UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07239
Name of Registrant: | Vanguard Horizon Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: September 30
Date of reporting period: October 1, 2021—March 31, 2022
Item 1: Reports to Shareholders
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 18 |
Liquidity Risk Management | 20 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2022 | |||
Strategic Equity Fund | Beginning Account Value 9/30/2021 | Ending Account Value 3/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,040.30 | $0.86 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.08 | 0.86 |
Communication Services | 3.5% |
Consumer Discretionary | 11.2 |
Consumer Staples | 3.5 |
Energy | 5.7 |
Financials | 14.3 |
Health Care | 12.4 |
Industrials | 13.9 |
Information Technology | 15.9 |
Materials | 6.0 |
Real Estate | 8.8 |
Utilities | 4.8 |
Shares | Market Value• ($000) | ||
Common Stocks (99.5%) | |||
Communication Services (3.5%) | |||
New York Times Co. Class A | 729,089 | 33,421 | |
News Corp. Class B | 1,331,079 | 29,976 | |
News Corp. Class A | 923,115 | 20,447 | |
* | Yelp Inc. Class A | 591,693 | 20,183 |
* | Take-Two Interactive Software Inc. | 124,322 | 19,113 |
* | Altice USA Inc. Class A | 1,390,572 | 17,354 |
* | Live Nation Entertainment Inc. | 118,684 | 13,962 |
* | Playtika Holding Corp. | 707,301 | 13,672 |
Lumen Technologies Inc. | 1,210,252 | 13,640 | |
Interpublic Group of Cos. Inc. | 324,631 | 11,508 | |
* | Cargurus Inc. | 262,952 | 11,165 |
Omnicom Group Inc. | 126,117 | 10,705 | |
Sinclair Broadcast Group Inc. Class A | 306,928 | 8,600 | |
Paramount Global Class B | 218,666 | 8,268 | |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 180,580 | 8,258 |
* | PubMatic Inc. Class A | 262,243 | 6,850 |
* | Iridium Communications Inc. | 168,015 | 6,774 |
* | ZoomInfo Technologies Inc. Class A | 111,819 | 6,680 |
Fox Corp. Class B | 128,272 | 4,654 | |
* | Liberty Global plc Class A | 182,324 | 4,651 |
Cogent Communications Holdings Inc. | 55,030 | 3,651 | |
* | Madison Square Garden Sports Corp. | 13,820 | 2,479 |
* | ZipRecruiter Inc. Class A | 71,736 | 1,649 |
* | Vimeo Inc. | 106,208 | 1,262 |
* | Loyalty Ventures Inc. | 36,202 | 598 |
279,520 | |||
Consumer Discretionary (11.2%) | |||
Service Corp. International | 643,902 | 42,382 | |
* | AutoNation Inc. | 326,760 | 32,539 |
PulteGroup Inc. | 737,062 | 30,883 | |
* | Ulta Beauty Inc. | 72,214 | 28,757 |
Tapestry Inc. | 761,653 | 28,295 | |
Genuine Parts Co. | 208,599 | 26,288 | |
Signet Jewelers Ltd. | 323,689 | 23,532 | |
* | SeaWorld Entertainment Inc. | 307,360 | 22,880 |
Boyd Gaming Corp. | 345,485 | 22,726 |
Shares | Market Value• ($000) | ||
Travel + Leisure Co. | 391,829 | 22,703 | |
* | Six Flags Entertainment Corp. | 516,088 | 22,450 |
LKQ Corp. | 462,616 | 21,007 | |
Columbia Sportswear Co. | 223,151 | 20,202 | |
Toll Brothers Inc. | 408,774 | 19,221 | |
* | Expedia Group Inc. | 97,864 | 19,149 |
* | Under Armour Inc. Class C | 1,147,697 | 17,858 |
* | Goodyear Tire & Rubber Co. | 1,233,177 | 17,622 |
MGM Resorts International | 393,068 | 16,485 | |
Kohl's Corp. | 267,811 | 16,192 | |
Winnebago Industries Inc. | 298,832 | 16,146 | |
* | Meritage Homes Corp. | 202,117 | 16,014 |
Brunswick Corp. | 191,573 | 15,496 | |
Papa John's International Inc. | 145,309 | 15,298 | |
Red Rock Resorts Inc. Class A | 313,674 | 15,232 | |
* | Dave & Buster's Entertainment Inc. | 309,147 | 15,179 |
* | Tri Pointe Homes Inc. | 720,933 | 14,476 |
H&R Block Inc. | 517,346 | 13,472 | |
* | Abercrombie & Fitch Co. Class A | 414,080 | 13,246 |
* | Etsy Inc. | 105,157 | 13,069 |
Macy's Inc. | 516,821 | 12,590 | |
Texas Roadhouse Inc. Class A | 144,971 | 12,138 | |
Bath & Body Works Inc. | 248,260 | 11,867 | |
Group 1 Automotive Inc. | 64,175 | 10,770 | |
* | Urban Outfitters Inc. | 422,737 | 10,615 |
* | NVR Inc. | 2,239 | 10,002 |
Academy Sports & Outdoors Inc. | 230,220 | 9,071 | |
Buckle Inc. | 272,687 | 9,010 | |
* | Crocs Inc. | 108,288 | 8,273 |
Harley-Davidson Inc. | 204,702 | 8,065 | |
Qurate Retail Inc. Series A | 1,681,744 | 8,005 | |
* | frontdoor Inc. | 263,969 | 7,879 |
* | Skyline Champion Corp. | 142,248 | 7,807 |
Dine Brands Global Inc. | 93,332 | 7,275 | |
* | Capri Holdings Ltd. | 140,377 | 7,214 |
* | Deckers Outdoor Corp. | 26,044 | 7,130 |
Dillard's Inc. Class A | 26,492 | 7,110 | |
Tempur Sealy International Inc. | 250,970 | 7,007 | |
Gentex Corp. | 239,053 | 6,973 | |
Shutterstock Inc. | 71,609 | 6,665 | |
Tractor Supply Co. | 28,215 | 6,585 |
Shares | Market Value• ($000) | ||
* | Scientific Games Corp. Class A | 98,668 | 5,797 |
* | WW International Inc. | 564,119 | 5,771 |
Century Communities Inc. | 107,068 | 5,736 | |
Williams-Sonoma Inc. | 37,132 | 5,384 | |
* | Revolve Group Inc. | 96,049 | 5,157 |
* | Brinker International Inc. | 131,911 | 5,034 |
Wendy's Co. | 200,718 | 4,410 | |
* | Victoria's Secret & Co. | 84,239 | 4,327 |
Autoliv Inc. | 56,292 | 4,303 | |
Laureate Education Inc. Class A | 361,211 | 4,280 | |
* | Asbury Automotive Group Inc. | 25,244 | 4,044 |
* | MarineMax Inc. | 98,783 | 3,977 |
* | Stride Inc. | 108,514 | 3,942 |
* | Everi Holdings Inc. | 186,607 | 3,919 |
Best Buy Co. Inc. | 40,962 | 3,723 | |
Foot Locker Inc. | 114,750 | 3,403 | |
Aaron's Co. Inc. | 166,515 | 3,344 | |
* | Overstock.com Inc. | 71,373 | 3,141 |
Churchill Downs Inc. | 12,701 | 2,817 | |
* | Fossil Group Inc. | 269,416 | 2,597 |
* | Stitch Fix Inc. Class A | 241,371 | 2,431 |
Hibbett Inc. | 54,785 | 2,429 | |
* | Tupperware Brands Corp. | 117,461 | 2,285 |
Thor Industries Inc. | 24,441 | 1,923 | |
* | Sleep Number Corp. | 35,691 | 1,810 |
ADT Inc. | 230,979 | 1,753 | |
Vail Resorts Inc. | 6,009 | 1,564 | |
Steven Madden Ltd. | 39,752 | 1,536 | |
* | Cavco Industries Inc. | 6,374 | 1,535 |
Wyndham Hotels & Resorts Inc. | 18,073 | 1,531 | |
PVH Corp. | 19,797 | 1,517 | |
* | XPEL Inc. | 28,236 | 1,485 |
Levi Strauss & Co. Class A | 61,961 | 1,224 | |
Wolverine World Wide Inc. | 53,032 | 1,196 | |
890,175 | |||
Consumer Staples (3.5%) | |||
* | Darling Ingredients Inc. | 480,704 | 38,639 |
Bunge Ltd. | 275,725 | 30,553 | |
* | Herbalife Nutrition Ltd. | 803,741 | 24,402 |
Campbell Soup Co. | 468,461 | 20,879 | |
* | BJ's Wholesale Club Holdings Inc. | 298,308 | 20,169 |
Ingles Markets Inc. Class A | 204,811 | 18,238 | |
Ingredion Inc. | 155,854 | 13,583 | |
Medifast Inc. | 68,945 | 11,774 | |
Flowers Foods Inc. | 447,124 | 11,496 | |
Molson Coors Beverage Co. Class B | 203,827 | 10,880 | |
* | United Natural Foods Inc. | 253,290 | 10,473 |
* | Pilgrim's Pride Corp. | 342,984 | 8,609 |
* | Hain Celestial Group Inc. | 212,288 | 7,303 |
* | Hostess Brands Inc. Class A | 325,526 | 7,142 |
* | TreeHouse Foods Inc. | 210,189 | 6,781 |
J M Smucker Co. | 46,378 | 6,280 | |
* | USANA Health Sciences Inc. | 72,128 | 5,731 |
Kellogg Co. | 56,873 | 3,668 | |
Vector Group Ltd. | 247,366 | 2,978 | |
Nu Skin Enterprises Inc. Class A | 57,942 | 2,774 | |
* | Post Holdings Inc. | 38,919 | 2,695 |
Lamb Weston Holdings Inc. | 44,951 | 2,693 |
Shares | Market Value• ($000) | ||
Edgewell Personal Care Co. | 69,309 | 2,542 | |
Coca-Cola Consolidated Inc. | 5,032 | 2,500 | |
Lancaster Colony Corp. | 10,925 | 1,629 | |
* | BellRing Brands Inc. | 49,341 | 1,139 |
275,550 | |||
Energy (5.7%) | |||
Occidental Petroleum Corp. | 1,618,253 | 91,820 | |
APA Corp. | 1,598,308 | 66,058 | |
Halliburton Co. | 1,531,846 | 58,011 | |
Coterra Energy Inc. | 1,022,482 | 27,576 | |
Targa Resources Corp. | 354,819 | 26,778 | |
Ovintiv Inc. (XNYS) | 492,380 | 26,623 | |
* | Southwestern Energy Co. | 3,375,453 | 24,202 |
* | Comstock Resources Inc. | 1,753,092 | 22,878 |
SM Energy Co. | 474,979 | 18,500 | |
* | PBF Energy Inc. Class A | 657,083 | 16,013 |
Northern Oil and Gas Inc. | 368,777 | 10,396 | |
Marathon Oil Corp. | 339,472 | 8,524 | |
Plains GP Holdings LP Class A | 672,817 | 7,771 | |
* | Denbury Inc. | 82,406 | 6,475 |
Equitrans Midstream Corp. | 740,137 | 6,247 | |
* | Antero Resources Corp. | 202,960 | 6,196 |
* | Delek US Holdings Inc. | 277,550 | 5,890 |
Hess Corp. | 52,434 | 5,613 | |
Texas Pacific Land Corp. | 3,912 | 5,289 | |
* | Kosmos Energy Ltd. | 429,899 | 3,091 |
* | Nabors Industries Ltd. (XNYS) | 16,643 | 2,542 |
* | NexTier Oilfield Solutions Inc. | 247,722 | 2,289 |
PDC Energy Inc. | 30,204 | 2,195 | |
* | Talos Energy Inc. | 123,765 | 1,954 |
452,931 | |||
Financials (14.2%) | |||
KeyCorp. | 2,609,291 | 58,396 | |
Ally Financial Inc. | 1,081,379 | 47,018 | |
Walker & Dunlop Inc. | 355,564 | 46,017 | |
Equitable Holdings Inc. | 1,446,024 | 44,697 | |
Invesco Ltd. | 1,918,981 | 44,252 | |
Fidelity National Financial Inc. | 898,231 | 43,870 | |
Zions Bancorp NA | 599,591 | 39,309 | |
SLM Corp. | 2,127,314 | 39,058 | |
Primerica Inc. | 279,318 | 38,216 | |
Comerica Inc. | 378,369 | 34,216 | |
Regions Financial Corp. | 1,511,519 | 33,646 | |
Hartford Financial Services Group Inc. | 450,494 | 32,350 | |
W R Berkley Corp. | 474,783 | 31,616 | |
Stifel Financial Corp. | 425,657 | 28,902 | |
PacWest Bancorp | 660,069 | 28,469 | |
Jefferies Financial Group Inc. | 849,287 | 27,899 | |
First American Financial Corp. | 424,435 | 27,512 | |
Hanover Insurance Group Inc. | 180,951 | 27,056 | |
Evercore Inc. Class A | 229,144 | 25,508 | |
Synovus Financial Corp. | 498,683 | 24,435 | |
CNO Financial Group Inc. | 868,583 | 21,793 | |
Bank OZK | 449,870 | 19,209 | |
First Republic Bank | 116,789 | 18,932 | |
MGIC Investment Corp. | 1,305,024 | 17,683 | |
* | Mr Cooper Group Inc. | 370,132 | 16,904 |
Radian Group Inc. | 759,360 | 16,865 |
Shares | Market Value• ($000) | ||
* | Brighthouse Financial Inc. | 324,139 | 16,745 |
First BanCorp. (XNYS) | 1,181,838 | 15,506 | |
Kinsale Capital Group Inc. | 65,888 | 15,024 | |
Virtu Financial Inc. Class A | 384,586 | 14,314 | |
Western Alliance Bancorp | 169,560 | 14,043 | |
Carlyle Group Inc. | 279,413 | 13,666 | |
Old Republic International Corp. | 528,194 | 13,664 | |
Everest Re Group Ltd. | 42,448 | 12,793 | |
Prosperity Bancshares Inc. | 179,358 | 12,444 | |
Essent Group Ltd. | 293,072 | 12,078 | |
OneMain Holdings Inc. | 247,490 | 11,734 | |
Popular Inc. | 124,535 | 10,180 | |
International Bancshares Corp. | 235,441 | 9,938 | |
FNB Corp. | 747,729 | 9,309 | |
Universal Insurance Holdings Inc. | 659,073 | 8,891 | |
Cboe Global Markets Inc. | 71,590 | 8,191 | |
Associated Banc-Corp. | 354,458 | 8,067 | |
Franklin Resources Inc. | 281,900 | 7,871 | |
Hancock Whitney Corp. | 136,113 | 7,098 | |
* | SVB Financial Group | 12,581 | 7,038 |
* | Credit Acceptance Corp. | 12,724 | 7,003 |
Axis Capital Holdings Ltd. | 107,540 | 6,503 | |
Old National Bancorp | 369,722 | 6,056 | |
American Equity Investment Life Holding Co. | 143,508 | 5,727 | |
Moelis & Co. Class A | 119,596 | 5,615 | |
UMB Financial Corp. | 55,024 | 5,346 | |
Columbia Banking System Inc. | 155,548 | 5,020 | |
Affiliated Managers Group Inc. | 30,455 | 4,293 | |
Loews Corp. | 55,992 | 3,629 | |
First Hawaiian Inc. | 127,578 | 3,558 | |
* | LendingClub Corp. | 191,011 | 3,014 |
East West Bancorp Inc. | 31,610 | 2,498 | |
* | PROG Holdings Inc. | 77,465 | 2,229 |
Brightsphere Investment Group Inc. | 85,734 | 2,079 | |
Synchrony Financial | 59,225 | 2,062 | |
Assured Guaranty Ltd. | 25,200 | 1,604 | |
Fifth Third Bancorp | 35,931 | 1,546 | |
SouthState Corp. | 18,434 | 1,504 | |
1,131,708 | |||
Health Care (12.3%) | |||
West Pharmaceutical Services Inc. | 153,308 | 62,965 | |
AmerisourceBergen Corp. Class A | 320,806 | 49,632 | |
* | DaVita Inc. | 393,122 | 44,466 |
Chemed Corp. | 87,702 | 44,425 | |
Bruker Corp. | 625,546 | 40,223 | |
* | Laboratory Corp. of America Holdings | 149,104 | 39,313 |
* | ABIOMED Inc. | 110,034 | 36,448 |
* | Mettler-Toledo International Inc. | 26,207 | 35,987 |
* | Medpace Holdings Inc. | 213,818 | 34,978 |
* | Incyte Corp. | 402,157 | 31,939 |
* | Tenet Healthcare Corp. | 370,545 | 31,852 |
* | IQVIA Holdings Inc. | 135,568 | 31,345 |
* | Veeva Systems Inc. Class A | 128,731 | 27,350 |
* | Charles River Laboratories International Inc. | 95,938 | 27,244 |
Shares | Market Value• ($000) | ||
* | AMN Healthcare Services Inc. | 257,105 | 26,824 |
* | Sarepta Therapeutics Inc. | 317,371 | 24,793 |
* | Alkermes plc | 916,913 | 24,124 |
Cardinal Health Inc. | 339,454 | 19,247 | |
* | Tandem Diabetes Care Inc. | 152,712 | 17,759 |
* | ICU Medical Inc. | 68,613 | 15,276 |
* | ACADIA Pharmaceuticals Inc. | 616,774 | 14,938 |
* | Hologic Inc. | 189,839 | 14,583 |
* | Enanta Pharmaceuticals Inc. | 198,391 | 14,121 |
* | Myriad Genetics Inc. | 512,323 | 12,911 |
* | STAAR Surgical Co. | 156,188 | 12,481 |
* | Catalent Inc. | 111,776 | 12,396 |
* | ImmunoGen Inc. | 2,382,494 | 11,341 |
* | United Therapeutics Corp. | 59,563 | 10,686 |
*,1 | Intercept Pharmaceuticals Inc. | 611,015 | 9,941 |
* | Avantor Inc. | 280,636 | 9,491 |
DENTSPLY SIRONA Inc. | 184,082 | 9,061 | |
Quest Diagnostics Inc. | 65,665 | 8,987 | |
* | Community Health Systems Inc. | 740,775 | 8,793 |
* | Vir Biotechnology Inc. | 321,884 | 8,279 |
* | Doximity Inc. Class A | 144,166 | 7,510 |
* | Ionis Pharmaceuticals Inc. | 181,050 | 6,706 |
* | Exelixis Inc. | 281,608 | 6,384 |
Bio-Techne Corp. | 14,521 | 6,288 | |
* | Allscripts Healthcare Solutions Inc. | 266,401 | 5,999 |
* | Corcept Therapeutics Inc. | 265,565 | 5,981 |
Select Medical Holdings Corp. | 247,436 | 5,936 | |
* | Maravai LifeSciences Holdings Inc. Class A | 165,646 | 5,842 |
* | Deciphera Pharmaceuticals Inc. | 621,012 | 5,757 |
* | Quidel Corp. | 51,015 | 5,737 |
* | Shockwave Medical Inc. | 27,254 | 5,651 |
* | MEDNAX Inc. | 201,885 | 4,740 |
* | Globus Medical Inc. Class A | 60,647 | 4,475 |
* | Inspire Medical Systems Inc. | 17,284 | 4,437 |
* | Endo International plc | 1,850,583 | 4,275 |
* | Henry Schein Inc. | 48,864 | 4,260 |
* | Travere Thrapeutics Inc. | 162,959 | 4,199 |
* | Agenus Inc. | 1,694,047 | 4,167 |
* | Theravance Biopharma Inc. | 389,911 | 3,728 |
* | PTC Therapeutics Inc. | 94,719 | 3,534 |
*,1 | Clovis Oncology Inc. | 1,679,012 | 3,392 |
* | Option Care Health Inc. | 112,694 | 3,219 |
* | Bluebird Bio Inc. | 639,512 | 3,102 |
* | Multiplan Corp. | 628,932 | 2,943 |
* | Prestige Consumer Healthcare Inc. | 54,373 | 2,879 |
* | MacroGenics Inc. | 326,422 | 2,876 |
* | Novavax Inc. | 38,357 | 2,825 |
* | Syneos Health Inc. | 34,615 | 2,802 |
* | Cara Therapeutics Inc. | 215,399 | 2,617 |
* | Joint Corp. | 66,951 | 2,369 |
* | 2seventy bio Inc. | 132,412 | 2,259 |
* | Glaukos Corp. | 37,323 | 2,158 |
* | Masimo Corp. | 13,334 | 1,941 |
* | Apellis Pharmaceuticals Inc. | 35,893 | 1,824 |
*,1 | Co-Diagnostics Inc. | 289,221 | 1,787 |
Shares | Market Value• ($000) | ||
* | NuVasive Inc. | 30,448 | 1,726 |
* | Puma Biotechnology Inc. | 540,434 | 1,556 |
* | Sangamo Therapeutics Inc. | 247,844 | 1,440 |
* | Seres Therapeutics Inc. | 195,204 | 1,390 |
* | Figs Inc. Class A | 63,744 | 1,372 |
* | Emergent BioSolutions Inc. | 33,247 | 1,365 |
* | Prothena Corp. plc | 37,057 | 1,355 |
* | Akebia Therapeutics Inc. | 1,833,311 | 1,316 |
* | Atea Pharmaceuticals Inc. | 179,625 | 1,297 |
* | iTeos Therapeutics Inc. | 39,840 | 1,282 |
* | Organogenesis Holdings Inc. Class A | 116,256 | 886 |
983,783 | |||
Industrials (13.8%) | |||
WW Grainger Inc. | 128,617 | 66,339 | |
* | United Rentals Inc. | 177,872 | 63,182 |
AGCO Corp. | 374,536 | 54,694 | |
Robert Half International Inc. | 452,981 | 51,721 | |
Dover Corp. | 325,574 | 51,083 | |
Owens Corning | 551,838 | 50,493 | |
Allison Transmission Holdings Inc. | 1,109,545 | 43,561 | |
* | Atkore Inc. | 398,599 | 39,238 |
Triton International Ltd. | 508,324 | 35,674 | |
* | CACI International Inc. Class A | 107,067 | 32,255 |
Expeditors International of Washington Inc. | 297,183 | 30,657 | |
Rush Enterprises Inc. Class A | 549,336 | 27,967 | |
* | Alaska Air Group Inc. | 452,735 | 26,263 |
Ryder System Inc. | 324,376 | 25,733 | |
ManpowerGroup Inc. | 260,534 | 24,469 | |
GrafTech International Ltd. | 2,449,929 | 23,568 | |
EMCOR Group Inc. | 194,868 | 21,948 | |
UFP Industries Inc. | 283,876 | 21,904 | |
Booz Allen Hamilton Holding Corp. Class A | 239,109 | 21,003 | |
Matson Inc. | 173,360 | 20,911 | |
Boise Cascade Co. | 294,104 | 20,431 | |
JB Hunt Transport Services Inc. | 97,255 | 19,528 | |
Terex Corp. | 544,415 | 19,414 | |
Wabash National Corp. | 1,183,418 | 17,562 | |
ManTech International Corp. Class A | 187,207 | 16,135 | |
MDU Resources Group Inc. | 590,659 | 15,741 | |
* | Clean Harbors Inc. | 138,942 | 15,512 |
Acuity Brands Inc. | 78,221 | 14,807 | |
* | Copart Inc. | 100,311 | 12,586 |
Korn Ferry | 183,939 | 11,945 | |
Old Dominion Freight Line Inc. | 39,825 | 11,895 | |
Huntington Ingalls Industries Inc. | 56,115 | 11,192 | |
Encore Wire Corp. | 97,554 | 11,128 | |
AECOM | 142,934 | 10,979 | |
Allegion plc | 99,705 | 10,946 | |
* | Beacon Roofing Supply Inc. | 183,512 | 10,879 |
* | TrueBlue Inc. | 360,610 | 10,418 |
Fortune Brands Home & Security Inc. | 114,190 | 8,482 | |
Tetra Tech Inc. | 43,845 | 7,232 | |
Landstar System Inc. | 41,599 | 6,274 | |
Primoris Services Corp. | 256,929 | 6,120 |
Shares | Market Value• ($000) | ||
* | Quad/Graphics Inc. | 845,269 | 5,866 |
* | Saia Inc. | 23,935 | 5,836 |
* | Aerojet Rocketdyne Holdings Inc. | 148,273 | 5,835 |
* | Univar Solutions Inc. | 168,196 | 5,406 |
Lincoln Electric Holdings Inc. | 36,550 | 5,037 | |
* | GEO Group Inc. | 759,398 | 5,020 |
* | SkyWest Inc. | 171,669 | 4,953 |
* | Lyft Inc. Class A | 122,288 | 4,696 |
* | Middleby Corp. | 27,444 | 4,499 |
ABM Industries Inc. | 97,487 | 4,488 | |
Ennis Inc. | 238,646 | 4,408 | |
Schneider National Inc. Class B | 171,233 | 4,366 | |
* | Avis Budget Group Inc. | 16,249 | 4,278 |
ArcBest Corp. | 47,851 | 3,852 | |
* | TriNet Group Inc. | 36,329 | 3,573 |
* | MYR Group Inc. | 33,729 | 3,172 |
Watts Water Technologies Inc. Class A | 21,211 | 2,961 | |
* | JELD-WEN Holding Inc. | 138,961 | 2,818 |
* | Driven Brands Holdings Inc. | 104,065 | 2,735 |
Donaldson Co. Inc. | 47,743 | 2,479 | |
Mueller Industries Inc. | 38,206 | 2,070 | |
AMERCO | 3,232 | 1,929 | |
EnerSys | 25,573 | 1,907 | |
Simpson Manufacturing Co. Inc. | 16,888 | 1,841 | |
Watsco Inc. | 5,502 | 1,676 | |
Werner Enterprises Inc. | 34,895 | 1,431 | |
Pitney Bowes Inc. | 246,432 | 1,281 | |
* | AZEK Co. Inc. Class A | 48,327 | 1,200 |
1,101,482 | |||
Information Technology (15.8%) | |||
CDW Corp. | 324,347 | 58,022 | |
Jabil Inc. | 850,749 | 52,517 | |
* | Synopsys Inc. | 145,877 | 48,616 |
* | Cadence Design Systems Inc. | 285,946 | 47,027 |
* | Manhattan Associates Inc. | 332,808 | 46,164 |
* | GoDaddy Inc. Class A | 540,909 | 45,274 |
* | Dropbox Inc. Class A | 1,945,194 | 45,226 |
* | Arrow Electronics Inc. | 354,245 | 42,024 |
* | Nutanix Inc. Class A | 1,548,331 | 41,526 |
* | Gartner Inc. | 136,246 | 40,528 |
* | ON Semiconductor Corp. | 634,161 | 39,705 |
* | Box Inc. Class A | 1,351,820 | 39,284 |
* | Fortinet Inc. | 110,808 | 37,868 |
* | Flex Ltd. | 1,952,819 | 36,225 |
* | Cirrus Logic Inc. | 388,325 | 32,926 |
Amkor Technology Inc. | 1,496,563 | 32,505 | |
* | Fair Isaac Corp. | 69,495 | 32,417 |
Avnet Inc. | 785,963 | 31,902 | |
* | Pure Storage Inc. Class A | 893,449 | 31,548 |
* | Teradata Corp. | 617,173 | 30,420 |
* | EPAM Systems Inc. | 97,321 | 28,866 |
* | Western Digital Corp. | 570,308 | 28,316 |
* | Zebra Technologies Corp. Class A | 64,847 | 26,827 |
* | CommScope Holding Co. Inc. | 3,136,162 | 24,713 |
CSG Systems International Inc. | 379,725 | 24,139 | |
* | Unisys Corp. | 1,001,495 | 21,642 |
Concentrix Corp. | 120,225 | 20,025 |
Shares | Market Value• ($000) | ||
* | Advanced Micro Devices Inc. | 133,652 | 14,614 |
* | Alpha & Omega Semiconductor Ltd. | 263,508 | 14,401 |
* | SMART Global Holdings Inc. | 538,756 | 13,916 |
* | Domo Inc. Class B | 270,230 | 13,666 |
Kulicke & Soffa Industries Inc. | 231,700 | 12,980 | |
* | CommVault Systems Inc. | 189,071 | 12,545 |
* | Alarm.com Holdings Inc. | 181,943 | 12,092 |
* | Ultra Clean Holdings Inc. | 274,207 | 11,624 |
* | Tenable Holdings Inc. | 188,526 | 10,895 |
Maximus Inc. | 139,654 | 10,467 | |
* | Avaya Holdings Corp. | 724,251 | 9,176 |
* | MongoDB Inc. Class A | 19,562 | 8,677 |
* | Elastic NV | 97,231 | 8,649 |
* | Diodes Inc. | 83,006 | 7,221 |
* | Axcelis Technologies Inc. | 92,338 | 6,974 |
* | Extreme Networks Inc. | 560,639 | 6,845 |
* | 8x8 Inc. | 528,940 | 6,659 |
* | Everbridge Inc. | 149,118 | 6,507 |
* | MaxLinear Inc. | 104,806 | 6,115 |
Monolithic Power Systems Inc. | 12,445 | 6,044 | |
* | ExlService Holdings Inc. | 41,603 | 5,960 |
* | Ichor Holdings Ltd. | 161,689 | 5,759 |
* | Workiva Inc. Class A | 47,517 | 5,607 |
* | Cohu Inc. | 177,965 | 5,268 |
* | LiveRamp Holdings Inc. | 139,150 | 5,203 |
SS&C Technologies Holdings Inc. | 65,077 | 4,882 | |
MKS Instruments Inc. | 31,520 | 4,728 | |
* | Semtech Corp. | 66,867 | 4,637 |
* | Verint Systems Inc. | 74,603 | 3,857 |
Dolby Laboratories Inc. Class A | 43,310 | 3,388 | |
* | DXC Technology Co. | 100,406 | 3,276 |
* | Fabrinet | 30,349 | 3,191 |
Seagate Technology Holdings plc | 34,791 | 3,128 | |
* | MACOM Technology Solutions Holdings Inc. Class H | 43,328 | 2,594 |
* | HubSpot Inc. | 4,977 | 2,364 |
* | Yext Inc. | 335,792 | 2,314 |
* | Ambarella Inc. | 21,830 | 2,290 |
* | Kyndryl Holdings Inc. | 98,464 | 1,292 |
* | Duck Creek Technologies Inc. | 56,207 | 1,243 |
* | RingCentral Inc. Class A | 9,080 | 1,064 |
1,258,364 | |||
Materials (6.0%) | |||
Westlake Corp. | 446,834 | 55,139 | |
Mosaic Co. | 793,226 | 52,749 | |
Reliance Steel & Aluminum Co. | 266,674 | 48,895 | |
Packaging Corp. of America | 288,910 | 45,102 | |
Louisiana-Pacific Corp. | 658,268 | 40,892 | |
Olin Corp. | 735,695 | 38,462 | |
CF Industries Holdings Inc. | 371,228 | 38,259 | |
Commercial Metals Co. | 669,305 | 27,856 | |
Huntsman Corp. | 623,760 | 23,397 | |
Steel Dynamics Inc. | 213,744 | 17,833 | |
Alcoa Corp. | 174,019 | 15,667 | |
Greif Inc. Class A | 190,188 | 12,374 |
Shares | Market Value• ($000) | ||
* | TimkenSteel Corp. | 527,947 | 11,551 |
* | O-I Glass Inc. | 819,103 | 10,796 |
Warrior Met Coal Inc. | 244,867 | 9,087 | |
Celanese Corp. Class A | 54,285 | 7,756 | |
Westrock Co. | 134,983 | 6,348 | |
Chemours Co. | 148,165 | 4,664 | |
Sonoco Products Co. | 47,280 | 2,958 | |
Tronox Holdings plc Class A | 103,651 | 2,051 | |
* | Sylvamo Corp. | 60,571 | 2,016 |
Schnitzer Steel Industries Inc. Class A | 35,635 | 1,851 | |
475,703 | |||
Real Estate (8.8%) | |||
Extra Space Storage Inc. | 337,777 | 69,447 | |
Life Storage Inc. | 405,173 | 56,898 | |
CubeSmart | 980,528 | 51,017 | |
Gaming and Leisure Properties Inc. | 1,056,457 | 49,580 | |
Brixmor Property Group Inc. | 1,674,709 | 43,224 | |
Lamar Advertising Co. Class A | 345,902 | 40,187 | |
Invitation Homes Inc. | 930,237 | 37,377 | |
Sabra Health Care REIT Inc. | 1,995,495 | 29,713 | |
Spirit Realty Capital Inc. | 644,811 | 29,674 | |
National Retail Properties Inc. | 611,582 | 27,485 | |
PotlatchDeltic Corp. | 425,263 | 22,424 | |
Mid-America Apartment Communities Inc. | 102,160 | 21,397 | |
Highwoods Properties Inc. | 401,112 | 18,347 | |
Apple Hospitality REIT Inc. | 1,002,484 | 18,015 | |
* | Xenia Hotels & Resorts Inc. | 800,179 | 15,436 |
Piedmont Office Realty Trust Inc. Class A | 788,343 | 13,575 | |
National Storage Affiliates Trust | 215,843 | 13,546 | |
Independence Realty Trust Inc. | 439,227 | 11,613 | |
SITE Centers Corp. | 685,882 | 11,461 | |
STORE Capital Corp. | 373,091 | 10,905 | |
Kite Realty Group Trust | 413,663 | 9,419 | |
EPR Properties | 165,461 | 9,052 | |
Uniti Group Inc. | 654,305 | 9,003 | |
WP Carey Inc. | 110,361 | 8,922 | |
Outfront Media Inc. | 288,202 | 8,194 | |
Tanger Factory Outlet Centers Inc. | 449,077 | 7,720 | |
Camden Property Trust | 45,204 | 7,513 | |
Apartment Income REIT Corp. | 121,118 | 6,475 | |
Universal Health Realty Income Trust | 94,854 | 5,537 | |
Iron Mountain Inc. | 96,642 | 5,355 | |
Brandywine Realty Trust | 315,072 | 4,455 | |
Omega Healthcare Investors Inc. | 126,032 | 3,927 | |
Kilroy Realty Corp. | 50,879 | 3,888 | |
Regency Centers Corp. | 49,745 | 3,549 | |
First Industrial Realty Trust Inc. | 54,630 | 3,382 | |
RLJ Lodging Trust | 215,196 | 3,030 | |
Federal Realty Investment Trust | 21,422 | 2,615 | |
Essential Properties Realty Trust Inc. | 99,533 | 2,518 | |
* | Redfin Corp. | 116,425 | 2,100 |
Shares | Market Value• ($000) | ||
* | DiamondRock Hospitality Co. | 166,411 | 1,681 |
699,656 | |||
Utilities (4.7%) | |||
AES Corp. | 2,263,549 | 58,241 | |
NiSource Inc. | 1,701,017 | 54,092 | |
Evergy Inc. | 726,903 | 49,676 | |
UGI Corp. | 1,021,362 | 36,994 | |
Portland General Electric Co. | 399,183 | 22,015 | |
National Fuel Gas Co. | 274,186 | 18,837 | |
NRG Energy Inc. | 437,220 | 16,772 | |
Vistra Corp. | 685,898 | 15,947 | |
PPL Corp. | 527,605 | 15,068 | |
Hawaiian Electric Industries Inc. | 327,937 | 13,875 | |
Constellation Energy Corp. | 238,198 | 13,399 | |
New Jersey Resources Corp. | 209,403 | 9,603 | |
Alliant Energy Corp. | 127,065 | 7,939 | |
Southwest Gas Holdings Inc. | 97,383 | 7,624 | |
CMS Energy Corp. | 105,561 | 7,383 | |
FirstEnergy Corp. | 122,100 | 5,599 | |
* | PG&E Corp. | 430,701 | 5,143 |
IDACORP Inc. | 34,566 | 3,987 | |
ALLETE Inc. | 55,656 | 3,728 | |
American States Water Co. | 39,964 | 3,558 | |
Pinnacle West Capital Corp. | 45,247 | 3,534 |
Shares | Market Value• ($000) | ||
DTE Energy Co. | 20,187 | 2,669 | |
Ameren Corp. | 19,304 | 1,810 | |
377,493 | |||
Total Common Stocks (Cost $6,380,646) | 7,926,365 | ||
Temporary Cash Investments (0.5%) | |||
Money Market Fund (0.5%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.312% (Cost $42,394) | 424,049 | 42,401 |
Total Investments (100.0%) (Cost $6,423,040) | 7,968,766 | ||
Other Assets and Liabilities—Net (0.0%) | (1,135) | ||
Net Assets (100%) | 7,967,631 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $7,676,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $8,005,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | June 2022 | 156 | 16,118 | 255 |
E-mini S&P 500 Index | June 2022 | 54 | 12,233 | 443 |
E-mini S&P Mid-Cap 400 Index | June 2022 | 49 | 13,177 | 182 |
880 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $6,380,646) | 7,926,365 |
Affiliated Issuers (Cost $42,394) | 42,401 |
Total Investments in Securities | 7,968,766 |
Investment in Vanguard | 268 |
Cash Collateral Pledged—Futures Contracts | 2,273 |
Receivables for Investment Securities Sold | 438 |
Receivables for Accrued Income | 6,430 |
Receivables for Capital Shares Issued | 2,755 |
Total Assets | 7,980,930 |
Liabilities | |
Due to Custodian | 439 |
Payables for Investment Securities Purchased | 7 |
Collateral for Securities on Loan | 8,005 |
Payables for Capital Shares Redeemed | 3,712 |
Payables to Vanguard | 596 |
Variation Margin Payable—Futures Contracts | 540 |
Total Liabilities | 13,299 |
Net Assets | 7,967,631 |
1 Includes $7,676 of securities on loan. | |
At March 31, 2022, net assets consisted of: | |
Paid-in Capital | 5,914,248 |
Total Distributable Earnings (Loss) | 2,053,383 |
Net Assets | 7,967,631 |
Net Assets | |
Applicable to 212,528,297 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,967,631 |
Net Asset Value Per Share | $37.49 |
Six Months Ended March 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 57,927 |
Interest1 | 22 |
Securities Lending—Net | 234 |
Total Income | 58,183 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 352 |
Management and Administrative | 6,082 |
Marketing and Distribution | 340 |
Custodian Fees | 19 |
Shareholders’ Reports | 42 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 8 |
Total Expenses | 6,845 |
Net Investment Income | 51,338 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 570,657 |
Futures Contracts | (3,131) |
Realized Net Gain (Loss) | 567,526 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (310,019) |
Futures Contracts | 2,112 |
Change in Unrealized Appreciation (Depreciation) | (307,907) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 310,957 |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $21,000, ($5,000), $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 51,338 | 85,384 | |
Realized Net Gain (Loss) | 567,526 | 1,437,747 | |
Change in Unrealized Appreciation (Depreciation) | (307,907) | 1,161,519 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 310,957 | 2,684,650 | |
Distributions | |||
Total Distributions | (1,479,168) | (118,963) | |
Capital Share Transactions | |||
Issued | 470,214 | 934,119 | |
Issued in Lieu of Cash Distributions | 1,370,549 | 110,108 | |
Redeemed | (570,634) | (1,580,498) | |
Net Increase (Decrease) from Capital Share Transactions | 1,270,129 | (536,271) | |
Total Increase (Decrease) | 101,918 | 2,029,416 | |
Net Assets | |||
Beginning of Period | 7,865,713 | 5,836,297 | |
End of Period | 7,967,631 | 7,865,713 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2022 | Year Ended September 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $44.07 | $30.31 | $31.87 | $37.21 | $34.89 | $30.41 |
Investment Operations | ||||||
Net Investment Income1 | .259 | .465 | .459 | .449 | .392 | .504 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.442 | 13.937 | (1.041) | (2.980) | 4.781 | 4.988 |
Total from Investment Operations | 1.701 | 14.402 | (.582) | (2.531) | 5.173 | 5.492 |
Distributions | ||||||
Dividends from Net Investment Income | (.526) | (.479) | (.444) | (.395) | (.460) | (.509) |
Distributions from Realized Capital Gains | (7.755) | (.163) | (.534) | (2.414) | (2.393) | (.503) |
Total Distributions | (8.281) | (.642) | (.978) | (2.809) | (2.853) | (1.012) |
Net Asset Value, End of Period | $37.49 | $44.07 | $30.31 | $31.87 | $37.21 | $34.89 |
Total Return2 | 4.03% | 47.98% | -2.09% | -5.63% | 15.63% | 18.28% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $7,968 | $7,866 | $5,836 | $7,098 | $7,946 | $7,051 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.18% |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.15% | 1.53% | 1.42% | 1.10% | 1.53% |
Portfolio Turnover Rate | 30% | 59% | 61% | 60% | 82% | 81% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
D. | As of March 31, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 6,424,644 |
Gross Unrealized Appreciation | 1,913,233 |
Gross Unrealized Depreciation | (368,231) |
Net Unrealized Appreciation (Depreciation) | 1,545,002 |
E. | During the six months ended March 31, 2022, the fund purchased $2,384,270,000 of investment securities and sold $2,529,913,000 of investment securities, other than temporary cash investments. |
F. | Capital shares issued and redeemed were: |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 11,542 | 22,762 | |
Issued in Lieu of Cash Distributions | 36,882 | 3,045 | |
Redeemed | (14,394) | (39,868) | |
Net Increase (Decrease) in Shares Outstanding | 34,030 | (14,061) |
G. | Management has determined that no events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 17 |
Liquidity Risk Management | 19 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2022 | |||
Beginning Account Value 9/30/2021 | Ending Account Value 3/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Capital Opportunity Fund | |||
Investor Shares | $1,000.00 | $982.60 | $2.13 |
Admiral™ Shares | 1,000.00 | 982.90 | 1.78 |
Based on Hypothetical 5% Yearly Return | |||
Capital Opportunity Fund | |||
Investor Shares | $1,000.00 | $1,022.79 | $2.17 |
Admiral Shares | 1,000.00 | 1,023.14 | 1.82 |
Communication Services | 5.6% |
Consumer Discretionary | 11.7 |
Energy | 3.1 |
Financials | 8.8 |
Health Care | 29.9 |
Industrials | 12.8 |
Information Technology | 27.8 |
Materials | 0.3 |
Shares | Market Value• ($000) | ||
Common Stocks (96.8%) | |||
Communication Services (5.5%) | |||
* | Alphabet Inc. Class A | 122,840 | 341,661 |
* | Alphabet Inc. Class C | 108,580 | 303,263 |
* | Baidu Inc. ADR | 1,633,600 | 216,125 |
* | Meta Platforms Inc. Class A | 285,400 | 63,462 |
Electronic Arts Inc. | 380,200 | 48,099 | |
* | Pinterest Inc. Class A | 1,382,000 | 34,011 |
* | Live Nation Entertainment Inc. | 153,850 | 18,099 |
* | Take-Two Interactive Software Inc. | 95,000 | 14,605 |
* | Roblox Corp. Class A | 246,900 | 11,417 |
* | Walt Disney Co. | 81,657 | 11,200 |
* | ZoomInfo Technologies Inc. Class A | 174,700 | 10,437 |
* | Snap Inc. Class A | 23,000 | 828 |
* | Madison Square Garden Sports Corp. | 3,100 | 556 |
* | Madison Square Garden Entertainment Corp. | 3,100 | 258 |
1,074,021 | |||
Consumer Discretionary (11.3%) | |||
* | Tesla Inc. | 509,430 | 548,962 |
* | Alibaba Group Holding Ltd. ADR | 2,419,200 | 263,209 |
* | Amazon.com Inc. | 72,200 | 235,368 |
TJX Cos. Inc. | 2,772,200 | 167,940 | |
* | CarMax Inc. | 1,722,697 | 166,206 |
Sony Group Corp. ADR | 1,488,125 | 152,845 | |
* | XPeng Inc. Class A ADR | 4,869,419 | 134,347 |
* | Entain plc | 5,504,664 | 117,916 |
* | Royal Caribbean Cruises Ltd. | 839,300 | 70,317 |
* | Capri Holdings Ltd. | 1,250,000 | 64,237 |
* | Carnival Corp. | 2,522,045 | 50,996 |
Ross Stores Inc. | 406,400 | 36,763 | |
eBay Inc. | 567,000 | 32,466 | |
* | Burlington Stores Inc. | 138,150 | 25,167 |
* | Marriott International Inc. Class A | 112,500 | 19,772 |
* | Flutter Entertainment plc (XDUB) | 120,598 | 13,962 |
Restaurant Brands International Inc. | 234,900 | 13,716 | |
* | Ollie's Bargain Outlet Holdings Inc. | 310,890 | 13,356 |
Shares | Market Value• ($000) | ||
*,1 | Rivian Automotive Inc. Class A | 258,000 | 12,962 |
* | DoorDash Inc. Class A | 108,750 | 12,744 |
Newell Brands Inc. | 589,000 | 12,610 | |
* | Hilton Worldwide Holdings Inc. | 76,333 | 11,583 |
* | Norwegian Cruise Line Holdings Ltd. | 505,325 | 11,057 |
* | Las Vegas Sands Corp. | 258,500 | 10,048 |
* | Ulta Beauty Inc. | 23,000 | 9,159 |
* | AutoZone Inc. | 2,270 | 4,641 |
Whirlpool Corp. | 19,800 | 3,421 | |
Dollar General Corp. | 15,350 | 3,417 | |
Darden Restaurants Inc. | 22,900 | 3,045 | |
* | Five Below Inc. | 9,100 | 1,441 |
2,223,673 | |||
Energy (3.0%) | |||
Pioneer Natural Resources Co. | 1,020,323 | 255,111 | |
Hess Corp. | 1,686,674 | 180,542 | |
* | Transocean Ltd. (XNYS) | 11,836,496 | 54,093 |
EOG Resources Inc. | 366,621 | 43,712 | |
Coterra Energy Inc. | 1,163,350 | 31,376 | |
* | Southwestern Energy Co. | 3,325,000 | 23,840 |
* | TechnipFMC plc | 82,200 | 637 |
* | Technip Energies NV | 14,200 | 173 |
589,484 | |||
Financials (8.5%) | |||
Raymond James Financial Inc. | 2,796,800 | 307,396 | |
Morgan Stanley | 3,127,920 | 273,380 | |
Northern Trust Corp. | 1,719,351 | 200,218 | |
Bank of America Corp. | 4,246,317 | 175,033 | |
Charles Schwab Corp. | 2,034,970 | 171,568 | |
Wells Fargo & Co. | 3,264,895 | 158,217 | |
Goldman Sachs Group Inc. | 223,550 | 73,794 | |
CME Group Inc. | 286,154 | 68,065 | |
Discover Financial Services | 555,900 | 61,255 | |
JPMorgan Chase & Co. | 362,900 | 49,471 | |
Progressive Corp. | 281,700 | 32,111 | |
MarketAxess Holdings Inc. | 93,570 | 31,833 | |
Tradeweb Markets Inc. Class A | 344,900 | 30,306 | |
LPL Financial Holdings Inc. | 153,900 | 28,114 |
Shares | Market Value• ($000) | ||
Citigroup Inc. | 71,200 | 3,802 | |
1,664,563 | |||
Health Care (28.9%) | |||
Eli Lilly & Co. | 3,876,778 | 1,110,193 | |
Amgen Inc. | 2,169,209 | 524,558 | |
* | Biogen Inc. | 2,074,888 | 436,972 |
* | BioMarin Pharmaceutical Inc. | 5,189,400 | 400,103 |
* | BioNTech SE ADR | 2,082,036 | 355,112 |
Thermo Fisher Scientific Inc. | 499,508 | 295,034 | |
* | Seagen Inc. | 1,831,092 | 263,769 |
Bristol-Myers Squibb Co. | 3,163,450 | 231,027 | |
Novartis AG ADR | 2,312,230 | 202,898 | |
* | Boston Scientific Corp. | 4,163,206 | 184,388 |
* | BeiGene Ltd. ADR | 962,871 | 181,598 |
* | Edwards Lifesciences Corp. | 1,478,100 | 174,002 |
AstraZeneca plc ADR | 2,143,160 | 142,177 | |
* | Elanco Animal Health Inc. (XNYS) | 5,364,166 | 139,951 |
Roche Holding AG | 337,338 | 133,472 | |
* | LivaNova plc | 1,595,840 | 130,588 |
PerkinElmer Inc. | 659,720 | 115,095 | |
* | Illumina Inc. | 326,620 | 114,121 |
* | Charles River Laboratories International Inc. | 299,500 | 85,049 |
* | QIAGEN NV | 1,682,189 | 82,427 |
Zimmer Biomet Holdings Inc. | 614,810 | 78,634 | |
* | Alkermes plc | 2,903,480 | 76,391 |
Abbott Laboratories | 520,600 | 61,618 | |
* | FibroGen Inc. | 4,435,971 | 53,320 |
Agilent Technologies Inc. | 206,780 | 27,363 | |
* | Allogene Therapeutics Inc. | 2,856,780 | 26,025 |
Medtronic plc | 149,500 | 16,587 | |
Danaher Corp. | 32,367 | 9,494 | |
Alcon Inc. | 118,960 | 9,437 | |
2 | Siemens Healthineers AG | 133,680 | 8,284 |
* | Omnicell Inc. | 40,130 | 5,197 |
* | Bridgebio Pharma Inc. | 340,900 | 3,460 |
* | Guardant Health Inc. | 49,883 | 3,304 |
* | Repligen Corp. | 12,870 | 2,421 |
* | ImmunoGen Inc. | 508,127 | 2,419 |
* | IQVIA Holdings Inc. | 9,292 | 2,148 |
* | Waters Corp. | 5,796 | 1,799 |
Zimvie Inc. | 61,481 | 1,404 | |
Cerner Corp. | 9,400 | 880 | |
Humana Inc. | 1,575 | 685 | |
* | Adaptive Biotechnologies Corp. | 28,100 | 390 |
5,693,794 | |||
Industrials (12.4%) | |||
FedEx Corp. | 1,596,174 | 369,339 | |
* | Southwest Airlines Co. | 8,020,919 | 367,358 |
AECOM | 4,709,130 | 361,708 | |
Jacobs Engineering Group Inc. | 2,038,129 | 280,875 | |
* | United Airlines Holdings Inc. | 3,642,163 | 168,851 |
* | Airbus SE | 1,375,391 | 165,966 |
* | Delta Air Lines Inc. | 2,876,990 | 113,842 |
* | American Airlines Group Inc. | 4,941,720 | 90,186 |
Shares | Market Value• ($000) | ||
* | JetBlue Airways Corp. | 5,464,750 | 81,698 |
* | TransDigm Group Inc. | 114,619 | 74,679 |
* | Lyft Inc. Class A | 1,235,165 | 47,430 |
Curtiss-Wright Corp. | 314,700 | 47,255 | |
Textron Inc. | 587,750 | 43,717 | |
Old Dominion Freight Line Inc. | 135,200 | 40,382 | |
IDEX Corp. | 199,950 | 38,336 | |
*,1 | Aurora Innovation Inc. | 6,540,000 | 36,559 |
* | Ryanair Holdings plc ADR | 250,000 | 21,780 |
* | Uber Technologies Inc. | 595,600 | 21,251 |
Union Pacific Corp. | 60,000 | 16,393 | |
AMETEK Inc. | 110,000 | 14,650 | |
Carrier Global Corp. | 300,000 | 13,761 | |
Caterpillar Inc. | 60,000 | 13,369 | |
Rockwell Automation Inc. | 40,000 | 11,201 | |
*,1 | TuSimple Holdings Inc. Class A | 82,200 | 1,003 |
2,441,589 | |||
Information Technology (26.9%) | |||
Microsoft Corp. | 1,527,420 | 470,919 | |
Micron Technology Inc. | 4,969,667 | 387,087 | |
KLA Corp. | 889,520 | 325,618 | |
* | Splunk Inc. | 2,166,650 | 321,986 |
* | Flex Ltd. | 16,009,012 | 296,967 |
Texas Instruments Inc. | 1,573,480 | 288,702 | |
ASML Holding NV GDR (Registered) | 412,967 | 275,833 | |
* | Adobe Inc. | 602,700 | 274,602 |
* | Trimble Inc. | 3,360,381 | 242,418 |
NetApp Inc. | 2,890,300 | 239,895 | |
NVIDIA Corp. | 539,240 | 147,137 | |
* | Descartes Systems Group Inc. | 1,987,665 | 145,616 |
Intel Corp. | 2,935,350 | 145,476 | |
Entegris Inc. | 1,089,000 | 142,942 | |
Universal Display Corp. | 814,814 | 136,033 | |
QUALCOMM Inc. | 888,100 | 135,720 | |
Corning Inc. | 3,612,924 | 133,353 | |
Visa Inc. Class A | 562,400 | 124,724 | |
* | Wolfspeed Inc. | 774,200 | 88,150 |
Intuit Inc. | 171,100 | 82,272 | |
Jabil Inc. | 1,177,500 | 72,687 | |
HP Inc. | 1,854,500 | 67,318 | |
* | FormFactor Inc. | 1,585,841 | 66,653 |
* | PayPal Holdings Inc. | 487,010 | 56,323 |
* | WEX Inc. | 298,890 | 53,337 |
Telefonaktiebolaget LM Ericsson ADR | 5,596,100 | 51,148 | |
* | BlackBerry Ltd. | 6,813,076 | 50,826 |
Hewlett Packard Enterprise Co. | 2,988,200 | 49,933 | |
Teradyne Inc. | 391,300 | 46,263 | |
* | Unity Software Inc. | 436,884 | 43,343 |
Oracle Corp. | 513,000 | 42,441 | |
* | Autodesk Inc. | 177,600 | 38,069 |
* | Keysight Technologies Inc. | 201,000 | 31,752 |
* | Plantronics Inc. | 798,800 | 31,473 |
* | salesforce.com Inc. | 146,700 | 31,147 |
* | MongoDB Inc. Class A | 57,100 | 25,329 |
VMware Inc. Class A | 220,000 | 25,051 | |
* | Nutanix Inc. Class A | 842,400 | 22,593 |
Analog Devices Inc. | 90,600 | 14,965 |
Shares | Market Value• ($000) | ||
* | Crowdstrike Holdings Inc. Class A | 59,400 | 13,489 |
* | Palo Alto Networks Inc. | 20,700 | 12,886 |
* | Zoom Video Communications Inc. Class A | 93,400 | 10,949 |
Mastercard Inc. Class A | 28,600 | 10,221 | |
* | Western Digital Corp. | 199,783 | 9,919 |
*,1 | Gitlab Inc. Class A | 104,900 | 5,712 |
* | Cerence Inc. | 125,600 | 4,534 |
* | Nokia OYJ ADR | 540,000 | 2,948 |
Applied Materials Inc. | 10,700 | 1,410 | |
* | Okta Inc. | 3,000 | 453 |
* | DocuSign Inc. Class A | 3,600 | 386 |
* | HubSpot Inc. | 800 | 380 |
* | RingCentral Inc. Class A | 2,800 | 328 |
* | Arista Networks Inc. | 200 | 28 |
5,299,744 | |||
Materials (0.3%) | |||
* | Ivanhoe Mines Ltd. Class A | 4,733,900 | 44,152 |
Albemarle Corp. | 61,500 | 13,601 | |
57,753 | |||
Total Common Stocks (Cost $7,508,741) | 19,044,621 | ||
Temporary Cash Investments (3.3%) | |||
Money Market Fund (3.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.312% (Cost $647,523) | 6,476,693 | 647,604 |
Total Investments (100.1%) (Cost $8,156,264) | 19,692,225 | ||
Other Assets and Liabilities—Net (-0.1%) | (26,126) | ||
Net Assets (100%) | 19,666,099 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $25,276,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the aggregate value was $8,284,000, representing 0.0% of net assets. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $26,984,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $7,508,741) | 19,044,621 |
Affiliated Issuers (Cost $647,523) | 647,604 |
Total Investments in Securities | 19,692,225 |
Investment in Vanguard | 652 |
Receivables for Investment Securities Sold | 4,190 |
Receivables for Accrued Income | 14,742 |
Receivables for Capital Shares Issued | 6,066 |
Total Assets | 19,717,875 |
Liabilities | |
Due to Custodian | 2,452 |
Payables for Investment Securities Purchased | 4,192 |
Collateral for Securities on Loan | 26,984 |
Payables to Investment Advisor | 11,256 |
Payables for Capital Shares Redeemed | 5,736 |
Payables to Vanguard | 1,156 |
Total Liabilities | 51,776 |
Net Assets | 19,666,099 |
1 Includes $25,276 of securities on loan. | |
At March 31, 2022, net assets consisted of: | |
Paid-in Capital | 7,177,295 |
Total Distributable Earnings (Loss) | 12,488,804 |
Net Assets | 19,666,099 |
Investor Shares—Net Assets | |
Applicable to 18,238,068 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,430,209 |
Net Asset Value Per Share—Investor Shares | $78.42 |
Admiral Shares—Net Assets | |
Applicable to 100,749,475 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 18,235,890 |
Net Asset Value Per Share—Admiral Shares | $181.00 |
Six Months Ended March 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 92,405 |
Interest2 | 312 |
Securities Lending—Net | 712 |
Total Income | 93,429 |
Expenses | |
Investment Advisory Fees—Note B | 23,381 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 1,412 |
Management and Administrative—Admiral Shares | 11,685 |
Marketing and Distribution—Investor Shares | 64 |
Marketing and Distribution—Admiral Shares | 307 |
Custodian Fees | 338 |
Shareholders’ Reports—Investor Shares | 9 |
Shareholders’ Reports—Admiral Shares | 34 |
Trustees’ Fees and Expenses | 5 |
Other Expenses | 8 |
Total Expenses | 37,243 |
Net Investment Income | 56,186 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 1,139,839 |
Foreign Currencies | 138 |
Realized Net Gain (Loss) | 1,139,977 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,533,030) |
Purchase Commitments | 7,850 |
Foreign Currencies | (60) |
Change in Unrealized Appreciation (Depreciation) | (1,525,240) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (329,077) |
1 | Dividends are net of foreign withholding taxes of $1,706,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $312,000, ($30,000), $10,000, and ($31,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 56,186 | 79,229 | |
Realized Net Gain (Loss) | 1,139,977 | 1,940,699 | |
Change in Unrealized Appreciation (Depreciation) | (1,525,240) | 3,708,205 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (329,077) | 5,728,133 | |
Distributions | |||
Investor Shares | (149,097) | (141,974) | |
Admiral Shares | (1,902,569) | (1,495,145) | |
Total Distributions | (2,051,666) | (1,637,119) | |
Capital Share Transactions | |||
Investor Shares | 15,309 | (300,478) | |
Admiral Shares | 1,218,995 | 108,916 | |
Net Increase (Decrease) from Capital Share Transactions | 1,234,304 | (191,562) | |
Total Increase (Decrease) | (1,146,439) | 3,899,452 | |
Net Assets | |||
Beginning of Period | 20,812,538 | 16,913,086 | |
End of Period | 19,666,099 | 20,812,538 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2022 | Year Ended September 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $88.53 | $71.69 | $64.38 | $75.87 | $65.51 | $54.99 |
Investment Operations | ||||||
Net Investment Income1 | .202 | .276 | .454 | .549 | .428 | .429 |
Net Realized and Unrealized Gain (Loss) on Investments | (1.550) | 23.563 | 11.233 | (5.116) | 12.957 | 13.136 |
Total from Investment Operations | (1.348) | 23.839 | 11.687 | (4.567) | 13.385 | 13.565 |
Distributions | ||||||
Dividends from Net Investment Income | (.295) | (.334) | (.501) | (.473) | (.449) | (.370) |
Distributions from Realized Capital Gains | (8.467) | (6.665) | (3.876) | (6.450) | (2.576) | (2.675) |
Total Distributions | (8.762) | (6.999) | (4.377) | (6.923) | (3.025) | (3.045) |
Net Asset Value, End of Period | $78.42 | $88.53 | $71.69 | $64.38 | $75.87 | $65.51 |
Total Return2 | -1.74% | 34.75% | 18.52% | -5.01% | 21.03% | 25.77% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,430 | $1,585 | $1,518 | $1,684 | $2,065 | $2,182 |
Ratio of Total Expenses to Average Net Assets | 0.43% | 0.43% | 0.44% | 0.44% | 0.43% | 0.44% |
Ratio of Net Investment Income to Average Net Assets | 0.43% | 0.33% | 0.69% | 0.84% | 0.62% | 0.73% |
Portfolio Turnover Rate | 4% | 7% | 8% | 6% | 10% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2022 | Year Ended September 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $204.49 | $165.62 | $148.73 | $175.34 | $151.28 | $127.00 |
Investment Operations | ||||||
Net Investment Income1 | .537 | .775 | 1.148 | 1.374 | 1.103 | 1.084 |
Net Realized and Unrealized Gain (Loss) on Investments | (3.594) | 54.409 | 25.968 | (11.834) | 29.937 | 30.333 |
Total from Investment Operations | (3.057) | 55.184 | 27.116 | (10.460) | 31.040 | 31.417 |
Distributions | ||||||
Dividends from Net Investment Income | (.873) | (.916) | (1.270) | (1.241) | (1.030) | (.962) |
Distributions from Realized Capital Gains | (19.560) | (15.398) | (8.956) | (14.909) | (5.950) | (6.175) |
Total Distributions | (20.433) | (16.314) | (10.226) | (16.150) | (6.980) | (7.137) |
Net Asset Value, End of Period | $181.00 | $204.49 | $165.62 | $148.73 | $175.34 | $151.28 |
Total Return2 | -1.71% | 34.84% | 18.60% | -4.95% | 21.12% | 25.86% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $18,236 | $19,228 | $15,395 | $14,618 | $16,372 | $13,621 |
Ratio of Total Expenses to Average Net Assets | 0.36% | 0.36% | 0.37% | 0.37% | 0.36% | 0.37% |
Ratio of Net Investment Income to Average Net Assets | 0.50% | 0.40% | 0.76% | 0.91% | 0.69% | 0.80% |
Portfolio Turnover Rate | 4% | 7% | 8% | 6% | 10% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | PRIMECAP Management Company provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. For the six months ended March 31, 2022, the investment advisory fee represented an effective annual basic rate of 0.23% of the fund’s average net assets. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 18,604,848 | 439,773 | — | 19,044,621 |
Temporary Cash Investments | 647,604 | — | — | 647,604 |
Total | 19,252,452 | 439,773 | — | 19,692,225 |
E. | As of March 31, 2022, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 8,165,668 |
Gross Unrealized Appreciation | 12,129,823 |
Gross Unrealized Depreciation | (603,266) |
Net Unrealized Appreciation (Depreciation) | 11,526,557 |
F. | During the six months ended March 31, 2022, the fund purchased $812,354,000 of investment securities and sold $1,701,748,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 76,009 | 902 | 204,140 | 2,462 | |
Issued in Lieu of Cash Distributions | 133,246 | 1,662 | 132,306 | 1,724 | |
Redeemed | (193,946) | (2,228) | (636,924) | (7,454) | |
Net Increase (Decrease)—Investor Shares | 15,309 | 336 | (300,478) | (3,268) | |
Admiral Shares | |||||
Issued | 382,060 | 2,034 | 910,923 | 4,648 | |
Issued in Lieu of Cash Distributions | 1,647,505 | 8,903 | 1,313,964 | 7,417 | |
Redeemed | (810,570) | (4,216) | (2,115,971) | (10,991) | |
Net Increase (Decrease)—Admiral Shares | 1,218,995 | 6,721 | 108,916 | 1,074 |
H. | Management has determined that no events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 21 |
Liquidity Risk Management | 23 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2022 | |||
Global Equity Fund | Beginning Account Value 9/30/2021 | Ending Account Value 3/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $935.70 | $1.98 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.89 | 2.07 |
United States | 60.6% |
Japan | 5.3 |
United Kingdom | 4.9 |
China | 2.8 |
India | 2.6 |
Canada | 2.4 |
France | 2.1 |
Australia | 2.1 |
Taiwan | 2.0 |
Netherlands | 1.9 |
Ireland | 1.8 |
Hong Kong | 1.6 |
Sweden | 1.4 |
Denmark | 1.3 |
Switzerland | 1.2 |
Germany | 1.2 |
South Africa | 1.0 |
Other | 3.8 |
Shares | Market Value• ($000) | ||
Common Stocks (96.5%) | |||
Australia (2.0%) | |||
BHP Group Ltd. (XLON) | 2,422,017 | 93,923 | |
BHP Group Ltd. | 267,546 | 10,313 | |
Australia & New Zealand Banking Group Ltd. | 390,903 | 8,010 | |
Macquarie Group Ltd. | 37,049 | 5,603 | |
Santos Ltd. | 847,407 | 4,913 | |
QBE Insurance Group Ltd. | 562,982 | 4,828 | |
Cleanaway Waste Management Ltd. | 1,718,962 | 3,943 | |
Newcrest Mining Ltd. (XASX) | 178,944 | 3,616 | |
Evolution Mining Ltd. | 820,242 | 2,707 | |
BlueScope Steel Ltd. | 165,282 | 2,570 | |
ALS Ltd. | 246,761 | 2,450 | |
* | Qantas Airways Ltd. | 617,289 | 2,387 |
CSL Ltd. | 11,361 | 2,268 | |
Telstra Corp. Ltd. | 747,464 | 2,208 | |
James Hardie Industries plc GDR | 72,218 | 2,166 | |
carsales.com Ltd. | 139,666 | 2,162 | |
Aristocrat Leisure Ltd. | 73,054 | 1,983 | |
Beach Energy Ltd. | 1,563,132 | 1,824 | |
Brambles Ltd. | 241,041 | 1,779 | |
Orica Ltd. | 144,280 | 1,717 | |
Metcash Ltd. | 478,155 | 1,619 | |
* | AMP Ltd. | 1,947,287 | 1,397 |
Challenger Ltd. | 275,323 | 1,380 | |
IPH Ltd. | 173,948 | 1,030 | |
OZ Minerals Ltd. | 44,167 | 881 | |
GWA Group Ltd. | 418,193 | 775 | |
Domain Holdings Australia Ltd. | 107,247 | 318 | |
168,770 | |||
Austria (0.1%) | |||
Wienerberger AG | 247,826 | 7,483 | |
1 | Oesterreichische Post AG | 76,116 | 2,705 |
10,188 | |||
Belgium (0.0%) | |||
Anheuser-Busch InBev SA | 71,472 | 4,273 |
Shares | Market Value• ($000) | ||
Brazil (0.4%) | |||
B3 SA - Brasil Bolsa Balcao | 8,695,200 | 28,691 | |
Porto Seguro SA | 1,628,496 | 7,221 | |
35,912 | |||
Canada (2.3%) | |||
* | Shopify Inc. Class A (XTSE) | 60,535 | 40,919 |
Brookfield Asset Management Inc. Class A | 280,635 | 15,866 | |
Fairfax Financial Holdings Ltd. | 24,658 | 13,452 | |
Canadian Natural Resources Ltd. | 211,653 | 13,106 | |
Barrick Gold Corp. (XTSE) | 441,560 | 10,831 | |
Constellation Software Inc. | 5,731 | 9,797 | |
First Quantum Minerals Ltd. | 274,966 | 9,519 | |
Canadian Pacific Railway Ltd. (XTSE) | 112,704 | 9,302 | |
Loblaw Cos. Ltd. | 100,452 | 9,014 | |
Alimentation Couche Tard Inc. | 168,619 | 7,596 | |
Ritchie Bros Auctioneers Inc. | 105,124 | 6,209 | |
Franco-Nevada Corp. | 38,876 | 6,186 | |
Bank of Nova Scotia | 86,092 | 6,170 | |
SNC-Lavalin Group Inc. | 237,952 | 5,729 | |
*,2 | Spin Master Corp. | 150,752 | 5,191 |
PrairieSky Royalty Ltd. | 341,821 | 4,728 | |
Finning International Inc. | 146,428 | 4,409 | |
* | Air Canada Class A | 220,104 | 4,270 |
BCE Inc. | 61,765 | 3,424 | |
Gildan Activewear Inc. | 78,648 | 2,950 | |
Magna International Inc. | 44,946 | 2,886 | |
Rogers Communications Inc. Class B | 50,468 | 2,857 | |
194,411 |
Shares | Market Value• ($000) | ||
China (2.7%) | |||
* | Alibaba Group Holding Ltd. | 2,770,936 | 37,814 |
Ping An Insurance Group Co. of China Ltd. Class H | 4,715,500 | 32,966 | |
*,2 | Meituan Class B | 1,573,200 | 29,803 |
* | Li Auto Inc. ADR | 842,579 | 21,747 |
China Mengniu Dairy Co. Ltd. | 2,548,000 | 13,661 | |
* | Brilliance China Automotive Holdings Ltd. | 16,914,000 | 12,680 |
* | Midea Group Co. Ltd. Class A | 1,149,319 | 10,251 |
Zhongsheng Group Holdings Ltd. | 1,437,000 | 10,104 | |
* | Weichai Power Co. Ltd. Class H | 6,371,000 | 9,986 |
Li Ning Co. Ltd. | 1,134,500 | 9,634 | |
Shenzhou International Group Holdings Ltd. | 664,400 | 8,771 | |
2 | BOC Aviation Ltd. | 748,100 | 5,877 |
* | Tencent Music Entertainment Group ADR | 1,199,226 | 5,840 |
* | Vipshop Holdings Ltd. ADR | 608,656 | 5,478 |
* | Sany Heavy Industry Co. Ltd. Class A | 1,692,800 | 4,648 |
* | Baidu Inc. ADR | 34,755 | 4,598 |
* | KE Holdings Inc. ADR | 138,399 | 1,712 |
* | Skshu Paint Co. Ltd. Class A | 89,600 | 1,248 |
226,818 | |||
Denmark (1.2%) | |||
Novo Nordisk A/S Class B | 228,509 | 25,345 | |
* | Genmab A/S | 68,096 | 24,593 |
Vestas Wind Systems A/S | 487,678 | 14,306 | |
Coloplast A/S Class B | 75,552 | 11,442 | |
GN Store Nord A/S | 175,720 | 8,613 | |
* | Demant A/S | 172,994 | 7,829 |
Carlsberg A/S Class B | 50,575 | 6,209 | |
2 | Orsted A/S | 38,415 | 4,808 |
103,145 | |||
Finland (0.1%) | |||
Sampo OYJ Class A | 167,451 | 8,183 | |
Wartsila OYJ Abp | 431,651 | 3,941 | |
12,124 | |||
France (2.1%) | |||
Pernod Ricard SA | 340,818 | 74,881 | |
Eurofins Scientific SE | 176,106 | 17,421 | |
EssilorLuxottica SA | 59,679 | 10,915 | |
Schneider Electric SE | 56,008 | 9,403 | |
Legrand SA | 97,165 | 9,238 | |
Edenred | 182,173 | 9,007 | |
BNP Paribas SA | 147,305 | 8,418 | |
* | Ubisoft Entertainment SA | 184,936 | 8,127 |
Thales SA | 54,299 | 6,800 | |
AXA SA | 230,201 | 6,739 | |
ArcelorMittal SA (XAMS) | 134,326 | 4,303 |
Shares | Market Value• ($000) | ||
Alten SA | 27,651 | 4,173 | |
ArcelorMittal SA | 102,583 | 3,286 | |
* | JCDecaux SA | 109,992 | 2,600 |
Vicat SA | 38,822 | 1,316 | |
176,627 | |||
Germany (1.1%) | |||
adidas AG | 139,733 | 32,561 | |
Deutsche Boerse AG | 158,066 | 28,454 | |
* | HelloFresh SE | 152,957 | 6,865 |
Brenntag SE | 67,895 | 5,475 | |
Fresenius Medical Care AG & Co. KGaA | 78,875 | 5,286 | |
Volkswagen AG Preference Shares | 28,348 | 4,872 | |
BASF SE | 81,831 | 4,669 | |
Bayerische Motoren Werke AG | 38,974 | 3,368 | |
Stabilus SA | 53,908 | 2,675 | |
2 | Befesa SA | 31,137 | 2,447 |
96,672 | |||
Hong Kong (1.5%) | |||
AIA Group Ltd. | 8,653,800 | 90,362 | |
Techtronic Industries Co. Ltd. | 788,500 | 12,633 | |
* | Sands China Ltd. | 4,076,800 | 9,699 |
Jardine Matheson Holdings Ltd. | 77,300 | 4,241 | |
Galaxy Entertainment Group Ltd. | 519,000 | 3,071 | |
Stella International Holdings Ltd. | 2,390,673 | 2,323 | |
Swire Pacific Ltd. Class A | 353,500 | 2,150 | |
CK Hutchison Holdings Ltd. | 288,692 | 2,111 | |
ASM Pacific Technology Ltd. | 109,500 | 1,102 | |
* | Esprit Holdings Ltd. (XHKG) | 6,129,614 | 692 |
First Pacific Co. Ltd. | 1,337,250 | 540 | |
Johnson Electric Holdings Ltd. | 339,500 | 467 | |
129,391 | |||
India (2.6%) | |||
2 | Reliance Industries Ltd. GDR | 1,438,038 | 98,655 |
Housing Development Finance Corp. Ltd. | 1,778,452 | 55,609 | |
HDFC Bank Ltd. ADR | 283,529 | 17,389 | |
Tata Consultancy Services Ltd. | 313,938 | 15,429 | |
Infosys Ltd. ADR | 506,779 | 12,614 | |
Marico Ltd. | 977,714 | 6,481 | |
Havells India Ltd. | 392,165 | 5,937 | |
Dabur India Ltd. | 841,372 | 5,933 | |
218,047 | |||
Indonesia (0.2%) | |||
Bank Central Asia Tbk PT | 34,161,500 | 18,989 | |
Ireland (1.8%) | |||
* | Ryanair Holdings plc ADR | 817,647 | 71,233 |
CRH plc (XDUB) | 1,580,404 | 63,124 |
Shares | Market Value• ($000) | ||
* | Bank of Ireland Group plc | 1,107,453 | 7,043 |
* | Flutter Entertainment plc | 55,410 | 6,386 |
* | Flutter Entertainment plc (XDUB) | 20,310 | 2,351 |
* | Irish Continental Group plc | 454,423 | 1,939 |
*,3 | Irish Bank Resolution Corp. | 122,273 | — |
152,076 | |||
Italy (0.2%) | |||
1 | CNH Industrial NV | 642,669 | 10,123 |
UniCredit SpA | 396,492 | 4,277 | |
*,1 | Saipem SpA | 1,952,544 | 2,461 |
* | Iveco Group NV | 128,534 | 840 |
17,701 | |||
Japan (5.1%) | |||
Olympus Corp. | 3,126,000 | 59,246 | |
SMC Corp. | 66,700 | 37,285 | |
Sysmex Corp. | 426,100 | 30,861 | |
Denso Corp. | 379,100 | 24,187 | |
CyberAgent Inc. | 1,898,800 | 23,497 | |
Hitachi Ltd. | 336,300 | 16,830 | |
Nippon Telegraph & Telephone Corp. | 414,500 | 12,043 | |
Hoshizaki Corp. | 151,600 | 10,400 | |
Tokio Marine Holdings Inc. | 167,200 | 9,730 | |
ITOCHU Corp. | 278,500 | 9,421 | |
TDK Corp. | 257,600 | 9,293 | |
Toyota Motor Corp. | 462,300 | 8,339 | |
Seven & i Holdings Co. Ltd. | 174,300 | 8,310 | |
INFRONEER Holdings Inc. | 912,500 | 7,788 | |
SCSK Corp. | 454,400 | 7,770 | |
Nissan Chemical Corp. | 132,000 | 7,743 | |
Daiwa House Industry Co. Ltd. | 266,000 | 6,934 | |
Sumitomo Mitsui Trust Holdings Inc. | 208,100 | 6,773 | |
East Japan Railway Co. | 110,200 | 6,378 | |
Toyota Industries Corp. | 90,700 | 6,256 | |
Japan Post Holdings Co. Ltd. | 824,200 | 6,053 | |
NTT Data Corp. | 306,400 | 6,021 | |
Marui Group Co. Ltd. | 324,200 | 5,932 | |
Sumitomo Mitsui Financial Group Inc. | 186,900 | 5,904 | |
Sumitomo Metal Mining Co. Ltd. | 107,700 | 5,456 | |
Daifuku Co. Ltd. | 74,200 | 5,294 | |
KDDI Corp. | 155,500 | 5,098 | |
Air Water Inc. | 351,500 | 4,936 | |
Dai-ichi Life Holdings Inc. | 240,700 | 4,891 | |
Nintendo Co. Ltd. | 9,500 | 4,795 | |
Fukuoka Financial Group Inc. | 245,400 | 4,735 | |
Kyocera Corp. | 83,000 | 4,645 | |
Bridgestone Corp. | 116,900 | 4,538 | |
Persol Holdings Co. Ltd. | 200,700 | 4,497 | |
Yakult Honsha Co. Ltd. | 78,600 | 4,193 | |
Kirin Holdings Co. Ltd. | 279,900 | 4,181 |
Shares | Market Value• ($000) | ||
Sekisui Chemical Co. Ltd. | 281,100 | 4,028 | |
MatsukiyoCocokara & Co. | 107,000 | 3,785 | |
Omron Corp. | 55,700 | 3,707 | |
Daiwa Securities Group Inc. | 541,500 | 3,063 | |
Senko Group Holdings Co. Ltd. | 415,600 | 3,044 | |
TechnoPro Holdings Inc. | 111,300 | 3,007 | |
NSK Ltd. | 495,000 | 2,966 | |
NEC Corp. | 67,800 | 2,848 | |
Nomura Co. Ltd. | 368,600 | 2,763 | |
Takeda Pharmaceutical Co. Ltd. | 96,400 | 2,747 | |
Sumitomo Electric Industries Ltd. | 227,300 | 2,702 | |
Fuji Media Holdings Inc. | 271,600 | 2,601 | |
Taiheiyo Cement Corp. | 147,100 | 2,424 | |
Sawai Group Holdings Co. Ltd. | 57,700 | 2,107 | |
Aeon Delight Co. Ltd. | 75,700 | 1,881 | |
Alfresa Holdings Corp. | 135,300 | 1,875 | |
Miura Co. Ltd. | 35,600 | 877 | |
436,678 | |||
Luxembourg (0.0%) | |||
L'Occitane International SA | 512,630 | 1,651 | |
Mexico (0.2%) | |||
Grupo Aeroportuario del Pacifico SAB de CV Class B | 552,034 | 8,954 | |
Grupo Financiero Banorte SAB de CV Class O | 848,800 | 6,382 | |
15,336 | |||
Netherlands (1.8%) | |||
Prosus NV | 1,684,351 | 90,833 | |
*,2 | Adyen NV | 14,535 | 28,789 |
ASML Holding NV | 15,261 | 10,198 | |
Heineken NV | 69,261 | 6,623 | |
Koninklijke Ahold Delhaize NV | 177,596 | 5,712 | |
Boskalis Westminster | 118,036 | 4,227 | |
Koninklijke KPN NV | 1,178,251 | 4,089 | |
*,2 | Just Eat Takeaway.com NV | 72,802 | 2,442 |
152,913 | |||
New Zealand (0.0%) | |||
Fletcher Building Ltd. | 532,508 | 2,348 | |
Norway (0.7%) | |||
Schibsted ASA Class A | 836,918 | 20,628 | |
Equinor ASA | 401,247 | 14,981 | |
* | Adevinta ASA | 1,594,397 | 14,555 |
Schibsted ASA Class B | 205,592 | 4,386 | |
DNB Bank ASA | 173,767 | 3,929 | |
58,479 | |||
Peru (0.2%) | |||
Southern Copper Corp. | 203,532 | 15,448 |
Shares | Market Value• ($000) | ||
Russia (0.0%) | |||
3 | Sberbank of Russia PJSC ADR | 978,027 | — |
3 | X5 Retail Group NV GDR (Registered) | 227,797 | — |
*,3 | Mail.Ru Group Ltd. GDR (Registered) (XLON) | 128,137 | — |
3 | Severstal PAO GDR (Registered) | 520,152 | — |
— | |||
Singapore (0.8%) | |||
* | Sea Ltd. ADR | 406,820 | 48,733 |
DBS Group Holdings Ltd. | 299,700 | 7,853 | |
United Overseas Bank Ltd. | 181,200 | 4,240 | |
Singapore Telecommunications Ltd. | 1,086,700 | 2,110 | |
Great Eastern Holdings Ltd. | 133,200 | 2,095 | |
Delfi Ltd. | 1,548,100 | 871 | |
Singapore Land Group Ltd. | 132,100 | 247 | |
66,149 | |||
South Africa (1.0%) | |||
Naspers Ltd. Class N | 314,523 | 35,523 | |
Capitec Bank Holdings Ltd. | 63,680 | 10,142 | |
Bid Corp. Ltd. | 450,909 | 9,827 | |
Clicks Group Ltd. | 400,437 | 8,477 | |
African Rainbow Minerals Ltd. | 415,929 | 8,111 | |
Anglo American Platinum Ltd. | 52,547 | 7,187 | |
2 | Pepkor Holdings Ltd. | 4,173,704 | 6,605 |
85,872 | |||
South Korea (0.6%) | |||
Samsung Electronics Co. Ltd. | 287,508 | 16,452 | |
* | Coupang Inc. | 829,098 | 14,658 |
SK Hynix Inc. | 115,978 | 11,157 | |
Shinhan Financial Group Co. Ltd. | 253,818 | 8,622 | |
50,889 | |||
Spain (0.2%) | |||
Fluidra SA | 219,129 | 6,340 | |
Viscofan SA | 49,983 | 2,964 | |
2 | Gestamp Automocion SA | 384,786 | 1,343 |
CaixaBank SA | 388,495 | 1,318 | |
Acerinox SA | 111,275 | 1,219 | |
13,184 | |||
Sweden (1.3%) | |||
Atlas Copco AB Class B | 817,707 | 37,082 | |
Epiroc AB Class B | 1,594,898 | 28,795 | |
* | Spotify Technology SA | 76,830 | 11,603 |
Assa Abloy AB Class B | 348,098 | 9,357 | |
Swedish Match AB | 1,058,109 | 7,957 | |
Sandvik AB | 285,979 | 6,075 | |
* | Nordic Entertainment Group AB Class B | 127,594 | 5,152 |
Shares | Market Value• ($000) | ||
Svenska Handelsbanken AB Class A | 522,185 | 4,802 | |
* | Modern Times Group MTG AB Class B | 175,443 | 2,554 |
113,377 | |||
Switzerland (1.2%) | |||
Cie Financiere Richemont SA Class A (Registered) | 358,862 | 45,488 | |
Roche Holding AG | 40,593 | 16,061 | |
*,2 | Wizz Air Holdings plc | 407,145 | 15,351 |
Geberit AG (Registered) | 17,330 | 10,683 | |
ABB Ltd. (Registered) | 146,303 | 4,746 | |
Holcim Ltd. | 87,659 | 4,264 | |
Adecco Group AG (Registered) | 72,535 | 3,290 | |
99,883 | |||
Taiwan (1.9%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5,754,577 | 118,047 | |
Advantech Co. Ltd. | 964,000 | 12,352 | |
Chailease Holding Co. Ltd. | 1,207,250 | 10,589 | |
Delta Electronics Inc. | 1,102,351 | 10,221 | |
MediaTek Inc. | 258,000 | 8,029 | |
Giant Manufacturing Co. Ltd. | 584,469 | 5,290 | |
164,528 | |||
United Kingdom (4.7%) | |||
Prudential plc (XLON) | 4,834,883 | 71,379 | |
Rio Tinto plc | 848,090 | 67,802 | |
* | Farfetch Ltd. Class A | 1,263,987 | 19,111 |
BP plc | 3,849,669 | 18,873 | |
Rightmove plc | 1,680,150 | 13,886 | |
3i Group plc | 650,394 | 11,761 | |
Diageo plc | 205,117 | 10,404 | |
Compass Group plc | 466,602 | 10,041 | |
* | Entain plc | 456,686 | 9,783 |
Lloyds Banking Group plc | 15,683,420 | 9,551 | |
Intertek Group plc | 137,676 | 9,392 | |
Barclays plc | 4,840,475 | 9,383 | |
Glencore plc | 1,435,795 | 9,342 | |
2 | Auto Trader Group plc | 1,084,423 | 8,952 |
RELX plc | 272,866 | 8,491 | |
Bunzl plc | 199,532 | 7,738 | |
DCC plc | 96,706 | 7,488 | |
Reckitt Benckiser Group plc | 92,376 | 7,047 | |
HomeServe plc | 620,542 | 6,847 | |
Unilever plc (XLON) | 148,981 | 6,764 | |
2 | ConvaTec Group plc | 1,845,549 | 5,213 |
* | SSP Group plc | 1,695,107 | 5,028 |
* | easyJet plc | 679,368 | 4,929 |
*,1 | TUI AG (XETR) | 1,452,930 | 4,562 |
Admiral Group plc | 133,977 | 4,493 | |
* | ITV plc | 3,889,613 | 4,163 |
* | Rolls-Royce Holdings plc | 3,093,022 | 4,067 |
BAE Systems plc | 406,875 | 3,821 | |
DS Smith plc | 908,331 | 3,820 | |
Tesco plc | 935,423 | 3,386 | |
Standard Chartered plc | 493,795 | 3,278 | |
Serco Group plc | 1,681,697 | 3,166 |
Shares | Market Value• ($000) | ||
* | WH Smith plc | 158,886 | 2,968 |
Jupiter Fund Management plc | 1,012,810 | 2,740 | |
Future plc | 78,434 | 2,665 | |
Inchcape plc | 303,601 | 2,657 | |
* | John Wood Group plc | 1,240,899 | 2,617 |
Euromoney Institutional Investor plc | 183,182 | 2,363 | |
Hays plc | 1,420,247 | 2,274 | |
* | Carnival plc | 110,822 | 2,007 |
HSBC Holdings plc | 232,800 | 1,601 | |
* | Provident Financial plc | 361,192 | 1,451 |
* | Capita plc | 3,187,985 | 867 |
Devro plc | 296,992 | 812 | |
International Personal Finance plc | 419,864 | 566 | |
Prudential plc | 34,100 | 493 | |
* | Cazoo Group Ltd. | 124,034 | 342 |
*,2 | Non-Standard Finance plc | 159,227 | 6 |
400,390 | |||
United States (58.5%) | |||
Anthem Inc. | 511,920 | 251,465 | |
Microsoft Corp. | 776,145 | 239,293 | |
* | Alphabet Inc. Class C | 66,996 | 187,119 |
Thermo Fisher Scientific Inc. | 244,236 | 144,258 | |
Moody's Corp. | 423,622 | 142,934 | |
Mastercard Inc. Class A | 358,691 | 128,189 | |
* | Markel Corp. | 74,488 | 109,888 |
Martin Marietta Materials Inc. | 281,958 | 108,523 | |
* | Booking Holdings Inc. | 43,920 | 103,144 |
* | Meta Platforms Inc. Class A | 452,050 | 100,518 |
S&P Global Inc. | 237,889 | 97,577 | |
* | Amazon.com Inc. | 27,409 | 89,352 |
* | Alphabet Inc. Class A | 30,618 | 85,159 |
Arthur J Gallagher & Co. | 485,099 | 84,698 | |
Analog Devices Inc. | 453,558 | 74,919 | |
Service Corp. International | 1,075,652 | 70,799 | |
* | Tesla Inc. | 63,442 | 68,365 |
Johnson & Johnson | 366,220 | 64,905 | |
Albemarle Corp. | 283,973 | 62,801 | |
* | Fiserv Inc. | 594,944 | 60,327 |
* | CBRE Group Inc. Class A | 645,636 | 59,089 |
* | Adobe Inc. | 128,237 | 58,427 |
* | Trade Desk Inc. Class A | 806,309 | 55,837 |
Broadcom Inc. | 85,189 | 53,642 | |
TJX Cos. Inc. | 873,081 | 52,891 | |
* | Dollar Tree Inc. | 327,538 | 52,455 |
Oracle Corp. | 620,998 | 51,375 | |
Estee Lauder Cos. Inc. Class A | 183,502 | 49,971 | |
Teradyne Inc. | 411,285 | 48,626 | |
* | Cloudflare Inc. Class A | 403,260 | 48,270 |
Electronic Arts Inc. | 381,048 | 48,206 | |
Fastenal Co. | 780,608 | 46,368 | |
Newmont Corp. | 582,549 | 46,284 | |
* | Alnylam Pharmaceuticals Inc. | 282,617 | 46,149 |
* | Moderna Inc. | 265,633 | 45,758 |
Shares | Market Value• ($000) | ||
Micron Technology Inc. | 586,076 | 45,650 | |
Visa Inc. Class A | 199,092 | 44,153 | |
* | Illumina Inc. | 124,037 | 43,339 |
Merck & Co. Inc. | 514,380 | 42,205 | |
Teleflex Inc. | 118,843 | 42,169 | |
Royalty Pharma plc Class A | 1,079,396 | 42,053 | |
* | Fair Isaac Corp. | 87,737 | 40,926 |
Vistra Corp. | 1,756,853 | 40,847 | |
* | KAR Auction Services Inc. | 2,206,202 | 39,822 |
LyondellBasell Industries NV Class A | 384,554 | 39,540 | |
Broadridge Financial Solutions Inc. | 251,608 | 39,178 | |
United Parcel Service Inc. Class B | 182,638 | 39,169 | |
* | AutoZone Inc. | 18,958 | 38,761 |
Linde plc | 120,466 | 38,480 | |
Charles Schwab Corp. | 448,811 | 37,839 | |
Baker Hughes Co. Class A | 1,038,594 | 37,815 | |
* | IQVIA Holdings Inc. | 162,286 | 37,522 |
Progressive Corp. | 327,570 | 37,340 | |
Freeport-McMoRan Inc. | 742,739 | 36,944 | |
Organon & Co. | 1,040,530 | 36,346 | |
* | SiteOne Landscape Supply Inc. | 222,023 | 35,899 |
NortonLifeLock Inc. | 1,276,372 | 33,849 | |
* | Datadog Inc. Class A | 214,964 | 32,561 |
Wells Fargo & Co. | 662,379 | 32,099 | |
First Republic Bank | 196,847 | 31,909 | |
* | Alleghany Corp. | 37,389 | 31,669 |
* | Axon Enterprise Inc. | 223,944 | 30,844 |
* | DoorDash Inc. Class A | 260,952 | 30,581 |
Activision Blizzard Inc. | 369,725 | 29,619 | |
Archer-Daniels-Midland Co. | 327,653 | 29,574 | |
* | Autodesk Inc. | 134,652 | 28,863 |
* | Twilio Inc. Class A | 173,110 | 28,530 |
Marsh & McLennan Cos. Inc. | 164,135 | 27,972 | |
* | Henry Schein Inc. | 319,032 | 27,816 |
* | FTI Consulting Inc. | 176,884 | 27,810 |
* | Teradata Corp. | 536,805 | 26,459 |
Westinghouse Air Brake Technologies Corp. | 271,045 | 26,066 | |
Weyerhaeuser Co. | 685,150 | 25,967 | |
Aon plc Class A (XNYS) | 78,835 | 25,671 | |
* | ABIOMED Inc. | 76,596 | 25,372 |
* | CoStar Group Inc. | 373,979 | 24,911 |
* | Vimeo Inc. | 2,047,807 | 24,328 |
Healthcare Services Group Inc. | 1,305,478 | 24,243 | |
Willis Towers Watson plc | 101,737 | 24,032 | |
Travelers Cos. Inc. | 131,412 | 24,013 | |
* | Snowflake Inc. Class A | 101,813 | 23,328 |
M&T Bank Corp. | 135,194 | 22,915 | |
Vontier Corp. | 882,119 | 22,397 | |
* | Axalta Coating Systems Ltd. | 907,150 | 22,298 |
* | Netflix Inc. | 54,822 | 20,536 |
* | Howard Hughes Corp. | 192,647 | 19,960 |
* | Upland Software Inc. | 1,128,057 | 19,865 |
Shares | Market Value• ($000) | ||
VF Corp. | 340,309 | 19,350 | |
* | Novocure Ltd. | 230,522 | 19,099 |
* | Cannae Holdings Inc. | 758,783 | 18,150 |
CH Robinson Worldwide Inc. | 168,281 | 18,126 | |
* | Visteon Corp. | 155,842 | 17,007 |
* | Eventbrite Inc. Class A | 1,130,135 | 16,692 |
* | Wayfair Inc. Class A | 148,992 | 16,505 |
* | Certara Inc. | 744,411 | 15,990 |
* | Zynga Inc. Class A | 1,697,879 | 15,688 |
* | Teladoc Health Inc. | 213,959 | 15,433 |
* | STAAR Surgical Co. | 176,616 | 14,113 |
*,1 | Chewy Inc. Class A | 328,442 | 13,394 |
*,1 | Oscar Health Inc. Class A | 1,301,977 | 12,981 |
* | Exact Sciences Corp. | 175,814 | 12,293 |
* | Chegg Inc. | 326,652 | 11,851 |
* | Carvana Co. Class A | 96,071 | 11,460 |
* | CarMax Inc. | 116,972 | 11,285 |
* | IAC/InterActiveCorp. | 102,202 | 10,249 |
* | Peloton Interactive Inc. Class A | 300,053 | 7,927 |
* | Waters Corp. | 20,034 | 6,218 |
*,2 | Samsonite International SA | 539,400 | 1,207 |
4,984,653 | |||
Total Common Stocks (Cost $6,586,063) | 8,226,922 | ||
Temporary Cash Investments (3.7%) | |||
Money Market Fund (3.7%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.312% (Cost $313,373) | 3,134,417 | 313,410 |
Total Investments (100.2%) (Cost $6,899,436) | 8,540,332 | ||
Other Assets and Liabilities—Net (-0.2%) | (19,895) | ||
Net Assets (100%) | 8,520,437 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $21,344,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the aggregate value was $216,689,000, representing 2.5% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $25,125,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2022 | 581 | 131,618 | 6,996 |
MSCI EAFE Index | June 2022 | 481 | 51,573 | 1,784 |
MSCI Emerging Markets Index | June 2022 | 440 | 24,761 | 1,104 |
9,884 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $6,586,063) | 8,226,922 |
Affiliated Issuers (Cost $313,373) | 313,410 |
Total Investments in Securities | 8,540,332 |
Investment in Vanguard | 289 |
Cash Collateral Pledged—Futures Contracts | 11,353 |
Foreign Currency, at Value (Cost $4,465) | 4,466 |
Receivables for Investment Securities Sold | 34,143 |
Receivables for Accrued Income | 16,869 |
Receivables for Capital Shares Issued | 3,847 |
Total Assets | 8,611,299 |
Liabilities | |
Due to Custodian | 383 |
Payables for Investment Securities Purchased | 54,896 |
Collateral for Securities on Loan | 25,125 |
Payables to Investment Advisor | 3,929 |
Payables for Capital Shares Redeemed | 2,134 |
Payables to Vanguard | 815 |
Variation Margin Payable—Futures Contracts | 3,147 |
Deferred Foreign Capital Gains Taxes | 433 |
Total Liabilities | 90,862 |
Net Assets | 8,520,437 |
1 Includes $21,344 of securities on loan. | |
At March 31, 2022, net assets consisted of: | |
Paid-in Capital | 6,514,683 |
Total Distributable Earnings (Loss) | 2,005,754 |
Net Assets | 8,520,437 |
Net Assets | |
Applicable to 243,779,562 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,520,437 |
Net Asset Value Per Share | $34.95 |
Six Months Ended March 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 48,910 |
Interest2 | 193 |
Securities Lending—Net | 183 |
Total Income | 49,286 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 10,494 |
Performance Adjustment | (1,686) |
The Vanguard Group—Note C | |
Management and Administrative | 9,190 |
Marketing and Distribution | 443 |
Custodian Fees | 307 |
Shareholders’ Reports | 52 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 9 |
Total Expenses | 18,811 |
Net Investment Income | 30,475 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 554,941 |
Futures Contracts | (15,779) |
Forward Currency Contracts | (9) |
Foreign Currencies | (811) |
Realized Net Gain (Loss) | 538,342 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,4 | (1,193,612) |
Futures Contracts | 17,726 |
Foreign Currencies | 7 |
Change in Unrealized Appreciation (Depreciation) | (1,175,879) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (607,062) |
1 | Dividends are net of foreign withholding taxes of $3,271,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $187,000, ($4,000), $8,000, and ($11,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $309,000. |
4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($1,669,000). |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 30,475 | 77,732 | |
Realized Net Gain (Loss) | 538,342 | 723,408 | |
Change in Unrealized Appreciation (Depreciation) | (1,175,879) | 1,110,891 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (607,062) | 1,912,031 | |
Distributions | |||
Total Distributions | (944,789) | (221,418) | |
Capital Share Transactions | |||
Issued | 804,461 | 1,446,524 | |
Issued in Lieu of Cash Distributions | 823,880 | 201,858 | |
Redeemed | (618,893) | (1,085,511) | |
Net Increase (Decrease) from Capital Share Transactions | 1,009,448 | 562,871 | |
Total Increase (Decrease) | (542,403) | 2,253,484 | |
Net Assets | |||
Beginning of Period | 9,062,840 | 6,809,356 | |
End of Period | 8,520,437 | 9,062,840 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2022 | Year Ended September 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $41.53 | $33.31 | $30.75 | $32.62 | $29.98 | $25.18 |
Investment Operations | ||||||
Net Investment Income1 | .129 | .371 | .312 | .7002 | .426 | .351 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.517) | 8.939 | 4.219 | (.354) | 2.618 | 4.823 |
Total from Investment Operations | (2.388) | 9.310 | 4.531 | .346 | 3.044 | 5.174 |
Distributions | ||||||
Dividends from Net Investment Income | (.355) | (.254) | (.742) | (.416) | (.404) | (.374) |
Distributions from Realized Capital Gains | (3.837) | (.836) | (1.229) | (1.800) | — | — |
Total Distributions | (4.192) | (1.090) | (1.971) | (2.216) | (.404) | (.374) |
Net Asset Value, End of Period | $34.95 | $41.53 | $33.31 | $30.75 | $32.62 | $29.98 |
Total Return3 | -6.43% | 28.29% | 15.10% | 2.19% | 10.22% | 20.85% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,520 | $9,063 | $6,809 | $6,513 | $5,769 | $5,387 |
Ratio of Total Expenses to Average Net Assets | 0.41% | 0.45% | 0.45% | 0.48% | 0.48% | 0.48% |
Ratio of Net Investment Income to Average Net Assets4 | 0.66% | 0.93% | 1.02% | 2.35%2 | 1.34% | 1.30% |
Portfolio Turnover Rate | 31% | 28% | 22% | 49% | 40% | 47% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.200 and 0.67%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of (0.04%), (0.00%), (0.00%), 0.02%, 0.02%, and 0.02%. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Baillie Gifford Overseas Ltd. and Marathon Asset Management Limited each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fees of Baillie Gifford Overseas Ltd. and Marathon Asset Management Limited are subject to quarterly adjustments based on performance relative to the MSCI All Country World Index for the preceding three years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 5,244,553 | 1,207 | — | 5,245,760 |
Common Stocks—Other | 235,058 | 2,746,104 | — | 2,981,162 |
Temporary Cash Investments | 313,410 | — | — | 313,410 |
Total | 5,793,021 | 2,747,311 | — | 8,540,332 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 9,884 | — | — | 9,884 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | At March 31, 2022, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 9,884 | — | 9,884 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | (15,779) | — | (15,779) |
Forward Currency Contracts | — | (9) | (9) |
Realized Net Gain (Loss) on Derivatives | (15,779) | (9) | (15,788) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 17,726 | — | 17,726 |
F. | As of March 31, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 6,918,458 |
Gross Unrealized Appreciation | 2,183,058 |
Gross Unrealized Depreciation | (551,300) |
Net Unrealized Appreciation (Depreciation) | 1,631,758 |
G. | During the six months ended March 31, 2022, the fund purchased $2,882,208,000 of investment securities and sold $2,741,978,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 20,046 | 35,863 | |
Issued in Lieu of Cash Distributions | 21,993 | 5,367 | |
Redeemed | (16,505) | (27,438) | |
Net Increase (Decrease) in Shares Outstanding | 25,534 | 13,792 |
I. | Management has determined that no events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 18 |
Liquidity Risk Management | 20 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2022 | |||
Strategic Small-Cap Equity Fund | Beginning Account Value 9/30/2021 | Ending Account Value 3/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,029.40 | $1.32 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.64 | 1.31 |
Communication Services | 2.4% |
Consumer Discretionary | 12.4 |
Consumer Staples | 4.0 |
Energy | 6.0 |
Financials | 15.7 |
Health Care | 13.0 |
Industrials | 16.3 |
Information Technology | 13.8 |
Materials | 5.7 |
Real Estate | 8.2 |
Utilities | 2.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.4%) | |||
Communication Services (2.4%) | |||
* | Yelp Inc. Class A | 214,850 | 7,329 |
New York Times Co. Class A | 121,419 | 5,566 | |
* | Consolidated Communications Holdings Inc. | 706,664 | 4,169 |
Nexstar Media Group Inc. Class A | 16,176 | 3,049 | |
* | Cars.com Inc. | 202,126 | 2,917 |
* | Cargurus Inc. | 52,380 | 2,224 |
* | Clear Channel Outdoor Holdings Inc. | 503,880 | 1,743 |
* | PubMatic Inc. Class A | 63,612 | 1,662 |
* | Loyalty Ventures Inc. | 89,549 | 1,480 |
* | Iridium Communications Inc. | 27,448 | 1,107 |
Sinclair Broadcast Group Inc. Class A | 29,636 | 830 | |
* | Vimeo Inc. | 62,125 | 738 |
* | ZipRecruiter Inc. Class A | 26,129 | 600 |
Cogent Communications Holdings Inc. | 8,956 | 594 | |
* | Gannett Co. Inc. | 128,943 | 582 |
* | Radius Global Infrastructure Inc. Class A (XNMS) | 40,538 | 579 |
* | EchoStar Corp. Class A | 18,505 | 450 |
Shenandoah Telecommunications Co. | 16,749 | 395 | |
36,014 | |||
Consumer Discretionary (12.3%) | |||
Boyd Gaming Corp. | 131,443 | 8,646 | |
* | Tri Pointe Homes Inc. | 384,528 | 7,721 |
Oxford Industries Inc. | 84,630 | 7,659 | |
* | Capri Holdings Ltd. | 115,608 | 5,941 |
* | Six Flags Entertainment Corp. | 136,527 | 5,939 |
* | Perdoceo Education Corp. | 486,667 | 5,587 |
Kohl's Corp. | 91,021 | 5,503 | |
* | Deckers Outdoor Corp. | 19,891 | 5,446 |
Brunswick Corp. | 67,140 | 5,431 | |
* | Dave & Buster's Entertainment Inc. | 106,544 | 5,231 |
* | AutoNation Inc. | 51,191 | 5,098 |
Signet Jewelers Ltd. | 64,101 | 4,660 | |
* | SeaWorld Entertainment Inc. | 61,896 | 4,608 |
Shares | Market Value• ($000) | ||
* | American Axle & Manufacturing Holdings Inc. | 585,202 | 4,541 |
* | Skyline Champion Corp. | 76,235 | 4,184 |
Movado Group Inc. | 100,530 | 3,926 | |
Texas Roadhouse Inc. Class A | 45,150 | 3,780 | |
* | WW International Inc. | 355,618 | 3,638 |
Shoe Carnival Inc. | 117,633 | 3,430 | |
* | Scientific Games Corp. Class A | 55,362 | 3,253 |
Macy's Inc. | 131,569 | 3,205 | |
* | Abercrombie & Fitch Co. Class A | 97,228 | 3,110 |
Harley-Davidson Inc. | 76,723 | 3,023 | |
Winnebago Industries Inc. | 52,602 | 2,842 | |
* | Crocs Inc. | 35,759 | 2,732 |
Caleres Inc. | 140,053 | 2,707 | |
Ethan Allen Interiors Inc. | 97,695 | 2,547 | |
Carriage Services Inc. Class A | 47,590 | 2,538 | |
* | frontdoor Inc. | 84,730 | 2,529 |
Patrick Industries Inc. | 40,838 | 2,463 | |
* | Goodyear Tire & Rubber Co. | 161,708 | 2,311 |
Hibbett Inc. | 51,957 | 2,304 | |
Dine Brands Global Inc. | 29,284 | 2,283 | |
* | Beazer Homes USA Inc. | 139,405 | 2,122 |
* | Stride Inc. | 57,791 | 2,100 |
* | Cavco Industries Inc. | 8,619 | 2,076 |
* | Brinker International Inc. | 54,084 | 2,064 |
Buckle Inc. | 62,209 | 2,055 | |
Churchill Downs Inc. | 9,061 | 2,010 | |
* | Everi Holdings Inc. | 95,563 | 2,007 |
Foot Locker Inc. | 64,396 | 1,910 | |
Tempur Sealy International Inc. | 66,589 | 1,859 | |
Academy Sports & Outdoors Inc. | 45,347 | 1,787 | |
Group 1 Automotive Inc. | 10,507 | 1,763 | |
Qurate Retail Inc. Series A | 369,986 | 1,761 | |
* | Master Craft Boat Holdings Inc. | 66,848 | 1,645 |
Travel + Leisure Co. | 28,173 | 1,632 | |
Ruth's Hospitality Group Inc. | 66,979 | 1,532 | |
* | Urban Outfitters Inc. | 60,276 | 1,514 |
Red Rock Resorts Inc. Class A | 29,392 | 1,427 | |
Aaron's Co. Inc. | 64,553 | 1,296 |
Shares | Market Value• ($000) | ||
* | MarineMax Inc. | 30,766 | 1,239 |
* | Overstock.com Inc. | 26,544 | 1,168 |
PVH Corp. | 12,471 | 955 | |
* | Duluth Holdings Inc. Class B | 77,588 | 949 |
* | Victoria's Secret & Co. | 18,485 | 949 |
* | Lands' End Inc. | 51,773 | 876 |
Thor Industries Inc. | 9,345 | 735 | |
Dillard's Inc. Class A | 2,708 | 727 | |
Steven Madden Ltd. | 18,564 | 717 | |
Shutterstock Inc. | 7,657 | 713 | |
* | Golden Entertainment Inc. | 11,931 | 693 |
* | Funko Inc. Class A | 37,170 | 641 |
* | Modine Manufacturing Co. | 69,882 | 630 |
* | Meritage Homes Corp. | 7,385 | 585 |
* | Quotient Technology Inc. | 79,052 | 504 |
Haverty Furniture Cos. Inc. | 16,769 | 460 | |
* | Genesco Inc. | 6,658 | 423 |
* | G-III Apparel Group Ltd. | 15,205 | 411 |
Standard Motor Products Inc. | 8,768 | 378 | |
* | Revolve Group Inc. | 5,770 | 310 |
* | Asbury Automotive Group Inc. | 1,930 | 309 |
* | Dorman Products Inc. | 3,235 | 307 |
* | M/I Homes Inc. | 6,755 | 300 |
* | LL Flooring Holdings Inc. | 20,973 | 294 |
* | Chuy's Holdings Inc. | 10,834 | 293 |
Franchise Group Inc. | 6,885 | 285 | |
* | XPEL Inc. | 5,247 | 276 |
Williams-Sonoma Inc. | 1,852 | 269 | |
* | Fox Factory Holding Corp. | 2,581 | 253 |
188,025 | |||
Consumer Staples (4.0%) | |||
Ingles Markets Inc. Class A | 100,200 | 8,923 | |
* | Darling Ingredients Inc. | 110,565 | 8,887 |
Coca-Cola Consolidated Inc. | 13,602 | 6,758 | |
John B Sanfilippo & Son Inc. | 77,320 | 6,452 | |
Vector Group Ltd. | 454,551 | 5,473 | |
* | Pilgrim's Pride Corp. | 212,760 | 5,340 |
* | Herbalife Nutrition Ltd. | 155,706 | 4,727 |
* | United Natural Foods Inc. | 83,489 | 3,452 |
* | USANA Health Sciences Inc. | 31,960 | 2,539 |
* | Central Garden & Pet Co. Class A | 50,412 | 2,056 |
* | BJ's Wholesale Club Holdings Inc. | 28,683 | 1,939 |
Medifast Inc. | 10,875 | 1,857 | |
PriceSmart Inc. | 12,700 | 1,002 | |
Nu Skin Enterprises Inc. Class A | 13,040 | 625 | |
Calavo Growers Inc. | 8,290 | 302 | |
60,332 | |||
Energy (5.9%) | |||
APA Corp. | 400,851 | 16,567 | |
Ovintiv Inc. (XNYS) | 168,408 | 9,106 | |
* | PBF Energy Inc. Class A | 320,741 | 7,816 |
* | Southwestern Energy Co. | 920,627 | 6,601 |
* | Delek US Holdings Inc. | 271,333 | 5,758 |
* | Comstock Resources Inc. | 375,540 | 4,901 |
SM Energy Co. | 125,429 | 4,885 | |
Texas Pacific Land Corp. | 3,522 | 4,762 | |
* | Antero Resources Corp. | 101,483 | 3,098 |
Shares | Market Value• ($000) | ||
Plains GP Holdings LP Class A | 258,604 | 2,987 | |
* | Talos Energy Inc. | 161,237 | 2,546 |
Marathon Oil Corp. | 96,753 | 2,429 | |
* | W&T Offshore Inc. | 582,044 | 2,223 |
* | Oceaneering International Inc. | 128,290 | 1,945 |
* | Denbury Inc. | 23,905 | 1,878 |
* | Par Pacific Holdings Inc. | 135,005 | 1,758 |
* | REX American Resources Corp. | 16,351 | 1,629 |
* | Kosmos Energy Ltd. | 216,851 | 1,559 |
* | NexTier Oilfield Solutions Inc. | 160,277 | 1,481 |
Northern Oil and Gas Inc. | 44,643 | 1,259 | |
* | Range Resources Corp. | 37,902 | 1,151 |
* | Nabors Industries Ltd. (XNYS) | 7,284 | 1,112 |
* | TechnipFMC plc | 100,286 | 777 |
* | US Silica Holdings Inc. | 31,712 | 592 |
Targa Resources Corp. | 7,785 | 588 | |
* | Gulfport Energy Corp. | 4,996 | 449 |
* | Peabody Energy Corp. | 17,563 | 431 |
90,288 | |||
Financials (15.6%) | |||
SLM Corp. | 568,669 | 10,441 | |
Synovus Financial Corp. | 211,708 | 10,374 | |
Hancock Whitney Corp. | 197,149 | 10,281 | |
PacWest Bancorp | 226,699 | 9,778 | |
International Bancshares Corp. | 223,391 | 9,429 | |
Stifel Financial Corp. | 137,619 | 9,344 | |
Affiliated Managers Group Inc. | 65,244 | 9,196 | |
* | Mr Cooper Group Inc. | 197,919 | 9,039 |
OFG Bancorp | 322,278 | 8,585 | |
CNO Financial Group Inc. | 337,395 | 8,465 | |
OneMain Holdings Inc. | 166,162 | 7,878 | |
Pacific Premier Bancorp Inc. | 213,777 | 7,557 | |
Stewart Information Services Corp. | 124,481 | 7,545 | |
Hope Bancorp Inc. | 439,330 | 7,064 | |
Evercore Inc. Class A | 61,955 | 6,897 | |
MGIC Investment Corp. | 498,603 | 6,756 | |
FNB Corp. | 508,148 | 6,326 | |
* | Enstar Group Ltd. | 23,596 | 6,162 |
Popular Inc. | 69,229 | 5,659 | |
Axis Capital Holdings Ltd. | 85,993 | 5,200 | |
First BanCorp. (XNYS) | 342,145 | 4,489 | |
Banner Corp. | 76,385 | 4,471 | |
Radian Group Inc. | 172,278 | 3,826 | |
Essent Group Ltd. | 83,156 | 3,427 | |
Virtu Financial Inc. Class A | 87,190 | 3,245 | |
Associated Banc-Corp. | 141,774 | 3,227 | |
First Financial Bancorp | 131,624 | 3,034 | |
Moelis & Co. Class A | 61,118 | 2,869 | |
* | Genworth Financial Inc. Class A | 754,431 | 2,852 |
Walker & Dunlop Inc. | 21,768 | 2,817 | |
Universal Insurance Holdings Inc. | 198,198 | 2,674 | |
Towne Bank | 85,842 | 2,570 | |
* | LendingClub Corp. | 147,065 | 2,321 |
Westamerica BanCorp. | 33,964 | 2,055 | |
Janus Henderson Group plc | 55,368 | 1,939 |
Shares | Market Value• ($000) | ||
Kinsale Capital Group Inc. | 7,858 | 1,792 | |
Central Pacific Financial Corp. | 60,682 | 1,693 | |
Oppenheimer Holdings Inc. Class A | 37,690 | 1,643 | |
* | Brighthouse Financial Inc. | 30,195 | 1,560 |
* | Silvergate Capital Corp. Class A | 10,042 | 1,512 |
S&T Bancorp Inc. | 47,642 | 1,409 | |
Bank OZK | 31,753 | 1,356 | |
Columbia Banking System Inc. | 41,185 | 1,329 | |
BGC Partners Inc. Class A | 289,566 | 1,274 | |
First Merchants Corp. | 29,995 | 1,248 | |
Southside Bancshares Inc. | 30,080 | 1,228 | |
Hanover Insurance Group Inc. | 7,937 | 1,187 | |
* | Donnelley Financial Solutions Inc. | 34,665 | 1,153 |
Kearny Financial Corp. | 77,420 | 997 | |
Byline Bancorp Inc. | 34,700 | 926 | |
Cowen Inc. Class A | 31,667 | 858 | |
ProAssurance Corp. | 30,900 | 831 | |
Virtus Investment Partners Inc. | 3,380 | 811 | |
Primerica Inc. | 4,979 | 681 | |
Hanmi Financial Corp. | 25,651 | 631 | |
First American Financial Corp. | 9,526 | 617 | |
Northfield Bancorp Inc. | 42,615 | 612 | |
Premier Financial Corp. | 15,843 | 481 | |
Heartland Financial USA Inc. | 9,832 | 470 | |
Preferred Bank | 5,257 | 390 | |
Curo Group Holdings Corp. | 29,278 | 382 | |
First Financial Corp. | 8,599 | 372 | |
Veritex Holdings Inc. | 9,631 | 368 | |
Brightsphere Investment Group Inc. | 14,925 | 362 | |
Western Alliance Bancorp | 4,051 | 336 | |
Sculptor Capital Management Inc. Class A | 23,774 | 331 | |
HomeStreet Inc. | 6,713 | 318 | |
Brookline Bancorp Inc. | 17,711 | 280 | |
237,230 | |||
Health Care (13.0%) | |||
* | Tenet Healthcare Corp. | 113,237 | 9,734 |
* | AMN Healthcare Services Inc. | 87,382 | 9,117 |
* | Medpace Holdings Inc. | 47,481 | 7,767 |
* | Sarepta Therapeutics Inc. | 92,451 | 7,222 |
Bruker Corp. | 110,512 | 7,106 | |
* | NextGen Healthcare Inc. | 312,775 | 6,540 |
* | Ionis Pharmaceuticals Inc. | 173,108 | 6,412 |
* | ICU Medical Inc. | 28,191 | 6,276 |
* | Allscripts Healthcare Solutions Inc. | 247,055 | 5,564 |
* | STAAR Surgical Co. | 64,680 | 5,169 |
* | Tandem Diabetes Care Inc. | 41,691 | 4,848 |
* | Travere Thrapeutics Inc. | 173,794 | 4,479 |
Select Medical Holdings Corp. | 181,495 | 4,354 | |
* | Alkermes plc | 159,579 | 4,199 |
* | Veeva Systems Inc. Class A | 19,154 | 4,069 |
* | Shockwave Medical Inc. | 18,822 | 3,903 |
* | FibroGen Inc. | 315,085 | 3,787 |
Shares | Market Value• ($000) | ||
* | ACADIA Pharmaceuticals Inc. | 140,923 | 3,413 |
* | Globus Medical Inc. Class A | 44,259 | 3,265 |
* | CorVel Corp. | 19,235 | 3,240 |
* | Deciphera Pharmaceuticals Inc. | 343,541 | 3,185 |
* | Theravance Biopharma Inc. | 328,093 | 3,137 |
* | Charles River Laboratories International Inc. | 11,019 | 3,129 |
* | Inogen Inc. | 87,529 | 2,838 |
* | Community Health Systems Inc. | 233,164 | 2,768 |
* | Amedisys Inc. | 15,724 | 2,709 |
* | Agenus Inc. | 1,084,536 | 2,668 |
*,1 | Intercept Pharmaceuticals Inc. | 149,262 | 2,428 |
* | Apellis Pharmaceuticals Inc. | 45,790 | 2,327 |
* | Seres Therapeutics Inc. | 306,162 | 2,180 |
* | ImmunoGen Inc. | 433,864 | 2,065 |
* | PTC Therapeutics Inc. | 53,771 | 2,006 |
* | Maravai LifeSciences Holdings Inc. Class A | 51,752 | 1,825 |
* | Inspire Medical Systems Inc. | 6,527 | 1,675 |
* | Endo International plc | 683,178 | 1,578 |
* | MEDNAX Inc. | 67,015 | 1,574 |
* | Repligen Corp. | 8,341 | 1,569 |
* | Multiplan Corp. | 324,157 | 1,517 |
* | Glaukos Corp. | 25,794 | 1,491 |
* | Zymeworks Inc. | 227,182 | 1,488 |
* | CytomX Therapeutics Inc. | 555,119 | 1,482 |
* | Editas Medicine Inc. Class A | 74,341 | 1,414 |
* | Quidel Corp. | 12,143 | 1,366 |
* | Precision BioSciences Inc. | 440,956 | 1,358 |
* | Option Care Health Inc. | 47,267 | 1,350 |
* | Cara Therapeutics Inc. | 110,702 | 1,345 |
* | Covetrus Inc. | 74,109 | 1,244 |
* | Sangamo Therapeutics Inc. | 204,225 | 1,187 |
* | Avanos Medical Inc. | 35,071 | 1,175 |
* | Atara Biotherapeutics Inc. | 122,155 | 1,135 |
* | AnaptysBio Inc. | 45,021 | 1,114 |
* | NuVasive Inc. | 18,739 | 1,063 |
* | MiMedx Group Inc. | 220,818 | 1,040 |
* | Joint Corp. | 28,283 | 1,001 |
* | Codexis Inc. | 48,088 | 992 |
* | RadNet Inc. | 44,354 | 992 |
* | Enanta Pharmaceuticals Inc. | 13,904 | 990 |
* | Vir Biotechnology Inc. | 36,509 | 939 |
*,1 | Clovis Oncology Inc. | 420,684 | 850 |
* | Myriad Genetics Inc. | 33,152 | 835 |
* | Computer Programs and Systems Inc. | 23,856 | 822 |
US Physical Therapy Inc. | 8,264 | 822 | |
* | Voyager Therapeutics Inc. | 102,911 | 784 |
* | Orthofix Medical Inc. | 23,742 | 776 |
* | ModivCare Inc. | 6,574 | 759 |
* | Radius Health Inc. | 85,165 | 752 |
* | Alector Inc. | 51,954 | 740 |
* | Tactile Systems Technology Inc. | 36,569 | 737 |
* | Merit Medical Systems Inc. | 10,778 | 717 |
* | Privia Health Group Inc. | 26,396 | 706 |
* | Addus HomeCare Corp. | 7,524 | 702 |
Shares | Market Value• ($000) | ||
* | Cross Country Healthcare Inc. | 31,636 | 686 |
* | Reata Pharmaceuticals Inc. Class A | 20,245 | 663 |
* | Atea Pharmaceuticals Inc. | 91,469 | 660 |
* | MacroGenics Inc. | 74,540 | 657 |
* | Puma Biotechnology Inc. | 227,827 | 656 |
* | Figs Inc. Class A | 29,729 | 640 |
* | Minerva Neurosciences Inc. | 715,684 | 594 |
* | AngioDynamics Inc. | 26,190 | 564 |
* | Esperion Therapeutics Inc. | 103,744 | 481 |
* | Neogen Corp. | 14,629 | 451 |
* | Assembly Biosciences Inc. | 212,676 | 438 |
Chemed Corp. | 850 | 431 | |
* | Bluebird Bio Inc. | 83,016 | 403 |
* | iRhythm Technologies Inc. | 2,470 | 389 |
* | REGENXBIO Inc. | 11,228 | 373 |
* | Molecular Templates Inc. | 104,179 | 359 |
* | Co-Diagnostics Inc. | 53,218 | 329 |
National HealthCare Corp. | 4,631 | 325 | |
* | AtriCure Inc. | 4,783 | 314 |
* | Pennant Group Inc. | 16,426 | 306 |
* | Merus NV | 11,246 | 297 |
* | Amneal Pharmaceuticals Inc. | 61,720 | 257 |
* | Akebia Therapeutics Inc. | 331,679 | 238 |
* | Odonate Therapeutics Inc. | 161,720 | 213 |
* | GlycoMimetics Inc. | 177,063 | 202 |
* | Precigen Inc. | 95,719 | 202 |
* | Spectrum Pharmaceuticals Inc. | 134,742 | 174 |
* | Organogenesis Holdings Inc. Class A | 21,709 | 165 |
* | Aligos Therapeutics Inc. | 69,638 | 150 |
* | WaVe Life Sciences Ltd. | 48,932 | 98 |
* | Acorda Therapeutics Inc. | 38,060 | 61 |
197,586 | |||
Industrials (16.2%) | |||
AGCO Corp. | 82,973 | 12,117 | |
Allison Transmission Holdings Inc. | 269,255 | 10,571 | |
* | Clean Harbors Inc. | 89,822 | 10,028 |
ManpowerGroup Inc. | 106,746 | 10,026 | |
nVent Electric plc | 283,535 | 9,861 | |
Kforce Inc. | 129,189 | 9,556 | |
Rush Enterprises Inc. Class A | 185,303 | 9,434 | |
EMCOR Group Inc. | 81,893 | 9,224 | |
* | Atkore Inc. | 93,405 | 9,195 |
Triton International Ltd. | 116,314 | 8,163 | |
Mueller Industries Inc. | 136,693 | 7,405 | |
MDU Resources Group Inc. | 263,198 | 7,014 | |
* | GMS Inc. | 138,584 | 6,897 |
Terex Corp. | 189,050 | 6,741 | |
Korn Ferry | 98,886 | 6,422 | |
Acuity Brands Inc. | 33,545 | 6,350 | |
Boise Cascade Co. | 86,753 | 6,027 | |
Ryder System Inc. | 75,668 | 6,003 | |
GrafTech International Ltd. | 553,721 | 5,327 | |
* | Titan Machinery Inc. | 182,769 | 5,165 |
Hillenbrand Inc. | 108,176 | 4,778 | |
Applied Industrial Technologies Inc. | 46,370 | 4,760 | |
Heidrick & Struggles International Inc. | 116,638 | 4,617 |
Shares | Market Value• ($000) | ||
Matson Inc. | 37,651 | 4,541 | |
Ennis Inc. | 238,271 | 4,401 | |
* | Avis Budget Group Inc. | 16,395 | 4,317 |
* | MRC Global Inc. | 331,712 | 3,951 |
* | NOW Inc. | 352,737 | 3,891 |
UFP Industries Inc. | 44,092 | 3,402 | |
Encore Wire Corp. | 29,392 | 3,353 | |
Schneider National Inc. Class B | 121,595 | 3,101 | |
Genco Shipping & Trading Ltd. | 108,461 | 2,562 | |
H&E Equipment Services Inc. | 57,623 | 2,508 | |
* | JELD-WEN Holding Inc. | 110,180 | 2,234 |
ArcBest Corp. | 26,039 | 2,096 | |
* | Saia Inc. | 8,553 | 2,085 |
Argan Inc. | 51,250 | 2,080 | |
* | Hub Group Inc. Class A | 24,711 | 1,908 |
Insteel Industries Inc. | 47,182 | 1,745 | |
Air Lease Corp. Class A | 38,366 | 1,713 | |
Douglas Dynamics Inc. | 46,329 | 1,602 | |
* | Forrester Research Inc. | 27,001 | 1,523 |
* | Masonite International Corp. | 17,107 | 1,521 |
* | TrueBlue Inc. | 51,419 | 1,485 |
* | Daseke Inc. | 145,443 | 1,465 |
AECOM | 18,816 | 1,445 | |
* | Veritiv Corp. | 9,018 | 1,205 |
* | TriNet Group Inc. | 11,782 | 1,159 |
Matthews International Corp. Class A | 31,537 | 1,021 | |
Moog Inc. Class A | 11,149 | 979 | |
* | Quad/Graphics Inc. | 135,304 | 939 |
Brady Corp. Class A | 15,782 | 730 | |
Resources Connection Inc. | 36,286 | 622 | |
Marten Transport Ltd. | 32,795 | 582 | |
Interface Inc. Class A | 41,285 | 560 | |
Kelly Services Inc. Class A | 24,934 | 541 | |
EnPro Industries Inc. | 4,854 | 474 | |
Watts Water Technologies Inc. Class A | 3,147 | 439 | |
Tetra Tech Inc. | 2,176 | 359 | |
Deluxe Corp. | 11,393 | 345 | |
Wabash National Corp. | 23,145 | 343 | |
* | ASGN Inc. | 2,760 | 322 |
AZZ Inc. | 6,528 | 315 | |
Global Industrial Co. | 9,583 | 309 | |
* | Blue Bird Corp. | 14,291 | 269 |
246,123 | |||
Information Technology (13.7%) | |||
Jabil Inc. | 193,878 | 11,968 | |
* | Manhattan Associates Inc. | 78,836 | 10,935 |
* | Pure Storage Inc. Class A | 294,017 | 10,382 |
* | Nutanix Inc. Class A | 369,179 | 9,901 |
* | Alpha & Omega Semiconductor Ltd. | 171,595 | 9,378 |
* | Cirrus Logic Inc. | 107,532 | 9,118 |
* | CommVault Systems Inc. | 117,997 | 7,829 |
* | Extreme Networks Inc. | 610,354 | 7,452 |
CSG Systems International Inc. | 110,235 | 7,008 | |
* | CommScope Holding Co. Inc. | 879,357 | 6,929 |
* | Box Inc. Class A | 236,297 | 6,867 |
Concentrix Corp. | 39,216 | 6,532 | |
* | Teradata Corp. | 126,918 | 6,256 |
A10 Networks Inc. | 415,084 | 5,790 |
Shares | Market Value• ($000) | ||
* | Super Micro Computer Inc. | 147,370 | 5,610 |
TTEC Holdings Inc. | 58,262 | 4,808 | |
Avnet Inc. | 112,325 | 4,559 | |
* | Axcelis Technologies Inc. | 54,831 | 4,141 |
* | Tenable Holdings Inc. | 67,418 | 3,896 |
* | Alarm.com Holdings Inc. | 52,271 | 3,474 |
* | Fabrinet | 32,738 | 3,442 |
Kulicke & Soffa Industries Inc. | 61,339 | 3,436 | |
* | 8x8 Inc. | 266,598 | 3,356 |
* | International Money Express Inc. | 162,502 | 3,349 |
* | Unisys Corp. | 151,585 | 3,276 |
Amkor Technology Inc. | 145,353 | 3,157 | |
* | Diodes Inc. | 35,147 | 3,057 |
* | LiveRamp Holdings Inc. | 76,091 | 2,845 |
* | Sanmina Corp. | 69,002 | 2,789 |
* | Upland Software Inc. | 153,335 | 2,700 |
* | Magnachip Semiconductor Corp. | 155,663 | 2,632 |
* | Domo Inc. Class B | 50,890 | 2,574 |
* | MaxLinear Inc. | 39,120 | 2,283 |
* | Yext Inc. | 318,784 | 2,196 |
* | Agilysys Inc. | 49,789 | 1,986 |
* | Ichor Holdings Ltd. | 54,281 | 1,934 |
* | Avaya Holdings Corp. | 147,122 | 1,864 |
* | SMART Global Holdings Inc. | 72,128 | 1,863 |
* | Benefitfocus Inc. | 145,175 | 1,832 |
* | Diebold Nixdorf Inc. | 244,546 | 1,646 |
* | Conduent Inc. | 306,849 | 1,583 |
* | Ultra Clean Holdings Inc. | 33,631 | 1,426 |
* | ePlus Inc. | 22,646 | 1,270 |
* | ExlService Holdings Inc. | 8,652 | 1,240 |
* | Arlo Technologies Inc. | 132,892 | 1,177 |
* | Everbridge Inc. | 23,758 | 1,037 |
* | SecureWorks Corp. Class A | 76,277 | 1,011 |
Xperi Holding Corp. | 57,146 | 990 | |
* | Allegro MicroSystems Inc. | 29,423 | 836 |
* | Brightcove Inc. | 86,508 | 675 |
* | ScanSource Inc. | 19,379 | 674 |
* | Workiva Inc. Class A | 5,656 | 667 |
* | Semtech Corp. | 8,611 | 597 |
* | Cohu Inc. | 10,455 | 309 |
* | Kyndryl Holdings Inc. | 23,365 | 307 |
* | Cognyte Software Ltd. | 20,682 | 234 |
209,083 | |||
Materials (5.6%) | |||
Olin Corp. | 199,873 | 10,449 | |
Louisiana-Pacific Corp. | 161,962 | 10,061 | |
AdvanSix Inc. | 156,354 | 7,988 | |
Commercial Metals Co. | 191,342 | 7,964 | |
Schnitzer Steel Industries Inc. Class A | 136,885 | 7,110 | |
Warrior Met Coal Inc. | 135,831 | 5,041 | |
Alcoa Corp. | 53,001 | 4,772 | |
SunCoke Energy Inc. | 524,303 | 4,672 | |
* | Sylvamo Corp. | 107,403 | 3,574 |
* | O-I Glass Inc. | 227,335 | 2,996 |
Chemours Co. | 90,351 | 2,844 | |
US Steel Corp. | 74,605 | 2,816 | |
Tronox Holdings plc Class A | 131,599 | 2,604 | |
* | Cleveland-Cliffs Inc. | 69,104 | 2,226 |
Huntsman Corp. | 49,907 | 1,872 | |
Sonoco Products Co. | 27,894 | 1,745 | |
Innospec Inc. | 18,466 | 1,709 | |
* | TimkenSteel Corp. | 47,672 | 1,043 |
Shares | Market Value• ($000) | ||
Tredegar Corp. | 86,164 | 1,033 | |
Greif Inc. Class A | 15,302 | 996 | |
Mercer International Inc. | 66,039 | 921 | |
Hawkins Inc. | 9,500 | 436 | |
Koppers Holdings Inc. | 14,707 | 405 | |
Orion Engineered Carbons SA | 21,010 | 335 | |
Sensient Technologies Corp. | 3,444 | 289 | |
85,901 | |||
Real Estate (8.2%) | |||
Life Storage Inc. | 74,626 | 10,480 | |
PotlatchDeltic Corp. | 188,782 | 9,955 | |
Highwoods Properties Inc. | 216,121 | 9,885 | |
National Storage Affiliates Trust | 147,187 | 9,237 | |
Piedmont Office Realty Trust Inc. Class A | 492,075 | 8,474 | |
Apple Hospitality REIT Inc. | 411,560 | 7,396 | |
Brixmor Property Group Inc. | 273,755 | 7,066 | |
Necessity Retail REIT Inc. | 872,127 | 6,899 | |
SITE Centers Corp. | 372,840 | 6,230 | |
American Assets Trust Inc. | 132,311 | 5,013 | |
EPR Properties | 83,785 | 4,584 | |
Sabra Health Care REIT Inc. | 263,560 | 3,924 | |
Universal Health Realty Income Trust | 63,853 | 3,727 | |
* | Summit Hotel Properties Inc. | 363,772 | 3,623 |
Global Net Lease Inc. | 210,462 | 3,311 | |
Spirit Realty Capital Inc. | 52,579 | 2,420 | |
Getty Realty Corp. | 79,318 | 2,270 | |
Alexander's Inc. | 8,488 | 2,175 | |
Office Properties Income Trust | 75,821 | 1,951 | |
RPT Realty | 138,584 | 1,908 | |
Kite Realty Group Trust | 71,575 | 1,630 | |
RLJ Lodging Trust | 113,672 | 1,601 | |
UMH Properties Inc. | 61,461 | 1,511 | |
RE/MAX Holdings Inc. Class A | 51,617 | 1,431 | |
* | DiamondRock Hospitality Co. | 125,939 | 1,272 |
One Liberty Properties Inc. | 37,488 | 1,154 | |
Urban Edge Properties | 54,020 | 1,032 | |
Douglas Elliman Inc. | 122,665 | 895 | |
Service Properties Trust | 76,454 | 675 | |
Essential Properties Realty Trust Inc. | 25,901 | 655 | |
* | Redfin Corp. | 31,000 | 559 |
Park Hotels & Resorts Inc. | 23,196 | 453 | |
Centerspace | 4,477 | 439 | |
Urstadt Biddle Properties Inc. Class A | 19,617 | 369 | |
Gladstone Commercial Corp. | 14,850 | 327 | |
Alexander & Baldwin Inc. | 13,578 | 315 | |
124,846 | |||
Utilities (2.5%) | |||
National Fuel Gas Co. | 161,625 | 11,104 | |
Otter Tail Corp. | 141,086 | 8,818 | |
Portland General Electric Co. | 134,200 | 7,401 | |
Hawaiian Electric Industries Inc. | 164,923 | 6,978 |
Shares | Market Value• ($000) | ||
Unitil Corp. | 33,551 | 1,673 | |
New Jersey Resources Corp. | 22,157 | 1,016 | |
MGE Energy Inc. | 6,120 | 488 | |
37,478 | |||
Total Common Stocks (Cost $1,344,046) | 1,512,906 | ||
Temporary Cash Investments (0.6%) | |||
Money Market Fund (0.6%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.312% (Cost $9,560) | 95,623 | 9,562 |
Total Investments (100.0%) (Cost $1,353,606) | 1,522,468 | ||
Other Assets and Liabilities—Net (0.0%) | (472) | ||
Net Assets (100%) | 1,521,996 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,137,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $1,157,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | June 2022 | 88 | 9,092 | 81 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $1,344,046) | 1,512,906 |
Affiliated Issuers (Cost $9,560) | 9,562 |
Total Investments in Securities | 1,522,468 |
Investment in Vanguard | 52 |
Cash Collateral Pledged—Futures Contracts | 563 |
Receivables for Investment Securities Sold | 4,573 |
Receivables for Accrued Income | 882 |
Receivables for Capital Shares Issued | 781 |
Total Assets | 1,529,319 |
Liabilities | |
Due to Custodian | 668 |
Payables for Investment Securities Purchased | 1 |
Collateral for Securities on Loan | 1,157 |
Payables for Capital Shares Redeemed | 5,220 |
Payables to Vanguard | 175 |
Variation Margin Payable—Futures Contracts | 102 |
Total Liabilities | 7,323 |
Net Assets | 1,521,996 |
1 Includes $1,137 of securities on loan. | |
At March 31, 2022, net assets consisted of: | |
Paid-in Capital | 1,258,699 |
Total Distributable Earnings (Loss) | 263,297 |
Net Assets | 1,521,996 |
Net Assets | |
Applicable to 40,687,371 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,521,996 |
Net Asset Value Per Share | $37.41 |
Six Months Ended March 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 10,544 |
Interest2 | 5 |
Securities Lending—Net | 29 |
Total Income | 10,578 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 294 |
Management and Administrative | 1,654 |
Marketing and Distribution | 82 |
Custodian Fees | 9 |
Shareholders’ Reports | 25 |
Trustees’ Fees and Expenses | — |
Other Expenses | 8 |
Total Expenses | 2,072 |
Net Investment Income | 8,506 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 121,783 |
Futures Contracts | (547) |
Realized Net Gain (Loss) | 121,236 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (84,051) |
Futures Contracts | 204 |
Change in Unrealized Appreciation (Depreciation) | (83,847) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 45,895 |
1 | Dividends are net of foreign withholding taxes of $23,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 8,506 | 15,711 | |
Realized Net Gain (Loss) | 121,236 | 313,510 | |
Change in Unrealized Appreciation (Depreciation) | (83,847) | 228,291 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 45,895 | 557,512 | |
Distributions | |||
Total Distributions | (277,283) | (15,307) | |
Capital Share Transactions | |||
Issued | 245,068 | 616,207 | |
Issued in Lieu of Cash Distributions | 246,930 | 13,795 | |
Redeemed | (357,976) | (581,418) | |
Net Increase (Decrease) from Capital Share Transactions | 134,022 | 48,584 | |
Total Increase (Decrease) | (97,366) | 590,789 | |
Net Assets | |||
Beginning of Period | 1,619,362 | 1,028,573 | |
End of Period | 1,521,996 | 1,619,362 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2022 | Year Ended September 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $43.90 | $28.48 | $31.41 | $40.21 | $36.99 | $31.45 |
Investment Operations | ||||||
Net Investment Income1 | .218 | .435 | .392 | .393 | .373 | .462 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.071 | 15.424 | (1.955) | (5.888) | 5.294 | 5.545 |
Total from Investment Operations | 1.289 | 15.859 | (1.563) | (5.495) | 5.667 | 6.007 |
Distributions | ||||||
Dividends from Net Investment Income | (.507) | (.439) | (.393) | (.378) | (.394) | (.467) |
Distributions from Realized Capital Gains | (7.272) | — | (.974) | (2.927) | (2.053) | — |
Total Distributions | (7.779) | (.439) | (1.367) | (3.305) | (2.447) | (.467) |
Net Asset Value, End of Period | $37.41 | $43.90 | $28.48 | $31.41 | $40.21 | $36.99 |
Total Return2 | 2.94% | 56.05% | -5.55% | -12.91% | 16.13% | 19.19% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,522 | $1,619 | $1,029 | $1,395 | $1,917 | $1,673 |
Ratio of Total Expenses to Average Net Assets | 0.26% | 0.26% | 0.26% | 0.26% | 0.29% | 0.29% |
Ratio of Net Investment Income to Average Net Assets | 1.05% | 1.08% | 1.35% | 1.22% | 0.99% | 1.34% |
Portfolio Turnover Rate | 35% | 76% | 66% | 67% | 88% | 91% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
D. | As of March 31, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 1,353,919 |
Gross Unrealized Appreciation | 282,437 |
Gross Unrealized Depreciation | (113,807) |
Net Unrealized Appreciation (Depreciation) | 168,630 |
E. | During the six months ended March 31, 2022, the fund purchased $554,116,000 of investment securities and sold $686,193,000 of investment securities, other than temporary cash investments. |
F. | Capital shares issued and redeemed were: |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 5,813 | 14,866 | |
Issued in Lieu of Cash Distributions | 6,602 | 389 | |
Redeemed | (8,612) | (14,491) | |
Net Increase (Decrease) in Shares Outstanding | 3,803 | 764 |
G. | Management has determined that no events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2022 | |||
Beginning Account Value 9/30/2021 | Ending Account Value 3/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Core Stock Fund | |||
Investor Shares | $1,000.00 | $997.10 | $2.34 |
Admiral™ Shares | 1,000.00 | 997.20 | 1.84 |
Based on Hypothetical 5% Yearly Return | |||
International Core Stock Fund | |||
Investor Shares | $1,000.00 | $1,022.59 | $2.37 |
Admiral Shares | 1,000.00 | 1,023.09 | 1.87 |
Japan | 14.9% |
France | 8.2 |
Canada | 7.7 |
Switzerland | 7.5 |
United Kingdom | 6.9 |
China | 6.8 |
Taiwan | 5.8 |
Germany | 5.1 |
Australia | 4.4 |
South Korea | 4.0 |
India | 3.5 |
Brazil | 2.6 |
Italy | 1.8 |
Mexico | 1.6 |
Netherlands | 1.6 |
Thailand | 1.5 |
Norway | 1.5 |
South Africa | 1.5 |
Austria | 1.4 |
Sweden | 1.4 |
Spain | 1.1 |
Finland | 1.1 |
Ireland | 1.1 |
Singapore | 1.0 |
Other | 6.0 |
Shares | Market Value• ($000) | |||||
Common Stocks (98.9%) | ||||||
Australia (4.4%) | ||||||
* | BHP Group Ltd. | 267,403 | 10,369 | |||
Australia & New Zealand Banking Group Ltd. | 396,754 | 8,130 | ||||
Goodman Group | 332,562 | 5,652 | ||||
Brambles Ltd. | 478,039 | 3,528 | ||||
27,679 | ||||||
Austria (1.4%) | ||||||
Erste Group Bank AG | 127,833 | 4,661 | ||||
*,1 | BAWAG Group AG | 76,155 | 3,843 | |||
8,504 | ||||||
Brazil (2.6%) | ||||||
Telefonica Brasil SA | 594,900 | 6,709 | ||||
* | Itau Unibanco Holding SA Preference Shares | 1,075,100 | 6,205 | |||
Localiza Rent a Car SA | 264,400 | 3,393 | ||||
16,307 | ||||||
Canada (7.6%) | ||||||
Royal Bank of Canada | 106,472 | 11,722 | ||||
Barrick Gold Corp. | 459,566 | 11,271 | ||||
Brookfield Asset Management Inc. Class A | 168,366 | 9,519 | ||||
Intact Financial Corp. | 45,383 | 6,706 | ||||
Canadian National Railway Co. | 37,595 | 5,043 | ||||
RioCan REIT | 179,310 | 3,619 | ||||
47,880 | ||||||
China (6.7%) | ||||||
China Merchants Bank Co. Ltd. Class H | 1,017,000 | 7,917 | ||||
China Longyuan Power Group Corp. Ltd. Class H | 3,132,000 | 7,040 | ||||
Industrial & Commercial Bank of China Ltd. Class H | 10,448,000 | 6,405 | ||||
Zhongsheng Group Holdings Ltd. | 875,289 | 6,154 |
Shares | Market Value• ($000) | |||||
Midea Group Co. Ltd. Class A | 616,700 | 5,501 | ||||
Tsingtao Brewery Co. Ltd. Class A | 396,517 | 4,911 | ||||
CSPC Pharmaceutical Group Ltd. | 3,822,000 | 4,379 | ||||
42,307 | ||||||
Denmark (0.6%) | ||||||
* | Genmab A/S | 10,914 | 3,942 | |||
Finland (1.1%) | ||||||
* | Nokia OYJ | 1,247,105 | 6,868 | |||
France (8.1%) | ||||||
* | Airbus SE | 90,056 | 10,867 | |||
AXA SA | 355,680 | 10,412 | ||||
2 | TotalEnergies SE | 193,633 | 9,798 | |||
Pernod Ricard SA | 33,318 | 7,320 | ||||
Engie SA | 521,622 | 6,858 | ||||
Bureau Veritas SA | 196,626 | 5,606 | ||||
Credit Agricole SA | 3,729 | 45 | ||||
50,906 | ||||||
Germany (5.0%) | ||||||
Siemens AG (Registered) | 54,118 | 7,493 | ||||
Volkswagen AG Preference Shares | 38,681 | 6,647 | ||||
Brenntag SE | 78,642 | 6,341 | ||||
* | Commerzbank AG | 796,647 | 6,054 | |||
Wacker Chemie AG | 30,211 | 5,142 | ||||
31,677 | ||||||
Greece (0.5%) | ||||||
Hellenic Telecommunications Organization SA | 188,840 | 3,415 | ||||
India (3.5%) | ||||||
Power Grid Corp. of India Ltd. | 2,283,543 | 6,510 | ||||
* | Axis Bank Ltd. | 586,523 | 5,840 | |||
Larsen & Toubro Ltd. | 245,583 | 5,695 | ||||
Mahindra & Mahindra Ltd. | 376,551 | 3,982 | ||||
22,027 |
Shares | Market Value• ($000) | |||||
Indonesia (0.8%) | ||||||
Telkom Indonesia Persero Tbk. PT | 16,378,100 | 5,211 | ||||
Ireland (1.0%) | ||||||
* | Smurfit Kappa Group plc | 148,426 | 6,593 | |||
Italy (1.7%) | ||||||
CNH Industrial NV | 391,100 | 6,160 | ||||
Enel SpA | 709,424 | 4,737 | ||||
10,897 | ||||||
Japan (14.7%) | ||||||
Tokio Marine Holdings Inc. | 167,600 | 9,753 | ||||
Mitsubishi UFJ Financial Group Inc. | 1,464,800 | 9,054 | ||||
T&D Holdings Inc. | 640,670 | 8,699 | ||||
KDDI Corp. | 263,500 | 8,639 | ||||
ITOCHU Corp. | 242,500 | 8,203 | ||||
Mitsui Fudosan Co. Ltd. | 380,300 | 8,139 | ||||
Fujitsu Ltd. | 49,500 | 7,417 | ||||
Isuzu Motors Ltd. | 544,300 | 7,031 | ||||
Daiichi Sankyo Co. Ltd. | 319,000 | 6,966 | ||||
Shiseido Co. Ltd. | 106,200 | 5,364 | ||||
Astellas Pharma Inc. | 340,000 | 5,313 | ||||
Yamaha Motor Co. Ltd. | 234,900 | 5,265 | ||||
Nippon Telegraph & Telephone Corp. | 96,400 | 2,801 | ||||
92,644 | ||||||
Luxembourg (0.6%) | ||||||
ArcelorMittal SA | 112,095 | 3,591 | ||||
Mexico (1.6%) | ||||||
Wal-Mart de Mexico SAB de CV | 2,427,600 | 9,998 | ||||
Netherlands (1.6%) | ||||||
* | AerCap Holdings NV | 109,329 | 5,497 | |||
Koninklijke Philips NV | 144,670 | 4,411 | ||||
9,908 | ||||||
Norway (1.5%) | ||||||
Norsk Hydro ASA | 979,779 | 9,519 | ||||
Other (3.4%) | ||||||
3 | Vanguard FTSE Developed Markets ETF | 449,943 | 21,612 | |||
Russia (0.0%) | ||||||
4 | Magnit PJSC | 31,141 | — | |||
Singapore (1.0%) | ||||||
DBS Group Holdings Ltd. | 249,000 | 6,524 | ||||
South Africa (1.5%) | ||||||
Anglo American plc | 181,729 | 9,443 | ||||
South Korea (4.0%) | ||||||
Samsung Electronics Co. Ltd. | 256,978 | 14,705 |
Shares | Market Value• ($000) | |||||
SK Telecom Co. Ltd. | 127,776 | 5,975 | ||||
SK Hynix Inc. | 44,444 | 4,275 | ||||
24,955 | ||||||
Spain (1.1%) | ||||||
Repsol SA | 525,966 | 6,890 | ||||
Sweden (1.4%) | ||||||
2 | Volvo AB Class B | 257,018 | 4,795 | |||
Alfa Laval AB | 107,342 | 3,692 | ||||
8,487 | ||||||
Switzerland (7.4%) | ||||||
Nestle SA (Registered) | 106,148 | 13,801 | ||||
Roche Holding AG | 32,558 | 12,882 | ||||
Novartis AG (Registered) | 138,044 | 12,119 | ||||
Cie Financiere Richemont SA (Registered) | 60,492 | 7,668 | ||||
46,470 | ||||||
Taiwan (5.8%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 884,000 | 18,134 | ||||
Hon Hai Precision Industry Co. Ltd. | 2,302,309 | 8,454 | ||||
MediaTek Inc. | 188,000 | 5,851 | ||||
* | Uni-President Enterprises Corp. | 1,742,000 | 3,975 | |||
36,414 | ||||||
Thailand (1.5%) | ||||||
Kasikornbank PCL (Foreign) | 1,267,100 | 6,115 | ||||
Thai Beverage PCL | 6,573,100 | 3,459 | ||||
9,574 | ||||||
United Kingdom (6.8%) | ||||||
Shell plc | 640,221 | 17,548 | ||||
* | Compass Group plc | 404,895 | 8,713 | |||
WPP plc | 649,965 | 8,507 | ||||
* | BT Group plc | 1,975,471 | 4,710 | |||
B&M European Value Retail SA | 458,724 | 3,209 | ||||
42,687 | ||||||
Total Common Stocks (Cost $598,148) | 622,929 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (4.1%) | ||||||
Money Market Fund (4.1%) | ||||||
5,6 | Vanguard Market Liquidity Fund, 0.312%(Cost $26,105) | 261,080 | 26,105 | |||
Total Investments (103.0%) (Cost $624,253) | 649,034 | |||||
Other Assets and Liabilities—Net (-3.0%) | (18,867) | |||||
Net Assets (100%) | 630,167 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the aggregate value was $3,843,000, representing 0.6% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $7,907,000. |
3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
4 | Security value determined using significant unobservable inputs. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $8,607,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $577,004) | 601,317 |
Affiliated Issuers (Cost $47,249) | 47,717 |
Total Investments in Securities | 649,034 |
Investment in Vanguard | 21 |
Cash | 560 |
Foreign Currency, at Value (Cost $1,117) | 1,124 |
Receivables for Investment Securities Sold | 4,359 |
Receivables for Accrued Income | 2,623 |
Receivables for Capital Shares Issued | 1,643 |
Total Assets | 659,364 |
Liabilities | |
Payables for Investment Securities Purchased | 19,379 |
Collateral for Securities on Loan | 8,607 |
Payables for Capital Shares Redeemed | 688 |
Payables to Investment Advisor | 307 |
Payables to Vanguard | 49 |
Deferred Foreign Capital Gains Taxes | 167 |
Total Liabilities | 29,197 |
Net Assets | 630,167 |
1 Includes $7,907 of securities on loan. | |
At March 31, 2022, net assets consisted of: | |
Paid-in Capital | 607,511 |
Total Distributable Earnings (Loss) | 22,656 |
Net Assets | 630,167 |
Investor Shares—Net Assets | |
Applicable to 6,721,676 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 80,228 |
Net Asset Value Per Share—Investor Shares | $11.94 |
Admiral Shares—Net Assets | |
Applicable to 23,027,438 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 549,939 |
Net Asset Value Per Share—Admiral Shares | $23.88 |
Six Months Ended March 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 6,437 |
Dividends—Affiliated Issuers | 230 |
Interest—Unaffiliated Issuers | — |
Interest—Affiliated Issuers | 4 |
Securities Lending—Net | 7 |
Total Income | 6,678 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 519 |
Performance Adjustment | 59 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 85 |
Management and Administrative—Admiral Shares | 380 |
Marketing and Distribution—Investor Shares | 5 |
Marketing and Distribution—Admiral Shares | 16 |
Custodian Fees | 21 |
Shareholders’ Reports—Investor Shares | 9 |
Shareholders’ Reports—Admiral Shares | 4 |
Trustees’ Fees and Expenses | — |
Other Expenses | 8 |
Total Expenses | 1,106 |
Net Investment Income | 5,572 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | — |
Investment Securities Sold—Unaffiliated Issuers | 526 |
Investment Securities Sold—Affiliated Issuers | (1,086) |
Foreign Currencies | (103) |
Realized Net Gain (Loss) | (663) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers2 | (8,614) |
Investment Securities—Affiliated Issuers | (394) |
Foreign Currencies | (33) |
Change in Unrealized Appreciation (Depreciation) | (9,041) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,132) |
1 | Dividends are net of foreign withholding taxes of $664,000. |
2 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $3,000. |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 5,572 | 10,541 | |
Realized Net Gain (Loss) | (663) | 16,533 | |
Change in Unrealized Appreciation (Depreciation) | (9,041) | 33,825 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,132) | 60,899 | |
Distributions | |||
Investor Shares | (3,031) | (814) | |
Admiral Shares | (20,529) | (3,445) | |
Total Distributions | (23,560) | (4,259) | |
Capital Share Transactions | |||
Investor Shares | 13,627 | 20,492 | |
Admiral Shares | 107,508 | 271,650 | |
Net Increase (Decrease) from Capital Share Transactions | 121,135 | 292,142 | |
Total Increase (Decrease) | 93,443 | 348,782 | |
Net Assets | |||
Beginning of Period | 536,724 | 187,942 | |
End of Period | 630,167 | 536,724 |
Investor Shares | |||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | October 1, 20191 to September 30, 2020 |
Net Asset Value, Beginning of Period | $12.50 | $9.91 | $10.00 |
Investment Operations | |||
Net Investment Income2 | .114 | .307 | .190 |
Net Realized and Unrealized Gain (Loss) on Investments | (.148) | 2.490 | (.269) |
Total from Investment Operations | (.034) | 2.797 | (.079) |
Distributions | |||
Dividends from Net Investment Income | (.336) | (.207) | (.011) |
Distributions from Realized Capital Gains | (.190) | — | — |
Total Distributions | (.526) | (.207) | (.011) |
Net Asset Value, End of Period | $11.94 | $12.50 | $9.91 |
Total Return3 | -0.29% | 28.44% | -0.79% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $80 | $70 | $39 |
Ratio of Total Expenses to Average Net Assets4 | 0.47% | 0.45% | 0.46%5,6 |
Ratio of Net Investment Income to Average Net Assets | 1.85% | 2.53% | 2.04%5 |
Portfolio Turnover Rate | 31% | 89% | 80% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | The subscription period for the fund was October 1, 2019, to October 15, 2019, during which time all assets were held in cash. Performance measurement began October 16, 2019, the first business day after the subscription period, at a net asset value of $10.00. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of 0.02% and 0.00%. Performance-based investment advisory fees did not apply before fiscal year 2021. |
5 | Annualized. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.45%. |
Admiral Shares | |||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | October 1, 20191 to September 30, 2020 |
Net Asset Value, Beginning of Period | $25.02 | $19.85 | $20.00 |
Investment Operations | |||
Net Investment Income2 | .241 | .684 | .401 |
Net Realized and Unrealized Gain (Loss) on Investments | (.306) | 4.921 | (.527) |
Total from Investment Operations | (.065) | 5.605 | (.126) |
Distributions | |||
Dividends from Net Investment Income | (.695) | (.435) | (.024) |
Distributions from Realized Capital Gains | (.380) | — | — |
Total Distributions | (1.075) | (.435) | (.024) |
Net Asset Value, End of Period | $23.88 | $25.02 | $19.85 |
Total Return3 | -0.28% | 28.47% | -0.64% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $550 | $466 | $149 |
Ratio of Total Expenses to Average Net Assets4 | 0.37% | 0.35% | 0.36%5,6 |
Ratio of Net Investment Income to Average Net Assets | 1.95% | 2.78% | 2.15%5 |
Portfolio Turnover Rate | 31% | 89% | 80% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | The subscription period for the fund was October 1, 2019, to October 15, 2019, during which time all assets were held in cash. Performance measurement began October 16, 2019, the first business day after the subscription period, at a net asset value of $20.00. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of 0.02% and 0.00%. Performance-based investment advisory fees did not apply before fiscal year 2021. |
5 | Annualized. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.35%. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 74,185 | — | — | 74,185 |
Common Stocks—Other | 27,109 | 521,635 | — | 548,744 |
Temporary Cash Investments | 26,105 | — | — | 26,105 |
Total | 127,399 | 521,635 | — | 649,034 |
Amount ($000) | |
Tax Cost | 626,567 |
Gross Unrealized Appreciation | 60,966 |
Gross Unrealized Depreciation | (38,499) |
Net Unrealized Appreciation (Depreciation) | 22,467 |
Six Months Ended March 31, 2022 | Year Ended September 30, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 29,992 | 2,414 | 54,340 | 4,457 | |
Issued in Lieu of Cash Distributions | 2,587 | 216 | 679 | 60 | |
Redeemed | (18,952) | (1,536) | (34,527) | (2,855) | |
Net Increase (Decrease)—Investor Shares | 13,627 | 1,094 | 20,492 | 1,662 | |
Admiral Shares | |||||
Issued | 163,405 | 6,642 | 370,262 | 15,194 | |
Issued in Lieu of Cash Distributions | 17,527 | 730 | 2,621 | 116 | |
Redeemed | (73,424) | (2,984) | (101,233) | (4,160) | |
Net Increase (Decrease)—Admiral Shares | 107,508 | 4,388 | 271,650 | 11,150 |
Current Period Transactions | ||||||||
Sep. 30, 2021 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2022 Market Value ($000) | |
Vanguard FTSE Developed Markets ETF | 5,704 | 57,123 | 39,736 | (1,085) | (394) | 230 | — | 21,612 |
Vanguard Market Liquidity Fund | 5,419 | NA1 | NA1 | (1) | — | 4 | — | 26,105 |
Total | 11,123 | 57,123 | 39,736 | (1,086) | (394) | 234 | — | 47,717 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
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Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD HORIZON FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: May 19, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD HORIZON FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: May 19, 2022
VANGUARD HORIZON FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: May 19, 2022
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on November 29, 2021 (see File Number 33-64845), a Power of Attorney filed on October 12, 2021 (see File Number 33-23444), and a Power of Attorney filed on August 26, 2021 (see file Number 811-02652), Incorporated by Reference.