Vanguard® Market Neutral Fund
Schedule of Investments (unaudited)
As of September 30, 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 (96.0%) | |||
Communication Services (3.1%) | |||
*,1 | Playtika Holding Corp. | 77,955 | 2,154 |
*,1 | Cars.com Inc. | 168,679 | 2,134 |
1 | New York Times Co. Class A | 30,673 | 1,511 |
* | Alphabet Inc. Class C | 319 | 850 |
1 | News Corp. Class B | 34,625 | 804 |
*,1 | Cargurus Inc. | 18,387 | 578 |
1 | Sinclair Broadcast Group Inc. Class A | 18,248 | 578 |
1 | TEGNA Inc. | 24,383 | 481 |
9,090 | |||
Consumer Discretionary (10.3%) | |||
1 | Brunswick Corp. | 22,107 | 2,106 |
1 | Signet Jewelers Ltd. | 24,885 | 1,965 |
1 | Aaron's Co. Inc. | 71,088 | 1,958 |
*,1 | Dave & Buster's Entertainment Inc. | 41,094 | 1,575 |
*,1 | Abercrombie & Fitch Co. Class A | 33,890 | 1,275 |
Winnebago Industries Inc. | 16,171 | 1,172 | |
*,1 | Red Rock Resorts Inc. Class A | 22,699 | 1,163 |
* | Revolve Group Inc. | 15,285 | 944 |
1 | Tempur Sealy International Inc. | 20,029 | 930 |
Foot Locker Inc. | 19,787 | 904 | |
Hibbett Inc. | 10,971 | 776 | |
* | Victoria's Secret & Co. | 13,929 | 770 |
McDonald's Corp. | 3,108 | 749 | |
Tapestry Inc. | 20,041 | 742 | |
Travel + Leisure Co. | 13,602 | 742 | |
Shutterstock Inc. | 6,064 | 687 | |
Columbia Sportswear Co. | 6,565 | 629 | |
Polaris Inc. | 5,242 | 627 | |
* | Deckers Outdoor Corp. | 1,716 | 618 |
* | Six Flags Entertainment Corp. | 14,149 | 601 |
* | Urban Outfitters Inc. | 19,731 | 586 |
Oxford Industries Inc. | 6,364 | 574 | |
Texas Roadhouse Inc. Class A | 6,235 | 569 | |
*,1 | frontdoor Inc. | 13,455 | 564 |
*,1 | American Axle & Manufacturing Holdings Inc. | 62,171 | 548 |
* | Everi Holdings Inc. | 20,544 | 497 |
*,1 | Gentherm Inc. | 6,007 | 486 |
*,1 | Fossil Group Inc. | 40,374 | 478 |
* | Dine Brands Global Inc. | 5,253 | 427 |
* | Brinker International Inc. | 8,576 | 421 |
1 | Qurate Retail Inc. Series A | 41,269 | 421 |
Kohl's Corp. | 8,904 | 419 |
Shares | Market Value ($000) | ||
*,1 | Ruth's Hospitality Group Inc. | 20,237 | 419 |
Yum! Brands Inc. | 3,335 | 408 | |
* | MarineMax Inc. | 7,643 | 371 |
TJX Cos. Inc. | 5,229 | 345 | |
Starbucks Corp. | 3,046 | 336 | |
* | Perdoceo Education Corp. | 30,914 | 326 |
Group 1 Automotive Inc. | 1,727 | 324 | |
* | Tesla Inc. | 413 | 320 |
* | Amazon.com Inc. | 95 | 312 |
* | Etsy Inc. | 1,105 | 230 |
30,314 | |||
Consumer Staples (3.8%) | |||
1 | Vector Group Ltd. | 162,081 | 2,067 |
Coca-Cola Consolidated Inc. | 4,952 | 1,952 | |
* | Darling Ingredients Inc. | 21,620 | 1,554 |
1 | Altria Group Inc. | 33,892 | 1,543 |
*,1 | Herbalife Nutrition Ltd. | 35,047 | 1,485 |
John B Sanfilippo & Son Inc. | 12,634 | 1,032 | |
Spectrum Brands Holdings Inc. | 8,611 | 824 | |
1 | Ingles Markets Inc. Class A | 5,262 | 347 |
Walmart Inc. | 1,977 | 276 | |
11,080 | |||
Energy (4.8%) | |||
1 | APA Corp. | 117,936 | 2,527 |
1 | SFL Corp. Ltd. | 262,955 | 2,204 |
1 | EOG Resources Inc. | 26,440 | 2,122 |
* | Laredo Petroleum Inc. | 22,032 | 1,786 |
1 | Targa Resources Corp. | 28,118 | 1,384 |
*,1 | Whiting Petroleum Corp. | 19,091 | 1,115 |
1 | Ovintiv Inc. | 26,522 | 872 |
* | Southwestern Energy Co. | 118,839 | 658 |
Cimarex Energy Co. | 7,203 | 628 | |
SM Energy Co. | 17,528 | 463 | |
1 | Magnolia Oil & Gas Corp. Class A | 17,915 | 319 |
14,078 | |||
Financials (12.3%) | |||
1 | Ally Financial Inc. | 45,483 | 2,322 |
1 | Citigroup Inc. | 31,918 | 2,240 |
1 | Stewart Information Services Corp. | 35,127 | 2,222 |
1 | Primerica Inc. | 13,899 | 2,135 |
1 | SLM Corp. | 117,715 | 2,072 |
1 | CNO Financial Group Inc. | 82,929 | 1,952 |
1 | First Horizon Corp. | 117,910 | 1,921 |
*,1 | Enova International Inc. | 50,884 | 1,758 |
1 | Hope Bancorp Inc. | 111,871 | 1,615 |
Capital One Financial Corp. | 9,397 | 1,522 | |
1 | PacWest Bancorp | 33,199 | 1,505 |
1 | OFG Bancorp | 58,495 | 1,475 |
1 | Southside Bancshares Inc. | 38,096 | 1,459 |
1 | Hancock Whitney Corp. | 24,672 | 1,163 |
1 | Fidelity National Financial Inc. | 25,602 | 1,161 |
Goldman Sachs Group Inc. | 2,461 | 930 | |
1 | HomeStreet Inc. | 20,735 | 853 |
1 | New York Community Bancorp Inc. | 62,542 | 805 |
1 | First Busey Corp. | 32,400 | 798 |
1 | NBT Bancorp Inc. | 22,096 | 798 |
OneMain Holdings Inc. | 13,293 | 736 |
Shares | Market Value ($000) | ||
* | Enstar Group Ltd. | 3,039 | 713 |
1 | First Financial Bancorp | 30,135 | 706 |
1 | Allstate Corp. | 5,321 | 677 |
* | Encore Capital Group Inc. | 7,187 | 354 |
Moelis & Co. Class A | 5,153 | 319 | |
First Merchants Corp. | 7,606 | 318 | |
B Riley Financial Inc. | 5,241 | 309 | |
JPMorgan Chase & Co. | 1,867 | 306 | |
Piper Sandler Cos. | 2,201 | 305 | |
Wells Fargo & Co. | 6,104 | 283 | |
Equitable Holdings Inc. | 9,457 | 280 | |
36,012 | |||
Health Care (10.7%) | |||
*,1 | Alkermes plc | 73,196 | 2,257 |
1 | McKesson Corp. | 10,867 | 2,167 |
* | Apria Inc. | 54,311 | 2,018 |
Thermo Fisher Scientific Inc. | 3,515 | 2,008 | |
*,1 | Travere Thrapeutics Inc. | 67,756 | 1,643 |
* | ABIOMED Inc. | 4,502 | 1,465 |
1 | HCA Healthcare Inc. | 5,787 | 1,405 |
*,1 | Myriad Genetics Inc. | 42,932 | 1,386 |
*,1 | Community Health Systems Inc. | 95,718 | 1,120 |
*,1 | NextGen Healthcare Inc. | 79,086 | 1,115 |
* | LHC Group Inc. | 6,040 | 948 |
*,1 | Fulgent Genetics Inc. | 10,056 | 905 |
*,1 | Enanta Pharmaceuticals Inc. | 15,163 | 861 |
*,1 | Medpace Holdings Inc. | 4,351 | 824 |
*,1 | Tenet Healthcare Corp. | 11,925 | 792 |
* | Sarepta Therapeutics Inc. | 8,358 | 773 |
* | Agenus Inc. | 142,693 | 749 |
* | STAAR Surgical Co. | 5,013 | 644 |
* | 10X Genomics Inc. Class A | 4,309 | 627 |
*,1 | Personalis Inc. | 29,719 | 572 |
* | Joint Corp. | 5,429 | 532 |
* | Amneal Pharmaceuticals Inc. | 93,850 | 501 |
* | Inogen Inc. | 10,570 | 455 |
* | Laboratory Corp. of America Holdings | 1,612 | 454 |
* | Aveanna Healthcare Holdings Inc. | 52,233 | 419 |
*,1 | Bluebird Bio Inc. | 21,703 | 415 |
*,1 | Atara Biotherapeutics Inc. | 22,395 | 401 |
* | ACADIA Pharmaceuticals Inc. | 24,028 | 399 |
* | Dynavax Technologies Corp. | 19,328 | 371 |
* | Amedisys Inc. | 2,445 | 365 |
*,1 | Intercept Pharmaceuticals Inc. | 24,410 | 362 |
* | Tivity Health Inc. | 15,399 | 355 |
Danaher Corp. | 1,141 | 347 | |
* | FibroGen Inc. | 33,809 | 346 |
* | AMN Healthcare Services Inc. | 2,989 | 343 |
* | IQVIA Holdings Inc. | 1,428 | 342 |
* | Novavax Inc. | 1,546 | 321 |
* | ImmunoGen Inc. | 48,997 | 278 |
*,1 | Innovage Holding Corp. | 25,399 | 168 |
31,453 | |||
Industrials (15.8%) | |||
1 | Hillenbrand Inc. | 54,833 | 2,339 |
*,1 | Textainer Group Holdings Ltd. | 63,998 | 2,234 |
*,1 | Alaska Air Group Inc. | 35,813 | 2,099 |
Shares | Market Value ($000) | ||
1 | Boise Cascade Co. | 38,438 | 2,075 |
*,1 | Atkore Inc. | 23,623 | 2,053 |
1 | Allison Transmission Holdings Inc. | 57,406 | 2,028 |
1 | AGCO Corp. | 16,522 | 2,024 |
1 | Mueller Industries Inc. | 48,605 | 1,998 |
1 | GrafTech International Ltd. | 182,299 | 1,881 |
1 | Rush Enterprises Inc. Class A | 41,626 | 1,880 |
1 | Owens Corning | 21,924 | 1,874 |
Cummins Inc. | 8,226 | 1,847 | |
* | United Rentals Inc. | 4,964 | 1,742 |
1 | Costamare Inc. | 112,267 | 1,739 |
1 | Terex Corp. | 40,320 | 1,697 |
*,1 | GMS Inc. | 28,971 | 1,269 |
1 | Kforce Inc. | 21,243 | 1,267 |
1 | ABM Industries Inc. | 27,460 | 1,236 |
*,1 | Cornerstone Building Brands Inc. | 83,081 | 1,214 |
Deere & Co. | 3,544 | 1,187 | |
1 | Herman Miller Inc. | 30,271 | 1,140 |
1 | Triton International Ltd. | 21,889 | 1,139 |
*,1 | JELD-WEN Holding Inc. | 41,695 | 1,044 |
1 | Primoris Services Corp. | 40,556 | 993 |
Caterpillar Inc. | 4,859 | 933 | |
* | Clean Harbors Inc. | 7,786 | 809 |
Encore Wire Corp. | 7,134 | 677 | |
1 | Deluxe Corp. | 18,284 | 656 |
Lockheed Martin Corp. | 1,615 | 557 | |
Ryder System Inc. | 6,470 | 535 | |
1 | UFP Industries Inc. | 7,404 | 503 |
REV Group Inc. | 24,397 | 419 | |
Pitney Bowes Inc. | 52,478 | 378 | |
Republic Services Inc. Class A | 2,921 | 351 | |
HNI Corp. | 7,326 | 269 | |
*,1 | Meritor Inc. | 6,643 | 142 |
46,228 | |||
Information Technology (18.9%) | |||
1 | Jabil Inc. | 41,875 | 2,444 |
*,1 | Dropbox Inc. Class A | 79,633 | 2,327 |
1 | Accenture plc Class A | 6,987 | 2,235 |
*,1 | Teradata Corp. | 38,856 | 2,228 |
*,1 | Box Inc. Class A | 89,827 | 2,126 |
1 | TTEC Holdings Inc. | 22,246 | 2,081 |
International Business Machines Corp. | 14,802 | 2,056 | |
*,1 | CommScope Holding Co. Inc. | 141,600 | 1,924 |
1 | Alliance Data Systems Corp. | 18,979 | 1,915 |
* | Concentrix Corp. | 10,579 | 1,873 |
*,1 | A10 Networks Inc. | 137,028 | 1,847 |
*,1 | GoDaddy Inc. Class A | 25,793 | 1,798 |
*,1 | Axcelis Technologies Inc. | 37,785 | 1,777 |
1 | HP Inc. | 64,712 | 1,771 |
*,1 | Ultra Clean Holdings Inc. | 38,261 | 1,630 |
* | ON Semiconductor Corp. | 35,285 | 1,615 |
1 | Xperi Holding Corp. | 81,842 | 1,542 |
*,1 | Super Micro Computer Inc. | 42,045 | 1,538 |
*,1 | Domo Inc. Class B | 17,736 | 1,498 |
* | Manhattan Associates Inc. | 9,234 | 1,413 |
*,1 | Avaya Holdings Corp. | 67,596 | 1,338 |
*,1 | Western Digital Corp. | 23,567 | 1,330 |
Microsoft Corp. | 4,432 | 1,250 |
Shares | Market Value ($000) | ||
*,1 | Extreme Networks Inc. | 124,711 | 1,228 |
*,1 | Plantronics Inc. | 44,670 | 1,148 |
Micron Technology Inc. | 15,604 | 1,108 | |
*,1 | Digital Turbine Inc. | 15,394 | 1,058 |
*,1 | Nutanix Inc. Class A | 26,825 | 1,011 |
* | Conduent Inc. | 145,813 | 961 |
Maximus Inc. | 9,957 | 828 | |
* | LiveRamp Holdings Inc. | 17,297 | 817 |
*,1 | Advanced Micro Devices Inc. | 7,704 | 793 |
CDW Corp. | 3,226 | 587 | |
*,1 | Brightcove Inc. | 37,049 | 428 |
Texas Instruments Inc. | 2,040 | 392 | |
* | MACOM Technology Solutions Holdings Inc. Class H | 5,941 | 385 |
* | Ambarella Inc. | 2,405 | 375 |
Lam Research Corp. | 652 | 371 | |
* | Workday Inc. Class A | 1,426 | 356 |
* | Verint Systems Inc. | 6,706 | 300 |
*,1 | Cadence Design Systems Inc. | 1,973 | 299 |
*,1 | NETGEAR Inc. | 9,200 | 294 |
* | ON24 Inc. | 14,155 | 282 |
Intel Corp. | 5,266 | 281 | |
* | Alarm.com Holdings Inc. | 3,277 | 256 |
QUALCOMM Inc. | 1,979 | 255 | |
55,369 | |||
Materials (5.7%) | |||
1 | Louisiana-Pacific Corp. | 37,977 | 2,331 |
1 | Westlake Chemical Corp. | 24,334 | 2,218 |
1 | Steel Dynamics Inc. | 35,293 | 2,064 |
LyondellBasell Industries NV Class A | 19,186 | 1,801 | |
Nucor Corp. | 15,136 | 1,491 | |
1 | Commercial Metals Co. | 36,301 | 1,106 |
1 | Schnitzer Steel Industries Inc. Class A | 24,886 | 1,090 |
1 | Dow Inc. | 18,741 | 1,079 |
Olin Corp. | 14,706 | 710 | |
* | AdvanSix Inc. | 13,591 | 540 |
*,1 | O-I Glass Inc. | 35,259 | 503 |
1 | U.S. Steel Corp. | 20,855 | 458 |
*,1 | Orion Engineered Carbons SA | 21,793 | 397 |
Warrior Met Coal Inc. | 14,750 | 343 | |
*,1 | Koppers Holdings Inc. | 9,294 | 290 |
Worthington Industries Inc. | 4,913 | 259 | |
16,680 | |||
Real Estate (5.8%) | |||
1 | Lamar Advertising Co. Class A | 22,155 | 2,513 |
1 | Gaming and Leisure Properties Inc. | 51,004 | 2,363 |
Simon Property Group Inc. | 15,751 | 2,047 | |
1 | PotlatchDeltic Corp. | 37,892 | 1,954 |
1 | Office Properties Income Trust | 69,467 | 1,760 |
Life Storage Inc. | 12,032 | 1,381 | |
CubeSmart | 25,238 | 1,223 | |
* | GEO Group Inc. | 132,776 | 992 |
Uniti Group Inc. | 64,537 | 798 | |
American Finance Trust Inc. | 75,300 | 605 | |
1 | Sabra Health Care REIT Inc. | 25,602 | 377 |
1 | RLJ Lodging Trust | 23,534 | 350 |
Piedmont Office Realty Trust Inc. Class A | 17,439 | 304 | |
1 | Global Net Lease Inc. | 16,858 | 270 |
Shares | Market Value ($000) | ||
*,1 | Redfin Corp. | 3,601 | 180 |
17,117 | |||
Utilities (4.8%) | |||
1 | UGI Corp. | 50,593 | 2,156 |
1 | AES Corp. | 90,227 | 2,060 |
1 | Evergy Inc. | 32,780 | 2,039 |
1 | MDU Resources Group Inc. | 68,584 | 2,035 |
1 | NRG Energy Inc. | 48,774 | 1,991 |
1 | National Fuel Gas Co. | 21,662 | 1,138 |
2 | Brookfield Infrastructure Corp. Class A | 18,025 | 1,079 |
Otter Tail Corp. | 9,769 | 547 | |
Duke Energy Corp. | 4,821 | 471 | |
Dominion Energy Inc. | 5,482 | 400 | |
13,916 | |||
Total Common Stocks—Long Positions (Cost $245,901) | 281,337 | ||
Temporary Cash Investments (2.2%) | |||
Money Market Fund (2.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $6,351) | 63,509 | 6,351 |
Common Stocks Sold Short (-95.8%) | |||
Communication Services (-3.0%) | |||
* | Live Nation Entertainment Inc. | (22,575) | (2,057) |
* | Liberty Broadband Corp. Class C | (7,656) | (1,322) |
* | Eventbrite Inc. Class A | (62,531) | (1,183) |
* | Cardlytics Inc. | (10,564) | (887) |
* | Cinemark Holdings Inc. | (42,215) | (811) |
* | Liberty Broadband Corp. Class A | (4,439) | (747) |
* | TechTarget Inc. | (8,529) | (703) |
* | Madison Square Garden Entertainment Corp. | (7,201) | (523) |
* | TripAdvisor Inc. | (8,227) | (279) |
* | Zillow Group Inc. Class C | (3,010) | (265) |
(8,777) | |||
Consumer Discretionary (-10.3%) | |||
* | Carvana Co. Class A | (6,924) | (2,088) |
* | Hyatt Hotels Corp. Class A | (27,009) | (2,082) |
* | Helen of Troy Ltd. | (8,864) | (1,992) |
* | Vroom Inc. | (89,668) | (1,979) |
Hasbro Inc. | (21,144) | (1,886) | |
Monro Inc. | (32,635) | (1,877) | |
* | Wynn Resorts Ltd. | (19,805) | (1,678) |
Murphy USA Inc. | (9,250) | (1,547) | |
* | CarMax Inc. | (11,029) | (1,411) |
* | Peloton Interactive Inc. Class A | (15,306) | (1,332) |
* | CarParts.com Inc. | (84,059) | (1,312) |
* | Callaway Golf Co. | (44,463) | (1,229) |
* | DraftKings Inc. Class A | (22,466) | (1,082) |
* | Fox Factory Holding Corp. | (7,148) | (1,033) |
* | Nordstrom Inc. | (36,763) | (972) |
* | Chegg Inc. | (14,019) | (954) |
* | Bright Horizons Family Solutions Inc. | (6,492) | (905) |
* | Rush Street Interactive Inc. | (37,566) | (722) |
LCI Industries | (4,350) | (586) | |
* | GrowGeneration Corp. | (22,795) | (562) |
Strategic Education Inc. | (6,335) | (447) | |
* | Five Below Inc. | (2,448) | (433) |
BorgWarner Inc. | (9,811) | (424) |
Shares | Market Value ($000) | ||
Installed Building Products Inc. | (3,636) | (390) | |
* | Porch Group Inc. | (21,986) | (389) |
* | Stride Inc. | (8,633) | (310) |
* | Latham Group Inc. | (17,381) | (285) |
* | Stoneridge Inc. | (9,133) | (186) |
(30,093) | |||
Consumer Staples (-3.7%) | |||
* | Freshpet Inc. | (10,561) | (1,507) |
Kimberly-Clark Corp. | (8,886) | (1,177) | |
MGP Ingredients Inc. | (15,750) | (1,025) | |
* | Hostess Brands Inc. Class A | (54,564) | (948) |
* | Celsius Holdings Inc. | (9,456) | (852) |
Hormel Foods Corp. | (20,434) | (838) | |
Utz Brands Inc. | (45,580) | (781) | |
Reynolds Consumer Products Inc. | (25,100) | (686) | |
Molson Coors Beverage Co. Class B | (11,530) | (535) | |
Cal-Maine Foods Inc. | (14,247) | (515) | |
* | Honest Co. Inc. | (46,318) | (481) |
* | Boston Beer Co. Inc. Class A | (773) | (394) |
Kraft Heinz Co. | (8,042) | (296) | |
Conagra Brands Inc. | (8,349) | (283) | |
* | Coty Inc. Class A | (33,054) | (260) |
* | Rite Aid Corp. | (17,926) | (254) |
(10,832) | |||
Energy (-4.5%) | |||
New Fortress Energy Inc. Class A | (76,253) | (2,116) | |
Helmerich & Payne Inc. | (61,952) | (1,698) | |
* | PBF Energy Inc. Class A | (117,499) | (1,524) |
* | Delek U.S. Holdings Inc. | (83,765) | (1,505) |
Valero Energy Corp. | (20,606) | (1,454) | |
Phillips 66 | (16,825) | (1,178) | |
* | California Resources Corp. | (20,539) | (842) |
* | Dril-Quip Inc. | (29,972) | (755) |
* | Clean Energy Fuels Corp. | (82,649) | (674) |
* | Liberty Oilfield Services Inc. Class A | (44,856) | (544) |
Chesapeake Energy Corp. | (7,099) | (437) | |
* | DMC Global Inc. | (11,285) | (417) |
* | Occidental Petroleum Corp. Warrants Exp. 8/3/27 | (11,842) | (140) |
(13,284) | |||
Financials (-12.2%) | |||
Signature Bank | (8,893) | (2,421) | |
S&P Global Inc. | (5,640) | (2,396) | |
James River Group Holdings Ltd. | (60,556) | (2,285) | |
Capitol Federal Financial Inc. | (176,853) | (2,032) | |
* | Open Lending Corp. Class A | (54,437) | (1,963) |
Rocket Cos. Inc. Class A | (114,590) | (1,838) | |
Community Bank System Inc. | (26,225) | (1,794) | |
* | Palomar Holdings Inc. | (20,932) | (1,692) |
First Republic Bank | (7,874) | (1,519) | |
First Financial Bankshares Inc. | (31,189) | (1,433) | |
Essent Group Ltd. | (27,963) | (1,231) | |
Webster Financial Corp. | (18,175) | (990) | |
Erie Indemnity Co. Class A | (5,334) | (952) | |
* | Trupanion Inc. | (11,947) | (928) |
Navient Corp. | (47,006) | (927) | |
Eastern Bankshares Inc. | (45,105) | (916) | |
Franklin Resources Inc. | (30,194) | (897) |
Shares | Market Value ($000) | ||
* | LendingTree Inc. | (6,122) | (856) |
Aon plc Class A | (2,731) | (780) | |
First Citizens BancShares Inc. Class A | (863) | (728) | |
* | Axos Financial Inc. | (13,660) | (704) |
* | LendingClub Corp. | (24,852) | (702) |
* | Green Dot Corp. Class A | (13,067) | (658) |
MarketAxess Holdings Inc. | (1,462) | (615) | |
Cullen/Frost Bankers Inc. | (4,870) | (578) | |
Argo Group International Holdings Ltd. | (10,456) | (546) | |
American International Group Inc. | (8,384) | (460) | |
* | Cannae Holdings Inc. | (10,549) | (328) |
* | Upstart Holdings Inc. | (986) | (312) |
Apollo Global Management Inc. Class A | (4,952) | (305) | |
FactSet Research Systems Inc. | (773) | (305) | |
* | Selectquote Inc. | (23,219) | (300) |
Hilltop Holdings Inc. | (8,962) | (293) | |
Hamilton Lane Inc. Class A | (3,402) | (289) | |
Artisan Partners Asset Management Inc. Class A | (5,776) | (283) | |
RenaissanceRe Holdings Ltd. | (1,615) | (225) | |
* | Ambac Financial Group Inc. | (10,279) | (147) |
(35,628) | |||
Health Care (-10.5%) | |||
* | Mirati Therapeutics Inc. | (13,866) | (2,453) |
* | Revance Therapeutics Inc. | (69,880) | (1,947) |
* | Bridgebio Pharma Inc. | (41,378) | (1,939) |
* | Oak Street Health Inc. | (41,306) | (1,757) |
* | Alphatec Holdings Inc. | (136,792) | (1,668) |
* | Health Catalyst Inc. | (31,194) | (1,560) |
* | HealthEquity Inc. | (21,825) | (1,413) |
* | Intra-Cellular Therapies Inc. | (36,663) | (1,367) |
* | Allakos Inc. | (12,621) | (1,336) |
* | agilon health Inc. | (49,656) | (1,301) |
STERIS plc | (6,335) | (1,294) | |
* | ALX Oncology Holdings Inc. | (15,104) | (1,116) |
Premier Inc. Class A | (27,206) | (1,055) | |
* | CryoPort Inc. | (15,766) | (1,049) |
* | Vericel Corp. | (20,516) | (1,001) |
* | Rocket Pharmaceuticals Inc. | (32,794) | (980) |
* | Teladoc Health Inc. | (7,664) | (972) |
ResMed Inc. | (3,559) | (938) | |
* | Novocure Ltd. | (6,466) | (751) |
* | Arrowhead Pharmaceuticals Inc. | (11,861) | (740) |
* | Outset Medical Inc. | (12,775) | (632) |
* | TG Therapeutics Inc. | (18,573) | (618) |
* | LivaNova plc | (6,366) | (504) |
* | Rubius Therapeutics Inc. | (23,476) | (420) |
* | ViewRay Inc. | (52,344) | (377) |
* | Insmed Inc. | (12,540) | (345) |
* | Zentalis Pharmaceuticals Inc. | (4,828) | (322) |
Mesa Laboratories Inc. | (1,038) | (314) | |
* | Jazz Pharmaceuticals plc | (2,204) | (287) |
* | Axonics Inc. | (4,202) | (274) |
(30,730) | |||
Industrials (-16.2%) | |||
* | WillScot Mobile Mini Holdings Corp. Class A | (72,603) | (2,303) |
Spirit AeroSystems Holdings Inc. Class A | (48,307) | (2,135) | |
* | Trex Co. Inc. | (20,201) | (2,059) |
Shares | Market Value ($000) | ||
* | AeroVironment Inc. | (23,696) | (2,045) |
* | Frontier Group Holdings Inc. | (125,573) | (1,983) |
* | Kratos Defense & Security Solutions Inc. | (87,605) | (1,954) |
L3Harris Technologies Inc. | (8,567) | (1,887) | |
CSW Industrials Inc. | (14,336) | (1,831) | |
* | Parsons Corp. | (53,638) | (1,811) |
* | Hexcel Corp. | (29,409) | (1,747) |
* | Sunrun Inc. | (39,281) | (1,728) |
* | U.S. Ecology Inc. | (51,247) | (1,658) |
* | Chart Industries Inc. | (8,232) | (1,573) |
Armstrong World Industries Inc. | (15,895) | (1,517) | |
Insperity Inc. | (13,401) | (1,484) | |
GATX Corp. | (16,164) | (1,448) | |
* | Ingersoll Rand Inc. | (28,294) | (1,426) |
* | Clarivate plc | (61,494) | (1,347) |
* | Ameresco Inc. Class A | (22,546) | (1,317) |
Westinghouse Air Brake Technologies Corp. | (15,213) | (1,312) | |
* | Axon Enterprise Inc. | (6,739) | (1,179) |
* | Hydrofarm Holdings Group Inc. | (30,049) | (1,137) |
* | Mercury Systems Inc. | (23,961) | (1,136) |
Greenbrier Cos. Inc. | (25,201) | (1,083) | |
* | Builders FirstSource Inc. | (17,651) | (913) |
* | Dun & Bradstreet Holdings Inc. | (48,746) | (819) |
KBR Inc. | (16,908) | (666) | |
* | NV5 Global Inc. | (6,701) | (661) |
* | Sun Country Airlines Holdings Inc. | (18,143) | (609) |
* | United Airlines Holdings Inc. | (12,678) | (603) |
Enerpac Tool Group Corp. Class A | (28,299) | (587) | |
BWX Technologies Inc. | (10,881) | (586) | |
* | Copa Holdings SA Class A | (6,408) | (521) |
* | Shoals Technologies Group Inc. Class A | (17,502) | (488) |
* | Air Transport Services Group Inc. | (17,544) | (453) |
Healthcare Services Group Inc. | (14,111) | (353) | |
* | Stericycle Inc. | (4,997) | (340) |
* | Bloom Energy Corp. Class A | (17,240) | (323) |
* | Hawaiian Holdings Inc. | (14,018) | (304) |
* | Array Technologies Inc. | (16,328) | (302) |
(47,628) | |||
Information Technology (-19.0%) | |||
Switch Inc. Class A | (95,136) | (2,416) | |
* | Sabre Corp. | (194,173) | (2,299) |
* | Repay Holdings Corp. Class A | (89,632) | (2,064) |
Cognex Corp. | (25,406) | (2,038) | |
* | Fiserv Inc. | (18,555) | (2,013) |
* | II-VI Inc. | (33,124) | (1,966) |
* | Lumentum Holdings Inc. | (22,878) | (1,911) |
Marvell Technology Inc. | (30,766) | (1,856) | |
* | Bill.com Holdings Inc. | (6,887) | (1,839) |
* | Zscaler Inc. | (6,553) | (1,718) |
* | Envestnet Inc. | (20,320) | (1,631) |
* | Cree Inc. | (20,192) | (1,630) |
* | First Solar Inc. | (16,825) | (1,606) |
* | Coupa Software Inc. | (6,853) | (1,502) |
* | Q2 Holdings Inc. | (18,204) | (1,459) |
Fidelity National Information Services Inc. | (11,748) | (1,430) | |
Analog Devices Inc. | (8,101) | (1,357) | |
* | IPG Photonics Corp. | (8,556) | (1,355) |
National Instruments Corp. | (33,727) | (1,323) |
Shares | Market Value ($000) | ||
* | Fastly Inc. Class A | (32,384) | (1,310) |
* | Everbridge Inc. | (8,654) | (1,307) |
* | WEX Inc. | (7,305) | (1,287) |
* | Rapid7 Inc. | (10,579) | (1,196) |
Global Payments Inc. | (7,454) | (1,175) | |
* | Lattice Semiconductor Corp. | (17,176) | (1,110) |
* | Jamf Holding Corp. | (28,053) | (1,081) |
* | nCino Inc. | (14,195) | (1,008) |
* | Onto Innovation Inc. | (12,937) | (935) |
* | I3 Verticals Inc. Class A | (37,755) | (914) |
* | Guidewire Software Inc. | (7,563) | (899) |
* | VeriSign Inc. | (3,912) | (802) |
* | ViaSat Inc. | (14,261) | (785) |
* | EchoStar Corp. Class A | (30,033) | (766) |
* | Paya Holdings Inc. | (65,899) | (716) |
* | Sailpoint Technologies Holdings Inc. | (15,981) | (685) |
* | TTM Technologies Inc. | (51,467) | (647) |
* | Altair Engineering Inc. Class A | (9,361) | (645) |
* | 3D Systems Corp. | (22,492) | (620) |
Bentley Systems Inc. Class B | (10,093) | (612) | |
* | PAR Technology Corp. | (9,648) | (593) |
* | Synaptics Inc. | (3,195) | (574) |
* | Ping Identity Holding Corp. | (21,370) | (525) |
* | Cloudflare Inc. Class A | (4,643) | (523) |
* | SunPower Corp. | (16,000) | (363) |
* | ANSYS Inc. | (886) | (302) |
Badger Meter Inc. | (2,948) | (298) | |
Jack Henry & Associates Inc. | (1,640) | (269) | |
Universal Display Corp. | (1,286) | (220) | |
(55,580) | |||
Materials (-5.9%) | |||
Albemarle Corp. | (10,863) | (2,379) | |
* | Livent Corp. | (99,801) | (2,306) |
International Flavors & Fragrances Inc. | (15,005) | (2,007) | |
Quaker Chemical Corp. | (8,257) | (1,963) | |
Ashland Global Holdings Inc. | (15,994) | (1,425) | |
AptarGroup Inc. | (9,739) | (1,162) | |
* | Arconic Corp. | (28,187) | (889) |
Scotts Miracle-Gro Co. | (5,646) | (826) | |
* | Novagold Resources Inc. | (117,905) | (811) |
Ball Corp. | (8,108) | (730) | |
* | Linde plc | (1,939) | (569) |
* | Danimer Scientific Inc. | (33,619) | (549) |
* | Cleveland-Cliffs Inc. | (26,936) | (534) |
* | Amyris Inc. | (30,801) | (423) |
Carpenter Technology Corp. | (10,969) | (359) | |
Schweitzer-Mauduit International Inc. | (7,771) | (269) | |
(17,201) | |||
Real Estate (-5.7%) | |||
UDR Inc. | (44,136) | (2,338) | |
Safehold Inc. | (28,054) | (2,017) | |
* | DigitalBridge Group Inc. | (334,380) | (2,016) |
CyrusOne Inc. | (22,837) | (1,768) | |
Americold Realty Trust | (58,738) | (1,706) | |
Pebblebrook Hotel Trust | (71,911) | (1,612) | |
Agree Realty Corp. | (22,144) | (1,467) | |
Newmark Group Inc. Class A | (69,062) | (988) |
Shares | Market Value ($000) | ||
* | Equity Commonwealth | (26,944) | (700) |
Rexford Industrial Realty Inc. | (8,490) | (482) | |
Washington REIT | (17,145) | (424) | |
American Tower Corp. | (1,412) | (375) | |
* | Park Hotels & Resorts Inc. | (15,683) | (300) |
* | Mack-Cali Realty Corp. | (17,450) | (299) |
* | Rafael Holdings Inc. Class B | (6,928) | (213) |
(16,705) | |||
Utilities (-4.8%) | |||
Alliant Energy Corp. | (37,492) | (2,099) | |
Atmos Energy Corp. | (23,280) | (2,053) | |
Avangrid Inc. | (41,924) | (2,037) | |
* | PG&E Corp. | (189,541) | (1,820) |
Essential Utilities Inc. | (36,353) | (1,675) | |
SJW Group | (22,849) | (1,509) | |
Ameren Corp. | (17,138) | (1,388) | |
* | Sunnova Energy International Inc. | (31,901) | (1,051) |
Black Hills Corp. | (7,260) | (456) | |
(14,088) | |||
Total Common Stocks Sold Short (Proceeds $270,560) | (280,546) | ||
Other Assets and Other Liabilities—Net (97.6%) | 285,847 | ||
Net Assets (100%) | 292,989 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Long security positions with a value of $171,124,000 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 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $820,000. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $836,000 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. 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 September 30, 2021, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.