| Vanguard Explorer Fund | |||
| Schedule of Investments (unaudited) | |||
| As of January 31, 2020 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Common Stocks (96.9%)1 | |||
| Communication Services (3.4%) | |||
| * | Live Nation Entertainment Inc. | 1,651,768 | 112,585 |
| Cinemark Holdings Inc. | 3,446,864 | 108,611 | |
| New York Times Co. | 2,022,187 | 64,730 | |
| Bandwidth Inc. Class A | 818,175 | 58,058 | |
| IAC/InterActiveCorp | 146,672 | 35,728 | |
| * | Yelp Inc. | 834,380 | 27,201 |
| * | Take-Two Interactive Software Inc. | 202,433 | 25,231 |
| Pinterest Inc. Class A | 1,008,165 | 22,210 | |
| National CineMedia Inc. | 2,802,770 | 20,684 | |
| Cargurus Inc. | 427,554 | 15,242 | |
| Zynga Inc. | 2,503,014 | 15,068 | |
| * | Electronic Arts Inc. | 139,290 | 15,032 |
| * | Glu Mobile Inc. | 1,970,966 | 11,629 |
| *,^ Match Group Inc. | 147,118 | 11,508 | |
| * | Boingo Wireless Inc. | 902,091 | 10,139 |
| EverQuote Inc. Class A | 188,237 | 6,906 | |
| * | TechTarget Inc. | 196,482 | 4,989 |
| * | Liberty TripAdvisor Holdings Inc. | 548,572 | 3,231 |
| ^ | Gogo Inc. | 329,834 | 1,735 |
| ^ | Meredith Corp. | 55,317 | 1,662 |
| * | MSG Networks Inc. | 56,187 | 855 |
| 573,034 | |||
| Consumer Discretionary (13.3%) | |||
| * | Burlington Stores Inc. | 599,575 | 130,390 |
| * | MercadoLibre Inc. | 171,755 | 113,874 |
| * | Skechers U.S.A. Inc. | 2,875,951 | 107,532 |
| Carter's Inc. | 875,793 | 92,895 | |
| Monro Inc. | 1,456,914 | 91,349 | |
| * | Under Armour Inc. | 4,358,087 | 78,271 |
| * | Etsy Inc. | 1,500,698 | 73,249 |
| * | Deckers Outdoor Corp. | 371,738 | 70,969 |
| *,^ Carvana Co. | 878,390 | 69,612 | |
| * | Skyline Champion Corp. | 2,351,579 | 67,608 |
| Hyatt Hotels Corp. | 794,624 | 67,178 | |
| Hanesbrands Inc. | 4,798,905 | 66,033 | |
| Acushnet Holdings Corp. | 2,087,945 | 64,664 | |
| * | Sally Beauty Holdings Inc. | 3,959,757 | 60,782 |
| La-Z-Boy Inc. | 1,868,338 | 57,246 | |
| Levi Strauss & Co. Class A | 2,618,700 | 51,431 | |
| ^ | Cheesecake Factory Inc. | 1,330,088 | 51,075 |
| Domino's Pizza Inc. | 168,229 | 47,399 | |
| Chewy Inc. | 1,752,054 | 46,447 | |
| Wingstop Inc. | 496,464 | 46,057 | |
| *,2 Houghton Mifflin Harcourt Co. | 7,198,968 | 39,738 | |
| Aaron's Inc. | 653,316 | 38,781 | |
| Polaris Inc. | 405,977 | 37,285 | |
| ^ | Children's Place Inc. | 618,639 | 36,914 |
| * | Lululemon Athletica Inc. | 149,003 | 35,670 |
| * | frontdoor Inc. | 817,361 | 34,803 |
| Advance Auto Parts Inc. | 240,510 | 31,687 | |
| * | Bright Horizons Family Solutions Inc. | 183,988 | 30,124 |
| Floor & Decor Holdings Inc. Class A | 603,442 | 29,756 | |
| Core-Mark Holding Co. Inc. | 1,268,352 | 29,730 | |
| * | Shutterstock Inc. | 670,691 | 29,061 |
| *,^ Ollie's Bargain Outlet Holdings Inc. | 499,208 | 26,478 | |
| * | Planet Fitness Inc. | 326,850 | 26,406 |
| * | Five Below Inc. | 228,060 | 25,821 |
| * | Grand Canyon Education Inc. | 329,739 | 25,812 |
| * | SeaWorld Entertainment Inc. | 568,371 | 19,586 |
| TopBuild Corp. | 169,479 | 19,407 | |
| PulteGroup Inc. | 413,223 | 18,450 | |
| Wolverine World Wide Inc. | 584,051 | 18,438 | |
| * | NVR Inc. | 4,747 | 18,119 |
| * | RH | 86,670 | 18,092 |
| Rent-A-Center Inc. | 556,085 | 16,199 | |
| H&R Block Inc. | 608,416 | 14,115 | |
| ^ | Farfetch Ltd. Class A | 1,101,829 | 13,442 |
| Dine Brands Global Inc. | 152,180 | 12,973 | |
| Lithia Motors Inc. Class A | 93,232 | 12,646 | |
| Dave & Buster's Entertainment Inc. | 255,353 | 11,276 | |
| *,^ YETI Holdings Inc. | 292,345 | 10,630 | |
| * | Fox Factory Holding Corp. | 153,429 | 10,099 |
| Murphy USA Inc. | 86,421 | 8,830 | |
| * | Boot Barn Holdings Inc. | 203,824 | 8,555 |
| Brinker International Inc. | 196,070 | 8,370 | |
| Kontoor Brands Inc. | 204,684 | 7,807 | |
| Everi Holdings Inc. | 478,637 | 5,983 | |
| Mattel Inc. | 401,569 | 5,875 | |
| * | Zumiez Inc. | 176,458 | 5,500 |
| * | Taylor Morrison Home Corp. | 205,180 | 5,310 |
| Lear Corp. | 41,810 | 5,150 | |
| KB Home | 131,324 | 4,931 | |
| * | Helen of Troy Ltd. | 22,924 | 4,334 |
| Asbury Automotive Group Inc. | 42,057 | 4,056 | |
| Jack in the Box Inc. | 49,605 | 4,055 | |
| Perdoceo Education Corp. | 211,058 | 3,753 | |
| Sleep Number Corp. | 67,520 | 3,483 | |
| Bloomin' Brands Inc. | 166,275 | 3,454 | |
| Gentex Corp. | 108,497 | 3,230 | |
| ^ | Funko Inc. | 118,211 | 1,777 |
| Rubicon Project Inc. | 170,242 | 1,593 | |
| Vail Resorts Inc. | 6,467 | 1,517 | |
| 2,243,162 | |||
| Consumer Staples (2.1%) | |||
| * | Performance Food Group Co. | 1,336,035 | 69,193 |
| Casey's General Stores Inc. | 307,194 | 49,415 | |
| Nu Skin Enterprises Inc. | 1,412,345 | 46,028 | |
| * | BJ's Wholesale Club Holdings Inc. | 1,689,610 | 34,671 |
| Sanderson Farms Inc. | 216,983 | 29,876 | |
| Calavo Growers Inc. | 376,400 | 28,836 | |
| Nomad Foods Ltd. | 1,325,161 | 26,742 | |
| * | Monster Beverage Corp. | 370,208 | 24,656 |
| Coca-Cola Consolidated Inc. | 52,419 | 14,196 | |
| ^ | B&G Foods Inc. | 610,986 | 9,812 |
| Medifast Inc. | 57,979 | 5,603 | |
| Pilgrim's Pride Corp. | 178,805 | 4,658 |
| John B Sanfilippo & Son Inc. | 29,225 | 2,464 |
| * Herbalife Nutrition Ltd. | 34,809 | 1,352 |
| * Post Holdings Inc. | 12,373 | 1,294 |
| 348,796 | ||
| Energy (0.9%) | ||
| Delek US Holdings Inc. | 1,967,669 | 54,032 |
| Viper Energy Partners LP | 1,652,764 | 36,047 |
| * Apergy Corp. | 1,104,002 | 28,549 |
| Cabot Oil & Gas Corp. | 876,691 | 12,353 |
| Parsley Energy Inc. | 638,939 | 10,632 |
| ^ Core Laboratories NV | 249,011 | 8,748 |
| CVR Energy Inc. | 119,153 | 4,124 |
| * Renewable Energy Group Inc. | 43,985 | 1,156 |
| * W&T Offshore Inc. | 252,712 | 1,046 |
| * CONSOL Energy Inc. | 91,268 | 742 |
| 157,429 | ||
| Financials (6.4%) | ||
| * SVB Financial Group | 360,566 | 86,655 |
| Voya Financial Inc. | 1,414,100 | 84,464 |
| MGIC Investment Corp. | 5,484,746 | 75,635 |
| Assurant Inc. | 562,139 | 73,393 |
| Synovus Financial Corp. | 1,941,321 | 67,985 |
| Nasdaq Inc. | 567,249 | 66,062 |
| Sterling Bancorp | 3,180,680 | 63,614 |
| Assured Guaranty Ltd. | 1,273,474 | 58,376 |
| BOK Financial Corp. | 734,996 | 57,991 |
| Redwood Trust Inc. | 3,202,290 | 56,456 |
| Tradeweb Markets Inc. Class A | 1,111,333 | 51,321 |
| LPL Financial Holdings Inc. | 486,770 | 44,846 |
| MarketAxess Holdings Inc. | 123,629 | 43,787 |
| * PRA Group Inc. | 960,272 | 33,955 |
| FirstCash Inc. | 357,868 | 31,124 |
| WisdomTree Investments Inc. | 6,067,844 | 25,546 |
| Palomar Holdings Inc. | 380,064 | 20,314 |
| Primerica Inc. | 156,696 | 18,578 |
| MSCI Inc. | 64,818 | 18,525 |
| Walker & Dunlop Inc. | 254,892 | 16,917 |
| OneMain Holdings Inc | 257,573 | 10,913 |
| * Enova International Inc. | 428,183 | 10,730 |
| CIT Group Inc. | 198,167 | 9,058 |
| ^ Health Insurance Innovations Inc. | 330,600 | 7,597 |
| Bank OZK | 274,557 | 7,462 |
| Bank of NT Butterfield & Son Ltd. | 207,669 | 6,899 |
| Essent Group Ltd. | 104,911 | 5,205 |
| NMI Holdings Inc. | 152,628 | 4,872 |
| Universal Insurance Holdings Inc. | 184,462 | 4,490 |
| Erie Indemnity Co. | 22,095 | 3,679 |
| Evercore Inc. | 45,925 | 3,519 |
| Alleghany Corp. | 2,225 | 1,775 |
| Federated Investors Inc. Class B | 34,800 | 1,261 |
| First Financial Bankshares Inc. | 32,804 | 1,099 |
| 1,074,103 | ||
| Health Care (19.8%) | ||
| * ICON plc | 1,218,207 | 205,414 |
| * Insulet Corp. | 704,955 | 136,789 |
| * Penumbra Inc. | 531,152 | 93,196 |
| * Mettler-Toledo International Inc. | 116,565 | 88,261 |
| Encompass Health Corp. | 1,134,124 | 87,362 |
| Hill-Rom Holdings Inc. | 774,891 | 82,518 |
| * Amedisys Inc. | 463,642 | 81,828 |
| * Molina Healthcare Inc. | 645,195 | 79,340 |
| * BioTelemetry Inc. | 1,517,138 | 74,218 |
| * Globus Medical Inc. | 1,367,667 | 71,502 |
| * Omnicell Inc. | 855,675 | 69,549 |
| * LHC Group Inc. | 459,036 | 66,904 |
| * Integra LifeSciences Holdings Corp. | 1,213,534 | 66,793 |
| * Acadia Healthcare Co. Inc. | 2,014,308 | 64,720 |
| STERIS plc | 419,775 | 63,256 |
| * DexCom Inc. | 244,310 | 58,818 |
| * Haemonetics Corp. | 525,265 | 56,408 |
| * ABIOMED Inc. | 293,273 | 54,634 |
| * Syneos Health Inc. | 820,432 | 50,342 |
| * BioMarin Pharmaceutical Inc. | 592,410 | 49,466 |
| * IDEXX Laboratories Inc. | 176,028 | 47,705 |
| iRhythm Technologies Inc. | 503,817 | 43,142 |
| * PRA Health Sciences Inc. | 423,065 | 42,861 |
| Kodiak Sciences Inc. | 699,808 | 42,737 |
| Merit Medical Systems Inc. | 1,165,832 | 42,460 |
| * ImmunoGen Inc. | 8,461,938 | 39,983 |
| * MEDNAX Inc. | 1,700,703 | 39,235 |
| * Catalent Inc. | 633,879 | 38,730 |
| ResMed Inc. | 227,631 | 36,186 |
| * Repligen Corp. | 351,866 | 35,324 |
| * HealthEquity Inc. | 532,607 | 35,184 |
| Y-mAbs Therapeutics Inc. | 1,047,600 | 34,560 |
| Apellis Pharmaceuticals Inc. | 791,900 | 32,555 |
| * NuVasive Inc. | 408,241 | 31,484 |
| * Pacira BioSciences Inc. | 708,943 | 30,641 |
| Theravance Biopharma Inc. | 1,039,168 | 28,972 |
| Cooper Cos. Inc. | 82,155 | 28,499 |
| * Hologic Inc. | 521,781 | 27,926 |
| Cerner Corp. | 376,389 | 27,036 |
| Deciphera Pharmaceuticals Inc. | 427,740 | 26,789 |
| * Arena Pharmaceuticals Inc. | 584,300 | 26,697 |
| * Premier Inc. | 766,880 | 26,664 |
| Chemed Corp. | 56,970 | 26,607 |
| Tricida Inc. | 732,055 | 25,812 |
| * Charles River Laboratories International Inc. | 164,502 | 25,429 |
| Novocure Ltd. | 299,431 | 24,392 |
| * Ultragenyx Pharmaceutical Inc. | 463,290 | 24,346 |
| * Quidel Corp. | 316,804 | 24,331 |
| * Avanos Medical Inc. | 850,800 | 23,431 |
| * Tandem Diabetes Care Inc. | 307,248 | 23,363 |
| * Ligand Pharmaceuticals Inc. | 263,115 | 23,104 |
| * HMS Holdings Corp. | 822,000 | 22,457 |
| * Sangamo Therapeutics Inc. | 2,895,855 | 21,227 |
| * CRISPR Therapeutics AG | 401,124 | 20,838 |
| * Agios Pharmaceuticals Inc. | 421,593 | 20,544 |
| Bruker Corp. | 414,817 | 20,521 |
| * Neogen Corp. | 302,030 | 20,318 |
| * Immunomedics Inc. | 1,087,748 | 20,199 |
| * Blueprint Medicines Corp. | 317,100 | 20,120 |
| * | Revance Therapeutics Inc. | 895,529 | 20,033 |
| * | Medpace Holdings Inc. | 220,898 | 18,898 |
| * | Illumina Inc. | 64,405 | 18,682 |
| * | Bluebird Bio Inc. | 234,000 | 18,647 |
| * | Heron Therapeutics Inc. | 889,111 | 18,547 |
| * | Tenet Healthcare Corp. | 578,443 | 18,302 |
| * | Prestige Consumer Healthcare Inc. | 429,679 | 17,428 |
| * | Integer Holdings Corp. | 201,559 | 17,213 |
| * | Axogen Inc. | 1,355,597 | 16,755 |
| * | Esperion Therapeutics Inc. | 309,785 | 16,753 |
| * | Intuitive Surgical Inc. | 29,585 | 16,561 |
| * | Ironwood Pharmaceuticals Inc. | 1,363,738 | 16,474 |
| * | Align Technology Inc. | 59,563 | 15,314 |
| * | Ionis Pharmaceuticals Inc. | 260,013 | 15,164 |
| * | Arrowhead Pharmaceuticals Inc. | 346,557 | 14,524 |
| * | Neurocrine Biosciences Inc. | 145,082 | 14,520 |
| * | Veeva Systems Inc. | 94,417 | 13,842 |
| * | Nevro Corp. | 100,231 | 13,322 |
| * | DBV Technologies SA ADR | 1,310,470 | 12,751 |
| *,^ Viking Therapeutics Inc. | 2,010,224 | 12,624 | |
| * | Masimo Corp. | 73,256 | 12,497 |
| * | STAAR Surgical Co. | 368,657 | 12,402 |
| * | Exelixis Inc. | 626,731 | 10,780 |
| * | Horizon Therapeutics plc | 296,804 | 10,237 |
| PerkinElmer Inc. | 110,039 | 10,176 | |
| Avantor Inc. | 534,616 | 9,874 | |
| ^ | SmileDirectClub Inc. | 700,199 | 9,376 |
| * | Enanta Pharmaceuticals Inc. | 176,689 | 9,107 |
| * | Natera Inc. | 242,674 | 8,496 |
| * | Halozyme Therapeutics Inc. | 432,814 | 8,215 |
| * | Endo International plc | 1,427,203 | 8,092 |
| Global Blood Therapeutics Inc. | 118,882 | 7,758 | |
| LeMaitre Vascular Inc. | 210,803 | 7,586 | |
| Puma Biotechnology Inc. | 911,887 | 7,167 | |
| * | Cytokinetics Inc. | 575,993 | 7,085 |
| Veracyte Inc. | 268,716 | 7,054 | |
| * | Vanda Pharmaceuticals Inc. | 549,286 | 7,003 |
| * | Alkermes plc | 327,679 | 5,705 |
| * | MacroGenics Inc. | 591,105 | 5,468 |
| US Physical Therapy Inc. | 43,797 | 5,130 | |
| * | Biohaven Pharmaceutical Holding Co. Ltd. | 105,539 | 5,118 |
| Ensign Group Inc. | 107,052 | 4,839 | |
| * | Voyager Therapeutics Inc. | 409,376 | 4,515 |
| Iovance Biotherapeutics Inc. | 206,375 | 4,487 | |
| Bio-Techne Corp. | 16,582 | 3,482 | |
| Mesa Laboratories Inc. | 12,702 | 3,333 | |
| ^ | Clovis Oncology Inc. | 387,884 | 3,216 |
| * | CareDx Inc. | 132,003 | 3,189 |
| Pennant Group Inc. | 120,283 | 3,175 | |
| ^ | Zynerba Pharmaceuticals Inc. | 595,057 | 2,999 |
| ^ | Eidos Therapeutics Inc. | 55,920 | 2,979 |
| * | Myriad Genetics Inc. | 104,334 | 2,885 |
| * | Exact Sciences Corp. | 29,787 | 2,779 |
| Inovalon Holdings Inc. | 132,421 | 2,683 | |
| * | BioCryst Pharmaceuticals Inc. | 854,416 | 2,435 |
| * | ICU Medical Inc. | 13,316 | 2,430 |
| Shockwave Medical Inc. | 53,443 | 2,320 | |
| * | FibroGen Inc. | 53,154 | 2,224 |
| Precision BioSciences Inc. | 269,349 | 2,179 | |
| Lantheus Holdings Inc. | 116,110 | 2,033 | |
| * | Spectrum Pharmaceuticals Inc. | 773,904 | 1,958 |
| Fluidigm Corp. | 508,836 | 1,954 | |
| Jazz Pharmaceuticals plc | 12,086 | 1,733 | |
| * | Acorda Therapeutics Inc. | 775,332 | 1,574 |
| * | CytomX Therapeutics Inc. | 207,130 | 1,537 |
| * | Select Medical Holdings Corp. | 66,071 | 1,509 |
| Silk Road Medical Inc. | 31,108 | 1,448 | |
| Allscripts Healthcare Solutions Inc. | 167,460 | 1,437 | |
| Luminex Corp. | 61,241 | 1,389 | |
| NanoString Technologies Inc. | 50,682 | 1,377 | |
| * | Vericel Corp | 82,301 | 1,350 |
| *,^ Novavax Inc. | 171,846 | 1,309 | |
| * | Amphastar Pharmaceuticals Inc. | 69,074 | 1,306 |
| *,2 Endologix Inc. | 1,055,952 | 1,056 | |
| * | Assertio Therapeutics Inc. | 879,479 | 941 |
| Dicerna Pharmaceuticals Inc. | 14,853 | 293 | |
| Cyclerion Therapeutics Inc. | 73,838 | 242 | |
| 3,335,002 | |||
| Industrials (19.0%) | |||
| * | TriNet Group Inc. | 2,332,564 | 133,096 |
| * | Trex Co. Inc. | 1,202,869 | 118,170 |
| * | Clean Harbors Inc. | 1,345,431 | 110,621 |
| * | Copart Inc. | 1,056,280 | 107,170 |
| John Bean Technologies Corp. | 907,719 | 102,563 | |
| Fortune Brands Home & Security Inc. | 1,378,739 | 94,733 | |
| * | Sensata Technologies Holding plc | 1,913,581 | 90,455 |
| * | Kirby Corp. | 1,211,154 | 88,765 |
| Advanced Drainage Systems Inc. | 2,066,637 | 85,910 | |
| Rexnord Corp. | 2,497,365 | 81,539 | |
| BWX Technologies Inc. | 1,153,425 | 73,346 | |
| Woodward Inc. | 621,938 | 72,338 | |
| Kennametal Inc. | 2,139,652 | 66,950 | |
| * | AerCap Holdings NV | 1,168,803 | 66,166 |
| * | SPX FLOW Inc. | 1,476,315 | 64,574 |
| EnerSys | 890,982 | 64,115 | |
| IDEX Corp. | 377,782 | 61,900 | |
| AGCO Corp. | 838,097 | 58,784 | |
| * | Chart Industries Inc. | 893,142 | 57,143 |
| GATX Corp. | 734,111 | 55,888 | |
| TransUnion | 574,622 | 52,693 | |
| Enerpac Tool Group Corp. Class A | 2,273,269 | 52,535 | |
| * | CoStar Group Inc. | 79,840 | 52,135 |
| HEICO Corp. Class A | 537,119 | 51,644 | |
| ABM Industries Inc. | 1,340,171 | 51,114 | |
| Watts Water Technologies Inc. | 511,428 | 50,994 | |
| * | Middleby Corp. | 451,675 | 50,660 |
| * | Teledyne Technologies Inc. | 129,550 | 47,294 |
| * | Masonite International Corp. | 606,210 | 45,532 |
| * | XPO Logistics Inc. | 503,525 | 44,773 |
| Verisk Analytics Inc. | 268,691 | 43,654 | |
| * | Proto Labs Inc. | 416,397 | 43,097 |
| * | United Rentals Inc. | 311,490 | 42,266 |
| * | RBC Bearings Inc. | 266,851 | 41,498 |
| Ritchie Bros Auctioneers Inc. | 919,707 | 38,830 | |
| ^ Cimpress plc | 322,984 | 38,639 |
| Tennant Co. | 485,897 | 37,521 |
| * SiteOne Landscape Supply Inc. | 322,645 | 31,151 |
| * Mercury Systems Inc. | 395,524 | 30,356 |
| Kratos Defense & Security Solutions Inc. | 1,438,793 | 26,387 |
| Heartland Express Inc. | 1,370,930 | 25,623 |
| * Axon Enterprise Inc. | 328,637 | 25,243 |
| * Kornit Digital Ltd. | 571,859 | 23,892 |
| CH Robinson Worldwide Inc. | 316,805 | 22,880 |
| * IHS Markit Ltd. | 278,883 | 21,993 |
| Armstrong World Industries Inc. | 207,795 | 20,848 |
| Spirit AeroSystems Holdings Inc. | 313,447 | 20,474 |
| Allison Transmission Holdings Inc. | 453,212 | 20,032 |
| * Atkore International Group Inc. | 485,572 | 19,277 |
| * MRC Global Inc. | 1,696,410 | 19,102 |
| Matson Inc. | 506,593 | 18,242 |
| * Aerojet Rocketdyne Holdings Inc. | 337,981 | 17,599 |
| EMCOR Group Inc. | 213,069 | 17,508 |
| MasTec Inc. | 301,496 | 17,411 |
| Builders FirstSource Inc. | 695,268 | 17,239 |
| Forward Air Corp. | 260,914 | 17,077 |
| L3Harris Technologies Inc. | 75,350 | 16,677 |
| Rockwell Automation Inc. | 84,841 | 16,261 |
| * Generac Holdings Inc. | 156,419 | 16,203 |
| JB Hunt Transport Services Inc. | 133,953 | 14,458 |
| Korn Ferry | 346,178 | 14,186 |
| Huntington Ingalls Industries Inc. | 52,525 | 13,709 |
| Acuity Brands Inc. | 115,415 | 13,604 |
| Albany International Corp. | 192,104 | 13,403 |
| Westinghouse Air Brake Technologies Corp. | 179,759 | 13,277 |
| Landstar System Inc. | 119,279 | 13,210 |
| Robert Half International Inc. | 221,931 | 12,910 |
| * Meritor Inc. | 571,820 | 12,529 |
| * HD Supply Holdings Inc. | 295,554 | 12,041 |
| Tetra Tech Inc. | 135,197 | 11,573 |
| GMS Inc. | 407,409 | 10,886 |
| Terex Corp. | 423,043 | 10,724 |
| MSC Industrial Direct Co. Inc. Class A | 157,405 | 10,715 |
| * AeroVironment Inc. | 145,686 | 9,704 |
| JetBlue Airways Corp. | 451,449 | 8,952 |
| MSA Safety Inc. | 62,380 | 8,459 |
| American Woodmark Corp. | 75,118 | 8,237 |
| KAR Auction Services Inc. | 349,791 | 7,353 |
| Barrett Business Services Inc. | 77,419 | 6,413 |
| * TrueBlue Inc. | 282,708 | 6,194 |
| Simpson Manufacturing Co. Inc. | 71,537 | 5,914 |
| Rush Enterprises Inc. | 136,052 | 5,850 |
| Kimball International Inc. | 309,189 | 5,807 |
| * Herc Holdings Inc. | 141,197 | 5,665 |
| Hillenbrand Inc. | 182,304 | 5,292 |
| ArcBest Corp. | 215,405 | 4,806 |
| FTI Consulting Inc. | 36,626 | 4,397 |
| Covanta Holding Corp. | 269,125 | 4,032 |
| * Avis Budget Group Inc. | 110,237 | 3,616 |
| Triumph Group Inc. | 158,988 | 3,248 |
| Herman Miller Inc. | 79,804 | 3,084 |
| Hubbell Inc. | 19,476 | 2,790 |
| Universal Forest Products Inc. | 56,560 | 2,709 | |
| Foundation Building Materials Inc. | 126,620 | 2,258 | |
| HEICO Corp. | 17,720 | 2,169 | |
| Mobile Mini Inc. | 42,397 | 1,770 | |
| Steelcase Inc. | 90,453 | 1,683 | |
| Alaska Air Group Inc. | 21,539 | 1,391 | |
| Exponent Inc. | 16,392 | 1,193 | |
| SPX Corp. | 22,130 | 1,086 | |
| Kaman Corp. | 17,301 | 1,068 | |
| Allegiant Travel Co. | 4,000 | 672 | |
| 3,203,617 | |||
| Information Technology (24.3%) | |||
| * | Five9 Inc. | 1,976,314 | 141,761 |
| *,2 Cardtronics plc | 2,797,772 | 125,900 | |
| * | Fortinet Inc. | 1,087,814 | 125,490 |
| * | Cornerstone OnDemand Inc. | 2,090,821 | 122,940 |
| * | DocuSign Inc. Class A | 1,443,897 | 113,360 |
| * | HubSpot Inc. | 555,007 | 100,423 |
| SVMK Inc. | 5,360,188 | 94,607 | |
| LogMeIn Inc. | 1,078,864 | 92,750 | |
| Power Integrations Inc. | 855,526 | 83,559 | |
| * | New Relic Inc. | 1,134,018 | 74,857 |
| * | Tower Semiconductor Ltd. | 3,352,578 | 74,360 |
| * | Wix.com Ltd. | 517,500 | 73,842 |
| * | Ciena Corp. | 1,728,464 | 70,297 |
| j2 Global Inc. | 732,311 | 70,199 | |
| * | Euronet Worldwide Inc. | 422,818 | 66,653 |
| * | First Solar Inc. | 1,315,196 | 65,207 |
| Entegris Inc. | 1,252,834 | 64,847 | |
| Science Applications International Corp. | 710,885 | 62,394 | |
| * | ON Semiconductor Corp. | 2,557,561 | 59,208 |
| Mimecast Ltd. | 1,149,227 | 58,645 | |
| * | GoDaddy Inc. | 845,344 | 56,816 |
| * | Arrow Electronics Inc. | 746,484 | 56,688 |
| * | RingCentral Inc. | 275,028 | 56,540 |
| * | Proofpoint Inc. | 459,167 | 56,390 |
| Teradyne Inc. | 851,472 | 56,189 | |
| * | Cadence Design Systems Inc. | 777,651 | 56,076 |
| ^ | Slack Technologies Inc. Class A | 2,625,000 | 54,416 |
| * | Inphi Corp. | 715,630 | 54,359 |
| * | Manhattan Associates Inc. | 610,013 | 52,132 |
| * | RealPage Inc. | 864,153 | 50,423 |
| Monolithic Power Systems Inc. | 285,440 | 48,859 | |
| MAXIMUS Inc. | 665,750 | 47,768 | |
| * | SolarWinds Corp. | 2,481,208 | 46,944 |
| Jack Henry & Associates Inc. | 305,264 | 45,649 | |
| * | Envestnet Inc. | 540,456 | 42,626 |
| * | Aspen Technology Inc. | 355,015 | 42,240 |
| SS&C Technologies Holdings Inc. | 665,973 | 41,963 | |
| FLIR Systems Inc. | 812,033 | 41,852 | |
| *,^ Cloudera Inc. | 3,977,799 | 40,932 | |
| SunPower Corp. | 4,632,827 | 39,472 | |
| Paycom Software Inc. | 123,838 | 39,400 | |
| MKS Instruments Inc. | 371,973 | 38,990 | |
| * | IPG Photonics Corp. | 297,641 | 38,000 |
| * | Shopify Inc. | 79,540 | 37,039 |
| Belden Inc. | 746,877 | 36,799 | |
| Microchip Technology Inc. | 359,292 | 35,024 |
| * Trade Desk Inc. | 130,102 | 35,021 |
| Nuance Communications Inc. | 1,775,796 | 33,598 |
| * Semtech Corp. | 643,894 | 31,029 |
| * Tyler Technologies Inc. | 95,855 | 31,026 |
| Booz Allen Hamilton Holding Corp. | 395,370 | 30,855 |
| * WEX Inc. | 138,204 | 29,979 |
| * Fair Isaac Corp. | 74,116 | 29,823 |
| * 2U Inc. | 1,401,795 | 27,770 |
| * Q2 Holdings Inc. | 312,751 | 27,269 |
| * FireEye Inc. | 1,647,681 | 26,330 |
| Cognex Corp. | 507,790 | 25,882 |
| Dynatrace Inc. | 819,860 | 25,670 |
| * Square Inc. | 339,863 | 25,384 |
| * Trimble Inc. | 587,063 | 24,962 |
| Switch Inc. | 1,540,548 | 24,649 |
| * Gartner Inc. | 147,869 | 23,774 |
| * CyberArk Software Ltd. | 171,908 | 23,763 |
| * Silicon Laboratories Inc. | 234,892 | 23,092 |
| * PTC Inc. | 269,042 | 22,363 |
| * ANSYS Inc. | 80,683 | 22,134 |
| * Guidewire Software Inc. | 192,203 | 21,623 |
| * PROS Holdings Inc. | 353,223 | 21,193 |
| * EPAM Systems Inc. | 91,204 | 20,807 |
| * Palo Alto Networks Inc. | 86,260 | 20,252 |
| * Zebra Technologies Corp. | 83,216 | 19,890 |
| Pluralsight Inc. Class A | 1,018,919 | 19,757 |
| Anaplan Inc. | 327,080 | 18,837 |
| National Instruments Corp. | 418,724 | 18,688 |
| * Qualys Inc. | 203,321 | 17,433 |
| * Workiva Inc. | 373,758 | 17,002 |
| Smartsheet Inc. Class A | 345,000 | 16,726 |
| * Atlassian Corp. plc Class A | 111,397 | 16,375 |
| * Synaptics Inc. | 243,345 | 16,229 |
| Jabil Inc. | 400,288 | 15,567 |
| CDW Corp. | 116,978 | 15,260 |
| Lattice Semiconductor Corp. | 766,610 | 14,259 |
| ^ Zscaler Inc. | 249,379 | 13,988 |
| NCR Corp. | 404,694 | 13,646 |
| Sabre Corp. | 625,903 | 13,482 |
| ^ Enphase Energy Inc. | 400,396 | 12,620 |
| Alteryx Inc. | 89,059 | 12,421 |
| * 8x8 Inc. | 588,129 | 10,951 |
| Teradata Corp. | 414,695 | 10,094 |
| Paylocity Holding Corp. | 70,812 | 10,047 |
| * Box Inc. | 661,549 | 9,943 |
| * Diodes Inc. | 186,657 | 9,639 |
| * Cirrus Logic Inc. | 123,222 | 9,465 |
| * Coupa Software Inc. | 58,545 | 9,435 |
| TTEC Holdings Inc. | 227,935 | 9,054 |
| * Unisys Corp. | 917,118 | 8,905 |
| * SMART Global Holdings Inc. | 285,501 | 8,611 |
| Everbridge Inc. | 85,674 | 7,765 |
| * ChannelAdvisor Corp. | 815,033 | 7,629 |
| CSG Systems International Inc. | 149,331 | 7,440 |
| * Insight Enterprises Inc. | 109,491 | 7,212 |
| Diebold Nixdorf Inc. | 619,053 | 7,125 |
| * A10 Networks Inc. | 1,008,438 | 6,867 |
| * SPS Commerce Inc. | 93,507 | 5,314 |
| Ceridian HCM Holding Inc. | 67,633 | 4,957 |
| Domo Inc. | 182,079 | 4,410 |
| ^ GTT Communications Inc. | 359,153 | 4,256 |
| * Altair Engineering Inc. | 109,844 | 4,059 |
| Cerence Inc. | 188,072 | 4,015 |
| * ePlus Inc. | 48,103 | 3,835 |
| Zuora Inc. Class A | 250,219 | 3,691 |
| * Avid Technology Inc. | 406,274 | 3,415 |
| Perspecta Inc. | 118,047 | 3,314 |
| * Okta Inc. | 24,989 | 3,200 |
| ^ Medallia Inc. | 112,464 | 3,174 |
| Hackett Group Inc. | 201,447 | 3,113 |
| ^ Paysign Inc. | 317,778 | 2,777 |
| Viavi Solutions Inc. | 194,342 | 2,740 |
| * eGain Corp. | 377,661 | 2,719 |
| PagerDuty Inc. | 107,938 | 2,517 |
| * Virtusa Corp. | 56,154 | 2,338 |
| Alliance Data Systems Corp. | 22,271 | 2,289 |
| CDK Global Inc. | 41,318 | 2,218 |
| OSI Systems Inc. | 22,228 | 1,924 |
| Verint Systems Inc. | 29,181 | 1,692 |
| SailPoint Technologies Holding Inc. | 64,770 | 1,625 |
| * Brightcove Inc. | 162,060 | 1,403 |
| Digital Turbine Inc. | 222,139 | 1,386 |
| Broadridge Financial Solutions Inc. | 11,424 | 1,361 |
| Perficient Inc. | 24,714 | 1,228 |
| MicroStrategy Inc. | 7,809 | 1,187 |
| EVERTEC Inc. | 33,433 | 1,122 |
| * Alarm.com Holdings Inc. | 24,966 | 1,097 |
| Model N Inc. | 32,298 | 1,007 |
| ACI Worldwide Inc. | 28,874 | 995 |
| 4,079,873 | ||
| Materials (2.8%) | ||
| Louisiana-Pacific Corp. | 2,835,840 | 87,004 |
| Smurfit Kappa Group plc | 1,917,978 | 66,383 |
| Carpenter Technology Corp. | 1,395,922 | 55,474 |
| * Summit Materials Inc. | 2,206,151 | 48,469 |
| Methanex Corp. | 1,148,603 | 37,272 |
| Orion Engineered Carbons SA | 2,327,943 | 36,549 |
| Scotts Miracle-Gro Co. | 175,360 | 21,524 |
| Balchem Corp. | 169,035 | 18,259 |
| Graphic Packaging Holding Co. | 1,166,438 | 18,231 |
| Element Solutions Inc. | 1,325,785 | 15,512 |
| Royal Gold Inc. | 121,673 | 14,031 |
| Avery Dennison Corp. | 99,566 | 13,067 |
| Sealed Air Corp. | 268,087 | 9,517 |
| Boise Cascade Co. | 237,957 | 8,614 |
| Huntsman Corp. | 385,568 | 7,927 |
| * Verso Corp. | 343,235 | 5,783 |
| HB Fuller Co. | 36,927 | 1,706 |
| Axalta Coating Systems Ltd. | 46,600 | 1,343 |
| Silgan Holdings Inc. | 42,479 | 1,311 |
| * AdvanSix Inc. | 54,527 | 1,021 |
| 468,997 |
| Other (1.2%) | ||
| ^,3 Vanguard Small-Cap ETF | 1,225,514 | 198,901 |
| Real Estate (3.6%) | ||
| SBA Communications Corp. | 348,946 | 87,083 |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,156,676 | 73,521 |
| Life Storage Inc. | 613,138 | 69,395 |
| Jones Lang LaSalle Inc. | 400,200 | 67,962 |
| PS Business Parks Inc. | 373,719 | 62,620 |
| Xenia Hotels & Resorts Inc. | 2,529,999 | 47,286 |
| CoreSite Realty Corp. | 239,330 | 28,109 |
| JBG SMITH Properties | 678,891 | 27,529 |
| Douglas Emmett Inc. | 634,806 | 26,344 |
| Americold Realty Trust | 583,900 | 20,127 |
| National Health Investors Inc. | 187,901 | 15,855 |
| GEO Group Inc. | 979,388 | 15,474 |
| ^ Tanger Factory Outlet Centers Inc. | 943,668 | 13,806 |
| Omega Healthcare Investors Inc. | 236,835 | 9,935 |
| EastGroup Properties Inc. | 53,972 | 7,344 |
| American Homes 4 Rent | 268,051 | 7,326 |
| Four Corners Property Trust Inc. | 105,868 | 3,207 |
| iStar Inc. | 218,681 | 3,184 |
| RMR Group Inc. | 67,052 | 3,089 |
| National Storage Affiliates Trust | 83,629 | 2,856 |
| Terreno Realty Corp. | 45,069 | 2,581 |
| Alexander's Inc. | 7,471 | 2,411 |
| American Finance Trust Inc. | 176,468 | 2,289 |
| Newmark Group Inc. | 128,727 | 1,515 |
| American Assets Trust Inc. | 24,500 | 1,116 |
| Colony Capital Inc. | 194,140 | 907 |
| 602,871 | ||
| Utilities (0.1%) | ||
| NRG Energy Inc. | 330,908 | 12,207 |
| South Jersey Industries Inc. | 87,255 | 2,688 |
| 14,895 | ||
| Total Common Stocks (Cost $12,374,799) | 16,300,680 | |
| Market | |||||
| Value | |||||
| Coupon | Shares | ($000) | |||
| Temporary Cash Investments (4.8%)1 | |||||
| Money Market Fund (4.3%) | |||||
| 4,5 Vanguard Market Liquidity Fund | 1.730% | 7,212,541 | 721,398 | ||
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| Repurchase Agreement (0.4%) | |||||
| Deutsche Bank Securities, Inc. | |||||
| (Dated 1/31/20,Repurchase Value | |||||
| $72,009,000 collateralized by | |||||
| Federal National Mortgage Assn. | |||||
| 3.000%,1/1/34, and U.S. | |||||
| Treasury Bill 0.000%, 6/11/20, | |||||
| with a value of $73,440,000) | 1.570% | 2/3/20 | 72,000 | 72,000 | |
| U.S. Government and Agency Obligations (0.1%) | |||||
| 6 | United States Treasury Bill | 1.546% | 3/26/20 | 9,000 | 8,980 |
| 6 | United States Treasury Bill | 1.515% | 4/9/20 | 500 | 499 |
| United States Treasury Bill | 1.543% | 4/16/20 | 2,690 | 2,682 | |
| 12,161 | |||||
| Total Temporary Cash Investments (Cost $805,435) | 805,559 | ||||
| Total Investments (101.7%) (Cost $13,180,234) | 17,106,239 | ||||
| Other Assets and Liabilities-Net (-1.7%)5,6 | (286,879) | ||||
| Net Assets (100%) | 16,819,360 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $222,779,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After
giving effect to futures investments, the fund's effective common stock and temporary cash investment positions
represent 98.4% and 3.3%, respectively, of net assets.
2 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities
of such company.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
5 Collateral of $237,656,000 was received for securities on loan.
6 Securities with a value of $9,479,000 and cash of $1,557,000 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) | ||||
| Value and | ||||
| Number of | Unrealized | |||
| Long (Short) | Notional | Appreciation | ||
| Expiration | Contracts | Amount | (Depreciation) | |
| Long Futures Contracts | ||||
| E-mini Russell 2000 Index | March 2020 | 3,204 | 258,675 | (7,393) |
Explorer Fund
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 assets 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
contracts 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
Explorer Fund
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 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
January 31, 2020, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 16,234,297 | 66,383 | — |
| Temporary Cash Investments | 721,398 | 84,161 | — |
| Futures Contracts—Liabilities1 | (5,740) | — | — |
| Total | 16,949,955 | 150,544 | — |
| 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 company
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 | Jan. 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) | |
| Cardtronics plc Class A | 110,834 | 2,247 | 21,302 | 691 | 33,430 | — | — | 125,900 |
| Endologix Inc. | 2,587 | — | — | — | (1,531) | — | — | 1,056 |
| Houghton Mifflin | ||||||||
| Harcourt Co. | 45,222 | 1,255 | — | — | (6,739) | — | — | 39,738 |
| Vanguard Market | ||||||||
| Liquidity Fund | 786,814 | NA1 | NA1 | 21 | 66 | 2,225 | — | 721,398 |
| Vanguard Small-Cap | ||||||||
| ETF | 147,939 | 245,185 | 199,843 | 4,344 | 1,276 | 815 | — | 198,901 |
| Total | 1,093,396 | 5,056 | 26,502 | 3,040 | — | 1,086,993 | ||
Explorer Fund
1 Not applicable—purchases and sales are for temporary cash investment purposes.