| Vanguard Market Neutral Fund | |||
| Schedule of Investments (unaudited) | |||
| As of September 30, 2019 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Common Stocks—Long Positions (96.8%) | |||
| Communication Services (3.8%) | |||
| * | Alphabet Inc. Class C | 4,696 | 5,724 |
| *,† Discovery Communications Inc. Class A | 203,207 | 5,411 | |
| †,^ Match Group Inc. | 70,221 | 5,016 | |
| † | News Corp. Class B | 318,828 | 4,558 |
| * | Glu Mobile Inc. | 812,671 | 4,055 |
| † | TEGNA Inc. | 224,454 | 3,486 |
| *,† Liberty TripAdvisor Holdings Inc. Class A | 150,015 | 1,412 | |
| * | Bandwidth Inc. Class A | 16,648 | 1,084 |
| Verizon Communications Inc. | 16,151 | 975 | |
| *,† MSG Networks Inc. | 51,648 | 838 | |
| 32,559 | |||
| Consumer Discretionary (12.9%) | |||
| Whirlpool Corp. | 37,925 | 6,006 | |
| *,† RH | 33,417 | 5,709 | |
| † | Rent-A-Center Inc. | 220,985 | 5,699 |
| *,† Conn's Inc. | 226,000 | 5,618 | |
| † | Brinker International Inc. | 130,917 | 5,586 |
| *,† Boot Barn Holdings Inc. | 158,575 | 5,534 | |
| Starbucks Corp. | 62,322 | 5,510 | |
| *,^ YETI Holdings Inc. | 188,701 | 5,284 | |
| † | Newell Brands Inc. | 278,565 | 5,215 |
| Wingstop Inc. | 57,734 | 5,039 | |
| *,† SeaWorld Entertainment Inc. | 190,030 | 5,002 | |
| *,† Under Armour Inc. Class C | 272,474 | 4,940 | |
| *,† Planet Fitness Inc. Class A | 84,242 | 4,875 | |
| † | Gentex Corp. | 152,577 | 4,201 |
| * | frontdoor Inc. | 77,539 | 3,766 |
| *,† Stoneridge Inc. | 120,503 | 3,732 | |
| * | Qurate Retail Group Inc. QVC Group Class A | 352,942 | 3,641 |
| *,† Taylor Morrison Home Corp. Class A | 113,177 | 2,936 | |
| *,† Chipotle Mexican Grill Inc. Class A | 2,951 | 2,480 | |
| eBay Inc. | 54,739 | 2,134 | |
| *,† Etsy Inc. | 37,247 | 2,104 | |
| * | Skyline Champion Corp. | 68,278 | 2,054 |
| * | MercadoLibre Inc. | 2,779 | 1,532 |
| *,† 1-800-Flowers.com Inc. Class A | 97,253 | 1,439 | |
| Adient plc | 62,059 | 1,425 | |
| *,† Deckers Outdoor Corp. | 8,693 | 1,281 | |
| Home Depot Inc. | 4,729 | 1,097 | |
| * | Genesco Inc. | 26,240 | 1,050 |
| Signet Jewelers Ltd. | 54,714 | 917 | |
| *,† Everi Holdings Inc. | 106,837 | 904 | |
| * | American Axle & Manufacturing Holdings Inc. | 107,249 | 882 |
| International Game Technology plc | 61,285 | 871 | |
| Dave & Buster's Entertainment Inc. | 21,807 | 849 | |
| * | K12 Inc. | 31,046 | 820 |
| * | Funko Inc. Class A | 35,650 | 733 |
| 110,865 | |||
| Consumer Staples (2.4%) | |||
| † | Bunge Ltd. | 84,283 | 4,772 |
| Coca-Cola Consolidated Inc. | 12,424 | 3,775 | |
| *,† Edgewell Personal Care Co. | 83,551 | 2,714 | |
| Molson Coors Brewing Co. Class B | 44,052 | 2,533 | |
| *,† TreeHouse Foods Inc. | 35,594 | 1,974 | |
| Fresh Del Monte Produce Inc. | 53,199 | 1,815 | |
| † | Medifast Inc. | 14,792 | 1,533 |
| * | elf Beauty Inc. | 54,884 | 961 |
| Ingles Markets Inc. Class A | 21,607 | 840 | |
| Spectrum Brands Holdings Inc. | 5,344 | 282 | |
| 21,199 | |||
| Energy (3.8%) | |||
| † | ConocoPhillips | 94,285 | 5,372 |
| † | Devon Energy Corp. | 219,769 | 5,288 |
| * | W&T Offshore Inc. | 1,099,451 | 4,805 |
| † | Delek US Holdings Inc. | 122,443 | 4,445 |
| * | Southwestern Energy Co. | 2,052,949 | 3,962 |
| *,†,^California Resources Corp. | 324,323 | 3,308 | |
| Range Resources Corp. | 810,292 | 3,095 | |
| *,† CONSOL Energy Inc. | 168,996 | 2,641 | |
| 32,916 | |||
| Financials (13.8%) | |||
| † | AXA Equitable Holdings Inc. | 262,488 | 5,817 |
| † | Zions Bancorp NA | 129,594 | 5,770 |
| † | LPL Financial Holdings Inc. | 68,544 | 5,614 |
| † | Walker & Dunlop Inc. | 100,071 | 5,597 |
| Discover Financial Services | 68,798 | 5,579 | |
| † | MetLife Inc. | 116,832 | 5,510 |
| † | Regions Financial Corp. | 346,917 | 5,488 |
| † | Ally Financial Inc. | 165,295 | 5,481 |
| † | Navient Corp. | 419,482 | 5,369 |
| † | Primerica Inc. | 39,398 | 5,013 |
| Popular Inc. | 82,453 | 4,459 | |
| Progressive Corp. | 56,407 | 4,357 | |
| † | Universal Insurance Holdings Inc. | 144,177 | 4,324 |
| *,† Mr Cooper Group Inc. | 401,570 | 4,265 | |
| † | Bank of NT Butterfield & Son Ltd. | 142,116 | 4,212 |
| † | Synchrony Financial | 119,291 | 4,067 |
| † | Jefferies Financial Group Inc. | 213,300 | 3,925 |
| † | Nelnet Inc. Class A | 58,417 | 3,715 |
| *,† Enova International Inc. | 166,092 | 3,446 | |
| Hanover Insurance Group Inc. | 21,567 | 2,923 | |
| † | Brightsphere Investment Group Inc. | 270,606 | 2,682 |
| *,† NMI Holdings Inc. Class A | 85,117 | 2,235 | |
| OFG Bancorp | 99,642 | 2,182 | |
| Kinsale Capital Group Inc. | 20,944 | 2,164 | |
| † | MGIC Investment Corp. | 159,977 | 2,013 |
| * | Athene Holding Ltd. Class A | 45,982 | 1,934 |
| † | FirstCash Inc. | 18,798 | 1,723 |
| Radian Group Inc. | 75,036 | 1,714 | |
| * | Cannae Holdings Inc. | 47,981 | 1,318 |
| * | Brighthouse Financial Inc. | 26,055 | 1,054 |
| Piper Jaffray Cos. | 13,330 | 1,006 | |
| Artisan Partners Asset Management Inc. Class A | 35,611 | 1,006 | |
| *,† Third Point Reinsurance Ltd. | 97,266 | 972 | |
| † | Assured Guaranty Ltd. | 19,733 | 877 |
| Virtus Investment Partners Inc. | 7,426 | 821 | |
| 118,632 | |||
| Health Care (12.9%) | |||
| † | Bruker Corp. | 132,614 | 5,826 |
| *,† Medpace Holdings Inc. | 67,204 | 5,648 | |
| *,† Integer Holdings Corp. | 72,578 | 5,484 | |
| * | Veeva Systems Inc. Class A | 35,043 | 5,351 |
| *,† Tenet Healthcare Corp. | 231,462 | 5,120 | |
| *,† Arrowhead Pharmaceuticals Inc. | 173,720 | 4,895 | |
| *,† STAAR Surgical Co. | 186,071 | 4,797 | |
| * | PRA Health Sciences Inc. | 47,077 | 4,671 |
| *,† Esperion Therapeutics Inc. | 127,426 | 4,671 | |
| *,† Ironwood Pharmaceuticals Inc. Class A | 513,392 | 4,407 | |
| * | IQVIA Holdings Inc. | 29,382 | 4,389 |
| *,† Enanta Pharmaceuticals Inc. | 72,700 | 4,368 | |
| McKesson Corp. | 31,953 | 4,367 | |
| * | Novocure Ltd. | 54,273 | 4,058 |
| * | Syneos Health Inc. | 67,750 | 3,605 |
| *,† Quidel Corp. | 57,507 | 3,528 | |
| *,† BioTelemetry Inc. | 84,597 | 3,446 | |
| † | AbbVie Inc. | 45,291 | 3,429 |
| Dentsply Sirona Inc. | 52,481 | 2,798 | |
| * | Endo International plc | 816,370 | 2,621 |
| *,† Allscripts Healthcare Solutions Inc. | 227,736 | 2,501 | |
| *,^ Intrexon Corp. | 414,982 | 2,374 | |
| * | Natera Inc. | 67,042 | 2,199 |
| *,† Brookdale Senior Living Inc. | 284,273 | 2,155 | |
| Thermo Fisher Scientific Inc. | 7,094 | 2,066 | |
| * | Lantheus Holdings Inc. | 74,244 | 1,861 |
| *,† CareDx Inc. | 75,233 | 1,701 | |
| * | CorVel Corp. | 19,786 | 1,498 |
| Mesa Laboratories Inc. | 6,260 | 1,488 | |
| * | MacroGenics Inc. | 79,492 | 1,014 |
| * | Vanda Pharmaceuticals Inc. | 74,516 | 990 |
| * | Prestige Consumer Healthcare Inc. | 28,129 | 976 |
| * | NanoString Technologies Inc. | 41,917 | 905 |
| * | Spectrum Pharmaceuticals Inc. | 94,070 | 780 |
| * | Ra Pharmaceuticals Inc. | 25,671 | 607 |
| * | Fluidigm Corp. | 118,201 | 547 |
| 111,141 | |||
| Industrials (17.1%) | |||
| *,† Continental Building Products Inc. | 215,699 | 5,886 | |
| † | WW Grainger Inc. | 19,792 | 5,881 |
| *,† Builders FirstSource Inc. | 283,781 | 5,839 | |
| † | Allison Transmission Holdings Inc. | 123,047 | 5,789 |
| † | Armstrong World Industries Inc. | 59,598 | 5,763 |
| † | Pentair plc | 152,178 | 5,752 |
| † | Expeditors International of Washington Inc. | 76,584 | 5,689 |
| AGCO Corp. | 74,684 | 5,654 | |
| † | Triton International Ltd. | 165,248 | 5,592 |
| † | GrafTech International Ltd. | 433,994 | 5,555 |
| *,† Aerojet Rocketdyne Holdings Inc. | 109,840 | 5,548 | |
| *,† FTI Consulting Inc. | 52,341 | 5,548 | |
| *,† Atkore International Group Inc. | 182,662 | 5,544 | |
| † | Caterpillar Inc. | 43,672 | 5,516 |
| Spirit AeroSystems Holdings Inc. Class A | 65,451 | 5,383 | |
| *,† WESCO International Inc. | 109,503 | 5,231 | |
| † | Nielsen Holdings plc | 222,825 | 4,735 |
| Oshkosh Corp. | 53,793 | 4,078 | |
| † | Kforce Inc. | 98,530 | 3,728 |
| * | GMS Inc. | 115,936 | 3,330 |
| *,† Meritor Inc. | 169,038 | 3,127 | |
| † | Korn Ferry | 78,017 | 3,015 |
| * | Herc Holdings Inc. | 64,757 | 3,012 |
| *,† BMC Stock Holdings Inc. | 114,373 | 2,994 | |
| † | Rush Enterprises Inc. Class A | 73,011 | 2,817 |
| † | Triumph Group Inc. | 116,567 | 2,667 |
| * | United Rentals Inc. | 19,648 | 2,449 |
| *,† AeroVironment Inc. | 43,028 | 2,305 | |
| † | ArcBest Corp. | 75,341 | 2,294 |
| *,† Echo Global Logistics Inc. | 87,302 | 1,977 | |
| * | MasTec Inc. | 29,887 | 1,941 |
| * | Navistar International Corp. | 62,010 | 1,743 |
| * | Astronics Corp. | 51,129 | 1,502 |
| * | American Woodmark Corp. | 15,937 | 1,417 |
| Landstar System Inc. | 10,802 | 1,216 | |
| * | Foundation Building Materials Inc. | 73,900 | 1,145 |
| Macquarie Infrastructure Corp. | 28,295 | 1,117 | |
| * | Resideo Technologies Inc. | 67,931 | 975 |
| *,† TrueBlue Inc. | 43,028 | 908 | |
| * | JetBlue Airways Corp. | 51,664 | 865 |
| Wabash National Corp. | 59,162 | 858 | |
| * | Avis Budget Group Inc. | 30,093 | 850 |
| 147,235 | |||
| Information Technology (15.7%) | |||
| † | CDW Corp. | 50,722 | 6,251 |
| *,† Synaptics Inc. | 150,433 | 6,010 | |
| * | Tech Data Corp. | 55,506 | 5,786 |
| *,† Cardtronics plc Class A | 189,160 | 5,720 | |
| † | Booz Allen Hamilton Holding Corp. Class A | 79,847 | 5,671 |
| † | HP Inc. | 299,293 | 5,663 |
| *,† Atlassian Corp. plc Class A | 41,658 | 5,226 | |
| *,† Dell Technologies Inc. | 100,542 | 5,214 | |
| † | Avnet Inc. | 114,838 | 5,109 |
| *,† Five9 Inc. | 93,954 | 5,049 | |
| *,† Lattice Semiconductor Corp. | 272,784 | 4,988 | |
| *,† Workiva Inc. Class A | 109,522 | 4,800 | |
| *,† Diebold Nixdorf Inc. | 410,734 | 4,600 | |
| * | Cadence Design Systems Inc. | 65,926 | 4,356 |
| † | Sabre Corp. | 193,698 | 4,338 |
| * | Fitbit Inc. Class A | 1,088,426 | 4,147 |
| *,† NCR Corp. | 129,054 | 4,073 | |
| *,† Sykes Enterprises Inc. | 130,199 | 3,989 | |
| *,† Enphase Energy Inc. | 172,074 | 3,825 | |
| * | HubSpot Inc. | 24,536 | 3,720 |
| *,† CACI International Inc. Class A | 15,742 | 3,641 | |
| *,† Advanced Micro Devices Inc. | 124,424 | 3,607 | |
| *,† Anixter International Inc. | 48,400 | 3,345 | |
| *,† SunPower Corp. Class A | 291,310 | 3,196 | |
| † | Jabil Inc. | 82,751 | 2,960 |
| * | Insight Enterprises Inc. | 52,240 | 2,909 |
| QUALCOMM Inc. | 36,197 | 2,761 | |
| *,† Box Inc. | 143,439 | 2,375 | |
| *,† Extreme Networks Inc. | 313,608 | 2,282 | |
| * | Teradata Corp. | 63,881 | 1,980 |
| *,† Zebra Technologies Corp. | 9,243 | 1,907 | |
| * | Ciena Corp. | 48,054 | 1,885 |
| ManTech International Corp. Class A | 21,606 | 1,543 | |
| † | ADTRAN Inc. | 100,968 | 1,146 |
| * | Virtusa Corp. | 22,917 | 825 |
| 134,897 | |||
| Materials (4.7%) | |||
| † | Valvoline Inc. | 256,445 | 5,649 |
| † | CF Industries Holdings Inc. | 113,287 | 5,574 |
| † | Ball Corp. | 75,170 | 5,473 |
| *,† Element Solutions Inc. | 530,212 | 5,398 | |
| *,† Allegheny Technologies Inc. | 166,506 | 3,372 | |
| † | Greif Inc. Class A | 80,605 | 3,054 |
| † | Warrior Met Coal Inc. | 146,206 | 2,854 |
| † | Materion Corp. | 41,479 | 2,545 |
| Trinseo SA | 46,699 | 2,006 | |
| Ecolab Inc. | 8,620 | 1,707 | |
| Scotts Miracle-Gro Co. | 16,569 | 1,687 | |
| * | Kraton Corp. | 26,180 | 845 |
| 40,164 | |||
| Real Estate (5.6%) | |||
| † | Spirit Realty Capital Inc. | 123,168 | 5,895 |
| † | Sabra Health Care REIT Inc. | 253,163 | 5,813 |
| † | Park Hotels & Resorts Inc. | 213,059 | 5,320 |
| † | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 157,534 | 4,592 |
| † | GEO Group Inc. | 261,798 | 4,539 |
| Brixmor Property Group Inc. | 221,964 | 4,504 | |
| † | EPR Properties | 47,757 | 3,670 |
| † | Lexington Realty Trust Class B | 311,710 | 3,195 |
| † | Medical Properties Trust Inc. | 93,914 | 1,837 |
| † | Invitation Homes Inc. | 61,704 | 1,827 |
| Mid-America Apartment Communities Inc. | 11,297 | 1,469 | |
| Kennedy-Wilson Holdings Inc. | 62,364 | 1,367 | |
| CoreCivic Inc. | 75,280 | 1,301 | |
| † | SITE Centers Corp. | 76,035 | 1,149 |
| Essential Properties Realty Trust Inc. | 41,755 | 957 | |
| Office Properties Income Trust | 29,651 | 908 | |
| 48,343 | |||
| Utilities (4.1%) | |||
| † | AES Corp. | 367,052 | 5,998 |
| † | Southern Co. | 95,328 | 5,888 |
| † | NRG Energy Inc. | 147,889 | 5,856 |
| NorthWestern Corp. | 73,309 | 5,502 | |
| † | Exelon Corp. | 106,126 | 5,127 |
| Vistra Energy Corp. | 166,545 | 4,452 | |
| Hawaiian Electric Industries Inc. | 40,849 | 1,863 | |
| Clearway Energy Inc. | 48,793 | 891 |
| 35,577 | ||
| Total Common Stocks—Long Positions (Cost $791,837) | 833,528 | |
| Common Stocks Sold Short (-97.0%) | ||
| Communication Services (-4.0%) | ||
| Sirius XM Holdings Inc. | (892,135) | (5,580) |
| * Zynga Inc. Class A | (775,862) | (4,515) |
| * Zillow Group Inc. | (137,848) | (4,111) |
| * Liberty Media Corp-Liberty Formula One | (98,791) | (4,109) |
| * Netflix Inc. | (15,001) | (4,014) |
| * Liberty Broadband Corp. | (32,630) | (3,415) |
| * GCI Liberty Inc. Class A | (48,475) | (3,009) |
| * Liberty Broadband Corp. Class A | (17,305) | (1,809) |
| Marcus Corp. | (31,170) | (1,154) |
| Cinemark Holdings Inc. | (23,078) | (892) |
| Walt Disney Co. | (6,515) | (849) |
| * Lions Gate Entertainment Corp. Class B | (87,616) | (766) |
| (34,223) | ||
| Consumer Discretionary (-12.7%) | ||
| Thor Industries Inc. | (104,555) | (5,922) |
| * Urban Outfitters Inc. | (206,183) | (5,792) |
| Leggett & Platt Inc. | (137,858) | (5,644) |
| Polaris Inc. | (63,577) | (5,595) |
| * Hilton Grand Vacations Inc. | (170,773) | (5,465) |
| Carter's Inc. | (54,807) | (4,999) |
| * GrubHub Inc. | (84,843) | (4,769) |
| Strategic Education Inc. | (33,863) | (4,601) |
| Marriott Vacations Worldwide Corp. | (44,381) | (4,598) |
| * Grand Canyon Education Inc. | (46,281) | (4,545) |
| McDonald's Corp. | (20,776) | (4,461) |
| Big Lots Inc. | (179,385) | (4,395) |
| Children's Place Inc. | (55,194) | (4,249) |
| Caleres Inc. | (171,112) | (4,006) |
| * Carvana Co. Class A | (54,911) | (3,624) |
| Brunswick Corp. | (66,210) | (3,451) |
| * Five Below Inc. | (26,435) | (3,333) |
| BJ's Restaurants Inc. | (84,996) | (3,301) |
| Goodyear Tire & Rubber Co. | (225,796) | (3,253) |
| * Capri Holdings Ltd. | (92,226) | (3,058) |
| * Stamps.com Inc. | (39,504) | (2,941) |
| * Bright Horizons Family Solutions Inc. | (19,259) | (2,937) |
| Wyndham Hotels & Resorts Inc. | (56,152) | (2,905) |
| * Lululemon Athletica Inc. | (9,602) | (1,849) |
| Choice Hotels International Inc. | (18,773) | (1,670) |
| Designer Brands Inc. Class A | (95,255) | (1,631) |
| Oxford Industries Inc. | (22,716) | (1,629) |
| * Groupon Inc. Class A | (514,060) | (1,367) |
| * Dorman Products Inc. | (15,421) | (1,227) |
| Callaway Golf Co. | (61,227) | (1,188) |
| * OneSpaWorld Holdings Ltd. | (55,020) | (855) |
| (109,260) | ||
| Consumer Staples (-2.5%) | ||
| Energizer Holdings Inc. | (131,178) | (5,717) |
| Conagra Brands Inc. | (113,938) | (3,496) |
| Cal-Maine Foods Inc. | (71,672) | (2,864) |
| Keurig Dr Pepper Inc. | (83,791) | (2,289) |
| Archer-Daniels-Midland Co. | (52,160) | (2,142) |
| PriceSmart Inc. | (24,868) | (1,768) |
| * Freshpet Inc. | (35,390) | (1,761) |
| Vector Group Ltd. | (140,230) | (1,670) |
| (21,707) | ||
| Energy (-4.0%) | ||
| Concho Resources Inc. | (71,946) | (4,885) |
| RPC Inc. | (640,025) | (3,591) |
| Golar LNG Ltd. | (255,223) | (3,315) |
| * Diamond Offshore Drilling Inc. | (517,307) | (2,876) |
| Equitrans Midstream Corp. | (192,502) | (2,801) |
| Williams Cos. Inc. | (112,266) | (2,701) |
| * Select Energy Services Inc. Class A | (247,892) | (2,147) |
| US Silica Holdings Inc. | (221,329) | (2,116) |
| * Magnolia Oil & Gas Corp. Class A | (172,869) | (1,919) |
| Patterson-UTI Energy Inc. | (218,893) | (1,872) |
| * Oceaneering International Inc. | (106,961) | (1,449) |
| Diamondback Energy Inc. | (14,360) | (1,291) |
| * Oil States International Inc. | (94,084) | (1,251) |
| * Valaris plc Class A | (258,479) | (1,243) |
| * Matador Resources Co. | (54,068) | (894) |
| (34,351) | ||
| Financials (-13.8%) | ||
| * Markel Corp. | (4,900) | (5,791) |
| Valley National Bancorp | (524,261) | (5,699) |
| New York Community Bancorp Inc. | (450,595) | (5,655) |
| CME Group Inc. | (26,196) | (5,536) |
| State Street Corp. | (92,205) | (5,458) |
| * Enstar Group Ltd. | (28,137) | (5,344) |
| Invesco Ltd. | (305,810) | (5,180) |
| South State Corp. | (67,149) | (5,056) |
| Legg Mason Inc. | (131,238) | (5,012) |
| * LendingClub Corp. | (381,887) | (4,995) |
| Loews Corp. | (94,395) | (4,859) |
| * LendingTree Inc. | (15,585) | (4,838) |
| MarketAxess Holdings Inc. | (14,260) | (4,670) |
| WisdomTree Investments Inc. | (890,639) | (4,654) |
| Moelis & Co. Class A | (133,256) | (4,377) |
| CenterState Bank Corp. | (181,228) | (4,347) |
| * PRA Group Inc. | (125,906) | (4,254) |
| * eHealth Inc. | (55,273) | (3,692) |
| American International Group Inc. | (55,949) | (3,116) |
| Cboe Global Markets Inc. | (26,752) | (3,074) |
| CNO Financial Group Inc. | (192,744) | (3,051) |
| Hamilton Lane Inc. Class A | (53,486) | (3,047) |
| Pinnacle Financial Partners Inc. | (53,059) | (3,011) |
| First Republic Bank | (27,248) | (2,635) |
| Bank OZK | (63,885) | (1,742) |
| Kearny Financial Corp. | (133,555) | (1,742) |
| Banc of California Inc. | (120,686) | (1,707) |
| BankUnited Inc. | (40,824) | (1,373) |
| Nasdaq Inc. | (13,595) | (1,351) |
| Interactive Brokers Group Inc. | (18,950) | (1,019) |
| * Ambac Financial Group Inc. | (50,221) | (982) |
| James River Group Holdings Ltd. | (17,747) | (909) |
| Home BancShares Inc. | (46,494) | (874) |
| (119,050) | ||
| Health Care (-12.5%) | ||
| * Insulet Corp. | (38,923) | (6,420) |
| * iRhythm Technologies Inc. | (71,783) | (5,320) |
| * Alnylam Pharmaceuticals Inc. | (65,727) | (5,286) |
| * Teladoc Health Inc. | (76,424) | (5,175) |
| * Madrigal Pharmaceuticals Inc. | (55,982) | (4,827) |
| * Mirati Therapeutics Inc. | (60,310) | (4,699) |
| * Seattle Genetics Inc. | (52,372) | (4,472) |
| * ABIOMED Inc. | (24,120) | (4,291) |
| * Intercept Pharmaceuticals Inc. | (62,041) | (4,117) |
| * Boston Scientific Corp. | (98,240) | (3,997) |
| * Aerie Pharmaceuticals Inc. | (205,033) | (3,941) |
| * Glaukos Corp. | (61,848) | (3,866) |
| * Amicus Therapeutics Inc. | (476,301) | (3,820) |
| * Sarepta Therapeutics Inc. | (49,607) | (3,736) |
| * Nevro Corp. | (43,222) | (3,716) |
| * Medicines Co. | (72,827) | (3,641) |
| * Bluebird Bio Inc. | (35,680) | (3,276) |
| * Heron Therapeutics Inc. | (169,064) | (3,128) |
| * Ultragenyx Pharmaceutical Inc. | (72,077) | (3,083) |
| * Aimmune Therapeutics Inc. | (146,146) | (3,060) |
| * Inogen Inc. | (57,609) | (2,760) |
| * Diplomat Pharmacy Inc. | (539,546) | (2,644) |
| * Tabula Rasa HealthCare Inc. | (43,875) | (2,410) |
| * Wright Medical Group NV | (108,356) | (2,235) |
| * Tricida Inc. | (62,870) | (1,941) |
| * PTC Therapeutics Inc. | (53,745) | (1,818) |
| * Exelixis Inc. | (85,658) | (1,515) |
| * Turning Point Therapeutics Inc. | (38,899) | (1,463) |
| * Evolent Health Inc. Class A | (142,935) | (1,028) |
| * ViewRay Inc. | (328,385) | (952) |
| * Immunomedics Inc. | (71,630) | (950) |
| * Vertex Pharmaceuticals Inc. | (5,046) | (855) |
| * LHC Group Inc. | (7,438) | (845) |
| * Innoviva Inc. | (77,965) | (822) |
| Cantel Medical Corp. | (10,862) | (812) |
| * Axonics Modulation Technologies Inc. | (27,803) | (748) |
| (107,669) | ||
| Industrials (-17.1%) | ||
| * Kirby Corp. | (70,090) | (5,759) |
| United Technologies Corp. | (42,068) | (5,743) |
| * Welbilt Inc. | (335,588) | (5,658) |
| Wabtec Corp. | (76,220) | (5,477) |
| BWX Technologies Inc. | (95,549) | (5,466) |
| * Stericycle Inc. | (107,315) | (5,466) |
| * Middleby Corp. | (46,623) | (5,450) |
| * SiteOne Landscape Supply Inc. | (72,770) | (5,386) |
| Granite Construction Inc. | (164,955) | (5,300) |
| * Evoqua Water Technologies Corp. | (309,384) | (5,266) |
| Quanta Services Inc. | (137,908) | (5,213) |
| * Univar Solutions Inc. | (249,753) | (5,185) |
| Toro Co. | (70,519) | (5,169) |
| Fortive Corp. | (74,504) | (5,108) |
| * Dycom Industries Inc. | (95,801) | (4,891) |
| * WillScot Corp. Class A | (278,900) | (4,345) |
| Lindsay Corp. | (46,386) | (4,307) |
| * MRC Global Inc. | (316,624) | (3,841) |
| Greenbrier Cos. Inc. | (112,202) | (3,380) |
| Alamo Group Inc. | (27,765) | (3,269) |
| Steelcase Inc. Class A | (177,087) | (3,258) |
| * Axon Enterprise Inc. | (56,166) | (3,189) |
| Forward Air Corp. | (47,747) | (3,042) |
| CSX Corp. | (43,804) | (3,034) |
| Brink's Co. | (34,520) | (2,863) |
| * Harsco Corp. | (150,494) | (2,853) |
| * Air Transport Services Group Inc. | (134,296) | (2,823) |
| Kadant Inc. | (30,749) | (2,699) |
| * Beacon Roofing Supply Inc. | (79,376) | (2,662) |
| * PGT Innovations Inc. | (147,469) | (2,547) |
| Altra Industrial Motion Corp. | (87,539) | (2,424) |
| * Upwork Inc. | (174,468) | (2,321) |
| * TPI Composites Inc. | (111,516) | (2,091) |
| Comfort Systems USA Inc. | (46,957) | (2,077) |
| TransDigm Group Inc. | (3,435) | (1,789) |
| Arcosa Inc. | (41,186) | (1,409) |
| US Ecology Inc. | (20,362) | (1,302) |
| * Colfax Corp. | (40,703) | (1,183) |
| TransUnion | (14,472) | (1,174) |
| Franklin Electric Co. Inc. | (22,087) | (1,056) |
| Insperity Inc. | (8,825) | (870) |
| * Parsons Corp. | (25,613) | (845) |
| (147,190) | ||
| Information Technology (-16.0%) | ||
| * Trimble Inc. | (145,839) | (5,660) |
| * Black Knight Inc. | (92,650) | (5,657) |
| Cognex Corp. | (113,835) | (5,593) |
| * NetScout Systems Inc. | (240,505) | (5,546) |
| Corning Inc. | (194,042) | (5,534) |
| * IPG Photonics Corp. | (40,533) | (5,496) |
| Littelfuse Inc. | (30,993) | (5,495) |
| CDK Global Inc. | (108,456) | (5,216) |
| * Q2 Holdings Inc. | (66,050) | (5,209) |
| Jack Henry & Associates Inc. | (35,686) | (5,209) |
| * ForeScout Technologies Inc. | (134,745) | (5,110) |
| Brooks Automation Inc. | (133,191) | (4,932) |
| FLIR Systems Inc. | (87,636) | (4,609) |
| * 2U Inc. | (272,952) | (4,444) |
| * GoDaddy Inc. Class A | (65,055) | (4,292) |
| InterDigital Inc. | (79,761) | (4,185) |
| Pegasystems Inc. | (60,647) | (4,127) |
| * First Solar Inc. | (67,458) | (3,913) |
| * Lumentum Holdings Inc. | (71,579) | (3,834) |
| Cabot Microelectronics Corp. | (23,775) | (3,357) |
| AVX Corp. | (218,646) | (3,323) |
| * Elastic NV | (40,291) | (3,318) |
| * Aspen Technology Inc. | (25,570) | (3,147) |
| Marvell Technology Group Ltd. | (123,834) | (3,092) |
| MKS Instruments Inc. | (30,613) | (2,825) |
| * 3D Systems Corp. | (343,033) | (2,796) |
| SS&C Technologies Holdings Inc. | (44,891) | (2,315) |
| * F5 Networks Inc. | (15,634) | (2,195) |
| * DocuSign Inc. Class A | (33,278) | (2,061) |
| * Cree Inc. | (41,710) | (2,044) |
| Monolithic Power Systems Inc. | (13,054) | (2,032) |
| Methode Electronics Inc. | (41,285) | (1,389) |
| Universal Display Corp. | (8,163) | (1,371) |
| * Tyler Technologies Inc. | (4,411) | (1,158) |
| * 8x8 Inc. | (55,570) | (1,151) |
| Power Integrations Inc. | (12,641) | (1,143) |
| * FARO Technologies Inc. | (21,284) | (1,029) |
| * Verra Mobility Corp. Class A | (66,335) | (952) |
| NVIDIA Corp. | (5,385) | (937) |
| * Rogers Corp. | (6,446) | (881) |
| * Yext Inc. | (49,555) | (788) |
| (137,365) | ||
| Materials (-4.5%) | ||
| Linde plc | (30,026) | (5,816) |
| International Flavors & Fragrances Inc. | (44,965) | (5,517) |
| Commercial Metals Co. | (305,565) | (5,311) |
| Hecla Mining Co. | (2,944,957) | (5,183) |
| * Century Aluminum Co. | (698,758) | (4,636) |
| * Coeur Mining Inc. | (895,179) | (4,306) |
| Newmont Goldcorp Corp. | (112,123) | (4,252) |
| * Ingevity Corp. | (46,553) | (3,949) |
| (38,970) | ||
| Real Estate (-5.8%) | ||
| VICI Properties Inc. | (258,376) | (5,852) |
| PotlatchDeltic Corp. | (138,287) | (5,682) |
| Pebblebrook Hotel Trust | (198,628) | (5,526) |
| Brookfield Property REIT Inc. Class A | (267,559) | (5,456) |
| Empire State Realty Trust Inc. | (364,832) | (5,206) |
| WP Carey Inc. | (56,865) | (5,089) |
| Gaming and Leisure Properties Inc. | (97,891) | (3,743) |
| Cousins Properties Inc. | (84,760) | (3,186) |
| Agree Realty Corp. | (42,313) | (3,095) |
| * Marcus & Millichap Inc. | (50,320) | (1,786) |
| QTS Realty Trust Inc. Class A | (30,411) | (1,563) |
| Newmark Group Inc. Class A | (160,920) | (1,458) |
| Seritage Growth Properties Class A | (23,462) | (997) |
| * Redfin Corp. | (53,557) | (902) |
| (49,541) | ||
| Utilities (-4.1%) | ||
| South Jersey Industries Inc. | (181,371) | (5,969) |
| Dominion Energy Inc. | (73,037) | (5,919) |
| Aqua America Inc. | (131,111) | (5,878) |
| NiSource Inc. | (186,315) | (5,574) |
| Ormat Technologies Inc. | (74,124) | (5,507) |
| NextEra Energy Inc. | (16,497) | (3,844) |
| Consolidated Edison Inc. | (15,682) | (1,481) |
| CenterPoint Energy Inc. | (41,512) | (1,253) |
| (35,425) | ||
| Total Common Stocks Sold Short (Proceeds $852,727) | (834,751) | |
| Temporary Cash Investment (1.6%) | ||
| Money Market Fund (1.6%) | ||
| 1,2 Vanguard Market Liquidity Fund, 2.098%(Cost $13,596) | 135,944 | 13,596 |
| †,2 Other Assets and Liabilities-Net (98.6%) | 848,654 | |
| Net Assets (100%) | 861,027 |
* Non-income-producing security.
† Long security positions with a value of $529,054,000 and cash of $857,687,000 are held in a segregated account
at the fund's custodian bank and pledged to a broker-dealer as collateral for the fund's obligation to return
borrowed securities. For so long as such obligations continue, the fund's access to these assets is subject to
authorization from the broker-dealer.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $11,962,000.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
2 Collateral of $12,505,000 was received for securities on loan.
REIT—Real Estate Investment Trust.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock
Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the
latest quoted sales prices or official closing prices taken from the primary market in which each
security trades; such securities not traded on the valuation date are valued at the mean of the latest
quoted bid and asked prices. Securities for which market quotations are not readily available, or
whose values have been materially affected by events occurring before the fund's pricing time but
after the close of the securities’ primary markets, are valued by methods deemed by the board of
trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that
fund's net asset value.
B. Short Sales: Short sales are the sales of securities that the fund does not own. The fund sells a
security it does not own in anticipation of a decline in the value of that security. In order to deliver the
security to the purchaser, the fund borrows the security from a broker-dealer. The fund must
segregate, as collateral for its obligation to return the borrowed security, an amount of cash and long
security positions at least equal to the market value of the security sold short. In the absence of a
default, the collateral segregated by the fund cannot be repledged, resold or rehypothecated.
This results in the fund holding a significant portion of its assets in cash. The fund later closes out the
position by returning the security to the lender, typically by purchasing the security in the open market.
C. 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.
At September 30, 2019, 100% of the market value of the fund's investments was determined based
on Level 1 inputs.
