Vanguard® Market Neutral Fund
Schedule of Investments (unaudited)
As of March 31, 2023
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 (99.4%) | |||
| Communication Services (4.2%) | |||
| *,1 | Yelp Inc. Class A | 167,726 | 5,149 |
| *,1 | Live Nation Entertainment Inc. | 69,878 | 4,891 |
| *,1 | Match Group Inc. | 109,657 | 4,210 |
| * | Charter Communications Inc. Class A | 5,648 | 2,020 |
| *,1 | Clear Channel Outdoor Holdings Inc. | 1,442,249 | 1,731 |
| *,1 | TripAdvisor Inc. | 80,256 | 1,594 |
| *,1 | WideOpenWest Inc. | 98,658 | 1,049 |
| *,1 | ZipRecruiter Inc. Class A | 61,013 | 972 |
| Iridium Communications Inc. | 12,750 | 790 | |
| *,1 | Altice USA Inc. Class A | 202,103 | 691 |
| Cable One Inc. | 893 | 627 | |
| * | Alphabet Inc. Class A | 5,807 | 602 |
| 24,326 | |||
| Consumer Discretionary (10.4%) | |||
| 1 | Boyd Gaming Corp. | 76,647 | 4,915 |
| *,1 | Tri Pointe Homes Inc. | 166,091 | 4,205 |
| 1 | Buckle Inc. | 116,607 | 4,162 |
| *,1 | Capri Holdings Ltd. | 86,174 | 4,050 |
| *,1 | Everi Holdings Inc. | 233,793 | 4,010 |
| 1 | Travel & Leisure Co. | 100,537 | 3,941 |
| *,1 | Skyline Champion Corp. | 49,363 | 3,714 |
| Toll Brothers Inc. | 55,486 | 3,331 | |
| * | NVR Inc. | 517 | 2,881 |
| * | Taylor Morrison Home Corp. Class A | 66,608 | 2,548 |
| *,1 | Chegg Inc. | 136,180 | 2,220 |
| 1 | Macy's Inc. | 105,828 | 1,851 |
| * | Stride Inc. | 42,297 | 1,660 |
| Oxford Industries Inc. | 15,623 | 1,650 | |
| * | Shake Shack Inc. Class A | 28,975 | 1,608 |
| * | Expedia Group Inc. | 16,274 | 1,579 |
| *,1 | Perdoceo Education Corp. | 103,613 | 1,391 |
| * | Grand Canyon Education Inc. | 10,299 | 1,173 |
| * | Visteon Corp. | 7,214 | 1,131 |
| * | Ulta Beauty Inc. | 2,069 | 1,129 |
| 1 | Signet Jewelers Ltd. | 14,177 | 1,103 |
| * | Under Armour Inc. Class A | 99,476 | 944 |
| General Motors Co. | 25,601 | 939 | |
| ADT Inc. | 121,085 | 875 | |
| Dine Brands Global Inc. | 12,134 | 821 | |
| Murphy USA Inc. | 3,144 | 811 | |
| * | Caesars Entertainment Inc. | 13,413 | 655 |
| * | Golden Entertainment Inc. | 14,796 | 644 |
| Shares | Market Value ($000) | ||
| * | Abercrombie & Fitch Co. Class A | 22,699 | 630 |
| * | Qurate Retail Inc. Series A | 278,738 | 275 |
| 60,846 | |||
| Consumer Staples (4.4%) | |||
| 1 | Cal-Maine Foods Inc. | 64,532 | 3,929 |
| 1 | Primo Water Corp. | 251,029 | 3,853 |
| 1 | Kroger Co. | 74,189 | 3,663 |
| 1 | Archer-Daniels-Midland Co. | 41,813 | 3,331 |
| 1 | Coca-Cola Consolidated Inc. | 5,253 | 2,811 |
| *,1 | Herbalife Nutrition Ltd. | 161,552 | 2,601 |
| 1 | Ingles Markets Inc. Class A | 20,359 | 1,806 |
| Altria Group Inc. | 36,564 | 1,631 | |
| Andersons Inc. | 24,555 | 1,015 | |
| Kimberly-Clark Corp. | 6,084 | 816 | |
| John B Sanfilippo & Son Inc. | 5,939 | 576 | |
| 26,032 | |||
| Energy (6.2%) | |||
| 1 | Marathon Petroleum Corp. | 37,900 | 5,110 |
| *,1 | Weatherford International plc | 83,695 | 4,967 |
| *,1 | Par Pacific Holdings Inc. | 170,002 | 4,964 |
| *,1 | US Silica Holdings Inc. | 350,863 | 4,190 |
| 1 | Liberty Energy Inc. Class A | 309,833 | 3,969 |
| 1 | Helmerich & Payne Inc. | 100,538 | 3,594 |
| Valero Energy Corp. | 19,771 | 2,760 | |
| * | Nabors Industries Ltd. (XNYS) | 17,285 | 2,107 |
| *,1 | Southwestern Energy Co. | 370,429 | 1,852 |
| EOG Resources Inc. | 9,744 | 1,117 | |
| *,1 | W&T Offshore Inc. | 185,234 | 941 |
| DHT Holdings Inc. | 53,202 | 575 | |
| 36,146 | |||
| Financials (15.9%) | |||
| 1 | MGIC Investment Corp. | 372,653 | 5,001 |
| 1 | Essent Group Ltd. | 124,727 | 4,995 |
| 1 | Radian Group Inc. | 216,957 | 4,795 |
| 1 | CNO Financial Group Inc. | 213,523 | 4,738 |
| 1 | W R Berkley Corp. | 73,413 | 4,571 |
| 1 | American International Group Inc. | 88,794 | 4,472 |
| 1 | OFG Bancorp | 177,331 | 4,423 |
| 1 | Equitable Holdings Inc. | 165,668 | 4,206 |
| 1 | American Equity Investment Life Holding Co. | 110,786 | 4,043 |
| 1 | American Financial Group Inc. | 32,423 | 3,939 |
| 1 | Jackson Financial Inc. Class A | 103,531 | 3,873 |
| 1 | Corebridge Financial Inc. | 237,627 | 3,807 |
| 1 | Carlyle Group Inc. | 115,451 | 3,586 |
| LPL Financial Holdings Inc. | 15,417 | 3,120 | |
| Ameriprise Financial Inc. | 9,793 | 3,001 | |
| Westamerica BanCorp. | 63,549 | 2,815 | |
| 1 | Stewart Information Services Corp. | 69,533 | 2,806 |
| Comerica Inc. | 64,605 | 2,805 | |
| 1 | Citigroup Inc. | 55,358 | 2,596 |
| Popular Inc. | 38,882 | 2,232 | |
| *,1 | Cannae Holdings Inc. | 105,949 | 2,138 |
| *,1 | LendingClub Corp. | 274,739 | 1,981 |
| 1 | Charles Schwab Corp. | 27,791 | 1,456 |
| 1 | Unum Group | 36,091 | 1,428 |
| 1 | Central Pacific Financial Corp. | 64,969 | 1,163 |
| Lincoln National Corp. | 51,084 | 1,148 | |
| Shares | Market Value ($000) | ||
| Brown & Brown Inc. | 15,608 | 896 | |
| 1 | Brightsphere Investment Group Inc. | 35,715 | 842 |
| Affiliated Managers Group Inc. | 5,441 | 775 | |
| 1 | Navient Corp. | 48,150 | 770 |
| 1 | International Bancshares Corp. | 16,323 | 699 |
| Synovus Financial Corp. | 20,032 | 618 | |
| 1 | First Bancorp (XNGS) | 17,339 | 616 |
| * | Palomar Holdings Inc. | 10,893 | 601 |
| S&T Bancorp Inc. | 18,287 | 575 | |
| Banner Corp. | 10,135 | 551 | |
| 1 | Eagle Bancorp Inc. | 14,684 | 491 |
| 1 | UMB Financial Corp. | 8,076 | 466 |
| 93,038 | |||
| Health Care (9.9%) | |||
| *,1 | Nevro Corp. | 124,744 | 4,510 |
| *,1 | Tenet Healthcare Corp. | 74,671 | 4,437 |
| *,1 | Veradigm Inc. | 329,115 | 4,295 |
| *,1 | Lantheus Holdings Inc. | 43,924 | 3,626 |
| *,1 | AMN Healthcare Services Inc. | 40,442 | 3,355 |
| Agilent Technologies Inc. | 20,474 | 2,832 | |
| *,1 | Alkermes plc | 69,807 | 1,968 |
| *,1 | Health Catalyst Inc. | 166,549 | 1,944 |
| * | Inspire Medical Systems Inc. | 7,835 | 1,834 |
| *,1 | STAAR Surgical Co. | 26,075 | 1,668 |
| *,1 | ACADIA Pharmaceuticals Inc. | 87,414 | 1,645 |
| Elevance Health Inc. | 3,386 | 1,557 | |
| * | Protagonist Therapeutics Inc. | 66,075 | 1,520 |
| *,1 | Medpace Holdings Inc. | 7,379 | 1,388 |
| *,1,2 | Novavax Inc. | 191,258 | 1,325 |
| * | Teladoc Health Inc. | 49,543 | 1,283 |
| Gilead Sciences Inc. | 15,262 | 1,266 | |
| *,1 | Deciphera Pharmaceuticals Inc. | 77,466 | 1,197 |
| *,1 | Intercept Pharmaceuticals Inc. | 86,294 | 1,159 |
| * | Pediatrix Medical Group Inc. | 70,844 | 1,056 |
| * | Biogen Inc. | 3,688 | 1,025 |
| *,1 | Agenus Inc. | 671,505 | 1,021 |
| * | NeoGenomics Inc. | 57,417 | 1,000 |
| Pfizer Inc. | 22,013 | 898 | |
| AmerisourceBergen Corp. Class A | 5,558 | 890 | |
| * | PTC Therapeutics Inc. | 18,035 | 874 |
| *,1 | Veeva Systems Inc. Class A | 4,476 | 823 |
| * | GE Healthcare Inc. | 9,846 | 808 |
| UnitedHealth Group Inc. | 1,708 | 807 | |
| *,1 | FibroGen Inc. | 36,712 | 685 |
| *,1 | Sangamo Therapeutics Inc. | 376,349 | 662 |
| Cardinal Health Inc. | 8,432 | 637 | |
| * | Ultragenyx Pharmaceutical Inc. | 15,588 | 625 |
| * | Twist Bioscience Corp. | 35,430 | 534 |
| * | Seres Therapeutics Inc. | 88,955 | 504 |
| * | REGENXBIO Inc. | 25,441 | 481 |
| * | Cerus Corp. | 145,470 | 432 |
| *,1 | Cross Country Healthcare Inc. | 18,698 | 417 |
| * | CareDx Inc. | 45,010 | 411 |
| *,1 | Codexis Inc. | 54,904 | 227 |
| * | Nektar Therapeutics Class A | 261,128 | 184 |
| * | Amneal Pharmaceuticals Inc. | 93,850 | 130 |
| 57,940 | |||
| Shares | Market Value ($000) | ||
| Industrials (16.7%) | |||
| *,1 | Atkore Inc. | 37,045 | 5,204 |
| *,1 | GMS Inc. | 88,756 | 5,138 |
| Applied Industrial Technologies Inc. | 36,032 | 5,121 | |
| 1 | Kforce Inc. | 80,723 | 5,105 |
| 1 | Acuity Brands Inc. | 27,624 | 5,048 |
| 1 | Allison Transmission Holdings Inc. | 109,168 | 4,939 |
| *,1 | United Airlines Holdings Inc. | 109,321 | 4,838 |
| 1 | United Rentals Inc. | 11,763 | 4,655 |
| Tetra Tech Inc. | 31,231 | 4,588 | |
| *,1 | American Airlines Group Inc. | 265,103 | 3,910 |
| *,1 | NOW Inc. | 349,932 | 3,902 |
| Watts Water Technologies Inc. Class A | 22,045 | 3,711 | |
| 1 | Ryder System Inc. | 36,569 | 3,263 |
| AGCO Corp. | 24,073 | 3,255 | |
| IDEX Corp. | 13,301 | 3,073 | |
| H&E Equipment Services Inc. | 64,272 | 2,843 | |
| *,1 | MRC Global Inc. | 288,288 | 2,802 |
| Cintas Corp. | 5,912 | 2,735 | |
| 1 | GrafTech International Ltd. | 547,709 | 2,662 |
| Herc Holdings Inc. | 20,840 | 2,374 | |
| 1 | UFP Industries Inc. | 24,829 | 1,973 |
| nVent Electric plc | 43,694 | 1,876 | |
| 1 | Esab Corp. | 30,956 | 1,829 |
| AMETEK Inc. | 12,556 | 1,825 | |
| EMCOR Group Inc. | 9,178 | 1,492 | |
| 1 | Boise Cascade Co. | 21,329 | 1,349 |
| 1 | Terex Corp. | 23,789 | 1,151 |
| 1 | Veritiv Corp. | 7,665 | 1,036 |
| * | Clean Harbors Inc. | 6,301 | 898 |
| Caterpillar Inc. | 3,449 | 789 | |
| 1 | ManpowerGroup Inc. | 8,526 | 704 |
| * | Hub Group Inc. Class A | 8,153 | 684 |
| *,1 | Titan International Inc. | 62,254 | 653 |
| *,1 | SkyWest Inc. | 28,786 | 638 |
| * | ASGN Inc. | 7,057 | 583 |
| Automatic Data Processing Inc. | 2,497 | 556 | |
| *,1 | Conduent Inc. | 154,895 | 531 |
| Heidrick & Struggles International Inc. | 10,156 | 308 | |
| 98,041 | |||
| Information Technology (13.4%) | |||
| Lam Research Corp. | 10,203 | 5,409 | |
| *,1 | Everbridge Inc. | 145,241 | 5,036 |
| *,1 | Splunk Inc. | 51,673 | 4,954 |
| *,1 | Nutanix Inc. Class A | 180,189 | 4,683 |
| *,1 | Extreme Networks Inc. | 243,708 | 4,660 |
| *,1 | Rapid7 Inc. | 100,892 | 4,632 |
| *,1 | Wix.com Ltd. | 46,361 | 4,627 |
| *,1 | CommScope Holding Co. Inc. | 686,837 | 4,375 |
| * | Yext Inc. | 416,328 | 4,001 |
| *,1 | Axcelis Technologies Inc. | 26,665 | 3,553 |
| *,1 | EngageSmart Inc. | 158,033 | 3,042 |
| * | Impinj Inc. | 21,026 | 2,849 |
| *,1 | Arrow Electronics Inc. | 20,399 | 2,547 |
| * | Infinera Corp. | 291,789 | 2,264 |
| *,1 | TTM Technologies Inc. | 155,722 | 2,101 |
| * | Palo Alto Networks Inc. | 10,202 | 2,038 |
| *,1 | Domo Inc. Class B | 143,557 | 2,037 |
| Shares | Market Value ($000) | ||
| * | New Relic Inc. | 24,742 | 1,863 |
| * | CommVault Systems Inc. | 25,419 | 1,442 |
| * | DocuSign Inc. Class A | 23,384 | 1,363 |
| 1 | Xerox Holdings Corp. | 85,155 | 1,311 |
| 1 | Vishay Intertechnology Inc. | 49,732 | 1,125 |
| * | Dropbox Inc. Class A | 50,857 | 1,100 |
| * | Enphase Energy Inc. | 5,204 | 1,094 |
| * | Cadence Design Systems Inc. | 4,919 | 1,033 |
| *,1 | Cirrus Logic Inc. | 8,209 | 898 |
| *,1 | Super Micro Computer Inc. | 8,048 | 858 |
| * | Pure Storage Inc. Class A | 30,022 | 766 |
| *,1 | RingCentral Inc. Class A | 20,556 | 630 |
| * | Trimble Inc. | 11,959 | 627 |
| *,1 | Kyndryl Holdings Inc. | 41,636 | 615 |
| * | Synaptics Inc. | 5,454 | 606 |
| NetApp Inc. | 9,470 | 605 | |
| 78,744 | |||
| Materials (7.2%) | |||
| Eagle Materials Inc. | 34,873 | 5,118 | |
| 1 | Warrior Met Coal Inc. | 130,236 | 4,781 |
| 1 | AdvanSix Inc. | 123,248 | 4,717 |
| Albemarle Corp. | 21,029 | 4,648 | |
| 1 | Reliance Steel & Aluminum Co. | 15,025 | 3,858 |
| Steel Dynamics Inc. | 34,067 | 3,852 | |
| *,1 | Constellium SE Class A | 206,553 | 3,156 |
| *,1 | Ecovyst Inc. | 277,658 | 3,068 |
| 1 | Chemours Co. | 75,299 | 2,254 |
| CF Industries Holdings Inc. | 21,829 | 1,582 | |
| * | Century Aluminum Co. | 139,923 | 1,399 |
| Orion Engineered Carbons SA | 32,528 | 849 | |
| *,1 | Arconic Corp. | 30,620 | 803 |
| 1 | Tronox Holdings plc Class A | 53,178 | 765 |
| United States Steel Corp. | 25,866 | 675 | |
| * | LSB Industries Inc. | 55,089 | 569 |
| 42,094 | |||
| Real Estate (6.7%) | |||
| Public Storage | 16,201 | 4,895 | |
| 1 | Essential Properties Realty Trust Inc. | 194,633 | 4,837 |
| 1 | Apple Hospitality REIT Inc. | 273,860 | 4,250 |
| 1 | Highwoods Properties Inc. | 172,106 | 3,991 |
| 1 | DiamondRock Hospitality Co. | 469,379 | 3,816 |
| 1 | American Assets Trust Inc. | 182,690 | 3,396 |
| 1 | Brandywine Realty Trust | 610,093 | 2,886 |
| 1 | RLJ Lodging Trust | 196,847 | 2,087 |
| Equity Commonwealth | 82,185 | 1,702 | |
| National Retail Properties Inc. | 28,164 | 1,243 | |
| Mid-America Apartment Communities Inc. | 6,303 | 952 | |
| * | Zillow Group Inc. Class C | 17,878 | 795 |
| 1 | Getty Realty Corp. | 20,141 | 726 |
| EPR Properties | 18,569 | 708 | |
| 1 | Rayonier Inc. | 19,675 | 654 |
| 1 | Retail Opportunity Investments Corp. | 46,297 | 646 |
| St. Joe Co. | 15,060 | 627 | |
| 1 | Xenia Hotels & Resorts Inc. | 44,920 | 588 |
| 1 | Piedmont Office Realty Trust Inc. Class A | 78,546 | 573 |
| 39,372 | |||
| Shares | Market Value ($000) | ||
| Utilities (4.4%) | |||
| 1 | Otter Tail Corp. | 70,035 | 5,061 |
| 1 | National Fuel Gas Co. | 81,970 | 4,733 |
| 1 | Evergy Inc. | 72,981 | 4,461 |
| 1 | AES Corp. | 171,181 | 4,122 |
| 1 | Vistra Corp. | 147,081 | 3,530 |
| Pinnacle West Capital Corp. | 24,400 | 1,934 | |
| Clearway Energy Inc. Class C | 58,261 | 1,825 | |
| 25,666 | |||
| Total Common Stocks—Long Positions (Cost $568,443) | 582,245 | ||
| Temporary Cash Investments (0.6%) | |||
| Money Market Fund (0.6%) | |||
| 3,4 | Vanguard Market Liquidity Fund, 4.839% (Cost $3,721) | 37,213 | 3,721 |
| Common Stocks Sold Short (-99.0%) | |||
| Communication Services (-4.2%) | |||
| * | Madison Square Garden Entertainment Corp. | (88,279) | (5,215) |
| * | Take-Two Interactive Software Inc. | (43,155) | (5,148) |
| * | Ziff Davis Inc. | (59,922) | (4,677) |
| Paramount Global Inc. Class B | (111,796) | (2,494) | |
| * | Roblox Corp. Class A | (48,447) | (2,179) |
| * | Lions Gate Entertainment Corp. Class A | (142,343) | (1,576) |
| * | Liberty Broadband Corp. Class C | (18,231) | (1,489) |
| * | ZoomInfo Technologies Inc. Class A | (56,639) | (1,400) |
| * | Globalstar Inc. | (348,773) | (405) |
| (24,583) | |||
| Consumer Discretionary (-10.0%) | |||
| Strategic Education Inc. | (57,615) | (5,176) | |
| * | LGI Homes Inc. | (44,380) | (5,061) |
| Krispy Kreme Inc. | (322,333) | (5,012) | |
| * | Mattel Inc. | (249,890) | (4,601) |
| Newell Brands Inc. | (347,401) | (4,322) | |
| * | Mister Car Wash Inc. | (495,835) | (4,274) |
| * | Leslie's Inc. | (377,044) | (4,151) |
| * | CarMax Inc. | (59,714) | (3,838) |
| * | Sonos Inc. | (151,706) | (2,976) |
| * | Las Vegas Sands Corp. | (48,605) | (2,792) |
| * | Hanesbrands Inc. | (401,836) | (2,114) |
| * | Xponential Fitness Inc. Class A | (62,949) | (1,913) |
| * | Bally's Corp. | (85,878) | (1,676) |
| Leggett & Platt Inc. | (51,673) | (1,647) | |
| * | Ollie's Bargain Outlet Holdings Inc. | (23,498) | (1,362) |
| * | Carnival Corp. | (96,905) | (984) |
| Choice Hotels International Inc. | (7,658) | (897) | |
| * | DoorDash Inc. Class A | (13,532) | (860) |
| Monro Inc. | (17,380) | (859) | |
| Cheesecake Factory Inc. | (22,102) | (775) | |
| Gentex Corp. | (25,885) | (726) | |
| * | Crocs Inc. | (5,586) | (706) |
| * | Topgolf Callaway Brands Corp. | (26,921) | (582) |
| * | Adient plc | (13,982) | (573) |
| * | Helen of Troy Ltd. | (5,918) | (563) |
| (58,440) | |||
| Consumer Staples (-4.5%) | |||
| McCormick & Co. Inc. | (51,115) | (4,253) | |
| * | Celsius Holdings Inc. | (38,850) | (3,611) |
| Shares | Market Value ($000) | ||
| * | Grocery Outlet Holding Corp. | (116,160) | (3,283) |
| J & J Snack Foods Corp. | (19,712) | (2,922) | |
| Reynolds Consumer Products Inc. | (104,513) | (2,874) | |
| Walgreens Boots Alliance Inc. | (60,233) | (2,083) | |
| Utz Brands Inc. | (109,705) | (1,807) | |
| MGP Ingredients Inc. | (15,705) | (1,519) | |
| * | National Beverage Corp. | (22,939) | (1,209) |
| * | Beauty Health Co. | (66,462) | (839) |
| Spectrum Brands Holdings Inc. | (10,145) | (672) | |
| Universal Corp. | (12,692) | (671) | |
| United Natural Foods Inc. | (16,634) | (438) | |
| (26,181) | |||
| Energy (-6.3%) | |||
| * | Green Plains Inc. | (156,629) | (4,854) |
| Kinetik Holdings Inc. Class A | (154,307) | (4,830) | |
| Kinder Morgan Inc. | (247,673) | (4,337) | |
| Enviva Inc. | (144,749) | (4,180) | |
| Baker Hughes Co. Class A | (100,362) | (2,896) | |
| * | CNX Resources Corp. | (154,066) | (2,468) |
| * | Expro Group Holdings NV | (133,341) | (2,448) |
| * | Valaris Ltd. | (33,496) | (2,179) |
| Northern Oil and Gas Inc. | (54,445) | (1,652) | |
| * | Noble Corp. plc | (38,045) | (1,502) |
| Antero Midstream Corp. | (115,562) | (1,212) | |
| * | Peabody Energy Corp. | (33,849) | (867) |
| * | Dril-Quip Inc. | (29,554) | (848) |
| Scorpio Tankers Inc. | (12,904) | (727) | |
| EQT Corp. | (19,969) | (637) | |
| * | Uranium Energy Corp. | (214,427) | (618) |
| NOV Inc. | (32,688) | (605) | |
| (36,860) | |||
| Financials (-14.9%) | |||
| * | Ryan Specialty Holdings Inc. | (126,945) | (5,108) |
| S&P Global Inc. | (14,677) | (5,060) | |
| Cincinnati Financial Corp. | (42,711) | (4,787) | |
| Morningstar Inc. | (22,769) | (4,623) | |
| Moelis & Co. Class A | (119,534) | (4,595) | |
| Kemper Corp. | (82,809) | (4,526) | |
| * | Mr Cooper Group Inc. | (106,230) | (4,352) |
| United Bankshares Inc. | (121,890) | (4,291) | |
| Artisan Partners Asset Management Inc. Class A | (112,395) | (3,594) | |
| * | SoFi Technologies Inc. | (558,824) | (3,392) |
| Allstate Corp. | (30,570) | (3,388) | |
| Franklin Resources Inc. | (123,029) | (3,314) | |
| * | BRP Group Inc. Class A | (121,280) | (3,088) |
| Lakeland Financial Corp. | (46,346) | (2,903) | |
| Erie Indemnity Co. Class A | (9,391) | (2,176) | |
| WisdomTree Investments Inc. | (370,484) | (2,171) | |
| CVB Financial Corp. | (124,803) | (2,082) | |
| T Rowe Price Group Inc. | (16,957) | (1,914) | |
| Northwest Bancshares Inc. | (158,345) | (1,905) | |
| First Financial Bankshares Inc. | (55,523) | (1,771) | |
| Selective Insurance Group Inc. | (17,475) | (1,666) | |
| Hilltop Holdings Inc. | (55,341) | (1,642) | |
| PennyMac Financial Services Inc. | (25,807) | (1,538) | |
| PJT Partners Inc. | (19,763) | (1,427) | |
| Encore Capital Group Inc. | (25,589) | (1,291) | |
| Shares | Market Value ($000) | ||
| New York Community Bancorp Inc. | (131,059) | (1,185) | |
| ServisFirst Bancshares Inc. | (19,235) | (1,051) | |
| Progressive Corp. | (7,257) | (1,038) | |
| * | Trupanion Inc. | (23,995) | (1,029) |
| Horace Mann Educators Corp. | (30,470) | (1,020) | |
| Mercury General Corp. | (26,769) | (850) | |
| White Mountains Insurance Group Ltd. | (554) | (763) | |
| Ares Management Corp. Class A | (8,144) | (680) | |
| Live Oak Bancshares Inc. | (27,535) | (671) | |
| Credit Acceptance Corp. | (1,507) | (657) | |
| Bank of Hawaii Corp. | (11,279) | (587) | |
| Independent Bank Group Inc. | (11,670) | (541) | |
| United Community Banks Inc. | (16,661) | (469) | |
| FB Financial Corp. | (13,350) | (415) | |
| (87,560) | |||
| Health Care (-9.7%) | |||
| * | ICU Medical Inc. | (30,258) | (4,991) |
| * | R1 RCM Inc. | (317,116) | (4,757) |
| Neogen Corp. | (245,240) | (4,542) | |
| * | agilon health Inc. | (182,542) | (4,335) |
| * | Axsome Therapeutics Inc. | (56,511) | (3,486) |
| * | Halozyme Therapeutics Inc. | (90,235) | (3,446) |
| * | OPKO Health Inc. | (1,942,699) | (2,836) |
| * | Penumbra Inc. | (9,579) | (2,670) |
| * | Cerevel Therapeutics Holdings Inc. | (101,107) | (2,466) |
| Arcellx Inc. | (78,915) | (2,431) | |
| * | Illumina Inc. | (9,565) | (2,224) |
| * | AdaptHealth Corp. Class A | (171,765) | (2,135) |
| Select Medical Holdings Corp. | (77,250) | (1,997) | |
| Mesa Laboratories Inc. | (11,422) | (1,996) | |
| * | Align Technology Inc. | (5,716) | (1,910) |
| * | QuidelOrtho Corp. | (14,862) | (1,324) |
| * | Avid Bioservices Inc. | (64,977) | (1,219) |
| * | Cutera Inc. | (50,066) | (1,183) |
| * | Revance Therapeutics Inc. | (34,115) | (1,099) |
| * | Repligen Corp. | (6,353) | (1,070) |
| * | Alnylam Pharmaceuticals Inc. | (5,122) | (1,026) |
| * | Krystal Biotech Inc. | (12,568) | (1,006) |
| * | Pacira BioSciences Inc. | (24,343) | (993) |
| * | AbCellera Biologics Inc. | (122,823) | (926) |
| * | Innoviva Inc. | (51,394) | (578) |
| * | Arvinas Inc. | (20,906) | (571) |
| (57,217) | |||
| Industrials (-16.7%) | |||
| * | Mercury Systems Inc. | (100,549) | (5,140) |
| Quanta Services Inc. | (30,540) | (5,089) | |
| A O Smith Corp. | (73,169) | (5,060) | |
| * | FTI Consulting Inc. | (25,526) | (5,038) |
| * | RBC Bearings Inc. | (21,318) | (4,961) |
| * | MasTec Inc. | (52,151) | (4,925) |
| * | Hayward Holdings Inc. | (413,854) | (4,850) |
| Equifax Inc. | (22,618) | (4,588) | |
| * | Construction Partners Inc. Class A | (166,765) | (4,493) |
| Stanley Black & Decker Inc. | (54,404) | (4,384) | |
| AAON Inc. | (42,877) | (4,146) | |
| Greenbrier Cos. Inc. | (119,462) | (3,843) | |
| * | 3D Systems Corp. | (330,721) | (3,545) |
| Shares | Market Value ($000) | ||
| * | XPO Logistics Inc. | (106,649) | (3,402) |
| * | Sun Country Airlines Holdings Inc. | (152,247) | (3,121) |
| CH Robinson Worldwide Inc. | (30,431) | (3,024) | |
| * | KAR Auction Services Inc. | (204,559) | (2,798) |
| Flowserve Corp. | (82,249) | (2,797) | |
| Core & Main Inc. Class A | (109,346) | (2,526) | |
| Northrop Grumman Corp. | (5,031) | (2,323) | |
| FedEx Corp. | (10,025) | (2,291) | |
| * | Driven Brands Holdings Inc. | (58,077) | (1,760) |
| * | SiteOne Landscape Supply Inc. | (12,490) | (1,710) |
| * | Chart Industries Inc. | (12,867) | (1,614) |
| * | Fluor Corp. | (51,508) | (1,592) |
| * | AeroVironment Inc. | (15,268) | (1,399) |
| Zurn Elkay Water Solutions Corp. | (48,429) | (1,034) | |
| API Group Corp. | (42,762) | (961) | |
| Granite Construction Inc. | (19,265) | (791) | |
| * | Healthcare Services Group Inc. | (53,921) | (748) |
| * | Saia Inc. | (2,539) | (691) |
| Steelcase Inc. Class A | (80,508) | (678) | |
| ICF International Inc. | (6,068) | (666) | |
| * | Parsons Corp. | (14,603) | (653) |
| Mueller Water Products Inc. Class A | (45,207) | (630) | |
| * | Uber Technologies Inc. | (18,359) | (582) |
| (97,853) | |||
| Information Technology (-14.7%) | |||
| * | Aspen Technology Inc. | (24,122) | (5,521) |
| * | DoubleVerify Holdings Inc. | (162,578) | (4,902) |
| * | Unity Software Inc. | (148,036) | (4,802) |
| * | Envestnet Inc. | (79,296) | (4,652) |
| * | SentinelOne Inc. Class A | (270,050) | (4,418) |
| * | Lumentum Holdings Inc. | (76,557) | (4,135) |
| * | Jamf Holding Corp. | (212,296) | (4,123) |
| * | Advanced Micro Devices Inc. | (40,263) | (3,946) |
| * | Mirion Technologies Inc. Class A | (454,997) | (3,886) |
| * | Paycor HCM Inc. | (143,844) | (3,815) |
| Gen Digital Inc. | (199,012) | (3,415) | |
| * | nCino Inc. | (132,051) | (3,272) |
| * | Coherent Corp. | (83,907) | (3,195) |
| Power Integrations Inc. | (36,549) | (3,093) | |
| Corning Inc. | (62,214) | (2,195) | |
| Teradyne Inc. | (19,640) | (2,111) | |
| * | Rambus Inc. | (35,832) | (1,837) |
| Methode Electronics Inc. | (40,732) | (1,787) | |
| ADTRAN Holdings Inc. | (112,185) | (1,779) | |
| Cognex Corp. | (35,051) | (1,737) | |
| * | Olo Inc. Class A | (204,256) | (1,667) |
| * | I3 Verticals Inc. Class A | (53,561) | (1,314) |
| Bentley Systems Inc. Class B | (30,327) | (1,304) | |
| * | Sabre Corp. | (276,591) | (1,187) |
| * | MeridianLink Inc. | (67,073) | (1,160) |
| Fidelity National Information Services Inc. | (20,986) | (1,140) | |
| MKS Instruments Inc. | (12,552) | (1,112) | |
| Harmonic Inc. | (68,657) | (1,002) | |
| * | Guidewire Software Inc. | (12,037) | (988) |
| * | First Solar Inc. | (4,021) | (875) |
| Knowles Corp. | (45,126) | (767) | |
| Flywire Corp. | (25,850) | (759) | |
| * | PAR Technology Corp. | (20,138) | (684) |
| Shares | Market Value ($000) | ||
| * | indie Semiconductor Inc. Class A | (62,888) | (663) |
| Sprout Social Inc. Class A | (10,609) | (646) | |
| Digi International Inc. | (18,502) | (623) | |
| * | Wolfspeed Inc. | (8,957) | (582) |
| Alliance Data Systems Corp. | (17,382) | (527) | |
| * | Marqeta Inc. Class A | (107,460) | (491) |
| (86,112) | |||
| Materials (-7.1%) | |||
| Westlake Corp. | (44,287) | (5,136) | |
| Hecla Mining Co. | (806,875) | (5,108) | |
| Royal Gold Inc. | (36,082) | (4,680) | |
| SSR Mining Inc. | (284,084) | (4,295) | |
| * | Novagold Resources Inc. | (600,144) | (3,733) |
| Mativ Holdings Inc. | (171,118) | (3,674) | |
| Quaker Chemical Corp. | (15,643) | (3,097) | |
| Scotts Miracle-Gro Co. | (39,071) | (2,725) | |
| Worthington Industries Inc. | (37,243) | (2,408) | |
| International Flavors & Fragrances Inc. | (24,808) | (2,281) | |
| Ball Corp. | (28,541) | (1,573) | |
| Kaiser Aluminum Corp. | (17,111) | (1,277) | |
| Piedmont Lithium Inc. | (14,821) | (890) | |
| DuPont de Nemours Inc. | (8,715) | (625) | |
| (41,502) | |||
| Real Estate (-6.6%) | |||
| Welltower Inc. | (70,099) | (5,026) | |
| Healthcare Realty Trust Inc. Class A | (255,551) | (4,940) | |
| Elme Communities | (268,657) | (4,798) | |
| Omega Healthcare Investors Inc. | (155,849) | (4,272) | |
| NETSTREIT Corp. | (191,026) | (3,492) | |
| National Health Investors Inc. | (62,623) | (3,230) | |
| Easterly Government Properties Inc. Class A | (219,951) | (3,022) | |
| Medical Properties Trust Inc. | (337,382) | (2,773) | |
| eXp World Holdings Inc. | (210,574) | (2,672) | |
| Vornado Realty Trust | (118,112) | (1,815) | |
| Uniti Group Inc. | (375,535) | (1,333) | |
| Pebblebrook Hotel Trust | (45,787) | (643) | |
| Ventas Inc. | (13,093) | (568) | |
| (38,584) | |||
| Utilities (-4.3%) | |||
| * | Southwest Gas Holdings Inc. | (78,193) | (4,883) |
| Atmos Energy Corp. | (43,356) | (4,871) | |
| American Water Works Co. Inc. | (31,519) | (4,617) | |
| Spire Inc. | (59,167) | (4,150) | |
| Brookfield Renewable Corp. Class A | (94,727) | (3,311) | |
| * | Sunnova Energy International Inc. | (155,747) | (2,433) |
| Dominion Energy Inc. | (11,432) | (639) | |
| Shares | Market Value ($000) | ||
| Altus Power Inc. Class A | (112,385) | (616) | |
| (25,520) | |||
| Total Common Stocks Sold Short (Proceeds $568,300) | (580,412) | ||
| Other Assets and Other Liabilities—Net (99.0%) | 580,509 | ||
| Net Assets (100%) | 586,063 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Long security positions with a value of $357,978,000 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 $146,000. |
| 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 $147,000 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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. 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, 2023, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.