Vanguard® High Dividend Yield Index Fund
Schedule of Investments (unaudited)
As of January 31, 2024
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 (99.5%) | ||||||
Basic Materials (2.3%) | ||||||
Air Products and Chemicals Inc. | 988,620 | 252,800 | ||||
Newmont Corp. | 5,141,210 | 177,423 | ||||
Fastenal Co. | 2,544,371 | 173,602 | ||||
Dow Inc. | 3,154,729 | 169,094 | ||||
LyondellBasell Industries NV Class A | 1,153,102 | 108,530 | ||||
International Flavors & Fragrances Inc. | 1,137,149 | 91,745 | ||||
Reliance Steel & Aluminum Co. | 257,050 | 73,367 | ||||
CF Industries Holdings Inc. | 857,157 | 64,724 | ||||
Celanese Corp. Class A | 439,976 | 64,364 | ||||
International Paper Co. | 1,541,930 | 55,247 | ||||
Eastman Chemical Co. | 527,912 | 44,107 | ||||
Southern Copper Corp. | 379,686 | 31,172 | ||||
Chemours Co. | 661,697 | 19,963 | ||||
Huntsman Corp. | 752,797 | 18,474 | ||||
Cabot Corp. | 244,591 | 17,635 | ||||
Avient Corp. | 399,267 | 14,458 | ||||
Carpenter Technology Corp. | 216,028 | 13,305 | ||||
Sensient Technologies Corp. | 185,868 | 11,529 | ||||
Scotts Miracle-Gro Co. | 183,782 | 10,340 | ||||
Tronox Holdings plc | 517,802 | 7,141 | ||||
Kaiser Aluminum Corp. | 70,408 | 4,570 | ||||
* | Worthington Steel Inc. | 136,517 | 4,089 | |||
Mativ Holdings Inc. | 242,015 | 2,911 | ||||
1,430,590 | ||||||
Consumer Discretionary (9.0%) | ||||||
Home Depot Inc. | 4,458,752 | 1,573,761 | ||||
Walmart Inc. | 6,362,998 | 1,051,485 | ||||
McDonald's Corp. | 3,251,193 | 951,689 | ||||
Starbucks Corp. | 5,029,669 | 467,910 | ||||
Target Corp. | 2,050,483 | 285,181 | ||||
Ford Motor Co. | 17,490,646 | 204,990 | ||||
Genuine Parts Co. | 624,699 | 87,602 | ||||
Darden Restaurants Inc. | 537,597 | 87,403 | ||||
Garmin Ltd. | 684,287 | 81,765 | ||||
Omnicom Group Inc. | 878,660 | 79,413 | ||||
Best Buy Co. Inc. | 867,608 | 62,893 | ||||
Interpublic Group of Cos. Inc. | 1,716,601 | 56,631 | ||||
Williams-Sonoma Inc. | 283,744 | 54,873 | ||||
Tapestry Inc. | 1,019,769 | 39,557 | ||||
Vail Resorts Inc. | 168,208 | 37,342 | ||||
Autoliv Inc. | 333,861 | 35,763 |
Shares | Market Value ($000) | |||||
H&R Block Inc. | 648,958 | 30,397 | ||||
Paramount Global Class B | 1,972,237 | 28,775 | ||||
Hasbro Inc. | 581,705 | 28,474 | ||||
Whirlpool Corp. | 238,152 | 26,082 | ||||
VF Corp. | 1,556,264 | 25,616 | ||||
Ralph Lauren Corp. Class A | 177,774 | 25,541 | ||||
Macy's Inc. | 1,204,386 | 22,028 | ||||
Polaris Inc. | 239,957 | 21,587 | ||||
Advance Auto Parts Inc. | 264,292 | 17,668 | ||||
MDC Holdings Inc. | 264,770 | 16,569 | ||||
Gap Inc. | 865,158 | 16,170 | ||||
Kontoor Brands Inc. | 248,158 | 14,547 | ||||
Wendy's Co. | 759,933 | 14,500 | ||||
Newell Brands Inc. | 1,693,202 | 14,087 | ||||
Steven Madden Ltd. | 332,413 | 13,921 | ||||
TEGNA Inc. | 891,507 | 13,899 | ||||
Leggett & Platt Inc. | 589,692 | 13,687 | ||||
1 | Sirius XM Holdings Inc. | 2,623,206 | 13,352 | |||
Penske Automotive Group Inc. | 87,067 | 12,918 | ||||
Travel + Leisure Co. | 313,606 | 12,676 | ||||
Kohl's Corp. | 491,928 | 12,672 | ||||
International Game Technology plc | 479,521 | 12,448 | ||||
LCI Industries | 109,124 | 12,143 | ||||
Carter's Inc. | 160,028 | 12,105 | ||||
Bloomin' Brands Inc. | 386,655 | 10,293 | ||||
Strategic Education Inc. | 99,921 | 9,399 | ||||
Nordstrom Inc. | 507,924 | 9,219 | ||||
MillerKnoll Inc. | 325,845 | 8,664 | ||||
HNI Corp. | 203,372 | 8,281 | ||||
Upbound Group Inc. | 242,545 | 8,053 | ||||
Dana Inc. | 575,628 | 7,806 | ||||
Worthington Enterprises Inc. | 136,457 | 7,784 | ||||
Cracker Barrel Old Country Store Inc. | 97,427 | 7,536 | ||||
Cheesecake Factory Inc. | 214,111 | 7,359 | ||||
Jack in the Box Inc. | 89,494 | 6,978 | ||||
La-Z-Boy Inc. | 191,636 | 6,671 | ||||
Oxford Industries Inc. | 66,114 | 6,276 | ||||
John Wiley & Sons Inc. Class A | 160,895 | 5,445 | ||||
Steelcase Inc. Class A | 408,900 | 5,185 | ||||
Dine Brands Global Inc. | 68,320 | 3,187 | ||||
Wolverine World Wide Inc. | 344,470 | 2,880 | ||||
Guess? Inc. | 124,187 | 2,774 | ||||
Sinclair Inc. | 146,500 | 2,300 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 29,476 | 896 | |||
5,717,106 | ||||||
Consumer Staples (12.2%) | ||||||
Procter & Gamble Co. | 10,494,960 | 1,649,178 | ||||
PepsiCo Inc. | 6,141,608 | 1,035,045 | ||||
Coca-Cola Co. | 17,362,399 | 1,032,889 | ||||
Philip Morris International Inc. | 6,918,416 | 628,538 | ||||
Mondelez International Inc. Class A | 6,062,055 | 456,291 | ||||
CVS Health Corp. | 5,708,467 | 424,539 | ||||
Altria Group Inc. | 7,963,426 | 319,493 | ||||
Colgate-Palmolive Co. | 3,658,369 | 308,035 | ||||
Sysco Corp. | 2,261,743 | 183,043 | ||||
Kimberly-Clark Corp. | 1,501,668 | 181,657 | ||||
General Mills Inc. | 2,591,145 | 168,191 | ||||
Kroger Co. | 2,907,984 | 134,174 |
Shares | Market Value ($000) | |||||
Kraft Heinz Co. | 3,580,470 | 132,943 | ||||
Archer-Daniels-Midland Co. | 2,379,408 | 132,247 | ||||
Hershey Co. | 668,100 | 129,304 | ||||
Walgreens Boots Alliance Inc. | 3,190,592 | 72,012 | ||||
Tyson Foods Inc. Class A | 1,237,342 | 67,757 | ||||
Clorox Co. | 447,747 | 65,035 | ||||
Kellanova | 1,157,101 | 63,363 | ||||
Coca-Cola Europacific Partners plc | 899,599 | 61,982 | ||||
Conagra Brands Inc. | 2,118,375 | 61,751 | ||||
J M Smucker Co. | 457,250 | 60,151 | ||||
Bunge Global SA | 644,271 | 56,754 | ||||
Molson Coors Beverage Co. Class B | 778,180 | 48,084 | ||||
Albertsons Cos. Inc. Class A | 1,854,478 | 39,352 | ||||
Hormel Foods Corp. | 1,288,907 | 39,144 | ||||
Campbell Soup Co. | 851,579 | 38,006 | ||||
Ingredion Inc. | 293,616 | 31,584 | ||||
Flowers Foods Inc. | 836,463 | 19,071 | ||||
Spectrum Brands Holdings Inc. | 155,474 | 12,223 | ||||
Cal-Maine Foods Inc. | 181,248 | 10,045 | ||||
Energizer Holdings Inc. | 316,274 | 10,001 | ||||
Vector Group Ltd. | 642,881 | 6,731 | ||||
Reynolds Consumer Products Inc. | 241,650 | 6,566 | ||||
Universal Corp. | 106,724 | 6,185 | ||||
Weis Markets Inc. | 73,177 | 4,445 | ||||
Nu Skin Enterprises Inc. Class A | 219,366 | 4,071 | ||||
WK Kellogg Co. | 289,335 | 3,758 | ||||
B&G Foods Inc. | 314,880 | 3,168 | ||||
Medifast Inc. | 47,148 | 2,577 | ||||
7,709,383 | ||||||
Energy (9.8%) | ||||||
Exxon Mobil Corp. | 18,046,616 | 1,855,373 | ||||
Chevron Corp. | 7,458,490 | 1,099,605 | ||||
ConocoPhillips | 5,341,353 | 597,537 | ||||
Schlumberger NV | 6,350,792 | 309,284 | ||||
EOG Resources Inc. | 2,619,914 | 298,120 | ||||
Phillips 66 | 1,984,008 | 286,312 | ||||
Marathon Petroleum Corp. | 1,691,488 | 280,110 | ||||
Valero Energy Corp. | 1,512,970 | 210,152 | ||||
Williams Cos. Inc. | 5,427,461 | 188,116 | ||||
ONEOK Inc. | 2,592,800 | 176,959 | ||||
Kinder Morgan Inc. | 8,741,729 | 147,910 | ||||
Baker Hughes Co. Class A | 4,514,543 | 128,664 | ||||
Diamondback Energy Inc. | 795,173 | 122,250 | ||||
Targa Resources Corp. | 985,235 | 83,706 | ||||
Coterra Energy Inc. | 3,327,542 | 82,789 | ||||
Chesapeake Energy Corp. | 557,583 | 42,995 | ||||
APA Corp. | 1,364,694 | 42,756 | ||||
HF Sinclair Corp. | 644,328 | 36,398 | ||||
Chord Energy Corp. | 184,830 | 28,419 | ||||
Murphy Oil Corp. | 656,326 | 25,400 | ||||
DT Midstream Inc. | 431,956 | 23,192 | ||||
Civitas Resources Inc. | 357,079 | 23,142 | ||||
Equitrans Midstream Corp. | 1,928,823 | 19,655 | ||||
Antero Midstream Corp. | 1,509,227 | 18,473 | ||||
Helmerich & Payne Inc. | 430,036 | 17,313 | ||||
Arch Resources Inc. | 79,448 | 14,059 | ||||
Northern Oil & Gas Inc. | 388,714 | 13,022 | ||||
Archrock Inc. | 612,795 | 10,013 |
Shares | Market Value ($000) | |||||
New Fortress Energy Inc. | 288,267 | 9,579 | ||||
Delek US Holdings Inc. | 284,083 | 7,679 | ||||
CVR Energy Inc. | 131,197 | 4,425 | ||||
6,203,407 | ||||||
Financials (21.5%) | ||||||
JPMorgan Chase & Co. | 12,868,462 | 2,243,745 | ||||
Bank of America Corp. | 30,711,125 | 1,044,485 | ||||
Wells Fargo & Co. | 16,361,327 | 821,011 | ||||
Goldman Sachs Group Inc. | 1,421,569 | 545,897 | ||||
BlackRock Inc. | 662,677 | 513,117 | ||||
Citigroup Inc. | 8,522,709 | 478,721 | ||||
Morgan Stanley | 5,359,805 | 467,589 | ||||
Progressive Corp. | 2,605,192 | 464,375 | ||||
Chubb Ltd. | 1,810,009 | 443,452 | ||||
Blackstone Inc. | 3,176,530 | 395,319 | ||||
CME Group Inc. | 1,600,363 | 329,419 | ||||
US Bancorp | 6,943,816 | 288,446 | ||||
PNC Financial Services Group Inc. | 1,775,339 | 268,449 | ||||
Apollo Global Management Inc. | 2,324,826 | 233,413 | ||||
Aflac Inc. | 2,629,381 | 221,762 | ||||
American International Group Inc. | 3,172,699 | 220,534 | ||||
Truist Financial Corp. | 5,912,220 | 219,107 | ||||
Travelers Cos. Inc. | 1,015,957 | 214,733 | ||||
MetLife Inc. | 2,823,029 | 195,692 | ||||
Bank of New York Mellon Corp. | 3,431,841 | 190,330 | ||||
Allstate Corp. | 1,168,789 | 181,454 | ||||
Ameriprise Financial Inc. | 457,259 | 176,882 | ||||
Prudential Financial Inc. | 1,618,199 | 169,798 | ||||
Discover Financial Services | 1,111,767 | 117,314 | ||||
Hartford Financial Services Group Inc. | 1,315,731 | 114,416 | ||||
T. Rowe Price Group Inc. | 982,996 | 106,606 | ||||
Fifth Third Bancorp | 3,025,545 | 103,595 | ||||
M&T Bank Corp. | 737,215 | 101,809 | ||||
State Street Corp. | 1,373,096 | 101,431 | ||||
Ares Management Corp. Class A | 727,256 | 88,347 | ||||
Principal Financial Group Inc. | 1,076,656 | 85,163 | ||||
Huntington Bancshares Inc. | 6,416,030 | 81,676 | ||||
Regions Financial Corp. | 4,167,904 | 77,815 | ||||
Cincinnati Financial Corp. | 683,718 | 75,756 | ||||
Everest Group Ltd. | 190,815 | 73,458 | ||||
Northern Trust Corp. | 912,357 | 72,660 | ||||
Citizens Financial Group Inc. | 2,071,374 | 67,734 | ||||
KeyCorp | 4,153,805 | 60,355 | ||||
Fidelity National Financial Inc. | 1,155,104 | 57,790 | ||||
Reinsurance Group of America Inc. | 296,027 | 51,476 | ||||
Equitable Holdings Inc. | 1,539,630 | 50,331 | ||||
East West Bancorp Inc. | 625,197 | 45,521 | ||||
Credicorp Ltd. | 303,294 | 45,018 | ||||
Ally Financial Inc. | 1,204,588 | 44,184 | ||||
Unum Group | 874,843 | 42,290 | ||||
Assurant Inc. | 235,458 | 39,545 | ||||
American Financial Group Inc. | 323,918 | 39,000 | ||||
Webster Financial Corp. | 761,064 | 37,657 | ||||
Carlyle Group Inc. | 939,128 | 37,584 | ||||
First Horizon Corp. | 2,474,714 | 35,240 | ||||
Franklin Resources Inc. | 1,267,181 | 33,745 | ||||
Jefferies Financial Group Inc. | 806,265 | 32,863 | ||||
Old Republic International Corp. | 1,162,600 | 32,599 |
Shares | Market Value ($000) | |||||
Comerica Inc. | 585,771 | 30,800 | ||||
Cullen/Frost Bankers Inc. | 263,478 | 27,960 | ||||
SouthState Corp. | 336,250 | 27,942 | ||||
Zions Bancorp NA | 647,663 | 27,137 | ||||
Houlihan Lokey Inc. Class A | 225,218 | 26,977 | ||||
First American Financial Corp. | 446,076 | 26,921 | ||||
Evercore Inc. Class A | 156,559 | 26,886 | ||||
Popular Inc. | 313,238 | 26,766 | ||||
Invesco Ltd. | 1,616,702 | 25,592 | ||||
Prosperity Bancshares Inc. | 387,734 | 24,780 | ||||
Corebridge Financial Inc. | 1,018,263 | 24,611 | ||||
RLI Corp. | 179,011 | 24,412 | ||||
MGIC Investment Corp. | 1,225,880 | 24,321 | ||||
Synovus Financial Corp. | 643,688 | 24,241 | ||||
OneMain Holdings Inc. | 499,325 | 23,768 | ||||
Cadence Bank | 804,745 | 21,422 | ||||
Bank OZK | 474,170 | 21,390 | ||||
Old National Bancorp | 1,293,958 | 21,311 | ||||
FNB Corp. | 1,591,689 | 20,978 | ||||
Hanover Insurance Group Inc. | 157,988 | 20,856 | ||||
United Bankshares Inc. | 577,915 | 20,718 | ||||
Lincoln National Corp. | 752,308 | 20,651 | ||||
Axis Capital Holdings Ltd. | 346,017 | 20,595 | ||||
New York Community Bancorp Inc. | 3,170,310 | 20,512 | ||||
Assured Guaranty Ltd. | 249,956 | 20,279 | ||||
Radian Group Inc. | 694,933 | 20,139 | ||||
SLM Corp. | 1,001,071 | 19,901 | ||||
Home BancShares Inc. | 842,553 | 19,749 | ||||
FirstCash Holdings Inc. | 166,395 | 19,097 | ||||
Glacier Bancorp Inc. | 492,569 | 19,043 | ||||
Lazard Inc. Class A | 487,095 | 18,987 | ||||
Columbia Banking System Inc. | 925,489 | 18,658 | ||||
Valley National Bancorp | 1,906,458 | 18,340 | ||||
Jackson Financial Inc. Class A | 365,809 | 18,316 | ||||
Hancock Whitney Corp. | 383,264 | 17,289 | ||||
Janus Henderson Group plc | 595,827 | 17,136 | ||||
Moelis & Co. Class A | 294,995 | 16,216 | ||||
Kemper Corp. | 267,918 | 16,075 | ||||
Associated Banc-Corp | 668,525 | 14,046 | ||||
United Community Banks Inc. | 510,520 | 13,958 | ||||
Walker & Dunlop Inc. | 140,491 | 13,570 | ||||
CNO Financial Group Inc. | 494,584 | 13,443 | ||||
Piper Sandler Cos. | 76,639 | 13,296 | ||||
First Bancorp | 759,608 | 12,670 | ||||
Cathay General Bancorp | 307,050 | 12,641 | ||||
First Hawaiian Inc. | 566,184 | 12,281 | ||||
Artisan Partners Asset Management Inc. Class A | 271,298 | 11,367 | ||||
Atlantic Union Bankshares Corp. | 331,486 | 11,324 | ||||
Fulton Financial Corp. | 709,805 | 11,066 | ||||
Bank of Hawaii Corp. | 173,157 | 10,949 | ||||
Independent Bank Corp. | 195,106 | 10,943 | ||||
Community Bank System Inc. | 235,200 | 10,765 | ||||
Pacific Premier Bancorp Inc. | 419,012 | 10,630 | ||||
BOK Financial Corp. | 126,096 | 10,572 | ||||
Simmons First National Corp. Class A | 548,238 | 10,422 | ||||
First Interstate BancSystem Inc. Class A | 364,617 | 10,034 | ||||
CVB Financial Corp. | 587,594 | 9,854 | ||||
Eastern Bankshares Inc. | 682,869 | 9,533 |
Shares | Market Value ($000) | |||||
First Financial Bancorp | 417,754 | 9,366 | ||||
BankUnited Inc. | 327,803 | 9,264 | ||||
First Merchants Corp. | 261,086 | 8,827 | ||||
Towne Bank | 310,691 | 8,734 | ||||
BancFirst Corp. | 97,193 | 8,603 | ||||
Park National Corp. | 63,436 | 8,290 | ||||
WaFd Inc. | 284,660 | 8,267 | ||||
Cohen & Steers Inc. | 115,043 | 8,101 | ||||
Independent Bank Group Inc. | 160,132 | 7,742 | ||||
Renasant Corp. | 243,762 | 7,710 | ||||
WesBanco Inc. | 254,830 | 7,477 | ||||
Virtus Investment Partners Inc. | 30,728 | 7,255 | ||||
Trustmark Corp. | 268,720 | 7,253 | ||||
NBT Bancorp Inc. | 203,199 | 7,228 | ||||
Banner Corp. | 151,176 | 7,042 | ||||
Northwest Bancshares Inc. | 562,725 | 6,961 | ||||
City Holding Co. | 65,667 | 6,712 | ||||
Horace Mann Educators Corp. | 181,537 | 6,686 | ||||
Heartland Financial USA Inc. | 186,702 | 6,622 | ||||
Virtu Financial Inc. Class A | 391,908 | 6,580 | ||||
Navient Corp. | 379,810 | 6,540 | ||||
Bank of NT Butterfield & Son Ltd. | 214,331 | 6,501 | ||||
First Commonwealth Financial Corp. | 454,857 | 6,373 | ||||
Stock Yards Bancorp Inc. | 119,525 | 5,943 | ||||
Hope Bancorp Inc. | 509,427 | 5,644 | ||||
S&T Bancorp Inc. | 168,449 | 5,616 | ||||
Westamerica Bancorp | 114,027 | 5,441 | ||||
Provident Financial Services Inc. | 324,267 | 5,367 | ||||
CNA Financial Corp. | 116,039 | 5,114 | ||||
Employers Holdings Inc. | 113,234 | 4,724 | ||||
Mercury General Corp. | 117,849 | 4,720 | ||||
Sandy Spring Bancorp Inc. | 193,586 | 4,720 | ||||
Berkshire Hills Bancorp Inc. | 191,951 | 4,607 | ||||
Brookline Bancorp Inc. | 384,208 | 4,157 | ||||
WisdomTree Inc. | 607,178 | 4,111 | ||||
1st Source Corp. | 73,324 | 3,833 | ||||
F&G Annuities & Life Inc. | 82,843 | 3,715 | ||||
Capitol Federal Financial Inc. | 567,543 | 3,598 | ||||
TFS Financial Corp. | 223,052 | 2,971 | ||||
Republic Bancorp Inc. Class A | 37,239 | 1,906 | ||||
13,605,165 | ||||||
Health Care (12.0%) | ||||||
Johnson & Johnson | 10,744,013 | 1,707,224 | ||||
Merck & Co. Inc. | 11,323,812 | 1,367,690 | ||||
AbbVie Inc. | 7,866,826 | 1,293,306 | ||||
Amgen Inc. | 2,381,438 | 748,391 | ||||
Pfizer Inc. | 25,182,059 | 681,930 | ||||
Medtronic plc | 5,921,655 | 518,382 | ||||
Bristol-Myers Squibb Co. | 9,073,842 | 443,439 | ||||
Gilead Sciences Inc. | 5,572,020 | 436,066 | ||||
Cardinal Health Inc. | 1,098,593 | 119,955 | ||||
Baxter International Inc. | 2,251,493 | 87,110 | ||||
Viatris Inc. | 5,334,544 | 62,787 | ||||
Royalty Pharma plc Class A | 1,655,643 | 47,004 | ||||
Perrigo Co. plc | 600,522 | 19,265 | ||||
Organon & Co. | 1,137,153 | 18,934 | ||||
Premier Inc. Class A | 527,895 | 11,413 |
Shares | Market Value ($000) | |||||
Patterson Cos. Inc. | 379,008 | 11,317 | ||||
7,574,213 | ||||||
Industrials (12.0%) | ||||||
Caterpillar Inc. | 2,274,635 | 683,096 | ||||
Union Pacific Corp. | 2,717,352 | 662,844 | ||||
Honeywell International Inc. | 2,968,156 | 600,339 | ||||
RTX Corp. | 6,408,909 | 583,980 | ||||
United Parcel Service Inc. Class B | 3,228,486 | 458,122 | ||||
Automatic Data Processing Inc. | 1,843,672 | 453,138 | ||||
Eaton Corp. plc | 1,775,256 | 436,855 | ||||
Lockheed Martin Corp. | 987,630 | 424,098 | ||||
Illinois Tool Works Inc. | 1,334,400 | 348,145 | ||||
General Dynamics Corp. | 1,091,084 | 289,126 | ||||
Emerson Electric Co. | 2,544,086 | 233,369 | ||||
3M Co. | 2,451,233 | 231,274 | ||||
PACCAR Inc. | 2,284,731 | 229,364 | ||||
L3Harris Technologies Inc. | 843,099 | 175,719 | ||||
Paychex Inc. | 1,435,959 | 174,799 | ||||
Fidelity National Information Services Inc. | 2,638,290 | 164,260 | ||||
Johnson Controls International plc | 3,031,243 | 159,716 | ||||
Cummins Inc. | 631,890 | 151,211 | ||||
DuPont de Nemours Inc. | 2,046,226 | 126,457 | ||||
Hubbell Inc. Class B | 238,533 | 80,044 | ||||
Synchrony Financial | 1,836,787 | 71,396 | ||||
Snap-on Inc. | 231,778 | 67,199 | ||||
Packaging Corp. of America | 393,896 | 65,339 | ||||
Stanley Black & Decker Inc. | 681,779 | 63,610 | ||||
RPM International Inc. | 566,222 | 60,393 | ||||
Watsco Inc. | 147,782 | 57,780 | ||||
Westrock Co. | 1,130,940 | 45,532 | ||||
Huntington Ingalls Industries Inc. | 174,479 | 45,176 | ||||
nVent Electric plc | 732,337 | 43,969 | ||||
CH Robinson Worldwide Inc. | 511,815 | 43,038 | ||||
Oshkosh Corp. | 290,181 | 31,949 | ||||
Crane Co. | 213,558 | 26,505 | ||||
Sonoco Products Co. | 435,127 | 24,759 | ||||
Flowserve Corp. | 582,234 | 23,249 | ||||
Ryder System Inc. | 194,678 | 22,109 | ||||
MSC Industrial Direct Co. Inc. Class A | 208,930 | 20,617 | ||||
Western Union Co. | 1,620,976 | 20,376 | ||||
GATX Corp. | 156,794 | 19,231 | ||||
MDU Resources Group Inc. | 899,479 | 17,549 | ||||
Otter Tail Corp. | 182,327 | 16,486 | ||||
* | Knife River Corp. | 249,861 | 16,363 | |||
ManpowerGroup Inc. | 218,904 | 16,229 | ||||
McGrath RentCorp | 109,006 | 13,697 | ||||
Crane NXT Co. | 213,949 | 12,469 | ||||
ABM Industries Inc. | 292,513 | 11,932 | ||||
Kennametal Inc. | 355,255 | 8,711 | ||||
Tennant Co. | 81,700 | 7,722 | ||||
H&E Equipment Services Inc. | 142,227 | 7,650 | ||||
Greif Inc. Class A | 107,534 | 6,733 | ||||
SFL Corp. Ltd. | 506,638 | 6,166 | ||||
Greenbrier Cos. Inc. | 134,755 | 6,126 | ||||
ADT Inc. | 935,490 | 6,109 | ||||
Golden Ocean Group Ltd. | 545,660 | 5,768 | ||||
Apogee Enterprises Inc. | 97,921 | 5,171 | ||||
Star Bulk Carriers Corp. | 220,640 | 4,797 |
Shares | Market Value ($000) | |||||
Ardagh Metal Packaging SA | 644,643 | 2,379 | ||||
TTEC Holdings Inc. | 84,732 | 1,727 | ||||
7,591,967 | ||||||
Real Estate (0.0%) | ||||||
Kennedy-Wilson Holdings Inc. | 528,892 | 5,527 | ||||
Technology (8.9%) | ||||||
Broadcom Inc. | 1,921,943 | 2,267,893 | ||||
Intel Corp. | 18,811,535 | 810,401 | ||||
QUALCOMM Inc. | 4,973,414 | 738,602 | ||||
International Business Machines Corp. | 3,730,633 | 685,168 | ||||
Texas Instruments Inc. | 4,046,672 | 647,953 | ||||
HP Inc. | 3,850,798 | 110,556 | ||||
Corning Inc. | 3,390,020 | 110,142 | ||||
NetApp Inc. | 938,613 | 81,847 | ||||
Seagate Technology Holdings plc | 929,583 | 79,647 | ||||
Gen Digital Inc. | 2,466,584 | 57,915 | ||||
Hewlett Packard Enterprise Co. | 3,006,331 | 45,967 | ||||
Avnet Inc. | 404,496 | 18,324 | ||||
Xerox Holdings Corp. | 516,494 | 9,534 | ||||
5,663,949 | ||||||
Telecommunications (5.0%) | ||||||
Cisco Systems Inc. | 18,072,153 | 906,861 | ||||
Comcast Corp. Class A | 17,797,777 | 828,308 | ||||
Verizon Communications Inc. | 18,761,247 | 794,539 | ||||
AT&T Inc. | 31,917,482 | 564,620 | ||||
Juniper Networks Inc. | 1,420,295 | 52,494 | ||||
Cogent Communications Holdings Inc. | 193,280 | 14,921 | ||||
Telephone & Data Systems Inc. | 435,637 | 8,369 | ||||
3,170,112 | ||||||
Utilities (6.8%) | ||||||
NextEra Energy Inc. | 9,024,680 | 529,117 | ||||
Southern Co. | 4,857,365 | 337,684 | ||||
Waste Management Inc. | 1,812,701 | 336,492 | ||||
Duke Energy Corp. | 3,436,159 | 329,287 | ||||
Sempra | 2,808,276 | 200,960 | ||||
American Electric Power Co. Inc. | 2,296,079 | 179,416 | ||||
Dominion Energy Inc. | 3,725,936 | 170,350 | ||||
Exelon Corp. | 4,430,611 | 154,230 | ||||
Xcel Energy Inc. | 2,455,837 | 147,031 | ||||
Consolidated Edison Inc. | 1,546,579 | 140,584 | ||||
Public Service Enterprise Group Inc. | 2,216,288 | 128,523 | ||||
Edison International | 1,683,602 | 113,609 | ||||
WEC Energy Group Inc. | 1,406,525 | 113,591 | ||||
DTE Energy Co. | 917,613 | 96,735 | ||||
Entergy Corp. | 942,748 | 94,049 | ||||
FirstEnergy Corp. | 2,425,594 | 88,971 | ||||
PPL Corp. | 3,287,538 | 86,133 | ||||
Eversource Energy | 1,553,785 | 84,246 | ||||
Ameren Corp. | 1,166,358 | 81,143 | ||||
CenterPoint Energy Inc. | 2,810,837 | 78,535 | ||||
Atmos Energy Corp. | 659,635 | 75,159 | ||||
CMS Energy Corp. | 1,295,288 | 74,039 | ||||
Vistra Corp. | 1,617,638 | 66,372 | ||||
Alliant Energy Corp. | 1,118,938 | 54,447 | ||||
NRG Energy Inc. | 1,013,602 | 53,761 | ||||
Evergy Inc. | 991,639 | 50,345 |
Shares | Market Value ($000) | |||||
AES Corp. | 2,974,310 | 49,611 | ||||
NiSource Inc. | 1,840,854 | 47,807 | ||||
Essential Utilities Inc. | 1,080,889 | 38,761 | ||||
Pinnacle West Capital Corp. | 504,136 | 34,735 | ||||
OGE Energy Corp. | 890,016 | 29,584 | ||||
IDACORP Inc. | 224,790 | 20,811 | ||||
UGI Corp. | 930,054 | 20,591 | ||||
National Fuel Gas Co. | 395,417 | 18,648 | ||||
Portland General Electric Co. | 448,988 | 18,377 | ||||
New Jersey Resources Corp. | 429,275 | 17,527 | ||||
Southwest Gas Holdings Inc. | 272,831 | 16,010 | ||||
Black Hills Corp. | 298,013 | 15,425 | ||||
ALLETE Inc. | 255,266 | 15,089 | ||||
ONE Gas Inc. | 243,767 | 14,960 | ||||
PNM Resources Inc. | 378,627 | 13,718 | ||||
Northwestern Energy Group Inc. | 272,232 | 13,100 | ||||
Spire Inc. | 227,646 | 12,923 | ||||
Avista Corp. | 338,665 | 11,518 | ||||
MGE Energy Inc. | 160,852 | 10,373 | ||||
Avangrid Inc. | 316,192 | 9,606 | ||||
Clearway Energy Inc. Class C | 372,297 | 9,024 | ||||
SJW Group | 140,974 | 8,394 | ||||
Northwest Natural Holding Co. | 158,605 | 5,846 | ||||
Atlantica Sustainable Infrastructure plc | 298,936 | 5,734 | ||||
Clearway Energy Inc. Class A | 146,026 | 3,280 | ||||
4,326,261 | ||||||
Total Common Stocks (Cost $51,880,213) | 62,997,680 | |||||
Coupon | ||||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
2,3 | Vanguard Market Liquidity Fund (Cost $177,743) | 5.410% | 1,777,730 | 177,755 | ||
Total Investments (99.8%) (Cost $52,057,956) | 63,175,435 | |||||
Other Assets and Liabilities—Net (0.2%) | 95,851 | |||||
Net Assets (100%) | 63,271,286 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $10,927,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $12,880,000 was received for securities on loan. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2024 | 478 | 116,405 | 2,857 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Chevron Corp. | 1/31/25 | CITNA | 31,324 | (5.326) | — | (498) |
Clorox Co. | 8/30/24 | BANA | 14,687 | (5.326) | 335 | — |
Hewlett Packard Enterprise Co. | 1/31/25 | CITNA | 41,283 | (5.327) | — | — |
International Business Machines Corp. | 1/31/25 | CITNA | 58,771 | (5.327) | — | — |
Paramount Global Class B | 8/30/24 | BANA | 8,815 | (5.326) | — | (127) |
335 | (625) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
CITNA—Citibank, N.A. |
At January 31, 2024, the counterparties had deposited in segregated accounts securities with a value of $4,982,000 in connection with open over-the-counter swap contracts.
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. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily
to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2024, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 62,939,765 | 57,915 | — | 62,997,680 |
Temporary Cash Investments | 177,755 | — | — | 177,755 |
Total | 63,117,520 | 57,915 | — | 63,175,435 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 2,857 | — | — | 2,857 |
Swap Contracts | — | 335 | — | 335 |
Total | 2,857 | 335 | — | 3,192 |
Liabilities | ||||
Swap Contracts | — | 625 | — | 625 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |