Vanguard® Market Neutral Fund
Schedule of Investments (unaudited)
As of September 30, 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 (97.2%) | |||
| Communication Services (3.7%) | |||
| *,1 | Yelp Inc. | 96,978 | 4,033 |
| *,1 | Match Group Inc. | 87,876 | 3,443 |
| *,1 | Playtika Holding Corp. | 290,619 | 2,799 |
| *,1 | Clear Channel Outdoor Holdings Inc. | 1,442,249 | 2,279 |
| *,1 | Cinemark Holdings Inc. | 118,554 | 2,175 |
| *,1 | TripAdvisor Inc. | 80,256 | 1,331 |
| * | Alphabet Inc. Class C | 9,272 | 1,222 |
| *,1 | ZipRecruiter Inc. Class A | 90,536 | 1,085 |
| * | ZoomInfo Technologies Inc. | 29,365 | 482 |
| Iridium Communications Inc. | 8,296 | 377 | |
| 19,226 | |||
| Consumer Discretionary (10.8%) | |||
| 1 | Toll Brothers Inc. | 50,833 | 3,760 |
| * | Expedia Group Inc. | 35,663 | 3,676 |
| *,1 | Everi Holdings Inc. | 268,700 | 3,552 |
| 1 | Travel & Leisure Co. | 94,406 | 3,467 |
| 1 | Boyd Gaming Corp. | 56,217 | 3,420 |
| 1 | Perdoceo Education Corp. | 199,049 | 3,404 |
| *,1 | Beazer Homes USA Inc. | 136,519 | 3,401 |
| *,1 | Tri Pointe Homes Inc. | 109,647 | 2,999 |
| *,1 | MGM Resorts International | 78,651 | 2,891 |
| *,1 | Taylor Morrison Home Corp. | 66,608 | 2,838 |
| * | Dave & Buster's Entertainment Inc. | 60,644 | 2,248 |
| *,1 | Skyline Champion Corp. | 34,416 | 2,193 |
| * | Stride Inc. | 37,523 | 1,690 |
| * | Shake Shack Inc. Class A | 28,975 | 1,682 |
| * | Caesars Entertainment Inc. | 35,682 | 1,654 |
| General Motors Co. | 47,054 | 1,551 | |
| 1 | Macy's Inc. | 133,152 | 1,546 |
| * | Mohawk Industries Inc. | 16,848 | 1,446 |
| * | Sally Beauty Holdings Inc. | 156,697 | 1,313 |
| * | Grand Canyon Education Inc. | 10,299 | 1,204 |
| * | frontdoor Inc. | 36,929 | 1,130 |
| * | Hovnanian Enterprises Inc. Class A | 9,958 | 1,012 |
| PVH Corp. | 13,217 | 1,011 | |
| 1 | Buckle Inc. | 28,754 | 960 |
| * | Green Brick Partners Inc. | 14,201 | 589 |
| *,1 | Penn Entertainment Inc. | 21,134 | 485 |
| Lowe's Cos. Inc. | 2,179 | 453 | |
| Golden Entertainment Inc. | 11,223 | 384 | |
| Dine Brands Global Inc. | 7,486 | 370 | |
| 56,329 | |||
| Shares | Market Value ($000) | ||
| Consumer Staples (4.4%) | |||
| 1 | Primo Water Corp. | 251,029 | 3,464 |
| 1 | Coca-Cola Consolidated Inc. | 5,253 | 3,342 |
| Target Corp. | 22,716 | 2,512 | |
| PriceSmart Inc. | 30,708 | 2,285 | |
| Altria Group Inc. | 39,682 | 1,669 | |
| SpartanNash Co. | 71,330 | 1,569 | |
| 1 | Kroger Co. | 34,618 | 1,549 |
| *,1 | United Natural Foods Inc. | 102,454 | 1,449 |
| 1 | Ingles Markets Inc. Class A | 16,766 | 1,263 |
| 1 | Archer-Daniels-Midland Co. | 14,172 | 1,069 |
| Andersons Inc. | 12,952 | 667 | |
| John B Sanfilippo & Son Inc. | 5,939 | 587 | |
| Energizer Holdings Inc. | 17,041 | 546 | |
| * | Hain Celestial Group Inc. | 43,189 | 448 |
| *,1 | Herbalife Ltd. | 30,143 | 422 |
| 22,841 | |||
| Energy (6.2%) | |||
| 1 | Liberty Energy Inc. | 230,617 | 4,271 |
| *,1 | US Silica Holdings Inc. | 302,655 | 4,249 |
| *,1 | Par Pacific Holdings Inc. | 117,799 | 4,234 |
| Valero Energy Corp. | 26,032 | 3,689 | |
| 1 | Marathon Petroleum Corp. | 20,476 | 3,099 |
| *,1 | Weatherford International plc | 28,721 | 2,594 |
| * | Nabors Industries Ltd. (XNYS) | 20,739 | 2,554 |
| Select Water Solutions Inc. | 248,478 | 1,975 | |
| * | ProPetro Holding Corp. | 181,297 | 1,927 |
| 1 | Helmerich & Payne Inc. | 43,780 | 1,846 |
| DHT Holdings Inc. | 94,893 | 977 | |
| Dorian LPG Ltd. | 24,286 | 698 | |
| 32,113 | |||
| Financials (13.8%) | |||
| 1 | MGIC Investment Corp. | 239,233 | 3,993 |
| 1 | W R Berkley Corp. | 60,886 | 3,866 |
| 1 | Essent Group Ltd. | 80,773 | 3,820 |
| 1 | CNO Financial Group Inc. | 158,448 | 3,760 |
| 1 | Equitable Holdings Inc. | 131,257 | 3,726 |
| Affiliated Managers Group Inc. | 27,458 | 3,579 | |
| 1 | OFG Bancorp | 118,485 | 3,538 |
| 1 | Fifth Third Bancorp | 134,202 | 3,399 |
| Synchrony Financial | 105,009 | 3,210 | |
| Bank of NT Butterfield & Son Ltd. | 110,111 | 2,982 | |
| 1 | Citigroup Inc. | 69,241 | 2,848 |
| 1 | Westamerica BanCorp. | 65,522 | 2,834 |
| 1 | American Financial Group Inc. | 23,443 | 2,618 |
| * | Mr Cooper Group Inc. | 44,493 | 2,383 |
| 1 | Virtu Financial Inc. Class A | 108,300 | 1,870 |
| Banner Corp. | 43,244 | 1,833 | |
| Pathward Financial Inc. | 36,257 | 1,671 | |
| S&T Bancorp Inc. | 61,489 | 1,665 | |
| 1 | Lincoln National Corp. | 67,013 | 1,654 |
| * | Skyward Specialty Insurance Group Inc. | 59,118 | 1,617 |
| Loews Corp. | 22,771 | 1,442 | |
| 1 | Radian Group Inc. | 52,234 | 1,312 |
| Synovus Financial Corp. | 45,816 | 1,274 | |
| 1 | Central Pacific Financial Corp. | 64,969 | 1,084 |
| * | NMI Holdings Inc. Class A | 33,495 | 907 |
| Shares | Market Value ($000) | ||
| 1 | American International Group Inc. | 14,652 | 888 |
| * | Customers Bancorp Inc. | 22,403 | 772 |
| Truist Financial Corp. | 26,535 | 759 | |
| * | PayPal Holdings Inc. | 12,468 | 729 |
| 1 | International Bancshares Corp. | 16,323 | 707 |
| * | Genworth Financial Inc. Class A | 119,546 | 700 |
| * | Palomar Holdings Inc. | 12,613 | 640 |
| SLM Corp. | 46,076 | 628 | |
| 1 | Jackson Financial Inc. Class A | 15,903 | 608 |
| 1 | Brightsphere Investment Group Inc. | 27,534 | 534 |
| *,1 | Cannae Holdings Inc. | 25,491 | 475 |
| * | International Money Express Inc. | 27,774 | 470 |
| Veritex Holdings Inc. | 22,956 | 412 | |
| *,1 | LendingClub Corp. | 52,064 | 318 |
| 71,525 | |||
| Health Care (9.1%) | |||
| *,1 | Veradigm Inc. | 300,611 | 3,950 |
| *,1 | Tenet Healthcare Corp. | 51,576 | 3,398 |
| * | Centene Corp. | 39,737 | 2,737 |
| *,1,2 | Novavax Inc. | 374,308 | 2,710 |
| *,1 | Nevro Corp. | 124,744 | 2,398 |
| *,1 | Alkermes plc | 69,807 | 1,955 |
| *,1 | Pediatrix Medical Group Inc. | 153,421 | 1,950 |
| * | Align Technology Inc. | 6,273 | 1,915 |
| *,1 | Health Catalyst Inc. | 181,648 | 1,838 |
| *,1 | ACADIA Pharmaceuticals Inc. | 87,414 | 1,822 |
| *,1 | PetIQ Inc. | 88,351 | 1,740 |
| * | Vir Biotechnology Inc. | 180,409 | 1,690 |
| * | Inspire Medical Systems Inc. | 7,835 | 1,555 |
| *,1 | Teladoc Health Inc. | 71,021 | 1,320 |
| * | Ionis Pharmaceuticals Inc. | 25,469 | 1,155 |
| * | Option Care Health Inc. | 32,580 | 1,054 |
| * | Coherus Biosciences Inc. | 277,976 | 1,040 |
| *,1 | Veeva Systems Inc. Class A | 4,476 | 911 |
| * | Inmode Ltd. | 29,558 | 900 |
| Gilead Sciences Inc. | 10,979 | 823 | |
| * | Amneal Pharmaceuticals Inc. | 185,471 | 783 |
| *,1 | Agenus Inc. | 671,505 | 759 |
| *,1 | Lantheus Holdings Inc. | 10,765 | 748 |
| *,1 | Deciphera Pharmaceuticals Inc. | 54,444 | 692 |
| * | Ultragenyx Pharmaceutical Inc. | 18,460 | 658 |
| Agilent Technologies Inc. | 5,778 | 646 | |
| *,1 | Medpace Holdings Inc. | 2,300 | 557 |
| Pfizer Inc. | 15,397 | 511 | |
| HCA Healthcare Inc. | 2,023 | 498 | |
| * | Twist Bioscience Corp. | 24,382 | 494 |
| * | Incyte Corp. | 8,273 | 478 |
| * | Arrowhead Pharmaceuticals Inc. | 17,680 | 475 |
| * | Evolus Inc. | 51,440 | 470 |
| * | ANI Pharmaceuticals Inc. | 8,096 | 470 |
| * | Phreesia Inc. | 23,038 | 430 |
| * | REGENXBIO Inc. | 25,441 | 419 |
| * | CareDx Inc. | 54,657 | 383 |
| Embecta Corp. | 25,467 | 383 | |
| * | Altimmune Inc. | 120,703 | 314 |
| *,1 | Sangamo Therapeutics Inc. | 376,349 | 226 |
| * | Nektar Therapeutics | 261,128 | 155 |
| Shares | Market Value ($000) | ||
| *,1 | FibroGen Inc. | 36,712 | 32 |
| 47,442 | |||
| Industrials (19.0%) | |||
| Applied Industrial Technologies Inc. | 27,125 | 4,194 | |
| 1 | Acuity Brands Inc. | 24,536 | 4,179 |
| 1 | United Rentals Inc. | 8,901 | 3,957 |
| *,1 | Atkore Inc. | 25,294 | 3,774 |
| Watts Water Technologies Inc. Class A | 21,378 | 3,695 | |
| * | Builders FirstSource Inc. | 29,233 | 3,639 |
| 1 | Delta Air Lines Inc. | 97,483 | 3,607 |
| Masco Corp. | 67,047 | 3,584 | |
| *,1 | United Airlines Holdings Inc. | 84,043 | 3,555 |
| *,1 | GMS Inc. | 54,968 | 3,516 |
| * | Beacon Roofing Supply Inc. | 45,328 | 3,498 |
| 1 | Griffon Corp. | 87,615 | 3,476 |
| *,1 | JELD-WEN Holding Inc. | 257,297 | 3,437 |
| *,1 | American Airlines Group Inc. | 265,540 | 3,402 |
| Herc Holdings Inc. | 27,590 | 3,282 | |
| AGCO Corp. | 25,235 | 2,985 | |
| *,1 | MRC Global Inc. | 288,288 | 2,955 |
| 1 | Allison Transmission Holdings Inc. | 49,336 | 2,914 |
| Cintas Corp. | 5,912 | 2,844 | |
| 1 | H&E Equipment Services Inc. | 64,272 | 2,776 |
| *,1 | SkyWest Inc. | 63,715 | 2,672 |
| 1 | UFP Industries Inc. | 24,829 | 2,542 |
| *,1 | NOW Inc. | 190,091 | 2,256 |
| *,1 | Janus International Group Inc. | 201,760 | 2,159 |
| *,1 | Masterbrand Inc. | 175,077 | 2,127 |
| * | American Woodmark Corp. | 23,815 | 1,801 |
| 1 | Ryder System Inc. | 15,067 | 1,611 |
| * | Legalzoom.com Inc. | 143,558 | 1,570 |
| *,1 | Upwork Inc. | 134,922 | 1,533 |
| Republic Services Inc. | 9,942 | 1,417 | |
| 1 | Terex Corp. | 23,789 | 1,371 |
| *,1 | JetBlue Airways Corp. | 263,563 | 1,212 |
| Vertiv Holdings Co. | 29,527 | 1,098 | |
| * | Clean Harbors Inc. | 5,169 | 865 |
| * | Huron Consulting Group Inc. | 8,280 | 862 |
| Caterpillar Inc. | 2,831 | 773 | |
| 1 | Kforce Inc. | 12,852 | 767 |
| *,1 | Conduent Inc. | 154,895 | 539 |
| AMETEK Inc. | 3,635 | 537 | |
| 1 | ManpowerGroup Inc. | 7,132 | 523 |
| * | Copart Inc. | 11,194 | 482 |
| * | Paylocity Holding Corp. | 2,493 | 453 |
| Heidrick & Struggles International Inc. | 10,156 | 254 | |
| 98,693 | |||
| Information Technology (12.9%) | |||
| *,1 | Wix.com Ltd. | 44,638 | 4,098 |
| Lam Research Corp. | 6,141 | 3,849 | |
| *,1 | Rapid7 Inc. | 83,836 | 3,838 |
| *,1 | DocuSign Inc. | 87,340 | 3,668 |
| *,1 | Maxeon Solar Technologies Ltd. | 296,672 | 3,438 |
| *,1 | CommScope Holding Co. Inc. | 1,004,363 | 3,375 |
| *,1 | Everbridge Inc. | 131,988 | 2,959 |
| *,1 | ACM Research Inc. Class A | 151,322 | 2,740 |
| *,1 | Nutanix Inc. Class A | 78,096 | 2,724 |
| Shares | Market Value ($000) | ||
| * | SMART Global Holdings Inc. | 108,985 | 2,654 |
| *,1 | Arrow Electronics Inc. | 20,399 | 2,555 |
| 1 | Xerox Holdings Corp. | 159,983 | 2,510 |
| *,1 | BigCommerce Holdings Inc. Series 1 | 245,513 | 2,423 |
| *,1 | Yext Inc. | 324,525 | 2,054 |
| * | CommVault Systems Inc. | 28,524 | 1,929 |
| *,1 | TTM Technologies Inc. | 144,636 | 1,863 |
| Sapiens International Corp. NV | 62,271 | 1,770 | |
| Microsoft Corp. | 5,565 | 1,757 | |
| Applied Materials Inc. | 12,548 | 1,737 | |
| 1 | HP Inc. | 67,443 | 1,733 |
| *,1 | RingCentral Inc. Class A | 54,356 | 1,611 |
| *,1 | Domo Inc. Class B | 153,211 | 1,503 |
| * | MaxLinear Inc. | 66,791 | 1,486 |
| * | Synaptics Inc. | 14,915 | 1,334 |
| *,1 | Pure Storage Inc. Class A | 31,797 | 1,133 |
| * | Blackline Inc. | 19,645 | 1,090 |
| *,1 | Kyndryl Holdings Inc. | 65,962 | 996 |
| * | Zuora Inc. Class A | 117,112 | 965 |
| * | Teradata Corp. | 21,112 | 950 |
| * | LiveRamp Holdings Inc. | 30,679 | 885 |
| * | Infinera Corp. | 201,133 | 841 |
| * | Twilio Inc. Class A | 9,962 | 583 |
| 67,051 | |||
| Materials (6.1%) | |||
| Steel Dynamics Inc. | 36,454 | 3,909 | |
| 1 | Warrior Met Coal Inc. | 72,821 | 3,720 |
| 1 | Ryerson Holding Corp. | 125,488 | 3,650 |
| Eagle Materials Inc. | 21,151 | 3,522 | |
| *,1 | Constellium SE | 179,932 | 3,275 |
| 1 | AdvanSix Inc. | 101,462 | 3,153 |
| Commercial Metals Co. | 63,336 | 3,129 | |
| 1 | Chemours Co. | 48,479 | 1,360 |
| *,1 | Ecovyst Inc. | 107,055 | 1,053 |
| Nucor Corp. | 6,566 | 1,027 | |
| 1 | Reliance Steel & Aluminum Co. | 3,654 | 958 |
| United States Steel Corp. | 28,936 | 940 | |
| * | Cleveland-Cliffs Inc. | 35,805 | 560 |
| Carpenter Technology Corp. | 8,170 | 549 | |
| Orion SA | 22,463 | 478 | |
| * | Century Aluminum Co. | 52,244 | 376 |
| 31,659 | |||
| Real Estate (7.9%) | |||
| 1 | Apple Hospitality REIT Inc. | 264,498 | 4,058 |
| 1 | DiamondRock Hospitality Co. | 469,379 | 3,769 |
| 1 | Cousins Properties Inc. | 181,630 | 3,700 |
| 1 | Park Hotels & Resorts Inc. | 293,348 | 3,614 |
| 1 | American Assets Trust Inc. | 178,811 | 3,478 |
| 1 | RLJ Lodging Trust | 351,280 | 3,439 |
| 1 | Host Hotels & Resorts Inc. | 200,083 | 3,215 |
| 1 | Highwoods Properties Inc. | 149,683 | 3,085 |
| 1 | Gaming and Leisure Properties Inc. | 66,721 | 3,039 |
| 1 | Kilroy Realty Corp. | 81,278 | 2,569 |
| Acadia Realty Trust | 96,648 | 1,387 | |
| NNN REIT Inc. | 28,164 | 995 | |
| 1 | Xenia Hotels & Resorts Inc. | 72,938 | 859 |
| Mid-America Apartment Communities Inc. | 6,303 | 811 | |
| Shares | Market Value ($000) | ||
| EPR Properties | 18,569 | 771 | |
| * | Zillow Group Inc. Class C | 15,568 | 719 |
| Brixmor Property Group Inc. | 31,689 | 659 | |
| 1 | Brandywine Realty Trust | 131,271 | 596 |
| 1 | Retail Opportunity Investments Corp. | 37,075 | 459 |
| 41,222 | |||
| Utilities (3.3%) | |||
| 1 | Vistra Corp. | 127,004 | 4,214 |
| 1 | National Fuel Gas Co. | 74,287 | 3,856 |
| 1 | Evergy Inc. | 62,095 | 3,148 |
| Black Hills Corp. | 54,140 | 2,739 | |
| 1 | AES Corp. | 136,870 | 2,080 |
| New Jersey Resources Corp. | 26,277 | 1,068 | |
| 17,105 | |||
| Total Common Stocks—Long Positions (Cost $504,588) | 505,206 | ||
| Temporary Cash Investments (2.3%) | |||
| Money Market Fund (2.3%) | |||
| 3,4 | Vanguard Market Liquidity Fund, 5.391% (Cost $11,811) | 118,125 | 11,812 |
| Common Stocks Sold Short (-97.1%) | |||
| Communication Services (-3.7%) | |||
| * | Take-Two Interactive Software Inc. | (26,665) | (3,743) |
| Paramount Global Class B | (287,132) | (3,704) | |
| * | Sphere Entertainment Co. | (97,727) | (3,632) |
| * | Ziff Davis Inc. | (44,495) | (2,834) |
| * | Madison Square Garden Entertainment Corp. | (60,310) | (1,985) |
| * | Liberty Broadband Corp. Class C | (18,231) | (1,665) |
| * | DISH Network Corp. Class A | (119,707) | (701) |
| * | Frontier Communications Parent Inc. | (36,223) | (567) |
| * | Roblox Corp. Class A | (11,920) | (345) |
| (19,176) | |||
| Consumer Discretionary (-11.1%) | |||
| * | Mattel Inc. | (177,847) | (3,918) |
| * | Leslie's Inc. | (689,226) | (3,901) |
| * | Bowlero Corp. | (393,896) | (3,789) |
| Strategic Education Inc. | (50,171) | (3,775) | |
| * | Sabre Corp. | (788,867) | (3,542) |
| Service Corp. International | (59,609) | (3,406) | |
| Churchill Downs Inc. | (28,770) | (3,339) | |
| Krispy Kreme Inc. | (256,458) | (3,198) | |
| * | Topgolf Callaway Brands Corp. | (230,804) | (3,194) |
| * | LGI Homes Inc. | (29,415) | (2,927) |
| Newell Brands Inc. | (287,746) | (2,598) | |
| * | Mister Car Wash Inc. | (420,919) | (2,319) |
| * | Sonos Inc. | (175,319) | (2,264) |
| * | Sweetgreen Inc. Class A | (181,102) | (2,128) |
| Choice Hotels International Inc. | (17,175) | (2,104) | |
| * | DoorDash Inc. Class A | (19,847) | (1,577) |
| Hanesbrands Inc. | (380,269) | (1,506) | |
| Acushnet Holdings Corp. | (27,306) | (1,448) | |
| * | Carnival Corp. | (89,676) | (1,230) |
| * | Lucid Group Inc. | (214,934) | (1,202) |
| * | Xponential Fitness Inc. Class A | (76,365) | (1,184) |
| Monro Inc. | (24,262) | (674) | |
| * | Under Armour Inc. Class A | (92,643) | (635) |
| * | Figs Inc. Class A | (100,726) | (594) |
| Shares | Market Value ($000) | ||
| * | Kura Sushi USA Inc. Class A | (7,912) | (523) |
| Columbia Sportswear Co. | (6,543) | (485) | |
| (57,460) | |||
| Consumer Staples (-4.5%) | |||
| * | Grocery Outlet Holding Corp. | (123,897) | (3,574) |
| Dollar General Corp. | (32,232) | (3,410) | |
| * | BJ's Wholesale Club Holdings Inc. | (39,452) | (2,816) |
| J & J Snack Foods Corp. | (14,649) | (2,397) | |
| * | Celsius Holdings Inc. | (10,642) | (1,826) |
| MGP Ingredients Inc. | (16,994) | (1,793) | |
| Reynolds Consumer Products Inc. | (58,197) | (1,492) | |
| * | Chefs' Warehouse Inc. | (68,097) | (1,442) |
| Utz Brands Inc. | (104,595) | (1,405) | |
| Hormel Foods Corp. | (29,721) | (1,130) | |
| * | National Beverage Corp. | (20,366) | (958) |
| Brown-Forman Corp. Class B | (12,828) | (740) | |
| Walgreens Boots Alliance Inc. | (27,300) | (607) | |
| (23,590) | |||
| Energy (-6.3%) | |||
| Kinetik Holdings Inc. | (111,403) | (3,760) | |
| Chesapeake Energy Corp. | (42,319) | (3,649) | |
| * | NextDecade Corp. | (681,508) | (3,489) |
| * | Green Plains Inc. | (108,104) | (3,254) |
| * | CNX Resources Corp. | (142,748) | (3,223) |
| Sitio Royalties Corp. Class A | (110,319) | (2,671) | |
| Comstock Resources Inc. | (226,559) | (2,499) | |
| Northern Oil and Gas Inc. | (53,744) | (2,162) | |
| Noble Corp. plc | (38,045) | (1,927) | |
| Kinder Morgan Inc. | (94,278) | (1,563) | |
| EQT Corp. | (31,576) | (1,281) | |
| * | Uranium Energy Corp. | (214,427) | (1,104) |
| * | Tellurian Inc. | (561,634) | (652) |
| * | Dril-Quip Inc. | (20,679) | (583) |
| * | Borr Drilling Ltd. | (67,899) | (482) |
| Enviva Inc. | (51,621) | (386) | |
| (32,685) | |||
| Financials (-13.7%) | |||
| * | Ryan Specialty Holdings Inc. | (85,797) | (4,153) |
| First Interstate BancSystem Inc. Class A | (149,068) | (3,718) | |
| Glacier Bancorp Inc. | (128,330) | (3,657) | |
| ServisFirst Bancshares Inc. | (69,513) | (3,626) | |
| Bread Financial Holdings Inc. | (105,955) | (3,624) | |
| Bank of Hawaii Corp. | (72,246) | (3,590) | |
| Moelis & Co. Class A | (78,974) | (3,564) | |
| Kemper Corp. | (82,809) | (3,480) | |
| Interactive Brokers Group Inc. Class A | (39,724) | (3,438) | |
| TFS Financial Corp. | (288,123) | (3,406) | |
| CVB Financial Corp. | (197,030) | (3,265) | |
| Morningstar Inc. | (13,545) | (3,173) | |
| * | BRP Group Inc. Class A | (124,270) | (2,887) |
| * | Toast Inc. Class A | (142,875) | (2,676) |
| PJT Partners Inc. Class A | (32,605) | (2,590) | |
| Arthur J Gallagher & Co. | (10,665) | (2,431) | |
| Lakeland Financial Corp. | (46,346) | (2,200) | |
| * | Encore Capital Group Inc. | (35,918) | (1,715) |
| * | PRA Group Inc. | (75,709) | (1,454) |
| First Financial Bankshares Inc. | (55,523) | (1,395) | |
| Shares | Market Value ($000) | ||
| First Horizon National Corp. | (103,624) | (1,142) | |
| Progressive Corp. | (7,257) | (1,011) | |
| Allstate Corp. | (8,733) | (973) | |
| * | I3 Verticals Inc. Class A | (44,235) | (935) |
| Mercury General Corp. | (31,176) | (874) | |
| White Mountains Insurance Group Ltd. | (554) | (829) | |
| Live Oak Bancshares Inc. | (27,535) | (797) | |
| * | Trupanion Inc. | (28,264) | (797) |
| * | Credit Acceptance Corp. | (1,507) | (693) |
| Jack Henry & Associates Inc. | (4,189) | (633) | |
| T Rowe Price Group Inc. | (4,561) | (478) | |
| XP Inc. Class A | (20,198) | (466) | |
| Independent Bank Group Inc. | (11,670) | (461) | |
| United Community Banks Inc. | (16,661) | (423) | |
| FB Financial Corp. | (13,350) | (379) | |
| (70,933) | |||
| Health Care (-9.3%) | |||
| * | Alphatec Holdings Inc. | (284,846) | (3,695) |
| * | agilon health Inc. | (199,682) | (3,546) |
| * | Neogen Corp. | (181,565) | (3,366) |
| * | Axsome Therapeutics Inc. | (46,684) | (3,263) |
| * | R1 RCM Inc. | (215,978) | (3,255) |
| * | PROCEPT BioRobotics Corp. | (96,173) | (3,155) |
| * | SpringWorks Therapeutics Inc. | (95,195) | (2,201) |
| * | QuidelOrtho Corp. | (27,611) | (2,017) |
| * | ICU Medical Inc. | (16,681) | (1,985) |
| * | Cerevel Therapeutics Holdings Inc. | (83,314) | (1,819) |
| * | Repligen Corp. | (11,406) | (1,814) |
| * | Recursion Pharmaceuticals Inc. Class A | (230,748) | (1,765) |
| * | OPKO Health Inc. | (1,058,797) | (1,694) |
| * | Halozyme Therapeutics Inc. | (43,284) | (1,653) |
| * | Arcellx Inc. | (43,106) | (1,547) |
| * | Harrow Inc. | (104,917) | (1,508) |
| * | TransMedics Group Inc. | (24,490) | (1,341) |
| * | Roivant Sciences Ltd. | (111,646) | (1,304) |
| * | TG Therapeutics Inc. | (150,052) | (1,254) |
| Mesa Laboratories Inc. | (10,146) | (1,066) | |
| * | Nuvalent Inc. Class A | (21,521) | (989) |
| * | Enhabit Inc. | (75,105) | (845) |
| * | Novocure Ltd. | (43,673) | (705) |
| * | Innoviva Inc. | (36,014) | (468) |
| * | Biomea Fusion Inc. | (33,251) | (458) |
| * | Guardant Health Inc. | (15,016) | (445) |
| * | Avid Bioservices Inc. | (43,312) | (409) |
| * | Cutera Inc. | (50,066) | (301) |
| * | Cano Health Inc. | (678,643) | (172) |
| (48,040) | |||
| Industrials (-18.8%) | |||
| * | Chart Industries Inc. | (24,747) | (4,185) |
| * | Spirit AeroSystems Holdings Inc. Class A | (233,991) | (3,777) |
| * | FTI Consulting Inc. | (21,054) | (3,756) |
| Quanta Services Inc. | (19,661) | (3,678) | |
| RB Global Inc. | (58,501) | (3,656) | |
| * | Leonardo DRS Inc. | (216,784) | (3,620) |
| * | Joby Aviation Inc. | (560,329) | (3,614) |
| HEICO Corp. | (22,128) | (3,583) | |
| * | Bloom Energy Corp. Class A | (270,144) | (3,582) |
| Shares | Market Value ($000) | ||
| * | MasTec Inc. | (49,598) | (3,570) |
| Stanley Black & Decker Inc. | (41,555) | (3,473) | |
| * | SunPower Corp. | (555,394) | (3,427) |
| * | Mercury Systems Inc. | (91,427) | (3,391) |
| * | AerSale Corp. | (227,001) | (3,391) |
| * | Hayward Holdings Inc. | (214,743) | (3,028) |
| * | Ameresco Inc. Class A | (76,084) | (2,934) |
| Northrop Grumman Corp. | (6,467) | (2,847) | |
| CH Robinson Worldwide Inc. | (30,431) | (2,621) | |
| Equifax Inc. | (14,108) | (2,584) | |
| * | Construction Partners Inc. Class A | (68,674) | (2,511) |
| * | U-Haul Holding Co. | (41,130) | (2,244) |
| * | SiteOne Landscape Supply Inc. | (12,490) | (2,042) |
| Granite Construction Inc. | (53,042) | (2,017) | |
| Landstar System Inc. | (11,168) | (1,976) | |
| FTAI Aviation Ltd. | (55,398) | (1,969) | |
| Zurn Elkay Water Solutions Corp. | (65,055) | (1,823) | |
| * | RBC Bearings Inc. | (7,360) | (1,723) |
| * | AeroVironment Inc. | (15,268) | (1,703) |
| * | Fluence Energy Inc. | (72,513) | (1,667) |
| * | XPO Inc. | (19,401) | (1,448) |
| * | Rocket Lab USA Inc. | (309,839) | (1,357) |
| * | Frontier Group Holdings Inc. | (270,828) | (1,311) |
| Heartland Express Inc. | (82,763) | (1,216) | |
| * | Parsons Corp. | (18,328) | (996) |
| * | GXO Logistics Inc. | (12,778) | (749) |
| * | Shoals Technologies Group Inc. Class A | (40,355) | (737) |
| ICF International Inc. | (6,068) | (733) | |
| TransUnion | (10,055) | (722) | |
| United Parcel Service Inc. Class B | (4,538) | (707) | |
| * | 3D Systems Corp. | (142,962) | (702) |
| * | ACV Auctions Inc. Class A | (44,504) | (676) |
| * | Fluor Corp. | (16,910) | (621) |
| BWX Technologies Inc. | (6,750) | (506) | |
| * | Saia Inc. | (1,244) | (496) |
| * | OPENLANE Inc. | (31,959) | (477) |
| (97,846) | |||
| Information Technology (-13.5%) | |||
| * | Aspen Technology Inc. | (20,573) | (4,202) |
| * | nCino Inc. | (126,849) | (4,034) |
| Ubiquiti Inc. | (25,741) | (3,740) | |
| * | Wolfspeed Inc. | (96,547) | (3,678) |
| Gen Digital Inc. | (189,620) | (3,353) | |
| * | Jamf Holding Corp. | (188,572) | (3,330) |
| * | Lumentum Holdings Inc. | (71,986) | (3,252) |
| * | Mirion Technologies Inc. | (405,543) | (3,029) |
| Power Integrations Inc. | (38,329) | (2,925) | |
| * | Envestnet Inc. | (65,030) | (2,863) |
| * | PowerSchool Holdings Inc. Class A | (119,197) | (2,701) |
| * | Unity Software Inc. | (76,106) | (2,389) |
| Adeia Inc. | (223,132) | (2,383) | |
| * | Enphase Energy Inc. | (19,313) | (2,320) |
| * | Riot Blockchain Inc. | (246,075) | (2,296) |
| * | MACOM Technology Solutions Holdings Inc. | (25,695) | (2,096) |
| * | First Solar Inc. | (12,060) | (1,949) |
| * | MicroStrategy Inc. Class A | (5,434) | (1,784) |
| * | Globant SA | (8,709) | (1,723) |
| * | DoubleVerify Holdings Inc. | (59,481) | (1,663) |
| Shares | Market Value ($000) | ||
| * | Aehr Test Systems | (34,914) | (1,596) |
| Bentley Systems Inc. Class B | (30,327) | (1,521) | |
| * | IonQ Inc. | (100,737) | (1,499) |
| Teradyne Inc. | (12,727) | (1,279) | |
| * | MeridianLink Inc. | (67,073) | (1,144) |
| * | Allegro MicroSystems Inc. | (27,711) | (885) |
| * | Confluent Inc. Class A | (26,909) | (797) |
| * | PAR Technology Corp. | (20,138) | (776) |
| * | CCC Intelligent Solutions Holdings Inc. | (57,668) | (770) |
| * | indie Semiconductor Inc. Class A | (110,190) | (694) |
| Universal Display Corp. | (4,031) | (633) | |
| * | Coherent Corp. | (17,372) | (567) |
| Cognex Corp. | (12,784) | (543) | |
| * | BILL Holdings Inc. | (5,004) | (543) |
| * | Clearfield Inc. | (15,759) | (452) |
| * | Cleanspark Inc. | (110,271) | (420) |
| * | Digi International Inc. | (14,989) | (405) |
| (70,234) | |||
| Materials (-5.5%) | |||
| SSR Mining Inc. | (284,084) | (3,775) | |
| Celanese Corp. | (27,823) | (3,492) | |
| Mativ Holdings Inc. | (226,201) | (3,226) | |
| * | MP Materials Corp. | (143,889) | (2,748) |
| Hecla Mining Co. | (688,182) | (2,691) | |
| Royal Gold Inc. | (23,503) | (2,499) | |
| * | Novagold Resources Inc. | (600,144) | (2,305) |
| * | PureCycle Technologies Inc. | (323,170) | (1,813) |
| Ball Corp. | (34,148) | (1,700) | |
| Westlake Corp. | (13,301) | (1,658) | |
| DuPont de Nemours Inc. | (15,418) | (1,150) | |
| * | Piedmont Lithium Inc. | (23,095) | (917) |
| Kaiser Aluminum Corp. | (8,438) | (635) | |
| (28,609) | |||
| Real Estate (-7.8%) | |||
| Omega Healthcare Investors Inc. | (122,020) | (4,046) | |
| Safehold Inc. | (208,316) | (3,708) | |
| Rexford Industrial Realty Inc. | (72,122) | (3,559) | |
| National Health Investors Inc. | (62,623) | (3,216) | |
| Uniti Group Inc. | (661,118) | (3,120) | |
| Easterly Government Properties Inc. | (270,388) | (3,091) | |
| Healthcare Realty Trust Inc. | (198,866) | (3,037) | |
| Farmland Partners Inc. | (275,848) | (2,830) | |
| American Tower Corp. | (17,130) | (2,817) | |
| Terreno Realty Corp. | (45,407) | (2,579) | |
| Pebblebrook Hotel Trust | (133,730) | (1,817) | |
| * | Apartment Investment and Management Co. Class A | (255,754) | (1,739) |
| NETSTREIT Corp. | (107,027) | (1,668) | |
| Douglas Emmett Inc. | (110,868) | (1,415) | |
| SBA Communications Corp. | (4,329) | (867) | |
| Digitalbridge Group Inc. | (44,491) | (782) | |
| Elme Communities | (33,947) | (463) | |
| (40,754) | |||
| Utilities (-2.9%) | |||
| Southwest Gas Holdings Inc. | (60,412) | (3,650) | |
| Spire Inc. | (49,063) | (2,776) | |
| Brookfield Renewable Corp. Class A | (88,068) | (2,108) | |
| American Water Works Co. Inc. | (14,771) | (1,829) | |
| Shares | Market Value ($000) | ||
| Ormat Technologies Inc. (XNYS) | (20,177) | (1,411) | |
| * | Altus Power Inc. | (241,890) | (1,270) |
| * | Sunnova Energy International Inc. | (84,165) | (881) |
| Constellation Energy Corp. | (4,491) | (490) | |
| Middlesex Water Co. | (6,685) | (443) | |
| Avangrid Inc. | (14,357) | (433) | |
| (15,291) | |||
| Total Common Stocks Sold Short (Proceeds $543,912) | (504,618) | ||
| Other Assets and Other Liabilities—Net (97.6%) | 507,030 | ||
| Net Assets (100%) | 519,430 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Long security positions with a value of $287,468,000 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 $578,000. |
| 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 $639,000 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 September 30, 2023, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.