Vanguard® Market Neutral Fund
Schedule of Investments (unaudited)
As of March 31, 2022
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 (95.5%) | |||
| Communication Services (2.8%) | |||
| *,1 | Yelp Inc. Class A | 82,345 | 2,809 |
| * | Altice USA Inc. Class A | 164,952 | 2,058 |
| 1 | News Corp. Class B | 59,537 | 1,341 |
| * | Spotify Technology SA | 6,845 | 1,034 |
| 1 | New York Times Co. Class A | 18,439 | 845 |
| * | Alphabet Inc. Class C | 277 | 774 |
| News Corp. Class A | 30,492 | 675 | |
| * | Radius Global Infrastructure Inc. Class A (XNMS) | 36,609 | 523 |
| * | Iridium Communications Inc. | 9,458 | 381 |
| * | Pinterest Inc. Class A | 14,585 | 359 |
| 10,799 | |||
| Consumer Discretionary (9.3%) | |||
| 1 | Macy's Inc. | 101,496 | 2,472 |
| *,1 | Under Armour Inc. Class C | 148,286 | 2,307 |
| *,1 | Dave & Buster's Entertainment Inc. | 46,171 | 2,267 |
| 1 | MGM Resorts International | 52,256 | 2,192 |
| * | Six Flags Entertainment Corp. | 47,805 | 2,079 |
| Oxford Industries Inc. | 22,732 | 2,057 | |
| *,1 | Tri Pointe Homes Inc. | 96,198 | 1,932 |
| 1 | Tapestry Inc. | 50,981 | 1,894 |
| * | Stride Inc. | 45,008 | 1,635 |
| 1 | Signet Jewelers Ltd. | 19,172 | 1,394 |
| 1 | Aaron's Co. Inc. | 67,055 | 1,346 |
| Harley-Davidson Inc. | 33,244 | 1,310 | |
| Boyd Gaming Corp. | 14,375 | 946 | |
| * | Skyline Champion Corp. | 16,432 | 902 |
| Winnebago Industries Inc. | 15,874 | 858 | |
| Kohl's Corp. | 13,853 | 838 | |
| * | Booking Holdings Inc. | 353 | 829 |
| Shoe Carnival Inc. | 28,093 | 819 | |
| *,1 | Abercrombie & Fitch Co. Class A | 21,468 | 687 |
| Texas Roadhouse Inc. Class A | 7,779 | 651 | |
| Carriage Services Inc. Class A | 10,658 | 568 | |
| * | Revolve Group Inc. | 10,413 | 559 |
| NIKE Inc. Class B | 3,630 | 488 | |
| Hibbett Inc. | 10,971 | 486 | |
| * | Tesla Inc. | 409 | 441 |
| *,1 | American Axle & Manufacturing Holdings Inc. | 55,128 | 428 |
| * | Crocs Inc. | 5,426 | 415 |
| Target Corp. | 1,944 | 413 | |
| McDonald's Corp. | 1,588 | 393 | |
| Travel + Leisure Co. | 6,651 | 385 | |
| Shares | Market Value ($000) | ||
| Columbia Sportswear Co. | 4,102 | 371 | |
| *,1 | Perdoceo Education Corp. | 30,914 | 355 |
| 1 | Red Rock Resorts Inc. Class A | 6,173 | 300 |
| Group 1 Automotive Inc. | 1,727 | 290 | |
| * | MarineMax Inc. | 5,712 | 230 |
| *,2 | Torrid Holdings Inc. | 17,414 | 105 |
| 35,642 | |||
| Consumer Staples (4.1%) | |||
| 1 | Archer-Daniels-Midland Co. | 30,638 | 2,765 |
| *,1 | Darling Ingredients Inc. | 25,611 | 2,059 |
| 1 | Coca-Cola Consolidated Inc. | 3,860 | 1,918 |
| 1 | Vector Group Ltd. | 151,163 | 1,820 |
| John B Sanfilippo & Son Inc. | 16,327 | 1,362 | |
| *,1 | Herbalife Nutrition Ltd. | 32,726 | 994 |
| * | United Natural Foods Inc. | 21,403 | 885 |
| Albertsons Cos. Inc. Class A | 24,379 | 811 | |
| Kroger Co. | 12,267 | 704 | |
| 1 | Ingles Markets Inc. Class A | 6,778 | 604 |
| Costco Wholesale Corp. | 683 | 393 | |
| 1 | Altria Group Inc. | 7,492 | 391 |
| Procter & Gamble Co. | 2,470 | 377 | |
| Tyson Foods Inc. Class A | 4,098 | 367 | |
| * | BJ's Wholesale Club Holdings Inc. | 4,893 | 331 |
| 15,781 | |||
| Energy (5.6%) | |||
| *,1 | PBF Energy Inc. Class A | 140,019 | 3,412 |
| 1 | SFL Corp. Ltd. | 308,614 | 3,142 |
| 1 | APA Corp. | 67,076 | 2,772 |
| * | Comstock Resources Inc. | 196,890 | 2,569 |
| 1 | EOG Resources Inc. | 18,751 | 2,236 |
| 1 | SM Energy Co. | 50,387 | 1,963 |
| * | NexTier Oilfield Solutions Inc. | 185,042 | 1,710 |
| * | CONSOL Energy Inc. | 24,562 | 924 |
| * | Par Pacific Holdings Inc. | 61,887 | 806 |
| * | Delek US Holdings Inc. | 30,802 | 654 |
| *,1 | Laredo Petroleum Inc. | 5,117 | 405 |
| * | Peabody Energy Corp. | 15,791 | 387 |
| * | Talos Energy Inc. | 24,248 | 383 |
| 21,363 | |||
| Financials (13.5%) | |||
| 1 | Virtu Financial Inc. Class A | 80,247 | 2,987 |
| 1 | Axis Capital Holdings Ltd. | 45,849 | 2,772 |
| 1 | Essent Group Ltd. | 63,915 | 2,634 |
| 1 | CNO Financial Group Inc. | 100,619 | 2,524 |
| 1 | Radian Group Inc. | 110,272 | 2,449 |
| *,1 | LendingClub Corp. | 154,853 | 2,444 |
| 1 | MGIC Investment Corp. | 178,512 | 2,419 |
| 1 | Stewart Information Services Corp. | 39,522 | 2,395 |
| 1 | Evercore Inc. Class A | 20,738 | 2,309 |
| 1 | Hancock Whitney Corp. | 39,145 | 2,041 |
| Central Pacific Financial Corp. | 64,969 | 1,813 | |
| 1 | Ally Financial Inc. | 39,587 | 1,721 |
| Invesco Ltd. | 71,413 | 1,647 | |
| 1 | OFG Bancorp | 61,299 | 1,633 |
| W R Berkley Corp. | 22,569 | 1,503 | |
| 1 | Southside Bancshares Inc. | 34,841 | 1,423 |
| * | Enstar Group Ltd. | 4,837 | 1,263 |
| Shares | Market Value ($000) | ||
| International Bancshares Corp. | 29,467 | 1,244 | |
| Banner Corp. | 18,769 | 1,098 | |
| Cboe Global Markets Inc. | 9,063 | 1,037 | |
| 1 | PacWest Bancorp | 24,042 | 1,037 |
| * | Brighthouse Financial Inc. | 19,625 | 1,014 |
| *,1 | Genworth Financial Inc. Class A | 262,756 | 993 |
| *,1 | Mr Cooper Group Inc. | 21,088 | 963 |
| ProAssurance Corp. | 33,998 | 914 | |
| 1 | SLM Corp. | 45,977 | 844 |
| Old Republic International Corp. | 30,293 | 784 | |
| 1 | Fidelity National Financial Inc. | 15,071 | 736 |
| JPMorgan Chase & Co. | 5,305 | 723 | |
| 1 | Citigroup Inc. | 11,490 | 614 |
| Assured Guaranty Ltd. | 9,550 | 608 | |
| 1 | NBT Bancorp Inc. | 16,448 | 594 |
| 1 | Equitable Holdings Inc. | 18,163 | 561 |
| First Foundation Inc. | 15,670 | 381 | |
| First BanCorp. (XNYS) | 28,941 | 380 | |
| 1 | Hope Bancorp Inc. | 23,218 | 373 |
| Piper Sandler Cos. | 2,201 | 289 | |
| * | Ambac Financial Group Inc. | 18,084 | 188 |
| 51,352 | |||
| Health Care (9.1%) | |||
| 1 | McKesson Corp. | 8,386 | 2,567 |
| *,1 | STAAR Surgical Co. | 31,320 | 2,503 |
| *,1 | Figs Inc. Class A | 108,325 | 2,331 |
| *,1 | AMN Healthcare Services Inc. | 21,397 | 2,232 |
| *,1 | FibroGen Inc. | 165,964 | 1,995 |
| *,1 | NextGen Healthcare Inc. | 69,050 | 1,444 |
| * | Codexis Inc. | 66,638 | 1,374 |
| * | Sarepta Therapeutics Inc. | 17,383 | 1,358 |
| *,1 | Travere Thrapeutics Inc. | 51,880 | 1,337 |
| Thermo Fisher Scientific Inc. | 2,079 | 1,228 | |
| * | Veeva Systems Inc. Class A | 5,583 | 1,186 |
| *,1 | Community Health Systems Inc. | 94,900 | 1,126 |
| *,1 | Agenus Inc. | 443,331 | 1,091 |
| * | Seres Therapeutics Inc. | 151,837 | 1,081 |
| *,1 | Endo International plc | 428,290 | 989 |
| * | Glaukos Corp. | 14,748 | 853 |
| 1 | HCA Healthcare Inc. | 3,137 | 786 |
| *,1 | Medpace Holdings Inc. | 4,351 | 712 |
| * | Vir Biotechnology Inc. | 27,180 | 699 |
| * | Multiplan Corp. | 146,121 | 684 |
| * | ABIOMED Inc. | 1,504 | 498 |
| * | Moderna Inc. | 2,761 | 476 |
| * | Theravance Biopharma Inc. | 49,355 | 472 |
| West Pharmaceutical Services Inc. | 1,097 | 451 | |
| * | Ionis Pharmaceuticals Inc. | 11,853 | 439 |
| * | Allscripts Healthcare Solutions Inc. | 19,075 | 430 |
| * | Cross Country Healthcare Inc. | 18,587 | 403 |
| *,1 | Intercept Pharmaceuticals Inc. | 24,410 | 397 |
| * | Amneal Pharmaceuticals Inc. | 93,850 | 391 |
| * | MEDNAX Inc. | 16,237 | 381 |
| * | Covetrus Inc. | 22,587 | 379 |
| *,1 | Tenet Healthcare Corp. | 4,331 | 372 |
| * | Inogen Inc. | 11,366 | 369 |
| *,1 | ACADIA Pharmaceuticals Inc. | 15,131 | 366 |
| *,1 | Personalis Inc. | 29,719 | 243 |
| Shares | Market Value ($000) | ||
| *,1,2 | Innovage Holding Corp. | 37,639 | 242 |
| * | ImmunoGen Inc. | 48,997 | 233 |
| * | Joint Corp. | 5,429 | 192 |
| * | Aveanna Healthcare Holdings Inc. | 52,233 | 178 |
| *,1 | Bluebird Bio Inc. | 13,735 | 67 |
| 34,555 | |||
| Industrials (15.1%) | |||
| *,1 | NOW Inc. | 283,542 | 3,127 |
| 1 | Robert Half International Inc. | 22,919 | 2,617 |
| *,1 | Atkore Inc. | 26,388 | 2,598 |
| 1 | Emerson Electric Co. | 26,080 | 2,557 |
| 1 | Kforce Inc. | 34,111 | 2,523 |
| 1 | GrafTech International Ltd. | 253,902 | 2,443 |
| 1 | Boise Cascade Co. | 34,790 | 2,417 |
| 1 | AGCO Corp. | 16,522 | 2,413 |
| 1 | Mueller Industries Inc. | 42,615 | 2,308 |
| 1 | Terex Corp. | 63,743 | 2,273 |
| 1 | Acuity Brands Inc. | 11,427 | 2,163 |
| 1 | Encore Wire Corp. | 18,891 | 2,155 |
| 1 | Rush Enterprises Inc. Class A | 41,626 | 2,119 |
| *,1 | Veritiv Corp. | 15,522 | 2,074 |
| 1 | ManpowerGroup Inc. | 21,978 | 2,064 |
| * | United Rentals Inc. | 5,431 | 1,929 |
| Korn Ferry | 27,837 | 1,808 | |
| *,1 | GMS Inc. | 35,644 | 1,774 |
| Schneider National Inc. Class B | 64,916 | 1,655 | |
| 1 | Triton International Ltd. | 21,889 | 1,536 |
| Donaldson Co. Inc. | 28,897 | 1,501 | |
| * | MRC Global Inc. | 124,500 | 1,483 |
| Heidrick & Struggles International Inc. | 26,157 | 1,035 | |
| 1 | Allison Transmission Holdings Inc. | 26,284 | 1,032 |
| Ryder System Inc. | 11,797 | 936 | |
| 1 | Owens Corning | 9,702 | 888 |
| * | Clean Harbors Inc. | 7,401 | 826 |
| * | Univar Solutions Inc. | 24,514 | 788 |
| Watts Water Technologies Inc. Class A | 5,329 | 744 | |
| ArcBest Corp. | 8,376 | 674 | |
| * | Aerojet Rocketdyne Holdings Inc. | 15,971 | 628 |
| * | Titan International Inc. | 41,923 | 617 |
| 1 | UFP Industries Inc. | 7,404 | 571 |
| Union Pacific Corp. | 1,459 | 399 | |
| * | Avis Budget Group Inc. | 1,488 | 392 |
| 1 | Costamare Inc. | 17,419 | 297 |
| 1 | Hillenbrand Inc. | 4,880 | 216 |
| 57,580 | |||
| Information Technology (17.7%) | |||
| *,1 | Axcelis Technologies Inc. | 41,621 | 3,144 |
| *,1 | Extreme Networks Inc. | 243,485 | 2,973 |
| *,1 | ON Semiconductor Corp. | 45,980 | 2,879 |
| *,1 | Fortinet Inc. | 8,350 | 2,853 |
| 1 | Jabil Inc. | 45,825 | 2,829 |
| *,1 | Nutanix Inc. Class A | 100,987 | 2,708 |
| *,1 | CommScope Holding Co. Inc. | 324,149 | 2,554 |
| *,1 | Alpha & Omega Semiconductor Ltd. | 45,995 | 2,514 |
| *,1 | DocuSign Inc. Class A | 23,031 | 2,467 |
| *,1 | Arrow Electronics Inc. | 20,659 | 2,451 |
| 1 | Lam Research Corp. | 4,321 | 2,323 |
| Shares | Market Value ($000) | ||
| *,1 | Cirrus Logic Inc. | 27,295 | 2,314 |
| *,1 | Manhattan Associates Inc. | 15,614 | 2,166 |
| 1 | Applied Materials Inc. | 15,144 | 1,996 |
| 1 | A10 Networks Inc. | 137,028 | 1,911 |
| *,1 | Cadence Design Systems Inc. | 10,663 | 1,754 |
| *,1 | Domo Inc. Class B | 34,343 | 1,737 |
| 1 | TTEC Holdings Inc. | 20,780 | 1,715 |
| 1 | Accenture plc Class A | 5,027 | 1,695 |
| *,1 | Dropbox Inc. Class A | 71,434 | 1,661 |
| 1 | HP Inc. | 44,620 | 1,620 |
| *,1 | Super Micro Computer Inc. | 42,045 | 1,601 |
| * | Yext Inc. | 205,898 | 1,419 |
| *,1 | GoDaddy Inc. Class A | 15,936 | 1,334 |
| KLA Corp. | 3,580 | 1,310 | |
| Microsoft Corp. | 3,875 | 1,195 | |
| Texas Instruments Inc. | 6,180 | 1,134 | |
| * | Sprout Social Inc. Class A | 13,775 | 1,104 |
| * | 8x8 Inc. | 84,286 | 1,061 |
| *,1 | Teradata Corp. | 21,254 | 1,048 |
| * | EPAM Systems Inc. | 3,112 | 923 |
| * | Pure Storage Inc. Class A | 25,423 | 898 |
| *,1 | Conduent Inc. | 154,895 | 799 |
| *,1 | Ultra Clean Holdings Inc. | 18,779 | 796 |
| Kulicke & Soffa Industries Inc. | 12,028 | 674 | |
| * | LiveRamp Holdings Inc. | 17,995 | 673 |
| * | Perficient Inc. | 6,049 | 666 |
| * | Everbridge Inc. | 14,170 | 618 |
| QUALCOMM Inc. | 3,884 | 593 | |
| * | Synopsys Inc. | 1,255 | 418 |
| *,1 | Avaya Holdings Corp. | 31,909 | 404 |
| Concentrix Corp. | 2,107 | 351 | |
| * | Fabrinet | 2,744 | 288 |
| 67,571 | |||
| Materials (6.1%) | |||
| 1 | AdvanSix Inc. | 57,161 | 2,921 |
| 1 | Packaging Corp. of America | 18,299 | 2,857 |
| 1 | Olin Corp. | 46,939 | 2,454 |
| 1 | Commercial Metals Co. | 54,164 | 2,254 |
| 1 | CF Industries Holdings Inc. | 21,473 | 2,213 |
| 1 | Westlake Corp. | 17,612 | 2,173 |
| Warrior Met Coal Inc. | 46,802 | 1,737 | |
| 1 | Louisiana-Pacific Corp. | 23,087 | 1,434 |
| *,1 | Sylvamo Corp. | 40,218 | 1,339 |
| 1 | Schnitzer Steel Industries Inc. Class A | 24,376 | 1,266 |
| Greif Inc. Class A | 15,358 | 999 | |
| Reliance Steel & Aluminum Co. | 5,400 | 990 | |
| 1 | Steel Dynamics Inc. | 4,747 | 396 |
| 1 | Koppers Holdings Inc. | 6,444 | 177 |
| 23,210 | |||
| Real Estate (8.3%) | |||
| 1 | CubeSmart | 56,898 | 2,960 |
| 1 | Extra Space Storage Inc. | 14,224 | 2,924 |
| 1 | PotlatchDeltic Corp. | 53,198 | 2,805 |
| 1 | Piedmont Office Realty Trust Inc. Class A | 156,831 | 2,701 |
| 1 | Apple Hospitality REIT Inc. | 146,688 | 2,636 |
| 1 | Office Properties Income Trust | 84,072 | 2,163 |
| 1 | American Assets Trust Inc. | 55,670 | 2,109 |
| Shares | Market Value ($000) | ||
| 1 | Gaming and Leisure Properties Inc. | 44,869 | 2,106 |
| 1 | RLJ Lodging Trust | 145,702 | 2,051 |
| 1 | Necessity Retail REIT Inc. | 241,038 | 1,907 |
| *,1 | Summit Hotel Properties Inc. | 174,260 | 1,736 |
| Simon Property Group Inc. | 12,121 | 1,595 | |
| Park Hotels & Resorts Inc. | 48,341 | 944 | |
| EPR Properties | 12,321 | 674 | |
| 1 | Douglas Elliman Inc. | 78,123 | 570 |
| * | DiamondRock Hospitality Co. | 46,913 | 474 |
| Apartment Income REIT Corp. | 7,613 | 407 | |
| Getty Realty Corp. | 13,758 | 394 | |
| Paramount Group Inc. | 35,103 | 383 | |
| 31,539 | |||
| Utilities (3.9%) | |||
| 1 | National Fuel Gas Co. | 45,167 | 3,103 |
| 1 | Otter Tail Corp. | 44,696 | 2,794 |
| 1 | Brookfield Infrastructure Corp. Class A (XTSE) | 35,288 | 2,662 |
| 1 | Portland General Electric Co. | 42,309 | 2,333 |
| 1 | NiSource Inc. | 66,928 | 2,128 |
| NextEra Energy Inc. | 11,810 | 1,000 | |
| Chesapeake Utilities Corp. | 3,720 | 513 | |
| American Electric Power Co. Inc. | 3,978 | 397 | |
| 14,930 | |||
| Total Common Stocks—Long Positions (Cost $330,420) | 364,322 | ||
| Temporary Cash Investments (2.0%) | |||
| Money Market Fund (2.0%) | |||
| 3,4 | Vanguard Market Liquidity Fund, 0.312% (Cost $7,669) | 76,704 | 7,670 |
| Common Stocks Sold Short (-94.8%) | |||
| Communication Services (-2.5%) | |||
| * | Madison Square Garden Entertainment Corp. | (36,649) | (3,053) |
| * | Liberty Broadband Corp. Class C | (15,258) | (2,065) |
| * | Eventbrite Inc. Class A | (106,489) | (1,573) |
| * | Match Group Inc. | (5,894) | (641) |
| * | Liberty Broadband Corp. Class A | (4,439) | (582) |
| * | Cardlytics Inc. | (10,564) | (581) |
| * | Liberty Media Corp.- Liberty Formula One Class A | (8,213) | (518) |
| * | Globalstar Inc. | (348,773) | (512) |
| (9,525) | |||
| Consumer Discretionary (-9.2%) | |||
| BorgWarner Inc. (XNYS) | (73,534) | (2,861) | |
| * | Royal Caribbean Cruises Ltd. | (32,844) | (2,752) |
| * | CarMax Inc. | (26,961) | (2,601) |
| * | Bally's Corp. | (80,484) | (2,474) |
| Hasbro Inc. | (28,646) | (2,347) | |
| Whirlpool Corp. | (13,287) | (2,296) | |
| Cracker Barrel Old Country Store Inc. | (18,280) | (2,170) | |
| American Eagle Outfitters Inc. | (118,766) | (1,995) | |
| * | Helen of Troy Ltd. | (8,489) | (1,663) |
| * | iRobot Corp. | (24,080) | (1,527) |
| * | Peloton Interactive Inc. Class A | (56,844) | (1,502) |
| H&R Block Inc. | (56,831) | (1,480) | |
| Rent-A-Center Inc. | (44,946) | (1,132) | |
| * | Bed Bath & Beyond Inc. | (49,147) | (1,107) |
| Monro Inc. | (22,928) | (1,017) | |
| * | Caesars Entertainment Inc. | (10,188) | (788) |
| Shares | Market Value ($000) | ||
| * | Carvana Co. Class A | (6,553) | (782) |
| * | DraftKings Inc. Class A | (34,435) | (670) |
| * | Callaway Golf Co. | (25,078) | (587) |
| Polaris Inc. | (4,852) | (511) | |
| * | Leslie's Inc. | (25,829) | (500) |
| * | Xponential Fitness Inc. Class A Class A | (17,772) | (417) |
| * | Coursera Inc. | (17,753) | (409) |
| * | Vroom Inc. | (133,949) | (356) |
| LCI Industries | (3,036) | (315) | |
| Yum China Holdings Inc. | (7,462) | (310) | |
| * | Xometry Inc. Class A Class A | (8,083) | (297) |
| Strategic Education Inc. | (4,464) | (296) | |
| (35,162) | |||
| Consumer Staples (-3.8%) | |||
| Cal-Maine Foods Inc. | (49,252) | (2,720) | |
| Hormel Foods Corp. | (36,440) | (1,878) | |
| Reynolds Consumer Products Inc. | (54,324) | (1,594) | |
| * | Performance Food Group Co. | (30,187) | (1,537) |
| MGP Ingredients Inc. | (15,750) | (1,348) | |
| * | Freshpet Inc. | (11,838) | (1,215) |
| * | Grocery Outlet Holding Corp. | (34,497) | (1,131) |
| * | Boston Beer Co. Inc. Class A | (2,822) | (1,096) |
| Utz Brands Inc. | (53,068) | (784) | |
| * | TreeHouse Foods Inc. | (19,924) | (643) |
| Sysco Corp. | (7,710) | (629) | |
| (14,575) | |||
| Energy (-5.7%) | |||
| Chesapeake Energy Corp. | (37,283) | (3,244) | |
| New Fortress Energy Inc. Class A | (68,645) | (2,925) | |
| International Seaways Inc. | (155,890) | (2,812) | |
| NOV Inc. | (126,278) | (2,476) | |
| * | Liberty Oilfield Services Inc. Class A | (132,289) | (1,960) |
| Baker Hughes Co. Class A | (53,091) | (1,933) | |
| * | Frontline Ltd. | (218,324) | (1,921) |
| * | Clean Energy Fuels Corp. | (140,154) | (1,113) |
| * | Tellurian Inc. | (159,543) | (846) |
| * | Green Plains Inc. | (26,088) | (809) |
| * | Gevo Inc. | (166,595) | (780) |
| * | Dril-Quip Inc. | (18,212) | (680) |
| * | DMC Global Inc. | (11,285) | (344) |
| (21,843) | |||
| Financials (-13.5%) | |||
| Mercury General Corp. | (49,875) | (2,743) | |
| S&P Global Inc. | (6,589) | (2,703) | |
| BOK Financial Corp. | (27,793) | (2,611) | |
| New York Community Bancorp Inc. | (237,809) | (2,549) | |
| Kemper Corp. | (43,955) | (2,485) | |
| * | BRP Group Inc. Class A | (91,181) | (2,446) |
| United Community Banks Inc. | (65,146) | (2,267) | |
| * | Cannae Holdings Inc. | (94,662) | (2,264) |
| Trustmark Corp. | (70,812) | (2,152) | |
| James River Group Holdings Ltd. | (85,683) | (2,120) | |
| B Riley Financial Inc. | (29,765) | (2,082) | |
| Progressive Corp. | (18,079) | (2,061) | |
| Navient Corp. | (108,432) | (1,848) | |
| Northwest Bancshares Inc. | (136,536) | (1,845) | |
| Independent Bank Group Inc. | (25,121) | (1,788) | |
| Shares | Market Value ($000) | ||
| MarketAxess Holdings Inc. | (4,914) | (1,672) | |
| First Financial Bankshares Inc. | (34,906) | (1,540) | |
| ServisFirst Bancshares Inc. | (16,125) | (1,537) | |
| Erie Indemnity Co. Class A | (7,156) | (1,260) | |
| * | Axos Financial Inc. | (25,395) | (1,178) |
| Huntington Bancshares Inc. | (78,963) | (1,154) | |
| * | PRA Group Inc. | (18,392) | (829) |
| White Mountains Insurance Group Ltd. | (683) | (776) | |
| Capitol Federal Financial Inc. | (71,358) | (776) | |
| Lakeland Financial Corp. | (10,603) | (774) | |
| T Rowe Price Group Inc. | (4,854) | (734) | |
| Community Bank System Inc. | (9,189) | (645) | |
| Artisan Partners Asset Management Inc. Class A | (16,063) | (632) | |
| * | Trupanion Inc. | (6,850) | (611) |
| Morningstar Inc. | (2,171) | (593) | |
| CNA Financial Corp. | (9,236) | (449) | |
| Live Oak Bancshares Inc. | (8,522) | (434) | |
| PennyMac Financial Services Inc. | (8,063) | (429) | |
| Brightsphere Investment Group Inc. | (16,672) | (404) | |
| * | Upstart Holdings Inc. | (3,234) | (353) |
| * | Palomar Holdings Inc. | (5,099) | (326) |
| HCI Group Inc. | (2,456) | (168) | |
| * | Selectquote Inc. | (31,206) | (87) |
| (51,325) | |||
| Health Care (-9.4%) | |||
| STERIS plc | (12,502) | (3,023) | |
| * | Alphatec Holdings Inc. | (246,328) | (2,833) |
| * | Envista Holdings Corp. | (50,130) | (2,442) |
| * | agilon health Inc. | (95,197) | (2,413) |
| Azenta Inc. | (28,057) | (2,325) | |
| * | Cytokinetics Inc. | (46,781) | (1,722) |
| * | Outset Medical Inc. | (36,385) | (1,652) |
| * | AdaptHealth Corp. Class A | (91,626) | (1,469) |
| * | Intra-Cellular Therapies Inc. | (22,113) | (1,353) |
| * | Insmed Inc. | (50,436) | (1,185) |
| Cooper Cos. Inc. | (2,660) | (1,111) | |
| * | Axonics Inc. | (17,295) | (1,083) |
| * | Exact Sciences Corp. | (12,587) | (880) |
| * | Harmony Biosciences Holdings Inc. | (17,899) | (871) |
| * | Agios Pharmaceuticals Inc. | (29,126) | (848) |
| * | ImmunityBio Inc. | (147,879) | (829) |
| Mesa Laboratories Inc. | (3,147) | (802) | |
| * | Vericel Corp. | (20,516) | (784) |
| * | Arvinas Inc. | (11,454) | (771) |
| * | Sorrento Therapeutics Inc. | (323,169) | (753) |
| * | Karuna Therapeutics Inc. | (4,499) | (570) |
| * | CryoPort Inc. | (15,766) | (550) |
| * | Arrowhead Pharmaceuticals Inc. | (11,861) | (545) |
| * | Alignment Healthcare Inc. | (48,229) | (542) |
| * | Novocure Ltd. | (6,466) | (536) |
| * | Anavex Life Sciences Corp. | (38,653) | (476) |
| ResMed Inc. | (1,916) | (465) | |
| * | Progyny Inc. | (8,534) | (439) |
| * | Rocket Pharmaceuticals Inc. | (27,188) | (431) |
| * | Coherus Biosciences Inc. | (33,111) | (427) |
| * | Instil Bio Inc. | (38,891) | (418) |
| * | Ironwood Pharmaceuticals Inc. Class A | (32,724) | (412) |
| * | Cerevel Therapeutics Holdings Inc. | (11,523) | (403) |
| Shares | Market Value ($000) | ||
| * | Nuvation Bio Inc. | (69,581) | (366) |
| * | Avid Bioservices Inc. | (13,541) | (276) |
| (36,005) | |||
| Industrials (-15.2%) | |||
| Greenbrier Cos. Inc. | (62,378) | (3,213) | |
| * | Chart Industries Inc. | (18,065) | (3,103) |
| MillerKnoll Inc. | (85,946) | (2,970) | |
| * | RBC Bearings Inc. | (15,112) | (2,930) |
| * | Mercury Systems Inc. | (45,142) | (2,909) |
| * | Shoals Technologies Group Inc. Class A | (163,350) | (2,783) |
| * | Stericycle Inc. | (44,956) | (2,649) |
| * | Frontier Group Holdings Inc. | (228,055) | (2,584) |
| * | Construction Partners Inc. Class A | (95,300) | (2,495) |
| Rockwell Automation Inc. | (8,878) | (2,486) | |
| * | AeroVironment Inc. | (25,925) | (2,440) |
| Oshkosh Corp. | (23,935) | (2,409) | |
| * | Parsons Corp. | (60,661) | (2,347) |
| * | Ameresco Inc. Class A | (25,630) | (2,038) |
| Stanley Black & Decker Inc. | (12,325) | (1,723) | |
| CSW Industrials Inc. | (14,336) | (1,686) | |
| * | Colfax Corp. | (40,537) | (1,613) |
| * | Plug Power Inc. | (48,176) | (1,378) |
| CH Robinson Worldwide Inc. | (12,562) | (1,353) | |
| Insperity Inc. | (13,401) | (1,346) | |
| Leidos Holdings Inc. | (12,457) | (1,346) | |
| Woodward Inc. | (7,684) | (960) | |
| KBR Inc. | (16,908) | (925) | |
| * | FTI Consulting Inc. | (5,855) | (920) |
| * | Sunrun Inc. | (22,971) | (698) |
| * | ChargePoint Holdings Inc. | (33,232) | (661) |
| * | Array Technologies Inc. | (54,016) | (609) |
| Spirit AeroSystems Holdings Inc. Class A | (11,453) | (560) | |
| Healthcare Services Group Inc. | (29,977) | (557) | |
| * | Hydrofarm Holdings Group Inc. | (34,646) | (525) |
| * | Generac Holdings Inc. | (1,651) | (491) |
| * | Fluence Energy Inc. | (37,071) | (486) |
| * | Bloom Energy Corp. Class A | (19,672) | (475) |
| Vertiv Holdings Co. Class A | (32,225) | (451) | |
| * | Clarivate plc | (25,287) | (424) |
| * | NV5 Global Inc. | (3,011) | (401) |
| * | Driven Brands Holdings Inc. | (14,972) | (393) |
| Enerpac Tool Group Corp. Class A | (15,057) | (330) | |
| Hexcel Corp. | (3,442) | (205) | |
| (57,872) | |||
| Information Technology (-17.0%) | |||
| Switch Inc. Class A | (103,837) | (3,200) | |
| * | Lumentum Holdings Inc. | (31,214) | (3,047) |
| * | Wolfspeed Inc. | (26,714) | (3,042) |
| * | Bill.com Holdings Inc. | (12,850) | (2,914) |
| * | Paycor HCM Inc. | (98,965) | (2,881) |
| * | PAR Technology Corp. | (70,387) | (2,839) |
| * | II-VI Inc. | (38,667) | (2,803) |
| * | ViaSat Inc. | (57,130) | (2,788) |
| * | SunPower Corp. | (128,418) | (2,759) |
| * | Jamf Holding Corp. | (78,890) | (2,746) |
| Analog Devices Inc. | (15,792) | (2,609) | |
| Marvell Technology Inc. | (36,340) | (2,606) | |
| Shares | Market Value ($000) | ||
| * | Enphase Energy Inc. | (12,744) | (2,572) |
| * | Guidewire Software Inc. | (26,491) | (2,507) |
| NortonLifeLock Inc. | (92,682) | (2,458) | |
| Visa Inc. Class A | (10,883) | (2,414) | |
| * | Zscaler Inc. | (8,798) | (2,123) |
| * | Repay Holdings Corp. Class A | (129,679) | (1,915) |
| * | Sabre Corp. | (165,383) | (1,890) |
| Cognex Corp. | (22,260) | (1,717) | |
| * | Twilio Inc. Class A | (8,958) | (1,476) |
| * | I3 Verticals Inc. Class A | (51,734) | (1,441) |
| * | First Solar Inc. | (16,495) | (1,381) |
| * | Ceridian HCM Holding Inc. | (18,225) | (1,246) |
| * | E2open Parent Holdings Inc. | (134,058) | (1,181) |
| * | Rambus Inc. | (36,008) | (1,148) |
| Universal Display Corp. | (6,620) | (1,105) | |
| Xerox Holdings Corp. | (48,605) | (980) | |
| * | Plexus Corp. | (10,026) | (820) |
| * | Paya Holdings Inc. | (119,108) | (698) |
| * | nCino Inc. | (11,740) | (481) |
| * | Tyler Technologies Inc. | (881) | (392) |
| * | MeridianLink Inc. | (21,504) | (389) |
| * | Silicon Laboratories Inc. | (2,533) | (381) |
| (64,949) | |||
| Materials (-6.2%) | |||
| International Flavors & Fragrances Inc. | (23,207) | (3,048) | |
| Scotts Miracle-Gro Co. | (22,147) | (2,723) | |
| Compass Minerals International Inc. | (38,852) | (2,440) | |
| * | Ranpak Holdings Corp. Class A | (105,551) | (2,156) |
| Ashland Global Holdings Inc. | (20,798) | (2,047) | |
| Newmont Corp. | (21,025) | (1,670) | |
| RPM International Inc. | (18,422) | (1,500) | |
| Quaker Chemical Corp. | (8,257) | (1,427) | |
| Trinseo plc | (23,747) | (1,138) | |
| Ecolab Inc. | (5,866) | (1,036) | |
| * | Novagold Resources Inc. | (117,905) | (911) |
| Graphic Packaging Holding Co. | (31,788) | (637) | |
| Kaiser Aluminum Corp. | (6,432) | (606) | |
| * | Aspen Aerogels Inc. | (17,007) | (586) |
| Carpenter Technology Corp. | (10,036) | (421) | |
| Schweitzer-Mauduit International Inc. | (14,241) | (392) | |
| * | Arconic Corp. | (13,743) | (352) |
| Worthington Industries Inc. | (6,610) | (340) | |
| Ball Corp. | (1,309) | (118) | |
| (23,548) | |||
| Real Estate (-8.1%) | |||
| Welltower Inc. | (32,813) | (3,155) | |
| Washington REIT | (116,917) | (2,981) | |
| * | Equity Commonwealth | (100,467) | (2,834) |
| LXP Industrial Trust | (168,286) | (2,642) | |
| National Health Investors Inc. | (42,469) | (2,506) | |
| LTC Properties Inc. | (56,747) | (2,183) | |
| SL Green Realty Corp. | (25,406) | (2,063) | |
| * | DigitalBridge Group Inc. | (260,441) | (1,875) |
| Pebblebrook Hotel Trust | (68,725) | (1,682) | |
| Innovative Industrial Properties Inc. | (7,171) | (1,473) | |
| Cousins Properties Inc. | (33,610) | (1,354) | |
| Newmark Group Inc. Class A | (83,921) | (1,336) | |
| Shares | Market Value ($000) | ||
| Americold Realty Trust | (39,033) | (1,088) | |
| Sun Communities Inc. | (5,518) | (967) | |
| Agree Realty Corp. | (14,429) | (958) | |
| Rexford Industrial Realty Inc. | (6,972) | (520) | |
| NETSTREIT Corp. | (20,318) | (456) | |
| Realty Income Corp. | (5,839) | (405) | |
| * | Zillow Group Inc. Class C | (6,364) | (314) |
| Safehold Inc. | (4,582) | (254) | |
| (31,046) | |||
| Utilities (-4.2%) | |||
| Avangrid Inc. | (64,424) | (3,011) | |
| ONE Gas Inc. | (32,838) | (2,898) | |
| Atmos Energy Corp. | (24,099) | (2,880) | |
| Ormat Technologies Inc. | (34,664) | (2,836) | |
| Spire Inc. | (34,771) | (2,495) | |
| CenterPoint Energy Inc. | (35,239) | (1,080) | |
| Middlesex Water Co. | (6,046) | (636) | |
| (15,836) | |||
| Total Common Stocks Sold Short (Proceeds $366,334) | (361,686) | ||
| Other Assets and Other Liabilities—Net (97.3%) | 371,352 | ||
| Net Assets (100%) | 381,658 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Long security positions with a value of $217,736,000 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 $195,000. |
| 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 $218,000 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 March 31, 2022, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.