NPORT-EX 2 vgexplorerfund073120.htm vgexplorerfund073120.htm - Generated by SEC Publisher for SEC Filing

Vanguard Explorer Fund

Schedule of Investments (unaudited)
As of July 31, 2020

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.

      Market 
      Value 
    Shares  ($000) 
Common Stocks (96.1%)     
Communication Services (3.3%)     
*  Pinterest Inc. Class A  2,159,752  74,058 
  New York Times Co. Class A  1,467,343  67,703 
*  Live Nation Entertainment Inc.  1,394,627  65,282 
  Cinemark Holdings Inc.  4,905,016  58,026 
*  Bandwidth Inc. Class A  400,157  57,935 
*  Take-Two Interactive Software Inc.  268,660  44,066 
*  Match Group Inc.  402,260  41,312 
*  Electronic Arts Inc.  202,060  28,616 
*  Roku Inc.  165,364  25,613 
*  IAC/InterActiveCorp  160,833  21,298 
*  Cargurus Inc.  445,389  12,867 
*  EverQuote Inc. Class A  229,676  12,506 
*  Glu Mobile Inc.  1,291,492  12,192 
*  Boingo Wireless Inc.  723,899  10,460 
*  Zynga Inc. Class A  847,460  8,331 
*  TechTarget Inc.  214,528  7,785 
  Cable One Inc.  1,181  2,152 
*  Liberty TripAdvisor Holdings Inc. Class A  599,574  1,487 
*  Cardlytics Inc.  17,000  1,129 
*,^  Gogo Inc.  168,856  492 
      553,310 
Consumer Discretionary (12.9%)     
*  Etsy Inc.  1,385,740  164,044 
*  Burlington Stores Inc.  736,756  138,510 
*  Skechers USA Inc. Class A  3,627,273  106,207 
*  MercadoLibre Inc.  80,129  90,115 
  Monro Inc.  1,354,213  76,242 
  Acushnet Holdings Corp.  1,963,239  74,701 
  Carter's Inc.  927,699  73,028 
  Hanesbrands Inc.  5,040,958  71,229 
*  Deckers Outdoor Corp.  315,506  66,020 
*  Skyline Champion Corp.  2,308,259  65,162 
  Wingstop Inc.  407,302  63,641 
*  Chewy Inc.  1,203,490  63,171 
*,^  Carvana Co. Class A  383,621  59,442 
*  Five Below Inc.  539,500  58,757 
  Domino's Pizza Inc.  143,394  55,438 
*  Sally Beauty Holdings Inc.  4,592,282  53,316 
  La-Z-Boy Inc.  1,868,338  53,173 
*  Ollie's Bargain Outlet Holdings Inc.  462,950  48,656 
*  Under Armour Inc. Class C  4,907,146  46,569 
  Levi Strauss & Co. Class A  3,730,312  45,361 
*  frontdoor Inc.  931,149  39,104 
  Aaron's Inc.  704,943  36,784 

 

 

  Shutterstock Inc.  609,021  33,094 
*  Chegg Inc.  399,276  32,329 
*  Floor & Decor Holdings Inc. Class A  453,504  29,886 
  Core-Mark Holding Co. Inc.  1,083,489  28,734 
*  Dollar Tree Inc.  265,034  24,741 
*  Farfetch Ltd. Class A  949,109  24,326 
  Pool Corp.  73,296  23,213 
*,^  Vroom Inc.  390,659  23,123 
*  TopBuild Corp.  169,479  22,358 
*,1 Houghton Mifflin Harcourt Co.  7,198,968  21,309 
  Polaris Inc.  186,658  19,343 
*  Murphy USA Inc.  128,290  16,987 
  Rent-A-Center Inc.  577,217  16,693 
*  Ulta Beauty Inc.  83,815  16,175 
*  Lululemon Athletica Inc.  49,382  16,078 
  Papa John's International Inc.  169,747  16,070 
*  Bright Horizons Family Solutions Inc.  146,788  15,742 
*  Grand Canyon Education Inc.  161,127  14,298 
  Garmin Ltd.  142,943  14,093 
  Service Corp. International/US  301,021  13,052 
*  Fox Factory Holding Corp.  133,204  11,855 
*  Planet Fitness Inc. Class A  214,242  11,183 
*  RH  36,800  10,577 
  Lithia Motors Inc. Class A  44,997  10,311 
*  NVR Inc.  2,021  7,943 
  Texas Roadhouse Inc. Class A  136,600  7,676 
  PulteGroup Inc.  166,248  7,248 
  H&R Block Inc.  465,111  6,744 
  Kontoor Brands Inc.  319,782  6,127 
*  Asbury Automotive Group Inc.  54,252  5,433 
*  Stamps.com Inc.  20,851  5,427 
^  PetMed Express Inc.  151,204  4,718 
*  GAN Ltd.  224,914  4,352 
*  Helen of Troy Ltd.  22,924  4,315 
*  1-800-Flowers.com Inc. Class A  143,298  4,048 
*  iRobot Corp.  54,823  3,985 
  Lear Corp.  34,506  3,809 
  Winnebago Industries Inc.  49,567  2,994 
  Gentex Corp.  108,497  2,928 
*  Malibu Boats Inc. Class A  45,661  2,684 
*  Zumiez Inc.  111,605  2,578 
*  Magnite Inc.  409,054  2,456 
*  Perdoceo Education Corp.  152,241  2,192 
  Strategic Education Inc.  17,268  2,179 
*  Sportsman's Warehouse Holdings Inc.  134,845  2,170 
*  Mattel Inc.  190,106  2,112 
*  Sleep Number Corp.  39,959  1,858 
*  GoPro Inc. Class A  326,915  1,729 
  Brinker International Inc.  63,374  1,704 
*  Lovesac Co.  53,255  1,692 
  KB Home  46,702  1,571 
  Camping World Holdings Inc. Class A  40,993  1,501 
*  Gentherm Inc.  36,029  1,397 
*  Waitr Holdings Inc.  255,281  1,363 
*  CarParts.com Inc.  94,008  1,292 
*  El Pollo Loco Holdings Inc.  52,490  1,037 
*,^  Vivint Smart Home Inc.  41,682  640 
  Standard Motor Products Inc.  12,146  552 

 

 

* WW International Inc.  19,685  511 
* Visteon Corp.  6,646  483 
* Funko Inc. Class A  86,398  479 
    2,126,167 
Consumer Staples (2.5%)     
* BJ's Wholesale Club Holdings Inc.  1,660,255  66,493 
Nu Skin Enterprises Inc. Class A  1,412,345  63,344 
* Nomad Foods Ltd.  2,407,962  55,528 
* Performance Food Group Co.  1,787,441  50,084 
Casey's General Stores Inc.  270,109  42,999 
Sanderson Farms Inc.  321,439  35,839 
* Monster Beverage Corp.  328,009  25,742 
Calavo Growers Inc.  380,562  21,985 
Coca-Cola Consolidated Inc.  57,452  13,189 
^ B&G Foods Inc.  437,593  12,651 
Reynolds Consumer Products Inc.  154,144  5,250 
* Beyond Meat Inc.  40,269  5,070 
John B Sanfilippo & Son Inc.  56,598  4,990 
Medifast Inc.  19,682  3,289 
* Pilgrim's Pride Corp.  181,062  2,779 
* elf Beauty Inc.  151,199  2,700 
* TreeHouse Foods Inc.  41,101  1,801 
* Sprouts Farmers Market Inc.  60,480  1,595 
* USANA Health Sciences Inc.  17,590  1,428 
Tootsie Roll Industries Inc.  38,336  1,215 
* Herbalife Nutrition Ltd.  14,509  744 
    418,715 
Energy (0.5%)     
Delek US Holdings Inc.  1,788,075  31,256 
Viper Energy Partners LP  1,652,764  17,090 
Cabot Oil & Gas Corp.  766,109  14,326 
* ChampionX Corp.  950,972  9,044 
Parsley Energy Inc. Class A  497,451  5,462 
* Renewable Energy Group Inc.  26,753  738 
CVR Energy Inc.  30,497  586 
* CONSOL Energy Inc.  91,268  535 
    79,037 
Financials (5.7%)     
Hannon Armstrong Sustainable Infrastructure Capital Inc.  2,098,984  73,527 
* SVB Financial Group  312,004  69,973 
Tradeweb Markets Inc. Class A  1,238,860  66,985 
Assurant Inc.  562,139  60,413 
MarketAxess Holdings Inc.  114,440  59,131 
Voya Financial Inc.  1,190,033  58,788 
Nasdaq Inc.  425,249  55,839 
Synovus Financial Corp.  2,315,875  46,665 
Sterling Bancorp  4,056,526  45,636 
RenaissanceRe Holdings Ltd.  252,400  45,528 
Assured Guaranty Ltd.  1,948,127  42,528 
LPL Financial Holdings Inc.  521,227  41,187 
* Palomar Holdings Inc.  366,805  33,504 
* PRA Group Inc.  835,880  33,067 
* Green Dot Corp. Class A  619,221  31,388 
* Encore Capital Group Inc.  671,874  24,544 
FirstCash Inc.  414,088  23,868 
WisdomTree Investments Inc.  5,210,024  18,756 
Primerica Inc.  156,696  18,750 

 

 

  MSCI Inc. Class A  44,296  16,654 
  Piper Sandler Cos.  245,722  15,213 
  Bank OZK  560,817  13,488 
  Walker & Dunlop Inc.  170,494  8,595 
  Erie Indemnity Co. Class A  25,501  5,358 
*  Enova International Inc.  304,985  4,907 
*  eHealth Inc.  62,978  4,354 
  Lazard Ltd. Class A  116,819  3,425 
  Universal Insurance Holdings Inc.  184,462  3,230 
  Prosperity Bancshares Inc.  55,190  3,066 
  Bank of NT Butterfield & Son Ltd.  108,884  2,834 
  Artisan Partners Asset Management Inc. Class A  60,138  2,179 
  FactSet Research Systems Inc.  4,701  1,628 
  Virtus Investment Partners Inc.  11,539  1,568 
  First Financial Bankshares Inc.  46,159  1,381 
  Evercore Inc. Class A  20,457  1,131 
  Virtu Financial Inc. Class A  39,830  988 
  PennyMac Financial Services Inc.  12,454  601 
  Cohen & Steers Inc.  6,828  413 
      941,090 
Health Care (23.8%)     
*  ICON plc  940,871  174,494 
*  Insulet Corp.  736,577  149,790 
*  Penumbra Inc.  503,515  111,735 
*  Hologic Inc.  1,517,991  105,925 
*  Mettler-Toledo International Inc.  89,150  83,355 
*  Amedisys Inc.  354,483  83,006 
*  Quidel Corp.  290,354  82,016 
*  ABIOMED Inc.  265,452  79,620 
*,1 BioTelemetry Inc.  1,863,781  79,323 
*  Molina Healthcare Inc.  429,361  79,303 
  Encompass Health Corp.  1,141,903  77,741 
  Hill-Rom Holdings Inc.  747,910  72,712 
*  LHC Group Inc.  355,086  69,281 
*  Haemonetics Corp.  783,925  68,719 
*  Catalent Inc.  775,269  67,712 
  STERIS plc  415,260  66,288 
*  Globus Medical Inc.  1,367,667  65,894 
*  Acadia Healthcare Co. Inc.  2,170,193  64,693 
*  IDEXX Laboratories Inc.  156,302  62,169 
*  DexCom Inc.  139,406  60,717 
*  Omnicell Inc.  855,675  60,145 
*  Repligen Corp.  342,507  51,688 
*  Syneos Health Inc.  821,675  51,264 
*  Varian Medical Systems Inc.  349,592  49,894 
*  Merit Medical Systems Inc.  1,110,134  49,645 
*  Neurocrine Biosciences Inc.  408,160  49,126 
*  Exact Sciences Corp.  512,724  48,581 
  Bio-Techne Corp.  167,777  46,166 
*  Ultragenyx Pharmaceutical Inc.  575,962  45,017 
*  Integra LifeSciences Holdings Corp.  915,663  43,723 
*  PRA Health Sciences Inc.  409,170  43,601 
*  Avanos Medical Inc.  1,388,472  42,584 
*  MEDNAX Inc.  2,096,383  41,886 
  ResMed Inc.  195,266  39,543 
*  Biohaven Pharmaceutical Holding Co. Ltd.  611,016  39,129 
*,^  Ligand Pharmaceuticals Inc.  313,950  36,789 

 

 

*  HealthEquity Inc.  677,412  34,927 
*  BioMarin Pharmaceutical Inc.  282,152  33,805 
*  Tandem Diabetes Care Inc.  322,573  33,696 
*  Kodiak Sciences Inc.  712,309  33,001 
*  ImmunoGen Inc.  7,985,350  32,820 
*  Immunomedics Inc.  723,950  30,572 
*  CRISPR Therapeutics AG  349,335  29,854 
*  Ascendis Pharma A/S ADR  213,450  29,373 
*  PPD Inc.  997,120  29,285 
*  Y-mAbs Therapeutics Inc.  790,078  27,755 
*  Akebia Therapeutics Inc.  2,484,508  27,752 
*  Sarepta Therapeutics Inc.  180,450  27,703 
*  Dicerna Pharmaceuticals Inc.  1,253,706  26,955 
*  Pacira BioSciences Inc.  511,179  26,893 
*  Turning Point Therapeutics Inc.  451,596  26,748 
*  Constellation Pharmaceuticals Inc.  994,394  26,739 
*  Arena Pharmaceuticals Inc.  412,059  25,296 
*  HMS Holdings Corp.  777,746  25,277 
  Cooper Cos. Inc.  88,562  25,057 
*  ChemoCentryx Inc.  468,898  24,716 
  Chemed Corp.  48,577  23,909 
  Cerner Corp.  319,401  22,182 
*  Novocure Ltd.  289,409  21,934 
*  Deciphera Pharmaceuticals Inc.  471,004  21,840 
*  Apellis Pharmaceuticals Inc.  839,571  21,736 
*  Horizon Therapeutics plc  354,988  21,722 
*  Theravance Biopharma Inc.  1,108,584  21,529 
*  Illumina Inc.  56,178  21,469 
*  Medpace Holdings Inc.  177,846  21,226 
*  Avantor Inc.  941,413  20,786 
*  Agios Pharmaceuticals Inc.  455,365  20,637 
*  Revance Therapeutics Inc.  873,341  20,506 
*  Neogen Corp.  262,770  20,173 
*  Heron Therapeutics Inc.  1,237,387  20,157 
*  AMN Healthcare Services Inc.  366,727  20,148 
*  Charles River Laboratories International Inc.  98,688  19,638 
*  Teladoc Health Inc.  77,990  18,533 
  Bruker Corp.  400,004  17,848 
*  Veeva Systems Inc. Class A  66,959  17,715 
*  Axogen Inc.  1,473,804  16,757 
*  STAAR Surgical Co.  279,869  16,286 
*  NuVasive Inc.  280,527  16,029 
*  Exelixis Inc.  686,372  15,848 
*  Intuitive Surgical Inc.  22,199  15,216 
*  Align Technology Inc.  51,647  15,175 
*  Alnylam Pharmaceuticals Inc.  98,903  14,416 
*,^  Viking Therapeutics Inc.  2,029,824  14,249 
*  Natera Inc.  287,010  13,782 
*  Tricida Inc.  1,011,221  13,530 
*  MacroGenics Inc.  497,154  12,628 
*  Tenet Healthcare Corp.  451,354  11,934 
*  Halozyme Therapeutics Inc.  432,814  11,768 
*  Nevro Corp.  86,838  11,546 
*  Integer Holdings Corp.  174,381  11,469 
*  Ironwood Pharmaceuticals Inc. Class A  1,191,913  10,930 
  PerkinElmer Inc.  90,223  10,728 
*  Ionis Pharmaceuticals Inc.  185,258  10,663 
*,^  Schrodinger Inc.  146,625  10,613 

 

 

*  Cytokinetics Inc.  445,653  9,635 
*  Iovance Biotherapeutics Inc.  330,370  9,604 
*  Puma Biotechnology Inc.  921,370  9,499 
*,^  Esperion Therapeutics Inc.  251,311  9,457 
*  Masimo Corp.  41,984  9,242 
*  Enanta Pharmaceuticals Inc.  197,931  9,075 
*,^  Novavax Inc.  59,768  8,553 
*,^  Inovio Pharmaceuticals Inc.  361,812  7,034 
*  Arrowhead Pharmaceuticals Inc.  141,623  6,100 
*  Alkermes plc  327,679  5,901 
*  Vanda Pharmaceuticals Inc.  571,818  5,764 
*,^  DBV Technologies SA ADR  1,396,307  5,739 
*  Veracyte Inc.  160,469  5,724 
*  Acceleron Pharma Inc.  57,714  5,723 
*  Inovalon Holdings Inc. Class A  239,263  5,630 
*  Select Medical Holdings Corp.  287,718  5,478 
*,^  VBI Vaccines Inc.  1,277,784  5,201 
*  Bluebird Bio Inc.  85,092  5,165 
*  Voyager Therapeutics Inc.  423,207  4,685 
*  Corcept Therapeutics Inc.  272,139  4,068 
  Ensign Group Inc.  87,325  4,016 
*  BioCryst Pharmaceuticals Inc.  976,071  3,973 
*  GenMark Diagnostics Inc.  217,280  3,881 
  West Pharmaceutical Services Inc.  13,983  3,760 
*  ACADIA Pharmaceuticals Inc.  87,601  3,642 
*  Pennant Group Inc.  132,282  3,315 
*  Eidos Therapeutics Inc.  78,871  3,163 
*  Retrophin Inc.  152,131  3,024 
*  Karyopharm Therapeutics Inc.  187,732  3,013 
  Luminex Corp.  79,592  2,897 
*  Minerva Neurosciences Inc.  784,648  2,734 
  US Physical Therapy Inc.  31,926  2,652 
*  OraSure Technologies Inc.  142,102  2,579 
*  Meridian Bioscience Inc.  104,796  2,566 
*  Lantheus Holdings Inc.  187,011  2,521 
*  MyoKardia Inc.  27,886  2,513 
  LeMaitre Vascular Inc.  84,003  2,464 
*  Momenta Pharmaceuticals Inc.  82,981  2,447 
*,^  Chembio Diagnostics Inc.  437,956  2,422 
*  Precision BioSciences Inc.  365,573  2,325 
*  Spectrum Pharmaceuticals Inc.  773,904  2,314 
*  Silk Road Medical Inc.  47,078  2,187 
*  Arcturus Therapeutics Holdings Inc.  40,193  2,099 
*,^  Co-Diagnostics Inc.  83,000  1,992 
*  Translate Bio Inc.  129,604  1,969 
*  Editas Medicine Inc.  66,463  1,951 
*  Allogene Therapeutics Inc.  50,872  1,865 
*,^  Zynex Inc.  96,441  1,844 
*  Fluidigm Corp.  252,780  1,780 
*  ICU Medical Inc.  9,554  1,755 
*  Blueprint Medicines Corp.  23,166  1,695 
*  Amphastar Pharmaceuticals Inc.  77,004  1,542 
*  Allscripts Healthcare Solutions Inc.  167,460  1,507 
*  CareDx Inc.  45,030  1,502 
*  Progyny Inc.  55,987  1,491 
*  CytomX Therapeutics Inc.  211,869  1,485 
*  Innoviva Inc.  107,580  1,457 
*  Providence Service Corp.  17,899  1,450 

 

 

*  Arvinas Inc.  45,181  1,423 
*  Ovid therapeutics Inc.  213,892  1,380 
*  Karuna Therapeutics Inc.  16,539  1,353 
*  Surgery Partners Inc.  86,031  1,314 
*  Xencor Inc.  42,235  1,271 
*  Bioxcel Therapeutics Inc.  27,233  1,235 
*  Selecta Biosciences Inc.  513,164  1,221 
*,^  Vaxart Inc.  126,018  1,183 
*  Adverum Biotechnologies Inc  70,057  1,175 
*  Pacific Biosciences of California Inc.  308,484  1,151 
*,^  Cassava Sciences Inc.  361,773  1,147 
*  Zogenix Inc.  47,690  1,135 
*  Evolent Health Inc. Class A  94,300  1,099 
*  Fulgent Genetics Inc.  41,235  1,087 
*  Rocket Pharmaceuticals Inc.  45,757  1,077 
*  Endo International plc  301,077  1,048 
*,^  Accelerate Diagnostics Inc.  71,981  1,046 
*  Kala Pharmaceuticals Inc.  118,225  1,034 
*  Immunovant Inc.  45,732  1,034 
*  FibroGen Inc.  25,369  1,027 
*  Kiniksa Pharmaceuticals Ltd. Class A  51,686  1,009 
*  NextCure Inc.  108,667  969 
*  Retractable Technologies Inc.  76,472  915 
*  Denali Therapeutics Inc.  38,989  913 
*  Molecular Templates Inc.  78,163  857 
*  Myriad Genetics Inc.  69,670  841 
*  Assertio Holdings Inc.  879,479  792 
*  Magellan Health Inc.  10,631  789 
*  MannKind Corp.  454,148  708 
*  Supernus Pharmaceuticals Inc.  31,445  700 
*  Ocular Therapeutix Inc.  79,746  625 
*  Protagonist Therapeutics Inc.  39,674  624 
*  Agenus Inc.  195,257  594 
*  Radius Health Inc.  46,932  589 
*  Vapotherm Inc.  10,372  542 
*  NanoString Technologies Inc.  14,343  518 
*  Krystal Biotech Inc.  12,226  505 
*  Phathom Pharmaceuticals Inc.  15,061  501 
*  Castle Biosciences Inc.  12,827  497 
*,^  Acorda Therapeutics Inc.  775,332  488 
*  BioLife Solutions Inc.  23,810  460 
*  Syndax Pharmaceuticals Inc.  32,099  453 
*  Affimed NV  126,434  446 
*  Cue Biopharma Inc.  23,438  443 
*  ZIOPHARM Oncology Inc.  148,255  440 
*  Amneal Pharmaceuticals Inc.  100,443  435 
*  Natus Medical Inc.  23,237  432 
*  Provention Bio Inc.  41,297  429 
*  AVEO Pharmaceuticals Inc.  92,619  395 
*  Athenex Inc.  36,558  388 
*  Dynavax Technologies Corp.  42,756  349 
      3,939,908 
Industrials (16.9%)     
*  TriNet Group Inc.  2,266,801  149,609 
*  Trex Co. Inc.  971,679  135,384 
*  Clean Harbors Inc.  1,663,843  99,165 
  John Bean Technologies Corp.  1,045,380  98,015 

 

 

  Fortune Brands Home & Security Inc.  1,125,076  86,068 
*  Copart Inc.  909,860  84,844 
*  Chart Industries Inc.  1,116,908  76,542 
  Kennametal Inc.  2,666,640  71,893 
*  Kirby Corp.  1,545,102  71,446 
*  SPX FLOW Inc.  1,781,417  71,399 
  Advanced Drainage Systems Inc.  1,454,337  71,263 
  Rexnord Corp.  2,383,097  69,038 
  BWX Technologies Inc.  1,205,936  65,748 
  Woodward Inc.  800,256  59,971 
  EnerSys  890,982  59,927 
*  Ingersoll Rand Inc.  1,890,008  59,705 
  Enerpac Tool Group Corp. Class A  2,954,892  55,847 
  Ritchie Bros Auctioneers Inc.  1,167,302  54,023 
  IDEX Corp.  319,850  52,718 
  TransUnion  574,622  51,469 
  ABM Industries Inc.  1,427,954  51,264 
*  Generac Holdings Inc.  319,200  50,300 
*  Sensata Technologies Holding plc  1,300,109  49,378 
*  Masonite International Corp.  557,454  47,021 
  GATX Corp.  738,559  45,045 
*  Middleby Corp.  534,972  44,435 
  Verisk Analytics Inc. Class A  232,869  43,945 
*  United Rentals Inc.  268,320  41,689 
*  AerCap Holdings NV  1,546,632  41,651 
  Watts Water Technologies Inc. Class A  467,442  39,214 
*  SiteOne Landscape Supply Inc.  297,308  38,064 
  Rush Enterprises Inc. Class A  798,783  38,006 
*  Teledyne Technologies Inc.  111,590  34,225 
*  XPO Logistics Inc.  433,725  32,538 
  Tennant Co.  485,897  32,370 
*  Kratos Defense & Security Solutions Inc.  1,769,617  31,871 
*  CoStar Group Inc.  35,791  30,414 
*  Proto Labs Inc.  245,101  29,442 
*,^  Cimpress plc  284,080  28,408 
*  Kornit Digital Ltd.  527,804  28,285 
*  RBC Bearings Inc.  229,861  28,140 
*  Mercury Systems Inc.  346,585  26,836 
*  Axon Enterprise Inc.  307,967  25,601 
  CH Robinson Worldwide Inc.  250,739  23,499 
  Matson Inc.  625,699  22,788 
  HEICO Corp. Class A  264,581  20,254 
  IHS Markit Ltd.  243,741  19,677 
  Rockwell Automation Inc.  88,799  19,371 
  Landstar System Inc.  144,043  17,542 
  Forward Air Corp.  334,499  17,391 
  JB Hunt Transport Services Inc.  116,434  15,067 
  Heartland Express Inc.  689,870  13,994 
*  Aerojet Rocketdyne Holdings Inc.  303,690  12,527 
*  Atkore International Group Inc.  422,125  11,258 
  Tetra Tech Inc.  120,736  10,703 
*  AZEK Co. Inc.  291,048  10,041 
*  GMS Inc.  415,465  9,734 
  EMCOR Group Inc.  139,968  9,588 
  UFP Industries Inc.  152,082  8,854 
*  MRC Global Inc.  1,461,260  8,694 
*  Builders FirstSource Inc.  361,490  8,564 
  Albany International Corp. Class A  177,512  8,535 

 

 

  Simpson Manufacturing Co. Inc.  87,777  8,476 
  Huntington Ingalls Industries Inc.  45,196  7,851 
  Exponent Inc.  86,551  7,275 
  Allison Transmission Holdings Inc.  187,652  7,011 
*  MasTec Inc.  174,033  6,923 
*  AeroVironment Inc.  86,491  6,621 
  MSA Safety Inc.  55,744  6,607 
*  HD Supply Holdings Inc.  183,636  6,446 
  Terex Corp.  335,727  6,328 
  Allegion plc  59,809  5,949 
*  FTI Consulting Inc.  36,626  4,375 
  Armstrong World Industries Inc.  56,326  4,013 
*,^  Alpha Pro Tech Ltd.  180,810  3,936 
  Barrett Business Services Inc.  69,955  3,685 
*  American Woodmark Corp.  45,560  3,673 
  Acuity Brands Inc.  35,085  3,477 
*  TrueBlue Inc.  216,816  3,345 
  Robert Half International Inc.  61,436  3,125 
  Hubbell Inc. Class B  20,831  2,812 
*  Foundation Building Materials Inc.  201,544  2,767 
  Nordson Corp.  13,847  2,681 
  CoreLogic Inc.  33,808  2,304 
*  Herc Holdings Inc.  60,495  2,029 
  Applied Industrial Technologies Inc.  29,577  1,867 
*  SPX Corp.  36,767  1,544 
  Steelcase Inc. Class A  126,464  1,357 
  AAON Inc.  17,962  1,064 
*  Vicor Corp.  11,759  958 
  Covanta Holding Corp.  84,874  835 
*  WillScot Mobile Mini Holdings Corp. Class A  54,142  815 
  Kaman Corp.  18,592  734 
  Franklin Electric Co. Inc.  13,300  719 
*  Ameresco Inc. Class A  25,333  701 
  Argan Inc.  15,021  644 
*  Atlas Air Worldwide Holdings Inc.  10,912  568 
*  Air Transport Services Group Inc.  21,507  524 
  ESCO Technologies Inc.  6,001  516 
      2,794,852 
Information Technology (25.3%)     
*  DocuSign Inc. Class A  843,262  182,844 
*  Five9 Inc.  1,373,531  165,950 
*  Wix.com Ltd.  488,652  141,944 
*  SVMK Inc.  5,476,691  131,331 
*  Fortinet Inc.  932,468  128,960 
*  HubSpot Inc.  429,053  100,660 
*  Inphi Corp.  752,564  98,330 
  Power Integrations Inc.  692,889  84,553 
*  Mimecast Ltd.  1,747,300  82,001 
  Teradyne Inc.  893,522  79,488 
*  First Solar Inc.  1,315,196  78,320 
*  New Relic Inc.  1,061,584  75,277 
*  Ciena Corp.  1,222,795  72,769 
*  Tower Semiconductor Ltd.  3,352,578  72,080 
*  Cadence Design Systems Inc.  650,884  71,109 
  MKS Instruments Inc.  546,096  69,594 
  Monolithic Power Systems Inc.  245,870  65,158 
*,1 Cardtronics plc Class A  2,886,983  64,466 

 

 

*  GoDaddy Inc. Class A  917,192  64,460 
*  ON Semiconductor Corp.  2,957,070  60,916 
  Science Applications International Corp.  759,235  60,724 
*  Manhattan Associates Inc.  630,680  60,413 
*  Cloudera Inc.  5,136,118  57,884 
  Entegris Inc.  803,584  57,786 
*  Proofpoint Inc.  494,113  57,154 
*  2U Inc.  1,169,550  55,080 
*  Trade Desk Inc. Class A  118,922  53,672 
*  Arrow Electronics Inc.  746,484  53,463 
*  Cornerstone OnDemand Inc.  1,416,209  50,290 
*  RealPage Inc.  786,028  49,528 
*  SolarWinds Corp.  2,669,240  49,007 
  LogMeIn Inc.  568,714  48,801 
*  IPG Photonics Corp.  269,031  48,159 
*,^  SunPower Corp.  5,085,391  47,447 
  Jack Henry & Associates Inc.  262,944  46,883 
*  Slack Technologies Inc. Class A  1,522,783  44,998 
*  J2 Global Inc.  782,973  44,410 
*  RingCentral Inc. Class A  139,540  40,504 
*  Envestnet Inc.  496,090  40,283 
*  Pluralsight Inc. Class A  1,900,212  40,227 
  MAXIMUS Inc.  532,351  39,506 
*  Semtech Corp.  637,443  35,525 
*  Fair Isaac Corp.  74,116  32,551 
  Microchip Technology Inc.  318,495  32,400 
*  Nuance Communications Inc.  1,108,911  30,329 
*  Tyler Technologies Inc.  82,909  29,619 
*  Dynatrace Inc.  706,210  29,541 
*  Trimble Inc.  651,768  29,010 
  Booz Allen Hamilton Holding Corp. Class A  338,869  27,706 
*  Smartsheet Inc. Class A  562,280  26,843 
  Cognex Corp.  399,591  26,721 
*  FireEye Inc.  1,758,833  26,558 
*  Q2 Holdings Inc.  270,925  25,480 
  Belden Inc.  806,333  25,480 
*  Gartner Inc.  195,060  24,312 
*  Silicon Laboratories Inc.  241,845  24,308 
*  PTC Inc.  282,704  24,188 
*  Fastly Inc. Class A  232,381  22,422 
*  Qualys Inc.  181,098  22,362 
*  ANSYS Inc.  70,222  21,811 
*  Black Knight Inc.  285,602  21,397 
*  Workiva Inc. Class A  373,758  20,893 
*  Anaplan Inc.  449,576  20,415 
*  Enphase Energy Inc.  336,353  20,302 
*  Lattice Semiconductor Corp.  652,473  20,285 
*  Zscaler Inc.  153,729  19,962 
*  Synaptics Inc.  244,540  19,568 
*  Palo Alto Networks Inc.  74,754  19,131 
*  Guidewire Software Inc.  161,286  18,977 
*  Aspen Technology Inc.  191,187  18,595 
*  WEX Inc.  116,435  18,440 
*  EPAM Systems Inc.  62,786  18,213 
*  ChannelAdvisor Corp.  885,524  18,038 
  FLIR Systems Inc.  421,790  17,572 
*  CyberArk Software Ltd.  149,053  17,564 
*  Atlassian Corp. plc Class A  90,995  16,074 

 

 

*  Coupa Software Inc.  51,647  15,827 
  SS&C Technologies Holdings Inc.  272,687  15,680 
*  PROS Holdings Inc.  454,160  14,819 
*  Zendesk Inc.  157,142  14,323 
*  Rapid7 Inc.  238,758  14,223 
  Jabil Inc.  400,288  13,954 
*  Paylocity Holding Corp.  103,313  13,761 
  National Instruments Corp.  371,049  13,172 
*  Euronet Worldwide Inc.  131,532  12,645 
*  Everbridge Inc.  85,132  12,157 
*  Zebra Technologies Corp.  41,004  11,512 
  TTEC Holdings Inc.  221,177  10,497 
*  Paycom Software Inc.  35,205  10,011 
  CDW Corp.  85,552  9,945 
*  8x8 Inc.  614,332  9,768 
*  Alteryx Inc. Class A  54,274  9,525 
*  Diodes Inc.  179,768  9,249 
*  Domo Inc.  283,825  9,133 
*  Teradata Corp.  428,354  8,995 
*  A10 Networks Inc.  1,037,679  8,384 
  Switch Inc.  443,546  7,979 
*  SPS Commerce Inc.  106,036  7,971 
*  Box Inc.  431,219  7,740 
*  Unisys Corp.  622,324  7,399 
*  Lumentum Holdings Inc.  77,496  7,194 
*  Cirrus Logic Inc.  100,866  6,912 
*  SMART Global Holdings Inc.  235,354  6,564 
*  NCR Corp.  351,368  6,476 
  CSG Systems International Inc.  149,331  6,291 
*  Okta Inc.  24,989  5,522 
*  NeoPhotonics Corp.  536,066  4,884 
*  Model N Inc.  119,565  4,598 
*  Digital Turbine Inc.  300,090  4,165 
*  Ceridian HCM Holding Inc.  52,357  4,099 
*  Insight Enterprises Inc.  81,074  4,041 
*  eGain Corp.  387,493  3,840 
*  Calix Inc.  179,584  3,683 
*  SolarEdge Technologies Inc.  20,685  3,622 
*  Elastic NV  36,477  3,509 
*  MACOM Technology Solutions Holdings Inc.  79,350  3,353 
  Perspecta Inc.  149,899  3,208 
  Xperi Holding Corp  166,678  3,074 
*  ePlus Inc.  40,614  3,027 
*  Shopify Inc. Class A  2,866  2,935 
*  Avid Technology Inc.  355,035  2,922 
*  Fabrinet  40,215  2,921 
*  Altair Engineering Inc. Class A  71,290  2,873 
  Hackett Group Inc.  201,447  2,778 
*  Viavi Solutions Inc.  194,342  2,688 
  Plantronics Inc.  131,154  2,622 
*  Diebold Nixdorf Inc.  375,154  2,615 
*  Amkor Technology Inc.  191,232  2,600 
*,^  Veritone Inc.  204,552  2,316 
*  FormFactor Inc.  74,156  2,139 
*,^  GTT Communications Inc.  332,441  2,094 
*  Paysign Inc.  196,700  1,837 
  CDK Global Inc.  38,909  1,769 
*  Brightcove Inc.  162,060  1,715 

 

 

*  Sailpoint Technologies Holdings Inc.  54,218  1,708 
*  Ambarella Inc.  34,776  1,575 
*  Ichor Holdings Ltd.  44,079  1,447 
*  Zuora Inc. Class A  117,052  1,362 
*  Infinera Corp.  156,988  1,239 
*  SiTime Corp.  23,118  1,229 
*  MicroStrategy Inc. Class A  9,797  1,214 
*  PagerDuty Inc.  35,857  1,093 
*  Sprout Social Inc. Class A  36,608  1,058 
*  Perficient Inc.  24,714  969 
*  Ultra Clean Holdings Inc.  31,951  961 
  InterDigital Inc.  14,118  847 
*  Virtusa Corp.  19,244  781 
  Ubiquiti Inc.  3,888  720 
*  Avaya Holdings Corp.  53,343  675 
*  Axcelis Technologies Inc.  22,276  655 
*  CEVA Inc.  13,803  555 
*  CyberOptics Corp.  13,732  540 
*  OSI Systems Inc.  7,372  523 
*,^  Akoustis Technologies Inc.  61,118  485 
*  Endurance International Group Holdings Inc.  80,039  460 
      4,172,672 
Materials (1.8%)     
  Louisiana-Pacific Corp.  2,203,586  69,788 
  Smurfit Kappa Group plc  1,917,978  63,267 
*  Summit Materials Inc. Class A  1,900,331  27,973 
  Methanex Corp.  1,148,603  21,249 
  Royal Gold Inc.  126,137  17,650 
  Scotts Miracle -Gro Co.  96,491  15,301 
  Balchem Corp.  147,694  14,808 
*  Element Solutions Inc.  1,338,313  14,534 
  Boise Cascade Co.  263,927  12,296 
  Graphic Packaging Holding Co.  838,296  11,686 
  Avery Dennison Corp.  99,566  11,285 
  Sealed Air Corp.  193,622  6,908 
  Carpenter Technology Corp.  210,753  4,712 
*  Novagold Resources Inc.  492,976  4,496 
  Verso Corp.  289,866  3,539 
  Silgan Holdings Inc.  42,479  1,625 
  NewMarket Corp.  2,754  1,032 
*  Axalta Coating Systems Ltd.  46,119  1,024 
      303,173 
Other (0.8%)     
^,2 Vanguard Small-Cap ETF  894,406  136,325 
 
Real Estate (2.5%)     
  SBA Communications Corp. Class A  286,046  89,115 
  PS Business Parks Inc.  494,121  68,164 
  Life Storage Inc.  613,138  60,167 
  JBG SMITH Properties  1,521,422  44,136 
  Jones Lang LaSalle Inc.  269,300  26,636 
  CoreSite Realty Corp.  206,150  26,604 
  Americold Realty Trust  502,960  20,294 
  Xenia Hotels & Resorts Inc.  2,529,999  20,139 
  American Homes 4 Rent Class A  557,610  16,171 
  GEO Group Inc.  857,604  9,116 
  National Health Investors Inc.  119,053  7,381 

 

 

  Omega Healthcare Investors Inc.      193,643  6,270 
  Uniti Group Inc.      560,756  5,551 
  Iron Mountain Inc.      145,248  4,095 
  Innovative Industrial Properties Inc.      29,281  3,052 
  RMR Group Inc. Class A      64,317  1,850 
  Terreno Realty Corp.      25,253  1,534 
  Alexander's Inc.      5,781  1,456 
  American Finance Trust Inc.      171,700  1,254 
  Four Corners Property Trust Inc.      31,530  795 
*  Redfin Corp.      12,383  516 
          414,296 
Utilities (0.1%)         
  NRG Energy Inc.      350,556  11,852 
  American States Water Co.      74,655  5,739 
  Ormat Technologies Inc.      28,693  1,707 
  Clearway Energy Inc.      53,195  1,305 
*  Brookfield Infrastructure Corp. Class A      13,083  599 
          21,202 
Total Common Stocks (Cost $11,626,042)        15,900,747 
    Coupon       
Temporary Cash Investments (5.0%)         
Money Market Fund (3.9%)         
3,4 Vanguard Market Liquidity Fund  0.194%    6,522,553  652,255 
 
        Face   
      Maturity  Amount   
      Date  ($000)   
Repurchase Agreements (0.9%)         
Deutsche Bank Securities, Inc.         
Dated 7/31/20, Repurchased value         
$144,501,000, collateralized by U.S.         
Treasury Bill/Note, 0.000%-0.375%,         
11/10/20-4/30/25, with a value of         
$147,390,000)         
    0.090%  8/3/20  144,500  144,500 
 
U.S. Government and Agency Obligations (0.2%)         
5  United States Cash Management Bill  0.210%  9/15/20  2,700  2,700 
5  United States Cash Management Bill  0.116%  9/29/20  6,000  5,999 
5  United States Cash Management Bill  0.165%  11/3/20  1,670  1,669 
5  United States Cash Management Bill  0.146%  12/15/20  800  800 
5  United States Treasury Bill  0.087%  9/24/20  9,000  8,999 
5  United States Treasury Bill  0.109%  12/31/20  10,300  10,295 
          30,462 
Total Temporary Cash Investments (Cost $827,060)        827,217 
Total Investments (101.1%) (Cost $12,453,102)        16,727,964 
Other Assets and Liabilities -Net (-1.1%)        (187,933) 
Net Assets (100%)        16,540,031 
Cost is in $000.         

* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $172,024,000.
1 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities
of such company.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.

 

3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
4 Collateral of $182,045,000 was received for securities on loan.
5 Securities with a value of $29,057,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt

Derivative Financial Instruments Outstanding as of Period End 

 

Futures Contracts         
        ($000) 
     Number of   Value and 
     Long    Unrealized 
    (Short)  Notional  Appreciation 
  Expiration   Contracts Amount  (Depreciation) 
Long Futures Contracts         
E-mini Russell 2000 Index  September 2020  4,858  358,958  5,274 

 

 

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 at their fair values calculated according to procedures adopted by the board of
trustees. These procedures include obtaining quotations from an independent pricing service, monitoring
news to identify significant market- or security-specific events, and evaluating changes in the values of
foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the
time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices
of securities used by a fund to calculate its net asset value may differ from quoted or published prices for
the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset
value. Temporary cash investments are valued using the latest bid prices or using valuations based on a
matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as
furnished by independent pricing services.

B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are
translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's
pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on
investment securities include the effects of changes in exchange rates since the securities were
purchased, combined with the effects of changes in security prices. Fluctuations in the value of other
assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign
currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as
realized foreign currency gains (losses).

C. 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. The notional amounts of the co ntracts
are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as
an asset (liability).

D. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties.
Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank
until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold,
or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover
payments of interest and principal. The fund further mitigates its counterparty risk by entering into
repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial
strength, and entering into master repurchase agreements with its counterparties. The master repurchase
agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may
terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or

 

retain the collateral up to the net amount owed to the fund. Such action may be subject to legal
proceedings, which may delay or limit the disposition of collateral.

E. Various inputs may be used to determine the value of the fund's investments. 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.

The following table summarizes the market value of the fund's investments and derivatives as of July 31,
2020, based on the inputs used to value them:

  Level 1  Level 2  Level 3  Total 
  ($000)  ($000)  ($000)  ($000) 
Investments         
Assets         
Common Stocks  15,900,747  —  —  15,900,747 
Temporary Cash Investments  652,255  174,962  —  827,217 
Total  16,553,002  174,962  —  16,727,964 
Derivative Financial Instruments         
Liabilities         
Futures Contracts1  3,184  —  —  3,184 
1 Represents variation margin on the last day of the reporting period.       

 

F. Certain of the fund's investments are in companies that are considered to be affiliated companies of the
fund because the fund owns more than 5% of the outstanding voting securities of the co mpany or the
issuer is another member of The Vanguard Group. Transactions during the period in securities of these
companies were as follows:

 

          Current Period Transactions   
 
 
 
  Oct. 31,    Proceeds          July 31, 
  2019    from  Realized  Change in    Capital Gain  2020 
  Market Purchases  Securities  Net Gain  Unrealized    Distributions  Market 
  Value  at Cost  Sold  (Loss)  App.(Dep.)  Income  Received  Value 
  ($000)  ($000)  ($000)  ($000)  ($000)  ($000)  ($000)  ($000) 
 
BioTelemetry Inc.                 
  NA1  18,723  1,958  (1,122)  6,645  —  —  79,323 
Cardtronics plc Class                 
A  110,834  10,741  26,156  (3,031)  (27,922)  —  —  64,466 
 
Endologix Inc.  2,587  —  238  (25,109)  22,760  —  —  NA2 
 
Houghton Mifflin                 
Harcourt Co.                 
  45,222  1,255  —  —  (25,168)  —  —  21,309 
 
Vanguard Market                 
Liquidity Fund                 
  786,814  NA3  NA3  60  100  66  —  652,255 
Vanguard Small-Cap                 
ETF  147,939  300,122  288,431  (33,040)  9,735  1,740  —  136,325 
 
Total                 
  1,093,396      (62,242)  (13,850)  1,806  —  953,679 

1 Not applicable —at October 31, 2019, the issuer was not an affiliated company of the fund.
2 Not applicable —at July 31, 2020, the issuer was not an affiliated company of the fund, but it was affiliated during the
period.
3 Not applicable —purchases and sales are for temporary cash investment purposes.