Vanguard® Market Neutral Fund
Schedule of Investments (unaudited)
As of March 31, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Shares | Market Value ($000) | ||
| Common Stocks—Long Positions (97.6%) | |||
| Communication Services (2.0%) | |||
| *,1 | Cars.com Inc. | 156,310 | 2,026 |
| * | Alphabet Inc. Class C | 658 | 1,361 |
| *,1 | Cargurus Inc. | 35,917 | 856 |
| Fox Corp. Class A | 15,342 | 554 | |
| *,1 | Yelp Inc. Class A | 12,669 | 494 |
| News Corp. Class B | 12,469 | 292 | |
| 5,583 | |||
| Consumer Discretionary (13.6%) | |||
| 1 | eBay Inc. | 39,178 | 2,399 |
| Polaris Inc. | 17,497 | 2,336 | |
| 1 | Best Buy Co. Inc. | 19,610 | 2,251 |
| 1 | Brunswick Corp. | 23,157 | 2,209 |
| Lowe's Cos. Inc. | 9,406 | 1,789 | |
| Yum! Brands Inc. | 16,513 | 1,786 | |
| Shutterstock Inc. | 17,986 | 1,602 | |
| * | Signet Jewelers Ltd. | 24,609 | 1,427 |
| *,1 | American Axle & Manufacturing Holdings Inc. | 146,587 | 1,416 |
| Papa John's International Inc. | 15,520 | 1,376 | |
| *,1 | Gentherm Inc. | 17,593 | 1,304 |
| 1 | Camping World Holdings Inc. Class A | 34,921 | 1,270 |
| * | Etsy Inc. | 5,991 | 1,208 |
| 1 | International Game Technology plc | 66,132 | 1,061 |
| 1 | Aaron's Co. Inc. | 41,300 | 1,061 |
| *,1 | frontdoor Inc. | 19,372 | 1,041 |
| Travel + Leisure Co. | 16,603 | 1,015 | |
| 1 | Tempur Sealy International Inc. | 27,046 | 989 |
| 1 | ODP Corp. | 21,853 | 946 |
| Group 1 Automotive Inc. | 5,587 | 882 | |
| *,1 | At Home Group Inc. | 27,967 | 803 |
| 1 | Red Rock Resorts Inc. Class A | 23,111 | 753 |
| *,1 | Fossil Group Inc. | 55,818 | 692 |
| 1 | Qurate Retail Inc. Series A | 54,492 | 641 |
| Dine Brands Global Inc. | 6,125 | 551 | |
| 1 | Bed Bath & Beyond Inc. | 18,353 | 535 |
| *,1 | Meritage Homes Corp. | 5,410 | 497 |
| 1 | H&R Block Inc. | 21,287 | 464 |
| Sonic Automotive Inc. Class A | 9,273 | 460 | |
| Abercrombie & Fitch Co. Class A | 12,954 | 445 | |
| Winnebago Industries Inc. | 5,011 | 384 | |
| Brinker International Inc. | 5,204 | 370 | |
| * | Malibu Boats Inc. Class A | 4,639 | 370 |
| * | Tesla Inc. | 515 | 344 |
| Shares | Market Value ($000) | ||
| 1 | Kontoor Brands Inc. | 6,980 | 339 |
| * | MarineMax Inc. | 6,225 | 307 |
| * | Ruth's Hospitality Group Inc. | 11,777 | 292 |
| * | Tupperware Brands Corp. | 9,081 | 240 |
| 37,855 | |||
| Consumer Staples (5.2%) | |||
| 1 | Altria Group Inc. | 46,102 | 2,359 |
| Coca-Cola Consolidated Inc. | 7,238 | 2,090 | |
| 1 | Vector Group Ltd. | 137,538 | 1,919 |
| *,1 | Hain Celestial Group Inc. | 35,687 | 1,556 |
| *,1 | Herbalife Nutrition Ltd. | 34,762 | 1,542 |
| * | Central Garden & Pet Co. Class A | 16,459 | 854 |
| Spectrum Brands Holdings Inc. | 8,595 | 731 | |
| 1 | Ingles Markets Inc. Class A | 10,773 | 664 |
| John B Sanfilippo & Son Inc. | 6,334 | 572 | |
| Sanderson Farms Inc. | 3,358 | 523 | |
| * | Mission Produce Inc. | 18,469 | 351 |
| Nu Skin Enterprises Inc. Class A | 6,131 | 324 | |
| Walmart Inc. | 2,256 | 306 | |
| * | USANA Health Sciences Inc. | 2,895 | 283 |
| *,1 | BJ's Wholesale Club Holdings Inc. | 6,195 | 278 |
| 14,352 | |||
| Energy (2.4%) | |||
| 1 | APA Corp. | 99,801 | 1,786 |
| *,1 | Magnolia Oil & Gas Corp. Class A | 108,685 | 1,248 |
| 1 | Targa Resources Corp. | 32,913 | 1,045 |
| 1 | Schlumberger NV | 36,134 | 982 |
| Cimarex Energy Co. | 9,946 | 591 | |
| * | Southwestern Energy Co. | 72,762 | 338 |
| * | Whiting Petroleum Corp. | 8,008 | 284 |
| 1 | World Fuel Services Corp. | 7,804 | 275 |
| 6,549 | |||
| Financials (14.6%) | |||
| 1 | Allstate Corp. | 20,179 | 2,319 |
| 1 | Primerica Inc. | 15,659 | 2,315 |
| 1 | First Horizon Corp. | 135,911 | 2,298 |
| 1 | Aflac Inc. | 44,365 | 2,271 |
| 1 | Flagstar Bancorp Inc. | 46,926 | 2,116 |
| 1 | SLM Corp. | 117,715 | 2,115 |
| 1 | First Financial Bancorp | 84,935 | 2,038 |
| Santander Consumer USA Holdings Inc. | 73,302 | 1,984 | |
| 1 | First Midwest Bancorp Inc. | 86,952 | 1,905 |
| 1 | Jefferies Financial Group Inc. | 62,719 | 1,888 |
| 1 | CNO Financial Group Inc. | 75,976 | 1,845 |
| *,1 | Cannae Holdings Inc. | 44,573 | 1,766 |
| New York Community Bancorp Inc. | 135,977 | 1,716 | |
| *,1 | Enova International Inc. | 46,222 | 1,640 |
| Stewart Information Services Corp. | 26,628 | 1,385 | |
| Southside Bancshares Inc. | 31,854 | 1,227 | |
| 1 | Brightsphere Investment Group Inc. | 57,466 | 1,171 |
| Mercury General Corp. | 17,339 | 1,054 | |
| 1 | NBT Bancorp Inc. | 22,096 | 882 |
| 1 | Associated Banc-Corp. | 40,181 | 858 |
| 1 | Citigroup Inc. | 10,077 | 733 |
| * | Berkshire Hathaway Inc. Class B | 2,750 | 703 |
| Fidelity National Financial Inc. | 16,932 | 688 | |
| HomeStreet Inc. | 12,451 | 549 | |
| Shares | Market Value ($000) | ||
| Enterprise Financial Services Corp. | 10,635 | 526 | |
| Bank of NT Butterfield & Son Ltd. | 13,092 | 500 | |
| First Busey Corp. | 19,260 | 494 | |
| JPMorgan Chase & Co. | 3,226 | 491 | |
| Unum Group | 15,201 | 423 | |
| Westamerica BanCorp. | 5,527 | 347 | |
| *,1 | NMI Holdings Inc. Class A | 13,762 | 325 |
| 40,572 | |||
| Health Care (9.5%) | |||
| McKesson Corp. | 10,867 | 2,119 | |
| Thermo Fisher Scientific Inc. | 4,577 | 2,089 | |
| *,1 | Alkermes plc | 108,831 | 2,033 |
| 1 | HCA Healthcare Inc. | 10,591 | 1,995 |
| 1 | Cardinal Health Inc. | 32,552 | 1,978 |
| *,1 | Travere Thrapeutics Inc. | 71,682 | 1,790 |
| *,1 | Medpace Holdings Inc. | 7,870 | 1,291 |
| *,1 | NextGen Healthcare Inc. | 70,001 | 1,267 |
| *,1 | Quidel Corp. | 8,972 | 1,148 |
| *,1 | Tenet Healthcare Corp. | 18,601 | 967 |
| *,1 | Myriad Genetics Inc. | 29,921 | 911 |
| 1 | Luminex Corp. | 28,499 | 909 |
| * | LHC Group Inc. | 4,399 | 841 |
| *,1 | Enanta Pharmaceuticals Inc. | 15,953 | 787 |
| * | Hologic Inc. | 10,086 | 750 |
| *,1 | Inovalon Holdings Inc. Class A | 21,574 | 621 |
| * | Amneal Pharmaceuticals Inc. | 91,284 | 614 |
| *,1 | Bluebird Bio Inc. | 19,925 | 601 |
| *,1 | Intercept Pharmaceuticals Inc. | 24,410 | 563 |
| * | Laboratory Corp. of America Holdings | 1,762 | 449 |
| * | Fulgent Genetics Inc. | 4,374 | 423 |
| * | Pacific Biosciences of California Inc. | 12,052 | 401 |
| * | Tivity Health Inc. | 15,399 | 344 |
| * | Agenus Inc. | 120,569 | 328 |
| * | Novavax Inc. | 1,674 | 303 |
| 1 | Owens & Minor Inc. | 8,022 | 302 |
| * | Veeva Systems Inc. Class A | 1,109 | 290 |
| * | ImmunoGen Inc. | 30,571 | 248 |
| 26,362 | |||
| Industrials (15.1%) | |||
| 1 | UFP Industries Inc. | 31,789 | 2,411 |
| *,1 | GMS Inc. | 54,150 | 2,261 |
| 1 | AGCO Corp. | 15,416 | 2,214 |
| 1 | Kforce Inc. | 39,941 | 2,141 |
| 1 | GrafTech International Ltd. | 171,764 | 2,101 |
| 1 | Allison Transmission Holdings Inc. | 50,787 | 2,074 |
| 1 | Rush Enterprises Inc. Class A | 41,627 | 2,074 |
| 1 | Boise Cascade Co. | 34,004 | 2,034 |
| 1 | Hillenbrand Inc. | 41,416 | 1,976 |
| Cummins Inc. | 7,599 | 1,969 | |
| 1 | Booz Allen Hamilton Holding Corp. Class A | 23,923 | 1,926 |
| *,1 | Beacon Roofing Supply Inc. | 36,048 | 1,886 |
| Owens Corning | 17,666 | 1,627 | |
| 1 | Masco Corp. | 26,203 | 1,570 |
| 1 | Herman Miller Inc. | 36,030 | 1,483 |
| *,1 | Atkore Inc. | 18,505 | 1,330 |
| 1 | Deluxe Corp. | 30,713 | 1,289 |
| *,1 | Upwork Inc. | 24,317 | 1,089 |
| Shares | Market Value ($000) | ||
| 1 | Costamare Inc. | 112,267 | 1,080 |
| * | United Rentals Inc. | 2,819 | 928 |
| Deere & Co. | 2,240 | 838 | |
| * | Meritor Inc. | 24,882 | 732 |
| *,1 | JELD-WEN Holding Inc. | 22,294 | 617 |
| 1 | Triton International Ltd. | 11,202 | 616 |
| 1 | Schneider National Inc. Class B | 24,368 | 608 |
| *,1 | Cornerstone Building Brands Inc. | 41,456 | 582 |
| Ryder System Inc. | 6,470 | 489 | |
| Mueller Industries Inc. | 9,470 | 392 | |
| * | American Woodmark Corp. | 3,830 | 378 |
| Lockheed Martin Corp. | 937 | 346 | |
| ADT Inc. | 40,148 | 339 | |
| United Parcel Service Inc. Class B | 1,649 | 280 | |
| Werner Enterprises Inc. | 5,788 | 273 | |
| 41,953 | |||
| Information Technology (19.3%) | |||
| *,1 | Box Inc. Class A | 102,614 | 2,356 |
| *,1 | Sykes Enterprises Inc. | 53,083 | 2,340 |
| *,1 | Cadence Design Systems Inc. | 17,016 | 2,331 |
| *,1 | Dropbox Inc. Class A | 86,976 | 2,319 |
| *,1 | Ultra Clean Holdings Inc. | 39,841 | 2,312 |
| 1 | Jabil Inc. | 44,162 | 2,303 |
| *,1 | GoDaddy Inc. Class A | 28,931 | 2,246 |
| * | Manhattan Associates Inc. | 17,762 | 2,085 |
| * | Zoom Video Communications Inc. Class A | 6,214 | 1,996 |
| *,1 | Workiva Inc. Class A | 22,388 | 1,976 |
| *,1 | Teradata Corp. | 50,437 | 1,944 |
| Accenture plc Class A | 6,987 | 1,930 | |
| *,1 | NETGEAR Inc. | 45,961 | 1,889 |
| *,1 | Avaya Holdings Corp. | 61,467 | 1,723 |
| 1 | Xperi Holding Corp. | 68,449 | 1,490 |
| Microsoft Corp. | 5,902 | 1,391 | |
| *,1 | Comm Scope Holding Co. Inc. | 90,080 | 1,384 |
| Applied Materials Inc. | 9,378 | 1,253 | |
| 1 | Plantronics Inc. | 30,857 | 1,201 |
| Apple Inc. | 9,281 | 1,134 | |
| *,1 | Extreme Networks Inc. | 123,417 | 1,080 |
| * | Fortinet Inc. | 5,844 | 1,078 |
| TTEC Holdings Inc. | 10,190 | 1,024 | |
| *,1 | Domo Inc. Class B | 17,399 | 979 |
| 1 | Amkor Technology Inc. | 39,883 | 946 |
| Alliance Data Systems Corp. | 8,373 | 938 | |
| Oracle Corp. | 12,637 | 887 | |
| 1 | DXC Technology Co. | 24,130 | 754 |
| 1 | HP Inc. | 23,278 | 739 |
| * | MACOM Technology Solutions Holdings Inc. Class H | 11,859 | 688 |
| 1 | Western Digital Corp. | 9,712 | 648 |
| * | 2U Inc. | 16,339 | 625 |
| *,1 | Calix Inc. | 17,408 | 603 |
| * | Axcelis Technologies Inc. | 13,824 | 568 |
| CDW Corp. | 3,226 | 535 | |
| * | Brightcove Inc. | 23,648 | 476 |
| *,1 | Advanced Micro Devices Inc. | 5,718 | 449 |
| * | Conduent Inc. | 62,504 | 416 |
| *,1 | A10 Networks Inc. | 41,273 | 397 |
| Lam Research Corp. | 652 | 388 | |
| Texas Instruments Inc. | 2,040 | 386 | |
| Shares | Market Value ($000) | ||
| Monolithic Power Systems Inc. | 943 | 333 | |
| * | Super Micro Computer Inc. | 8,283 | 323 |
| International Business Machines Corp. | 2,364 | 315 | |
| QUALCOMM Inc. | 1,979 | 262 | |
| 53,440 | |||
| Materials (4.4%) | |||
| 1 | Louisiana-Pacific Corp. | 40,754 | 2,260 |
| 1 | Commercial Metals Co. | 65,776 | 2,028 |
| 1 | Sensient Technologies Corp. | 18,648 | 1,455 |
| Worthington Industries Inc. | 17,978 | 1,206 | |
| Dow Inc. | 18,741 | 1,198 | |
| Nucor Corp. | 10,408 | 835 | |
| 1 | Chemours Co. | 27,194 | 759 |
| *,1 | Koppers Holdings Inc. | 19,295 | 671 |
| 1 | O-I Glass Inc. | 35,259 | 520 |
| *,1 | Coeur Mining Inc. | 55,499 | 501 |
| *,1 | Orion Engineered Carbons SA | 21,793 | 430 |
| Schnitzer Steel Industries Inc. Class A | 8,965 | 375 | |
| 12,238 | |||
| Real Estate (8.1%) | |||
| 1 | PotlatchDeltic Corp. | 44,605 | 2,361 |
| 1 | Gaming and Leisure Properties Inc. | 53,113 | 2,254 |
| 1 | Uniti Group Inc. | 191,572 | 2,113 |
| 1 | Office Properties Income Trust | 69,467 | 1,912 |
| Lamar Advertising Co. Class A | 19,093 | 1,793 | |
| 1 | Sabra Health Care REIT Inc. | 97,979 | 1,701 |
| *,1 | Redfin Corp. | 24,505 | 1,632 |
| 1 | American Homes 4 Rent Class A | 45,994 | 1,533 |
| 1 | Global Net Lease Inc. | 78,649 | 1,420 |
| 1 | Invitation Homes Inc. | 39,206 | 1,254 |
| 1 | VICI Properties Inc. | 43,541 | 1,230 |
| 1 | Outfront Media Inc. | 46,605 | 1,017 |
| GEO Group Inc. | 129,830 | 1,007 | |
| 1 | Iron Mountain Inc. | 14,342 | 531 |
| Simon Property Group Inc. | 4,333 | 493 | |
| *,1 | Realogy Holdings Corp. | 17,881 | 271 |
| 22,522 | |||
| Utilities (3.4%) | |||
| 1 | UGI Corp. | 56,876 | 2,333 |
| 1 | AES Corp. | 84,317 | 2,261 |
| 1 | Evergy Inc. | 32,780 | 1,951 |
| 1 | National Fuel Gas Co. | 21,662 | 1,083 |
| NRG Energy Inc. | 15,486 | 584 | |
| OGE Energy Corp. | 12,469 | 404 | |
| Brookfield Infrastructure Corp. Class A | 4,495 | 343 | |
| Unitil Corp. | 7,296 | 333 | |
| 1 | Vistra Corp. | 15,611 | 276 |
| 9,568 | |||
| Total Common Stocks—Long Positions (Cost $209,835) | 270,994 | ||
| Temporary Cash Investments (0.6%) | |||
| Money Market Fund (0.6%) | |||
| 2 | Vanguard Market Liquidity Fund, 0.081% (Cost $1,611) | 16,108 | 1,611 |
| Common Stocks Sold Short (-97.8%) | |||
| Communication Services (-2.1%) | |||
| * | TripAdvisor Inc. | (21,796) | (1,172) |
| Shares | Market Value ($000) | ||
| ViacomCBS Inc. Class B | (24,598) | (1,109) | |
| * | Live Nation Entertainment Inc. | (12,811) | (1,085) |
| * | TechTarget Inc. | (11,897) | (826) |
| * | Netflix Inc. | (1,290) | (673) |
| * | T-Mobile US Inc. | (3,557) | (446) |
| Marcus Corp. | (16,699) | (334) | |
| * | Boston Omaha Corp. Class A | (7,591) | (224) |
| (5,869) | |||
| Consumer Discretionary (-13.8%) | |||
| Hasbro Inc. | (24,298) | (2,336) | |
| * | Five Below Inc. | (12,191) | (2,326) |
| * | Skechers USA Inc. Class A | (54,958) | (2,292) |
| * | Burlington Stores Inc. | (7,550) | (2,256) |
| Hyatt Hotels Corp. | (26,028) | (2,153) | |
| Monro Inc. | (32,635) | (2,147) | |
| Expedia Group Inc. | (12,256) | (2,110) | |
| Wynn Resorts Ltd. | (15,371) | (1,927) | |
| * | Helen of Troy Ltd. | (8,864) | (1,867) |
| * | Ulta Beauty Inc. | (5,425) | (1,677) |
| * | Fox Factory Holding Corp. | (13,182) | (1,675) |
| * | CarMax Inc. | (11,979) | (1,589) |
| Harley-Davidson Inc. | (33,424) | (1,340) | |
| * | SeaWorld Entertainment Inc. | (25,350) | (1,259) |
| * | Carvana Co. Class A | (4,615) | (1,211) |
| * | Vroom Inc. | (29,054) | (1,133) |
| American Eagle Outfitters Inc. | (37,557) | (1,098) | |
| * | Boot Barn Holdings Inc. | (17,388) | (1,083) |
| Choice Hotels International Inc. | (10,068) | (1,080) | |
| * | Stride Inc. | (28,086) | (846) |
| * | Bright Horizons Family Solutions Inc. | (4,260) | (730) |
| Callaway Golf Co. | (24,505) | (656) | |
| Murphy USA Inc. | (4,465) | (646) | |
| * | RealReal Inc. | (22,456) | (508) |
| * | Purple Innovation Inc. Class A | (14,669) | (464) |
| * | Chegg Inc. | (5,369) | (460) |
| LCI Industries | (3,048) | (403) | |
| Franchise Group Inc. | (10,386) | (375) | |
| MDC Holdings Inc. | (5,509) | (327) | |
| Lear Corp. | (1,660) | (301) | |
| (38,275) | |||
| Consumer Staples (-5.3%) | |||
| * | Hostess Brands Inc. Class A | (113,877) | (1,633) |
| * | Beyond Meat Inc. | (11,981) | (1,559) |
| Hormel Foods Corp. | (31,232) | (1,492) | |
| Inter Parfums Inc. | (20,641) | (1,464) | |
| J & J Snack Foods Corp. | (9,282) | (1,458) | |
| WD-40 Co. | (4,208) | (1,288) | |
| * | Performance Food Group Co. | (16,925) | (975) |
| Calavo Growers Inc. | (11,580) | (899) | |
| Kimberly-Clark Corp. | (6,433) | (895) | |
| * | Freshpet Inc. | (5,540) | (880) |
| Kraft Heinz Co. | (15,151) | (606) | |
| Archer-Daniels-Midland Co. | (8,963) | (511) | |
| Molson Coors Beverage Co. Class B | (8,043) | (411) | |
| Energizer Holdings Inc. | (7,882) | (374) | |
| MGP Ingredients Inc. | (5,216) | (309) | |
| (14,754) | |||
| Shares | Market Value ($000) | ||
| Energy (-2.3%) | |||
| Valero Energy Corp. | (20,606) | (1,475) | |
| Delek U.S. Holdings Inc. | (57,778) | (1,258) | |
| * | PBF Energy Inc. Class A | (68,970) | (976) |
| * | Dril-Quip Inc. | (24,939) | (829) |
| Cabot Oil & Gas Corp. | (29,718) | (558) | |
| Helmerich & Payne Inc. | (17,959) | (484) | |
| Murphy Oil Corp. | (23,579) | (387) | |
| Phillips 66 | (3,378) | (276) | |
| * | Occidental Petroleum Corp. Warrants Exp. 8/3/27 | (11,842) | (141) |
| (6,384) | |||
| Financials (-14.7%) | |||
| Live Oak Bancshares Inc. | (34,459) | (2,360) | |
| American International Group Inc. | (49,851) | (2,304) | |
| Hamilton Lane Inc. Class A | (25,546) | (2,262) | |
| S&P Global Inc. | (5,576) | (1,968) | |
| * | LendingClub Corp. | (118,601) | (1,959) |
| Argo Group International Holdings Ltd. | (38,821) | (1,954) | |
| First Republic Bank | (11,635) | (1,940) | |
| Axis Capital Holdings Ltd. | (36,774) | (1,823) | |
| Capitol Federal Financial Inc. | (127,796) | (1,693) | |
| Webster Financial Corp. | (29,293) | (1,614) | |
| Signature Bank | (6,981) | (1,578) | |
| * | Markel Corp. | (1,246) | (1,420) |
| Kearny Financial Corp. | (107,157) | (1,294) | |
| Independent Bank Group Inc. | (17,272) | (1,248) | |
| Cincinnati Financial Corp. | (12,033) | (1,241) | |
| Sterling Bancorp | (50,137) | (1,154) | |
| * | LendingTree Inc. | (5,010) | (1,067) |
| * | Green Dot Corp. Class A | (22,464) | (1,029) |
| First Financial Bankshares Inc. | (21,409) | (1,000) | |
| Voya Financial Inc. | (14,912) | (949) | |
| * | Palomar Holdings Inc. | (13,429) | (900) |
| Eastern Bankshares Inc. | (42,722) | (824) | |
| * | Ambac Financial Group Inc. | (44,574) | (746) |
| * | Triumph Bancorp Inc. | (9,040) | (700) |
| * | Axos Financial Inc. | (13,660) | (642) |
| Apollo Global Management Inc. Class A | (13,632) | (641) | |
| Equitable Holdings Inc. | (18,816) | (614) | |
| BankUnited Inc. | (9,834) | (432) | |
| WisdomTree Investments Inc. | (56,711) | (354) | |
| Marsh & McLennan Cos. Inc. | (2,890) | (352) | |
| Aon plc Class A | (1,526) | (351) | |
| RenaissanceRe Holdings Ltd. | (2,102) | (337) | |
| * | Silvergate Capital Corp. Class A | (1,993) | (283) |
| Piper Sandler Cos. | (2,569) | (282) | |
| Artisan Partners Asset Management Inc. Class A | (5,411) | (282) | |
| Moelis & Co. Class A | (5,027) | (276) | |
| Great Western Bancorp Inc. | (9,113) | (276) | |
| First Citizens BancShares Inc. Class A | (326) | (273) | |
| ProAssurance Corp. | (10,171) | (272) | |
| (40,694) | |||
| Health Care (-9.2%) | |||
| * | Boston Scientific Corp. | (60,016) | (2,320) |
| * | Revance Therapeutics Inc. | (69,880) | (1,953) |
| * | Oak Street Health Inc. | (34,320) | (1,863) |
| * | TG Therapeutics Inc. | (34,260) | (1,651) |
| Shares | Market Value ($000) | ||
| * | HealthEquity Inc. | (20,959) | (1,425) |
| * | CryoPort Inc. | (26,863) | (1,397) |
| * | Mirati Therapeutics Inc. | (7,844) | (1,344) |
| * | Glaukos Corp. | (13,216) | (1,109) |
| * | Globus Medical Inc. Class A | (17,775) | (1,096) |
| * | Align Technology Inc. | (1,930) | (1,045) |
| * | Rocket Pharmaceuticals Inc. | (22,326) | (991) |
| * | Teladoc Health Inc. | (5,012) | (911) |
| * | Intra-Cellular Therapies Inc. | (26,340) | (894) |
| * | Arrowhead Pharmaceuticals Inc. | (12,747) | (845) |
| * | Vericel Corp. | (12,746) | (708) |
| * | Allakos Inc. | (5,507) | (632) |
| * | Penumbra Inc. | (2,310) | (625) |
| * | Bridgebio Pharma Inc. | (10,100) | (622) |
| * | Zentalis Pharmaceuticals Inc. | (13,170) | (571) |
| * | ViewRay Inc. | (125,359) | (545) |
| * | Insmed Inc. | (15,740) | (536) |
| * | Health Catalyst Inc. | (9,510) | (445) |
| * | Molina Healthcare Inc. | (1,577) | (369) |
| * | ChemoCentryx Inc. | (5,958) | (305) |
| * | Adaptive Biotechnologies Corp. | (7,399) | (298) |
| * | Arcus Biosciences Inc. | (10,528) | (296) |
| * | Allogene Therapeutics Inc. | (8,317) | (294) |
| * | Innoviva Inc. | (23,383) | (279) |
| * | Viatris Inc. | (19,649) | (275) |
| (25,644) | |||
| Industrials (-14.8%) | |||
| * | Ingersoll Rand Inc. | (47,226) | (2,324) |
| Alamo Group Inc. | (14,659) | (2,289) | |
| Armstrong World Industries Inc. | (25,179) | (2,268) | |
| * | US Ecology Inc. | (51,247) | (2,134) |
| Spirit AeroSystems Holdings Inc. Class A | (43,161) | (2,100) | |
| * | WillScot Mobile Mini Holdings Corp. Class A | (71,262) | (1,977) |
| * | Parsons Corp. | (48,316) | (1,954) |
| * | Kratos Defense & Security Solutions Inc. | (69,705) | (1,902) |
| * | Trex Co. Inc. | (20,201) | (1,849) |
| * | Dun & Bradstreet Holdings Inc. | (75,312) | (1,793) |
| Hexcel Corp. | (31,917) | (1,787) | |
| GATX Corp. | (16,164) | (1,499) | |
| * | Chart Industries Inc. | (10,416) | (1,483) |
| L3Harris Technologies Inc. | (7,251) | (1,470) | |
| * | Harsco Corp. | (81,510) | (1,398) |
| CSW Industrials Inc. | (9,446) | (1,275) | |
| * | Air Transport Services Group Inc. | (42,763) | (1,251) |
| Insperity Inc. | (13,401) | (1,122) | |
| * | Boeing Co. | (3,676) | (936) |
| Federal Signal Corp. | (24,438) | (936) | |
| Enerpac Tool Group Corp. Class A | (34,614) | (904) | |
| ICF International Inc. | (7,995) | (699) | |
| Flowserve Corp. | (17,630) | (684) | |
| Vertiv Holdings Co. Class A | (32,783) | (656) | |
| * | Spirit Airlines Inc. | (15,307) | (565) |
| Kennametal Inc. | (13,749) | (550) | |
| * | NV5 Global Inc. | (5,652) | (546) |
| Hawaiian Holdings Inc. | (20,044) | (535) | |
| * | Sunrun Inc. | (8,656) | (523) |
| * | Axon Enterprise Inc. | (3,587) | (511) |
| Greenbrier Cos. Inc. | (9,317) | (440) | |
| Shares | Market Value ($000) | ||
| * | Stericycle Inc. | (4,749) | (321) |
| Healthcare Services Group Inc. | (9,578) | (268) | |
| * | Plug Power Inc. | (6,496) | (233) |
| (41,182) | |||
| Information Technology (-19.4%) | |||
| Paychex Inc. | (23,815) | (2,334) | |
| Cognex Corp. | (27,941) | (2,319) | |
| Fidelity National Information Services Inc. | (16,398) | (2,306) | |
| * | Fiserv Inc. | (19,325) | (2,300) |
| * | Repay Holdings Corp. | (95,682) | (2,247) |
| * | ViaSat Inc. | (42,874) | (2,061) |
| Switch Inc. Class A | (123,960) | (2,016) | |
| * | Fastly Inc. Class A | (29,832) | (2,007) |
| * | Cree Inc. | (18,471) | (1,997) |
| * | Rapid7 Inc. | (25,393) | (1,895) |
| * | Sabre Corp. | (124,432) | (1,843) |
| * | Q2 Holdings Inc. | (18,204) | (1,824) |
| Marvell Technology Group Ltd. | (34,134) | (1,672) | |
| * | Altair Engineering Inc. Class A | (26,379) | (1,651) |
| * | WEX Inc. | (7,291) | (1,525) |
| Global Payments Inc. | (7,454) | (1,503) | |
| * | Envestnet Inc. | (20,320) | (1,468) |
| * | Arista Networks Inc. | (4,822) | (1,456) |
| * | FleetCor Technologies Inc. | (5,381) | (1,445) |
| * | Black Knight Inc. | (19,226) | (1,423) |
| * | EchoStar Corp. Class A | (57,361) | (1,377) |
| * | Coupa Software Inc. | (5,327) | (1,356) |
| Analog Devices Inc. | (8,738) | (1,355) | |
| * | Trimble Inc. | (14,926) | (1,161) |
| * | Onto Innovation Inc. | (17,290) | (1,136) |
| Universal Display Corp. | (4,347) | (1,029) | |
| * | F5 Networks Inc. | (4,333) | (904) |
| * | I3 Verticals Inc. Class A | (27,819) | (866) |
| * | II-VI Inc. | (12,336) | (843) |
| InterDigital Inc. | (13,147) | (834) | |
| * | Zscaler Inc. | (4,743) | (814) |
| * | Sailpoint Technologies Holdings Inc. | (15,981) | (809) |
| * | ANSYS Inc. | (1,620) | (550) |
| Xerox Holdings Corp. | (21,399) | (519) | |
| NetApp Inc. | (6,531) | (475) | |
| * | Lattice Semiconductor Corp. | (7,480) | (337) |
| * | Impinj Inc. | (5,826) | (331) |
| * | MicroStrategy Inc. Class A | (460) | (312) |
| * | Pure Storage Inc. Class A | (13,979) | (301) |
| * | 908 Devices Inc. | (6,198) | (301) |
| * | NCR Corp. | (7,463) | (283) |
| Badger Meter Inc. | (2,948) | (274) | |
| * | Alteryx Inc. Class A | (3,217) | (267) |
| (53,726) | |||
| Materials (-4.3%) | |||
| Innospec Inc. | (22,095) | (2,269) | |
| * | Livent Corp. | (117,328) | (2,032) |
| Quaker Chemical Corp. | (8,257) | (2,013) | |
| Albemarle Corp. | (11,716) | (1,712) | |
| * | Novagold Resources Inc. | (116,838) | (1,024) |
| * | Allegheny Technologies Inc. | (44,800) | (943) |
| Cleveland-Cliffs Inc. | (27,453) | (552) | |
| Shares | Market Value ($000) | ||
| Carpenter Technology Corp. | (13,268) | (546) | |
| Martin Marietta Materials Inc. | (1,527) | (513) | |
| Scotts Miracle-Gro Co. | (1,858) | (455) | |
| (12,059) | |||
| Real Estate (-8.2%) | |||
| Camden Property Trust | (21,275) | (2,338) | |
| UDR Inc. | (53,130) | (2,330) | |
| Pebblebrook Hotel Trust | (85,226) | (2,070) | |
| Safehold Inc. | (27,582) | (1,933) | |
| American Campus Communities Inc. | (37,709) | (1,628) | |
| National Storage Affiliates Trust | (38,003) | (1,517) | |
| Agree Realty Corp. | (22,144) | (1,490) | |
| * | Cushman & Wakefield plc | (78,280) | (1,278) |
| Americold Realty Trust | (33,009) | (1,270) | |
| Park Hotels & Resorts Inc. | (48,044) | (1,037) | |
| * | Jones Lang LaSalle Inc. | (5,474) | (980) |
| Rexford Industrial Realty Inc. | (15,981) | (805) | |
| Essential Properties Realty Trust Inc. | (34,506) | (788) | |
| EastGroup Properties Inc. | (4,926) | (706) | |
| QTS Realty Trust Inc. Class A | (10,211) | (633) | |
| Newmark Group Inc. Class A | (49,405) | (494) | |
| Sun Communities Inc. | (2,299) | (345) | |
| CyrusOne Inc. | (4,454) | (302) | |
| Empire State Realty Trust Inc. Class A | (24,582) | (274) | |
| Retail Properties of America Inc. Class A | (25,717) | (270) | |
| Mack-Cali Realty Corp. | (17,026) | (264) | |
| (22,752) | |||
| Utilities (-3.7%) | |||
| Essential Utilities Inc. | (53,928) | (2,413) | |
| Alliant Energy Corp. | (42,106) | (2,280) | |
| Ameren Corp. | (23,077) | (1,878) | |
| New Jersey Resources Corp. | (46,859) | (1,868) | |
| * | PG&E Corp. | (111,540) | (1,306) |
| SJW Group | (6,759) | (426) | |
| (10,171) | |||
| Total Common Stocks Sold Short (Proceeds $225,781) | (271,510) | ||
| Other Assets and Other Liabilities—Net (99.6%) | 276,437 | ||
| Net Assets (100%) | 277,532 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Long security positions with a value of $173,881,000 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. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 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. Long security positions segregated as collateral are shown in the Schedule of Investments.
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, 2021, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.