Vanguard Market Neutral Fund
Schedule of Investments (unaudited)
As of March 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. Thefund’sForm N-PORT
reports are available on the SEC’s website at www.sec.gov.
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks—Long Positions (94.3%) | | |
| Communication Services (4.1%) | | |
| *,† | Discovery Inc. Class A | 135,016 | 2,625 |
| * | Alphabet Inc. Class A | 1,680 | 1,952 |
| * | Glu Mobile Inc. | 298,810 | 1,880 |
| *,† | Take-Two Interactive Software Inc. | 14,197 | 1,684 |
| *,† | EverQuote Inc. Class A | 62,077 | 1,630 |
| † | CenturyLink Inc. | 162,507 | 1,537 |
| * | Alphabet Inc. Class C | 834 | 970 |
| *,† | MSG Networks Inc. | 76,336 | 779 |
| *,† | Liberty Latin America Ltd. Class C | 58,130 | 596 |
| * | Liberty Media Corp-Liberty Formula One Class C | 18,564 | 505 |
| *,† | Liberty Latin America Ltd. Class A | 30,786 | 324 |
| *,† | Liberty TripAdvisor Holdings Inc. Class A | 114,053 | 205 |
| | | | 14,687 |
| Consumer Discretionary (14.0%) | | |
| † | Brunswick Corp. | 82,894 | 2,932 |
| † | Wingstop Inc. | 35,208 | 2,806 |
| † | Best Buy Co. Inc. | 48,324 | 2,754 |
| † | Whirlpool Corp. | 30,018 | 2,576 |
| † | eBay Inc. | 84,683 | 2,546 |
| *,† | Taylor Morrison Home Corp. | 225,861 | 2,484 |
| * | Booking Holdings Inc. | 1,793 | 2,412 |
| † | Kontoor Brands Inc. | 122,658 | 2,351 |
| *,† | Adient plc | 245,561 | 2,227 |
| † | Newell Brands Inc. | 144,930 | 1,925 |
| *,† | frontdoor Inc. | 54,937 | 1,911 |
| † | Rent-A-Center Inc. | 132,185 | 1,869 |
| *,† | Skyline Champion Corp. | 117,332 | 1,840 |
| *,† | AutoNation Inc. | 62,739 | 1,760 |
| * | Stamps.com Inc. | 12,894 | 1,677 |
| † | Gentex Corp. | 74,945 | 1,661 |
| *,† | Rh | 16,366 | 1,644 |
| *,† | 1-800-Flowers.com Inc. Class A | 113,965 | 1,508 |
| | Polaris Inc. | 29,613 | 1,426 |
| *,† | Asbury Automotive Group Inc. | 25,642 | 1,416 |
| | Target Corp. | 14,456 | 1,344 |
| *,† | Gentherm Inc. | 39,055 | 1,226 |
| *,† | Meritage Homes Corp. | 26,780 | 978 |
| † | Hanesbrands Inc. | 120,903 | 951 |
| *,† | Under Armour Inc. Class C | 93,548 | 754 |
| * | Everi Holdings Inc. | 210,691 | 695 |
| | Home Depot Inc. | 2,563 | 479 |
| * | American Axle & Manufacturing Holdings Inc. | 107,249 | 387 |
| | Group 1 Automotive Inc. | 8,171 | 362 |
| | | |
| * | Planet Fitness Inc. Class A | 7,408 | 361 |
| * | Tesla Inc. | 620 | 325 |
| | PulteGroup Inc. | 14,114 | 315 |
| * | Malibu Boats Inc. Class A | 10,098 | 291 |
| | Sonic Automotive Inc. Class A | 19,281 | 256 |
| * | Genesco Inc. | 11,688 | 156 |
| | | | 50,605 |
| Consumer Staples (4.2%) | | |
| | Coca-Cola Consolidated Inc. | 12,945 | 2,699 |
| † | Campbell Soup Co. | 58,176 | 2,685 |
| *,† | Edgewell Personal Care Co. | 86,211 | 2,076 |
| † | Kraft Heinz Co. | 66,628 | 1,648 |
| † | Fresh Del Monte Produce Inc. | 47,176 | 1,303 |
| † | Medifast Inc. | 20,307 | 1,269 |
| † | Ingles Markets Inc. Class A | 33,311 | 1,205 |
| | Procter & Gamble Co. | 9,032 | 994 |
| | John B Sanfilippo & Son Inc. | 7,212 | 645 |
| † | Coty Inc. Class A | 77,742 | 401 |
| *,† | elf Beauty Inc. | 33,863 | 333 |
| | | | 15,258 |
| Energy (1.9%) | | |
| | DHT Holdings Inc. | 297,309 | 2,280 |
| † | ConocoPhillips | 38,348 | 1,181 |
| † | Schlumberger Ltd. | 86,836 | 1,171 |
| † | Kinder Morgan Inc. | 50,436 | 702 |
| * | CONSOL Energy Inc. | 170,996 | 631 |
| | World Fuel Services Corp. | 20,000 | 504 |
| *,† | Dorian LPG Ltd. | 49,816 | 434 |
| | | | 6,903 |
| Financials (9.6%) | | |
| † | Navient Corp. | 381,840 | 2,894 |
| † | PennyMac Financial Services Inc. | 101,432 | 2,243 |
| † | Morgan Stanley | 64,283 | 2,186 |
| † | LPL Financial Holdings Inc. | 40,139 | 2,185 |
| † | MGIC Investment Corp. | 336,118 | 2,134 |
| | Brightsphere Investment Group Inc. | 328,568 | 2,100 |
| † | Universal Insurance Holdings Inc. | 107,173 | 1,921 |
| † | Primerica Inc. | 21,078 | 1,865 |
| *,† | Mr Cooper Group Inc. | 206,340 | 1,512 |
| † | Stifel Financial Corp. | 34,447 | 1,422 |
| † | Hilltop Holdings Inc. | 91,680 | 1,386 |
| *,† | Athene Holding Ltd. Class A | 53,676 | 1,332 |
| † | Piper Sandler Cos. | 25,551 | 1,292 |
| † | Walker & Dunlop Inc. | 28,938 | 1,165 |
| *,† | Enova International Inc. | 75,858 | 1,099 |
| † | National General Holdings Corp. | 63,185 | 1,046 |
| | Allstate Corp. | 10,965 | 1,006 |
| † | FNB Corp. | 133,823 | 986 |
| † | MetLife Inc. | 29,821 | 912 |
| † | Lazard Ltd. Class A | 36,803 | 867 |
| † | Regions Financial Corp. | 70,007 | 628 |
| | Great Western Bancorp Inc. | 27,440 | 562 |
| | Artisan Partners Asset Management Inc. Class A | 17,279 | 371 |
| | CVB Financial Corp. | 18,115 | 363 |
| | TCF Financial Corp. | 15,784 | 358 |
| *,† | Encore Capital Group Inc. | 13,822 | 323 |
| | | |
| | First Interstate BancSystem Inc. Class A | 8,338 | 240 |
| † | OFG Bancorp | 6,423 | 72 |
| | | | 34,470 |
| Health Care (14.0%) | | |
| *,† | DaVita Inc. | 40,848 | 3,107 |
| *,† | Prestige Consumer Healthcare Inc. | 83,537 | 3,064 |
| *,† | Novocure Ltd. | 44,209 | 2,977 |
| *,† | PRA Health Sciences Inc. | 35,261 | 2,928 |
| *,† | Quidel Corp. | 29,877 | 2,922 |
| *,† | Medpace Holdings Inc. | 39,169 | 2,874 |
| *,† | Henry Schein Inc. | 48,953 | 2,473 |
| *,† | Syneos Health Inc. | 60,678 | 2,392 |
| † | AbbVie Inc. | 29,888 | 2,277 |
| *,† | Biohaven Pharmaceutical Holding Co. Ltd. | 63,169 | 2,150 |
| † | Bruker Corp. | 59,011 | 2,116 |
| *,† | STAAR Surgical Co. | 63,923 | 2,062 |
| *,† | Integer Holdings Corp. | 32,527 | 2,045 |
| * | Allscripts Healthcare Solutions Inc. | 282,445 | 1,989 |
| *,^ | Precigen Inc. | 574,758 | 1,954 |
| *,† | Tenet Healthcare Corp. | 117,673 | 1,695 |
| *,† | Alkermes plc | 98,753 | 1,424 |
| *,† | Enanta Pharmaceuticals Inc. | 27,239 | 1,401 |
| *,† | Lantheus Holdings Inc. | 102,529 | 1,308 |
| *,† | BioTelemetry Inc. | 32,362 | 1,246 |
| * | Amneal Pharmaceuticals Inc. | 283,308 | 986 |
| *,† | Esperion Therapeutics Inc. | 28,875 | 911 |
| *,† | Health Catalyst Inc. | 29,457 | 770 |
| | McKesson Corp. | 3,623 | 490 |
| * | Eidos Therapeutics Inc. | 9,172 | 449 |
| | Cardinal Health Inc. | 9,121 | 437 |
| * | Varex Imaging Corp. | 17,942 | 408 |
| *,† | Spectrum Pharmaceuticals Inc. | 154,996 | 361 |
| *,† | Ironwood Pharmaceuticals Inc. | 35,790 | 361 |
| * | IQVIA Holdings Inc. | 3,225 | 348 |
| * | Magellan Health Inc. | 7,017 | 338 |
| * | Surgery Partners Inc. | 40,167 | 262 |
| | | | 50,525 |
| Industrials (15.2%) | | |
| *,† | Atkore International Group Inc. | 137,369 | 2,894 |
| † | Jacobs Engineering Group Inc. | 35,352 | 2,802 |
| † | Masco Corp. | 79,265 | 2,740 |
| *,† | Builders FirstSource Inc. | 213,513 | 2,611 |
| † | Johnson Controls International plc | 96,262 | 2,595 |
| † | Triton International Ltd. | 98,536 | 2,549 |
| † | Kforce Inc. | 95,805 | 2,450 |
| *,† | GMS Inc. | 146,964 | 2,312 |
| | Rockwell Automation Inc. | 14,615 | 2,206 |
| *,† | BMC Stock Holdings Inc. | 119,249 | 2,114 |
| *,† | MasTec Inc. | 55,889 | 1,829 |
| † | Steelcase Inc. Class A | 180,391 | 1,780 |
| | Lockheed Martin Corp. | 4,958 | 1,681 |
| *,† | Foundation Building Materials Inc. | 149,465 | 1,538 |
| | General Electric Co. | 192,072 | 1,525 |
| *,† | WESCO International Inc. | 66,697 | 1,524 |
| † | Universal Forest Products Inc. | 39,101 | 1,454 |
| | Landstar System Inc. | 14,983 | 1,436 |
| | | |
| *,† | Herc Holdings Inc. | 69,179 | 1,415 |
| | TransUnion | 21,290 | 1,409 |
| † | Kaman Corp. | 33,290 | 1,281 |
| † | Copa Holdings SA | 26,168 | 1,185 |
| † | Terex Corp. | 75,959 | 1,091 |
| * | Gibraltar Industries Inc. | 24,299 | 1,043 |
| † | Delta Air Lines Inc. | 35,279 | 1,007 |
| † | Deluxe Corp. | 36,137 | 937 |
| † | Triumph Group Inc. | 132,497 | 896 |
| * | American Woodmark Corp. | 18,137 | 827 |
| † | Rush Enterprises Inc. Class A | 23,672 | 756 |
| † | Armstrong World Industries Inc. | 8,866 | 704 |
| | IHS Markit Ltd. | 10,539 | 632 |
| | Costamare Inc. | 133,975 | 606 |
| | ADT Inc. | 139,409 | 602 |
| † | Herman Miller Inc. | 26,842 | 596 |
| † | Wabash National Corp. | 59,162 | 427 |
| *,† | Echo Global Logistics Inc. | 23,138 | 395 |
| * | United Rentals Inc. | 3,829 | 394 |
| *,† | JELD-WEN Holding Inc. | 35,553 | 346 |
| * | Cimpress plc | 5,876 | 313 |
| | | | 54,902 |
| Information Technology (20.3%) | | |
| *,† | Cadence Design Systems Inc. | 46,540 | 3,073 |
| † | Leidos Holdings Inc. | 33,141 | 3,037 |
| † | Seagate Technology plc | 62,089 | 3,030 |
| *,† | Autodesk Inc. | 19,365 | 3,023 |
| † | Booz Allen Hamilton Holding Corp. | 43,840 | 3,009 |
| *,† | Synopsys Inc. | 23,157 | 2,982 |
| *,† | Synaptics Inc. | 51,353 | 2,972 |
| *,† | Square Inc. | 55,602 | 2,912 |
| † | Avnet Inc. | 115,943 | 2,910 |
| *,† | Atlassian Corp. plc Class A | 21,022 | 2,885 |
| *,† | Workiva Inc. | 87,782 | 2,838 |
| *,† | Sykes Enterprises Inc. | 100,787 | 2,733 |
| *,† | Amkor Technology Inc. | 346,286 | 2,698 |
| *,† | CACI International Inc. Class A | 12,452 | 2,629 |
| † | Jabil Inc. | 104,763 | 2,575 |
| † | ManTech International Corp. Class A | 32,913 | 2,392 |
| *,† | Anixter International Inc. | 26,857 | 2,360 |
| † | HP Inc. | 133,103 | 2,311 |
| * | SunPower Corp. Class A | 438,591 | 2,224 |
| † | Western Digital Corp. | 53,321 | 2,219 |
| *,† | Lattice Semiconductor Corp. | 120,310 | 2,144 |
| | Microsoft Corp. | 12,076 | 1,904 |
| *,† | Advanced Micro Devices Inc. | 39,503 | 1,797 |
| † | SYNNEX Corp. | 22,347 | 1,634 |
| *,† | Cardtronics plc Class A | 65,705 | 1,375 |
| * | Diebold Nixdorf Inc. | 321,113 | 1,130 |
| *,† | Dell Technologies Inc. Class C | 25,999 | 1,028 |
| † | Perspecta Inc. | 56,098 | 1,023 |
| † | CDK Global Inc. | 27,085 | 890 |
| * | Plexus Corp. | 13,638 | 744 |
| *,† | Virtusa Corp. | 22,917 | 651 |
| * | Infinera Corp. | 115,907 | 614 |
| *,† | Teradata Corp. | 22,817 | 468 |
| | Texas Instruments Inc. | 4,586 | 458 |
| | | |
| * | SMART Global Holdings Inc. | 17,311 | 421 |
| † | Plantronics Inc. | 41,542 | 418 |
| † | Benchmark Electronics Inc. | 20,739 | 415 |
| *,† | TTM Technologies Inc. | 36,936 | 382 |
| | Science Applications International Corp. | 4,956 | 370 |
| † | CDW Corp. | 3,924 | 366 |
| * | Manhattan Associates Inc. | 7,230 | 360 |
| | | | 73,404 |
| Materials (3.0%) | | |
| *,† | Element Solutions Inc. | 373,549 | 3,123 |
| † | Commercial Metals Co. | 123,271 | 1,946 |
| *,† | Allegheny Technologies Inc. | 153,255 | 1,303 |
| † | Trinseo SA | 70,730 | 1,281 |
| † | Boise Cascade Co. | 32,529 | 773 |
| | DuPont de Nemours Inc. | 20,386 | 695 |
| † | PolyOne Corp. | 35,103 | 666 |
| *,† | Axalta Coating Systems Ltd. | 30,677 | 530 |
| | Linde plc | 2,061 | 357 |
| * | Koppers Holdings Inc. | 19,295 | 239 |
| | | | 10,913 |
| Real Estate (4.9%) | | |
| † | Sabra Health Care REIT Inc. | 276,217 | 3,016 |
| † | CyrusOne Inc. | 38,129 | 2,354 |
| † | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 99,418 | 2,029 |
| † | GEO Group Inc. | 143,299 | 1,743 |
| † | CoreCivic Inc. | 129,821 | 1,450 |
| † | Office Properties Income Trust | 49,350 | 1,345 |
| † | Brixmor Property Group Inc. | 97,856 | 930 |
| † | Physicians Realty Trust | 50,560 | 705 |
| | Digital Realty Trust Inc. | 4,548 | 632 |
| † | Iron Mountain Inc. | 24,089 | 573 |
| | Independence Realty Trust Inc. | 60,747 | 543 |
| | Diversified Healthcare Trust | 134,213 | 487 |
| † | American Finance Trust Inc. | 71,230 | 445 |
| | Colony Capital Inc. | 210,390 | 368 |
| † | Alexander & Baldwin Inc. | 31,464 | 353 |
| | iStar Inc. | 32,355 | 343 |
| † | Kennedy-Wilson Holdings Inc. | 21,650 | 291 |
| | | | 17,607 |
| Utilities (3.1%) | | |
| † | Vistra Energy Corp. | 192,802 | 3,077 |
| † | Ameren Corp. | 30,790 | 2,243 |
| † | Hawaiian Electric Industries Inc. | 38,848 | 1,672 |
| † | NRG Energy Inc. | 43,702 | 1,191 |
| | Evergy Inc. | 19,215 | 1,058 |
| | American States Water Co. | 10,620 | 868 |
| † | AES Corp. | 55,201 | 751 |
| | Unitil Corp. | 8,403 | 440 |
| | | | 11,300 |
| Total Common Stocks—Long Positions (Cost $428,210) | | 340,574 |
| Common Stocks Sold Short (-94.9%) | | |
| Communication Services (-3.9%) | | |
| | Walt Disney Co. | (29,317) | (2,832) |
| | Sirius XM Holdings Inc. | (539,790) | (2,667) |
| | World Wrestling Entertainment Inc. Class A | (58,206) | (1,975) |
| | |
| * Cargurus Inc. | (95,738) | (1,813) |
| Sinclair Broadcast Group Inc. Class A | (95,436) | (1,535) |
| * Iridium Communications Inc. | (43,217) | (965) |
| * GCI Liberty Inc. Class A | (6,978) | (398) |
| TEGNA Inc. | (34,109) | (370) |
| ViacomCBS Inc. Class B | (25,864) | (362) |
| Cinemark Holdings Inc. | (35,460) | (361) |
| Marcus Corp. | (26,905) | (332) |
| EW Scripps Co. Class A | (40,734) | (307) |
| * Clear Channel Outdoor Holdings Inc. | (99,807) | (64) |
| | | (13,981) |
| Consumer Discretionary (-14.0%) | | |
| Ross Stores Inc. | (36,395) | (3,165) |
| * Lululemon Athletica Inc. | (15,016) | (2,846) |
| Callaway Golf Co. | (274,969) | (2,810) |
| * Five Below Inc. | (39,885) | (2,807) |
| * Urban Outfitters Inc. | (195,109) | (2,778) |
| Carter's Inc. | (41,024) | (2,697) |
| American Eagle Outfitters Inc. | (326,156) | (2,593) |
| * Capri Holdings Ltd. | (226,163) | (2,440) |
| * Dorman Products Inc. | (39,295) | (2,172) |
| Thor Industries Inc. | (48,331) | (2,039) |
| Columbia Sportswear Co. | (27,881) | (1,945) |
| Oxford Industries Inc. | (50,296) | (1,824) |
| TJX Cos. Inc. | (36,032) | (1,723) |
| * Skechers U.S.A. Inc. | (66,515) | (1,579) |
| Goodyear Tire & Rubber Co. | (270,023) | (1,572) |
| L Brands Inc. | (125,605) | (1,452) |
| * Grand Canyon Education Inc. | (18,025) | (1,375) |
| * Chegg Inc. | (32,374) | (1,158) |
| Gap Inc. | (148,694) | (1,047) |
| Wynn Resorts Ltd. | (16,732) | (1,007) |
| * Shake Shack Inc. Class A | (24,436) | (922) |
| Leggett & Platt Inc. | (31,802) | (849) |
| * Ulta Beauty Inc. | (4,790) | (842) |
| Wyndham Hotels & Resorts Inc. | (24,227) | (763) |
| Toll Brothers Inc. | (38,100) | (733) |
| BJ's Restaurants Inc. | (50,030) | (695) |
| Dollar General Corp. | (4,336) | (655) |
| * Floor & Decor Holdings Inc. Class A | (20,200) | (648) |
| Tapestry Inc. | (44,879) | (581) |
| Tractor Supply Co. | (5,908) | (500) |
| * YETI Holdings Inc. | (22,926) | (448) |
| * Ollie's Bargain Outlet Holdings Inc. | (9,181) | (425) |
| Core-Mark Holding Co. Inc. | (13,266) | (379) |
| * Burlington Stores Inc. | (2,242) | (355) |
| La-Z-Boy Inc. | (17,217) | (354) |
| * Fox Factory Holding Corp. | (7,643) | (321) |
| | | (50,499) |
| Consumer Staples (-4.1%) | | |
| Cal-Maine Foods Inc. | (72,959) | (3,209) |
| Archer-Daniels-Midland Co. | (83,256) | (2,929) |
| * Freshpet Inc. | (41,161) | (2,629) |
| Energizer Holdings Inc. | (70,279) | (2,126) |
| Estee Lauder Cos. Inc. Class A | (10,395) | (1,656) |
| Nu Skin Enterprises Inc. Class A | (35,203) | (769) |
| | |
| * BJ's Wholesale Club Holdings Inc. | (25,593) | (652) |
| * Grocery Outlet Holding Corp. | (16,905) | (580) |
| * BellRing Brands Inc. Class A | (21,758) | (371) |
| | | (14,921) |
| Energy (-1.8%) | | |
| EQT Corp. | (364,307) | (2,576) |
| Occidental Petroleum Corp. | (216,810) | (2,511) |
| RPC Inc. | (542,905) | (1,118) |
| * Magnolia Oil & Gas Corp. Class A | (44,398) | (178) |
| US Silica Holdings Inc. | (16,282) | (29) |
| | | (6,412) |
| Financials (-9.8%) | | |
| Hamilton Lane Inc. Class A | (54,446) | (3,011) |
| Pinnacle Financial Partners Inc. | (73,668) | (2,765) |
| New York Community Bancorp Inc. | (288,656) | (2,710) |
| * eHealth Inc. | (18,518) | (2,608) |
| Loews Corp. | (71,432) | (2,488) |
| Invesco Ltd. | (266,733) | (2,422) |
| * LendingClub Corp. | (260,220) | (2,043) |
| Ares Management Corp. Class A | (55,526) | (1,717) |
| * PRA Group Inc. | (61,293) | (1,699) |
| * LendingTree Inc. | (8,586) | (1,575) |
| * Ambac Financial Group Inc. | (118,894) | (1,467) |
| Kearny Financial Corp. | (132,717) | (1,140) |
| Argo Group International Holdings Ltd. | (27,606) | (1,023) |
| Independent Bank Group Inc. | (41,425) | (981) |
| Eagle Bancorp Inc. | (25,574) | (773) |
| Cadence BanCorp Class A | (98,004) | (642) |
| Annaly Capital Management Inc. | (99,915) | (506) |
| * SVB Financial Group | (3,342) | (505) |
| * Seacoast Banking Corp. of Florida | (25,654) | (470) |
| * Axos Financial Inc. | (25,355) | (460) |
| WisdomTree Investments Inc. | (192,122) | (448) |
| Two Harbors Investment Corp. | (111,913) | (426) |
| * Triumph Bancorp Inc. | (16,342) | (425) |
| Allegiance Bancshares Inc. | (16,419) | (396) |
| * Enstar Group Ltd. | (2,432) | (387) |
| Banc of California Inc. | (47,187) | (377) |
| CME Group Inc. | (2,094) | (362) |
| Chimera Investment Corp. | (38,967) | (355) |
| * Green Dot Corp. Class A | (13,179) | (335) |
| CIT Group Inc. | (19,040) | (329) |
| Hancock Whitney Corp. | (12,500) | (244) |
| * Focus Financial Partners Inc. Class A | (7,714) | (177) |
| Capitol Federal Financial Inc. | (7,163) | (83) |
| | | (35,349) |
| Health Care (-13.9%) | | |
| * Bridgebio Pharma Inc. | (106,711) | (3,095) |
| * ABIOMED Inc. | (20,282) | (2,944) |
| * Inogen Inc. | (56,757) | (2,932) |
| * iRhythm Technologies Inc. | (35,447) | (2,884) |
| * Sarepta Therapeutics Inc. | (28,423) | (2,780) |
| * Madrigal Pharmaceuticals Inc. | (40,886) | (2,730) |
| * AtriCure Inc. | (80,039) | (2,688) |
| * Mirati Therapeutics Inc. | (30,740) | (2,363) |
| * Glaukos Corp. | (76,438) | (2,359) |
| | |
| * Intercept Pharmaceuticals Inc. | (31,965) | (2,012) |
| * Turning Point Therapeutics Inc. | (43,399) | (1,938) |
| * Guardant Health Inc. | (25,960) | (1,807) |
| * Cardiovascular Systems Inc. | (48,709) | (1,715) |
| * Alnylam Pharmaceuticals Inc. | (15,350) | (1,671) |
| * Tricida Inc. | (73,755) | (1,623) |
| * Boston Scientific Corp. | (40,104) | (1,309) |
| * Twist Bioscience Corp. | (38,341) | (1,172) |
| * Penumbra Inc. | (7,061) | (1,139) |
| * Seattle Genetics Inc. | (9,492) | (1,095) |
| * Globus Medical Inc. | (25,349) | (1,078) |
| * Axonics Modulation Technologies Inc. | (38,011) | (966) |
| * ViewRay Inc. | (328,385) | (821) |
| * Insmed Inc. | (43,896) | (704) |
| * HealthEquity Inc. | (13,700) | (693) |
| * Exact Sciences Corp. | (11,252) | (653) |
| * Repligen Corp. | (6,327) | (611) |
| * Ultragenyx Pharmaceutical Inc. | (11,555) | (513) |
| * Alector Inc. | (20,508) | (495) |
| * Neurocrine Biosciences Inc. | (5,288) | (458) |
| Stryker Corp. | (2,567) | (427) |
| * Insulet Corp. | (2,338) | (387) |
| * Dicerna Pharmaceuticals Inc. | (20,317) | (373) |
| Cantel Medical Corp. | (10,180) | (365) |
| * Amicus Therapeutics Inc. | (39,210) | (362) |
| * Cerus Corp. | (76,600) | (356) |
| * Evolent Health Inc. Class A | (60,533) | (329) |
| * Aimmune Therapeutics Inc. | (16,759) | (242) |
| | | (50,089) |
| Industrials (-15.8%) | | |
| Quanta Services Inc. | (95,351) | (3,026) |
| Fortive Corp. | (53,730) | (2,965) |
| Cubic Corp. | (70,549) | (2,914) |
| * Axon Enterprise Inc. | (40,713) | (2,881) |
| Hillenbrand Inc. | (149,810) | (2,863) |
| Toro Co. | (43,774) | (2,849) |
| Alamo Group Inc. | (29,646) | (2,632) |
| Boeing Co. | (17,255) | (2,573) |
| Kadant Inc. | (34,317) | (2,562) |
| Parker-Hannifin Corp. | (19,562) | (2,538) |
| US Ecology Inc. | (81,805) | (2,487) |
| * IAA Inc. | (79,861) | (2,393) |
| Westinghouse Air Brake Technologies Corp. | (47,810) | (2,301) |
| * Univar Solutions Inc. | (202,810) | (2,174) |
| * Chart Industries Inc. | (72,210) | (2,093) |
| * Dycom Industries Inc. | (80,898) | (2,075) |
| Greenbrier Cos. Inc. | (100,143) | (1,777) |
| Rollins Inc. | (44,201) | (1,597) |
| * Welbilt Inc. | (295,753) | (1,517) |
| Forward Air Corp. | (26,185) | (1,326) |
| FedEx Corp. | (9,844) | (1,194) |
| * SiteOne Landscape Supply Inc. | (15,870) | (1,168) |
| * TPI Composites Inc. | (77,813) | (1,150) |
| * Casella Waste Systems Inc. | (25,975) | (1,015) |
| Ryder System Inc. | (35,697) | (944) |
| * Stericycle Inc. | (16,497) | (802) |
| * Upwork Inc. | (101,584) | (655) |
| | |
| * Uber Technologies Inc. | (23,001) | (642) |
| Lindsay Corp. | (6,347) | (581) |
| Heartland Express Inc. | (31,011) | (576) |
| * Lyft Inc. Class A | (14,999) | (403) |
| Insperity Inc. | (10,596) | (395) |
| | | (57,068) |
| Information Technology (-20.4%) | | |
| * II-VI Inc. | (106,182) | (3,026) |
| Fidelity National Information Services Inc. | (24,714) | (3,006) |
| * Fiserv Inc. | (31,490) | (2,991) |
| * F5 Networks Inc. | (27,316) | (2,913) |
| * 2U Inc. | (136,425) | (2,895) |
| * RingCentral Inc. Class A | (13,579) | (2,878) |
| FLIR Systems Inc. | (90,112) | (2,874) |
| Global Payments Inc. | (19,920) | (2,873) |
| Cognex Corp. | (66,526) | (2,809) |
| * Trimble Inc. | (87,161) | (2,774) |
| * Twilio Inc. | (30,980) | (2,772) |
| * Black Knight Inc. | (47,149) | (2,738) |
| * Q2 Holdings Inc. | (43,774) | (2,585) |
| * IPG Photonics Corp. | (23,190) | (2,557) |
| Paychex Inc. | (35,545) | (2,237) |
| * Elastic NV | (37,872) | (2,114) |
| InterDigital Inc. | (45,659) | (2,038) |
| Brooks Automation Inc. | (66,075) | (2,015) |
| * Ambarella Inc. | (41,318) | (2,006) |
| * Yext Inc. | (193,260) | (1,969) |
| Monolithic Power Systems Inc. | (11,445) | (1,917) |
| * Pluralsight Inc. Class A | (173,572) | (1,906) |
| MKS Instruments Inc. | (22,558) | (1,837) |
| * Onto Innovation Inc. | (55,071) | (1,634) |
| Cabot Microelectronics Corp. | (14,079) | (1,607) |
| * First Solar Inc. | (41,755) | (1,506) |
| Marvell Technology Group Ltd. | (60,333) | (1,365) |
| * Aspen Technology Inc. | (11,980) | (1,139) |
| * salesforce.com Inc. | (7,620) | (1,097) |
| Pegasystems Inc. | (14,350) | (1,022) |
| * EchoStar Corp. Class A | (31,724) | (1,014) |
| * 8x8 Inc. | (63,618) | (882) |
| * Appfolio Inc. | (7,816) | (867) |
| Jack Henry & Associates Inc. | (3,971) | (616) |
| * ViaSat Inc. | (17,040) | (612) |
| Corning Inc. | (29,447) | (605) |
| Motorola Solutions Inc. | (4,006) | (533) |
| * RealPage Inc. | (8,316) | (440) |
| * LiveRamp Holdings Inc. | (13,123) | (432) |
| Methode Electronics Inc. | (14,069) | (372) |
| Broadcom Inc. | (1,518) | (360) |
| | | (73,833) |
| Materials (-2.8%) | | |
| * Ingevity Corp. | (67,329) | (2,370) |
| Quaker Chemical Corp. | (16,926) | (2,137) |
| Mosaic Co. | (168,435) | (1,823) |
| * Livent Corp. | (252,827) | (1,327) |
| * Century Aluminum Co. | (308,684) | (1,118) |
| Albemarle Corp. | (19,748) | (1,113) |
| | | |
| * | Ferro Corp. | (19,438) | (182) |
| | | | (10,070) |
| Real Estate (-5.2%) | | |
| | Americold Realty Trust | (88,570) | (3,015) |
| | PotlatchDeltic Corp. | (92,656) | (2,909) |
| * | Redfin Corp. | (165,801) | (2,557) |
| * | Marcus & Millichap Inc. | (93,587) | (2,536) |
| | Cousins Properties Inc. | (71,144) | (2,082) |
| | Lamar Advertising Co. Class A | (37,743) | (1,935) |
| | Agree Realty Corp. | (17,833) | (1,104) |
| | SBA Communications Corp. | (2,929) | (791) |
| | VICI Properties Inc. | (39,370) | (655) |
| | Rexford Industrial Realty Inc. | (15,951) | (654) |
| * | Seritage Growth Properties | (48,405) | (441) |
| | | | (18,679) |
| Utilities (-3.2%) | | |
| | CenterPoint Energy Inc. | (190,782) | (2,947) |
| | UGI Corp. | (98,157) | (2,618) |
| | New Jersey Resources Corp. | (68,787) | (2,337) |
| | Ormat Technologies Inc. | (30,060) | (2,034) |
| | Dominion Energy Inc. | (20,313) | (1,466) |
| | Atmos Energy Corp. | (3,808) | (378) |
| | | | (11,780) |
| Total Common Stocks Sold Short (Proceeds $437,040) | | (342,681) |
| Temporary Cash Investment (0.9%) | | |
| Money Market Fund (0.9%) | | |
| 1,2 Vanguard Market Liquidity Fund, 0.943%(Cost $3,143) | 31,436 | 3,140 |
| |
| †,2Other Assets and Liabilities-Net (99.7%) | | 360,248 |
| Net Assets (100%) | | 361,281 |
Cost rounded to $000.
* Non-income-producing security.
†Long security positions with a value of $271,434,000 and cash of $358,168,000 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 $1,927,000.
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 $2,312,000 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.
Market Neutral Fund
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 March 31, 2020, 100% of the market value of the fund's investments was
determined based on Level 1 inputs.
