Vanguard® Strategic Equity Fund
Schedule of Investments (unaudited)
As of December 31, 2023
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 (3.5%) | |||
* | Yelp Inc. | 975,125 | 46,162 |
* | Match Group Inc. | 824,542 | 30,096 |
* | Live Nation Entertainment Inc. | 284,781 | 26,656 |
* | Pinterest Inc. Class A | 642,780 | 23,809 |
* | TripAdvisor Inc. | 1,026,515 | 22,101 |
New York Times Co. Class A | 243,605 | 11,934 | |
* | Liberty Global Ltd. Class A | 667,275 | 11,857 |
Iridium Communications Inc. | 272,040 | 11,197 | |
* | Roblox Corp. Class A | 233,866 | 10,692 |
* | Snap Inc. Class A | 492,427 | 8,337 |
* | Cinemark Holdings Inc. | 586,280 | 8,261 |
* | ZipRecruiter Inc. Class A | 589,334 | 8,192 |
* | Roku Inc. | 89,267 | 8,182 |
* | Bumble Inc. Class A | 502,404 | 7,405 |
John Wiley & Sons Inc. Class A | 204,131 | 6,479 | |
News Corp. Class B | 225,792 | 5,807 | |
* | Playtika Holding Corp. | 514,546 | 4,487 |
Shutterstock Inc. | 89,012 | 4,297 | |
* | PubMatic Inc. Class A | 206,789 | 3,373 |
* | Lumen Technologies Inc. | 1,306,589 | 2,391 |
* | Altice USA Inc. Class A | 701,455 | 2,280 |
* | Integral Ad Science Holding Corp. | 133,710 | 1,924 |
Fox Corp. Class B | 53,838 | 1,489 | |
Cable One Inc. | 2,118 | 1,179 | |
* | Liberty Media Corp. - Liberty SiriusXM Class C | 36,649 | 1,055 |
269,642 | |||
Consumer Discretionary (12.6%) | |||
Genuine Parts Co. | 372,208 | 51,551 | |
* | Expedia Group Inc. | 332,460 | 50,464 |
* | MGM Resorts International | 1,097,329 | 49,029 |
* | NVR Inc. | 6,100 | 42,703 |
Toll Brothers Inc. | 408,774 | 42,018 | |
* | AutoNation Inc. | 278,043 | 41,756 |
PulteGroup Inc. | 373,831 | 38,587 | |
Boyd Gaming Corp. | 593,771 | 37,176 | |
* | Taylor Morrison Home Corp. | 549,262 | 29,303 |
Travel & Leisure Co. | 735,766 | 28,761 | |
Tapestry Inc. | 727,835 | 26,792 | |
* | Tri Pointe Homes Inc. | 659,713 | 23,354 |
LKQ Corp. | 463,098 | 22,131 | |
Lear Corp. | 144,358 | 20,385 | |
KB Home | 320,328 | 20,008 |
Shares | Market Value ($000) | ||
* | Abercrombie & Fitch Co. Class A | 225,865 | 19,926 |
* | Skyline Champion Corp. | 263,814 | 19,591 |
Buckle Inc. | 398,019 | 18,914 | |
* | Caesars Entertainment Inc. | 400,647 | 18,782 |
Harley-Davidson Inc. | 480,023 | 17,684 | |
* | M/I Homes Inc. | 115,787 | 15,948 |
* | Cavco Industries Inc. | 45,381 | 15,730 |
* | Royal Caribbean Cruises Ltd. | 121,301 | 15,707 |
* | Ulta Beauty Inc. | 31,851 | 15,607 |
* | Shake Shack Inc. Class A | 189,580 | 14,052 |
Autoliv Inc. | 126,236 | 13,910 | |
* | Stride Inc. | 222,462 | 13,208 |
* | Urban Outfitters Inc. | 340,655 | 12,158 |
* | Dave & Buster's Entertainment Inc. | 219,397 | 11,815 |
* | SeaWorld Entertainment Inc. | 207,276 | 10,950 |
* | Sally Beauty Holdings Inc. | 806,004 | 10,704 |
Gap Inc. | 500,405 | 10,463 | |
* | Carnival Corp. | 564,230 | 10,461 |
* | Grand Canyon Education Inc. | 71,770 | 9,476 |
Murphy USA Inc. | 25,018 | 8,920 | |
Dana Inc. | 590,402 | 8,626 | |
* | Chewy Inc. Class A | 363,003 | 8,578 |
* | frontdoor Inc. | 243,233 | 8,567 |
Wynn Resorts Ltd. | 86,243 | 7,858 | |
* | Green Brick Partners Inc. | 151,050 | 7,846 |
* | Adient plc | 214,287 | 7,791 |
* | Beazer Homes USA Inc. | 228,774 | 7,730 |
PVH Corp. | 54,950 | 6,710 | |
Upbound Group Inc. | 185,099 | 6,288 | |
* | Everi Holdings Inc. | 539,472 | 6,080 |
Bath & Body Works Inc. | 129,447 | 5,587 | |
* | Norwegian Cruise Line Holdings Ltd. | 268,348 | 5,378 |
* | Valvoline Inc. | 141,924 | 5,333 |
* | ODP Corp. | 94,265 | 5,307 |
*,1 | Carvana Co. | 99,547 | 5,270 |
* | Qurate Retail Inc. Series A | 5,966,896 | 5,224 |
Macy's Inc. | 254,576 | 5,122 | |
* | American Axle & Manufacturing Holdings Inc. | 554,524 | 4,885 |
* | Goodyear Tire & Rubber Co. | 327,592 | 4,691 |
Gentex Corp. | 141,906 | 4,635 | |
American Eagle Outfitters Inc. | 208,161 | 4,405 | |
Patrick Industries Inc. | 41,896 | 4,204 | |
* | Visteon Corp. | 33,194 | 4,146 |
Phinia Inc. | 117,782 | 3,568 | |
Meritage Homes Corp. | 18,734 | 3,263 | |
* | Mohawk Industries Inc. | 30,151 | 3,121 |
* | Brinker International Inc. | 69,967 | 3,021 |
Winnebago Industries Inc. | 40,351 | 2,941 | |
Dine Brands Global Inc. | 56,384 | 2,799 | |
* | Coursera Inc. | 111,962 | 2,169 |
* | G-III Apparel Group Ltd. | 58,946 | 2,003 |
Nordstrom Inc. | 97,860 | 1,805 | |
* | Stitch Fix Inc. Class A | 487,684 | 1,741 |
Red Rock Resorts Inc. Class A | 31,205 | 1,664 | |
ADT Inc. | 238,713 | 1,628 | |
Worthington Industries Inc. | 22,205 | 1,278 | |
979,286 |
Shares | Market Value ($000) | ||
Consumer Staples (3.8%) | |||
J M Smucker Co. | 377,278 | 47,680 | |
Coca-Cola Consolidated Inc. | 50,390 | 46,782 | |
Conagra Brands Inc. | 1,119,120 | 32,074 | |
Ingles Markets Inc. Class A | 246,182 | 21,263 | |
Clorox Co. | 145,777 | 20,786 | |
Church & Dwight Co. Inc. | 169,257 | 16,005 | |
* | Performance Food Group Co. | 185,821 | 12,850 |
* | Simply Good Foods Co. | 278,273 | 11,020 |
Campbell Soup Co. | 223,793 | 9,675 | |
McCormick & Co. Inc. | 133,637 | 9,144 | |
Flowers Foods Inc. | 358,137 | 8,062 | |
Energizer Holdings Inc. | 253,475 | 8,030 | |
Molson Coors Beverage Co. Class B | 113,841 | 6,968 | |
Casey's General Stores Inc. | 22,797 | 6,263 | |
Medifast Inc. | 88,269 | 5,933 | |
Kellanova | 84,861 | 4,745 | |
Vector Group Ltd. | 401,536 | 4,529 | |
* | Pilgrim's Pride Corp. | 148,144 | 4,098 |
* | USANA Health Sciences Inc. | 72,128 | 3,866 |
PriceSmart Inc. | 43,218 | 3,275 | |
* | United Natural Foods Inc. | 196,510 | 3,189 |
* | Hain Celestial Group Inc. | 273,632 | 2,996 |
* | US Foods Holding Corp. | 58,383 | 2,651 |
WK Kellogg Co. | 156,468 | 2,056 | |
* | Herbalife Ltd. | 121,376 | 1,852 |
* | TreeHouse Foods Inc. | 37,994 | 1,575 |
* | BellRing Brands Inc. | 27,730 | 1,537 |
298,904 | |||
Energy (4.1%) | |||
Diamondback Energy Inc. | 265,966 | 41,246 | |
Baker Hughes Co. | 958,602 | 32,765 | |
Halliburton Co. | 806,798 | 29,166 | |
* | Par Pacific Holdings Inc. | 684,141 | 24,882 |
SM Energy Co. | 629,154 | 24,361 | |
Marathon Oil Corp. | 962,117 | 23,245 | |
APA Corp. | 616,831 | 22,132 | |
Murphy Oil Corp. | 465,684 | 19,866 | |
HF Sinclair Corp. | 341,106 | 18,955 | |
Liberty Energy Inc. | 975,040 | 17,687 | |
* | Plains GP Holdings LP Class A | 768,432 | 12,257 |
Helmerich & Payne Inc. | 322,251 | 11,672 | |
* | Oceaneering International Inc. | 380,929 | 8,106 |
International Seaways Inc. | 175,065 | 7,962 | |
* | Nabors Industries Ltd. (XNYS) | 61,600 | 5,029 |
* | US Silica Holdings Inc. | 421,152 | 4,763 |
Equitrans Midstream Corp. | 463,608 | 4,720 | |
* | Weatherford International plc | 42,423 | 4,150 |
PBF Energy Inc. Class A | 68,020 | 2,990 | |
NOV Inc. | 73,628 | 1,493 | |
Vitesse Energy Inc. | 65,273 | 1,429 | |
* | ProPetro Holding Corp. | 156,677 | 1,313 |
W&T Offshore Inc. | 392,699 | 1,280 | |
Delek US Holdings Inc. | 49,587 | 1,279 | |
322,748 | |||
Financials (15.3%) | |||
Fifth Third Bancorp | 1,819,835 | 62,766 |
Shares | Market Value ($000) | ||
Equitable Holdings Inc. | 1,527,003 | 50,849 | |
MGIC Investment Corp. | 2,608,089 | 50,310 | |
W R Berkley Corp. | 695,785 | 49,206 | |
Affiliated Managers Group Inc. | 291,542 | 44,145 | |
Essent Group Ltd. | 819,030 | 43,196 | |
Citizens Financial Group Inc. | 1,262,225 | 41,830 | |
* | Robinhood Markets Inc. Class A | 2,833,170 | 36,095 |
Huntington Bancshares Inc. | 2,781,187 | 35,377 | |
CNO Financial Group Inc. | 1,266,498 | 35,335 | |
Radian Group Inc. | 1,162,317 | 33,184 | |
Synchrony Financial | 812,669 | 31,036 | |
Popular Inc. | 346,843 | 28,465 | |
Regions Financial Corp. | 1,468,133 | 28,452 | |
SLM Corp. | 1,444,327 | 27,616 | |
FNB Corp. | 1,970,471 | 27,133 | |
Stifel Financial Corp. | 387,731 | 26,812 | |
Loews Corp. | 373,291 | 25,977 | |
First BanCorp (XNYS) | 1,540,710 | 25,345 | |
American Financial Group Inc. | 201,567 | 23,964 | |
Axis Capital Holdings Ltd. | 419,684 | 23,238 | |
�� | Cboe Global Markets Inc. | 116,609 | 20,822 |
Synovus Financial Corp. | 523,029 | 19,692 | |
Everest Group Ltd. | 54,351 | 19,217 | |
International Bancshares Corp. | 345,885 | 18,788 | |
* | Mr Cooper Group Inc. | 245,792 | 16,006 |
Ares Management Corp. Class A | 132,100 | 15,709 | |
Reinsurance Group of America Inc. | 96,277 | 15,576 | |
Wintrust Financial Corp. | 156,076 | 14,476 | |
Unum Group | 316,078 | 14,293 | |
Old Republic International Corp. | 477,026 | 14,025 | |
* | Coinbase Global Inc. Class A | 80,149 | 13,940 |
Lincoln National Corp. | 512,570 | 13,824 | |
Globe Life Inc. | 111,147 | 13,529 | |
Hancock Whitney Corp. | 260,402 | 12,653 | |
Fidelity National Financial Inc. | 231,922 | 11,833 | |
* | AvidXchange Holdings Inc. | 917,392 | 11,366 |
* | Arch Capital Group Ltd. | 151,027 | 11,217 |
* | WEX Inc. | 55,737 | 10,844 |
Virtu Financial Inc. Class A | 526,620 | 10,669 | |
Federated Hermes Inc. | 290,691 | 9,843 | |
Hartford Financial Services Group Inc. | 117,593 | 9,452 | |
Webster Financial Corp. | 162,027 | 8,224 | |
Jackson Financial Inc. Class A | 158,823 | 8,132 | |
Columbia Banking System Inc. | 302,642 | 8,074 | |
East West Bancorp Inc. | 92,623 | 6,664 | |
Associated Banc-Corp. | 311,110 | 6,655 | |
Primerica Inc. | 30,887 | 6,355 | |
* | Markel Group Inc. | 4,201 | 5,965 |
* | LendingClub Corp. | 676,439 | 5,912 |
OFG Bancorp | 146,265 | 5,482 | |
Corebridge Financial Inc. | 238,884 | 5,174 | |
BOK Financial Corp. | 58,151 | 4,981 | |
* | PROG Holdings Inc. | 155,836 | 4,817 |
* | Affirm Holdings Inc. | 95,110 | 4,674 |
Jefferies Financial Group Inc. | 108,206 | 4,373 | |
BankUnited Inc. | 122,620 | 3,977 | |
Old National Bancorp | 214,830 | 3,628 | |
* | Genworth Financial Inc. Class A | 521,876 | 3,486 |
Shares | Market Value ($000) | ||
Brightsphere Investment Group Inc. | 173,942 | 3,333 | |
* | Customers Bancorp Inc. | 56,815 | 3,274 |
* | NMI Holdings Inc. Class A | 104,948 | 3,115 |
* | Marqeta Inc. Class A | 440,227 | 3,073 |
* | Texas Capital Bancshares Inc. | 44,156 | 2,854 |
First American Financial Corp. | 42,801 | 2,758 | |
WSFS Financial Corp. | 55,868 | 2,566 | |
First Hawaiian Inc. | 108,135 | 2,472 | |
Evercore Inc. Class A | 13,016 | 2,226 | |
* | Cannae Holdings Inc. | 107,891 | 2,105 |
Navient Corp. | 104,480 | 1,945 | |
Simmons First National Corp. Class A | 93,570 | 1,856 | |
Janus Henderson Group plc | 60,795 | 1,833 | |
Assured Guaranty Ltd. | 23,873 | 1,786 | |
* | Brighthouse Financial Inc. | 31,485 | 1,666 |
* | Green Dot Corp. Class A | 159,930 | 1,583 |
State Street Corp. | 20,239 | 1,568 | |
S&T Bancorp Inc. | 41,921 | 1,401 | |
First Citizens BancShares Inc. Class A | 975 | 1,384 | |
* | NCR Atleos Corp. | 29,177 | 709 |
1,188,185 | |||
Health Care (10.9%) | |||
* | Tenet Healthcare Corp. | 674,594 | 50,979 |
* | Incyte Corp. | 766,872 | 48,152 |
Chemed Corp. | 72,455 | 42,368 | |
Cardinal Health Inc. | 360,833 | 36,372 | |
* | Alkermes plc | 1,277,070 | 35,426 |
Bruker Corp. | 380,869 | 27,986 | |
* | Teladoc Health Inc. | 1,228,047 | 26,464 |
* | IQVIA Holdings Inc. | 110,822 | 25,642 |
* | Ultragenyx Pharmaceutical Inc. | 510,282 | 24,402 |
* | Medpace Holdings Inc. | 78,350 | 24,017 |
* | Option Care Health Inc. | 694,232 | 23,389 |
* | Ionis Pharmaceuticals Inc. | 428,076 | 21,656 |
West Pharmaceutical Services Inc. | 59,425 | 20,925 | |
* | Merit Medical Systems Inc. | 245,690 | 18,663 |
* | ACADIA Pharmaceuticals Inc. | 545,757 | 17,088 |
* | Elanco Animal Health Inc. (XNYS) | 1,084,983 | 16,166 |
Cooper Cos. Inc. | 42,280 | 16,000 | |
* | Jazz Pharmaceuticals plc | 118,741 | 14,605 |
* | Mettler-Toledo International Inc. | 12,018 | 14,577 |
* | Veradigm Inc. | 1,330,180 | 13,954 |
* | Integra LifeSciences Holdings Corp. | 302,694 | 13,182 |
* | Haemonetics Corp. | 153,319 | 13,110 |
* | Veeva Systems Inc. Class A | 67,203 | 12,938 |
* | Deciphera Pharmaceuticals Inc. | 747,816 | 12,062 |
DENTSPLY SIRONA Inc. | 338,207 | 12,037 | |
* | Exelixis Inc. | 494,737 | 11,869 |
Organon & Co. | 815,671 | 11,762 | |
* | Exact Sciences Corp. | 156,252 | 11,560 |
* | LivaNova plc | 219,048 | 11,334 |
* | Sarepta Therapeutics Inc. | 116,676 | 11,251 |
* | PTC Therapeutics Inc. | 407,875 | 11,241 |
Universal Health Services Inc. Class B | 72,809 | 11,099 | |
* | Avantor Inc. | 485,373 | 11,081 |
* | DaVita Inc. | 92,235 | 9,663 |
* | Inspire Medical Systems Inc. | 42,658 | 8,678 |
* | GoodRx Holdings Inc. Class A | 1,202,386 | 8,056 |
Shares | Market Value ($000) | ||
* | Charles River Laboratories International Inc. | 33,878 | 8,009 |
*,1 | Novavax Inc. | 1,542,664 | 7,405 |
* | Nevro Corp. | 296,669 | 6,384 |
* | Fate Therapeutics Inc. | 1,693,663 | 6,334 |
Cencora Inc. | 30,004 | 6,162 | |
*,1 | Coherus Biosciences Inc. | 1,705,512 | 5,679 |
* | Axonics Inc. | 89,085 | 5,544 |
Premier Inc. Class A | 231,388 | 5,174 | |
* | Omnicell Inc. | 136,236 | 5,127 |
* | Neurocrine Biosciences Inc. | 38,774 | 5,109 |
* | Editas Medicine Inc. | 486,795 | 4,931 |
* | Travere Therapeutics Inc. | 509,538 | 4,581 |
* | CorVel Corp. | 17,083 | 4,223 |
* | MacroGenics Inc. | 438,261 | 4,216 |
* | Health Catalyst Inc. | 437,940 | 4,055 |
* | Pediatrix Medical Group Inc. | 394,997 | 3,673 |
* | Vir Biotechnology Inc. | 357,831 | 3,600 |
* | Agenus Inc. | 4,057,529 | 3,359 |
*,1 | 2seventy bio Inc. | 702,787 | 3,001 |
* | Twist Bioscience Corp. | 77,461 | 2,855 |
Perrigo Co. plc | 87,470 | 2,815 | |
* | Myriad Genetics Inc. | 141,803 | 2,714 |
* | iRhythm Technologies Inc. | 23,465 | 2,512 |
* | Integer Holdings Corp. | 25,172 | 2,494 |
* | Morphic Holding Inc. | 82,322 | 2,377 |
* | Puma Biotechnology Inc. | 540,434 | 2,340 |
Encompass Health Corp. | 33,767 | 2,253 | |
* | Doximity Inc. Class A | 67,651 | 1,897 |
* | Arcturus Therapeutics Holdings Inc. | 59,767 | 1,884 |
* | Ironwood Pharmaceuticals Inc. | 164,577 | 1,883 |
* | Prestige Consumer Healthcare Inc. | 30,585 | 1,872 |
* | Shockwave Medical Inc. | 9,652 | 1,839 |
* | Supernus Pharmaceuticals Inc. | 63,434 | 1,836 |
* | Community Health Systems Inc. | 560,085 | 1,753 |
* | Enanta Pharmaceuticals Inc. | 180,741 | 1,701 |
* | Catalent Inc. | 36,089 | 1,622 |
* | Penumbra Inc. | 6,330 | 1,592 |
* | Sage Therapeutics Inc. | 72,550 | 1,572 |
* | Inovio Pharmaceuticals Inc. | 3,001,740 | 1,531 |
* | Veracyte Inc. | 53,525 | 1,473 |
* | AtriCure Inc. | 36,076 | 1,288 |
* | Phreesia Inc. | 46,630 | 1,080 |
* | STAAR Surgical Co. | 34,303 | 1,071 |
* | Heron Therapeutics Inc. | 609,042 | 1,035 |
* | Nektar Therapeutics | 1,517,103 | 857 |
* | Atea Pharmaceuticals Inc. | 278,408 | 849 |
* | iTeos Therapeutics Inc. | 76,718 | 840 |
* | Mural Oncology plc | 127,707 | 756 |
* | Joint Corp. | 66,951 | 643 |
* | Sangamo Therapeutics Inc. | 467,930 | 254 |
* | FibroGen Inc. | 165,193 | 146 |
847,954 | |||
Industrials (18.5%) | |||
* | Builders FirstSource Inc. | 401,910 | 67,095 |
Owens Corning | 384,049 | 56,928 | |
Textron Inc. | 685,258 | 55,108 | |
Paycom Software Inc. | 230,563 | 47,662 | |
Delta Air Lines Inc. | 1,166,973 | 46,947 |
Shares | Market Value ($000) | ||
Ferguson plc | 238,707 | 46,087 | |
Allison Transmission Holdings Inc. | 783,567 | 45,564 | |
* | United Airlines Holdings Inc. | 1,090,432 | 44,991 |
AGCO Corp. | 330,250 | 40,096 | |
EMCOR Group Inc. | 175,440 | 37,795 | |
Masco Corp. | 554,334 | 37,129 | |
Applied Industrial Technologies Inc. | 210,889 | 36,418 | |
Rush Enterprises Inc. Class A | 665,382 | 33,469 | |
Ryder System Inc. | 284,581 | 32,744 | |
UFP Industries Inc. | 258,720 | 32,482 | |
* | Atkore Inc. | 189,836 | 30,374 |
Acuity Brands Inc. | 140,999 | 28,881 | |
Boise Cascade Co. | 216,343 | 27,986 | |
Wabash National Corp. | 1,054,302 | 27,011 | |
Terex Corp. | 467,582 | 26,867 | |
* | CACI International Inc. Class A | 80,246 | 25,989 |
* | Clean Harbors Inc. | 145,030 | 25,309 |
* | GMS Inc. | 299,714 | 24,705 |
* | Upwork Inc. | 1,654,612 | 24,604 |
ManpowerGroup Inc. | 307,571 | 24,443 | |
* | Copart Inc. | 477,058 | 23,376 |
Graco Inc. | 265,514 | 23,036 | |
Veralto Corp. | 261,404 | 21,503 | |
Hubbell Inc. | 59,258 | 19,492 | |
WW Grainger Inc. | 21,976 | 18,211 | |
CSG Systems International Inc. | 335,827 | 17,869 | |
Herc Holdings Inc. | 117,785 | 17,537 | |
Korn Ferry | 284,793 | 16,903 | |
Donaldson Co. Inc. | 249,328 | 16,294 | |
* | Kirby Corp. | 195,240 | 15,322 |
* | ExlService Holdings Inc. | 474,105 | 14,626 |
Watts Water Technologies Inc. Class A | 69,517 | 14,483 | |
* | Beacon Roofing Supply Inc. | 161,174 | 14,025 |
Griffon Corp. | 227,032 | 13,838 | |
Brady Corp. Class A | 234,969 | 13,790 | |
Ingersoll Rand Inc. (XYNS) | 174,944 | 13,530 | |
SS&C Technologies Holdings Inc. | 220,574 | 13,479 | |
* | Paylocity Holding Corp. | 69,949 | 11,531 |
United Rentals Inc. | 18,841 | 10,804 | |
Dover Corp. | 68,806 | 10,583 | |
EnerSys | 102,434 | 10,342 | |
* | Legalzoom.com Inc. | 899,273 | 10,162 |
Curtiss-Wright Corp. | 44,994 | 10,024 | |
Brink's Co. | 103,444 | 9,098 | |
* | Masterbrand Inc. | 594,840 | 8,833 |
* | SkyWest Inc. | 155,969 | 8,142 |
Sensata Technologies Holding plc | 198,649 | 7,463 | |
Comfort Systems USA Inc. | 35,993 | 7,403 | |
* | XPO Inc. | 82,847 | 7,257 |
Huntington Ingalls Industries Inc. | 27,369 | 7,106 | |
* | MYR Group Inc. | 44,012 | 6,365 |
* | WillScot Mobile Mini Holdings Corp. | 134,136 | 5,969 |
Arcosa Inc. | 69,831 | 5,771 | |
* | TrueBlue Inc. | 360,610 | 5,532 |
* | Janus International Group Inc. | 409,590 | 5,345 |
Ennis Inc. | 238,646 | 5,229 | |
Woodward Inc. | 37,379 | 5,088 | |
Armstrong World Industries Inc. | 50,615 | 4,977 |
Shares | Market Value ($000) | ||
Air Lease Corp. | 113,783 | 4,772 | |
Valmont Industries Inc. | 20,061 | 4,684 | |
* | SPX Technologies Inc. | 41,134 | 4,155 |
nVent Electric plc | 65,710 | 3,883 | |
Primoris Services Corp. | 103,643 | 3,442 | |
* | Gates Industrial Corp. plc | 249,840 | 3,353 |
Franklin Electric Co. Inc. | 29,559 | 2,857 | |
* | Hub Group Inc. Class A | 30,650 | 2,818 |
ArcBest Corp. | 22,397 | 2,692 | |
Flowserve Corp. | 61,036 | 2,516 | |
Forward Air Corp. | 39,251 | 2,468 | |
* | ASGN Inc. | 24,815 | 2,386 |
Vertiv Holdings Co. Class A | 49,377 | 2,372 | |
* | Masonite International Corp. | 26,933 | 2,280 |
* | Sterling Infrastructure Inc. | 23,821 | 2,095 |
* | Core & Main Inc. Class A | 48,862 | 1,975 |
Genco Shipping & Trading Ltd. | 117,466 | 1,949 | |
MDU Resources Group Inc. | 96,365 | 1,908 | |
Matson Inc. | 16,402 | 1,798 | |
Esab Corp. | 19,346 | 1,676 | |
Oshkosh Corp. | 14,808 | 1,605 | |
Encore Wire Corp. | 7,201 | 1,538 | |
1,436,244 | |||
Information Technology (14.3%) | |||
* | DocuSign Inc. | 1,013,481 | 60,251 |
* | Manhattan Associates Inc. | 230,709 | 49,676 |
* | Twilio Inc. Class A | 565,474 | 42,903 |
* | Flex Ltd. | 1,333,885 | 40,630 |
* | Elastic NV | 354,000 | 39,896 |
* | Pure Storage Inc. Class A | 1,086,231 | 38,735 |
* | Cadence Design Systems Inc. | 140,608 | 38,297 |
* | Cirrus Logic Inc. | 446,646 | 37,157 |
* | Arrow Electronics Inc. | 303,261 | 37,074 |
Amkor Technology Inc. | 1,114,227 | 37,070 | |
Hewlett Packard Enterprise Co. | 1,984,942 | 33,704 | |
* | F5 Inc. | 179,653 | 32,154 |
* | RingCentral Inc. Class A | 946,590 | 32,137 |
NetApp Inc. | 349,957 | 30,852 | |
* | Nutanix Inc. Class A | 602,585 | 28,737 |
* | Palantir Technologies Inc. Class A | 1,549,539 | 26,606 |
* | Kyndryl Holdings Inc. | 1,206,598 | 25,073 |
* | Blackline Inc. | 368,638 | 23,018 |
* | MongoDB Inc. | 53,363 | 21,817 |
* | Dropbox Inc. Class A | 739,401 | 21,798 |
* | Western Digital Corp. | 413,378 | 21,649 |
* | Teradata Corp. | 473,682 | 20,610 |
Juniper Networks Inc. | 641,614 | 18,915 | |
* | MaxLinear Inc. | 779,702 | 18,534 |
* | SMART Global Holdings Inc. | 928,491 | 17,576 |
* | CommVault Systems Inc. | 213,905 | 17,080 |
Avnet Inc. | 330,845 | 16,675 | |
* | Rapid7 Inc. | 290,380 | 16,581 |
Xerox Holdings Corp. | 862,512 | 15,810 | |
* | CommScope Holding Co. Inc. | 5,236,001 | 14,766 |
* | Everbridge Inc. | 586,176 | 14,250 |
Pegasystems Inc. | 289,769 | 14,158 | |
* | Qorvo Inc. | 119,490 | 13,456 |
* | Okta Inc. | 141,107 | 12,774 |
Shares | Market Value ($000) | ||
* | Q2 Holdings Inc. | 293,873 | 12,757 |
* | Diodes Inc. | 148,563 | 11,962 |
* | Zscaler Inc. | 48,454 | 10,736 |
* | HubSpot Inc. | 17,319 | 10,054 |
* | Synaptics Inc. | 86,790 | 9,901 |
* | Domo Inc. Class B | 872,817 | 8,981 |
* | Smartsheet Inc. Class A | 181,920 | 8,699 |
Monolithic Power Systems Inc. | 13,760 | 8,680 | |
* | Yext Inc. | 1,288,316 | 7,588 |
* | Ultra Clean Holdings Inc. | 218,071 | 7,445 |
* | LiveRamp Holdings Inc. | 188,058 | 7,124 |
Jabil Inc. | 51,641 | 6,579 | |
* | 8x8 Inc. | 1,507,087 | 5,697 |
* | Unisys Corp. | 1,001,495 | 5,628 |
* | Sanmina Corp. | 100,252 | 5,150 |
* | LivePerson Inc. | 1,312,306 | 4,974 |
* | Ichor Holdings Ltd. | 141,650 | 4,764 |
* | Cohu Inc. | 130,182 | 4,607 |
* | UiPath Inc. Class A | 185,186 | 4,600 |
* | Axcelis Technologies Inc. | 33,953 | 4,403 |
* | Photronics Inc. | 129,199 | 4,053 |
* | Samsara Inc. Class A | 62,999 | 2,103 |
* | Viavi Solutions Inc. | 195,472 | 1,968 |
* | Itron Inc. | 25,904 | 1,956 |
* | SolarEdge Technologies Inc. | 20,486 | 1,918 |
* | Semtech Corp. | 86,169 | 1,888 |
* | Zebra Technologies Corp. Class A | 6,805 | 1,860 |
* | Squarespace Inc. Class A | 49,728 | 1,642 |
* | Infinera Corp. | 338,817 | 1,609 |
* | FormFactor Inc. | 37,193 | 1,551 |
Crane NXT Co. | 26,981 | 1,534 | |
* | Tenable Holdings Inc. | 32,159 | 1,481 |
* | Alpha & Omega Semiconductor Ltd. | 55,692 | 1,451 |
* | Ciena Corp. | 30,665 | 1,380 |
* | HashiCorp Inc. Class A | 56,701 | 1,340 |
* | NCR Voyix Corp. | 58,355 | 987 |
1,109,469 | |||
Materials (5.5%) | |||
Martin Marietta Materials Inc. | 101,895 | 50,836 | |
Reliance Steel & Aluminum Co. | 180,006 | 50,344 | |
Eagle Materials Inc. | 243,893 | 49,471 | |
Steel Dynamics Inc. | 346,959 | 40,976 | |
Berry Global Group Inc. | 455,234 | 30,678 | |
Warrior Met Coal Inc. | 411,663 | 25,099 | |
* | Axalta Coating Systems Ltd. | 727,808 | 24,724 |
Commercial Metals Co. | 431,397 | 21,587 | |
Packaging Corp. of America | 117,029 | 19,065 | |
RPM International Inc. | 128,958 | 14,396 | |
Chemours Co. | 439,965 | 13,876 | |
Greif Inc. Class A | 172,818 | 11,335 | |
* | O-I Glass Inc. | 664,812 | 10,890 |
Sonoco Products Co. | 187,862 | 10,496 | |
Element Solutions Inc. | 360,958 | 8,353 | |
Carpenter Technology Corp. | 111,691 | 7,908 | |
* | TimkenSteel Corp. | 282,836 | 6,632 |
AptarGroup Inc. | 52,025 | 6,431 | |
Avient Corp. | 106,312 | 4,419 | |
Materion Corp. | 24,340 | 3,167 |
Shares | Market Value ($000) | ||
Vulcan Materials Co. | 12,486 | 2,834 | |
Graphic Packaging Holding Co. | 109,923 | 2,710 | |
Eastman Chemical Co. | 24,399 | 2,192 | |
NewMarket Corp. | 3,951 | 2,157 | |
* | Summit Materials Inc. Class A | 49,544 | 1,905 |
Sensient Technologies Corp. | 27,646 | 1,825 | |
Sylvamo Corp. | 34,694 | 1,704 | |
* | LSB Industries Inc. | 161,138 | 1,500 |
Schnitzer Steel Industries Inc. Class A | 35,635 | 1,075 | |
* | Worthington Steel Inc. | 22,205 | 624 |
429,209 | |||
Real Estate (6.6%) | |||
Host Hotels & Resorts Inc. | 2,662,971 | 51,848 | |
Brixmor Property Group Inc. | 1,890,813 | 43,999 | |
Park Hotels & Resorts Inc. | 2,585,713 | 39,561 | |
NNN REIT Inc. | 832,519 | 35,882 | |
* | Zillow Group Inc. Class C | 423,223 | 24,488 |
Mid-America Apartment Communities Inc. | 178,072 | 23,944 | |
American Homes 4 Rent Class A | 611,143 | 21,977 | |
RLJ Lodging Trust | 1,829,575 | 21,443 | |
Gaming and Leisure Properties Inc. | 410,193 | 20,243 | |
Kilroy Realty Corp. | 481,658 | 19,189 | |
Kite Realty Group Trust | 790,637 | 18,074 | |
Highwoods Properties Inc. | 760,386 | 17,458 | |
Invitation Homes Inc. | 504,290 | 17,201 | |
Apple Hospitality REIT Inc. | 990,820 | 16,457 | |
DiamondRock Hospitality Co. | 1,737,256 | 16,313 | |
EPR Properties | 300,186 | 14,544 | |
* | Opendoor Technologies Inc. | 2,965,584 | 13,286 |
Xenia Hotels & Resorts Inc. | 853,057 | 11,619 | |
Cousins Properties Inc. | 470,484 | 11,456 | |
* | Redfin Corp. | 832,165 | 8,588 |
Broadstone Net Lease Inc. | 493,201 | 8,493 | |
UDR Inc. | 179,811 | 6,885 | |
Kimco Realty Corp. | 283,755 | 6,047 | |
Regency Centers Corp. | 85,093 | 5,701 | |
Piedmont Office Realty Trust Inc. Class A | 616,424 | 4,383 | |
Boston Properties Inc. | 62,040 | 4,353 | |
* | CBRE Group Inc. Class A | 45,179 | 4,206 |
SITE Centers Corp. | 302,831 | 4,128 | |
Universal Health Realty Income Trust | 94,854 | 4,102 | |
LXP Industrial Trust | 383,089 | 3,800 | |
Urban Edge Properties | 154,720 | 2,831 | |
Tanger Inc. | 101,462 | 2,812 | |
Sun Communities Inc. | 19,431 | 2,597 | |
Brandywine Realty Trust | 439,754 | 2,375 | |
Innovative Industrial Properties Inc. | 19,348 | 1,951 | |
COPT Defense Properties | 74,671 | 1,914 | |
Paramount Group Inc. | 239,341 | 1,237 | |
515,385 | |||
Utilities (4.4%) | |||
Vistra Corp. | 1,461,171 | 56,284 | |
Evergy Inc. | 865,545 | 45,181 | |
National Fuel Gas Co. | 793,978 | 39,834 | |
NiSource Inc. | 1,480,696 | 39,313 | |
Entergy Corp. | 321,149 | 32,497 | |
Edison International | 441,142 | 31,537 |
Shares | Market Value ($000) | ||
DTE Energy Co. | 189,665 | 20,913 | |
Black Hills Corp. | 355,784 | 19,195 | |
Pinnacle West Capital Corp. | 261,866 | 18,812 | |
Ameren Corp. | 247,995 | 17,940 | |
ALLETE Inc. | 130,903 | 8,006 | |
New Jersey Resources Corp. | 154,401 | 6,883 | |
Avista Corp. | 89,362 | 3,194 | |
UGI Corp. | 92,282 | 2,270 | |
CenterPoint Energy Inc. | 64,444 | 1,841 | |
Otter Tail Corp. | 18,656 | 1,585 | |
345,285 | |||
Total Common Stocks (Cost $6,421,527) | 7,742,311 | ||
Temporary Cash Investments (0.5%) | |||
Money Market Fund (0.5%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.435% (Cost $42,615) | 426,261 | 42,618 |
Total Investments (100.0%) (Cost $6,464,142) | 7,784,929 | ||
Other Assets and Liabilities—Net (0.0%) | (3,242) | ||
Net Assets (100%) | 7,781,687 | ||
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 $11,353,000. |
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 $13,527,000 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 2024 | 281 | 28,770 | 284 |
E-mini S&P 500 Index | March 2024 | 52 | 12,532 | 42 |
326 |
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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. 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, 2023, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.