%) | ||||||
| * | Omnicell Inc. | 389,594 | 50,449 | |||
| * | AMN Healthcare Services Inc. | 419,470 | 43,763 | |||
| Ensign Group Inc. | 468,760 | 42,193 | ||||
| CONMED Corp. | 263,441 | 39,134 | ||||
| * | Lantheus Holdings Inc. | 607,340 | 33,592 | |||
| * | Merit Medical Systems Inc. | 464,644 | 30,908 | |||
| * | Pacira BioSciences Inc. | 404,500 | 30,871 | |||
| Owens & Minor Inc. | 673,108 | 29,630 | ||||
| * | Allscripts Healthcare Solutions Inc. | 1,296,938 | 29,207 | |||
| * | Cytokinetics Inc. | 743,824 | 27,380 | |||
| * | Glaukos Corp. | 427,674 | 24,728 | |||
| Select Medical Holdings Corp. | 1,024,999 | 24,590 | ||||
| * | Integer Holdings Corp. | 301,099 | 24,260 | |||
| * | Prestige Consumer Healthcare Inc. | 433,158 | 22,931 | |||
| * | Corcept Therapeutics Inc. | 937,433 | 21,111 | |||
| * | Myriad Genetics Inc. | 720,904 | 18,167 | |||
| * | MEDNAX Inc. | 771,149 | 18,107 | |||
| * | Emergent BioSolutions Inc. | 438,501 | 18,005 | |||
| * | Ligand Pharmaceuticals Inc. | 149,314 | 16,796 | |||
| * | Apollo Medical Holdings Inc. | 335,190 | 16,247 | |||
| * | Supernus Pharmaceuticals Inc. | 497,793 | 16,089 | |||
| * | Covetrus Inc. | 933,881 | 15,680 | |||
| * | CorVel Corp. | 91,060 | 15,338 | |||
| * | Avanos Medical Inc. | 442,418 | 14,821 | |||
| * | Xencor Inc. | 546,709 | 14,586 | |||
| * | NeoGenomics Inc. | 1,117,552 | 13,578 | |||
| * | Addus HomeCare Corp. | 145,435 | 13,568 | |||
| * | Community Health Systems Inc. | 1,119,638 | 13,290 | |||
| * | Heska Corp. | 94,955 | 13,130 | |||
| * | ModivCare Inc. | 108,915 | 12,568 | |||
| * | Amphastar Pharmaceuticals Inc. | 347,066 | 12,460 | |||
| * | Tivity Health Inc. | 377,900 | 12,157 | |||
| * | Innoviva Inc. | 628,018 | 12,152 | |||
| US Physical Therapy Inc. | 120,900 | 12,024 | ||||
| Mesa Laboratories Inc. | 46,809 | 11,931 | ||||
| * | Enanta Pharmaceuticals Inc. | 167,588 | 11,929 | |||
| * | REGENXBIO Inc. | 344,500 | 11,434 | |||
| * | NextGen Healthcare Inc. | 540,439 | 11,301 | |||
| * | Avid Bioservices Inc. | 547,200 | 11,147 | |||
| * | Fulgent Genetics Inc. | 175,387 | 10,946 | |||
| * | Vericel Corp. | 278,911 | 10,660 | |||
| * | Meridian Bioscience Inc. | 397,969 | 10,331 | |||
| * | Cutera Inc. | 148,725 | 10,262 | |||
| * | Harmony Biosciences Holdings Inc. | 192,574 | 9,369 | |||
| * | RadNet Inc. | 382,553 | 8,558 | |||
| Shares | Market Value ($000) | |||||
| * | Natus Medical Inc. | 303,201 | 7,968 | |||
| Simulations Plus Inc. | 155,510 | 7,928 | ||||
| * | Cross Country Healthcare Inc. | 361,475 | 7,833 | |||
| LeMaitre Vascular Inc. | 164,982 | 7,667 | ||||
| * | Coherus Biosciences Inc. | 588,411 | 7,596 | |||
| * | Nektar Therapeutics | 1,405,202 | 7,574 | |||
| * | Artivion Inc. | 352,748 | 7,542 | |||
| * | AngioDynamics Inc. | 341,977 | 7,366 | |||
| * | Varex Imaging Corp. | 340,496 | 7,249 | |||
| * | Collegium Pharmaceutical Inc. | 323,880 | 6,594 | |||
| * | uniQure NV | 343,939 | 6,215 | |||
| * | Inogen Inc. | 187,879 | 6,091 | |||
| * | BioLife Solutions Inc. | 265,728 | 6,040 | |||
| * | Surmodics Inc. | 131,577 | 5,964 | |||
| * | Orthofix Medical Inc. | 181,659 | 5,940 | |||
| * | Hanger Inc. | 316,571 | 5,803 | |||
| * | Vanda Pharmaceuticals Inc. | 503,132 | 5,690 | |||
| * | iTeos Therapeutics Inc. | 175,900 | 5,660 | |||
| * | OptimizeRx Corp. | 149,500 | 5,638 | |||
| * | Computer Programs & Systems Inc. | 162,558 | 5,600 | |||
| * | Eagle Pharmaceuticals Inc. | 105,374 | 5,215 | |||
| * | Endo International plc | 2,167,900 | 5,008 | |||
| * | Pennant Group Inc. | 251,685 | 4,689 | |||
| * | HealthStream Inc. | 235,075 | 4,683 | |||
| * | Cara Therapeutics Inc. | 383,389 | 4,658 | |||
| * | OraSure Technologies Inc. | 678,464 | 4,600 | |||
| * | Organogenesis Holdings Inc. Class A | 585,601 | 4,462 | |||
| * | Joint Corp. | 122,276 | 4,327 | |||
| * | Cardiovascular Systems Inc. | 190,900 | 4,314 | |||
| Phibro Animal Health Corp. Class A | 203,407 | 4,058 | ||||
| * | Anika Therapeutics Inc. | 142,615 | 3,581 | |||
| * | ANI Pharmaceuticals Inc. | 82,338 | 2,315 | |||
| * | Zimvie Inc. | 92,106 | 2,104 | |||
| * | Tactile Systems Technology Inc. | 92,578 | 1,866 | |||
| * | Zynex Inc. | 164,114 | 1,022 | |||
| *,1 | Lantheus Holdings Inc. CVR | 933,227 | — | |||
| 1,062,238 | ||||||
| Industrials (16.0%) | ||||||
| Exponent Inc. | 469,794 | 50,761 | ||||
| Matson Inc. | 379,475 | 45,772 | ||||
| UFP Industries Inc. | 554,161 | 42,759 | ||||
| Applied Industrial Technologies Inc. | 342,232 | 35,134 | ||||
| John Bean Technologies Corp. | 282,196 | 33,432 | ||||
| SPX FLOW Inc. | 383,916 | 33,101 | ||||
| Korn Ferry | 502,400 | 32,626 | ||||
| * | Resideo Technologies Inc. | 1,294,340 | 30,844 | |||
| Hillenbrand Inc. | 651,135 | 28,761 | ||||
| Comfort Systems USA Inc. | 322,847 | 28,737 | ||||
| Franklin Electric Co. Inc. | 345,597 | 28,698 | ||||
| ABM Industries Inc. | 598,845 | 27,571 | ||||
| Mueller Industries Inc. | 508,084 | 27,523 | ||||
| Moog Inc. Class A | 293,512 | 25,770 | ||||
| Aerojet Rocketdyne Holdings Inc. | 649,345 | 25,552 | ||||
| UniFirst Corp. | 137,674 | 25,371 | ||||
| Arcosa Inc. | 438,342 | 25,095 | ||||
| Forward Air Corp. | 253,798 | 24,816 | ||||
| Albany International Corp. Class A | 288,571 | 24,332 | ||||
| Boise Cascade Co. | 347,482 | 24,140 | ||||
| Shares | Market Value ($000) | |||||
| * | Hub Group Inc. Class A | 305,315 | 23,573 | |||
| * | Allegiant Travel Co. | 142,020 | 23,063 | |||
| * | Meritor Inc. | 643,122 | 22,876 | |||
| ManTech International Corp. Class A | 248,432 | 21,412 | ||||
| Encore Wire Corp. | 181,296 | 20,680 | ||||
| AAON Inc. | 369,389 | 20,586 | ||||
| Brady Corp. Class A | 444,249 | 20,555 | ||||
| * | SPX Corp. | 410,951 | 20,305 | |||
| * | GMS Inc. | 407,405 | 20,277 | |||
| * | Atlas Air Worldwide Holdings Inc. | 231,459 | 19,991 | |||
| * | KAR Auction Services Inc. | 1,069,587 | 19,306 | |||
| * | AeroVironment Inc. | 200,584 | 18,883 | |||
| EnPro Industries Inc. | 193,207 | 18,882 | ||||
| Federal Signal Corp. | 537,314 | 18,134 | ||||
| ArcBest Corp. | 224,998 | 18,112 | ||||
| Greenbrier Cos. Inc. | 345,364 | 17,790 | ||||
| Barnes Group Inc. | 422,684 | 16,988 | ||||
| ESCO Technologies Inc. | 234,369 | 16,387 | ||||
| * | Veritiv Corp. | 118,685 | 15,855 | |||
| * | MYR Group Inc. | 164,919 | 15,509 | |||
| Lindsay Corp. | 98,391 | 15,448 | ||||
| * | Triumph Group Inc. | 561,591 | 14,197 | |||
| HNI Corp. | 379,824 | 14,073 | ||||
| Granite Construction Inc. | 410,300 | 13,458 | ||||
| * | US Ecology Inc. | 277,070 | 13,266 | |||
| Tennant Co. | 166,464 | 13,117 | ||||
| * | SkyWest Inc. | 452,871 | 13,065 | |||
| Alamo Group Inc. | 90,027 | 12,945 | ||||
| Healthcare Services Group Inc. | 696,219 | 12,929 | ||||
| * | AAR Corp. | 264,628 | 12,816 | |||
| * | Gibraltar Industries Inc. | 294,857 | 12,664 | |||
| * | CoreCivic Inc. | 1,056,515 | 11,801 | |||
| Enerpac Tool Group Corp. Class A | 535,483 | 11,722 | ||||
| * | NV5 Global Inc. | 85,951 | 11,457 | |||
| AZZ Inc. | 235,145 | 11,343 | ||||
| Deluxe Corp. | 366,409 | 11,080 | ||||
| Kaman Corp. | 251,316 | 10,927 | ||||
| Standex International Corp. | 108,311 | 10,822 | ||||
| * | NOW Inc. | 980,852 | 10,819 | |||
| Apogee Enterprises Inc. | 214,100 | 10,161 | ||||
| * | PGT Innovations Inc. | 544,669 | 9,793 | |||
| Marten Transport Ltd. | 521,405 | 9,260 | ||||
| * | Hawaiian Holdings Inc. | 468,931 | 9,238 | |||
| * | TrueBlue Inc. | 305,369 | 8,822 | |||
| Astec Industries Inc. | 202,388 | 8,703 | ||||
| * | Harsco Corp. | 710,626 | 8,698 | |||
| Griffon Corp. | 417,464 | 8,362 | ||||
| Quanex Building Products Corp. | 378,344 | 7,942 | ||||
| Pitney Bowes Inc. | 1,515,270 | 7,879 | ||||
| Matthews International Corp. Class A | 243,164 | 7,869 | ||||
| GEO Group Inc. | 1,180,388 | 7,802 | ||||
| * | American Woodmark Corp. | 152,498 | 7,465 | |||
| Insteel Industries Inc. | 195,383 | 7,227 | ||||
| Wabash National Corp. | 459,759 | 6,823 | ||||
| Heidrick & Struggles International Inc. | 170,675 | 6,755 | ||||
| Kelly Services Inc. Class A | 301,573 | 6,541 | ||||
| Interface Inc. Class A | 477,831 | 6,484 | ||||
| * | Forrester Research Inc. | 112,916 | 6,371 | |||
| Shares | Market Value ($000) | |||||
| * | Titan International Inc. | 430,693 | 6,344 | |||
| * | Viad Corp. | 173,786 | 6,194 | |||
| Heartland Express Inc. | 430,042 | 6,051 | ||||
| Resources Connection Inc. | 328,047 | 5,623 | ||||
| * | Proto Labs Inc. | 95,152 | 5,034 | |||
| * | CIRCOR International Inc. | 178,568 | 4,754 | |||
| National Presto Industries Inc. | 45,493 | 3,501 | ||||
| * | DXP Enterprises Inc. | 123,252 | 3,339 | |||
| Park Aerospace Corp. | 232,914 | 3,040 | ||||
| Powell Industries Inc. | 99,676 | 1,936 | ||||
| 1,445,919 | ||||||
| Information Technology (13.3%) | ||||||
| * | Rogers Corp. | 166,650 | 45,279 | |||
| * | Vonage Holdings Corp. | 2,224,418 | 45,133 | |||
| * | ExlService Holdings Inc. | 300,384 | 43,036 | |||
| * | SPS Commerce Inc. | 319,995 | 41,983 | |||
| * | Onto Innovation Inc. | 443,649 | 38,549 | |||
| * | MaxLinear Inc. Class A | 626,296 | 36,544 | |||
| * | Viavi Solutions Inc. | 2,191,508 | 35,239 | |||
| * | Diodes Inc. | 400,998 | 34,883 | |||
| * | Fabrinet | 327,099 | 34,388 | |||
| * | Insight Enterprises Inc. | 311,345 | 33,413 | |||
| * | Perficient Inc. | 292,323 | 32,182 | |||
| Kulicke & Soffa Industries Inc. | 554,116 | 31,042 | ||||
| * | Rambus Inc. | 964,597 | 30,761 | |||
| * | FormFactor Inc. | 707,881 | 29,752 | |||
| Advanced Energy Industries Inc. | 340,668 | 29,325 | ||||
| * | Alarm.com Holdings Inc. | 417,450 | 27,744 | |||
| Badger Meter Inc. | 265,152 | 26,438 | ||||
| * | Axcelis Technologies Inc. | 308,032 | 23,266 | |||
| * | Sanmina Corp. | 570,932 | 23,077 | |||
| * | Itron Inc. | 417,874 | 22,014 | |||
| EVERTEC Inc. | 525,867 | 21,524 | ||||
| * | Plexus Corp. | 262,163 | 21,448 | |||
| * | Bottomline Technologies DE Inc. | 348,538 | 19,755 | |||
| * | 3D Systems Corp. | 1,137,237 | 18,969 | |||
| * | NetScout Systems Inc. | 590,545 | 18,945 | |||
| Progress Software Corp. | 395,285 | 18,614 | ||||
| CSG Systems International Inc. | 281,528 | 17,897 | ||||
| * | Knowles Corp. | 815,541 | 17,559 | |||
| InterDigital Inc. | 271,991 | 17,353 | ||||
| * | Ultra Clean Holdings Inc. | 402,994 | 17,083 | |||
| Xperi Holding Corp. | 970,249 | 16,805 | ||||
| * | Plantronics Inc. | 375,865 | 14,809 | |||
| Methode Electronics Inc. | 334,396 | 14,463 | ||||
| * | Extreme Networks Inc. | 1,162,220 | 14,191 | |||
| * | LivePerson Inc. | 570,156 | 13,923 | |||
| * | TTM Technologies Inc. | 920,881 | 13,647 | |||
| TTEC Holdings Inc. | 162,912 | 13,443 | ||||
| * | OSI Systems Inc. | 157,042 | 13,367 | |||
| * | ePlus Inc. | 238,172 | 13,352 | |||
| * | Cohu Inc. | 442,388 | 13,095 | |||
| * | 8x8 Inc. | 1,038,948 | 13,080 | |||
| * | Unisys Corp. | 605,211 | 13,079 | |||
| * | Veeco Instruments Inc. | 435,716 | 11,847 | |||
| * | Photronics Inc. | 648,709 | 11,009 | |||
| CTS Corp. | 305,972 | 10,813 | ||||
| * | SMART Global Holdings Inc. | 400,282 | 10,339 | |||
| Shares | Market Value ($000) | |||||
| Benchmark Electronics Inc. | 385,523 | 9,653 | ||||
| * | Ichor Holdings Ltd. | 254,656 | 9,071 | |||
| * | FARO Technologies Inc. | 168,071 | 8,726 | |||
| * | CEVA Inc. | 214,508 | 8,720 | |||
| * | Agilysys Inc. | 202,050 | 8,058 | |||
| * | Harmonic Inc. | 856,384 | 7,956 | |||
| ADTRAN Inc. | 423,071 | 7,806 | ||||
| * | Digi International Inc. | 361,321 | 7,776 | |||
| * | ScanSource Inc. | 222,816 | 7,752 | |||
| * | PDF Solutions Inc. | 273,070 | 7,610 | |||
| Ebix Inc. | 215,787 | 7,153 | ||||
| * | Consensus Cloud Solutions Inc. | 115,294 | 6,933 | |||
| * | Arlo Technologies Inc. | 749,118 | 6,637 | |||
| * | NETGEAR Inc. | 268,400 | 6,624 | |||
| * | Cerence Inc. | 168,104 | 6,068 | |||
| * | Corsair Gaming Inc. | 283,007 | 5,988 | |||
| PC Connection Inc. | 97,683 | 5,118 | ||||
| * | Diebold Nixdorf Inc. | 751,060 | 5,055 | |||
| * | OneSpan Inc. | 303,126 | 4,377 | |||
| Comtech Telecommunications Corp. | 232,530 | 3,648 | ||||
| * | CalAmp Corp. | 38,639 | 282 | |||
| 1,205,468 | ||||||
| Materials (5.4%) | ||||||
| Balchem Corp. | 282,540 | 38,623 | ||||
| * | Livent Corp. | 1,430,878 | 37,303 | |||
| HB Fuller Co. | 451,708 | 29,844 | ||||
| * | Allegheny Technologies Inc. | 1,107,641 | 29,729 | |||
| * | Arconic Corp. | 938,257 | 24,038 | |||
| Quaker Chemical Corp. | 116,241 | 20,088 | ||||
| Innospec Inc. | 215,690 | 19,962 | ||||
| * | O-I Glass Inc. | 1,395,500 | 18,393 | |||
| Trinseo plc | 376,211 | 18,028 | ||||
| Stepan Co. | 182,166 | 18,000 | ||||
| Carpenter Technology Corp. | 413,079 | 17,341 | ||||
| Compass Minerals International Inc. | 273,000 | 17,142 | ||||
| Warrior Met Coal Inc. | 449,413 | 16,678 | ||||
| * | Century Aluminum Co. | 621,577 | 16,354 | |||
| * | Ferro Corp. | 725,268 | 15,767 | |||
| Materion Corp. | 178,538 | 15,308 | ||||
| * | GCP Applied Technologies Inc. | 473,618 | 14,881 | |||
| Kaiser Aluminum Corp. | 143,350 | 13,498 | ||||
| * | AdvanSix Inc. | 251,748 | 12,862 | |||
| * | TimkenSteel Corp. | 577,614 | 12,638 | |||
| * | Sylvamo Corp. | 309,351 | 10,295 | |||
| Hawkins Inc. | 200,222 | 9,190 | ||||
| Schweitzer-Mauduit International Inc. | 285,929 | 7,863 | ||||
| Myers Industries Inc. | 294,040 | 6,351 | ||||
| * | Koppers Holdings Inc. | 214,113 | 5,892 | |||
| Neenah Inc. | 145,332 | 5,764 | ||||
| American Vanguard Corp. | 268,629 | 5,459 | ||||
| SunCoke Energy Inc. | 589,155 | 5,249 | ||||
| Mercer International Inc. | 367,863 | 5,132 | ||||
| Glatfelter Corp. | 384,174 | 4,756 | ||||
| Olympic Steel Inc. | 119,973 | 4,614 | ||||
| * | Clearwater Paper Corp. | 155,957 | 4,371 | |||
| * | Rayonier Advanced Materials Inc. | 529,897 | 3,481 | |||
| Haynes International Inc. | 48,657 | 2,073 | ||||
| Tredegar Corp. | 107,057 | 1,284 | ||||
| Shares | Market Value ($000) | |||||
| FutureFuel Corp. | 97,147 | 945 | ||||
| 489,196 | ||||||
| Real Estate (8.4%) | ||||||
| Innovative Industrial Properties Inc. | 217,300 | 44,633 | ||||
| Agree Realty Corp. | 631,618 | 41,914 | ||||
| LXP Industrial Trust | 2,510,032 | 39,408 | ||||
| Independence Realty Trust Inc. | 1,450,520 | 38,352 | ||||
| Uniti Group Inc. | 2,143,411 | 29,493 | ||||
| Essential Properties Realty Trust Inc. | 1,111,207 | 28,114 | ||||
| SITE Centers Corp. | 1,592,386 | 26,609 | ||||
| Retail Opportunity Investments Corp. | 1,107,701 | 21,478 | ||||
| Brandywine Realty Trust | 1,517,859 | 21,463 | ||||
| Washington REIT | 796,639 | 20,314 | ||||
| * | Xenia Hotels & Resorts Inc. | 1,049,257 | 20,240 | |||
| Four Corners Property Trust Inc. | 728,048 | 19,686 | ||||
| * | DiamondRock Hospitality Co. | 1,948,003 | 19,675 | |||
| American Assets Trust Inc. | 482,473 | 18,281 | ||||
| NexPoint Residential Trust Inc. | 202,383 | 18,277 | ||||
| CareTrust REIT Inc. | 928,982 | 17,929 | ||||
| * | Realogy Holdings Corp. | 1,134,214 | 17,784 | |||
| Acadia Realty Trust | 804,056 | 17,424 | ||||
| Easterly Government Properties Inc. Class A | 822,787 | 17,394 | ||||
| St. Joe Co. | 289,000 | 17,120 | ||||
| Tanger Factory Outlet Centers Inc. | 926,277 | 15,923 | ||||
| iStar Inc. | 674,100 | 15,781 | ||||
| LTC Properties Inc. | 401,412 | 15,442 | ||||
| Global Net Lease Inc. | 964,411 | 15,170 | ||||
| Alexander & Baldwin Inc. | 611,103 | 14,171 | ||||
| Industrial Logistics Properties Trust | 607,140 | 13,764 | ||||
| * | Veris Residential Inc. | 767,375 | 13,345 | |||
| Urban Edge Properties | 633,200 | 12,094 | ||||
| Centerspace | 120,800 | 11,853 | ||||
| Office Properties Income Trust | 459,048 | 11,811 | ||||
| * | Marcus & Millichap Inc. | 212,190 | 11,178 | |||
| Getty Realty Corp. | 378,548 | 10,834 | ||||
| * | Summit Hotel Properties Inc. | 1,052,483 | 10,483 | |||
| Community Healthcare Trust Inc. | 229,139 | 9,672 | ||||
| RPT Realty | 694,557 | 9,564 | ||||
| Armada Hoffler Properties Inc. | 543,095 | 7,929 | ||||
| Safehold Inc. | 135,573 | 7,518 | ||||
| * | Chatham Lodging Trust | 538,407 | 7,425 | |||
| Diversified Healthcare Trust | 2,134,510 | 6,830 | ||||
| * | Hersha Hospitality Trust Class A | 729,717 | 6,626 | |||
| * | Orion Office REIT Inc. | 393,398 | 5,508 | |||
| Saul Centers Inc. | 99,219 | 5,229 | ||||
| Franklin Street Properties Corp. | 878,963 | 5,186 | ||||
| Universal Health Realty Income Trust | 84,844 | 4,952 | ||||
| Urstadt Biddle Properties Inc. Class A | 260,048 | 4,892 | ||||
| Whitestone REIT | 366,250 | 4,853 | ||||
| RE/MAX Holdings Inc. Class A | 165,578 | 4,591 | ||||
| * | Douglas Elliman Inc. | 570,450 | 4,164 | |||
| Service Properties Trust | 125,699 | 1,110 | ||||
| 763,486 | ||||||
| Utilities (2.1%) | ||||||
| South Jersey Industries Inc. | 1,020,318 | 35,252 | ||||
| American States Water Co. | 357,121 | 31,791 | ||||
| Avista Corp. | 646,207 | 29,176 | ||||
| Shares | Market Value ($000) | |||||
| California Water Service Group | 474,413 | 28,123 | ||||
| Chesapeake Utilities Corp. | 154,154 | 21,236 | ||||
| Middlesex Water Co. | 158,734 | 16,694 | ||||
| Northwest Natural Holding Co. | 316,770 | 16,384 | ||||
| Unitil Corp. | 132,637 | 6,616 | ||||
| 185,272 | ||||||
| Total Common Stocks (Cost $5,476,525) | 8,975,409 | |||||
| Coupon | ||||||
| Temporary Cash Investments (0.7%) | ||||||
| Money Market Fund (0.7%) | ||||||
| 2 | Vanguard Market Liquidity Fund (Cost $65,155) | 0.312% | 651,612 | 65,155 | ||
| Total Investments (99.9%) (Cost $5,541,680) | 9,040,564 | |||||
| Other Assets and Liabilities—Net (0.1%) | 13,047 | |||||
| Net Assets (100%) | 9,053,611 | |||||
| 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 2022 | 764 | 78,936 | (540) |
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.
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, 2022, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 8,975,409 | — | — | 8,975,409 |
| Temporary Cash Investments | 65,155 | — | — | 65,155 |
| Total | 9,040,564 | — | — | 9,040,564 |
| Derivative Financial Instruments | ||||
| Liabilities | ||||
| Futures Contracts1 | 540 | — | — | 540 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |