Vanguard® Strategic Equity Fund
Schedule of Investments (unaudited)
As of June 30, 2022
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 (3.7%) | |||
News Corp. Class B | 1,331,079 | 21,151 | |
New York Times Co. Class A | 729,089 | 20,342 | |
* | Yelp Inc. Class A | 693,164 | 19,249 |
Interpublic Group of Cos. Inc. | 570,449 | 15,704 | |
* | Take-Two Interactive Software Inc. | 124,322 | 15,233 |
News Corp. Class A | 923,115 | 14,382 | |
* | Altice USA Inc. Class A | 1,518,782 | 14,049 |
* | Iridium Communications Inc. | 367,486 | 13,803 |
Lumen Technologies Inc. | 1,210,252 | 13,204 | |
Cable One Inc. | 9,414 | 12,138 | |
* | Live Nation Entertainment Inc. | 118,684 | 9,801 |
* | Playtika Holding Corp. | 707,301 | 9,365 |
* | Pinterest Inc. Class A | 481,859 | 8,750 |
Omnicom Group Inc. | 126,117 | 8,022 | |
Cogent Communications Holdings Inc. | 112,191 | 6,817 | |
Sinclair Broadcast Group Inc. Class A | 306,928 | 6,261 | |
* | PubMatic Inc. Class A | 347,813 | 5,527 |
* | ZoomInfo Technologies Inc. Class A | 153,454 | 5,101 |
Fox Corp. Class B | 128,272 | 3,810 | |
* | Endeavor Group Holdings Inc. Class A | 153,215 | 3,150 |
* | Bandwidth Inc. Class A | 139,324 | 2,622 |
* | ZipRecruiter Inc. Class A | 142,653 | 2,114 |
* | Madison Square Garden Sports Corp. | 13,820 | 2,087 |
*,1 | AMC Entertainment Holdings Inc. Class A | 133,800 | 1,813 |
* | Radius Global Infrastructure Inc. Class A (XNMS) | 94,366 | 1,440 |
* | Cinemark Holdings Inc. | 90,037 | 1,352 |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 36,649 | 1,321 |
* | Cargurus Inc. | 57,564 | 1,237 |
* | Vimeo Inc. | 106,208 | 639 |
* | Loyalty Ventures Inc. | 36,202 | 129 |
240,613 | |||
Consumer Discretionary (10.8%) | |||
Service Corp. International | 643,902 | 44,506 | |
Genuine Parts Co. | 314,902 | 41,882 | |
* | AutoNation Inc. | 326,760 | 36,519 |
PulteGroup Inc. | 737,062 | 29,210 | |
* | Ulta Beauty Inc. | 72,214 | 27,837 |
Tapestry Inc. | 761,653 | 23,246 | |
LKQ Corp. | 462,616 | 22,710 | |
Boyd Gaming Corp. | 382,560 | 19,032 | |
* | NVR Inc. | 4,650 | 18,619 |
Toll Brothers Inc. | 408,774 | 18,231 |
Shares | Market Value ($000) | ||
* | Six Flags Entertainment Corp. | 756,478 | 16,416 |
Travel + Leisure Co. | 405,045 | 15,724 | |
* | Tri Pointe Homes Inc. | 887,192 | 14,967 |
* | Expedia Group Inc. | 156,465 | 14,838 |
* | Meritage Homes Corp. | 202,117 | 14,653 |
Columbia Sportswear Co. | 202,985 | 14,530 | |
Winnebago Industries Inc. | 298,832 | 14,511 | |
Signet Jewelers Ltd. | 261,156 | 13,961 | |
Buckle Inc. | 467,162 | 12,936 | |
Brunswick Corp. | 191,573 | 12,525 | |
MGM Resorts International | 410,635 | 11,888 | |
* | SeaWorld Entertainment Inc. | 262,055 | 11,578 |
* | Dollar Tree Inc. | 74,148 | 11,556 |
Group 1 Automotive Inc. | 64,175 | 10,897 | |
* | Skyline Champion Corp. | 227,484 | 10,787 |
Texas Roadhouse Inc. Class A | 144,971 | 10,612 | |
Red Rock Resorts Inc. Class A | 313,674 | 10,464 | |
Harley-Davidson Inc. | 329,575 | 10,434 | |
* | Stride Inc. | 253,370 | 10,335 |
* | Under Armour Inc. Class C | 1,342,200 | 10,174 |
* | Dave & Buster's Entertainment Inc. | 309,147 | 10,134 |
Macy's Inc. | 516,821 | 9,468 | |
* | Goodyear Tire & Rubber Co. | 839,046 | 8,986 |
Tractor Supply Co. | 45,976 | 8,912 | |
Shutterstock Inc. | 147,869 | 8,474 | |
Academy Sports & Outdoors Inc. | 230,220 | 8,182 | |
Bath & Body Works Inc. | 248,260 | 6,683 | |
H&R Block Inc. | 176,334 | 6,228 | |
* | WW International Inc. | 957,941 | 6,121 |
* | Capri Holdings Ltd. | 140,377 | 5,757 |
* | MarineMax Inc. | 136,153 | 4,918 |
Century Communities Inc. | 107,068 | 4,815 | |
Steven Madden Ltd. | 148,219 | 4,774 | |
* | Etsy Inc. | 64,948 | 4,755 |
* | Crocs Inc. | 90,404 | 4,400 |
* | Asbury Automotive Group Inc. | 25,244 | 4,275 |
* | Everi Holdings Inc. | 259,747 | 4,236 |
Williams-Sonoma Inc. | 37,132 | 4,120 | |
Kohl's Corp. | 112,060 | 3,999 | |
* | Deckers Outdoor Corp. | 14,889 | 3,802 |
Wendy's Co. | 200,718 | 3,790 | |
Dine Brands Global Inc. | 57,695 | 3,755 | |
Patrick Industries Inc. | 71,757 | 3,720 | |
* | Cavco Industries Inc. | 17,298 | 3,390 |
Qurate Retail Inc. Series A | 1,170,079 | 3,358 | |
* | Abercrombie & Fitch Co. Class A | 173,840 | 2,941 |
* | Revolve Group Inc. | 96,049 | 2,489 |
Aaron's Co. Inc. | 166,515 | 2,423 | |
* | Fox Factory Holding Corp. | 29,688 | 2,391 |
* | Chegg Inc. | 117,337 | 2,204 |
* | Brinker International Inc. | 98,300 | 2,166 |
* | Stitch Fix Inc. Class A | 393,901 | 1,946 |
Thor Industries Inc. | 24,441 | 1,826 | |
* | American Axle & Manufacturing Holdings Inc. | 200,272 | 1,508 |
* | Scientific Games Corp. Class A | 30,936 | 1,454 |
Hibbett Inc. | 32,602 | 1,425 | |
ADT Inc. | 230,979 | 1,420 | |
LCI Industries | 12,609 | 1,411 |
Shares | Market Value ($000) | ||
* | Fossil Group Inc. | 269,416 | 1,393 |
Gentex Corp. | 47,372 | 1,325 | |
Vail Resorts Inc. | 6,009 | 1,310 | |
* | XPEL Inc. | 28,236 | 1,297 |
Wyndham Hotels & Resorts Inc. | 18,073 | 1,188 | |
Best Buy Co. Inc. | 17,654 | 1,151 | |
PVH Corp. | 19,797 | 1,126 | |
* | Overstock.com Inc. | 40,700 | 1,018 |
* | Tupperware Brands Corp. | 117,461 | 745 |
712,787 | |||
Consumer Staples (3.9%) | |||
* | Darling Ingredients Inc. | 495,134 | 29,609 |
Bunge Ltd. | 275,725 | 25,006 | |
* | Pilgrim's Pride Corp. | 662,934 | 20,703 |
Ingles Markets Inc. Class A | 215,908 | 18,730 | |
* | Herbalife Nutrition Ltd. | 803,741 | 16,437 |
Ingredion Inc. | 177,214 | 15,623 | |
* | BJ's Wholesale Club Holdings Inc. | 237,117 | 14,777 |
Flowers Foods Inc. | 493,282 | 12,983 | |
Medifast Inc. | 68,945 | 12,445 | |
* | Coty Inc. Class A | 1,427,482 | 11,434 |
Molson Coors Beverage Co. Class B | 203,827 | 11,111 | |
Campbell Soup Co. | 222,207 | 10,677 | |
* | United Natural Foods Inc. | 190,122 | 7,491 |
Coca-Cola Consolidated Inc. | 13,174 | 7,429 | |
* | Hostess Brands Inc. Class A | 325,526 | 6,904 |
Lamb Weston Holdings Inc. | 77,131 | 5,512 | |
* | USANA Health Sciences Inc. | 72,128 | 5,219 |
* | Hain Celestial Group Inc. | 212,288 | 5,040 |
Kellogg Co. | 56,873 | 4,057 | |
* | TreeHouse Foods Inc. | 83,698 | 3,500 |
Vector Group Ltd. | 247,366 | 2,597 | |
Cal-Maine Foods Inc. | 51,855 | 2,562 | |
Nu Skin Enterprises Inc. Class A | 57,942 | 2,509 | |
Edgewell Personal Care Co. | 69,309 | 2,393 | |
Energizer Holdings Inc. | 53,990 | 1,531 | |
Church & Dwight Co. Inc. | 14,748 | 1,367 | |
* | BellRing Brands Inc. | 49,341 | 1,228 |
258,874 | |||
Energy (5.4%) | |||
Halliburton Co. | 1,531,846 | 48,039 | |
Hess Corp. | 442,291 | 46,856 | |
APA Corp. | 1,206,134 | 42,094 | |
SM Energy Co. | 700,728 | 23,958 | |
Occidental Petroleum Corp. | 370,072 | 21,790 | |
Targa Resources Corp. | 287,088 | 17,131 | |
* | PBF Energy Inc. Class A | 575,145 | 16,691 |
Marathon Oil Corp. | 732,852 | 16,474 | |
Plains GP Holdings LP Class A | 1,492,017 | 15,398 | |
* | Delek US Holdings Inc. | 400,780 | 10,356 |
* | Southwestern Energy Co. | 1,635,330 | 10,221 |
* | Talos Energy Inc. | 654,045 | 10,118 |
PDC Energy Inc. | 158,015 | 9,735 | |
* | Liberty Energy Inc. Class A | 584,531 | 7,459 |
Texas Pacific Land Corp. | 4,902 | 7,294 | |
* | Comstock Resources Inc. | 531,135 | 6,416 |
* | Callon Petroleum Co. | 150,754 | 5,910 |
Shares | Market Value ($000) | ||
* | Antero Resources Corp. | 171,762 | 5,264 |
* | Denbury Inc. | 82,406 | 4,943 |
Equitrans Midstream Corp. | 602,417 | 3,831 | |
* | ProPetro Holding Corp. | 373,770 | 3,738 |
* | Nabors Industries Ltd. (XNYS) | 23,855 | 3,194 |
* | Kosmos Energy Ltd. | 429,899 | 2,661 |
* | Gulfport Energy Corp. | 32,950 | 2,620 |
* | NexTier Oilfield Solutions Inc. | 247,722 | 2,356 |
* | W&T Offshore Inc. | 544,323 | 2,351 |
Oasis Petroleum Inc. | 17,663 | 2,149 | |
* | US Silica Holdings Inc. | 139,717 | 1,596 |
CVR Energy Inc. | 42,571 | 1,426 | |
Northern Oil and Gas Inc. | 55,941 | 1,413 | |
Diamondback Energy Inc. | 9,713 | 1,177 | |
* | Oceaneering International Inc. | 104,409 | 1,115 |
355,774 | |||
Financials (15.0%) | |||
W R Berkley Corp. | 697,982 | 47,644 | |
Ally Financial Inc. | 1,233,509 | 41,335 | |
Equitable Holdings Inc. | 1,446,024 | 37,698 | |
Zions Bancorp NA | 715,701 | 36,429 | |
Fidelity National Financial Inc. | 898,231 | 33,199 | |
Walker & Dunlop Inc. | 321,534 | 30,977 | |
KKR & Co. Inc. | 661,815 | 30,635 | |
MGIC Investment Corp. | 2,429,774 | 30,615 | |
Hartford Financial Services Group Inc. | 450,494 | 29,476 | |
Radian Group Inc. | 1,429,257 | 28,085 | |
Comerica Inc. | 378,369 | 27,765 | |
Hanover Insurance Group Inc. | 180,951 | 26,464 | |
Primerica Inc. | 218,771 | 26,185 | |
PacWest Bancorp | 897,734 | 23,934 | |
Stifel Financial Corp. | 425,657 | 23,845 | |
Evercore Inc. Class A | 229,144 | 21,450 | |
SLM Corp. | 1,297,613 | 20,684 | |
Invesco Ltd. | 1,266,542 | 20,429 | |
Essent Group Ltd. | 522,702 | 20,333 | |
First BanCorp. (XNYS) | 1,460,330 | 18,853 | |
Western Alliance Bancorp | 255,800 | 18,059 | |
Everest Re Group Ltd. | 64,245 | 18,007 | |
Synovus Financial Corp. | 498,683 | 17,977 | |
First Citizens BancShares Inc. Class A | 27,082 | 17,706 | |
Bank OZK | 449,870 | 16,884 | |
First Republic Bank | 116,789 | 16,841 | |
CNO Financial Group Inc. | 868,583 | 15,713 | |
Regions Financial Corp. | 816,463 | 15,309 | |
* | Brighthouse Financial Inc. | 324,139 | 13,296 |
Carlyle Group Inc. | 419,184 | 13,271 | |
FNB Corp. | 1,182,812 | 12,845 | |
Old Republic International Corp. | 528,194 | 11,810 | |
International Bancshares Corp. | 294,400 | 11,800 | |
Virtu Financial Inc. Class A | 500,707 | 11,722 | |
Hancock Whitney Corp. | 258,582 | 11,463 | |
Synchrony Financial | 414,781 | 11,456 | |
* | LendingClub Corp. | 961,768 | 11,243 |
Axis Capital Holdings Ltd. | 196,724 | 11,231 | |
American Financial Group Inc. | 80,777 | 11,213 | |
Kinsale Capital Group Inc. | 45,465 | 10,441 | |
Wintrust Financial Corp. | 122,092 | 9,786 |
Shares | Market Value ($000) | ||
Cboe Global Markets Inc. | 86,069 | 9,742 | |
Popular Inc. | 124,535 | 9,580 | |
Loews Corp. | 159,766 | 9,468 | |
OneMain Holdings Inc. | 247,490 | 9,251 | |
* | Arch Capital Group Ltd. | 194,514 | 8,848 |
Jefferies Financial Group Inc. | 318,069 | 8,785 | |
Associated Banc-Corp. | 390,535 | 7,131 | |
Affiliated Managers Group Inc. | 54,877 | 6,399 | |
Old National Bancorp | 369,722 | 5,468 | |
First American Financial Corp. | 98,110 | 5,192 | |
UMB Financial Corp. | 55,024 | 4,738 | |
Columbia Banking System Inc. | 155,548 | 4,456 | |
* | SVB Financial Group | 10,938 | 4,320 |
Nasdaq Inc. | 22,808 | 3,479 | |
SEI Investments Co. | 61,056 | 3,298 | |
Brightsphere Investment Group Inc. | 173,942 | 3,133 | |
Assured Guaranty Ltd. | 38,319 | 2,138 | |
Navient Corp. | 151,337 | 2,117 | |
East West Bancorp Inc. | 31,610 | 2,048 | |
* | Credit Acceptance Corp. | 3,548 | 1,680 |
* | Mr Cooper Group Inc. | 44,176 | 1,623 |
First Hawaiian Inc. | 69,187 | 1,571 | |
Simmons First National Corp. Class A | 70,986 | 1,509 | |
Eagle Bancorp Inc. | 28,582 | 1,355 | |
KeyCorp. | 77,167 | 1,330 | |
Fifth Third Bancorp | 35,931 | 1,207 | |
983,974 | |||
Health Care (12.4%) | |||
West Pharmaceutical Services Inc. | 153,308 | 46,356 | |
AmerisourceBergen Corp. Class A | 320,806 | 45,388 | |
Chemed Corp. | 87,702 | 41,166 | |
Bruker Corp. | 613,988 | 38,534 | |
Laboratory Corp. of America Holdings | 149,104 | 34,944 | |
* | AMN Healthcare Services Inc. | 284,640 | 31,228 |
* | Medpace Holdings Inc. | 207,406 | 31,042 |
* | IQVIA Holdings Inc. | 135,568 | 29,417 |
* | Alkermes plc | 916,913 | 27,315 |
* | ABIOMED Inc. | 110,034 | 27,235 |
* | Veeva Systems Inc. Class A | 128,731 | 25,494 |
* | Sarepta Therapeutics Inc. | 317,371 | 23,790 |
* | Mettler-Toledo International Inc. | 17,934 | 20,602 |
* | Incyte Corp. | 262,951 | 19,976 |
* | Charles River Laboratories International Inc. | 92,027 | 19,691 |
* | DaVita Inc. | 189,040 | 15,116 |
* | United Therapeutics Corp. | 59,563 | 14,035 |
* | Tenet Healthcare Corp. | 265,379 | 13,948 |
* | Hologic Inc. | 199,193 | 13,804 |
* | STAAR Surgical Co. | 190,755 | 13,530 |
* | ImmunoGen Inc. | 2,896,524 | 13,034 |
* | Shockwave Medical Inc. | 60,311 | 11,530 |
* | Deciphera Pharmaceuticals Inc. | 848,378 | 11,156 |
* | Allscripts Healthcare Solutions Inc. | 726,714 | 10,777 |
*,1 | Intercept Pharmaceuticals Inc. | 750,460 | 10,364 |
* | PTC Therapeutics Inc. | 239,529 | 9,596 |
* | Tandem Diabetes Care Inc. | 152,712 | 9,039 |
Quest Diagnostics Inc. | 65,665 | 8,732 | |
* | Avantor Inc. | 280,636 | 8,728 |
* | ACADIA Pharmaceuticals Inc. | 616,774 | 8,690 |
Shares | Market Value ($000) | ||
Cardinal Health Inc. | 162,027 | 8,469 | |
* | Enanta Pharmaceuticals Inc. | 167,247 | 7,906 |
* | Ionis Pharmaceuticals Inc. | 211,811 | 7,841 |
* | Myriad Genetics Inc. | 386,028 | 7,014 |
* | Inspire Medical Systems Inc. | 37,003 | 6,759 |
DENTSPLY SIRONA Inc. | 184,082 | 6,577 | |
* | Exelixis Inc. | 281,608 | 5,863 |
* | QuidelOrtho Corp. | 59,164 | 5,750 |
* | Novavax Inc. | 108,657 | 5,588 |
* | MEDNAX Inc. | 261,975 | 5,504 |
* | NuVasive Inc. | 97,967 | 4,816 |
* | Vir Biotechnology Inc. | 177,921 | 4,532 |
* | Merit Medical Systems Inc. | 81,161 | 4,405 |
* | Masimo Corp. | 32,955 | 4,306 |
* | ICU Medical Inc. | 26,059 | 4,284 |
* | Integra LifeSciences Holdings Corp. | 78,757 | 4,255 |
* | Agenus Inc. | 2,177,755 | 4,225 |
* | Nektar Therapeutics Class A | 1,046,070 | 3,975 |
* | Henry Schein Inc. | 48,864 | 3,750 |
* | Lantheus Holdings Inc. | 55,972 | 3,696 |
* | Theravance Biopharma Inc. | 389,911 | 3,533 |
* | GoodRx Holdings Inc. Class A | 555,753 | 3,290 |
* | Corcept Therapeutics Inc. | 135,842 | 3,230 |
* | Prestige Consumer Healthcare Inc. | 54,373 | 3,197 |
* | Arrowhead Pharmaceuticals Inc. | 89,007 | 3,134 |
* | Option Care Health Inc. | 112,694 | 3,132 |
* | Glaukos Corp. | 66,787 | 3,033 |
*,1 | Clovis Oncology Inc. | 1,679,012 | 3,022 |
* | Endo International plc | 6,022,941 | 2,805 |
* | 2seventy bio Inc. | 210,012 | 2,772 |
* | Inovio Pharmaceuticals Inc. | 1,501,102 | 2,597 |
* | Syneos Health Inc. | 34,615 | 2,481 |
* | Multiplan Corp. | 447,287 | 2,456 |
* | Nevro Corp. | 55,322 | 2,425 |
* | Figs Inc. Class A | 239,243 | 2,180 |
* | Maravai LifeSciences Holdings Inc. Class A | 74,689 | 2,122 |
* | Atea Pharmaceuticals Inc. | 278,408 | 1,977 |
* | Cara Therapeutics Inc. | 215,399 | 1,967 |
* | Sangamo Therapeutics Inc. | 467,930 | 1,937 |
* | TG Therapeutics Inc. | 437,093 | 1,858 |
* | Editas Medicine Inc. Class A | 143,834 | 1,702 |
* | Co-Diagnostics Inc. | 289,221 | 1,623 |
* | iTeos Therapeutics Inc. | 76,718 | 1,580 |
* | Puma Biotechnology Inc. | 540,434 | 1,540 |
* | Zymeworks Inc. | 288,485 | 1,529 |
* | Health Catalyst Inc. | 104,171 | 1,509 |
* | Haemonetics Corp. | 23,110 | 1,506 |
* | Rigel Pharmaceuticals Inc. | 1,318,144 | 1,489 |
* | Travere Thrapeutics Inc. | 56,484 | 1,369 |
* | Community Health Systems Inc. | 331,307 | 1,242 |
* | Bridgebio Pharma Inc. | 132,154 | 1,200 |
* | Emergent BioSolutions Inc. | 33,247 | 1,032 |
* | Joint Corp. | 66,951 | 1,025 |
* | Prothena Corp. plc | 37,057 | 1,006 |
* | MacroGenics Inc. | 326,422 | 963 |
* | Seres Therapeutics Inc. | 195,204 | 670 |
* | Akebia Therapeutics Inc. | 1,833,311 | 647 |
Shares | Market Value ($000) | ||
* | Organogenesis Holdings Inc. Class A | 116,256 | 567 |
819,119 | |||
Industrials (13.5%) | |||
WW Grainger Inc. | 124,321 | 56,495 | |
* | United Rentals Inc. | 177,872 | 43,207 |
Allison Transmission Holdings Inc. | 1,109,545 | 42,662 | |
Owens Corning | 551,838 | 41,007 | |
Dover Corp. | 325,574 | 39,499 | |
Robert Half International Inc. | 498,674 | 37,346 | |
* | Atkore Inc. | 398,599 | 33,088 |
AGCO Corp. | 320,166 | 31,600 | |
* | CACI International Inc. Class A | 111,966 | 31,550 |
Rush Enterprises Inc. Class A | 549,336 | 26,478 | |
ManpowerGroup Inc. | 337,189 | 25,765 | |
Triton International Ltd. | 478,068 | 25,170 | |
Ryder System Inc. | 324,376 | 23,050 | |
UFP Industries Inc. | 293,803 | 20,020 | |
Boise Cascade Co. | 320,135 | 19,045 | |
Expeditors International of Washington Inc. | 193,302 | 18,839 | |
Korn Ferry | 321,450 | 18,650 | |
* | Univar Solutions Inc. | 734,211 | 18,260 |
GrafTech International Ltd. | 2,449,929 | 17,321 | |
EMCOR Group Inc. | 168,046 | 17,302 | |
Wabash National Corp. | 1,183,418 | 16,071 | |
Terex Corp. | 586,907 | 16,064 | |
Matson Inc. | 214,060 | 15,601 | |
JB Hunt Transport Services Inc. | 97,255 | 15,315 | |
* | Builders FirstSource Inc. | 272,019 | 14,607 |
Booz Allen Hamilton Holding Corp. Class A | 160,683 | 14,519 | |
* | Alaska Air Group Inc. | 356,055 | 14,260 |
* | Clean Harbors Inc. | 151,582 | 13,289 |
Acuity Brands Inc. | 78,221 | 12,049 | |
MDU Resources Group Inc. | 409,652 | 11,056 | |
* | Copart Inc. | 100,311 | 10,900 |
AECOM | 142,934 | 9,322 | |
Encore Wire Corp. | 87,539 | 9,097 | |
Fortune Brands Home & Security Inc. | 114,190 | 6,838 | |
* | TrueBlue Inc. | 360,610 | 6,455 |
* | Saia Inc. | 33,607 | 6,318 |
* | ASGN Inc. | 69,179 | 6,243 |
IDEX Corp. | 33,538 | 6,091 | |
* | Aerojet Rocketdyne Holdings Inc. | 148,273 | 6,020 |
Tetra Tech Inc. | 43,845 | 5,987 | |
ArcBest Corp. | 83,737 | 5,893 | |
Spirit AeroSystems Holdings Inc. Class A | 190,871 | 5,592 | |
Primoris Services Corp. | 223,004 | 4,853 | |
Ennis Inc. | 238,646 | 4,828 | |
Huntington Ingalls Industries Inc. | 21,287 | 4,637 | |
* | SkyWest Inc. | 212,662 | 4,519 |
Lincoln Electric Holdings Inc. | 36,550 | 4,509 | |
Mueller Industries Inc. | 74,886 | 3,991 | |
Old Dominion Freight Line Inc. | 13,689 | 3,508 | |
* | Driven Brands Holdings Inc. | 117,673 | 3,241 |
Esab Corp. | 68,394 | 2,992 | |
* | MYR Group Inc. | 33,729 | 2,973 |
* | Hub Group Inc. Class A | 39,154 | 2,778 |
Watts Water Technologies Inc. Class A | 21,211 | 2,606 | |
BWX Technologies Inc. | 46,913 | 2,584 |
Shares | Market Value ($000) | ||
Brink's Co. | 41,811 | 2,538 | |
* | GEO Group Inc. | 358,276 | 2,365 |
* | Quad/Graphics Inc. | 845,269 | 2,324 |
* | TriNet Group Inc. | 29,935 | 2,324 |
Donaldson Co. Inc. | 47,743 | 2,298 | |
Genco Shipping & Trading Ltd. | 117,466 | 2,269 | |
ABM Industries Inc. | 51,895 | 2,253 | |
Applied Industrial Technologies Inc. | 21,695 | 2,086 | |
Simpson Manufacturing Co. Inc. | 16,888 | 1,699 | |
Pitney Bowes Inc. | 446,084 | 1,615 | |
EnerSys | 25,573 | 1,508 | |
* | United Airlines Holdings Inc. | 29,380 | 1,041 |
886,280 | |||
Information Technology (14.9%) | |||
CDW Corp. | 324,347 | 51,104 | |
* | Dropbox Inc. Class A | 1,945,194 | 40,830 |
* | Arrow Electronics Inc. | 362,130 | 40,591 |
Jabil Inc. | 791,218 | 40,518 | |
* | Synopsys Inc. | 130,351 | 39,588 |
* | Cadence Design Systems Inc. | 263,200 | 39,488 |
* | Manhattan Associates Inc. | 307,336 | 35,221 |
* | Nutanix Inc. Class A | 2,344,181 | 34,295 |
* | Gartner Inc. | 136,246 | 32,948 |
Avnet Inc. | 750,719 | 32,191 | |
* | Cirrus Logic Inc. | 430,425 | 31,223 |
* | ON Semiconductor Corp. | 596,481 | 30,009 |
* | Splunk Inc. | 320,785 | 28,377 |
* | Flex Ltd. | 1,890,168 | 27,351 |
Amkor Technology Inc. | 1,496,563 | 25,367 | |
* | CommScope Holding Co. Inc. | 4,008,084 | 24,530 |
* | Fair Isaac Corp. | 56,182 | 22,523 |
CSG Systems International Inc. | 365,059 | 21,787 | |
* | Box Inc. Class A | 792,523 | 19,924 |
* | EPAM Systems Inc. | 66,021 | 19,462 |
* | Fortinet Inc. | 329,126 | 18,622 |
* | Teradata Corp. | 455,108 | 16,844 |
* | Pure Storage Inc. Class A | 637,325 | 16,386 |
* | GoDaddy Inc. Class A | 225,107 | 15,658 |
* | MaxLinear Inc. | 452,097 | 15,362 |
* | Zebra Technologies Corp. Class A | 50,585 | 14,869 |
* | RingCentral Inc. Class A | 257,622 | 13,463 |
* | Unisys Corp. | 1,001,495 | 12,048 |
* | Everbridge Inc. | 427,576 | 11,925 |
* | CommVault Systems Inc. | 189,071 | 11,893 |
* | Domo Inc. Class B | 362,915 | 10,089 |
Kulicke & Soffa Industries Inc. | 231,700 | 9,919 | |
* | Diodes Inc. | 151,132 | 9,759 |
* | SMART Global Holdings Inc. | 538,756 | 8,819 |
* | Extreme Networks Inc. | 973,556 | 8,684 |
* | Western Digital Corp. | 177,386 | 7,952 |
Xerox Holdings Corp. | 535,076 | 7,946 | |
Monolithic Power Systems Inc. | 19,990 | 7,677 | |
* | Axcelis Technologies Inc. | 120,582 | 6,613 |
* | Elastic NV | 97,231 | 6,580 |
Concentrix Corp. | 48,395 | 6,564 | |
* | Ultra Clean Holdings Inc. | 220,363 | 6,560 |
* | Kyndryl Holdings Inc. | 665,128 | 6,505 |
* | Ciena Corp. | 141,708 | 6,476 |
Shares | Market Value ($000) | ||
* | ExlService Holdings Inc. | 43,319 | 6,382 |
* | Alarm.com Holdings Inc. | 102,473 | 6,339 |
* | Toast Inc. Class A | 478,799 | 6,196 |
* | 8x8 Inc. | 1,194,567 | 6,152 |
* | Yext Inc. | 1,206,097 | 5,765 |
* | MongoDB Inc. Class A | 19,562 | 5,076 |
* | Alpha & Omega Semiconductor Ltd. | 149,377 | 4,980 |
Maximus Inc. | 70,131 | 4,384 | |
* | LivePerson Inc. | 305,348 | 4,318 |
Pegasystems Inc. | 88,115 | 4,215 | |
* | Ichor Holdings Ltd. | 161,689 | 4,201 |
* | Cohu Inc. | 150,948 | 4,189 |
* | Semtech Corp. | 66,867 | 3,676 |
* | AvidXchange Holdings Inc. | 541,434 | 3,324 |
* | DXC Technology Co. | 100,406 | 3,043 |
* | Fabrinet | 30,349 | 2,461 |
Juniper Networks Inc. | 81,232 | 2,315 | |
* | MACOM Technology Solutions Holdings Inc. Class H | 43,328 | 1,997 |
* | Payoneer Global Inc. | 494,063 | 1,937 |
Hewlett Packard Enterprise Co. | 126,589 | 1,679 | |
* | Avaya Holdings Corp. | 724,251 | 1,622 |
* | HubSpot Inc. | 4,977 | 1,496 |
* | Photronics Inc. | 74,439 | 1,450 |
* | Super Micro Computer Inc. | 34,699 | 1,400 |
983,137 | |||
Materials (5.3%) | |||
Packaging Corp. of America | 305,202 | 41,965 | |
Reliance Steel & Aluminum Co. | 240,845 | 40,910 | |
CF Industries Holdings Inc. | 371,228 | 31,825 | |
Mosaic Co. | 533,763 | 25,210 | |
Louisiana-Pacific Corp. | 366,222 | 19,194 | |
Olin Corp. | 410,187 | 18,984 | |
Albemarle Corp. | 79,416 | 16,596 | |
Westlake Corp. | 158,808 | 15,566 | |
Chemours Co. | 439,617 | 14,077 | |
Warrior Met Coal Inc. | 457,510 | 14,004 | |
Huntsman Corp. | 485,873 | 13,775 | |
Westrock Co. | 322,278 | 12,840 | |
Greif Inc. Class A | 190,188 | 11,864 | |
Commercial Metals Co. | 346,930 | 11,483 | |
* | O-I Glass Inc. | 819,103 | 11,467 |
Steel Dynamics Inc. | 133,172 | 8,809 | |
Alcoa Corp. | 174,019 | 7,932 | |
* | TimkenSteel Corp. | 363,535 | 6,802 |
Celanese Corp. Class A | 54,285 | 6,385 | |
Eastman Chemical Co. | 48,367 | 4,342 | |
Tronox Holdings plc Class A | 212,612 | 3,572 | |
Sylvamo Corp. | 93,952 | 3,070 | |
Sensient Technologies Corp. | 35,973 | 2,898 | |
Sonoco Products Co. | 47,280 | 2,697 | |
Balchem Corp. | 13,422 | 1,741 | |
Schnitzer Steel Industries Inc. Class A | 35,635 | 1,170 | |
349,178 | |||
Real Estate (9.0%) | |||
Extra Space Storage Inc. | 331,999 | 56,480 | |
Life Storage Inc. | 396,761 | 44,302 | |
Gaming and Leisure Properties Inc. | 825,197 | 37,844 |
Shares | Market Value ($000) | ||
CubeSmart | 870,542 | 37,190 | |
Camden Property Trust | 269,901 | 36,296 | |
Brixmor Property Group Inc. | 1,674,709 | 33,846 | |
Invitation Homes Inc. | 930,237 | 33,098 | |
National Retail Properties Inc. | 611,582 | 26,298 | |
STORE Capital Corp. | 941,122 | 24,544 | |
Spirit Realty Capital Inc. | 644,811 | 24,361 | |
Sabra Health Care REIT Inc. | 1,714,173 | 23,947 | |
Mid-America Apartment Communities Inc. | 115,773 | 20,222 | |
Highwoods Properties Inc. | 574,783 | 19,652 | |
Lamar Advertising Co. Class A | 197,509 | 17,375 | |
PotlatchDeltic Corp. | 343,407 | 15,175 | |
National Storage Affiliates Trust | 284,768 | 14,258 | |
Piedmont Office Realty Trust Inc. Class A | 929,191 | 12,191 | |
* | Xenia Hotels & Resorts Inc. | 800,179 | 11,627 |
Outfront Media Inc. | 611,906 | 10,372 | |
EPR Properties | 199,176 | 9,347 | |
SITE Centers Corp. | 685,882 | 9,239 | |
WP Carey Inc. | 110,361 | 9,145 | |
Essential Properties Realty Trust Inc. | 424,778 | 9,128 | |
Apple Hospitality REIT Inc. | 560,495 | 8,222 | |
* | DiamondRock Hospitality Co. | 754,945 | 6,198 |
Universal Health Realty Income Trust | 94,854 | 5,047 | |
Kite Realty Group Trust | 270,317 | 4,674 | |
Brandywine Realty Trust | 428,690 | 4,133 | |
Regency Centers Corp. | 49,745 | 2,950 | |
Uniti Group Inc. | 296,225 | 2,790 | |
Tanger Factory Outlet Centers Inc. | 187,588 | 2,668 | |
Kilroy Realty Corp. | 50,879 | 2,662 | |
Park Hotels & Resorts Inc. | 195,403 | 2,652 | |
First Industrial Realty Trust Inc. | 54,630 | 2,594 | |
RLJ Lodging Trust | 215,196 | 2,374 | |
Federal Realty Investment Trust | 21,422 | 2,051 | |
Paramount Group Inc. | 239,341 | 1,730 | |
Apartment Income REIT Corp. | 32,287 | 1,343 | |
* | Redfin Corp. | 116,425 | 959 |
588,984 | |||
Utilities (5.6%) | |||
NiSource Inc. | 1,701,017 | 50,163 | |
Evergy Inc. | 726,903 | 47,431 | |
National Fuel Gas Co. | 526,298 | 34,762 | |
AES Corp. | 1,631,395 | 34,276 | |
Vistra Corp. | 1,080,386 | 24,687 | |
Constellation Energy Corp. | 389,710 | 22,315 | |
UGI Corp. | 537,250 | 20,743 | |
Portland General Electric Co. | 375,373 | 18,142 | |
FirstEnergy Corp. | 459,343 | 17,634 | |
Hawaiian Electric Industries Inc. | 417,788 | 17,088 | |
PPL Corp. | 527,605 | 14,314 | |
Pinnacle West Capital Corp. | 168,319 | 12,308 | |
NRG Energy Inc. | 301,157 | 11,495 | |
New Jersey Resources Corp. | 224,521 | 9,998 | |
DTE Energy Co. | 66,936 | 8,484 | |
Alliant Energy Corp. | 127,065 | 7,447 | |
CMS Energy Corp. | 105,561 | 7,125 | |
ALLETE Inc. | 67,169 | 3,948 | |
IDACORP Inc. | 34,566 | 3,661 | |
Ameren Corp. | 19,304 | 1,744 |
Shares | Market Value ($000) | ||
American States Water Co. | 18,944 | 1,544 | |
Essential Utilities Inc. | 30,651 | 1,405 | |
370,714 | |||
Total Common Stocks (Cost $6,466,196) | 6,549,434 | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
2,3 | Vanguard Market Liquidity Fund, 1.417% (Cost $26,445) | 264,581 | 26,450 |
Total Investments (99.9%) (Cost $6,492,641) | 6,575,884 | ||
Other Assets and Liabilities—Net (0.1%) | 3,336 | ||
Net Assets (100%) | 6,579,220 | ||
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 $12,341,000. |
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 $12,831,000 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 | September 2022 | 130 | 11,102 | (28) |
E-Mini S&P 500 Index | September 2022 | 53 | 10,042 | 28 |
E-mini S&P Mid-Cap 400 Index | September 2022 | 49 | 11,113 | (63) |
(63) |
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 June 30, 2022, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.