Vanguard® Strategic Equity Fund
Schedule of Investments (unaudited)
As of December 31, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks (99.5%) | |||
Communication Services (3.4%) | |||
New York Times Co. Class A | 797,702 | 38,529 | |
News Corp. Class B | 1,331,079 | 29,949 | |
Omnicom Group Inc. | 354,916 | 26,005 | |
News Corp. Class A | 923,115 | 20,595 | |
* | Take-Two Interactive Software Inc. | 102,064 | 18,139 |
* | Liberty Global plc Class C | 581,579 | 16,337 |
* | Yelp Inc. Class A | 419,584 | 15,206 |
TEGNA Inc. | 743,240 | 13,794 | |
* | Cargurus Inc. | 391,027 | 13,154 |
* | Playtika Holding Corp. | 707,301 | 12,229 |
Interpublic Group of Cos. Inc. | 282,748 | 10,589 | |
* | Liberty Global plc Class A | 358,054 | 9,932 |
Sinclair Broadcast Group Inc. Class A | 306,928 | 8,112 | |
* | AMC Entertainment Holdings Inc. Class A | 258,949 | 7,043 |
ViacomCBS Inc. Class B | 218,666 | 6,599 | |
* | IAC/InterActiveCorp. | 45,395 | 5,934 |
* | Roku Inc. | 24,002 | 5,477 |
* | ZoomInfo Technologies Inc. Class A | 81,440 | 5,228 |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 72,774 | 3,701 |
Lumen Technologies Inc. | 288,592 | 3,622 | |
* | Madison Square Garden Sports Corp. | 13,820 | 2,401 |
* | PubMatic Inc. Class A | 68,597 | 2,336 |
Fox Corp. Class B | 64,423 | 2,208 | |
* | Discovery Inc. Class C | 87,310 | 1,999 |
* | Loyalty Ventures Inc. | 36,202 | 1,089 |
280,207 | |||
Consumer Discretionary (12.3%) | |||
PulteGroup Inc. | 737,062 | 42,130 | |
Brunswick Corp. | 337,594 | 34,006 | |
Service Corp. International | 461,685 | 32,775 | |
Papa John's International Inc. | 234,609 | 31,313 | |
Tapestry Inc. | 761,653 | 30,923 | |
* | Ulta Beauty Inc. | 72,214 | 29,777 |
* | Deckers Outdoor Corp. | 79,096 | 28,974 |
Signet Jewelers Ltd. | 323,689 | 28,171 | |
Best Buy Co. Inc. | 273,319 | 27,769 | |
* | AutoNation Inc. | 232,117 | 27,123 |
* | Goodyear Tire & Rubber Co. | 1,233,177 | 26,291 |
H&R Block Inc. | 1,076,319 | 25,358 | |
* | Meritage Homes Corp. | 202,117 | 24,670 |
Foot Locker Inc. | 549,186 | 23,961 | |
* | Etsy Inc. | 105,157 | 23,023 |
Shares | Market Value ($000) | ||
* | Boyd Gaming Corp. | 345,485 | 22,653 |
Columbia Sportswear Co. | 223,151 | 21,744 | |
Travel + Leisure Co. | 391,829 | 21,656 | |
Darden Restaurants Inc. | 132,590 | 19,973 | |
* | Six Flags Entertainment Corp. | 421,436 | 17,945 |
* | Victoria's Secret & Co. | 319,963 | 17,771 |
Bath & Body Works Inc. | 248,260 | 17,326 | |
Red Rock Resorts Inc. Class A | 313,674 | 17,255 | |
* | Urban Outfitters Inc. | 523,139 | 15,359 |
LKQ Corp. | 254,380 | 15,270 | |
Rent-A-Center Inc. | 316,967 | 15,227 | |
* | Abercrombie & Fitch Co. Class A | 414,080 | 14,422 |
* | Tri Pointe Homes Inc. | 506,423 | 14,124 |
* | NVR Inc. | 2,239 | 13,230 |
Kohl's Corp. | 267,811 | 13,227 | |
Texas Roadhouse Inc. Class A | 144,971 | 12,943 | |
Qurate Retail Inc. Series A | 1,681,744 | 12,781 | |
* | SeaWorld Entertainment Inc. | 195,883 | 12,705 |
Tempur Sealy International Inc. | 250,970 | 11,803 | |
Gentex Corp. | 332,303 | 11,581 | |
MGM Resorts International | 248,210 | 11,140 | |
* | Dave & Buster's Entertainment Inc. | 288,184 | 11,066 |
* | Adient plc | 201,003 | 9,624 |
Macy's Inc. | 349,225 | 9,143 | |
* | Capri Holdings Ltd. | 140,377 | 9,112 |
Century Communities Inc. | 107,068 | 8,757 | |
Wyndham Hotels & Resorts Inc. | 95,623 | 8,573 | |
* | Skyline Champion Corp. | 101,984 | 8,055 |
* | Crocs Inc. | 62,008 | 7,951 |
Shutterstock Inc. | 71,609 | 7,940 | |
Winnebago Industries Inc. | 103,772 | 7,775 | |
* | Scientific Games Corp. Class A | 111,651 | 7,462 |
Wendy's Co. | 302,917 | 7,225 | |
Dine Brands Global Inc. | 93,332 | 7,075 | |
Vail Resorts Inc. | 20,223 | 6,631 | |
* | Under Armour Inc. Class C | 362,047 | 6,531 |
Dillard's Inc. Class A | 26,492 | 6,491 | |
Williams-Sonoma Inc. | 37,132 | 6,280 | |
* | frontdoor Inc. | 165,675 | 6,072 |
* | MarineMax Inc. | 98,783 | 5,832 |
Autoliv Inc. | 56,292 | 5,821 | |
Buckle Inc. | 136,840 | 5,790 | |
Lear Corp. | 30,542 | 5,588 | |
* | Revolve Group Inc. | 96,049 | 5,383 |
* | Academy Sports & Outdoors Inc. | 116,439 | 5,112 |
* | Sleep Number Corp. | 66,397 | 5,086 |
Group 1 Automotive Inc. | 25,662 | 5,010 | |
* | Tenneco Inc. Class A | 439,489 | 4,966 |
* | Brinker International Inc. | 131,911 | 4,827 |
* | Expedia Group Inc. | 24,552 | 4,437 |
* | Overstock.com Inc. | 71,373 | 4,212 |
Aaron's Co. Inc. | 166,515 | 4,105 | |
* | Everi Holdings Inc. | 186,607 | 3,984 |
Hibbett Inc. | 54,785 | 3,941 | |
* | GameStop Corp. Class A | 26,520 | 3,935 |
Jack in the Box Inc. | 41,090 | 3,595 | |
Tractor Supply Co. | 15,027 | 3,585 | |
* | Fossil Group Inc. | 343,566 | 3,535 |
Shares | Market Value ($000) | ||
Carter's Inc. | 33,725 | 3,414 | |
Ralph Lauren Corp. Class A | 28,605 | 3,400 | |
Churchill Downs Inc. | 12,701 | 3,060 | |
Genuine Parts Co. | 18,542 | 2,600 | |
* | WW International Inc. | 133,568 | 2,154 |
PVH Corp. | 19,797 | 2,111 | |
* | XPEL Inc. | 28,236 | 1,928 |
Steven Madden Ltd. | 39,752 | 1,847 | |
* | Tupperware Brands Corp. | 117,461 | 1,796 |
Laureate Education Inc. Class A | 146,167 | 1,789 | |
Harley-Davidson Inc. | 43,604 | 1,643 | |
Thor Industries Inc. | 15,576 | 1,616 | |
Levi Strauss & Co. Class A | 61,961 | 1,551 | |
Wolverine World Wide Inc. | 53,032 | 1,528 | |
1,027,343 | |||
Consumer Staples (3.2%) | |||
* | Darling Ingredients Inc. | 586,732 | 40,655 |
* | Herbalife Nutrition Ltd. | 708,241 | 28,988 |
Bunge Ltd. | 275,725 | 25,742 | |
* | BJ's Wholesale Club Holdings Inc. | 317,292 | 21,249 |
Campbell Soup Co. | 468,461 | 20,359 | |
Ingles Markets Inc. Class A | 204,811 | 17,683 | |
Medifast Inc. | 68,945 | 14,439 | |
Ingredion Inc. | 145,831 | 14,093 | |
* | TreeHouse Foods Inc. | 320,831 | 13,003 |
Flowers Foods Inc. | 447,124 | 12,283 | |
* | Hain Celestial Group Inc. | 212,288 | 9,046 |
* | United Natural Foods Inc. | 162,720 | 7,986 |
* | USANA Health Sciences Inc. | 72,128 | 7,299 |
J M Smucker Co. | 46,378 | 6,299 | |
* | Pilgrim's Pride Corp. | 208,285 | 5,874 |
* | Post Holdings Inc. | 38,919 | 4,387 |
Kellogg Co. | 56,873 | 3,664 | |
Edgewell Personal Care Co. | 72,542 | 3,316 | |
Molson Coors Beverage Co. Class B | 59,528 | 2,759 | |
* | Hostess Brands Inc. Class A | 118,395 | 2,418 |
Nu Skin Enterprises Inc. Class A | 42,216 | 2,143 | |
Lamb Weston Holdings Inc. | 29,543 | 1,872 | |
Lancaster Colony Corp. | 10,925 | 1,809 | |
Coca-Cola Consolidated Inc. | 2,853 | 1,767 | |
269,133 | |||
Energy (3.8%) | |||
APA Corp. | 2,197,890 | 59,101 | |
Occidental Petroleum Corp. | 1,321,004 | 38,296 | |
Coterra Energy Inc. | 2,009,785 | 38,186 | |
Halliburton Co. | 1,531,846 | 35,033 | |
Targa Resources Corp. | 506,505 | 26,460 | |
* | Southwestern Energy Co. | 4,753,311 | 22,150 |
Ovintiv Inc. (XNYS) | 582,434 | 19,628 | |
SM Energy Co. | 405,628 | 11,958 | |
* | Whiting Petroleum Corp. | 153,156 | 9,906 |
Northern Oil and Gas Inc. | 463,310 | 9,535 | |
* | Comstock Resources Inc. | 973,658 | 7,877 |
* | Denbury Inc. | 82,406 | 6,311 |
Plains GP Holdings LP Class A | 597,419 | 6,058 | |
* | Callon Petroleum Co. | 119,890 | 5,665 |
Hess Corp. | 52,434 | 3,882 |
Shares | Market Value ($000) | ||
PDC Energy Inc. | 77,482 | 3,780 | |
* | Antero Resources Corp. | 94,509 | 1,654 |
Texas Pacific Land Corp. | 1,301 | 1,625 | |
Magnolia Oil & Gas Corp. Class A | 84,887 | 1,602 | |
* | Delek US Holdings Inc. | 106,743 | 1,600 |
* | Kosmos Energy Ltd. | 429,899 | 1,487 |
311,794 | |||
Financials (14.4%) | |||
KeyCorp. | 2,740,720 | 63,393 | |
Regions Financial Corp. | 2,779,781 | 60,599 | |
Walker & Dunlop Inc. | 367,454 | 55,441 | |
Ally Financial Inc. | 1,081,379 | 51,484 | |
Primerica Inc. | 328,929 | 50,415 | |
First Horizon Corp. | 2,954,250 | 48,243 | |
Fidelity National Financial Inc. | 898,231 | 46,870 | |
Jefferies Financial Group Inc. | 1,207,280 | 46,843 | |
SLM Corp. | 2,272,439 | 44,699 | |
Zions Bancorp NA | 599,591 | 37,870 | |
First American Financial Corp. | 424,435 | 33,204 | |
Synchrony Financial | 705,411 | 32,724 | |
Equitable Holdings Inc. | 960,664 | 31,500 | |
Hartford Financial Services Group Inc. | 450,494 | 31,102 | |
PacWest Bancorp | 660,069 | 29,815 | |
Stifel Financial Corp. | 414,082 | 29,160 | |
Hanover Insurance Group Inc. | 203,757 | 26,704 | |
Evercore Inc. Class A | 195,964 | 26,622 | |
Comerica Inc. | 277,603 | 24,151 | |
Invesco Ltd. | 941,414 | 21,671 | |
Bank OZK | 449,870 | 20,932 | |
CNO Financial Group Inc. | 868,583 | 20,707 | |
Synovus Financial Corp. | 365,883 | 17,515 | |
* | Credit Acceptance Corp. | 25,436 | 17,492 |
Prosperity Bancshares Inc. | 214,753 | 15,527 | |
Fifth Third Bancorp | 338,175 | 14,728 | |
Carlyle Group Inc. | 241,782 | 13,274 | |
* | Brighthouse Financial Inc. | 248,369 | 12,866 |
Kinsale Capital Group Inc. | 52,191 | 12,416 | |
OneMain Holdings Inc. | 247,490 | 12,384 | |
Nelnet Inc. Class A | 121,261 | 11,845 | |
Globe Life Inc. | 122,970 | 11,525 | |
Universal Insurance Holdings Inc. | 659,073 | 11,204 | |
Navient Corp. | 493,988 | 10,482 | |
First BanCorp. (XNYS) | 755,948 | 10,417 | |
Popular Inc. | 124,535 | 10,217 | |
New York Community Bancorp Inc. | 824,242 | 10,064 | |
American Equity Investment Life Holding Co. | 253,342 | 9,860 | |
FNB Corp. | 778,800 | 9,447 | |
Cboe Global Markets Inc. | 71,590 | 9,335 | |
Old Republic International Corp. | 373,783 | 9,188 | |
International Bancshares Corp. | 210,765 | 8,934 | |
W R Berkley Corp. | 106,467 | 8,772 | |
* | SVB Financial Group | 12,581 | 8,533 |
Associated Banc-Corp. | 354,458 | 8,007 | |
Loews Corp. | 136,687 | 7,895 | |
First Hawaiian Inc. | 287,643 | 7,861 | |
Virtu Financial Inc. Class A | 266,990 | 7,697 | |
* | PROG Holdings Inc. | 151,835 | 6,849 |
Moelis & Co. Class A | 106,242 | 6,641 |
Shares | Market Value ($000) | ||
Assured Guaranty Ltd. | 129,738 | 6,513 | |
UMB Financial Corp. | 55,024 | 5,839 | |
* | Mr Cooper Group Inc. | 113,083 | 4,705 |
Western Alliance Bancorp | 43,475 | 4,680 | |
Unum Group | 182,065 | 4,473 | |
SouthState Corp. | 50,177 | 4,020 | |
Columbia Banking System Inc. | 115,420 | 3,777 | |
MGIC Investment Corp. | 246,148 | 3,549 | |
Hancock Whitney Corp. | 63,184 | 3,160 | |
PennyMac Financial Services Inc. | 44,490 | 3,105 | |
B Riley Financial Inc. | 32,477 | 2,886 | |
Ameris Bancorp | 56,108 | 2,787 | |
* | Encore Capital Group Inc. | 44,277 | 2,750 |
East West Bancorp Inc. | 31,610 | 2,487 | |
Essent Group Ltd. | 53,854 | 2,452 | |
Brightsphere Investment Group Inc. | 85,734 | 2,195 | |
Radian Group Inc. | 94,916 | 2,006 | |
White Mountains Insurance Group Ltd. | 1,880 | 1,906 | |
First Bancorp (XNGS) | 33,400 | 1,527 | |
1,199,941 | |||
Health Care (12.9%) | |||
West Pharmaceutical Services Inc. | 153,308 | 71,903 | |
Bruker Corp. | 625,546 | 52,490 | |
* | Laboratory Corp. of America Holdings | 149,104 | 46,850 |
* | Medpace Holdings Inc. | 213,818 | 46,535 |
Chemed Corp. | 87,702 | 46,398 | |
* | DaVita Inc. | 393,122 | 44,722 |
* | Mettler-Toledo International Inc. | 26,207 | 44,479 |
* | ABIOMED Inc. | 110,034 | 39,521 |
* | Incyte Corp. | 522,730 | 38,368 |
* | IQVIA Holdings Inc. | 135,568 | 38,249 |
* | Charles River Laboratories International Inc. | 95,938 | 36,147 |
* | Veeva Systems Inc. Class A | 128,731 | 32,888 |
* | Tenet Healthcare Corp. | 370,545 | 30,270 |
* | Sarepta Therapeutics Inc. | 306,466 | 27,597 |
* | AMN Healthcare Services Inc. | 200,612 | 24,541 |
AmerisourceBergen Corp. Class A | 171,518 | 22,793 | |
* | Alkermes plc | 916,913 | 21,327 |
* | ImmunoGen Inc. | 2,539,191 | 18,841 |
* | Myriad Genetics Inc. | 648,244 | 17,892 |
* | Enanta Pharmaceuticals Inc. | 234,202 | 17,514 |
Cardinal Health Inc. | 339,454 | 17,478 | |
PerkinElmer Inc. | 83,383 | 16,765 | |
* | United Therapeutics Corp. | 74,003 | 15,991 |
* | Avantor Inc. | 346,552 | 14,604 |
* | STAAR Surgical Co. | 156,188 | 14,260 |
* | ICU Medical Inc. | 59,532 | 14,129 |
* | Tandem Diabetes Care Inc. | 87,163 | 13,120 |
* | ACADIA Pharmaceuticals Inc. | 529,825 | 12,366 |
* | Hologic Inc. | 153,602 | 11,760 |
Quest Diagnostics Inc. | 65,665 | 11,361 | |
DENTSPLY SIRONA Inc. | 184,082 | 10,270 | |
* | Community Health Systems Inc. | 740,775 | 9,860 |
* | Amedisys Inc. | 55,337 | 8,958 |
* | Globus Medical Inc. Class A | 118,914 | 8,586 |
Bio-Techne Corp. | 14,521 | 7,512 | |
* | Catalent Inc. | 57,236 | 7,328 |
Select Medical Holdings Corp. | 247,436 | 7,275 |
Shares | Market Value ($000) | ||
* | Endo International plc | 1,850,583 | 6,958 |
* | Maravai LifeSciences Holdings Inc. Class A | 165,646 | 6,941 |
* | Quidel Corp. | 51,015 | 6,886 |
* | Novavax Inc. | 47,482 | 6,793 |
*,1 | Intercept Pharmaceuticals Inc. | 403,227 | 6,569 |
* | Prestige Consumer Healthcare Inc. | 93,202 | 5,653 |
* | MEDNAX Inc. | 201,885 | 5,493 |
* | Corcept Therapeutics Inc. | 265,565 | 5,258 |
* | MacroGenics Inc. | 326,422 | 5,239 |
* | CareDx Inc. | 108,688 | 4,943 |
*,1 | Clovis Oncology Inc. | 1,679,012 | 4,550 |
* | Joint Corp. | 66,951 | 4,398 |
* | Akebia Therapeutics Inc. | 1,833,311 | 4,143 |
* | CRISPR Therapeutics AG | 53,978 | 4,090 |
* | Travere Thrapeutics Inc. | 130,624 | 4,055 |
* | Bluebird Bio Inc. | 397,238 | 3,968 |
* | NuVasive Inc. | 75,183 | 3,946 |
* | Henry Schein Inc. | 48,864 | 3,788 |
* | PTC Therapeutics Inc. | 94,719 | 3,773 |
* | Syneos Health Inc. | 34,615 | 3,554 |
* | 2seventy bio Inc. | 132,412 | 3,394 |
* | Emergent BioSolutions Inc. | 77,282 | 3,359 |
* | Inspire Medical Systems Inc. | 14,085 | 3,240 |
* | Agenus Inc. | 989,357 | 3,186 |
* | Waters Corp. | 8,187 | 3,050 |
* | Multiplan Corp. | 630,458 | 2,793 |
* | Cara Therapeutics Inc. | 215,399 | 2,624 |
* | Co-Diagnostics Inc. | 289,221 | 2,583 |
* | Deciphera Pharmaceuticals Inc. | 255,712 | 2,498 |
* | Ionis Pharmaceuticals Inc. | 81,687 | 2,486 |
* | Inari Medical Inc. | 26,440 | 2,413 |
* | Doximity Inc. Class A | 44,510 | 2,231 |
Owens & Minor Inc. | 51,161 | 2,225 | |
* | Option Care Health Inc. | 76,974 | 2,189 |
* | LHC Group Inc. | 14,248 | 1,955 |
* | Sangamo Therapeutics Inc. | 247,844 | 1,859 |
* | Fulgent Genetics Inc. | 18,384 | 1,849 |
* | Prothena Corp. plc | 37,057 | 1,831 |
* | Exelixis Inc. | 97,136 | 1,776 |
* | Glaukos Corp. | 37,323 | 1,659 |
* | Puma Biotechnology Inc. | 540,434 | 1,643 |
* | Seres Therapeutics Inc. | 195,204 | 1,626 |
* | Atea Pharmaceuticals Inc. | 179,625 | 1,606 |
* | Organogenesis Holdings Inc. Class A | 116,256 | 1,074 |
1,077,095 | |||
Industrials (14.1%) | |||
WW Grainger Inc. | 130,974 | 67,876 | |
Dover Corp. | 325,574 | 59,124 | |
* | United Rentals Inc. | 156,533 | 52,014 |
Owens Corning | 551,838 | 49,941 | |
Robert Half International Inc. | 430,443 | 48,003 | |
* | Atkore Inc. | 398,599 | 44,320 |
Allison Transmission Holdings Inc. | 1,109,545 | 40,332 | |
Expeditors International of Washington Inc. | 275,197 | 36,956 | |
AGCO Corp. | 309,584 | 35,918 | |
Booz Allen Hamilton Holding Corp. Class A | 401,144 | 34,013 | |
Triton International Ltd. | 556,097 | 33,494 | |
* | Meritor Inc. | 1,238,510 | 30,690 |
Shares | Market Value ($000) | ||
Rush Enterprises Inc. Class A | 549,336 | 30,565 | |
* | CACI International Inc. Class A | 107,067 | 28,824 |
GrafTech International Ltd. | 2,338,577 | 27,665 | |
Ryder System Inc. | 324,376 | 26,738 | |
EMCOR Group Inc. | 207,293 | 26,407 | |
UFP Industries Inc. | 283,876 | 26,119 | |
* | Alaska Air Group Inc. | 476,923 | 24,848 |
ManpowerGroup Inc. | 252,257 | 24,552 | |
Wabash National Corp. | 1,229,767 | 24,005 | |
Terex Corp. | 544,415 | 23,927 | |
Huntington Ingalls Industries Inc. | 117,100 | 21,867 | |
Boise Cascade Co. | 294,104 | 20,940 | |
JB Hunt Transport Services Inc. | 97,255 | 19,879 | |
* | Beacon Roofing Supply Inc. | 297,902 | 17,085 |
* | Middleby Corp. | 84,663 | 16,658 |
ManTech International Corp. Class A | 224,022 | 16,338 | |
* | Copart Inc. | 100,311 | 15,209 |
Old Dominion Freight Line Inc. | 39,825 | 14,273 | |
Oshkosh Corp. | 124,575 | 14,041 | |
Allegion plc | 99,705 | 13,205 | |
Encore Wire Corp. | 88,789 | 12,706 | |
Fortune Brands Home & Security Inc. | 114,190 | 12,207 | |
* | Clean Harbors Inc. | 121,533 | 12,125 |
Acuity Brands Inc. | 56,961 | 12,060 | |
* | SkyWest Inc. | 301,655 | 11,855 |
Landstar System Inc. | 64,535 | 11,553 | |
* | AECOM | 142,934 | 11,056 |
* | TrueBlue Inc. | 360,610 | 9,978 |
ABM Industries Inc. | 183,287 | 7,487 | |
Tetra Tech Inc. | 43,845 | 7,445 | |
Primoris Services Corp. | 303,349 | 7,274 | |
Lincoln Electric Holdings Inc. | 50,978 | 7,110 | |
Matson Inc. | 76,907 | 6,924 | |
Korn Ferry | 72,173 | 5,466 | |
* | Lyft Inc. Class A | 122,288 | 5,225 |
ADT Inc. | 589,488 | 4,958 | |
Ennis Inc. | 238,646 | 4,661 | |
Timken Co. | 66,747 | 4,625 | |
Werner Enterprises Inc. | 96,118 | 4,581 | |
MillerKnoll Inc. | 115,662 | 4,533 | |
* | Saia Inc. | 11,732 | 3,954 |
* | JELD-WEN Holding Inc. | 138,961 | 3,663 |
* | Quad/Graphics Inc. | 845,269 | 3,381 |
* | Avis Budget Group Inc. | 16,249 | 3,370 |
ArcBest Corp. | 26,972 | 3,233 | |
Donaldson Co. Inc. | 47,743 | 2,829 | |
* | MYR Group Inc. | 23,791 | 2,630 |
Pitney Bowes Inc. | 383,874 | 2,545 | |
AMERCO | 3,232 | 2,347 | |
* | Atlas Air Worldwide Holdings Inc. | 24,926 | 2,346 |
* | AZEK Co. Inc. Class A | 48,327 | 2,235 |
EnerSys | 25,573 | 2,022 | |
Schneider National Inc. Class B | 74,286 | 1,999 | |
* | TriNet Group Inc. | 20,832 | 1,985 |
* | Univar Solutions Inc. | 67,277 | 1,907 |
* | Driven Brands Holdings Inc. | 52,388 | 1,761 |
Watsco Inc. | 5,502 | 1,722 | |
1,173,584 |
Shares | Market Value ($000) | ||
Information Technology (17.0%) | |||
CDW Corp. | 324,347 | 66,420 | |
Jabil Inc. | 886,461 | 62,363 | |
* | EPAM Systems Inc. | 83,694 | 55,945 |
* | Synopsys Inc. | 145,877 | 53,756 |
* | Cadence Design Systems Inc. | 285,946 | 53,286 |
* | Manhattan Associates Inc. | 332,808 | 51,748 |
* | GoDaddy Inc. Class A | 540,909 | 45,902 |
* | Gartner Inc. | 136,246 | 45,550 |
* | Dropbox Inc. Class A | 1,793,824 | 44,020 |
* | Fortinet Inc. | 110,808 | 39,824 |
Amkor Technology Inc. | 1,577,864 | 39,115 | |
* | Zebra Technologies Corp. Class A | 64,847 | 38,597 |
* | Western Digital Corp. | 570,308 | 37,190 |
* | Arrow Electronics Inc. | 266,725 | 35,813 |
* | Flex Ltd. | 1,952,819 | 35,795 |
* | Box Inc. Class A | 1,351,820 | 35,404 |
* | Nutanix Inc. Class A | 1,086,567 | 34,618 |
Avnet Inc. | 785,963 | 32,405 | |
* | ON Semiconductor Corp. | 459,621 | 31,217 |
MKS Instruments Inc. | 175,556 | 30,577 | |
* | Fair Isaac Corp. | 69,495 | 30,138 |
* | Pure Storage Inc. Class A | 893,449 | 29,082 |
* | Cirrus Logic Inc. | 306,503 | 28,204 |
* | Teradata Corp. | 617,173 | 26,211 |
* | CommScope Holding Co. Inc. | 2,346,428 | 25,905 |
* | Trade Desk Inc. Class A | 251,360 | 23,035 |
* | Advanced Micro Devices Inc. | 157,040 | 22,598 |
Concentrix Corp. | 121,639 | 21,727 | |
CSG Systems International Inc. | 360,272 | 20,759 | |
* | Unisys Corp. | 1,001,495 | 20,601 |
* | Ultra Clean Holdings Inc. | 355,143 | 20,371 |
Maximus Inc. | 249,492 | 19,877 | |
Kulicke & Soffa Industries Inc. | 318,148 | 19,261 | |
* | SMART Global Holdings Inc. | 269,378 | 19,123 |
* | Avaya Holdings Corp. | 806,917 | 15,977 |
* | Alarm.com Holdings Inc. | 181,943 | 15,431 |
* | Tenable Holdings Inc. | 252,299 | 13,894 |
* | Elastic NV | 97,231 | 11,968 |
* | Domo Inc. Class B | 238,342 | 11,822 |
* | MongoDB Inc. Class A | 19,562 | 10,355 |
* | Zendesk Inc. | 95,663 | 9,977 |
Seagate Technology Holdings plc | 87,607 | 9,898 | |
* | Cohu Inc. | 213,349 | 8,126 |
* | CommVault Systems Inc. | 115,402 | 7,954 |
* | Ichor Holdings Ltd. | 161,689 | 7,443 |
* | DXC Technology Co. | 213,176 | 6,862 |
* | Diodes Inc. | 62,136 | 6,823 |
* | Plantronics Inc. | 214,052 | 6,280 |
* | Workiva Inc. Class A | 47,517 | 6,201 |
Monolithic Power Systems Inc. | 12,445 | 6,139 | |
* | Semtech Corp. | 66,867 | 5,946 |
* | LiveRamp Holdings Inc. | 121,992 | 5,850 |
* | MACOM Technology Solutions Holdings Inc. Class H | 63,934 | 5,006 |
* | MaxLinear Inc. | 66,227 | 4,993 |
* | Axcelis Technologies Inc. | 65,555 | 4,888 |
* | Alpha & Omega Semiconductor Ltd. | 78,553 | 4,757 |
* | Ambarella Inc. | 21,830 | 4,429 |
Shares | Market Value ($000) | ||
Dolby Laboratories Inc. Class A | 43,310 | 4,124 | |
* | Verint Systems Inc. | 74,603 | 3,917 |
* | Qualtrics International Inc. Class A | 105,501 | 3,735 |
* | Fabrinet | 30,349 | 3,595 |
* | HubSpot Inc. | 4,977 | 3,281 |
Alliance Data Systems Corp. | 36,102 | 2,403 | |
* | Extreme Networks Inc. | 148,418 | 2,330 |
* | ExlService Holdings Inc. | 13,721 | 1,986 |
* | Yext Inc. | 163,127 | 1,618 |
* | Mandiant Inc. | 91,430 | 1,604 |
* | 8x8 Inc. | 76,905 | 1,289 |
1,417,338 | |||
Materials (5.4%) | |||
Louisiana-Pacific Corp. | 778,891 | 61,026 | |
Westlake Chemical Corp. | 446,834 | 43,401 | |
Reliance Steel & Aluminum Co. | 266,674 | 43,260 | |
Olin Corp. | 616,370 | 35,454 | |
Mosaic Co. | 772,568 | 30,354 | |
Packaging Corp. of America | 216,870 | 29,527 | |
Nucor Corp. | 234,305 | 26,746 | |
Commercial Metals Co. | 669,305 | 24,289 | |
Huntsman Corp. | 623,760 | 21,757 | |
Steel Dynamics Inc. | 345,806 | 21,464 | |
CF Industries Holdings Inc. | 251,996 | 17,836 | |
Avery Dennison Corp. | 78,676 | 17,039 | |
Alcoa Corp. | 198,956 | 11,854 | |
Greif Inc. Class A | 190,188 | 11,482 | |
* | TimkenSteel Corp. | 659,400 | 10,880 |
* | O-I Glass Inc. | 839,271 | 10,096 |
Celanese Corp. Class A | 54,285 | 9,123 | |
Chemours Co. | 148,165 | 4,972 | |
Sealed Air Corp. | 50,821 | 3,429 | |
Avient Corp. | 60,044 | 3,360 | |
Warrior Met Coal Inc. | 84,221 | 2,165 | |
Westrock Co. | 47,303 | 2,098 | |
Schnitzer Steel Industries Inc. Class A | 35,635 | 1,850 | |
Cabot Corp. | 31,564 | 1,774 | |
* | Sylvamo Corp. | 60,571 | 1,689 |
446,925 | |||
Real Estate (8.7%) | |||
Extra Space Storage Inc. | 337,777 | 76,584 | |
Life Storage Inc. | 405,173 | 62,065 | |
Gaming and Leisure Properties Inc. | 1,056,457 | 51,407 | |
Brixmor Property Group Inc. | 1,674,709 | 42,554 | |
Lamar Advertising Co. Class A | 345,902 | 41,958 | |
Invitation Homes Inc. | 825,915 | 37,447 | |
CubeSmart | 610,795 | 34,760 | |
Spirit Realty Capital Inc. | 656,163 | 31,621 | |
Sabra Health Care REIT Inc. | 1,995,495 | 27,019 | |
Iron Mountain Inc. | 485,244 | 25,393 | |
National Retail Properties Inc. | 498,169 | 23,947 | |
Mid-America Apartment Communities Inc. | 102,160 | 23,440 | |
PotlatchDeltic Corp. | 387,019 | 23,306 | |
National Storage Affiliates Trust | 215,843 | 14,936 | |
* | Xenia Hotels & Resorts Inc. | 800,179 | 14,491 |
Apple Hospitality REIT Inc. | 875,932 | 14,146 | |
Uniti Group Inc. | 904,385 | 12,671 |
Shares | Market Value ($000) | ||
Tanger Factory Outlet Centers Inc. | 615,052 | 11,858 | |
STORE Capital Corp. | 341,663 | 11,753 | |
Outfront Media Inc. | 425,221 | 11,405 | |
SITE Centers Corp. | 685,882 | 10,858 | |
Healthcare Trust of America Inc. Class A | 323,248 | 10,793 | |
Omega Healthcare Investors Inc. | 353,537 | 10,461 | |
Piedmont Office Realty Trust Inc. Class A | 568,566 | 10,450 | |
Brandywine Realty Trust | 673,519 | 9,039 | |
* | Redfin Corp. | 232,825 | 8,938 |
Medical Properties Trust Inc. | 358,626 | 8,474 | |
EPR Properties | 165,461 | 7,858 | |
* | GEO Group Inc. | 865,976 | 6,711 |
Universal Health Realty Income Trust | 94,854 | 5,641 | |
Vornado Realty Trust | 113,217 | 4,739 | |
* | Ryman Hospitality Properties Inc. | 49,402 | 4,543 |
Kite Realty Group Trust | 195,949 | 4,268 | |
Macerich Co. | 228,524 | 3,949 | |
Regency Centers Corp. | 49,745 | 3,748 | |
First Industrial Realty Trust Inc. | 54,630 | 3,617 | |
Kilroy Realty Corp. | 50,879 | 3,382 | |
* | Sunstone Hotel Investors Inc. | 288,229 | 3,381 |
Federal Realty Investment Trust | 21,422 | 2,920 | |
American Homes 4 Rent Class A | 54,757 | 2,388 | |
Highwoods Properties Inc. | 51,333 | 2,289 | |
RLJ Lodging Trust | 127,232 | 1,772 | |
Apartment Income REIT Corp. | 31,593 | 1,727 | |
724,707 | |||
Utilities (4.3%) | |||
AES Corp. | 2,201,715 | 53,502 | |
Evergy Inc. | 763,238 | 52,366 | |
UGI Corp. | 1,091,214 | 50,097 | |
NRG Energy Inc. | 765,189 | 32,964 | |
CMS Energy Corp. | 332,798 | 21,648 | |
NiSource Inc. | 762,575 | 21,055 | |
MDU Resources Group Inc. | 590,659 | 18,216 | |
Portland General Electric Co. | 271,448 | 14,365 | |
Hawaiian Electric Industries Inc. | 327,937 | 13,609 | |
Vistra Corp. | 484,573 | 11,034 | |
National Fuel Gas Co. | 156,939 | 10,035 | |
Alliant Energy Corp. | 127,065 | 7,811 | |
NextEra Energy Partners LP | 91,883 | 7,755 | |
New Jersey Resources Corp. | 172,696 | 7,091 | |
PPL Corp. | 233,046 | 7,005 | |
* | Southwest Gas Holdings Inc. | 97,383 | 6,822 |
American States Water Co. | 39,964 | 4,134 | |
* | PG&E Corp. | 333,700 | 4,051 |
IDACORP Inc. | 34,566 | 3,917 | |
Pinnacle West Capital Corp. | 45,247 | 3,194 | |
FirstEnergy Corp. | 76,433 | 3,179 | |
OGE Energy Corp. | 52,925 | 2,031 | |
ALLETE Inc. | 27,264 | 1,809 | |
Ameren Corp. | 19,304 | 1,718 | |
359,408 | |||
Total Common Stocks (Cost $6,178,661) | 8,287,475 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (0.5%) | |||
Money Market Fund (0.5%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.090% (Cost $44,760) | 447,709 | 44,767 |
Total Investments (100.0%) (Cost $6,223,421) | 8,332,242 | ||
Other Assets and Liabilities—Net (0.0%) | (3,448) | ||
Net Assets (100%) | 8,328,794 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $8,035,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $8,515,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2022 | 146 | 16,372 | 529 |
E-mini S&P 500 Index | March 2022 | 55 | 13,086 | 292 |
E-mini S&P Mid-Cap 400 Index | March 2022 | 49 | 13,905 | 366 |
1,187 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
At December 31, 2021, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.