Vanguard® Strategic Small-Cap 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 (2.7%) | |||
* | Yelp Inc. Class A | 223,289 | 6,201 |
* | Consolidated Communications Holdings Inc. | 656,508 | 4,596 |
* | Iridium Communications Inc. | 95,168 | 3,574 |
New York Times Co. Class A | 121,419 | 3,388 | |
Nexstar Media Group Inc. Class A | 16,176 | 2,635 | |
* | Altice USA Inc. Class A | 267,927 | 2,478 |
Cogent Communications Holdings Inc. | 38,518 | 2,340 | |
* | Clear Channel Outdoor Holdings Inc. | 1,659,355 | 1,775 |
* | WideOpenWest Inc. | 72,581 | 1,322 |
* | PubMatic Inc. Class A | 63,612 | 1,011 |
* | Nextdoor Holdings Inc. | 282,751 | 936 |
* | Endeavor Group Holdings Inc. Class A | 35,318 | 726 |
* | Radius Global Infrastructure Inc. Class A (XNMS) | 40,538 | 619 |
Sinclair Broadcast Group Inc. Class A | 29,636 | 605 | |
* | Loyalty Ventures Inc. | 113,293 | 404 |
* | Gannett Co. Inc. | 128,943 | 374 |
* | Cars.com Inc. | 33,523 | 316 |
* | Bumble Inc. Class A | 8,216 | 231 |
33,531 | |||
Consumer Discretionary (11.5%) | |||
Boyd Gaming Corp. | 146,862 | 7,306 | |
* | Tri Pointe Homes Inc. | 384,528 | 6,487 |
Oxford Industries Inc. | 67,941 | 6,029 | |
* | AutoNation Inc. | 53,403 | 5,968 |
* | Perdoceo Education Corp. | 486,667 | 5,733 |
* | Capri Holdings Ltd. | 115,608 | 4,741 |
Patrick Industries Inc. | 85,238 | 4,419 | |
Brunswick Corp. | 67,140 | 4,390 | |
* | American Axle & Manufacturing Holdings Inc. | 564,702 | 4,252 |
Buckle Inc. | 151,880 | 4,206 | |
* | Stride Inc. | 95,743 | 3,905 |
* | Skyline Champion Corp. | 76,235 | 3,615 |
* | Dave & Buster's Entertainment Inc. | 106,544 | 3,493 |
Signet Jewelers Ltd. | 64,101 | 3,427 | |
Texas Roadhouse Inc. Class A | 45,150 | 3,305 | |
* | Cavco Industries Inc. | 16,351 | 3,205 |
* | WW International Inc. | 494,616 | 3,161 |
Harley-Davidson Inc. | 99,418 | 3,148 | |
Movado Group Inc. | 100,530 | 3,109 | |
* | Six Flags Entertainment Corp. | 141,034 | 3,060 |
Toll Brothers Inc. | 66,944 | 2,986 | |
* | SeaWorld Entertainment Inc. | 61,896 | 2,735 |
Shares | Market Value ($000) | ||
Group 1 Automotive Inc. | 15,609 | 2,650 | |
Carriage Services Inc. Class A | 64,776 | 2,568 | |
Macy's Inc. | 131,569 | 2,410 | |
Caleres Inc. | 73,239 | 1,922 | |
* | Deckers Outdoor Corp. | 7,486 | 1,912 |
* | Beazer Homes USA Inc. | 151,268 | 1,826 |
Shoe Carnival Inc. | 81,855 | 1,769 | |
Churchill Downs Inc. | 9,061 | 1,735 | |
Murphy USA Inc. | 6,956 | 1,620 | |
Academy Sports & Outdoors Inc. | 45,347 | 1,612 | |
* | Everi Holdings Inc. | 95,563 | 1,559 |
* | MarineMax Inc. | 42,004 | 1,517 |
* | Dorman Products Inc. | 13,135 | 1,441 |
* | Master Craft Boat Holdings Inc. | 66,848 | 1,407 |
Hibbett Inc. | 31,943 | 1,396 | |
Kohl's Corp. | 36,043 | 1,286 | |
Shutterstock Inc. | 22,153 | 1,270 | |
* | Crocs Inc. | 25,627 | 1,247 |
Winnebago Industries Inc. | 25,662 | 1,246 | |
Travel + Leisure Co. | 28,173 | 1,094 | |
Red Rock Resorts Inc. Class A | 29,392 | 981 | |
Aaron's Co. Inc. | 64,553 | 939 | |
Tempur Sealy International Inc. | 42,621 | 911 | |
Ruth's Hospitality Group Inc. | 51,001 | 829 | |
* | Playa Hotels & Resorts NV | 120,038 | 825 |
* | Duluth Holdings Inc. Class B | 77,588 | 740 |
* | Modine Manufacturing Co. | 69,882 | 736 |
Ethan Allen Interiors Inc. | 35,362 | 715 | |
PVH Corp. | 12,471 | 710 | |
Thor Industries Inc. | 9,345 | 698 | |
* | Goodyear Tire & Rubber Co. | 60,678 | 650 |
* | Scientific Games Corp. Class A | 13,074 | 614 |
Steven Madden Ltd. | 18,564 | 598 | |
* | Funko Inc. Class A | 25,372 | 566 |
H&R Block Inc. | 15,926 | 563 | |
* | Meritage Homes Corp. | 7,385 | 535 |
* | Abercrombie & Fitch Co. Class A | 31,542 | 534 |
* | Liquidity Services Inc. | 38,796 | 521 |
* | Golden Entertainment Inc. | 11,931 | 472 |
* | Quotient Technology Inc. | 156,903 | 466 |
Standard Motor Products Inc. | 8,768 | 394 | |
* | Vivint Smart Home Inc. | 102,231 | 356 |
* | Brinker International Inc. | 15,183 | 334 |
* | Genesco Inc. | 6,658 | 332 |
* | Asbury Automotive Group Inc. | 1,930 | 327 |
* | G-III Apparel Group Ltd. | 15,205 | 308 |
* | M/I Homes Inc. | 6,755 | 268 |
* | Lands' End Inc. | 20,887 | 222 |
* | Chuy's Holdings Inc. | 10,834 | 216 |
* | Fox Factory Holding Corp. | 2,581 | 208 |
Williams-Sonoma Inc. | 1,852 | 205 | |
* | Victoria's Secret & Co. | 6,524 | 182 |
* | Revolve Group Inc. | 5,770 | 149 |
143,271 | |||
Consumer Staples (4.2%) | |||
Ingles Markets Inc. Class A | 91,784 | 7,962 | |
* | Pilgrim's Pride Corp. | 212,760 | 6,644 |
* | Darling Ingredients Inc. | 88,004 | 5,263 |
Shares | Market Value ($000) | ||
Coca-Cola Consolidated Inc. | 9,311 | 5,250 | |
John B Sanfilippo & Son Inc. | 65,974 | 4,782 | |
Vector Group Ltd. | 338,347 | 3,553 | |
* | Coty Inc. Class A | 398,948 | 3,196 |
* | Herbalife Nutrition Ltd. | 150,087 | 3,069 |
* | BJ's Wholesale Club Holdings Inc. | 44,601 | 2,779 |
* | United Natural Foods Inc. | 58,926 | 2,322 |
* | USANA Health Sciences Inc. | 30,192 | 2,185 |
* | Central Garden & Pet Co. Class A | 50,412 | 2,017 |
Medifast Inc. | 8,164 | 1,474 | |
Nu Skin Enterprises Inc. Class A | 13,040 | 565 | |
Turning Point Brands Inc. | 20,647 | 560 | |
Energizer Holdings Inc. | 17,593 | 499 | |
52,120 | |||
Energy (5.4%) | |||
APA Corp. | 175,352 | 6,120 | |
SM Energy Co. | 178,518 | 6,104 | |
Plains GP Holdings LP Class A | 516,770 | 5,333 | |
Texas Pacific Land Corp. | 3,522 | 5,241 | |
* | Talos Energy Inc. | 262,368 | 4,059 |
* | Antero Resources Corp. | 119,448 | 3,661 |
* | PBF Energy Inc. Class A | 122,822 | 3,564 |
* | Southwestern Energy Co. | 504,989 | 3,156 |
* | US Silica Holdings Inc. | 226,749 | 2,590 |
* | Liberty Energy Inc. Class A | 200,391 | 2,557 |
* | Delek US Holdings Inc. | 94,957 | 2,454 |
* | W&T Offshore Inc. | 518,708 | 2,241 |
Marathon Oil Corp. | 96,753 | 2,175 | |
* | Oceaneering International Inc. | 198,616 | 2,121 |
* | Nabors Industries Ltd. (XNYS) | 11,945 | 1,599 |
* | NexTier Oilfield Solutions Inc. | 160,277 | 1,524 |
* | Denbury Inc. | 23,905 | 1,434 |
CVR Energy Inc. | 42,084 | 1,410 | |
* | Kosmos Energy Ltd. | 216,851 | 1,342 |
* | Par Pacific Holdings Inc. | 74,065 | 1,155 |
Viper Energy Partners LP | 42,034 | 1,122 | |
* | Callon Petroleum Co. | 26,720 | 1,047 |
* | ProPetro Holding Corp. | 96,223 | 962 |
Oasis Petroleum Inc. | 7,785 | 947 | |
* | REX American Resources Corp. | 10,994 | 932 |
* | Range Resources Corp. | 32,799 | 812 |
* | Comstock Resources Inc. | 63,280 | 764 |
PDC Energy Inc. | 7,087 | 437 | |
* | Gulfport Energy Corp. | 4,996 | 397 |
Targa Resources Corp. | 5,504 | 328 | |
Kimbell Royalty Partners LP | 16,386 | 257 | |
* | Centennial Resource Development Inc. Class A | 34,113 | 204 |
68,049 | |||
Financials (16.3%) | |||
Hancock Whitney Corp. | 197,149 | 8,740 | |
MGIC Investment Corp. | 691,216 | 8,709 | |
International Bancshares Corp. | 207,920 | 8,333 | |
Axis Capital Holdings Ltd. | 141,193 | 8,061 | |
Essent Group Ltd. | 203,622 | 7,921 | |
OneMain Holdings Inc. | 211,712 | 7,914 | |
Radian Group Inc. | 395,906 | 7,780 | |
Stifel Financial Corp. | 137,619 | 7,709 |
Shares | Market Value ($000) | ||
Synovus Financial Corp. | 211,708 | 7,632 | |
Affiliated Managers Group Inc. | 65,244 | 7,607 | |
OFG Bancorp | 289,997 | 7,366 | |
Stewart Information Services Corp. | 138,541 | 6,892 | |
Pacific Premier Bancorp Inc. | 213,777 | 6,251 | |
CNO Financial Group Inc. | 337,395 | 6,103 | |
PacWest Bancorp | 226,699 | 6,044 | |
Evercore Inc. Class A | 61,955 | 5,800 | |
Western Alliance Bancorp | 81,054 | 5,722 | |
Hope Bancorp Inc. | 409,990 | 5,674 | |
FNB Corp. | 508,148 | 5,518 | |
Popular Inc. | 69,229 | 5,326 | |
* | Enstar Group Ltd. | 23,596 | 5,049 |
* | LendingClub Corp. | 380,916 | 4,453 |
First BanCorp. (XNYS) | 342,145 | 4,417 | |
Virtu Financial Inc. Class A | 162,146 | 3,796 | |
Navient Corp. | 234,963 | 3,287 | |
Banner Corp. | 57,142 | 3,212 | |
* | Unum Group | 83,770 | 2,850 |
* | Genworth Financial Inc. Class A | 754,431 | 2,663 |
BGC Partners Inc. Class A | 720,329 | 2,428 | |
Towne Bank | 85,842 | 2,331 | |
Central Pacific Financial Corp. | 90,266 | 1,936 | |
* | Encore Capital Group Inc. | 32,241 | 1,863 |
ProAssurance Corp. | 71,448 | 1,688 | |
First Financial Bancorp | 83,775 | 1,625 | |
Brightsphere Investment Group Inc. | 88,208 | 1,589 | |
First Financial Corp. | 31,041 | 1,381 | |
S&T Bancorp Inc. | 47,642 | 1,307 | |
Hanover Insurance Group Inc. | 8,876 | 1,298 | |
* | Brighthouse Financial Inc. | 30,195 | 1,239 |
Kinsale Capital Group Inc. | 5,253 | 1,206 | |
Columbia Banking System Inc. | 41,185 | 1,180 | |
Nelnet Inc. Class A | 13,306 | 1,134 | |
Byline Bancorp Inc. | 44,968 | 1,070 | |
SouthState Corp. | 12,661 | 977 | |
Hanmi Financial Corp. | 41,735 | 937 | |
Assured Guaranty Ltd. | 13,907 | 776 | |
Virtus Investment Partners Inc. | 3,380 | 578 | |
Northfield Bancorp Inc. | 42,615 | 555 | |
* | Palomar Holdings Inc. | 8,531 | 549 |
* | Silvergate Capital Corp. Class A | 10,042 | 538 |
Westamerica BanCorp. | 8,825 | 491 | |
Heartland Financial USA Inc. | 9,832 | 408 | |
Premier Financial Corp. | 15,843 | 402 | |
Preferred Bank | 5,257 | 358 | |
* | Focus Financial Partners Inc. Class A | 10,464 | 356 |
United Fire Group Inc. | 8,788 | 301 | |
Veritex Holdings Inc. | 9,631 | 282 | |
Horizon Bancorp Inc. | 15,851 | 276 | |
Cowen Inc. Class A | 11,243 | 266 | |
Peoples Bancorp Inc. | 9,919 | 264 | |
Southside Bancshares Inc. | 6,879 | 257 | |
Oppenheimer Holdings Inc. Class A | 7,197 | 238 | |
Brookline Bancorp Inc. | 17,711 | 236 | |
Sculptor Capital Management Inc. Class A | 23,774 | 199 | |
Curo Group Holdings Corp. | 29,278 | 162 | |
203,510 |
Shares | Market Value ($000) | ||
Health Care (13.7%) | |||
* | AMN Healthcare Services Inc. | 86,580 | 9,499 |
* | Medpace Holdings Inc. | 47,481 | 7,106 |
Bruker Corp. | 110,512 | 6,936 | |
* | Sarepta Therapeutics Inc. | 92,451 | 6,930 |
* | Ionis Pharmaceuticals Inc. | 167,433 | 6,198 |
* | Allscripts Healthcare Solutions Inc. | 389,453 | 5,776 |
* | NextGen Healthcare Inc. | 312,775 | 5,455 |
* | Alkermes plc | 175,847 | 5,238 |
* | Tenet Healthcare Corp. | 99,617 | 5,236 |
* | Shockwave Medical Inc. | 26,593 | 5,084 |
* | CorVel Corp. | 33,482 | 4,931 |
* | STAAR Surgical Co. | 64,680 | 4,588 |
* | Deciphera Pharmaceuticals Inc. | 321,450 | 4,227 |
* | Veeva Systems Inc. Class A | 19,154 | 3,793 |
* | Merit Medical Systems Inc. | 65,638 | 3,562 |
* | FibroGen Inc. | 315,085 | 3,327 |
* | Agenus Inc. | 1,674,839 | 3,249 |
* | NuVasive Inc. | 59,496 | 2,925 |
* | Integra LifeSciences Holdings Corp. | 50,450 | 2,726 |
* | Glaukos Corp. | 55,258 | 2,510 |
* | MEDNAX Inc. | 119,023 | 2,501 |
* | Tandem Diabetes Care Inc. | 41,091 | 2,432 |
* | Avanos Medical Inc. | 88,010 | 2,406 |
* | Charles River Laboratories International Inc. | 11,019 | 2,358 |
* | Nevro Corp. | 51,309 | 2,249 |
* | PTC Therapeutics Inc. | 53,771 | 2,154 |
* | Sangamo Therapeutics Inc. | 512,812 | 2,123 |
* | Theravance Biopharma Inc. | 228,731 | 2,072 |
*,1 | Intercept Pharmaceuticals Inc. | 149,262 | 2,061 |
* | Novavax Inc. | 38,943 | 2,003 |
* | Inspire Medical Systems Inc. | 10,934 | 1,997 |
* | Nektar Therapeutics Class A | 483,269 | 1,836 |
* | Atara Biotherapeutics Inc. | 230,993 | 1,799 |
* | Health Catalyst Inc. | 117,846 | 1,708 |
* | Zymeworks Inc. | 318,205 | 1,686 |
* | Inogen Inc. | 68,762 | 1,663 |
* | ACADIA Pharmaceuticals Inc. | 113,349 | 1,597 |
* | Protagonist Therapeutics Inc. | 184,539 | 1,460 |
* | Globus Medical Inc. Class A | 25,953 | 1,457 |
* | ImmunoGen Inc. | 319,023 | 1,436 |
* | Maravai LifeSciences Holdings Inc. Class A | 47,866 | 1,360 |
* | Seres Therapeutics Inc. | 386,305 | 1,325 |
* | Option Care Health Inc. | 47,267 | 1,314 |
* | Lantheus Holdings Inc. | 19,689 | 1,300 |
* | QuidelOrtho Corp. | 12,143 | 1,180 |
* | Vir Biotechnology Inc. | 43,223 | 1,101 |
* | Atea Pharmaceuticals Inc. | 153,364 | 1,089 |
* | Apellis Pharmaceuticals Inc. | 23,158 | 1,047 |
* | CytomX Therapeutics Inc. | 555,119 | 1,016 |
* | Zimvie Inc. | 58,840 | 942 |
* | TG Therapeutics Inc. | 215,152 | 914 |
US Physical Therapy Inc. | 8,264 | 902 | |
* | Endo International plc | 1,934,791 | 901 |
* | 2seventy bio Inc. | 64,210 | 848 |
* | Embecta Corp. | 32,147 | 814 |
*,1 | Precision BioSciences Inc. | 500,660 | 801 |
* | MiMedx Group Inc. | 220,818 | 766 |
Shares | Market Value ($000) | ||
* | Computer Programs and Systems Inc. | 23,856 | 763 |
*,1 | Clovis Oncology Inc. | 420,684 | 757 |
* | Editas Medicine Inc. Class A | 63,458 | 751 |
* | Esperion Therapeutics Inc. | 103,744 | 660 |
* | Cross Country Healthcare Inc. | 31,636 | 659 |
* | Puma Biotechnology Inc. | 227,827 | 649 |
* | ViewRay Inc. | 240,584 | 638 |
* | AngioDynamics Inc. | 32,761 | 634 |
* | Addus HomeCare Corp. | 7,524 | 627 |
* | Aerie Pharmaceuticals Inc. | 82,030 | 615 |
* | Voyager Therapeutics Inc. | 102,911 | 608 |
* | Alector Inc. | 51,954 | 528 |
* | Myovant Sciences Ltd. | 39,950 | 497 |
* | Arrowhead Pharmaceuticals Inc. | 13,761 | 484 |
* | Assembly Biosciences Inc. | 212,676 | 447 |
* | MacroGenics Inc. | 148,810 | 439 |
Chemed Corp. | 850 | 399 | |
* | Joint Corp. | 22,122 | 339 |
* | Community Health Systems Inc. | 89,631 | 336 |
* | Orthofix Medical Inc. | 13,284 | 313 |
* | Co-Diagnostics Inc. | 53,218 | 299 |
Minerva Neurosciences Inc. | 89,460 | 296 | |
* | Figs Inc. Class A | 29,729 | 271 |
* | HealthStream Inc. | 12,009 | 261 |
* | Odonate Therapeutics Inc. | 161,720 | 259 |
* | Cara Therapeutics Inc. | 26,429 | 241 |
* | Reata Pharmaceuticals Inc. Class A | 7,772 | 236 |
* | Pennant Group Inc. | 16,426 | 210 |
* | Enanta Pharmaceuticals Inc. | 4,327 | 204 |
* | Tactile Systems Technology Inc. | 27,575 | 201 |
* | AtriCure Inc. | 4,783 | 195 |
* | WaVe Life Sciences Ltd. | 48,932 | 159 |
* | Precigen Inc. | 95,719 | 128 |
* | Akebia Therapeutics Inc. | 331,679 | 117 |
* | GlycoMimetics Inc. | 177,063 | 106 |
* | Organogenesis Holdings Inc. Class A | 21,709 | 106 |
* | Spectrum Pharmaceuticals Inc. | 134,742 | 105 |
* | Molecular Templates Inc. | 104,179 | 95 |
* | Aligos Therapeutics Inc. | 69,638 | 84 |
* | Acorda Therapeutics Inc. | 38,060 | 18 |
170,648 | |||
Industrials (16.3%) | |||
Allison Transmission Holdings Inc. | 235,178 | 9,043 | |
Rush Enterprises Inc. Class A | 170,987 | 8,242 | |
EMCOR Group Inc. | 79,351 | 8,170 | |
ManpowerGroup Inc. | 106,746 | 8,156 | |
nVent Electric plc | 258,428 | 8,097 | |
* | Clean Harbors Inc. | 89,822 | 7,875 |
* | Univar Solutions Inc. | 313,619 | 7,800 |
Kforce Inc. | 125,948 | 7,726 | |
Korn Ferry | 125,825 | 7,300 | |
Mueller Industries Inc. | 131,489 | 7,007 | |
AGCO Corp. | 65,410 | 6,456 | |
Triton International Ltd. | 116,314 | 6,124 | |
* | Atkore Inc. | 70,234 | 5,830 |
UFP Industries Inc. | 81,285 | 5,539 | |
Ryder System Inc. | 75,668 | 5,377 | |
Acuity Brands Inc. | 33,545 | 5,167 |
Shares | Market Value ($000) | ||
Boise Cascade Co. | 82,614 | 4,915 | |
Ennis Inc. | 238,271 | 4,820 | |
Applied Industrial Technologies Inc. | 46,370 | 4,459 | |
* | Titan Machinery Inc. | 196,830 | 4,411 |
Heidrick & Struggles International Inc. | 129,503 | 4,191 | |
Terex Corp. | 145,933 | 3,994 | |
GrafTech International Ltd. | 553,721 | 3,915 | |
* | GMS Inc. | 86,396 | 3,845 |
* | Hub Group Inc. Class A | 49,528 | 3,513 |
* | NOW Inc. | 352,737 | 3,450 |
Matson Inc. | 46,696 | 3,403 | |
Spirit AeroSystems Holdings Inc. Class A | 110,815 | 3,247 | |
* | MRC Global Inc. | 293,108 | 2,919 |
Encore Wire Corp. | 24,764 | 2,573 | |
Insteel Industries Inc. | 73,506 | 2,475 | |
* | Saia Inc. | 12,660 | 2,380 |
Genco Shipping & Trading Ltd. | 108,461 | 2,095 | |
Resources Connection Inc. | 88,476 | 1,802 | |
* | Forrester Research Inc. | 36,622 | 1,752 |
H&E Equipment Services Inc. | 57,623 | 1,669 | |
AZZ Inc. | 40,143 | 1,639 | |
* | TrueBlue Inc. | 90,404 | 1,618 |
MDU Resources Group Inc. | 53,297 | 1,438 | |
Marten Transport Ltd. | 85,052 | 1,431 | |
Esab Corp. | 32,070 | 1,403 | |
* | Masonite International Corp. | 17,107 | 1,314 |
BWX Technologies Inc. | 23,474 | 1,293 | |
Argan Inc. | 33,275 | 1,242 | |
AECOM | 18,816 | 1,227 | |
* | Veritiv Corp. | 9,018 | 979 |
ArcBest Corp. | 13,360 | 940 | |
* | First Advantage Corp. | 73,526 | 932 |
* | Daseke Inc. | 145,443 | 929 |
Matthews International Corp. Class A | 31,537 | 904 | |
Moog Inc. Class A | 11,149 | 885 | |
* | Sterling Infrastructure Inc. | 29,187 | 640 |
* | DXP Enterprises Inc. | 20,109 | 616 |
Interface Inc. Class A | 41,285 | 518 | |
Douglas Dynamics Inc. | 14,835 | 426 | |
Standex International Corp. | 4,800 | 407 | |
Watts Water Technologies Inc. Class A | 3,147 | 387 | |
* | Quad/Graphics Inc. | 135,304 | 372 |
* | Hireright Holdings Corp. | 24,940 | 354 |
Kelly Services Inc. Class A | 17,739 | 352 | |
Global Industrial Co. | 9,583 | 324 | |
Wabash National Corp. | 23,145 | 314 | |
Tetra Tech Inc. | 2,176 | 297 | |
* | ASGN Inc. | 2,760 | 249 |
Hillenbrand Inc. | 6,044 | 248 | |
* | SkyWest Inc. | 10,487 | 223 |
* | ESS Tech Inc. | 55,192 | 155 |
* | Blue Bird Corp. | 14,291 | 132 |
203,925 | |||
Information Technology (13.2%) | |||
* | Manhattan Associates Inc. | 78,836 | 9,035 |
Jabil Inc. | 174,526 | 8,938 | |
* | Cirrus Logic Inc. | 107,532 | 7,800 |
* | CommVault Systems Inc. | 117,997 | 7,422 |
Shares | Market Value ($000) | ||
* | Nutanix Inc. Class A | 506,372 | 7,408 |
* | Super Micro Computer Inc. | 147,370 | 5,946 |
* | CommScope Holding Co. Inc. | 947,813 | 5,801 |
* | Box Inc. Class A | 222,944 | 5,605 |
* | Extreme Networks Inc. | 610,354 | 5,444 |
* | MaxLinear Inc. | 158,137 | 5,374 |
* | ExlService Holdings Inc. | 35,137 | 5,177 |
Avnet Inc. | 112,325 | 4,817 | |
* | Pure Storage Inc. Class A | 181,966 | 4,678 |
* | Kyndryl Holdings Inc. | 434,256 | 4,247 |
* | 8x8 Inc. | 818,578 | 4,216 |
* | Diodes Inc. | 65,205 | 4,210 |
Concentrix Corp. | 30,238 | 4,102 | |
CSG Systems International Inc. | 67,326 | 4,018 | |
* | Domo Inc. Class B | 109,823 | 3,053 |
* | Axcelis Technologies Inc. | 54,831 | 3,007 |
* | Everbridge Inc. | 107,284 | 2,992 |
* | International Money Express Inc. | 142,707 | 2,921 |
A10 Networks Inc. | 199,281 | 2,866 | |
* | Sanmina Corp. | 69,002 | 2,810 |
* | Fabrinet | 32,738 | 2,655 |
Amkor Technology Inc. | 145,353 | 2,464 | |
TTEC Holdings Inc. | 35,230 | 2,392 | |
* | Yext Inc. | 491,081 | 2,347 |
* | Agilysys Inc. | 47,989 | 2,268 |
* | Magnachip Semiconductor Corp. | 155,663 | 2,262 |
* | Upland Software Inc. | 153,335 | 2,226 |
* | Teradata Corp. | 58,901 | 2,180 |
Kulicke & Soffa Industries Inc. | 50,285 | 2,153 | |
* | ePlus Inc. | 33,422 | 1,775 |
* | ScanSource Inc. | 55,008 | 1,713 |
* | Tenable Holdings Inc. | 27,554 | 1,251 |
* | Arlo Technologies Inc. | 196,525 | 1,232 |
* | Aeva Technologies Inc. | 370,255 | 1,159 |
* | Benefitfocus Inc. | 145,175 | 1,129 |
* | SMART Global Holdings Inc. | 65,937 | 1,079 |
* | Lattice Semiconductor Corp. | 20,001 | 970 |
* | Unisys Corp. | 75,348 | 906 |
* | SecureWorks Corp. Class A | 76,277 | 828 |
* | LivePerson Inc. | 56,411 | 798 |
* | Sumo Logic Inc. | 103,606 | 776 |
Vishay Intertechnology Inc. | 42,761 | 762 | |
* | TTM Technologies Inc. | 58,649 | 733 |
* | Sprout Social Inc. Class A | 12,155 | 706 |
* | Conduent Inc. | 160,041 | 691 |
* | AvidXchange Holdings Inc. | 109,297 | 671 |
CTS Corp. | 16,726 | 570 | |
* | Brightcove Inc. | 86,508 | 547 |
* | Photronics Inc. | 27,892 | 543 |
* | Semtech Corp. | 8,611 | 473 |
Hackett Group Inc. | 19,696 | 374 | |
* | Avaya Holdings Corp. | 147,122 | 330 |
* | Embark Technology Inc. | 608,701 | 308 |
PC Connection Inc. | 6,356 | 280 | |
* | OneSpan Inc. | 22,612 | 269 |
* | ACI Worldwide Inc. | 10,192 | 264 |
* | KnowBe4 Inc. Class A | 16,867 | 263 |
* | Synaptics Inc. | 2,173 | 257 |
Shares | Market Value ($000) | ||
* | Payoneer Global Inc. | 62,245 | 244 |
* | TaskUS Inc. Class A | 7,582 | 128 |
* | Cognyte Software Ltd. | 20,682 | 88 |
164,951 | |||
Materials (5.0%) | |||
Olin Corp. | 159,624 | 7,387 | |
Chemours Co. | 174,577 | 5,590 | |
Louisiana-Pacific Corp. | 101,813 | 5,336 | |
AdvanSix Inc. | 156,354 | 5,229 | |
SunCoke Energy Inc. | 687,755 | 4,684 | |
Warrior Met Coal Inc. | 135,831 | 4,158 | |
Tronox Holdings plc Class A | 205,820 | 3,458 | |
Schnitzer Steel Industries Inc. Class A | 101,561 | 3,335 | |
* | O-I Glass Inc. | 196,775 | 2,755 |
Balchem Corp. | 18,709 | 2,427 | |
Alcoa Corp. | 49,983 | 2,278 | |
Mercer International Inc. | 156,992 | 2,064 | |
* | Cleveland-Cliffs Inc. | 120,916 | 1,859 |
Innospec Inc. | 18,466 | 1,769 | |
Sylvamo Corp. | 48,451 | 1,583 | |
Huntsman Corp. | 49,907 | 1,415 | |
US Steel Corp. | 74,605 | 1,336 | |
Greif Inc. Class A | 15,302 | 955 | |
Kronos Worldwide Inc. | 50,798 | 935 | |
* | TimkenSteel Corp. | 41,194 | 771 |
* | Perimeter Solutions SA | 68,999 | 748 |
Ecovyst Inc. | 73,188 | 721 | |
Tredegar Corp. | 57,028 | 570 | |
Hawkins Inc. | 9,500 | 342 | |
Koppers Holdings Inc. | 14,707 | 333 | |
Sensient Technologies Corp. | 3,444 | 277 | |
62,315 | |||
Real Estate (7.9%) | |||
Life Storage Inc. | 72,260 | 8,069 | |
National Storage Affiliates Trust | 156,535 | 7,838 | |
Highwoods Properties Inc. | 224,348 | 7,670 | |
Piedmont Office Realty Trust Inc. Class A | 492,075 | 6,456 | |
Outfront Media Inc. | 354,642 | 6,011 | |
Brixmor Property Group Inc. | 273,755 | 5,533 | |
SITE Centers Corp. | 372,840 | 5,022 | |
Necessity Retail REIT Inc. | 628,833 | 4,578 | |
EPR Properties | 83,785 | 3,932 | |
American Assets Trust Inc. | 132,311 | 3,930 | |
Essential Properties Realty Trust Inc. | 170,625 | 3,667 | |
* | DiamondRock Hospitality Co. | 438,057 | 3,596 |
Universal Health Realty Income Trust | 63,853 | 3,398 | |
Getty Realty Corp. | 110,994 | 2,941 | |
PotlatchDeltic Corp. | 65,073 | 2,876 | |
* | Summit Hotel Properties Inc. | 363,772 | 2,645 |
Spirit Realty Capital Inc. | 52,579 | 1,986 | |
Office Properties Income Trust | 98,610 | 1,967 | |
Paramount Group Inc. | 234,552 | 1,696 | |
Brandywine Realty Trust | 160,660 | 1,549 | |
RPT Realty | 138,584 | 1,362 | |
RLJ Lodging Trust | 113,672 | 1,254 | |
Kite Realty Group Trust | 71,575 | 1,238 | |
Global Net Lease Inc. | 72,773 | 1,030 |
Shares | Market Value ($000) | ||
One Liberty Properties Inc. | 37,488 | 974 | |
Apple Hospitality REIT Inc. | 65,246 | 957 | |
Alexander's Inc. | 4,151 | 922 | |
NexPoint Residential Trust Inc. | 10,877 | 680 | |
* | Xenia Hotels & Resorts Inc. | 46,703 | 679 |
Gladstone Commercial Corp. | 31,344 | 590 | |
Sabra Health Care REIT Inc. | 40,972 | 572 | |
RE/MAX Holdings Inc. Class A | 21,052 | 516 | |
Park Hotels & Resorts Inc. | 34,281 | 465 | |
Service Properties Trust | 76,454 | 400 | |
Centerspace | 4,477 | 365 | |
Urstadt Biddle Properties Inc. Class A | 19,617 | 318 | |
* | Redfin Corp. | 31,000 | 255 |
Douglas Elliman Inc. | 49,667 | 238 | |
98,175 | |||
Utilities (3.3%) | |||
National Fuel Gas Co. | 146,230 | 9,658 | |
Otter Tail Corp. | 131,705 | 8,841 | |
Portland General Electric Co. | 173,924 | 8,406 | |
Hawaiian Electric Industries Inc. | 198,779 | 8,130 | |
Unitil Corp. | 40,481 | 2,377 | |
Black Hills Corp. | 27,552 | 2,005 | |
Chesapeake Utilities Corp. | 8,018 | 1,039 | |
ALLETE Inc. | 9,503 | 559 | |
41,015 | |||
Total Common Stocks (Cost $1,330,955) | 1,241,510 | ||
Temporary Cash Investments (1.0%) | |||
Money Market Fund (1.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 1.417% (Cost $12,085) | 120,907 | 12,087 |
Total Investments (100.5%) (Cost $1,343,040) | 1,253,597 | ||
Other Assets and Liabilities—Net (-0.5%) | (5,927) | ||
Net Assets (100%) | 1,247,670 | ||
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 $2,632,000. |
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 $2,848,000 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 | 76 | 6,490 | (148) |
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.