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, 2023—March 31, 2024
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, 2024 | |||
Strategic Equity Fund | Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,244.30 | $0.95 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.15 | 0.86 |
Communication Services | 3.1% |
Consumer Discretionary | 12.2 |
Consumer Staples | 3.5 |
Energy | 4.1 |
Financials | 15.6 |
Health Care | 10.5 |
Industrials | 19.8 |
Information Technology | 14.8 |
Materials | 5.7 |
Real Estate | 6.0 |
Utilities | 4.7 |
Shares | Market Value• ($000) | ||
Common Stocks (99.4%) | |||
Communication Services (3.0%) | |||
* | Yelp Inc. | 975,125 | 38,420 |
* | Match Group Inc. | 902,996 | 32,761 |
* | TripAdvisor Inc. | 1,061,682 | 29,504 |
* | Pinterest Inc. Class A | 755,651 | 26,198 |
* | Live Nation Entertainment Inc. | 229,525 | 24,277 |
* | Liberty Global Ltd. Class A | 854,247 | 14,454 |
John Wiley & Sons Inc. Class A | 264,153 | 10,072 | |
* | Roblox Corp. Class A | 233,866 | 8,929 |
* | ZipRecruiter Inc. Class A | 715,581 | 8,222 |
* | Bumble Inc. Class A | 596,693 | 6,772 |
New York Times Co. Class A | 147,832 | 6,389 | |
News Corp. Class B | 225,792 | 6,110 | |
* | Liberty Media Corp. - Liberty SiriusXM Class C | 196,843 | 5,848 |
* | Roku Inc. | 89,267 | 5,818 |
* | Snap Inc. Class A | 492,427 | 5,653 |
Iridium Communications Inc. | 189,363 | 4,954 | |
* | PubMatic Inc. Class A | 206,789 | 4,905 |
Playtika Holding Corp. | 514,546 | 3,628 | |
* | Lumen Technologies Inc. | 2,295,270 | 3,581 |
Telephone and Data Systems Inc. | 127,656 | 2,045 | |
* | Madison Square Garden Entertainment Corp. | 43,063 | 1,688 |
Shutterstock Inc. | 33,813 | 1,549 | |
Fox Corp. Class B | 53,838 | 1,541 | |
* | Altice USA Inc. Class A | 537,116 | 1,402 |
* | Integral Ad Science Holding Corp. | 133,710 | 1,333 |
Cable One Inc. | 2,118 | 896 | |
256,949 | |||
Consumer Discretionary (12.2%) | |||
Genuine Parts Co. | 372,208 | 57,666 | |
* | MGM Resorts International | 1,097,329 | 51,805 |
* | NVR Inc. | 6,100 | 49,410 |
PulteGroup Inc. | 373,831 | 45,091 | |
* | Expedia Group Inc. | 317,630 | 43,754 |
* | AutoNation Inc. | 216,191 | 35,797 |
* | Taylor Morrison Home Corp. | 549,262 | 34,148 |
Travel & Leisure Co. | 681,911 | 33,386 | |
Gap Inc. | 1,131,037 | 31,160 | |
Toll Brothers Inc. | 230,967 | 29,880 |
Shares | Market Value• ($000) | ||
Tapestry Inc. | 594,030 | 28,205 | |
Boyd Gaming Corp. | 401,891 | 27,055 | |
* | Tri Pointe Homes Inc. | 659,713 | 25,504 |
* | Urban Outfitters Inc. | 543,974 | 23,619 |
* | Abercrombie & Fitch Co. Class A | 184,525 | 23,126 |
KB Home | 320,328 | 22,705 | |
Lear Corp. | 144,358 | 20,915 | |
Bath & Body Works Inc. | 413,349 | 20,676 | |
Harley-Davidson Inc. | 457,092 | 19,993 | |
* | Royal Caribbean Cruises Ltd. | 121,301 | 16,862 |
Wingstop Inc. | 45,887 | 16,813 | |
Autoliv Inc. | 126,236 | 15,203 | |
* | M/I Homes Inc. | 110,036 | 14,997 |
* | Green Brick Partners Inc. | 226,385 | 13,635 |
* | Ulta Beauty Inc. | 26,013 | 13,602 |
* | Skyline Champion Corp. | 159,708 | 13,577 |
Buckle Inc. | 325,170 | 13,095 | |
* | frontdoor Inc. | 388,255 | 12,649 |
* | United Parks & Resorts Inc. | 207,276 | 11,651 |
Murphy USA Inc. | 26,946 | 11,296 | |
Nordstrom Inc. | 543,848 | 11,024 | |
* | Grand Canyon Education Inc. | 77,772 | 10,593 |
* | Stride Inc. | 163,011 | 10,278 |
* | Carnival Corp. | 614,194 | 10,036 |
* | Goodyear Tire & Rubber Co. | 702,963 | 9,652 |
* | Cavco Industries Inc. | 24,158 | 9,640 |
* | Caesars Entertainment Inc. | 218,571 | 9,560 |
* | Dave & Buster's Entertainment Inc. | 150,674 | 9,432 |
Wynn Resorts Ltd. | 86,243 | 8,817 | |
* | Shake Shack Inc. Class A | 81,869 | 8,517 |
* | Brinker International Inc. | 164,811 | 8,188 |
Dana Inc. | 643,366 | 8,171 | |
* | Everi Holdings Inc. | 759,099 | 7,629 |
* | Beazer Homes USA Inc. | 228,774 | 7,504 |
* | Qurate Retail Inc. Series A | 5,966,896 | 7,339 |
* | Adient plc | 214,287 | 7,054 |
Upbound Group Inc. | 185,099 | 6,517 | |
* | G-III Apparel Group Ltd. | 223,566 | 6,486 |
* | Valvoline Inc. | 141,924 | 6,326 |
* | Wayfair Inc. Class A | 90,427 | 6,138 |
* | Carvana Co. | 66,626 | 5,857 |
* | Norwegian Cruise Line Holdings Ltd. | 268,348 | 5,616 |
American Eagle Outfitters Inc. | 208,161 | 5,368 |
Shares | Market Value• ($000) | ||
Gentex Corp. | 141,906 | 5,126 | |
* | Chewy Inc. Class A | 314,717 | 5,007 |
* | ODP Corp. | 94,265 | 5,001 |
PVH Corp. | 35,476 | 4,988 | |
* | Sally Beauty Holdings Inc. | 364,474 | 4,527 |
Macy's Inc. | 199,114 | 3,980 | |
Domino's Pizza Inc. | 7,950 | 3,950 | |
* | Mohawk Industries Inc. | 30,151 | 3,946 |
* | Visteon Corp. | 33,194 | 3,904 |
* | Fox Factory Holding Corp. | 60,325 | 3,141 |
* | Adtalem Global Education Inc. | 55,104 | 2,832 |
Phinia Inc. | 64,729 | 2,488 | |
* | American Axle & Manufacturing Holdings Inc. | 326,899 | 2,406 |
Patrick Industries Inc. | 18,648 | 2,228 | |
Dine Brands Global Inc. | 38,239 | 1,777 | |
ADT Inc. | 238,713 | 1,604 | |
* | Coursera Inc. | 111,962 | 1,570 |
* | Etsy Inc. | 22,057 | 1,516 |
* | Warby Parker Inc. Class A | 103,439 | 1,408 |
1,024,416 | |||
Consumer Staples (3.5%) | |||
Coca-Cola Consolidated Inc. | 50,390 | 42,651 | |
Conagra Brands Inc. | 1,119,120 | 33,171 | |
J M Smucker Co. | 258,569 | 32,546 | |
Ingles Markets Inc. Class A | 246,182 | 18,877 | |
* | BellRing Brands Inc. | 299,345 | 17,670 |
Molson Coors Beverage Co. Class B | 236,143 | 15,881 | |
Clorox Co. | 94,048 | 14,400 | |
* | Post Holdings Inc. | 120,992 | 12,859 |
* | Performance Food Group Co. | 144,007 | 10,749 |
McCormick & Co. Inc. | 133,637 | 10,265 | |
Church & Dwight Co. Inc. | 95,428 | 9,954 | |
* | Simply Good Foods Co. | 278,273 | 9,470 |
Bunge Global SA | 84,593 | 8,672 | |
Flowers Foods Inc. | 358,137 | 8,506 | |
Energizer Holdings Inc. | 253,475 | 7,462 | |
* | Pilgrim's Pride Corp. | 213,867 | 7,340 |
Casey's General Stores Inc. | 22,797 | 7,260 | |
PriceSmart Inc. | 80,720 | 6,780 | |
Vector Group Ltd. | 473,296 | 5,187 | |
* | USANA Health Sciences Inc. | 72,128 | 3,498 |
* | United Natural Foods Inc. | 257,447 | 2,958 |
WK Kellogg Co. | 156,468 | 2,941 | |
Medifast Inc. | 73,665 | 2,823 | |
Reynolds Consumer Products Inc. | 62,567 | 1,787 | |
* | Hain Celestial Group Inc. | 189,681 | 1,491 |
* | TreeHouse Foods Inc. | 37,994 | 1,480 |
296,678 | |||
Energy (4.1%) | |||
Marathon Oil Corp. | 1,969,920 | 55,828 | |
Diamondback Energy Inc. | 265,966 | 52,706 | |
APA Corp. | 1,065,421 | 36,629 | |
Baker Hughes Co. | 958,602 | 32,113 | |
SM Energy Co. | 512,718 | 25,559 | |
* | Par Pacific Holdings Inc. | 684,141 | 25,354 |
Murphy Oil Corp. | 465,684 | 21,282 | |
HF Sinclair Corp. | 341,106 | 20,593 | |
International Seaways Inc. | 253,837 | 13,504 |
Shares | Market Value• ($000) | ||
CONSOL Energy Inc. | 143,046 | 11,982 | |
* | Plains GP Holdings LP Class A | 555,389 | 10,136 |
* | Oceaneering International Inc. | 380,929 | 8,914 |
Liberty Energy Inc. | 327,025 | 6,776 | |
Dorian LPG Ltd. | 169,174 | 6,506 | |
* | US Silica Holdings Inc. | 421,152 | 5,227 |
Helmerich & Payne Inc. | 87,195 | 3,667 | |
* | Nabors Industries Ltd. (XNYS) | 41,171 | 3,546 |
Delek US Holdings Inc. | 49,587 | 1,524 | |
* | ProPetro Holding Corp. | 156,677 | 1,266 |
343,112 | |||
Financials (15.5%) | |||
MGIC Investment Corp. | 2,556,700 | 57,168 | |
* | Robinhood Markets Inc. Class A | 2,833,170 | 57,032 |
Equitable Holdings Inc. | 1,325,278 | 50,374 | |
Affiliated Managers Group Inc. | 291,542 | 48,825 | |
Essent Group Ltd. | 819,030 | 48,740 | |
Citizens Financial Group Inc. | 1,262,225 | 45,806 | |
* | Coinbase Global Inc. Class A | 172,117 | 45,632 |
* | Arch Capital Group Ltd. | 472,685 | 43,695 |
Huntington Bancshares Inc. | 2,781,187 | 38,798 | |
CNO Financial Group Inc. | 1,381,511 | 37,964 | |
Radian Group Inc. | 1,112,741 | 37,243 | |
First BanCorp (XNYS) | 1,873,251 | 32,857 | |
Popular Inc. | 346,843 | 30,553 | |
SLM Corp. | 1,366,044 | 29,766 | |
Everest Group Ltd. | 74,604 | 29,655 | |
Loews Corp. | 373,291 | 29,225 | |
Axis Capital Holdings Ltd. | 426,238 | 27,714 | |
American Financial Group Inc. | 201,567 | 27,510 | |
W R Berkley Corp. | 310,304 | 27,443 | |
Globe Life Inc. | 224,598 | 26,136 | |
Stifel Financial Corp. | 329,441 | 25,752 | |
FNB Corp. | 1,811,230 | 25,538 | |
* | Mr Cooper Group Inc. | 322,965 | 25,175 |
Old Republic International Corp. | 786,179 | 24,151 | |
Regions Financial Corp. | 1,134,237 | 23,864 | |
Ares Management Corp. Class A | 176,809 | 23,512 | |
Lincoln National Corp. | 730,881 | 23,337 | |
Cboe Global Markets Inc. | 116,609 | 21,425 | |
International Bancshares Corp. | 345,885 | 19,418 | |
Reinsurance Group of America Inc. | 96,277 | 18,570 | |
Webster Financial Corp. | 351,059 | 17,823 | |
Columbia Banking System Inc. | 864,266 | 16,724 | |
Synovus Financial Corp. | 397,552 | 15,926 | |
Hancock Whitney Corp. | 325,850 | 15,002 | |
Federated Hermes Inc. | 414,855 | 14,985 | |
First Horizon Corp. | 895,783 | 13,795 | |
Virtu Financial Inc. Class A | 645,159 | 13,239 | |
Wintrust Financial Corp. | 104,760 | 10,936 | |
Brown & Brown Inc. | 121,209 | 10,611 | |
Unum Group | 193,437 | 10,380 | |
BankUnited Inc. | 315,752 | 8,841 |
Shares | Market Value• ($000) | ||
Jackson Financial Inc. Class A | 129,605 | 8,572 | |
* | NMI Holdings Inc. Class A | 255,477 | 8,262 |
Corebridge Financial Inc. | 271,883 | 7,811 | |
BOK Financial Corp. | 72,889 | 6,706 | |
Associated Banc-Corp. | 311,110 | 6,692 | |
Fifth Third Bancorp | 178,094 | 6,627 | |
PROG Holdings Inc. | 190,891 | 6,574 | |
* | AvidXchange Holdings Inc. | 482,750 | 6,348 |
OFG Bancorp | 168,391 | 6,198 | |
* | Customers Bancorp Inc. | 113,353 | 6,015 |
Primerica Inc. | 23,549 | 5,957 | |
* | LendingClub Corp. | 676,439 | 5,946 |
Janus Henderson Group plc | 177,777 | 5,847 | |
Tradeweb Markets Inc. Class A | 55,392 | 5,770 | |
Assurant Inc. | 27,853 | 5,243 | |
WSFS Financial Corp. | 98,844 | 4,462 | |
Ameris Bancorp | 90,778 | 4,392 | |
State Street Corp. | 54,670 | 4,227 | |
Brightsphere Investment Group Inc. | 173,942 | 3,973 | |
First Citizens BancShares Inc. Class A | 2,075 | 3,393 | |
* | Marqeta Inc. Class A | 551,875 | 3,289 |
OneMain Holdings Inc. | 58,398 | 2,984 | |
Simmons First National Corp. Class A | 151,710 | 2,952 | |
James River Group Holdings Ltd. | 314,513 | 2,925 | |
Synchrony Financial | 64,407 | 2,777 | |
* | Cannae Holdings Inc. | 107,891 | 2,399 |
First Hawaiian Inc. | 108,135 | 2,375 | |
Zions Bancorp NA | 41,961 | 1,821 | |
Navient Corp. | 104,480 | 1,818 | |
Jefferies Financial Group Inc. | 38,533 | 1,699 | |
* | Texas Capital Bancshares Inc. | 26,987 | 1,661 |
* | Genworth Financial Inc. Class A | 255,195 | 1,641 |
S&T Bancorp Inc. | 41,921 | 1,345 | |
* | Affirm Holdings Inc. | 35,577 | 1,326 |
1,301,167 | |||
Health Care (10.4%) | |||
* | Tenet Healthcare Corp. | 603,718 | 63,457 |
Chemed Corp. | 72,455 | 46,511 | |
Cardinal Health Inc. | 393,995 | 44,088 | |
* | Incyte Corp. | 766,872 | 43,689 |
Bruker Corp. | 380,869 | 35,779 | |
* | IQVIA Holdings Inc. | 110,822 | 28,026 |
* | Option Care Health Inc. | 745,068 | 24,990 |
* | Ultragenyx Pharmaceutical Inc. | 510,282 | 23,825 |
* | PTC Therapeutics Inc. | 814,425 | 23,692 |
* | Alkermes plc | 798,554 | 21,617 |
Organon & Co. | 1,100,327 | 20,686 | |
Universal Health Services Inc. Class B | 108,045 | 19,714 | |
* | Insulet Corp. | 114,640 | 19,649 |
* | Medpace Holdings Inc. | 47,480 | 19,189 |
* | Teladoc Health Inc. | 1,228,047 | 18,544 |
* | Elanco Animal Health Inc. (XNYS) | 1,084,983 | 17,664 |
Cooper Cos. Inc. | 169,120 | 17,159 | |
* | Exelixis Inc. | 698,550 | 16,577 |
Shares | Market Value• ($000) | ||
* | Jazz Pharmaceuticals plc | 130,850 | 15,757 |
* | Ionis Pharmaceuticals Inc. | 359,940 | 15,603 |
* | Veeva Systems Inc. Class A | 67,203 | 15,570 |
* | Fate Therapeutics Inc. | 2,097,908 | 15,399 |
* | DaVita Inc. | 107,008 | 14,772 |
* | Merit Medical Systems Inc. | 174,119 | 13,190 |
* | Haemonetics Corp. | 153,319 | 13,086 |
* | Sarepta Therapeutics Inc. | 98,857 | 12,798 |
* | Avantor Inc. | 485,373 | 12,411 |
* | LivaNova plc | 219,048 | 12,254 |
* | Deciphera Pharmaceuticals Inc. | 747,816 | 11,763 |
* | Exact Sciences Corp. | 156,252 | 10,791 |
* | Integra LifeSciences Holdings Corp. | 302,694 | 10,730 |
Encompass Health Corp. | 127,234 | 10,507 | |
West Pharmaceutical Services Inc. | 23,309 | 9,224 | |
* | Charles River Laboratories International Inc. | 33,878 | 9,179 |
* | Ironwood Pharmaceuticals Inc. | 1,044,936 | 9,101 |
* | Bio-Rad Laboratories Inc. Class A | 23,368 | 8,082 |
DENTSPLY SIRONA Inc. | 218,493 | 7,252 | |
* | GoodRx Holdings Inc. Class A | 1,017,624 | 7,225 |
* | ACADIA Pharmaceuticals Inc. | 373,360 | 6,903 |
* | Mettler-Toledo International Inc. | 4,633 | 6,168 |
* | Travere Therapeutics Inc. | 780,844 | 6,020 |
* | Blueprint Medicines Corp. | 58,457 | 5,545 |
* | Neurocrine Biosciences Inc. | 38,774 | 5,348 |
* | Pediatrix Medical Group Inc. | 492,520 | 4,940 |
*,1 | Novavax Inc. | 925,254 | 4,423 |
* | Vir Biotechnology Inc. | 431,824 | 4,374 |
*,1 | Coherus Biosciences Inc. | 1,705,512 | 4,076 |
* | Omnicell Inc. | 136,236 | 3,982 |
*,1 | Agenus Inc. | 6,846,699 | 3,971 |
* | 2seventy bio Inc. | 702,787 | 3,760 |
* | Nevro Corp. | 257,024 | 3,711 |
* | MacroGenics Inc. | 248,014 | 3,651 |
* | Editas Medicine Inc. | 486,795 | 3,612 |
* | Inovio Pharmaceuticals Inc. | 250,144 | 3,472 |
* | Sage Therapeutics Inc. | 177,783 | 3,332 |
* | Health Catalyst Inc. | 437,940 | 3,298 |
* | Enanta Pharmaceuticals Inc. | 180,741 | 3,156 |
* | Myriad Genetics Inc. | 141,803 | 3,023 |
* | Owens & Minor Inc. | 108,678 | 3,011 |
Cencora Inc. | 12,384 | 3,009 | |
Select Medical Holdings Corp. | 98,076 | 2,957 | |
* | Integer Holdings Corp. | 25,172 | 2,937 |
* | Beam Therapeutics Inc. | 87,679 | 2,897 |
* | Puma Biotechnology Inc. | 540,434 | 2,864 |
Perrigo Co. plc | 87,470 | 2,816 | |
Premier Inc. Class A | 116,493 | 2,574 | |
* | CorVel Corp. | 8,550 | 2,248 |
* | Prestige Consumer Healthcare Inc. | 30,585 | 2,219 |
* | Supernus Pharmaceuticals Inc. | 63,434 | 2,164 |
* | Xencor Inc. | 97,625 | 2,160 |
Shares | Market Value• ($000) | ||
* | BioCryst Pharmaceuticals Inc. | 402,094 | 2,043 |
* | Inspire Medical Systems Inc. | 9,192 | 1,974 |
* | Community Health Systems Inc. | 560,085 | 1,960 |
* | Rapt Therapeutics Inc. | 209,381 | 1,880 |
* | Molina Healthcare Inc. | 4,149 | 1,705 |
*,1 | Ventyx Biosciences Inc. | 285,562 | 1,571 |
* | Nektar Therapeutics | 1,517,103 | 1,417 |
* | Penumbra Inc. | 6,330 | 1,413 |
* | Arcturus Therapeutics Holdings Inc. | 36,983 | 1,249 |
* | Emergent BioSolutions Inc. | 481,777 | 1,219 |
* | Veracyte Inc. | 53,525 | 1,186 |
* | Atea Pharmaceuticals Inc. | 278,408 | 1,125 |
* | iTeos Therapeutics Inc. | 76,718 | 1,046 |
* | Joint Corp. | 66,951 | 874 |
* | FibroGen Inc. | 165,193 | 388 |
* | Sangamo Therapeutics Inc. | 467,930 | 314 |
879,535 | |||
Industrials (19.7%) | |||
Ferguson plc | 355,081 | 77,560 | |
* | Builders FirstSource Inc. | 348,297 | 72,637 |
Textron Inc. | 685,258 | 65,737 | |
Owens Corning | 378,931 | 63,206 | |
EMCOR Group Inc. | 175,440 | 61,439 | |
Delta Air Lines Inc. | 1,233,283 | 59,037 | |
Allison Transmission Holdings Inc. | 706,535 | 57,342 | |
Masco Corp. | 663,049 | 52,301 | |
Veralto Corp. | 518,397 | 45,961 | |
Paycom Software Inc. | 230,563 | 45,884 | |
Applied Industrial Technologies Inc. | 210,889 | 41,661 | |
* | Beacon Roofing Supply Inc. | 402,753 | 39,478 |
* | Core & Main Inc. Class A | 659,704 | 37,768 |
* | GMS Inc. | 370,108 | 36,026 |
AGCO Corp. | 283,890 | 34,924 | |
Ryder System Inc. | 284,581 | 34,204 | |
* | United Airlines Holdings Inc. | 714,030 | 34,188 |
UFP Industries Inc. | 258,720 | 31,825 | |
Griffon Corp. | 373,341 | 27,381 | |
Wabash National Corp. | 906,507 | 27,141 | |
* | CACI International Inc. Class A | 70,212 | 26,598 |
Terex Corp. | 400,278 | 25,778 | |
Boise Cascade Co. | 167,442 | 25,681 | |
Graco Inc. | 265,514 | 24,815 | |
* | Kirby Corp. | 253,977 | 24,209 |
Acuity Brands Inc. | 89,719 | 24,110 | |
ManpowerGroup Inc. | 307,571 | 23,880 | |
Rush Enterprises Inc. Class A | 415,470 | 22,236 | |
* | Upwork Inc. | 1,707,977 | 20,940 |
Herc Holdings Inc. | 117,785 | 19,823 | |
* | SkyWest Inc. | 277,568 | 19,174 |
Korn Ferry | 284,793 | 18,728 | |
Donaldson Co. Inc. | 249,328 | 18,620 | |
Expeditors International of Washington Inc. | 152,727 | 18,567 | |
Brady Corp. Class A | 304,065 | 18,025 | |
* | Legalzoom.com Inc. | 1,277,530 | 17,042 |
WW Grainger Inc. | 15,306 | 15,571 | |
* | ExlService Holdings Inc. | 474,105 | 15,077 |
Shares | Market Value• ($000) | ||
CSG Systems International Inc. | 289,870 | 14,940 | |
Watts Water Technologies Inc. Class A | 69,517 | 14,776 | |
* | Clean Harbors Inc. | 71,952 | 14,485 |
Atkore Inc. | 75,029 | 14,283 | |
SS&C Technologies Holdings Inc. | 220,574 | 14,198 | |
Ingersoll Rand Inc. (XYNS) | 149,460 | 14,191 | |
* | Masterbrand Inc. | 731,574 | 13,710 |
Huntington Ingalls Industries Inc. | 46,529 | 13,562 | |
Comfort Systems USA Inc. | 39,806 | 12,647 | |
Woodward Inc. | 79,284 | 12,219 | |
Dover Corp. | 68,806 | 12,192 | |
Hubbell Inc. | 28,156 | 11,686 | |
Curtiss-Wright Corp. | 44,994 | 11,516 | |
Brink's Co. | 123,555 | 11,414 | |
EnerSys | 117,734 | 11,121 | |
* | Gates Industrial Corp. plc | 621,419 | 11,005 |
Vertiv Holdings Co. Class A | 119,088 | 9,726 | |
Jacobs Solutions Inc. | 48,155 | 7,403 | |
Sensata Technologies Holding plc | 198,649 | 7,298 | |
Flowserve Corp. | 135,857 | 6,206 | |
Arcosa Inc. | 69,831 | 5,996 | |
MillerKnoll Inc. | 230,449 | 5,706 | |
* | Blue Bird Corp. | 134,218 | 5,146 |
Air Lease Corp. | 95,722 | 4,924 | |
Ennis Inc. | 238,646 | 4,895 | |
* | Janus International Group Inc. | 316,026 | 4,781 |
* | TrueBlue Inc. | 360,610 | 4,515 |
Primoris Services Corp. | 103,643 | 4,412 | |
Forward Air Corp. | 126,005 | 3,920 | |
* | MYR Group Inc. | 19,882 | 3,514 |
Steelcase Inc. Class A | 266,898 | 3,491 | |
Franklin Electric Co. Inc. | 29,559 | 3,157 | |
Hub Group Inc. Class A | 61,300 | 2,649 | |
* | Sterling Infrastructure Inc. | 23,821 | 2,628 |
* | ASGN Inc. | 24,815 | 2,600 |
* | XPO Inc. | 21,120 | 2,577 |
MDU Resources Group Inc. | 96,365 | 2,428 | |
ArcBest Corp. | 16,814 | 2,396 | |
Genco Shipping & Trading Ltd. | 117,466 | 2,388 | |
ABM Industries Inc. | 51,008 | 2,276 | |
Vestis Corp. | 115,794 | 2,231 | |
Esab Corp. | 19,346 | 2,139 | |
* | Cimpress plc | 24,017 | 2,126 |
* | SPX Technologies Inc. | 16,208 | 1,996 |
REV Group Inc. | 90,036 | 1,989 | |
Oshkosh Corp. | 14,808 | 1,847 | |
Matson Inc. | 16,402 | 1,844 | |
* | Gibraltar Industries Inc. | 22,215 | 1,789 |
Tennant Co. | 14,437 | 1,756 | |
* | WillScot Mobile Mini Holdings Corp. | 33,577 | 1,561 |
1,656,829 | |||
Information Technology (14.7%) | |||
Hewlett Packard Enterprise Co. | 3,737,453 | 66,265 | |
* | Manhattan Associates Inc. | 230,709 | 57,730 |
* | F5 Inc. | 263,407 | 49,939 |
* | DocuSign Inc. | 809,594 | 48,211 |
* | Cirrus Logic Inc. | 504,940 | 46,737 |
Shares | Market Value• ($000) | ||
* | Cadence Design Systems Inc. | 140,608 | 43,768 |
* | GoDaddy Inc. Class A | 349,228 | 41,446 |
* | Arrow Electronics Inc. | 303,261 | 39,260 |
Amkor Technology Inc. | 1,188,086 | 38,304 | |
* | Flex Ltd. | 1,333,885 | 38,162 |
* | Nutanix Inc. Class A | 602,585 | 37,192 |
* | Super Micro Computer Inc. | 36,470 | 36,836 |
NetApp Inc. | 349,957 | 36,735 | |
* | RingCentral Inc. Class A | 1,044,191 | 36,275 |
* | Twilio Inc. Class A | 579,241 | 35,421 |
* | Palantir Technologies Inc. Class A | 1,410,462 | 32,455 |
* | Pure Storage Inc. Class A | 582,762 | 30,298 |
* | SMART Global Holdings Inc. | 989,632 | 26,047 |
* | Elastic NV | 253,940 | 25,455 |
* | Kyndryl Holdings Inc. | 1,149,858 | 25,021 |
* | Blackline Inc. | 366,256 | 23,653 |
* | Teradata Corp. | 589,607 | 22,800 |
* | CommVault Systems Inc. | 223,693 | 22,689 |
Pegasystems Inc. | 343,411 | 22,198 | |
* | MaxLinear Inc. | 985,942 | 18,408 |
* | Western Digital Corp. | 265,173 | 18,095 |
Avnet Inc. | 330,845 | 16,403 | |
* | Dropbox Inc. Class A | 626,780 | 15,231 |
* | Okta Inc. | 141,107 | 14,763 |
* | HubSpot Inc. | 22,569 | 14,141 |
* | Qorvo Inc. | 119,490 | 13,721 |
* | Zscaler Inc. | 66,940 | 12,895 |
TD SYNNEX Corp. | 110,138 | 12,457 | |
* | Axcelis Technologies Inc. | 110,055 | 12,273 |
* | Sanmina Corp. | 194,078 | 12,068 |
* | Diodes Inc. | 148,563 | 10,474 |
* | MongoDB Inc. | 29,189 | 10,468 |
* | Ultra Clean Holdings Inc. | 218,071 | 10,018 |
* | Q2 Holdings Inc. | 190,067 | 9,990 |
Xerox Holdings Corp. | 554,618 | 9,928 | |
* | Samsara Inc. Class A | 248,792 | 9,402 |
Monolithic Power Systems Inc. | 13,760 | 9,321 | |
* | Cloudflare Inc. Class A | 94,722 | 9,172 |
* | Smartsheet Inc. Class A | 221,508 | 8,528 |
* | Rapid7 Inc. | 173,381 | 8,503 |
* | Domo Inc. Class B | 872,817 | 7,785 |
* | Yext Inc. | 1,288,316 | 7,769 |
Jabil Inc. | 51,641 | 6,917 | |
* | CommScope Holding Co. Inc. | 5,236,001 | 6,859 |
* | LiveRamp Holdings Inc. | 188,058 | 6,488 |
*,1 | Infinera Corp. | 970,864 | 5,854 |
* | DigitalOcean Holdings Inc. | 136,821 | 5,224 |
* | Cohu Inc. | 154,512 | 5,150 |
* | Unisys Corp. | 1,001,495 | 4,917 |
* | UiPath Inc. Class A | 185,186 | 4,198 |
* | Squarespace Inc. Class A | 114,454 | 4,171 |
* | 8x8 Inc. | 1,507,087 | 4,069 |
* | Extreme Networks Inc. | 332,033 | 3,832 |
* | Photronics Inc. | 129,199 | 3,659 |
* | Ichor Holdings Ltd. | 66,869 | 2,582 |
* | HashiCorp Inc. Class A | 95,425 | 2,572 |
* | Itron Inc. | 25,904 | 2,397 |
* | NCR Voyix Corp. | 175,017 | 2,210 |
* | Appian Corp. Class A | 49,735 | 1,987 |
* | Viavi Solutions Inc. | 195,472 | 1,777 |
CDW Corp. | 6,797 | 1,739 | |
* | FormFactor Inc. | 37,193 | 1,697 |
Shares | Market Value• ($000) | ||
* | Synaptics Inc. | 15,660 | 1,528 |
* | Ciena Corp. | 30,665 | 1,516 |
* | LivePerson Inc. | 1,312,306 | 1,309 |
* | Alpha & Omega Semiconductor Ltd. | 55,692 | 1,227 |
1,238,589 | |||
Materials (5.7%) | |||
Reliance Inc. | 180,006 | 60,154 | |
Eagle Materials Inc. | 218,642 | 59,416 | |
Martin Marietta Materials Inc. | 95,358 | 58,544 | |
Steel Dynamics Inc. | 316,009 | 46,842 | |
Packaging Corp. of America | 232,322 | 44,090 | |
Berry Global Group Inc. | 621,891 | 37,612 | |
* | Axalta Coating Systems Ltd. | 914,007 | 31,433 |
Commercial Metals Co. | 446,754 | 26,256 | |
Warrior Met Coal Inc. | 276,319 | 16,773 | |
RPM International Inc. | 128,958 | 15,339 | |
Sonoco Products Co. | 253,412 | 14,657 | |
Greif Inc. Class A | 172,818 | 11,933 | |
* | O-I Glass Inc. | 664,812 | 11,029 |
AptarGroup Inc. | 63,927 | 9,198 | |
Carpenter Technology Corp. | 111,691 | 7,977 | |
* | Metallus Inc. | 282,836 | 6,293 |
Element Solutions Inc. | 229,492 | 5,733 | |
Chemours Co. | 201,330 | 5,287 | |
Vulcan Materials Co. | 12,486 | 3,408 | |
Materion Corp. | 24,340 | 3,207 | |
Sylvamo Corp. | 34,694 | 2,142 | |
Sensient Technologies Corp. | 27,646 | 1,913 | |
Radius Recycling Inc. | 35,635 | 753 | |
479,989 | |||
Real Estate (6.0%) | |||
Host Hotels & Resorts Inc. | 2,662,971 | 55,070 | |
Park Hotels & Resorts Inc. | 2,668,150 | 46,666 | |
Brixmor Property Group Inc. | 1,890,813 | 44,340 | |
RLJ Lodging Trust | 2,274,746 | 26,887 | |
Kite Realty Group Trust | 1,196,177 | 25,933 | |
American Homes 4 Rent Class A | 655,855 | 24,122 | |
Cousins Properties Inc. | 910,216 | 21,882 | |
Invitation Homes Inc. | 504,290 | 17,958 | |
DiamondRock Hospitality Co. | 1,737,256 | 16,695 | |
Apple Hospitality REIT Inc. | 990,820 | 16,230 | |
NNN REIT Inc. | 361,876 | 15,467 | |
EPR Properties | 360,733 | 15,313 | |
Kimco Realty Corp. | 703,574 | 13,797 | |
Highwoods Properties Inc. | 520,689 | 13,632 | |
Healthpeak Properties Inc. | 721,994 | 13,537 | |
Kilroy Realty Corp. | 366,825 | 13,363 | |
* | Redfin Corp. | 1,956,571 | 13,011 |
* | Zillow Group Inc. Class C | 266,077 | 12,979 |
Mid-America Apartment Communities Inc. | 94,131 | 12,386 | |
Xenia Hotels & Resorts Inc. | 789,803 | 11,855 | |
* | Opendoor Technologies Inc. | 2,965,584 | 8,986 |
Broadstone Net Lease Inc. | 493,201 | 7,728 | |
UDR Inc. | 158,619 | 5,934 | |
Gaming and Leisure Properties Inc. | 117,722 | 5,423 | |
Sabra Health Care REIT Inc. | 358,614 | 5,297 | |
* | CBRE Group Inc. Class A | 45,179 | 4,393 |
Shares | Market Value• ($000) | ||
Piedmont Office Realty Trust Inc. Class A | 616,424 | 4,333 | |
Ryman Hospitality Properties Inc. | 35,505 | 4,105 | |
COPT Defense Properties | 165,168 | 3,992 | |
Urban Edge Properties | 222,730 | 3,847 | |
Universal Health Realty Income Trust | 94,854 | 3,482 | |
Brandywine Realty Trust | 708,505 | 3,401 | |
Tanger Inc. | 101,462 | 2,996 | |
* | Equity Commonwealth | 129,229 | 2,440 |
SITE Centers Corp. | 166,314 | 2,436 | |
Newmark Group Inc. Class A | 147,620 | 1,637 | |
Paramount Group Inc. | 239,341 | 1,123 | |
502,676 | |||
Utilities (4.6%) | |||
Vistra Corp. | 1,214,744 | 84,607 | |
Evergy Inc. | 865,545 | 46,203 | |
National Fuel Gas Co. | 793,978 | 42,653 | |
NiSource Inc. | 1,480,696 | 40,956 | |
Edison International | 441,142 | 31,202 | |
Entergy Corp. | 250,039 | 26,424 | |
DTE Energy Co. | 221,058 | 24,789 | |
Black Hills Corp. | 453,578 | 24,765 | |
Ameren Corp. | 247,995 | 18,342 | |
ALLETE Inc. | 196,503 | 11,719 | |
AES Corp. | 651,407 | 11,680 | |
UGI Corp. | 368,916 | 9,053 | |
Pinnacle West Capital Corp. | 97,494 | 7,286 | |
New Jersey Resources Corp. | 102,245 | 4,387 |
Shares | Market Value• ($000) | ||
Avista Corp. | 89,362 | 3,130 | |
CenterPoint Energy Inc. | 64,444 | 1,836 | |
389,032 | |||
Total Common Stocks (Cost $6,524,378) | 8,368,972 | ||
Temporary Cash Investments (0.6%) | |||
Money Market Fund (0.6%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.407% (Cost $45,900) | 459,127 | 45,904 |
Total Investments (100.0%) (Cost $6,570,278) | 8,414,876 | ||
Other Assets and Liabilities—Net (0.0%) | 1,566 | ||
Net Assets (100%) | 8,416,442 | ||
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 $8,718,000. |
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 $9,936,000 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 2024 | 310 | 33,261 | 797 |
E-mini S&P 500 Index | June 2024 | 57 | 15,129 | 286 |
1,083 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $6,524,378) | 8,368,972 |
Affiliated Issuers (Cost $45,900) | 45,904 |
Total Investments in Securities | 8,414,876 |
Investment in Vanguard | 244 |
Cash Collateral Pledged—Futures Contracts | 2,693 |
Receivables for Investment Securities Sold | 14,204 |
Receivables for Accrued Income | 9,653 |
Receivables for Capital Shares Issued | 2,107 |
Variation Margin Receivable—Futures Contracts | 107 |
Total Assets | 8,443,884 |
Liabilities | |
Due to Custodian | 1,100 |
Payables for Investment Securities Purchased | 137 |
Collateral for Securities on Loan | 9,936 |
Payables for Capital Shares Redeemed | 15,654 |
Payables to Vanguard | 615 |
Total Liabilities | 27,442 |
Net Assets | 8,416,442 |
1 Includes $8,718,000 of securities on loan. | |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 6,294,578 |
Total Distributable Earnings (Loss) | 2,121,864 |
Net Assets | 8,416,442 |
Net Assets | |
Applicable to 223,451,352 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,416,442 |
Net Asset Value Per Share | $37.67 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends | 58,337 |
Interest1 | 818 |
Securities Lending—Net | 789 |
Total Income | 59,944 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,243 |
Management and Administrative | 4,863 |
Marketing and Distribution | 188 |
Custodian Fees | 18 |
Shareholders’ Reports | 55 |
Trustees’ Fees and Expenses | 3 |
Other Expenses | 8 |
Total Expenses | 6,378 |
Expenses Paid Indirectly | (3) |
Net Expenses | 6,375 |
Net Investment Income | 53,569 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 269,227 |
Futures Contracts | 4,734 |
Realized Net Gain (Loss) | 273,961 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,345,275 |
Futures Contracts | 1,426 |
Change in Unrealized Appreciation (Depreciation) | 1,346,701 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,674,231 |
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 $756,000, $1,000, less than $1,000, and ($3,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 53,569 | 109,851 | |
Realized Net Gain (Loss) | 273,961 | 355,549 | |
Change in Unrealized Appreciation (Depreciation) | 1,346,701 | 603,046 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,674,231 | 1,068,446 | |
Distributions | |||
Total Distributions | (451,873) | (734,587) | |
Capital Share Transactions | |||
Issued | 266,838 | 528,122 | |
Issued in Lieu of Cash Distributions | 420,161 | 682,721 | |
Redeemed | (520,767) | (852,843) | |
Net Increase (Decrease) from Capital Share Transactions | 166,232 | 358,000 | |
Total Increase (Decrease) | 1,388,590 | 691,859 | |
Net Assets | |||
Beginning of Period | 7,027,852 | 6,335,993 | |
End of Period | 8,416,442 | 7,027,852 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $32.13 | $30.70 | $44.07 | $30.31 | $31.87 | $37.21 |
Investment Operations | ||||||
Net Investment Income1 | .242 | .503 | .517 | .465 | .459 | .449 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.399 | 4.527 | (5.606) | 13.937 | (1.041) | (2.980) |
Total from Investment Operations | 7.641 | 5.030 | (5.089) | 14.402 | (.582) | (2.531) |
Distributions | ||||||
Dividends from Net Investment Income | (.518) | (.457) | (.526) | (.479) | (.444) | (.395) |
Distributions from Realized Capital Gains | (1.583) | (3.143) | (7.755) | (.163) | (.534) | (2.414) |
Total Distributions | (2.101) | (3.600) | (8.281) | (.642) | (.978) | (2.809) |
Net Asset Value, End of Period | $37.67 | $32.13 | $30.70 | $44.07 | $30.31 | $31.87 |
Total Return2 | 24.43% | 16.99% | -14.81% | 47.98% | -2.09% | -5.63% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,416 | $7,028 | $6,336 | $7,866 | $5,836 | $7,098 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.40% | 1.54% | 1.39% | 1.15% | 1.53% | 1.42% |
Portfolio Turnover Rate | 26% | 64% | 62% | 59% | 61% | 60% |
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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
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. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended March 31, 2024, custodian fee offset arrangements reduced the fund’s expenses by $3,000 (an annual rate of less than 0.01% of average net assets). |
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. |
E. | As of March 31, 2024, 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 | 6,579,251 |
Gross Unrealized Appreciation | 2,192,724 |
Gross Unrealized Depreciation | (356,016) |
Net Unrealized Appreciation (Depreciation) | 1,836,708 |
F. | During the six months ended March 31, 2024, the fund purchased $1,924,063,000 of investment securities and sold $2,145,903,000 of investment securities, other than temporary cash investments. |
G. | Capital shares issued and redeemed were: |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 7,872 | 16,182 | |
Issued in Lieu of Cash Distributions | 12,253 | 22,340 | |
Redeemed | (15,382) | (26,200) | |
Net Increase (Decrease) in Shares Outstanding | 4,743 | 12,322 |
H. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
I. | Management has determined that no events or transactions occurred subsequent to March 31, 2024, 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, 2024 | |||
Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Capital Opportunity Fund | |||
Investor Shares | $1,000.00 | $1,192.10 | $2.36 |
Admiral™ Shares | 1,000.00 | 1,192.40 | 1.97 |
Based on Hypothetical 5% Yearly Return | |||
Capital Opportunity Fund | |||
Investor Shares | $1,000.00 | $1,022.85 | $2.17 |
Admiral Shares | 1,000.00 | 1,023.20 | 1.82 |
Communication Services | 5.8% |
Consumer Discretionary | 9.4 |
Consumer Staples | 0.1 |
Energy | 3.8 |
Financials | 7.5 |
Health Care | 31.5 |
Industrials | 13.0 |
Information Technology | 28.4 |
Materials | 0.5 |
Shares | Market Value• ($000) | ||
Common Stocks (95.3%) | |||
Communication Services (5.5%) | |||
* | Alphabet Inc. Class A | 2,438,230 | 368,002 |
* | Alphabet Inc. Class C | 2,123,780 | 323,367 |
* | Baidu Inc. ADR | 1,940,800 | 204,327 |
Meta Platforms Inc. Class A | 193,700 | 94,057 | |
* | Pinterest Inc. Class A | 2,564,350 | 88,906 |
Electronic Arts Inc. | 426,800 | 56,624 | |
* | Trade Desk Inc. Class A | 417,200 | 36,472 |
Universal Music Group NV | 709,613 | 21,324 | |
Walt Disney Co. | 129,757 | 15,877 | |
* | Live Nation Entertainment Inc. | 148,000 | 15,654 |
* | Netflix Inc. | 24,010 | 14,582 |
* | ZoomInfo Technologies Inc. | 318,900 | 5,112 |
* | Roblox Corp. Class A | 50,300 | 1,920 |
* | Snap Inc. Class A | 23,000 | 264 |
1,246,488 | |||
Consumer Discretionary (9.0%) | |||
TJX Cos. Inc. | 2,707,400 | 274,585 | |
* | Tesla Inc. | 1,467,790 | 258,023 |
Alibaba Group Holding Ltd. ADR | 3,505,000 | 253,622 | |
* | Amazon.com Inc. | 903,000 | 162,883 |
* | Royal Caribbean Cruises Ltd. | 1,094,000 | 152,077 |
* | CarMax Inc. | 1,716,597 | 149,533 |
Sony Group Corp. ADR | 1,482,925 | 127,146 | |
* | Capri Holdings Ltd. | 2,778,890 | 125,884 |
Entain plc | 8,660,240 | 86,905 | |
*,1 | XPeng Inc. ADR | 9,123,019 | 70,065 |
Ross Stores Inc. | 399,500 | 58,631 | |
*,1 | Mobileye Global Inc. Class A | 1,569,700 | 50,466 |
* | Burlington Stores Inc. | 156,300 | 36,291 |
* | Flutter Entertainment plc | 170,598 | 34,006 |
eBay Inc. | 549,200 | 28,987 | |
* | Carnival Corp. | 1,577,945 | 25,784 |
* | Ollie's Bargain Outlet Holdings Inc. | 311,000 | 24,746 |
Marriott International Inc. Class A | 62,900 | 15,870 | |
* | DoorDash Inc. Class A | 106,050 | 14,605 |
Newell Brands Inc. | 1,740,000 | 13,972 | |
* | Ulta Beauty Inc. | 23,000 | 12,026 |
Shares | Market Value• ($000) | ||
Las Vegas Sands Corp. | 224,100 | 11,586 | |
* | Norwegian Cruise Line Holdings Ltd. | 457,425 | 9,574 |
* | Etsy Inc. | 76,800 | 5,278 |
Restaurant Brands International Inc. | 57,600 | 4,576 | |
* | Deckers Outdoor Corp. | 3,130 | 2,946 |
* | Rivian Automotive Inc. Class A | 254,200 | 2,783 |
Tapestry Inc. | 45,800 | 2,175 | |
* | Five Below Inc. | 6,000 | 1,088 |
2,016,113 | |||
Consumer Staples (0.1%) | |||
* | Performance Food Group Co. | 295,200 | 22,034 |
Dollar General Corp. | 36,350 | 5,673 | |
27,707 | |||
Energy (3.6%) | |||
Pioneer Natural Resources Co. | 987,223 | 259,146 | |
Hess Corp. | 1,674,774 | 255,638 | |
* | Transocean Ltd. (XNYS) | 13,261,496 | 83,282 |
1 | New Fortress Energy Inc. | 2,485,500 | 76,031 |
EOG Resources Inc. | 404,921 | 51,765 | |
Coterra Energy Inc. | 1,113,350 | 31,040 | |
* | Southwestern Energy Co. | 3,200,000 | 24,256 |
TechnipFMC plc | 818,700 | 20,558 | |
ConocoPhillips | 147,400 | 18,761 | |
820,477 | |||
Financials (7.1%) | |||
Raymond James Financial Inc. | 2,889,550 | 371,076 | |
Wells Fargo & Co. | 3,287,480 | 190,542 | |
Northern Trust Corp. | 2,038,251 | 181,241 | |
Visa Inc. Class A | 611,900 | 170,769 | |
MarketAxess Holdings Inc. | 418,100 | 91,668 | |
CME Group Inc. | 363,554 | 78,270 | |
Morgan Stanley | 774,264 | 72,905 | |
* | WEX Inc. | 293,600 | 69,739 |
Tradeweb Markets Inc. Class A | 658,800 | 68,627 | |
Bank of America Corp. | 1,797,917 | 68,177 | |
Progressive Corp. | 279,800 | 57,868 | |
Discover Financial Services | 422,200 | 55,346 |
Shares | Market Value• ($000) | ||
LPL Financial Holdings Inc. | 158,900 | 41,981 | |
* | PayPal Holdings Inc. | 420,160 | 28,147 |
JPMorgan Chase & Co. | 130,100 | 26,059 | |
Mastercard Inc. Class A | 30,600 | 14,736 | |
Charles Schwab Corp. | 167,650 | 12,128 | |
Citigroup Inc. | 68,100 | 4,307 | |
Goldman Sachs Group Inc. | 3,450 | 1,441 | |
1,605,027 | |||
Health Care (30.1%) | |||
Eli Lilly & Co. | 3,301,568 | 2,568,488 | |
Amgen Inc. | 2,123,759 | 603,827 | |
* | Biogen Inc. | 2,243,237 | 483,709 |
* | BioMarin Pharmaceutical Inc. | 5,407,100 | 472,256 |
* | Boston Scientific Corp. | 5,002,226 | 342,602 |
Thermo Fisher Scientific Inc. | 478,930 | 278,359 | |
Bristol-Myers Squibb Co. | 4,150,350 | 225,073 | |
*,1 | BioNTech SE ADR | 2,357,016 | 217,435 |
1 | Novartis AG ADR | 1,903,990 | 184,173 |
* | Elanco Animal Health Inc. (XNYS) | 10,500,176 | 170,943 |
* | BeiGene Ltd. ADR | 1,030,021 | 161,085 |
AstraZeneca plc ADR | 2,278,800 | 154,389 | |
* | Edwards Lifesciences Corp. | 1,408,900 | 134,634 |
Zimmer Biomet Holdings Inc. | 907,000 | 119,706 | |
* | LivaNova plc | 1,996,000 | 111,656 |
Roche Holding AG | 337,338 | 86,129 | |
* | Charles River Laboratories International Inc. | 254,900 | 69,065 |
Revvity Inc. | 618,050 | 64,895 | |
* | Qiagen NV | 1,474,891 | 63,406 |
* | Alkermes plc | 1,902,000 | 51,487 |
* | Neurocrine Biosciences Inc. | 274,340 | 37,837 |
* | Illumina Inc. | 252,470 | 34,669 |
Agilent Technologies Inc. | 200,700 | 29,204 | |
* | Allogene Therapeutics Inc. | 3,393,879 | 15,171 |
*,2 | FibroGen Inc. | 5,418,421 | 12,733 |
Medtronic plc | 144,000 | 12,550 | |
Alcon Inc. | 119,840 | 9,981 | |
* | Waters Corp. | 25,561 | 8,799 |
* | Bridgebio Pharma Inc. | 275,400 | 8,515 |
*,3 | Siemens Healthineers AG | 133,680 | 8,176 |
* | Repligen Corp. | 33,858 | 6,227 |
* | Glaukos Corp. | 30,100 | 2,838 |
* | Omnicell Inc. | 95,960 | 2,805 |
* | IQVIA Holdings Inc. | 9,292 | 2,350 |
Sandoz Group AG | 50,078 | 1,512 | |
Danaher Corp. | 5,195 | 1,297 | |
Humana Inc. | 2,875 | 997 | |
* | Guardant Health Inc. | 43,686 | 901 |
* | Mural Oncology plc | 183,200 | 896 |
* | Immunocore Holdings plc ADR | 4,800 | 312 |
* | Adaptive Biotechnologies Corp. | 28,100 | 90 |
Shares | Market Value• ($000) | ||
* | Zimvie Inc. | 4,830 | 80 |
6,761,257 | |||
Industrials (12.4%) | |||
FedEx Corp. | 1,649,274 | 477,861 | |
AECOM | 4,032,036 | 395,462 | |
Jacobs Solutions Inc. | 2,223,989 | 341,894 | |
Airbus SE | 1,363,020 | 251,107 | |
Southwest Airlines Co. | 8,564,489 | 249,997 | |
* | United Airlines Holdings Inc. | 3,642,913 | 174,423 |
* | NEXTracker Inc. Class A | 2,618,166 | 147,324 |
Delta Air Lines Inc. | 2,800,500 | 134,060 | |
* | American Airlines Group Inc. | 6,850,450 | 105,154 |
TransDigm Group Inc. | 77,869 | 95,903 | |
Curtiss-Wright Corp. | 302,700 | 77,473 | |
Textron Inc. | 636,900 | 61,098 | |
IDEX Corp. | 194,070 | 47,357 | |
* | Uber Technologies Inc. | 562,600 | 43,315 |
* | Lyft Inc. Class A | 1,341,700 | 25,962 |
Ryanair Holdings plc ADR | 164,100 | 23,891 | |
AMETEK Inc. | 120,000 | 21,948 | |
GFL Environmental Inc. (XTSE) | 633,100 | 21,842 | |
Caterpillar Inc. | 45,000 | 16,489 | |
Carrier Global Corp. | 268,900 | 15,631 | |
Union Pacific Corp. | 60,000 | 14,756 | |
* | JetBlue Airways Corp. | 1,638,000 | 12,154 |
Rockwell Automation Inc. | 39,500 | 11,508 | |
Old Dominion Freight Line Inc. | 45,000 | 9,869 | |
Veralto Corp. | 11,398 | 1,011 | |
2,777,489 | |||
Information Technology (27.0%) | |||
Micron Technology Inc. | 5,018,527 | 591,634 | |
Microsoft Corp. | 1,376,300 | 579,037 | |
KLA Corp. | 749,190 | 523,362 | |
* | Flex Ltd. | 15,041,902 | 430,349 |
NVIDIA Corp. | 404,390 | 365,391 | |
ASML Holding NV GDR (Registered) | 343,567 | 333,421 | |
* | Adobe Inc. | 593,600 | 299,531 |
Intel Corp. | 6,605,300 | 291,756 | |
NetApp Inc. | 2,747,610 | 288,417 | |
Texas Instruments Inc. | 1,471,940 | 256,427 | |
* | Trimble Inc. | 3,197,531 | 205,793 |
Jabil Inc. | 1,501,400 | 201,112 | |
* | Descartes Systems Group Inc. | 1,697,212 | 155,346 |
Universal Display Corp. | 819,814 | 138,098 | |
Entegris Inc. | 967,700 | 136,000 | |
QUALCOMM Inc. | 717,710 | 121,508 | |
Intuit Inc. | 164,250 | 106,762 | |
* | Nutanix Inc. Class A | 1,644,019 | 101,469 |
Corning Inc. | 3,032,324 | 99,945 | |
Oracle Corp. | 668,200 | 83,933 | |
* | ARM Holdings plc ADR | 648,311 | 81,032 |
* | Wolfspeed Inc. | 2,668,000 | 78,706 |
* | FormFactor Inc. | 1,485,241 | 67,771 |
Salesforce Inc. | 213,300 | 64,242 | |
Teradyne Inc. | 476,800 | 53,797 | |
* | Zoom Video Communications Inc. Class A | 766,650 | 50,116 |
HP Inc. | 1,600,660 | 48,372 |
Shares | Market Value• ($000) | ||
Hewlett Packard Enterprise Co. | 2,703,040 | 47,925 | |
Broadcom Inc. | 23,408 | 31,025 | |
* | Autodesk Inc. | 113,600 | 29,584 |
* | Keysight Technologies Inc. | 154,490 | 24,159 |
* | Okta Inc. | 208,766 | 21,841 |
* | Aurora Innovation Inc. | 6,827,200 | 19,253 |
* | Crowdstrike Holdings Inc. Class A | 59,300 | 19,011 |
*,1 | BlackBerry Ltd. | 6,635,476 | 18,314 |
* | MongoDB Inc. | 50,900 | 18,255 |
Analog Devices Inc. | 90,000 | 17,801 | |
* | Palo Alto Networks Inc. | 62,500 | 17,758 |
* | Gartner Inc. | 26,400 | 12,584 |
* | Gitlab Inc. Class A | 184,600 | 10,766 |
* | Unity Software Inc. | 393,884 | 10,517 |
* | DocuSign Inc. | 134,750 | 8,024 |
* | Western Digital Corp. | 99,680 | 6,802 |
Marvell Technology Inc. | 92,700 | 6,571 | |
Applied Materials Inc. | 10,700 | 2,207 | |
Telefonaktiebolaget LM Ericsson ADR | 130,000 | 716 | |
* | HubSpot Inc. | 900 | 564 |
* | RingCentral Inc. Class A | 3,750 | 130 |
* | Arista Networks Inc. | 200 | 58 |
6,077,192 | |||
Materials (0.5%) | |||
* | Ivanhoe Mines Ltd. Class A | 7,115,800 | 84,893 |
Albemarle Corp. | 169,800 | 22,369 | |
107,262 | |||
Total Common Stocks (Cost $8,014,949) | 21,439,012 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (5.2%) | |||
Money Market Fund (5.2%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.407% (Cost $1,164,969) | 11,652,664 | 1,165,033 |
Total Investments (100.5%) (Cost $9,179,918) | 22,604,045 | ||
Other Assets and Liabilities—Net (-0.5%) | (116,876) | ||
Net Assets (100%) | 22,487,169 | ||
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 $108,165,000. |
2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
3 | 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, 2024, the aggregate value was $8,176,000, representing 0.0% of net assets. |
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 $112,612,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $7,848,330) | 21,426,279 |
Affiliated Issuers (Cost $1,331,588) | 1,177,766 |
Total Investments in Securities | 22,604,045 |
Investment in Vanguard | 660 |
Cash | 16,581 |
Foreign Currency, at Value (Cost $1) | 1 |
Receivables for Accrued Income | 23,623 |
Receivables for Capital Shares Issued | 5,296 |
Total Assets | 22,650,206 |
Liabilities | |
Payables for Investment Securities Purchased | 29,416 |
Collateral for Securities on Loan | 112,612 |
Payables to Investment Advisor | 12,085 |
Payables for Capital Shares Redeemed | 7,602 |
Payables to Vanguard | 1,322 |
Total Liabilities | 163,037 |
Net Assets | 22,487,169 |
1 Includes $108,165,000 of securities on loan. | |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 8,125,534 |
Total Distributable Earnings (Loss) | 14,361,635 |
Net Assets | 22,487,169 |
Investor Shares—Net Assets | |
Applicable to 17,605,345 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,491,797 |
Net Asset Value Per Share—Investor Shares | $84.74 |
Admiral Shares—Net Assets | |
Applicable to 107,358,717 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,995,372 |
Net Asset Value Per Share—Admiral Shares | $195.56 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 105,864 |
Interest—Affiliated Issuers | 18,668 |
Securities Lending—Net | 2,212 |
Total Income | 126,744 |
Expenses | |
Investment Advisory Fees—Note B | 23,356 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 1,287 |
Management and Administrative—Admiral Shares | 11,854 |
Marketing and Distribution—Investor Shares | 32 |
Marketing and Distribution—Admiral Shares | 319 |
Custodian Fees | 197 |
Shareholders’ Reports—Investor Shares | 31 |
Shareholders’ Reports—Admiral Shares | 95 |
Trustees’ Fees and Expenses | 8 |
Other Expenses | 24 |
Total Expenses | 37,203 |
Expenses Paid Indirectly | (14) |
Net Expenses | 37,189 |
Net Investment Income | 89,555 |
Realized Net Gain (Loss) | |
Capital Gains Distributions Received – Affiliated Issuers | 6 |
Investment Securities Sold—Unaffiliated Issuers | 920,977 |
Investment Securities Sold—Affiliated Issuers | 46 |
Foreign Currencies | (18) |
Realized Net Gain (Loss) | 921,011 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 2,647,818 |
Investment Securities—Affiliated Issuers | 7,957 |
Foreign Currencies | 12 |
Change in Unrealized Appreciation (Depreciation) | 2,655,787 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,666,353 |
1 | Dividends are net of foreign withholding taxes of $1,694,000. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 89,555 | 155,416 | |
Realized Net Gain (Loss) | 921,011 | 375,510 | |
Change in Unrealized Appreciation (Depreciation) | 2,655,787 | 3,410,799 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,666,353 | 3,941,725 | |
Distributions | |||
Investor Shares | (31,970) | (101,100) | |
Admiral Shares | (457,899) | (1,356,592) | |
Total Distributions | (489,869) | (1,457,692) | |
Capital Share Transactions | |||
Investor Shares | 21,254 | (23,256) | |
Admiral Shares | 62,417 | 956,427 | |
Net Increase (Decrease) from Capital Share Transactions | 83,671 | 933,171 | |
Total Increase (Decrease) | 3,260,155 | 3,417,204 | |
Net Assets | |||
Beginning of Period | 19,227,014 | 15,809,810 | |
End of Period | 22,487,169 | 19,227,014 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $72.75 | $63.49 | $88.53 | $71.69 | $64.38 | $75.87 |
Investment Operations | ||||||
Net Investment Income1 | .312 | .548 | .470 | .276 | .454 | .549 |
Net Realized and Unrealized Gain (Loss) on Investments | 13.489 | 14.575 | (16.748) | 23.563 | 11.233 | (5.116) |
Total from Investment Operations | 13.801 | 15.123 | (16.278) | 23.839 | 11.687 | (4.567) |
Distributions | ||||||
Dividends from Net Investment Income | (.544) | (.506) | (.295) | (.334) | (.501) | (.473) |
Distributions from Realized Capital Gains | (1.267) | (5.357) | (8.467) | (6.665) | (3.876) | (6.450) |
Total Distributions | (1.811) | (5.863) | (8.762) | (6.999) | (4.377) | (6.923) |
Net Asset Value, End of Period | $84.74 | $72.75 | $63.49 | $88.53 | $71.69 | $64.38 |
Total Return2 | 19.21% | 25.20% | -20.45% | 34.75% | 18.52% | -5.01% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,492 | $1,260 | $1,114 | $1,585 | $1,518 | $1,684 |
Ratio of Total Expenses to Average Net Assets | 0.43%3 | 0.43%3 | 0.43%3 | 0.43% | 0.44% | 0.44% |
Ratio of Net Investment Income to Average Net Assets | 0.79% | 0.79% | 0.61% | 0.33% | 0.69% | 0.84% |
Portfolio Turnover Rate | 4% | 6% | 6% | 7% | 8% | 6% |
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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.43%. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $167.95 | $146.60 | $204.49 | $165.62 | $148.73 | $175.34 |
Investment Operations | ||||||
Net Investment Income1 | .782 | 1.377 | 1.215 | .775 | 1.148 | 1.374 |
Net Realized and Unrealized Gain (Loss) on Investments | 31.124 | 33.636 | (38.672) | 54.409 | 25.968 | (11.834) |
Total from Investment Operations | 31.906 | 35.013 | (37.457) | 55.184 | 27.116 | (10.460) |
Distributions | ||||||
Dividends from Net Investment Income | (1.370) | (1.293) | (.873) | (.916) | (1.270) | (1.241) |
Distributions from Realized Capital Gains | (2.926) | (12.370) | (19.560) | (15.398) | (8.956) | (14.909) |
Total Distributions | (4.296) | (13.663) | (20.433) | (16.314) | (10.226) | (16.150) |
Net Asset Value, End of Period | $195.56 | $167.95 | $146.60 | $204.49 | $165.62 | $148.73 |
Total Return2 | 19.24% | 25.29% | -20.39% | 34.84% | 18.60% | -4.95% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $20,995 | $17,967 | $14,696 | $19,228 | $15,395 | $14,618 |
Ratio of Total Expenses to Average Net Assets | 0.36%3 | 0.36%3 | 0.36%3 | 0.36% | 0.37% | 0.37% |
Ratio of Net Investment Income to Average Net Assets | 0.86% | 0.86% | 0.68% | 0.40% | 0.76% | 0.91% |
Portfolio Turnover Rate | 4% | 6% | 6% | 7% | 8% | 6% |
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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.36%. |
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, 2024, 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. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended March 31, 2024, custodian fee offset arrangements reduced the fund’s expenses by $14,000 (an annual rate of less than 0.01% of average net assets). |
E. | 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 | 20,949,853 | 489,159 | — | 21,439,012 |
Temporary Cash Investments | 1,165,033 | — | — | 1,165,033 |
Total | 22,114,886 | 489,159 | — | 22,604,045 |
F. | As of March 31, 2024, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 9,198,794 |
Gross Unrealized Appreciation | 14,312,795 |
Gross Unrealized Depreciation | (907,544) |
Net Unrealized Appreciation (Depreciation) | 13,405,251 |
G. | During the six months ended March 31, 2024, the fund purchased $709,189,000 of investment securities and sold $1,566,806,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 114,753 | 1,523 | 79,142 | 1,145 | |
Issued in Lieu of Cash Distributions | 28,323 | 366 | 90,111 | 1,424 | |
Redeemed | (121,822) | (1,598) | (192,509) | (2,794) | |
Net Increase (Decrease)—Investor Shares | 21,254 | 291 | (23,256) | (225) | |
Admiral Shares | |||||
Issued | 677,734 | 3,816 | 1,214,916 | 7,660 | |
Issued in Lieu of Cash Distributions | 391,035 | 2,192 | 1,175,773 | 8,055 | |
Redeemed | (1,006,352) | (5,629) | (1,434,262) | (8,979) | |
Net Increase (Decrease)—Admiral Shares | 62,417 | 379 | 956,427 | 6,736 |
I. | Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows: |
Current Period Transactions | ||||||||
Sep. 30, 2023 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, 2024 Market Value ($000) | |
FibroGen Inc. | 4,676 | — | — | — | 8,057 | — | — | 12,733 |
Vanguard Market Liquidity Fund | 677,243 | NA1 | NA1 | 46 | (100) | 18,668 | 6 | 1,165,033 |
Total | 681,919 | — | — | 46 | 7,957 | 18,668 | 6 | 1,177,766 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
J. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
K. | Management has determined that no events or transactions occurred subsequent to March 31, 2024, 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 | 20 |
Liquidity Risk Management | 22 |
• | 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, 2024 | |||
Global Equity Fund | Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,220.40 | $2.33 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.90 | 2.12 |
United States | 62.3% |
United Kingdom | 5.6 |
France | 3.6 |
Japan | 3.5 |
Netherlands | 3.4 |
Taiwan | 2.5 |
Germany | 2.3 |
China | 2.2 |
India | 1.7 |
Ireland | 1.6 |
Switzerland | 1.5 |
South Korea | 1.5 |
Canada | 1.5 |
Sweden | 1.3 |
Hong Kong | 1.1 |
Brazil | 1.0 |
Other | 3.4 |
Shares | Market Value• ($000) | ||
Common Stocks (96.4%) | |||
Australia (0.7%) | |||
BHP Group Ltd. (XLON) Class DI | 1,696,037 | 48,589 | |
Woodside Energy Group Ltd. (XLON) | 437,661 | 8,720 | |
57,309 | |||
Brazil (1.0%) | |||
Ambev SA | 13,825,610 | 34,430 | |
B3 SA - Brasil Bolsa Balcao | 12,219,100 | 29,212 | |
XP Inc. Class A | 657,473 | 16,871 | |
80,513 | |||
Canada (1.4%) | |||
* | Shopify Inc. Class A (XTSE) | 916,987 | 70,764 |
Magna International Inc. | 720,847 | 39,272 | |
Stella-Jones Inc. | 59,182 | 3,451 | |
113,487 | |||
China (2.1%) | |||
Alibaba Group Holding Ltd. | 6,062,215 | 54,820 | |
Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | 1,298,800 | 33,957 | |
ANTA Sports Products Ltd. | 1,898,000 | 20,238 | |
China Overseas Land & Investment Ltd. | 13,343,000 | 19,257 | |
* | PDD Holdings Inc. ADR | 152,458 | 17,723 |
* | Li Auto Inc. Class A | 1,063,258 | 16,145 |
Will Semiconductor Co. Ltd. Shanghai Class A | 494,300 | 6,744 | |
Will Semiconductor Co. Ltd. Shanghai Class A (XSSC) | 299,800 | 4,090 | |
172,974 | |||
Denmark (0.8%) | |||
Novo Nordisk A/S Class B | 350,919 | 45,013 | |
* | Genmab A/S | 70,490 | 21,135 |
66,148 | |||
Finland (0.6%) | |||
Nokia OYJ | 10,803,758 | 38,333 | |
Nokia OYJ ADR | 2,677,936 | 9,480 | |
47,813 |
Shares | Market Value• ($000) | ||
France (3.5%) | |||
Cie Generale des Etablissements Michelin SCA | 1,702,939 | 65,262 | |
Sanofi SA | 486,547 | 47,333 | |
Pernod Ricard SA | 245,019 | 39,665 | |
ArcelorMittal SA | 1,380,084 | 37,935 | |
1 | Amundi SA | 459,548 | 31,565 |
LVMH Moet Hennessy Louis Vuitton SE | 22,501 | 20,246 | |
* | Sartorius Stedim Biotech | 60,825 | 17,349 |
Hermes International SCA | 5,812 | 14,854 | |
Accor SA | 231,819 | 10,823 | |
285,032 | |||
Germany (2.3%) | |||
Daimler Truck Holding AG | 1,603,044 | 81,234 | |
BASF SE | 1,137,093 | 64,978 | |
Fresenius Medical Care AG | 951,352 | 36,555 | |
182,767 | |||
Hong Kong (1.1%) | |||
AIA Group Ltd. | 5,684,400 | 38,237 | |
Galaxy Entertainment Group Ltd. | 5,569,220 | 27,997 | |
* | Sands China Ltd. | 6,898,800 | 19,463 |
85,697 | |||
India (1.7%) | |||
1 | Reliance Industries Ltd. GDR | 1,395,990 | 99,766 |
HDFC Bank Ltd. | 2,074,788 | 36,179 | |
135,945 | |||
Ireland (1.5%) | |||
Ryanair Holdings plc ADR | 831,466 | 121,053 | |
Italy (0.4%) | |||
Enel SpA | 4,440,515 | 29,314 | |
* | Saipem SpA | 10,000 | 24 |
29,338 | |||
Japan (3.3%) | |||
Olympus Corp. | 2,956,100 | 42,563 | |
Daiichi Sankyo Co. Ltd. | 1,197,200 | 38,094 | |
SMC Corp. | 61,400 | 34,639 | |
Resona Holdings Inc. | 5,529,200 | 34,085 | |
Nippon Paint Holdings Co. Ltd. | 3,303,900 | 23,779 | |
Shiseido Co. Ltd. | 796,500 | 21,856 | |
Sysmex Corp. | 1,185,000 | 21,146 |
Shares | Market Value• ($000) | ||
Keyence Corp. | 45,436 | 21,094 | |
CyberAgent Inc. | 1,960,900 | 14,261 | |
* | Rakuten Group Inc. | 1,842,100 | 10,456 |
Hoshizaki Corp. | 273,500 | 9,979 | |
271,952 | |||
Netherlands (3.3%) | |||
Prosus NV | 2,524,570 | 79,020 | |
2 | Randstad NV | 933,998 | 49,320 |
ASML Holding NV GDR (Registered) | 46,284 | 44,917 | |
ING Groep NV | 2,717,976 | 44,747 | |
ASM International NV | 43,605 | 26,704 | |
*,1 | Adyen NV | 14,745 | 24,906 |
269,614 | |||
Norway (0.6%) | |||
Schibsted ASA Class A | 836,918 | 26,782 | |
* | Adevinta ASA | 1,474,134 | 15,462 |
Schibsted ASA Class B | 110,730 | 3,362 | |
45,606 | |||
Other (0.0%) | |||
3 | Vanguard Growth ETF | 7,104 | 2,445 |
Russia (0.0%) | |||
*,4 | Sberbank of Russia PJSC | 3,912,108 | — |
*,4 | X5 Retail Group NV GDR (Registered) | 227,797 | — |
*,4 | VK Co. Ltd. GDR | 128,137 | — |
*,4 | Severstal PAO GDR (Registered) | 520,152 | — |
— | |||
Singapore (0.2%) | |||
* | Sea Ltd. ADR | 350,825 | 18,843 |
South Korea (1.4%) | |||
Samsung Electronics Co. Ltd. (XKRX) | 655,825 | 39,414 | |
* | Coupang Inc. | 2,200,514 | 39,147 |
Shinhan Financial Group Co. Ltd. | 1,066,425 | 37,618 | |
116,179 | |||
Sweden (1.2%) | |||
Atlas Copco AB Class B | 3,177,434 | 46,931 | |
* | Spotify Technology SA | 108,662 | 28,676 |
Epiroc AB Class B | 1,504,650 | 25,481 | |
101,088 | |||
Switzerland (1.5%) | |||
Cie Financiere Richemont SA Class A (Registered) | 298,928 | 45,509 | |
UBS Group AG (Registered) | 1,444,830 | 44,487 | |
Roche Holding AG | 110,704 | 28,265 | |
118,261 | |||
Taiwan (2.4%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 3,740,000 | 89,596 | |
Hon Hai Precision Industry Co. Ltd. | 12,006,745 | 58,317 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 366,032 | 49,799 | |
197,712 | |||
United Kingdom (5.3%) | |||
CRH plc (SGMX) | 1,343,509 | 115,958 | |
Shell plc | 1,795,818 | 60,164 |
Shares | Market Value• ($000) | ||
HSBC Holdings plc | 4,946,844 | 38,669 | |
* | Flutter Entertainment plc | 188,596 | 37,593 |
Barclays plc | 15,265,434 | 35,380 | |
Tesco plc | 8,971,690 | 33,603 | |
NatWest Group plc | 8,984,360 | 30,092 | |
Standard Chartered plc | 2,853,937 | 24,195 | |
J Sainsbury plc | 6,811,147 | 23,256 | |
Bellway plc | 548,568 | 18,402 | |
AstraZeneca plc ADR | 257,573 | 17,450 | |
434,762 | |||
United States (60.1%) | |||
Microsoft Corp. | 757,181 | 318,561 | |
* | Amazon.com Inc. | 1,586,361 | 286,148 |
NVIDIA Corp. | 186,569 | 168,576 | |
Meta Platforms Inc. Class A | 322,149 | 156,429 | |
Martin Marietta Materials Inc. | 242,158 | 148,670 | |
Mastercard Inc. Class A | 307,519 | 148,092 | |
Elevance Health Inc. | 259,891 | 134,764 | |
* | Alphabet Inc. Class A | 829,898 | 125,257 |
Moody's Corp. | 293,640 | 115,409 | |
Eli Lilly & Co. | 110,716 | 86,133 | |
Service Corp. International | 1,148,110 | 85,201 | |
* | MercadoLibre Inc. | 52,495 | 79,370 |
* | Alphabet Inc. Class C | 518,813 | 78,994 |
* | Adobe Inc. | 143,923 | 72,624 |
* | DoorDash Inc. Class A | 483,344 | 66,566 |
* | Netflix Inc. | 109,579 | 66,551 |
Cognizant Technology Solutions Corp. Class A | 892,789 | 65,433 | |
* | Chipotle Mexican Grill Inc. | 22,230 | 64,617 |
Prologis Inc. | 467,531 | 60,882 | |
Wells Fargo & Co. | 1,030,355 | 59,719 | |
Citigroup Inc. | 933,692 | 59,047 | |
Lear Corp. | 403,624 | 58,477 | |
Edison International | 826,266 | 58,442 | |
Visa Inc. Class A | 205,659 | 57,395 | |
Capital One Financial Corp. | 381,633 | 56,821 | |
Dow Inc. | 970,853 | 56,242 | |
* | Uber Technologies Inc. | 723,398 | 55,694 |
Baxter International Inc. | 1,273,425 | 54,426 | |
* | Block Inc. (XNYS) | 620,800 | 52,507 |
Equitable Holdings Inc. | 1,373,829 | 52,219 | |
UnitedHealth Group Inc. | 103,656 | 51,279 | |
Analog Devices Inc. | 256,701 | 50,773 | |
* | Advanced Micro Devices Inc. | 275,020 | 49,638 |
Arthur J Gallagher & Co. | 192,828 | 48,215 | |
* | Trade Desk Inc. Class A | 549,911 | 48,073 |
SS&C Technologies Holdings Inc. | 738,060 | 47,509 | |
Bank of America Corp. | 1,249,888 | 47,396 | |
* | Skyline Champion Corp. | 551,247 | 46,862 |
* | Cloudflare Inc. Class A | 481,727 | 46,646 |
Advanced Drainage Systems Inc. | 266,120 | 45,837 | |
* | ICON plc | 132,157 | 44,398 |
Teradyne Inc. | 383,310 | 43,249 | |
Royalty Pharma plc Class A | 1,411,683 | 42,873 | |
* | Monster Beverage Corp. | 694,369 | 41,162 |
* | CBRE Group Inc. Class A | 409,928 | 39,861 |
Texas Instruments Inc. | 220,819 | 38,469 | |
S&P Global Inc. | 89,612 | 38,125 |
Shares | Market Value• ($000) | ||
Eaton Corp. plc | 119,361 | 37,322 | |
* | CoStar Group Inc. | 382,331 | 36,933 |
* | Markel Group Inc. | 23,607 | 35,918 |
MetLife Inc. | 476,240 | 35,294 | |
Entegris Inc. | 243,570 | 34,231 | |
* | Charter Communications Inc. Class A | 117,070 | 34,024 |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,150,657 | 32,679 | |
Walt Disney Co. | 266,088 | 32,559 | |
* | Alnylam Pharmaceuticals Inc. | 217,142 | 32,452 |
Medtronic plc | 363,510 | 31,680 | |
* | Airbnb Inc. Class A | 188,986 | 31,175 |
* | SiteOne Landscape Supply Inc. | 178,320 | 31,126 |
Gentex Corp. | 852,807 | 30,803 | |
* | Dynatrace Inc. | 661,138 | 30,703 |
Comfort Systems USA Inc. | 95,686 | 30,400 | |
Thermo Fisher Scientific Inc. | 51,604 | 29,993 | |
* | Aptiv plc | 348,167 | 27,732 |
* | Moderna Inc. | 254,972 | 27,170 |
* | First Solar Inc. | 156,250 | 26,375 |
* | Floor & Decor Holdings Inc. Class A | 195,910 | 25,394 |
* | Datadog Inc. Class A | 204,728 | 25,304 |
Bristol-Myers Squibb Co. | 465,081 | 25,221 | |
* | Shake Shack Inc. Class A | 233,075 | 24,247 |
* | Intuitive Surgical Inc. | 60,119 | 23,993 |
* | Dayforce Inc. | 360,174 | 23,847 |
* | MongoDB Inc. | 65,967 | 23,658 |
Albemarle Corp. | 175,394 | 23,106 | |
* | Tesla Inc. | 130,390 | 22,921 |
* | Synopsys Inc. | 39,580 | 22,620 |
* | REVOLUTION Medicines Inc. | 701,165 | 22,599 |
*,2 | Mobileye Global Inc. Class A | 684,467 | 22,006 |
* | HubSpot Inc. | 33,262 | 20,841 |
Pool Corp. | 50,852 | 20,519 | |
Tyson Foods Inc. Class A | 334,227 | 19,629 | |
* | YETI Holdings Inc. | 507,715 | 19,572 |
Newell Brands Inc. | 2,406,073 | 19,321 | |
* | Chewy Inc. Class A | 1,107,253 | 17,616 |
* | Illumina Inc. | 126,255 | 17,337 |
* | Neogen Corp. | 1,093,325 | 17,253 |
Shares | Market Value• ($000) | ||
* | Sweetgreen Inc. Class A | 671,228 | 16,955 |
Wingstop Inc. | 44,272 | 16,221 | |
NOV Inc. | 763,196 | 14,898 | |
* | Certara Inc. | 753,028 | 13,464 |
* | Unity Software Inc. | 503,012 | 13,430 |
* | Exact Sciences Corp. | 163,750 | 11,309 |
Brunswick Corp. | 116,522 | 11,247 | |
*,2 | Arcadium Lithium plc | 2,321,692 | 10,006 |
CVS Health Corp. | 123,640 | 9,862 | |
* | STAAR Surgical Co. | 176,616 | 6,761 |
*,4 | ABIOMED Inc. CVR | 82,912 | 85 |
4,889,442 | |||
Total Common Stocks (Cost $5,492,523) | 7,843,980 | ||
Temporary Cash Investments (4.3%) | |||
Money Market Fund (4.3%) | |||
5,6 | Vanguard Market Liquidity Fund, 5.407% (Cost $348,385) | 3,484,412 | 348,371 |
Total Investments (100.7%) (Cost $5,840,908) | 8,192,351 | ||
Other Assets and Liabilities—Net (-0.7%) | (54,569) | ||
Net Assets (100%) | 8,137,782 | ||
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, 2024, the aggregate value was $156,237,000, representing 1.9% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $60,024,000. |
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 $66,577,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
CVR—Contingent Value Rights. | |
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 2024 | 460 | 122,096 | 2,730 |
MSCI EAFE Index | June 2024 | 396 | 46,671 | 291 |
MSCI Emerging Markets Index | June 2024 | 374 | 19,616 | (34) |
2,987 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 4/2/24 | AUD | 153 | USD | 100 | — | (1) |
Toronto-Dominion Bank | 6/20/24 | AUD | 2 | USD | 1 | — | — |
JPMorgan Chase Bank, N.A. | 4/2/24 | CAD | 216 | USD | 160 | — | (1) |
State Street Bank & Trust Co. | 6/20/24 | CAD | 2 | USD | 2 | — | — |
Morgan Stanley Capital Services Inc. | 4/2/24 | CHF | 124 | USD | 142 | — | (4) |
HSBC Bank plc | 4/2/24 | EUR | 426 | USD | 462 | — | (2) |
Barclays Bank plc | 6/20/24 | EUR | 9 | USD | 10 | — | — |
JPMorgan Chase Bank, N.A. | 4/2/24 | GBP | 159 | USD | 201 | — | — |
State Street Bank & Trust Co. | 4/2/24 | GBP | 24 | USD | 31 | — | — |
State Street Bank & Trust Co. | 4/2/24 | HKD | 1,074 | USD | 137 | — | — |
Bank of Montreal | 6/20/24 | HKD | 12 | USD | 2 | — | — |
Standard Chartered Bank | 4/2/24 | JPY | 47,919 | USD | 320 | — | (3) |
Royal Bank of Canada | 6/20/24 | JPY | 563 | USD | 4 | — | — |
Citibank, N.A. | 4/2/24 | USD | 99 | AUD | 151 | 1 | — |
Toronto-Dominion Bank | 4/2/24 | USD | 1 | AUD | 2 | — | — |
Royal Bank of Canada | 4/2/24 | USD | 158 | CAD | 214 | — | — |
State Street Bank & Trust Co. | 4/2/24 | USD | 2 | CAD | 2 | — | — |
Standard Chartered Bank | 4/2/24 | USD | 142 | CHF | 124 | 4 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | USD | 9 | CHF | 8 | — | — |
Toronto-Dominion Bank | 4/2/24 | USD | 451 | EUR | 416 | 2 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 349 | EUR | 318 | 5 | — |
Barclays Bank plc | 4/2/24 | USD | 10 | EUR | 9 | — | — |
Citibank, N.A. | 4/2/24 | USD | 231 | GBP | 183 | — | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 31 | GBP | 24 | — | — |
Bank of America, N.A. | 4/2/24 | USD | 136 | HKD | 1,062 | — | — |
Bank of Montreal | 4/2/24 | USD | 2 | HKD | 12 | — | — |
Standard Chartered Bank | 4/2/24 | USD | 317 | JPY | 47,356 | 4 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Royal Bank of Canada | 4/2/24 | USD | 4 | JPY | 563 | — | — |
Deutsche Bank AG | 6/20/24 | USD | 215 | SEK | 2,195 | 9 | — |
25 | (11) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
JPY—Japanese yen. |
SEK—Swedish krona. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,490,186) | 7,841,535 |
Affiliated Issuers (Cost $350,722) | 350,816 |
Total Investments in Securities | 8,192,351 |
Investment in Vanguard | 242 |
Cash | 729 |
Cash Collateral Pledged—Futures Contracts | 7,423 |
Foreign Currency, at Value (Cost $1,362) | 1,302 |
Receivables for Investment Securities Sold | 30,124 |
Receivables for Accrued Income | 15,417 |
Receivables for Capital Shares Issued | 1,715 |
Unrealized Appreciation—Forward Currency Contracts | 25 |
Total Assets | 8,249,328 |
Liabilities | |
Payables for Investment Securities Purchased | 36,362 |
Collateral for Securities on Loan | 66,577 |
Payables to Investment Advisor | 4,032 |
Payables for Capital Shares Redeemed | 3,428 |
Payables to Vanguard | 831 |
Variation Margin Payable—Futures Contracts | 25 |
Unrealized Depreciation—Forward Currency Contracts | 11 |
Deferred Foreign Capital Gains Taxes | 280 |
Total Liabilities | 111,546 |
Net Assets | 8,137,782 |
1 Includes $60,024,000 of securities on loan. | |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 6,069,811 |
Total Distributable Earnings (Loss) | 2,067,971 |
Net Assets | 8,137,782 |
Net Assets | |
Applicable to 230,635,944 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,137,782 |
Net Asset Value Per Share | $35.28 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 47,050 |
Dividends—Affiliated Issuers | 375 |
Interest—Unaffiliated Issuers | 219 |
Interest—Affiliated Issuers | 5,790 |
Securities Lending—Net | 92 |
Total Income | 53,526 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 8,601 |
Performance Adjustment | (971) |
The Vanguard Group—Note C | |
Management and Administrative | 7,963 |
Marketing and Distribution | 103 |
Custodian Fees | 81 |
Shareholders’ Reports | 57 |
Trustees’ Fees and Expenses | 3 |
Other Expenses | 75 |
Total Expenses | 15,912 |
Net Investment Income | 37,614 |
Realized Net Gain (Loss) | |
Capital Gains Distributions Received – Affiliated Issuers | 1 |
Investment Securities Sold—Unaffiliated Issuers2 | 25,206 |
Investment Securities Sold—Affiliated Issuers | 3,947 |
Futures Contracts | 14,854 |
Forward Currency Contracts | (4) |
Foreign Currencies | (1,616) |
Realized Net Gain (Loss) | 42,388 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers3 | 1,407,308 |
Investment Securities—Affiliated Issuers | 338 |
Futures Contracts | 8,351 |
Forward Currency Contracts | 14 |
Foreign Currencies | (41) |
Change in Unrealized Appreciation (Depreciation) | 1,415,970 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,495,972 |
1 | Dividends are net of foreign withholding taxes of $1,145,000. |
2 | Realized gain (loss) is net of foreign capital gain taxes of $38,000. |
3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($294,000). |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 37,614 | 88,364 | |
Realized Net Gain (Loss) | 42,388 | 25,919 | |
Change in Unrealized Appreciation (Depreciation) | 1,415,970 | 1,140,730 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,495,972 | 1,255,013 | |
Distributions | |||
Total Distributions | (87,392) | (689,754) | |
Capital Share Transactions | |||
Issued | 207,293 | 561,398 | |
Issued in Lieu of Cash Distributions | 75,899 | 603,992 | |
Redeemed | (524,202) | (1,031,827) | |
Net Increase (Decrease) from Capital Share Transactions | (241,010) | 133,563 | |
Total Increase (Decrease) | 1,167,570 | 698,822 | |
Net Assets | |||
Beginning of Period | 6,970,212 | 6,271,390 | |
End of Period | 8,137,782 | 6,970,212 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $29.24 | $27.07 | $41.53 | $33.31 | $30.75 | $32.62 |
Investment Operations | ||||||
Net Investment Income1 | .161 | .366 | .373 | .371 | .312 | .7002 |
Net Realized and Unrealized Gain (Loss) on Investments | 6.253 | 4.831 | (10.641) | 8.939 | 4.219 | (.354) |
Total from Investment Operations | 6.414 | 5.197 | (10.268) | 9.310 | 4.531 | .346 |
Distributions | ||||||
Dividends from Net Investment Income | (.374) | (.442) | (.355) | (.254) | (.742) | (.416) |
Distributions from Realized Capital Gains | — | (2.585) | (3.837) | (.836) | (1.229) | (1.800) |
Total Distributions | (.374) | (3.027) | (4.192) | (1.090) | (1.971) | (2.216) |
Net Asset Value, End of Period | $35.28 | $29.24 | $27.07 | $41.53 | $33.31 | $30.75 |
Total Return3 | 22.04% | 20.22% | -27.52% | 28.29% | 15.10% | 2.19% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,138 | $6,970 | $6,271 | $9,063 | $6,809 | $6,513 |
Ratio of Total Expenses to Average Net Assets4 | 0.42% | 0.42%5 | 0.41%5 | 0.45% | 0.45% | 0.48% |
Ratio of Net Investment Income to Average Net Assets | 1.01% | 1.24% | 1.07% | 0.93% | 1.02% | 2.35%2 |
Portfolio Turnover Rate | 17% | 25% | 84% | 28% | 22% | 49% |
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 $0.200 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 (0.03%), (0.03%), (0.04%), (0.00%), (0.00%), and 0.02%. |
5 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.42% and 0.41%, respectively. |
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., Wellington Management Company llp, and Pzena Investment Management, LLC, 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 fee of Baillie Gifford Overseas Ltd. is subject to quarterly adjustments based on performance relative to the MSCI All Country World Index for the preceding three years. The basic fees of Wellington Management Company llp and Pzena Investment Management, LLC, are subject to quarterly adjustments based on performance relative to the MSCI All Country World Growth Index and the MSCI All Country World Value Index, respectively, since September 30, 2022. |
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, distribution and cash management 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 | 5,083,357 | — | 85 | 5,083,442 |
Common Stocks—Other | 349,533 | 2,411,005 | — | 2,760,538 |
Temporary Cash Investments | 348,371 | — | — | 348,371 |
Total | 5,781,261 | 2,411,005 | 85 | 8,192,351 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 3,021 | — | — | 3,021 |
Forward Currency Contracts | — | 25 | — | 25 |
Total | 3,021 | 25 | — | 3,046 |
Liabilities | ||||
Futures Contracts1 | 34 | — | — | 34 |
Forward Currency Contracts | — | 11 | — | 11 |
Total | 34 | 11 | — | 45 |
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, 2024, 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 | 3,021 | — | 3,021 |
Unrealized Appreciation—Forward Currency Contracts | — | 25 | 25 |
Total Assets | 3,021 | 25 | 3,046 |
Unrealized Depreciation—Futures Contracts1 | 34 | — | 34 |
Unrealized Depreciation—Forward Currency Contracts | — | 11 | 11 |
Total Liabilities | 34 | 11 | 45 |
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 | 14,854 | — | 14,854 |
Forward Currency Contracts | — | (4) | (4) |
Realized Net Gain (Loss) on Derivatives | 14,854 | (4) | 14,850 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 8,351 | — | 8,351 |
Forward Currency Contracts | — | 14 | 14 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 8,351 | 14 | 8,365 |
F. | As of March 31, 2024, 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 | 5,874,746 |
Gross Unrealized Appreciation | 2,639,615 |
Gross Unrealized Depreciation | (319,009) |
Net Unrealized Appreciation (Depreciation) | 2,320,606 |
G. | During the six months ended March 31, 2024, the fund purchased $1,196,615,000 of investment securities and sold $1,550,979,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 6,445 | 19,239 | |
Issued in Lieu of Cash Distributions | 2,335 | 22,537 | |
Redeemed | (16,516) | (35,076) | |
Net Increase (Decrease) in Shares Outstanding | (7,736) | 6,700 |
I. | Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows: |
Current Period Transactions | ||||||||
Sep. 30, 2023 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, 2024 Market Value ($000) | |
Vanguard Growth ETF | — | 93,873 | 93,428 | 1,892 | 108 | 54 | — | 2,445 |
Vanguard Market Liquidity Fund | 192,477 | NA1 | NA1 | (2) | (30) | 5,790 | 1 | 348,371 |
Vanguard Total World Stock ETF | 33,307 | 69,710 | 105,334 | 2,057 | 260 | 321 | — | — |
Total | 225,784 | 163,583 | 198,762 | 3,947 | 338 | 6,165 | 1 | 350,816 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
J. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
K. | Management has determined that no events or transactions occurred subsequent to March 31, 2024, 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 | 19 |
Liquidity Risk Management | 21 |
• | 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, 2024 | |||
Strategic Small-Cap Equity Fund | Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,243.70 | $1.46 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.70 | 1.32 |
Communication Services | 2.3% |
Consumer Discretionary | 13.9 |
Consumer Staples | 3.4 |
Energy | 5.2 |
Financials | 16.5 |
Health Care | 13.3 |
Industrials | 20.1 |
Information Technology | 11.9 |
Materials | 5.2 |
Real Estate | 6.0 |
Utilities | 2.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.4%) | |||
Communication Services (2.3%) | |||
* | Yelp Inc. | 182,452 | 7,189 |
* | TripAdvisor Inc. | 205,953 | 5,723 |
Telephone and Data Systems Inc. | 306,960 | 4,918 | |
* | ZipRecruiter Inc. Class A | 296,954 | 3,412 |
* | Bandwidth Inc. Class A | 156,419 | 2,856 |
* | Clear Channel Outdoor Holdings Inc. | 1,605,321 | 2,649 |
* | Vimeo Inc. | 497,280 | 2,034 |
* | Lumen Technologies Inc. | 1,025,673 | 1,600 |
Iridium Communications Inc. | 50,328 | 1,317 | |
Playtika Holding Corp. | 174,223 | 1,228 | |
* | Madison Square Garden Entertainment Corp. | 26,870 | 1,054 |
* | iHeartMedia Inc. Class A | 478,484 | 1,000 |
* | Bumble Inc. Class A | 70,215 | 797 |
* | Mediaalpha Inc. Class A | 36,228 | 738 |
* | Cardlytics Inc. | 48,401 | 701 |
* | WideOpenWest Inc. | 113,666 | 411 |
37,627 | |||
Consumer Discretionary (13.8%) | |||
Toll Brothers Inc. | 100,691 | 13,026 | |
* | Taylor Morrison Home Corp. | 164,564 | 10,231 |
KB Home | 138,148 | 9,792 | |
* | M/I Homes Inc. | 62,234 | 8,482 |
* | Abercrombie & Fitch Co. Class A | 64,700 | 8,109 |
Gap Inc. | 287,920 | 7,932 | |
* | Tri Pointe Homes Inc. | 194,806 | 7,531 |
PVH Corp. | 53,429 | 7,513 | |
Boyd Gaming Corp. | 108,565 | 7,309 | |
* | frontdoor Inc. | 224,259 | 7,306 |
Perdoceo Education Corp. | 410,795 | 7,213 | |
* | Beazer Homes USA Inc. | 215,670 | 7,074 |
* | AutoNation Inc. | 40,034 | 6,629 |
Texas Roadhouse Inc. | 42,690 | 6,594 | |
Harley-Davidson Inc. | 148,065 | 6,476 | |
Wingstop Inc. | 16,661 | 6,105 | |
* | Green Brick Partners Inc. | 94,667 | 5,702 |
Travel & Leisure Co. | 114,714 | 5,616 | |
* | Qurate Retail Inc. Series A | 3,885,832 | 4,779 |
* | Everi Holdings Inc. | 451,715 | 4,540 |
* | Adient plc | 125,857 | 4,143 |
* | G-III Apparel Group Ltd. | 137,859 | 3,999 |
Murphy USA Inc. | 9,490 | 3,978 |
Shares | Market Value• ($000) | ||
* | Carvana Co. | 43,330 | 3,809 |
* | Goodyear Tire & Rubber Co. | 276,188 | 3,792 |
Nordstrom Inc. | 176,852 | 3,585 | |
* | Shake Shack Inc. Class A | 32,789 | 3,411 |
Macy's Inc. | 167,477 | 3,348 | |
* | Urban Outfitters Inc. | 76,604 | 3,326 |
* | Playa Hotels & Resorts NV | 329,219 | 3,193 |
* | Brinker International Inc. | 62,661 | 3,113 |
* | Grand Canyon Education Inc. | 20,485 | 2,790 |
Upbound Group Inc. | 70,711 | 2,490 | |
Buckle Inc. | 61,653 | 2,483 | |
Standard Motor Products Inc. | 68,664 | 2,304 | |
* | Fox Factory Holding Corp. | 39,596 | 2,062 |
Dana Inc. | 160,747 | 2,041 | |
* | Adtalem Global Education Inc. | 36,897 | 1,896 |
* | Visteon Corp. | 13,737 | 1,616 |
* | Hanesbrands Inc. | 273,816 | 1,588 |
* | MasterCraft Boat Holdings Inc. | 66,848 | 1,586 |
* | Duolingo Inc. | 6,288 | 1,387 |
* | United Parks & Resorts Inc. | 22,285 | 1,253 |
Monarch Casino & Resort Inc. | 16,397 | 1,230 | |
* | ODP Corp. | 20,959 | 1,112 |
* | Stride Inc. | 17,446 | 1,100 |
Carriage Services Inc. | 36,099 | 976 | |
Jack in the Box Inc. | 13,169 | 902 | |
* | Coursera Inc. | 61,968 | 869 |
American Eagle Outfitters Inc. | 31,414 | 810 | |
* | American Axle & Manufacturing Holdings Inc. | 91,274 | 672 |
* | BJ's Restaurants Inc. | 17,629 | 638 |
* | Sally Beauty Holdings Inc. | 33,384 | 415 |
* | Valvoline Inc. | 8,455 | 377 |
* | Warby Parker Inc. Class A | 27,064 | 368 |
Dine Brands Global Inc. | 7,485 | 348 | |
Phinia Inc. | 8,865 | 341 | |
Patrick Industries Inc. | 2,602 | 311 | |
* | Accel Entertainment Inc. | 23,433 | 276 |
* | Chegg Inc. | 35,212 | 266 |
222,163 |
Shares | Market Value• ($000) | ||
Consumer Staples (3.3%) | |||
Coca-Cola Consolidated Inc. | 11,532 | 9,761 | |
* | BellRing Brands Inc. | 129,426 | 7,640 |
PriceSmart Inc. | 50,603 | 4,251 | |
John B Sanfilippo & Son Inc. | 35,131 | 3,721 | |
* | Post Holdings Inc. | 31,289 | 3,325 |
Turning Point Brands Inc. | 108,170 | 3,169 | |
Energizer Holdings Inc. | 106,150 | 3,125 | |
* | Simply Good Foods Co. | 78,410 | 2,668 |
SpartanNash Co. | 130,841 | 2,644 | |
Vector Group Ltd. | 216,133 | 2,369 | |
* | USANA Health Sciences Inc. | 47,215 | 2,290 |
* | Pilgrim's Pride Corp. | 61,558 | 2,113 |
Flowers Foods Inc. | 70,747 | 1,680 | |
* | United Natural Foods Inc. | 129,855 | 1,492 |
Fresh Del Monte Produce Inc. | 41,040 | 1,063 | |
Ingles Markets Inc. Class A | 11,029 | 846 | |
* | Olaplex Holdings Inc. | 383,235 | 736 |
Nu Skin Enterprises Inc. Class A | 39,936 | 552 | |
* | e.l.f. Beauty Inc. | 2,779 | 545 |
53,990 | |||
Energy (5.2%) | |||
SM Energy Co. | 198,089 | 9,875 | |
* | Par Pacific Holdings Inc. | 194,011 | 7,190 |
Helmerich & Payne Inc. | 157,235 | 6,613 | |
CONSOL Energy Inc. | 70,810 | 5,931 | |
Murphy Oil Corp. | 122,781 | 5,611 | |
International Seaways Inc. | 100,092 | 5,325 | |
Viper Energy Inc. | 131,843 | 5,071 | |
* | Oceaneering International Inc. | 196,235 | 4,592 |
PBF Energy Inc. Class A | 60,702 | 3,495 | |
* | US Silica Holdings Inc. | 275,171 | 3,415 |
Dorian LPG Ltd. | 82,159 | 3,160 | |
NOV Inc. | 146,221 | 2,854 | |
Marathon Oil Corp. | 96,753 | 2,742 | |
Select Water Solutions Inc. | 288,163 | 2,660 | |
Berry Corp. | 252,535 | 2,033 | |
* | Weatherford International plc | 16,096 | 1,858 |
Vitesse Energy Inc. | 71,102 | 1,687 | |
* | DMC Global Inc. | 76,116 | 1,483 |
* | REX American Resources Corp. | 24,620 | 1,445 |
Peabody Energy Corp. | 59,259 | 1,438 | |
* | Nabors Industries Ltd. (XNYS) | 11,252 | 969 |
* | Plains GP Holdings LP Class A | 47,975 | 876 |
Delek US Holdings Inc. | 23,238 | 714 | |
California Resources Corp. | 11,093 | 611 | |
Archrock Inc. | 26,141 | 514 | |
Excelerate Energy Inc. Class A | 31,429 | 503 | |
* | ProPetro Holding Corp. | 51,087 | 413 |
World Kinect Corp. | 12,764 | 338 | |
83,416 | |||
Financials (16.4%) | |||
MGIC Investment Corp. | 550,887 | 12,318 | |
Essent Group Ltd. | 194,241 | 11,559 | |
Affiliated Managers Group Inc. | 67,577 | 11,317 |
Shares | Market Value• ($000) | ||
Axis Capital Holdings Ltd. | 158,888 | 10,331 | |
SLM Corp. | 470,008 | 10,241 | |
Stifel Financial Corp. | 124,326 | 9,719 | |
CNO Financial Group Inc. | 340,078 | 9,345 | |
OFG Bancorp | 251,242 | 9,248 | |
* | NMI Holdings Inc. Class A | 270,626 | 8,752 |
Popular Inc. | 92,668 | 8,163 | |
Synovus Financial Corp. | 185,740 | 7,441 | |
Old Republic International Corp. | 214,659 | 6,594 | |
Pathward Financial Inc. | 126,740 | 6,398 | |
* | Mr Cooper Group Inc. | 77,571 | 6,047 |
Columbia Banking System Inc. | 301,161 | 5,827 | |
Hancock Whitney Corp. | 125,201 | 5,764 | |
Westamerica BanCorp | 116,052 | 5,673 | |
Banner Corp. | 106,234 | 5,099 | |
BankUnited Inc. | 179,453 | 5,025 | |
BOK Financial Corp. | 51,156 | 4,706 | |
Jackson Financial Inc. Class A | 63,371 | 4,191 | |
FNB Corp. | 290,337 | 4,094 | |
International Bancshares Corp. | 68,703 | 3,857 | |
PROG Holdings Inc. | 107,690 | 3,709 | |
First BanCorp (XNYS) | 203,677 | 3,573 | |
Federated Hermes Inc. | 98,355 | 3,553 | |
* | Genworth Financial Inc. Class A | 540,071 | 3,473 |
* | Palomar Holdings Inc. | 39,191 | 3,285 |
* | Customers Bancorp Inc. | 59,929 | 3,180 |
* | Enova International Inc. | 50,465 | 3,171 |
Virtu Financial Inc. Class A | 153,257 | 3,145 | |
Unum Group | 57,493 | 3,085 | |
Employers Holdings Inc. | 66,932 | 3,038 | |
First Financial Corp. | 78,089 | 2,993 | |
Janus Henderson Group plc | 88,549 | 2,912 | |
Radian Group Inc. | 83,951 | 2,810 | |
James River Group Holdings Ltd. | 301,141 | 2,801 | |
* | Marqeta Inc. Class A | 440,227 | 2,624 |
Central Pacific Financial Corp. | 130,084 | 2,569 | |
OceanFirst Financial Corp. | 156,214 | 2,563 | |
S&T Bancorp Inc. | 77,418 | 2,484 | |
Heartland Financial USA Inc. | 69,870 | 2,456 | |
Virtus Investment Partners Inc. | 9,002 | 2,232 | |
First Merchants Corp. | 62,130 | 2,168 | |
* | Affirm Holdings Inc. | 57,455 | 2,141 |
Victory Capital Holdings Inc. Class A | 50,228 | 2,131 | |
Mercury General Corp. | 41,022 | 2,117 | |
* | LendingTree Inc. | 44,067 | 1,866 |
Byline Bancorp Inc. | 84,655 | 1,839 | |
* | LendingClub Corp. | 194,921 | 1,713 |
Berkshire Hills Bancorp Inc. | 63,716 | 1,460 | |
First Financial Bancorp | 63,483 | 1,423 | |
Horizon Bancorp Inc. | 108,448 | 1,391 | |
First Bancshares Inc. | 45,284 | 1,175 | |
WesBanco Inc. | 38,480 | 1,147 | |
Hanmi Financial Corp. | 71,634 | 1,140 | |
Heritage Commerce Corp. | 119,569 | 1,026 | |
OneMain Holdings Inc. | 18,228 | 931 | |
* | International Money Express Inc. | 38,861 | 887 |
Shares | Market Value• ($000) | ||
* | AvidXchange Holdings Inc. | 64,470 | 848 |
Simmons First National Corp. Class A | 39,966 | 778 | |
Sandy Spring Bancorp Inc. | 31,003 | 719 | |
Hilltop Holdings Inc. | 22,880 | 717 | |
Towne Bank | 25,255 | 709 | |
Veritex Holdings Inc. | 33,561 | 688 | |
Brightsphere Investment Group Inc. | 29,205 | 667 | |
* | Metropolitan Bank Holding Corp. | 14,998 | 577 |
* | Skyward Specialty Insurance Group Inc. | 14,084 | 527 |
Heritage Financial Corp. | 26,642 | 517 | |
1st Source Corp. | 9,199 | 482 | |
Brookline Bancorp Inc. | 47,322 | 471 | |
WSFS Financial Corp. | 8,488 | 383 | |
* | StoneX Group Inc. | 4,804 | 338 |
TrustCo Bank Corp. NY | 11,695 | 329 | |
Old Second Bancorp Inc. | 22,596 | 313 | |
Mercantile Bank Corp. | 7,760 | 299 | |
265,282 | |||
Health Care (13.2%) | |||
* | Tenet Healthcare Corp. | 140,320 | 14,749 |
Bruker Corp. | 96,426 | 9,058 | |
* | Medpace Holdings Inc. | 21,875 | 8,841 |
* | Option Care Health Inc. | 256,978 | 8,619 |
* | Ultragenyx Pharmaceutical Inc. | 184,468 | 8,613 |
* | Exelixis Inc. | 328,513 | 7,796 |
* | PTC Therapeutics Inc. | 213,421 | 6,208 |
* | Ionis Pharmaceuticals Inc. | 138,886 | 6,021 |
* | Fate Therapeutics Inc. | 758,542 | 5,568 |
* | Lantheus Holdings Inc. | 87,003 | 5,415 |
* | Merit Medical Systems Inc. | 70,813 | 5,364 |
* | Natera Inc. | 57,674 | 5,275 |
* | Ironwood Pharmaceuticals Inc. | 564,164 | 4,914 |
* | Enanta Pharmaceuticals Inc. | 261,299 | 4,562 |
* | Teladoc Health Inc. | 290,614 | 4,388 |
* | CorVel Corp. | 14,958 | 3,933 |
* | PetIQ Inc. | 209,439 | 3,829 |
Encompass Health Corp. | 40,834 | 3,372 | |
Select Medical Holdings Corp. | 109,201 | 3,292 | |
HealthStream Inc. | 118,535 | 3,160 | |
* | Blueprint Medicines Corp. | 31,941 | 3,030 |
Perrigo Co. plc | 89,305 | 2,875 | |
* | Addus HomeCare Corp. | 26,431 | 2,731 |
* | ACADIA Pharmaceuticals Inc. | 144,783 | 2,677 |
* | Health Catalyst Inc. | 348,202 | 2,622 |
* | Inovio Pharmaceuticals Inc. | 186,498 | 2,589 |
* | FibroGen Inc. | 1,049,784 | 2,467 |
* | AdaptHealth Corp. | 207,879 | 2,393 |
* | Beam Therapeutics Inc. | 67,274 | 2,223 |
* | Alkermes plc | 77,549 | 2,099 |
* | CRISPR Therapeutics AG | 30,661 | 2,090 |
* | Sage Therapeutics Inc. | 105,233 | 1,972 |
* | Haemonetics Corp. | 22,530 | 1,923 |
* | Owens & Minor Inc. | 66,560 | 1,844 |
* | Travere Therapeutics Inc. | 231,052 | 1,781 |
* | Phreesia Inc. | 71,243 | 1,705 |
* | Omnicell Inc. | 57,548 | 1,682 |
* | Pennant Group Inc. | 83,473 | 1,639 |
* | CareDx Inc. | 153,469 | 1,625 |
Shares | Market Value• ($000) | ||
* | LivaNova plc | 29,008 | 1,623 |
* | Integra LifeSciences Holdings Corp. | 43,249 | 1,533 |
*,1 | Ventyx Biosciences Inc. | 265,336 | 1,459 |
* | OraSure Technologies Inc. | 232,457 | 1,430 |
* | Avanos Medical Inc. | 71,224 | 1,418 |
* | Rapt Therapeutics Inc. | 154,069 | 1,384 |
* | Pediatrix Medical Group Inc. | 135,893 | 1,363 |
* | Deciphera Pharmaceuticals Inc. | 85,034 | 1,338 |
* | AtriCure Inc. | 43,637 | 1,327 |
* | 2seventy bio Inc. | 243,613 | 1,303 |
* | Zimvie Inc. | 78,885 | 1,301 |
* | Cytokinetics Inc. | 18,419 | 1,291 |
* | uniQure NV | 234,303 | 1,218 |
* | MiMedx Group Inc. | 158,008 | 1,217 |
* | CytomX Therapeutics Inc. | 555,119 | 1,210 |
* | Sangamo Therapeutics Inc. | 1,714,596 | 1,149 |
* | Vir Biotechnology Inc. | 113,305 | 1,148 |
* | Alector Inc. | 185,327 | 1,116 |
* | GoodRx Holdings Inc. Class A | 154,237 | 1,095 |
* | Hims & Hers Health Inc. | 70,001 | 1,083 |
* | Nevro Corp. | 72,420 | 1,046 |
* | ANI Pharmaceuticals Inc. | 14,611 | 1,010 |
* | Intra-Cellular Therapies Inc. | 14,518 | 1,005 |
* | BioCryst Pharmaceuticals Inc. | 194,172 | 986 |
Agenus Inc. | 1,699,075 | 985 | |
* | Community Health Systems Inc. | 271,266 | 949 |
* | Inogen Inc. | 113,916 | 919 |
* | Aclaris Therapeutics Inc. | 706,504 | 876 |
*,1 | Novavax Inc. | 172,446 | 824 |
* | Codexis Inc. | 228,028 | 796 |
* | Vanda Pharmaceuticals Inc. | 190,345 | 782 |
* | Coherus Biosciences Inc. | 325,697 | 778 |
* | REGENXBIO Inc. | 35,363 | 745 |
* | Nektar Therapeutics | 763,309 | 713 |
* | Arvinas Inc. | 16,212 | 669 |
* | Puma Biotechnology Inc. | 122,395 | 649 |
* | Arrowhead Pharmaceuticals Inc. | 21,594 | 618 |
* | Relay Therapeutics Inc. | 67,050 | 557 |
* | Quanterix Corp. | 23,229 | 547 |
Chemed Corp. | 850 | 546 | |
* | SI-BONE Inc. | 33,380 | 546 |
* | Vaxart Inc. | 361,973 | 471 |
* | Nurix Therapeutics Inc. | 28,686 | 422 |
* | Amneal Pharmaceuticals Inc. | 69,393 | 421 |
* | Castle Biosciences Inc. | 16,771 | 371 |
* | Insmed Inc. | 12,602 | 342 |
* | Editas Medicine Inc. | 43,327 | 322 |
* | Y-mAbs Therapeutics Inc. | 18,518 | 301 |
* | Pulmonx Corp. | 31,362 | 291 |
* | Joint Corp. | 22,122 | 289 |
* | Emergent BioSolutions Inc. | 113,193 | 286 |
* | Aldeyra Therapeutics Inc. | 82,817 | 271 |
* | Atea Pharmaceuticals Inc. | 64,273 | 260 |
* | ModivCare Inc. | 10,786 | 253 |
* | Assembly Biosciences Inc. | 17,723 | 236 |
* | Precision BioSciences Inc. | 16,688 | 226 |
* | Surmodics Inc. | 7,625 | 224 |
* | Computer Programs and Systems Inc. | 18,021 | 166 |
Shares | Market Value• ($000) | ||
*,2 | Scilex Holding Co. (Acquired 1/6/23, Cost $779) | 74,374 | 106 |
212,754 | |||
Industrials (20.0%) | |||
Allison Transmission Holdings Inc. | 159,367 | 12,934 | |
EMCOR Group Inc. | 32,732 | 11,463 | |
* | GMS Inc. | 115,533 | 11,246 |
Applied Industrial Technologies Inc. | 55,524 | 10,969 | |
Griffon Corp. | 147,958 | 10,851 | |
* | Beacon Roofing Supply Inc. | 110,696 | 10,850 |
Ryder System Inc. | 88,589 | 10,647 | |
* | Core & Main Inc. Class A | 158,786 | 9,091 |
H&E Equipment Services Inc. | 137,227 | 8,807 | |
* | Kirby Corp. | 84,046 | 8,011 |
Apogee Enterprises Inc. | 133,569 | 7,907 | |
Watts Water Technologies Inc. Class A | 36,886 | 7,840 | |
* | Legalzoom.com Inc. | 529,497 | 7,064 |
UFP Industries Inc. | 56,425 | 6,941 | |
Terex Corp. | 100,622 | 6,480 | |
* | Upwork Inc. | 528,100 | 6,475 |
Atkore Inc. | 33,414 | 6,361 | |
Herc Holdings Inc. | 36,088 | 6,074 | |
* | JELD-WEN Holding Inc. | 273,342 | 5,803 |
Comfort Systems USA Inc. | 17,750 | 5,639 | |
Steelcase Inc. Class A | 430,679 | 5,633 | |
* | ExlService Holdings Inc. | 175,685 | 5,587 |
* | Masterbrand Inc. | 295,147 | 5,531 |
Brady Corp. Class A | 90,258 | 5,351 | |
* | American Woodmark Corp. | 52,420 | 5,329 |
Acuity Brands Inc. | 17,891 | 4,808 | |
* | Manitowoc Co. Inc. | 305,344 | 4,318 |
* | Cimpress plc | 48,465 | 4,290 |
* | SkyWest Inc. | 61,287 | 4,234 |
Ennis Inc. | 200,009 | 4,102 | |
Vertiv Holdings Co. Class A | 49,693 | 4,058 | |
* | Sterling Infrastructure Inc. | 35,942 | 3,965 |
* | MRC Global Inc. | 308,280 | 3,875 |
Powell Industries Inc. | 27,065 | 3,851 | |
Curtiss-Wright Corp. | 14,565 | 3,728 | |
REV Group Inc. | 164,531 | 3,634 | |
EnerSys | 36,488 | 3,447 | |
* | Alaska Air Group Inc. | 75,492 | 3,245 |
Woodward Inc. | 20,708 | 3,192 | |
Heidrick & Struggles International Inc. | 87,759 | 2,954 | |
Alamo Group Inc. | 12,878 | 2,940 | |
* | Proto Labs Inc. | 79,954 | 2,858 |
Arcosa Inc. | 32,524 | 2,793 | |
Flowserve Corp. | 61,036 | 2,788 | |
AGCO Corp. | 21,834 | 2,686 | |
ACCO Brands Corp. | 457,641 | 2,567 | |
Enerpac Tool Group Corp. | 71,613 | 2,554 | |
Brink's Co. | 27,293 | 2,521 | |
* | Blue Bird Corp. | 63,642 | 2,440 |
Interface Inc. | 144,180 | 2,425 | |
* | DXP Enterprises Inc. | 44,791 | 2,407 |
* | Thermon Group Holdings Inc. | 72,178 | 2,362 |
* | Liquidity Services Inc. | 118,999 | 2,213 |
* | Huron Consulting Group Inc. | 21,257 | 2,054 |
* | Enviri Corp. | 203,133 | 1,859 |
Shares | Market Value• ($000) | ||
Air Lease Corp. | 35,742 | 1,839 | |
ManpowerGroup Inc. | 23,194 | 1,801 | |
* | DNOW Inc. | 117,106 | 1,780 |
Tennant Co. | 14,420 | 1,754 | |
Trinity Industries Inc. | 61,472 | 1,712 | |
Valmont Industries Inc. | 7,370 | 1,682 | |
* | Gates Industrial Corp. plc | 87,187 | 1,544 |
MillerKnoll Inc. | 62,144 | 1,539 | |
Boise Cascade Co. | 9,840 | 1,509 | |
Dun & Bradstreet Holdings Inc. | 142,243 | 1,428 | |
Hyster-Yale Materials Handling Inc. | 21,848 | 1,402 | |
Vestis Corp. | 64,770 | 1,248 | |
* | Gibraltar Industries Inc. | 14,365 | 1,157 |
Franklin Electric Co. Inc. | 9,085 | 970 | |
* | Forrester Research Inc. | 40,497 | 873 |
* | AZEK Co. Inc. | 13,289 | 667 |
ABM Industries Inc. | 13,246 | 591 | |
Hub Group Inc. Class A | 12,482 | 539 | |
* | Sun Country Airlines Holdings Inc. | 32,033 | 483 |
Columbus McKinnon Corp. | 9,876 | 441 | |
* | OPENLANE Inc. | 22,870 | 396 |
Resources Connection Inc. | 28,836 | 379 | |
* | Janus International Group Inc. | 24,521 | 371 |
* | TaskUS Inc. Class A | 31,518 | 367 |
* | SPX Technologies Inc. | 2,957 | 364 |
GrafTech International Ltd. | 261,151 | 360 | |
TTEC Holdings Inc. | 33,512 | 348 | |
Marten Transport Ltd. | 18,361 | 339 | |
WESCO International Inc. | 1,716 | 294 | |
* | TrueBlue Inc. | 23,335 | 292 |
322,521 | |||
Information Technology (11.8%) | |||
* | SMART Global Holdings Inc. | 407,755 | 10,732 |
* | Cirrus Logic Inc. | 110,529 | 10,231 |
* | Pure Storage Inc. Class A | 192,733 | 10,020 |
* | RingCentral Inc. Class A | 266,332 | 9,252 |
* | CommVault Systems Inc. | 85,754 | 8,698 |
* | Blackline Inc. | 129,951 | 8,392 |
* | Manhattan Associates Inc. | 25,081 | 6,276 |
Pegasystems Inc. | 92,602 | 5,986 | |
* | NETGEAR Inc. | 348,083 | 5,489 |
* | BigCommerce Holdings Inc. Series 1 | 707,014 | 4,871 |
* | Itron Inc. | 51,051 | 4,723 |
* | Sanmina Corp. | 71,384 | 4,439 |
* | Infinera Corp. | 697,742 | 4,207 |
* | MaxLinear Inc. | 224,234 | 4,186 |
* | Zuora Inc. Class A | 451,700 | 4,120 |
* | Nutanix Inc. Class A | 64,808 | 4,000 |
* | Arlo Technologies Inc. | 309,354 | 3,913 |
* | Domo Inc. Class B | 420,792 | 3,754 |
Amkor Technology Inc. | 113,266 | 3,652 | |
* | Appian Corp. Class A | 87,803 | 3,508 |
* | Kyndryl Holdings Inc. | 160,148 | 3,485 |
* | LiveRamp Holdings Inc. | 81,836 | 2,823 |
* | Q2 Holdings Inc. | 53,069 | 2,789 |
* | Rapid7 Inc. | 55,462 | 2,720 |
* | Diodes Inc. | 37,552 | 2,647 |
* | Axcelis Technologies Inc. | 23,007 | 2,566 |
* | Teradata Corp. | 63,536 | 2,457 |
* | ScanSource Inc. | 55,008 | 2,423 |
* | Unisys Corp. | 492,954 | 2,420 |
Shares | Market Value• ($000) | ||
* | ACM Research Inc. Class A | 82,805 | 2,413 |
* | Yext Inc. | 398,148 | 2,401 |
Benchmark Electronics Inc. | 79,054 | 2,372 | |
* | DigitalOcean Holdings Inc. | 61,607 | 2,352 |
* | MicroStrategy Inc. Class A | 1,354 | 2,308 |
* | CommScope Holding Co. Inc. | 1,695,944 | 2,222 |
* | FARO Technologies Inc. | 96,356 | 2,073 |
* | TTM Technologies Inc. | 106,505 | 1,667 |
* | Smartsheet Inc. Class A | 39,218 | 1,510 |
* | PDF Solutions Inc. | 42,703 | 1,438 |
Jabil Inc. | 10,356 | 1,387 | |
* | Coherent Corp. | 22,771 | 1,380 |
Xerox Holdings Corp. | 72,913 | 1,305 | |
* | Extreme Networks Inc. | 107,917 | 1,245 |
* | Ultra Clean Holdings Inc. | 26,136 | 1,201 |
* | Magnachip Semiconductor Corp. | 197,873 | 1,104 |
* | ePlus Inc. | 12,967 | 1,018 |
* | Fabrinet | 5,227 | 988 |
* | Olo Inc. Class A | 179,508 | 986 |
* | Cohu Inc. | 25,946 | 865 |
* | Ribbon Communications Inc. | 259,000 | 829 |
Adtran Holdings Inc. | 145,538 | 792 | |
* | Weave Communications Inc. | 68,854 | 790 |
* | CS Disco Inc. | 92,165 | 749 |
* | Alpha & Omega Semiconductor Ltd. | 29,757 | 656 |
ON24 Inc. | 87,168 | 622 | |
* | Xperi Inc. | 50,448 | 608 |
* | OneSpan Inc. | 50,952 | 593 |
*,1 | Ouster Inc. | 72,467 | 575 |
* | 8x8 Inc. | 212,748 | 574 |
* | Squarespace Inc. Class A | 15,694 | 572 |
* | Upland Software Inc. | 182,511 | 564 |
* | NCR Voyix Corp. | 43,388 | 548 |
* | NetScout Systems Inc. | 24,807 | 542 |
* | LivePerson Inc. | 533,543 | 532 |
* | FormFactor Inc. | 11,371 | 519 |
* | SecureWorks Corp. Class A | 76,277 | 513 |
* | Semtech Corp. | 17,427 | 479 |
PC Connection Inc. | 6,356 | 419 | |
* | Aeva Technologies Inc. | 88,870 | 349 |
* | Telos Corp. | 72,032 | 300 |
Avnet Inc. | 5,912 | 293 | |
* | CEVA Inc. | 11,962 | 272 |
* | Marathon Digital Holdings Inc. | 9,988 | 226 |
* | Brightcove Inc. | 86,508 | 168 |
190,098 | |||
Materials (5.2%) | |||
Eagle Materials Inc. | 51,314 | 13,945 | |
* | Axalta Coating Systems Ltd. | 297,499 | 10,231 |
Commercial Metals Co. | 164,587 | 9,673 | |
SunCoke Energy Inc. | 709,819 | 8,000 | |
Ryerson Holding Corp. | 175,100 | 5,866 | |
Innospec Inc. | 27,599 | 3,559 | |
TriMas Corp. | 129,578 | 3,464 | |
Warrior Met Coal Inc. | 56,113 | 3,406 | |
* | Ecovyst Inc. | 248,795 | 2,774 |
Koppers Holdings Inc. | 47,223 | 2,605 | |
Myers Industries Inc. | 107,031 | 2,480 | |
Sylvamo Corp. | 31,736 | 1,959 |
Shares | Market Value• ($000) | ||
Minerals Technologies Inc. | 23,650 | 1,780 | |
Carpenter Technology Corp. | 20,407 | 1,457 | |
* | O-I Glass Inc. | 86,804 | 1,440 |
AdvanSix Inc. | 48,931 | 1,399 | |
Pactiv Evergreen Inc. | 93,657 | 1,341 | |
Trinseo plc | 331,823 | 1,254 | |
Worthington Steel Inc. | 30,010 | 1,076 | |
Chemours Co. | 40,372 | 1,060 | |
Greif Inc. Class A | 15,302 | 1,057 | |
Hawkins Inc. | 9,500 | 730 | |
Materion Corp. | 4,537 | 598 | |
Radius Recycling Inc. | 25,548 | 540 | |
Sonoco Products Co. | 8,262 | 478 | |
* | Clearwater Paper Corp. | 10,389 | 454 |
Element Solutions Inc. | 14,754 | 369 | |
Kaiser Aluminum Corp. | 3,863 | 345 | |
Orion SA | 12,861 | 302 | |
83,642 | |||
Real Estate (6.0%) | |||
Park Hotels & Resorts Inc. | 621,765 | 10,875 | |
Brixmor Property Group Inc. | 408,254 | 9,573 | |
Cousins Properties Inc. | 393,237 | 9,453 | |
RLJ Lodging Trust | 794,233 | 9,388 | |
Kite Realty Group Trust | 289,563 | 6,278 | |
American Assets Trust Inc. | 215,643 | 4,725 | |
* | Forestar Group Inc. | 115,922 | 4,659 |
EPR Properties | 87,233 | 3,703 | |
Kilroy Realty Corp. | 90,086 | 3,282 | |
Sabra Health Care REIT Inc. | 203,585 | 3,007 | |
Summit Hotel Properties Inc. | 421,080 | 2,741 | |
* | Redfin Corp. | 372,482 | 2,477 |
Piedmont Office Realty Trust Inc. Class A | 350,949 | 2,467 | |
Universal Health Realty Income Trust | 61,420 | 2,255 | |
Acadia Realty Trust | 123,404 | 2,099 | |
Brandywine Realty Trust | 415,380 | 1,994 | |
* | Opendoor Technologies Inc. | 648,905 | 1,966 |
Uniti Group Inc. | 333,120 | 1,965 | |
Highwoods Properties Inc. | 66,515 | 1,741 | |
Chatham Lodging Trust | 124,885 | 1,263 | |
DiamondRock Hospitality Co. | 125,339 | 1,204 | |
Armada Hoffler Properties Inc. | 113,473 | 1,180 | |
* | Equity Commonwealth | 56,126 | 1,060 |
Alexander & Baldwin Inc. | 52,436 | 864 | |
One Liberty Properties Inc. | 37,488 | 847 | |
Xenia Hotels & Resorts Inc. | 55,951 | 840 | |
RE/MAX Holdings Inc. Class A | 94,859 | 832 | |
Broadstone Net Lease Inc. | 46,978 | 736 | |
Tanger Inc. | 23,810 | 703 | |
Plymouth Industrial REIT Inc. | 30,650 | 690 | |
* | Anywhere Real Estate Inc. | 93,988 | 581 |
Elme Communities | 33,272 | 463 | |
Paramount Group Inc. | 70,905 | 332 | |
Orion Office REIT Inc. | 52,418 | 184 | |
96,427 | |||
Utilities (2.2%) | |||
Black Hills Corp. | 173,915 | 9,496 | |
National Fuel Gas Co. | 171,179 | 9,196 |
Shares | Market Value• ($000) | ||
ALLETE Inc. | 89,338 | 5,328 | |
New Jersey Resources Corp. | 112,805 | 4,840 | |
Unitil Corp. | 83,684 | 4,381 | |
MGE Energy Inc. | 21,977 | 1,730 | |
Avista Corp. | 31,948 | 1,119 | |
36,090 | |||
Total Common Stocks (Cost $1,293,498) | 1,604,010 | ||
Temporary Cash Investments (0.9%) | |||
Money Market Fund (0.9%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.407% (Cost $13,991) | 139,932 | 13,991 |
Total Investments (100.3%) (Cost $1,307,489) | 1,618,001 | ||
Other Assets and Liabilities—Net (-0.3%) | (4,883) | ||
Net Assets (100%) | 1,613,118 | ||
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 $1,150,000. |
2 | Restricted securities totaling $106,000, 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 $1,217,000 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 2024 | 82 | 8,798 | 210 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $1,293,498) | 1,604,010 |
Affiliated Issuers (Cost $13,991) | 13,991 |
Total Investments in Securities | 1,618,001 |
Investment in Vanguard | 46 |
Cash Collateral Pledged—Futures Contracts | 483 |
Receivables for Investment Securities Sold | 160 |
Receivables for Accrued Income | 1,423 |
Receivables for Capital Shares Issued | 1,908 |
Variation Margin Receivable—Futures Contracts | 28 |
Total Assets | 1,622,049 |
Liabilities | |
Due to Custodian | 66 |
Payables for Investment Securities Purchased | 6,205 |
Collateral for Securities on Loan | 1,217 |
Payables for Capital Shares Redeemed | 1,265 |
Payables to Vanguard | 178 |
Total Liabilities | 8,931 |
Net Assets | 1,613,118 |
1 Includes $1,150,000 of securities on loan. | |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 1,255,115 |
Total Distributable Earnings (Loss) | 358,003 |
Net Assets | 1,613,118 |
Net Assets | |
Applicable to 40,088,312 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,613,118 |
Net Asset Value Per Share | $40.24 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 9,386 |
Interest2 | 186 |
Securities Lending—Net | 137 |
Total Income | 9,709 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 233 |
Management and Administrative | 1,506 |
Marketing and Distribution | 44 |
Custodian Fees | 7 |
Shareholders’ Reports | 29 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 8 |
Total Expenses | 1,828 |
Expenses Paid Indirectly | (1) |
Net Expenses | 1,827 |
Net Investment Income | 7,882 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 47,081 |
Futures Contracts | 1,101 |
Realized Net Gain (Loss) | 48,182 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 256,450 |
Futures Contracts | 150 |
Change in Unrealized Appreciation (Depreciation) | 256,600 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 312,664 |
1 | Dividends are net of foreign withholding taxes of $31,000. |
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 $172,000, $1,000, less than $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 7,882 | 16,653 | |
Realized Net Gain (Loss) | 48,182 | 34,707 | |
Change in Unrealized Appreciation (Depreciation) | 256,600 | 152,365 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 312,664 | 203,725 | |
Distributions | |||
Total Distributions | (36,250) | (90,442) | |
Capital Share Transactions | |||
Issued | 153,485 | 254,113 | |
Issued in Lieu of Cash Distributions | 31,877 | 79,897 | |
Redeemed | (142,956) | (347,057) | |
Net Increase (Decrease) from Capital Share Transactions | 42,406 | (13,047) | |
Total Increase (Decrease) | 318,820 | 100,236 | |
Net Assets | |||
Beginning of Period | 1,294,298 | 1,194,062 | |
End of Period | 1,613,118 | 1,294,298 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $33.17 | $30.44 | $43.90 | $28.48 | $31.41 | $40.21 |
Investment Operations | ||||||
Net Investment Income1 | .201 | .413 | .462 | .435 | .392 | .393 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.803 | 4.669 | (6.143) | 15.424 | (1.955) | (5.888) |
Total from Investment Operations | 8.004 | 5.082 | (5.681) | 15.859 | (1.563) | (5.495) |
Distributions | ||||||
Dividends from Net Investment Income | (.435) | (.366) | (.507) | (.439) | (.393) | (.378) |
Distributions from Realized Capital Gains | (.499) | (1.986) | (7.272) | — | (.974) | (2.927) |
Total Distributions | (.934) | (2.352) | (7.779) | (.439) | (1.367) | (3.305) |
Net Asset Value, End of Period | $40.24 | $33.17 | $30.44 | $43.90 | $28.48 | $31.41 |
Total Return2 | 24.37% | 17.11% | -16.24% | 56.05% | -5.55% | -12.91% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,613 | $1,294 | $1,194 | $1,619 | $1,029 | $1,395 |
Ratio of Total Expenses to Average Net Assets | 0.26%3 | 0.26%3 | 0.26% | 0.26% | 0.26% | 0.26% |
Ratio of Net Investment Income to Average Net Assets | 1.14% | 1.23% | 1.24% | 1.08% | 1.35% | 1.22% |
Portfolio Turnover Rate | 28% | 69% | 72% | 76% | 66% | 67% |
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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.26%. |
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. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended March 31, 2024, custodian fee offset arrangements reduced the fund’s expenses by $1,000 (an annual rate of less than 0.01% of average net assets). |
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 | 1,603,904 | 106 | — | 1,604,010 |
Temporary Cash Investments | 13,991 | — | — | 13,991 |
Total | 1,617,895 | 106 | — | 1,618,001 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 210 | — | — | 210 |
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. | As of March 31, 2024, 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 | 1,307,647 |
Gross Unrealized Appreciation | 401,885 |
Gross Unrealized Depreciation | (91,321) |
Net Unrealized Appreciation (Depreciation) | 310,564 |
F. | During the six months ended March 31, 2024, the fund purchased $406,464,000 of investment securities and sold $389,767,000 of investment securities, other than temporary cash investments. |
G. | Capital shares issued and redeemed were: |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 4,215 | 7,599 | |
Issued in Lieu of Cash Distributions | 859 | 2,537 | |
Redeemed | (4,009) | (10,345) | |
Net Increase (Decrease) in Shares Outstanding | 1,065 | (209) |
H. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
I. | Management has determined that no events or transactions occurred subsequent to March 31, 2024, 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, 2024 | |||
Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Core Stock Fund | |||
Investor Shares | $1,000.00 | $1,169.70 | $2.60 |
Admiral™ Shares | 1,000.00 | 1,170.30 | 2.06 |
Based on Hypothetical 5% Yearly Return | |||
International Core Stock Fund | |||
Investor Shares | $1,000.00 | $1,022.60 | $2.43 |
Admiral Shares | 1,000.00 | 1,023.10 | 1.92 |
Japan | 14.8% |
United Kingdom | 11.2 |
Germany | 8.5 |
China | 7.0 |
India | 5.8 |
Netherlands | 5.3 |
Canada | 5.1 |
South Korea | 4.5 |
France | 4.4 |
Taiwan | 4.1 |
Spain | 3.9 |
Australia | 3.8 |
Denmark | 3.1 |
Sweden | 2.8 |
Switzerland | 2.6 |
Mexico | 1.6 |
Singapore | 1.1 |
Ireland | 1.0 |
Indonesia | 1.0 |
Other | 8.4 |
Shares | Market Value• ($000) | |||||
Common Stocks (97.9%) | ||||||
Australia (3.7%) | ||||||
ANZ Group Holdings Ltd. | 1,212,674 | 23,242 | ||||
Rio Tinto Ltd. | 267,374 | 21,220 | ||||
Goodman Group | 817,420 | 18,006 | ||||
62,468 | ||||||
Brazil (0.9%) | ||||||
Telefonica Brasil SA | 1,496,590 | 15,099 | ||||
Canada (5.0%) | ||||||
Nutrien Ltd. | 362,356 | 19,686 | ||||
* | Shopify Inc. Class A | 251,947 | 19,437 | |||
Cenovus Energy Inc. | 922,269 | 18,438 | ||||
Barrick Gold Corp. | 1,032,980 | 17,181 | ||||
ARC Resources Ltd. | 509,332 | 9,081 | ||||
83,823 | ||||||
China (6.9%) | ||||||
Tencent Holdings Ltd. | 767,447 | 29,892 | ||||
Tsingtao Brewery Co. Ltd. Class A | 1,322,771 | 15,409 | ||||
PICC Property & Casualty Co. Ltd. Class H | 10,547,898 | 13,921 | ||||
* | Trip.com Group Ltd. | 312,133 | 13,840 | |||
ANTA Sports Products Ltd. | 1,186,944 | 12,656 | ||||
Midea Group Co. Ltd. Class A | 1,268,902 | 11,344 | ||||
Fuyao Glass Industry Group Co. Ltd. Class A | 1,622,600 | 9,643 | ||||
KE Holdings Inc. Class A | 1,703,661 | 7,797 | ||||
114,502 | ||||||
Denmark (3.0%) | ||||||
Novo Nordisk A/S Class B | 276,727 | 35,497 | ||||
* | Genmab A/S | 49,168 | 14,742 | |||
50,239 | ||||||
Finland (0.9%) | ||||||
Nokia OYJ | 4,114,381 | 14,598 | ||||
France (4.3%) | ||||||
Engie SA | 1,592,209 | 26,681 | ||||
BNP Paribas SA | 238,404 | 16,973 |
Shares | Market Value• ($000) | |||||
Capgemini SE | 61,988 | 14,264 | ||||
Accor SA | 303,530 | 14,171 | ||||
72,089 | ||||||
Germany (8.4%) | ||||||
Siemens AG (Registered) | 154,883 | 29,573 | ||||
Allianz SE (Registered) | 89,988 | 26,971 | ||||
adidas AG | 104,408 | 23,328 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 33,145 | 16,180 | ||||
Beiersdorf AG | 110,064 | 16,025 | ||||
RWE AG | 415,635 | 14,126 | ||||
Deutsche Post AG | 298,165 | 12,850 | ||||
139,053 | ||||||
Hong Kong (0.8%) | ||||||
AIA Group Ltd. | 1,996,642 | 13,430 | ||||
India (5.6%) | ||||||
Axis Bank Ltd. | 1,471,956 | 18,552 | ||||
Mahindra & Mahindra Ltd. | 765,275 | 17,679 | ||||
Larsen & Toubro Ltd. | 360,805 | 16,319 | ||||
Bajaj Auto Ltd. | 144,303 | 15,876 | ||||
ICICI Bank Ltd. | 1,018,859 | 13,432 | ||||
DLF Ltd. | 751,475 | 8,108 | ||||
UltraTech Cement Ltd. | 34,960 | 4,094 | ||||
94,060 | ||||||
Indonesia (0.9%) | ||||||
Bank Negara Indonesia Persero Tbk. PT | 42,654,532 | 15,879 | ||||
Ireland (1.0%) | ||||||
AIB Group plc | 3,213,883 | 16,315 | ||||
Italy (0.8%) | ||||||
FinecoBank Banca Fineco SpA | 883,957 | 13,239 | ||||
Japan (14.4%) | ||||||
Recruit Holdings Co. Ltd. | 626,999 | 27,530 | ||||
Sony Group Corp. | 309,726 | 26,559 | ||||
Tokyo Electron Ltd. | 98,577 | 25,674 |
Shares | Market Value• ($000) | |||||
Otsuka Holdings Co. Ltd. | 590,740 | 24,538 | ||||
Nomura Holdings Inc. | 3,576,842 | 22,894 | ||||
ITOCHU Corp. | 523,912 | 22,507 | ||||
Mitsui Fudosan Co. Ltd. | 1,922,073 | 20,723 | ||||
Daito Trust Construction Co. Ltd. | 167,376 | 19,095 | ||||
Renesas Electronics Corp. | 958,900 | 17,088 | ||||
MS&AD Insurance Group Holdings Inc. | 961,200 | 16,973 | ||||
Isuzu Motors Ltd. | 1,236,729 | 16,717 | ||||
240,298 | ||||||
Mexico (1.5%) | ||||||
Wal-Mart de Mexico SAB de CV | 4,520,649 | 18,199 | ||||
Fibra Uno Administracion SA de CV | 4,198,687 | 6,984 | ||||
25,183 | ||||||
Netherlands (5.2%) | ||||||
ASML Holding NV | 40,962 | 39,711 | ||||
* | AerCap Holdings NV | 292,766 | 25,445 | |||
Coca-Cola Europacific Partners plc | 294,614 | 20,608 | ||||
85,764 | ||||||
Other (3.1%) | ||||||
1 | Vanguard FTSE Developed Markets ETF | 1,029,683 | 51,659 | |||
Philippines (0.9%) | ||||||
BDO Unibank Inc. | 5,337,393 | 14,662 | ||||
Russia (0.0%) | ||||||
*,2 | Magnit PJSC | 31,141 | — | |||
Saudi Arabia (0.9%) | ||||||
Saudi Awwal Bank | 1,329,070 | 14,710 | ||||
Singapore (1.1%) | ||||||
DBS Group Holdings Ltd. | 667,398 | 17,811 | ||||
South Korea (4.4%) | ||||||
Samsung Electronics Co. Ltd. | 744,078 | 45,543 | ||||
Hyundai Motor Co. | 92,539 | 16,284 | ||||
SK Telecom Co. Ltd. | 279,936 | 11,084 | ||||
72,911 | ||||||
Spain (3.8%) | ||||||
Industria de Diseno Textil SA | 511,976 | 25,781 | ||||
Banco Bilbao Vizcaya Argentaria SA | 1,987,181 | 23,665 | ||||
Repsol SA | 829,309 | 13,842 | ||||
63,288 |
Shares | Market Value• ($000) | |||||
Sweden (2.8%) | ||||||
Volvo AB Class B | 1,057,072 | 28,648 | ||||
* | Spotify Technology SA | 66,647 | 17,588 | |||
46,236 | ||||||
Switzerland (2.6%) | ||||||
Novartis AG (Registered) | 325,082 | 31,487 | ||||
* | Holcim AG | 123,637 | 11,201 | |||
42,688 | ||||||
Taiwan (4.1%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,293,045 | 55,816 | ||||
Uni-President Enterprises Corp. | 4,881,000 | 11,648 | ||||
67,464 | ||||||
United Kingdom (10.9%) | ||||||
Shell plc | 1,076,421 | 35,715 | ||||
BAE Systems plc | 1,615,047 | 27,529 | ||||
HSBC Holdings plc | 3,180,593 | 24,862 | ||||
Glencore plc | 4,428,485 | 24,302 | ||||
GSK plc | 973,485 | 20,901 | ||||
* | International Consolidated Airlines Group SA | 7,961,687 | 17,754 | |||
Standard Chartered plc | 1,943,912 | 16,480 | ||||
Haleon plc | 3,358,134 | 14,073 | ||||
181,616 | ||||||
Total Common Stocks (Cost $1,409,692) | 1,629,084 | |||||
Temporary Cash Investments (2.3%) | ||||||
Money Market Fund (2.3%) | ||||||
3 | Vanguard Market Liquidity Fund, 5.407% (Cost $37,361) | 373,688 | 37,361 | |||
Total Investments (100.2%) (Cost $1,447,053) | 1,666,445 | |||||
Other Assets and Liabilities—Net (-0.2%) | (3,059) | |||||
Net Assets (100%) | 1,663,386 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,361,259) | 1,577,425 |
Affiliated Issuers (Cost $85,794) | 89,020 |
Total Investments in Securities | 1,666,445 |
Investment in Vanguard | 47 |
Cash | 76 |
Foreign Currency, at Value (Cost $410) | 409 |
Receivables for Investment Securities Sold | 9,930 |
Receivables for Accrued Income | 10,388 |
Receivables for Capital Shares Issued | 6,406 |
Total Assets | 1,693,701 |
Liabilities | |
Payables for Investment Securities Purchased | 25,059 |
Payables for Capital Shares Redeemed | 911 |
Payables to Investment Advisor | 811 |
Payables to Vanguard | 149 |
Deferred Foreign Capital Gains Taxes | 3,385 |
Total Liabilities | 30,315 |
Net Assets | 1,663,386 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 1,470,647 |
Total Distributable Earnings (Loss) | 192,739 |
Net Assets | 1,663,386 |
Investor Shares—Net Assets | |
Applicable to 7,921,696 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 101,807 |
Net Asset Value Per Share—Investor Shares | $12.85 |
Admiral Shares—Net Assets | |
Applicable to 60,732,589 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,561,579 |
Net Asset Value Per Share—Admiral Shares | $25.71 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 17,264 |
Dividends—Affiliated Issuers | 459 |
Interest—Affiliated Issuers | 526 |
Securities Lending—Net | 10 |
Total Income | 18,259 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 1,287 |
Performance Adjustment | 229 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 112 |
Management and Administrative—Admiral Shares | 1,020 |
Marketing and Distribution—Investor Shares | 4 |
Marketing and Distribution—Admiral Shares | 36 |
Custodian Fees | 56 |
Shareholders’ Reports—Investor Shares | 3 |
Shareholders’ Reports—Admiral Shares | 20 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 18 |
Total Expenses | 2,786 |
Net Investment Income | 15,473 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received—Affiliated Issuers | — |
Investment Securities Sold—Unaffiliated Issuers2 | 19,256 |
Investment Securities Sold—Affiliated Issuers | 1,254 |
Foreign Currencies | 218 |
Realized Net Gain (Loss) | 20,728 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers3 | 190,800 |
Investment Securities—Affiliated Issuers | 3,109 |
Foreign Currencies | (61) |
Change in Unrealized Appreciation (Depreciation) | 193,848 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 230,049 |
1 | Dividends are net of foreign withholding taxes of $1,825,000. |
2 | Realized Gain (Loss) is net of foreign capital gains taxes of $1,134,000. |
3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $1,490,000. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 15,473 | 30,155 | |
Realized Net Gain (Loss) | 20,728 | (24,008) | |
Change in Unrealized Appreciation (Depreciation) | 193,848 | 130,616 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 230,049 | 136,763 | |
Distributions | |||
Investor Shares | (1,915) | (1,381) | |
Admiral Shares | (29,145) | (16,186) | |
Total Distributions | (31,060) | (17,567) | |
Capital Share Transactions | |||
Investor Shares | 7,354 | 11,992 | |
Admiral Shares | 203,871 | 437,537 | |
Net Increase (Decrease) from Capital Share Transactions | 211,225 | 449,529 | |
Total Increase (Decrease) | 410,214 | 568,725 | |
Net Assets | |||
Beginning of Period | 1,253,172 | 684,447 | |
End of Period | 1,663,386 | 1,253,172 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | October 1, 20191 to September 30, 2020 | ||
2023 | 2022 | 2021 | |||
Net Asset Value, Beginning of Period | $11.22 | $9.58 | $12.50 | $9.91 | $10.00 |
Investment Operations | |||||
Net Investment Income2 | .121 | .305 | .329 | .307 | .190 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.763 | 1.550 | (2.723) | 2.490 | (.269) |
Total from Investment Operations | 1.884 | 1.855 | (2.394) | 2.797 | (.079) |
Distributions | |||||
Dividends from Net Investment Income | (.254) | (.215) | (.336) | (.207) | (.011) |
Distributions from Realized Capital Gains | — | — | (.190) | — | — |
Total Distributions | (.254) | (.215) | (.526) | (.207) | (.011) |
Net Asset Value, End of Period | $12.85 | $11.22 | $9.58 | $12.50 | $9.91 |
Total Return3 | 16.97% | 19.47% | -20.00% | 28.44% | -0.79% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $102 | $82 | $60 | $70 | $39 |
Ratio of Total Expenses to Average Net Assets4 | 0.48% | 0.48% | 0.48%5 | 0.45% | 0.46%5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.03% | 2.72% | 2.84% | 2.53% | 2.04%6 |
Portfolio Turnover Rate | 38% | 76% | 63% | 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 0.03%, 0.03%, 0.03%, and 0.00%. Performance-based investment advisory fees did not apply before fiscal year 2021. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.48% and 0.45%, respectively. |
6 | Annualized. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | October 1, 20191 to September 30, 2020 | ||
2023 | 2022 | 2021 | |||
Net Asset Value, Beginning of Period | $22.46 | $19.17 | $25.02 | $19.85 | $20.00 |
Investment Operations | |||||
Net Investment Income2 | .258 | .647 | .671 | .684 | .401 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.522 | 3.096 | (5.446) | 4.921 | (.527) |
Total from Investment Operations | 3.780 | 3.743 | (4.775) | 5.605 | (.126) |
Distributions | |||||
Dividends from Net Investment Income | (.530) | (.453) | (.695) | (.435) | (.024) |
Distributions from Realized Capital Gains | — | — | (.380) | — | — |
Total Distributions | (.530) | (.453) | (1.075) | (.435) | (.024) |
Net Asset Value, End of Period | $25.71 | $22.46 | $19.17 | $25.02 | $19.85 |
Total Return3 | 17.03% | 19.65% | -19.95% | 28.47% | -0.64% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,562 | $1,171 | $625 | $466 | $149 |
Ratio of Total Expenses to Average Net Assets4 | 0.38% | 0.38% | 0.38%5 | 0.35% | 0.36%5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.17% | 2.88% | 2.93% | 2.78% | 2.15%6 |
Portfolio Turnover Rate | 38% | 76% | 63% | 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 0.03%, 0.03%, 0.03%, and 0.00%. Performance-based investment advisory fees did not apply before fiscal year 2021. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.38% and 0.35%, respectively. |
6 | Annualized. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 98,922 | 25,183 | — | 124,105 |
Common Stocks—Other | 115,300 | 1,389,679 | — | 1,504,979 |
Temporary Cash Investments | 37,361 | — | — | 37,361 |
Total | 251,583 | 1,414,862 | — | 1,666,445 |
Amount ($000) | |
Tax Cost | 1,449,704 |
Gross Unrealized Appreciation | 266,309 |
Gross Unrealized Depreciation | (49,568) |
Net Unrealized Appreciation (Depreciation) | 216,741 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 21,832 | 1,850 | 38,395 | 3,429 | |
Issued in Lieu of Cash Distributions | 1,620 | 136 | 1,167 | 109 | |
Redeemed | (16,098) | (1,375) | (27,570) | (2,457) | |
Net Increase (Decrease)—Investor Shares | 7,354 | 611 | 11,992 | 1,081 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 307,777 | 13,008 | 568,178 | 25,386 | |
Issued in Lieu of Cash Distributions | 21,842 | 920 | 13,521 | 633 | |
Redeemed | (125,748) | (5,333) | (144,162) | (6,474) | |
Net Increase (Decrease)—Admiral Shares | 203,871 | 8,595 | 437,537 | 19,545 |
Current Period Transactions | ||||||||
Sep. 30, 2023 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, 2024 Market Value ($000) | |
Vanguard FTSE Developed Markets ETF | 9,262 | 115,466 | 77,434 | 1,255 | 3,110 | 459 | — | 51,659 |
Vanguard Market Liquidity Fund | 27,230 | NA1 | NA1 | (1) | (1) | 526 | — | 37,361 |
Total | 36,492 | 115,466 | 77,434 | 1,254 | 3,109 | 985 | — | 89,020 |
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. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(a)(2) | 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 20, 2024
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 20, 2024
VANGUARD HORIZON FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: May 20, 2024
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on January 11, 2024 (see File Number 33-34494); a Power of Attorney filed on July 21, 2023 (see File Number 33-53683), Incorporated by Reference; and a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.