Vanguard Strategic Small-Cap Equity Fund
Schedule of Investments (unaudited)
As of December 31, 2020
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission
(SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The
fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.3%) | |||
Communication Services (2.6%) | |||
* | Consolidated Communications Holdings Inc. | 816,718 | 3,994 |
* | Cargurus Inc. | 109,714 | 3,481 |
* | Cars.com Inc. | 252,945 | 2,858 |
* | ANGI Homeservices Inc. Class A | 200,413 | 2,645 |
* | Eventbrite Inc. Class A | 143,550 | 2,598 |
* | Bandwidth Inc. Class A | 15,744 | 2,419 |
* | Glu Mobile Inc. | 241,837 | 2,179 |
* | MSG Networks Inc. | 141,815 | 2,090 |
* | Lions Gate Entertainment Corp. Class A | 165,007 | 1,876 |
* | TechTarget Inc. | 25,910 | 1,532 |
*,^ | AMC Networks Inc. Class A | 38,843 | 1,389 |
* | Boingo Wireless Inc. | 105,315 | 1,340 |
* | Vonage Holdings Corp. | 101,488 | 1,307 |
* | Yelp Inc. Class A | 22,665 | 741 |
* | EverQuote Inc. Class A | 19,194 | 717 |
* | Cardlytics Inc. | 3,141 | 448 |
* | iHeartMedia Inc. Class A | 31,733 | 412 |
* | Gray Television Inc. | 18,987 | 340 |
Loral Space & Communications Inc. | 12,929 | 271 | |
32,637 | |||
Consumer Discretionary (11.8%) | |||
* | frontdoor Inc. | 161,122 | 8,090 |
Brunswick Corp. | 101,704 | 7,754 | |
* | TRI Pointe Group Inc. | 390,140 | 6,730 |
Rent-A-Center Inc. | 158,758 | 6,079 | |
Papa John's International Inc. | 70,915 | 6,017 | |
Shutterstock Inc. | 75,175 | 5,390 | |
* | Planet Fitness Inc. Class A | 68,070 | 5,284 |
* | Meritage Homes Corp. | 59,937 | 4,964 |
* | American Axle & Manufacturing Holdings Inc. | 553,985 | 4,620 |
* | Gentherm Inc. | 67,726 | 4,417 |
* | TopBuild Corp . | 19,050 | 3,507 |
* | Asbury Automotive Group Inc. | 23,557 | 3,433 |
ODP Corp. | 111,224 | 3,259 | |
* | RH | 7,228 | 3,235 |
* | Hibbett Sports Inc. | 67,989 | 3,140 |
* | Skyline Champion Corp. | 98,108 | 3,035 |
Big Lots Inc. | 68,524 | 2,942 | |
Wingstop Inc. | 21,688 | 2,875 | |
Thor Industries Inc. | 28,558 | 2,656 | |
Kontoor Brands Inc. | 63,641 | 2,581 | |
* | Stamps.com Inc. | 12,950 | 2,541 |
* | Laureate Education Inc. Class A | 155,067 | 2,258 |
* | Overstock.com Inc. | 44,699 | 2,144 |
H&R Block Inc. | 133,855 | 2,123 | |
* | Penn National Gaming Inc. | 24,422 | 2,109 |
Camping World Holdings Inc. Class A | 70,821 | 1,845 | |
Ruth's Hospitality Group Inc. | 101,177 | 1,794 | |
* | El Pollo Loco Holdings Inc. | 95,102 | 1,721 |
* | Tupperware Brands Corp. | 51,594 | 1,671 |
* | iRobot Corp. | 20,715 | 1,663 |
^ | PetMed Express Inc. | 51,393 | 1,648 |
* | Perdoceo Education Corp. | 129,470 | 1,635 |
* | Scientific Games Corp. | 39,000 | 1,618 |
Qurate Retail Group Inc. QVC Group Class A | 146,854 | 1,611 | |
*,^ | GameStop Corp. Class A | 79,625 | 1,500 |
* | Del Taco Restaurants Inc. | 158,962 | 1,440 |
* | Dorman Products Inc. | 15,852 | 1,376 |
* | Tempur Sealy International Inc. | 48,616 | 1,313 |
Murphy USA Inc. | 9,804 | 1,283 | |
* | At Home Group Inc. | 82,258 | 1,272 |
Bed Bath & Beyond Inc. | 67,861 | 1,205 | |
* | WW International Inc. | 47,560 | 1,160 |
* | Lovesac Co. | 26,545 | 1,144 |
Wendy's Co. | 49,224 | 1,079 | |
* | MarineMax Inc. | 30,766 | 1,078 |
Strategic Education Inc. | 10,974 | 1,046 | |
* | AutoNation Inc. | 14,206 | 991 |
* | Malibu Boats Inc. Class A | 13,854 | 865 |
Williams-Sonoma Inc. | 8,366 | 852 | |
* | Lumber Liquidators Holdings Inc. | 27,626 | 849 |
* | Carrols Restaurant Group Inc. | 131,378 | 825 |
* | Fiesta Restaurant Group Inc. | 71,921 | 820 |
* | Universal Electronics Inc. | 15,587 | 818 |
* | Grand Canyon Education Inc. | 8,324 | 775 |
* | Fossil Group Inc. | 79,501 | 689 |
Bloomin' Brands Inc. | 33,245 | 646 | |
* | Sleep Number Corp. | 7,859 | 643 |
* | Tenneco Inc. Class A | 52,361 | 555 |
* | Adtalem Global Education Inc. | 16,019 | 544 |
* | Aaron's Co. Inc. | 26,685 | 506 |
* | Movado Group Inc. | 30,022 | 499 |
* | Chuy's Holdings Inc. | 18,146 | 481 |
* | American Public Education Inc. | 15,155 | 462 |
* | Groupon Inc. Class A | 12,133 | 461 |
* | MasterCraft Boat Holdings Inc. | 17,506 | 435 |
* | M/I Homes Inc. | 9,566 | 424 |
Ethan Allen Interiors Inc. | 17,074 | 345 | |
* | Genesco Inc. | 9,167 | 276 |
* | Michaels Cos. Inc. | 20,226 | 263 |
* | Houghton Mifflin Harcourt Co. | 76,581 | 255 |
* | Accel Entertainment Inc. Class A | 22,298 | 225 |
* | Conn's Inc. | 18,059 | 211 |
* | Cavco Industries Inc. | 1,195 | 210 |
146,210 | |||
Consumer Staples (3.2%) | |||
Coca-Cola Consolidated Inc. | 27,105 | 7,217 | |
John B Sanfilippo & Son Inc. | 71,690 | 5,653 | |
Ingles Markets Inc. Class A | 119,588 | 5,102 | |
* | TreeHouse Foods Inc. | 111,762 | 4,749 |
Edgewell Personal Care Co. | 135,743 | 4,694 |
* BJ's Wholesale Club Holdings Inc. | 97,821 | 3,647 |
* Hain Celestial Group Inc. | 84,558 | 3,395 |
^ B&G Foods Inc. | 49,619 | 1,376 |
* USANA Health Sciences Inc. | 9,639 | 743 |
SpartanNash Co. | 40,956 | 713 |
Nu Skin Enterprises Inc. Class A | 11,280 | 616 |
* Rite Aid Corp. | 33,941 | 537 |
* United Natural Foods Inc. | 28,450 | 454 |
* Sprouts Farmers Market Inc. | 19,906 | 400 |
* Central Garden & Pet Co. Class A | 10,779 | 392 |
Weis Markets Inc. | 7,896 | 378 |
* Central Garden & Pet Co. | 6,515 | 252 |
40,318 | ||
Energy (3.5%) | ||
Targa Resources Corp. | 172,493 | 4,550 |
* Renewable Energy Group Inc. | 62,108 | 4,399 |
Apache Corp. | 302,648 | 4,295 |
World Fuel Services Corp. | 112,609 | 3,509 |
Devon Energy Corp. | 182,487 | 2,885 |
* Magnolia Oil & Gas Corp. Class A | 328,624 | 2,320 |
* CONSOL Energy Inc. | 290,844 | 2,097 |
* Range Resources Corp. | 307,338 | 2,059 |
* Southwestern Energy Co. | 625,633 | 1,864 |
* Green Plains Inc. | 136,372 | 1,796 |
EnLink Midstream LLC | 476,933 | 1,769 |
TechnipFMC plc | 138,442 | 1,301 |
Arch Coal Inc. Class A | 29,414 | 1,288 |
Cimarex Energy Co. | 32,089 | 1,204 |
International Seaways Inc. | 71,766 | 1,172 |
Antero Midstream Corp. | 151,922 | 1,171 |
* REX American Resources Corp. | 13,944 | 1,025 |
* Oceaneering International Inc. | 128,290 | 1,020 |
DMC Global Inc . | 21,695 | 938 |
Nabors Industries Ltd. | 9,657 | 562 |
* CNX Resources Corp. | 45,004 | 486 |
CVR Energy Inc. | 31,010 | 462 |
Equitrans Midstream Corp. | 53,135 | 427 |
* Antero Resources Corp. | 65,156 | 355 |
* Dorian LPG Ltd. | 25,727 | 314 |
* W&T Offshore Inc. | 131,840 | 286 |
* Diamond S Shipping Inc. | 33,159 | 221 |
43,775 | ||
Financials (15.8%) | ||
Primerica Inc. | 70,373 | 9,425 |
Hanover Insurance Group Inc. | 75,383 | 8,814 |
International Bancshares Corp. | 226,652 | 8,486 |
Flagstar Bancorp Inc. | 184,085 | 7,503 |
FNB Corp. | 757,605 | 7,197 |
CNO Financial Group Inc. | 313,055 | 6,959 |
Radian Group Inc. | 336,735 | 6,819 |
Hilltop Holdings Inc. | 247,147 | 6,799 |
Federal Agricultural Mortgage Corp. Class C | 90,467 | 6,717 |
LPL Financial Holdings Inc. | 63,716 | 6,641 |
Brightsphere Investment Group Inc. | 331,587 | 6,393 |
Associated Banc-Corp | 350,319 | 5,973 |
* Cannae Holdings Inc. | 119,942 | 5,310 |
OFG Bancorp | 256,656 | 4,758 |
* Enova International Inc. | 190,095 | 4,709 |
* NMI Holdings Inc. Class A | 190,978 | 4,326 |
Cohen & Steers Inc. | 54,068 | 4,017 |
Umpqua Holdings Corp. | 259,800 | 3,933 |
First Citizens BancShares Inc. Class A | 6,056 | 3,478 |
First Midwest Bancorp Inc. | 218,213 | 3,474 |
Navient Corp. | 346,448 | 3,402 |
Universal Insurance Holdings Inc. | 218,341 | 3,299 |
First Financial Bankshares Inc. | 86,049 | 3,113 |
Artisan Partners Asset Management Inc. Class A | 61,242 | 3,083 |
Nelnet Inc. Class A | 42,595 | 3,035 |
Virtu Financial Inc. Class A | 115,088 | 2,897 |
PROG Holdings Inc. | 53,371 | 2,875 |
Banner Corp. | 59,977 | 2,794 |
Interactive Brokers Group Inc. | 44,321 | 2,700 |
Pinnacle Financial Partners Inc. | 41,386 | 2,665 |
Federated Hermes Inc. Class B | 90,934 | 2,627 |
First Financial Bancorp | 147,271 | 2,582 |
PennyMac Financial Services Inc. | 36,157 | 2,373 |
First Hawaiian Inc. | 98,340 | 2,319 |
Westamerica BanCorp | 41,311 | 2,284 |
CVB Financial Corp. | 112,480 | 2,193 |
S&T Bancorp Inc. | 80,434 | 1,998 |
Bank of Hawaii Corp. | 23,767 | 1,821 |
Walker & Dunlop Inc. | 19,609 | 1,804 |
First BanCorp | 175,380 | 1,617 |
Cowen Inc. Class A | 62,103 | 1,614 |
B Riley Financial Inc. | 36,093 | 1,596 |
Popular Inc. | 27,564 | 1,552 |
Ameris Bancorp | 36,029 | 1,372 |
Mercury General Corp. | 23,368 | 1,220 |
Curo Group Holdings Corp. | 76,319 | 1,094 |
South State Corp. | 14,944 | 1,080 |
Prosperity Bancshares Inc. | 15,158 | 1,051 |
* Encore Capital Group Inc. | 25,264 | 984 |
* Mr Cooper Group Inc. | 28,569 | 887 |
* Palomar Holdings Inc. | 9,778 | 869 |
* Donnelley Financial Solutions Inc. | 49,174 | 835 |
Great Western Bancorp Inc. | 39,812 | 832 |
American Equity Investment Life Holding Co. | 27,918 | 772 |
BGC Partners Inc. Class A | 188,500 | 754 |
* Blucora Inc. | 45,329 | 721 |
* eHealth Inc. | 9,900 | 699 |
Columbia Banking System Inc. | 19,210 | 690 |
Heartland Financial USA Inc. | 15,022 | 606 |
UMB Financial Corp. | 8,730 | 602 |
Hancock Whitney Corp. | 16,276 | 554 |
MGIC Investment Corp. | 42,773 | 537 |
Old National Bancorp | 32,257 | 534 |
First Interstate BancSystem Inc. Class A | 11,145 | 454 |
Safety Insurance Group Inc. | 4,301 | 335 |
Employers Holdings Inc. | 7,056 | 227 |
* StoneX Group Inc. | 3,732 | 216 |
195,899 | ||
Health Care (16.6%) | ||
* Medpace Holdings Inc. | 68,941 | 9,597 |
* | PRA Health Sciences Inc. | 65,388 | 8,202 |
* | Pacific Biosciences of California Inc. | 296,258 | 7,685 |
Bruker Corp. | 137,385 | 7,437 | |
* | Charles River Laboratories International Inc. | 27,188 | 6,793 |
* | Tenet Healthcare Corp. | 166,396 | 6,644 |
Patterson Cos. Inc. | 213,608 | 6,329 | |
* | MEDNAX Inc. | 245,348 | 6,021 |
* | Novocure Ltd. | 30,882 | 5,344 |
* | Veeva Systems Inc. Class A | 19,154 | 5,215 |
* | Travere Therapeutics Inc. | 176,226 | 4,803 |
* | Prestige Consumer Healthcare Inc. | 131,870 | 4,598 |
* | CRISPR Therapeutics AG | 28,583 | 4,376 |
* | Select Medical Holdings Corp. | 154,330 | 4,269 |
* | Allscripts Healthcare Solutions Inc. | 291,004 | 4,202 |
* | Enanta Pharmaceuticals Inc. | 98,518 | 4,148 |
* | Quidel Corp. | 21,340 | 3,834 |
Ensign Group Inc. | 51,276 | 3,739 | |
* | Ironwood Pharmaceuticals Inc. Class A | 324,801 | 3,700 |
* | Emergent BioSolutions Inc. | 39,497 | 3,539 |
* | LHC Group Inc. | 16,075 | 3,429 |
* | ImmunoGen Inc. | 509,761 | 3,288 |
* | Inovalon Holdings Inc. Class A | 176,224 | 3,202 |
* | Covetrus Inc. | 107,078 | 3,077 |
* | Acceleron Pharma Inc. | 23,567 | 3,015 |
* | Novavax Inc. | 26,655 | 2,972 |
* | Myriad Genetics Inc. | 145,282 | 2,873 |
* | Tivity Health Inc. | 132,766 | 2,601 |
* | Pennant Group Inc. | 41,557 | 2,413 |
* | iRhythm Technologies Inc. | 9,954 | 2,361 |
* | Puma Biotechnology Inc. | 227,827 | 2,338 |
* | Natera Inc. | 20,848 | 2,075 |
* | Agios Pharmaceuticals Inc. | 47,503 | 2,058 |
* | Alkermes plc | 102,901 | 2,053 |
Luminex Corp. | 87,939 | 2,033 | |
* | Community Health Systems Inc. | 272,674 | 2,026 |
* | BioCryst Pharmaceuticals Inc. | 266,950 | 1,989 |
* | GenMark Diagnostics Inc. | 132,709 | 1,938 |
* | Turning Point Therapeutics Inc. | 15,399 | 1,876 |
* | AtriCure Inc. | 32,930 | 1,833 |
*,^ | Esperion Therapeutics Inc. | 66,925 | 1,740 |
* | Repligen Corp. | 8,980 | 1,721 |
* | Minerva Neurosciences Inc. | 715,684 | 1,675 |
* | Iovance Biotherapeutics Inc. | 36,040 | 1,672 |
* | AnaptysBio Inc. | 77,551 | 1,667 |
* | Agenus Inc. | 523,410 | 1,664 |
* | Cytokinetics Inc. | 80,039 | 1,663 |
* | Neogen Corp. | 20,641 | 1,637 |
* | Denali Therapeutics Inc. | 19,406 | 1,625 |
*,^ | Precigen Inc. | 154,971 | 1,581 |
* | Deciphera Pharmaceuticals Inc. | 24,890 | 1,421 |
* | Meridian Bioscience Inc. | 68,224 | 1,275 |
* | CareDx Inc. | 17,192 | 1,246 |
* | Sangamo Therapeutics Inc. | 66,774 | 1,042 |
US Physical Therapy Inc. | 8,264 | 994 | |
* | Molecular Templates Inc. | 104,179 | 978 |
* | Vanda Pharmaceuticals Inc. | 73,545 | 966 |
Owens & Minor Inc. | 32,860 | 889 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 49,373 | 872 |
* | MacroGenics Inc. | 38,115 | 871 |
*,^ | Inovio Pharmaceuticals Inc. | 95,974 | 849 |
* | CytomX Therapeutics Inc. | 117,252 | 768 |
* | Radius Health Inc. | 42,945 | 767 |
* | Assembly Biosciences Inc. | 123,957 | 750 |
* | Voyager Therapeutics Inc. | 102,911 | 736 |
* | Akebia Therapeutics Inc. | 244,912 | 686 |
* | Integer Holdings Corp. | 8,181 | 664 |
* | Five Prime Therapeutics Inc. | 38,391 | 653 |
* | Xencor Inc. | 14,949 | 652 |
Computer Programs and Systems Inc. | 23,856 | 640 | |
* | Corcept Therapeutics Inc. | 24,324 | 636 |
* | Nektar Therapeutics Class A | 35,075 | 596 |
*,^ | Fulgent Genetics Inc. | 11,329 | 590 |
* | Blueprint Medicines Corp. | 4,838 | 543 |
* | Editas Medicine Inc. | 7,412 | 520 |
* | Surgery Partners Inc. | 17,625 | 511 |
* | Bluebird Bio Inc. | 11,503 | 498 |
National HealthCare Corp. | 7,339 | 487 | |
* | Myovant Sciences Ltd. | 16,878 | 466 |
Chemed Corp. | 850 | 453 | |
* | Bioxcel Therapeutics Inc. | 9,676 | 447 |
* | GlycoMimetics Inc. | 115,836 | 436 |
* | NantKwest Inc. | 31,780 | 424 |
* | CorVel Corp. | 3,618 | 384 |
* | Rigel Pharmaceuticals Inc. | 104,846 | 367 |
* | Intercept Pharmaceuticals Inc. | 14,746 | 364 |
* | Nevro Corp. | 1,996 | 346 |
*,^ | Acorda Therapeutics Inc. | 490,267 | 338 |
* | AngioDynamics Inc. | 21,450 | 329 |
* | OPKO Health Inc. | 82,054 | 324 |
* | Zynex Inc. | 23,477 | 316 |
* | Syros Pharmaceuticals Inc. | 28,048 | 304 |
*,^ | Co-Diagnostics Inc. | 31,418 | 292 |
*,^ | Clovis Oncology Inc. | 60,066 | 288 |
* | Amneal Pharmaceuticals Inc. | 61,720 | 282 |
* | Apollo Medical Holdings Inc. | 13,660 | 250 |
* | Providence Service Corp. | 1,799 | 249 |
* | Immunovant Inc. | 4,941 | 228 |
* | Constellation Pharmaceuticals Inc. | 7,176 | 207 |
* | OraSure Technologies Inc. | 17,908 | 190 |
* | HealthStream Inc. | 8,033 | 175 |
* | Translate Bio Inc. | 8,982 | 166 |
206,295 | |||
Industrials (15.9%) | |||
Rush Enterprises Inc. Class A | 204,573 | 8,473 | |
* | Atkore International Group Inc. | 190,386 | 7,827 |
* | Builders FirstSource Inc. | 190,866 | 7,789 |
* | Generac Holdings Inc. | 34,177 | 7,772 |
Triton International Ltd. | 155,358 | 7,536 | |
* | GMS Inc. | 246,408 | 7,511 |
Kforce Inc. | 175,047 | 7,368 | |
* | MasTec Inc. | 100,218 | 6,833 |
AGCO Corp. | 65,485 | 6,751 | |
UFP Industries Inc. | 115,288 | 6,404 | |
ArcBest Corp. | 140,207 | 5,983 |
Tetra Tech Inc. | 49,448 | 5,725 |
MSC Industrial Direct Co. Inc. Class A | 60,301 | 5,089 |
* Echo Global Logistics Inc. | 172,367 | 4,623 |
Ennis Inc. | 238,271 | 4,253 |
* Colfax Corp. | 109,430 | 4,185 |
Franklin Electric Co. Inc. | 57,344 | 3,969 |
Terex Corp. | 113,666 | 3,966 |
Applied Industrial Technologies Inc. | 49,304 | 3,845 |
Steelcase Inc. Class A | 278,301 | 3,771 |
Landstar System Inc. | 27,836 | 3,748 |
* American Woodmark Corp. | 36,174 | 3,395 |
* Aecom | 64,426 | 3,207 |
EMCOR Group Inc. | 33,186 | 3,035 |
* FTI Consulting Inc. | 26,993 | 3,016 |
Deluxe Corp. | 102,386 | 2,990 |
Acuity Brands Inc. | 23,347 | 2,827 |
Mueller Industries Inc. | 68,326 | 2,399 |
* Stericycle Inc. | 32,861 | 2,278 |
Maxar Technologies Inc. | 55,172 | 2,129 |
* Ameresco Inc. Class A | 35,872 | 1,874 |
* SiteOne Landscape Supply Inc. | 11,688 | 1,854 |
* Dycom Industries Inc. | 24,128 | 1,822 |
Primoris Services Corp. | 61,973 | 1,711 |
Enerpac Tool Group Corp. Class A | 74,412 | 1,682 |
McGrath RentCorp | 24,605 | 1,651 |
* Beacon Roofing Supply Inc. | 40,507 | 1,628 |
* Masonite International Corp. | 15,789 | 1,553 |
* Herc Holdings Inc. | 23,001 | 1,528 |
Astec Industries Inc. | 25,759 | 1,491 |
* Gibraltar Industries Inc. | 20,481 | 1,473 |
Herman Miller Inc. | 42,312 | 1,430 |
* Hub Group Inc. Class A | 24,711 | 1,409 |
* Atlas Air Worldwide Holdings Inc. | 24,578 | 1,341 |
Schneider National Inc. Class B | 64,427 | 1,334 |
* Cornerstone Building Brands Inc. | 143,371 | 1,330 |
Lindsay Corp. | 10,076 | 1,294 |
Armstrong World Industries Inc. | 17,323 | 1,289 |
* Upwork Inc. | 36,340 | 1,254 |
Exponent Inc. | 13,848 | 1,247 |
* Tutor Perini Corp. | 96,115 | 1,245 |
Argan Inc. | 26,497 | 1,179 |
Covanta Holding Corp. | 85,133 | 1,118 |
Kelly Services Inc. Class A | 52,919 | 1,089 |
Douglas Dynamics Inc. | 23,823 | 1,019 |
Werner Enterprises Inc. | 25,857 | 1,014 |
Ryder System Inc. | 15,986 | 987 |
ManpowerGroup Inc. | 10,144 | 915 |
Wabash National Corp. | 51,287 | 884 |
ADT Inc. | 99,083 | 778 |
ABM Industries Inc. | 19,862 | 752 |
* SPX Corp. | 13,685 | 746 |
* Great Lakes Dredge & Dock Corp. | 53,477 | 704 |
Pitney Bowes Inc. | 113,017 | 696 |
CAI International Inc. | 21,358 | 667 |
* JELD-WEN Holding Inc. | 24,521 | 622 |
nVent Electric plc | 26,449 | 616 |
* Vicor Corp. | 6,652 | 613 |
Quad/Graphics Inc. | 135,304 | 517 | |
Fluor Corp. | 30,900 | 493 | |
KAR Auction Services Inc. | 25,892 | 482 | |
Watsco Inc. | 2,049 | 464 | |
Matthews International Corp. Class A | 14,064 | 413 | |
* | Resideo Technologies Inc. | 17,778 | 378 |
* | Daseke Inc. | 57,380 | 333 |
National Presto Industries Inc. | 2,498 | 221 | |
197,837 | |||
Information Technology (15.9%) | |||
* | Workiva Inc. Class A | 115,040 | 10,540 |
Jabil Inc. | 222,681 | 9,471 | |
* | Manhattan Associates Inc. | 85,455 | 8,988 |
TTEC Holdings Inc. | 120,574 | 8,793 | |
ManTech International Corp. Class A | 93,576 | 8,323 | |
* | Domo Inc. | 109,384 | 6,975 |
Avnet Inc. | 197,434 | 6,932 | |
Booz Allen Hamilton Holding Corp. Class A | 78,412 | 6,836 | |
Amkor Technology Inc. | 419,270 | 6,323 | |
* | CACI International Inc. Class A | 24,807 | 6,185 |
* | Lumentum Holdings Inc. | 57,886 | 5,488 |
* | Synaptics Inc. | 56,733 | 5,469 |
* | Five9 Inc. | 31,073 | 5,419 |
* | Cirrus Logic Inc. | 64,884 | 5,333 |
SYNNEX Corp. | 63,723 | 5,190 | |
Perspecta Inc. | 213,487 | 5,141 | |
* | Box Inc. | 282,414 | 5,098 |
* | SolarEdge Technologies Inc. | 13,500 | 4,308 |
Plantronics Inc. | 157,953 | 4,269 | |
*,^ | SunPower Corp. | 163,427 | 4,190 |
* | Enphase Energy Inc. | 22,738 | 3,990 |
* | Avaya Holdings Corp. | 201,251 | 3,854 |
* | CommScope Holding Co. Inc. | 276,009 | 3,698 |
* | Nuance Communications Inc. | 81,327 | 3,586 |
* | Advanced Micro Devices Inc. | 37,829 | 3,469 |
* | Concentrix Corp. | 33,344 | 3,291 |
* | Teradata Corp. | 126,918 | 2,852 |
* | Verint Systems Inc. | 41,400 | 2,781 |
MAXIMUS Inc. | 36,448 | 2,668 | |
* | Infinera Corp. | 241,704 | 2,533 |
* | MACOM Technology Solutions Holdings Inc. | 40,404 | 2,224 |
* | Fastly Inc. Class A | 23,495 | 2,053 |
Xperi Holding Corp . | 92,527 | 1,934 | |
* | NETGEAR Inc. | 46,136 | 1,874 |
* | NeoPhotonics Corp. | 204,419 | 1,858 |
* | TTM Technologies Inc. | 134,002 | 1,849 |
* | Veeco Instruments Inc. | 103,096 | 1,790 |
* | SMART Global Holdings Inc. | 46,921 | 1,766 |
* | Diebold Nixdorf Inc. | 144,984 | 1,546 |
* | Unisys Corp. | 74,706 | 1,470 |
QAD Inc. Class A | 22,322 | 1,410 | |
* | Sykes Enterprises Inc. | 37,054 | 1,396 |
* | Cornerstone OnDemand Inc. | 31,076 | 1,369 |
* | Digital Turbine Inc. | 23,663 | 1,338 |
* | Cloudera Inc. | 85,411 | 1,188 |
CSG Systems International Inc. | 26,108 | 1,177 | |
* | Agilysys Inc. | 26,069 | 1,001 |
* Benefitfocus Inc. | 60,728 | 879 |
* A10 Networks Inc. | 81,986 | 808 |
* International Money Express Inc. | 51,642 | 801 |
* Evo Payments Inc. Class A | 28,768 | 777 |
* Extreme Networks Inc. | 111,515 | 768 |
* Ultra Clean Holdings Inc. | 24,628 | 767 |
* Applied Optoelectronics Inc. | 87,592 | 745 |
ADTRAN Inc. | 34,592 | 511 |
* Arlo Technologies Inc. | 54,188 | 422 |
* FireEye Inc. | 17,170 | 396 |
* Model N Inc. | 9,829 | 351 |
* PDF Solutions Inc. | 13,199 | 285 |
* Fabrinet | 3,275 | 254 |
197,000 | ||
Materials (4.4%) | ||
Element Solutions Inc. | 622,501 | 11,037 |
Valvoline Inc. | 238,153 | 5,511 |
Louisiana-Pacific Corp. | 146,236 | 5,436 |
* Coeur Mining Inc. | 499,835 | 5,173 |
Sensient Technologies Corp. | 61,527 | 4,539 |
Boise Cascade Co. | 85,895 | 4,106 |
Verso Corp. | 282,050 | 3,390 |
Commercial Metals Co. | 155,015 | 3,184 |
Royal Gold Inc. | 26,138 | 2,780 |
Domtar Corp. | 84,659 | 2,679 |
O-I Glass Inc. | 135,863 | 1,617 |
Worthington Industries Inc. | 16,957 | 870 |
Stepan Co. | 7,014 | 837 |
* Forterra Inc. | 47,904 | 824 |
Silgan Holdings Inc. | 19,489 | 723 |
* Kraton Corp. | 22,773 | 633 |
* Koppers Holdings Inc. | 14,420 | 449 |
* Clearwater Paper Corp. | 9,357 | 353 |
Hawkins Inc. | 4,750 | 248 |
54,389 | ||
Real Estate (7.3%) | ||
* Redfin Corp. | 149,012 | 10,227 |
Sabra Health Care REIT Inc. | 441,190 | 7,663 |
MGM Growth Properties LLC Class A | 235,147 | 7,360 |
National Health Investors Inc. | 101,743 | 7,038 |
Uniti Group Inc. | 589,145 | 6,911 |
PotlatchDeltic Corp. | 93,625 | 4,683 |
^ GEO Group Inc. | 511,231 | 4,529 |
Piedmont Office Realty Trust Inc. Class A | 266,590 | 4,327 |
CoreCivic Inc. | 582,625 | 3,816 |
* Realogy Holdings Corp. | 218,464 | 2,866 |
Brandywine Realty Trust | 218,602 | 2,604 |
Global Net Lease Inc. | 127,480 | 2,185 |
RE/MAX Holdings Inc. Class A | 51,518 | 1,872 |
Retail Properties of America Inc. | 208,751 | 1,787 |
Office Properties Income Trust | 75,821 | 1,723 |
New Senior Investment Group Inc. | 327,343 | 1,696 |
American Finance Trust Inc. | 226,037 | 1,679 |
SITE Centers Corp. | 165,718 | 1,677 |
Spirit Realty Capital Inc. | 41,671 | 1,674 |
Independence Realty Trust Inc. | 121,758 | 1,635 |
^ | Tanger Factory Outlet Centers Inc. | 149,913 | 1,493 | ||
Diversified Healthcare Trust | 331,053 | 1,364 | |||
Lexington Realty Trust | 124,077 | 1,318 | |||
Universal Health Realty Income Trust | 18,129 | 1,165 | |||
Columbia Property Trust Inc. | 70,850 | 1,016 | |||
One Liberty Properties Inc. | 49,038 | 984 | |||
Kite Realty Group Trust | 62,716 | 938 | |||
RPT Realty | 101,168 | 875 | |||
Monmouth Real Estate Investment Corp. | 47,305 | 819 | |||
Life Storage Inc. | 5,468 | 653 | |||
Xenia Hotels & Resorts Inc. | 38,072 | 579 | |||
City Office REIT Inc. | 59,087 | 577 | |||
^ | Macerich Co. | 46,528 | 496 | ||
UMH Properties Inc. | 33,190 | 492 | |||
90,721 | |||||
Utilities (2.3%) | |||||
Hawaiian Electric Industries Inc. | 196,809 | 6,965 | |||
MDU Resources Group Inc. | 153,151 | 4,034 | |||
Unitil Corp. | 76,271 | 3,377 | |||
Otter Tail Corp. | 78,459 | 3,343 | |||
IDACORP Inc. | 25,276 | 2,427 | |||
Clearway Energy Inc. | 74,865 | 2,390 | |||
Portland General Electric Co. | 31,748 | 1,358 | |||
Southwest Gas Holdings Inc. | 21,457 | 1,304 | |||
American States Water Co. | 16,033 | 1,275 | |||
Black Hills Corp. | 15,467 | 951 | |||
Clearway Energy Inc. Class A | 22,718 | 671 | |||
California Water Service Group | 4,571 | 247 | |||
York Water Co. | 5,031 | 234 | |||
28,576 | |||||
Total Common Stocks (Cost $990,710) | 1,233,657 | ||||
Coupon | |||||
Temporary Cash Investments (2.1%) | |||||
Money Market Fund (2.0%) | |||||
1,2 Vanguard Market Liquidity Fund | 0.111% | 257,894 | 25,789 | ||
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
3 | United States Cash Management Bill | 0.083% | 3/30/21 | 700 | 700 |
Total Temporary Cash Investments (Cost $26,486) | 26,489 | ||||
Total Investments (101.4%) (Cost $1,017,196) | 1,260,146 | ||||
Other Assets and Liabilities -Net (-1.4%) | (17,921) | ||||
Net Assets (100%) | 1,242,225 | ||||
Cost is in $000. |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $17,892,000.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
2 Collateral of $19,412,000 was received for securities on loan.
3 Securities with a value of $580,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2021 | 75 | 7,406 | 110 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock
Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the
latest quoted sales prices or official closing prices taken from the primary market in which each
security trades; such securities not traded on the valuation date are valued at the mean of the latest
quoted bid and asked prices. Securities for which market quotations are not readily available, or
whose values have been materially affected by events occurring before the fund's pricing time but
after the close of the securities’ primary markets, are valued by methods deemed by the board of
trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that
fund's net asset value. Temporary cash investments are valued using the latest bid prices or using
valuations based on a matrix system (which considers such factors as security prices, yields,
maturities, and ratings), both as furnished by independent pricing services.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of
maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or
sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio
turnover or cash flows from capital share transactions. The primary risks associated with the use of
futures contracts are imperfect correlation between changes in market values of stocks held by the
fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk
involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the
clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an
exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered
into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin
requirements to secure the fund's performance and requires daily settlement of variation margin
representing changes in the market value of each contract. Any securities pledged as initial margin for
open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the
contracts are recorded as an asset (liability).
C. Various inputs may be used to determine the value of the fund's investments and derivatives.
These inputs are summarized in three broad levels for financial statement purposes. The inputs or
methodologies used to value securities are not necessarily an indication of the risk associated with
investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine
the fair value of investments). Any investments and derivatives valued with significant unobservable
inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of
December 31, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 1,233,657 | — | — | 1,233,657 |
Temporary Cash Investments | 25,789 | 700 | — | 26,489 |
Total | 1,259,446 | 700 | — | 1,260,146 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 27 | — | — | 27 |
Liabilities | ||||
Futures Contracts1 | 36 | — | — | 36 |
1 Represents variation margin on the last day of the reporting period. |