Vanguard® Tax-Managed Small-Cap Fund
Schedule of Investments (unaudited)
As of September 30, 2023
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 (99.4%) | ||||||
Communication Services (2.9%) | ||||||
Madison Square Garden Sports Corp. | 134,996 | 23,800 | ||||
* | Yelp Inc. Class A | 565,513 | 23,520 | |||
Cogent Communications Holdings Inc. | 354,988 | 21,974 | ||||
* | Cinemark Holdings Inc. | 919,611 | 16,875 | |||
Telephone & Data Systems Inc. | 823,594 | 15,080 | ||||
* | Lumen Technologies Inc. | 8,099,900 | 11,502 | |||
* | Cargurus Inc. Class A | 635,000 | 11,125 | |||
John Wiley & Sons Inc. Class A | 290,000 | 10,779 | ||||
* | TripAdvisor Inc. | 650,000 | 10,777 | |||
* | DISH Network Corp. Class A | 1,815,000 | 10,636 | |||
Scholastic Corp. | 237,703 | 9,066 | ||||
* | Cars.com Inc. | 506,906 | 8,546 | |||
Shenandoah Telecommunications Co. | 404,095 | 8,328 | ||||
Shutterstock Inc. | 211,785 | 8,058 | ||||
* | TechTarget Inc. | 229,344 | 6,963 | |||
* | Gogo Inc. | 516,555 | 6,163 | |||
* | Thryv Holdings Inc. | 250,168 | 4,696 | |||
* | QuinStreet Inc. | 448,207 | 4,020 | |||
Marcus Corp. | 195,473 | 3,030 | ||||
* | AMC Networks Inc. Class A | 245,290 | 2,890 | |||
ATN International Inc. | 90,060 | 2,842 | ||||
* | EW Scripps Co. Class A | 508,996 | 2,789 | |||
* | Consolidated Communications Holdings Inc. | 641,253 | 2,193 | |||
225,652 | ||||||
Consumer Discretionary (13.8%) | ||||||
* | Asbury Automotive Group Inc. | 170,953 | 39,331 | |||
Meritage Homes Corp. | 300,252 | 36,748 | ||||
Group 1 Automotive Inc. | 111,196 | 29,879 | ||||
Academy Sports & Outdoors Inc. | 621,742 | 29,390 | ||||
Advance Auto Parts Inc. | 477,090 | 26,684 | ||||
Signet Jewelers Ltd. | 369,517 | 26,535 | ||||
American Eagle Outfitters Inc. | 1,480,336 | 24,588 | ||||
Installed Building Products Inc. | 194,107 | 24,242 | ||||
LCI Industries | 203,709 | 23,920 | ||||
Newell Brands Inc. | 2,625,000 | 23,704 | ||||
* | Abercrombie & Fitch Co. Class A | 401,047 | 22,607 | |||
* | Tri Pointe Homes Inc. | 790,975 | 21,633 | |||
* | Boot Barn Holdings Inc. | 247,791 | 20,118 | |||
* | Frontdoor Inc. | 650,282 | 19,892 | |||
MDC Holdings Inc. | 474,254 | 19,553 | ||||
* | M/I Homes Inc. | 218,619 | 18,373 |
Shares | Market Value ($000) | |||||
* | Shake Shack Inc. Class A | 306,760 | 17,814 | |||
* | Dorman Products Inc. | 234,824 | 17,790 | |||
Steven Madden Ltd. | 558,437 | 17,742 | ||||
* | Cavco Industries Inc. | 66,426 | 17,647 | |||
Kontoor Brands Inc. | 398,829 | 17,513 | ||||
Bloomin' Brands Inc. | 711,216 | 17,489 | ||||
* | LGI Homes Inc. | 174,286 | 17,340 | |||
* | Vista Outdoor Inc. | 477,053 | 15,800 | |||
Century Communities Inc. | 233,667 | 15,604 | ||||
Winnebago Industries Inc. | 256,890 | 15,272 | ||||
* | Urban Outfitters Inc. | 458,556 | 14,990 | |||
* | Gentherm Inc. | 271,171 | 14,714 | |||
* | Six Flags Entertainment Corp. | 623,572 | 14,660 | |||
* | Stride Inc. | 319,897 | 14,405 | |||
* | Adtalem Global Education Inc. | 335,389 | 14,371 | |||
* | Sonos Inc. | 1,076,268 | 13,895 | |||
Strategic Education Inc. | 181,794 | 13,680 | ||||
Papa John's International Inc. | 191,930 | 13,093 | ||||
Patrick Industries Inc. | 174,252 | 13,079 | ||||
* | XPEL Inc. | 165,512 | 12,763 | |||
* | Brinker International Inc. | 382,911 | 12,096 | |||
Cheesecake Factory Inc. | 397,828 | 12,054 | ||||
Cracker Barrel Old Country Store Inc. | 179,000 | 12,029 | ||||
* | Sabre Corp. | 2,669,187 | 11,985 | |||
* | ODP Corp. | 259,468 | 11,974 | |||
Hanesbrands Inc. | 2,973,514 | 11,775 | ||||
Jack in the Box Inc. | 168,683 | 11,649 | ||||
Oxford Industries Inc. | 120,598 | 11,593 | ||||
Dana Inc. | 775,000 | 11,369 | ||||
* | Dave & Buster's Entertainment Inc. | 301,972 | 11,194 | |||
Upbound Group Inc. | 368,967 | 10,866 | ||||
La-Z-Boy Inc. | 351,391 | 10,851 | ||||
* | National Vision Holdings Inc. | 664,014 | 10,744 | |||
* | Victoria's Secret & Co. | 625,000 | 10,425 | |||
Perdoceo Education Corp. | 528,875 | 9,044 | ||||
* | Green Brick Partners Inc. | 211,448 | 8,777 | |||
* | iRobot Corp. | 226,175 | 8,572 | |||
* | G-III Apparel Group Ltd. | 332,430 | 8,284 | |||
Foot Locker Inc. | 475,000 | 8,241 | ||||
Phinia Inc. | 306,629 | 8,215 | ||||
Caleres Inc. | 281,335 | 8,091 | ||||
* | Chico's FAS Inc. | 1,011,426 | 7,565 | |||
* | Sally Beauty Holdings Inc. | 890,634 | 7,464 | |||
* | Leslie's Inc. | 1,312,103 | 7,427 | |||
* | American Axle & Manufacturing Holdings Inc. | 1,014,139 | 7,363 | |||
Monro Inc. | 258,784 | 7,186 | ||||
Buckle Inc. | 214,843 | 7,174 | ||||
Sturm Ruger & Co. Inc. | 137,480 | 7,165 | ||||
Dine Brands Global Inc. | 130,353 | 6,446 | ||||
Sonic Automotive Inc. Class A | 134,668 | 6,432 | ||||
Golden Entertainment Inc. | 181,763 | 6,213 | ||||
Monarch Casino & Resort Inc. | 95,493 | 5,930 | ||||
* | MarineMax Inc. | 174,656 | 5,732 | |||
Designer Brands Inc. Class A | 442,309 | 5,600 | ||||
Hibbett Inc. | 113,345 | 5,385 | ||||
Ethan Allen Interiors Inc. | 171,524 | 5,129 | ||||
Standard Motor Products Inc. | 150,176 | 5,049 | ||||
Wolverine World Wide Inc. | 622,648 | 5,019 |
Shares | Market Value ($000) | |||||
* | BJ's Restaurants Inc. | 200,723 | 4,709 | |||
* | America's Car-Mart Inc. | 51,400 | 4,677 | |||
* | Chuy's Holdings Inc. | 130,589 | 4,646 | |||
* | Sleep Number Corp. | 188,508 | 4,635 | |||
Guess? Inc. | 201,361 | 4,357 | ||||
* | Mister Car Wash Inc. | 697,151 | 3,841 | |||
Shoe Carnival Inc. | 148,734 | 3,574 | ||||
Movado Group Inc. | 123,945 | 3,390 | ||||
Haverty Furniture Cos. Inc. | 101,281 | 2,915 | ||||
1,081,709 | ||||||
Consumer Staples (5.0%) | ||||||
* | elf Beauty Inc. | 433,215 | 47,580 | |||
* | Hostess Brands Inc. Class A | 1,045,308 | 34,819 | |||
* | Simply Good Foods Co. | 705,564 | 24,356 | |||
WD-40 Co. | 111,060 | 22,572 | ||||
Inter Parfums Inc. | 140,898 | 18,928 | ||||
J & J Snack Foods Corp. | 115,035 | 18,825 | ||||
* | TreeHouse Foods Inc. | 401,349 | 17,491 | |||
Cal-Maine Foods Inc. | 334,946 | 16,218 | ||||
Edgewell Personal Care Co. | 418,070 | 15,452 | ||||
PriceSmart Inc. | 192,075 | 14,296 | ||||
Energizer Holdings Inc. | 420,000 | 13,457 | ||||
MGP Ingredients Inc. | 125,767 | 13,266 | ||||
* | Central Garden & Pet Co. Class A | 316,502 | 12,688 | |||
Andersons Inc. | 245,475 | 12,644 | ||||
Vector Group Ltd. | 1,143,293 | 12,165 | ||||
Universal Corp. | 198,105 | 9,352 | ||||
Nu Skin Enterprises Inc. Class A | 437,400 | 9,277 | ||||
* | National Beverage Corp. | 175,517 | 8,253 | |||
* | Hain Celestial Group Inc. | 787,060 | 8,162 | |||
Medifast Inc. | 95,737 | 7,166 | ||||
* | United Natural Foods Inc. | 505,067 | 7,142 | |||
* | Chefs' Warehouse Inc. | 295,835 | 6,266 | |||
B&G Foods Inc. | 632,562 | 6,256 | ||||
SpartanNash Co. | 283,087 | 6,228 | ||||
John B Sanfilippo & Son Inc. | 62,315 | 6,157 | ||||
Fresh Del Monte Produce Inc. | 232,346 | 6,004 | ||||
* | USANA Health Sciences Inc. | 79,674 | 4,670 | |||
* | Central Garden & Pet Co. | 90,573 | 3,998 | |||
Tootsie Roll Industries Inc. | 126,683 | 3,783 | ||||
Calavo Growers Inc. | 137,796 | 3,476 | ||||
390,947 | ||||||
Energy (5.4%) | ||||||
SM Energy Co. | 1,006,375 | 39,903 | ||||
Patterson-UTI Energy Inc. | 2,701,813 | 37,393 | ||||
Helmerich & Payne Inc. | 840,834 | 35,450 | ||||
California Resources Corp. | 488,096 | 27,338 | ||||
Northern Oil & Gas Inc. | 654,715 | 26,339 | ||||
CONSOL Energy Inc. | 243,512 | 25,547 | ||||
* | Oceaneering International Inc. | 814,374 | 20,946 | |||
Liberty Energy Inc. Class A | 1,058,226 | 19,598 | ||||
* | Callon Petroleum Co. | 452,784 | 17,713 | |||
* | Par Pacific Holdings Inc. | 450,761 | 16,200 | |||
* | Green Plains Inc. | 502,241 | 15,117 | |||
* | Helix Energy Solutions Group Inc. | 1,095,936 | 12,242 | |||
Archrock Inc. | 969,412 | 12,215 | ||||
World Kinect Corp. | 528,041 | 11,844 |
Shares | Market Value ($000) | |||||
* | Talos Energy Inc. | 698,898 | 11,490 | |||
* | Nabors Industries Ltd. | 79,516 | 9,792 | |||
Core Laboratories Inc. | 387,853 | 9,312 | ||||
* | US Silica Holdings Inc. | 652,028 | 9,154 | |||
Comstock Resources Inc. | 814,400 | 8,983 | ||||
* | Vital Energy Inc. | 149,204 | 8,269 | |||
* | ProPetro Holding Corp. | 761,373 | 8,093 | |||
Dorian LPG Ltd. | 277,194 | 7,964 | ||||
* | Dril-Quip Inc. | 273,172 | 7,695 | |||
RPC Inc. | 723,698 | 6,470 | ||||
* | Bristow Group Inc. Class A | 189,582 | 5,341 | |||
* | REX American Resources Corp. | 121,683 | 4,955 | |||
* | Oil States International Inc. | 532,424 | 4,456 | |||
CVR Energy Inc. | 126,756 | 4,313 | ||||
424,132 | ||||||
Financials (17.9%) | ||||||
Radian Group Inc. | 1,316,200 | 33,050 | ||||
* | Mr Cooper Group Inc. | 557,303 | 29,849 | |||
Assured Guaranty Ltd. | 486,373 | 29,435 | ||||
Lincoln National Corp. | 1,187,553 | 29,321 | ||||
Blackstone Mortgage Trust Inc. Class A | 1,229,005 | 26,731 | ||||
American Equity Investment Life Holding Co. | 491,531 | 26,366 | ||||
United Community Banks Inc. | 963,946 | 24,494 | ||||
Arbor Realty Trust Inc. | 1,488,096 | 22,589 | ||||
* | Genworth Financial Inc. Class A | 3,853,710 | 22,583 | |||
ServisFirst Bancshares Inc. | 401,536 | 20,948 | ||||
Ameris Bancorp | 544,887 | 20,918 | ||||
Moelis & Co. Class A | 460,309 | 20,774 | ||||
EVERTEC Inc. | 552,372 | 20,537 | ||||
Walker & Dunlop Inc. | 270,499 | 20,082 | ||||
First Bancorp | 1,476,806 | 19,878 | ||||
First Hawaiian Inc. | 1,046,532 | 18,890 | ||||
Jackson Financial Inc. Class A | 489,910 | 18,724 | ||||
* | NMI Holdings Inc. Class A | 689,066 | 18,667 | |||
Simmons First National Corp. Class A | 1,083,339 | 18,373 | ||||
Independent Bank Corp. | 372,252 | 18,274 | ||||
WSFS Financial Corp. | 500,657 | 18,274 | ||||
Community Bank System Inc. | 431,688 | 18,222 | ||||
CVB Financial Corp. | 1,083,621 | 17,956 | ||||
Pacific Premier Bancorp Inc. | 813,534 | 17,703 | ||||
Piper Sandler Cos. | 121,664 | 17,679 | ||||
Atlantic Union Bankshares Corp. | 587,700 | 16,914 | ||||
Artisan Partners Asset Management Inc. Class A | 445,943 | 16,687 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 745,000 | 15,794 | ||||
* | Axos Financial Inc. | 412,866 | 15,631 | |||
* | Bancorp Inc. | 448,945 | 15,489 | |||
Cathay General Bancorp | 444,870 | 15,464 | ||||
Seacoast Banking Corp. of Florida | 701,156 | 15,397 | ||||
First Financial Bancorp | 767,868 | 15,050 | ||||
Bread Financial Holdings Inc. | 439,339 | 15,025 | ||||
* | StoneX Group Inc. | 154,393 | 14,964 | |||
* | Goosehead Insurance Inc. Class A | 196,374 | 14,636 | |||
BankUnited Inc. | 644,161 | 14,622 | ||||
Washington Federal Inc. | 550,800 | 14,111 | ||||
* | Enova International Inc. | 261,676 | 13,311 | |||
Fulton Financial Corp. | 1,050,000 | 12,716 | ||||
* | PROG Holdings Inc. | 376,523 | 12,504 | |||
Virtus Investment Partners Inc. | 60,390 | 12,198 |
Shares | Market Value ($000) | |||||
Banner Corp. | 282,483 | 11,972 | ||||
Renasant Corp. | 456,958 | 11,968 | ||||
Bank of Hawaii Corp. | 240,671 | 11,959 | ||||
Apollo Commercial Real Estate Finance Inc. | 1,149,442 | 11,644 | ||||
BancFirst Corp. | 133,840 | 11,608 | ||||
Independent Bank Group Inc. | 292,229 | 11,558 | ||||
* | Triumph Financial Inc. | 176,302 | 11,423 | |||
* | Donnelley Financial Solutions Inc. | 201,608 | 11,347 | |||
OFG Bancorp | 376,342 | 11,238 | ||||
Northwest Bancshares Inc. | 1,072,639 | 10,973 | ||||
Park National Corp. | 116,039 | 10,968 | ||||
Trustmark Corp. | 499,239 | 10,848 | ||||
* | Payoneer Global Inc. | 1,764,119 | 10,796 | |||
NBT Bancorp Inc. | 332,798 | 10,546 | ||||
Ready Capital Corp. | 1,027,769 | 10,391 | ||||
City Holding Co. | 114,951 | 10,386 | ||||
* | Palomar Holdings Inc. | 202,920 | 10,298 | |||
Stewart Information Services Corp. | 234,589 | 10,275 | ||||
Hilltop Holdings Inc. | 361,753 | 10,259 | ||||
Navient Corp. | 588,947 | 10,142 | ||||
Horace Mann Educators Corp. | 339,195 | 9,966 | ||||
* | Encore Capital Group Inc. | 206,286 | 9,852 | |||
First Commonwealth Financial Corp. | 801,002 | 9,780 | ||||
PennyMac Mortgage Investment Trust | 783,955 | 9,721 | ||||
Lakeland Financial Corp. | 202,269 | 9,600 | ||||
Pathward Financial Inc. | 207,621 | 9,569 | ||||
First Bancorp (XNGS) | 337,350 | 9,493 | ||||
Provident Financial Services Inc. | 620,459 | 9,487 | ||||
National Bank Holdings Corp. Class A | 314,572 | 9,362 | ||||
Westamerica Bancorp | 213,646 | 9,240 | ||||
Hope Bancorp Inc. | 1,011,041 | 8,948 | ||||
* | Trupanion Inc. | 301,821 | 8,511 | |||
Two Harbors Investment Corp. | 640,714 | 8,483 | ||||
S&T Bancorp Inc. | 312,482 | 8,462 | ||||
ProAssurance Corp. | 447,008 | 8,444 | ||||
Veritex Holdings Inc. | 468,568 | 8,411 | ||||
Employers Holdings Inc. | 210,495 | 8,409 | ||||
PacWest Bancorp | 1,037,100 | 8,203 | ||||
Safety Insurance Group Inc. | 119,727 | 8,164 | ||||
* | Customers Bancorp Inc. | 236,186 | 8,137 | |||
FB Financial Corp. | 283,873 | 8,051 | ||||
* | Avantax Inc. | 312,264 | 7,988 | |||
Stellar Bancorp Inc. | 364,560 | 7,772 | ||||
Berkshire Hills Bancorp Inc. | 381,761 | 7,654 | ||||
AMERISAFE Inc. | 149,595 | 7,490 | ||||
Redwood Trust Inc. | 993,588 | 7,084 | ||||
New York Mortgage Trust Inc. | 814,877 | 6,918 | ||||
WisdomTree Inc. | 985,252 | 6,897 | ||||
* | SiriusPoint Ltd. | 672,833 | 6,843 | |||
Southside Bancshares Inc. | 238,077 | 6,833 | ||||
* | PRA Group Inc. | 354,849 | 6,817 | |||
Brookline Bancorp Inc. | 726,121 | 6,615 | ||||
Preferred Bank | 101,956 | 6,347 | ||||
Mercury General Corp. | 215,635 | 6,044 | ||||
KKR Real Estate Finance Trust Inc. | 507,119 | 6,020 | ||||
Franklin BSP Realty Trust Inc. | 447,423 | 5,924 | ||||
Banc of California Inc. | 477,461 | 5,911 | ||||
Eagle Bancorp Inc. | 274,988 | 5,898 |
Shares | Market Value ($000) | |||||
* | Green Dot Corp. Class A | 417,780 | 5,820 | |||
B. Riley Financial Inc. | 140,654 | 5,765 | ||||
Dime Community Bancshares Inc. | 276,041 | 5,510 | ||||
Brightsphere Investment Group Inc. | 272,935 | 5,292 | ||||
Capitol Federal Financial Inc. | 1,032,609 | 4,926 | ||||
James River Group Holdings Ltd. | 316,690 | 4,861 | ||||
Tompkins Financial Corp. | 97,513 | 4,777 | ||||
* | Ambac Financial Group Inc. | 374,474 | 4,516 | |||
Heritage Financial Corp. | 273,907 | 4,467 | ||||
* | EZCORP Inc. Class A | 533,124 | 4,398 | |||
TrustCo Bank Corp. | 150,765 | 4,114 | ||||
* | World Acceptance Corp. | 31,760 | 4,035 | |||
United Fire Group Inc. | 197,890 | 3,908 | ||||
Central Pacific Financial Corp. | 221,114 | 3,688 | ||||
ARMOUR Residential REIT Inc. | 817,985 | 3,476 | ||||
Ellington Financial Inc. | 272,824 | 3,402 | ||||
Hanmi Financial Corp. | 207,824 | 3,373 | ||||
Invesco Mortgage Capital Inc. | 309,808 | 3,101 | ||||
Northfield Bancorp Inc. | 313,185 | 2,960 | ||||
HCI Group Inc. | 53,906 | 2,927 | ||||
1,410,093 | ||||||
Health Care (9.7%) | ||||||
Ensign Group Inc. | 446,944 | 41,535 | ||||
* | Merit Medical Systems Inc. | 475,316 | 32,806 | |||
* | Glaukos Corp. | 399,918 | 30,094 | |||
CONMED Corp. | 265,552 | 26,781 | ||||
* | AMN Healthcare Services Inc. | 311,016 | 26,492 | |||
* | Cytokinetics Inc. | 791,484 | 23,317 | |||
* | Prestige Consumer Healthcare Inc. | 386,154 | 22,084 | |||
Select Medical Holdings Corp. | 868,592 | 21,949 | ||||
* | Integer Holdings Corp. | 274,125 | 21,500 | |||
* | Corcept Therapeutics Inc. | 699,179 | 19,049 | |||
* | Fortrea Holdings Inc. | 626,064 | 17,899 | |||
Premier Inc. Class A | 785,000 | 16,877 | ||||
* | Privia Health Group Inc. | 708,820 | 16,303 | |||
* | Dynavax Technologies Corp. | 1,025,332 | 15,144 | |||
* | Omnicell Inc. | 319,862 | 14,407 | |||
* | Amphastar Pharmaceuticals Inc. | 300,958 | 13,841 | |||
* | CorVel Corp. | 70,249 | 13,814 | |||
* | STAAR Surgical Co. | 331,739 | 13,329 | |||
* | Certara Inc. | 904,864 | 13,157 | |||
* | NeoGenomics Inc. | 1,054,908 | 12,975 | |||
* | Vericel Corp. | 381,504 | 12,788 | |||
* | Veradigm Inc. | 926,588 | 12,175 | |||
* | RadNet Inc. | 429,897 | 12,119 | |||
* | Supernus Pharmaceuticals Inc. | 426,926 | 11,770 | |||
* | Pacira BioSciences Inc. | 383,600 | 11,769 | |||
* | Tandem Diabetes Care Inc. | 554,400 | 11,515 | |||
* | Schrodinger Inc. | 398,500 | 11,266 | |||
* | Addus HomeCare Corp. | 128,832 | 10,975 | |||
* | Myriad Genetics Inc. | 671,259 | 10,767 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 1,114,996 | 10,737 | |||
* | NextGen Healthcare Inc. | 448,227 | 10,636 | |||
* | Apollo Medical Holdings Inc. | 343,770 | 10,605 | |||
* | Owens & Minor Inc. | 652,808 | 10,549 | |||
US Physical Therapy Inc. | 114,600 | 10,512 | ||||
* | Xencor Inc. | 475,363 | 9,579 | |||
* | Catalyst Pharmaceuticals Inc. | 807,533 | 9,440 |
Shares | Market Value ($000) | |||||
LeMaitre Vascular Inc. | 159,281 | 8,678 | ||||
* | Pediatrix Medical Group Inc. | 682,332 | 8,672 | |||
* | Harmony Biosciences Holdings Inc. | 259,410 | 8,501 | |||
* | Avanos Medical Inc. | 411,918 | 8,329 | |||
* | Arcus Biosciences Inc. | 447,451 | 8,032 | |||
Embecta Corp. | 506,922 | 7,629 | ||||
* | Ligand Pharmaceuticals Inc. | 126,011 | 7,551 | |||
* | UFP Technologies Inc. | 45,330 | 7,319 | |||
* | Cross Country Healthcare Inc. | 279,975 | 6,941 | |||
* | Varex Imaging Corp. | 338,696 | 6,364 | |||
* | ANI Pharmaceuticals Inc. | 108,566 | 6,303 | |||
* | AdaptHealth Corp. Class A | 679,441 | 6,183 | |||
* | Collegium Pharmaceutical Inc. | 273,380 | 6,110 | |||
* | Vir Biotechnology Inc. | 648,257 | 6,074 | |||
Simulations Plus Inc. | 141,596 | 5,905 | ||||
* | Innoviva Inc. | 449,117 | 5,834 | |||
* | REGENXBIO Inc. | 330,773 | 5,445 | |||
* | Artivion Inc. | 354,053 | 5,367 | |||
* | Avid Bioservices Inc. | 531,805 | 5,020 | |||
* | Enhabit Inc. | 435,661 | 4,901 | |||
Mesa Laboratories Inc. | 44,267 | 4,651 | ||||
* | Fulgent Genetics Inc. | 172,587 | 4,615 | |||
HealthStream Inc. | 195,077 | 4,210 | ||||
* | BioLife Solutions Inc. | 302,577 | 4,179 | |||
* | Orthofix Medical Inc. | 300,739 | 3,868 | |||
* | OraSure Technologies Inc. | 639,864 | 3,794 | |||
* | ModivCare Inc. | 112,115 | 3,533 | |||
* | Community Health Systems Inc. | 1,102,768 | 3,198 | |||
* | Cytek Biosciences Inc. | 449,200 | 2,480 | |||
* | iTeos Therapeutics Inc. | 214,770 | 2,352 | |||
Phibro Animal Health Corp. Class A | 165,624 | 2,115 | ||||
* | Agiliti Inc. | 289,021 | 1,876 | |||
* | Globus Medical Inc. Class A | 1 | — | |||
*,1 | OmniAb Inc. 12.5 Earnout | 60,640 | — | |||
*,1 | OmniAb Inc. 15 Earnout | 60,640 | — | |||
766,584 | ||||||
Industrials (17.1%) | ||||||
Comfort Systems USA Inc. | 280,566 | 47,811 | ||||
Applied Industrial Technologies Inc. | 299,962 | 46,377 | ||||
Mueller Industries Inc. | 451,713 | 33,951 | ||||
Boise Cascade Co. | 306,059 | 31,536 | ||||
AAON Inc. | 532,807 | 30,301 | ||||
* | SPX Technologies Inc. | 363,452 | 29,585 | |||
Federal Signal Corp. | 470,872 | 28,125 | ||||
Arcosa Inc. | 387,459 | 27,858 | ||||
Franklin Electric Co. Inc. | 309,409 | 27,609 | ||||
John Bean Technologies Corp. | 256,788 | 26,999 | ||||
Moog Inc. Class A | 226,823 | 25,622 | ||||
Matson Inc. | 288,566 | 25,602 | ||||
Encore Wire Corp. | 138,333 | 25,240 | ||||
Hillenbrand Inc. | 572,378 | 24,217 | ||||
* | AeroVironment Inc. | 212,718 | 23,724 | |||
* | Verra Mobility Corp. Class A | 1,261,330 | 23,587 | |||
ABM Industries Inc. | 529,938 | 21,203 | ||||
ESCO Technologies Inc. | 202,819 | 21,182 | ||||
Albany International Corp. Class A | 245,331 | 21,167 | ||||
* | Dycom Industries Inc. | 234,014 | 20,827 | |||
EnPro Industries Inc. | 168,216 | 20,386 |
Shares | Market Value ($000) | |||||
* | GMS Inc. | 318,150 | 20,352 | |||
Korn Ferry | 428,659 | 20,336 | ||||
* | Hub Group Inc. Class A | 257,016 | 20,186 | |||
ArcBest Corp. | 193,572 | 19,677 | ||||
Brady Corp. Class A | 355,239 | 19,510 | ||||
UniFirst Corp. | 117,517 | 19,156 | ||||
* | Resideo Technologies Inc. | 1,191,430 | 18,825 | |||
* | RXO Inc. | 938,220 | 18,511 | |||
Veritiv Corp. | 107,014 | 18,075 | ||||
* | MYR Group Inc. | 127,968 | 17,245 | |||
Kennametal Inc. | 679,166 | 16,898 | ||||
Trinity Industries Inc. | 664,283 | 16,175 | ||||
MillerKnoll Inc. | 645,653 | 15,786 | ||||
* | AAR Corp. | 265,169 | 15,786 | |||
* | Gibraltar Industries Inc. | 229,682 | 15,506 | |||
Griffon Corp. | 377,990 | 14,995 | ||||
* | SkyWest Inc. | 355,688 | 14,918 | |||
Forward Air Corp. | 213,302 | 14,662 | ||||
* | Hayward Holdings Inc. | 1,000,332 | 14,105 | |||
Alamo Group Inc. | 80,955 | 13,994 | ||||
Barnes Group Inc. | 403,538 | 13,708 | ||||
Granite Construction Inc. | 354,300 | 13,470 | ||||
Standex International Corp. | 92,047 | 13,410 | ||||
* | OPENLANE Inc. | 898,183 | 13,401 | |||
* | Mercury Systems Inc. | 359,414 | 13,331 | |||
CSG Systems International Inc. | 248,365 | 12,696 | ||||
HNI Corp. | 364,924 | 12,637 | ||||
* | PGT Innovations Inc. | 451,069 | 12,517 | |||
* | Masterbrand Inc. | 1,029,770 | 12,512 | |||
Enerpac Tool Group Corp. Class A | 438,871 | 11,599 | ||||
Tennant Co. | 142,975 | 10,602 | ||||
Lindsay Corp. | 90,013 | 10,593 | ||||
* | CoreCivic Inc. | 908,700 | 10,223 | |||
* | NOW Inc. | 844,252 | 10,021 | |||
Greenbrier Cos. Inc. | 250,172 | 10,007 | ||||
* | NV5 Global Inc. | 103,953 | 10,003 | |||
Allegiant Travel Co. | 129,199 | 9,930 | ||||
* | JetBlue Airways Corp. | 2,150,000 | 9,890 | |||
Matthews International Corp. Class A | 247,278 | 9,622 | ||||
* | American Woodmark Corp. | 126,502 | 9,565 | |||
AZZ Inc. | 202,374 | 9,224 | ||||
* | CIRCOR International Inc. | 157,131 | 8,760 | |||
Astec Industries Inc. | 183,897 | 8,663 | ||||
* | GEO Group Inc. | 1,031,188 | 8,435 | |||
Marten Transport Ltd. | 412,705 | 8,134 | ||||
Apogee Enterprises Inc. | 171,911 | 8,094 | ||||
Wabash National Corp. | 376,259 | 7,947 | ||||
Quanex Building Products Corp. | 265,345 | 7,475 | ||||
Deluxe Corp. | 377,305 | 7,127 | ||||
Healthcare Services Group Inc. | 608,897 | 6,351 | ||||
Powell Industries Inc. | 68,776 | 5,702 | ||||
* | Proto Labs Inc. | 214,087 | 5,652 | |||
* | 3D Systems Corp. | 1,149,373 | 5,643 | |||
* | Titan International Inc. | 409,771 | 5,503 | |||
Kelly Services Inc. Class A | 284,073 | 5,167 | ||||
Kaman Corp. | 249,112 | 4,895 | ||||
* | Enviri Corp. | 666,892 | 4,815 | |||
Interface Inc. Class A | 490,131 | 4,808 |
Shares | Market Value ($000) | |||||
Insteel Industries Inc. | 142,384 | 4,622 | ||||
* | Viad Corp. | 176,086 | 4,613 | |||
Heartland Express Inc. | 301,813 | 4,434 | ||||
* | Triumph Group Inc. | 575,591 | 4,409 | |||
TTEC Holdings Inc. | 166,334 | 4,361 | ||||
Pitney Bowes Inc. | 1,425,580 | 4,305 | ||||
Heidrick & Struggles International Inc. | 166,975 | 4,178 | ||||
* | Sun Country Airlines Holdings Inc. | 272,100 | 4,038 | |||
Resources Connection Inc. | 270,547 | 4,034 | ||||
* | SunPower Corp. | 628,283 | 3,877 | |||
* | DXP Enterprises Inc. | 107,959 | 3,772 | |||
* | TrueBlue Inc. | 254,669 | 3,736 | |||
National Presto Industries Inc. | 43,293 | 3,137 | ||||
* | Liquidity Services Inc. | 174,051 | 3,067 | |||
* | Hawaiian Holdings Inc. | 451,696 | 2,859 | |||
* | Forrester Research Inc. | 92,483 | 2,673 | |||
1,341,854 | ||||||
Information Technology (12.8%) | ||||||
* | SPS Commerce Inc. | 300,973 | 51,349 | |||
* | Onto Innovation Inc. | 394,156 | 50,263 | |||
* | Fabrinet | 292,582 | 48,750 | |||
* | Rambus Inc. | 873,784 | 48,748 | |||
* | Axcelis Technologies Inc. | 263,673 | 42,992 | |||
* | Insight Enterprises Inc. | 230,813 | 33,583 | |||
Badger Meter Inc. | 231,594 | 33,320 | ||||
Advanced Energy Industries Inc. | 305,914 | 31,546 | ||||
* | Diodes Inc. | 365,720 | 28,833 | |||
* | Sanmina Corp. | 470,102 | 25,517 | |||
* | Alarm.com Holdings Inc. | 412,857 | 25,242 | |||
* | Extreme Networks Inc. | 1,028,867 | 24,909 | |||
* | DoubleVerify Holdings Inc. | 885,442 | 24,748 | |||
* | Itron Inc. | 371,737 | 22,520 | |||
Kulicke & Soffa Industries Inc. | 452,495 | 22,005 | ||||
* | FormFactor Inc. | 619,769 | 21,655 | |||
* | Plexus Corp. | 221,391 | 20,585 | |||
Progress Software Corp. | 362,498 | 19,060 | ||||
* | Rogers Corp. | 144,313 | 18,973 | |||
InterDigital Inc. | 215,491 | 17,291 | ||||
* | Perficient Inc. | 294,912 | 17,064 | |||
* | Viavi Solutions Inc. | 1,777,944 | 16,250 | |||
* | LiveRamp Holdings Inc. | 544,993 | 15,718 | |||
* | NetScout Systems Inc. | 544,496 | 15,257 | |||
* | OSI Systems Inc. | 118,240 | 13,957 | |||
* | MaxLinear Inc. Class A | 623,725 | 13,878 | |||
* | Semtech Corp. | 537,876 | 13,850 | |||
* | ePlus Inc. | 214,867 | 13,648 | |||
* | SiTime Corp. | 117,032 | 13,371 | |||
* | Cohu Inc. | 369,603 | 12,729 | |||
* | Veeco Instruments Inc. | 437,963 | 12,311 | |||
* | Viasat Inc. | 622,100 | 11,484 | |||
* | TTM Technologies Inc. | 859,681 | 11,073 | |||
* | Agilysys Inc. | 167,250 | 11,065 | |||
* | Knowles Corp. | 724,506 | 10,730 | |||
* | Ultra Clean Holdings Inc. | 361,236 | 10,718 | |||
CTS Corp. | 251,027 | 10,478 | ||||
* | SMART Global Holdings Inc. | 427,482 | 10,409 | |||
Xerox Holdings Corp. | 655,000 | 10,277 | ||||
* | Photronics Inc. | 488,865 | 9,880 |
Shares | Market Value ($000) | |||||
Adeia Inc. | 845,686 | 9,032 | ||||
* | Harmonic Inc. | 936,982 | 9,023 | |||
A10 Networks Inc. | 535,763 | 8,053 | ||||
* | Arlo Technologies Inc. | 766,218 | 7,892 | |||
* | Avid Technology Inc. | 293,600 | 7,889 | |||
* | Digi International Inc. | 291,750 | 7,877 | |||
* | PDF Solutions Inc. | 236,377 | 7,659 | |||
* | Ichor Holdings Ltd. | 244,505 | 7,570 | |||
* | Cerence Inc. | 350,204 | 7,134 | |||
Methode Electronics Inc. | 308,437 | 7,048 | ||||
Benchmark Electronics Inc. | 281,980 | 6,841 | ||||
* | ScanSource Inc. | 198,671 | 6,022 | |||
* | Alpha & Omega Semiconductor Ltd. | 191,967 | 5,728 | |||
* | N-able Inc. | 418,400 | 5,397 | |||
* | Corsair Gaming Inc. | 356,103 | 5,174 | |||
* | Digital Turbine Inc. | 797,332 | 4,824 | |||
ADTRAN Holdings Inc. | 563,289 | 4,636 | ||||
PC Connection Inc. | 80,412 | 4,292 | ||||
* | Consensus Cloud Solutions Inc. | 156,566 | 3,942 | |||
* | Xperi Inc. | 370,008 | 3,648 | |||
* | CEVA Inc. | 187,623 | 3,638 | |||
* | OneSpan Inc. | 312,683 | 3,361 | |||
* | Clearfield Inc. | 111,498 | 3,196 | |||
Ebix Inc. | 188,387 | 1,861 | ||||
1,007,773 | ||||||
Materials (5.2%) | ||||||
* | ATI Inc. | 1,027,217 | 42,270 | |||
Balchem Corp. | 264,604 | 32,821 | ||||
HB Fuller Co. | 442,641 | 30,370 | ||||
* | Livent Corp. | 1,503,207 | 27,674 | |||
Carpenter Technology Corp. | 387,843 | 26,067 | ||||
* | O-I Glass Inc. | 1,250,721 | 20,925 | |||
Warrior Met Coal Inc. | 406,259 | 20,752 | ||||
Innospec Inc. | 198,563 | 20,293 | ||||
Quaker Chemical Corp. | 116,907 | 18,705 | ||||
Materion Corp. | 163,588 | 16,671 | ||||
Sensient Technologies Corp. | 260,778 | 15,250 | ||||
Minerals Technologies Inc. | 272,307 | 14,911 | ||||
Stepan Co. | 175,737 | 13,175 | ||||
Sylvamo Corp. | 264,503 | 11,622 | ||||
Kaiser Aluminum Corp. | 139,650 | 10,510 | ||||
* | Ingevity Corp. | 213,896 | 10,184 | |||
Hawkins Inc. | 147,122 | 8,658 | ||||
Compass Minerals International Inc. | 279,308 | 7,807 | ||||
AdvanSix Inc. | 235,748 | 7,327 | ||||
Mativ Holdings Inc. | 481,122 | 6,861 | ||||
Koppers Holdings Inc. | 171,819 | 6,795 | ||||
SunCoke Energy Inc. | 644,015 | 6,537 | ||||
* | TimkenSteel Corp. | 295,131 | 6,410 | |||
Myers Industries Inc. | 298,862 | 5,359 | ||||
Haynes International Inc. | 98,283 | 4,572 | ||||
* | Clearwater Paper Corp. | 121,431 | 4,402 | |||
Olympic Steel Inc. | 73,012 | 4,104 | ||||
* | Century Aluminum Co. | 455,777 | 3,277 | |||
Mercer International Inc. | 358,463 | 3,076 | ||||
American Vanguard Corp. | 216,529 | 2,367 | ||||
409,752 |
Shares | Market Value ($000) | |||||
Real Estate (7.7%) | ||||||
Phillips Edison & Co. Inc. | 850,000 | 28,509 | ||||
Essential Properties Realty Trust Inc. | 1,228,910 | 26,581 | ||||
LXP Industrial Trust | 2,435,017 | 21,672 | ||||
Apple Hospitality REIT Inc. | 1,393,379 | 21,374 | ||||
SITE Centers Corp. | 1,603,887 | 19,776 | ||||
Tanger Factory Outlet Centers Inc. | 862,917 | 19,502 | ||||
CareTrust REIT Inc. | 879,882 | 18,038 | ||||
Innovative Industrial Properties Inc. | 232,976 | 17,627 | ||||
Sunstone Hotel Investors Inc. | 1,844,770 | 17,249 | ||||
Four Corners Property Trust Inc. | 735,833 | 16,328 | ||||
Urban Edge Properties | 1,061,673 | 16,201 | ||||
St. Joe Co. | 294,706 | 16,011 | ||||
SL Green Realty Corp. | 427,656 | 15,951 | ||||
Macerich Co. | 1,413,914 | 15,426 | ||||
Pebblebrook Hotel Trust | 1,085,892 | 14,757 | ||||
DiamondRock Hospitality Co. | 1,833,047 | 14,719 | ||||
Kennedy-Wilson Holdings Inc. | 933,200 | 13,755 | ||||
Retail Opportunity Investments Corp. | 1,103,118 | 13,657 | ||||
Douglas Emmett Inc. | 1,070,000 | 13,653 | ||||
Highwoods Properties Inc. | 634,513 | 13,077 | ||||
* | Cushman & Wakefield plc | 1,596,772 | 12,167 | |||
Acadia Realty Trust | 836,556 | 12,005 | ||||
Xenia Hotels & Resorts Inc. | 1,005,320 | 11,843 | ||||
LTC Properties Inc. | 359,512 | 11,551 | ||||
Alexander & Baldwin Inc. | 686,143 | 11,479 | ||||
Global Net Lease Inc. | 1,186,959 | 11,407 | ||||
Veris Residential Inc. | 689,134 | 11,371 | ||||
Elme Communities | 822,539 | 11,219 | ||||
Outfront Media Inc. | 1,076,294 | 10,871 | ||||
Service Properties Trust | 1,327,810 | 10,211 | ||||
Getty Realty Corp. | 365,548 | 10,137 | ||||
Easterly Government Properties Inc. Class A | 799,198 | 9,135 | ||||
Uniti Group Inc. | 1,892,409 | 8,932 | ||||
eXp World Holdings Inc. | 550,000 | 8,932 | ||||
American Assets Trust Inc. | 431,127 | 8,385 | ||||
JBG SMITH Properties | 561,400 | 8,118 | ||||
Centerspace | 132,111 | 7,961 | ||||
RPT Realty | 752,092 | 7,942 | ||||
Hudson Pacific Properties Inc. | 1,120,465 | 7,451 | ||||
* | Anywhere Real Estate Inc. | 1,070,207 | 6,881 | |||
Marcus & Millichap Inc. | 226,990 | 6,660 | ||||
NexPoint Residential Trust Inc. | 199,783 | 6,429 | ||||
Community Healthcare Trust Inc. | 209,639 | 6,226 | ||||
Safehold Inc. | 336,236 | 5,985 | ||||
Armada Hoffler Properties Inc. | 572,237 | 5,860 | ||||
Summit Hotel Properties Inc. | 969,070 | 5,621 | ||||
Chatham Lodging Trust | 434,551 | 4,159 | ||||
Universal Health Realty Income Trust | 100,218 | 4,052 | ||||
Whitestone REIT | 392,070 | 3,776 | ||||
Brandywine Realty Trust | 816,862 | 3,708 | ||||
Saul Centers Inc. | 102,349 | 3,610 | ||||
607,947 | ||||||
Utilities (1.9%) | ||||||
Otter Tail Corp. | 340,121 | 25,822 | ||||
American States Water Co. | 302,344 | 23,789 | ||||
California Water Service Group | 485,543 | 22,971 | ||||
Avista Corp. | 641,779 | 20,774 |
Shares | Market Value ($000) | |||||
Chesapeake Utilities Corp. | 148,512 | 14,517 | ||||
SJW Group | 226,339 | 13,605 | ||||
Northwest Natural Holding Co. | 288,525 | 11,010 | ||||
Middlesex Water Co. | 148,134 | 9,814 | ||||
Unitil Corp. | 123,645 | 5,281 | ||||
147,583 | ||||||
Total Common Stocks (Cost $5,776,386) | 7,814,026 | |||||
Coupon | ||||||
Temporary Cash Investments (0.6%) | ||||||
Money Market Fund (0.6%) | ||||||
2 | Vanguard Market Liquidity Fund (Cost $48,451) | 5.391% | 484,563 | 48,451 | ||
Total Investments (100.0%) (Cost $5,824,837) | 7,862,477 | |||||
Other Assets and Liabilities—Net (0.0%) | (1,020) | |||||
Net Assets (100%) | 7,861,457 |
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. |
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 | December 2023 | 514 | 46,224 | (432) |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
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 September 30, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 7,814,026 | — | — | 7,814,026 |
Temporary Cash Investments | 48,451 | — | — | 48,451 |
Total | 7,862,477 | — | — | 7,862,477 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 432 | — | — | 432 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |