Vanguard® Strategic Small-Cap 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 (99.4%) | |||
Communication Services (2.5%) | |||
* | Yelp Inc. | 182,452 | 8,637 |
* | TripAdvisor Inc. | 205,953 | 4,434 |
Iridium Communications Inc. | 104,532 | 4,303 | |
* | ZipRecruiter Inc. Class A | 296,954 | 4,128 |
* | Clear Channel Outdoor Holdings Inc. | 1,479,419 | 2,693 |
Telephone and Data Systems Inc. | 125,506 | 2,303 | |
* | Bandwidth Inc. Class A | 156,419 | 2,263 |
* | Vimeo Inc. | 414,935 | 1,627 |
* | Playtika Holding Corp. | 174,223 | 1,519 |
* | Cinemark Holdings Inc. | 79,185 | 1,116 |
* | Bumble Inc. Class A | 70,215 | 1,035 |
* | Lumen Technologies Inc. | 506,955 | 928 |
* | iHeartMedia Inc. Class A | 270,942 | 723 |
* | EchoStar Corp. Class A | 32,436 | 537 |
* | fuboTV Inc. | 151,251 | 481 |
* | Eventbrite Inc. Class A | 42,309 | 354 |
* | TechTarget Inc. | 8,648 | 301 |
* | Cardlytics Inc. | 29,896 | 275 |
*,1 | Skillz Inc. | 39,070 | 244 |
37,901 | |||
Consumer Discretionary (13.8%) | |||
Toll Brothers Inc. | 109,211 | 11,226 | |
Boyd Gaming Corp. | 141,651 | 8,869 | |
* | Taylor Morrison Home Corp. | 164,564 | 8,779 |
* | AutoNation Inc. | 57,524 | 8,639 |
KB Home | 138,148 | 8,629 | |
* | M/I Homes Inc. | 62,234 | 8,572 |
* | Beazer Homes USA Inc. | 251,937 | 8,513 |
Perdoceo Education Corp. | 433,979 | 7,621 | |
PVH Corp. | 58,191 | 7,106 | |
* | Tri Pointe Homes Inc. | 194,806 | 6,896 |
Murphy USA Inc. | 17,515 | 6,245 | |
* | Abercrombie & Fitch Co. Class A | 66,144 | 5,835 |
* | frontdoor Inc. | 157,184 | 5,536 |
Harley-Davidson Inc. | 148,065 | 5,455 | |
Texas Roadhouse Inc. | 42,690 | 5,218 | |
* | Everi Holdings Inc. | 451,715 | 5,091 |
Buckle Inc. | 98,242 | 4,668 | |
* | Adient plc | 125,857 | 4,576 |
Travel & Leisure Co. | 114,714 | 4,484 | |
* | Playa Hotels & Resorts NV | 484,470 | 4,191 |
* | Qurate Retail Inc. Series A | 4,668,856 | 4,087 |
Shares | Market Value ($000) | ||
* | Dave & Buster's Entertainment Inc. | 68,670 | 3,698 |
Macy's Inc. | 167,477 | 3,370 | |
* | Cavco Industries Inc. | 8,773 | 3,041 |
* | Modine Manufacturing Co. | 50,430 | 3,011 |
* | Shake Shack Inc. Class A | 40,253 | 2,983 |
* | Grand Canyon Education Inc. | 20,485 | 2,705 |
* | Green Brick Partners Inc. | 51,257 | 2,662 |
Upbound Group Inc. | 70,711 | 2,402 | |
* | Sally Beauty Holdings Inc. | 169,437 | 2,250 |
Dana Inc. | 127,196 | 1,858 | |
Wingstop Inc. | 7,121 | 1,827 | |
* | Carvana Co. | 33,998 | 1,800 |
Standard Motor Products Inc. | 45,079 | 1,795 | |
* | Brinker International Inc. | 41,382 | 1,787 |
* | G-III Apparel Group Ltd. | 50,759 | 1,725 |
* | Malibu Boats Inc. Class A | 31,443 | 1,724 |
* | Visteon Corp. | 13,737 | 1,716 |
* | American Axle & Manufacturing Holdings Inc. | 185,904 | 1,638 |
Gap Inc. | 74,411 | 1,556 | |
* | MasterCraft Boat Holdings Inc. | 66,848 | 1,513 |
* | Urban Outfitters Inc. | 41,586 | 1,484 |
Patrick Industries Inc. | 14,627 | 1,468 | |
Monarch Casino & Resort Inc. | 18,701 | 1,293 | |
* | Goodyear Tire & Rubber Co. | 87,517 | 1,253 |
Movado Group Inc. | 40,751 | 1,229 | |
* | Coursera Inc. | 61,968 | 1,200 |
* | ODP Corp. | 20,959 | 1,180 |
* | SeaWorld Entertainment Inc. | 22,285 | 1,177 |
Jack in the Box Inc. | 13,169 | 1,075 | |
* | Stride Inc. | 17,446 | 1,036 |
Phinia Inc. | 31,672 | 959 | |
* | BJ's Restaurants Inc. | 25,767 | 928 |
* | Skyline Champion Corp. | 9,723 | 722 |
Wolverine World Wide Inc. | 74,291 | 660 | |
Carriage Services Inc. | 23,086 | 577 | |
* | Chegg Inc. | 35,212 | 400 |
* | Warby Parker Inc. Class A | 27,064 | 382 |
Dine Brands Global Inc. | 7,485 | 372 | |
Worthington Industries Inc. | 5,990 | 345 | |
* | Valvoline Inc. | 8,455 | 318 |
* | Stitch Fix Inc. Class A | 79,598 | 284 |
* | Chuy's Holdings Inc. | 7,210 | 276 |
* | 2U Inc. | 215,859 | 265 |
* | Accel Entertainment Inc. | 23,433 | 241 |
204,421 | |||
Consumer Staples (3.4%) | |||
Coca-Cola Consolidated Inc. | 12,832 | 11,913 | |
Energizer Holdings Inc. | 136,748 | 4,332 | |
John B Sanfilippo & Son Inc. | 35,131 | 3,620 | |
PriceSmart Inc. | 43,543 | 3,300 | |
* | Simply Good Foods Co. | 78,410 | 3,105 |
Ingles Markets Inc. Class A | 32,575 | 2,813 | |
* | Post Holdings Inc. | 29,140 | 2,566 |
Vector Group Ltd. | 216,133 | 2,438 | |
* | USANA Health Sciences Inc. | 44,140 | 2,366 |
SpartanNash Co. | 96,609 | 2,217 | |
Medifast Inc. | 28,374 | 1,907 | |
Turning Point Brands Inc. | 69,821 | 1,838 |
Shares | Market Value ($000) | ||
Flowers Foods Inc. | 70,747 | 1,593 | |
* | elf Beauty Inc. | 7,891 | 1,139 |
* | BellRing Brands Inc. | 19,568 | 1,085 |
Fresh Del Monte Produce Inc. | 41,040 | 1,077 | |
* | Olaplex Holdings Inc. | 271,566 | 690 |
WK Kellogg Co. | 49,695 | 653 | |
* | Hain Celestial Group Inc. | 59,276 | 649 |
* | Herbalife Ltd. | 25,491 | 389 |
* | Duckhorn Portfolio Inc. | 20,254 | 199 |
49,889 | |||
Energy (5.0%) | |||
* | Par Pacific Holdings Inc. | 194,011 | 7,056 |
SM Energy Co. | 178,518 | 6,912 | |
Helmerich & Payne Inc. | 185,414 | 6,716 | |
Viper Energy Inc. | 212,066 | 6,655 | |
Murphy Oil Corp. | 108,711 | 4,638 | |
Equitrans Midstream Corp. | 418,570 | 4,261 | |
* | Oceaneering International Inc. | 196,235 | 4,176 |
Liberty Energy Inc. | 224,463 | 4,072 | |
International Seaways Inc. | 78,788 | 3,583 | |
NOV Inc. | 175,002 | 3,549 | |
* | US Silica Holdings Inc. | 275,171 | 3,112 |
PBF Energy Inc. Class A | 60,702 | 2,668 | |
Marathon Oil Corp. | 96,753 | 2,338 | |
Dorian LPG Ltd. | 47,011 | 2,062 | |
Select Water Solutions Inc. | 210,916 | 1,601 | |
* | Weatherford International plc | 16,096 | 1,575 |
Vitesse Energy Inc. | 71,102 | 1,556 | |
Berry Corp. | 197,674 | 1,390 | |
World Kinect Corp. | 50,107 | 1,141 | |
* | DMC Global Inc. | 52,349 | 985 |
* | Plains GP Holdings LP Class A | 47,975 | 765 |
Delek US Holdings Inc. | 23,238 | 600 | |
* | REX American Resources Corp. | 12,291 | 581 |
CONSOL Energy Inc. | 5,118 | 515 | |
* | Nabors Industries Ltd. (XNYS) | 5,861 | 478 |
* | ProPetro Holding Corp. | 51,087 | 428 |
Archrock Inc. | 26,141 | 403 | |
* | Expro Group Holdings NV | 11,660 | 186 |
74,002 | |||
Financials (17.2%) | |||
MGIC Investment Corp. | 550,887 | 10,627 | |
Essent Group Ltd. | 194,241 | 10,244 | |
Affiliated Managers Group Inc. | 67,577 | 10,232 | |
Popular Inc. | 118,137 | 9,695 | |
OFG Bancorp | 251,242 | 9,417 | |
CNO Financial Group Inc. | 335,867 | 9,371 | |
SLM Corp. | 475,060 | 9,083 | |
FNB Corp. | 640,310 | 8,817 | |
Stifel Financial Corp. | 126,312 | 8,734 | |
Axis Capital Holdings Ltd. | 150,702 | 8,344 | |
Synovus Financial Corp. | 211,708 | 7,971 | |
Pathward Financial Inc. | 126,740 | 6,708 | |
Unum Group | 148,187 | 6,701 | |
International Bancshares Corp. | 113,033 | 6,140 | |
Hancock Whitney Corp. | 125,201 | 6,084 | |
* | NMI Holdings Inc. Class A | 200,028 | 5,937 |
Shares | Market Value ($000) | ||
Banner Corp. | 106,234 | 5,690 | |
* | Affirm Holdings Inc. | 112,147 | 5,511 |
* | Genworth Financial Inc. Class A | 778,670 | 5,201 |
Westamerica BanCorp | 88,821 | 5,010 | |
* | Mr Cooper Group Inc. | 74,178 | 4,830 |
BOK Financial Corp. | 51,156 | 4,381 | |
Columbia Banking System Inc. | 163,861 | 4,372 | |
* | PROG Holdings Inc. | 112,771 | 3,486 |
* | LendingTree Inc. | 108,844 | 3,300 |
S&T Bancorp Inc. | 98,734 | 3,300 | |
Jackson Financial Inc. Class A | 63,371 | 3,245 | |
Virtu Financial Inc. Class A | 153,257 | 3,105 | |
* | Marqeta Inc. Class A | 440,227 | 3,073 |
First Financial Corp. | 69,762 | 3,002 | |
First BanCorp (XNYS) | 179,524 | 2,953 | |
* | AvidXchange Holdings Inc. | 233,528 | 2,893 |
Heartland Financial USA Inc. | 69,870 | 2,628 | |
Central Pacific Financial Corp. | 130,084 | 2,560 | |
New York Community Bancorp Inc. | 245,116 | 2,508 | |
BankUnited Inc. | 75,249 | 2,440 | |
Employers Holdings Inc. | 61,825 | 2,436 | |
Old Republic International Corp. | 82,766 | 2,433 | |
Radian Group Inc. | 83,951 | 2,397 | |
James River Group Holdings Ltd. | 251,936 | 2,328 | |
First Merchants Corp. | 62,130 | 2,304 | |
Virtus Investment Partners Inc. | 9,002 | 2,176 | |
* | Palomar Holdings Inc. | 39,191 | 2,175 |
* | Enova International Inc. | 35,347 | 1,957 |
* | Customers Bancorp Inc. | 32,960 | 1,899 |
First Financial Bancorp | 78,077 | 1,854 | |
Federated Hermes Inc. | 53,021 | 1,795 | |
Victory Capital Holdings Inc. Class A | 50,228 | 1,730 | |
* | International Money Express Inc. | 77,859 | 1,720 |
Wintrust Financial Corp. | 17,881 | 1,658 | |
OceanFirst Financial Corp. | 83,358 | 1,447 | |
Horizon Bancorp Inc. | 92,315 | 1,321 | |
Byline Bancorp Inc. | 54,369 | 1,281 | |
WesBanco Inc. | 38,480 | 1,207 | |
Berkshire Hills Bancorp Inc. | 44,668 | 1,109 | |
Navient Corp. | 50,071 | 932 | |
Janus Henderson Group plc | 27,041 | 815 | |
Hilltop Holdings Inc. | 22,880 | 806 | |
Simmons First National Corp. Class A | 39,966 | 793 | |
Veritex Holdings Inc. | 33,561 | 781 | |
Towne Bank | 25,255 | 752 | |
* | Shift4 Payments Inc. Class A | 9,106 | 677 |
* | Enstar Group Ltd. | 2,251 | 663 |
* | LendingClub Corp. | 71,931 | 629 |
Heritage Financial Corp. | 26,642 | 570 | |
Brightsphere Investment Group Inc. | 29,205 | 560 | |
* | Open Lending Corp. Class A | 65,282 | 556 |
1st Source Corp. | 9,199 | 505 | |
* | Green Dot Corp. Class A | 46,317 | 459 |
* | SiriusPoint Ltd. | 34,239 | 397 |
Heritage Commerce Corp. | 39,900 | 396 | |
WSFS Financial Corp. | 8,488 | 390 | |
First American Financial Corp. | 5,900 | 380 | |
TrustCo Bank Corp. NY | 11,695 | 363 |
Shares | Market Value ($000) | ||
* | StoneX Group Inc. | 4,804 | 355 |
Hanmi Financial Corp. | 16,111 | 313 | |
* | Cannae Holdings Inc. | 14,647 | 286 |
255,198 | |||
Health Care (13.6%) | |||
* | Tenet Healthcare Corp. | 147,219 | 11,125 |
* | Medpace Holdings Inc. | 30,827 | 9,449 |
* | Ultragenyx Pharmaceutical Inc. | 184,468 | 8,821 |
* | Alkermes plc | 275,986 | 7,656 |
Bruker Corp. | 96,426 | 7,085 | |
* | Ionis Pharmaceuticals Inc. | 138,886 | 7,026 |
*,1 | Altimmune Inc. | 622,194 | 7,000 |
* | Option Care Health Inc. | 206,020 | 6,941 |
* | CorVel Corp. | 26,200 | 6,477 |
* | Teladoc Health Inc. | 290,614 | 6,263 |
* | Merit Medical Systems Inc. | 77,640 | 5,898 |
* | PTC Therapeutics Inc. | 183,543 | 5,058 |
* | Fate Therapeutics Inc. | 1,231,667 | 4,606 |
* | ACADIA Pharmaceuticals Inc. | 144,783 | 4,533 |
* | Exelixis Inc. | 162,188 | 3,891 |
* | Veradigm Inc. | 368,620 | 3,867 |
* | Health Catalyst Inc. | 348,202 | 3,224 |
HealthStream Inc. | 109,311 | 2,955 | |
* | PetIQ Inc. | 148,987 | 2,943 |
* | Inspire Medical Systems Inc. | 14,376 | 2,925 |
Perrigo Co. plc | 89,305 | 2,874 | |
* | 2seventy bio Inc. | 583,671 | 2,492 |
* | Addus HomeCare Corp. | 26,431 | 2,454 |
Premier Inc. Class A | 108,704 | 2,431 | |
* | Enanta Pharmaceuticals Inc. | 230,918 | 2,173 |
* | Omnicell Inc. | 57,548 | 2,166 |
* | Zimvie Inc. | 121,598 | 2,158 |
* | Coherus Biosciences Inc. | 635,202 | 2,115 |
* | Phreesia Inc. | 88,299 | 2,044 |
* | GoodRx Holdings Inc. Class A | 296,132 | 1,984 |
* | MiMedx Group Inc. | 221,065 | 1,939 |
* | Haemonetics Corp. | 22,530 | 1,927 |
* | OraSure Technologies Inc. | 232,457 | 1,906 |
* | Ironwood Pharmaceuticals Inc. | 164,577 | 1,883 |
*,1 | Inovio Pharmaceuticals Inc. | 3,657,265 | 1,865 |
* | Natera Inc. | 29,190 | 1,828 |
* | Travere Therapeutics Inc. | 202,674 | 1,822 |
* | Axonics Inc. | 26,232 | 1,632 |
* | Vir Biotechnology Inc. | 159,624 | 1,606 |
* | Avanos Medical Inc. | 71,224 | 1,598 |
* | Nevro Corp. | 72,420 | 1,558 |
* | AtriCure Inc. | 43,637 | 1,557 |
* | Alector Inc. | 185,327 | 1,479 |
* | MacroGenics Inc. | 153,015 | 1,472 |
*,1 | Novavax Inc. | 299,779 | 1,439 |
* | FibroGen Inc. | 1,595,237 | 1,414 |
* | Integra LifeSciences Holdings Corp. | 30,168 | 1,314 |
* | Agenus Inc. | 1,577,724 | 1,306 |
* | CareDx Inc. | 101,006 | 1,212 |
* | BioCryst Pharmaceuticals Inc. | 194,172 | 1,163 |
* | Sangamo Therapeutics Inc. | 2,027,619 | 1,102 |
* | Vanda Pharmaceuticals Inc. | 248,672 | 1,049 |
* | LivaNova plc | 20,235 | 1,047 |
Shares | Market Value ($000) | ||
* | Puma Biotechnology Inc. | 227,827 | 986 |
* | Y-mAbs Therapeutics Inc. | 143,155 | 976 |
* | Pediatrix Medical Group Inc. | 104,833 | 975 |
* | uniQure NV | 140,877 | 954 |
Select Medical Holdings Corp. | 40,330 | 948 | |
* | Quanterix Corp. | 34,000 | 930 |
* | CytomX Therapeutics Inc. | 555,119 | 860 |
* | Community Health Systems Inc. | 271,266 | 849 |
* | ANI Pharmaceuticals Inc. | 14,611 | 806 |
* | Arvinas Inc. | 19,365 | 797 |
* | Pennant Group Inc. | 56,775 | 790 |
* | Ventyx Biosciences Inc. | 305,070 | 754 |
* | Aclaris Therapeutics Inc. | 706,504 | 742 |
* | Deciphera Pharmaceuticals Inc. | 44,898 | 724 |
* | SI-BONE Inc. | 33,380 | 701 |
* | Nurix Therapeutics Inc. | 65,684 | 678 |
* | Arrowhead Pharmaceuticals Inc. | 21,594 | 661 |
* | Inogen Inc. | 113,916 | 625 |
* | Inhibrx Inc. | 16,176 | 615 |
* | Aldeyra Therapeutics Inc. | 168,058 | 590 |
* | Codexis Inc. | 179,066 | 546 |
* | Emergent BioSolutions Inc. | 222,996 | 535 |
* | Twist Bioscience Corp. | 14,063 | 518 |
* | Intra-Cellular Therapies Inc. | 7,204 | 516 |
Chemed Corp. | 850 | 497 | |
*,1 | NanoString Technologies Inc. | 645,601 | 483 |
* | Heron Therapeutics Inc. | 277,836 | 472 |
* | Editas Medicine Inc. | 43,327 | 439 |
* | Nektar Therapeutics | 763,309 | 431 |
* | Amneal Pharmaceuticals Inc. | 69,393 | 421 |
* | AngioDynamics Inc. | 51,850 | 407 |
* | Pulmonx Corp. | 31,362 | 400 |
* | Hims & Hers Health Inc. | 41,650 | 371 |
* | iRhythm Technologies Inc. | 3,429 | 367 |
* | Morphic Holding Inc. | 11,903 | 344 |
* | Surmodics Inc. | 7,625 | 277 |
* | STAAR Surgical Co. | 8,657 | 270 |
* | NGM Biopharmaceuticals Inc. | 302,301 | 260 |
* | Supernus Pharmaceuticals Inc. | 8,798 | 255 |
* | Agios Pharmaceuticals Inc. | 10,867 | 242 |
* | Joint Corp. | 22,122 | 213 |
* | Atara Biotherapeutics Inc. | 404,425 | 207 |
*,1 | Vaxart Inc. | 361,973 | 207 |
* | Computer Programs and Systems Inc. | 18,021 | 202 |
* | Atea Pharmaceuticals Inc. | 64,273 | 196 |
* | Precision BioSciences Inc. | 500,660 | 183 |
* | Assembly Biosciences Inc. | 212,676 | 174 |
* | Mural Oncology plc | 27,598 | 163 |
* | Scilex Holding Co. (XNCM) | 74,374 | 152 |
* | Cara Therapeutics Inc. | 172,765 | 128 |
201,589 | |||
Industrials (18.6%) | |||
* | GMS Inc. | 129,902 | 10,708 |
Ryder System Inc. | 88,589 | 10,193 | |
Griffon Corp. | 161,066 | 9,817 | |
Applied Industrial Technologies Inc. | 55,524 | 9,588 | |
Allison Transmission Holdings Inc. | 164,266 | 9,552 | |
* | Beacon Roofing Supply Inc. | 105,231 | 9,157 |
Shares | Market Value ($000) | ||
* | Upwork Inc. | 528,100 | 7,853 |
Watts Water Technologies Inc. Class A | 36,886 | 7,685 | |
EMCOR Group Inc. | 35,482 | 7,644 | |
H&E Equipment Services Inc. | 139,969 | 7,323 | |
Apogee Enterprises Inc. | 133,569 | 7,134 | |
UFP Industries Inc. | 56,425 | 7,084 | |
Terex Corp. | 112,577 | 6,469 | |
* | Kirby Corp. | 81,021 | 6,359 |
* | Atkore Inc. | 35,413 | 5,666 |
* | Legalzoom.com Inc. | 491,899 | 5,558 |
* | ExlService Holdings Inc. | 175,685 | 5,420 |
Brady Corp. Class A | 90,258 | 5,297 | |
* | JELD-WEN Holding Inc. | 273,342 | 5,161 |
Ennis Inc. | 224,288 | 4,914 | |
* | Manitowoc Co. Inc. | 292,662 | 4,885 |
* | American Woodmark Corp. | 50,445 | 4,684 |
Alamo Group Inc. | 22,103 | 4,646 | |
Acuity Brands Inc. | 19,465 | 3,987 | |
Steelcase Inc. Class A | 282,003 | 3,813 | |
Comfort Systems USA Inc. | 17,750 | 3,651 | |
* | Masterbrand Inc. | 244,237 | 3,627 |
* | Cimpress plc | 45,129 | 3,613 |
Valmont Industries Inc. | 14,871 | 3,473 | |
* | MRC Global Inc. | 308,280 | 3,394 |
Heidrick & Struggles International Inc. | 114,094 | 3,369 | |
Curtiss-Wright Corp. | 14,565 | 3,245 | |
* | Sterling Infrastructure Inc. | 35,942 | 3,160 |
Herc Holdings Inc. | 20,770 | 3,092 | |
* | Alaska Air Group Inc. | 75,492 | 2,949 |
* | Thermon Group Holdings Inc. | 90,032 | 2,932 |
* | SkyWest Inc. | 55,590 | 2,902 |
EnerSys | 27,204 | 2,746 | |
Arcosa Inc. | 32,524 | 2,688 | |
AGCO Corp. | 21,834 | 2,651 | |
* | NOW Inc. | 227,944 | 2,580 |
Flowserve Corp. | 61,036 | 2,516 | |
* | Hub Group Inc. Class A | 26,645 | 2,450 |
Brink's Co. | 27,293 | 2,400 | |
Vertiv Holdings Co. Class A | 49,693 | 2,387 | |
Wabash National Corp. | 90,866 | 2,328 | |
Dun & Bradstreet Holdings Inc. | 194,546 | 2,276 | |
Enerpac Tool Group Corp. | 71,613 | 2,226 | |
* | Huron Consulting Group Inc. | 21,257 | 2,185 |
* | Enviri Corp. | 236,949 | 2,133 |
ManpowerGroup Inc. | 23,194 | 1,843 | |
Interface Inc. | 130,013 | 1,641 | |
Powell Industries Inc. | 18,505 | 1,636 | |
* | MYR Group Inc. | 11,211 | 1,621 |
Marten Transport Ltd. | 75,991 | 1,594 | |
* | Liquidity Services Inc. | 87,884 | 1,512 |
* | DXP Enterprises Inc. | 44,791 | 1,509 |
Air Lease Corp. | 35,742 | 1,499 | |
ACCO Brands Corp. | 236,170 | 1,436 | |
Woodward Inc. | 10,166 | 1,384 | |
Hyster-Yale Materials Handling Inc. | 21,848 | 1,359 | |
Boise Cascade Co. | 9,840 | 1,273 | |
* | Masonite International Corp. | 14,274 | 1,208 |
Allegiant Travel Co. | 14,215 | 1,174 |
Shares | Market Value ($000) | ||
* | Gates Industrial Corp. plc | 87,187 | 1,170 |
* | Gibraltar Industries Inc. | 14,365 | 1,135 |
* | Forrester Research Inc. | 40,497 | 1,086 |
Standex International Corp. | 6,427 | 1,018 | |
* | TrueBlue Inc. | 66,078 | 1,014 |
Franklin Electric Co. Inc. | 9,085 | 878 | |
Tennant Co. | 8,674 | 804 | |
* | Core & Main Inc. Class A | 19,726 | 797 |
CSG Systems International Inc. | 13,898 | 739 | |
* | TaskUS Inc. Class A | 53,062 | 694 |
* | SPX Technologies Inc. | 6,654 | 672 |
nVent Electric plc | 9,193 | 543 | |
* | Sun Country Airlines Holdings Inc. | 32,033 | 504 |
* | Blue Bird Corp. | 15,429 | 416 |
Resources Connection Inc. | 28,836 | 409 | |
Columbus McKinnon Corp. | 9,876 | 385 | |
TTEC Holdings Inc. | 16,189 | 351 | |
* | OPENLANE Inc. | 22,870 | 339 |
* | Janus International Group Inc. | 24,521 | 320 |
WESCO International Inc. | 1,716 | 298 | |
Encore Wire Corp. | 1,324 | 283 | |
* | Proto Labs Inc. | 6,970 | 272 |
276,386 | |||
Information Technology (11.5%) | |||
* | Blackline Inc. | 129,951 | 8,114 |
* | SMART Global Holdings Inc. | 415,071 | 7,857 |
* | Cirrus Logic Inc. | 89,326 | 7,431 |
* | Pure Storage Inc. Class A | 192,733 | 6,873 |
* | CommVault Systems Inc. | 85,754 | 6,847 |
* | Manhattan Associates Inc. | 27,907 | 6,009 |
* | RingCentral Inc. Class A | 169,617 | 5,758 |
* | CommScope Holding Co. Inc. | 1,999,354 | 5,638 |
* | MaxLinear Inc. | 206,292 | 4,904 |
* | BigCommerce Holdings Inc. Series 1 | 493,855 | 4,805 |
* | Rapid7 Inc. | 80,442 | 4,593 |
* | Q2 Holdings Inc. | 98,975 | 4,296 |
* | Nutanix Inc. Class A | 84,785 | 4,043 |
* | Domo Inc. Class B | 387,951 | 3,992 |
* | NETGEAR Inc. | 272,875 | 3,979 |
* | Itron Inc. | 51,051 | 3,855 |
* | Sanmina Corp. | 71,384 | 3,667 |
* | Zuora Inc. Class A | 385,399 | 3,623 |
Pegasystems Inc. | 73,242 | 3,579 | |
* | Kyndryl Holdings Inc. | 160,148 | 3,328 |
* | LiveRamp Holdings Inc. | 81,836 | 3,100 |
Amkor Technology Inc. | 91,380 | 3,040 | |
* | Diodes Inc. | 37,552 | 3,024 |
* | Arlo Technologies Inc. | 309,354 | 2,945 |
* | ePlus Inc. | 36,091 | 2,882 |
* | Teradata Corp. | 63,536 | 2,764 |
* | Everbridge Inc. | 112,650 | 2,739 |
* | ACM Research Inc. Class A | 128,634 | 2,514 |
* | Yext Inc. | 421,783 | 2,484 |
Benchmark Electronics Inc. | 79,054 | 2,185 | |
* | ScanSource Inc. | 55,008 | 2,179 |
* | FARO Technologies Inc. | 96,356 | 2,171 |
* | Infinera Corp. | 436,203 | 2,072 |
* | Unisys Corp. | 357,304 | 2,008 |
Shares | Market Value ($000) | ||
* | Smartsheet Inc. Class A | 39,218 | 1,875 |
* | Axcelis Technologies Inc. | 13,995 | 1,815 |
Xerox Holdings Corp. | 98,705 | 1,809 | |
* | TTM Technologies Inc. | 106,505 | 1,684 |
* | Fabrinet | 8,704 | 1,657 |
* | LivePerson Inc. | 411,480 | 1,560 |
* | PDF Solutions Inc. | 42,703 | 1,372 |
Jabil Inc. | 10,356 | 1,319 | |
* | Tenable Holdings Inc. | 27,554 | 1,269 |
* | Weave Communications Inc. | 103,654 | 1,189 |
* | Magnachip Semiconductor Corp. | 132,842 | 996 |
* | Cohu Inc. | 25,946 | 918 |
* | Ultra Clean Holdings Inc. | 26,136 | 892 |
* | Olo Inc. Class A | 143,144 | 819 |
* | Upland Software Inc. | 182,511 | 772 |
* | Ribbon Communications Inc. | 259,000 | 751 |
* | nLight Inc. | 54,922 | 741 |
* | Marathon Digital Holdings Inc. | 30,172 | 709 |
* | CS Disco Inc. | 92,165 | 700 |
* | Synaptics Inc. | 4,946 | 564 |
* | SecureWorks Corp. Class A | 76,277 | 563 |
* | Xperi Inc. | 50,448 | 556 |
* | Ouster Inc. | 72,467 | 556 |
* | NetScout Systems Inc. | 24,807 | 545 |
* | Alpha & Omega Semiconductor Ltd. | 20,729 | 540 |
* | Squarespace Inc. Class A | 15,694 | 518 |
A10 Networks Inc. | 38,434 | 506 | |
* | FormFactor Inc. | 11,371 | 474 |
ON24 Inc. | 57,424 | 452 | |
PC Connection Inc. | 6,356 | 427 | |
Napco Security Technologies Inc. | 12,047 | 413 | |
* | Semtech Corp. | 17,427 | 382 |
* | Aeva Technologies Inc. | 444,352 | 337 |
* | 8x8 Inc. | 88,280 | 334 |
Avnet Inc. | 5,912 | 298 | |
* | OneSpan Inc. | 27,516 | 295 |
* | CEVA Inc. | 11,962 | 272 |
* | Brightcove Inc. | 86,508 | 224 |
* | Digital Turbine Inc. | 30,419 | 209 |
* | Sprinklr Inc. Class A | 16,588 | 200 |
170,810 | |||
Materials (4.8%) | |||
Eagle Materials Inc. | 57,810 | 11,726 | |
Commercial Metals Co. | 164,587 | 8,236 | |
SunCoke Energy Inc. | 709,819 | 7,624 | |
Ryerson Holding Corp. | 152,829 | 5,300 | |
Warrior Met Coal Inc. | 81,469 | 4,967 | |
* | Axalta Coating Systems Ltd. | 130,542 | 4,435 |
Chemours Co. | 127,485 | 4,021 | |
Innospec Inc. | 27,599 | 3,401 | |
AdvanSix Inc. | 97,862 | 2,932 | |
NewMarket Corp. | 4,918 | 2,684 | |
* | Ecovyst Inc. | 274,038 | 2,677 |
Koppers Holdings Inc. | 47,223 | 2,419 | |
Trinseo plc | 252,664 | 2,115 | |
Carpenter Technology Corp. | 20,407 | 1,445 | |
* | O-I Glass Inc. | 66,480 | 1,089 |
TriMas Corp. | 41,348 | 1,047 |
Shares | Market Value ($000) | ||
Myers Industries Inc. | 53,067 | 1,038 | |
Greif Inc. Class A | 15,302 | 1,004 | |
Hawkins Inc. | 9,500 | 669 | |
Materion Corp. | 4,537 | 590 | |
Schnitzer Steel Industries Inc. Class A | 18,037 | 544 | |
Sonoco Products Co. | 8,262 | 462 | |
Orion SA | 12,861 | 357 | |
Element Solutions Inc. | 14,754 | 341 | |
* | Worthington Steel Inc. | 11,046 | 310 |
* | LSB Industries Inc. | 30,847 | 287 |
71,720 | |||
Real Estate (6.6%) | |||
Cousins Properties Inc. | 393,237 | 9,575 | |
Park Hotels & Resorts Inc. | 621,765 | 9,513 | |
Brixmor Property Group Inc. | 408,254 | 9,500 | |
RLJ Lodging Trust | 794,233 | 9,308 | |
Kilroy Realty Corp. | 182,876 | 7,286 | |
Kite Realty Group Trust | 289,563 | 6,619 | |
American Assets Trust Inc. | 184,841 | 4,161 | |
EPR Properties | 83,785 | 4,059 | |
* | Opendoor Technologies Inc. | 768,893 | 3,445 |
* | Forestar Group Inc. | 95,288 | 3,151 |
Universal Health Realty Income Trust | 71,461 | 3,091 | |
DiamondRock Hospitality Co. | 304,183 | 2,856 | |
Xenia Hotels & Resorts Inc. | 172,249 | 2,346 | |
* | Redfin Corp. | 221,146 | 2,282 |
Acadia Realty Trust | 123,404 | 2,097 | |
Highwoods Properties Inc. | 66,515 | 1,527 | |
Armada Hoffler Properties Inc. | 113,473 | 1,404 | |
RE/MAX Holdings Inc. Class A | 94,859 | 1,264 | |
Summit Hotel Properties Inc. | 172,525 | 1,159 | |
Chatham Lodging Trust | 106,553 | 1,142 | |
Vornado Realty Trust | 39,976 | 1,129 | |
Broadstone Net Lease Inc. | 63,701 | 1,097 | |
Equity Commonwealth | 56,126 | 1,078 | |
* | Anywhere Real Estate Inc. | 130,082 | 1,055 |
Piedmont Office Realty Trust Inc. Class A | 140,387 | 998 | |
Alexander & Baldwin Inc. | 52,436 | 997 | |
SITE Centers Corp. | 66,726 | 910 | |
Newmark Group Inc. Class A | 77,615 | 851 | |
One Liberty Properties Inc. | 37,488 | 821 | |
Plymouth Industrial REIT Inc. | 30,650 | 738 | |
* | Compass Inc. Class A | 180,724 | 680 |
Tanger Inc. | 23,810 | 660 | |
Elme Communities | 33,272 | 486 | |
Brandywine Realty Trust | 88,800 | 480 | |
LXP Industrial Trust | 38,288 | 380 | |
Paramount Group Inc. | 70,905 | 367 | |
98,512 | |||
Utilities (2.4%) | |||
National Fuel Gas Co. | 171,179 | 8,588 | |
Black Hills Corp. | 154,873 | 8,355 | |
New Jersey Resources Corp. | 128,500 | 5,729 | |
ALLETE Inc. | 89,338 | 5,464 | |
Unitil Corp. | 83,684 | 4,399 | |
MGE Energy Inc. | 21,977 | 1,589 |
Shares | Market Value ($000) | ||
Avista Corp. | 31,948 | 1,142 | |
35,266 | |||
Total Common Stocks (Cost $1,252,921) | 1,475,694 | ||
Temporary Cash Investments (1.0%) | |||
Money Market Fund (1.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.435% (Cost $14,275) | 142,781 | 14,275 |
Total Investments (100.4%) (Cost $1,267,196) | 1,489,969 | ||
Other Assets and Liabilities—Net (-0.4%) | (5,586) | ||
Net Assets (100%) | 1,484,383 | ||
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 $5,442,000. |
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 $6,187,000 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 | 80 | 8,191 | 130 |
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.