UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07803
Name of Registrant: | Vanguard Scottsdale Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: August 31
Date of reporting period: September 1, 2019—February 29, 2020
Item 1: Reports to Shareholders
Semiannual Report | February 29, 2020 |
Vanguard Explorer™ Value Fund |
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
About Your Fund’s Expenses | 1 |
|
|
Financial Statements | 4 |
|
|
Trustees Approve Advisory Arrangements | 16 |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
● Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
● Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1
Six Months Ended February 29, 2020
Explorer Value Fund |
|
| Beginning |
|
|
| Ending |
|
|
| Expenses |
|
Based on Actual Fund Return |
| $1,000.00 |
|
| $957.89 |
|
| $3.02 |
| |||
Based on Hypothetical 5% Yearly Return |
|
| 1,000.00 |
|
|
| 1,021.78 |
|
|
| 3.12 |
|
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratio for that period is 0.62%. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).
2
Explorer Value Fund
Sector Diversification
As of February 29, 2020
Communication Services | 2.7% |
Consumer Discretionary | 8.9 |
Consumer Staples | 1.4 |
Energy | 3.7 |
Financials | 19.4 |
Health Care | 5.6 |
Industrials | 15.2 |
Information Technology | 14.3 |
Materials | 9.8 |
Real Estate | 15.3 |
Utilities | 3.7 |
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
3
Explorer Value Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 29, 2020
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 |
| ||
Common Stocks (94.5%) |
|
|
|
|
|
|
| |||
Communication Services (2.6%) |
|
|
|
|
|
|
|
|
| |
| Nexstar Media Group Inc. |
|
|
| 107,413 |
|
|
| 12,351 |
|
* | IAC/InterActiveCorp |
|
|
| 21,434 |
|
|
| 4,371 |
|
|
|
|
|
|
|
|
|
| 16,722 |
|
Consumer Discretionary (8.4%) |
|
|
| |||||||
| Lithia Motors Inc. Class A |
|
|
| 78,226 |
|
|
| 9,321 |
|
| Six Flags Entertainment Corp. |
|
|
| 245,108 |
|
|
| 6,196 |
|
* | Perdoceo Education Corp. |
|
|
| 380,843 |
|
|
| 5,686 |
|
| Cooper Tire & Rubber Co. |
|
|
| 210,152 |
|
|
| 5,357 |
|
| LCI Industries |
|
|
| 45,897 |
|
|
| 4,431 |
|
| Extended Stay America Inc. |
|
|
| 362,168 |
|
|
| 3,977 |
|
* | LGI Homes Inc. |
|
|
| 50,292 |
|
|
| 3,790 |
|
* | Adtalem Global Education Inc. |
|
|
| 112,610 |
|
|
| 3,476 |
|
* | Modine Manufacturing Co. |
|
|
| 389,266 |
|
|
| 2,904 |
|
* | Boot Barn Holdings Inc. |
|
|
| 94,206 |
|
|
| 2,889 |
|
| Wendy’s Co. |
|
|
| 137,869 |
|
|
| 2,603 |
|
| Kontoor Brands Inc. |
|
|
| 75,155 |
|
|
| 2,536 |
|
* | Lands’ End Inc. |
|
|
| 130,808 |
|
|
| 1,379 |
|
|
|
|
|
|
|
|
|
| 54,545 |
|
Consumer Staples (1.3%) |
|
|
|
|
|
|
| |||
* | Hostess Brands Inc. |
|
|
| 665,102 |
|
|
| 8,453 |
|
Energy (3.5%) |
|
|
|
|
|
|
| |||
| Parsley Energy Inc. |
|
|
| 302,868 |
|
|
| 4,058 |
|
| Rattler Midstream LP |
|
|
| 301,660 |
|
|
| 3,798 |
|
| Viper Energy Partners LP |
|
|
| 196,962 |
|
|
| 3,512 |
|
* | PDC Energy Inc. |
|
|
| 184,123 |
|
|
| 3,504 |
|
* | International Seaways Inc. |
|
|
| 157,041 |
|
|
| 3,124 |
|
* | WPX Energy Inc. |
|
|
| 232,620 |
|
|
| 2,170 |
|
| SM Energy Co. |
|
|
| 248,327 |
|
|
| 1,631 |
|
* | Centennial Resource Development Inc. |
|
|
| 377,510 |
|
|
| 895 |
|
|
|
|
|
|
|
|
|
| 22,692 |
|
Financials (18.3%) |
|
|
|
|
|
|
| ||||
|
| PacWest Bancorp |
|
|
| 316,733 |
|
|
| 10,021 |
|
|
| Starwood Property Trust Inc. |
|
|
| 403,138 |
|
|
| 8,942 |
|
|
| Columbia Banking System Inc. |
|
|
| 261,064 |
|
|
| 8,667 |
|
|
| Popular Inc. |
|
|
| 179,318 |
|
|
| 8,604 |
|
|
| BGC Partners Inc. |
|
|
| 1,576,978 |
|
|
| 7,349 |
|
|
| First BanCorp |
|
|
| 919,479 |
|
|
| 7,301 |
|
* |
| Bancorp Inc. |
|
|
| 581,495 |
|
|
| 7,077 |
|
|
| Washington Federal Inc. |
|
|
| 234,684 |
|
|
| 7,038 |
|
|
| Argo Group International Holdings Ltd. |
|
|
| 121,766 |
|
|
| 6,850 |
|
* |
| Texas Capital Bancshares Inc. |
|
|
| 128,076 |
|
|
| 6,030 |
|
|
| Flushing Financial Corp. |
|
|
| 308,105 |
|
|
| 5,594 |
|
|
| James River Group Holdings Ltd. |
|
|
| 137,539 |
|
|
| 5,558 |
|
|
| Pinnacle Financial Partners Inc. |
|
|
| 94,534 |
|
|
| 4,976 |
|
|
| Webster Financial Corp. |
|
|
| 117,180 |
|
|
| 4,449 |
|
|
| Wintrust Financial Corp. |
|
|
| 81,945 |
|
|
| 4,377 |
|
|
| Renasant Corp. |
|
|
| 126,227 |
|
|
| 3,576 |
|
|
| First Merchants Corp. |
|
|
| 102,219 |
|
|
| 3,576 |
|
|
| First Horizon National Corp. |
|
|
| 259,083 |
|
|
| 3,453 |
|
|
| WSFS Financial Corp. |
|
|
| 98,933 |
|
|
| 3,409 |
|
|
| PJT Partners Inc. |
|
|
| 43,984 |
|
|
| 1,977 |
|
|
|
|
|
|
|
|
|
|
| 118,824 |
|
Health Care (5.3%) |
|
|
|
|
|
|
| ||||
* |
| Syneos Health Inc. |
|
|
| 171,940 |
|
|
| 10,893 |
|
* |
| Ligand Pharmaceuticals Inc. |
|
|
| 109,385 |
|
|
| 10,239 |
|
*,^ |
| Change Healthcare Inc. |
|
|
| 315,397 |
|
|
| 4,286 |
|
* |
| Merit Medical Systems Inc. |
|
|
| 102,501 |
|
|
| 3,691 |
|
* |
| Pacira BioSciences Inc. |
|
|
| 78,546 |
|
|
| 3,407 |
|
* |
| Envista Holdings Corp. |
|
|
| 70,098 |
|
|
| 1,779 |
|
|
|
|
|
|
|
|
|
|
| 34,295 |
|
4
Explorer Value Fund
|
|
|
|
| Shares |
|
| Market |
| ||
Industrials (14.3%) |
|
|
|
|
|
|
| ||||
* |
| Colfax Corp. |
|
|
| 367,784 |
|
|
| 12,310 |
|
* |
| IAA Inc. |
|
|
| 192,748 |
|
|
| 8,234 |
|
|
| KAR Auction Services Inc. |
|
|
| 421,121 |
|
|
| 8,107 |
|
* |
| Teledyne Technologies Inc. |
|
|
| 20,573 |
|
|
| 6,940 |
|
|
| Interface Inc. |
|
|
| 386,049 |
|
|
| 5,632 |
|
|
| Trinity Industries Inc. |
|
|
| 263,288 |
|
|
| 5,358 |
|
|
| Encore Wire Corp. |
|
|
| 100,631 |
|
|
| 4,928 |
|
|
| Kaman Corp. |
|
|
| 87,669 |
|
|
| 4,862 |
|
* |
| Beacon Roofing Supply Inc. |
|
|
| 161,249 |
|
|
| 4,789 |
|
|
| HNI Corp. |
|
|
| 123,571 |
|
|
| 4,057 |
|
* |
| Saia Inc. |
|
|
| 45,303 |
|
|
| 3,955 |
|
|
| EnerSys |
|
|
| 61,411 |
|
|
| 3,782 |
|
|
| Altra Industrial Motion Corp. |
|
|
| 123,101 |
|
|
| 3,708 |
|
* |
| BMC Stock Holdings Inc. |
|
|
| 150,014 |
|
|
| 3,680 |
|
|
| Greenbrier Cos. Inc. |
|
|
| 132,490 |
|
|
| 3,210 |
|
|
| Steelcase Inc. |
|
|
| 165,156 |
|
|
| 2,679 |
|
* |
| MRC Global Inc. |
|
|
| 224,374 |
|
|
| 1,952 |
|
* |
| WESCO International Inc. |
|
|
| 47,697 |
|
|
| 1,935 |
|
|
| AZZ Inc. |
|
|
| 42,128 |
|
|
| 1,554 |
|
* |
| DXP Enterprises Inc. |
|
|
| 41,501 |
|
|
| 1,178 |
|
|
|
|
|
|
|
|
|
|
| 92,850 |
|
Information Technology (13.6%) |
|
|
| ||||||||
* |
| ACI Worldwide Inc. |
|
|
| 566,512 |
|
|
| 15,789 |
|
|
| j2 Global Inc. |
|
|
| 118,932 |
|
|
| 10,386 |
|
|
| Silicon Motion Technology Corp. ADR |
|
|
| 248,649 |
|
|
| 9,255 |
|
* |
| Verint Systems Inc. |
|
|
| 129,670 |
|
|
| 7,116 |
|
* |
| Itron Inc. |
|
|
| 89,083 |
|
|
| 6,756 |
|
* |
| Fabrinet |
|
|
| 111,880 |
|
|
| 6,167 |
|
|
| Jabil Inc. |
|
|
| 176,211 |
|
|
| 5,647 |
|
* |
| Insight Enterprises Inc. |
|
|
| 97,447 |
|
|
| 5,368 |
|
|
| MKS Instruments Inc. |
|
|
| 49,706 |
|
|
| 4,980 |
|
* |
| Nuance Communications Inc. |
|
|
| 204,195 |
|
|
| 4,415 |
|
* |
| Virtusa Corp. |
|
|
| 99,656 |
|
|
| 4,396 |
|
* |
| MACOM Technology Solutions Holdings Inc. |
|
|
| 134,783 |
|
|
| 3,406 |
|
* |
| Semtech Corp. |
|
|
| 71,884 |
|
|
| 2,839 |
|
* |
| Lattice Semiconductor Corp. |
|
|
| 78,698 |
|
|
| 1,413 |
|
|
|
|
|
|
|
|
|
|
| 87,933 |
|
Materials (9.3%) |
|
|
|
|
|
|
| ||||
|
| FMC Corp. |
|
|
| 202,419 |
|
|
| 18,845 |
|
|
| Silgan Holdings Inc. |
|
|
| 448,543 |
|
|
| 12,842 |
|
|
| Ashland Global Holdings Inc. |
|
|
| 96,860 |
|
|
| 6,929 |
|
* | Axalta Coating Systems Ltd. | 206,588 | 5,148 | |||||||
Eagle Materials Inc. | 64,748 | 5,111 | ||||||||
* | Allegheny Technologies Inc. | 248,830 | 4,252 | |||||||
Carpenter Technology Corp. | 109,398 | 4,020 | ||||||||
Compass Minerals International Inc. | 33,465 | 1,826 | ||||||||
* | Kraton Corp. | 112,813 | 1,142 | |||||||
60,115 | ||||||||||
Real Estate (14.5%) | ||||||||||
Gaming and Leisure Properties Inc. | 359,771 | 16,071 | ||||||||
Medical Properties Trust Inc. | 733,637 | 15,502 | ||||||||
* | Howard Hughes Corp. | 89,067 | 9,609 | |||||||
STAG Industrial Inc. | 264,781 | 7,409 | ||||||||
Corporate Office Properties Trust | 273,118 | 6,921 | ||||||||
Cousins Properties Inc. | 182,190 | 6,502 | ||||||||
RPT Realty | 439,902 | 5,701 | ||||||||
Spirit Realty Capital Inc. | 122,835 | 5,589 | ||||||||
Sunstone Hotel Investors Inc. | 497,730 | 5,450 | ||||||||
SITE Centers Corp. | 415,251 | 4,779 | ||||||||
Mack-Cali Realty Corp. | 208,501 | 3,957 | ||||||||
Invitation Homes Inc. | 123,907 | 3,555 | ||||||||
Newmark Group Inc. | 296,059 | 2,827 | ||||||||
93,872 | ||||||||||
Utilities (3.4%) | ||||||||||
Portland General Electric Co. | 160,635 | 8,740 | ||||||||
MDU Resources Group Inc. | 259,948 | 7,208 | ||||||||
Unitil Corp. | 115,549 | 6,510 | ||||||||
22,458 | ||||||||||
Total Common Stocks (Cost $571,575) | 612,759 | |||||||||
Temporary Cash Investments (6.1%) | ||||||||||
Money Market Fund (5.9%) | ||||||||||
1,2 Vanguard Market Liquidity Fund, 1.706% | 380,910 | 38,103 |
5
Explorer Value Fund
Face Amount ($000) | Market | |||||||
U.S. Government and Agency Obligations (0.2%) | ||||||||
3 United States Treasury Bill, 1.546%, 3/26/20 | 1,000 | 999 | ||||||
United States Treasury Bill, 1.543%, 4/16/20 | 180 | 179 | ||||||
1,178 | ||||||||
Total Temporary Cash Investments (Cost $39,266) | 39,281 | |||||||
Total Investments (100.6%) (Cost $610,841) | 652,040 | |||||||
Other Assets and Liabilities— | ||||||||
Net (-0.6%)2 | (4,035 | ) | ||||||
Net Assets (100%) | 648,005 |
Cost rounded to $000.
● | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $381,000. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
2 | Collateral of $40,000 was received for securities on loan. |
3 | Securities with a value of $777,000 have been segregated as initial margin for open futures contracts. |
ADR—American Depositary Receipt.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
|
|
|
|
|
|
|
|
| ($000) |
| ||||
|
|
|
|
|
|
|
|
|
|
| Value and |
| ||||
|
|
|
|
| Number of |
|
|
|
|
| Unrealized |
| ||||
|
|
|
|
| Long (Short) |
|
| Notional |
|
| Appreciation |
| ||||
|
| Expiration |
|
| Contracts |
|
| Amount |
|
| (Depreciation) |
| ||||
Long Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E-mini Russell 2000 Index |
|
| March 2020 |
|
|
| 223 |
|
|
| 16,445 |
|
|
| (2,153 | ) |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Explorer Value Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) |
| Amount |
| |
Assets |
|
|
|
|
Investments in Securities, at Value |
|
|
|
|
Unaffiliated Issuers (Cost $572,753) |
|
| 613,937 |
|
Affiliated Issuers (Cost $38,088) |
|
| 38,103 |
|
Total Investments in Securities |
|
| 652,040 |
|
Investment in Vanguard |
|
| 31 |
|
Receivables for Investment Securities Sold |
|
| 56 |
|
Receivables for Accrued Income |
|
| 548 |
|
Receivables for Capital Shares Issued |
|
| 1,202 |
|
Total Assets |
|
| 653,877 |
|
Liabilities |
|
|
|
|
Due to Custodian |
|
| 808 |
|
Payables for Investment Securities Purchased |
|
| 2,327 |
|
Collateral for Securities on Loan |
|
| 420 |
|
Payables to Investment Advisor |
|
| 719 |
|
Payables for Capital Shares Redeemed |
|
| 1,188 |
|
Payables to Vanguard |
|
| 278 |
|
Variation Margin Payable—Futures Contracts |
|
| 132 |
|
Total Liabilities |
|
| 5,872 |
|
Net Assets |
|
| 648,005 |
|
At February 29, 2020, net assets consisted of:
Paid-in Capital | 611,326 | |||
Total Distributable Earnings (Loss) | 36,679 | |||
Net Assets | 648,005 | |||
Net Assets | ||||
Applicable to 20,503,209 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 648,005 | |||
Net Asset Value Per Unit (Net Assets Divided by Units Outstanding) | $31.61 |
See accompanying Notes, which are an integral part of the Financial Statements.
7
Explorer Value Fund
Statement of Operations
|
| Six Months Ended |
| |
|
|
| ($000 | ) |
Investment Income |
|
|
|
|
Income |
|
|
|
|
Dividends |
|
| 5,266 |
|
Interest1 |
|
| 450 |
|
Securities Lending—Net |
|
| 26 |
|
Total Income |
|
| 5,742 |
|
Expenses |
|
|
|
|
Investment Advisory Fees—Note B |
|
|
|
|
Basic Fee |
|
| 1,113 |
|
Performance Adjustment |
|
| 292 |
|
The Vanguard Group—Note C |
|
|
|
|
Management and Administrative |
|
| 706 |
|
Marketing and Distribution |
|
| 45 |
|
Custodian Fees |
|
| 12 |
|
Shareholders’ Reports |
|
| 6 |
|
Trustees’ Fees and Expenses |
|
| 1 |
|
Total Expenses |
|
| 2,175 |
|
Net Investment Income |
|
| 3,567 |
|
Realized Net Gain (Loss) |
|
|
|
|
Investment Securities Sold1 |
|
| 7,792 |
|
Futures Contracts |
|
| 857 |
|
Realized Net Gain (Loss) |
|
| 8,649 |
|
Change in Unrealized Appreciation (Depreciation) |
|
|
|
|
Investment Securities1 |
|
| (42,213 | ) |
Futures Contracts |
|
| (1,594 | ) |
Change in Unrealized Appreciation (Depreciation) |
|
| (43,807 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| (31,591 | ) |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $44,000, $3,000, and $8,000, respectively. Purchases and sales are for temporary cash investment purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
8
Explorer Value Fund
Statement of Changes in Net Assets
|
| Six Months Ended |
|
| Year Ended |
| ||
|
| February 29, |
|
| August 31, |
| ||
|
| 2020 |
|
| 2019 |
| ||
|
|
| ($000) |
|
|
| ($000) |
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
Net Investment Income |
|
| 3,567 |
|
|
| 9,791 |
|
Realized Net Gain (Loss) |
|
| 8,649 |
|
|
| (4,010 | ) |
Change in Unrealized Appreciation (Depreciation) |
|
| (43,807 | ) |
|
| (84,055 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| (31,591 | ) |
|
| (78,274 | ) |
Distributions1 |
|
|
|
|
|
|
|
|
Total Distributions |
|
| (10,473 | ) |
|
| (49,375 | ) |
Capital Share Transactions |
|
|
|
|
|
|
|
|
Issued |
|
| 94,238 |
|
|
| 104,548 |
|
Issued in Lieu of Cash Distributions |
|
| 9,910 |
|
|
| 46,711 |
|
Redeemed |
|
| (69,145 | ) |
|
| (136,426 | ) |
Net Increase (Decrease) from Capital Share Transactions |
|
| 35,003 |
|
|
| 14,833 |
|
Total Increase (Decrease) |
|
| (7,061 | ) |
|
| (112,816 | ) |
Net Assets |
|
|
|
|
|
|
|
|
Beginning of Period |
|
| 655,066 |
|
|
| 767,882 |
|
End of Period |
|
| 648,005 |
|
|
| 655,066 |
|
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
9
Explorer Value Fund
Financial Highlights
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| Ended |
|
|
|
|
|
|
|
| Year Ended August 31, |
| ||||||||||||
For a Share Outstanding |
| February 29, |
|
|
|
|
|
|
| |||||||||||||||
Throughout Each Period |
| 2020 |
|
| 2019 |
|
| 2018 |
|
| 2017 |
|
| 2016 |
|
| 2015 |
| ||||||
Net Asset Value, Beginning of Period |
| $ | 33.49 |
|
| $ | 40.53 |
|
| $ | 34.45 |
|
| $ | 31.55 |
|
| $ | 30.09 |
|
| $ | 32.97 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
|
| .179 | 1 |
|
| .494 | 1 |
|
| .355 | 1 |
|
| .329 | 1 |
|
| .293 |
|
|
| .259 |
|
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (1.521 | ) |
|
| (4.921 | ) |
|
| 7.112 |
|
|
| 3.331 |
|
|
| 2.964 |
|
|
| (1.284 | ) |
Total from Investment Operations |
|
| (1.342 | ) |
|
| (4.427 | ) |
|
| 7.467 |
|
|
| 3.660 |
|
|
| 3.257 |
|
|
| (1.025 | ) |
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
|
| (.538 | ) |
|
| (.366 | ) |
|
| (.288 | ) |
|
| (.308 | ) |
|
| (.237 | ) |
|
| (.272 | ) |
Distributions from Realized Capital Gains |
|
| — |
|
|
| (2.247 | ) |
|
| (1.099 | ) |
|
| (.452 | ) |
|
| (1.560 | ) |
|
| (1.583 | ) |
Total Distributions |
|
| (.538 | ) |
|
| (2.613 | ) |
|
| (1.387 | ) |
|
| (.760 | ) |
|
| (1.797 | ) |
|
| (1.855 | ) |
Net Asset Value, End of Period |
| $ | 31.61 |
|
| $ | 33.49 |
|
| $ | 40.53 |
|
| $ | 34.45 |
|
| $ | 31.55 |
|
| $ | 30.09 |
|
Total Return2 |
|
| -4.21 | % |
|
| -10.10 | % |
|
| 22.10 | % |
|
| 11.64 | % |
|
| 11.41 | % |
|
| -3.12 | % |
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $ | 648 |
|
| $ | 655 |
|
| $ | 768 |
|
| $ | 607 |
|
| $ | 377 |
|
| $ | 291 |
|
Ratio of Total Expenses to Average Net Assets3 |
|
| 0.62 | % |
|
| 0.55 | % |
|
| 0.56 | % |
|
| 0.55 | % |
|
| 0.57 | % |
|
| 0.56 | % |
Ratio of Net Investment Income to Average Net Assets |
|
| 1.27 | % |
|
| 1.45 | % |
|
| 0.95 | % |
|
| 0.98 | % |
|
| 1.03 | % |
|
| 0.78 | % |
Portfolio Turnover Rate |
|
| 18 | % |
|
| 27 | % |
|
| 31 | % |
|
| 33 | % |
|
| 61 | % |
|
| 35 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.08%, 0.01%, 0.0%, (0.01%), (0.01%), and (0.02%). |
See accompanying Notes, which are an integral part of the Financial Statements.
10
Explorer Value Fund
Notes to Financial Statements
Vanguard Explorer Value Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented 3% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
11
Explorer Value Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
12
Explorer Value Fund
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. The investment advisory firms Cardinal Capital Management, L.L.C., and Frontier Capital Management Co., LLC, each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Cardinal Capital Management, L.L.C., is subject to quarterly adjustments based on performance relative to the Russell 3000 Value Custom Index for the preceding three years. The basic fee of Frontier Capital Management Co., LLC, is subject to quarterly adjustments based on performance relative to the Russell 2000 Value Index for the preceding three years.
Vanguard manages the cash reserves of the fund as described below.
For the six months ended February 29, 2020, the aggregate investment advisory fee represented an effective annual basic rate of 0.32% of the fund’s average net assets, before an increase of $292,000 (0.08%) based on performance.
C. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution, and cash management services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $31,000, representing less than 0.01% of the fund’s net assets and 0.01% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
D. 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.
13
Explorer Value Fund
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
|
|
| Level 1 |
|
|
| Level 2 |
|
|
| Level 3 |
|
|
| Total |
|
|
|
| ($000) |
|
|
| ($000) |
|
|
| ($000) |
|
|
| ($000) |
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
| 612,759 |
|
|
| — |
|
|
| — |
|
|
| 612,759 |
|
Temporary Cash Investments |
|
| 38,103 |
|
|
| 1,178 |
|
|
| — |
|
|
| 39,281 |
|
Total |
|
| 650,862 |
|
|
| 1,178 |
|
|
| — |
|
|
| 652,040 |
|
Derivative Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts1 |
|
| 132 |
|
|
| — |
|
|
| — |
|
|
| 132 |
|
1 Represents variation margin on the last day of the reporting period.
E. As of February 29, 2020, gross unrealized appreciation and depreciation for investments, and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
| Amount |
| |
|
|
| ($000) |
|
Tax Cost |
|
| 610,841 |
|
Gross Unrealized Appreciation |
|
| 114,435 |
|
Gross Unrealized Depreciation |
|
| (75,389 | ) |
Net Unrealized Appreciation (Depreciation) |
|
| 39,046 |
|
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $10,303,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended February 29, 2020, the fund purchased $149,916,000 of investment securities and sold $116,572,000 of investment securities, other than temporary cash investments.
G. | Capital shares issued and redeemed were: |
|
| Six Months Ended |
|
| Year Ended |
| ||
|
| February 29, 2020 |
|
| August 31, 2019 |
| ||
|
| Shares |
|
| Shares |
| ||
|
|
| (000 | ) |
|
| (000 | ) |
Issued |
|
| 2,628 |
|
|
| 3,084 |
|
Issued in Lieu of Cash Distributions |
|
| 274 |
|
|
| 1,573 |
|
Redeemed |
|
| (1,961 | ) |
|
| (4,042 | ) |
Net Increase (Decrease) in Shares Outstanding |
|
| 941 |
|
|
| 615 |
|
14
Explorer Value Fund
H. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
15
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Explorer Value Fund has renewed the fund’s investment advisory arrangements with Cardinal Capital Management, L.L.C. (Cardinal), and Frontier Capital Management Co., LLC (Frontier). The board determined that renewing the fund’s advisory arrangements was in the best interests of the fund and its shareholders.
The board based its decisions upon an evaluation of each advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisors and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services since its inception in 2010, and took into account the organizational depth and stability of each advisor. The board considered the following:
Cardinal. Founded in 1995, Cardinal is an investment advisor that manages small- and mid-capitalization value portfolios. Cardinal utilizes fundamental research to analyze a company’s ability to generate free cash flow and deploy that cash flow efficiently, enhancing shareholder value. Cardinal’s analysts engage extensively with company management teams to understand their capital allocation decisions. Cardinal seeks to purchase companies that can generate superior cash flow and make value-creating capital allocation decisions at attractive valuations. Cardinal has managed a portion of the fund since the fund’s inception.
Frontier. Founded in 1980, Frontier is an investment advisor with a long history of investing in small- and mid-cap stocks. Frontier employs a relative value approach that focuses on identifying companies with solid business models, unrecognized earnings power, and attractive valuations. The portfolio managers have the support of Frontier’s deep team of sector-focused analysts and other small- and mid-cap portfolio managers. Frontier has managed a portion of the fund since the fund’s inception.
The board concluded that each advisor’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.
16
Investment performance
The board considered the performance of each advisor’s subportfolio since the fund’s inception, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below the peer-group average.
The board did not consider the profitability of Cardinal or Frontier in determining whether to approve the advisory fees, because the firms are independent of Vanguard and the advisory fees are the result of arm’s-length negotiations.
The benefit of economies of scale
The board concluded that the fund’s shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Cardinal and Frontier. The breakpoints reduce the effective rate of the fees as the fund’s assets managed by each advisor increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
17
|
|
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
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Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov. |
|
|
| © 2020 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
Q16902 042020 |
Semiannual Report | February 29, 2020 | |
Vanguard Russell 1000 Index Funds | |
Vanguard Russell 1000 Index Fund | |
Vanguard Russell 1000 Value Index Fund | |
Vanguard Russell 1000 Growth Index Fund | |
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. | |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
About Your Fund’s Expenses | 1 |
Russell 1000 Index Fund | 3 |
Russell 1000 Value Index Fund | 17 |
Russell 1000 Growth Index Fund | 31 |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
● Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
● Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1
Six Months Ended February 29, 2020
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
8/31/2019 | 2/29/2020 | Period | |
Based on Actual Fund Return | |||
Russell 1000 Index Fund | |||
ETF Shares | $1,000.00 | $1,019.33 | $0.40 |
Institutional Shares | 1,000.00 | 1,019.46 | 0.35 |
Russell 1000 Value Index Fund | |||
ETF Shares | $1,000.00 | $982.76 | $0.39 |
Institutional Shares | 1,000.00 | 982.85 | 0.35 |
Russell 1000 Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,053.53 | $0.41 |
Institutional Shares | 1,000.00 | 1,053.62 | 0.36 |
Based on Hypothetical 5% Yearly Return | |||
Russell 1000 Index Fund | |||
ETF Shares | $1,000.00 | $1,024.47 | $0.40 |
Institutional Shares | 1,000.00 | 1,024.52 | 0.35 |
Russell 1000 Value Index Fund | |||
ETF Shares | $1,000.00 | $1,024.47 | $0.40 |
Institutional Shares | 1,000.00 | 1,024.52 | 0.35 |
Russell 1000 Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,024.47 | $0.40 |
Institutional Shares | 1,000.00 | 1,024.52 | 0.35 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Russell 1000 Index Fund, 0.08% for ETF Shares and 0.07% for Institutional Shares; for the Russell 1000 Value Index Fund, 0.08% for ETF Shares and 0.07% for Institutional Shares; and for the Russell 1000 Growth Index Fund, 0.08% for ETF Shares and 0.07% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).
2
Russell 1000 Index Fund
Sector Diversification
As of February 29, 2020
Consumer Discretionary | 14.7 | % | ||
Consumer Staples | 6.0 | |||
Energy | 3.4 | |||
Financial Services | 20.1 | |||
Health Care | 13.3 | |||
Materials & Processing | 3.0 | |||
Producer Durables | 9.4 | |||
Technology | 24.8 | |||
Utilities | 5.3 | |||
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Russell Global Sectors (“RGS”), except for the “Other” category (if applicable), which includes securities that have not been provided a RGS classification as of the effective reporting period. | ||||
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking their target index as closely as possible. |
3
Russell 1000 Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Market | Percentage | ||||||||||||
Value● | of Net | ||||||||||||
Shares | ($000) | Assets | |||||||||||
Common Stocks | |||||||||||||
Consumer Discretionary | |||||||||||||
* | Amazon.com Inc. | 54,177 | 102,056 | 2.8% | |||||||||
Home Depot Inc. | 144,367 | 31,449 | 0.9% | ||||||||||
Walt Disney Co. | 228,476 | 26,880 | 0.7% | ||||||||||
Comcast Corp. | 590,673 | 23,881 | 0.7% | ||||||||||
* | Netflix Inc. | 55,252 | 20,390 | 0.6% | |||||||||
Walmart Inc. | 184,194 | 19,834 | 0.6% | ||||||||||
McDonald’s Corp. | 98,635 | 19,152 | 0.5% | ||||||||||
Costco Wholesale Corp. | 57,557 | 16,182 | 0.4% | ||||||||||
Consumer Discretionary—Other † | 264,765 | 7.4% | |||||||||||
524,589 | 14.6% | ||||||||||||
Consumer Staples | |||||||||||||
Procter & Gamble Co. | 323,536 | 36,634 | 1.0% | ||||||||||
Coca-Cola Co. | 502,160 | 26,861 | 0.8% | ||||||||||
PepsiCo Inc. | 183,528 | 24,231 | 0.7% | ||||||||||
Philip Morris International Inc. | 203,476 | 16,659 | 0.5% | ||||||||||
Consumer Staples—Other † | 109,030 | 3.0% | |||||||||||
213,415 | 6.0% | ||||||||||||
Energy | |||||||||||||
Exxon Mobil Corp. | 554,432 | 28,520 | 0.8% | ||||||||||
Chevron Corp. | 249,905 | 23,326 | 0.7% | ||||||||||
Energy—Other † | 69,017 | 1.9% | |||||||||||
120,863 | 3.4% | ||||||||||||
Financial Services | |||||||||||||
* | Berkshire Hathaway Inc. | 255,901 | 52,803 | 1.5% | |||||||||
JPMorgan Chase & Co. | 408,221 | 47,399 | 1.3% | ||||||||||
Visa Inc. | 224,377 | 40,783 | 1.1% | ||||||||||
Mastercard Inc. | 116,164 | 33,717 | 0.9% | ||||||||||
Bank of America Corp. | 1,066,379 | 30,392 | 0.9% | ||||||||||
Wells Fargo & Co. | 498,771 | 20,375 | 0.6% |
4
Russell 1000 Index Fund
Market | Percentage | ||||||||||||
Value● | of Net | ||||||||||||
Shares | ($000) | Assets | |||||||||||
Citigroup Inc. | 286,274 | 18,167 | 0.5% | ||||||||||
* | PayPal Holdings Inc. | 154,137 | 16,645 | 0.5% | |||||||||
Financial Services—Other † | 457,740 | 12.8% | |||||||||||
718,021 | 20.1% | ||||||||||||
Health Care | |||||||||||||
Johnson & Johnson | 347,843 | 46,778 | 1.3% | ||||||||||
UnitedHealth Group Inc. | 123,731 | 31,546 | 0.9% | ||||||||||
Merck & Co. Inc. | 333,425 | 25,527 | 0.7% | ||||||||||
Pfizer Inc. | 728,675 | 24,352 | 0.7% | ||||||||||
Bristol-Myers Squibb Co. | 306,501 | 18,102 | 0.5% | ||||||||||
Medtronic plc | 175,666 | 17,684 | 0.5% | ||||||||||
Abbott Laboratories | 225,745 | 17,389 | 0.5% | ||||||||||
AbbVie Inc. | 193,897 | 16,619 | 0.5% | ||||||||||
Amgen Inc. | 78,565 | 15,692 | 0.4% | ||||||||||
Thermo Fisher Scientific Inc. | 52,299 | 15,209 | 0.4% | ||||||||||
Health Care—Other † | 244,466 | 6.8% | |||||||||||
473,364 | 13.2% | ||||||||||||
Materials & Processing † | 105,652 | 2.9% | |||||||||||
Producer Durables | |||||||||||||
Boeing Co. | 69,354 | 19,080 | 0.6% | ||||||||||
Honeywell International Inc. | 94,695 | 15,357 | 0.4% | ||||||||||
Accenture plc Class A | 83,436 | 15,068 | 0.4% | ||||||||||
Union Pacific Corp. | 91,193 | 14,574 | 0.4% | ||||||||||
Producer Durables—Other † | 269,287 | 7.5% | |||||||||||
333,366 | 9.3% | ||||||||||||
Technology | |||||||||||||
Microsoft Corp. | 990,540 | 160,477 | 4.5% | ||||||||||
Apple Inc. | 582,168 | 159,141 | 4.4% | ||||||||||
* | Facebook Inc. | 313,068 | 60,256 | 1.7% | |||||||||
* | Alphabet Inc. Class A | 39,298 | 52,630 | 1.5% | |||||||||
* | Alphabet Inc. Class C | 39,196 | 52,496 | 1.5% | |||||||||
Intel Corp. | 570,158 | 31,655 | 0.9% | ||||||||||
Cisco Systems Inc. | 561,920 | 22,437 | 0.6% | ||||||||||
* | Adobe Inc. | 63,810 | 22,022 | 0.6% | |||||||||
NVIDIA Corp. | 76,486 | 20,657 | 0.6% | ||||||||||
* | salesforce.com Inc. | 108,931 | 18,562 | 0.5% | |||||||||
International Business Machines Corp. | 116,261 | 15,131 | 0.4% | ||||||||||
Technology—Other † | 267,478 | 7.5% | |||||||||||
882,942 | 24.7% | ||||||||||||
Utilities | |||||||||||||
AT&T Inc. | 956,486 | 33,687 | 0.9% | ||||||||||
Verizon Communications Inc. | 542,133 | 29,362 | 0.8% | ||||||||||
NextEra Energy Inc. | 63,949 | 16,164 | 0.5% | ||||||||||
Utilities—Other † | 110,275 | 3.1% | |||||||||||
189,488 | 5.3% | ||||||||||||
Total Common Stocks (Cost $2,736,932) | 3,561,700 | 99.5% |
5
Russell 1000 Index Fund |
Market | Percentage | |||||||||||||||
Value● | of Net | |||||||||||||||
Coupon | Shares | ($000) | Assets | |||||||||||||
Temporary Cash Investments | ||||||||||||||||
Money Market Fund | ||||||||||||||||
1,2 Vanguard Market Liquidity Fund | 1.706 | % | 117,281 | 11,732 | 0.4% | |||||||||||
3 U.S. Government and Agency Obligations † | 868 | 0.0% | ||||||||||||||
Total Temporary Cash Investments (Cost $12,598) | 12,600 | 0.4% | ||||||||||||||
4 Total Investments (Cost $2,749,530) | 3,574,300 | 99.9% | ||||||||||||||
2 Other Assets and Liabilities—Net | 4,496 | 0.1% | ||||||||||||||
Net Assets | 3,578,796 | 100.0% |
Cost rounded to $000.
● | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
2 | Collateral of $1,215,000 was received for securities on loan. |
3 | Securities with a value of $789,000 have been segregated as initial margin for open futures contracts. |
4 | The total value of securities on loan is $1,159,000. |
Derivative Financial Instruments Outstanding as of Period End | ||||||||||||||||
Futures Contracts | ||||||||||||||||
($000 | ) | |||||||||||||||
Value and | ||||||||||||||||
Number of | Unrealized | |||||||||||||||
Long (Short) | Notional | Appreciation | ||||||||||||||
Expiration | Contracts | Amount | (Depreciation) | |||||||||||||
Long Futures Contracts | ||||||||||||||||
E-mini S&P 500 Index | March 2020 | 118 | 17,411 | (1,681 | ) |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Russell 1000 Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,737,800) | 3,562,568 |
Affiliated Issuers (Cost $11,730) | 11,732 |
Total Investments in Securities | 3,574,300 |
Investment in Vanguard | 175 |
Cash | 4 |
Receivables for Accrued Income | 6,705 |
Receivables for Capital Shares Issued | 52 |
Total Assets | 3,581,236 |
Liabilities | |
Payables for Investment Securities Purchased | 18 |
Collateral for Securities on Loan | 1,215 |
Payables for Capital Shares Redeemed | 765 |
Payables to Vanguard | 408 |
Variation Margin Payable—Futures Contracts | 34 |
Total Liabilities | 2,440 |
Net Assets | 3,578,796 |
At February 29, 2020, net assets consisted of: | |
Paid-in Capital | 2,727,447 |
Total Distributable Earnings (Loss) | 851,349 |
Net Assets | 3,578,796 |
ETF Shares—Net Assets | |
Applicable to 9,250,000 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,255,085 |
Net Asset Value Per Share—ETF Shares | $135.68 |
Institutional Shares—Net Assets | |
Applicable to 8,840,770 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 2,323,711 |
Net Asset Value Per Share—Institutional Shares | $262.84 |
See accompanying Notes, which are an integral part of the Financial Statements.
7
Russell 1000 Index Fund
Statement of Operations
Six Months Ended | |
February 29, 2020 | |
($000) | |
Investment Income | |
Income | |
Dividends | 35,699 |
Interest1 | 126 |
Securities Lending—Net | 90 |
Total Income | 35,915 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 287 |
Management and Administrative—ETF Shares | 344 |
Management and Administrative—Institutional Shares | 609 |
Marketing and Distribution—ETF Shares | 43 |
Marketing and Distribution—Institutional Shares | 38 |
Custodian Fees | 68 |
Shareholders’ Reports—ETF Shares | 7 |
Shareholders’ Reports—Institutional Shares | 1 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,398 |
Net Investment Income | 34,517 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 53,291 |
Futures Contracts | 1,632 |
Realized Net Gain (Loss) | 54,923 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (13,992) |
Futures Contracts | (1,683) |
Change in Unrealized Appreciation (Depreciation) | (15,675) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 73,765 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $118,000, $3,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $55,913,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
8
Russell 1000 Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | ||
February 29, | August 31, | ||
2020 | 2019 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 34,517 | 58,249 | |
Realized Net Gain (Loss) | 54,923 | 148,119 | |
Change in Unrealized Appreciation (Depreciation) | (15,675) | (95,786) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 73,765 | 110,582 | |
Distributions1 | |||
ETF Shares | (11,959) | (18,678) | |
Institutional Shares | (23,325) | (38,353) | |
Total Distributions | (35,284) | (57,031) | |
Capital Share Transactions | |||
ETF Shares | 53,597 | 157,814 | |
Institutional Shares | (32,259) | 165,134 | |
Net Increase (Decrease) from Capital Share Transactions | 21,338 | 322,948 | |
Total Increase (Decrease) | 59,819 | 376,499 | |
Net Assets | |||
Beginning of Period | 3,518,977 | 3,142,478 | |
End of Period | 3,578,796 | 3,518,977 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
9
Russell 1000 Index Fund
Financial Highlights
ETF Shares
Six Months | |||||||||
Ended | Year Ended August 31, | ||||||||
For a Share Outstanding | February 29, | ||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||
Net Asset Value, Beginning of Period | $134.37 | $133.57 | $113.60 | $99.81 | $91.37 | $92.70 | |||
Investment Operations | |||||||||
Net Investment Income | 1.2931 | 2.3951 | 2.2091 | 2.0541 | 1.892 | 1.679 | |||
Net Realized and Unrealized Gain (Loss) | |||||||||
on Investments | 1.350 | .759 | 19.896 | 13.753 | 8.383 | (1.355) | |||
Total from Investment Operations | 2.643 | 3.154 | 22.105 | 15.807 | 10.275 | .324 | |||
Distributions | |||||||||
Dividends from Net Investment Income | (1.333) | (2.354) | (2.135) | (2.017) | (1.835) | (1.654) | |||
Distributions from Realized Capital Gains | — | — | — | — | — | — | |||
Total Distributions | (1.333) | (2.354) | (2.135) | (2.017) | (1.835) | (1.654) | |||
Net Asset Value, End of Period | $135.68 | $134.37 | $133.57 | $113.60 | $99.81 | $91.37 | |||
Total Return | 1.93% | 2.45% | 19.68% | 16.02% | 11.41% | 0.29% | |||
Ratios/Supplemental Data | |||||||||
Net Assets, End of Period (Millions) | $1,255 | $1,196 | $1,008 | $724 | $679 | $514 | |||
Ratio of Total Expenses to | |||||||||
Average Net Assets | 0.08% | 0.08% | 0.12% | 0.12% | 0.12% | 0.12% | |||
Ratio of Net Investment Income to | |||||||||
Average Net Assets | 1.80% | 1.85% | 1.78% | 1.94% | 2.05% | 1.84% | |||
Portfolio Turnover Rate2 | 3% | 6% | 9% | 11% | 9% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
10
Russell 1000 Index Fund
Financial Highlights
Institutional Shares
Six Months | |||||||||
Ended | Year Ended August 31, | ||||||||
For a Share Outstanding | February 29, | ||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||
Net Asset Value, Beginning of Period | $260.26 | $258.75 | $220.06 | $193.36 | $176.99 | $179.58 | |||
Investment Operations | |||||||||
Net Investment Income | 2.5141 | 4.6451 | 4.3451 | 4.0801 | 3.732 | 3.329 | |||
Net Realized and Unrealized Gain (Loss) | |||||||||
on Investments | 2.631 | 1.483 | 38.573 | 26.609 | 16.259 | (2.641) | |||
Total from Investment Operations | 5.145 | 6.128 | 42.918 | 30.689 | 19.991 | .688 | |||
Distributions | |||||||||
Dividends from Net Investment Income | (2.565) | (4.618) | (4.228) | (3.989) | (3.621) | (3.278) | |||
Distributions from Realized Capital Gains | — | — | — | — | — | — | |||
Total Distributions | (2.565) | (4.618) | (4.228) | (3.989) | (3.621) | (3.278) | |||
Net Asset Value, End of Period | $262.84 | $260.26 | $258.75 | $220.06 | $193.36 | $176.99 | |||
Total Return | 1.95% | 2.45% | 19.72% | 16.06% | 11.47% | 0.33% | |||
Ratios/Supplemental Data | |||||||||
Net Assets, End of Period (Millions) | $2,324 | $2,323 | $2,134 | $2,014 | $1,549 | $1,251 | |||
Ratio of Total Expenses to | |||||||||
Average Net Assets | 0.07% | 0.07% | 0.08% | 0.08% | 0.08% | 0.08% | |||
Ratio of Net Investment Income to | |||||||||
Average Net Assets | 1.81% | 1.86% | 1.82% | 1.98% | 2.09% | 1.88% | |||
Portfolio Turnover Rate2 | 3% | 6% | 9% | 11% | 9% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
11
Russell 1000 Index Fund
Notes to Financial Statements
Vanguard Russell 1000 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. 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 counter-party 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
12
Russell 1000 Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans
13
Russell 1000 Index Fund
may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $175,000, representing less than 0.01% of the fund’s net assets and 0.07% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
14
Russell 1000 Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 3,561,700 | — | — | 3,561,700 |
Temporary Cash Investments | 11,732 | 868 | — | 12,600 |
Total | 3,573,432 | 868 | — | 3,574,300 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 34 | — | — | 34 |
1 Represents variation margin on the last day of the reporting period.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | |
($000) | |
Tax Cost | 2,749,530 |
Gross Unrealized Appreciation | 1,044,405 |
Gross Unrealized Depreciation | (221,316) |
Net Unrealized Appreciation (Depreciation) | 823,089 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $39,003,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended February 29, 2020, the fund purchased $237,249,000 of investment securities and sold $220,732,000 of investment securities, other than temporary cash investments. Purchases and sales include $85,007,000 and $110,138,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
15
Russell 1000 Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||||||
ETF Shares | ||||||||||||||||
Issued | 165,071 | 1,125 | 478,030 | 3,800 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||||||
Redeemed | (111,474 | ) | (775 | ) | (320,216 | ) | (2,450 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 53,597 | 350 | 157,814 | 1,350 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 163,933 | 602 | 501,900 | 2,013 | ||||||||||||
Issued in Lieu of Cash Distributions | 22,398 | 82 | 35,811 | 143 | ||||||||||||
Redeemed | (218,590 | ) | (769 | ) | (372,577 | ) | (1,478 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | (32,259 | ) | (85 | ) | 165,134 | 678 |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
16
Russell 1000 Value Index Fund
Sector Diversification
As of February 29, 2020
Consumer Discretionary | 11.0% |
Consumer Staples | 8.9 |
Energy | 7.0 |
Financial Services | 29.1 |
Health Care | 12.7 |
Materials & Processing | 4.4 |
Producer Durables | 9.0 |
Technology | 6.7 |
Utilities | 11.2 |
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Russell Global Sectors (“RGS”), except for the “Other” category (if applicable), which includes securities that have not been provided a RGS classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at-tempting to remain fully invested and tracking their target index as closely as possible.
17
Russell 1000 Value Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Common Stocks | ||||
Consumer Discretionary | ||||
Walt Disney Co. | 517,086 | 60,835 | 1.6% | |
Walmart Inc. | 415,664 | 44,759 | 1.2% | |
McDonald’s Corp. | 187,211 | 36,351 | 1.0% | |
Home Depot Inc. | 140,416 | 30,588 | 0.8% | |
Comcast Corp. | 707,311 | 28,597 | 0.8% | |
Consumer Discretionary—Other † | 210,804 | 5.6% | ||
411,934 | 11.0% | |||
Consumer Staples | ||||
Procter & Gamble Co. | 689,629 | 78,087 | 2.1% | |
Philip Morris International Inc. | 460,396 | 37,693 | 1.0% | |
CVS Health Corp. | 384,530 | 22,756 | 0.6% | |
Mondelez International Inc. | 421,260 | 22,243 | 0.6% | |
Coca-Cola Co. | 361,427 | 19,333 | 0.5% | |
Colgate-Palmolive Co. | 248,746 | 16,808 | 0.5% | |
Consumer Staples—Other † | 136,938 | 3.6% | ||
333,858 | 8.9% | |||
Energy | ||||
Exxon Mobil Corp. | 1,254,140 | 64,513 | 1.7% | |
Chevron Corp. | 564,651 | 52,705 | 1.4% | |
ConocoPhillips | 325,439 | 15,758 | 0.4% | |
Energy—Other † | 130,877 | 3.5% | ||
263,853 | 7.0% | |||
Financial Services | ||||
* | Berkshire Hathaway Inc. | 578,994 | 119,470 | 3.2% |
JPMorgan Chase & Co. | 923,249 | 107,198 | 2.9% | |
Bank of America Corp. | 2,410,079 | 68,687 | 1.8% | |
Wells Fargo & Co. | 1,128,898 | 46,116 | 1.2% | |
Citigroup Inc. | 646,424 | 41,022 | 1.1% | |
CME Group Inc. | 104,877 | 20,852 | 0.6% | |
US Bancorp | 423,655 | 19,675 | 0.5% |
18
Russell 1000 Value Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Chubb Ltd. | 133,525 | 19,365 | 0.5% | |
Goldman Sachs Group Inc. | 94,337 | 18,940 | 0.5% | |
Prologis Inc. | 217,007 | 18,289 | 0.5% | |
Truist Financial Corp. | 395,982 | 18,271 | 0.5% | |
PNC Financial Services Group Inc. | 129,624 | 16,385 | 0.4% | |
BlackRock Inc. | 35,033 | 16,221 | 0.4% | |
Morgan Stanley | 344,582 | 15,517 | 0.4% | |
Financial Services—Other † | 545,396 | 14.5% | ||
1,091,404 | 29.0% | |||
Health Care | ||||
Johnson & Johnson | 667,947 | 89,826 | 2.4% | |
Pfizer Inc. | 1,648,242 | 55,084 | 1.5% | |
Medtronic plc | 397,367 | 40,003 | 1.1% | |
Danaher Corp. | 172,804 | 24,984 | 0.7% | |
Gilead Sciences Inc. | 323,108 | 22,411 | 0.6% | |
Abbott Laboratories | 289,209 | 22,278 | 0.6% | |
Allergan plc | 97,186 | 18,530 | 0.5% | |
Becton Dickinson and Co. | 72,468 | 17,234 | 0.4% | |
Bristol-Myers Squibb Co. | 286,299 | 16,909 | 0.4% | |
Health Care—Other † | 168,835 | 4.5% | ||
476,094 | 12.7% | |||
Materials & Processing | ||||
Linde plc | 159,102 | 30,390 | 0.8% | |
Materials & Processing—Other † | 134,149 | 3.6% | ||
164,539 | 4.4% | |||
Producer Durables | ||||
United Technologies Corp. | 240,094 | 31,354 | 0.8% | |
General Electric Co. | 2,563,110 | 27,887 | 0.7% | |
Caterpillar Inc. | 146,164 | 18,159 | 0.5% | |
Honeywell International Inc. | 108,922 | 17,664 | 0.5% | |
Producer Durables—Other † | 242,174 | 6.5% | ||
337,238 | 9.0% | |||
Technology | ||||
Intel Corp. | 1,289,448 | 71,590 | 1.9% | |
* | Micron Technology Inc. | 327,089 | 17,192 | 0.4% |
Technology—Other † | 160,757 | 4.3% | ||
249,539 | 6.6% | |||
Utilities | ||||
AT&T Inc. | 2,162,392 | 76,159 | 2.0% | |
Verizon Communications Inc. | 1,225,558 | 66,376 | 1.8% | |
NextEra Energy Inc. | 144,322 | 36,479 | 1.0% | |
Duke Energy Corp. | 215,854 | 19,794 | 0.5% | |
Dominion Energy Inc. | 243,508 | 19,037 | 0.5% | |
Southern Co. | 308,161 | 18,601 | 0.5% | |
Utilities—Other † | 185,441 | 4.9% | ||
421,887 | 11.2% | |||
Total Common Stocks (Cost $3,778,866) | 3,750,346 | 99.8% |
19
Russell 1000 Value Index Fund | |||||
Market | Percentage | ||||
Value• | of Net | ||||
Coupon | Shares | ($000) | Assets | ||
Temporary Cash Investments | |||||
Money Market Fund | |||||
1,2 | Vanguard Market Liquidity Fund | 1.706% | 14,693 | 1,470 | 0.1% |
3 | U.S. Government and Agency Obligations † | 449 | 0.0% | ||
Total Temporary Cash Investments (Cost $1,918) | 1,919 | 0.1% | |||
4 | Total Investments (Cost $3,780,784) | 3,752,265 | 99.9% | ||
2 | Other Assets and Liabilities—Net | 4,570 | 0.1% | ||
Net Assets | 3,756,835 | 100.0% |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
2 | Collateral of $1,464,000 was received for securities on loan. |
3 | Securities with a value of $271,000 have been segregated as initial margin for open futures contracts. |
4 | The total value of securities on loan is $1,107,000. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2020 | 40 | 5,902 | (640) |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Russell 1000 Value Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,779,315) | 3,750,795 |
Affiliated Issuers (Cost $1,469) | 1,470 |
Total Investments in Securities | 3,752,265 |
Investment in Vanguard | 180 |
Receivables for Accrued Income | 10,263 |
Receivables for Capital Shares Issued | 2,512 |
Total Assets | 3,765,220 |
Liabilities | |
Due to Custodian | 3,697 |
Payables for Investment Securities Purchased | 4 |
Collateral for Securities on Loan | 1,464 |
Payables for Capital Shares Redeemed | 2,790 |
Payables to Vanguard | 418 |
Variation Margin Payable—Futures Contracts | 12 |
Total Liabilities | 8,385 |
Net Assets | 3,756,835 |
At February 29, 2020, net assets consisted of: | |
Paid-in Capital | 3,782,054 |
Total Distributable Earnings (Loss) | (25,219) |
Net Assets | 3,756,835 |
ETF Shares—Net Assets | |
Applicable to 19,350,000 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 2,049,753 |
Net Asset Value Per Share—ETF Shares | $105.93 |
Institutional Shares—Net Assets | |
Applicable to 8,252,878 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,707,082 |
Net Asset Value Per Share—Institutional Shares | $206.85 |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Russell 1000 Value Index Fund
Statement of Operations
Six Months Ended | |
February 29, 2020 | |
($000) | |
Investment Income | |
Income | |
Dividends | 53,075 |
Interest1 | 29 |
Securities Lending—Net | 170 |
Total Income | 53,274 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 307 |
Management and Administrative—ETF Shares | 538 |
Management and Administrative—Institutional Shares | 421 |
Marketing and Distribution—ETF Shares | 72 |
Marketing and Distribution—Institutional Shares | 40 |
Custodian Fees | 141 |
Shareholders’ Reports—ETF Shares | 16 |
Shareholders’ Reports—Institutional Shares | 1 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,537 |
Net Investment Income | 51,737 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 65,874 |
Futures Contracts | 1,151 |
Realized Net Gain (Loss) | 67,025 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (180,538) |
Futures Contracts | (651) |
Change in Unrealized Appreciation (Depreciation) | (181,189) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (62,427) |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $23,000, $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $67,685,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
22
Russell 1000 Value Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | ||
February 29, | August 31, | ||
2020 | 2019 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 51,737 | 86,224 | |
Realized Net Gain (Loss) | 67,025 | 224,418 | |
Change in Unrealized Appreciation (Depreciation) | (181,189) | (270,040) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (62,427) | 40,602 | |
Distributions1 | |||
ETF Shares | (28,564) | (41,769) | |
Institutional Shares | (25,596) | (39,827) | |
Total Distributions | (54,160) | (81,596) | |
Capital Share Transactions | |||
ETF Shares | 209,938 | 447,077 | |
Institutional Shares | (139,509) | 306,866 | |
Net Increase (Decrease) from Capital Share Transactions | 70,429 | 753,943 | |
Total Increase (Decrease) | (46,158) | 712,949 | |
Net Assets | |||
Beginning of Period | 3,802,993 | 3,090,044 | |
End of Period | 3,756,835 | 3,802,993 |
1 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
23
Russell 1000 Value Index Fund
Financial Highlights
ETF Shares
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 109.22 | $ | 111.20 | $ | 101.32 | $ | 93.14 | $ | 84.77 | $ | 89.83 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | 1.469 | 1 | 2.713 | 1 | 2.522 | 1 | 2.437 | 1 | 2.205 | 1.990 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (3.231 | ) | (2.107 | ) | 9.836 | 8.109 | 8.312 | (5.097 | ) | |||||||||||||||
Total from Investment Operations | (1.762 | ) | .606 | 12.358 | 10.546 | 10.517 | (3.107 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (1.528 | ) | (2.586 | ) | (2.478 | ) | (2.366 | ) | (2.147 | ) | (1.953 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (1.528 | ) | (2.586 | ) | (2.478 | ) | (2.366 | ) | (2.147 | ) | (1.953 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 105.93 | $ | 109.22 | $ | 111.20 | $ | 101.32 | $ | 93.14 | $ | 84.77 | ||||||||||||
Total Return | -1.72 | % | 0.60 | % | 12.36 | % | 11.45 | % | 12.65 | % | -3.59 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 2,050 | $ | 1,914 | $ | 1,487 | $ | 1,153 | $ | 668 | $ | 407 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.08 | % | 0.08 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.52 | % | 2.51 | % | 2.35 | % | 2.48 | % | 2.58 | % | 2.26 | % | ||||||||||||
Portfolio Turnover Rate2 | 3 | % | 17 | % | 16 | % | 22 | % | 18 | % | 18 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
24
Russell 1000 Value Index Fund
Financial Highlights
Institutional Shares
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 213.25 | $ | 217.14 | $ | 197.85 | $ | 181.86 | $ | 165.50 | $ | 175.38 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | 2.869 | 1 | 5.294 | 1 | 4.978 | 1 | 4.850 | 1 | 4.359 | 3.946 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (6.295 | ) | (4.087 | ) | 19.227 | 15.821 | 16.249 | (9.955 | ) | |||||||||||||||
Total from Investment Operations | (3.426 | ) | 1.207 | 24.205 | 20.671 | 20.608 | (6.009 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (2.974 | ) | (5.097 | ) | (4.915 | ) | (4.681 | ) | (4.248 | ) | (3.871 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (2.974 | ) | (5.097 | ) | (4.915 | ) | (4.681 | ) | (4.248 | ) | (3.871 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 206.85 | $ | 213.25 | $ | 217.14 | $ | 197.85 | $ | 181.86 | $ | 165.50 | ||||||||||||
Total Return | -1.71 | % | 0.61 | % | 12.39 | % | 11.49 | % | 12.72 | % | -3.55 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 1,707 | $ | 1,889 | $ | 1,603 | $ | 1,541 | $ | 1,485 | $ | 1,283 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.07 | % | 0.07 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.52 | % | 2.52 | % | 2.39 | % | 2.52 | % | 2.62 | % | 2.30 | % | ||||||||||||
Portfolio Turnover Rate2 | 3 | % | 17 | % | 16 | % | 22 | % | 18 | % | 18 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
25
Russell 1000 Value Index Fund
Notes to Financial Statements
Vanguard Russell 1000 Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
26
Russell 1000 Value Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans
27
Russell 1000 Value Index Fund
may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $180,000, representing less than 0.01% of the fund’s net assets and 0.07% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
28
Russell 1000 Value Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($000) | ($000) | ($000) | ($000) | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 3,750,346 | — | — | 3,750,346 | ||||||||||||
Temporary Cash Investments | 1,470 | 449 | — | 1,919 | ||||||||||||
Total | 3,751,816 | 449 | — | 3,752,265 | ||||||||||||
Derivative Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts1 | 12 | — | — | 12 |
1 | Represents variation margin on the last day of the reporting period. |
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000) | ||||
Tax Cost | 3,780,784 | |||
Gross Unrealized Appreciation | 406,267 | |||
Gross Unrealized Depreciation | (435,426 | ) | ||
Net Unrealized Appreciation (Depreciation) | (29,159 | ) |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $81,313,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended February 29, 2020, the fund purchased $420,091,000 of investment securities and sold $354,514,000 of investment securities, other than temporary cash investments. Purchases and sales include $302,214,000 and $245,647,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
29
Russell 1000 Value Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000) | (000) | ($000) | (000) | |||||||||||||
ETF Shares | ||||||||||||||||
Issued | 456,981 | 3,950 | 1,270,748 | 11,700 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||||||
Redeemed | (247,043 | ) | (2,125 | ) | (823,671 | ) | (7,550 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 209,938 | 1,825 | 447,077 | 4,150 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 125,951 | 564 | 634,913 | 3,030 | ||||||||||||
Issued in Lieu of Cash Distributions | 22,134 | 98 | 36,445 | 173 | ||||||||||||
Redeemed | (287,594 | ) | (1,267 | ) | (364,492 | ) | (1,727 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | (139,509 | ) | (605 | ) | 306,866 | 1,476 |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
30
Russell 1000 Growth Index Fund
Sector Diversification
As of February 29, 2020
Consumer Discretionary | 18.0 | % | ||
Consumer Staples | 3.5 | |||
Energy | 0.2 | |||
Financial Services | 12.4 | |||
Health Care | 13.8 | |||
Materials & Processing | 1.7 | |||
Producer Durables | 9.7 | |||
Technology | 40.5 | |||
Utilities | 0.2 |
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Russell Global Sectors (“RGS”), except for the “Other” category (if applicable), which includes securities that have not been provided a RGS classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at-tempting to remain fully invested and tracking their target index as closely as possible.
31
Russell 1000 Growth Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
|
|
| Market | Percentage |
|
|
| Value● | of Net |
|
| Shares | ($000) | Assets |
Common Stocks |
|
|
| |
Consumer Discretionary |
|
|
| |
* | Amazon.com Inc. | 178,953 | 337,103 | 5.3% |
* | Netflix Inc. | 182,155 | 67,221 | 1.1% |
| Home Depot Inc. | 271,653 | 59,177 | 0.9% |
| Costco Wholesale Corp. | 189,982 | 53,412 | 0.8% |
| NIKE Inc. | 533,451 | 47,680 | 0.8% |
* | Tesla Inc. | 62,446 | 41,713 | 0.7% |
| Starbucks Corp. | 510,486 | 40,037 | 0.6% |
| Comcast Corp. | 915,604 | 37,018 | 0.6% |
| Lowe’s Cos. Inc. | 334,042 | 35,599 | 0.6% |
| TJX Cos. Inc. | 525,044 | 31,398 | 0.5% |
* | Booking Holdings Inc. | 18,055 | 30,615 | 0.5% |
| Consumer Discretionary—Other † |
| 349,803 | 5.6% |
|
|
| 1,130,776 | 18.0% |
Consumer Staples |
|
|
| |
| PepsiCo Inc. | 509,065 | 67,212 | 1.1% |
| Coca-Cola Co. | 1,131,674 | 60,533 | 0.9% |
| Consumer Staples—Other † |
| 89,521 | 1.4% |
|
|
| 217,266 | 3.4% |
Energy † |
| 13,842 | 0.2% | |
Financial Services |
|
|
| |
| Visa Inc. | 741,504 | 134,776 | 2.1% |
| Mastercard Inc. | 383,723 | 111,376 | 1.8% |
* | PayPal Holdings Inc. | 508,046 | 54,864 | 0.9% |
| American Tower Corp. | 189,885 | 43,066 | 0.7% |
| S&P Global Inc. | 106,389 | 28,290 | 0.4% |
* | Fiserv Inc. | 243,795 | 26,661 | 0.4% |
| Financial Services—Other † |
| 377,869 | 6.0% |
|
|
| 776,902 | 12.3% |
32
Russell 1000 Growth Index Fund |
|
|
| |
|
|
| Market | Percentage |
|
|
| Value● | of Net |
|
| Shares | ($000) | Assets |
Health Care |
|
|
| |
| UnitedHealth Group Inc. | 409,069 | 104,296 | 1.7% |
| Merck & Co. Inc. | 1,045,526 | 80,045 | 1.3% |
| AbbVie Inc. | 639,505 | 54,812 | 0.9% |
| Amgen Inc. | 238,557 | 47,647 | 0.8% |
| Eli Lilly & Co. | 367,823 | 46,394 | 0.7% |
| Bristol-Myers Squibb Co. | 593,588 | 35,057 | 0.6% |
| Thermo Fisher Scientific Inc. | 117,383 | 34,135 | 0.5% |
| Stryker Corp. | 148,243 | 28,254 | 0.4% |
| Zoetis Inc. | 207,092 | 27,591 | 0.4% |
| Health Care—Other † |
| 409,413 | 6.5% |
|
|
| 867,644 | 13.8% |
Materials & Processing † |
| 108,514 | 1.7% | |
Producer Durables |
|
|
| |
| Boeing Co. | 228,858 | 62,961 | 1.0% |
| Accenture plc Class A | 275,791 | 49,805 | 0.8% |
| Union Pacific Corp. | 300,281 | 47,988 | 0.8% |
| Lockheed Martin Corp. | 106,969 | 39,565 | 0.6% |
| Automatic Data Processing Inc. | 188,009 | 29,093 | 0.5% |
| 3M Co. | 185,125 | 27,628 | 0.4% |
| United Parcel Service Inc. | 301,937 | 27,322 | 0.4% |
| Producer Durables—Other † |
| 324,055 | 5.2% |
|
|
| 608,417 | 9.7% |
Technology |
|
|
| |
| Microsoft Corp. | 3,271,585 | 530,030 | 8.4% |
| Apple Inc. | 1,922,958 | 525,660 | 8.3% |
* | Facebook Inc. | 1,033,868 | 198,989 | 3.2% |
* | Alphabet Inc. Class C | 130,202 | 174,383 | 2.8% |
* | Alphabet Inc. Class A | 129,033 | 172,807 | 2.7% |
| Cisco Systems Inc. | 1,852,340 | 73,964 | 1.2% |
* | Adobe Inc. | 210,497 | 72,647 | 1.1% |
| NVIDIA Corp. | 252,247 | 68,124 | 1.1% |
* | salesforce.com Inc. | 358,916 | 61,159 | 1.0% |
| Texas Instruments Inc. | 406,080 | 46,350 | 0.7% |
| Broadcom Inc. | 166,958 | 45,516 | 0.7% |
| Oracle Corp. | 887,832 | 43,912 | 0.7% |
| QUALCOMM Inc. | 493,788 | 38,664 | 0.6% |
| International Business Machines Corp. | 231,958 | 30,189 | 0.5% |
| Intuit Inc. | 107,544 | 28,591 | 0.5% |
| Technology—Other † |
| 441,003 | 7.0% |
|
|
| 2,551,988 | 40.5% |
Utilities † |
| 9,802 | 0.2% | |
Total Common Stocks (Cost $4,599,825) |
| 6,285,151 | 99.8% |
33
Russell 1000 Growth Index Fund |
|
|
|
|
|
|
| Market | Percentage |
|
|
| Value● | of Net |
| Coupon | Shares | ($000) | Assets |
Temporary Cash Investments |
|
|
|
|
Money Market Fund |
|
|
|
|
1,2 Vanguard Market Liquidity Fund | 1.706% | 107,219 | 10,725 | 0.2% |
3 U.S. Government and Agency Obligations † |
|
| 819 | 0.0% |
Total Temporary Cash Investments (Cost $11,542) |
|
| 11,544 | 0.2% |
4 Total Investments (Cost $4,611,367) |
|
| 6,296,695 | 100.0% |
2 Other Assets and Liabilities—Net |
|
| (2,018) | (0.0%) |
Net Assets |
|
| 6,294,677 | 100.0% |
Cost rounded to $000.
● | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
2 | Collateral of $3,996,000 was received for securities on loan. |
3 | Securities with a value of $672,000 have been segregated as initial margin for open futures contracts. |
4 | The total value of securities on loan is $3,869,000. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
|
| ($000) |
|
|
|
| Value and |
|
| Number of |
| Unrealized |
|
| Long (Short) | Notional | Appreciation |
| Expiration | Contracts | Amount | (Depreciation) |
Long Futures Contracts |
|
|
|
|
E-mini S&P 500 Index | March 2020 | 70 | 10,329 | (1,438) |
See accompanying Notes, which are an integral part of the Financial Statements.
34
Russell 1000 Growth Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount |
Assets |
|
Investments in Securities, at Value |
|
Unaffiliated Issuers (Cost $4,600,643) | 6,285,970 |
Affiliated Issuers (Cost $10,724) | 10,725 |
Total Investments in Securities | 6,296,695 |
Investment in Vanguard | 293 |
Receivables for Investment Securities Sold | 150 |
Receivables for Accrued Income | 6,815 |
Receivables for Capital Shares Issued | 3,565 |
Total Assets | 6,307,518 |
Liabilities |
|
Payables for Investment Securities Purchased | 13 |
Collateral for Securities on Loan | 3,996 |
Payables for Capital Shares Redeemed | 8,255 |
Payables to Vanguard | 562 |
Variation Margin Payable—Futures Contracts | 15 |
Total Liabilities | 12,841 |
Net Assets | 6,294,677 |
At February 29, 2020, net assets consisted of: |
|
|
|
Paid-in Capital | 4,563,498 |
Total Distributable Earnings (Loss) | 1,731,179 |
Net Assets | 6,294,677 |
|
|
ETF Shares—Net Assets |
|
Applicable to 19,376,711 outstanding $.001 par value shares of |
|
beneficial interest (unlimited authorization) | 3,339,789 |
Net Asset Value Per Share—ETF Shares | $172.36 |
|
|
Institutional Shares—Net Assets |
|
Applicable to 8,915,738 outstanding $.001 par value shares of |
|
beneficial interest (unlimited authorization) | 2,954,888 |
Net Asset Value Per Share—Institutional Shares | $331.42 |
See accompanying Notes, which are an integral part of the Financial Statements.
35
Russell 1000 Growth Index Fund
Statement of Operations
| Six Months Ended |
| February 29, 2020 |
| ($000) |
Investment Income |
|
Income |
|
Dividends | 38,357 |
Interest1 | 87 |
Securities Lending—Net | 46 |
Total Income | 38,490 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 477 |
Management and Administrative—ETF Shares | 869 |
Management and Administrative—Institutional Shares | 763 |
Marketing and Distribution—ETF Shares | 107 |
Marketing and Distribution—Institutional Shares | 60 |
Custodian Fees | 76 |
Shareholders’ Reports—ETF Shares | 37 |
Shareholders’ Reports—Institutional Shares | 3 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,393 |
Net Investment Income | 36,097 |
Realized Net Gain (Loss) |
|
Investment Securities Sold1,2 | 178,040 |
Futures Contracts | 1,305 |
Realized Net Gain (Loss) | 179,345 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities1 | 94,551 |
Futures Contracts | (1,432) |
Change in Unrealized Appreciation (Depreciation) | 93,119 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 308,561 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $82,000, $6,000, and $,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 Includes $172,707,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
36
Russell 1000 Growth Index Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended |
| February 29, | August 31, |
| 2020 | 2019 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 36,097 | 66,842 |
Realized Net Gain (Loss) | 179,345 | 266,693 |
Change in Unrealized Appreciation (Depreciation) | 93,119 | (81,179) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 308,561 | 252,356 |
Distributions1 |
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ETF Shares | (18,119) | (24,807) |
Institutional Shares | (18,054) | (32,305) |
Total Distributions | (36,173) | (57,112) |
Capital Share Transactions |
|
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ETF Shares | 344,884 | 683,781 |
Institutional Shares | (270,464) | (195,359) |
Net Increase (Decrease) from Capital Share Transactions | 74,420 | 488,422 |
Total Increase (Decrease) | 346,808 | 683,666 |
Net Assets |
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Beginning of Period | 5,947,869 | 5,264,203 |
End of Period | 6,294,677 | 5,947,869 |
1 Certain prior period numbers have been reclassified to conform with current period presentation
See accompanying Notes, which are an integral part of the Financial Statements.
37
Russell 1000 Growth Index Fund
Financial Highlights
ETF Shares
Six Months Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 164.56 | $ | 159.56 | $ | 127.08 | $ | 106.90 | $ | 98.24 | $ | 95.74 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | .991 | 1 | 1.922 | 1 | 1.762 | 1 | 1.684 | 1 | 1.602 | 1.466 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 7.805 | 4.711 | 32.386 | 20.177 | 8.556 | 2.481 | ||||||||||||||||||
Total from Investment Operations | 8.799 | 6.633 | 34.148 | 21.861 | 10.158 | 3.947 | ||||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (.999 | ) | (1.633 | ) | (1.668 | ) | (1.681 | ) | (1.498 | ) | (1.447 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (.999 | ) | (1.633 | ) | (1.668 | ) | (1.681 | ) | (1.498 | ) | (1.447 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 172.36 | $ | 164.56 | $ | 159.56 | $ | 127.08 | $ | 106.90 | $ | 98.24 | ||||||||||||
Total Return | 5.35 | % | 4.20 | % | 27.09 | % | 20.66 | % | 10.44 | % | 4.11 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 3,340 | $ | 2,872 | $ | 2,083 | $ | 1,319 | $ | 738 | $ | 452 | ||||||||||||
Ratio of Total Expenses to | ||||||||||||||||||||||||
Average Net Assets | 0.08 | % | 0.08 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||
Average Net Assets | 1.12 | % | 1.25 | % | 1.24 | % | 1.45 | % | 1.60 | % | 1.47 | % | ||||||||||||
Portfolio Turnover Rate2 | 1 | % | 17 | % | 15 | % | 21 | % | 15 | % | 20 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
38
Russell 1000 Growth Index Fund
Financial Highlights
Institutional Shares
Six Months Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 316.39 | $ | 306.82 | $ | 244.34 | $ | 205.53 | $ | 188.88 | $ | 184.06 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | 1.913 | 1 | 3.711 | 1 | 3.485 | 1 | 3.291 | 1 | 3.147 | 2.882 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 15.028 | 9.061 | 62.293 | 38.832 | 16.449 | 4.782 | ||||||||||||||||||
Total from Investment Operations | 16.941 | 12.772 | 65.778 | 42.123 | 19.596 | 7.664 | ||||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (1.911 | ) | (3.202 | ) | (3.298 | ) | (3.313 | ) | (2.946 | ) | (2.844 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (1.911 | ) | (3.202 | ) | (3.298 | ) | (3.313 | ) | (2.946 | ) | (2.844 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 331.42 | $ | 316.39 | $ | 306.82 | $ | 244.34 | $ | 205.53 | $ | 188.88 | ||||||||||||
Total Return | 5.36 | % | 4.21 | % | 27.14 | % | 20.72 | % | 10.48 | % | 4.15 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 2,955 | $ | 3,076 | $ | 3,182 | $ | 2,476 | $ | 1,989 | $ | 1,560 | ||||||||||||
Ratio of Total Expenses to | ||||||||||||||||||||||||
Average Net Assets | 0.07 | % | 0.07 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | ||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||
Average Net Assets | 1.13 | % | 1.26 | % | 1.28 | % | 1.49 | % | 1.64 | % | 1.51 | % | ||||||||||||
Portfolio Turnover Rate2 | 1 | % | 17 | % | 15 | % | 21 | % | 15 | % | 20 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
39
Russell 1000 Growth Index Fund
Notes to Financial Statements
Vanguard Russell 1000 Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
40
Russell 1000 Growth Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans
41
Russell 1000 Growth Index Fund
may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $293,000, representing less than 0.01% of the fund’s net assets and 0.12% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
42
Russell 1000 Growth Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($000) | ($000) | ($000) | ($000) | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 6,285,151 | — | — | 6,285,151 | ||||||||||||
Temporary Cash Investments | 10,725 | 819 | — | 11,544 | ||||||||||||
Total | 6,295,876 | 819 | — | 6,296,695 | ||||||||||||
Derivative Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts1 | 15 | — | — | 15 |
1 Represents variation margin on the last day of the reporting period.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000) | ||||
Tax Cost | 4,611,367 | |||
Gross Unrealized Appreciation | 1,869,859 | |||
Gross Unrealized Depreciation | (185,969 | ) | ||
Net Unrealized Appreciation (Depreciation) | 1,683,890 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $145,242,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended February 29, 2020, the fund purchased $478,890,000 of investment securities and sold $414,255,000 of investment securities, other than temporary cash investments. Purchases and sales include $399,439,000 and $325,135,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
43
Russell 1000 Growth Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000) | (000) | ($000) | (000) | |||||||||||||
ETF Shares | ||||||||||||||||
Issued | 677,186 | 3,850 | 1,469,861 | 9,450 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||||||
Redeemed | (332,302 | ) | (1,925 | ) | (786,080 | ) | (5,050 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 344,884 | 1,925 | 683,781 | 4,400 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 186,198 | 548 | 493,524 | 1,733 | ||||||||||||
Issued in Lieu of Cash Distributions | 16,198 | 49 | 28,976 | 95 | ||||||||||||
Redeemed | (472,860 | ) | (1,404 | ) | (717,859 | ) | (2,475 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | (270,464 | ) | (807 | ) | (195,359 | ) | (647 | ) |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
44
The Products are not sponsored, endorsed, sold or promoted by Frank Russell Company (“Russell”). Russell makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the Russell 1000, Russell 1000 Value, and Russell 1000 Growth Indexes to track general stock market performance or a segment of the same. Russell’s publication of the Russell 1000, Russell 1000 Value, and Russell 1000 Growth Indexes in no way suggests or implies an opinion by Russell as to the advisability of investment in any or all of the securities upon which the Russell 1000, Russell 1000 Value, and Russell 1000 Growth Indexes are based. Russell’s only relationship to The Vanguard Group, Inc. is the licensing of certain trademarks and trade names of Russell and of the Russell 1000, Russell 1000 Value, and Russell 1000 Growth Indexes which are determined, composed and calculated by Russell without regard to The Vanguard Group, Inc. or the Products. Russell is not responsible for and has not reviewed the Products nor any associated literature or publications and Russell makes no representation or warranty express or implied as to their accuracy or completeness, or otherwise. Russell has no obligation or liability in connection with the administration, marketing or trading of the Products.
Russell makes no representation, warranty or guarantee as to the accuracy, completeness, reliability or otherwise of the Russell Indexes or any data included in the Russell Indexes. Russell does not guarantee the accuracy and/or the completeness of the Russell 1000, Russell 1000 Value, and Russell 1000 Growth Indexes or any data included therein and Russell shall have no liability for any errors, omissions, or interruptions therein. Russell makes no warranty, express or implied, as to the use of or results to be obtained by The Vanguard Group, Inc., investors, owners of the Products, or any other person or entity from the use of the Russell 1000, Russell 1000 Value, and Russell 1000 Growth Indexes or any data included therein. Russell makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Russell 1000, Russell 1000 Value, and Russell 1000 Growth Indexes or any data included therein. Without limiting any of the foregoing, in no event shall Russell have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.
Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.
45
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2020 The Vanguard Group, Inc. All rights reserved. U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636. Vanguard Marketing Corporation, Distributor.
Q18482 042020 |
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Semiannual Report | February 29, 2020 |
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Vanguard Russell 2000 Index Funds |
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Vanguard Russell 2000 Index Fund |
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Vanguard Russell 2000 Value Index Fund |
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Vanguard Russell 2000 Growth Index Fund |
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See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. |
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Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
About Your Fund’s Expenses | 1 |
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Russell 2000 Index Fund | 3 |
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Russell 2000 Value Index Fund | 17 |
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Russell 2000 Growth Index Fund | 31 |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
● Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
● Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1
Six Months Ended February 29, 2020
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| Beginning |
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| Ending |
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| Expenses |
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| Account Value |
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| Account Value |
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| Paid During |
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| 8/31/2019 |
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| 2/29/2020 |
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| Period |
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Based on Actual Fund Return |
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Russell 2000 Index Fund |
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ETF Shares |
| $ | 1,000.00 |
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| $ | 995.32 |
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| $ | 0.50 |
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Institutional Shares |
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| 1,000.00 |
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| 995.38 |
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| 0.40 |
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Russell 2000 Value Index Fund |
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ETF Shares |
| $ | 1,000.00 |
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| $ | 974.09 |
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| $ | 0.74 |
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Institutional Shares |
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| 1,000.00 |
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| 974.37 |
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| 0.39 |
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Russell 2000 Growth Index Fund |
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ETF Shares |
| $ | 1,000.00 |
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| $ | 1,014.14 |
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| $ | 0.75 |
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Institutional Shares |
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| 1,000.00 |
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| 1,014.45 |
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| 0.40 |
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Based on Hypothetical 5% Yearly Return |
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|
|
|
Russell 2000 Index Fund |
|
|
|
|
|
|
|
|
|
|
|
|
ETF Shares |
| $ | 1,000.00 |
|
| $ | 1,024.37 |
|
| $ | 0.50 |
|
Institutional Shares |
|
| 1,000.00 |
|
|
| 1,024.47 |
|
|
| 0.40 |
|
Russell 2000 Value Index Fund |
|
|
|
|
|
|
|
|
|
|
|
|
ETF Shares |
| $ | 1,000.00 |
|
| $ | 1,024.12 |
|
| $ | 0.75 |
|
Institutional Shares |
|
| 1,000.00 |
|
|
| 1,024.47 |
|
|
| 0.40 |
|
Russell 2000 Growth Index Fund |
|
|
|
|
|
|
|
|
|
|
|
|
ETF Shares |
| $ | 1,000.00 |
|
| $ | 1,024.12 |
|
| $ | 0.75 |
|
Institutional Shares |
|
| 1,000.00 |
|
|
| 1,024.47 |
|
|
| 0.40 |
|
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Russell 2000 Index Fund, 0.10% for ETF Shares and 0.08% for Institutional Shares; for the Russell 2000 Value Index Fund, 0.15% for ETF Shares and 0.08% for Institutional Shares; and for the Russell 2000 Growth Index Fund, 0.15% for ETF Shares and 0.08% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).
2
Russell 2000 Index Fund
Sector Diversification
As of February 29, 2020
Consumer Discretionary | 12.6% |
Consumer Staples | 2.6 |
Energy | 2.7 |
Financial Services | 25.8 |
Health Care | 18.5 |
Materials & Processing | 6.3 |
Other | 0.1 |
Producer Durables | 13.9 |
Technology | 12.9 |
Utilities | 4.6 |
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Russell Global Sectors (“RGS”), except for the “Other” category (if applicable), which includes securities that have not been provided a RGS classification as of the effective reporting period. |
|
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at-tempting to remain fully invested and tracking their target index as closely as possible. |
|
3
Russell 2000 Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Common Stocks | ||||
Consumer Discretionary | ||||
* | Deckers Outdoor Corp. | 30,624 | 5,322 | 0.3% |
* | Chegg Inc. | 129,121 | 5,063 | 0.2% |
Churchill Downs Inc. | 38,309 | 4,813 | 0.2% | |
* | SiteOne Landscape Supply Inc. | 44,550 | 4,422 | 0.2% |
Marriott Vacations Worldwide Corp. | 45,157 | 4,370 | 0.2% | |
Consumer Discretionary—Other † | 229,111 | 11.4% | ||
253,101 | 12.5% | |||
Consumer Staples | ||||
* | Performance Food Group Co. | 112,228 | 4,758 | 0.3% |
* | Helen of Troy Ltd. | 27,377 | 4,506 | 0.2% |
Consumer Staples—Other † | 42,898 | 2.1% | ||
52,162 | 2.6% | |||
Energy | ||||
*,^ | Enphase Energy Inc. | 100,110 | 4,902 | 0.3% |
Energy—Other † | 49,277 | 2.4% | ||
54,179 | 2.7% | |||
Financial Services | ||||
Rexford Industrial Realty Inc. | 120,651 | 5,643 | 0.3% | |
First Industrial Realty Trust Inc. | 137,293 | 5,286 | 0.3% | |
EastGroup Properties Inc. | 41,305 | 5,193 | 0.3% | |
^ | Blackstone Mortgage Trust Inc. | 137,381 | 4,954 | 0.2% |
Healthcare Realty Trust Inc. | 144,362 | 4,952 | 0.2% | |
Radian Group Inc. | 220,377 | 4,681 | 0.2% | |
Essent Group Ltd. | 104,951 | 4,580 | 0.2% | |
Financial Services—Other † | 484,475 | 24.0% | ||
519,764 | 25.7% | |||
Health Care | ||||
* | Teladoc Health Inc. | 78,731 | 9,838 | 0.5% |
* | Novocure Ltd. | 94,702 | 6,890 | 0.3% |
* | Haemonetics Corp. | 55,833 | 6,048 | 0.3% |
4
Russell 2000 Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
* | Amedisys Inc. | 34,196 | 5,950 | 0.3% |
* | HealthEquity Inc. | 75,511 | 5,361 | 0.3% |
* | ACADIA Pharmaceuticals Inc. | 122,758 | 5,247 | 0.3% |
* | Repligen Corp. | 57,004 | 4,880 | 0.3% |
* | Reata Pharmaceuticals Inc. | 24,381 | 4,748 | 0.2% |
* | Tandem Diabetes Care Inc. | 61,120 | 4,563 | 0.2% |
* | Syneos Health Inc. | 67,910 | 4,302 | 0.2% |
* | Nevro Corp. | 32,600 | 4,243 | 0.2% |
* | Acceleron Pharma Inc. | 49,110 | 4,220 | 0.2% |
* | Iovance Biotherapeutics Inc. | 127,894 | 4,209 | 0.2% |
§ | Health Care—Other † | 303,355 | 15.0% | |
373,854 | 18.5% | |||
Materials & Processing | ||||
* | Trex Co. Inc. | 64,059 | 6,127 | 0.3% |
* | RBC Bearings Inc. | 26,439 | 4,526 | 0.2% |
Cabot Microelectronics Corp. | 31,609 | 4,402 | 0.2% | |
Materials & Processing—Other † | 112,216 | 5.6% | ||
127,271 | 6.3% | |||
§,1Other † | 1,061 | 0.1% | ||
Producer Durables | ||||
* | Generac Holdings Inc. | 66,670 | 6,866 | 0.4% |
* | Axon Enterprise Inc. | 63,600 | 4,921 | 0.3% |
Tetra Tech Inc. | 59,490 | 4,811 | 0.2% | |
MSA Safety Inc. | 38,472 | 4,681 | 0.2% | |
EMCOR Group Inc. | 60,841 | 4,680 | 0.2% | |
* | Darling Ingredients Inc. | 179,015 | 4,601 | 0.2% |
* | FTI Consulting Inc. | 40,582 | 4,569 | 0.2% |
MAXIMUS Inc. | 69,263 | 4,365 | 0.2% | |
Brink’s Co. | 54,428 | 4,261 | 0.2% | |
Producer Durables—Other † | 237,106 | 11.8% | ||
280,861 | 13.9% | |||
Technology | ||||
* | Lumentum Holdings Inc. | 84,290 | 6,559 | 0.3% |
* | Tech Data Corp. | 38,684 | 5,508 | 0.3% |
Science Applications International Corp. | 63,101 | 5,056 | 0.3% | |
* | Five9 Inc. | 65,213 | 4,762 | 0.2% |
j2 Global Inc. | 50,826 | 4,439 | 0.2% | |
* | Cirrus Logic Inc. | 63,486 | 4,358 | 0.2% |
* | Mercury Systems Inc. | 59,148 | 4,345 | 0.2% |
Technology—Other † | 225,033 | 11.2% | ||
260,060 | 12.9% | |||
Utilities | ||||
Portland General Electric Co. | 97,836 | 5,323 | 0.3% | |
Black Hills Corp. | 66,553 | 4,805 | 0.2% | |
ONE Gas Inc. | 56,947 | 4,678 | 0.2% | |
Utilities—Other † | 78,591 | 3.9% | ||
93,397 | 4.6% | |||
Total Common Stocks (Cost $2,140,587) | 2,015,710 | 99.8% |
5
Russell 2000 Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
2,3 Vanguard Market Liquidity Fund | 1.706% | 432,431 | 43,256 | 2.2% |
4 U.S. Government and Agency Obligations † | 639 | 0.0% | ||
Total Temporary Cash Investments (Cost $43,878) | 43,895 | 2.2% | ||
Total Investments (Cost $2,184,465) | 2,059,605 | 102.0% | ||
Other Assets and Liabilities—Net3 | (41,306) | (-2.0%) | ||
Net Assets | 2,018,299 | 100.0% |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $39,662,000.
§ Certain of the fund’s securities are valued using significant unobservable inputs.
1 | “Other” represents securities that are not classified by the fund’s benchmark index. |
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 $43,112,000 was received for securities on loan, of which $43,060,000 is held in Vanguard Market Liquidity Fund and $52,000 is held in cash. |
4 | Securities with a value of $65,000 have been segregated as initial margin for open futures contracts. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2020 | 36 | 2,655 | (185) |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Russell 2000 Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,141,225) | 2,016,349 |
Affiliated Issuers (Cost $43,240) | 43,256 |
Total Investments in Securities | 2,059,605 |
Investment in Vanguard | 100 |
Cash | 273 |
Receivables for Investment Securities Sold | 166 |
Receivables for Accrued Income | 1,622 |
Receivables for Capital Shares Issued | 366 |
Total Assets | 2,062,132 |
Liabilities | |
Payables for Investment Securities Purchased | 31 |
Collateral for Securities on Loan | 43,112 |
Payables for Capital Shares Redeemed | 427 |
Payables to Vanguard | 250 |
Variation Margin Payable—Futures Contracts | 13 |
Total Liabilities | 43,833 |
Net Assets | 2,018,299 |
At February 29, 2020, net assets consisted of: | |
Paid-in Capital | 2,174,988 |
Total Distributable Earnings (Loss) | (156,689) |
Net Assets | 2,018,299 |
ETF Shares—Net Assets | |
Applicable to 11,850,000 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,399,524 |
Net Asset Value Per Share—ETF Shares | $118.10 |
Institutional Shares—Net Assets | |
Applicable to 2,739,024 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 618,775 |
Net Asset Value Per Share—Institutional Shares | $225.91 |
See accompanying Notes, which are an integral part of the Financial Statements.
7
Russell 2000 Index Fund
Statement of Operations
Six Months Ended | |
February 29, 2020 | |
($000) | |
Investment Income | |
Income | |
Dividends | 13,245 |
Interest1 | 99 |
Securities Lending—Net | 2,055 |
Total Income | 15,399 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 175 |
Management and Administrative—ETF Shares | 464 |
Management and Administrative—Institutional Shares | 180 |
Marketing and Distribution—ETF Shares | 51 |
Marketing and Distribution—Institutional Shares | 16 |
Custodian Fees | 173 |
Shareholders’ Reports—ETF Shares | 27 |
Shareholders’ Reports—Institutional Shares | 2 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,089 |
Net Investment Income | 14,310 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 78,890 |
Futures Contracts | 798 |
Realized Net Gain (Loss) | 79,688 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (89,457) |
Futures Contracts | 296 |
Change in Unrealized Appreciation (Depreciation) | (89,161) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,837 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $93,000, $5,000, and $8,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $148,221,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
8
Russell 2000 Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
February 29, | August 31, | |
2020 | 2019 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 14,310 | 31,315 |
Realized Net Gain (Loss) | 79,688 | 99,386 |
Change in Unrealized Appreciation (Depreciation) | (89,161) | (458,714) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,837 | (328,013) |
Distributions1 | ||
ETF Shares | (14,130) | (19,016) |
Institutional Shares | (7,244) | (11,454) |
Total Distributions | (21,374) | (30,470) |
Capital Share Transactions | ||
ETF Shares | (39,827) | (27,258) |
Institutional Shares | (248,287) | 12,275 |
Net Increase (Decrease) from Capital Share Transactions | (288,114) | (14,983) |
Total Increase (Decrease) | (304,651) | (373,466) |
Net Assets | ||
Beginning of Period | 2,322,950 | 2,696,416 |
End of Period | 2,018,299 | 2,322,950 |
1 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
9
Russell 2000 Index Fund
Financial Highlights
ETF Shares
For a Share Outstanding | Six Months Ended February 29, | Year Ended August 31, | |||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 119.75 | $ | 139.11 | $ | 112.21 | $ | 98.98 | $ | 92.71 | $ | 93.72 | |||||||||||||
Investment Operations | |||||||||||||||||||||||||
Net Investment Income | .7761 | 1.5931 | 1.5541 | 1.4431 | 1.302 | 1.224 | 1 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | |||||||||||||||||||||||||
on Investments | (1.253 | ) | (19.408 | ) | 26.846 | 13.255 | 6.537 | (1.163 | ) | ||||||||||||||||
Total from Investment Operations | (.477 | ) | (17.815 | ) | 28.400 | 14.698 | 7.839 | .061 | |||||||||||||||||
Distributions | |||||||||||||||||||||||||
Dividends from Net Investment Income | (1.173 | ) | (1.545 | ) | (1.500 | ) | (1.468 | ) | (1.569 | ) | (1.071 | ) | |||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | |||||||||||||||||||
Total Distributions | (1.173 | ) | (1.545 | ) | (1.500 | ) | (1.468 | ) | (1.569 | ) | (1.071 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 118.10 | $ | 119.75 | $ | 139.11 | $ | 112.21 | $ | 98.98 | $ | 92.71 | |||||||||||||
Total Return | -0.47 | % | -12.83 | % | 25.49 | % | 14.94 | % | 8.62 | % | 0.03 | % | |||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 1,400 | $ | 1,464 | $ | 1,715 | $ | 1,083 | $ | 698 | $ | 554 | |||||||||||||
Ratio of Total Expenses to | �� | ||||||||||||||||||||||||
Average Net Assets | 0.10 | % | 0.10 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | |||||||||||||
Ratio of Net Investment Income to | |||||||||||||||||||||||||
Average Net Assets | 1.35 | % | 1.30 | % | 1.23 | % | 1.34 | % | 1.52 | % | 1.28 | % | |||||||||||||
Portfolio Turnover Rate2 | 6 | % | 16 | % | 19 | % | 23 | % | 19 | % | 17 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
10
Russell 2000 Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding | Six Months Ended February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 229.03 | $ | 266.12 | $ | 214.65 | $ | 189.31 | $ | 177.40 | $ | 179.29 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | 1.5161 | 3.0781 | 3.1291 | 2.9561 | 2.606 | 2.453 | 1 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
on Investments | (2.413 | ) | (37.106 | ) | 51.369 | 25.315 | 12.503 | (2.212 | ) | |||||||||||||||
Total from Investment Operations | (.897 | ) | (34.028 | ) | 54.498 | 28.271 | 15.109 | .241 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (2.223 | ) | (3.062 | ) | (3.028 | ) | (2.931 | ) | (3.199 | ) | (2.131 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (2.223 | ) | (3.062 | ) | (3.028 | ) | (2.931 | ) | (3.199 | ) | (2.131 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 225.91 | $ | 229.03 | $ | 266.12 | $ | 214.65 | $ | 189.31 | $ | 177.40 | ||||||||||||
Total Return | -0.46 | % | -12.83 | % | 25.58 | % | 15.03 | % | 8.69 | % | 0.11 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 619 | $ | 859 | $ | 982 | $ | 576 | $ | 479 | $ | 528 | ||||||||||||
Ratio of Total Expenses to | ||||||||||||||||||||||||
Average Net Assets | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | ||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||
Average Net Assets | 1.38 | % | 1.32 | % | 1.30 | % | 1.41 | % | 1.59 | % | 1.35 | % | ||||||||||||
Portfolio Turnover Rate2 | 6 | % | 16 | % | 19 | % | 23 | % | 19 | % | 17 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
11
Russell 2000 Index Fund
Notes to Financial Statements
Vanguard Russell 2000 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1.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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
12
Russell 2000 Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans
13
Russell 2000 Index Fund
may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $100,000, representing less than 0.01% of the fund’s net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
14
Russell 2000 Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 2,015,622 | — | 88 | 2,015,710 |
Temporary Cash Investments | 43,256 | 639 | — | 43,895 |
Total | 2,058,878 | 639 | 88 | 2,059,605 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 13 | — | — | 13 |
1 Represents variation margin on the last day of the reporting period.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | |
($000) | |
Tax Cost | 2,184,937 |
Gross Unrealized Appreciation | 291,668 |
Gross Unrealized Depreciation | (417,185) |
Net Unrealized Appreciation (Depreciation) | (125,517) |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $111,815,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended February 29, 2020, the fund purchased $535,093,000 of investment securities and sold $818,859,000 of investment securities, other than temporary cash investments. Purchases and sales include $369,211,000 and $437,948,000 respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
15
Russell 2000 Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | ||||
February 29, 2020 | August 31, 2019 | ||||
Amount | Shares | Amount | Shares | ||
($000) | (000) | ($000) | (000) | ||
ETF Shares | |||||
Issued | 399,865 | 3,025 | 384,122 | 3,200 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (439,692) | (3,400) | (411,380) | (3,300) | |
Net Increase (Decrease)—ETF Shares | (39,827) | (375) | (27,258) | (100) | |
Institutional Shares | |||||
Issued | 71,532 | 292 | 127,299 | 549 | |
Issued in Lieu of Cash Distributions | 7,021 | 29 | 11,202 | 47 | |
Redeemed | (326,840) | (1,332) | (126,226) | (535) | |
Net Increase (Decrease)—Institutional Shares | (248,287) | (1,011) | 12,275 | 61 |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
16
Russell 2000 Value Index Fund
Sector Diversification
As of February 29, 2020
Consumer Discretionary | 12.1% |
Consumer Staples | 1.7 |
Energy | 4.3 |
Financial Services | 42.2 |
Health Care | 5.4 |
Materials & Processing | 6.0 |
Other | 0.0 |
Producer Durables | 12.2 |
Technology | 9.2 |
Utilities | 6.9 |
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Russell Global Sectors (“RGS”), except for the “Other” category (if applicable), which includes securities that have not been provided a RGS classification as of the effective reporting period. | |
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at-tempting to remain fully invested and tracking their target index as closely as possible. | |
17
Russell 2000 Value Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Common Stocks | ||||
Consumer Discretionary | ||||
Marriott Vacations Worldwide Corp. | 14,980 | 1,450 | 0.4% | |
TEGNA Inc. | 96,343 | 1,380 | 0.4% | |
* | Penn National Gaming Inc. | 43,238 | 1,279 | 0.3% |
* | Taylor Morrison Home Corp. | 50,560 | 1,139 | 0.3% |
Consumer Discretionary—Other † | 41,137 | 10.6% | ||
46,385 | 12.0% | |||
Consumer Staples † | 6,684 | 1.7% | ||
Energy † | 16,590 | 4.3% | ||
Financial Services | ||||
Rexford Industrial Realty Inc. | 48,671 | 2,276 | 0.6% | |
Healthcare Realty Trust Inc. | 58,333 | 2,001 | 0.5% | |
^ | Blackstone Mortgage Trust Inc. | 55,150 | 1,989 | 0.5% |
Radian Group Inc. | 89,051 | 1,891 | 0.5% | |
First Industrial Realty Trust Inc. | 44,167 | 1,700 | 0.4% | |
Sabra Health Care REIT Inc. | 84,964 | 1,661 | 0.4% | |
STAG Industrial Inc. | 58,612 | 1,640 | 0.4% | |
Stifel Financial Corp. | 29,269 | 1,593 | 0.4% | |
Valley National Bancorp | 169,845 | 1,580 | 0.4% | |
Physicians Realty Trust | 82,609 | 1,558 | 0.4% | |
Terreno Realty Corp. | 25,979 | 1,425 | 0.4% | |
IBERIABANK Corp. | 22,988 | 1,384 | 0.4% | |
Community Bank System Inc. | 22,443 | 1,365 | 0.4% | |
Agree Realty Corp. | 18,276 | 1,313 | 0.3% | |
Hancock Whitney Corp. | 38,263 | 1,282 | 0.3% | |
United Bankshares Inc. | 42,726 | 1,234 | 0.3% | |
Glacier Bancorp Inc. | 32,513 | 1,212 | 0.3% |
18
Russell 2000 Value Index Fund
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Piedmont Office Realty Trust Inc. | 55,150 | 1,191 | 0.3% | |
Pebblebrook Hotel Trust | 58,100 | 1,174 | 0.3% | |
Old National Bancorp | 74,043 | 1,167 | 0.3% | |
Home BancShares Inc. | 69,036 | 1,157 | 0.3% | |
Invesco Mortgage Capital Inc. | 70,670 | 1,136 | 0.3% | |
UMB Financial Corp. | 19,480 | 1,133 | 0.3% | |
Financial Services—Other † | 128,088 | 33.1% | ||
162,150 | 41.8% | |||
Health Care | ||||
* | Syneos Health Inc. | 25,539 | 1,618 | 0.4% |
Health Care—Other † | 18,931 | 4.9% | ||
20,549 | 5.3% | |||
Materials & Processing | ||||
Louisiana-Pacific Corp. | 44,751 | 1,273 | 0.3% | |
Rexnord Corp. | 42,018 | 1,225 | 0.3% | |
§ | Materials & Processing—Other † | 20,563 | 5.3% | |
23,061 | 5.9% | |||
§,1Other † | 80 | 0.0% | ||
Producer Durables | ||||
* | Darling Ingredients Inc. | 71,929 | 1,849 | 0.5% |
* | FTI Consulting Inc. | 14,809 | 1,667 | 0.4% |
KBR Inc. | 62,255 | 1,616 | 0.4% | |
UniFirst Corp. | 6,633 | 1,233 | 0.3% | |
Producer Durables—Other † | 40,484 | 10.5% | ||
46,849 | 12.1% | |||
Technology | ||||
* | Lumentum Holdings Inc. | 33,882 | 2,637 | 0.7% |
* | Tech Data Corp. | 15,561 | 2,216 | 0.6% |
* | Cirrus Logic Inc. | 25,516 | 1,751 | 0.4% |
Perspecta Inc. | 57,162 | 1,427 | 0.4% | |
* | Anixter International Inc. | 13,428 | 1,309 | 0.3% |
Technology—Other † | 25,783 | 6.7% | ||
35,123 | 9.1% | |||
Utilities | ||||
Portland General Electric Co. | 39,259 | 2,136 | 0.6% | |
Black Hills Corp. | 26,890 | 1,941 | 0.5% | |
ONE Gas Inc. | 22,987 | 1,888 | 0.5% | |
Spire Inc. | 21,928 | 1,646 | 0.4% | |
PNM Resources Inc. | 34,825 | 1,640 | 0.4% | |
ALLETE Inc. | 22,855 | 1,577 | 0.4% | |
NorthWestern Corp. | 22,364 | 1,573 | 0.4% | |
Avista Corp. | 29,185 | 1,376 | 0.4% | |
Southwest Gas Holdings Inc. | 21,129 | 1,367 | 0.4% | |
New Jersey Resources Corp. | 36,288 | 1,281 | 0.3% | |
* | Iridium Communications Inc. | 43,973 | 1,190 | 0.3% |
Utilities—Other † | 9,048 | 2.3% | ||
26,663 | 6.9% | |||
Total Common Stocks (Cost $413,809) | 384,134 | 99.1% |
19
Russell 2000 Value Index Fund
Market | Percentage | |||
Value• | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
2,3 Vanguard Market Liquidity Fund | 1.706% | 60,167 | 6,019 | 1.6% |
4 U.S. Government and Agency Obligations † | 84 | 0.0% | ||
Total Temporary Cash Investments (Cost $6,102) | 6,103 | 1.6% | ||
Total Investments (Cost $419,911) | 390,237 | 100.7% | ||
Other Assets and Liabilities—Net3,4 | (2,720) | (-0.7%) | ||
Net Assets | 387,517 | 100.0% |
Cost rounded to $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,181,000.
§ Certain of the fund’s securities are valued using significant unobservable inputs.
1 | “Other” represents securities that are not classified by the fund’s benchmark index. |
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 $4,563,000 was received for securities on loan, of which $4,542,000 is held in Vanguard Market Liquidity Fund and $21,000 is held in cash. |
4 | Securities with a value of $84,000 and cash of $5,000 have been segregated as initial margin for open futures contracts. REIT—Real Estate Investment Trust. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2020 | 34 | 2,507 | (155) |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Russell 2000 Value Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $413,894) | 384,218 |
Affiliated Issuers (Cost $6,017) | 6,019 |
Total Investments in Securities | 390,237 |
Investment in Vanguard | 19 |
Cash | 21 |
Cash Collateral Pledged—Futures Contracts | 5 |
Receivables for Accrued Income | 455 |
Receivables for Capital Shares Issued | 1,418 |
Total Assets | 392,155 |
Liabilities | |
Payables for Investment Securities Purchased | 4 |
Collateral for Securities on Loan | 4,563 |
Payables to Vanguard | 56 |
Variation Margin Payable—Futures Contracts | 15 |
Total Liabilities | 4,638 |
Net Assets | 387,517 |
At February 29, 2020, net assets consisted of: | |
Paid-in Capital | 445,788 |
Total Distributable Earnings (Loss) | (58,271) |
Net Assets | 387,517 |
ETF Shares—Net Assets | |
Applicable to 2,625,000 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 251,312 |
Net Asset Value Per Share—ETF Shares | $95.74 |
Institutional Shares—Net Assets | |
Applicable to 721,317 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 136,205 |
Net Asset Value Per Share—Institutional Shares | $188.83 |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Russell 2000 Value Index Fund
Statement of Operations
Six Months Ended | |
February 29, 2020 | |
($000) | |
Investment Income | |
Income | |
Dividends | 3,542 |
Interest1 | 13 |
Securities Lending—Net | 224 |
Total Income | 3,779 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 32 |
Management and Administrative—ETF Shares | 158 |
Management and Administrative—Institutional Shares | 37 |
Marketing and Distribution—ETF Shares | 9 |
Marketing and Distribution—Institutional Shares | 3 |
Custodian Fees | 25 |
Shareholders’ Reports—ETF Shares | 5 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | — |
Total Expenses | 269 |
Net Investment Income | 3,510 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | (535) |
Futures Contracts | 275 |
Realized Net Gain (Loss) | (260) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (13,810) |
Futures Contracts | (120) |
Change in Unrealized Appreciation (Depreciation) | (13,930) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (10,680) |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $13,000, $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
22
Russell 2000 Value Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | ||
February 29, | August 31, | ||
2020 | 2019 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 3,510 | 6,850 | |
Realized Net Gain (Loss) | (260) | 15,080 | |
Change in Unrealized Appreciation (Depreciation) | (13,930) | (75,606) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (10,680) | (53,676) | |
Distributions1 | |||
ETF Shares | (3,481) | (3,946) | |
Institutional Shares | (1,889) | (2,495) | |
Total Distributions | (5,370) | (6,441) | |
Capital Share Transactions | |||
ETF Shares | 10,828 | 62,708 | |
Institutional Shares | 1,466 | 14,009 | |
Net Increase (Decrease) from Capital Share Transactions | 12,294 | 76,717 | |
Total Increase (Decrease) | (3,756) | 16,600 | |
Net Assets | |||
Beginning of Period | 391,273 | 374,673 | |
End of Period | 387,517 | 391,273 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
23
Russell 2000 Value Index Fund
Financial Highlights
ETF Shares
For a Share Outstanding | Six Months Ended February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 99.51 | $ | 119.05 | $ | 100.96 | $ | 90.64 | $ | 81.88 | $ | 87.76 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | .8661 | 1.9121 | 1.9051 | 1.7361 | 1.561 | 1.530 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
on Investments | (3.298 | ) | (19.589 | ) | 18.070 | 10.358 | 9.305 | (5.907 | ) | |||||||||||||||
Total from Investment Operations | (2.432 | ) | (17.677 | ) | 19.975 | 12.094 | 10.866 | (4.377 | ) | |||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (1.338 | ) | (1.863 | ) | (1.885 | ) | (1.774 | ) | (2.106 | ) | (1.503 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (1.338 | ) | (1.863 | ) | (1.885 | ) | (1.774 | ) | (2.106 | ) | (1.503 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 95.74 | $ | 99.51 | $ | 119.05 | $ | 100.96 | $ | 90.64 | $ | 81.88 | ||||||||||||
Total Return | -2.59 | % | -14.93 | % | 19.96 | % | 13.42 | % | 13.62 | % | -5.10 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 251 | $ | 251 | $ | 223 | $ | 172 | $ | 120 | $ | 74 | ||||||||||||
Ratio of Total Expenses to | ||||||||||||||||||||||||
Average Net Assets | 0.15 | % | 0.15 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||
Average Net Assets | 1.86 | % | 1.83 | % | 1.73 | % | 1.76 | % | 2.02 | % | 1.80 | % | ||||||||||||
Portfolio Turnover Rate2 | 4 | % | 27 | % | 30 | % | 36 | % | 31 | % | 28 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
24
Russell 2000 Value Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding | Six Months Ended February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 196.24 | $ | 234.81 | $ | 199.13 | $ | 178.76 | $ | 161.59 | $ | 173.15 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | 1.7821 | 3.9661 | 4.0291 | 3.7371 | 3.265 | 3.195 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
on Investments | (6.518 | ) | (38.670 | ) | 35.618 | 20.356 | 18.355 | (11.619 | ) | |||||||||||||||
Total from Investment Operations | (4.736 | ) | (34.704 | ) | 39.647 | 24.093 | 21.620 | (8.424 | ) | |||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (2.674 | ) | (3.866 | ) | (3.967 | ) | (3.723 | ) | (4.450 | ) | (3.136 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (2.674 | ) | (3.866 | ) | (3.967 | ) | (3.723 | ) | (4.450 | ) | (3.136 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 188.83 | $ | 196.24 | $ | 234.81 | $ | 199.13 | $ | 178.76 | $ | 161.59 | ||||||||||||
Total Return | -2.56 | % | -14.88 | % | 20.10 | % | 13.55 | % | 13.76 | % | -4.97 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 136 | $ | 140 | $ | 151 | $ | 146 | $ | 129 | $ | 71 | ||||||||||||
Ratio of Total Expenses to | ||||||||||||||||||||||||
Average Net Assets | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | ||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||
Average Net Assets | 1.93 | % | 1.90 | % | 1.85 | % | 1.88 | % | 2.14 | % | 1.92 | % | ||||||||||||
Portfolio Turnover Rate2 | 4 | % | 27 | % | 30 | % | 36 | % | 31 | % | 28 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
25
Russell 2000 Value Index Fund
Notes to Financial Statements
Vanguard Russell 2000 Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
26
Russell 2000 Value Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans
27
Russell 2000 Value Index Fund
may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $19,000, representing less than 0.01% of the fund’s net assets and 0.01% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
28
Russell 2000 Value Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 384,131 | — | 3 | 384,134 |
Temporary Cash Investments | 6,019 | 84 | — | 6,103 |
Total | 390,150 | 84 | 3 | 390,237 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 15 | — | — | 15 |
1 Represents variation margin on the last day of the reporting period.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | |
($000) | |
Tax Cost | 420,067 |
Gross Unrealized Appreciation | 46,281 |
Gross Unrealized Depreciation | (76,266) |
Net Unrealized Appreciation (Depreciation) | (29,985) |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $28,104,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended February 29, 2020, the fund purchased $28,484,000 of investment securities and sold $18,588,000 of investment securities, other than temporary cash investments. Purchases and sales include $10,827,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 29, 2020, such purchases and sales were $2,077,000 and $2,080,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
29
Russell 2000 Value Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | ||||
February 29, 2020 | August 31, 2019 | ||||
Amount | Shares | Amount | Shares | ||
($000) | (000) | ($000) | (000) | ||
ETF Shares | |||||
Issued | 10,828 | 100 | 131,976 | 1,300 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | — | — | (69,268) | (650) | |
Net Increase (Decrease)—ETF Shares | 10,828 | 100 | 62,708 | 650 | |
Institutional Shares | |||||
Issued | 12,055 | 57 | 36,227 | 176 | |
Issued in Lieu of Cash Distributions | 1,889 | 9 | 2,464 | 12 | |
Redeemed | (12,478) | (58) | (24,682) | (120) | |
Net Increase (Decrease)—Institutional Shares | 1,466 | 8 | 14,009 | 68 |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
30
Russell 2000 Growth Index Fund
Sector Diversification
As of February 29, 2020
Consumer Discretionary | 13.0 | % | ||
Consumer Staples | 3.3 | |||
Energy | 1.2 | |||
Financial Services | 11.1 | |||
Health Care | 30.4 | |||
Materials & Processing | 6.6 | |||
Other | 0.0 | |||
Producer Durables | 15.5 | |||
Technology | 16.3 | |||
Utilities | 2.6 |
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Russell Global Sectors (“RGS”), except for the “Other” category (if applicable), which includes securities that have not been provided a RGS classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at-tempting to remain fully invested and tracking their target index as closely as possible.
31
Russell 2000 Growth Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value● ($000) | Percentage of Net Assets | ||||||||||||
Common Stocks | ||||||||||||||
Consumer Discretionary | ||||||||||||||
* | Deckers Outdoor Corp. | 22,932 | 3,986 | 0.5 | % | |||||||||
* | Chegg Inc. | 96,699 | 3,792 | 0.5 | % | |||||||||
Churchill Downs Inc. | 28,666 | 3,602 | 0.4 | % | ||||||||||
* | SiteOne Landscape Supply Inc. | 33,338 | 3,309 | 0.4 | % | |||||||||
Texas Roadhouse Inc. | 53,916 | 3,031 | 0.4 | % | ||||||||||
Cracker Barrel Old Country Store Inc. | 19,609 | 2,811 | 0.4 | % | ||||||||||
* | Eldorado Resorts Inc. | 53,908 | 2,705 | 0.3 | % | |||||||||
Consumer Discretionary—Other † | 80,111 | 10.1 | % | |||||||||||
103,347 | 13.0 | % | ||||||||||||
Consumer Staples | ||||||||||||||
* | Performance Food Group Co. | 84,086 | 3,565 | 0.4 | % | |||||||||
* | Helen of Troy Ltd. | 20,520 | 3,378 | 0.4 | % | |||||||||
Consumer Staples—Other † | 19,674 | 2.5 | % | |||||||||||
26,617 | 3.3 | % | ||||||||||||
Energy | ||||||||||||||
* | Enphase Energy Inc. | 74,962 | 3,671 | 0.5 | % | |||||||||
Energy—Other † | 6,058 | 0.7 | % | |||||||||||
9,729 | 1.2 | % | ||||||||||||
Financial Services | ||||||||||||||
EastGroup Properties Inc. | 30,941 | 3,890 | 0.5 | % | ||||||||||
First Financial Bankshares Inc. | 106,552 | 3,062 | 0.4 | % | ||||||||||
Financial Services—Other † | 81,283 | 10.2 | % | |||||||||||
88,235 | 11.1 | % | ||||||||||||
Health Care | ||||||||||||||
*,^ | Teladoc Health Inc. | 59,005 | 7,373 | 0.9 | % | |||||||||
* | Novocure Ltd. | 70,876 | 5,156 | 0.6 | % | |||||||||
* | Haemonetics Corp. | 41,805 | 4,529 | 0.6 | % | |||||||||
* | Amedisys Inc. | 25,623 | 4,459 | 0.6 | % |
32
Russell 2000 Growth Index Fund
Shares | Market Value● ($000) | Percentage of Net Assets | ||||||||||||
* | HealthEquity Inc. | 56,642 | 4,021 | 0.5 | % | |||||||||
* | ACADIA Pharmaceuticals Inc. | 91,906 | 3,928 | 0.5 | % | |||||||||
* | Repligen Corp. | 42,656 | 3,651 | 0.5 | % | |||||||||
* | Tandem Diabetes Care Inc. | 45,836 | 3,422 | 0.4 | % | |||||||||
* | Nevro Corp. | 24,406 | 3,176 | 0.4 | % | |||||||||
* | Iovance Biotherapeutics Inc. | 95,887 | 3,156 | 0.4 | % | |||||||||
* | Wright Medical Group NV | 103,197 | 3,122 | 0.4 | % | |||||||||
* | Global Blood Therapeutics Inc. | 47,433 | 3,034 | 0.4 | % | |||||||||
* | LHC Group Inc. | 24,559 | 2,983 | 0.4 | % | |||||||||
* | Globus Medical Inc. | 62,049 | 2,806 | 0.4 | % | |||||||||
* | NuVasive Inc. | 42,401 | 2,790 | 0.3 | % | |||||||||
* | AMN Healthcare Services Inc. | 37,615 | 2,768 | 0.3 | % | |||||||||
* | Omnicell Inc. | 33,919 | 2,763 | 0.3 | % | |||||||||
§ | Health Care—Other † | 178,358 | 22.4 | % | ||||||||||
241,495 | 30.3 | % | ||||||||||||
Materials & Processing | ||||||||||||||
* | Trex Co. Inc. | 47,958 | 4,587 | 0.6 | % | |||||||||
* | RBC Bearings Inc. | 19,783 | 3,387 | 0.4 | % | |||||||||
Cabot Microelectronics Corp. | 23,652 | 3,294 | 0.4 | % | ||||||||||
Simpson Manufacturing Co. Inc. | 36,539 | 2,902 | 0.4 | % | ||||||||||
Materials & Processing—Other † | 38,248 | 4.8 | % | |||||||||||
52,418 | 6.6 | % | ||||||||||||
§,1 Other † | 375 | 0.0 | % | |||||||||||
Producer Durables | ||||||||||||||
* | Generac Holdings Inc. | 49,956 | 5,145 | 0.6 | % | |||||||||
* | Axon Enterprise Inc. | 47,620 | 3,684 | 0.5 | % | |||||||||
Tetra Tech Inc. | 44,508 | 3,599 | 0.5 | % | ||||||||||
MSA Safety Inc. | 28,811 | 3,505 | 0.4 | % | ||||||||||
MAXIMUS Inc. | 51,972 | 3,275 | 0.4 | % | ||||||||||
Brink’s Co. | 40,747 | 3,190 | 0.4 | % | ||||||||||
Exponent Inc. | 42,204 | 3,108 | 0.4 | % | ||||||||||
* | TopBuild Corp. | 27,298 | 2,757 | 0.4 | % | |||||||||
Producer Durables—Other † | 95,018 | 11.9 | % | |||||||||||
123,281 | 15.5 | % | ||||||||||||
Technology | ||||||||||||||
Science Applications International Corp. | 47,306 | 3,791 | 0.5 | % | ||||||||||
* | Five9 Inc. | 48,798 | 3,564 | 0.4 | % | |||||||||
j2 Global Inc. | 38,019 | 3,320 | 0.4 | % | ||||||||||
* | Mercury Systems Inc. | 44,260 | 3,251 | 0.4 | % | |||||||||
* | Silicon Laboratories Inc. | 35,057 | 3,109 | 0.4 | % | |||||||||
* | Envestnet Inc. | 39,384 | 2,973 | 0.4 | % | |||||||||
* | Everbridge Inc. | 27,204 | 2,874 | 0.4 | % | |||||||||
* | Verint Systems Inc. | 51,290 | 2,815 | 0.4 | % | |||||||||
* | Inphi Corp. | 36,677 | 2,738 | 0.3 | % | |||||||||
Technology—Other † | 101,167 | 12.7 | % | |||||||||||
129,602 | 16.3 | % | ||||||||||||
Utilities † | 20,474 | 2.6 | % | |||||||||||
Total Common Stocks (Cost $732,607) | 795,573 | 99.9 | % |
33
Russell 2000 Growth Index Fund |
Coupon | Shares | Market Value● ($000) | Percentage of Net Assets | |||||||||||||
Temporary Cash Investments | ||||||||||||||||
Money Market Fund | ||||||||||||||||
2,3 Vanguard Market Liquidity Fund | 1.706 | % | 181,490 | 18,154 | 2.3 | % | ||||||||||
4 U.S. Government and Agency Obligations † | 93 | 0.0 | % | |||||||||||||
Total Temporary Cash Investments (Cost $18,241) | 18,247 | 2.3 | % | |||||||||||||
Total Investments (Cost $750,848) | 813,820 | 102.2 | % | |||||||||||||
Other Assets and Liabilities—Net3 | (17,193 | ) | (-2.2 | %) | ||||||||||||
Net Assets | 796,627 | 100.0 | % |
Cost rounded to $000.
● | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $17,456,000.
§ Certain of the fund’s securities are valued using significant unobservable inputs.
1 | “Other” represents securities that are not classified by the fund’s benchmark index. |
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 $19,170,000 was received for securities on loan, of which $17,809,000 is held in Vanguard Market Liquidity Fund and $1,361,000 is held in cash. |
4 | Securities with a value of $57,000 have been segregated as initial margin for open futures contracts. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000) | ||||||||||||||||
Value and | ||||||||||||||||
Number of | Unrealized | |||||||||||||||
Long (Short) | Notional | Appreciation | ||||||||||||||
Expiration | Contracts | Amount | (Depreciation) | |||||||||||||
Long Futures Contracts | ||||||||||||||||
E-mini Russell 2000 Index | March 2020 | 17 | 1,254 | (106 | ) |
See accompanying Notes, which are an integral part of the Financial Statements.
34
Russell 2000 Growth Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount | |||
Assets | ||||
Investments in Securities, at Value | ||||
Unaffiliated Issuers (Cost $732,700) | 795,666 | |||
Affiliated Issuers (Cost $18,148) | 18,154 | |||
Total Investments in Securities | 813,820 | |||
Investment in Vanguard | 38 | |||
Cash | 1,482 | |||
Receivables for Investment Securities Sold | 126 | |||
Receivables for Accrued Income | 344 | |||
Receivables for Capital Shares Issued | 1,272 | |||
Total Assets | 817,082 | |||
Liabilities | ||||
Payables for Investment Securities Purchased | 10 | |||
Collateral for Securities on Loan | 19,170 | |||
Payables for Capital Shares Redeemed | 1,171 | |||
Payables to Vanguard | 95 | |||
Variation Margin Payable—Futures Contracts | 9 | |||
Total Liabilities | 20,455 | |||
Net Assets | 796,627 |
At February 29, 2020, net assets consisted of:
Paid-in Capital | 815,851 | |||
Total Distributable Earnings (Loss) | (19,224 | ) | ||
Net Assets | 796,627 | |||
ETF Shares—Net Assets | ||||
Applicable to 2,200,000 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 314,485 | |||
Net Asset Value Per Share—ETF Shares | $ | 142.95 | ||
Institutional Shares—Net Assets | ||||
Applicable to 1,770,544 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 482,142 | |||
Net Asset Value Per Share—Institutional Shares | $ | 272.31 |
See accompanying Notes, which are an integral part of the Financial Statements.
35
Russell 2000 Growth Index Fund
Statement of Operations
Six Months Ended February 29, 2020 | ||||
($000 | ) | |||
Investment Income | ||||
Income | ||||
Dividends | 2,874 | |||
Interest1 | 17 | |||
Securities Lending—Net | 914 | |||
Total Income | 3,805 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 62 | |||
Management and Administrative—ETF Shares | 184 | |||
Management and Administrative—Institutional Shares | 126 | |||
Marketing and Distribution—ETF Shares | 9 | |||
Marketing and Distribution—Institutional Shares | 10 | |||
Custodian Fees | 40 | |||
Shareholders’ Reports—ETF Shares | 8 | |||
Shareholders’ Reports—Institutional Shares | 3 | |||
Trustees’ Fees and Expenses | — | |||
Total Expenses | 442 | |||
Net Investment Income | 3,363 | |||
Realized Net Gain (Loss) | ||||
Investment Securities Sold1,2 | 12,916 | |||
Futures Contracts | 107 | |||
Realized Net Gain (Loss) | 13,023 | |||
Change in Unrealized Appreciation (Depreciation) | ||||
Investment Securities1 | (6,214 | ) | ||
Futures Contracts | (89 | ) | ||
Change in Unrealized Appreciation (Depreciation) | (6,303 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,083 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $17,000, $1,000 and $4,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $8,667,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
36
Russell 2000 Growth Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |||||||
February 29, | August 31, | |||||||
2020 | 2019 | |||||||
($000 | ) | ($000 | ) | |||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 3,363 | 5,609 | ||||||
Realized Net Gain (Loss) | 13,023 | 19,075 | ||||||
Change in Unrealized Appreciation (Depreciation) | (6,303 | ) | (119,272 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,083 | (94,588 | ) | |||||
Distributions1 | ||||||||
ETF Shares | (1,504 | ) | (1,913 | ) | ||||
Institutional Shares | (2,416 | ) | (3,646 | ) | ||||
Total Distributions | (3,920 | ) | (5,559 | ) | ||||
Capital Share Transactions | ||||||||
ETF Shares | 11,690 | 9,770 | ||||||
Institutional Shares | 5,528 | (9,899 | ) | |||||
Net Increase (Decrease) from Capital Share Transactions | 17,218 | (129 | ) | |||||
Total Increase (Decrease) | 23,381 | (100,276 | ) | |||||
Net Assets | ||||||||
Beginning of Period | 773,246 | 873,522 | ||||||
End of Period | 796,627 | 773,246 |
1 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
37
Russell 2000 Growth Index Fund
Financial Highlights
ETF Shares
For a Share Outstanding | Six Months Ended February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 141.63 | $ | 160.12 | $ | 123.26 | $ | 106.98 | $ | 104.34 | $ | 99.83 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | .5821 | .9711 | .8951 | .9611 | .989 | .680 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.441 | (18.527 | ) | 36.791 | 16.455 | 2.721 | 4.471 | |||||||||||||||||
Total from Investment Operations | 2.023 | (17.556 | ) | 37.686 | 17.416 | 3.710 | 5.151 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (.703 | ) | (.934 | ) | (.826 | ) | (1.136 | ) | (1.070 | ) | (.641 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (.703 | ) | (.934 | ) | (.826 | ) | (1.136 | ) | (1.070 | ) | (.641 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 142.95 | $ | 141.63 | $ | 160.12 | $ | 123.26 | $ | 106.98 | $ | 104.34 | ||||||||||||
Total Return | 1.41 | % | -10.97 | % | 30.69 | % | 16.39 | % | 3.62 | % | 5.17 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 314 | $ | 301 | $ | 328 | $ | 194 | $ | 144 | $ | 149 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.15 | % | 0.15 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.78 | % | 0.68 | % | 0.64 | % | 0.83 | % | 0.99 | % | 0.67 | % | ||||||||||||
Portfolio Turnover Rate2 | 6 | % | 28 | % | 35 | % | 34 | % | 33 | % | 34 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
38
Russell 2000 Growth Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding | Six Months Ended February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 269.76 | $ | 305.04 | $ | 234.80 | $ | 203.79 | $ | 198.85 | $ | 190.26 | ||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | 1.2081 | 2.0211 | 2.0261 | 2.1021 | 2.121 | 1.478 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.734 | (35.267 | ) | 70.080 | 31.338 | 5.185 | 8.565 | |||||||||||||||||
Total from Investment Operations | 3.942 | (33.246 | ) | 72.106 | 33.440 | 7.306 | 10.043 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (1.392 | ) | (2.034 | ) | (1.866 | ) | (2.430 | ) | (2.366 | ) | (1.453 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (1.392 | ) | (2.034 | ) | (1.866 | ) | (2.430 | ) | (2.366 | ) | (1.453 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 272.31 | $ | 269.76 | $ | 305.04 | $ | 234.80 | $ | 203.79 | $ | 198.85 | ||||||||||||
Total Return | 1.44 | % | -10.91 | % | 30.85 | % | 16.53 | % | 3.74 | % | 5.29 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $ | 482 | $ | 472 | $ | 545 | $ | 370 | $ | 219 | $ | 187 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.85 | % | 0.75 | % | 0.76 | % | 0.95 | % | 1.11 | % | 0.79 | % | ||||||||||||
Portfolio Turnover Rate2 | 6 | % | 28 | % | 35 | % | 34 | % | 33 | % | 34 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
39
Russell 2000 Growth Index Fund
Notes to Financial Statements
Vanguard Russell 2000 Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
40
Russell 2000 Growth Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
41
Russell 2000 Growth Index Fund
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $38,000, representing less than 0.01% of the fund’s net assets and 0.02% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
42
Russell 2000 Growth Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | |||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 795,521 | — | 52 | 795,573 | ||||||||||||
Temporary Cash Investments | 18,154 | 93 | — | 18,247 | ||||||||||||
Total | 813,675 | 93 | 52 | 813,820 | ||||||||||||
Derivative Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts1 | 9 | — | — | 9 |
1 Represents variation margin on the last day of the reporting period.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000 | ) | |||
Tax Cost | 750,892 | |||
Gross Unrealized Appreciation | 169,202 | |||
Gross Unrealized Depreciation | (106,380 | ) | ||
Net Unrealized Appreciation (Depreciation) | 62,822 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $95,856,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended February 29, 2020, the fund purchased $84,631,000 of investment securities and sold $67,650,000 of investment securities, other than temporary cash investments. Purchases and sales include $11,224,000 and $23,113,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 29, 2020, such purchases and sales were $4,319,000 and $7,409,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
43
Russell 2000 Growth Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended February 29, 2020 | Year Ended August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||||||
ETF Shares | ||||||||||||||||
Issued | 37,237 | 250 | 150,524 | 1,050 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | |||||||||||||
Redeemed | (25,547 | ) | (175 | ) | (140,754 | ) | (975 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 11,690 | 75 | 9,770 | 75 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 55,621 | 195 | 46,667 | 176 | ||||||||||||
Issued in Lieu of Cash Distributions | 2,416 | 9 | 3,646 | 13 | ||||||||||||
Redeemed | (52,509 | ) | (184 | ) | (60,212 | ) | (226 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | 5,528 | 20 | (9,899 | ) | (37 | ) |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
44
The Products are not sponsored, endorsed, sold or promoted by Frank Russell Company (“Russell”). Russell makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes to track general stock market performance or a segment of the same. Russell’s publication of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes in no way suggests or implies an opinion by Russell as to the advisability of investment in any or all of the securities upon which the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes are based. Russell’s only relationship to The Vanguard Group, Inc. is the licensing of certain trademarks and trade names of Russell and of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes which are determined, composed and calculated by Russell without regard to The Vanguard Group, Inc. or the Products. Russell is not responsible for and has not reviewed the Products nor any associated literature or publications and Russell makes no representation or warranty express or implied as to their accuracy or completeness, or otherwise. Russell has no obligation or liability in connection with the administration, marketing or trading of the Products.
Russell makes no representation, warranty or guarantee as to the accuracy, completeness, reliability or otherwise of the Russell Indexes or any data included in the Russell Indexes. Russell does not guarantee the accuracy and/or the completeness of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes or any data included therein and Russell shall have no liability for any errors, omissions, or interruptions therein. Russell makes no warranty, express or implied, as to the use of or results to be obtained by The Vanguard Group, Inc., investors, owners of the Products, or any other person or entity from the use of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes or any data included therein. Russell makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes or any data included therein. Without limiting any of the foregoing, in no event shall Russell have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.
Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.
45
Connect with Vanguard® > vanguard.com
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Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2020 The Vanguard Group, Inc. All rights reserved. | |
U.S. Patent Nos. 6,879,964; 7,337,138; | |
7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636. Vanguard Marketing Corporation, Distributor. | |
Q18512 042020 |
|
Semiannual Report | February 29, 2020
Vanguard Russell 3000 Index Fund |
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1 |
Six Months Ended February 29, 2020
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Russell 3000 Index Fund | 8/31/2019 | 2/29/2020 | Period |
Based on Actual Fund Return | |||
ETF Shares | $1,000.00 | $1,017.63 | $0.50 |
Institutional Shares | 1,000.00 | 1,017.82 | 0.40 |
Based on Hypothetical 5% Yearly Return | |||
ETF Shares | $1,000.00 | $1,024.37 | $0.50 |
Institutional Shares | 1,000.00 | 1,024.47 | 0.40 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.10% for ETF Shares and 0.08% for Institutional Shares. The dollar amounts shown as ”Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).
2 |
Russell 3000 Index Fund
Sector Diversification
As of February 29, 2020
Consumer Discretionary | 14.6% |
Consumer Staples | 5.8 |
Energy | 3.3 |
Financial Services | 20.5 |
Health Care | 13.6 |
Materials & Processing | 3.2 |
Other | 0.0 |
Producer Durables | 9.6 |
Technology | 24.1 |
Utilities | 5.3 |
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Russell Global Sectors (“RGS”), except for the “Other” category (if applicable), which includes securities that have not been provided a RGS classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at-tempting to remain fully invested and tracking their target index as closely as possible.
3 |
Russell 3000 Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
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.
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Common Stocks | ||||
Consumer Discretionary | ||||
* | Amazon.com Inc. | 19,357 | 36,464 | 2.7% |
Home Depot Inc. | 51,566 | 11,233 | 0.8% | |
Walt Disney Co. | 81,676 | 9,609 | 0.7% | |
Comcast Corp. | 210,673 | 8,518 | 0.6% | |
* | Netflix Inc. | 19,713 | 7,275 | 0.6% |
Walmart Inc. | 65,773 | 7,082 | 0.5% | |
McDonald’s Corp. | 35,297 | 6,854 | 0.5% | |
Costco Wholesale Corp. | 20,555 | 5,779 | 0.4% | |
Consumer Discretionary—Other † | 105,458 | 7.7% | ||
198,272 | 14.5% | |||
Consumer Staples | ||||
Procter & Gamble Co. | 115,741 | 13,105 | 1.0% | |
Coca-Cola Co. | 179,504 | 9,602 | 0.7% | |
PepsiCo Inc. | 65,604 | 8,662 | 0.6% | |
Philip Morris International Inc. | 72,661 | 5,949 | 0.4% | |
Consumer Staples—Other † | 41,178 | 3.0% | ||
78,496 | 5.7% | |||
Energy | ||||
Exxon Mobil Corp. | 198,113 | 10,191 | 0.7% | |
Chevron Corp. | 89,187 | 8,325 | 0.6% | |
Energy—Other † | 26,991 | 2.0% | ||
45,507 | 3.3% | |||
Financial Services | ||||
* | Berkshire Hathaway Inc. Class B | 91,641 | 18,909 | 1.4% |
JPMorgan Chase & Co. | 145,975 | 16,949 | 1.2% | |
Visa Inc. | 80,169 | 14,572 | 1.1% | |
Mastercard Inc. | 41,485 | 12,041 | 0.9% | |
Bank of America Corp. | 381,095 | 10,861 | 0.8% | |
Wells Fargo & Co. | 178,266 | 7,282 | 0.5% | |
Citigroup Inc. | 101,988 | 6,472 | 0.5% | |
* | PayPal Holdings Inc. | 54,994 | 5,939 | 0.4% |
Financial Services—Other † | 185,584 | 13.6% | ||
278,609 | 20.4% |
4 |
Russell 3000 Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Health Care | ||||
Johnson & Johnson | 124,324 | 16,719 | 1.2% | |
UnitedHealth Group Inc. | 44,237 | 11,279 | 0.8% | |
Merck & Co. Inc. | 119,244 | 9,129 | 0.7% | |
Pfizer Inc. | 260,475 | 8,705 | 0.6% | |
Bristol-Myers Squibb Co. | 109,468 | 6,465 | 0.5% | |
Medtronic plc | 62,855 | 6,328 | 0.5% | |
Abbott Laboratories | 80,648 | 6,212 | 0.5% | |
AbbVie Inc. | 69,224 | 5,933 | 0.4% | |
Amgen Inc. | 28,073 | 5,607 | 0.4% | |
Thermo Fisher Scientific Inc. | 18,658 | 5,426 | 0.4% | |
§ | Health Care—Other † | 103,227 | 7.5% | |
185,030 | 13.5% | |||
Materials & Processing † | 43,199 | 3.2% | ||
§,1Other † | 37 | 0.0% | ||
Producer Durables | ||||
Boeing Co. | 24,786 | 6,819 | 0.5% | |
Honeywell International Inc. | 33,621 | 5,452 | 0.4% | |
Accenture plc Class A | 29,800 | 5,382 | 0.4% | |
Union Pacific Corp. | 32,532 | 5,199 | 0.4% | |
Producer Durables—Other † | 108,190 | 7.9% | ||
131,042 | 9.6% | |||
Technology | ||||
Microsoft Corp. | 353,966 | 57,346 | 4.2% | |
Apple Inc. | 208,053 | 56,873 | 4.1% | |
* | Facebook Inc. | 111,839 | 21,526 | 1.6% |
* | Alphabet Inc. Class C | 14,036 | 18,799 | 1.4% |
* | Alphabet Inc. Class A | 14,007 | 18,759 | 1.4% |
Intel Corp. | 203,807 | 11,315 | 0.8% | |
Cisco Systems Inc. | 200,515 | 8,007 | 0.6% | |
* | Adobe Inc. | 22,772 | 7,859 | 0.6% |
NVIDIA Corp. | 27,309 | 7,375 | 0.5% | |
* | salesforce.com Inc. | 38,840 | 6,618 | 0.5% |
International Business Machines Corp. | 41,559 | 5,409 | 0.4% | |
Technology—Other † | 106,739 | 7.8% | ||
326,625 | 23.9% | |||
Utilities | ||||
AT&T Inc. | 341,583 | 12,031 | 0.9% | |
Verizon Communications Inc. | 193,755 | 10,494 | 0.7% | |
NextEra Energy Inc. | 22,859 | 5,778 | 0.4% | |
Utilities—Other † | 43,422 | 3.2% | ||
71,725 | 5.2% | |||
Total Common Stocks (Cost $1,100,278) | 1,358,542 | 99.3% |
5 |
Russell 3000 Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
2,3 Vanguard Market Liquidity Fund | 1.706% | 72,313 | 7,234 | 0.5% |
4U.S. Government and Agency Obligations † | 399 | 0.1% | ||
Total Temporary Cash Investments (Cost $7,632) | 7,633 | 0.6% | ||
5Total Investments (Cost $1,107,910) | 1,366,175 | 99.9% | ||
3,4Other Assets and Liabilities—Net | 1,214 | 0.1% | ||
Net Assets | 1,367,389 | 100.0% | ||
Cost rounded to $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
§ | Certain of the fund’s securities are valued using significant unobservable inputs. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
1 | “Other” represents securities that are not classified by the fund’s benchmark index. |
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 $619,000 was received for securities on loan. |
4 | Securities with a value of $399,000 and cash of $10,000 have been segregated as initial margin for open futures contracts. |
5 | The total value of securities on loan is $563,000. |
Derivative Financial Instruments Outstanding as of Period End | |||||
Futures Contracts | |||||
($000) | |||||
Value and | |||||
Number of | Unrealized | ||||
Long (Short) | Notional | Appreciation | |||
Expiration | Contracts | Amount | (Depreciation) | ||
Long Futures Contracts | |||||
E-mini S&P 500 Index | March 2020 | 57 | 8,411 | (720) | |
E-mini Russell 2000 Index | March 2020 | 7 | 516 | (63) | |
(783) |
See accompanying Notes, which are an integral part of the Financial Statements.
6 |
Russell 3000 Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,100,677) | 1,358,941 |
Affiliated Issuers (Cost $7,233) | 7,234 |
Total Investments in Securities | 1,366,175 |
Investment in Vanguard | 66 |
Cash | 17 |
Cash Collateral Pledged—Futures Contracts | 10 |
Receivables for Investment Securities Sold | 7 |
Receivables for Accrued Income | 2,484 |
Receivables for Capital Shares Issued | 5,049 |
Total Assets | 1,373,808 |
Liabilities | |
Payables for Investment Securities Purchased | 5,413 |
Collateral for Securities on Loan | 619 |
Payables for Capital Shares Redeemed | 178 |
Payables to Vanguard | 189 |
Variation Margin Payable—Futures Contracts | 20 |
Total Liabilities | 6,419 |
Net Assets | 1,367,389 |
At February 29, 2020, net assets consisted of: | |
Paid-in Capital | 1,107,518 |
Total Distributable Earnings (Loss) | 259,871 |
Net Assets | 1,367,389 |
ETF Shares—Net Assets | |
Applicable to 3,675,000 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 493,750 |
Net Asset Value Per Share—ETF Shares | $134.35 |
Institutional Shares—Net Assets | |
Applicable to 3,359,673 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 873,639 |
Net Asset Value Per Share—Institutional Shares | $260.04 |
See accompanying Notes, which are an integral part of the Financial Statements.
7 |
Russell 3000 Index Fund
Statement of Operations
Six Months Ended | |
February 29, 2020 | |
($000) | |
Investment Income | |
Income | |
Dividends | 13,162 |
Interest1 | 42 |
Securities Lending—Net | 69 |
Total Income | 13,273 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 109 |
Management and Administrative—ETF Shares | 173 |
Management and Administrative—Institutional Shares | 269 |
Marketing and Distribution—ETF Shares | 16 |
Marketing and Distribution—Institutional Shares | 16 |
Custodian Fees | 40 |
Shareholders’ Reports—ETF Shares | 4 |
Shareholders’ Reports—Institutional Shares | — |
Total Expenses | 627 |
Net Investment Income | 12,646 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 25,536 |
Futures Contracts | 525 |
Realized Net Gain (Loss) | 26,061 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (12,649) |
Futures Contracts | (787) |
Change in Unrealized Appreciation (Depreciation) | (13,436) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 25,271 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $39,000, $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $26,569,000 of net gains resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
8 |
Russell 3000 Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | ||
February 29, | August 31, | ||
2020 | 2019 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 12,646 | 23,173 | |
Realized Net Gain (Loss) | 26,061 | 51,327 | |
Change in Unrealized Appreciation (Depreciation) | (13,436) | (58,570) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 25,271 | 15,930 | |
Distributions1 | |||
ETF Shares | (4,441) | (7,478) | |
Institutional Shares | (8,643) | (15,510) | |
Total Distributions | (13,084) | (22,988) | |
Capital Share Transactions | |||
ETF Shares | 31,976 | 48,811 | |
Institutional Shares | (10,344) | 1,031 | |
Net Increase (Decrease) from Capital Share Transactions | 21,632 | 49,842 | |
Total Increase (Decrease) | 33,819 | 42,784 | |
Net Assets | |||
Beginning of Period | 1,333,570 | 1,290,786 | |
End of Period | 1,367,389 | 1,333,570 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
9 |
Russell 3000 Index Fund
Financial Highlights
ETF Shares
Six Months | |||||||||
Ended | Year Ended August 31, | ||||||||
For a Share Outstanding | February 29, | ||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||
Net Asset Value, Beginning of Period | $133.26 | $133.98 | $113.52 | $99.77 | $91.43 | $92.82 | |||
Investment Operations | |||||||||
Net Investment Income | 1.2271 | 2.3121 | 2.0991 | 1.9801 | 1.850 | 1.649 | |||
Net Realized and Unrealized Gain (Loss) | |||||||||
on Investments | 1.170 | (.730) | 20.442 | 13.722 | 8.248 | (1.396) | |||
Total from Investment Operations | 2.397 | 1.582 | 22.541 | 15.702 | 10.098 | .253 | |||
Distributions | |||||||||
Dividends from Net Investment Income | (1.307) | (2.302) | (2.081) | (1.952) | (1.758) | (1.643) | |||
Distributions from Realized Capital Gains | — | — | — | — | — | — | |||
Total Distributions | (1.307) | (2.302) | (2.081) | (1.952) | (1.758) | (1.643) | |||
Net Asset Value, End of Period | $134.35 | $133.26 | $133.98 | $113.52 | $99.77 | $91.43 | |||
Total Return | 1.76% | 1.25% | 20.07% | 15.92% | 11.20% | 0.21% | |||
Ratios/Supplemental Data | |||||||||
Net Assets, End of Period (Millions) | $494 | $463 | $412 | $343 | $282 | $169 | |||
Ratio of Total Expenses to | |||||||||
Average Net Assets | 0.10% | 0.10% | 0.15% | 0.15% | 0.15% | 0.15% | |||
Ratio of Net Investment Income to | |||||||||
Average Net Assets | 1.73% | 1.79% | 1.70% | 1.85% | 1.98% | 1.76% | |||
Portfolio Turnover Rate2 | 5% | 10% | 14% | 16% | 8% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
10 |
Russell 3000 Index Fund
Financial Highlights
Institutional Shares
Six Months | |||||||||
Ended | Year Ended August 31, | ||||||||
For a Share Outstanding | February 29, | ||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||
Net Asset Value, Beginning of Period | $257.87 | $259.33 | $219.72 | $193.10 | $176.98 | $179.64 | |||
Investment Operations | |||||||||
Net Investment Income | 2.4171 | 4.4991 | 4.2201 | 3.9521 | 3.689 | 3.318 | |||
Net Realized and Unrealized Gain (Loss) | |||||||||
on Investments | 2.267 | (1.394) | 39.578 | 26.583 | 15.965 | (2.689) | |||
Total from Investment Operations | 4.684 | 3.105 | 43.798 | 30.535 | 19.654 | .629 | |||
Distributions | |||||||||
Dividends from Net Investment Income | (2.514) | (4.565) | (4.188) | (3.915) | (3.534) | (3.289) | |||
Distributions from Realized Capital Gains | — | — | — | — | — | — | |||
Total Distributions | (2.514) | (4.565) | (4.188) | (3.915) | (3.534) | (3.289) | |||
Net Asset Value, End of Period | $260.04 | $257.87 | $259.33 | $219.72 | $193.10 | $176.98 | |||
Total Return | 1.78% | 1.27% | 20.15% | 16.00% | 11.28% | 0.30% | |||
Ratios/Supplemental Data | |||||||||
Net Assets, End of Period (Millions) | $874 | $871 | $879 | $755 | $847 | $788 | |||
Ratio of Total Expenses to | |||||||||
Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | |||
Ratio of Net Investment Income to | |||||||||
Average Net Assets | 1.76% | 1.81% | 1.77% | 1.92% | 2.05% | 1.83% | |||
Portfolio Turnover Rate2 | 5% | 10% | 14% | 16% | 8% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
11 |
Russell 3000 Index Fund
Notes to Financial Statements
Vanguard Russell 3000 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
12 |
Russell 3000 Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans
13 |
Russell 3000 Index Fund
may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $66,000, representing less than 0.01% of the fund’s net assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
14 |
Russell 3000 Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 1,358,536 | — | 6 | 1,358,542 |
Temporary Cash Investments | 7,234 | 399 | — | 7,633 |
Total | 1,365,770 | 399 | 6 | 1,366,175 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 20 | — | — | 20 |
1 Represents variation margin on the last day of the reporting period.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | |
($000) | |
Tax Cost | 1,107,928 |
Gross Unrealized Appreciation | 371,336 |
Gross Unrealized Depreciation | (113,872) |
Net Unrealized Appreciation (Depreciation) | 257,464 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $28,070,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended February 29, 2020, the fund purchased $150,377,000 of investment securities and sold $132,759,000 of investment securities, other than temporary cash investments. Purchases and sales include $55,691,000 and $60,666,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
15 |
Russell 3000 Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | ||||
February 29, 2020 | August 31, 2019 | ||||
Amount | Shares | Amount | Shares | ||
($000) | (000) | ($000) | (000) | ||
ETF Shares | |||||
Issued | 93,696 | 625 | 109,413 | 875 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (61,720) | (425) | (60,602) | (475) | |
Net Increase (Decrease)—ETF Shares | 31,976 | 200 | 48,811 | 400 | |
Institutional Shares | |||||
Issued | 80,379 | 302 | 196,124 | 780 | |
Issued in Lieu of Cash Distributions | 8,282 | 31 | 15,108 | 61 | |
Redeemed | (99,005) | (349) | (210,201) | (854) | |
Net Increase (Decrease)—Institutional Shares | (10,344) | (16) | 1,031 | (13) |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
16 |
The Product is not sponsored, endorsed, sold or promoted by Frank Russell Company (“Russell”). Russell makes no representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the Russell 3000 Index to track general stock market performance or a segment of the same. Russell’s publication of the Russell 3000 Index in no way suggests or implies an opinion by Russell as to the advisability of investment in any or all of the securities upon which the Russell 3000 Index is based. Russell’s only relationship to The Vanguard Group, Inc. is the licensing of certain trademarks and trade names of Russell and of the Russell 3000 Index which is determined, composed and calculated by Russell without regard to The Vanguard Group, Inc. or the Product. Russell is not responsible for and has not reviewed the Product nor any associated literature or publications and Russell makes no representation or warranty express or implied as to their accuracy or completeness, or otherwise. Russell has no obligation or liability in connection with the administration, marketing or trading of the Product.
Russell makes no representation, warranty or guarantee as to the accuracy, completeness, reliability or otherwise of the Russell Indexes or any data included in the Russell Indexes. Russell does not guarantee the accuracy and/or the completeness of the Russell 3000 Index or any data included therein and Russell shall have no liability for any errors, omissions, or interruptions therein. Russell makes no warranty, express or implied, as to the use of or results to be obtained by The Vanguard Group, Inc., investors, owners of the Product, or any other person or entity from the use of the Russell 3000 Index or any data included therein. Russell makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Russell 3000 Index or any data included therein. Without limiting any of the foregoing, in no event shall Russell have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.
Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.
17 |
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You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2020 The Vanguard Group, Inc.
All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138;
7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.
Q18542 042020
Semiannual Report | February 29, 2020 | |
Vanguard Sector Bond Index Funds | |
Vanguard Short-Term Treasury Index Fund
Vanguard Intermediate-Term Treasury Index Fund
Vanguard Long-Term Treasury Index Fund
Vanguard Short-Term Corporate Bond Index Fund
Vanguard Intermediate-Term Corporate Bond Index Fund
Vanguard Long-Term Corporate Bond Index Fund
Vanguard Mortgage-Backed Securities Index Fund
| |
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. | |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
About Your Fund’s Expenses | 1 | |
Short-Term Treasury Index Fund | 4 | |
Intermediate-Term Treasury Index Fund | 18 | |
Long-Term Treasury Index Fund | 32 | |
Short-Term Corporate Bond Index Fund | 45 | |
Intermediate-Term Corporate Bond Index Fund | 62 | |
Long-Term Corporate Bond Index Fund | 79 | |
Mortgage-Backed Securities Index Fund | 97 |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
● Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
● Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1
Six Months Ended February 29, 2020
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
8/31/2019 | 2/29/2020 | Period | |
Based on Actual Fund Return | |||
Short-Term Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,018.12 | $0.25 |
Admiral™ Shares | 1,000.00 | 1,018.23 | 0.35 |
Institutional Shares | 1,000.00 | 1,017.89 | 0.25 |
Intermediate-Term Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,031.35 | $0.25 |
Admiral Shares | 1,000.00 | 1,031.36 | 0.35 |
Institutional Shares | 1,000.00 | 1,031.33 | 0.25 |
Long-Term Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,065.71 | $0.26 |
Admiral Shares | 1,000.00 | 1,065.55 | 0.36 |
Institutional Shares | 1,000.00 | 1,065.68 | 0.26 |
Short-Term Corporate Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,025.35 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.84 | 0.35 |
Institutional Shares | 1,000.00 | 1,025.18 | 0.25 |
Intermediate-Term Corporate Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,040.28 | $0.25 |
Admiral Shares | 1,000.00 | 1,040.42 | 0.36 |
Institutional Shares | 1,000.00 | 1,040.47 | 0.25 |
Long-Term Corporate Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,057.58 | $0.26 |
Admiral Shares | 1,000.00 | 1,057.29 | 0.36 |
Institutional Shares | 1,000.00 | 1,057.61 | 0.26 |
Mortgage-Backed Securities Index Fund | |||
ETF Shares | $1,000.00 | $1,024.65 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.57 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.59 | 0.25 |
2
Six Months Ended February 29, 2020
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
8/31/2019 | 2/29/2020 | Period | |
Based on Hypothetical 5% Yearly Return | |||
Short-Term Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,024.61 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.52 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.61 | 0.25 |
Intermediate-Term Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,024.61 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.52 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.61 | 0.25 |
Long-Term Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,024.61 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.52 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.61 | 0.25 |
Short-Term Corporate Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,024.61 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.52 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.61 | 0.25 |
Intermediate-Term Corporate Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,024.61 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.52 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.61 | 0.25 |
Long-Term Corporate Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,024.61 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.52 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.61 | 0.25 |
Mortgage-Backed Securities Index Fund | |||
ETF Shares | $1,000.00 | $1,024.61 | $0.25 |
Admiral Shares | 1,000.00 | 1,024.52 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.61 | 0.25 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Short-Term Treasury Index Fund, 0.05% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares; for the Intermediate-Term Treasury Index Fund, 0.05% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares; for the Long-Term Treasury Index Fund, 0.05% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares; for the Short-Term Corporate Bond Index Fund, 0.05% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares; for the Intermediate-Term Corporate Bond Index Fund, 0.05% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares; for the Long-Term Corporate Bond Index Fund, 0.05% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares; and for the Mortgage-Backed Securities Index Fund, 0.05% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares. The dollar amounts shown as ”Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).
3
Short-Term Treasury Index Fund
Fund Allocation
As of February 29, 2020
U.S. Treasury | 100.0% |
The table reflects the fund’s investments, except for short-term investments and derivatives. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking their target index as closely as possible.
4
Short-Term Treasury Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 29, 2020
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.
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
U.S. Government and Agency Obligations (99.6%) | ||||
U.S. Government Securities (99.6%) | ||||
United States Treasury Note/Bond | 1.875% | 12/15/20 | 3 | 3 |
United States Treasury Note/Bond | 1.750% | 12/31/20 | 1 | 1 |
United States Treasury Note/Bond | 2.000% | 1/15/21 | 3 | 3 |
United States Treasury Note/Bond | 1.375% | 1/31/21 | 1 | 1 |
United States Treasury Note/Bond | 2.125% | 1/31/21 | 1 | 1 |
United States Treasury Note/Bond | 2.250% | 2/15/21 | 1 | 1 |
United States Treasury Note/Bond | 3.625% | 2/15/21 | 1 | 1 |
United States Treasury Note/Bond | 1.125% | 2/28/21 | 34,531 | 34,547 |
United States Treasury Note/Bond | 2.000% | 2/28/21 | 7 | 7 |
United States Treasury Note/Bond | 2.375% | 3/15/21 | 85,873 | 87,027 |
United States Treasury Note/Bond | 1.250% | 3/31/21 | 176,572 | 176,930 |
United States Treasury Note/Bond | 2.250% | 3/31/21 | 220,265 | 223,054 |
United States Treasury Note/Bond | 2.375% | 4/15/21 | 100,127 | 101,598 |
United States Treasury Note/Bond | 1.375% | 4/30/21 | 212,311 | 213,073 |
United States Treasury Note/Bond | 2.250% | 4/30/21 | 145,620 | 147,646 |
United States Treasury Note/Bond | 2.625% | 5/15/21 | 124,800 | 127,155 |
United States Treasury Note/Bond | 3.125% | 5/15/21 | 39,192 | 40,160 |
United States Treasury Note/Bond | 1.375% | 5/31/21 | 37,303 | 37,466 |
United States Treasury Note/Bond | 2.000% | 5/31/21 | 29,251 | 29,599 |
United States Treasury Note/Bond | 2.125% | 5/31/21 | 70,000 | 70,941 |
United States Treasury Note/Bond | 2.625% | 6/15/21 | 192,985 | 196,903 |
United States Treasury Note/Bond | 1.125% | 6/30/21 | 21,172 | 21,202 |
United States Treasury Note/Bond | 1.625% | 6/30/21 | 35,000 | 35,279 |
United States Treasury Note/Bond | 2.125% | 6/30/21 | 177,921 | 180,496 |
United States Treasury Note/Bond | 2.625% | 7/15/21 | 57,060 | 58,317 |
United States Treasury Note/Bond | 1.125% | 7/31/21 | 184,920 | 185,238 |
United States Treasury Note/Bond | 1.750% | 7/31/21 | 36,000 | 36,382 |
United States Treasury Note/Bond | 2.250% | 7/31/21 | 63,288 | 64,406 |
United States Treasury Note/Bond | 2.125% | 8/15/21 | 115,434 | 117,346 |
United States Treasury Note/Bond | 2.750% | 8/15/21 | 75,000 | 76,910 |
United States Treasury Note/Bond | 1.125% | 8/31/21 | 127,038 | 127,296 |
United States Treasury Note/Bond | 1.500% | 8/31/21 | 86,000 | 86,659 |
United States Treasury Note/Bond | 2.000% | 8/31/21 | 61,394 | 62,325 |
United States Treasury Note/Bond | 2.750% | 9/15/21 | 82,896 | 85,124 |
United States Treasury Note/Bond | 1.125% | 9/30/21 | 82,589 | 82,782 |
United States Treasury Note/Bond | 1.500% | 9/30/21 | 36,817 | 37,122 |
United States Treasury Note/Bond | 2.125% | 9/30/21 | 47,600 | 48,463 |
United States Treasury Note/Bond | 2.875% | 10/15/21 | 109,645 | 113,002 |
United States Treasury Note/Bond | 1.250% | 10/31/21 | 203,525 | 204,491 |
United States Treasury Note/Bond | 1.500% | 10/31/21 | 45,274 | 45,677 |
5
Short-Term Treasury Index Fund
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
United States Treasury Note/Bond | 2.000% | 10/31/21 | 152,815 | 155,417 |
United States Treasury Note/Bond | 2.000% | 11/15/21 | 26,363 | 26,828 |
United States Treasury Note/Bond | 2.875% | 11/15/21 | 188,210 | 194,297 |
United States Treasury Note/Bond | 8.000% | 11/15/21 | 21,340 | 23,861 |
United States Treasury Note/Bond | 1.500% | 11/30/21 | 77,000 | 77,746 |
United States Treasury Note/Bond | 1.750% | 11/30/21 | 28,142 | 28,538 |
United States Treasury Note/Bond | 1.875% | 11/30/21 | 91,165 | 92,646 |
United States Treasury Note/Bond | 2.625% | 12/15/21 | 226,375 | 233,114 |
United States Treasury Note/Bond | 2.000% | 12/31/21 | 70,455 | 71,809 |
United States Treasury Note/Bond | 2.125% | 12/31/21 | 95,165 | 97,202 |
United States Treasury Note/Bond | 2.500% | 1/15/22 | 88,430 | 90,987 |
United States Treasury Note/Bond | 1.375% | 1/31/22 | 75,865 | 76,541 |
United States Treasury Note/Bond | 1.500% | 1/31/22 | 75,000 | 75,821 |
United States Treasury Note/Bond | 1.875% | 1/31/22 | 70,032 | 71,290 |
United States Treasury Note/Bond | 2.000% | 2/15/22 | 31,394 | 32,051 |
United States Treasury Note/Bond | 2.500% | 2/15/22 | 107,770 | 111,054 |
United States Treasury Note/Bond | 1.125% | 2/28/22 | 389,465 | 391,292 |
United States Treasury Note/Bond | 1.750% | 2/28/22 | 63 | 64 |
United States Treasury Note/Bond | 1.875% | 2/28/22 | 8,419 | 8,562 |
United States Treasury Note/Bond | 2.375% | 3/15/22 | 55 | 57 |
United States Treasury Note/Bond | 1.750% | 3/31/22 | 110,837 | 112,738 |
United States Treasury Note/Bond | 1.875% | 3/31/22 | 146,073 | 148,971 |
United States Treasury Note/Bond | 2.250% | 4/15/22 | 79,740 | 81,982 |
United States Treasury Note/Bond | 1.750% | 4/30/22 | 43,467 | 44,248 |
United States Treasury Note/Bond | 1.875% | 4/30/22 | 156,603 | 159,832 |
United States Treasury Note/Bond | 1.750% | 5/15/22 | 74,205 | 75,596 |
United States Treasury Note/Bond | 2.125% | 5/15/22 | 160,035 | 164,285 |
United States Treasury Note/Bond | 1.750% | 5/31/22 | 216,936 | 221,038 |
United States Treasury Note/Bond | 1.875% | 5/31/22 | 17,075 | 17,443 |
United States Treasury Note/Bond | 1.750% | 6/15/22 | 166,730 | 169,986 |
United States Treasury Note/Bond | 1.750% | 6/30/22 | 57,684 | 58,820 |
United States Treasury Note/Bond | 2.125% | 6/30/22 | 38,359 | 39,450 |
United States Treasury Note/Bond | 1.750% | 7/15/22 | 102,920 | 104,978 |
United States Treasury Note/Bond | 1.875% | 7/31/22 | 190,280 | 194,740 |
United States Treasury Note/Bond | 2.000% | 7/31/22 | 121,880 | 125,099 |
United States Treasury Note/Bond | 1.500% | 8/15/22 | 233,220 | 236,718 |
United States Treasury Note/Bond | 1.625% | 8/15/22 | 53,772 | 54,738 |
United States Treasury Note/Bond | 7.250% | 8/15/22 | 9,525 | 10,987 |
United States Treasury Note/Bond | 1.625% | 8/31/22 | 83,710 | 85,226 |
United States Treasury Note/Bond | 1.875% | 8/31/22 | 54,582 | 55,913 |
United States Treasury Note/Bond | 1.500% | 9/15/22 | 83,389 | 84,679 |
United States Treasury Note/Bond | 1.750% | 9/30/22 | 61,750 | 63,110 |
United States Treasury Note/Bond | 1.875% | 9/30/22 | 87,452 | 89,665 |
United States Treasury Note/Bond | 1.375% | 10/15/22 | 126,343 | 127,943 |
United States Treasury Note/Bond | 1.875% | 10/31/22 | 75,024 | 76,958 |
United States Treasury Note/Bond | 2.000% | 10/31/22 | 57,966 | 59,651 |
United States Treasury Note/Bond | 1.625% | 11/15/22 | 219,200 | 223,516 |
United States Treasury Note/Bond | 2.000% | 11/30/22 | 157,895 | 162,632 |
United States Treasury Note/Bond | 1.625% | 12/15/22 | 202,785 | 206,902 |
United States Treasury Note/Bond | 2.125% | 12/31/22 | 75,640 | 78,252 |
United States Treasury Note/Bond | 1.500% | 1/15/23 | 128,770 | 131,003 |
United States Treasury Note/Bond | 1.750% | 1/31/23 | 77,905 | 79,840 |
United States Treasury Note/Bond | 2.375% | 1/31/23 | 34,680 | 36,159 |
United States Treasury Note/Bond | 1.375% | 2/15/23 | 226,635 | 229,894 |
6
Short-Term Treasury Index Fund
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
United States Treasury Note/Bond | 2.000% | 2/15/23 | 101,240 | 104,543 |
United States Treasury Note/Bond | 1.500% | 2/28/23 | 86,885 | 88,459 |
United States Treasury Note/Bond | 2.625% | 2/28/23 | 56,500 | 59,396 |
Total U.S. Government and Agency Obligations (Cost $8,931,979) | 9,079,201 | |||
Shares | ||||
Temporary Cash Investment (0.1%) | ||||
Money Market Fund (0.1%) | ||||
1 Vanguard Market Liquidity Fund | ||||
(Cost $11,154) | 1.706% | 111,505 | 11,154 | |
Total Investments (99.7%) (Cost $8,943,133) | 9,090,355 | |||
Other Assets and Liabilities—Net (0.3%) | 28,329 | |||
Net Assets (100%) | 9,118,684 |
Cost rounded to $000.
● See Note A in Notes to Financial Statements.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
7
Short-Term Treasury Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount | |||
Assets | ||||
Investments in Securities, at Value | ||||
Unaffiliated Issuers (Cost $8,931,979) | 9,079,201 | |||
Affiliated Issuers (Cost $11,154) | 11,154 | |||
Total Investments in Securities | 9,090,355 | |||
Investment in Vanguard | 389 | |||
Cash | 2,158 | |||
Receivables for Investment Securities Sold | 818,378 | |||
Receivables for Accrued Income | 45,389 | |||
Receivables for Capital Shares Issued | 14,527 | |||
Total Assets | 9,971,196 | |||
Liabilities | ||||
Payables for Investment Securities Purchased | 833,461 | |||
Payables for Capital Shares Redeemed | 17,812 | |||
Payables for Distributions | 857 | |||
Payables to Vanguard | 382 | |||
Total Liabilities | 852,512 | |||
Net Assets | 9,118,684 |
At February 29, 2020, net assets consisted of: | ||||
Paid-in Capital | 8,951,286 | |||
Total Distributable Earnings (Loss) | 167,398 | |||
Net Assets | 9,118,684 | |||
ETF Shares—Net Assets | ||||
Applicable to 102,084,932 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,285,088 | |||
Net Asset Value Per Share—ETF Shares | $61.57 | |||
Admiral Shares—Net Assets | ||||
Applicable to 86,196,628 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,767,655 | |||
Net Asset Value Per Share—Admiral Shares | $20.51 | |||
Institutional Shares—Net Assets | ||||
Applicable to 41,374,411 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,065,941 | |||
Net Asset Value Per Share—Institutional Shares | $25.76 |
See accompanying Notes, which are an integral part of the Financial Statements.
8
Short-Term Treasury Index Fund
Statement of Operations
Six Months Ended | ||||
February 29, 2020 | ||||
($000 | ) | |||
Investment Income | ||||
Income | ||||
Interest1 | 89,587 | |||
Total Income | 89,587 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 141 | |||
Management and Administrative—ETF Shares | 1,102 | |||
Management and Administrative—Admiral Shares | 487 | |||
Management and Administrative—Institutional Shares | 179 | |||
Marketing and Distribution—ETF Shares | 192 | |||
Marketing and Distribution—Admiral Shares | 63 | |||
Marketing and Distribution—Institutional Shares | 23 | |||
Custodian Fees | 7 | |||
Shareholders’ Reports—ETF Shares | 47 | |||
Shareholders’ Reports—Admiral Shares | 4 | |||
Shareholders’ Reports—Institutional Shares | 34 | |||
Trustees’ Fees and Expenses | 2 | |||
Total Expenses | 2,281 | |||
Expenses Paid Indirectly | (7 | ) | ||
Net Expenses | 2,274 | |||
Net Investment Income | 87,313 | |||
Realized Net Gain (Loss) on Investment Securities Sold1,2 | 33,731 | |||
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | 38,871 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 159,915 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $179,000, ($22,000), and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $9,850,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
9
Short-Term Treasury Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |||||||
February 29, | August 31, | |||||||
2020 | 2019 | |||||||
($000 | ) | ($000 | ) | |||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 87,313 | 163,089 | ||||||
Realized Net Gain (Loss) | 33,731 | 6,115 | ||||||
Change in Unrealized Appreciation (Depreciation) | 38,871 | 142,644 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 159,915 | 311,848 | ||||||
Distributions1 | ||||||||
ETF Shares | (60,448 | ) | (107,243 | ) | ||||
Admiral Shares | (17,165 | ) | (31,993 | ) | ||||
Institutional Shares | (10,438 | ) | (18,801 | ) | ||||
Total Distributions | (88,051 | ) | (158,037 | ) | ||||
Capital Share Transactions | ||||||||
ETF Shares | 901,717 | 2,148,726 | ||||||
Admiral Shares | 157,767 | 637,339 | ||||||
Institutional Shares | 83,466 | 447,152 | ||||||
Net Increase (Decrease) from Capital Share Transactions | 1,142,950 | 3,233,217 | ||||||
Total Increase (Decrease) | 1,214,814 | 3,387,028 | ||||||
Net Assets | ||||||||
Beginning of Period | 7,903,870 | 4,516,842 | ||||||
End of Period | 9,118,684 | 7,903,870 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
10
Short-Term Treasury Index Fund
Financial Highlights
ETF Shares
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $61.12 | $59.89 | $60.86 | $61.14 | $61.03 | $60.95 | ||||||||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | .6291 | 1.4301 | .9651 | .6141 | .478 | .351 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
on Investments | .468 | 1.165 | (1.062 | ) | (.311 | ) | .118 | .102 | ||||||||||||||||
Total from Investment Operations | 1.097 | 2.595 | (.097 | ) | .303 | .596 | .453 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (.647 | ) | (1.365 | ) | (.873 | ) | (.573 | ) | (.462 | ) | (.340 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | (.010 | ) | (.024 | ) | (.033 | ) | |||||||||||||||
Total Distributions | (.647 | ) | (1.365 | ) | (.873 | ) | (.583 | ) | (.486 | ) | (.373 | ) | ||||||||||||
Net Asset Value, End of Period | $61.57 | $61.12 | $59.89 | $60.86 | $61.14 | $61.03 | ||||||||||||||||||
Total Return | 1.81 | % | 4.39 | % | -0.15 | % | 0.50 | % | 0.98 | % | 0.75 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $6,285 | $5,334 | $3,080 | $1,832 | $908 | $635 | ||||||||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05 | % | 0.05 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.10 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.08 | % | 2.37 | % | 1.61 | % | 1.01 | % | 0.80 | % | 0.59 | % | ||||||||||||
Portfolio Turnover Rate2 | 32 | % | 55 | % | 67 | % | 60 | % | 73 | % | 64 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
11
Short-Term Treasury Index Fund
Financial Highlights
Admiral Shares
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $20.35 | $19.95 | $20.29 | $20.38 | $20.35 | $20.33 | ||||||||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | .2081 | .4721 | .3241 | .2021 | .158 | .116 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | .160 | .384 | (.358 | ) | (.096 | ) | .040 | .031 | ||||||||||||||||
Total from Investment Operations | .368 | .856 | (.034 | ) | .106 | .198 | .147 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (.208 | ) | (.456 | ) | (.306 | ) | (.193 | ) | (.160 | ) | (.116 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | (.003 | ) | (.008 | ) | (.011 | ) | |||||||||||||||
Total Distributions | (.208 | ) | (.456 | ) | (.306 | ) | (.196 | ) | (.168 | ) | (.127 | ) | ||||||||||||
Net Asset Value, End of Period | $20.51 | $20.35 | $19.95 | $20.29 | $20.38 | $20.35 | ||||||||||||||||||
Total Return2 | 1.82 | % | 4.34 | % | -0.16 | % | 0.53 | % | 0.98 | % | 0.72 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $1,768 | $1,596 | $929 | $507 | $364 | $221 | ||||||||||||||||||
Ratio of Total Expenses to | ||||||||||||||||||||||||
Average Net Assets | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.10 | % | ||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||
Average Net Assets | 2.06 | % | 2.35 | % | 1.61 | % | 1.01 | % | 0.80 | % | 0.59 | % | ||||||||||||
Portfolio Turnover Rate3 | 32 | % | 55 | % | 67 | % | 60 | % | 73 | % | 64 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
12
Short-Term Treasury Index Fund
Financial Highlights
Institutional Shares
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $25.57 | $25.06 | $25.49 | $25.60 | $25.57 | $25.54 | ||||||||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | .2641 | .5981 | .4251 | .2601 | .207 | .156 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | .190 | .490 | (.467 | ) | (.117 | ) | .042 | .043 | ||||||||||||||||
Total from Investment Operations | .454 | 1.088 | (.042 | ) | .143 | .249 | .199 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (.264 | ) | (.578 | ) | (.388 | ) | (.249 | ) | (.209 | ) | (.155 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | (.004 | ) | (.010 | ) | (.014 | ) | |||||||||||||||
Total Distributions | (.264 | ) | (.578 | ) | (.388 | ) | (.253 | ) | (.219 | ) | (.169 | ) | ||||||||||||
Net Asset Value, End of Period | $25.76 | $25.57 | $25.06 | $25.49 | $25.60 | $25.57 | ||||||||||||||||||
Total Return | 1.79 | % | 4.40 | % | -0.16 | % | 0.56 | % | 0.98 | % | 0.78 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $1,066 | $974 | $508 | $208 | $92 | $67 | ||||||||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.07 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.08 | % | 2.37 | % | 1.63 | % | 1.03 | % | 0.82 | % | 0.62 | % | ||||||||||||
Portfolio Turnover Rate2 | 32 | % | 55 | % | 67 | % | 60 | % | 73 | % | 64 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
13
Short-Term Treasury Index Fund
Notes to Financial Statements
Vanguard Short-Term Treasury Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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 board of trustees to represent fair value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
14
Short-Term Treasury Index Fund
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
5. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $389,000, representing less than 0.01% of the fund’s net assets and 0.16% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended February 29, 2020, custodian fee offset arrangements reduced the fund’s expenses by $7,000 (an annual rate of less than 0.01% of average net assets).
D. 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.
15
Short-Term Treasury Index Fund
The following table summarizes the market value of the fund’s investments as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | |||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
U.S. Government and Agency Obligations | — | 9,079,201 | — | 9,079,201 | ||||||||||||
Temporary Cash Investments | 11,154 | — | — | 11,154 | ||||||||||||
Total | 11,154 | 9,079,201 | — | 9,090,355 |
E. As of February 29, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000 | ) | |||
Tax Cost | 8,943,133 | |||
Gross Unrealized Appreciation | 147,394 | |||
Gross Unrealized Depreciation | (172 | ) | ||
Net Unrealized Appreciation (Depreciation) | 147,222 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $23,001,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended February 29, 2020, the fund purchased $4,488,565,000 of investment securities and sold $3,354,792,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,568,219,000 and $679,993,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 29, 2020, such purchases and sales were $985,855,000 and $0, respectively; these amounts are included in the purchases and sales of investment securities noted above.
16
Short-Term Treasury Index Fund
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||||||
ETF Shares | ||||||||||||||||
Issued | 1,590,911 | 26,110 | 4,617,915 | 76,876 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||||||
Redeemed | (689,194 | ) | (11,300 | ) | (2,469,189 | ) | (41,025 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 901,717 | 14,810 | 2,148,726 | 35,851 | ||||||||||||
Admiral Shares | ||||||||||||||||
Issued | 468,654 | 23,061 | 1,331,656 | 66,414 | ||||||||||||
Issued in Lieu of Cash Distributions | 13,117 | 645 | 23,999 | 1,193 | ||||||||||||
Redeemed | (324,004 | ) | (15,943 | ) | (718,316 | ) | (35,725 | ) | ||||||||
Net Increase (Decrease)—Admiral Shares | 157,767 | 7,763 | 637,339 | 31,882 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 260,251 | 10,211 | 756,162 | 30,031 | ||||||||||||
Issued in Lieu of Cash Distributions | 9,312 | 365 | 16,091 | 637 | ||||||||||||
Redeemed | (186,097 | ) | (7,288 | ) | (325,101 | ) | (12,864 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | 83,466 | 3,288 | 447,152 | 17,804 |
H. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
17
Intermediate-Term Treasury Index Fund
Fund Allocation
As of February 29, 2020
U.S. Treasury | 100.0% |
The table reflects the fund’s investments, except for short-term investments and derivatives. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking their target index as closely as possible.
18
Intermediate-Term Treasury Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 29, 2020
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.
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
U.S. Government and Agency Obligations (99.5%) | ||||
U.S. Government Securities (99.5%) | ||||
United States Treasury Note/Bond | 8.125% | 5/15/21 | 220 | 239 |
United States Treasury Note/Bond | 8.125% | 8/15/21 | 245 | 270 |
United States Treasury Note/Bond | 7.625% | 11/15/22 | 2,075 | 2,447 |
United States Treasury Note/Bond | 2.000% | 11/30/22 | 7,454 | 7,678 |
United States Treasury Note/Bond | 2.125% | 12/31/22 | 3 | 4 |
United States Treasury Note/Bond | 1.750% | 1/31/23 | 161 | 165 |
United States Treasury Note/Bond | 2.000% | 2/15/23 | 3 | 3 |
United States Treasury Note/Bond | 7.125% | 2/15/23 | 6,628 | 7,831 |
United States Treasury Note/Bond | 1.500% | 2/28/23 | 44,017 | 44,815 |
United States Treasury Note/Bond | 1.500% | 3/31/23 | 66,845 | 68,098 |
United States Treasury Note/Bond | 2.500% | 3/31/23 | 26,705 | 28,011 |
United States Treasury Note/Bond | 1.625% | 4/30/23 | 45,230 | 46,262 |
United States Treasury Note/Bond | 2.750% | 4/30/23 | 25,400 | 26,868 |
United States Treasury Note/Bond | 1.750% | 5/15/23 | 84,815 | 87,108 |
United States Treasury Note/Bond | 1.625% | 5/31/23 | 36,775 | 37,631 |
United States Treasury Note/Bond | 2.750% | 5/31/23 | 71,015 | 75,221 |
United States Treasury Note/Bond | 1.375% | 6/30/23 | 154,810 | 157,253 |
United States Treasury Note/Bond | 2.625% | 6/30/23 | 25,960 | 27,432 |
United States Treasury Note/Bond | 1.250% | 7/31/23 | 27,357 | 27,682 |
United States Treasury Note/Bond | 2.750% | 7/31/23 | 61,172 | 64,967 |
United States Treasury Note/Bond | 2.500% | 8/15/23 | 50,545 | 53,301 |
United States Treasury Note/Bond | 6.250% | 8/15/23 | 10,525 | 12,433 |
United States Treasury Note/Bond | 1.375% | 8/31/23 | 36,915 | 37,521 |
United States Treasury Note/Bond | 2.750% | 8/31/23 | 58,314 | 62,013 |
United States Treasury Note/Bond | 1.375% | 9/30/23 | 93,125 | 94,697 |
United States Treasury Note/Bond | 2.875% | 9/30/23 | 45,870 | 49,052 |
United States Treasury Note/Bond | 1.625% | 10/31/23 | 50,095 | 51,402 |
United States Treasury Note/Bond | 2.875% | 10/31/23 | 106,180 | 113,695 |
United States Treasury Note/Bond | 2.750% | 11/15/23 | 80,805 | 86,234 |
United States Treasury Note/Bond | 2.125% | 11/30/23 | 72,565 | 75,819 |
United States Treasury Note/Bond | 2.875% | 11/30/23 | 61,100 | 65,520 |
United States Treasury Note/Bond | 2.250% | 12/31/23 | 23,724 | 24,925 |
United States Treasury Note/Bond | 2.625% | 12/31/23 | 67,905 | 72,277 |
United States Treasury Note/Bond | 2.250% | 1/31/24 | 77,773 | 81,771 |
United States Treasury Note/Bond | 2.500% | 1/31/24 | 62,700 | 66,521 |
United States Treasury Note/Bond | 2.750% | 2/15/24 | 166,240 | 178,111 |
United States Treasury Note/Bond | 2.125% | 2/29/24 | 38,999 | 40,851 |
United States Treasury Note/Bond | 2.375% | 2/29/24 | 57,100 | 60,366 |
United States Treasury Note/Bond | 2.125% | 3/31/24 | 167,688 | 175,811 |
United States Treasury Note/Bond | 2.000% | 4/30/24 | 28,015 | 29,249 |
19
Intermediate-Term Treasury Index Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
United States Treasury Note/Bond | 2.250% | 4/30/24 | 68,446 | 72,168 |
United States Treasury Note/Bond | 2.500% | 5/15/24 | 184,262 | 196,239 |
United States Treasury Note/Bond | 2.000% | 5/31/24 | 142,885 | 149,292 |
United States Treasury Note/Bond | 1.750% | 6/30/24 | 78,335 | 81,077 |
United States Treasury Note/Bond | 2.000% | 6/30/24 | 47,347 | 49,522 |
United States Treasury Note/Bond | 1.750% | 7/31/24 | 47,600 | 49,311 |
United States Treasury Note/Bond | 2.125% | 7/31/24 | 63,748 | 67,065 |
United States Treasury Note/Bond | 2.375% | 8/15/24 | 95,812 | 101,860 |
United States Treasury Note/Bond | 1.250% | 8/31/24 | 74,990 | 76,068 |
United States Treasury Note/Bond | 1.875% | 8/31/24 | 82,905 | 86,377 |
United States Treasury Note/Bond | 1.500% | 9/30/24 | 64,444 | 66,116 |
United States Treasury Note/Bond | 2.125% | 9/30/24 | 49,501 | 52,162 |
United States Treasury Note/Bond | 1.500% | 10/31/24 | 59,186 | 60,740 |
United States Treasury Note/Bond | 2.250% | 10/31/24 | 54,050 | 57,310 |
United States Treasury Note/Bond | 2.250% | 11/15/24 | 143,161 | 151,839 |
United States Treasury Note/Bond | 7.500% | 11/15/24 | 6,573 | 8,557 |
United States Treasury Note/Bond | 1.500% | 11/30/24 | 92,760 | 95,253 |
United States Treasury Note/Bond | 2.125% | 11/30/24 | 76,230 | 80,458 |
United States Treasury Note/Bond | 1.750% | 12/31/24 | 34,445 | 35,785 |
United States Treasury Note/Bond | 2.250% | 12/31/24 | 76,990 | 81,778 |
United States Treasury Note/Bond | 1.375% | 1/31/25 | 54,450 | 55,641 |
United States Treasury Note/Bond | 2.500% | 1/31/25 | 26,550 | 28,554 |
United States Treasury Note/Bond | 2.000% | 2/15/25 | 136,463 | 143,499 |
United States Treasury Note/Bond | 7.625% | 2/15/25 | 3,300 | 4,368 |
United States Treasury Note/Bond | 1.125% | 2/28/25 | 91,135 | 92,061 |
United States Treasury Note/Bond | 2.750% | 2/28/25 | 61,658 | 67,111 |
United States Treasury Note/Bond | 2.625% | 3/31/25 | 60,157 | 65,177 |
United States Treasury Note/Bond | 2.875% | 4/30/25 | 24,274 | 26,629 |
United States Treasury Note/Bond | 2.125% | 5/15/25 | 86,535 | 91,686 |
United States Treasury Note/Bond | 2.875% | 5/31/25 | 29,500 | 32,399 |
United States Treasury Note/Bond | 2.750% | 6/30/25 | 25,000 | 27,328 |
United States Treasury Note/Bond | 2.875% | 7/31/25 | 142,885 | 157,285 |
United States Treasury Note/Bond | 2.000% | 8/15/25 | 91,425 | 96,425 |
United States Treasury Note/Bond | 6.875% | 8/15/25 | 14,398 | 18,933 |
United States Treasury Note/Bond | 2.750% | 8/31/25 | 63,320 | 69,355 |
United States Treasury Note/Bond | 3.000% | 9/30/25 | 34,900 | 38,739 |
United States Treasury Note/Bond | 3.000% | 10/31/25 | 36,000 | 39,994 |
United States Treasury Note/Bond | 2.250% | 11/15/25 | 147,850 | 158,200 |
United States Treasury Note/Bond | 2.875% | 11/30/25 | 48,150 | 53,228 |
United States Treasury Note/Bond | 2.625% | 12/31/25 | 54,145 | 59,153 |
United States Treasury Note/Bond | 2.625% | 1/31/26 | 61,800 | 67,584 |
United States Treasury Note/Bond | 1.625% | 2/15/26 | 221,945 | 229,922 |
United States Treasury Note/Bond | 6.000% | 2/15/26 | 10,295 | 13,292 |
United States Treasury Note/Bond | 2.500% | 2/28/26 | 50,125 | 54,495 |
United States Treasury Note/Bond | 2.250% | 3/31/26 | 43,135 | 46,303 |
United States Treasury Note/Bond | 2.375% | 4/30/26 | 53,950 | 58,342 |
United States Treasury Note/Bond | 1.625% | 5/15/26 | 139,215 | 144,305 |
United States Treasury Note/Bond | 2.125% | 5/31/26 | 50,318 | 53,699 |
United States Treasury Note/Bond | 1.875% | 6/30/26 | 66,300 | 69,781 |
United States Treasury Note/Bond | 1.875% | 7/31/26 | 56,465 | 59,447 |
United States Treasury Note/Bond | 1.500% | 8/15/26 | 157,592 | 162,197 |
United States Treasury Note/Bond | 6.750% | 8/15/26 | 5,954 | 8,097 |
United States Treasury Note/Bond | 1.375% | 8/31/26 | 54,783 | 55,964 |
United States Treasury Note/Bond | 1.625% | 9/30/26 | 65,149 | 67,592 |
20
Intermediate-Term Treasury Index Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
United States Treasury Note/Bond | 1.625% | 10/31/26 | 53,535 | 55,559 |
United States Treasury Note/Bond | 2.000% | 11/15/26 | 120,055 | 127,484 |
United States Treasury Note/Bond | 6.500% | 11/15/26 | 8,000 | 10,850 |
United States Treasury Note/Bond | 1.625% | 11/30/26 | 69,290 | 71,921 |
United States Treasury Note/Bond | 1.750% | 12/31/26 | 12,615 | 13,202 |
United States Treasury Note/Bond | 1.500% | 1/31/27 | 57,490 | 59,215 |
United States Treasury Note/Bond | 2.250% | 2/15/27 | 136,470 | 147,494 |
United States Treasury Note/Bond | 6.625% | 2/15/27 | 3,015 | 4,154 |
United States Treasury Note/Bond | 2.375% | 5/15/27 | 117,615 | 128,421 |
United States Treasury Note/Bond | 2.250% | 8/15/27 | 119,470 | 129,681 |
United States Treasury Note/Bond | 6.375% | 8/15/27 | 3,000 | 4,152 |
United States Treasury Note/Bond | 2.250% | 11/15/27 | 129,605 | 140,945 |
United States Treasury Note/Bond | 6.125% | 11/15/27 | 11,800 | 16,255 |
United States Treasury Note/Bond | 2.750% | 2/15/28 | 103,665 | 116,914 |
United States Treasury Note/Bond | 2.875% | 5/15/28 | 110,957 | 126,525 |
United States Treasury Note/Bond | 2.875% | 8/15/28 | 119,588 | 136,760 |
United States Treasury Note/Bond | 5.500% | 8/15/28 | 98,812 | 134,060 |
United States Treasury Note/Bond | 3.125% | 11/15/28 | 130,698 | 152,590 |
United States Treasury Note/Bond | 5.250% | 11/15/28 | 15,100 | 20,307 |
United States Treasury Note/Bond | 2.625% | 2/15/29 | 136,745 | 154,309 |
United States Treasury Note/Bond | 5.250% | 2/15/29 | 37,562 | 50,832 |
United States Treasury Note/Bond | 2.375% | 5/15/29 | 143,994 | 159,698 |
United States Treasury Note/Bond | 1.625% | 8/15/29 | 164,878 | 172,143 |
United States Treasury Note/Bond | 6.125% | 8/15/29 | 8,000 | 11,595 |
United States Treasury Note/Bond | 1.750% | 11/15/29 | 139,335 | 147,129 |
Total U.S. Government and Agency Obligations (Cost $7,981,448) | 8,469,511 | |||
Temporary Cash Investment (0.5%) | ||||
Money Market Fund (0.5%) | ||||
1 Vanguard Market Liquidity Fund | ||||
(Cost $40,211) | 1.706% | 402,035 | 40,215 | |
Total Investments (100.0%) (Cost $8,021,659) | 8,509,726 | |||
Other Assets and Liabilities—Net (0.0%) | 3,567 | |||
Net Assets (100%) | 8,513,293 |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Intermediate-Term Treasury Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount | |||
Assets | ||||
Investments in Securities, at Value | ||||
Unaffiliated Issuers (Cost $7,981,448) | 8,469,511 | |||
Affiliated Issuers (Cost $40,211) | 40,215 | |||
Total Investments in Securities | 8,509,726 | |||
Investment in Vanguard | 352 | |||
Cash | 2,134 | |||
Receivables for Investment Securities Sold | 212,079 | |||
Receivables for Accrued Income | 38,898 | |||
Receivables for Capital Shares Issued | 25,078 | |||
Total Assets | 8,788,267 | |||
Liabilities | ||||
Payables for Investment Securities Purchased | 261,138 | |||
Payables for Capital Shares Redeemed | 12,591 | |||
Payables for Distributions | 862 | |||
Payables to Vanguard | 383 | |||
Total Liabilities | 274,974 | |||
Net Assets | 8,513,293 | |||
At February 29, 2020, net assets consisted of: | ||||
Paid-in Capital | 8,012,620 | |||
Total Distributable Earnings (Loss) | 500,673 | |||
Net Assets | 8,513,293 | |||
ETF Shares—Net Assets | ||||
Applicable to 72,048,838 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,944,566 | |||
Net Asset Value Per Share—ETF Shares | $68.63 | |||
Admiral Shares—Net Assets | ||||
Applicable to 91,556,646 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,119,427 | |||
Net Asset Value Per Share—Admiral Shares | $23.15 | |||
Institutional Shares—Net Assets | ||||
Applicable to 50,450,132 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,449,300 | |||
Net Asset Value Per Share—Institutional Shares | $28.73 |
See accompanying Notes, which are an integral part of the Financial Statements.
22
Intermediate-Term Treasury Index Fund
Statement of Operations
Six Months Ended | ||||
February 29, 2020 | ||||
($000 | ) | |||
Investment Income | ||||
Income | ||||
Interest1 | 83,007 | |||
Total Income | 83,007 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 127 | |||
Management and Administrative—ETF Shares | 793 | |||
Management and Administrative—Admiral Shares | 568 | |||
Management and Administrative—Institutional Shares | 266 | |||
Marketing and Distribution—ETF Shares | 148 | |||
Marketing and Distribution—Admiral Shares | 73 | |||
Marketing and Distribution—Institutional Shares | 28 | |||
Custodian Fees | 8 | |||
Shareholders’ Reports—ETF Shares | 92 | |||
Shareholders’ Reports—Admiral Shares | 6 | |||
Shareholders’ Reports—Institutional Shares | 1 | |||
Trustees’ Fees and Expenses | 2 | |||
Total Expenses | 2,112 | |||
Expenses Paid Indirectly | (6 | ) | ||
Net Expenses | 2,106 | |||
Net Investment Income | 80,901 | |||
Realized Net Gain (Loss) on Investment Securities Sold1,2 | 26,965 | |||
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | 149,377 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 257,243 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $127,000, ($1,000), and $4,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $11,237,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
23
Intermediate-Term Treasury Index Fund
Statement of Changes in Net Assets
Six Months Ended February 29, 2020 | Year Ended August 31, 2019 | |||||||
($000 | ) | ($000 | ) | |||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 80,901 | 133,484 | ||||||
Realized Net Gain (Loss) | 26,965 | 15,651 | ||||||
Change in Unrealized Appreciation (Depreciation) | 149,377 | 432,052 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 257,243 | 581,187 | ||||||
Distributions1 | ||||||||
ETF Shares | (47,430 | ) | (80,241 | ) | ||||
Admiral Shares | (20,429 | ) | (34,323 | ) | ||||
Institutional Shares | (13,404 | ) | (15,996 | ) | ||||
Total Distributions | (81,263 | ) | (130,560 | ) | ||||
Capital Share Transactions | ||||||||
ETF Shares | 491,950 | 1,395,386 | ||||||
Admiral Shares | 188,919 | 667,745 | ||||||
Institutional Shares | 234,413 | 735,266 | ||||||
Net Increase (Decrease) from Capital Share Transactions | 915,282 | 2,798,397 | ||||||
Total Increase (Decrease) | 1,091,262 | 3,249,024 | ||||||
Net Assets | ||||||||
Beginning of Period | 7,422,031 | 4,173,007 | ||||||
End of Period | 8,513,293 | 7,422,031 |
1 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
24
Intermediate-Term Treasury Index Fund
Financial Highlights
ETF Shares
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Net Asset Value, Beginning of Period | $67.26 | $62.67 | $65.29 | $66.54 | $64.80 | $64.14 | ||||||||||||
Investment Operations | ||||||||||||||||||
Net Investment Income | .703 | 1 | 1.515 | 1 | 1.250 | 1 | 1.043 | 1 | 1.035 | 1.054 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.381 | 4.552 | (2.691 | ) | (1.201 | ) | 1.770 | .649 | ||||||||||
Total from Investment Operations | 2.084 | 6.067 | (1.441 | ) | (.158 | ) | 2.805 | 1.703 | ||||||||||
Distributions | ||||||||||||||||||
Dividends from Net Investment Income | (.714 | ) | (1.477 | ) | (1.179 | ) | (1.011 | ) | (1.038 | ) | (1.043 | ) | ||||||
Distributions from Realized Capital Gains | — | — | — | (.081 | ) | (.027 | ) | — | ||||||||||
Total Distributions | (.714 | ) | (1.477 | ) | (1.179 | ) | (1.092 | ) | (1.065 | ) | (1.043 | ) | ||||||
Net Asset Value, End of Period | $68.63 | $67.26 | $62.67 | $65.29 | $66.54 | $64.80 | ||||||||||||
Total Return | 3.14% | 9.84% | -2.21% | -0.21% | 4.37% | 2.67% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (Millions) | $4,945 | $4,353 | $2,680 | $1,329 | $908 | $360 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.07% | 0.07% | 0.07% | 0.10% | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.13% | 2.36% | 1.97% | 1.61% | 1.61% | 1.67% | ||||||||||||
Portfolio Turnover Rate2 | 12% | 29% | 31% | 32% | 37% | 35% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
25
Intermediate-Term Treasury Index Fund
Financial Highlights
Admiral Shares
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Net Asset Value, Beginning of Period | $22.68 | $21.13 | $22.03 | $22.45 | $21.86 | $21.64 | ||||||||||||
Investment Operations | ||||||||||||||||||
Net Investment Income | .235 | 1 | .507 | 1 | .418 | 1 | .351 | 1 | .349 | .355 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | .469 | 1.540 | (.911 | ) | (.400 | ) | .601 | .220 | ||||||||||
Total from Investment Operations | .704 | 2.047 | (.493 | ) | (.049 | ) | .950 | .575 | ||||||||||
Distributions | ||||||||||||||||||
Dividends from Net Investment Income | (.234 | ) | (.497 | ) | (.407 | ) | (.344 | ) | (.351 | ) | (.355 | ) | ||||||
Distributions from Realized Capital Gains | — | — | — | (.027 | ) | (.009 | ) | — | ||||||||||
Total Distributions | (.234 | ) | (.497 | ) | (.407 | ) | (.371 | ) | (.360 | ) | (.355 | ) | ||||||
Net Asset Value, End of Period | $23.15 | $22.68 | $21.13 | $22.03 | $22.45 | $21.86 | ||||||||||||
Total Return2 | 3.14% | 9.83% | -2.24% | -0.19% | 4.38% | 2.67% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (Millions) | $2,119 | $1,887 | $1,104 | $874 | $710 | $358 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.10% | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.11% | 2.34% | 1.97% | 1.61% | 1.61% | 1.67% | ||||||||||||
Portfolio Turnover Rate3 | 12% | 29% | 31% | 32% | 37% | 35% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
26
Intermediate-Term Treasury Index Fund
Financial Highlights
Institutional Shares
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Net Asset Value, Beginning of Period | $28.15 | $26.23 | $27.33 | $27.86 | $27.12 | $26.85 | ||||||||||||
Investment Operations | ||||||||||||||||||
Net Investment Income | .295 | 1 | .634 | 1 | .524 | 1 | .441 | 1 | .437 | .447 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | .578 | 1.908 | (1.114 | ) | (.507 | ) | .752 | .271 | ||||||||||
Total from Investment Operations | .873 | 2.542 | (.590 | ) | (.066 | ) | 1.189 | .718 | ||||||||||
Distributions | ||||||||||||||||||
Dividends from Net Investment Income | (.293 | ) | (.622 | ) | (.510 | ) | (.430 | ) | (.438 | ) | (.448 | ) | ||||||
Distributions from Realized Capital Gains | — | — | — | (.034 | ) | (.011 | ) | — | ||||||||||
Total Distributions | (.293 | ) | (.622 | ) | (.510 | ) | (.464 | ) | (.449 | ) | (.448 | ) | ||||||
Net Asset Value, End of Period | $28.73 | $28.15 | $26.23 | $27.33 | $27.86 | $27.12 | ||||||||||||
Total Return | 3.13% | 9.83% | -2.16% | -0.21% | 4.42% | 2.69% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (Millions) | $1,449 | $1,183 | $390 | $336 | $272 | $208 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.07% | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.13% | 2.36% | 1.99% | 1.63% | 1.63% | 1.70% | ||||||||||||
Portfolio Turnover Rate2 | 12% | 29% | 31% | 32% | 37% | 35% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
27
Intermediate-Term Treasury Index Fund
Notes to Financial Statements
Vanguard Intermediate-Term Treasury Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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 board of trustees to represent fair value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
28
Intermediate-Term Treasury Index Fund
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
5. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $352,000, representing less than 0.01% of the fund’s net assets and 0.14% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended February 29, 2020, custodian fee offset arrangements reduced the fund’s expenses by $6,000 (an annual rate of less than 0.01% of average net assets).
D. 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.
29
Intermediate-Term Treasury Index Fund
The following table summarizes the market value of the fund’s investments as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | |||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
U.S. Government and Agency Obligations | — | 8,469,511 | — | 8,469,511 | ||||||||||||
Temporary Cash Investments | 40,215 | — | — | 40,215 | ||||||||||||
Total | 40,215 | 8,469,511 | — | 8,509,726 |
E. As of February 29, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000 | ) | |||
Tax Cost | 8,021,659 | |||
Gross Unrealized Appreciation | 488,296 | |||
Gross Unrealized Depreciation | (229 | ) | ||
Net Unrealized Appreciation (Depreciation) | 488,067 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $22,038,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended February 29, 2020, the fund purchased $2,104,142,000 of investment securities and sold $1,177,935,000 of investment securities, other than temporary cash investments. Purchases and sales include $712,775,000 and $227,308,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 29, 2020, such purchases and sales were $0 and $847,114,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
30
Intermediate-Term Treasury Index Fund
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||||||
ETF Shares | ||||||||||||||||
Issued | 721,958 | 10,816 | 1,981,634 | 31,125 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||||||
Redeemed | (230,008 | ) | (3,475 | ) | (586,248 | ) | (9,175 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 491,950 | 7,341 | 1,395,386 | 21,950 | ||||||||||||
Admiral Shares | ||||||||||||||||
Issued | 458,372 | 20,345 | 1,148,062 | 53,224 | ||||||||||||
Issued in Lieu of Cash Distributions | 17,164 | 761 | 28,925 | 1,333 | ||||||||||||
Redeemed | (286,617 | ) | (12,730 | ) | (509,242 | ) | (23,608 | ) | ||||||||
Net Increase (Decrease)—Admiral Shares | 188,919 | 8,376 | 667,745 | 30,949 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 303,241 | 10,901 | 849,876 | 31,471 | ||||||||||||
Issued in Lieu of Cash Distributions | 11,271 | 402 | 14,002 | 519 | ||||||||||||
Redeemed | (80,099 | ) | (2,873 | ) | (128,612 | ) | (4,827 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | 234,413 | 8,430 | 735,266 | 27,163 |
H. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
31
Long-Term Treasury Index Fund
Fund Allocation
As of February 29, 2020
U.S. Treasury | 100.0 | % |
The table reflects the fund’s investments, except for short-term investments and derivatives. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking their target index as closely as possible.
32
Long-Term Treasury Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 29, 2020
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.
Face | Market | ||||||
Maturity | Amount | Value• | |||||
Coupon | Date | ($000 | ) | ($000 | ) | ||
U.S. Government and Agency Obligations (99.6%) | |||||||
U.S. Government Securities (99.6%) | |||||||
United States Treasury Note/Bond | 6.250% | 5/15/30 | 17,545 | 26,181 | |||
United States Treasury Note/Bond | 5.375% | 2/15/31 | 35,420 | 50,739 | |||
United States Treasury Note/Bond | 4.500% | 2/15/36 | 39,752 | 57,901 | |||
United States Treasury Note/Bond | 4.750% | 2/15/37 | 14,175 | 21,491 | |||
United States Treasury Note/Bond | 5.000% | 5/15/37 | 12,031 | 18,769 | |||
United States Treasury Note/Bond | 4.375% | 2/15/38 | 11,947 | 17,633 | |||
United States Treasury Note/Bond | 4.500% | 5/15/38 | 14,390 | 21,572 | |||
United States Treasury Note/Bond | 3.500% | 2/15/39 | 38,980 | 52,331 | |||
United States Treasury Note/Bond | 4.250% | 5/15/39 | 22,267 | 32,754 | |||
United States Treasury Note/Bond | 4.500% | 8/15/39 | 25,969 | 39,395 | |||
United States Treasury Note/Bond | 4.375% | 11/15/39 | 47,314 | 70,830 | |||
United States Treasury Note/Bond | 4.625% | 2/15/40 | 51,509 | 79,630 | |||
United States Treasury Note/Bond | 4.375% | 5/15/40 | 42,825 | 64,398 | |||
United States Treasury Note/Bond | 3.875% | 8/15/40 | 61,447 | 87,005 | |||
United States Treasury Note/Bond | 4.250% | 11/15/40 | 40,169 | 59,645 | |||
United States Treasury Note/Bond | 4.750% | 2/15/41 | 34,768 | 54,933 | |||
United States Treasury Note/Bond | 4.375% | 5/15/41 | 29,643 | 44,849 | |||
United States Treasury Note/Bond | 3.750% | 8/15/41 | 48,972 | 68,514 | |||
United States Treasury Note/Bond | 3.125% | 11/15/41 | 32,699 | 42,013 | |||
United States Treasury Note/Bond | 3.125% | 2/15/42 | 35,302 | 45,423 | |||
United States Treasury Note/Bond | 3.000% | 5/15/42 | 32,168 | 40,623 | |||
United States Treasury Note/Bond | 2.750% | 8/15/42 | 47,283 | 57,420 | |||
United States Treasury Note/Bond | 2.750% | 11/15/42 | 68,802 | 83,562 | |||
United States Treasury Note/Bond | 3.125% | 2/15/43 | 60,687 | 78,135 | |||
United States Treasury Note/Bond | 2.875% | 5/15/43 | 120,098 | 148,885 | |||
United States Treasury Note/Bond | 3.625% | 8/15/43 | 76,294 | 106,013 | |||
United States Treasury Note/Bond | 3.750% | 11/15/43 | 104,051 | 147,394 | |||
United States Treasury Note/Bond | 3.625% | 2/15/44 | 115,950 | 161,532 | |||
United States Treasury Note/Bond | 3.375% | 5/15/44 | 112,338 | 150,989 | |||
United States Treasury Note/Bond | 3.125% | 8/15/44 | 95,991 | 124,234 | |||
United States Treasury Note/Bond | 3.000% | 11/15/44 | 101,948 | 129,474 | |||
United States Treasury Note/Bond | 2.500% | 2/15/45 | 116,995 | 136,664 | |||
United States Treasury Note/Bond | 3.000% | 5/15/45 | 110,159 | 140,280 | |||
United States Treasury Note/Bond | 2.875% | 8/15/45 | 100,792 | 125,864 | |||
United States Treasury Note/Bond | 3.000% | 11/15/45 | 88,423 | 112,933 | |||
United States Treasury Note/Bond | 2.500% | 2/15/46 | 84,267 | 98,789 | |||
United States Treasury Note/Bond | 2.500% | 5/15/46 | 83,902 | 98,519 | |||
United States Treasury Note/Bond | 2.250% | 8/15/46 | 112,396 | 126,129 | |||
United States Treasury Note/Bond | 2.875% | 11/15/46 | 104,464 | 131,624 | |||
United States Treasury Note/Bond | 3.000% | 2/15/47 | 77,074 | 99,462 |
33
Long-Term Treasury Index Fund
Face | `Market | ||||||
Maturity | Amount | Value• | |||||
Coupon | Date | ($000 | ) | ($000 | ) | ||
United States Treasury Note/Bond | 3.000% | 5/15/47 | 109,724 | 141,698 | |||
United States Treasury Note/Bond | 2.750% | 8/15/47 | 77,270 | 95,609 | |||
United States Treasury Note/Bond | 2.750% | 11/15/47 | 113,580 | 140,732 | |||
United States Treasury Note/Bond | 3.000% | 2/15/48 | 85,967 | 111,515 | |||
United States Treasury Note/Bond | 3.125% | 5/15/48 | 126,428 | 167,932 | |||
United States Treasury Note/Bond | 3.000% | 8/15/48 | 96,992 | 126,347 | |||
United States Treasury Note/Bond | 3.375% | 11/15/48 | 105,792 | 147,348 | |||
United States Treasury Note/Bond | 3.000% | 2/15/49 | 119,554 | 156,391 | |||
United States Treasury Note/Bond | 2.875% | 5/15/49 | 139,329 | 178,537 | |||
United States Treasury Note/Bond | 2.250% | 8/15/49 | 143,345 | 162,943 | |||
United States Treasury Note/Bond | 2.375% | 11/15/49 | 122,987 | 143,549 | |||
United States Treasury Note/Bond | 2.000% | 2/15/50 | 44,010 | 47,531 | |||
Total U.S. Government and Agency Obligations (Cost $4,177,579) | 4,874,663 |
Shares | |||||||
Temporary Cash Investment (0.6%) | |||||||
Money Market Fund (0.6%) | |||||||
1 | Vanguard Market Liquidity Fund (Cost $30,119) | 1.706% | 301,130 | 30,122 | |||
Total Investments (100.2%) (Cost $4,207,698) | 4,904,785 | ||||||
Other Assets and Liabilities—Net (-0.2%) | (9,110 | ) | |||||
Net Assets (100%) | 4,895,675 |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
See accompanying Notes, which are an integral part of the Financial Statements.
34
Long-Term Treasury Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount | |
Assets | ||
Investments in Securities, at Value | ||
Unaffiliated Issuers (Cost $4,177,579) | 4,874,663 | |
Affiliated Issuers (Cost $30,119) | 30,122 | |
Total Investments in Securities | 4,904,785 | |
Investment in Vanguard | 177 | |
Receivables for Investment Securities Sold | 15,430 | |
Receivables for Accrued Income | 20,395 | |
Receivables for Capital Shares Issued | 47,341 | |
Total Assets | 4,988,128 | |
Liabilities | ||
Due to Custodian | 191 | |
Payables for Investment Securities Purchased | 63,742 | |
Payables for Capital Shares Redeemed | 27,971 | |
Payables for Distributions | 322 | |
Payables to Vanguard | 227 | |
Total Liabilities | 92,453 | |
Net Assets | 4,895,675 | |
At February 29, 2020, net assets consisted of: | ||
Paid-in Capital | 4,218,678 | |
Total Distributable Earnings (Loss) | 676,997 | |
Net Assets | 4,895,675 | |
ETF Shares—Net Assets | ||
Applicable to 24,082,087 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 2,287,524 | |
Net Asset Value Per Share—ETF Shares | $94.99 | |
Admiral Shares—Net Assets | ||
Applicable to 46,276,035 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 1,476,535 | |
Net Asset Value Per Share—Admiral Shares | $31.91 | |
Institutional Shares—Net Assets | ||
Applicable to 27,941,570 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 1,131,616 | |
Net Asset Value Per Share—Institutional Shares | $40.50 |
See accompanying Notes, which are an integral part of the Financial Statements.
35
Long-Term Treasury Index Fund
Statement of Operations
Six Months Ended | |||
February 29, 2020 | |||
($000 | ) | ||
Investment Income | |||
Income | |||
Interest1 | 43,250 | ||
Total Income | 43,250 | ||
Expenses | |||
The Vanguard Group—Note B | |||
Investment Advisory Services | 61 | ||
Management and Administrative—ETF Shares | 209 | ||
Management and Administrative—Admiral Shares | 328 | ||
Management and Administrative—Institutional Shares | 219 | ||
Marketing and Distribution—ETF Shares | 50 | ||
Marketing and Distribution—Admiral Shares | 43 | ||
Marketing and Distribution—Institutional Shares | 20 | ||
Custodian Fees | 4 | ||
Shareholders’ Reports—ETF Shares | 83 | ||
Shareholders’ Reports—Admiral Shares | 5 | ||
Shareholders’ Reports—Institutional Shares | — | ||
Trustees’ Fees and Expenses | 1 | ||
Total Expenses | 1,023 | ||
Expenses Paid Indirectly | (4 | ) | |
Net Expenses | 1,019 | ||
Net Investment Income | 42,231 | ||
Realized Net Gain (Loss) | |||
Investment Securities Sold1,2 | 14,626 | ||
Futures Contracts | 3 | ||
Realized Net Gain (Loss) | 14,629 | ||
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | 257,362 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | 314,222 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $53,000, ($2,000), and $3,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $15,470,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
36
Long-Term Treasury Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |||||
February 29, | August 31, | |||||
2020 | 2019 | |||||
($000 | ) | ($000 | ) | |||
Increase (Decrease) in Net Assets | ||||||
Operations | ||||||
Net Investment Income | 42,231 | 60,623 | ||||
Realized Net Gain (Loss) | 14,629 | 34,967 | ||||
Change in Unrealized Appreciation (Depreciation) | 257,362 | 508,164 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 314,222 | 603,754 | ||||
Distributions1 | ||||||
ETF Shares | (16,562 | ) | (24,057 | ) | ||
Admiral Shares | (13,009 | ) | (18,802 | ) | ||
Institutional Shares | (11,690 | ) | (16,872 | ) | ||
Total Distributions | (41,261 | ) | (59,731 | ) | ||
Capital Share Transactions | ||||||
ETF Shares | 872,808 | 384,210 | ||||
Admiral Shares | 340,655 | 327,159 | ||||
Institutional Shares | 20,871 | 445,695 | ||||
Net Increase (Decrease) from Capital Share Transactions | 1,234,334 | 1,157,064 | ||||
Total Increase (Decrease) | 1,507,295 | 1,701,087 | ||||
Net Assets | ||||||
Beginning of Period | 3,388,380 | 1,687,293 | ||||
End of Period | 4,895,675 | 3,388,380 |
1 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
37
Long-Term Treasury Index Fund
Financial Highlights
ETF Shares
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $90.17 | $74.33 | $78.76 | $85.64 | $75.13 | $73.93 |
Investment Operations | ||||||
Net Investment Income | 1.0051 | 2.1151 | 2.0501 | 2.0061 | 2.021 | 2.073 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.821 | 15.798 | (4.469) | (6.905) | 10.511 | 1.206 |
Total from Investment Operations | 5.826 | 17.913 | (2.149) | (4.899) | 12.532 | 3.279 |
Distributions | ||||||
Dividends from Net Investment Income | (1.006) | (2.073) | (2.011) | (1.981) | (2.022) | (2.079) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.006) | (2.073) | (2.011) | (1.981) | (2.022) | (2.079) |
Net Asset Value, End of Period | $94.99 | $90.17 | $74.33 | $78.76 | $85.64 | $75.13 |
Total Return | 6.57% | 24.69% | -3.07% | -5.63% | 16.96% | 4.44% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,288 | $1,282 | $676 | $549 | $578 | $252 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.07% | 0.07% | 0.07% | 0.10% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.34% | 2.75% | 2.73% | 2.62% | 2.58% | 2.76% |
Portfolio Turnover Rate2 | 7% | 16% | 19% | 19% | 18% | 24% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
38
Long-Term Treasury Index Fund
Financial Highlights
Admiral Shares
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $30.28 | $24.95 | $26.44 | $28.75 | $25.21 | $24.81 |
Investment Operations | ||||||
Net Investment Income | .3351 | .7061 | .6901 | .6761 | .679 | .698 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.621 | 5.316 | (1.501) | (2.319) | 3.540 | .399 |
Total from Investment Operations | 1.956 | 6.022 | (.811) | (1.643) | 4.219 | 1.097 |
Distributions | ||||||
Dividends from Net Investment Income | (.326) | (.692) | (.679) | (.667) | (.679) | (.697) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.326) | (.692) | (.679) | (.667) | (.679) | (.697) |
Net Asset Value, End of Period | $31.91 | $30.28 | $24.95 | $26.44 | $28.75 | $25.21 |
Total Return2 | 6.56% | 24.67% | -3.06% | -5.62% | 16.97% | 4.40% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,477 | $1,053 | $559 | $468 | $374 | $130 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.10% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.32% | 2.73% | 2.73% | 2.62% | 2.58% | 2.76% |
Portfolio Turnover Rate3 | 7% | 16% | 19% | 19% | 18% | 24% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
39
Long-Term Treasury Index Fund
Financial Highlights
Institutional Shares
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $38.43 | $31.66 | $33.56 | $36.49 | $32.00 | $31.48 |
Investment Operations | ||||||
Net Investment Income | .4301 | .9021 | .8831 | .8651 | .868 | .896 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.058 | 6.753 | (1.915) | (2.942) | 4.492 | .517 |
Total from Investment Operations | 2.488 | 7.655 | (1.032) | (2.077) | 5.360 | 1.413 |
Distributions | ||||||
Dividends from Net Investment Income | (.418) | (.885) | (.868) | (.853) | (.870) | (.893) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.418) | (.885) | (.868) | (.853) | (.870) | (.893) |
Net Asset Value, End of Period | $40.50 | $38.43 | $31.66 | $33.56 | $36.49 | $32.00 |
Total Return | 6.57% | 24.71% | -3.07% | -5.60% | 16.99% | 4.47% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,132 | $1,054 | $452 | $213 | $138 | $154 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.07% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.34% | 2.75% | 2.75% | 2.64% | 2.60% | 2.79% |
Portfolio Turnover Rate2 | 7% | 16% | 19% | 19% | 18% | 24% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
40
Long-Term Treasury Index Fund
Notes to Financial Statements
Vanguard Long-Term Treasury Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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 board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period. The fund had no open futures contracts at February 29, 2020.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
41
Long-Term Treasury Index Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
6. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of
42
Long-Term Treasury Index Fund
operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $177,000, representing less than 0.01% of the fund’s net assets and 0.07% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended February 29, 2020, custodian fee offset arrangements reduced the fund’s expenses by $4,000 (an annual rate of less than 0.01% of average net assets).
D. 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.
The following table summarizes the market value of the fund’s investments as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | |||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
U.S. Government and Agency Obligations | — | 4,874,663 | — | 4,874,663 | ||||||||||||
Temporary Cash Investments | 30,122 | — | — | 30,122 | ||||||||||||
Total | 30,122 | 4,874,663 | — | 4,904,785 |
E. As of February 29, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000 | ) | |||
Tax Cost | 4,207,698 | |||
Gross Unrealized Appreciation | 697,102 | |||
Gross Unrealized Depreciation | (15 | ) | ||
Net Unrealized Appreciation (Depreciation) | 697,087 |
43
Long-Term Treasury Index Fund
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $38,203,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended February 29, 2020, the fund purchased $1,619,413,000 of investment securities and sold $383,616,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,015,375,000 and $124,143,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||||||
ETF Shares | ||||||||||||||||
Issued | 998,225 | 11,318 | 899,247 | 11,672 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||||||
Redeemed | (125,417 | ) | (1,450 | ) | (515,037 | ) | (6,550 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 872,808 | 9,868 | 384,210 | 5,122 | ||||||||||||
Admiral Shares | ||||||||||||||||
Issued | 605,269 | 20,561 | 587,551 | 22,376 | ||||||||||||
Issued in Lieu of Cash Distributions | 11,063 | 375 | 15,716 | 605 | ||||||||||||
Redeemed | (275,677 | ) | (9,442 | ) | (276,108 | ) | (10,623 | ) | ||||||||
Net Increase (Decrease)—Admiral Shares | 340,655 | 11,494 | 327,159 | 12,358 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 134,533 | 3,586 | 576,383 | 17,077 | ||||||||||||
Issued in Lieu of Cash Distributions | 11,690 | 312 | 16,872 | 510 | ||||||||||||
Redeemed | (125,352 | ) | (3,373 | ) | (147,560 | ) | (4,447 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | 20,871 | 525 | 445,695 | 13,140 |
H. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
44
Short-Term Corporate Bond Index Fund
Fund Allocation
As of February 29, 2020
Finance | 42.3% |
Industrial | 52.8 |
Treasury/Agency | 0.6 |
Utilities | 4.3 |
The table reflects the fund’s investments, except for short-term investments and derivatives. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking their target index as closely as possible.
45
Short-Term Corporate Bond Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Face | Market | Percentage | ||||||||||||||
Maturity | Amount | Value• | of Net | |||||||||||||
Coupon | Date | ($000 | ) | ($000 | ) | Assets | ||||||||||
U.S. Government and Agency Obligations | ||||||||||||||||
U.S. Government Securities | ||||||||||||||||
United States Treasury Note/Bond | 1.375 | % | 1/31/22 | 94,600 | 95,443 | 0.3 | % | |||||||||
United States Treasury Note/Bond | 1.375 | % | 2/15/23 | 50,875 | 51,607 | 0.2 | % | |||||||||
United States Treasury Note/Bond | 1.125 | % | 2/28/25 | 48,425 | 48,917 | 0.1 | % | |||||||||
Total U.S. Government and Agency Obligations (Cost $195,080) | 195,967 | 0.6 | % | |||||||||||||
Corporate Bonds | ||||||||||||||||
Finance | ||||||||||||||||
Banking | ||||||||||||||||
Bank of America Corp. | 3.004 | % | 12/20/23 | 100,112 | 103,681 | 0.3 | % | |||||||||
Bank of America Corp. | 3.300 | % | 1/11/23 | 62,862 | 65,973 | 0.2 | % | |||||||||
1 | Bank of America Corp. | 3.550 | % | 3/5/24 | 60,949 | 64,265 | 0.2 | % | ||||||||
Bank of America Corp. | 4.000 | % | 1/22/25 | 56,022 | 60,872 | 0.2 | % | |||||||||
Bank of America Corp. | 4.125 | % | 1/22/24 | 47,657 | 51,802 | 0.2 | % | |||||||||
1 | Bank of America Corp. | 2.015%–5.875 | % | 1/5/21–4/19/26 | 465,020 | 486,615 | 1.5 | % | ||||||||
1 | Bank of America NA | 3.335 | % | 1/25/23 | 300 | 310 | 0.0 | % | ||||||||
1 | Citibank NA | 2.844%–3.650 | % | 7/23/21–1/23/24 | 68,201 | 71,307 | 0.2 | % | ||||||||
Citigroup Inc. | 2.900 | % | 12/8/21 | 50,737 | 51,803 | 0.2 | % | |||||||||
Citigroup Inc. | 2.700 | % | 3/30/21 | 47,426 | 47,840 | 0.1 | % | |||||||||
1 | Citigroup Inc. | 2.312%–4.500 | % | 8/2/21–4/24/25 | 353,200 | 367,789 | 1.2 | % | ||||||||
Cooperatieve Rabobank UA | 3.875 | % | 2/8/22 | 54,503 | 57,056 | 0.2 | % | |||||||||
Deutsche Bank AG | 4.250 | % | 10/14/21 | 45,922 | 47,379 | 0.1 | % | |||||||||
Goldman Sachs Group Inc. | 5.750 | % | 1/24/22 | 67,408 | 72,742 | 0.2 | % | |||||||||
Goldman Sachs Group Inc. | 5.250 | % | 7/27/21 | 56,607 | 59,430 | 0.2 | % | |||||||||
Goldman Sachs Group Inc. | 3.500 | % | 1/23/25 | 54,205 | 57,753 | 0.2 | % | |||||||||
1 | Goldman Sachs Group Inc. | 2.876 | % | 10/31/22 | 52,779 | 53,807 | 0.2 | % | ||||||||
1 | Goldman Sachs Group Inc. | 2.905 | % | 7/24/23 | 50,088 | 51,553 | 0.2 | % | ||||||||
1 | Goldman Sachs Group Inc. | 2.350%–4.000 | % | 12/27/20–9/29/25 | 302,992 | 316,239 | 1.0 | % | ||||||||
1 | HSBC Holdings plc | 3.803 | % | 3/11/25 | 75,913 | 80,956 | 0.3 | % |
46
Short-Term Corporate Bond Index Fund | |||||||||||||||||
Face | Market | Percentage | |||||||||||||||
Maturity | Amount | Value• | of Net | ||||||||||||||
Coupon | Date | ($000 | ) | ($000 | ) | Assets | |||||||||||
1 | HSBC Holdings plc | 2.633%–5.100 | % | 3/8/21–11/7/25 | 352,983 | 365,712 | 1.1 | % | |||||||||
HSBC USA Inc. | 3.500 | % | 6/23/24 | 11,869 | 12,763 | 0.0 | % | ||||||||||
JPMorgan Chase & Co. | 2.295 | % | 8/15/21 | 50,393 | 50,512 | 0.2 | % | ||||||||||
JPMorgan Chase & Co. | 2.972 | % | 1/15/23 | 47,018 | 48,282 | 0.1 | % | ||||||||||
1 | JPMorgan Chase & Co. | 2.301%–4.625 | % | 3/1/21–12/15/26 | 691,840 | 725,370 | 2.3 | % | |||||||||
Mitsubishi UFJ Financial Group Inc. | 3.761 | % | 7/26/23 | 44,977 | 48,061 | 0.1 | % | ||||||||||
Mitsubishi UFJ Financial Group Inc. | 2.190%–3.535 | % | 3/1/21–2/25/25 | 264,155 | 272,264 | 0.9 | % | ||||||||||
Morgan Stanley | 2.625 | % | 11/17/21 | 55,197 | 56,220 | 0.2 | % | ||||||||||
Morgan Stanley | 3.875 | % | 4/29/24 | 51,508 | 55,979 | 0.2 | % | ||||||||||
1 | Morgan Stanley | 3.737 | % | 4/24/24 | 50,863 | 53,918 | 0.2 | % | |||||||||
Morgan Stanley | 2.500 | % | 4/21/21 | 48,119 | 48,597 | 0.1 | % | ||||||||||
1 | Morgan Stanley | 2.720%–5.750 | % | 1/25/21–7/23/25 | 279,777 | 296,154 | 0.9 | % | |||||||||
MUFG Americas Holdings Corp. | 3.000%–3.500 | % | 6/18/22–2/10/25 | 15,216 | 16,036 | 0.1 | % | ||||||||||
MUFG Union Bank NA | 2.100%–3.150 | % | 4/1/22–12/9/22 | 31,765 | 32,663 | 0.1 | % | ||||||||||
Royal Bank of Scotland Group plc | 3.875 | % | 9/12/23 | 48,187 | 51,254 | 0.2 | % | ||||||||||
1 | Truist Bank | 2.150%–3.689 | % | 4/1/21–12/6/24 | 178,979 | 184,623 | 0.6 | % | |||||||||
Truist Financial Corp. | 2.050%–3.950 | % | 3/3/21–10/26/24 | 136,407 | 140,789 | 0.4 | % | ||||||||||
Wells Fargo & Co. | 3.069 | % | 1/24/23 | 76,850 | 78,924 | 0.2 | % | ||||||||||
Wells Fargo & Co. | 2.625 | % | 7/22/22 | 69,589 | 71,293 | 0.2 | % | ||||||||||
Wells Fargo & Co. | 3.000 | % | 2/19/25 | 59,819 | 62,990 | 0.2 | % | ||||||||||
Wells Fargo & Co. | 3.300 | % | 9/9/24 | 51,688 | 54,810 | 0.2 | % | ||||||||||
1 | Wells Fargo & Co. | 2.100%–4.600 | % | 1/22/21–2/11/26 | 303,370 | 313,326 | 1.0 | % | |||||||||
1 | Wells Fargo Bank NA | 2.082%–3.625 | % | 7/23/21–8/14/23 | 126,184 | 129,685 | 0.4 | % | |||||||||
2 | Banking—Other † | 5,445,112 | 17.1 | % | |||||||||||||
Brokerage † | 304,520 | 1.0 | % | ||||||||||||||
Finance Companies † | 422,609 | 1.3 | % | ||||||||||||||
Insurance † | 964,728 | 3.0 | % | ||||||||||||||
Other Finance † | 27,111 | 0.1 | % | ||||||||||||||
Real Estate Investment Trusts † | 839,441 | 2.7 | % | ||||||||||||||
13,342,918 | 42.0 | % | |||||||||||||||
Industrial | |||||||||||||||||
Basic Industry | |||||||||||||||||
DuPont de Nemours Inc. | 4.205 | % | 11/15/23 | 44,863 | 48,906 | 0.1 | % | ||||||||||
Basic Industry—Other † | 697,306 | 2.2 | % | ||||||||||||||
2,3 | Capital Goods † | 1,578,950 | 5.0 | % | |||||||||||||
Communication | |||||||||||||||||
Comcast Corp. | 3.700 | % | 4/15/24 | 45,392 | 49,136 | 0.2 | % | ||||||||||
Verizon Communications Inc. | 5.150 | % | 9/15/23 | 63,960 | 71,867 | 0.2 | % | ||||||||||
Vodafone Group plc | 3.750 | % | 1/16/24 | 45,224 | 48,528 | 0.1 | % | ||||||||||
2 | Communication—Other † | 1,457,253 | 4.6 | % | |||||||||||||
Consumer Cyclical | |||||||||||||||||
Ford Motor Credit Co. LLC | 2.343%–5.875 | % | 11/2/20–11/1/24 | 324,363 | 330,101 | 1.1 | % | ||||||||||
General Motors Co. | 4.875 | % | 10/2/23 | 28,866 | 31,259 | 0.1 | % | ||||||||||
General Motors Financial Co. Inc. | 2.900%–5.100 | % | 3/1/21–2/26/25 | 317,530 | 328,892 | 1.0 | % | ||||||||||
ConsumerCyclical—Other † | 1,885,842 | 5.9 | % | ||||||||||||||
Consumer Noncyclical | |||||||||||||||||
2 | AbbVie Inc. | 2.600 | % | 11/21/24 | 57,305 | 59,175 | 0.2 | % |
47
Short-Term Corporate Bond Index Fund | |||||||||||||||||||||
Face | Market | Percentage | |||||||||||||||||||
Maturity | Amount | Value• | of Net | ||||||||||||||||||
Coupon | Date | ($000 | ) | ($000 | ) | Assets | |||||||||||||||
AbbVie Inc. | 2.900 | % | 11/6/22 | 50,952 | 52,724 | 0.2 | % | ||||||||||||||
2 | AbbVie Inc. | 2.300 | % | 11/21/22 | 47,060 | 47,850 | 0.1 | % | |||||||||||||
BAT Capital Corp. | 3.222 | % | 8/15/24 | 47,554 | 49,900 | 0.1 | % | ||||||||||||||
CVS Health Corp. | 3.700 | % | 3/9/23 | 90,862 | 95,930 | 0.3 | % | ||||||||||||||
Shire Acquisitions Investments Ireland DAC | 2.400 | % | 9/23/21 | 52,758 | 53,438 | 0.2 | % | ||||||||||||||
2 | Consumer Noncyclical—Other † | 3,919,027 | 12.3 | % | |||||||||||||||||
Energy | |||||||||||||||||||||
Occidental Petroleum Corp. | 2.900 | % | 8/15/24 | 47,688 | 48,323 | 0.1 | % | ||||||||||||||
2 | Energy—Other † | 2,340,943 | 7.4 | % | |||||||||||||||||
Other Industrial † | 22,546 | 0.1 | % | ||||||||||||||||||
Technology | |||||||||||||||||||||
Apple Inc. | 2.400 | % | 5/3/23 | 72,785 | 74,993 | 0.2 | % | ||||||||||||||
Apple Inc. | 3.450 | % | 5/6/24 | 45,433 | 49,196 | 0.1 | % | ||||||||||||||
Apple Inc. | 1.550%–3.000 | % | 2/23/21–2/9/25 | 345,427 | 356,166 | 1.1 | % | ||||||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.625 | % | 1/15/24 | 50,008 | 52,377 | 0.2 | % | ||||||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.000 | % | 1/15/22 | 50,813 | 51,804 | 0.2 | % | ||||||||||||||
2 | Dell International LLC / EMC Corp. | 4.420 | % | 6/15/21 | 65,900 | 68,082 | 0.2 | % | |||||||||||||
2 | Dell International LLC / EMC Corp. | 5.450 | % | 6/15/23 | 54,568 | 60,026 | 0.2 | % | |||||||||||||
International Business Machines Corp. | 3.000 | % | 5/15/24 | 55,150 | 58,387 | 0.2 | % | ||||||||||||||
International Business Machines Corp. | 2.850 | % | 5/13/22 | 48,625 | 50,120 | 0.2 | % | ||||||||||||||
Oracle Corp. | 1.900 | % | 9/15/21 | 60,866 | 61,349 | 0.2 | % | ||||||||||||||
2 | Technology—Other † | 2,016,745 | 6.3 | % | |||||||||||||||||
Transportation † | 527,340 | 1.7 | % | ||||||||||||||||||
16,644,481 | 52.3 | % | |||||||||||||||||||
Utilities | |||||||||||||||||||||
Electric † | 1,285,179 | 4.0 | % | ||||||||||||||||||
Natural Gas † | 82,175 | 0.3 | % | ||||||||||||||||||
Other Utility † | 3,782 | 0.0 | % | ||||||||||||||||||
1,371,136 | 4.3 | % | |||||||||||||||||||
Total Corporate Bonds (Cost $30,463,290) | 31,358,535 | 98.6 | % |
48
Short-Term Corporate Bond Index Fund | |||||
Market | Percentage | ||||
Value• | of Net | ||||
Coupon | Shares | ($000) | Assets | ||
Temporary Cash Investment | |||||
Money Market Fund | |||||
4 | Vanguard Market Liquidity Fund | ||||
(Cost $75) | 1.706% | 751 | 75 | 0.0% | |
Total Investments (Cost $30,658,445) | 31,554,577 | 99.2% | |||
Other Assets and Liabilities—Net | 238,528 | 0.8% | |||
Net Assets | 31,793,105 | 100.0% |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2020, the aggregate value of these securities was $765,773,000, representing 2.4% of net assets. |
3 | Securities with a value of $4,341,000 have been segregated as initial margin for open futures contracts. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
5-Year U.S. Treasury Note | June 2020 | 1,247 | 153,069 | 12 |
See accompanying Notes, which are an integral part of the Financial Statements.
49
Short-Term Corporate Bond Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $30,658,370) | 31,554,502 |
Affiliated Issuers (Cost $75) | 75 |
Total Investments in Securities | 31,554,577 |
Investment in Vanguard | 1,356 |
Cash | 8,943 |
Receivables for Investment Securities Sold | 101,250 |
Receivables for Accrued Income | 264,860 |
Receivables for Capital Shares Issued | 26,363 |
Variation Margin Receivable—Futures Contracts | 968 |
Total Assets | 31,958,317 |
Liabilities | |
Payables for Investment Securities Purchased | 117,377 |
Payables for Capital Shares Redeemed | 37,307 |
Payables for Distributions | 2,533 |
Payables to Vanguard | 2,886 |
Variation Margin Payable—Futures Contracts | 5,109 |
Total Liabilities | 165,212 |
Net Assets | 31,793,105 |
50
Short-Term Corporate Bond Index Fund
At February 29, 2020, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 30,815,028 |
Total Distributable Earnings (Loss) | 978,077 |
Net Assets | 31,793,105 |
ETF Shares—Net Assets | |
Applicable to 309,330,856 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 25,382,679 |
Net Asset Value Per Share—ETF Shares | $82.06 |
Admiral Shares—Net Assets | |
Applicable to 213,297,508 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,757,367 |
Net Asset Value Per Share—Admiral Shares | $22.30 |
Institutional Shares—Net Assets | |
Applicable to 60,542,885 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,653,059 |
Net Asset Value Per Share—Institutional Shares | $27.30 |
See accompanying Notes, which are an integral part of the Financial Statements.
51
Short-Term Corporate Bond Index Fund
Statement of Operations
Six Months Ended | |
February 29, 2020 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 446,397 |
Total Income | 446,397 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 517 |
Management and Administrative—ETF Shares | 4,821 |
Management and Administrative—Admiral Shares | 1,308 |
Management and Administrative—Institutional Shares | 340 |
Marketing and Distribution—ETF Shares | 791 |
Marketing and Distribution—Admiral Shares | 167 |
Marketing and Distribution—Institutional Shares | 33 |
Custodian Fees | 34 |
Shareholders’ Reports—ETF Shares | 240 |
Shareholders’ Reports—Admiral Shares | 11 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 8 |
Total Expenses | 8,270 |
Expenses Paid Indirectly | (34) |
Net Expenses | 8,236 |
Net Investment Income | 438,161 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 136,253 |
Futures Contracts | (9,013) |
Realized Net Gain (Loss) | 127,240 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 219,625 |
Futures Contracts | 12 |
Change in Unrealized Appreciation (Depreciation) | 219,637 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 785,038 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,372,000, $64,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $91,152,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
52
Short-Term Corporate Bond Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | ||
February 29, | August 31, | ||
2020 | 2019 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 438,161 | 820,859 | |
Realized Net Gain (Loss) | 127,240 | (41,485) | |
Change in Unrealized Appreciation (Depreciation) | 219,637 | 1,081,348 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 785,038 | 1,860,722 | |
Distributions1 | |||
ETF Shares | (358,359) | (652,259) | |
Admiral Shares | (61,788) | (110,299) | |
Institutional Shares | (22,214) | (46,783) | |
Total Distributions | (442,361) | (809,341) | |
Capital Share Transactions | |||
ETF Shares | 573,272 | 2,170,231 | |
Admiral Shares | 392,980 | 640,603 | |
Institutional Shares | 2,140 | (130,462) | |
Net Increase (Decrease) from Capital Share Transactions | 968,392 | 2,680,372 | |
Total Increase (Decrease) | 1,311,069 | 3,731,753 | |
Net Assets | |||
Beginning of Period | 30,482,036 | 26,750,283 | |
End of Period | 31,793,105 | 30,482,036 |
1 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
53
Short-Term Corporate Bond Index Fund
Financial Highlights
ETF Shares
Six Months | |||||||||
Ended | Year Ended August 31, | ||||||||
For a Share Outstanding | February 29, | ||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||
Net Asset Value, Beginning of Period | $81.18 | $78.32 | $80.25 | $80.52 | $79.33 | $80.21 | |||
Investment Operations | |||||||||
Net Investment Income | 1.1371 | 2.3111 | 1.9501 | 1.7681 | 1.661 | 1.504 | |||
Net Realized and Unrealized Gain (Loss) on Investments | .899 | 2.826 | (1.953) | (.317) | 1.240 | (.743) | |||
Total from Investment Operations | 2.036 | 5.137 | (.003) | 1.451 | 2.901 | .761 | |||
Distributions | |||||||||
Dividends from Net Investment Income | (1.156) | (2.277) | (1.927) | (1.721) | (1.648) | (1.492) | |||
Distributions from Realized Capital Gains | — | — | — | — | (.063) | (.149) | |||
Total Distributions | (1.156) | (2.277) | (1.927) | (1.721) | (1.711) | (1.641) | |||
Net Asset Value, End of Period | $82.06 | $81.18 | $78.32 | $80.25 | $80.52 | $79.33 | |||
Total Return | 2.54% | 6.68% | 0.01% | 1.84% | 3.71% | 0.96% | |||
Ratios/Supplemental Data | |||||||||
Net Assets, End of Period (Millions) | $25,383 | $24,537 | $21,511 | $20,862 | $14,121 | $10,377 | |||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.07% | 0.07% | 0.07% | 0.10% | |||
Ratio of Net Investment Income to Average Net Assets | 2.82% | 2.92% | 2.48% | 2.21% | 2.11% | 1.90% | |||
Portfolio Turnover Rate2 | 23% | 51% | 56% | 66% | 57% | 62% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
54
Short-Term Corporate Bond Index Fund
Financial Highlights
Admiral Shares
Six Months | ||||||||
Ended | Year Ended August 31, | |||||||
For a Share Outstanding | February 29, | |||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $22.06 | $21.28 | $21.81 | $21.89 | $21.57 | $21.81 | ||
Investment Operations | ||||||||
Net Investment Income | .3071 | .6251 | .5321 | .4811 | .451 | .409 | ||
Net Realized and Unrealized Gain (Loss) on Investments | .236 | .777 | (.531) | (.088) | .337 | (.199) | ||
Total from Investment Operations | .543 | 1.402 | .001 | .393 | .788 | .210 | ||
Distributions | ||||||||
Dividends from Net Investment Income | (.303) | (.622) | (.531) | (.473) | (.451) | (.410) | ||
Distributions from Realized Capital Gains | — | — | — | — | (.017) | (0.40) | ||
Total Distributions | (.303) | (.622) | (.655) | (.473) | (.468) | (.450) | ||
Net Asset Value, End of Period | $22.30 | $22.06 | $21.28 | $21.81 | $21.89 | $21.57 | ||
Total Return2 | 2.48% | 6.70% | 0.02% | 1.83% | 3.70% | 0.97% | ||
Ratios/Supplemental Data | ||||||||
Net Assets, End of Period (Millions) | $4,757 | $4,312 | $3,533 | $3,180 | $1,959 | $1,222 | ||
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.10% | ||
Ratio of Net Investment Income to Average Net Assets | 2.80% | 2.90% | 2.48% | 2.21% | 2.11% | 1.90% | ||
Portfolio Turnover Rate3 | 23% | 51% | 56% | 66% | 57% | 62% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
55
Short-Term Corporate Bond Index Fund
Financial Highlights
Institutional Shares
Six Months | |||||||
Ended | Year Ended August 31, | ||||||
For a Share Outstanding | February 29, | ||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Net Asset Value, Beginning of Period | $27.00 | $26.06 | $26.70 | $26.80 | $26.41 | $26.71 |
Investment Operations
Net Investment Income | .3791 | .7681 | .6561 | .5941 | .558 | .509 | |
Net Realized and Unrealized Gain (Loss) on Investments | .295 | .939 | (.641) | (.111) | .413 | (.249) | |
Total from Investment Operations | .674 | 1.707 | .015 | .483 | .971 | .260 | |
Distributions | |||||||
Dividends from Net Investment Income | (.374) | (.767) | (.655) | (.583) | (.560) | (.510) | |
Distributions from Realized Capital Gains | — | — | — | — | (.021) | (.050) | |
Total Distributions | (.374) | (.767) | (.655) | (.583) | (.581) | (.560) | |
Net Asset Value, End of Period | $27.30 | $27.00 | $26.06 | $26.70 | $26.80 | $26.41 | |
Total Return | 2.52% | 6.66% | 0.07% | 1.84% | 3.72% | 0.98% | |
Ratios/Supplemental Data | |||||||
Net Assets, End of Period (Millions) | $1,653 | $1,633 | $1,706 | $1,515 | $1,020 | $745 | |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.07% | |
Ratio of Net Investment Income to Average Net Assets | 2.82% | 2.92% | 2.50% | 2.23% | 2.13% | 1.93% | |
Portfolio Turnover Rate2 | 23% | 51% | 56% | 66% | 57% | 62% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
56
Short-Term Corporate Bond Index Fund
Notes to Financial Statements
Vanguard Short-Term Corporate Bond Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. Certain of the fund’s investments are in corporate debt instruments; the issuers’ abilities to meet their obligations may be affected by economic developments in their respective industries. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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 board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts each represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
57
Short-Term Corporate Bond Index Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
6. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of
58
Short-Term Corporate Bond Index Fund
operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $1,356,000, representing less than 0.01% of the fund’s net assets and 0.54% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended February 29, 2020, custodian fee offset arrangements reduced the fund’s expenses by $34,000 (an annual rate of less than 0.01% of average net assets).
D. 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.
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||
($000) | ($000) | ($000) | ($000) | |||||
Investments | ||||||||
Assets | ||||||||
U.S. Government and Agency Obligations | — | 195,967 | — | 195,967 | ||||
Corporate Bonds | — | 31,358,535 | — | 31,358,535 | ||||
Temporary Cash Investments | 75 | — | — | 75 | ||||
Total Assets | 75 | 31,554,502 | — | 31,554,577 | ||||
Derivatives Financial Instruments | ||||||||
Assets | ||||||||
Futures Contracts1 | 968 | — | — | 968 | ||||
Liabilities | ||||||||
Futures Contracts2 | 5,109 | — | — | 5,109 |
1 | Represents variation margin on the last day of the reporting period. |
2 | Represents variation margin on the last day of the reporting period for recently closed futures contracts. |
59
Short-Term Corporate Bond Index Fund
E. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | |
($000) | |
Tax Cost | 30,662,532 |
Gross Unrealized Appreciation | 895,717 |
Gross Unrealized Depreciation | (3,660) |
Net Unrealized Appreciation (Depreciation) | 892,057 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $95,302,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carry-forward balance above.
F. During the six months ended February 29, 2020, the fund purchased $9,220,286,000 of investment securities and sold $8,013,215,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $2,345,874,000 and $2,483,714,000, respectively. Total purchases and sales include $3,987,682,000 and $3,464,778,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 29, 2020, such purchases and sales were $2,690,030,000 and $52,129,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
60
Short-Term Corporate Bond Index Fund
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||
February 29, 2020 | August 31, 2019 | |||||||
Amount | Shares | Amount | Shares | |||||
($000) | (000) | ($000) | (000) | |||||
ETF Shares | ||||||||
Issued | 4,120,393 | 50,793 | 7,080,904 | 89,891 | ||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||
Redeemed | (3,547,121) | (43,700) | (4,910,673) | (62,300) | ||||
Net Increase (Decrease)—ETF Shares | 573,272 | 7,093 | 2,170,231 | 27,591 | ||||
Admiral Shares | ||||||||
Issued | 1,012,402 | 45,837 | 2,029,921 | 94,202 | ||||
Issued in Lieu of Cash Distributions | 49,434 | 2,238 | 89,673 | 4,161 | ||||
Redeemed | (668,856) | (30,281) | (1,478,991) | (68,831) | ||||
Net Increase (Decrease)—Admiral Shares | 392,980 | 17,794 | 640,603 | 29,532 | ||||
Institutional Shares | ||||||||
Issued | 214,019 | 7,924 | 306,982 | 11,638 | ||||
Issued in Lieu of Cash Distributions | 17,996 | 666 | 38,752 | 1,470 | ||||
Redeemed | (229,875) | (8,513) | (476,196) | (18,126) | ||||
Net Increase (Decrease)—Institutional Shares | 2,140 | 77 | (130,462) | (5,018) |
H. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
61
Intermediate-Term Corporate Bond Index Fund
Fund Allocation
As of February 29, 2020
Finance | 36.7 | % | ||
Industrial | 57.6 | |||
Treasury/Agency | 0.4 | |||
Utilities | 5.3 | |||
The table reflects the fund’s investments, except for short-term investments and derivatives. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government. | ||||
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempt-ing to remain fully invested and tracking their target index as closely as possible. |
62
Intermediate-Term Corporate Bond Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Face | Market | Percentage | ||||||||||
Maturity | Amount | Value• | of Net | |||||||||
Coupon | Date | ($000) | ($000) | Assets | ||||||||
U.S. Government and Agency Obligations | ||||||||||||
U.S. Government Securities | ||||||||||||
* | United States Treasury | |||||||||||
Note/Bond (Cost $132,204) | 1.500% | 2/15/30 | 128,115 | 132,478 | 0.5% | |||||||
Corporate Bonds | ||||||||||||
Finance | ||||||||||||
Banking | ||||||||||||
1 | Bank of America Corp. | 3.419% | 12/20/28 | 85,176 | 91,996 | 0.3% | ||||||
1 | Bank of America Corp. | 4.271% | 7/23/29 | 72,087 | 82,821 | 0.3% | ||||||
1 | Bank of America Corp. | 3.970% | 3/5/29 | 63,416 | 71,247 | 0.2% | ||||||
1 | Bank of America Corp. | 2.496%–6.220% | 1/22/24–2/13/31 | 602,664 | 658,031 | 2.1% | ||||||
Bank One Corp. | 7.625%–8.000% | 10/15/26–4/29/27 | 25,379 | 34,616 | 0.1% | |||||||
1 | Citigroup Inc. | 3.980% | 3/20/30 | 85,675 | 96,905 | 0.3% | ||||||
Citigroup Inc. | 4.450% | 9/29/27 | 57,980 | 65,532 | 0.2% | |||||||
Citigroup Inc. | 3.200% | 10/21/26 | 59,965 | 64,043 | 0.2% | |||||||
1 | Citigroup Inc. | 3.887% | 1/10/28 | 54,157 | 59,846 | 0.2% | ||||||
1 | Citigroup Inc. | 2.666%–6.625% | 3/26/25–1/29/31 | 429,313 | 472,402 | 1.5% | ||||||
1 | Goldman Sachs Group | |||||||||||
Inc. | 3.814% | 4/23/29 | 84,382 | 92,707 | 0.3% | |||||||
Goldman Sachs Group | ||||||||||||
Inc. | 3.850% | 1/26/27 | 65,373 | 71,696 | 0.2% | |||||||
1 | Goldman Sachs Group | |||||||||||
Inc. | 4.223% | 5/1/29 | 53,104 | 60,195 | 0.2% | |||||||
1 | Goldman Sachs Group | |||||||||||
Inc. | 3.500%–5.950% | 5/22/25–6/5/28 | 205,310 | 225,548 | 0.7% | |||||||
1 | HSBC Holdings plc | 3.900%–5.100% | 4/5/21–5/22/30 | 351,372 | 386,491 | 1.2% | ||||||
JPMorgan Chase & Co. | 4.005% | 4/23/29 | 52,953 | 59,775 | 0.2% | |||||||
1 | JPMorgan Chase & Co. | 2.739%–4.452% | 9/10/24–10/15/30 | 612,273 | 672,930 | 2.1% | ||||||
1 | Morgan Stanley | 3.591% | 7/22/28 | 68,975 | 75,386 | 0.3% | ||||||
Morgan Stanley | 4.000% | 7/23/25 | 66,483 | 73,734 | 0.3% | |||||||
1 | Morgan Stanley | 2.699% | 1/22/31 | 61,230 | 62,894 | 0.2% | ||||||
1 | Morgan Stanley | 3.125%–6.250% | 4/29/24–1/23/30 | 372,774 | 416,862 | 1.3% |
63
Intermediate-Term Corporate Bond Index Fund | ||||||||||||
Face | Market | Percentage | ||||||||||
Maturity | Amount | Value• | of Net | |||||||||
Coupon | Date | ($000) | ($000) | Assets | ||||||||
Wachovia Corp. | 7.574% | 8/1/26 | 3,024 | 3,949 | 0.0% | |||||||
1 | Wells Fargo & Co. | 2.879% | 10/30/30 | 96,425 | 100,505 | 0.3% | ||||||
Wells Fargo & Co. | 3.000% | 10/23/26 | 68,970 | 72,943 | 0.2% | |||||||
Wells Fargo & Co. | 3.000% | 4/22/26 | 69,075 | 72,766 | 0.2% | |||||||
Wells Fargo & Co. | 4.100% | 6/3/26 | 55,978 | 61,535 | 0.2% | |||||||
1 | Wells Fargo & Co. | 2.572%–4.300% | 9/29/25–2/11/31 | 231,729 | 251,276 | 0.8% | ||||||
2 | Banking—Other † | 3,421,858 | 10.9% | |||||||||
Brokerage † | 461,469 | 1.5% | ||||||||||
Finance Companies † | 264,125 | 0.8% | ||||||||||
Insurance | ||||||||||||
Berkshire Hathaway Inc. | 3.125% | 3/15/26 | 58,594 | 63,421 | 0.2% | |||||||
Insurance—Other † | 1,186,505 | 3.8% | ||||||||||
Other Finance † | 7,738 | 0.0% | ||||||||||
Real Estate Investment Trusts † | 1,596,599 | 5.0% | ||||||||||
11,460,346 | 36.3% | |||||||||||
Industrial | ||||||||||||
2 | Basic Industry † | 910,230 | 2.9% | |||||||||
Capital Goods | ||||||||||||
United Technologies Corp. | 4.125% | 11/16/28 | 63,698 | 74,501 | 0.2% | |||||||
2 | Capital Goods—Other † | 1,558,760 | 5.0% | |||||||||
Communication | ||||||||||||
AT&T Inc. | 3.400% | 5/15/25 | 75,468 | 80,428 | 0.3% | |||||||
AT&T Inc. | 4.350% | 3/1/29 | 53,535 | 61,010 | 0.2% | |||||||
AT&T Inc. | 2.950%–4.300% | 7/15/25–2/15/30 | 250,135 | 277,251 | 0.9% | |||||||
Charter Communications | ||||||||||||
Operating LLC / Charter | ||||||||||||
Communications | ||||||||||||
Operating Capital | 4.908% | 7/23/25 | 63,430 | 71,051 | 0.2% | |||||||
Comcast Corp. | 4.150% | 10/15/28 | 61,592 | 71,405 | 0.2% | |||||||
Comcast Corp. | 3.950% | 10/15/25 | 58,579 | 65,583 | 0.2% | |||||||
Comcast Corp. | 2.350%–3.550% | 2/15/25–2/1/30 | 187,809 | 201,918 | 0.6% | |||||||
TCI Communications | ||||||||||||
Inc. | 7.125%–7.875% | 2/15/26–2/15/28 | 11,176 | 14,978 | 0.1% | |||||||
Verizon Communications | ||||||||||||
Inc. | 4.329% | 9/21/28 | 86,865 | 102,049 | 0.3% | |||||||
Verizon Communications | ||||||||||||
Inc. | 4.016% | 12/3/29 | 73,833 | 85,883 | 0.3% | |||||||
Verizon Communications | ||||||||||||
Inc. | 4.125% | 3/16/27 | 59,298 | 67,439 | 0.2% | |||||||
2 | Communication—Other † | 1,114,561 | 3.5% | |||||||||
Consumer Cyclical | ||||||||||||
Amazon.com Inc. | 3.150% | 8/22/27 | 56,856 | 62,121 | 0.2% | |||||||
Visa Inc. | 3.150% | 12/14/25 | 65,139 | 70,724 | 0.2% | |||||||
2 | Consumer Cyclical—Other † | 2,091,282 | 6.6% | |||||||||
Consumer Noncyclical | ||||||||||||
2 | AbbVie Inc. | 3.200% | 11/21/29 | 100,270 | 105,703 | 0.3% | ||||||
2 | AbbVie Inc. | 2.950% | 11/21/26 | 70,386 | 73,766 | 0.2% | ||||||
AbbVie Inc. | 3.600% | 5/14/25 | 60,671 | 65,779 | 0.2% | |||||||
AbbVie Inc. | 3.200%–4.250% | 5/14/26–11/14/28 | 65,126 | 71,033 | 0.2% | |||||||
Anheuser-Busch Cos. | ||||||||||||
LLC / Anheuser-Busch | ||||||||||||
InBev Worldwide Inc. | 3.650% | 2/1/26 | 72,946 | 79,610 | 0.3% |
64
Intermediate-Term Corporate Bond Index Fund | ||||||||||||
Face | Market | Percentage | ||||||||||
Maturity | Amount | Value• | of Net | |||||||||
Coupon | Date | ($000) | ($000) | Assets | ||||||||
Anheuser-Busch InBev | ||||||||||||
Worldwide Inc. | 4.750% | 1/23/29 | 78,384 | 92,677 | 0.3% | |||||||
Anheuser-Busch InBev | ||||||||||||
Worldwide Inc. | 4.000% | 4/13/28 | 56,615 | 63,760 | 0.2% | |||||||
2 | Bristol-Myers Squibb Co. | 3.400% | 7/26/29 | 72,181 | 80,524 | 0.3% | ||||||
Cigna Corp. | 4.375% | 10/15/28 | 64,624 | 73,394 | 0.2% | |||||||
CVS Health Corp. | 4.300% | 3/25/28 | 152,934 | 170,999 | 0.6% | |||||||
CVS Health Corp. | 4.100% | 3/25/25 | 78,153 | 85,420 | 0.3% | |||||||
CVS Health Corp. | 2.875%–6.250% | 7/20/25–8/15/29 | 157,494 | 167,085 | 0.5% | |||||||
2 | Consumer | |||||||||||
Noncyclical—Other † | 3,700,843 | 11.7% | ||||||||||
2 | Energy † | 2,666,757 | 8.4% | |||||||||
Other Industrial † | 64,548 | 0.2% | ||||||||||
Technology | ||||||||||||
Apple Inc. | 2.050%–3.450% | 5/6/24–9/11/29 | 367,430 | 394,012 | 1.3% | |||||||
Broadcom Corp. / | ||||||||||||
Broadcom Cayman | ||||||||||||
Finance Ltd. | 3.875% | 1/15/27 | 78,432 | 82,263 | 0.3% | |||||||
2 | Dell International LLC / | |||||||||||
EMC Corp. | 6.020% | 6/15/26 | 80,808 | 94,630 | 0.3% | |||||||
Fiserv Inc. | 3.500% | 7/1/29 | 56,887 | 62,048 | 0.2% | |||||||
Hewlett Packard | ||||||||||||
Enterprise Co. | 4.900% | 10/15/25 | 56,785 | 64,655 | 0.2% | |||||||
International Business | ||||||||||||
Machines Corp. | 3.500% | 5/15/29 | 62,661 | 70,365 | 0.2% | |||||||
International Business | ||||||||||||
Machines Corp. | 3.300% | 5/15/26 | 62,020 | 67,403 | 0.2% | |||||||
Microsoft Corp. | 3.300% | 2/6/27 | 76,085 | 84,419 | 0.3% | |||||||
Microsoft Corp. | 2.400% | 8/8/26 | 73,888 | 77,647 | 0.2% | |||||||
Oracle Corp. | 2.650% | 7/15/26 | 58,723 | 61,939 | 0.2% | |||||||
2 | Technology—Other † | 1,735,586 | 5.5% | |||||||||
Transportation † | 690,002 | 2.2% | ||||||||||
18,028,041 | 57.1% | |||||||||||
Utilities | ||||||||||||
2 | Electric † | 1,464,434 | 4.6% | |||||||||
Natural Gas † | 141,511 | 0.5% | ||||||||||
Other Utility † | 55,785 | 0.2% | ||||||||||
1,661,730 | 5.3% | |||||||||||
Total Corporate Bonds (Cost $29,297,505) | 31,150,117 | 98.7% |
65
Intermediate-Term Corporate Bond Index Fund | ||||||
Market | Percentage | |||||
Value• | of Net | |||||
Coupon | Shares | ($000) | Assets | |||
Temporary Cash Investment | ||||||
Money Market Fund | ||||||
3 | Vanguard Market Liquidity Fund | |||||
(Cost $322,418) | 1.706% | 3,223,262 | 322,423 | 1.0% | ||
Total Investments (Cost $29,752,127) | 31,605,018 | 100.2% | ||||
Other Assets and Liabilities—Net | (48,143) | (0.2%) | ||||
Net Assets | 31,556,875 | 100.0% |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
* | Securities with a value of $1,511,000 have been segregated as initial margin for open futures contracts. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2020, the aggregate value of these securities was $1,030,312,000, representing 3.3% of net assets. |
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. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000) | |||||
Value and | |||||
Number of | Unrealized | ||||
Long (Short) | Notional | Appreciation | |||
Expiration | Contracts | Amount | (Depreciation) | ||
Long Futures Contracts | |||||
5-Year U.S. Treasury Note | June 2020 | 440 | 54,010 | 528 | |
Ultra 10-Year U.S. Treasury Note | June 2020 | 225 | 33,799 | 77 | |
605 |
See accompanying Notes, which are an integral part of the Financial Statements.
66
Intermediate-Term Corporate Bond Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount | |||
Assets | ||||
Investments in Securities, at Value | ||||
Unaffiliated Issuers (Cost $29,429,709) | 31,282,595 | |||
Affiliated Issuers (Cost $322,418) | 322,423 | |||
Total Investments in Securities | 31,605,018 | |||
Investment in Vanguard | 1,319 | |||
Receivables for Investment Securities Sold | 908,104 | |||
Receivables for Accrued Income | 295,188 | |||
Receivables for Capital Shares Issued | 7,200 | |||
Variation Margin Receivable—Futures Contracts | 271 | |||
Total Assets | 32,817,100 | |||
Liabilities | ||||
Due to Custodian | 1,405 | |||
Payables for Investment Securities Purchased | 1,241,425 | |||
Payables for Capital Shares Redeemed | 14,386 | |||
Payables for Distributions | 1,055 | |||
Payables to Vanguard | 1,954 | |||
Total Liabilities | 1,260,225 | |||
Net Assets | 31,556,875 |
67
Intermediate-Term Corporate Bond Index Fund
At February 29, 2020, net assets consisted of: | ||||
($000s, except shares and per-share amounts) | Amount | |||
Paid-in Capital | 29,397,428 | |||
Total Distributable Earnings (Loss) | 2,159,447 | |||
Net Assets | 31,556,875 | |||
ETF Shares—Net Assets | ||||
Applicable to 314,403,257 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 29,544,102 | |||
Net Asset Value Per Share—ETF Shares | $ | 93.97 | ||
Admiral Shares—Net Assets | ||||
Applicable to 59,694,122 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 1,510,731 | |||
Net Asset Value Per Share—Admiral Shares | $ | 25.31 | ||
Institutional Shares—Net Assets | ||||
Applicable to 16,054,574 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 502,042 | |||
Net Asset Value Per Share—Institutional Shares | $ | 31.27 |
See accompanying Notes, which are an integral part of the Financial Statements.
68
Intermediate-Term Corporate Bond Index Fund
Statement of Operations
Six Months Ended | ||||
February 29, 2020 | ||||
($000 | ) | |||
Investment Income | ||||
Income | ||||
Interest1 | 459,215 | |||
Total Income | 459,215 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 464 | |||
Management and Administrative—ETF Shares | 4,858 | |||
Management and Administrative—Admiral Shares | 417 | |||
Management and Administrative—Institutional Shares | 101 | |||
Marketing and Distribution—ETF Shares | 868 | |||
Marketing and Distribution—Admiral Shares | 53 | |||
Marketing and Distribution—Institutional Shares | 11 | |||
Custodian Fees | 43 | |||
Shareholders’ Reports—ETF Shares | 321 | |||
Shareholders’ Reports—Admiral Shares | 3 | |||
Shareholders’ Reports—Institutional Shares | — | |||
Trustees’ Fees and Expenses | 6 | |||
Total Expenses | 7,145 | |||
Expenses Paid Indirectly | (42 | ) | ||
Net Expenses | 7,103 | |||
Net Investment Income | 452,112 | |||
Realized Net Gain (Loss) | ||||
Investment Securities Sold1,2 | 365,253 | |||
Futures Contracts | (5,695 | ) | ||
Realized Net Gain (Loss) | 359,558 | |||
Change in Unrealized Appreciation (Depreciation) | ||||
Investment Securities1 | 352,595 | |||
Futures Contracts | 305 | |||
Change in Unrealized Appreciation (Depreciation) | 352,900 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,164,570 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $879,000, $37,000, and $4,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $226,113,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
69
Intermediate-Term Corporate Bond Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |||||||
February 29, | August 31, | |||||||
2020 | 2019 | |||||||
($000 | ) | ($000 | ) | |||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 452,112 | 839,679 | ||||||
Realized Net Gain (Loss) | 359,558 | 177,920 | ||||||
Change in Unrealized Appreciation (Depreciation) | 352,900 | 2,046,310 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,164,570 | 3,063,909 | ||||||
Distributions1 | ||||||||
ETF Shares | (419,090 | ) | (771,952 | ) | ||||
Admiral Shares | (22,404 | ) | (41,575 | ) | ||||
Institutional Shares | (7,631 | ) | (14,888 | ) | ||||
Total Distributions | (449,125 | ) | (828,415 | ) | ||||
Capital Share Transactions | ||||||||
ETF Shares | 4,795,871 | 2,686,065 | ||||||
Admiral Shares | 94,200 | 197,830 | ||||||
Institutional Shares | 84,686 | (121,914 | ) | |||||
Net Increase (Decrease) from Capital Share Transactions | 4,974,757 | 2,761,981 | ||||||
Total Increase (Decrease) | 5,690,202 | 4,997,475 | ||||||
Net Assets | ||||||||
Beginning of Period | 25,866,673 | 20,869,198 | ||||||
End of Period | 31,556,875 | 25,866,673 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
70
Intermediate-Term Corporate Bond Index Fund
Financial Highlights
ETF Shares
Six Months | ||||||||||||
Ended | ||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Net Asset Value, Beginning of Period | $91.82 | $84.02 | $88.35 | $89.47 | $84.39 | $86.98 | ||||||
Investment Operations | ||||||||||||
Net Investment Income | 1.4811 | 3.1321 | 2.9351 | 2.8691 | 2.831 | 2.767 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.164 | 7.768 | (4.362) | (1.184) | 5.083 | (2.473) | ||||||
Total from Investment Operations | 3.645 | 10.900 | (1.427) | 1.685 | 7.914 | .294 | ||||||
Distributions | ||||||||||||
Dividends from Net Investment Income | (1.495) | (3.100) | (2.903) | (2.805) | (2.834) | (2.754) | ||||||
Distributions from Realized Capital Gains | — | — | — | — | — | (.130) | ||||||
Total Distributions | (1.495) | (3.100) | (2.903) | (2.805) | (2.834) | (2.884) | ||||||
Net Asset Value, End of Period | $93.97 | $91.82 | $84.02 | $88.35 | $89.47 | $84.39 | ||||||
Total Return | 4.03% | 13.33% | -1.62% | 1.98% | 9.58% | 0.32% | ||||||
Ratios/Supplemental Data | ||||||||||||
Net Assets, End of Period (Millions) | $29,544 | $24,080 | $19,302 | $16,699 | $10,048 | $5,393 | ||||||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.07% | 0.07% | 0.07% | 0.10% | ||||||
Ratio of Net Investment Income to Average Net Assets | 3.26% | 3.65% | 3.44% | 3.30% | 3.34% | 3.25% | ||||||
Portfolio Turnover Rate2 | 28% | 59% | 65% | 65% | 71% | 56% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
71
Intermediate-Term Corporate Bond Index Fund
Financial Highlights
Admiral Shares
Six Months | ||||||||||||
Ended | ||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Net Asset Value, Beginning of Period | $24.71 | $22.61 | $23.78 | $24.08 | $22.71 | $23.40 | ||||||
Investment Operations | ||||||||||||
Net Investment Income | .3971 | .8391 | .7921 | .7741 | .764 | .745 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | .590 | 2.097 | (1.175) | (.318) | 1.371 | (.654) | ||||||
Total from Investment Operations | .987 | 2.936 | (.383) | .456 | 2.135 | .091 | ||||||
Distributions | ||||||||||||
Dividends from Net Investment Income | (.387) | (.836) | (.787) | (.756) | (.765) | (.746) | ||||||
Distributions from Realized Capital Gains | — | — | — | — | — | (.035) | ||||||
Total Distributions | (.387) | (.836) | (.787) | (.756) | (.765) | (.781) | ||||||
Net Asset Value, End of Period | $25.31 | $24.71 | $22.61 | $23.78 | $24.08 | $22.71 | ||||||
Total Return2 | 4.04% | 13.30% | -1.61% | 1.99% | 9.57% | 0.37% | ||||||
Ratios/Supplemental Data | ||||||||||||
Net Assets, End of Period (Millions) | $1,511 | $1,381 | $1,076 | $1,014 | $700 | $423 | ||||||
Ratio of Total Expenses to | ||||||||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.10% | ||||||
Ratio of Net Investment Income to | ||||||||||||
Average Net Assets | 3.24% | 3.63% | 3.44% | 3.30% | 3.34% | 3.25% | ||||||
Portfolio Turnover Rate3 | 28% | 59% | 65% | 65% | 71% | 56% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
72
Intermediate-Term Corporate Bond Index Fund
Financial Highlights
Institutional Shares
Six Months | ||||||||||||
Ended | ||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Net Asset Value, Beginning of Period | $30.53 | $27.94 | $29.38 | $29.75 | $28.06 | $28.92 | ||||||
Investment Operations | ||||||||||||
Net Investment Income | .4941 | 1.0441 | .9831 | .9621 | .949 | .931 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | .727 | 2.584 | (1.446) | (.392) | 1.690 | (.816) | ||||||
Total from Investment Operations | 1.221 | 3.628 | (.463) | .570 | 2.639 | .115 | ||||||
Distributions | ||||||||||||
Dividends from Net Investment Income | (.481) | (1.038) | (.977) | (.940) | (.949) | (.932) | ||||||
Distributions from Realized Capital Gains | — | — | — | — | — | (.043) | ||||||
Total Distributions | (.481) | (1.038) | (.977) | (.940) | (.949) | (.975) | ||||||
Net Asset Value, End of Period | $31.27 | $30.53 | $27.94 | $29.38 | $29.75 | $28.06 | ||||||
Total Return2 | 4.05% | 13.30% | -1.57% | 2.01% | 9.58% | 0.37% | ||||||
Ratios/Supplemental Data | ||||||||||||
Net Assets, End of Period (Millions) | $502 | $406 | $492 | $572 | $387 | $338 | ||||||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.07% | ||||||
Ratio of Net Investment Income to Average Net Assets | 3.26% | 3.65% | 3.46% | 3.32% | 3.36% | 3.28% | ||||||
Portfolio Turnover Rate3 | 28% | 59% | 65% | 65% | 71% | 56% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
73
Intermediate-Term Corporate Bond Index Fund
Notes to Financial Statements
Vanguard Intermediate-Term Corporate Bond Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. Certain of the fund’s investments are in corporate debt instruments; the issuers’ abilities to meet their obligations may be affected by economic developments in their respective industries. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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 board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
74
Intermediate-Term Corporate Bond Index Fund
4.Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5.Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
6. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of
75
Intermediate-Term Corporate Bond Index Fund
operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $1,319,000, representing less than 0.01% of the fund’s net assets and 0.53% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended February 29, 2020, custodian fee offset arrangements reduced the fund’s expenses by $42,000 (an annual rate of less than 0.01% of average net assets).
D. 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.
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||
($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | |||||
Investments | ||||||||||||
Assets | ||||||||||||
U.S. Government and Agency Obligations | — | 132,478 | — | 132,478 | ||||||||
Corporate Bonds | — | 31,150,117 | — | 31,150,117 | ||||||||
Temporary Cash Investments | 322,423 | — | — | 322,423 | ||||||||
Total Assets | 322,423 | 31,282,595 | — | 31,605,018 | ||||||||
Derivatives Financial Instruments | ||||||||||||
Assets | ||||||||||||
Futures Contracts1 | 271 | — | — | 271 |
1 Represents variation margin on the last day of the reporting period.
76
Intermediate-Term Corporate Bond Index Fund
E. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | |||
($000 | ) | ||
Tax Cost | 29,755,095 | ||
Gross Unrealized Appreciation | 1,864,285 | ||
Gross Unrealized Depreciation | (13,757 | ) | |
Net Unrealized Appreciation (Depreciation) | 1,850,528 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $119,622,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended February 29, 2020, the fund purchased $12,733,815,000 of investment securities and sold $8,079,862,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $3,677,798,000 and $3,362,989,000, respectively. Total purchases and sales include $8,269,741,000 and $3,555,521,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 29, 2020, such purchases and sales were $671,573,000 and $3,118,884,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
77
Intermediate-Term Corporate Bond Index Fund
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||
Amount | Shares | Amount | Shares | |||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||
ETF Shares | ||||||||||||
Issued1 | 8,414,056 | 91,641 | 8,279,726 | 96,725 | ||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||
Redeemed | (3,618,185 | ) | (39,500 | ) | (5,593,661 | ) | (64,200 | ) | ||||
Net Increase (Decrease)—ETF Shares | 4,795,871 | 52,141 | 2,686,065 | 32,525 | ||||||||
Admiral Shares | ||||||||||||
Issued1 | 240,253 | 9,727 | 434,667 | 18,688 | ||||||||
Issued in Lieu of Cash Distributions | 18,092 | 731 | 33,922 | 1,463 | ||||||||
Redeemed | (164,145 | ) | (6,642 | ) | (270,759 | ) | (11,844 | ) | ||||
Net Increase (Decrease)—Admiral Shares | 94,200 | 3,816 | 197,830 | 8,307 | ||||||||
Institutional Shares | ||||||||||||
Issued1 | 114,449 | 3,757 | 31,972 | 1,136 | ||||||||
Issued in Lieu of Cash Distributions | 4,932 | 161 | 8,178 | 286 | ||||||||
Redeemed | (34,695 | ) | (1,145 | ) | (162,064 | ) | (5,745 | ) | ||||
Net Increase (Decrease)—Institutional Shares | 84,686 | 2,773 | (121,914 | ) | (4,323 | ) |
1 Includes purchase fees for fiscal 2020 and 2019 of $890,000 and $1,145,000, respectively (fund totals).
H. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
78
Long-Term Corporate Bond Index Fund
Fund Allocation
As of February 29, 2020
Finance | 16.8 | % | ||
Industrial | 69.0 | |||
Treasury/Agency | 0.7 | |||
Utilities | 12.6 | |||
Other | 0.9 |
The table reflects the fund’s investments, except for short-term investments and derivatives. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempt-ing to remain fully invested and tracking their target index as closely as possible.
79
Long-Term Corporate Bond Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of February 29, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Face | Market | Percentage | ||||||
Maturity | Amount | Value• | of Net | |||||
Coupon | Date | ($000 | ) | ($000 | ) | Assets | ||
U.S. Government and Agency Obligations | ||||||||
U.S. Government Securities | ||||||||
United States Treasury Note/Bond | 2.375% | 11/15/49 | 17,750 | 20,718 | 0.4% | |||
United States Treasury Note/Bond | 1.500% | 2/15/30 | 19,010 | 19,657 | 0.4% | |||
Total U.S. Government and Agency Obligations (Cost $40,234) | 40,375 | 0.8% | ||||||
Corporate Bonds | ||||||||
Finance | ||||||||
Banking | ||||||||
1 | Bank of America Corp. | 4.330% | 3/15/50 | 7,275 | 9,310 | 0.2% | ||
1 | Bank of America Corp. | 3.946%–7.750% | 1/29/37–1/23/49 | 37,420 | 50,122 | 0.9% | ||
Bank of America NA | 6.000% | 10/15/36 | 3,887 | 5,452 | 0.1% | |||
Goldman Sachs Capital I | 6.345% | 2/15/34 | 2,822 | 3,997 | 0.1% | |||
Goldman Sachs Group Inc. | 6.750% | 10/1/37 | 14,252 | 20,326 | 0.4% | |||
Goldman Sachs Group Inc. | 6.250% | 2/1/41 | 7,592 | 11,112 | 0.2% | |||
1 | Goldman Sachs Group Inc. | 4.017%–6.450% 2/15/33–10/21/45 | 25,109 | 31,454 | 0.6% | |||
1 | JPMorgan Chase & Co. | 3.882% | 7/24/38 | 7,875 | 9,009 | 0.2% | ||
1 | JPMorgan Chase & Co. | 3.897%–8.750% | 9/1/30–1/23/49 | 49,746 | 65,428 | 1.2% | ||
Wachovia Corp. | 5.500%–7.500% | 4/15/35–8/1/35 | 3,728 | 5,107 | 0.1% | |||
Wells Fargo & Co. | 3.900%–5.606% | 2/7/35–12/7/46 | 35,072 | 44,238 | 0.8% | |||
Wells Fargo Bank NA | 5.850%–6.600% | 8/26/36–1/15/38 | 8,946 | 13,057 | 0.2% | |||
1 | Wells Fargo Capital X | 5.950% | 12/1/86 | 2,050 | 2,683 | 0.0% | ||
Banking—Other † | 193,486 | 3.5% | ||||||
Brokerage † | 23,721 | 0.4% | ||||||
Finance Companies | ||||||||
GE Capital International Funding Co. Unlimited Co. | 4.418% | 11/15/35 | 26,824 | 30,530 | 0.6% |
80
Long-Term Corporate Bond Index Fund
Face | Market | Percentage | ||||||
Maturity | Amount | Value• | of Net | |||||
Coupon | Date | ($000 | ) | ($000 | ) | Assets | ||
Finance Companies—Other † | 637 | 0.0% | ||||||
Insurance | ||||||||
Aetna Inc. | 3.875%–6.750% | 6/15/36–8/15/47 | 8,156 | 9,995 | 0.2% | |||
Berkshire Hathaway Finance Corp. | 4.200%–5.750% | 1/15/40–1/15/49 | 18,275 | 23,195 | 0.4% | |||
Berkshire Hathaway Inc. | 4.500% | 2/11/43 | 2,141 | 2,835 | 0.1% | |||
UnitedHealth Group Inc. | 3.500%–6.875% | 7/15/35–8/15/59 | 45,165 | 56,631 | 1.0% | |||
Insurance—Other † | 238,259 | 4.4% | ||||||
Real Estate Investment Trusts † | 58,234 | 1.1% | ||||||
908,818 | 16.7% | |||||||
Industrial | ||||||||
Basic Industry | ||||||||
Lubrizol Corp. | 6.500% | 10/1/34 | 658 | 981 | 0.0% | |||
Basic Industry—Other † | 206,259 | 3.8% | ||||||
Capital Goods | ||||||||
General Electric Co. | 6.750% | 3/15/32 | 7,299 | 9,813 | 0.2% | |||
General Electric Co. | 4.125%–6.875% | 8/7/37–3/11/44 | 19,291 | 24,590 | 0.4% | |||
Precision Castparts Corp. | 3.900%–4.375% | 1/15/43–6/15/45 | 2,277 | 2,895 | 0.1% | |||
United Technologies Corp. | 4.500% | 6/1/42 | 8,655 | 11,061 | 0.2% | |||
2,3 | Capital Goods—Other † | 231,544 | 4.2% | |||||
Communication | ||||||||
AT&T Inc. | 4.500% | 3/9/48 | 11,080 | 12,641 | 0.2% | |||
AT&T Inc. | 5.250% | 3/1/37 | 8,407 | 10,351 | 0.2% | |||
AT&T Inc. | 4.750% | 5/15/46 | 8,654 | 10,191 | 0.2% | |||
AT&T Inc. | 4.300%–6.550% | 9/15/34–8/15/58 | 92,036 | 112,619 | 2.1% | |||
British | ||||||||
Telecommunications plc | 9.625% | 12/15/30 | 5,799 | 9,183 | 0.2% | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | 6.484% | 10/23/45 | 8,303 | 10,678 | 0.2% | |||
Charter Communications | ||||||||
Operating LLC / Charter | ||||||||
Communications | ||||||||
Operating Capital | 4.800%–6.834% | 10/23/35–10/23/55 | 31,705 | 37,403 | 0.7% | |||
Comcast Corp. | 4.700% | 10/15/48 | 9,186 | 12,061 | 0.2% | |||
Comcast Corp. | 4.600% | 10/15/38 | 9,014 | 11,342 | 0.2% | |||
Comcast Corp. | 4.950% | 10/15/58 | 7,295 | 9,984 | 0.2% | |||
Comcast Corp. | 3.200%–7.050% | 10/15/30–11/1/52 | 71,266 | 88,237 | 1.6% | |||
Deutsche Telekom | ||||||||
International Finance BV | 8.750% | 6/15/30 | 9,650 | 14,685 | 0.3% | |||
NBCUniversal Media LLC | 4.450%–6.400% | 4/30/40–1/15/43 | 8,240 | 11,517 | 0.2% | |||
Orange SA | 9.000% | 3/1/31 | 7,471 | 11,925 | 0.2% | |||
Time Warner Cable LLC | 4.500%–7.300% | 5/1/37–9/15/42 | 19,589 | 24,102 | 0.4% | |||
Time Warner | ||||||||
Entertainment Co. LP | 8.375% | 7/15/33 | 3,278 | 4,840 | 0.1% | |||
Verizon Communications Inc. | 4.862% | 8/21/46 | 11,565 | 15,380 | 0.3% | |||
Verizon Communications Inc. | 4.522% | 9/15/48 | 9,922 | 12,790 | 0.2% | |||
Verizon Communications Inc. | 4.500% | 8/10/33 | 8,690 | 10,609 | 0.2% | |||
Verizon Communications Inc. | 4.272% | 1/15/36 | 8,777 | 10,496 | 0.2% | |||
Verizon Communications Inc. | 4.400% | 11/1/34 | 8,143 | 9,842 | 0.2% |
81
Long-Term Corporate Bond Index Fund
Face | Market | Percentage | ||||||
Maturity | Amount | Value• | of Net | |||||
Coupon | Date | ($000 | ) | ($000 | ) | Assets | ||
Verizon Communications Inc. | 5.250% | 3/16/37 | 7,316 | 9,729 | 0.2% | |||
Verizon Communications Inc. | 4.672% | 3/15/55 | 6,980 | 9,333 | 0.2% | |||
Verizon Communications Inc. | 5.012% | 4/15/49 | 6,466 | 8,905 | 0.1% | |||
Verizon Communications Inc. | 3.850%–6.400% | 9/15/33–8/21/54 | 14,693 | 18,108 | 0.3% | |||
Vodafone Group plc | 5.250% | 5/30/48 | 7,825 | 9,882 | 0.2% | |||
3 | Communication—Other † | 228,429 | 4.2% | |||||
Consumer Cyclical | ||||||||
Amazon.com Inc. | 4.250% | 8/22/57 | 7,357 | 9,862 | 0.2% | |||
Amazon.com Inc. | 3.875% | 8/22/37 | 7,671 | 9,211 | 0.2% | |||
Home Depot Inc. | 5.875% | 12/16/36 | 7,236 | 10,394 | 0.2% | |||
Visa Inc. | 4.300% | 12/14/45 | 9,339 | 12,158 | 0.2% | |||
Consumer Cyclical—Other † | 272,095 | 5.0% | ||||||
Consumer Noncyclical | ||||||||
Abbott Laboratories | 4.900% | 11/30/46 | 7,335 | 10,228 | 0.2% | |||
AbbVie Inc. | 4.700% | 5/14/45 | 10,156 | 11,980 | 0.2% | |||
3 | AbbVie Inc. | 4.050% | 11/21/39 | 9,375 | 10,326 | 0.2% | ||
3 | AbbVie Inc. | 4.250%–4.875% | 5/14/35–11/21/49 | 35,957 | 42,143 | 0.8% | ||
Amgen Inc. | 4.663% | 6/15/51 | 8,228 | 10,275 | 0.2% | |||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.900% | 2/1/46 | 24,473 | 30,119 | 0.5% | |||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.700% | 2/1/36 | 13,290 | 15,867 | 0.3% | |||
Anheuser-Busch InBev Finance Inc. | 4.000%–4.900% | 2/1/36–2/1/46 | 13,639 | 16,139 | 0.3% | |||
Anheuser-Busch InBev Worldwide Inc. | 5.550% | 1/23/49 | 7,545 | 10,205 | 0.2% | |||
Anheuser-Busch InBev Worldwide Inc. | 3.750%–8.200% | 1/23/31–1/23/59 | 40,620 | 51,209 | 0.9% | |||
AstraZeneca plc | 6.450% | 9/15/37 | 6,848 | 10,268 | 0.2% | |||
CVS Health Corp. | 5.050% | 3/25/48 | 19,295 | 23,654 | 0.4% | |||
CVS Health Corp. | 4.780% | 3/25/38 | 12,898 | 15,203 | 0.3% | |||
CVS Health Corp. | 5.125% | 7/20/45 | 8,824 | 10,802 | 0.2% | |||
CVS Health Corp. | 4.875%–6.125% | 7/20/35–12/5/43 | 6,208 | 7,983 | 0.1% | |||
GlaxoSmithKline Capital Inc. | 6.375% | 5/15/38 | 7,332 | 11,063 | 0.2% | |||
3 | Consumer Noncyclical—Other † | 754,192 | 13.8% | |||||
Energy | ||||||||
ConocoPhillips | 6.500% | 2/1/39 | 7,125 | 10,471 | 0.2% | |||
3 | Energy—Other † | 554,337 | 10.2% | |||||
Other Industrial † | 38,081 | 0.7% | ||||||
Technology | ||||||||
Apple Inc. | 4.650% | 2/23/46 | 10,064 | 13,408 | 0.2% | |||
Apple Inc. | 2.950%–4.500% | 2/23/36–9/11/49 | 39,966 | 47,581 | 0.9% | |||
International Business | ||||||||
Machines Corp. | 4.250% | 5/15/49 | 7,296 | 9,053 | 0.2% | |||
Microsoft Corp. | 4.450% | 11/3/45 | 8,960 | 12,024 | 0.2% | |||
Microsoft Corp. | 3.700% | 8/8/46 | 9,821 | 11,915 | 0.2% | |||
Microsoft Corp. | 4.000% | 2/12/55 | 7,480 | 9,539 | 0.2% | |||
Microsoft Corp. | 3.450%–5.300% | 2/12/35–2/6/57 | 53,695 | 67,792 | 1.2% | |||
Oracle Corp. | 3.250%–6.500% | 5/15/30–5/15/55 | 51,467 | 63,728 | 1.2% | |||
3 | Technology—Other † | 151,243 | 2.8% |
82
Long-Term Corporate Bond Index Fund | ||||||||
Face | Market | Percentage | ||||||
Maturity | Amount | Value• | of Net | |||||
Coupon | Date | ($000) | ($000) | Assets | ||||
Transportation | ||||||||
Burlington Northern Santa Fe LLC | 3.550%–6.200% | 8/15/36–2/15/50 | 33,134 | 41,630 | 0.7% | |||
3 | Transportation—Other † | 157,153 | 2.9% | |||||
3,765,736 | 69.0% | |||||||
Utilities | ||||||||
Electric | ||||||||
Berkshire Hathaway Energy Co. | 3.800%–6.125% | 4/1/36–1/15/49 | 15,759 | 20,873 | 0.4% | |||
Duke Energy Carolinas LLC | 3.200%–6.450% | 10/15/32–8/15/49 | 16,683 | 20,952 | 0.4% | |||
Duke Energy Corp. | 3.750%–4.800% | 12/15/45–6/15/49 | 8,300 | 9,582 | 0.2% | |||
Duke Energy Florida LLC | 3.400%–6.400% | 9/15/37–7/15/48 | 8,649 | 11,238 | 0.2% | |||
Duke Energy Indiana LLC | 3.250%–6.450% | 10/15/35–10/1/49 | 6,712 | 9,247 | 0.1% | |||
Duke Energy Ohio Inc. | 4.300% | 2/1/49 | 2,475 | 3,109 | 0.1% | |||
Duke Energy Progress LLC | 3.600%–6.300% | 4/1/38–9/15/47 | 9,336 | 11,385 | 0.2% | |||
MidAmerican Energy Co. | 3.650%–6.750% | 12/30/31–7/15/49 | 9,968 | 12,854 | 0.2% | |||
Nevada Power Co. | 2.400%–6.750% | 5/1/30–8/1/50 | 3,874 | 4,680 | 0.1% | |||
PacifiCorp | 4.100%–6.350% | 6/15/35–2/15/50 | 12,177 | 16,245 | 0.3% | |||
Progress Energy Inc. | 6.000%–7.750% | 3/1/31–12/1/39 | 2,180 | 3,100 | 0.1% | |||
3 | Electric—Other † | 483,355 | 8.8% | |||||
Natural Gas | ||||||||
Piedmont Natural Gas Co. Inc. | 3.640%–4.650% | 8/1/43–11/1/46 | 1,305 | 1,446 | 0.0% | |||
Natural Gas—Other † | 51,548 | 1.0% | ||||||
Other Utility † | 13,334 | 0.2% | ||||||
672,948 | 12.3% | |||||||
Total Corporate Bonds (Cost $4,724,988) | 5,347,502 | 98.0% | ||||||
Taxable Municipal Bonds (Cost $8,347) † | 9,580 | 0.2% |
83
Long-Term Corporate Bond Index Fund | ||||||||
Market | Percentage | |||||||
Value• | of Net | |||||||
Coupon | Shares | ($000) | Assets | |||||
Temporary Cash Investment | ||||||||
Money Market Fund | ||||||||
4 | Vanguard Market Liquidity Fund | |||||||
(Cost $51,297) | 1.706% | 512,823 | 51,298 | 0.9% | ||||
Total Investments (Cost $4,824,866) | 5,448,755 | 99.9% | ||||||
Other Assets and Liabilities—Net | 5,823 | 0.1% | ||||||
Net Assets | 5,454,578 | 100.0% |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | Securities with a value of $255,000 have been segregated as initial margin for recently closed futures contracts. |
3 | Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2020, the aggregate value of these securities was $105,315,000, representing 1.9% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
See accompanying Notes, which are an integral part of the Financial Statements.
84
Long-Term Corporate Bond Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount | |||
Assets | ||||
Investments in Securities, at Value | ||||
Unaffiliated Issuers (Cost $4,773,569) | 5,397,457 | |||
Affiliated Issuers (Cost $51,297) | 51,298 | |||
Total Investments in Securities | 5,448,755 | |||
Investment in Vanguard | 229 | |||
Receivables for Investment Securities Sold | 50,558 | |||
Receivables for Accrued Income | 57,891 | |||
Receivables for Capital Shares Issued | 2,281 | |||
Variation Margin Receivable—Futures Contracts | 100 | |||
Total Assets | 5,559,814 | |||
Liabilities | ||||
Due to Custodian | 38 | |||
Payables for Investment Securities Purchased | 103,418 | |||
Payables for Capital Shares Redeemed | 999 | |||
Payables for Distributions | 320 | |||
Payables to Vanguard | 403 | |||
Variation Margin Payable—Futures Contracts | 58 | |||
Total Liabilities | 105,236 | |||
Net Assets | 5,454,578 |
85
Long-Term Corporate Bond Index Fund
At February 29, 2020, net assets consisted of: | ||||
($000s, except shares and per-share amounts) | Amount | |||
Paid-in Capital | 4,773,956 | |||
Total Distributable Earnings (Loss) | 680,622 | |||
Net Assets | 5,454,578 | |||
ETF Shares—Net Assets | ||||
Applicable to 43,016,744 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,591,267 | |||
Net Asset Value Per Share—ETF Shares | $106.73 | |||
Admiral Shares—Net Assets | ||||
Applicable to 10,731,349 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 306,943 | |||
Net Asset Value Per Share—Admiral Shares | $28.60 | |||
Institutional Shares—Net Assets | ||||
Applicable to 15,675,787 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 556,368 | |||
Net Asset Value Per Share—Institutional Shares | $35.49 |
See accompanying Notes, which are an integral part of the Financial Statements.
86
Long-Term Corporate Bond Index Fund
Statement of Operations
Six Months Ended | ||||
February 29, 2020 | ||||
(sssssss$000 | ) | |||
Investment Income | ||||
Income | ||||
Interest1 | 94,742 | |||
Total Income | 94,742 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 82 | |||
Management and Administrative—ETF Shares | 810 | |||
Management and Administrative—Admiral Shares | 78 | |||
Management and Administrative—Institutional Shares | 113 | |||
Marketing and Distribution—ETF Shares | 138 | |||
Marketing and Distribution—Admiral Shares | 10 | |||
Marketing and Distribution—Institutional Shares | 11 | |||
Custodian Fees | 33 | |||
Shareholders’ Reports—ETF Shares | 17 | |||
Shareholders’ Reports—Admiral Shares | 1 | |||
Shareholders’ Reports—Institutional Shares | — | |||
Trustees’ Fees and Expenses | 1 | |||
Total Expenses | 1,294 | |||
Expenses Paid Indirectly | (32 | ) | ||
Net Expenses | 1,262 | |||
Net Investment Income | 93,480 | |||
Realized Net Gain (Loss) | ||||
Investment Securities Sold1,2 | 119,360 | |||
Futures Contracts | (1,561 | ) | ||
Realized Net Gain (Loss) | 117,799 | |||
Change in Unrealized Appreciation (Depreciation) | ||||
Investment Securities1 | 81,835 | |||
Futures Contracts | (4 | ) | ||
Change in Unrealized Appreciation (Depreciation) | 81,831 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 293,110 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $137,000, $4,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $89,941,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
87
Long-Term Corporate Bond Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |||||||
February 29, | August 31, | |||||||
2020 | 2019 | |||||||
($000 | ) | ($000 | ) | |||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 93,480 | 169,997 | ||||||
Realized Net Gain (Loss) | 117,799 | 48,730 | ||||||
Change in Unrealized Appreciation (Depreciation) | 81,831 | 641,403 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 293,110 | 860,130 | ||||||
Distributions1 | ||||||||
ETF Shares | (78,660 | ) | (129,598 | ) | ||||
Admiral Shares | (5,001 | ) | (8,737 | ) | ||||
Institutional Shares | (9,888 | ) | (27,120 | ) | ||||
Total Distributions | (93,549 | ) | (165,455 | ) | ||||
Capital Share Transactions | ||||||||
ETF Shares | 349,018 | 985,012 | ||||||
Admiral Shares | 39,682 | 35,845 | ||||||
Institutional Shares | (5,357 | ) | (324,656 | ) | ||||
Net Increase (Decrease) from Capital Share Transactions | 383,343 | 696,201 | ||||||
Total Increase (Decrease) | 582,904 | 1,390,876 | ||||||
Net Assets | ||||||||
Beginning of Period | 4,871,674 | 3,480,798 | ||||||
End of Period | 5,454,578 | 4,871,674 |
1 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
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Long-Term Corporate Bond Index Fund
Financial Highlights
ETF Shares
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $102.86 | $88.35 | $94.07 | $96.37 | $85.25 | $92.38 | ||||||||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | 1.9171 | 3.9361 | 3.8801 | 3.8971 | 3.905 | 3.910 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments2 | 3.892 | 14.458 | (5.722 | ) | (2.356 | ) | 11.127 | (7.127 | ) | |||||||||||||||
Total from Investment Operations | 5.809 | 18.394 | (1.842 | ) | 1.541 | 15.032 | (3.217 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (1.939 | ) | (3.884 | ) | (3.878 | ) | (3.841 | ) | (3.912 | ) | (3.913 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (1.939 | ) | (3.884 | ) | (3.878 | ) | (3.841 | ) | (3.912 | ) | (3.913 | ) | ||||||||||||
Net Asset Value, End of Period | $106.73 | $102.86 | $88.35 | $94.07 | $96.37 | $85.25 | ||||||||||||||||||
Total Return | 5.76 | % | 21.60 | % | -2.01 | % | 1.81 | % | 18.21 | % | -3.64 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $4,591 | $4,074 | $2,509 | $2,098 | $1,494 | $972 | ||||||||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05 | % | 0.05 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.10 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.79 | % | 4.36 | % | 4.26 | % | 4.27 | % | 4.46 | % | 4.37 | % | ||||||||||||
Portfolio Turnover Rate3 | 22 | % | 47 | % | 48 | % | 56 | % | 59 | % | 64 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.09, $.09, $.03, and $.11. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
89
Long-Term Corporate Bond Index Fund
Financial Highlights
Admiral Shares
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $27.55 | $23.65 | $25.18 | $25.79 | $22.80 | $24.71 | ||||||||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | .5121 | 1.0531 | 1.0431 | 1.0471 | 1.047 | 1.048 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments2 | 1.042 | 3.895 | (1.536 | ) | (.625 | ) | 2.991 | (1.911 | ) | |||||||||||||||
Total from Investment Operations | 1.554 | 4.948 | (.493 | ) | .422 | 4.038 | (.863 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (.504 | ) | (1.048 | ) | (1.037 | ) | (1.032 | ) | (1.048 | ) | (1.047 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (.504 | ) | (1.048 | ) | (1.037 | ) | (1.032 | ) | (1.048 | ) | (1.047 | ) | ||||||||||||
Net Asset Value, End of Period | $28.60 | $27.55 | $23.65 | $25.18 | $25.79 | $22.80 | ||||||||||||||||||
Total Return3 | 5.73 | % | 21.64 | % | -2.00 | % | 1.84 | % | 18.21 | % | -3.66 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $307 | $256 | $186 | $161 | $90 | $67 | ||||||||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.10 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.77 | % | 4.34 | % | 4.26 | % | 4.27 | % | 4.46 | % | 4.37 | % | ||||||||||||
Portfolio Turnover Rate4 | 22 | % | 47 | % | 48 | % | 56 | % | 59 | % | 64 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.03, $.02, $.01, and $.02. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
90
Long-Term Corporate Bond Index Fund
Financial Highlights
Institutional Shares
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $34.18 | $29.36 | $31.25 | $32.02 | $28.31 | $30.68 | ||||||||||||||||||
Investment Operations | ||||||||||||||||||||||||
Net Investment Income | .6391 | 1.3141 | 1.2991 | 1.3061 | 1.306 | 1.310 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments2 | 1.300 | 4.812 | (1.895 | ) | (.790 | ) | 3.710 | (2.370 | ) | |||||||||||||||
Total from Investment Operations | 1.939 | 6.126 | (.596 | ) | .516 | 5.016 | (1.060 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Dividends from Net Investment Income | (.629 | ) | (1.306 | ) | (1.294 | ) | (1.286 | ) | (1.306 | ) | (1.310 | ) | ||||||||||||
Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | (.629 | ) | (1.306 | ) | (1.294 | ) | (1.286 | ) | (1.306 | ) | (1.310 | ) | ||||||||||||
Net Asset Value, End of Period | $35.49 | $34.18 | $29.36 | $31.25 | $32.02 | $28.31 | ||||||||||||||||||
Total Return3 | 5.76 | % | 21.58 | % | -1.95 | % | 1.81 | % | 18.22 | % | -3.62 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net Assets, End of Period (Millions) | $556 | $541 | $786 | $528 | $384 | $296 | ||||||||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.07 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.79 | % | 4.36 | % | 4.28 | % | 4.29 | % | 4.48 | % | 4.40 | % | ||||||||||||
Portfolio Turnover Rate4 | 22 | % | 47 | % | 48 | % | 56 | % | 59 | % | 64 | % |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.03, $.03, $.01, and $.03. |
3 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
91
Long-Term Corporate Bond Index Fund
Notes to Financial Statements
Vanguard Long-Term Corporate Bond Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. Certain of the fund’s investments are in corporate debt instruments; the issuers’ abilities to meet their obligations may be affected by economic developments in their respective industries. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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 board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented 0% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period. The fund had no open futures contracts at February 29, 2020.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
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Long-Term Corporate Bond Index Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
6. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of
93
Long-Term Corporate Bond Index Fund
operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $229,000, representing less than 0.01% of the fund’s net assets and 0.09% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended February 29, 2020, custodian fee offset arrangements reduced the fund’s expenses by $32,000 (an annual rate of less than 0.01% of average net assets).
D. 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.
The following table summarizes the market value of the fund’s investments as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | |||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
U.S. Government and Agency Obligations | — | 40,375 | — | 40,375 | ||||||||||||
Corporate Bonds | — | 5,347,502 | — | 5,347,502 | ||||||||||||
Taxable Municipal Bonds | — | 9,580 | — | 9,580 | ||||||||||||
Temporary Cash Investments | 51,298 | — | — | 51,298 | ||||||||||||
Total Assets | 51,298 | 5,397,457 | — | 5,448,755 | ||||||||||||
Derivatives Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts1 | 100 | — | — | 100 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts1 | 58 | — | — | 58 |
1 | Represents variation margin on the last day of the reporting period. |
94
Long-Term Corporate Bond Index Fund
E. As of February 29, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000 | ) | |||
Tax Cost | 4,826,205 | |||
Gross Unrealized Appreciation | 630,297 | |||
Gross Unrealized Depreciation | (7,747 | ) | ||
Net Unrealized Appreciation (Depreciation) | 622,550 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $72,512,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended February 29, 2020, the fund purchased $1,729,080,000 of investment securities and sold $1,369,189,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $466,957,000 and $456,608,000, respectively. Total purchases and sales include $1,087,520,000 and $755,631,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 29, 2020, such purchases and sales were $66,307,000 and $324,287,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
95
Long-Term Corporate Bond Index Fund
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||||||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||||||
ETF Shares | ||||||||||||||||
Issued1 | 1,116,525 | 10,908 | 1,984,864 | 21,804 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||||||
Redeemed | (767,507 | ) | (7,500 | ) | (999,852 | ) | (10,600 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 349,018 | 3,408 | 985,012 | 11,204 | ||||||||||||
Admiral Shares | ||||||||||||||||
Issued1 | 64,410 | 2,345 | 79,321 | 3,240 | ||||||||||||
Issued in Lieu of Cash Distributions | 3,868 | 141 | 6,829 | 281 | ||||||||||||
Redeemed | (28,596 | ) | (1,046 | ) | (50,305 | ) | (2,083 | ) | ||||||||
Net Increase (Decrease)—Admiral Shares | 39,682 | 1,440 | 35,845 | 1,438 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued1 | 7,975 | 234 | 11,860 | 396 | ||||||||||||
Issued in Lieu of Cash Distributions | 9,032 | 265 | 24,334 | 820 | ||||||||||||
Redeemed | (22,364 | ) | (661 | ) | (360,850 | ) | (12,138 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | (5,357 | ) | (162 | ) | (324,656 | ) | (10,922 | ) |
1 | Includes purchase fees for fiscal 2020 and 2019 of $754,000 and $919,000, respectively (fund totals). |
H. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
96
Mortgage-Backed Securities Index Fund
Fund Allocation
As of February 29, 2020
Government Mortgage-Backed | 100.0% |
The table reflects the fund’s investments, except for short-term investments and derivatives. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempt-ing to remain fully invested and tracking their target index as closely as possible.
97
Mortgage-Backed Securities Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 29, 2020
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.
Face | Market | |||||||||||||
Maturity | Amount | Value• | ||||||||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||||||||
U.S. Government and Agency Obligations (99.8%) | ||||||||||||||
Conventional Mortgage-Backed Securities (99.8%) | ||||||||||||||
1,2 | Fannie Mae Pool | 2.000 | % | 11/1/27–2/1/35 | 21,162 | 21,598 | ||||||||
1,2 | Fannie Mae Pool | 2.500 | % | 11/1/26–1/1/50 | 277,022 | 284,713 | ||||||||
¤,1,2 | Fannie Mae Pool | 3.000 | % | 11/1/25–3/1/50 | 1,505,763 | 1,562,909 | ||||||||
¤,1,2 | Fannie Mae Pool | 3.500 | % | 12/1/20–3/1/50 | 1,477,709 | 1,553,560 | ||||||||
¤,1,2 | Fannie Mae Pool | 4.000 | % | 5/1/21–3/1/50 | 1,144,600 | 1,218,895 | ||||||||
¤,1,2 | Fannie Mae Pool | 4.500 | % | 7/1/20–3/1/50 | 430,351 | 465,605 | ||||||||
¤,1,2 | Fannie Mae Pool | 5.000 | % | 10/1/20–3/1/50 | 145,176 | 160,050 | ||||||||
¤,1,2 | Fannie Mae Pool | 5.500 | % | 8/1/20–3/1/50 | 60,211 | 68,242 | ||||||||
1,2 | Fannie Mae Pool | 6.000 | % | 12/1/20–5/1/41 | 31,894 | 37,207 | ||||||||
1,2 | Fannie Mae Pool | 6.500 | % | 10/1/21–10/1/39 | 7,925 | 9,272 | ||||||||
1,2 | Fannie Mae Pool | 7.000 | % | 12/1/22–10/1/37 | 456 | 516 | ||||||||
1,2 | Fannie Mae Pool | 7.500 | % | 11/1/22 | 2 | 2 | ||||||||
1,2 | Freddie Mac Gold Pool | 2.000 | % | 1/1/28–12/1/31 | 11,425 | 11,715 | ||||||||
1,2 | Freddie Mac Gold Pool | 2.500 | % | 8/1/22–2/1/43 | 185,529 | 191,388 | ||||||||
1,2 | Freddie Mac Gold Pool | 3.000 | % | 1/1/26–6/1/49 | 651,325 | 679,042 | ||||||||
1,2 | Freddie Mac Gold Pool | 3.500 | % | 9/1/25–2/1/49 | 747,457 | 788,857 | ||||||||
1,2 | Freddie Mac Gold Pool | 4.000 | % | 10/1/21–6/1/49 | 494,577 | 528,993 | ||||||||
1,2 | Freddie Mac Gold Pool | 4.500 | % | 3/1/20–11/1/48 | 227,325 | 247,208 | ||||||||
1,2 | Freddie Mac Gold Pool | 5.000 | % | 4/1/20–11/1/48 | 55,082 | 61,280 | ||||||||
1,2 | Freddie Mac Gold Pool | 5.500 | % | 4/1/21–6/1/41 | 42,839 | 48,455 | ||||||||
1,2 | Freddie Mac Gold Pool | 6.000 | % | 1/1/24–5/1/40 | 25,195 | 29,509 | ||||||||
1,2 | Freddie Mac Gold Pool | 6.500 | % | 10/1/28–9/1/39 | 3,985 | 4,587 | ||||||||
1,2 | Freddie Mac Gold Pool | 7.000 | % | 7/1/28–12/1/38 | 192 | 220 | ||||||||
1 | Ginnie Mae I Pool | 3.000 | % | 1/15/26–3/15/45 | 28,867 | 30,025 | ||||||||
1 | Ginnie Mae I Pool | 3.500 | % | 2/15/26–9/15/49 | 33,655 | 35,356 | ||||||||
1 | Ginnie Mae I Pool | 4.000 | % | 7/15/24–6/15/49 | 38,598 | 41,046 | ||||||||
1 | Ginnie Mae I Pool | 4.500 | % | 8/15/33–7/15/49 | 51,227 | 56,089 | ||||||||
1 | Ginnie Mae I Pool | 5.000 | % | 5/15/20–4/15/41 | 22,266 | 24,722 | ||||||||
1 | Ginnie Mae I Pool | 5.500 | % | 10/15/32–3/15/40 | 7,499 | 8,454 | ||||||||
1 | Ginnie Mae I Pool | 6.000 | % | 4/15/28–5/15/41 | 2,885 | 3,327 | ||||||||
1 | Ginnie Mae I Pool | 6.500 | % | 5/15/24–1/15/39 | 117 | 137 | ||||||||
1 | Ginnie Mae I Pool | 7.000 | % | 10/15/27 | 3 | 3 | ||||||||
¤,1 | Ginnie Mae II Pool | 2.500 | % | 6/20/27–3/1/50 | 98,261 | 101,075 | ||||||||
¤,1 | Ginnie Mae II Pool | 3.000 | % | 10/20/26–3/1/50 | 936,441 | 973,608 | ||||||||
¤,1 | Ginnie Mae II Pool | 3.500 | % | 12/20/25–3/1/50 | 1,105,905 | 1,158,674 | ||||||||
¤,1 | Ginnie Mae II Pool | 4.000 | % | 9/20/25–3/1/50 | 616,744 | 653,010 | ||||||||
¤,1 | Ginnie Mae II Pool | 4.500 | % | 2/20/39–3/1/50 | 274,958 | 294,039 | ||||||||
¤,1 | Ginnie Mae II Pool | 5.000 | % | 6/20/33–3/1/50 | 96,774 | 105,911 |
98
Mortgage-Backed Securities Index Fund
Face | Market | |||||||||||||
Maturity | Amount | Value• | ||||||||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||||||||
¤,1 | Ginnie Mae II Pool | 5.500 | % | 11/20/33–3/1/50 | 9,705 | 11,585 | ||||||||
1 | Ginnie Mae II Pool | 6.000 | % | 3/20/31–9/20/41 | 5,259 | 6,119 | ||||||||
1 | Ginnie Mae II Pool | 6.500 | % | 10/20/28–9/20/40 | 677 | 803 | ||||||||
1 | Ginnie Mae II Pool | 7.000 | % | 4/20/38–11/20/38 | 61 | 74 | ||||||||
¤,1,2 | UMBS Pool | 2.000 | % | 1/1/32–3/1/35 | 13,046 | 13,260 | ||||||||
¤,1,2 | UMBS Pool | 2.500 | % | 1/1/34–3/1/50 | 287,963 | 294,305 | ||||||||
¤,1,2 | UMBS Pool | 3.000 | % | 12/1/26–2/1/50 | 380,034 | 393,151 | ||||||||
¤,1,2 | UMBS Pool | 3.500 | % | 7/1/26–2/1/50 | 258,276 | 270,700 | ||||||||
1,2 | UMBS Pool | 4.000 | % | 8/1/38–9/1/49 | 188,966 | 202,706 | ||||||||
¤,1,2 | UMBS Pool | 4.500 | % | 8/1/48–1/1/50 | 107,815 | 116,428 | ||||||||
¤,1,2 | UMBS Pool | 5.000 | % | 3/1/49–2/1/50 | 31,173 | 34,316 | ||||||||
12,802,746 | ||||||||||||||
Nonconventional Mortgage-Backed Securities (0.0%) | ||||||||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.560% | 2.273 | % | 7/1/43 | 661 | 673 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.793% | 3.396 | % | 8/1/42 | 74 | 75 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.830% | 3.451 | % | 4/1/41 | 30 | 31 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.290% | 3.970 | % | 12/1/41 | 53 | 55 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.310% | 3.592 | % | 9/1/37 | 21 | 21 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.479% | 3.237 | % | 3/1/43 | 236 | 237 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.584% | 2.789 | % | 6/1/43 | 132 | 134 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.627% | 4.752 | % | 3/1/38 | 3 | 3 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.639% | 3.864 | % | 8/1/39 | 32 | 33 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.657% | 4.270 | % | 10/1/42 | 89 | 90 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.682% | 4.167 | % | 10/1/37 | 55 | 56 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.690% | 3.709 | % | 10/1/39 | 14 | 15 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.690% | 3.975 | % | 9/1/42 | 226 | 236 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.700% | 3.747 | % | 12/1/40 | 62 | 65 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.726% | 4.608 | % | 5/1/42 | 41 | 43 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.734% | 3.945 | % | 11/1/39 | 14 | 15 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.771% | 4.257 | % | 5/1/42 | 18 | 19 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.798% | 4.356 | % | 3/1/42 | 41 | 44 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.804% | 3.988 | % | 12/1/39 | 76 | 80 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.805% | 3.772 | % | 11/1/41 | 47 | 50 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.810% | 3.685 | % | 10/1/40 | 6 | 6 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.810% | 3.810 | % | 12/1/40 | 2 | 3 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.813% | 3.858 | % | 1/1/42 | 89 | 94 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.813% | 3.963 | % | 11/1/41 | 10 | 11 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | 3.690 | % | 11/1/40 | 3 | 3 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | 3.923 | % | 12/1/41 | 37 | 39 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | 4.693 | % | 5/1/41 | 27 | 29 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.819% | 4.252 | % | 3/1/41 | 74 | 78 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.822% | 4.330 | % | 9/1/40 | 87 | 92 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.823% | 4.136 | % | 2/1/41 | 3 | 3 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.835% | 3.856 | % | 1/1/40 | 2 | 2 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.850% | 4.432 | % | 2/1/42 | 76 | 82 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.861% | 4.745 | % | 5/1/40 | 2 | 2 | ||||||||
1,2,3 | Fannie Mae Pool, 12M USD LIBOR + 1.909% | 4.784 | % | 4/1/37 | 5 | 5 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.640% | 3.806 | % | 11/1/43 | 140 | 146 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.660% | 3.711 | % | 10/1/37 | 7 | 7 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.695% | 4.218 | % | 2/1/37 | 10 | 11 |
99
Mortgage-Backed Securities Index Fund
Face | Market | |||||||||||||
Maturity | Amount | Value• | ||||||||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.745% | 3.750 | % | 12/1/40 | 14 | 15 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.840% | 4.590 | % | 6/1/37 | 22 | 24 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.864% | 3.925 | % | 2/1/42 | 16 | 16 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.870% | 3.986 | % | 12/1/39 | 8 | 9 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.699 | % | 6/1/41 | 25 | 26 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.754 | % | 6/1/40 | 14 | 15 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.755 | % | 5/1/40 | 1 | 1 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.895% | 4.323 | % | 9/1/40 | 33 | 34 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.900% | 4.734 | % | 6/1/40 | 11 | 11 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.910% | 4.940 | % | 2/1/41 | 51 | 55 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.910% | 5.035 | % | 2/1/41 | 2 | 3 | ||||||||
1,2,3 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 2.085% | 5.210 | % | 3/1/38 | 5 | 5 | ||||||||
1,3 | Ginnie Mae II Pool, 1 YR CMT + 1.500% | 3.125 | % | 11/20/40–12/20/42 | 260 | 268 | ||||||||
1,3 | Ginnie Mae II Pool, 1 YR CMT + 1.500% | 3.250 | % | 7/20/41–8/20/41 | 72 | 75 | ||||||||
1,3 | Ginnie Mae II Pool, 1 YR CMT + 1.500% | 3.875 | % | 4/20/41 | 3 | 3 | ||||||||
1,3 | Ginnie Mae II Pool, 1 YR CMT + 1.500% | 4.000 | % | 1/20/41–2/20/41 | 264 | 275 | ||||||||
1,3 | Ginnie Mae II Pool, 1 YR CMT + 2.000% | 3.625 | % | 11/20/40 | 3 | 3 | ||||||||
1,3 | Ginnie Mae II Pool, 1 YR CMT + 2.000% | 4.375 | % | 5/20/41 | 2 | 2 | ||||||||
3,428 | ||||||||||||||
Total U.S. Government and Agency Obligations (Cost $12,488,850) | 12,806,174 |
100
Mortgage-Backed Securities Index Fund
Market | ||||||||||
Value• | ||||||||||
Coupon | Shares | ($000 | ) | |||||||
Temporary Cash Investment (9.9%) | ||||||||||
Money Market Fund (9.9%) | ||||||||||
4 | Vanguard Market Liquidity Fund | |||||||||
(Cost $1,264,556) | 1.706 | % | 12,644,249 | 1,264,804 | ||||||
Total Investments (109.7%) (Cost $13,753,406) | 14,070,978 | |||||||||
Other Assets and Liabilities—Net (-9.7%) | (1,241,350 | ) | ||||||||
Net Assets (100%) | 12,829,628 |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
¤ | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of February 29, 2020. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
3 | Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
CMT—Constant Maturing Treasury Rate.
LIBOR—London Interbank Offered Rate.
UMBS—Uniform Mortgage-Backed Securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000 | ) | |||||||||||||||
Value and | ||||||||||||||||
Number of | Unrealized | |||||||||||||||
Long (Short | ) | Notional | Appreciation | |||||||||||||
Expiration | Contracts | Amount | (Depreciation | ) | ||||||||||||
Short Futures Contracts | ||||||||||||||||
5-Year U.S. Treasury Note | June 2020 | (225 | ) | (27,619 | ) | (190 | ) |
See accompanying Notes, which are an integral part of the Financial Statements.
101
Mortgage-Backed Securities Index Fund
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount | ||
Assets | |||
Investments in Securities, at Value | |||
Unaffiliated Issuers (Cost $12,488,850) | 12,806,174 | ||
Affiliated Issuers (Cost $1,264,556) | 1,264,804 | ||
Total Investments in Securities | 14,070,978 | ||
Investment in Vanguard | 554 | ||
Receivables for Investment Securities Sold | 647,600 | ||
Receivables for Accrued Income | 37,399 | ||
Receivables for Capital Shares Issued | 2,445 | ||
Total Assets | 14,758,976 | ||
Liabilities | |||
Due to Custodian | 274 | ||
Payables for Investment Securities Purchased | 1,830,723 | ||
Payables for Capital Shares Redeemed | 96,748 | ||
Payables for Distributions | 763 | ||
Payables to Vanguard | 626 | ||
Variation Margin Payable—Futures Contracts | 214 | ||
Total Liabilities | 1,929,348 | ||
Net Assets | 12,829,628 | ||
At February 29, 2020, net assets consisted of: | |||
Paid-in Capital | 12,494,207 | ||
Total Distributable Earnings (Loss) | 335,421 | ||
Net Assets | 12,829,628 | ||
ETF Shares—Net Assets | |||
Applicable to 217,188,289 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,703,557 | ||
Net Asset Value Per Share—ETF Shares | $53.89 | ||
Admiral Shares—Net Assets | |||
Applicable to 45,156,123 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 971,777 | ||
Net Asset Value Per Share—Admiral Shares | $21.52 | ||
Institutional Shares—Net Assets | |||
Applicable to 5,290,888 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 154,294 | ||
Net Asset Value Per Share—Institutional Shares | $29.16 |
See accompanying Notes, which are an integral part of the Financial Statements.
102
Mortgage-Backed Securities Index Fund
Statement of Operations
Six Months Ended | ||||
February 29, 2020 | ||||
($000 | ) | |||
Investment Income | ||||
Income | ||||
Interest1 | 153,248 | |||
Total Income | 153,248 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 199 | |||
Management and Administrative—ETF Shares | 1,812 | |||
Management and Administrative—Admiral Shares | 250 | |||
Management and Administrative—Institutional Shares | 28 | |||
Marketing and Distribution—ETF Shares | 365 | |||
Marketing and Distribution—Admiral Shares | 34 | |||
Marketing and Distribution—Institutional Shares | 3 | |||
Custodian Fees | 52 | |||
Shareholders’ Reports—ETF Shares | 320 | |||
Shareholders’ Reports—Admiral Shares | 10 | |||
Shareholders’ Reports—Institutional Shares | — | |||
Trustees’ Fees and Expenses | 3 | |||
Total Expenses | 3,076 | |||
Net Investment Income | 150,172 | |||
Realized Net Gain (Loss) on Investment Securities Sold1 | 6,717 | |||
Change in Unrealized Appreciation (Depreciation) | ||||
Investment Securities1 | 142,528 | |||
Futures Contracts | (190 | ) | ||
Change in Unrealized Appreciation (Depreciation) | 142,338 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 299,227 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $10,081,000, ($4,000), and $222,000, respectively. Purchases and sales are for temporary cash investment purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
103
Mortgage-Backed Securities Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |||||||
February 29, | August 31, | |||||||
2020 | 2019 | |||||||
($000 | ) | ($000 | ) | |||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 150,172 | 275,650 | ||||||
Realized Net Gain (Loss) | 6,717 | 4,371 | ||||||
Change in Unrealized Appreciation (Depreciation) | 142,338 | 341,466 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 299,227 | 621,487 | ||||||
Distributions1 | ||||||||
ETF Shares | (136,774 | ) | (243,723 | ) | ||||
Admiral Shares | (10,972 | ) | (23,071 | ) | ||||
Institutional Shares | (1,655 | ) | (2,741 | ) | ||||
Total Distributions | (149,401 | ) | (269,535 | ) | ||||
Capital Share Transactions | ||||||||
ETF Shares | 1,251,294 | 2,803,060 | ||||||
Admiral Shares | 118,950 | 87,297 | ||||||
Institutional Shares | 33,736 | 45,330 | ||||||
Net Increase (Decrease) from Capital Share Transactions | 1,403,980 | 2,935,687 | ||||||
Total Increase (Decrease) | 1,553,806 | 3,287,639 | ||||||
Net Assets | ||||||||
Beginning of Period | 11,275,822 | 7,988,183 | ||||||
End of Period | 12,829,628 | 11,275,822 |
1 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
104
Mortgage-Backed Securities Index Fund
Financial Highlights
ETF Shares
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Net Asset Value, Beginning of Period | $53.26 | $51.38 | $53.00 | $53.79 | $53.05 | $52.65 | ||||||||||||
Investment Operations | ||||||||||||||||||
Net Investment Income | .667 | 1 | 1.564 | 1 | 1.325 | 1 | 1.059 | 1 | .967 | .748 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | .634 | 1.859 | (1.683 | ) | (.682 | ) | .968 | .554 | ||||||||||
Total from Investment Operations | 1.301 | 3.423 | (.358 | ) | .377 | 1.935 | 1.302 | |||||||||||
Distributions | ||||||||||||||||||
Dividends from Net Investment Income | (.671 | ) | (1.543 | ) | (1.262 | ) | (1.004 | ) | (.955 | ) | (.741 | ) | ||||||
Distributions from Realized Capital Gains | — | — | — | (.163 | ) | (.240 | ) | (.161 | ) | |||||||||
Total Distributions | (.671 | ) | (1.543 | ) | (1.262 | ) | (1.167 | ) | (1.195 | ) | (.902 | ) | ||||||
Net Asset Value, End of Period | $53.89 | $53.26 | $51.38 | $53.00 | $53.79 | $53.05 | ||||||||||||
Total Return | 2.46% | 6.80% | -0.67% | 0.74% | 3.70% | 2.49% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (Millions) | $11,704 | $10,316 | $7,193 | $4,252 | $2,837 | $1,451 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.07% | 0.07% | 0.07% | 0.10% | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.52% | 3.01% | 2.56% | 2.00% | 1.85% | 1.43% | ||||||||||||
Portfolio Turnover Rate2 | 102% | 190% | 279% | 339% | 380% | 713% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Includes 10%, 34%, 78%, 133%, 175%, and 331% attributable to mortgage-dollar-roll activity. |
See accompanying Notes, which are an integral part of the Financial Statements.
105
Mortgage-Backed Securities Index Fund
Financial Highlights
Admiral Shares
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Net Asset Value, Beginning of Period | $21.26 | $20.51 | $21.17 | $21.49 | $21.20 | $21.05 | ||||||||||||
Investment Operations | ||||||||||||||||||
Net Investment Income | .265 | 1 | .622 | 1 | .528 | 1 | .413 | 1 | .388 | .298 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | .253 | .742 | (.674 | ) | (.258 | ) | .387 | .214 | ||||||||||
Total from Investment Operations | .518 | 1.364 | (.146 | ) | .155 | .775 | .512 | |||||||||||
Distributions | ||||||||||||||||||
Dividends from Net Investment Income | (.258 | ) | (.614 | ) | (.514 | ) | (.410 | ) | (.389 | ) | (.297 | ) | ||||||
Distributions from Realized Capital Gains | — | — | — | (.065 | ) | (.096 | ) | (.065 | ) | |||||||||
Total Distributions | (.258 | ) | (.614 | ) | (.514 | ) | (.475 | ) | (.485 | ) | (.362 | ) | ||||||
Net Asset Value, End of Period | $21.52 | $21.26 | $20.51 | $21.17 | $21.49 | $21.20 | ||||||||||||
Total Return2 | 2.46% | 6.77% | -0.68% | 0.76% | 3.70% | 2.44% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (Millions) | $972 | $841 | $725 | $527 | $554 | $424 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.10% | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.50% | 2.99% | 2.56% | 2.00% | 1.85% | 1.43% | ||||||||||||
Portfolio Turnover Rate3 | 102% | 190% | 279% | 339% | 380% | 713% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes 10%, 34%, 78%, 133%, 175%, and 331% attributable to mortgage-dollar-roll activity. |
See accompanying Notes, which are an integral part of the Financial Statements.
106
Mortgage-Backed Securities Index Fund
Financial Highlights
Institutional Shares
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
For a Share Outstanding | February 29, | Year Ended August 31, | ||||||||||||||||
Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Net Asset Value, Beginning of Period | $28.81 | $27.79 | $28.69 | $29.12 | $28.73 | $28.52 | ||||||||||||
Investment Operations | ||||||||||||||||||
Net Investment Income | .361 | 1 | .846 | 1 | .721 | 1 | .571 | 1 | .532 | .412 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | .342 | 1.011 | (.920 | ) | (.353 | ) | .522 | .295 | ||||||||||
Total from Investment Operations | .703 | 1.857 | (.199 | ) | .218 | 1.054 | .707 | |||||||||||
Distributions | ||||||||||||||||||
Dividends from Net Investment Income | (.353 | ) | (.837 | ) | (.701 | ) | (.560 | ) | (.534 | ) | (.410 | ) | ||||||
Distributions from Realized Capital Gains | — | — | — | (.088 | ) | (.130 | ) | (.087 | ) | |||||||||
Total Distributions | (.353 | ) | (.837 | ) | (.701 | ) | (.648 | ) | (.664 | ) | (.497 | ) | ||||||
Net Asset Value, End of Period | $29.16 | $28.81 | $27.79 | $28.69 | $29.12 | $28.73 | ||||||||||||
Total Return | 2.46% | 6.80% | -0.68% | 0.79% | 3.72% | 2.49% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (Millions) | $154 | $119 | $70 | $52 | $47 | $44 | ||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.07% | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.52% | 3.01% | 2.58% | 2.02% | 1.87% | 1.46% | ||||||||||||
Portfolio Turnover Rate2 | 102% | 190% | 279% | 339% | 380% | 713% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 | Calculated based on average shares outstanding. |
2 | Includes 10%, 34%, 78%, 133%, 175%, and 331% attributable to mortgage-dollar-roll activity. |
See accompanying Notes, which are an integral part of the Financial Statements.
107
Mortgage-Backed Securities Index Fund
Notes to Financial Statements
Vanguard Mortgage-Backed Securities Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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 board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended February 29, 2020, the fund’s average investments in long and short futures contracts represented 0% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-
108
Mortgage-Backed Securities Index Fund
backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them 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. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions 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.
At February 29, 2020, counterparties had deposited in segregated accounts securities with a value of $409,000 and cash of $2,540,000 in connection with TBA transactions.
4. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund has also entered into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund’s portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.
5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2016–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
7. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual
109
Mortgage-Backed Securities Index Fund
borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
8. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 29, 2020, the fund had contributed to Vanguard capital in the amount of $554,000, representing less than 0.01% of the fund’s net assets and 0.22% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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Mortgage-Backed Securities Index Fund
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.
The following table summarizes the market value of the fund’s investments and derivatives as of February 29, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | |||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
U.S. Government and Agency Obligations | — | 12,806,174 | — | 12,806,174 | ||||||||||||
Temporary Cash Investments | 1,264,804 | — | — | 1,264,804 | ||||||||||||
Total | 1,264,804 | 12,806,174 | — | 14,070,978 | ||||||||||||
Derivative Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts1 | 214 | — | — | 214 |
1 Represents variation margin on the last day of the reporting period.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000 | ) | |||
Tax Cost | 13,753,406 | |||
Gross Unrealized Appreciation | 328,073 | |||
Gross Unrealized Depreciation | (10,691 | ) | ||
Net Unrealized Appreciation (Depreciation) | 317,382 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $11,768,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
111
Mortgage-Backed Securities Index Fund
E. During the six months ended February 29, 2020, the fund purchased $13,647,146,000 of investment securities and sold $12,229,396,000 of investment securities, other than temporary cash investments. Purchases and sales include $34,914,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F. Capital share transactions for each class of shares were: |
Six Months Ended | Year Ended | |||||||||||||||
February 29, 2020 | August 31, 2019 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||||||
ETF Shares | ||||||||||||||||
Issued | 1,719,170 | 32,253 | 3,225,170 | 61,834 | ||||||||||||
Issued in Lieu of Cash Distributions | — | — | — | — | ||||||||||||
Redeemed | (467,876 | ) | (8,750 | ) | (422,110 | ) | (8,150 | ) | ||||||||
Net Increase (Decrease)—ETF Shares | 1,251,294 | 23,503 | 2,803,060 | 53,684 | ||||||||||||
Admiral Shares | ||||||||||||||||
Issued | 213,712 | 10,028 | 295,379 | 14,288 | ||||||||||||
Issued in Lieu of Cash Distributions | 6,695 | 314 | 13,356 | 644 | ||||||||||||
Redeemed | (101,457 | ) | (4,761 | ) | (221,438 | ) | (10,709 | ) | ||||||||
Net Increase (Decrease)—Admiral Shares | 118,950 | 5,581 | 87,297 | 4,223 | ||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 37,971 | 1,317 | 53,939 | 1,914 | ||||||||||||
Issued in Lieu of Cash Distributions | 1,162 | 40 | 2,185 | 78 | ||||||||||||
Redeemed | (5,397 | ) | (187 | ) | (10,794 | ) | (384 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | 33,736 | 1,170 | 45,330 | 1,608 |
At February 29, 2020, one shareholder was the record or beneficial owner of 29% of the fund’s net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund’s expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
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Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2020 The Vanguard Group, Inc. | |
All rights reserved. | |
U.S. Patent Nos. 6,879,964; 7,337,138; | |
7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636. | |
Vanguard Marketing Corporation, Distributor. | |
Q16422 042020 |
Semiannual Report | February 29, 2020 |
Vanguard Total Corporate Bond ETF |
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A typical fund’s expenses are expressed as a percentage of its average net assets. The Total Corporate Bond ETF has no direct expenses, but bears its proportionate share of the costs for the underlying funds in which it invests. These indirect expenses make up the acquired fund fees and expenses, also expressed as a percentage of average net assets.
The following examples are intended to help you understand the ongoing cost (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The costs were calculated using the acquired fund fees and expenses for the Total Corporate Bond ETF.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1
Six Months Ended February 29, 2020
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Total Corporate Bond ETF | 8/31/2019 | 2/29/2020 | Period |
Based on Actual Fund Return | $1,000.00 | $1,041.14 | $0.25 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.61 | 0.25 |
The calculations are based on acquired fund fees and expenses charged by the underlying mutual funds in which the Total Corporate Bond ETF invests. The Total Corporate Bond ETF’s annualized expense figure for the period is 0.05%. The dollar amounts shown as “Expenses Paid” are equal to the annualized average weighted expense ratio for the underlying funds multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).
2
Total Corporate Bond ETF
Underlying Vanguard Funds
As of February 29, 2020
Vanguard Long-Term Corporate Bond ETF | 36.2% |
Vanguard Short-Term Corporate Bond ETF | 34.1 |
Vanguard Intermediate-Term Corporate Bond ETF | 29.7 |
The table reflects the fund’s investments, except for short-term investments and derivatives.
3
Total Corporate Bond ETF
Financial Statements (unaudited)
Schedule of Investments
As of February 29, 2020
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.
Market | ||
Value* | ||
Shares | ($000) | |
Investment Companies (100.0%) | ||
U.S. Bond Funds (100.0%) | ||
Vanguard Long-Term Corporate Bond ETF | 1,380,820 | 146,850 |
Vanguard Short-Term Corporate Bond ETF | 1,689,274 | 138,706 |
Vanguard Intermediate-Term Corporate Bond ETF | 1,282,257 | 120,738 |
Total Investment Companies (Cost $386,397) | 406,294 | |
Temporary Cash Investment (0.0%) | ||
Money Market Fund (0.0%) | ||
1 Vanguard Market Liquidity Fund, 1.706% (Cost $48) | 482 | 48 |
Total Investments (100.0%) (Cost $386,445) | 406,342 | |
Other Assets and Liabilities—Net (0.0%) | (29) | |
Net Assets (100%) | 406,313 |
Cost rounded to $000.
* See Note A in Notes to Financial Statements.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
4
Total Corporate Bond ETF
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $386,445) | 406,342 |
Receivables for Investment Securities Sold | 2,973 |
Total Assets | 409,315 |
Liabilities | |
Payables for Investment Securities Purchased | 3,002 |
Total Liabilities | 3,002 |
Net Assets | 406,313 |
At February 29, 2020, net assets consisted of: | |
Paid-in Capital | 386,490 |
Total Distributable Earnings (Loss) | 19,823 |
Net Assets | 406,313 |
Net Assets | |
Applicable to 4,450,000 outstanding $.001 par value shares of beneficial | |
interest (unlimited authorization) | 406,313 |
Net Asset Value Per Share | $91.31 |
See accompanying Notes, which are an integral part of the Financial Statements.
5
Total Corporate Bond ETF
Statement of Operations
Six Months Ended | |
February 29, 2020 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 4,569 |
Net Investment Income—Note B | 4,569 |
Realized Net Gain (Loss) on Affiliated Funds Sold | (22) |
Change in Unrealized Appreciation (Depreciation) from Affiliated Funds | 10,274 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,821 |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Total Corporate Bond ETF
Statement of Changes in Net Assets
Six Months Ended | Year Ended | ||
February 29, | August 31, | ||
2020 | 2019 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 4,569 | 3,876 | |
Realized Net Gain (Loss) | (22) | 3,437 | |
Change in Unrealized Appreciation (Depreciation) | 10,274 | 11,001 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,821 | 18,314 | |
Distributions1 | (4,624) | (3,825) | |
Capital Share Transactions | |||
Issued | 193,217 | 182,867 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | — | (49,530) | |
Net Increase (Decrease) from Capital Share Transactions | 193,217 | 133,337 | |
Total Increase (Decrease) | 203,414 | 147,826 | |
Net Assets | |||
Beginning of Period | 202,899 | 55,073 | |
End of Period | 406,313 | 202,899 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
7
Total Corporate Bond ETF
Financial Highlights
Six Months | Year | Nov. 7, | |
Ended | Ended | 20171 to | |
Feb. 29, | Aug. 31, | Aug. 31, | |
For a Share Outstanding Throughout Each Period | 2020 | 2019 | 2018 |
Net Asset Value, Beginning of Period | $89.19 | $81.59 | $85.00 |
Investment Operations | |||
Net Investment Income2 | 1.396 | 2.825 | 2.081 |
Capital Gain Distributions Received | — | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 2.220 | 7.717 | (3.445) |
Total from Investment Operations | 3.616 | 10.542 | (1.364) |
Distributions | |||
Dividends from Net Investment Income | (1.496) | (2.942) | (2.046) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (1.496) | (2.942) | (2.046) |
Net Asset Value, End of Period | $91.31 | $89.19 | $81.59 |
Total Return | 4.11% | 13.29% | -1.60% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $406 | $203 | $55 |
Ratio of Total Expenses to Average Net Assets | — | — | —* |
Acquired Fund Fees and Expenses | 0.05% | 0.05% | 0.07%* |
Ratio of Net Investment Income to Average Net Assets | 3.15% | 3.38% | 3.10%* |
Portfolio Turnover Rate3 | 6% | 12% | 4% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized.
* Annualized.
1 | Inception. | |
2 | Calculated based on average shares outstanding. | |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, included ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
8
Total Corporate Bond ETF
Notes to Financial Statements
Vanguard Total Corporate Bond ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund seeks to match the performance of its target index by investing in select bond index ETFs. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker. Financial statements and other information about each underlying fund are available on vanguard.com.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Underlying ETFs are valued at the latest quoted sales prices or official closing prices taken from their primary market or, if not traded on the valuation date, at the mean of the latest quoted bid and asked prices. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (August 31, 2018–2019), and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (see Note B). Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
9
Total Corporate Bond ETF
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the period ended February 29, 2020, were borne by the underlying Vanguard funds in which the fund invests. The fund’s trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.
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 February 29, 2020, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount | |
($000) | |
Tax Cost | 386,445 |
Gross Unrealized Appreciation | 19,897 |
Gross Unrealized Depreciation | — |
Net Unrealized Appreciation (Depreciation) | 19,897 |
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2019, the fund had available capital losses totaling $64,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2020; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
10
Total Corporate Bond ETF
E. Capital shares issued and redeemed were:
Six Months Ended | Year Ended | ||
February 29, 2020 | August 31, 2019 | ||
Shares | Shares | ||
(000) | (000) | ||
Issued | 2,175 | 2,175 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | — | (575) | |
Net Increase (Decrease) in Shares Outstanding | 2,175 | 1,600 |
F. Transactions during the period in affiliated underlying Vanguard funds were as follows:
Current Period Transactions | ||||||||
Aug. 31, | Proceeds | Realized | Feb. 29, | |||||
2019 | from | Net | Change in | Capital Gain | 2020 | |||
Market | Purchases | Securities | Gain | Unrealized | Distributions | Market | ||
Value | at Cost1 | Sold | (Loss) | App. (Dep.) | Income | Received | Value | |
($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
Vanguard | ||||||||
Intermediate-Term | ||||||||
Corporate Bond ETF | 59,530 | 60,248 | 2,096 | (5) | 3,061 | 1,327 | — | 120,738 |
Vanguard Long-Term | ||||||||
Corporate Bond ETF | 71,293 | 78,253 | 8,391 | (12) | 5,707 | 1,864 | — | 146,850 |
Vanguard Market | ||||||||
Liquidity Fund | 27 | NA2 | NA2 | — | — | — | — | 48 |
Vanguard Short-Term | ||||||||
Corporate Bond ETF | 72,064 | 73,959 | 8,818 | (5) | 1,506 | 1,378 | — | 138,706 |
Total | 202,914 | 212,460 | 19,305 | (22) | 10,274 | 4,569 | — | 406,342 |
1 | Includes $193,192,000 of portfolio securities received as a result of in-kind purchases of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
11
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Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | |
Direct Investor Account Services > 800-662-2739 | |
Institutional Investor Services > 800-523-1036 | |
Text Telephone for People | |
Who Are Deaf or Hard of Hearing > 800-749-7273 | |
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus. | |
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov. | |
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov. | |
© 2020 The Vanguard Group, Inc. All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q9852 042020 |
Semiannual Report | February 29, 2020 |
Vanguard Total World Bond ETF |
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A typical fund’s expenses are expressed as a percentage of its average net assets. The Total World Bond ETF has no direct expenses, but bears its proportionate share of the costs for the underlying funds in which it invests. These indirect expenses make up the acquired fund fees and expenses, also expressed as a percentage of average net assets.
The following examples are intended to help you understand the ongoing cost (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The costs were calculated using expense ratio and the acquired fund fees and expenses for Total World Bond ETF.
The accompanying table illustrates your fund’s costs in two ways:
● Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
● Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1
Six Months Ended February 29, 2020
Beginning | Ending | Expenses | ||||||||||
Account Value | Account Value | Paid During | ||||||||||
Total World Bond ETF | 8/31/2019 | 2/29/2020 | Period | |||||||||
Based on Actual Fund Return | $ | 1,000.00 | $ | 1,020.33 | $ | 0.30 | ||||||
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.56 | 0.30 |
The calculations are based on acquired fund fees and expenses charged by the underlying mutual funds in which the Total World Bond ETF invests. The Total World Bond ETF’s annualized expense figure for the period is 0.06%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized average weighted expense ratio for the underlying funds multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).
2
Total World Bond ETF
Underlying Vanguard Funds
As of February 29, 2020
Vanguard Total International Bond ETF | 50.5 | % | ||
Vanguard Total Bond Market ETF | 49.5 | |||
The table reflects the fund’s investments, except for short-term investments and derivatives. |
3
Total World Bond ETF
Financial Statements (unaudited)
Schedule of Investments
As of February 29, 2020
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.
Market | ||||||||
Value• | ||||||||
Shares | ($000) | |||||||
Investment Companies (100.0%) | ||||||||
U.S. Bond Fund (49.5%) | ||||||||
Vanguard Total Bond Market ETF | 1,845,731 | 160,136 | ||||||
International Bond Fund (50.5%) | ||||||||
Vanguard Total International Bond ETF | 2,820,278 | 163,548 | ||||||
Total Investment Companies (Cost $311,332) | 323,684 | |||||||
Temporary Cash Investment (0.0%) | ||||||||
Money Market Fund (0.0%) | ||||||||
1 Vanguard Market Liquidity Fund, 1.706% (Cost $25) | 253 | 25 | ||||||
Total Investments (100.0%) (Cost $311,357) | 323,709 | |||||||
Other Assets and Liabilities—Net (0.0%) | (10 | ) | ||||||
Net Assets (100%) | 323,699 |
Cost rounded to $000.
• | See Note A in Notes to Financial Statements. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
See accompanying Notes, which are an integral part of the Financial Statements.
4
Total World Bond ETF
Statement of Assets and Liabilities
As of February 29, 2020
($000s, except shares and per-share amounts) | Amount | |||
Assets | ||||
Investments in Securities, at Value—Affiliated Funds (Cost $311,357) | 323,709 | |||
Receivables for Investment Securities Sold | 492 | |||
Total Assets | 324,201 | |||
Liabilities | ||||
Due to Custodian | 1 | |||
Payables for Investment Securities Purchased | 501 | |||
Total Liabilities | 502 | |||
Net Assets | 323,699 | |||
At February 29, 2020, net assets consisted of: | ||||
Paid-in Capital | 311,367 | |||
Total Distributable Earnings (Loss) | 12,332 | |||
Net Assets | 323,699 | |||
Net Assets | ||||
Applicable to 4,000,000 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 323,699 | |||
Net Asset Value Per Share | $80.92 |
See accompanying Notes, which are an integral part of the Financial Statements.
5
Total World Bond ETF
Statement of Operations
Six Months Ended | ||||
February 29, 2020 | ||||
($000) | ||||
Investment Income | ||||
Income | ||||
Income Distributions Received from Affiliated Funds | 4,973 | |||
Net Investment Income—Note B | 4,973 | |||
Realized Net Gain (Loss) on Affiliated Funds Sold | (20 | ) | ||
Change in Unrealized Appreciation (Depreciation) from Affiliated Funds | 2,224 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,177 |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Total World Bond ETF
Statement of Changes in Net Assets
September 4, | ||||||||
Six Months Ended | 20181 to | |||||||
February 29, | August 31, | |||||||
2020 | 2019 | |||||||
($000) | ($000) | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 4,973 | 2,431 | ||||||
Realized Net Gain (Loss) | (20 | ) | 95 | |||||
Change in Unrealized Appreciation (Depreciation) | 2,224 | 10,128 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,177 | 12,654 | ||||||
Distributions2 | (4,999 | ) | (2,405 | ) | ||||
Capital Share Transactions | ||||||||
Issued | 161,605 | 151,614 | ||||||
Issued in Lieu of Cash Distributions | — | — | ||||||
Redeemed | — | (1,947 | ) | |||||
Net Increase (Decrease) from Capital Share Transactions | 161,605 | 149,667 | ||||||
Total Increase (Decrease) | 163,783 | 159,916 | ||||||
Net Assets | ||||||||
Beginning of Period | 159,916 | — | ||||||
End of Period | 323,699 | 159,916 |
1 | Inception. |
2 | Certain prior period numbers have been reclassified to conform with current period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
7
Total World Bond ETF
Financial Highlights
Six Months | Sept. 4, | |||||||
Ended | 20181 to | |||||||
Feb. 29, | Aug. 31, | |||||||
For a Share Outstanding Throughout Each Period | 2020 | 2019 | ||||||
Net Asset Value, Beginning of Period | $80.97 | $75.00 | ||||||
Investment Operations | ||||||||
Net Investment Income2 | 1.708 | 2.004 | ||||||
Capital Gain Distributions Received2 | — | — | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | (.109 | ) | 6.071 | |||||
Total from Investment Operations | 1.599 | 8.075 | ||||||
Distributions | ||||||||
Dividends from Net Investment Income | (1.649 | ) | (2.105 | ) | ||||
Distributions from Realized Capital Gains | — | — | ||||||
Total Distributions | (1.649 | ) | (2.105 | ) | ||||
Net Asset Value, End of Period | $80.92 | $80.97 | ||||||
Total Return | 2.03% | 11.00% | ||||||
Ratios/Supplemental Data | ||||||||
Net Assets, End of Period (Millions) | $324 | $160 | ||||||
Ratio of Total Expenses to Average Net Assets | — | —3 | ||||||
Acquired Fund Fees and Expenses | 0.06% | 0.06%3 | ||||||
Ratio of Net Investment Income to Average Net Assets | 4.31% | 2.62%3 | ||||||
Portfolio Turnover Rate4 | 4% | 8% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized.
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Annualized. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
8
Total World Bond ETF
Notes to Financial Statements
Vanguard Total World Bond ETF is registered under the Investment Company Act of 1940 as an open-end investment company. The fund seeks to match the performance of its target index by investing in select Vanguard bond index ETFs. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker. Financial statements and other information about each underlying fund are available on vanguard.com.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Underlying ETFs are valued at the latest quoted sales prices or official closing prices taken from their primary market or, if not traded on the valuation date, at the mean of the latest quoted bid and asked prices. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for its open federal income tax year ended August 31, 2019, and for the period ended February 29, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (see Note B). Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 29, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.
9
Total World Bond ETF
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the period ended February 29, 2020, were borne by the underlying Vanguard funds in which the fund invests. The fund’s trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.
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 February 29, 2020, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
D. As of February 29, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000 | ) | |||
Tax Cost | 311,357 | |||
Gross Unrealized Appreciation | 12,590 | |||
Gross Unrealized Depreciation | (238 | ) | ||
Net Unrealized Appreciation (Depreciation) | 12,352 |
10
Total World Bond ETF
E. Capital shares issued and redeemed were:
Six Months Ended | September 4, 20181 to | |||||||
February 29, 2020 | August 31, 2019 | |||||||
Shares | Shares | |||||||
(000 | ) | (000 | ) | |||||
Issued | 2,025 | 2,000 | ||||||
Issued in Lieu of Cash Distributions | — | — | ||||||
Redeemed | — | (25 | ) | |||||
Net Increase (Decrease) in Shares Outstanding | 2,025 | 1,975 |
1 Inception. |
F. Transactions during the period in affiliated underlying Vanguard funds were as follows:
Current Period Transactions | ||||||||||||||||||||||||||||||||
Aug. 31, | Proceeds | Realized | Feb. 29, | |||||||||||||||||||||||||||||
2019 | from | Net | Change in | Capital Gain | 2020 | |||||||||||||||||||||||||||
Market | Purchases | Securities | Gain | Unrealized | Distributions | Market | ||||||||||||||||||||||||||
Value | at Cost1 | Sold | (Loss) | App. (Dep.) | Income | Received | Value | |||||||||||||||||||||||||
($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |||||||||||||||||||||||||
Vanguard Market | ||||||||||||||||||||||||||||||||
Liquidity Fund | 13 | NA2 | NA2 | — | — | — | — | 25 | ||||||||||||||||||||||||
Vanguard Total | ||||||||||||||||||||||||||||||||
Bond Market ETF | 77,146 | 84,184 | 4,854 | (11 | ) | 3,671 | 1,404 | — | 160,136 | |||||||||||||||||||||||
Vanguard Total | ||||||||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||
Bond ETF | 82,757 | 87,450 | 5,203 | (9 | ) | (1,447 | ) | 3,569 | — | 163,548 | ||||||||||||||||||||||
Total | 159,916 | 171,634 | 10,057 | (20 | ) | 2,224 | 4,973 | — | 323,709 |
1 | Includes $161,579,000 of portfolio securities received as a result of in-kind purchases of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
G. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. Management is continuing to monitor this development and evaluate its impact on the fund.
Management has determined that no other events or transactions occurred subsequent to February 29, 2020, that would require recognition or disclosure in these financial statements.
11
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Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749 -7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2020 The Vanguard Group, Inc. | ||
All rights reserved. | ||
Vanguard Marketing Corporation, Distributor. | ||
Q30612 042020 |
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Common Stocks (99.5%) | ||||
Consumer Discretionary (14.6%) | ||||
* | Amazon.com Inc. | 54,177 | 102,056 | |
Home Depot Inc. | 144,367 | 31,449 | ||
Walt Disney Co. | 228,476 | 26,880 | ||
Comcast Corp. | 590,673 | 23,881 | ||
* | Netflix Inc. | 55,252 | 20,390 | |
Walmart Inc. | 184,194 | 19,834 | ||
McDonald's Corp. | 98,635 | 19,152 | ||
Costco Wholesale Corp. | 57,557 | 16,182 | ||
NIKE Inc. | 161,799 | 14,462 | ||
* | Tesla Inc. | 18,929 | 12,644 | |
Starbucks Corp. | 154,929 | 12,151 | ||
Lowe's Cos. Inc. | 101,409 | 10,807 | ||
* | Charter Communications Inc. | 20,048 | 9,887 | |
TJX Cos. Inc. | 159,748 | 9,553 | ||
* | Booking Holdings Inc. | 5,490 | 9,309 | |
Target Corp. | 65,113 | 6,707 | ||
Estee Lauder Cos. Inc. Class A | 28,448 | 5,223 | ||
Dollar General Corp. | 33,900 | 5,095 | ||
Ross Stores Inc. | 46,250 | 5,031 | ||
General Motors Co. | 161,928 | 4,939 | ||
Marriott International Inc. | 35,814 | 4,441 | ||
* | Uber Technologies Inc. | 123,750 | 4,191 | |
* | O'Reilly Automotive Inc. | 9,734 | 3,589 | |
Ford Motor Co. | 510,383 | 3,552 | ||
Hilton Worldwide Holdings Inc. | 36,342 | 3,532 | ||
Yum! Brands Inc. | 39,518 | 3,527 | ||
eBay Inc. | 100,756 | 3,490 | ||
* | Lululemon Athletica Inc. | 15,384 | 3,345 | |
* | AutoZone Inc. | 3,097 | 3,198 | |
VF Corp. | 40,106 | 2,888 | ||
Aptiv plc | 33,638 | 2,627 | ||
Las Vegas Sands Corp. | 44,428 | 2,591 | ||
* | Chipotle Mexican Grill Inc. | 3,338 | 2,582 | |
* | Dollar Tree Inc. | 30,808 | 2,558 | |
DR Horton Inc. | 43,774 | 2,332 | ||
Best Buy Co. Inc. | 29,832 | 2,257 | ||
Lennar Corp. Class A | 35,256 | 2,127 | ||
Tiffany & Co. | 15,859 | 2,119 | ||
* | Spotify Technology SA | 15,284 | 2,096 | |
Yum China Holdings Inc. | 47,242 | 2,069 | ||
Omnicom Group Inc. | 28,167 | 1,951 | ||
* | Ulta Beauty Inc. | 7,364 | 1,893 | |
* | CarMax Inc. | 21,316 | 1,861 | |
Domino's Pizza Inc. | 5,422 | 1,841 | ||
* | Burlington Stores Inc. | 8,503 | 1,839 | |
Royal Caribbean Cruises Ltd. | 22,368 | 1,799 | ||
Expedia Group Inc. | 18,085 | 1,784 | ||
Carnival Corp. | 52,227 | 1,748 | ||
ViacomCBS Inc. Class B | 70,379 | 1,732 | ||
Garmin Ltd. | 18,925 | 1,673 | ||
* | Liberty Broadband Corp. Class C | 12,834 | 1,616 | |
* | NVR Inc. | 440 | 1,614 | |
Genuine Parts Co. | 18,390 | 1,604 | ||
MGM Resorts International | 64,960 | 1,595 | ||
Darden Restaurants Inc. | 16,198 | 1,579 | ||
* | Trade Desk Inc. | 5,133 | 1,474 | |
Fox Corp. Class A | 47,617 | 1,464 | ||
Tractor Supply Co. | 15,607 | 1,381 | ||
Wynn Resorts Ltd. | 12,752 | 1,377 | ||
PulteGroup Inc. | 33,299 | 1,339 | ||
* | Roku Inc. | 11,246 | 1,278 |
1
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Hasbro Inc. | 16,384 | 1,266 | ||
* | Bright Horizons Family Solutions Inc. | 7,603 | 1,195 | |
* | LKQ Corp. | 39,509 | 1,169 | |
Sirius XM Holdings Inc. | 179,663 | 1,139 | ||
Advance Auto Parts Inc. | 8,525 | 1,134 | ||
Fortune Brands Home & Security Inc. | 18,291 | 1,129 | ||
Vail Resorts Inc. | 5,278 | 1,122 | ||
* | DISH Network Corp. | 33,408 | 1,120 | |
Aramark | 31,795 | 1,105 | ||
Service Corp. International | 23,087 | 1,103 | ||
Interpublic Group of Cos. Inc. | 51,032 | 1,090 | ||
Pool Corp. | 5,035 | 1,062 | ||
* | Live Nation Entertainment Inc. | 16,887 | 1,026 | |
Whirlpool Corp. | 8,004 | 1,023 | ||
* | Norwegian Cruise Line Holdings Ltd. | 27,347 | 1,019 | |
* | Altice USA Inc. | 39,114 | 1,011 | |
* | Liberty Media Corp-Liberty Formula One Class C | 25,528 | 997 | |
* | Caesars Entertainment Corp. | 74,332 | 945 | |
* | Lyft Inc. Class A | 24,547 | 936 | |
* | Mohawk Industries Inc. | 7,595 | 920 | |
Cable One Inc. | 580 | 912 | ||
* | Liberty Media Corp-Liberty SiriusXM Class C | 20,394 | 910 | |
* | WABCO Holdings Inc. | 6,706 | 906 | |
* | Discovery Communications Inc. | 34,927 | 877 | |
Gentex Corp. | 32,767 | 875 | ||
Lear Corp. | 7,811 | 869 | ||
* | Etsy Inc. | 14,969 | 865 | |
Tapestry Inc. | 36,625 | 859 | ||
BorgWarner Inc. | 27,037 | 854 | ||
Nielsen Holdings plc | 45,824 | 834 | ||
Kohl's Corp. | 20,973 | 821 | ||
New York Times Co. | 21,884 | 820 | ||
* | Discovery Inc. | 30,319 | 779 | |
Newell Brands Inc. | 50,416 | 778 | ||
* | IAA Inc. | 17,279 | 738 | |
* | Planet Fitness Inc. | 10,900 | 736 | |
PVH Corp. | 9,711 | 720 | ||
Dunkin' Brands Group Inc. | 10,584 | 704 | ||
* | Five Below Inc. | 7,219 | 700 | |
Rollins Inc. | 18,010 | 674 | ||
Leggett & Platt Inc. | 16,737 | 664 | ||
Ralph Lauren Corp. | 6,243 | 659 | ||
Nexstar Media Group Inc. | 5,697 | 655 | ||
* | Madison Square Garden Co. | 2,426 | 650 | |
L Brands Inc. | 29,672 | 643 | ||
Polaris Inc. | 7,735 | 638 | ||
Toll Brothers Inc. | 17,091 | 633 | ||
Williams-Sonoma Inc. | 10,141 | 633 | ||
Harley-Davidson Inc. | 20,406 | 622 | ||
Wyndham Hotels & Resorts Inc. | 12,201 | 622 | ||
News Corp. Class A | 51,480 | 622 | ||
* | ServiceMaster Global Holdings Inc. | 17,363 | 621 | |
Hanesbrands Inc. | 46,713 | 618 | ||
Fox Corp. Class B | 19,425 | 591 | ||
* | Skechers U.S.A. Inc. | 17,617 | 583 | |
H&R Block Inc. | 26,990 | 558 | ||
Brunswick Corp. | 10,449 | 556 | ||
Macy's Inc. | 39,714 | 525 | ||
Thor Industries Inc. | 6,951 | 524 | ||
Carter's Inc. | 5,730 | 524 | ||
* | Liberty Broadband Corp. Class A | 4,187 | 518 | |
^,* | Mattel Inc. | 43,922 | 518 | |
Foot Locker Inc. | 14,216 | 515 | ||
* | Wayfair Inc. | 8,115 | 513 |
2
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Grand Canyon Education Inc. | 6,163 | 497 | |
* | Liberty Media Corp-Liberty SiriusXM Class A | 10,891 | 486 | |
* | Capri Holdings Ltd. | 18,618 | 481 | |
Nordstrom Inc. | 13,760 | 477 | ||
* | Carvana Co. | 5,712 | 474 | |
* | frontdoor Inc. | 10,899 | 462 | |
Wyndham Destinations Inc. | 11,372 | 454 | ||
Wendy's Co. | 23,750 | 448 | ||
* | Floor & Decor Holdings Inc. Class A | 8,723 | 445 | |
* | Tempur Sealy International Inc. | 5,855 | 438 | |
Gap Inc. | 28,290 | 405 | ||
Choice Hotels International Inc. | 4,424 | 404 | ||
Amerco | 1,208 | 390 | ||
Hyatt Hotels Corp. | 4,676 | 358 | ||
Cinemark Holdings Inc. | 13,595 | 353 | ||
* | Under Armour Inc. Class A | 24,642 | 350 | |
Coty Inc. | 36,649 | 338 | ||
* | Qurate Retail Group Inc. QVC Group Class A | 48,835 | 333 | |
* | Ollie's Bargain Outlet Holdings Inc. | 6,520 | 332 | |
TripAdvisor Inc. | 13,718 | 322 | ||
* | Under Armour Inc. Class C | 25,275 | 315 | |
KAR Auction Services Inc. | 16,375 | 315 | ||
Columbia Sportswear Co. | 3,831 | 311 | ||
Dick's Sporting Goods Inc. | 8,513 | 310 | ||
* | AutoNation Inc. | 7,138 | 305 | |
* | Hilton Grand Vacations Inc. | 11,401 | 304 | |
Goodyear Tire & Rubber Co. | 30,062 | 291 | ||
World Wrestling Entertainment Inc. | 6,111 | 286 | ||
Graham Holdings Co. | 544 | 274 | ||
Extended Stay America Inc. | 24,511 | 269 | ||
Six Flags Entertainment Corp. | 10,095 | 255 | ||
Penske Automotive Group Inc. | 4,760 | 219 | ||
* | Urban Outfitters Inc. | 8,420 | 198 | |
John Wiley & Sons Inc. | 5,229 | 194 | ||
Sinclair Broadcast Group Inc. | 7,613 | 177 | ||
* | 2U Inc. | 7,482 | 176 | |
* | AMC Networks Inc. | 5,576 | 173 | |
News Corp. Class B | 13,568 | 169 | ||
International Game Technology plc | 14,177 | 151 | ||
* | Liberty Media Corp-Liberty Formula One Class A | 3,977 | 149 | |
Lennar Corp. | 3,001 | 143 | ||
* | Lions Gate Entertainment Corp. Class B | 13,559 | 100 | |
ViacomCBS Inc. Class A | 2,659 | 80 | ||
* | Lions Gate Entertainment Corp. Class A | 5,847 | 46 | |
524,589 | ||||
Consumer Staples (6.0%) | ||||
Procter & Gamble Co. | 323,536 | 36,634 | ||
Coca-Cola Co. | 502,160 | 26,861 | ||
PepsiCo Inc. | 183,528 | 24,231 | ||
Philip Morris International Inc. | 203,476 | 16,659 | ||
CVS Health Corp. | 170,172 | 10,071 | ||
Altria Group Inc. | 245,263 | 9,901 | ||
Mondelez International Inc. | 186,260 | 9,835 | ||
Colgate-Palmolive Co. | 110,348 | 7,456 | ||
Kimberly-Clark Corp. | 44,560 | 5,846 | ||
Walgreens Boots Alliance Inc. | 98,419 | 4,504 | ||
Sysco Corp. | 62,278 | 4,151 | ||
General Mills Inc. | 78,133 | 3,829 | ||
Constellation Brands Inc. Class A | 20,692 | 3,567 | ||
McKesson Corp. | 23,523 | 3,290 | ||
* | Monster Beverage Corp. | 49,874 | 3,113 | |
Kroger Co. | 103,773 | 2,919 | ||
Archer-Daniels-Midland Co. | 72,603 | 2,733 | ||
Hershey Co. | 18,828 | 2,711 |
3
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Corteva Inc. | 97,940 | 2,664 | ||
Clorox Co. | 16,415 | 2,617 | ||
Tyson Foods Inc. | 37,533 | 2,546 | ||
McCormick & Co. Inc. | 16,006 | 2,340 | ||
Church & Dwight Co. Inc. | 32,109 | 2,232 | ||
Kraft Heinz Co. | 81,477 | 2,018 | ||
Kellogg Co. | 32,434 | 1,961 | ||
Conagra Brands Inc. | 62,912 | 1,679 | ||
Lamb Weston Holdings Inc. | 19,052 | 1,655 | ||
Hormel Foods Corp. | 36,210 | 1,506 | ||
JM Smucker Co. | 14,488 | 1,492 | ||
Brown-Forman Corp. | 23,669 | 1,454 | ||
Molson Coors Beverage Co. Class B | 22,795 | 1,131 | ||
Campbell Soup Co. | 22,081 | 996 | ||
* | US Foods Holding Corp. | 28,611 | 962 | |
Bunge Ltd. | 18,123 | 851 | ||
* | Post Holdings Inc. | 8,339 | 844 | |
Casey's General Stores Inc. | 4,786 | 780 | ||
* | Keurig Dr Pepper Inc. | 27,244 | 760 | |
Ingredion Inc. | 8,701 | 725 | ||
* | Beyond Meat Inc. | 6,311 | 566 | |
Flowers Foods Inc. | 24,656 | 531 | ||
* | Herbalife Nutrition Ltd. | 12,957 | 419 | |
Energizer Holdings Inc. | 8,122 | 349 | ||
Spectrum Brands Holdings Inc | 5,791 | 312 | ||
* | TreeHouse Foods Inc. | 7,550 | 288 | |
* | Hain Celestial Group Inc. | 10,977 | 260 | |
Brown-Forman Corp. Class A | 4,347 | 255 | ||
* | Sprouts Farmers Market Inc. | 15,466 | 247 | |
Grocery Outlet Holding Corp. | 6,812 | 216 | ||
Nu Skin Enterprises Inc. | 7,275 | 178 | ||
* | Pilgrim's Pride Corp. | 7,614 | 161 | |
Seaboard Corp. | 32 | 109 | ||
213,415 | ||||
Energy (3.4%) | ||||
Exxon Mobil Corp. | 554,432 | 28,520 | ||
Chevron Corp. | 249,905 | 23,326 | ||
ConocoPhillips | 144,564 | 7,000 | ||
Kinder Morgan Inc. | 256,875 | 4,924 | ||
Schlumberger Ltd. | 180,848 | 4,899 | ||
EOG Resources Inc. | 75,809 | 4,796 | ||
Phillips 66 | 58,593 | 4,386 | ||
Marathon Petroleum Corp. | 84,031 | 3,985 | ||
Occidental Petroleum Corp. | 116,935 | 3,828 | ||
ONEOK Inc. | 53,691 | 3,582 | ||
Valero Energy Corp. | 53,541 | 3,547 | ||
Williams Cos. Inc. | 158,468 | 3,019 | ||
Pioneer Natural Resources Co. | 21,502 | 2,640 | ||
Hess Corp. | 35,093 | 1,972 | ||
Halliburton Co. | 113,530 | 1,925 | ||
Concho Resources Inc. | 25,957 | 1,766 | ||
* | Cheniere Energy Inc. | 29,924 | 1,535 | |
Baker Hughes Co. | 84,665 | 1,362 | ||
Diamondback Energy Inc. | 21,061 | 1,306 | ||
Apache Corp. | 48,477 | 1,208 | ||
Noble Energy Inc. | 61,669 | 976 | ||
Targa Resources Corp. | 29,719 | 963 | ||
National Oilwell Varco Inc. | 50,864 | 952 | ||
Marathon Oil Corp. | 112,071 | 928 | ||
Devon Energy Corp. | 49,475 | 803 | ||
Cabot Oil & Gas Corp. | 51,177 | 713 | ||
HollyFrontier Corp. | 19,691 | 663 | ||
Parsley Energy Inc. | 39,529 | 530 | ||
Helmerich & Payne Inc. | 13,950 | 515 |
4
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | WPX Energy Inc. | 53,529 | 499 | |
* | First Solar Inc. | 10,768 | 493 | |
Valvoline Inc. | 23,803 | 464 | ||
Cimarex Energy Co. | 12,923 | 427 | ||
Murphy Oil Corp. | 19,594 | 369 | ||
PBF Energy Inc. | 15,851 | 355 | ||
* | Transocean Ltd. | 75,032 | 251 | |
Continental Resources Inc. | 10,524 | 199 | ||
* | Apergy Corp. | 10,416 | 194 | |
EQT Corp. | 31,959 | 188 | ||
Equitrans Midstream Corp. | 26,148 | 185 | ||
Antero Midstream Corp. | 35,323 | 154 | ||
Patterson-UTI Energy Inc. | 24,984 | 143 | ||
Kosmos Energy Ltd. | 46,140 | 141 | ||
Range Resources Corp. | 26,329 | 73 | ||
* | Antero Resources Corp. | 36,500 | 58 | |
* | Centennial Resource Development Inc. | 22,995 | 55 | |
* | Chesapeake Energy Corp. | 165,983 | 46 | |
120,863 | ||||
Financial Services (20.1%) | ||||
* | Berkshire Hathaway Inc. | 255,901 | 52,803 | |
JPMorgan Chase & Co. | 408,221 | 47,399 | ||
Visa Inc. | 224,377 | 40,783 | ||
Mastercard Inc. | 116,164 | 33,717 | ||
Bank of America Corp. | 1,066,379 | 30,392 | ||
Wells Fargo & Co. | 498,771 | 20,375 | ||
Citigroup Inc. | 286,274 | 18,167 | ||
* | PayPal Holdings Inc. | 154,137 | 16,645 | |
American Tower Corp. | 57,564 | 13,055 | ||
Fidelity National Information Services Inc. | 80,051 | 11,185 | ||
American Express Co. | 88,048 | 9,679 | ||
CME Group Inc. | 46,449 | 9,235 | ||
US Bancorp | 186,888 | 8,679 | ||
S&P Global Inc. | 32,262 | 8,579 | ||
Chubb Ltd. | 59,113 | 8,573 | ||
Goldman Sachs Group Inc. | 41,936 | 8,419 | ||
Prologis Inc. | 96,298 | 8,116 | ||
* | Fiserv Inc. | 73,998 | 8,092 | |
Truist Financial Corp. | 174,812 | 8,066 | ||
Crown Castle International Corp. | 54,413 | 7,797 | ||
PNC Financial Services Group Inc. | 57,157 | 7,225 | ||
BlackRock Inc. | 15,562 | 7,205 | ||
Global Payments Inc. | 38,902 | 7,157 | ||
Marsh & McLennan Cos. Inc. | 66,551 | 6,959 | ||
Morgan Stanley | 153,818 | 6,926 | ||
Intercontinental Exchange Inc. | 71,760 | 6,402 | ||
Equinix Inc. | 11,166 | 6,396 | ||
Aon plc | 30,746 | 6,395 | ||
Charles Schwab Corp. | 150,054 | 6,115 | ||
Progressive Corp. | 76,110 | 5,568 | ||
Capital One Financial Corp. | 61,035 | 5,387 | ||
Moody's Corp. | 21,453 | 5,149 | ||
Simon Property Group Inc. | 40,130 | 4,939 | ||
American International Group Inc. | 113,663 | 4,792 | ||
Allstate Corp. | 42,213 | 4,443 | ||
MetLife Inc. | 101,444 | 4,334 | ||
Bank of New York Mellon Corp. | 107,130 | 4,274 | ||
Aflac Inc. | 94,823 | 4,063 | ||
Public Storage | 19,338 | 4,044 | ||
Travelers Cos. Inc. | 33,677 | 4,035 | ||
Prudential Financial Inc. | 52,919 | 3,993 | ||
Welltower Inc. | 52,958 | 3,962 | ||
SBA Communications Corp. | 14,647 | 3,883 | ||
* | Square Inc. | 44,839 | 3,736 |
5
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
AvalonBay Communities Inc. | 18,214 | 3,654 | ||
Equity Residential | 47,870 | 3,595 | ||
T. Rowe Price Group Inc. | 29,731 | 3,509 | ||
Digital Realty Trust Inc. | 27,126 | 3,258 | ||
State Street Corp. | 47,366 | 3,226 | ||
Willis Towers Watson plc | 16,828 | 3,185 | ||
MSCI Inc. | 10,738 | 3,172 | ||
Realty Income Corp. | 42,540 | 3,079 | ||
* | FleetCor Technologies Inc. | 11,118 | 2,955 | |
Discover Financial Services | 40,844 | 2,679 | ||
Ventas Inc. | 48,636 | 2,615 | ||
Boston Properties Inc. | 20,208 | 2,606 | ||
Weyerhaeuser Co. | 97,193 | 2,525 | ||
Synchrony Financial | 84,211 | 2,451 | ||
* | CBRE Group Inc. | 43,405 | 2,437 | |
Essex Property Trust Inc. | 8,553 | 2,424 | ||
M&T Bank Corp. | 17,186 | 2,413 | ||
Hartford Financial Services Group Inc. | 46,979 | 2,347 | ||
Arthur J Gallagher & Co. | 23,996 | 2,339 | ||
Ameriprise Financial Inc. | 16,506 | 2,332 | ||
Fifth Third Bancorp | 92,472 | 2,256 | ||
Alexandria Real Estate Equities Inc. | 14,786 | 2,246 | ||
Equifax Inc. | 15,703 | 2,230 | ||
Northern Trust Corp. | 25,414 | 2,230 | ||
First Republic Bank | 21,709 | 2,183 | ||
TransUnion | 24,401 | 2,170 | ||
* | Markel Corp. | 1,787 | 2,111 | |
KeyCorp | 127,846 | 2,090 | ||
* | Arch Capital Group Ltd. | 50,559 | 2,044 | |
Healthpeak Properties Inc. | 64,277 | 2,034 | ||
Invitation Homes Inc. | 69,129 | 1,983 | ||
Mid-America Apartment Communities Inc. | 14,913 | 1,928 | ||
Cincinnati Financial Corp. | 20,036 | 1,868 | ||
Sun Communities Inc. | 12,138 | 1,856 | ||
Citizens Financial Group Inc. | 56,637 | 1,795 | ||
UDR Inc. | 38,118 | 1,715 | ||
WP Carey Inc. | 22,146 | 1,714 | ||
Regions Financial Corp. | 125,759 | 1,700 | ||
Annaly Capital Management Inc. | 188,739 | 1,672 | ||
Cboe Global Markets Inc. | 14,547 | 1,658 | ||
Extra Space Storage Inc. | 16,367 | 1,643 | ||
Huntington Bancshares Inc. | 132,773 | 1,629 | ||
Principal Financial Group Inc. | 36,007 | 1,598 | ||
Broadridge Financial Solutions Inc. | 14,833 | 1,548 | ||
Nasdaq Inc. | 15,053 | 1,544 | ||
Equity LifeStyle Properties Inc. | 22,591 | 1,544 | ||
MarketAxess Holdings Inc. | 4,758 | 1,543 | ||
Loews Corp. | 33,795 | 1,542 | ||
Duke Realty Corp. | 47,292 | 1,536 | ||
Jack Henry & Associates Inc. | 10,012 | 1,519 | ||
VICI Properties Inc. | 60,026 | 1,504 | ||
* | SVB Financial Group | 7,107 | 1,479 | |
TD Ameritrade Holding Corp. | 34,653 | 1,463 | ||
Medical Properties Trust Inc. | 66,219 | 1,399 | ||
* | Fair Isaac Corp. | 3,692 | 1,388 | |
Raymond James Financial Inc. | 16,237 | 1,358 | ||
Fidelity National Financial Inc. | 34,638 | 1,343 | ||
E*TRADE Financial Corp. | 29,285 | 1,341 | ||
Host Hotels & Resorts Inc. | 92,480 | 1,339 | ||
Brown & Brown Inc. | 30,758 | 1,323 | ||
Everest Re Group Ltd. | 5,301 | 1,314 | ||
FactSet Research Systems Inc. | 4,904 | 1,304 | ||
Camden Property Trust | 12,236 | 1,297 | ||
Globe Life Inc. | 13,797 | 1,278 |
6
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
AGNC Investment Corp. | 74,567 | 1,271 | ||
WR Berkley Corp. | 18,891 | 1,268 | ||
Regency Centers Corp. | 21,779 | 1,251 | ||
Ally Financial Inc. | 49,102 | 1,231 | ||
* | Alleghany Corp. | 1,827 | 1,228 | |
Western Union Co. | 54,309 | 1,216 | ||
Vornado Realty Trust | 22,646 | 1,213 | ||
VEREIT Inc. | 139,405 | 1,207 | ||
Federal Realty Investment Trust | 10,295 | 1,198 | ||
Lincoln National Corp. | 26,183 | 1,188 | ||
Gaming and Leisure Properties Inc. | 26,278 | 1,174 | ||
* | Equitable Holdings Inc. | 54,511 | 1,167 | |
National Retail Properties Inc. | 22,521 | 1,145 | ||
Iron Mountain Inc. | 37,480 | 1,140 | ||
Omega Healthcare Investors Inc. | 28,040 | 1,110 | ||
* | WEX Inc. | 5,664 | 1,061 | |
Reinsurance Group of America Inc. | 8,231 | 1,004 | ||
Jones Lang LaSalle Inc. | 6,782 | 1,002 | ||
Kilroy Realty Corp. | 13,521 | 983 | ||
RenaissanceRe Holdings Ltd. | 5,734 | 977 | ||
Comerica Inc. | 18,456 | 972 | ||
Assurant Inc. | 7,893 | 952 | ||
Lamar Advertising Co. | 11,198 | 938 | ||
Apartment Investment & Management Co. | 19,467 | 931 | ||
Voya Financial Inc. | 17,513 | 922 | ||
SEI Investments Co. | 16,774 | 918 | ||
STORE Capital Corp. | 27,653 | 909 | ||
* | Zillow Group Inc. Class C | 16,276 | 908 | |
Kimco Realty Corp. | 52,341 | 908 | ||
CyrusOne Inc. | 14,686 | 890 | ||
American Financial Group Inc. | 9,530 | 881 | ||
American Homes 4 Rent | 33,340 | 863 | ||
Zions Bancorp NA | 21,528 | 860 | ||
Signature Bank | 6,862 | 858 | ||
New Residential Investment Corp. | 54,893 | 854 | ||
Healthcare Trust of America Inc. | 26,931 | 839 | ||
LPL Financial Holdings Inc. | 10,501 | 835 | ||
Douglas Emmett Inc. | 21,809 | 833 | ||
First American Financial Corp. | 14,566 | 832 | ||
* | Euronet Worldwide Inc. | 6,632 | 823 | |
People's United Financial Inc. | 58,575 | 819 | ||
Commerce Bancshares Inc. | 13,149 | 803 | ||
SL Green Realty Corp. | 10,223 | 802 | ||
Starwood Property Trust Inc. | 35,897 | 796 | ||
Prosperity Bancshares Inc. | 12,134 | 784 | ||
Americold Realty Trust | 25,255 | 775 | ||
Franklin Resources Inc. | 35,485 | 772 | ||
American Campus Communities Inc. | 17,563 | 763 | ||
CubeSmart | 25,018 | 757 | ||
* | Athene Holding Ltd. Class A | 18,339 | 756 | |
Old Republic International Corp. | 36,956 | 729 | ||
East West Bancorp Inc. | 18,547 | 718 | ||
Brixmor Property Group Inc. | 39,192 | 714 | ||
TCF Financial Corp. | 19,473 | 710 | ||
Invesco Ltd. | 48,674 | 701 | ||
Jefferies Financial Group Inc. | 35,103 | 692 | ||
Cousins Properties Inc. | 19,374 | 691 | ||
Life Storage Inc. | 6,125 | 661 | ||
Popular Inc. | 13,633 | 654 | ||
Unum Group | 27,342 | 637 | ||
Hudson Pacific Properties Inc. | 19,372 | 625 | ||
New York Community Bancorp Inc. | 57,517 | 622 | ||
Axis Capital Holdings Ltd. | 10,830 | 608 | ||
EPR Properties | 10,056 | 596 |
7
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Hanover Insurance Group Inc. | 5,022 | 595 | ||
Primerica Inc. | 5,337 | 594 | ||
Spirit Realty Capital Inc. | 13,020 | 592 | ||
Cullen/Frost Bankers Inc. | 7,528 | 590 | ||
Highwoods Properties Inc. | 13,022 | 584 | ||
Eaton Vance Corp. | 14,146 | 584 | ||
Western Alliance Bancorp | 12,546 | 578 | ||
SLM Corp. | 55,486 | 575 | ||
Park Hotels & Resorts Inc. | 31,301 | 572 | ||
JBG SMITH Properties | 15,540 | 570 | ||
Kemper Corp. | 8,262 | 569 | ||
* | Howard Hughes Corp. | 5,232 | 564 | |
* | Credit Acceptance Corp. | 1,386 | 559 | |
First Horizon National Corp. | 40,914 | 545 | ||
MGIC Investment Corp. | 44,720 | 538 | ||
Legg Mason Inc. | 10,697 | 533 | ||
Pinnacle Financial Partners Inc. | 10,045 | 529 | ||
Sterling Bancorp | 31,472 | 522 | ||
Synovus Financial Corp. | 17,838 | 518 | ||
* | Brighthouse Financial Inc. | 14,275 | 512 | |
Assured Guaranty Ltd. | 12,283 | 501 | ||
Affiliated Managers Group Inc. | 6,628 | 499 | ||
PacWest Bancorp | 15,655 | 495 | ||
CoreSite Realty Corp. | 4,755 | 493 | ||
Equity Commonwealth | 15,646 | 492 | ||
Outfront Media Inc. | 18,620 | 490 | ||
Chimera Investment Corp. | 24,742 | 486 | ||
Lazard Ltd. | 13,555 | 486 | ||
Interactive Brokers Group Inc. | 9,471 | 484 | ||
CIT Group Inc. | 12,131 | 482 | ||
Erie Indemnity Co. | 3,303 | 472 | ||
Webster Financial Corp. | 12,358 | 469 | ||
Two Harbors Investment Corp. | 34,179 | 463 | ||
CoreLogic Inc. | 9,981 | 453 | ||
Alliance Data Systems Corp. | 5,230 | 449 | ||
Janus Henderson Group plc | 20,740 | 440 | ||
Rayonier Inc. | 16,509 | 438 | ||
FNB Corp. | 43,088 | 435 | ||
Umpqua Holdings Corp. | 28,219 | 434 | ||
First Citizens BancShares Inc. | 946 | 429 | ||
* | Zillow Group Inc. Class A | 7,638 | 425 | |
Weingarten Realty Investors | 15,637 | 421 | ||
MFA Financial Inc. | 58,174 | 421 | ||
First Hawaiian Inc. | 17,188 | 412 | ||
Bank OZK | 15,886 | 403 | ||
Taubman Centers Inc. | 7,667 | 399 | ||
Bank of Hawaii Corp. | 5,295 | 394 | ||
Wintrust Financial Corp. | 7,273 | 388 | ||
Morningstar Inc. | 2,643 | 388 | ||
White Mountains Insurance Group Ltd. | 391 | 387 | ||
Macerich Co. | 18,559 | 379 | ||
Corporate Office Properties Trust | 14,916 | 378 | ||
BankUnited Inc. | 12,562 | 373 | ||
Service Properties Trust | 20,450 | 370 | ||
Apple Hospitality REIT Inc. | 27,542 | 360 | ||
Evercore Inc. | 5,118 | 341 | ||
Associated Banc-Corp | 19,833 | 336 | ||
^ | Santander Consumer USA Holdings Inc. | 13,379 | 326 | |
Brandywine Realty Trust | 23,705 | 322 | ||
Paramount Group Inc. | 25,747 | 313 | ||
Retail Properties of America Inc. | 28,602 | 299 | ||
OneMain Holdings Inc | 8,138 | 299 | ||
Navient Corp. | 26,607 | 299 | ||
* | Texas Capital Bancshares Inc. | 6,289 | 296 |
8
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
BOK Financial Corp. | 4,057 | 294 | ||
Columbia Property Trust Inc. | 15,362 | 290 | ||
* | LendingTree Inc. | 992 | 274 | |
Colony Capital Inc. | 63,725 | 252 | ||
Empire State Realty Trust Inc. | 18,618 | 218 | ||
SITE Centers Corp. | 18,436 | 212 | ||
BGC Partners Inc. | 38,144 | 178 | ||
CNA Financial Corp. | 3,933 | 164 | ||
Mercury General Corp. | 3,635 | 157 | ||
Brookfield Property REIT Inc. Class A | 9,629 | 157 | ||
Virtu Financial Inc. | 7,333 | 138 | ||
TFS Financial Corp. | 5,473 | 112 | ||
American National Insurance Co. | 919 | 90 | ||
718,021 | ||||
Health Care (13.2%) | ||||
Johnson & Johnson | 347,843 | 46,778 | ||
UnitedHealth Group Inc. | 123,731 | 31,546 | ||
Merck & Co. Inc. | 333,425 | 25,527 | ||
Pfizer Inc. | 728,675 | 24,352 | ||
Bristol-Myers Squibb Co. | 306,501 | 18,102 | ||
Medtronic plc | 175,666 | 17,684 | ||
Abbott Laboratories | 225,745 | 17,389 | ||
AbbVie Inc. | 193,897 | 16,619 | ||
Amgen Inc. | 78,565 | 15,692 | ||
Thermo Fisher Scientific Inc. | 52,299 | 15,209 | ||
Eli Lilly & Co. | 111,457 | 14,058 | ||
Danaher Corp. | 80,884 | 11,694 | ||
Gilead Sciences Inc. | 167,490 | 11,617 | ||
Cigna Corp. | 48,220 | 8,821 | ||
Stryker Corp. | 45,019 | 8,580 | ||
Anthem Inc. | 33,279 | 8,556 | ||
Zoetis Inc. | 62,835 | 8,372 | ||
Becton Dickinson and Co. | 35,151 | 8,360 | ||
Allergan plc | 43,040 | 8,206 | ||
* | Intuitive Surgical Inc. | 15,054 | 8,038 | |
* | Vertex Pharmaceuticals Inc. | 33,474 | 7,499 | |
* | Biogen Inc. | 23,509 | 7,250 | |
* | Boston Scientific Corp. | 181,363 | 6,781 | |
* | Edwards Lifesciences Corp. | 27,103 | 5,552 | |
Humana Inc. | 17,275 | 5,522 | ||
Baxter International Inc. | 63,016 | 5,260 | ||
* | Illumina Inc. | 19,161 | 5,091 | |
* | Regeneron Pharmaceuticals Inc. | 10,672 | 4,744 | |
HCA Healthcare Inc. | 35,380 | 4,494 | ||
* | Centene Corp. | 75,473 | 4,002 | |
Zimmer Biomet Holdings Inc. | 26,782 | 3,646 | ||
* | DexCom Inc. | 11,815 | 3,261 | |
* | IQVIA Holdings Inc. | 23,048 | 3,215 | |
Agilent Technologies Inc. | 40,448 | 3,117 | ||
ResMed Inc. | 18,530 | 2,946 | ||
Cerner Corp. | 40,776 | 2,825 | ||
* | IDEXX Laboratories Inc. | 11,085 | 2,821 | |
* | Alexion Pharmaceuticals Inc. | 27,783 | 2,612 | |
* | Veeva Systems Inc. | 17,100 | 2,428 | |
* | Align Technology Inc. | 10,172 | 2,221 | |
* | Laboratory Corp. of America Holdings | 12,635 | 2,220 | |
* | BioMarin Pharmaceutical Inc. | 23,102 | 2,088 | |
Cooper Cos. Inc. | 6,355 | 2,063 | ||
Teleflex Inc. | 6,024 | 2,018 | ||
Cardinal Health Inc. | 38,216 | 1,992 | ||
Quest Diagnostics Inc. | 17,600 | 1,867 | ||
STERIS plc | 11,129 | 1,765 | ||
* | Incyte Corp. | 23,179 | 1,748 | |
* | Seattle Genetics Inc. | 14,857 | 1,692 |
9
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
AmerisourceBergen Corp. Class A | 19,971 | 1,684 | ||
* | Hologic Inc. | 34,798 | 1,640 | |
* | Alnylam Pharmaceuticals Inc. | 13,818 | 1,626 | |
* | Exact Sciences Corp. | 18,349 | 1,485 | |
* | Insulet Corp. | 7,761 | 1,474 | |
* | Varian Medical Systems Inc. | 11,871 | 1,460 | |
West Pharmaceutical Services Inc. | 9,579 | 1,442 | ||
Dentsply Sirona Inc. | 28,921 | 1,424 | ||
* | Elanco Animal Health Inc. | 51,342 | 1,407 | |
Universal Health Services Inc. | 10,227 | 1,266 | ||
PerkinElmer Inc. | 14,449 | 1,249 | ||
* | Henry Schein Inc. | 19,449 | 1,185 | |
* | Mylan NV | 67,428 | 1,159 | |
* | Neurocrine Biosciences Inc. | 11,924 | 1,129 | |
* | Sarepta Therapeutics Inc. | 9,371 | 1,073 | |
* | Qiagen NV | 29,029 | 1,042 | |
* | Catalent Inc. | 19,788 | 1,020 | |
* | Charles River Laboratories International Inc. | 6,539 | 1,017 | |
* | Molina Healthcare Inc. | 8,245 | 1,010 | |
* | Masimo Corp. | 6,106 | 997 | |
* | DaVita Inc. | 12,729 | 988 | |
* | Bio-Rad Laboratories Inc. | 2,733 | 962 | |
Encompass Health Corp. | 12,680 | 949 | ||
Bio-Techne Corp. | 4,947 | 934 | ||
* | ABIOMED Inc. | 5,839 | 877 | |
Chemed Corp. | 2,072 | 865 | ||
Hill-Rom Holdings Inc. | 8,883 | 853 | ||
* | Horizon Therapeutics plc | 24,546 | 840 | |
* | Jazz Pharmaceuticals plc | 7,313 | 838 | |
* | Ionis Pharmaceuticals Inc. | 16,448 | 835 | |
Perrigo Co. plc | 16,206 | 821 | ||
* | PRA Health Sciences Inc. | 8,322 | 784 | |
* | Exelixis Inc. | 40,081 | 745 | |
* | Moderna Inc. | 28,283 | 733 | |
* | Penumbra Inc. | 4,067 | 675 | |
Avantor Inc. | 41,937 | 661 | ||
Bruker Corp. | 13,278 | 578 | ||
* | United Therapeutics Corp. | 5,448 | 561 | |
* | Bluebird Bio Inc. | 7,390 | 535 | |
* | ICU Medical Inc. | 2,431 | 476 | |
* | Envista Holdings Corp. | 18,502 | 470 | |
* | Integra LifeSciences Holdings Corp. | 8,974 | 468 | |
* | Nektar Therapeutics Class A | 21,359 | 444 | |
* | Guardant Health Inc. | 4,828 | 420 | |
* | Alkermes plc | 19,868 | 414 | |
* | Agios Pharmaceuticals Inc. | 8,075 | 383 | |
* | Acadia Healthcare Co. Inc. | 11,145 | 330 | |
* | Sage Therapeutics Inc. | 6,714 | 316 | |
Cantel Medical Corp. | 4,874 | 308 | ||
* | Premier Inc. | 8,260 | 243 | |
* | MEDNAX Inc. | 10,353 | 177 | |
^,* | Change Healthcare Inc. | 6,632 | 90 | |
* | Adaptive Biotechnologies Corp. | 2,218 | 62 | |
* | Quorum Health Corp. | 35 | — | |
473,364 | ||||
Materials & Processing (2.9%) | ||||
Linde plc | 70,448 | 13,456 | ||
Air Products & Chemicals Inc. | 28,741 | 6,312 | ||
Ecolab Inc. | 33,202 | 5,991 | ||
Sherwin-Williams Co. | 10,829 | 5,596 | ||
Newmont Corp. | 106,672 | 4,761 | ||
DuPont de Nemours Inc. | 96,888 | 4,156 | ||
Ingersoll-Rand plc | 31,446 | 4,058 | ||
Dow Inc. | 97,817 | 3,953 |
10
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
| PPG Industries Inc. | 30,802 | 3,217 |
| Ball Corp. | 42,191 | 2,973 |
| Fastenal Co. | 74,613 | 2,553 |
| LyondellBasell Industries NV | 34,697 | 2,479 |
| Vulcan Materials Co. | 17,172 | 2,065 |
| Freeport-McMoRan Inc. | 190,718 | 1,900 |
| International Paper Co. | 51,314 | 1,897 |
| Martin Marietta Materials Inc. | 8,154 | 1,855 |
| International Flavors & Fragrances Inc. | 14,012 | 1,678 |
| Nucor Corp. | 39,696 | 1,641 |
| FMC Corp. | 16,726 | 1,557 |
| Masco Corp. | 37,157 | 1,535 |
| Arconic Inc. | 50,656 | 1,487 |
| Celanese Corp. | 15,721 | 1,474 |
| Avery Dennison Corp. | 11,068 | 1,267 |
* | Crown Holdings Inc. | 17,305 | 1,220 |
| Albemarle Corp. | 13,704 | 1,122 |
| Packaging Corp. of America | 12,311 | 1,116 |
| Westrock Co. | 33,359 | 1,109 |
| Eastman Chemical Co. | 17,818 | 1,096 |
| RPM International Inc. | 16,788 | 1,076 |
| CF Industries Holdings Inc. | 28,829 | 1,063 |
| Lennox International Inc. | 4,549 | 1,038 |
| Reliance Steel & Aluminum Co. | 8,513 | 871 |
| AptarGroup Inc. | 8,366 | 846 |
| Royal Gold Inc. | 8,512 | 821 |
| Owens Corning | 14,131 | 798 |
| Mosaic Co. | 44,803 | 763 |
| MDU Resources Group Inc. | 26,525 | 736 |
| Steel Dynamics Inc. | 26,959 | 718 |
| Hexcel Corp. | 10,980 | 710 |
| AO Smith Corp. | 17,773 | 703 |
* | Axalta Coating Systems Ltd. | 27,198 | 678 |
| Watsco Inc. | 4,201 | 659 |
| Armstrong World Industries Inc. | 6,519 | 653 |
* | Berry Global Group Inc. | 16,840 | 639 |
| Sonoco Products Co. | 13,100 | 632 |
| Sealed Air Corp. | 20,178 | 612 |
| Ashland Global Holdings Inc. | 7,815 | 559 |
| Scotts Miracle-Gro Co. | 5,140 | 545 |
| Acuity Brands Inc. | 5,140 | 529 |
| Huntsman Corp. | 27,424 | 519 |
| Graphic Packaging Holding Co. | 38,058 | 515 |
| Eagle Materials Inc. | 5,259 | 415 |
| WR Grace & Co. | 7,196 | 407 |
| Timken Co. | 8,661 | 388 |
* | Univar Solutions Inc. | 22,496 | 382 |
| Southern Copper Corp. | 10,708 | 360 |
| NewMarket Corp. | 879 | 342 |
| Olin Corp. | 20,940 | 339 |
| Chemours Co. | 22,315 | 332 |
* | Alcoa Corp. | 23,901 | 331 |
| Valmont Industries Inc. | 2,759 | 321 |
| Silgan Holdings Inc. | 10,386 | 297 |
* | Element Solutions Inc. | 28,414 | 295 |
| Cabot Corp. | 7,687 | 287 |
| Westlake Chemical Corp. | 4,656 | 260 |
| O-I Glass Inc. | 20,728 | 224 |
| Domtar Corp. | 6,992 | 201 |
| United States Steel Corp. | 21,383 | 171 |
| GrafTech International Ltd. | 7,039 | 57 |
| Ardagh Group SA | 2,039 | 36 |
| 105,652 | ||
|
|
|
|
11
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
Producer Durables (9.3%) | |||
| Boeing Co. | 69,354 | 19,080 |
| Honeywell International Inc. | 94,695 | 15,357 |
| Accenture plc Class A | 83,436 | 15,068 |
| Union Pacific Corp. | 91,193 | 14,574 |
| United Technologies Corp. | 106,330 | 13,886 |
| General Electric Co. | 1,134,514 | 12,343 |
| Lockheed Martin Corp. | 32,389 | 11,980 |
| 3M Co. | 73,508 | 10,970 |
| Automatic Data Processing Inc. | 57,115 | 8,838 |
| Caterpillar Inc. | 70,741 | 8,789 |
| United Parcel Service Inc. | 91,625 | 8,291 |
| Illinois Tool Works Inc. | 42,209 | 7,082 |
| Raytheon Co. | 36,709 | 6,922 |
| CSX Corp. | 98,224 | 6,920 |
| Northrop Grumman Corp. | 20,783 | 6,834 |
| Deere & Co. | 41,093 | 6,430 |
| Norfolk Southern Corp. | 34,035 | 6,206 |
| Waste Management Inc. | 55,534 | 6,154 |
| General Dynamics Corp. | 33,285 | 5,315 |
| Emerson Electric Co. | 79,929 | 5,124 |
| Eaton Corp. plc | 53,869 | 4,887 |
| Roper Technologies Inc. | 13,369 | 4,702 |
| FedEx Corp. | 31,469 | 4,442 |
| Johnson Controls International plc | 101,534 | 3,713 |
| TransDigm Group Inc. | 6,423 | 3,583 |
| Delta Air Lines Inc. | 75,088 | 3,464 |
| Paychex Inc. | 41,863 | 3,244 |
| Verisk Analytics Inc. | 20,828 | 3,231 |
* | CoStar Group Inc. | 4,697 | 3,136 |
| Parker-Hannifin Corp. | 16,720 | 3,089 |
| PACCAR Inc. | 44,298 | 2,964 |
| Cummins Inc. | 19,521 | 2,953 |
| Cintas Corp. | 10,928 | 2,915 |
| Southwest Airlines Co. | 61,719 | 2,851 |
| Stanley Black & Decker Inc. | 19,779 | 2,842 |
| Rockwell Automation Inc. | 15,015 | 2,755 |
| Fortive Corp. | 38,589 | 2,669 |
| AMETEK Inc. | 29,656 | 2,550 |
| Republic Services Inc. | 27,894 | 2,518 |
* | Keysight Technologies Inc. | 24,360 | 2,308 |
* | Copart Inc. | 26,233 | 2,216 |
* | Mettler-Toledo International Inc. | 3,132 | 2,198 |
| Dover Corp. | 18,941 | 1,946 |
| Kansas City Southern | 12,879 | 1,941 |
* | United Airlines Holdings Inc. | 30,208 | 1,860 |
| Xylem Inc. | 23,413 | 1,811 |
| Old Dominion Freight Line Inc. | 8,506 | 1,648 |
* | Waters Corp. | 8,297 | 1,617 |
| Westinghouse Air Brake Technologies Corp. | 23,441 | 1,610 |
| Jacobs Engineering Group Inc. | 17,268 | 1,594 |
* | Teledyne Technologies Inc. | 4,674 | 1,577 |
| Expeditors International of Washington Inc. | 22,318 | 1,572 |
| WW Grainger Inc. | 5,631 | 1,563 |
* | Zebra Technologies Corp. | 6,909 | 1,458 |
| IDEX Corp. | 9,798 | 1,450 |
| Allegion plc | 12,180 | 1,401 |
* | United Rentals Inc. | 9,935 | 1,316 |
* | Trimble Inc. | 32,708 | 1,291 |
| Booz Allen Hamilton Holding Corp. | 17,670 | 1,260 |
| Textron Inc. | 30,284 | 1,230 |
| CH Robinson Worldwide Inc. | 17,810 | 1,227 |
| Nordson Corp. | 7,483 | 1,087 |
| JB Hunt Transport Services Inc. | 11,169 | 1,077 |
|
|
|
|
12
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
| Carlisle Cos. Inc. | 7,360 | 1,069 |
| Huntington Ingalls Industries Inc. | 5,176 | 1,064 |
| Graco Inc. | 21,318 | 1,051 |
| Snap-on Inc. | 7,026 | 1,017 |
| Toro Co. | 13,773 | 984 |
| American Airlines Group Inc. | 50,722 | 966 |
| Genpact Ltd. | 24,613 | 947 |
| Hubbell Inc. | 7,034 | 937 |
* | Aecom | 20,519 | 922 |
* | XPO Logistics Inc. | 12,106 | 895 |
| HEICO Corp. Class A | 9,951 | 879 |
| Pentair plc | 21,572 | 850 |
* | Sensata Technologies Holding plc | 20,713 | 845 |
* | Middleby Corp. | 7,339 | 821 |
* | HD Supply Holdings Inc. | 21,564 | 820 |
| Alaska Air Group Inc. | 15,802 | 797 |
| Xerox Holdings Corp. | 23,724 | 764 |
| Robert Half International Inc. | 15,008 | 757 |
| Woodward Inc. | 7,312 | 755 |
| Donaldson Co. Inc. | 16,583 | 748 |
| FLIR Systems Inc. | 17,457 | 741 |
| Spirit AeroSystems Holdings Inc. | 13,292 | 702 |
| National Instruments Corp. | 17,403 | 701 |
| Quanta Services Inc. | 18,275 | 697 |
| ITT Inc. | 11,581 | 697 |
* | Stericycle Inc. | 11,970 | 687 |
| Flowserve Corp. | 16,864 | 678 |
| BWX Technologies Inc. | 12,349 | 677 |
| Curtiss-Wright Corp. | 5,503 | 660 |
| Lincoln Electric Holdings Inc. | 7,769 | 636 |
| Oshkosh Corp. | 8,716 | 629 |
* | Paylocity Holding Corp. | 4,586 | 594 |
* | JetBlue Airways Corp. | 37,639 | 594 |
| ManpowerGroup Inc. | 7,709 | 585 |
| Allison Transmission Holdings Inc. | 13,811 | 561 |
* | Gardner Denver Holdings Inc. | 16,772 | 550 |
| HEICO Corp. | 5,094 | 549 |
| Knight-Swift Transportation Holdings Inc. | 16,061 | 513 |
| Landstar System Inc. | 5,049 | 510 |
| Air Lease Corp. | 13,261 | 509 |
| Littelfuse Inc. | 3,173 | 507 |
* | Kirby Corp. | 7,826 | 499 |
| AGCO Corp. | 8,156 | 493 |
* | Clean Harbors Inc. | 6,618 | 460 |
| nVent Electric plc | 18,997 | 456 |
| Crane Co. | 6,472 | 440 |
| Regal Beloit Corp. | 5,530 | 429 |
* | Colfax Corp. | 11,757 | 393 |
| Macquarie Infrastructure Corp. | 9,267 | 364 |
| MSC Industrial Direct Co. Inc. Class A | 5,684 | 351 |
| Copa Holdings SA | 4,103 | 341 |
| Trinity Industries Inc. | 13,396 | 273 |
| Ryder System Inc. | 6,704 | 255 |
* | WESCO International Inc. | 5,497 | 223 |
* | Resideo Technologies Inc. | 15,788 | 170 |
| Fluor Corp. | 17,385 | 162 |
| Schneider National Inc. | 7,329 | 131 |
| ADT Inc. | 12,886 | 82 |
* | Gates Industrial Corp. plc | 4,829 | 50 |
| 333,366 | ||
Technology (24.7%) | |||
| Microsoft Corp. | 990,540 | 160,477 |
| Apple Inc. | 582,168 | 159,141 |
* | Facebook Inc. | 313,068 | 60,256 |
|
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13
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
* | Alphabet Inc. Class A | 39,298 | 52,630 |
* | Alphabet Inc. Class C | 39,196 | 52,496 |
| Intel Corp. | 570,158 | 31,655 |
| Cisco Systems Inc. | 561,920 | 22,437 |
* | Adobe Inc. | 63,810 | 22,022 |
| NVIDIA Corp. | 76,486 | 20,657 |
* | salesforce.com Inc. | 108,931 | 18,562 |
| International Business Machines Corp. | 116,261 | 15,131 |
| Texas Instruments Inc. | 122,794 | 14,016 |
| Broadcom Inc. | 50,639 | 13,805 |
| Oracle Corp. | 269,233 | 13,316 |
| QUALCOMM Inc. | 149,682 | 11,720 |
| Intuit Inc. | 32,707 | 8,695 |
* | ServiceNow Inc. | 24,325 | 7,932 |
* | Micron Technology Inc. | 144,454 | 7,593 |
| Applied Materials Inc. | 120,435 | 7,000 |
* | Advanced Micro Devices Inc. | 134,623 | 6,123 |
| Activision Blizzard Inc. | 98,909 | 5,750 |
| L3Harris Technologies Inc. | 28,835 | 5,702 |
| Lam Research Corp. | 18,841 | 5,529 |
* | Autodesk Inc. | 28,752 | 5,488 |
| Analog Devices Inc. | 48,520 | 5,291 |
| Cognizant Technology Solutions Corp. | 71,834 | 4,377 |
| HP Inc. | 193,372 | 4,020 |
* | Electronic Arts Inc. | 37,874 | 3,839 |
| Motorola Solutions Inc. | 22,356 | 3,704 |
| IHS Markit Ltd. | 51,637 | 3,679 |
* | Workday Inc. | 21,207 | 3,674 |
| Amphenol Corp. Class A | 38,313 | 3,513 |
* | Twitter Inc. | 99,246 | 3,295 |
| KLA Corp. | 20,796 | 3,197 |
* | Splunk Inc. | 20,111 | 2,963 |
| Microchip Technology Inc. | 30,964 | 2,809 |
| Xilinx Inc. | 33,178 | 2,770 |
* | Synopsys Inc. | 19,426 | 2,679 |
* | ANSYS Inc. | 10,895 | 2,639 |
* | VeriSign Inc. | 13,509 | 2,563 |
* | Cadence Design Systems Inc. | 36,265 | 2,399 |
| Corning Inc. | 98,692 | 2,355 |
* | RingCentral Inc. | 9,683 | 2,283 |
* | Palo Alto Networks Inc. | 12,360 | 2,282 |
| Skyworks Solutions Inc. | 22,199 | 2,224 |
* | Atlassian Corp. plc Class A | 15,303 | 2,218 |
| Hewlett Packard Enterprise Co. | 170,359 | 2,179 |
| Western Digital Corp. | 38,811 | 2,156 |
| CDW Corp. | 18,604 | 2,125 |
| Maxim Integrated Products Inc. | 36,792 | 2,046 |
* | IAC/InterActiveCorp | 9,700 | 1,978 |
* | Fortinet Inc. | 18,550 | 1,893 |
| Marvell Technology Group Ltd. | 86,330 | 1,839 |
* | Paycom Software Inc. | 6,475 | 1,830 |
* | Twilio Inc. | 15,979 | 1,800 |
| Leidos Holdings Inc. | 17,410 | 1,787 |
* | Akamai Technologies Inc. | 20,578 | 1,780 |
* | Okta Inc. | 13,611 | 1,743 |
* | DocuSign Inc. Class A | 20,088 | 1,734 |
| Citrix Systems Inc. | 16,173 | 1,672 |
| SS&C Technologies Holdings Inc. | 28,774 | 1,597 |
* | Take-Two Interactive Software Inc. | 14,633 | 1,573 |
* | GoDaddy Inc. | 22,427 | 1,569 |
* | Tyler Technologies Inc. | 4,993 | 1,565 |
* | EPAM Systems Inc. | 6,764 | 1,510 |
* | Qorvo Inc. | 14,994 | 1,508 |
* | Arista Networks Inc. | 7,713 | 1,490 |
|
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14
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
| NetApp Inc. | 31,513 | 1,472 |
* | Gartner Inc. | 11,366 | 1,471 |
| NortonLifeLock Inc. | 76,098 | 1,448 |
| Teradyne Inc. | 21,689 | 1,274 |
* | Black Knight Inc. | 18,929 | 1,263 |
* | VMware Inc. | 10,104 | 1,218 |
* | Coupa Software Inc. | 8,076 | 1,209 |
* | Guidewire Software Inc. | 10,905 | 1,195 |
* | Zendesk Inc. | 14,403 | 1,142 |
| Amdocs Ltd. | 17,512 | 1,116 |
| Cypress Semiconductor Corp. | 47,575 | 1,099 |
* | PTC Inc. | 13,715 | 1,036 |
* | ON Semiconductor Corp. | 53,591 | 1,000 |
* | Aspen Technology Inc. | 8,947 | 953 |
| Entegris Inc. | 17,807 | 950 |
| Cognex Corp. | 21,299 | 949 |
* | HubSpot Inc. | 5,270 | 946 |
* | F5 Networks Inc. | 7,804 | 936 |
| Juniper Networks Inc. | 43,365 | 920 |
| Universal Display Corp. | 5,517 | 876 |
* | Ceridian HCM Holding Inc. | 12,087 | 855 |
| Monolithic Power Systems Inc. | 5,364 | 851 |
* | MongoDB Inc. | 5,397 | 823 |
* | Alteryx Inc. | 5,878 | 821 |
| DXC Technology Co. | 33,623 | 811 |
* | Dell Technologies Inc. | 20,032 | 811 |
* | CACI International Inc. Class A | 3,269 | 801 |
* | Ciena Corp. | 20,635 | 793 |
* | Nuance Communications Inc. | 36,629 | 792 |
* | Proofpoint Inc. | 7,249 | 773 |
* | Zynga Inc. | 113,121 | 759 |
| CDK Global Inc. | 16,130 | 742 |
| MKS Instruments Inc. | 7,219 | 723 |
* | Arrow Electronics Inc. | 10,588 | 710 |
* | RealPage Inc. | 10,584 | 678 |
| SYNNEX Corp. | 5,349 | 669 |
* | Cree Inc. | 14,156 | 633 |
| Jabil Inc. | 19,319 | 619 |
* | IPG Photonics Corp. | 4,528 | 578 |
* | Grubhub Inc. | 11,767 | 566 |
* | Dropbox Inc. Class A | 28,586 | 559 |
| Dolby Laboratories Inc. | 8,434 | 554 |
| LogMeIn Inc. | 6,464 | 551 |
* | Manhattan Associates Inc. | 8,159 | 550 |
* | Smartsheet Inc. Class A | 11,753 | 544 |
* | Nutanix Inc. | 22,467 | 536 |
* | Avalara Inc. | 5,982 | 507 |
* | Anaplan Inc. | 11,223 | 504 |
| Sabre Corp. | 36,611 | 498 |
^,* | Match Group Inc. | 7,141 | 464 |
| Pegasystems Inc. | 4,992 | 452 |
* | Pure Storage Inc. | 29,243 | 446 |
* | ViaSat Inc. | 7,574 | 436 |
* | Elastic NV | 5,759 | 425 |
* | NCR Corp. | 16,757 | 422 |
* | Zscaler Inc. | 7,932 | 412 |
* | Coherent Inc. | 3,116 | 401 |
| Avnet Inc. | 12,819 | 393 |
* | New Relic Inc. | 6,578 | 370 |
* | Dynatrace Inc. | 11,235 | 363 |
* | FireEye Inc. | 24,959 | 330 |
* | Teradata Corp. | 13,827 | 276 |
* | CommScope Holding Co. Inc. | 24,148 | 266 |
* | EchoStar Corp. | 6,125 | 214 |
|
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|
15
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
| Ubiquiti Inc. | 1,137 | 154 |
* | Pluralsight Inc. Class A | 7,864 | 140 |
* | Covetrus Inc. | 12,253 | 136 |
* | PagerDuty Inc. | 5,661 | 117 |
| Switch Inc. | 7,431 | 107 |
* | SolarWinds Corp. | 5,517 | 101 |
* | Cerence Inc. | 4,558 | 99 |
* | Medallia Inc. | 2,190 | 54 |
| 882,942 | ||
Utilities (5.3%) | |||
| AT&T Inc. | 956,486 | 33,687 |
| Verizon Communications Inc. | 542,133 | 29,362 |
| NextEra Energy Inc. | 63,949 | 16,164 |
| Duke Energy Corp. | 95,587 | 8,765 |
| Dominion Energy Inc. | 107,774 | 8,426 |
| Southern Co. | 136,461 | 8,237 |
| American Electric Power Co. Inc. | 64,545 | 5,761 |
| Exelon Corp. | 126,656 | 5,460 |
| Sempra Energy | 37,063 | 5,181 |
| Xcel Energy Inc. | 68,515 | 4,270 |
| WEC Energy Group Inc. | 41,177 | 3,802 |
* | T-Mobile US Inc. | 40,926 | 3,690 |
| Eversource Energy | 42,330 | 3,660 |
| Consolidated Edison Inc. | 43,411 | 3,422 |
| Public Service Enterprise Group Inc. | 65,827 | 3,378 |
| FirstEnergy Corp. | 70,482 | 3,139 |
| Edison International | 45,693 | 3,070 |
| Entergy Corp. | 25,953 | 3,034 |
| American Water Works Co. Inc. | 23,898 | 2,955 |
| PPL Corp. | 94,320 | 2,831 |
| DTE Energy Co. | 24,156 | 2,698 |
| Ameren Corp. | 31,942 | 2,523 |
| CMS Energy Corp. | 36,970 | 2,234 |
| Evergy Inc. | 29,674 | 1,939 |
| CenturyLink Inc. | 141,052 | 1,703 |
| Alliant Energy Corp. | 31,227 | 1,628 |
| Atmos Energy Corp. | 15,196 | 1,569 |
| CenterPoint Energy Inc. | 66,175 | 1,523 |
| AES Corp. | 86,506 | 1,447 |
| NiSource Inc. | 48,733 | 1,317 |
| Pinnacle West Capital Corp. | 14,698 | 1,315 |
| Essential Utilities Inc. | 28,509 | 1,226 |
| NRG Energy Inc. | 32,685 | 1,085 |
| Vistra Energy Corp. | 56,084 | 1,078 |
* | PG&E Corp. | 68,912 | 1,068 |
* | Zayo Group Holdings Inc. | 29,004 | 1,015 |
| UGI Corp. | 27,420 | 988 |
| OGE Energy Corp. | 25,745 | 981 |
* | GCI Liberty Inc. Class A | 12,923 | 893 |
* | Sprint Corp. | 71,713 | 659 |
| IDACORP Inc. | 6,680 | 646 |
| Hawaiian Electric Industries Inc. | 14,009 | 600 |
| National Fuel Gas Co. | 10,277 | 376 |
| Avangrid Inc. | 7,025 | 349 |
| Telephone & Data Systems Inc. | 13,190 | 266 |
* | United States Cellular Corp. | 2,178 | 68 |
| 189,488 | ||
Total Common Stocks (Cost $2,736,932) | 3,561,700 | ||
|
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16
Vanguard® Russell 1000 Index Fund
Schedule of Investments
February 29, 2020
Coupon | Shares | Market | |||
Temporary Cash Investments (0.4%) | |||||
Money Market Fund (0.4%) | |||||
1,2 | Vanguard Market Liquidity Fund | 1.706% |
| 117,281 | 11,732 |
|
| Maturity | Face |
| |
U.S. Government and Agency Obligations (0.0%) | |||||
3 | United States Treasury Bill | 1.527% —1.541% | 4/30/20 | 870 | 868 |
Total Temporary Cash Investments (Cost $12,598) | 12,600 | ||||
Total Investments (99.9%) (Cost $2,749,530) | 3,574,300 | ||||
Other Assets and Liabilities—Net (0.1%)2 | 4,496 | ||||
Net Assets (100%) | 3,578,796 | ||||
Cost rounded to $000. | |||||
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,159,000. | ||||
* | Non-income-producing security. | ||||
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. | ||||
2 | Collateral of $1,215,000 was received for securities on loan. | ||||
3 | Securities with a value of $789,000 have been segregated as initial margin for open futures contracts. | ||||
| REIT—Real Estate Investment Trust. |
17
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
Common Stocks (99.8%) | |||
Consumer Discretionary (11.0%) | |||
| Walt Disney Co. | 517,086 | 60,835 |
| Walmart Inc. | 415,664 | 44,759 |
| McDonald’s Corp. | 187,211 | 36,351 |
| Home Depot Inc. | 140,416 | 30,588 |
| Comcast Corp. | 707,311 | 28,597 |
| Target Corp. | 139,740 | 14,393 |
| General Motors Co. | 368,434 | 11,237 |
* | Charter Communications Inc. | 18,712 | 9,228 |
* | Uber Technologies Inc. | 250,276 | 8,477 |
| Ford Motor Co. | 1,160,093 | 8,074 |
| Aptiv plc | 70,945 | 5,541 |
| DR Horton Inc. | 99,414 | 5,296 |
| Tiffany & Co. | 35,668 | 4,765 |
| Royal Caribbean Cruises Ltd. | 50,796 | 4,084 |
| Best Buy Co. Inc. | 53,048 | 4,013 |
| Carnival Corp. | 117,206 | 3,922 |
* | Liberty Broadband Corp. Class C | 30,862 | 3,885 |
| Garmin Ltd. | 42,872 | 3,789 |
| Genuine Parts Co. | 42,142 | 3,676 |
| MGM Resorts International | 135,479 | 3,327 |
| Las Vegas Sands Corp. | 52,583 | 3,066 |
| PulteGroup Inc. | 74,423 | 2,992 |
| Fox Corp. Class A | 96,320 | 2,961 |
| Lennar Corp. Class A | 47,300 | 2,854 |
* | Dollar Tree Inc. | 31,943 | 2,652 |
* | DISH Network Corp. | 76,968 | 2,580 |
* | Discovery Communications Inc. | 101,169 | 2,539 |
| Aramark | 72,744 | 2,527 |
| Whirlpool Corp. | 18,479 | 2,363 |
* | LKQ Corp. | 77,962 | 2,306 |
* | CarMax Inc. | 25,728 | 2,246 |
* | Liberty Media Corp-Liberty Formula One Class C | 57,504 | 2,246 |
| Interpublic Group of Cos. Inc. | 102,839 | 2,197 |
* | Caesars Entertainment Corp. | 170,799 | 2,171 |
* | Mohawk Industries Inc. | 17,458 | 2,115 |
* | Liberty Media Corp-Liberty SiriusXM Class C | 46,077 | 2,056 |
| Omnicom Group Inc. | 29,495 | 2,043 |
| Gentex Corp. | 75,309 | 2,011 |
| Lear Corp. | 17,922 | 1,993 |
| Advance Auto Parts Inc. | 14,948 | 1,988 |
| BorgWarner Inc. | 60,889 | 1,924 |
| Tapestry Inc. | 81,785 | 1,918 |
* | Lyft Inc. Class A | 50,175 | 1,913 |
* | Norwegian Cruise Line Holdings Ltd. | 50,262 | 1,873 |
| Kohl’s Corp. | 46,863 | 1,835 |
| ViacomCBS Inc. Class B | 71,047 | 1,748 |
| Fortune Brands Home & Security Inc. | 28,203 | 1,742 |
| Newell Brands Inc. | 111,482 | 1,720 |
| Nielsen Holdings plc | 91,595 | 1,668 |
| PVH Corp. | 21,780 | 1,614 |
| Service Corp. International | 33,570 | 1,604 |
| Leggett & Platt Inc. | 38,946 | 1,545 |
| Ralph Lauren Corp. | 14,532 | 1,533 |
| New York Times Co. | 39,286 | 1,472 |
| Toll Brothers Inc. | 38,010 | 1,407 |
| News Corp. Class A | 114,512 | 1,383 |
| Harley-Davidson Inc. | 44,822 | 1,366 |
* | Madison Square Garden Co. | 5,004 | 1,340 |
| Brunswick Corp. | 24,036 | 1,279 |
| Fox Corp. Class B | 41,139 | 1,253 |
| Macy’s Inc. | 91,588 | 1,212 |
|
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18
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
* | ServiceMaster Global Holdings Inc. | 33,816 | 1,210 |
| L Brands Inc. | 55,827 | 1,209 |
| Thor Industries Inc. | 15,834 | 1,194 |
| Williams-Sonoma Inc. | 19,019 | 1,187 |
* | Discovery Inc. | 45,057 | 1,158 |
| Foot Locker Inc. | 31,136 | 1,129 |
* | Liberty Media Corp-Liberty SiriusXM Class A | 24,415 | 1,091 |
* | frontdoor Inc. | 25,264 | 1,071 |
| Wyndham Destinations Inc. | 26,727 | 1,066 |
* | Grand Canyon Education Inc. | 12,726 | 1,027 |
| H&R Block Inc. | 49,640 | 1,026 |
| Wyndham Hotels & Resorts Inc. | 19,495 | 993 |
* | Liberty Broadband Corp. Class A | 7,566 | 936 |
| Gap Inc. | 62,704 | 899 |
| Yum China Holdings Inc. | 20,234 | 886 |
| Yum! Brands Inc. | 9,754 | 871 |
| Hyatt Hotels Corp. | 10,912 | 836 |
| Amerco | 2,567 | 828 |
| Cinemark Holdings Inc. | 31,854 | 827 |
* | Skechers U.S.A. Inc. | 24,214 | 801 |
| Coty Inc. | 86,517 | 799 |
* | Qurate Retail Group Inc. QVC Group Class A | 113,856 | 776 |
| Dick’s Sporting Goods Inc. | 18,779 | 684 |
| Dollar General Corp. | 4,491 | 675 |
* | AutoNation Inc. | 15,531 | 664 |
| Carter’s Inc. | 7,103 | 650 |
| Goodyear Tire & Rubber Co. | 66,894 | 648 |
* | Capri Holdings Ltd. | 24,018 | 620 |
| Graham Holdings Co. | 1,206 | 606 |
| Extended Stay America Inc. | 54,249 | 596 |
* | Hilton Grand Vacations Inc. | 21,358 | 569 |
| Six Flags Entertainment Corp. | 21,490 | 543 |
| Expedia Group Inc. | 5,359 | 528 |
| Wynn Resorts Ltd. | 4,865 | 525 |
| Choice Hotels International Inc. | 5,501 | 502 |
* | Urban Outfitters Inc. | 21,036 | 495 |
| John Wiley & Sons Inc. | 12,754 | 474 |
| Penske Automotive Group Inc. | 10,057 | 463 |
| News Corp. Class B | 34,875 | 434 |
* | Mattel Inc. | 30,806 | 363 |
| Nexstar Media Group Inc. | 2,918 | 335 |
* | WABCO Holdings Inc. | 2,395 | 324 |
* | Liberty Media Corp-Liberty Formula One Class A | 8,498 | 319 |
| International Game Technology plc | 29,556 | 314 |
| Hanesbrands Inc. | 23,263 | 308 |
* | Under Armour Inc. Class A | 18,996 | 270 |
| Vail Resorts Inc. | 1,224 | 260 |
| Columbia Sportswear Co. | 2,990 | 243 |
* | Lions Gate Entertainment Corp. Class B | 32,682 | 242 |
* | 2U Inc. | 10,151 | 239 |
* | Under Armour Inc. Class C | 18,593 | 232 |
* | IAA Inc. | 3,768 | 161 |
| Lennar Corp. | 3,146 | 150 |
| Polaris Inc. | 1,719 | 142 |
* | Lions Gate Entertainment Corp. Class A | 15,747 | 125 |
| Dunkin’ Brands Group Inc. | 1,579 | 105 |
| TripAdvisor Inc. | 2,979 | 70 |
| KAR Auction Services Inc. | 3,456 | 66 |
| ViacomCBS Inc. Class A | 1,812 | 54 |
| Sinclair Broadcast Group Inc. | 1,042 | 24 |
| 411,934 | ||
Consumer Staples (8.9%) | |||
| Procter & Gamble Co. | 689,629 | 78,087 |
| Philip Morris International Inc. | 460,396 | 37,693 |
|
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|
19
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
| Shares | Market | |
| CVS Health Corp. | 384,530 | 22,756 |
| Mondelez International Inc. | 421,260 | 22,243 |
| Coca-Cola Co. | 361,427 | 19,333 |
| Colgate-Palmolive Co. | 248,746 | 16,808 |
| Kimberly-Clark Corp. | 100,926 | 13,240 |
| Altria Group Inc. | 283,261 | 11,435 |
| Walgreens Boots Alliance Inc. | 223,599 | 10,232 |
| PepsiCo Inc. | 66,471 | 8,776 |
| General Mills Inc. | 176,940 | 8,670 |
| Constellation Brands Inc. Class A | 46,786 | 8,065 |
| McKesson Corp. | 47,444 | 6,636 |
| Kroger Co. | 235,468 | 6,624 |
| Archer-Daniels-Midland Co. | 165,026 | 6,213 |
| Corteva Inc. | 222,009 | 6,039 |
| Tyson Foods Inc. | 85,012 | 5,766 |
| Kraft Heinz Co. | 183,986 | 4,557 |
| Conagra Brands Inc. | 142,634 | 3,807 |
| Hormel Foods Corp. | 82,345 | 3,426 |
| JM Smucker Co. | 32,452 | 3,342 |
| Lamb Weston Holdings Inc. | 31,876 | 2,770 |
| Kellogg Co. | 45,233 | 2,735 |
| Molson Coors Beverage Co. Class B | 50,986 | 2,529 |
* | US Foods Holding Corp. | 64,100 | 2,156 |
| Bunge Ltd. | 40,433 | 1,898 |
| McCormick & Co. Inc. | 12,785 | 1,869 |
* | Keurig Dr Pepper Inc. | 60,235 | 1,679 |
| Ingredion Inc. | 19,905 | 1,658 |
| Casey’s General Stores Inc. | 8,136 | 1,326 |
* | Beyond Meat Inc. | 14,017 | 1,257 |
| Flowers Foods Inc. | 57,858 | 1,246 |
* | Post Holdings Inc. | 10,699 | 1,083 |
| Clorox Co. | 6,795 | 1,083 |
| Campbell Soup Co. | 20,988 | 947 |
* | Herbalife Nutrition Ltd. | 25,040 | 810 |
| Energizer Holdings Inc. | 18,378 | 790 |
| Hershey Co. | 5,311 | 765 |
| Spectrum Brands Holdings Inc | 12,165 | 656 |
* | Hain Celestial Group Inc. | 24,572 | 583 |
* | TreeHouse Foods Inc. | 13,330 | 508 |
| Nu Skin Enterprises Inc. | 15,839 | 388 |
| Grocery Outlet Holding Corp. | 11,936 | 378 |
* | Sprouts Farmers Market Inc. | 17,929 | 287 |
| Seaboard Corp. | 71 | 242 |
* | Pilgrim’s Pride Corp. | 9,945 | 210 |
| Brown-Forman Corp. | 2,973 | 183 |
| Brown-Forman Corp. Class A | 1,255 | 74 |
| 333,858 | ||
Energy (7.0%) | |||
| Exxon Mobil Corp. | 1,254,140 | 64,513 |
| Chevron Corp. | 564,651 | 52,705 |
| ConocoPhillips | 325,439 | 15,758 |
| Schlumberger Ltd. | 410,886 | 11,131 |
| Kinder Morgan Inc. | 577,992 | 11,080 |
| EOG Resources Inc. | 171,959 | 10,878 |
| Phillips 66 | 132,664 | 9,931 |
| Marathon Petroleum Corp. | 190,735 | 9,045 |
| Occidental Petroleum Corp. | 264,643 | 8,664 |
| Valero Energy Corp. | 121,542 | 8,052 |
| Williams Cos. Inc. | 358,965 | 6,838 |
| ONEOK Inc. | 82,724 | 5,519 |
| Hess Corp. | 79,355 | 4,458 |
| Halliburton Co. | 256,433 | 4,349 |
| Concho Resources Inc. | 59,032 | 4,015 |
| Pioneer Natural Resources Co. | 28,084 | 3,448 |
|
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20
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
Baker Hughes Co. | 193,153 | 3,108 | |||||
Apache Corp. | 110,300 | 2,749 | |||||
Diamondback Energy Inc. | 37,593 | 2,331 | |||||
Noble Energy Inc. | 139,263 | 2,205 | |||||
Targa Resources Corp. | 67,189 | 2,177 | |||||
National Oilwell Varco Inc. | 114,842 | 2,149 | |||||
Marathon Oil Corp. | 237,806 | 1,969 | |||||
Devon Energy Corp. | 114,457 | 1,859 | |||||
* | Cheniere Energy Inc. | 29,060 | 1,490 | ||||
HollyFrontier Corp. | 44,230 | 1,490 | |||||
Helmerich & Payne Inc. | 31,318 | 1,155 | |||||
* | WPX Energy Inc. | 121,167 | 1,130 | ||||
* | First Solar Inc. | 23,961 | 1,097 | ||||
Valvoline Inc. | 56,139 | 1,095 | |||||
Cimarex Energy Co. | 29,753 | 983 | |||||
Murphy Oil Corp. | 44,013 | 830 | |||||
PBF Energy Inc. | 35,715 | 800 | |||||
Cabot Oil & Gas Corp. | 44,890 | 625 | |||||
* | Transocean Ltd. | 168,000 | 563 | ||||
Parsley Energy Inc. | 37,025 | 496 | |||||
Continental Resources Inc. | 24,854 | 471 | |||||
EQT Corp. | 73,218 | 430 | |||||
* | Apergy Corp. | 22,312 | 415 | ||||
Equitrans Midstream Corp. | 52,859 | 373 | |||||
Antero Midstream Corp. | 75,226 | 328 | |||||
Kosmos Energy Ltd. | 104,467 | 319 | |||||
Patterson-UTI Energy Inc. | 55,067 | 316 | |||||
Range Resources Corp. | 60,302 | 167 | |||||
* | Centennial Resource Development Inc. | 52,506 | 124 | ||||
* | Antero Resources Corp. | 76,215 | 122 | ||||
^,* | Chesapeake Energy Corp. | 376,353 | 103 | ||||
263,853 | |||||||
Financial Services (29.0%) | |||||||
* | Berkshire Hathaway Inc. | 578,994 | 119,470 | ||||
JPMorgan Chase & Co. | 923,249 | 107,198 | |||||
Bank of America Corp. | 2,410,079 | 68,687 | |||||
Wells Fargo & Co. | 1,128,898 | 46,116 | |||||
Citigroup Inc. | 646,424 | 41,022 | |||||
CME Group Inc. | 104,877 | 20,852 | |||||
US Bancorp | 423,655 | 19,675 | |||||
Chubb Ltd. | 133,525 | 19,365 | |||||
Goldman Sachs Group Inc. | 94,337 | 18,940 | |||||
Prologis Inc. | 217,007 | 18,289 | |||||
Truist Financial Corp. | 395,982 | 18,271 | |||||
PNC Financial Services Group Inc. | 129,624 | 16,385 | |||||
BlackRock Inc. | 35,033 | 16,221 | |||||
Morgan Stanley | 344,582 | 15,517 | |||||
Capital One Financial Corp. | 138,486 | 12,223 | |||||
American International Group Inc. | 257,329 | 10,849 | |||||
Allstate Corp. | 95,776 | 10,080 | |||||
MetLife Inc. | 229,812 | 9,818 | |||||
Fidelity National Information Services Inc. | 69,989 | 9,779 | |||||
Bank of New York Mellon Corp. | 243,138 | 9,701 | |||||
American Express Co. | 87,724 | 9,644 | |||||
Aflac Inc. | 215,184 | 9,221 | |||||
Prudential Financial Inc. | 120,009 | 9,055 | |||||
Welltower Inc. | 119,954 | 8,975 | |||||
Intercontinental Exchange Inc. | 97,936 | 8,738 | |||||
Progressive Corp. | 116,308 | 8,509 | |||||
AvalonBay Communities Inc. | 41,160 | 8,256 | |||||
Equity Residential | 108,240 | 8,129 | |||||
Travelers Cos. Inc. | 63,992 | 7,667 | |||||
Digital Realty Trust Inc. | 61,552 | 7,393 | |||||
State Street Corp. | 107,443 | 7,318 |
21
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
Willis Towers Watson plc | 38,242 | 7,237 | |||||
Realty Income Corp. | 96,604 | 6,993 | |||||
Boston Properties Inc. | 45,867 | 5,914 | |||||
Ventas Inc. | 109,934 | 5,911 | |||||
Weyerhaeuser Co. | 220,284 | 5,723 | |||||
T. Rowe Price Group Inc. | 47,985 | 5,663 | |||||
Charles Schwab Corp. | 136,590 | 5,566 | |||||
Essex Property Trust Inc. | 19,386 | 5,493 | |||||
M&T Bank Corp. | 39,038 | 5,480 | |||||
Hartford Financial Services Group Inc. | 106,242 | 5,307 | |||||
Fifth Third Bancorp | 209,855 | 5,120 | |||||
Alexandria Real Estate Equities Inc. | 33,607 | 5,104 | |||||
Northern Trust Corp. | 57,739 | 5,067 | |||||
KeyCorp | 292,416 | 4,781 | |||||
Healthpeak Properties Inc. | 145,664 | 4,609 | |||||
Ameriprise Financial Inc. | 32,307 | 4,565 | |||||
Invitation Homes Inc. | 157,628 | 4,522 | |||||
* | Markel Corp. | 3,684 | 4,353 | ||||
Mid-America Apartment Communities Inc. | 33,484 | 4,328 | |||||
Cincinnati Financial Corp. | 44,947 | 4,191 | |||||
Arthur J Gallagher & Co. | 42,750 | 4,168 | |||||
Synchrony Financial | 139,710 | 4,066 | |||||
Citizens Financial Group Inc. | 127,696 | 4,047 | |||||
First Republic Bank | 40,115 | 4,034 | |||||
* | Arch Capital Group Ltd. | 97,692 | 3,950 | ||||
Discover Financial Services | 60,001 | 3,935 | |||||
WP Carey Inc. | 50,783 | 3,931 | |||||
Regions Financial Corp. | 283,457 | 3,832 | |||||
Annaly Capital Management Inc. | 427,906 | 3,791 | |||||
Huntington Bancshares Inc. | 303,116 | 3,719 | |||||
UDR Inc. | 81,151 | 3,650 | |||||
Principal Financial Group Inc. | 81,896 | 3,635 | |||||
Duke Realty Corp. | 108,486 | 3,523 | |||||
* | CBRE Group Inc. | 62,571 | 3,513 | ||||
Loews Corp. | 76,051 | 3,470 | |||||
Nasdaq Inc. | 33,831 | 3,469 | |||||
VICI Properties Inc. | 136,337 | 3,417 | |||||
Medical Properties Trust Inc. | 151,553 | 3,202 | |||||
Sun Communities Inc. | 20,304 | 3,104 | |||||
Host Hotels & Resorts Inc. | 210,779 | 3,052 | |||||
Fidelity National Financial Inc. | 78,512 | 3,043 | |||||
* | SVB Financial Group | 14,321 | 2,981 | ||||
Camden Property Trust | 27,589 | 2,924 | |||||
Globe Life Inc. | 31,527 | 2,921 | |||||
WR Berkley Corp. | 42,548 | 2,857 | |||||
Ally Financial Inc. | 112,956 | 2,832 | |||||
Cboe Global Markets Inc. | 24,784 | 2,825 | |||||
Regency Centers Corp. | 49,170 | 2,824 | |||||
Brown & Brown Inc. | 65,150 | 2,802 | |||||
Vornado Realty Trust | 51,604 | 2,765 | |||||
VEREIT Inc. | 315,825 | 2,735 | |||||
Lincoln National Corp. | 59,524 | 2,702 | |||||
AGNC Investment Corp. | 158,147 | 2,695 | |||||
Gaming and Leisure Properties Inc. | 59,853 | 2,674 | |||||
* | Equitable Holdings Inc. | 121,971 | 2,610 | ||||
National Retail Properties Inc. | 50,436 | 2,565 | |||||
Federal Realty Investment Trust | 21,998 | 2,559 | |||||
Omega Healthcare Investors Inc. | 64,156 | 2,541 | |||||
E*TRADE Financial Corp. | 54,675 | 2,503 | |||||
* | Alleghany Corp. | 3,716 | 2,498 | ||||
Raymond James Financial Inc. | 28,333 | 2,370 | |||||
Reinsurance Group of America Inc. | 18,527 | 2,261 | |||||
Iron Mountain Inc. | 74,158 | 2,255 | |||||
Public Storage | 10,742 | 2,246 |
22
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
Kilroy Realty Corp. | 30,724 | 2,233 | |||||
Assurant Inc. | 18,002 | 2,171 | |||||
Western Union Co. | 96,742 | 2,166 | |||||
Comerica Inc. | 39,989 | 2,105 | |||||
* | Zillow Group Inc. Class C | 37,538 | 2,095 | ||||
Kimco Realty Corp. | 119,986 | 2,082 | |||||
STORE Capital Corp. | 63,224 | 2,078 | |||||
Apartment Investment & Management Co. | 43,388 | 2,076 | |||||
Everest Re Group Ltd. | 8,234 | 2,041 | |||||
American Financial Group Inc. | 21,620 | 1,998 | |||||
CyrusOne Inc. | 32,902 | 1,993 | |||||
Jones Lang LaSalle Inc. | 13,455 | 1,988 | |||||
Zions Bancorp NA | 49,748 | 1,987 | |||||
Voya Financial Inc. | 36,945 | 1,945 | |||||
New Residential Investment Corp. | 122,836 | 1,911 | |||||
Marsh & McLennan Cos. Inc. | 18,278 | 1,911 | |||||
Healthcare Trust of America Inc. | 60,144 | 1,873 | |||||
Douglas Emmett Inc. | 49,039 | 1,872 | |||||
SL Green Realty Corp. | 23,606 | 1,852 | |||||
First American Financial Corp. | 32,180 | 1,838 | |||||
Commerce Bancshares Inc. | 29,776 | 1,818 | |||||
People's United Financial Inc. | 129,718 | 1,815 | |||||
Starwood Property Trust Inc. | 80,222 | 1,779 | |||||
Franklin Resources Inc. | 80,941 | 1,761 | |||||
American Campus Communities Inc. | 40,289 | 1,750 | |||||
CubeSmart | 56,849 | 1,721 | |||||
East West Bancorp Inc. | 42,951 | 1,664 | |||||
Old Republic International Corp. | 83,088 | 1,639 | |||||
Invesco Ltd. | 112,706 | 1,623 | |||||
TCF Financial Corp. | 44,479 | 1,621 | |||||
Brixmor Property Group Inc. | 87,764 | 1,598 | |||||
Jefferies Financial Group Inc. | 78,509 | 1,547 | |||||
Prosperity Bancshares Inc. | 23,890 | 1,543 | |||||
Cousins Properties Inc. | 43,116 | 1,539 | |||||
Life Storage Inc. | 13,769 | 1,486 | |||||
New York Community Bancorp Inc. | 134,170 | 1,450 | |||||
Unum Group | 61,947 | 1,444 | |||||
Hudson Pacific Properties Inc. | 44,462 | 1,435 | |||||
Hanover Insurance Group Inc. | 11,688 | 1,386 | |||||
Popular Inc. | 28,556 | 1,370 | |||||
Highwoods Properties Inc. | 30,355 | 1,362 | |||||
RenaissanceRe Holdings Ltd. | 7,990 | 1,362 | |||||
EPR Properties | 22,768 | 1,349 | |||||
Eaton Vance Corp. | 32,281 | 1,332 | |||||
Spirit Realty Capital Inc. | 29,259 | 1,331 | |||||
JBG SMITH Properties | 36,246 | 1,330 | |||||
Cullen/Frost Bankers Inc. | 16,749 | 1,313 | |||||
SLM Corp. | 125,053 | 1,297 | |||||
Park Hotels & Resorts Inc. | 70,217 | 1,282 | |||||
Simon Property Group Inc. | 10,397 | 1,280 | |||||
Legg Mason Inc. | 25,434 | 1,267 | |||||
Axis Capital Holdings Ltd. | 22,050 | 1,237 | |||||
MGIC Investment Corp. | 102,318 | 1,231 | |||||
First Horizon National Corp. | 91,149 | 1,215 | |||||
Pinnacle Financial Partners Inc. | 22,337 | 1,176 | |||||
Western Alliance Bancorp | 25,223 | 1,161 | |||||
* | Brighthouse Financial Inc. | 31,984 | 1,146 | ||||
Equity Commonwealth | 35,830 | 1,127 | |||||
American Homes 4 Rent | 43,472 | 1,126 | |||||
Assured Guaranty Ltd. | 27,547 | 1,124 | |||||
Synovus Financial Corp. | 38,437 | 1,115 | |||||
PacWest Bancorp | 35,091 | 1,110 | |||||
Chimera Investment Corp. | 55,525 | 1,091 | |||||
Affiliated Managers Group Inc. | 14,278 | 1,074 |
23
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
SEI Investments Co. | 19,587 | 1,072 | |||||
Two Harbors Investment Corp. | 78,730 | 1,067 | |||||
* | Athene Holding Ltd. Class A | 25,171 | 1,038 | ||||
Kemper Corp. | 14,952 | 1,029 | |||||
Rayonier Inc. | 38,762 | 1,028 | |||||
Webster Financial Corp. | 26,772 | 1,017 | |||||
CIT Group Inc. | 25,562 | 1,015 | |||||
Umpqua Holdings Corp. | 65,952 | 1,015 | |||||
MFA Financial Inc. | 137,174 | 992 | |||||
Sterling Bancorp | 59,719 | 990 | |||||
Signature Bank | 7,911 | 990 | |||||
FNB Corp. | 97,859 | 987 | |||||
CoreLogic Inc. | 21,727 | 986 | |||||
Janus Henderson Group plc | 45,800 | 971 | |||||
Outfront Media Inc. | 35,795 | 943 | |||||
Weingarten Realty Investors | 34,974 | 942 | |||||
First Citizens BancShares Inc. | 2,075 | 941 | |||||
First Hawaiian Inc. | 39,032 | 935 | |||||
Alliance Data Systems Corp. | 10,694 | 918 | |||||
* | Zillow Group Inc. Class A | 16,277 | 906 | ||||
Wintrust Financial Corp. | 16,818 | 898 | |||||
Bank OZK | 35,256 | 895 | |||||
* | Howard Hughes Corp. | 8,289 | 894 | ||||
White Mountains Insurance Group Ltd. | 893 | 884 | |||||
Service Properties Trust | 48,630 | 879 | |||||
Taubman Centers Inc. | 16,874 | 878 | |||||
Bank of Hawaii Corp. | 11,644 | 867 | |||||
^ | Macerich Co. | 42,116 | 860 | ||||
BankUnited Inc. | 28,026 | 832 | |||||
Interactive Brokers Group Inc. | 16,135 | 825 | |||||
Corporate Office Properties Trust | 32,442 | 822 | |||||
Associated Banc-Corp | 46,734 | 791 | |||||
Apple Hospitality REIT Inc. | 60,473 | 790 | |||||
Equifax Inc. | 5,322 | 756 | |||||
^ | Santander Consumer USA Holdings Inc. | 30,664 | 748 | ||||
Extra Space Storage Inc. | 7,196 | 722 | |||||
* | Texas Capital Bancshares Inc. | 15,186 | 715 | ||||
Paramount Group Inc. | 58,145 | 706 | |||||
OneMain Holdings Inc | 18,875 | 694 | |||||
Lazard Ltd. | 19,284 | 691 | |||||
Brandywine Realty Trust | 50,326 | 683 | |||||
BOK Financial Corp. | 9,391 | 680 | |||||
Retail Properties of America Inc. | 64,412 | 674 | |||||
Navient Corp. | 57,831 | 649 | |||||
Columbia Property Trust Inc. | 33,605 | 634 | |||||
Empire State Realty Trust Inc. | 45,003 | 527 | |||||
Colony Capital Inc. | 130,433 | 517 | |||||
SITE Centers Corp. | 44,665 | 514 | |||||
Evercore Inc. | 7,550 | 503 | |||||
TD Ameritrade Holding Corp. | 10,171 | 430 | |||||
BGC Partners Inc. | 87,069 | 406 | |||||
Jack Henry & Associates Inc. | 2,598 | 394 | |||||
Primerica Inc. | 3,371 | 375 | |||||
Erie Indemnity Co. | 2,400 | 343 | |||||
Mercury General Corp. | 7,897 | 342 | |||||
CNA Financial Corp. | 8,150 | 339 | |||||
TFS Financial Corp. | 14,108 | 288 | |||||
CoreSite Realty Corp. | 2,340 | 243 | |||||
American National Insurance Co. | 2,145 | 211 | |||||
* | Credit Acceptance Corp. | 378 | 152 | ||||
Virtu Financial Inc. | 7,627 | 143 | |||||
1,091,404 | |||||||
Health Care (12.7%) | |||||||
Johnson & Johnson | 667,947 | 89,826 |
24
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
Pfizer Inc. | 1,648,242 | 55,084 | |||||
Medtronic plc | 397,367 | 40,003 | |||||
Danaher Corp. | 172,804 | 24,984 | |||||
Gilead Sciences Inc. | 323,108 | 22,411 | |||||
Abbott Laboratories | 289,209 | 22,278 | |||||
Allergan plc | 97,186 | 18,530 | |||||
Becton Dickinson and Co. | 72,468 | 17,234 | |||||
Bristol-Myers Squibb Co. | 286,299 | 16,909 | |||||
Cigna Corp. | 75,342 | 13,783 | |||||
Anthem Inc. | 53,191 | 13,675 | |||||
Thermo Fisher Scientific Inc. | 37,659 | 10,951 | |||||
* | Biogen Inc. | 35,022 | 10,800 | ||||
* | Regeneron Pharmaceuticals Inc. | 19,240 | 8,554 | ||||
Zimmer Biomet Holdings Inc. | 60,646 | 8,257 | |||||
Humana Inc. | 22,386 | 7,156 | |||||
Agilent Technologies Inc. | 83,133 | 6,407 | |||||
Baxter International Inc. | 75,644 | 6,314 | |||||
* | Laboratory Corp. of America Holdings | 26,852 | 4,718 | ||||
Cardinal Health Inc. | 86,848 | 4,527 | |||||
Quest Diagnostics Inc. | 39,659 | 4,206 | |||||
* | IQVIA Holdings Inc. | 30,053 | 4,192 | ||||
HCA Healthcare Inc. | 32,147 | 4,083 | |||||
Cooper Cos. Inc. | 12,405 | 4,026 | |||||
STERIS plc | 23,334 | 3,701 | |||||
Dentsply Sirona Inc. | 65,838 | 3,242 | |||||
* | Elanco Animal Health Inc. | 116,996 | 3,206 | ||||
Merck & Co. Inc. | 39,226 | 3,003 | |||||
Universal Health Services Inc. | 23,156 | 2,865 | |||||
Amgen Inc. | 14,215 | 2,839 | |||||
* | Mylan NV | 152,864 | 2,628 | ||||
* | Qiagen NV | 65,984 | 2,369 | ||||
* | Catalent Inc. | 45,260 | 2,332 | ||||
* | Henry Schein Inc. | 38,002 | 2,316 | ||||
* | DaVita Inc. | 29,368 | 2,280 | ||||
* | Bio-Rad Laboratories Inc. | 6,241 | 2,197 | ||||
PerkinElmer Inc. | 25,176 | 2,176 | |||||
Perrigo Co. plc | 37,173 | 1,884 | |||||
* | Horizon Therapeutics plc | 48,315 | 1,653 | ||||
* | Alexion Pharmaceuticals Inc. | 15,101 | 1,420 | ||||
* | United Therapeutics Corp. | 12,936 | 1,332 | ||||
* | Centene Corp. | 24,579 | 1,303 | ||||
* | Bluebird Bio Inc. | 16,204 | 1,172 | ||||
* | Integra LifeSciences Holdings Corp. | 21,083 | 1,098 | ||||
Encompass Health Corp. | 14,498 | 1,085 | |||||
* | Exelixis Inc. | 52,849 | 982 | ||||
* | Alkermes plc | 45,051 | 939 | ||||
Hill-Rom Holdings Inc. | 9,690 | 931 | |||||
* | Nektar Therapeutics Class A | 41,083 | 855 | ||||
West Pharmaceutical Services Inc. | 5,140 | 774 | |||||
* | Agios Pharmaceuticals Inc. | 15,942 | 757 | ||||
* | ICU Medical Inc. | 3,861 | 756 | ||||
* | Acadia Healthcare Co. Inc. | 25,057 | 742 | ||||
* | Hologic Inc. | 15,144 | 714 | ||||
* | Alnylam Pharmaceuticals Inc. | 4,994 | 588 | ||||
* | Premier Inc. | 18,228 | 536 | ||||
* | Molina Healthcare Inc. | 3,997 | 490 | ||||
Avantor Inc. | 27,097 | 427 | |||||
* | MEDNAX Inc. | 24,233 | 414 | ||||
* | Envista Holdings Corp. | 15,542 | 394 | ||||
Cantel Medical Corp. | 4,609 | 291 | |||||
* | Jazz Pharmaceuticals plc | 1,783 | 204 | ||||
* | Moderna Inc. | 5,958 | 155 | ||||
^,* | Change Healthcare Inc. | 7,114 | 97 |
25
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
* | Adaptive Biotechnologies Corp. | 1,405 | 39 | ||||
476,094 | |||||||
Materials & Processing (4.4%) | |||||||
Linde plc | 159,102 | 30,390 | |||||
Air Products & Chemicals Inc. | 55,934 | 12,284 | |||||
Newmont Corp. | 242,183 | 10,809 | |||||
DuPont de Nemours Inc. | 219,561 | 9,419 | |||||
Dow Inc. | 221,588 | 8,954 | |||||
LyondellBasell Industries NV | 78,657 | 5,621 | |||||
PPG Industries Inc. | 47,044 | 4,914 | |||||
International Paper Co. | 116,080 | 4,290 | |||||
Freeport-McMoRan Inc. | 427,847 | 4,261 | |||||
International Flavors & Fragrances Inc. | 31,518 | 3,775 | |||||
Nucor Corp. | 90,561 | 3,745 | |||||
FMC Corp. | 38,269 | 3,563 | |||||
Masco Corp. | 84,432 | 3,489 | |||||
Celanese Corp. | 35,705 | 3,347 | |||||
Arconic Inc. | 113,941 | 3,344 | |||||
Martin Marietta Materials Inc. | 12,838 | 2,921 | |||||
Packaging Corp. of America | 28,075 | 2,544 | |||||
Albemarle Corp. | 30,943 | 2,533 | |||||
Eastman Chemical Co. | 40,560 | 2,495 | |||||
Westrock Co. | 74,667 | 2,483 | |||||
CF Industries Holdings Inc. | 57,582 | 2,122 | |||||
RPM International Inc. | 31,580 | 2,025 | |||||
Reliance Steel & Aluminum Co. | 19,323 | 1,976 | |||||
Owens Corning | 31,697 | 1,790 | |||||
Mosaic Co. | 101,270 | 1,725 | |||||
MDU Resources Group Inc. | 58,913 | 1,634 | |||||
Steel Dynamics Inc. | 60,164 | 1,602 | |||||
Watsco Inc. | 9,500 | 1,491 | |||||
Sonoco Products Co. | 29,315 | 1,413 | |||||
AO Smith Corp. | 33,689 | 1,332 | |||||
Sealed Air Corp. | 42,442 | 1,286 | |||||
Ashland Global Holdings Inc. | 17,817 | 1,275 | |||||
Royal Gold Inc. | 13,169 | 1,270 | |||||
Huntsman Corp. | 63,001 | 1,193 | |||||
* | Crown Holdings Inc. | 16,421 | 1,158 | ||||
Graphic Packaging Holding Co. | 85,202 | 1,152 | |||||
AptarGroup Inc. | 11,247 | 1,137 | |||||
* | Axalta Coating Systems Ltd. | 42,620 | 1,062 | ||||
* | Berry Global Group Inc. | 23,551 | 894 | ||||
Timken Co. | 19,365 | 868 | |||||
Acuity Brands Inc. | 8,417 | 866 | |||||
* | Univar Solutions Inc. | 50,403 | 856 | ||||
* | Alcoa Corp. | 55,415 | 769 | ||||
Olin Corp. | 47,165 | 764 | |||||
Valmont Industries Inc. | 6,180 | 718 | |||||
Chemours Co. | 47,180 | 701 | |||||
Silgan Holdings Inc. | 22,455 | 643 | |||||
Cabot Corp. | 16,668 | 623 | |||||
Westlake Chemical Corp. | 10,190 | 569 | |||||
Ingersoll-Rand plc | 4,347 | 561 | |||||
Fastenal Co. | 15,686 | 537 | |||||
Domtar Corp. | 16,879 | 486 | |||||
O-I Glass Inc. | 44,705 | 483 | |||||
* | Element Solutions Inc. | 40,680 | 423 | ||||
United States Steel Corp. | 49,606 | 398 | |||||
Vulcan Materials Co. | 3,065 | 369 | |||||
Southern Copper Corp. | 6,611 | 222 | |||||
Lennox International Inc. | 878 | 200 | |||||
Eagle Materials Inc. | 2,326 | 184 | |||||
Avery Dennison Corp. | 1,583 | 181 | |||||
GrafTech International Ltd. | 19,114 | 156 |
26
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
Hexcel Corp. | 1,632 | 105 | |||||
Ardagh Group SA | 4,906 | 86 | |||||
NewMarket Corp. | 136 | 53 | |||||
164,539 | |||||||
Producer Durables (9.0%) | |||||||
United Technologies Corp. | 240,094 | 31,354 | |||||
General Electric Co. | 2,563,110 | 27,887 | |||||
Caterpillar Inc. | 146,164 | 18,159 | |||||
Honeywell International Inc. | 108,922 | 17,664 | |||||
Deere & Co. | 82,791 | 12,955 | |||||
Norfolk Southern Corp. | 66,806 | 12,182 | |||||
General Dynamics Corp. | 70,466 | 11,253 | |||||
Eaton Corp. plc | 122,085 | 11,076 | |||||
Emerson Electric Co. | 165,991 | 10,642 | |||||
FedEx Corp. | 71,486 | 10,092 | |||||
CSX Corp. | 141,583 | 9,975 | |||||
Roper Technologies Inc. | 25,635 | 9,016 | |||||
Johnson Controls International plc | 230,518 | 8,430 | |||||
Parker-Hannifin Corp. | 38,100 | 7,040 | |||||
PACCAR Inc. | 100,230 | 6,705 | |||||
Cummins Inc. | 44,296 | 6,702 | |||||
Stanley Black & Decker Inc. | 44,820 | 6,441 | |||||
Delta Air Lines Inc. | 135,918 | 6,270 | |||||
Raytheon Co. | 31,422 | 5,925 | |||||
3M Co. | 38,969 | 5,816 | |||||
Republic Services Inc. | 58,903 | 5,317 | |||||
Fortive Corp. | 67,895 | 4,696 | |||||
Kansas City Southern | 29,256 | 4,408 | |||||
Jacobs Engineering Group Inc. | 39,024 | 3,603 | |||||
* | Teledyne Technologies Inc. | 10,577 | 3,568 | ||||
* | United Airlines Holdings Inc. | 53,290 | 3,282 | ||||
Waste Management Inc. | 27,440 | 3,041 | |||||
Textron Inc. | 68,432 | 2,778 | |||||
Westinghouse Air Brake Technologies Corp. | 38,386 | 2,637 | |||||
Southwest Airlines Co. | 56,708 | 2,619 | |||||
Dover Corp. | 23,985 | 2,464 | |||||
* | Trimble Inc. | 61,212 | 2,417 | ||||
Snap-on Inc. | 16,080 | 2,328 | |||||
Old Dominion Freight Line Inc. | 11,135 | 2,158 | |||||
* | Aecom | 46,125 | 2,073 | ||||
American Airlines Group Inc. | 104,506 | 1,991 | |||||
Pentair plc | 49,257 | 1,940 | |||||
* | HD Supply Holdings Inc. | 49,127 | 1,868 | ||||
Xerox Holdings Corp. | 52,623 | 1,694 | |||||
JB Hunt Transport Services Inc. | 17,467 | 1,684 | |||||
IDEX Corp. | 11,152 | 1,650 | |||||
ITT Inc. | 26,006 | 1,564 | |||||
FLIR Systems Inc. | 36,496 | 1,550 | |||||
TransDigm Group Inc. | 2,745 | 1,531 | |||||
* | Stericycle Inc. | 26,625 | 1,529 | ||||
Curtiss-Wright Corp. | 12,643 | 1,516 | |||||
National Instruments Corp. | 36,838 | 1,484 | |||||
Oshkosh Corp. | 20,027 | 1,445 | |||||
ManpowerGroup Inc. | 17,231 | 1,309 | |||||
* | Gardner Denver Holdings Inc. | 38,821 | 1,273 | ||||
Quanta Services Inc. | 32,559 | 1,241 | |||||
Flowserve Corp. | 30,713 | 1,234 | |||||
* | JetBlue Airways Corp. | 78,113 | 1,233 | ||||
AMETEK Inc. | 13,948 | 1,200 | |||||
Knight-Swift Transportation Holdings Inc. | 36,117 | 1,154 | |||||
Air Lease Corp. | 29,390 | 1,127 | |||||
* | Kirby Corp. | 17,655 | 1,125 | ||||
AGCO Corp. | 18,367 | 1,110 | |||||
Littelfuse Inc. | 6,927 | 1,106 |
27
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
* | Sensata Technologies Holding plc | 26,630 | 1,086 | ||||
* | Clean Harbors Inc. | 15,411 | 1,071 | ||||
nVent Electric plc | 44,459 | 1,067 | |||||
Expeditors International of Washington Inc. | 14,800 | 1,042 | |||||
Crane Co. | 15,211 | 1,034 | |||||
Alaska Air Group Inc. | 19,541 | 986 | |||||
Hubbell Inc. | 7,255 | 967 | |||||
* | Colfax Corp. | 27,422 | 918 | ||||
Regal Beloit Corp. | 11,811 | 917 | |||||
* | XPO Logistics Inc. | 11,584 | 857 | ||||
* | United Rentals Inc. | 6,354 | 842 | ||||
Macquarie Infrastructure Corp. | 21,190 | 832 | |||||
MSC Industrial Direct Co. Inc. Class A | 13,167 | 814 | |||||
Allegion plc | 6,673 | 767 | |||||
Copa Holdings SA | 9,077 | 755 | |||||
CH Robinson Worldwide Inc. | 9,151 | 630 | |||||
Trinity Industries Inc. | 28,859 | 587 | |||||
Ryder System Inc. | 15,020 | 571 | |||||
Huntington Ingalls Industries Inc. | 2,422 | 498 | |||||
* | WESCO International Inc. | 12,011 | 487 | ||||
BWX Technologies Inc. | 7,025 | 385 | |||||
* | Resideo Technologies Inc. | 35,526 | 382 | ||||
Fluor Corp. | 40,258 | 375 | |||||
Carlisle Cos. Inc. | 2,312 | 336 | |||||
Woodward Inc. | 2,872 | 296 | |||||
Schneider National Inc. | 16,001 | 287 | |||||
Nordson Corp. | 1,491 | 217 | |||||
ADT Inc. | 33,178 | 212 | |||||
Spirit AeroSystems Holdings Inc. | 2,967 | 157 | |||||
* | Gates Industrial Corp. plc | 13,759 | 144 | ||||
Landstar System Inc. | 1,068 | 108 | |||||
Lincoln Electric Holdings Inc. | 981 | 80 | |||||
337,238 | |||||||
Technology (6.6%) | |||||||
Intel Corp. | 1,289,448 | 71,590 | |||||
* | Micron Technology Inc. | 327,089 | 17,192 | ||||
International Business Machines Corp. | 103,871 | 13,519 | |||||
Activision Blizzard Inc. | 212,320 | 12,342 | |||||
Analog Devices Inc. | 94,202 | 10,273 | |||||
Cognizant Technology Solutions Corp. | 150,249 | 9,155 | |||||
HP Inc. | 416,278 | 8,654 | |||||
Applied Materials Inc. | 126,552 | 7,355 | |||||
L3Harris Technologies Inc. | 32,420 | 6,410 | |||||
Hewlett Packard Enterprise Co. | 389,118 | 4,977 | |||||
Western Digital Corp. | 88,068 | 4,893 | |||||
Skyworks Solutions Inc. | 47,928 | 4,801 | |||||
Microchip Technology Inc. | 49,472 | 4,488 | |||||
Marvell Technology Group Ltd. | 196,775 | 4,191 | |||||
Leidos Holdings Inc. | 39,598 | 4,065 | |||||
Corning Inc. | 154,687 | 3,691 | |||||
* | Qorvo Inc. | 34,302 | 3,450 | ||||
NortonLifeLock Inc. | 171,509 | 3,264 | |||||
IHS Markit Ltd. | 43,274 | 3,083 | |||||
* | Autodesk Inc. | 14,775 | 2,820 | ||||
Maxim Integrated Products Inc. | 49,626 | 2,760 | |||||
Amdocs Ltd. | 39,996 | 2,550 | |||||
Cypress Semiconductor Corp. | 109,055 | 2,518 | |||||
* | ON Semiconductor Corp. | 119,936 | 2,238 | ||||
Motorola Solutions Inc. | 13,235 | 2,193 | |||||
Juniper Networks Inc. | 98,232 | 2,084 | |||||
* | Take-Two Interactive Software Inc. | 17,716 | 1,904 | ||||
* | IAC/InterActiveCorp | 9,136 | 1,863 | ||||
DXC Technology Co. | 75,828 | 1,828 | |||||
* | VeriSign Inc. | 9,596 | 1,821 |
28
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
* | Nuance Communications Inc. | 83,638 | 1,808 | ||||
* | CACI International Inc. Class A | 7,333 | 1,797 | ||||
* | Ciena Corp. | 45,607 | 1,754 | ||||
MKS Instruments Inc. | 16,078 | 1,611 | |||||
* | Arrow Electronics Inc. | 23,880 | 1,601 | ||||
SYNNEX Corp. | 12,339 | 1,543 | |||||
Lam Research Corp. | 5,236 | 1,536 | |||||
* | Zynga Inc. | 198,215 | 1,330 | ||||
* | Cree Inc. | 29,657 | 1,327 | ||||
* | IPG Photonics Corp. | 9,841 | 1,256 | ||||
LogMeIn Inc. | 14,229 | 1,213 | |||||
Jabil Inc. | 34,801 | 1,115 | |||||
Dolby Laboratories Inc. | 15,814 | 1,039 | |||||
* | ViaSat Inc. | 16,549 | 952 | ||||
* | Coherent Inc. | 7,178 | 924 | ||||
Sabre Corp. | 67,020 | 912 | |||||
Avnet Inc. | 29,250 | 897 | |||||
* | Electronic Arts Inc. | 8,272 | 839 | ||||
* | CommScope Holding Co. Inc. | 55,128 | 607 | ||||
* | EchoStar Corp. | 14,699 | 513 | ||||
* | Dell Technologies Inc. | 12,095 | 489 | ||||
Citrix Systems Inc. | 3,987 | 412 | |||||
* | Ceridian HCM Holding Inc. | 5,120 | 362 | ||||
* | Akamai Technologies Inc. | 3,996 | 346 | ||||
SS&C Technologies Holdings Inc. | 6,132 | 340 | |||||
* | Covetrus Inc. | 27,975 | 311 | ||||
* | Cerence Inc. | 10,451 | 227 | ||||
* | SolarWinds Corp. | 9,254 | 169 | ||||
* | F5 Networks Inc. | 1,317 | 158 | ||||
* | Dynatrace Inc. | 4,522 | 146 | ||||
* | Medallia Inc. | 1,311 | 33 | ||||
249,539 | |||||||
Utilities (11.2%) | |||||||
AT&T Inc. | 2,162,392 | 76,159 | |||||
Verizon Communications Inc. | 1,225,558 | 66,376 | |||||
NextEra Energy Inc. | 144,322 | 36,479 | |||||
Duke Energy Corp. | 215,854 | 19,794 | |||||
Dominion Energy Inc. | 243,508 | 19,037 | |||||
Southern Co. | 308,161 | 18,601 | |||||
American Electric Power Co. Inc. | 146,269 | 13,056 | |||||
Exelon Corp. | 286,804 | 12,364 | |||||
Sempra Energy | 83,513 | 11,673 | |||||
Xcel Energy Inc. | 155,178 | 9,671 | |||||
WEC Energy Group Inc. | 93,463 | 8,629 | |||||
Eversource Energy | 95,646 | 8,270 | |||||
Consolidated Edison Inc. | 98,295 | 7,748 | |||||
Public Service Enterprise Group Inc. | 149,030 | 7,647 | |||||
FirstEnergy Corp. | 159,567 | 7,106 | |||||
Edison International | 103,381 | 6,946 | |||||
Entergy Corp. | 58,567 | 6,847 | |||||
American Water Works Co. Inc. | 53,245 | 6,584 | |||||
PPL Corp. | 213,275 | 6,400 | |||||
DTE Energy Co. | 54,790 | 6,118 | |||||
Ameren Corp. | 72,405 | 5,720 | |||||
CMS Energy Corp. | 83,671 | 5,055 | |||||
Evergy Inc. | 67,437 | 4,407 | |||||
* | T-Mobile US Inc. | 44,413 | 4,004 | ||||
CenturyLink Inc. | 323,109 | 3,900 | |||||
Alliant Energy Corp. | 71,115 | 3,707 | |||||
Atmos Energy Corp. | 34,426 | 3,555 | |||||
CenterPoint Energy Inc. | 148,244 | 3,413 | |||||
AES Corp. | 196,305 | 3,284 | |||||
Pinnacle West Capital Corp. | 33,514 | 2,999 | |||||
NiSource Inc. | 110,801 | 2,994 |
29
Vanguard® Russell 1000 Value Index Fund
Schedule of Investments
February 29, 2020
Market | |||||||
Value | |||||||
Shares | ($000) | ||||||
Essential Utilities Inc. | 64,120 | 2,758 | |||||
NRG Energy Inc. | 74,851 | 2,486 | |||||
* | PG&E Corp. | 158,190 | 2,452 | ||||
Vistra Energy Corp. | 125,304 | 2,410 | |||||
OGE Energy Corp. | 58,783 | 2,240 | |||||
UGI Corp. | 61,000 | 2,198 | |||||
* | GCI Liberty Inc. Class A | 28,981 | 2,003 | ||||
* | Sprint Corp. | 169,205 | 1,555 | ||||
IDACORP Inc. | 14,848 | 1,435 | |||||
Hawaiian Electric Industries Inc. | 32,104 | 1,375 | |||||
National Fuel Gas Co. | 24,347 | 891 | |||||
Avangrid Inc. | 16,427 | 816 | |||||
Telephone & Data Systems Inc. | 28,842 | 581 | |||||
* | United States Cellular Corp. | 4,591 | 144 | ||||
421,887 | |||||||
Total Common Stocks (Cost $3,778,866) | 3,750,346 |
Coupon | |||||
Temporary Cash Investments (0.1%) | |||||
Money Market Fund (0.1%) | |||||
1,2 | Vanguard Market Liquidity Fund | 1.706% | 14,693 | 1,470 |
Face | |||||||||||||
Maturity | Amount | ||||||||||||
Date | ($000) | ||||||||||||
U.S. Government and Agency Obligations (0.0%) | |||||||||||||
3 | United States Treasury Bill | 1.527%—1.541% | 4/30/20 | 450 | 449 | ||||||||
Total Temporary Cash Investments (Cost $1,918) | 1,919 | ||||||||||||
Total Investments (99.9%) (Cost $3,780,784) | 3,752,265 | ||||||||||||
Other Assets and Liabilities—Net (0.1%)2 | 4,570 | ||||||||||||
Net Assets (100%) | 3,756,835 |
Cost rounded to $000.
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,107,000. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
2 | Collateral of $1,464,000 was received for securities on loan. |
3 | Securities with a value of $271,000 have been segregated as initial margin for open futures contracts. REIT—Real Estate Investment Trust. |
30
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Common Stocks (99.8%) | ||||||||||
Consumer Discretionary (18.0%) | ||||||||||
* | Amazon.com Inc. | 178,953 | 337,103 | |||||||
* | Netflix Inc. | 182,155 | 67,221 | |||||||
Home Depot Inc. | 271,653 | 59,177 | ||||||||
Costco Wholesale Corp. | 189,982 | 53,412 | ||||||||
NIKE Inc. | 533,451 | 47,680 | ||||||||
* | Tesla Inc. | 62,446 | 41,713 | |||||||
Starbucks Corp. | 510,486 | 40,037 | ||||||||
Comcast Corp. | 915,604 | 37,018 | ||||||||
Lowe's Cos. Inc. | 334,042 | 35,599 | ||||||||
TJX Cos. Inc. | 525,044 | 31,398 | ||||||||
* | Booking Holdings Inc. | 18,055 | 30,615 | |||||||
* | Charter Communications Inc. | 39,036 | 19,251 | |||||||
Estee Lauder Cos. Inc. Class A | 94,149 | 17,286 | ||||||||
Ross Stores Inc. | 153,059 | 16,650 | ||||||||
Dollar General Corp. | 105,406 | 15,843 | ||||||||
Marriott International Inc. | 118,654 | 14,713 | ||||||||
* | O'Reilly Automotive Inc. | 32,195 | 11,871 | |||||||
Hilton Worldwide Holdings Inc. | 120,386 | 11,702 | ||||||||
eBay Inc. | 332,916 | 11,532 | ||||||||
* | Lululemon Athletica Inc. | 51,024 | 11,093 | |||||||
* | AutoZone Inc. | 10,248 | 10,581 | |||||||
Yum! Brands Inc. | 116,221 | 10,373 | ||||||||
McDonald's Corp. | 52,440 | 10,182 | ||||||||
VF Corp. | 133,190 | 9,590 | ||||||||
* | Chipotle Mexican Grill Inc. | 11,060 | 8,556 | |||||||
* | Spotify Technology SA | 51,127 | 7,011 | |||||||
* | Ulta Beauty Inc. | 24,482 | 6,294 | |||||||
* | Burlington Stores Inc. | 28,152 | 6,088 | |||||||
Domino's Pizza Inc. | 17,697 | 6,007 | ||||||||
Yum China Holdings Inc. | 125,760 | 5,507 | ||||||||
Darden Restaurants Inc. | 52,882 | 5,156 | ||||||||
* | NVR Inc. | 1,400 | 5,134 | |||||||
Expedia Group Inc. | 52,030 | 5,131 | ||||||||
* | Trade Desk Inc. | 16,941 | 4,866 | |||||||
* | Dollar Tree Inc. | 54,944 | 4,562 | |||||||
Tractor Supply Co. | 51,242 | 4,535 | ||||||||
Hasbro Inc. | 54,614 | 4,219 | ||||||||
* | Roku Inc. | 36,631 | 4,164 | |||||||
Las Vegas Sands Corp. | 70,549 | 4,114 | ||||||||
* | Bright Horizons Family Solutions Inc. | 24,858 | 3,906 | |||||||
Wynn Resorts Ltd. | 35,008 | 3,780 | ||||||||
Sirius XM Holdings Inc. | 587,444 | 3,724 | ||||||||
Pool Corp. | 16,718 | 3,527 | ||||||||
Omnicom Group Inc. | 49,463 | 3,427 | ||||||||
* | Live Nation Entertainment Inc. | 56,032 | 3,405 | |||||||
* | Altice USA Inc. | 130,657 | 3,379 | |||||||
Vail Resorts Inc. | 15,546 | 3,305 | ||||||||
ViacomCBS Inc. Class B | 129,528 | 3,188 | ||||||||
Lennar Corp. Class A | 50,395 | 3,041 | ||||||||
Cable One Inc. | 1,893 | 2,978 | ||||||||
* | Etsy Inc. | 50,778 | 2,935 | |||||||
* | CarMax Inc. | 33,522 | 2,927 | |||||||
* | WABCO Holdings Inc. | 18,722 | 2,529 | |||||||
* | Planet Fitness Inc. | 35,145 | 2,372 | |||||||
* | Five Below Inc. | 23,811 | 2,308 | |||||||
Rollins Inc. | 60,261 | 2,256 | ||||||||
Dunkin' Brands Group Inc. | 33,706 | 2,242 | ||||||||
* | IAA Inc. | 52,335 | 2,236 | |||||||
Polaris Inc. | 21,936 | 1,810 | ||||||||
* | Wayfair Inc. | 27,508 | 1,739 | |||||||
Nexstar Media Group Inc. | 14,732 | 1,694 | ||||||||
31
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Nordstrom Inc. | 46,047 | 1,598 | ||||||||
*,^ | Carvana Co. | 19,182 | 1,590 | |||||||
Hanesbrands Inc. | 118,809 | 1,573 | ||||||||
* | Uber Technologies Inc. | 44,765 | 1,516 | |||||||
Best Buy Co. Inc. | 20,017 | 1,514 | ||||||||
* | Floor & Decor Holdings Inc. Class A | 29,414 | 1,502 | |||||||
Wendy's Co. | 78,986 | 1,491 | ||||||||
* | Tempur Sealy International Inc. | 19,507 | 1,458 | |||||||
Service Corp. International | 27,165 | 1,298 | ||||||||
* | Mattel Inc. | 100,621 | 1,186 | |||||||
Fortune Brands Home & Security Inc. | 18,931 | 1,169 | ||||||||
Target Corp. | 11,263 | 1,160 | ||||||||
* | Ollie's Bargain Outlet Holdings Inc. | 22,385 | 1,139 | |||||||
KAR Auction Services Inc. | 51,483 | 991 | ||||||||
TripAdvisor Inc. | 40,488 | 949 | ||||||||
Advance Auto Parts Inc. | 6,983 | 929 | ||||||||
World Wrestling Entertainment Inc. | 19,522 | 913 | ||||||||
Carter's Inc. | 8,482 | 776 | ||||||||
* | Under Armour Inc. Class A | 52,396 | 743 | |||||||
* | Norwegian Cruise Line Holdings Ltd. | 18,564 | 692 | |||||||
* | Under Armour Inc. Class C | 54,493 | 680 | |||||||
Columbia Sportswear Co. | 8,306 | 675 | ||||||||
* | Skechers U.S.A. Inc. | 20,264 | 670 | |||||||
* | Capri Holdings Ltd. | 25,148 | 649 | |||||||
Wyndham Hotels & Resorts Inc. | 12,127 | 618 | ||||||||
Aptiv plc | 7,410 | 579 | ||||||||
* | AMC Networks Inc. | 18,480 | 573 | |||||||
Choice Hotels International Inc. | 6,191 | 565 | ||||||||
* | LKQ Corp. | 18,920 | 560 | |||||||
Sinclair Broadcast Group Inc. | 24,026 | 558 | ||||||||
New York Times Co. | 12,967 | 486 | ||||||||
MGM Resorts International | 17,682 | 434 | ||||||||
Williams-Sonoma Inc. | 6,116 | 382 | ||||||||
Fox Corp. Class A | 12,355 | 380 | ||||||||
Interpublic Group of Cos. Inc. | 16,703 | 357 | ||||||||
* | Lyft Inc. Class A | 9,068 | 346 | |||||||
Nielsen Holdings plc | 18,893 | 344 | ||||||||
L Brands Inc. | 15,227 | 330 | ||||||||
* | ServiceMaster Global Holdings Inc. | 9,204 | 329 | |||||||
H&R Block Inc. | 13,199 | 273 | ||||||||
Fox Corp. Class B | 8,620 | 262 | ||||||||
* | 2U Inc. | 8,765 | 206 | |||||||
* | Madison Square Garden Co. | 740 | 198 | |||||||
* | Grand Canyon Education Inc. | 1,881 | 152 | |||||||
* | Hilton Grand Vacations Inc. | 5,364 | 143 | |||||||
Six Flags Entertainment Corp. | 3,175 | 80 | ||||||||
Lennar Corp. | 1,418 | 68 | ||||||||
1,130,776 | ||||||||||
Consumer Staples (3.4%) | ||||||||||
PepsiCo Inc. | 509,065 | 67,212 | ||||||||
Coca-Cola Co. | 1,131,674 | 60,533 | ||||||||
Altria Group Inc. | 394,749 | 15,936 | ||||||||
Sysco Corp. | 205,935 | 13,726 | ||||||||
* | Monster Beverage Corp. | 165,171 | 10,308 | |||||||
Hershey Co. | 54,579 | 7,859 | ||||||||
Church & Dwight Co. Inc. | 106,520 | 7,405 | ||||||||
Clorox Co. | 44,473 | 7,090 | ||||||||
Procter & Gamble Co. | 62,250 | 7,049 | ||||||||
McCormick & Co. Inc. | 34,183 | 4,997 | ||||||||
Brown-Forman Corp. | 67,131 | 4,122 | ||||||||
Kellogg Co. | 41,124 | 2,487 | ||||||||
Campbell Soup Co. | 40,861 | 1,844 | ||||||||
Lamb Weston Holdings Inc. | 16,106 | 1,399 | ||||||||
* | Post Holdings Inc. | 12,420 | 1,258 |
32
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
McKesson Corp. | 8,568 | 1,198 | ||||||||
Brown-Forman Corp. Class A | 20,092 | 1,179 | ||||||||
Casey's General Stores Inc. | 3,926 | 640 | ||||||||
* | Sprouts Farmers Market Inc. | 23,600 | 377 | |||||||
* | Herbalife Nutrition Ltd. | 6,577 | 213 | |||||||
* | Pilgrim's Pride Corp. | 8,037 | 170 | |||||||
* | TreeHouse Foods Inc. | 3,991 | 152 | |||||||
Grocery Outlet Holding Corp. | 3,533 | 112 | ||||||||
217,266 | ||||||||||
Energy (0.2%) | ||||||||||
ONEOK Inc. | 56,676 | 3,782 | ||||||||
Pioneer Natural Resources Co. | 30,093 | 3,695 | ||||||||
* | Cheniere Energy Inc. | 56,702 | 2,908 | |||||||
Cabot Oil & Gas Corp. | 107,469 | 1,497 | ||||||||
Parsley Energy Inc. | 74,348 | 996 | ||||||||
Diamondback Energy Inc. | 14,553 | 902 | ||||||||
Equitrans Midstream Corp. | 8,819 | 62 | ||||||||
13,842 | ||||||||||
Financial Services (12.3%) | ||||||||||
Visa Inc. | 741,504 | 134,776 | ||||||||
Mastercard Inc. | 383,723 | 111,376 | ||||||||
* | PayPal Holdings Inc. | 508,046 | 54,864 | |||||||
American Tower Corp. | 189,885 | 43,066 | ||||||||
S&P Global Inc. | 106,389 | 28,290 | ||||||||
* | Fiserv Inc. | 243,795 | 26,661 | |||||||
Crown Castle International Corp. | 179,222 | 25,681 | ||||||||
Global Payments Inc. | 128,867 | 23,708 | ||||||||
Fidelity National Information Services Inc. | 161,383 | 22,548 | ||||||||
Aon plc | 101,213 | 21,052 | ||||||||
Equinix Inc. | 36,736 | 21,042 | ||||||||
Marsh & McLennan Cos. Inc. | 192,481 | 20,126 | ||||||||
American Express Co. | 161,812 | 17,788 | ||||||||
Moody's Corp. | 71,094 | 17,065 | ||||||||
Simon Property Group Inc. | 117,728 | 14,490 | ||||||||
SBA Communications Corp. | 48,291 | 12,801 | ||||||||
* | Square Inc. | 148,556 | 12,379 | |||||||
Charles Schwab Corp. | 297,758 | 12,134 | ||||||||
MSCI Inc. | 35,398 | 10,458 | ||||||||
Public Storage | 48,266 | 10,093 | ||||||||
* | FleetCor Technologies Inc. | 36,719 | 9,760 | |||||||
Intercontinental Exchange Inc. | 94,577 | 8,438 | ||||||||
TransUnion | 80,564 | 7,164 | ||||||||
Equifax Inc. | 43,819 | 6,224 | ||||||||
Progressive Corp. | 82,630 | 6,045 | ||||||||
MarketAxess Holdings Inc. | 15,864 | 5,145 | ||||||||
Equity LifeStyle Properties Inc. | 74,968 | 5,123 | ||||||||
Broadridge Financial Solutions Inc. | 48,837 | 5,097 | ||||||||
* | Fair Isaac Corp. | 12,275 | 4,616 | |||||||
Jack Henry & Associates Inc. | 29,294 | 4,445 | ||||||||
Extra Space Storage Inc. | 43,827 | 4,398 | ||||||||
FactSet Research Systems Inc. | 16,259 | 4,325 | ||||||||
TD Ameritrade Holding Corp. | 100,730 | 4,254 | ||||||||
* | WEX Inc. | 18,576 | 3,478 | |||||||
T. Rowe Price Group Inc. | 28,335 | 3,344 | ||||||||
Discover Financial Services | 47,637 | 3,124 | ||||||||
Lamar Advertising Co. | 37,061 | 3,103 | ||||||||
* | CBRE Group Inc. | 53,728 | 3,016 | |||||||
LPL Financial Holdings Inc. | 34,667 | 2,755 | ||||||||
* | Euronet Worldwide Inc. | 21,678 | 2,689 | |||||||
Americold Realty Trust | 83,561 | 2,563 | ||||||||
Synchrony Financial | 75,808 | 2,206 | ||||||||
Travelers Cos. Inc. | 17,975 | 2,154 | ||||||||
Arthur J Gallagher & Co. | 16,531 | 1,612 | ||||||||
* | Credit Acceptance Corp. | 3,943 | 1,590 |
33
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Sun Communities Inc. | 9,536 | 1,458 | ||||||||
Primerica Inc. | 12,929 | 1,440 | ||||||||
SEI Investments Co. | 26,199 | 1,433 | ||||||||
Signature Bank | 11,339 | 1,419 | ||||||||
Cboe Global Markets Inc. | 11,663 | 1,330 | ||||||||
CoreSite Realty Corp. | 12,753 | 1,323 | ||||||||
Everest Re Group Ltd. | 5,207 | 1,291 | ||||||||
First Republic Bank | 12,824 | 1,290 | ||||||||
Morningstar Inc. | 8,423 | 1,237 | ||||||||
American Homes 4 Rent | 46,863 | 1,213 | ||||||||
RenaissanceRe Holdings Ltd. | 7,084 | 1,207 | ||||||||
Ameriprise Financial Inc. | 7,472 | 1,056 | ||||||||
Raymond James Financial Inc. | 12,525 | 1,047 | ||||||||
* | Athene Holding Ltd. Class A | 24,917 | 1,028 | |||||||
Erie Indemnity Co. | 6,947 | 993 | ||||||||
* | LendingTree Inc. | 3,275 | 903 | |||||||
Western Union Co. | 40,166 | 899 | ||||||||
* | Arch Capital Group Ltd. | 22,089 | 893 | |||||||
E*TRADE Financial Corp. | 17,774 | 814 | ||||||||
Lazard Ltd. | 17,028 | 610 | ||||||||
* | Markel Corp. | 496 | 586 | |||||||
* | Howard Hughes Corp. | 5,330 | 575 | |||||||
Brookfield Property REIT Inc. Class A | 28,279 | 461 | ||||||||
Interactive Brokers Group Inc. | 8,405 | 429 | ||||||||
Iron Mountain Inc. | 13,588 | 413 | ||||||||
Evercore Inc. | 6,200 | 413 | ||||||||
* | Alleghany Corp. | 604 | 406 | |||||||
Jones Lang LaSalle Inc. | 2,452 | 362 | ||||||||
* | SVB Financial Group | 1,654 | 344 | |||||||
Kemper Corp. | 4,829 | 332 | ||||||||
UDR Inc. | 6,194 | 279 | ||||||||
Prosperity Bancshares Inc. | 4,304 | 278 | ||||||||
Outfront Media Inc. | 9,301 | 245 | ||||||||
Brown & Brown Inc. | 5,652 | 243 | ||||||||
Voya Financial Inc. | 4,412 | 232 | ||||||||
Axis Capital Holdings Ltd. | 3,852 | 216 | ||||||||
Western Alliance Bancorp | 4,432 | 204 | ||||||||
Comerica Inc. | 3,481 | 183 | ||||||||
Alliance Data Systems Corp. | 2,035 | 175 | ||||||||
Virtu Financial Inc. | 8,524 | 160 | ||||||||
Synovus Financial Corp. | 4,921 | 143 | ||||||||
CIT Group Inc. | 3,418 | 136 | ||||||||
CoreLogic Inc. | 1,919 | 87 | ||||||||
Colony Capital Inc. | 12,504 | 50 | ||||||||
776,902 | ||||||||||
Health Care (13.8%) | ||||||||||
UnitedHealth Group Inc. | 409,069 | 104,296 | ||||||||
Merck & Co. Inc. | 1,045,526 | 80,045 | ||||||||
AbbVie Inc. | 639,505 | 54,812 | ||||||||
Amgen Inc. | 238,557 | 47,647 | ||||||||
Eli Lilly & Co. | 367,823 | 46,394 | ||||||||
Bristol-Myers Squibb Co. | 593,588 | 35,057 | ||||||||
Thermo Fisher Scientific Inc. | 117,383 | 34,135 | ||||||||
Stryker Corp. | 148,243 | 28,254 | ||||||||
Zoetis Inc. | 207,092 | 27,591 | ||||||||
* | Intuitive Surgical Inc. | 49,526 | 26,445 | |||||||
* | Vertex Pharmaceuticals Inc. | 110,891 | 24,843 | |||||||
Abbott Laboratories | 322,281 | 24,825 | ||||||||
Johnson & Johnson | 173,452 | 23,326 | ||||||||
* | Boston Scientific Corp. | 600,195 | 22,441 | |||||||
* | Edwards Lifesciences Corp. | 89,681 | 18,370 | |||||||
* | Illumina Inc. | 63,408 | 16,846 | |||||||
* | Centene Corp. | 213,712 | 11,331 | |||||||
* | DexCom Inc. | 39,055 | 10,779 |
34
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
ResMed Inc. | 61,379 | 9,757 | ||||||||
Cerner Corp. | 134,812 | 9,338 | ||||||||
* | IDEXX Laboratories Inc. | 36,660 | 9,330 | |||||||
Cigna Corp. | 48,522 | 8,877 | ||||||||
HCA Healthcare Inc. | 69,462 | 8,822 | ||||||||
* | Biogen Inc. | 26,722 | 8,241 | |||||||
Anthem Inc. | 32,028 | 8,234 | ||||||||
Baxter International Inc. | 97,702 | 8,155 | ||||||||
* | Veeva Systems Inc. | 56,620 | 8,038 | |||||||
Humana Inc. | 24,537 | 7,844 | ||||||||
* | Align Technology Inc. | 33,683 | 7,355 | |||||||
* | BioMarin Pharmaceutical Inc. | 76,901 | 6,950 | |||||||
Teleflex Inc. | 20,017 | 6,706 | ||||||||
* | Alexion Pharmaceuticals Inc. | 69,686 | 6,553 | |||||||
* | Incyte Corp. | 76,419 | 5,763 | |||||||
* | Seattle Genetics Inc. | 49,334 | 5,617 | |||||||
AmerisourceBergen Corp. Class A | 65,710 | 5,541 | ||||||||
Gilead Sciences Inc. | 79,445 | 5,510 | ||||||||
* | Exact Sciences Corp. | 60,508 | 4,898 | |||||||
* | Insulet Corp. | 25,635 | 4,870 | |||||||
* | Varian Medical Systems Inc. | 39,187 | 4,819 | |||||||
* | IQVIA Holdings Inc. | 32,483 | 4,531 | |||||||
* | Alnylam Pharmaceuticals Inc. | 38,059 | 4,478 | |||||||
* | Hologic Inc. | 92,507 | 4,359 | |||||||
* | Neurocrine Biosciences Inc. | 39,022 | 3,695 | |||||||
West Pharmaceutical Services Inc. | 23,983 | 3,611 | ||||||||
* | Sarepta Therapeutics Inc. | 30,665 | 3,510 | |||||||
* | Masimo Corp. | 20,470 | 3,343 | |||||||
* | Regeneron Pharmaceuticals Inc. | 7,364 | 3,274 | |||||||
* | Charles River Laboratories International Inc. | 21,020 | 3,270 | |||||||
Bio-Techne Corp. | 16,262 | 3,072 | ||||||||
* | ABIOMED Inc. | 19,073 | 2,866 | |||||||
Chemed Corp. | 6,774 | 2,829 | ||||||||
* | Ionis Pharmaceuticals Inc. | 55,385 | 2,812 | |||||||
* | Molina Healthcare Inc. | 21,116 | 2,588 | |||||||
* | PRA Health Sciences Inc. | 27,253 | 2,567 | |||||||
* | Jazz Pharmaceuticals plc | 21,001 | 2,406 | |||||||
Becton Dickinson and Co. | 9,956 | 2,368 | ||||||||
* | Penumbra Inc. | 13,575 | 2,252 | |||||||
* | Moderna Inc. | 84,552 | 2,192 | |||||||
Danaher Corp. | 14,049 | 2,031 | ||||||||
Bruker Corp. | 44,050 | 1,919 | ||||||||
Encompass Health Corp. | 21,087 | 1,578 | ||||||||
Avantor Inc. | 96,712 | 1,523 | ||||||||
Hill-Rom Holdings Inc. | 14,717 | 1,414 | ||||||||
* | Guardant Health Inc. | 15,728 | 1,368 | |||||||
* | Envista Holdings Corp. | 41,619 | 1,056 | |||||||
* | Sage Therapeutics Inc. | 21,796 | 1,024 | |||||||
Agilent Technologies Inc. | 12,985 | 1,001 | ||||||||
* | Exelixis Inc. | 51,996 | 967 | |||||||
Cooper Cos. Inc. | 2,822 | 916 | ||||||||
PerkinElmer Inc. | 10,319 | 892 | ||||||||
Cantel Medical Corp. | 8,949 | 565 | ||||||||
* | ICU Medical Inc. | 2,507 | 491 | |||||||
* | Henry Schein Inc. | 8,043 | 490 | |||||||
* | Laboratory Corp. of America Holdings | 2,629 | 462 | |||||||
STERIS plc | 2,064 | 327 | ||||||||
* | Horizon Therapeutics plc | 8,952 | 306 | |||||||
* | Nektar Therapeutics Class A | 10,982 | 229 | |||||||
*,^ | Change Healthcare Inc. | 11,207 | 152 | |||||||
* | Adaptive Biotechnologies Corp. | 5,123 | 144 | |||||||
* | Agios Pharmaceuticals Inc. | 2,336 | 111 | |||||||
867,644 |
35
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Materials & Processing (1.7%) | ||||||||||
Ecolab Inc. | 109,071 | 19,682 | ||||||||
Sherwin-Williams Co. | 35,864 | 18,533 | ||||||||
Ingersoll-Rand plc | 97,916 | 12,635 | ||||||||
Ball Corp. | 139,540 | 9,832 | ||||||||
Fastenal Co. | 223,805 | 7,659 | ||||||||
Vulcan Materials Co. | 51,998 | 6,253 | ||||||||
Avery Dennison Corp. | 33,632 | 3,850 | ||||||||
PPG Industries Inc. | 32,912 | 3,438 | ||||||||
Lennox International Inc. | 13,742 | 3,135 | ||||||||
Air Products & Chemicals Inc. | 13,542 | 2,974 | ||||||||
* | Crown Holdings Inc. | 31,984 | 2,255 | |||||||
Hexcel Corp. | 34,468 | 2,228 | ||||||||
Armstrong World Industries Inc. | 20,811 | 2,084 | ||||||||
Martin Marietta Materials Inc. | 8,531 | 1,941 | ||||||||
Scotts Miracle-Gro Co. | 16,818 | 1,782 | ||||||||
WR Grace & Co. | 24,329 | 1,376 | ||||||||
Eagle Materials Inc. | 14,911 | 1,177 | ||||||||
AptarGroup Inc. | 11,276 | 1,140 | ||||||||
NewMarket Corp. | 2,683 | 1,042 | ||||||||
Southern Copper Corp. | 25,376 | 854 | ||||||||
Royal Gold Inc. | 8,805 | 849 | ||||||||
* | Berry Global Group Inc. | 21,552 | 818 | |||||||
* | Axalta Coating Systems Ltd. | 27,086 | 675 | |||||||
RPM International Inc. | 9,168 | 588 | ||||||||
Acuity Brands Inc. | 4,444 | 457 | ||||||||
AO Smith Corp. | 9,717 | 384 | ||||||||
* | Element Solutions Inc. | 36,831 | 383 | |||||||
CF Industries Holdings Inc. | 9,300 | 343 | ||||||||
Sealed Air Corp. | 4,841 | 147 | ||||||||
108,514 | ||||||||||
Producer Durables (9.7%) | ||||||||||
Boeing Co. | 228,858 | 62,961 | ||||||||
Accenture plc Class A | 275,791 | 49,805 | ||||||||
Union Pacific Corp. | 300,281 | 47,988 | ||||||||
Lockheed Martin Corp. | 106,969 | 39,565 | ||||||||
Automatic Data Processing Inc. | 188,009 | 29,093 | ||||||||
3M Co. | 185,125 | 27,628 | ||||||||
United Parcel Service Inc. | 301,937 | 27,322 | ||||||||
Honeywell International Inc. | 151,706 | 24,602 | ||||||||
Illinois Tool Works Inc. | 138,295 | 23,203 | ||||||||
Northrop Grumman Corp. | 68,411 | 22,496 | ||||||||
Waste Management Inc. | 143,434 | 15,894 | ||||||||
Raytheon Co. | 74,951 | 14,133 | ||||||||
Paychex Inc. | 138,878 | 10,760 | ||||||||
Verisk Analytics Inc. | 68,810 | �� | 10,673 | |||||||
* | CoStar Group Inc. | 15,553 | 10,383 | |||||||
Cintas Corp. | 36,213 | 9,659 | ||||||||
TransDigm Group Inc. | 17,270 | 9,633 | ||||||||
Rockwell Automation Inc. | 49,794 | 9,137 | ||||||||
CSX Corp. | 116,079 | 8,178 | ||||||||
* | Keysight Technologies Inc. | 81,210 | 7,695 | |||||||
* | Copart Inc. | 86,816 | 7,334 | |||||||
* | Mettler-Toledo International Inc. | 10,370 | 7,277 | |||||||
AMETEK Inc. | 77,740 | 6,686 | ||||||||
Xylem Inc. | 77,017 | 5,957 | ||||||||
Southwest Airlines Co. | 121,516 | 5,613 | ||||||||
* | Waters Corp. | 27,567 | 5,373 | |||||||
WW Grainger Inc. | 18,630 | 5,171 | ||||||||
* | Zebra Technologies Corp. | 23,083 | 4,870 | |||||||
Booz Allen Hamilton Holding Corp. | 59,243 | 4,224 | ||||||||
Expeditors International of Washington Inc. | 52,788 | 3,717 | ||||||||
Graco Inc. | 70,982 | 3,501 | ||||||||
Allegion plc | 30,239 | 3,477 |
36
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Nordson Corp. | 22,598 | 3,284 | ||||||||
Toro Co. | 45,822 | 3,273 | ||||||||
Genpact Ltd. | 80,257 | 3,087 | ||||||||
Carlisle Cos. Inc. | 21,129 | 3,070 | ||||||||
* | United Rentals Inc. | 23,127 | 3,064 | |||||||
CH Robinson Worldwide Inc. | 44,170 | 3,043 | ||||||||
HEICO Corp. Class A | 33,604 | 2,968 | ||||||||
Huntington Ingalls Industries Inc. | 13,714 | 2,819 | ||||||||
Dover Corp. | 27,329 | 2,808 | ||||||||
Norfolk Southern Corp. | 15,176 | 2,767 | ||||||||
* | Middleby Corp. | 24,022 | 2,686 | |||||||
IDEX Corp. | 17,226 | 2,549 | ||||||||
Robert Half International Inc. | 49,034 | 2,472 | ||||||||
Donaldson Co. Inc. | 54,017 | 2,435 | ||||||||
Roper Technologies Inc. | 6,769 | 2,381 | ||||||||
Deere & Co. | 15,062 | 2,357 | ||||||||
Delta Air Lines Inc. | 49,925 | 2,303 | ||||||||
Old Dominion Freight Line Inc. | 11,838 | 2,294 | ||||||||
Caterpillar Inc. | 18,194 | 2,260 | ||||||||
Spirit AeroSystems Holdings Inc. | 40,109 | 2,119 | ||||||||
Woodward Inc. | 19,692 | 2,032 | ||||||||
Lincoln Electric Holdings Inc. | 24,199 | 1,982 | ||||||||
Fortive Corp. | 28,293 | 1,957 | ||||||||
Allison Transmission Holdings Inc. | 47,618 | 1,933 | ||||||||
* | Paylocity Holding Corp. | 14,901 | 1,930 | |||||||
HEICO Corp. | 16,693 | 1,800 | ||||||||
Hubbell Inc. | 12,733 | 1,697 | ||||||||
* | XPO Logistics Inc. | 22,694 | 1,679 | |||||||
BWX Technologies Inc. | 30,109 | 1,651 | ||||||||
Landstar System Inc. | 15,405 | 1,555 | ||||||||
Westinghouse Air Brake Technologies Corp. | 21,453 | 1,474 | ||||||||
Emerson Electric Co. | 22,846 | 1,465 | ||||||||
* | United Airlines Holdings Inc. | 21,862 | 1,346 | |||||||
Alaska Air Group Inc. | 23,512 | 1,186 | ||||||||
General Dynamics Corp. | 7,309 | 1,167 | ||||||||
* | Sensata Technologies Holding plc | 28,492 | 1,162 | |||||||
JB Hunt Transport Services Inc. | 11,330 | 1,093 | ||||||||
* | Trimble Inc. | 18,283 | 722 | |||||||
Republic Services Inc. | 6,140 | 554 | ||||||||
Quanta Services Inc. | 13,781 | 525 | ||||||||
Flowserve Corp. | 12,058 | 485 | ||||||||
American Airlines Group Inc. | 17,156 | 327 | ||||||||
FLIR Systems Inc. | 5,243 | 223 | ||||||||
* | JetBlue Airways Corp. | 11,241 | 177 | |||||||
Air Lease Corp. | 3,247 | 125 | ||||||||
National Instruments Corp. | 3,047 | 123 | ||||||||
608,417 | ||||||||||
Technology (40.5%) | ||||||||||
Microsoft Corp. | 3,271,585 | 530,030 | ||||||||
Apple Inc. | 1,922,958 | 525,660 | ||||||||
* | Facebook Inc. | 1,033,868 | 198,989 | |||||||
* | Alphabet Inc. Class C | 130,202 | 174,383 | |||||||
* | Alphabet Inc. Class A | 129,033 | 172,807 | |||||||
Cisco Systems Inc. | 1,852,340 | 73,964 | ||||||||
* | Adobe Inc. | 210,497 | 72,647 | |||||||
NVIDIA Corp. | 252,247 | 68,124 | ||||||||
* | salesforce.com Inc. | 358,916 | 61,159 | |||||||
Texas Instruments Inc. | 406,080 | 46,350 | ||||||||
Broadcom Inc. | 166,958 | 45,516 | ||||||||
Oracle Corp. | 887,832 | 43,912 | ||||||||
QUALCOMM Inc. | 493,788 | 38,664 | ||||||||
International Business Machines Corp. | 231,958 | 30,189 | ||||||||
Intuit Inc. | 107,544 | 28,591 | ||||||||
* | ServiceNow Inc. | 80,540 | 26,263 |
37
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | Advanced Micro Devices Inc. | 445,546 | 20,263 | |||||||
Lam Research Corp. | 54,755 | 16,067 | ||||||||
* | Autodesk Inc. | 73,478 | 14,025 | |||||||
Applied Materials Inc. | 213,453 | 12,406 | ||||||||
* | Workday Inc. | 70,216 | 12,165 | |||||||
Amphenol Corp. Class A | 125,715 | 11,526 | ||||||||
* | Electronic Arts Inc. | 113,295 | 11,485 | |||||||
* | Twitter Inc. | 328,526 | 10,907 | |||||||
KLA Corp. | 68,915 | 10,593 | ||||||||
* | Splunk Inc. | 66,947 | 9,863 | |||||||
L3Harris Technologies Inc. | 48,082 | 9,507 | ||||||||
Xilinx Inc. | 110,037 | 9,187 | ||||||||
Motorola Solutions Inc. | 54,579 | 9,043 | ||||||||
* | Synopsys Inc. | 64,558 | 8,905 | |||||||
* | ANSYS Inc. | 35,983 | 8,715 | |||||||
* | Cadence Design Systems Inc. | 120,407 | 7,964 | |||||||
IHS Markit Ltd. | 107,781 | 7,678 | ||||||||
* | RingCentral Inc. | 32,137 | 7,576 | |||||||
* | Palo Alto Networks Inc. | 40,923 | 7,555 | |||||||
* | Atlassian Corp. plc Class A | 50,703 | 7,350 | |||||||
CDW Corp. | 61,484 | 7,023 | ||||||||
* | Fortinet Inc. | 61,580 | 6,285 | |||||||
* | Paycom Software Inc. | 21,247 | 6,005 | |||||||
* | Twilio Inc. | 53,019 | 5,972 | |||||||
* | VeriSign Inc. | 30,805 | 5,845 | |||||||
* | Okta Inc. | 45,286 | 5,799 | |||||||
* | DocuSign Inc. Class A | 66,993 | 5,782 | |||||||
* | Akamai Technologies Inc. | 62,499 | 5,407 | |||||||
* | GoDaddy Inc. | 73,920 | 5,173 | |||||||
* | Tyler Technologies Inc. | 16,507 | 5,172 | |||||||
* | EPAM Systems Inc. | 22,394 | 4,998 | |||||||
Citrix Systems Inc. | 47,862 | 4,948 | ||||||||
* | Arista Networks Inc. | 25,474 | 4,920 | |||||||
* | Gartner Inc. | 37,560 | 4,860 | |||||||
NetApp Inc. | 102,939 | 4,809 | ||||||||
SS&C Technologies Holdings Inc. | 86,234 | 4,786 | ||||||||
Teradyne Inc. | 71,876 | 4,223 | ||||||||
* | Black Knight Inc. | 62,212 | 4,150 | |||||||
* | Coupa Software Inc. | 27,096 | 4,058 | |||||||
* | VMware Inc. | 33,312 | 4,015 | |||||||
* | Guidewire Software Inc. | 35,895 | 3,934 | |||||||
* | IAC/InterActiveCorp | 18,763 | 3,827 | |||||||
* | Zendesk Inc. | 47,790 | 3,790 | |||||||
* | PTC Inc. | 45,125 | 3,409 | |||||||
Cognex Corp. | 70,972 | 3,161 | ||||||||
* | Aspen Technology Inc. | 29,551 | 3,147 | |||||||
* | HubSpot Inc. | 17,511 | 3,142 | |||||||
Entegris Inc. | 58,509 | 3,120 | ||||||||
* | F5 Networks Inc. | 24,450 | 2,933 | |||||||
Universal Display Corp. | 18,459 | 2,931 | ||||||||
Monolithic Power Systems Inc. | 18,147 | 2,879 | ||||||||
* | MongoDB Inc. | 17,963 | 2,739 | |||||||
* | Alteryx Inc. | 19,324 | 2,698 | |||||||
Microchip Technology Inc. | 28,493 | 2,585 | ||||||||
* | Proofpoint Inc. | 24,061 | 2,566 | |||||||
Maxim Integrated Products Inc. | 44,561 | 2,478 | ||||||||
Corning Inc. | 103,053 | 2,459 | ||||||||
CDK Global Inc. | 52,940 | 2,436 | ||||||||
* | Take-Two Interactive Software Inc. | 22,651 | 2,435 | |||||||
Analog Devices Inc. | 21,705 | 2,367 | ||||||||
* | Ceridian HCM Holding Inc. | 32,684 | 2,312 | |||||||
* | RealPage Inc. | 33,778 | 2,165 | |||||||
* | Dell Technologies Inc. | 47,986 | 1,942 | |||||||
* | Grubhub Inc. | 38,825 | 1,868 |
38
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | Manhattan Associates Inc. | 27,405 | 1,846 | |||||||
* | Dropbox Inc. Class A | 89,995 | 1,760 | |||||||
* | Nutanix Inc. | 73,070 | 1,742 | |||||||
* | Smartsheet Inc. Class A | 37,498 | 1,736 | |||||||
* | Avalara Inc. | 19,812 | 1,679 | |||||||
* | Anaplan Inc. | 37,340 | 1,678 | |||||||
* | Pure Storage Inc. | 101,145 | 1,543 | |||||||
*,^ | Match Group Inc. | 23,387 | 1,520 | |||||||
Pegasystems Inc. | 16,761 | 1,517 | ||||||||
*,^ | Zscaler Inc. | 27,515 | 1,431 | |||||||
* | Elastic NV | 19,087 | 1,410 | |||||||
* | NCR Corp. | 54,989 | 1,386 | |||||||
* | New Relic Inc. | 21,510 | 1,210 | |||||||
* | FireEye Inc. | 84,770 | 1,122 | |||||||
Cognizant Technology Solutions Corp. | 18,062 | 1,101 | ||||||||
Activision Blizzard Inc. | 17,648 | 1,026 | ||||||||
* | Dynatrace Inc. | 30,297 | 979 | |||||||
* | Teradata Corp. | 47,161 | 940 | |||||||
HP Inc. | 33,460 | 696 | ||||||||
* | Zynga Inc. | 78,559 | 527 | |||||||
Ubiquiti Inc. | 3,716 | 504 | ||||||||
* | Pluralsight Inc. Class A | 26,480 | 472 | |||||||
Jabil Inc. | 13,616 | 436 | ||||||||
* | PagerDuty Inc. | 18,275 | 376 | |||||||
Skyworks Solutions Inc. | 3,719 | 373 | ||||||||
Switch Inc. | 24,947 | 358 | ||||||||
Sabre Corp. | 20,532 | 280 | ||||||||
Dolby Laboratories Inc. | 3,525 | 232 | ||||||||
* | Cree Inc. | 3,385 | 151 | |||||||
* | Medallia Inc. | 5,624 | 140 | |||||||
* | IPG Photonics Corp. | 1,065 | 136 | |||||||
* | SolarWinds Corp. | 5,476 | 100 | |||||||
2,551,988 | ||||||||||
Utilities (0.2%) | ||||||||||
* | T-Mobile US Inc. | 70,691 | 6,374 | |||||||
* | Zayo Group Holdings Inc. | 97,972 | 3,428 | |||||||
9,802 | ||||||||||
Total Common Stocks (Cost $4,599,825) | 6,285,151 |
Coupon | ||||||||||||
Temporary Cash Investments (0.2%) | ||||||||||||
Money Market Fund (0.2%) | ||||||||||||
Vanguard Market Liquidity Fund | 1.706 | % | 107,219 | 10,725 |
Maturity Date | Face Amount ($000) | |||||||||||||
U.S. Government and Agency Obligations (0.0%) | ||||||||||||||
United States Treasury Bill | 1.543 | % | 4/16/20 | 121 | 121 | |||||||||
United States Treasury Bill | 1.551 | % | 5/21/20 | 700 | 698 | |||||||||
819 | ||||||||||||||
Total Temporary Cash Investments (Cost $11,542) | 11,544 |
Total Investments (100.0%) (Cost $4,611,367) | 6,296,695 | |||
Other Assets and Liabilities—Net (0.0%)2 | (2,018 | ) | ||
Net Assets (100%) | 6,294,677 |
Cost rounded to $000. |
* | Non-income-producing security. |
39
Vanguard® Russell 1000 Growth Index Fund
Schedule of Investments
February 29, 2020
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,869,000. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
2 | Collateral of $3,996,000 was received for securities on loan. |
3 | Securities with a value of $672,000 have been segregated as initial margin for open futures contracts. |
REIT—Real Estate Investment Trust. |
40
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41
© 2020 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor.
| |
SNA18482 042020 |
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Common Stocks (99.8%) | |||||
Consumer Discretionary (12.5%) | |||||
* | Deckers Outdoor Corp. | 30,624 | 5,322 | ||
* | Chegg Inc. | 129,121 | 5,063 | ||
Churchill Downs Inc. | 38,309 | 4,813 | |||
* | SiteOne Landscape Supply Inc. | 44,550 | 4,422 | ||
Marriott Vacations Worldwide Corp. | 45,157 | 4,370 | |||
Texas Roadhouse Inc. | 72,023 | 4,049 | |||
Cracker Barrel Old Country Store Inc. | 26,214 | 3,757 | |||
* | Eldorado Resorts Inc. | 71,833 | 3,605 | ||
* | Penn National Gaming Inc. | 119,804 | 3,543 | ||
Strategic Education Inc. | 23,256 | 3,427 | |||
TEGNA Inc. | 236,990 | 3,394 | |||
* | Rh | 18,043 | 3,273 | ||
* | Taylor Morrison Home Corp. | 142,500 | 3,209 | ||
* | Murphy USA Inc. | 31,800 | 3,100 | ||
KB Home | 93,505 | 3,047 | |||
Steven Madden Ltd. | 91,539 | 2,993 | |||
* | National Vision Holdings Inc. | 85,501 | 2,977 | ||
Lithia Motors Inc. Class A | 24,442 | 2,912 | |||
Aaron's Inc. | 73,674 | 2,898 | |||
Wingstop Inc. | 31,981 | 2,701 | |||
* | Fox Factory Holding Corp. | 41,061 | 2,603 | ||
LCI Industries | 26,595 | 2,568 | |||
* | Stamps.com Inc. | 18,019 | 2,543 | ||
* | Cimpress plc | 21,703 | 2,526 | ||
* | Meritage Homes Corp. | 39,500 | 2,507 | ||
* | Laureate Education Inc. | 128,779 | 2,408 | ||
Boyd Gaming Corp. | 87,858 | 2,347 | |||
* | BJ's Wholesale Club Holdings Inc. | 121,708 | 2,344 | ||
* | TRI Pointe Group Inc. | 150,809 | 2,312 | ||
* | Adient plc | 95,654 | 2,289 | ||
Wolverine World Wide Inc. | 86,875 | 2,284 | |||
Dana Inc. | 157,291 | 2,262 | |||
American Eagle Outfitters Inc. | 173,148 | 2,230 | |||
MDC Holdings Inc. | 55,038 | 2,165 | |||
* | Avis Budget Group Inc. | 62,732 | 2,031 | ||
Monro Inc. | 35,642 | 2,000 | |||
* | Visteon Corp. | 30,474 | 1,982 | ||
* | Crocs Inc. | 75,180 | 1,967 | ||
Jack in the Box Inc. | 28,119 | 1,936 | |||
* | Cavco Industries Inc. | 9,393 | 1,895 | ||
* | Shake Shack Inc. | 31,644 | 1,881 | ||
* | Gray Television Inc. | 99,413 | 1,881 | ||
* | Asbury Automotive Group Inc. | 21,024 | 1,864 | ||
* | Meritor Inc. | 81,864 | 1,857 | ||
* | Liberty Latin America Ltd. | 122,024 | 1,854 | ||
* | YETI Holdings Inc. | 60,779 | 1,839 | ||
* | Instructure Inc. | 37,706 | 1,839 | ||
* | Adtalem Global Education Inc. | 58,849 | 1,817 | ||
* | Dorman Products Inc. | 29,380 | 1,782 | ||
Winnebago Industries Inc. | 33,903 | 1,759 | |||
Callaway Golf Co. | 101,852 | 1,729 | |||
Bloomin' Brands Inc. | 94,943 | 1,708 | |||
* | LGI Homes Inc. | 21,867 | 1,648 | ||
* | Sally Beauty Holdings Inc. | 131,645 | 1,638 | ||
Group 1 Automotive Inc. | 19,191 | 1,636 | |||
Kontoor Brands Inc. | 48,267 | 1,629 | |||
Cheesecake Factory Inc. | 45,436 | 1,619 | |||
Red Rock Resorts Inc. | 76,213 | 1,571 | |||
* | Fitbit Inc. | 245,284 | 1,567 | ||
* | American Woodmark Corp. | 18,377 | 1,539 | ||
* | WW International Inc. | 50,956 | 1,529 |
1
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Gentherm Inc. | 35,995 | 1,468 | ||
^ | Bed Bath & Beyond Inc. | 133,065 | 1,438 | ||
Dine Brands Global Inc. | 17,436 | 1,427 | |||
* | Hertz Global Holdings Inc. | 110,680 | 1,416 | ||
La-Z-Boy Inc. | 48,976 | 1,403 | |||
Brinker International Inc. | 40,795 | 1,401 | |||
* | SeaWorld Entertainment Inc. | 51,455 | 1,400 | ||
* | Skyline Champion Corp. | 54,943 | 1,400 | ||
Cooper Tire & Rubber Co. | 54,865 | 1,398 | |||
Office Depot Inc. | 593,345 | 1,394 | |||
Papa John's International Inc. | 24,134 | 1,390 | |||
PriceSmart Inc. | 24,563 | 1,368 | |||
* | Sleep Number Corp. | 30,470 | 1,342 | ||
Signet Jewelers Ltd. | 56,556 | 1,319 | |||
* | Cardlytics Inc. | 15,611 | 1,239 | ||
* | Central Garden & Pet Co. Class A | 47,293 | 1,197 | ||
Inter Parfums Inc. | 19,184 | 1,152 | |||
Meredith Corp. | 43,523 | 1,147 | |||
Rent-A-Center Inc. | 53,809 | 1,146 | |||
Core-Mark Holding Co. Inc. | 49,547 | 1,140 | |||
* | Perdoceo Education Corp. | 75,347 | 1,125 | ||
Dave & Buster's Entertainment Inc. | 33,690 | 1,112 | |||
* | Scientific Games Corp. | 60,861 | 1,110 | ||
* | M/I Homes Inc. | 29,605 | 1,102 | ||
Viad Corp. | 21,933 | 1,101 | |||
Oxford Industries Inc. | 18,174 | 1,098 | |||
* | Denny's Corp. | 62,719 | 1,092 | ||
*,^ | Stitch Fix Inc. Class A | 45,163 | 1,085 | ||
* | G-III Apparel Group Ltd. | 48,209 | 1,078 | ||
Scholastic Corp. | 32,358 | 1,038 | |||
* | Liberty Media Corp-Liberty Braves Class C | 39,253 | 1,020 | ||
Standard Motor Products Inc. | 22,764 | 1,002 | |||
Matthews International Corp. | 33,731 | 997 | |||
* | WillScot Corp. | 56,291 | 987 | ||
* | Century Communities Inc. | 29,620 | 987 | ||
* | Malibu Boats Inc. | 22,280 | 979 | ||
Acushnet Holdings Corp. | 38,432 | 978 | |||
^ | Children's Place Inc. | 16,562 | 954 | ||
* | Boot Barn Holdings Inc. | 30,492 | 935 | ||
Interface Inc. | 63,281 | 923 | |||
Designer Brands Inc. Class A | 67,980 | 918 | |||
Abercrombie & Fitch Co. | 68,007 | 893 | |||
* | IMAX Corp. | 57,274 | 892 | ||
* | Sonos Inc. | 77,062 | 889 | ||
Sturm Ruger & Co. Inc. | 18,290 | 879 | |||
* | K12 Inc. | 42,980 | 854 | ||
Guess? Inc. | 50,234 | 814 | |||
* | Shutterstock Inc. | 20,685 | 797 | ||
* | Liberty Latin America Ltd. Class A | 52,322 | 793 | ||
* | American Axle & Manufacturing Holdings Inc. | 122,374 | 775 | ||
Sonic Automotive Inc. | 26,578 | 744 | |||
* | Quotient Technology Inc. | 81,016 | 725 | ||
Buckle Inc. | 31,557 | 714 | |||
EW Scripps Co. | 59,130 | 704 | |||
* | America's Car-Mart Inc. | 6,812 | 700 | ||
BJ's Restaurants Inc. | 20,911 | 689 | |||
Big Lots Inc. | 42,506 | 672 | |||
* | Cars.com Inc. | 72,625 | 659 | ||
Marcus Corp. | 24,553 | 656 | |||
* | QuinStreet Inc. | 50,583 | 652 | ||
* | Stoneridge Inc. | 28,818 | 637 | ||
* | Houghton Mifflin Harcourt Co. | 114,262 | 625 | ||
* | Universal Electronics Inc. | 14,686 | 620 | ||
^ | Dillard's Inc. Class A | 10,923 | 615 |
2
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
OneSpaWorld Holdings Ltd. | 49,361 | 603 | |||
* | MSG Networks Inc. | 47,007 | 594 | ||
* | Monarch Casino & Resort Inc. | 12,378 | 585 | ||
Ruth's Hospitality Group Inc. | 30,269 | 579 | |||
* | Zumiez Inc. | 21,813 | 579 | ||
* | American Outdoor Brands Corp. | 58,085 | 579 | ||
* | Genesco Inc. | 15,856 | 546 | ||
Winmark Corp. | 2,660 | 532 | |||
* | Gannett Co. Inc. | 126,411 | 531 | ||
*,^ | GoPro Inc. | 138,861 | 527 | ||
National CineMedia Inc. | 68,164 | 524 | |||
Chico's FAS Inc. | 127,572 | 512 | |||
Tenneco Inc. | 55,480 | 509 | |||
Caleres Inc. | 42,913 | 495 | |||
Twin River Worldwide Holdings Inc. | 18,920 | 492 | |||
Camping World Holdings Inc. | 35,935 | 492 | |||
* | 1-800-Flowers.com Inc. | 26,990 | 487 | ||
* | Vista Outdoor Inc. | 63,212 | 465 | ||
* | elf Beauty Inc. | 28,667 | 458 | ||
Entercom Communications Corp. Class A | 129,849 | 451 | |||
* | Central European Media Enterprises Ltd. | 96,904 | 429 | ||
National Presto Industries Inc. | 5,270 | 414 | |||
* | Hudson Ltd. Class A | 43,495 | 405 | ||
* | Michaels Cos. Inc. | 91,638 | 393 | ||
* | Rosetta Stone Inc. | 22,700 | 392 | ||
Cato Corp. Class A | 24,242 | 392 | |||
* | Chuy's Holdings Inc. | 18,244 | 391 | ||
* | Red Robin Gourmet Burgers Inc. | 14,144 | 389 | ||
* | MarineMax Inc. | 22,971 | 389 | ||
* | Beazer Homes USA Inc. | 30,796 | 378 | ||
Carriage Services Inc. Class A | 17,745 | 375 | |||
* | Hibbett Sports Inc. | 19,032 | 371 | ||
* | American Public Education Inc. | 16,395 | 365 | ||
^ | GameStop Corp. Class A | 98,290 | 354 | ||
^ | AMC Entertainment Holdings Inc. | 56,340 | 353 | ||
Ethan Allen Interiors Inc. | 26,310 | 347 | |||
* | Motorcar Parts of America Inc. | 20,393 | 341 | ||
* | Liberty TripAdvisor Holdings Inc. | 77,834 | 339 | ||
Johnson Outdoors Inc. | 5,372 | 335 | |||
* | Franklin Covey Co. | 10,659 | 335 | ||
Haverty Furniture Cos. Inc. | 19,464 | 327 | |||
* | MasterCraft Boat Holdings Inc. | 20,027 | 324 | ||
* | Regis Corp. | 25,309 | 323 | ||
* | Cooper-Standard Holdings Inc. | 18,290 | 316 | ||
* | Habit Restaurants Inc. | 22,247 | 311 | ||
*,^ | Daily Journal Corp. | 1,233 | 308 | ||
Shoe Carnival Inc. | 10,238 | 306 | |||
* | Golden Entertainment Inc | 18,614 | 303 | ||
*,^ | Lumber Liquidators Holdings Inc. | 30,898 | 303 | ||
* | Lindblad Expeditions Holdings Inc. | 25,058 | 298 | ||
Clarus Corp. | 25,483 | 295 | |||
* | Liberty Media Corp-Liberty Braves Class A | 11,150 | 290 | ||
* | Green Brick Partners Inc. | 26,486 | 290 | ||
* | Sportsman's Warehouse Holdings Inc. | 46,173 | 277 | ||
* | El Pollo Loco Holdings Inc. | 21,222 | 274 | ||
* | Central Garden & Pet Co. | 10,010 | 268 | ||
* | RealReal Inc. | 18,975 | 265 | ||
* | Express Inc. | 71,339 | 264 | ||
* | At Home Group Inc. | 52,072 | 260 | ||
Movado Group Inc. | 17,124 | 252 | |||
* | Noodles & Co. | 30,542 | 248 | ||
* | Fiesta Restaurant Group Inc. | 25,323 | 245 | ||
*,^ | JC Penney Co. Inc. | 352,213 | 243 | ||
Citi Trends Inc. | 12,081 | 239 |
3
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Hooker Furniture Corp. | 12,641 | 238 | |||
* | Hemisphere Media Group Inc. | 18,747 | 237 | ||
* | Fossil Group Inc. | 50,970 | 234 | ||
Collectors Universe Inc. | 9,749 | 224 | |||
* | Boston Omaha Corp. | 11,415 | 222 | ||
Tribune Publishing Co. | 18,944 | 217 | |||
* | Century Casinos Inc. | 29,467 | 206 | ||
* | ZAGG Inc. | 30,313 | 204 | ||
* | Del Taco Restaurants Inc. | 31,178 | 200 | ||
RCI Hospitality Holdings Inc. | 9,705 | 196 | |||
* | Funko Inc. | 23,721 | 192 | ||
*,^ | Overstock.com Inc. | 29,599 | 191 | ||
Nathan's Famous Inc. | 3,164 | 188 | |||
* | Cumulus Media Inc. Class A | 15,589 | 188 | ||
* | Drive Shack Inc. | 65,311 | 187 | ||
Emerald Holding Inc. | 26,818 | 184 | |||
* | Vera Bradley Inc. | 22,111 | 183 | ||
*,^ | Eros International plc | 78,808 | 182 | ||
Rocky Brands Inc. | 7,466 | 182 | |||
^ | Tailored Brands Inc. | 54,228 | 177 | ||
* | WideOpenWest Inc. | 27,073 | 170 | ||
* | Select Interior Concepts Inc. Class A | 22,794 | 170 | ||
* | Conn's Inc. | 19,562 | 159 | ||
* | Carrols Restaurant Group Inc. | 37,917 | 156 | ||
Tilly's Inc. | 24,021 | 156 | |||
Tupperware Brands Corp. | 53,309 | 152 | |||
* | MDC Partners Inc. | 60,409 | 152 | ||
* | Barnes & Noble Education Inc. | 45,097 | 149 | ||
* | Reading International Inc. | 17,691 | 147 | ||
Weyco Group Inc. | 6,575 | 144 | |||
Superior Group of Cos. Inc. | 11,708 | 141 | |||
* | Delta Apparel Inc. | 6,684 | 132 | ||
*,^ | Revlon Inc. | 7,574 | 131 | ||
Entravision Communications Corp. Class A | 64,912 | 130 | |||
Saga Communications Inc. | 4,219 | 121 | |||
* | Lands' End Inc. | 11,388 | 120 | ||
* | J Alexander's Holdings Inc. | 14,232 | 117 | ||
* | Party City Holdco Inc. | 58,089 | 116 | ||
* | Purple Innovation Inc. Class A | 8,408 | 114 | ||
Flexsteel Industries Inc. | 8,179 | 112 | |||
* | Clear Channel Outdoor Holdings Inc. | 53,993 | 112 | ||
* | Potbelly Corp. | 22,078 | 110 | ||
* | Fluent Inc. | 46,171 | 108 | ||
* | Biglari Holdings Inc. Class B | 1,010 | 107 | ||
Marine Products Corp. | 8,191 | 103 | |||
Bassett Furniture Industries Inc. | 10,343 | 102 | |||
* | Marchex Inc. | 38,231 | 99 | ||
*,^ | Gaia Inc. | 11,600 | 98 | ||
Escalade Inc. | 11,306 | 96 | |||
* | Legacy Housing Corp. | 6,409 | 92 | ||
* | Lee Enterprises Inc. | 59,446 | 89 | ||
*,^ | Lovesac Co. | 9,539 | 83 | ||
Hamilton Beach Brands Holding Co. | 6,976 | 81 | |||
Lifetime Brands Inc. | 12,716 | 81 | |||
*,^ | Duluth Holdings Inc. | 11,623 | 80 | ||
Kura Sushi USA Inc. Class A | 3,697 | 69 | |||
* | Red Lion Hotels Corp. | 26,149 | 67 | ||
* | Container Store Group Inc. | 16,650 | 63 | ||
Bluegreen Vacations Corp. | 7,822 | 61 | |||
* | Inspired Entertainment Inc. | 9,310 | 48 | ||
* | LiveXLive Media Inc. | 36,654 | 46 | ||
* | Vince Holding Corp. | 3,352 | 36 | ||
* | Centric Brands Inc. | 17,688 | 36 | ||
Ascena Retail Group Inc. | 8,561 | 33 |
4
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||
*,^ | Waitr Holdings Inc. | 57,580 | 21 | |||
J. Jill Inc. | 18,013 | 15 | ||||
* | Youngevity International Inc. | 9,843 | 11 | |||
* | RTW RetailWinds Inc. | 34,868 | 10 | |||
* | Biglari Holdings Inc. Class A | 5 | 3 | |||
253,101 | ||||||
Consumer Staples (2.6%) | ||||||
* | Performance Food Group Co. | 112,228 | 4,758 | |||
* | Helen of Troy Ltd. | 27,377 | 4,506 | |||
* | Boston Beer Co. Inc. Class A | 9,118 | 3,381 | |||
Lancaster Colony Corp. | 20,601 | 2,976 | ||||
Sanderson Farms Inc. | 21,701 | 2,681 | ||||
J&J Snack Foods Corp. | 16,486 | 2,651 | ||||
WD-40 Co. | 14,959 | 2,580 | ||||
* | Freshpet Inc. | 37,500 | 2,492 | |||
* | Simply Good Foods Co. | 90,058 | 1,987 | |||
* | Edgewell Personal Care Co. | 58,989 | 1,791 | |||
* | Hostess Brands Inc. | 130,414 | 1,658 | |||
Vector Group Ltd. | 121,022 | 1,406 | ||||
Universal Corp. | 26,810 | 1,323 | ||||
Calavo Growers Inc. | 17,681 | 1,281 | ||||
Cal-Maine Foods Inc. | 34,437 | 1,202 | ||||
^ | B&G Foods Inc. | 69,227 | 1,025 | |||
Coca-Cola Consolidated Inc. | 5,122 | 1,006 | ||||
Medifast Inc. | 12,074 | 1,003 | ||||
Fresh Del Monte Produce Inc. | 33,482 | 918 | ||||
* | USANA Health Sciences Inc. | 13,671 | 904 | |||
* | BellRing Brands Inc. Class A | 43,355 | 852 | |||
^ | Rite Aid Corp. | 60,200 | 820 | |||
* | Chefs' Warehouse Inc. | 26,746 | 819 | |||
John B Sanfilippo & Son Inc. | 9,254 | 650 | ||||
Andersons Inc. | 34,507 | 634 | ||||
Tootsie Roll Industries Inc. | 17,864 | 573 | ||||
^ | PetMed Express Inc. | 21,471 | 567 | |||
Ingles Markets Inc. | 15,433 | 552 | ||||
*,^ | National Beverage Corp. | 12,920 | 546 | |||
SpartanNash Co. | 39,346 | 489 | ||||
MGP Ingredients Inc. | 14,149 | 407 | ||||
Weis Markets Inc. | 10,434 | 389 | ||||
* | United Natural Foods Inc. | 58,497 | 378 | |||
* | Primo Water Corp. | 26,334 | 369 | |||
Limoneira Co. | 17,024 | 284 | ||||
* | Seneca Foods Corp. | 7,193 | 250 | |||
^ | Turning Point Brands Inc. | 8,938 | 234 | |||
* | Craft Brew Alliance Inc. | 12,458 | 198 | |||
* | Celsius Holdings Inc. | 31,219 | 185 | |||
* | Lifevantage Corp. | 14,875 | 177 | |||
Village Super Market Inc. | 8,535 | 175 | ||||
*,^ | New Age Beverages Corp. | 82,910 | 167 | |||
* | GNC Holdings Inc. | 88,506 | 149 | |||
*,^ | HF Foods Group Inc. | 8,204 | 147 | |||
Alico Inc. | 4,348 | 142 | ||||
* | Farmer Brothers Co. | 11,372 | 140 | |||
* | 22nd Century Group Inc. | 127,962 | 95 | |||
* | Nature's Sunshine Products Inc. | 9,455 | 78 | |||
Natural Grocers by Vitamin Cottage Inc. | 9,583 | 66 | ||||
*,^ | Pyxus International Inc. | 8,980 | 35 | |||
* | Bridgford Foods Corp. | 1,840 | 32 | |||
* | Greenlane Holdings Inc. Class A | 10,892 | 23 | |||
*,^ | cbdMD Inc. | 11,255 | 11 | |||
52,162 | ||||||
Energy (2.7%) | ||||||
*,^ | Enphase Energy Inc. | 100,110 | 4,902 | |||
* | Sunrun Inc. | 123,262 | 2,384 | |||
5
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Arcosa Inc. | 53,133 | 2,283 | |||
* | PDC Energy Inc. | 109,231 | 2,079 | ||
World Fuel Services Corp. | 70,295 | 1,988 | |||
Delek US Holdings Inc. | 80,419 | 1,719 | |||
* | Dril-Quip Inc. | 39,630 | 1,412 | ||
Cactus Inc. | 51,526 | 1,407 | |||
Golar LNG Ltd. | 103,658 | 1,328 | |||
* | Matador Resources Co. | 121,468 | 1,171 | ||
* | Oceaneering International Inc. | 108,435 | 1,143 | ||
* | CNX Resources Corp. | 203,749 | 1,082 | ||
* | Renewable Energy Group Inc. | 39,923 | 1,056 | ||
* | NOW Inc. | 118,470 | 1,046 | ||
* | Helix Energy Solutions Group Inc. | 155,339 | 1,042 | ||
Warrior Met Coal Inc. | 57,721 | 1,023 | |||
Archrock Inc. | 137,987 | 973 | |||
* | Callon Petroleum Co. | 420,547 | 955 | ||
CVR Energy Inc. | 32,399 | 921 | |||
* | Southwestern Energy Co. | 593,451 | 843 | ||
Arch Coal Inc. | 16,285 | 820 | |||
* | Magnolia Oil & Gas Corp. Class A | 108,667 | 816 | ||
* | NexTier Oilfield Solutions Inc. | 174,276 | 812 | ||
SM Energy Co. | 122,425 | 804 | |||
* | ProPetro Holding Corp. | 87,383 | 765 | ||
* | TPI Composites Inc. | 31,036 | 737 | ||
Nabors Industries Ltd. | 385,465 | 678 | |||
* | Par Pacific Holdings Inc. | 38,643 | 641 | ||
QEP Resources Inc. | 263,471 | 593 | |||
* | SunPower Corp. | 68,631 | 588 | ||
* | Oasis Petroleum Inc. | 349,554 | 572 | ||
DMC Global Inc | 15,445 | 557 | |||
*,^ | Bloom Energy Corp. Class A | 60,077 | 545 | ||
* | Ameresco Inc. | 24,081 | 543 | ||
* | Vivint Solar Inc. | 48,193 | 542 | ||
* | Oil States International Inc. | 66,109 | 523 | ||
* | Northern Oil and Gas Inc. | 324,225 | 470 | ||
* | Frank's International NV | 116,522 | 457 | ||
Green Plains Inc. | 37,207 | 446 | |||
Berry Corp. | 68,608 | 437 | |||
* | Select Energy Services Inc. | 65,900 | 428 | ||
* | REX American Resources Corp. | 5,984 | 419 | ||
Peabody Energy Corp. | 70,229 | 410 | |||
* | Denbury Resources Inc. | 526,687 | 396 | ||
^ | Liberty Oilfield Services Inc. | 56,952 | 381 | ||
SunCoke Energy Inc. | 79,079 | 365 | |||
Solaris Oilfield Infrastructure Inc. | 33,706 | 357 | |||
* | Matrix Service Co. | 29,315 | 354 | ||
* | Newpark Resources Inc. | 97,255 | 341 | ||
* | Bonanza Creek Energy Inc. | 20,637 | 336 | ||
*,^ | California Resources Corp. | 52,620 | 334 | ||
* | Clean Energy Fuels Corp. | 145,709 | 329 | ||
* | Talos Energy Inc. | 21,813 | 310 | ||
Brigham Minerals Inc. Class A | 17,456 | 278 | |||
* | W&T Offshore Inc. | 100,061 | 260 | ||
Sunnova Energy International Inc. | 14,752 | 255 | |||
* | Penn Virginia Corp. | 14,779 | 235 | ||
RPC Inc. | 62,948 | 217 | |||
* | Laredo Petroleum Inc. | 200,274 | 216 | ||
* | National Energy Services Reunited Corp. | 25,983 | 216 | ||
*,^ | Diamond Offshore Drilling Inc. | 70,327 | 215 | ||
* | Era Group Inc. | 21,038 | 206 | ||
* | Noble Corp. plc | 268,408 | 188 | ||
*,^ | Whiting Petroleum Corp. | 100,606 | 186 | ||
*,^ | Tellurian Inc. | 103,346 | 186 | ||
* | Geospace Technologies Corp. | 14,317 | 177 |
6
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||
* | SEACOR Marine Holdings Inc. | 21,362 | 170 | |||
Falcon Minerals Corp. | 41,834 | 167 | ||||
* | TETRA Technologies Inc. | 129,939 | 164 | |||
NACCO Industries Inc. | 3,965 | 163 | ||||
* | Exterran Corp. | 31,432 | 160 | |||
* | CONSOL Energy Inc. | 27,977 | 159 | |||
* | Gulfport Energy Corp. | 175,140 | 144 | |||
Evolution Petroleum Corp. | 29,822 | 140 | ||||
* | Natural Gas Services Group Inc. | 13,889 | 137 | |||
* | Trecora Resources | 22,962 | 130 | |||
* | Contura Energy Inc. | 19,658 | 112 | |||
Panhandle Oil and Gas Inc. | 16,593 | 110 | ||||
*,^ | Comstock Resources Inc. | 16,799 | 101 | |||
* | Flotek Industries Inc. | 59,040 | 93 | |||
* | Ring Energy Inc. | 65,048 | 92 | |||
* | HighPoint Resources Corp. | 123,503 | 84 | |||
* | Earthstone Energy Inc. | 21,582 | 83 | |||
* | Montage Resources Corp. | 22,940 | 80 | |||
* | Altus Midstream Co. Class A | 54,625 | 80 | |||
* | PrimeEnergy Resources Corp. | 568 | 74 | |||
*,^ | Seadrill Ltd. | 64,679 | 71 | |||
* | Nine Energy Service Inc. | 17,521 | 71 | |||
* | Covia Holdings Corp. | 45,943 | 71 | |||
* | Forum Energy Technologies Inc. | 88,037 | 69 | |||
* | SandRidge Energy Inc. | 32,867 | 68 | |||
*,^ | Extraction Oil & Gas Inc. | 92,109 | 63 | |||
Amplify Energy Corp. | 14,172 | 59 | ||||
* | KLX Energy Services Holdings Inc. | 23,050 | 56 | |||
* | RigNet Inc. | 15,287 | 54 | |||
* | Goodrich Petroleum Corp. | 9,915 | 53 | |||
* | NextDecade Corp. | 13,637 | 52 | |||
* | Pacific Drilling SA | 32,357 | 51 | |||
* | Smart Sand Inc. | 23,499 | 38 | |||
* | Abraxas Petroleum Corp. | 166,802 | 32 | |||
* | FTS International Inc. | 33,180 | 31 | |||
Hallador Energy Co. | 22,331 | 29 | ||||
* | Ramaco Resources Inc. | 9,072 | 26 | |||
* | US Well Services Inc. | 23,615 | 25 | |||
* | SilverBow Resources Inc. | 7,840 | 22 | |||
* | Independence Contract Drilling Inc. | 51,454 | 20 | |||
* | Unit Corp. | 56,189 | 20 | |||
*,^ | Chaparral Energy Inc. Class A | 31,875 | 17 | |||
Mammoth Energy Services Inc. | 15,596 | 17 | ||||
* | NCS Multistage Holdings Inc. | 12,246 | 13 | |||
* | Rosehill Resources Inc. | 12,448 | 10 | |||
54,179 | ||||||
Financial Services (25.7%) | ||||||
Rexford Industrial Realty Inc. | 120,651 | 5,643 | ||||
First Industrial Realty Trust Inc. | 137,293 | 5,286 | ||||
EastGroup Properties Inc. | 41,305 | 5,193 | ||||
^ | Blackstone Mortgage Trust Inc. | 137,381 | 4,954 | |||
Healthcare Realty Trust Inc. | 144,362 | 4,952 | ||||
Radian Group Inc. | 220,377 | 4,681 | ||||
Essent Group Ltd. | 104,951 | 4,580 | ||||
Sabra Health Care REIT Inc. | 210,696 | 4,119 | ||||
STAG Industrial Inc. | 145,752 | 4,078 | ||||
First Financial Bankshares Inc. | 141,814 | 4,076 | ||||
Terreno Realty Corp. | 71,898 | 3,945 | ||||
Stifel Financial Corp. | 72,417 | 3,942 | ||||
Valley National Bancorp | 422,361 | 3,928 | ||||
Physicians Realty Trust | 205,729 | 3,880 | ||||
National Health Investors Inc. | 46,421 | 3,794 | ||||
Selective Insurance Group Inc. | 63,779 | 3,558 | ||||
Glacier Bancorp Inc. | 94,650 | 3,530 | ||||
7
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
QTS Realty Trust Inc. | 62,723 | 3,523 | |||
FirstCash Inc. | 45,732 | 3,518 | |||
RLI Corp. | 43,509 | 3,497 | |||
Ryman Hospitality Properties Inc. | 50,026 | 3,477 | |||
IBERIABANK Corp. | 56,903 | 3,425 | |||
Community Bank System Inc. | 55,372 | 3,367 | |||
Agree Realty Corp. | 45,211 | 3,247 | |||
PS Business Parks Inc. | 21,810 | 3,240 | |||
Hancock Whitney Corp. | 94,583 | 3,169 | |||
United Bankshares Inc. | 106,427 | 3,074 | |||
Federated Hermes Inc. | 105,116 | 3,033 | |||
Piedmont Office Realty Trust Inc. | 136,535 | 2,948 | |||
* | eHealth Inc. | 24,856 | 2,917 | ||
Old National Bancorp | 184,246 | 2,904 | |||
Pebblebrook Hotel Trust | 141,635 | 2,862 | |||
Invesco Mortgage Capital Inc. | 176,621 | 2,840 | |||
Home BancShares Inc. | 169,047 | 2,833 | |||
UMB Financial Corp. | 48,293 | 2,808 | |||
* | Cannae Holdings Inc. | 73,656 | 2,747 | ||
Lexington Realty Trust Class B | 263,539 | 2,733 | |||
Apollo Commercial Real Estate Finance Inc. | 167,987 | 2,721 | |||
Kennedy-Wilson Holdings Inc. | 134,065 | 2,709 | |||
Kinsale Capital Group Inc. | 22,264 | 2,704 | |||
CVB Financial Corp. | 145,670 | 2,701 | |||
Ares Management Corp. Class A | 78,017 | 2,699 | |||
Sunstone Hotel Investors Inc. | 244,584 | 2,678 | |||
CenterState Bank Corp. | 131,407 | 2,658 | |||
PotlatchDeltic Corp. | 72,124 | 2,650 | |||
BancorpSouth Bank | 108,167 | 2,647 | |||
* | Redfin Corp. | 97,644 | 2,642 | ||
CNO Financial Group Inc. | 164,874 | 2,641 | |||
Investors Bancorp Inc. | 247,888 | 2,613 | |||
Columbia Banking System Inc. | 78,525 | 2,607 | |||
Atlantic Union Bankshares Corp. | 87,128 | 2,591 | |||
Washington Federal Inc. | 86,183 | 2,585 | |||
Cathay General Bancorp | 83,688 | 2,576 | |||
Fulton Financial Corp. | 174,794 | 2,526 | |||
American Equity Investment Life Holding Co. | 98,207 | 2,483 | |||
South State Corp. | 36,442 | 2,482 | |||
Independent Bank Corp. | 36,198 | 2,444 | |||
RLJ Lodging Trust | 183,659 | 2,426 | |||
Washington REIT | 87,576 | 2,351 | |||
Houlihan Lokey Inc. | 45,813 | 2,347 | |||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 68,994 | 2,342 | |||
Ameris Bancorp | 66,628 | 2,277 | |||
* | Cushman & Wakefield plc | 122,974 | 2,237 | ||
* | Enstar Group Ltd. | 12,494 | 2,229 | ||
Simmons First National Corp. | 103,770 | 2,219 | |||
First Financial Bancorp | 106,214 | 2,188 | |||
National Storage Affiliates Trust | 64,783 | 2,186 | |||
American Assets Trust Inc. | 52,704 | 2,185 | |||
CareTrust REIT Inc. | 104,274 | 2,176 | |||
WesBanco Inc. | 70,681 | 2,164 | |||
* | Genworth Financial Inc. | 551,950 | 2,153 | ||
Four Corners Property Trust Inc. | 74,780 | 2,145 | |||
Acadia Realty Trust | 93,461 | 2,135 | |||
United Community Banks Inc. | 85,785 | 2,125 | |||
First Midwest Bancorp Inc. | 115,981 | 2,105 | |||
Redwood Trust Inc. | 122,128 | 2,086 | |||
First Merchants Corp. | 59,520 | 2,082 | |||
International Bancshares Corp. | 60,596 | 2,066 | |||
Urban Edge Properties | 125,744 | 2,037 | |||
PennyMac Mortgage Investment Trust | 97,943 | 2,027 | |||
Essential Properties Realty Trust Inc. | 88,045 | 2,017 |
8
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Argo Group International Holdings Ltd. | 35,655 | 2,006 | ||||||||
DiamondRock Hospitality Co. | 218,790 | 1,995 | ||||||||
Uniti Group Inc. | 201,826 | 1,970 | ||||||||
EVERTEC Inc. | 66,183 | 1,964 | ||||||||
Walker & Dunlop Inc. | 30,217 | 1,960 | ||||||||
Cadence BanCorp Class A | 137,073 | 1,935 | ||||||||
WSFS Financial Corp. | 56,004 | 1,930 | ||||||||
LTC Properties Inc. | 42,996 | 1,928 | ||||||||
CoreCivic Inc. | 130,059 | 1,926 | ||||||||
Easterly Government Properties Inc. | 81,013 | 1,926 | ||||||||
New York Mortgage Trust Inc. | 335,848 | 1,914 | ||||||||
* | PRA Group Inc. | 49,160 | 1,908 | |||||||
GEO Group Inc. | 129,929 | 1,902 | ||||||||
Trustmark Corp. | 70,094 | 1,886 | ||||||||
Retail Opportunity Investments Corp. | 124,742 | 1,871 | ||||||||
First BanCorp | 233,904 | 1,857 | ||||||||
Xenia Hotels & Resorts Inc. | 123,449 | 1,847 | ||||||||
FGL Holdings | 158,881 | 1,818 | ||||||||
Global Net Lease Inc. | 98,228 | 1,812 | ||||||||
* | Green Dot Corp. | 52,576 | 1,796 | |||||||
ServisFirst Bancshares Inc. | 51,936 | 1,794 | ||||||||
Mack-Cali Realty Corp. | 94,345 | 1,791 | ||||||||
Independent Bank Group Inc. | 38,488 | 1,782 | ||||||||
Capitol Federal Financial Inc. | 144,005 | 1,758 | ||||||||
Horace Mann Educators Corp. | 45,046 | 1,754 | ||||||||
Banner Corp. | 38,216 | 1,744 | ||||||||
Renasant Corp. | 60,647 | 1,718 | ||||||||
Ladder Capital Corp. | 112,466 | 1,715 | ||||||||
Towne Bank | 72,800 | 1,679 | ||||||||
Bank of NT Butterfield & Son Ltd. | 60,434 | 1,673 | ||||||||
* | NMI Holdings Inc. | 71,040 | 1,658 | |||||||
Moelis & Co. | 51,796 | 1,655 | ||||||||
Great Western Bancorp Inc. | 61,454 | 1,651 | ||||||||
Westamerica Bancorporation | 28,462 | 1,646 | ||||||||
Pacific Premier Bancorp Inc. | 63,433 | 1,638 | ||||||||
Heartland Financial USA Inc. | 37,964 | 1,627 | ||||||||
Diversified Healthcare Trust | 258,535 | 1,626 | ||||||||
Hope Bancorp Inc. | 131,790 | 1,609 | ||||||||
Hilltop Holdings Inc. | 76,305 | 1,589 | ||||||||
ProAssurance Corp. | 58,205 | 1,580 | ||||||||
* | Axos Financial Inc. | 63,106 | 1,572 | |||||||
NBT Bancorp Inc. | 46,643 | 1,571 | ||||||||
Artisan Partners Asset Management Inc. | 54,478 | 1,557 | ||||||||
Cohen & Steers Inc. | 24,825 | 1,555 | ||||||||
Northwest Bancshares Inc. | 109,598 | 1,522 | ||||||||
Office Properties Income Trust | 52,069 | 1,517 | ||||||||
Universal Health Realty Income Trust | 14,015 | 1,510 | ||||||||
Newmark Group Inc. | 156,745 | 1,497 | ||||||||
Hamilton Lane Inc. | 24,028 | 1,493 | ||||||||
Kite Realty Group Trust | 90,658 | 1,464 | ||||||||
Industrial Logistics Properties Trust | 70,788 | 1,462 | ||||||||
* | Cardtronics plc | 40,101 | 1,454 | |||||||
National General Holdings Corp. | 73,936 | 1,440 | ||||||||
Monmouth Real Estate Investment Corp. | 100,936 | 1,433 | ||||||||
Alexander & Baldwin Inc. | 74,994 | 1,410 | ||||||||
First Interstate BancSystem Inc. | 41,317 | 1,407 | ||||||||
* | Seacoast Banking Corp. of Florida | 55,163 | 1,374 | |||||||
S&T Bancorp Inc. | 41,558 | 1,366 | ||||||||
AMERISAFE Inc. | 20,843 | 1,358 | ||||||||
Eagle Bancorp Inc. | 35,759 | 1,338 | ||||||||
Provident Financial Services Inc. | 66,718 | 1,333 | ||||||||
Veritex Holdings Inc. | 54,905 | 1,322 | ||||||||
Independence Realty Trust Inc. | 99,533 | 1,320 | ||||||||
Employers Holdings Inc. | 34,171 | 1,317 |
9
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
James River Group Holdings Ltd. | 32,341 | 1,307 | ||||||||
Seritage Growth Properties | 36,936 | 1,270 | ||||||||
Park National Corp. | 14,508 | 1,267 | ||||||||
Meta Financial Group Inc. | 38,501 | 1,265 | ||||||||
First Commonwealth Financial Corp. | 107,028 | 1,263 | ||||||||
Safety Insurance Group Inc. | 15,975 | 1,258 | ||||||||
* | Encore Capital Group Inc. | 33,764 | 1,255 | |||||||
Tompkins Financial Corp. | 15,721 | 1,250 | ||||||||
First Busey Corp. | 56,169 | 1,240 | ||||||||
OceanFirst Financial Corp. | 59,722 | 1,221 | ||||||||
American Finance Trust Inc. | 116,832 | 1,215 | ||||||||
Flagstar Bancorp Inc. | 37,924 | 1,209 | ||||||||
Berkshire Hills Bancorp Inc. | 49,321 | 1,204 | ||||||||
City Holding Co. | 17,198 | 1,202 | ||||||||
Brookline Bancorp Inc. | 85,811 | 1,190 | ||||||||
^ | Tanger Factory Outlet Centers Inc. | 98,524 | 1,180 | |||||||
Sandy Spring Bancorp Inc. | 38,006 | 1,169 | ||||||||
ARMOUR Residential REIT Inc. | 63,877 | 1,155 | ||||||||
Realogy Holdings Corp. | 124,176 | 1,151 | ||||||||
^ | Innovative Industrial Properties Inc. | 12,368 | 1,137 | |||||||
Southside Bancshares Inc. | 35,099 | 1,131 | ||||||||
Colony Credit Real Estate Inc. | 88,698 | 1,129 | ||||||||
PJT Partners Inc. | 24,692 | 1,110 | ||||||||
RPT Realty | 85,327 | 1,106 | ||||||||
Lakeland Financial Corp. | 26,944 | 1,101 | ||||||||
* | Mr Cooper Group Inc. | 82,277 | 1,056 | |||||||
Summit Hotel Properties Inc. | 113,051 | 1,048 | ||||||||
Piper Sandler Cos. | 14,936 | 1,047 | ||||||||
BancFirst Corp. | 20,351 | 1,044 | ||||||||
Waddell & Reed Financial Inc. | 75,809 | 1,043 | ||||||||
Getty Realty Corp. | 36,548 | 1,036 | ||||||||
Nelnet Inc. | 19,481 | 1,034 | ||||||||
TPG RE Finance Trust Inc. | 53,598 | 1,030 | ||||||||
First Bancorp | 32,038 | 1,028 | ||||||||
Enterprise Financial Services Corp. | 26,553 | 1,016 | ||||||||
Armada Hoffler Properties Inc. | 60,241 | 1,010 | ||||||||
Community Healthcare Trust Inc. | 20,997 | 1,000 | ||||||||
TriCo Bancshares | 29,264 | 990 | ||||||||
National Bank Holdings Corp. | 32,254 | 987 | ||||||||
iStar Inc. | 64,776 | 980 | ||||||||
* | Evo Payments Inc. | 38,725 | 979 | |||||||
Granite Point Mortgage Trust Inc. | 59,096 | 970 | ||||||||
*,^ | Trupanion Inc. | 31,432 | 966 | |||||||
First Defiance Financial Corp. | 40,345 | 965 | ||||||||
NexPoint Residential Trust Inc. | 21,677 | 965 | ||||||||
PennyMac Financial Services Inc. | 27,188 | 959 | ||||||||
* | Ambac Financial Group Inc. | 49,476 | 951 | |||||||
Kearny Financial Corp. | 86,506 | 944 | ||||||||
Heritage Financial Corp. | 40,133 | 931 | ||||||||
Stewart Information Services Corp. | 25,633 | 927 | ||||||||
OFG Bancorp | 55,194 | 924 | ||||||||
* | Focus Financial Partners Inc. | 33,496 | 911 | |||||||
Investors Real Estate Trust | 12,704 | 895 | ||||||||
United Fire Group Inc. | 23,186 | 889 | ||||||||
Boston Private Financial Holdings Inc. | 90,696 | 885 | ||||||||
* | Columbia Financial Inc. | 56,901 | 883 | |||||||
Meridian Bancorp Inc. | 52,443 | 866 | ||||||||
* | Triumph Bancorp Inc. | 25,560 | 866 | |||||||
Carolina Financial Corp. | 25,604 | 830 | ||||||||
LendingClub Corp. | 73,468 | 809 | ||||||||
Franklin Street Properties Corp. | 112,358 | 801 | ||||||||
German American Bancorp Inc. | 26,690 | 797 | ||||||||
* | INTL. FCStone Inc. | 17,429 | 794 | |||||||
* | Marcus & Millichap Inc. | 24,774 | 792 |
10
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Virtus Investment Partners Inc. | 7,167 | 791 | ||||||||
ConnectOne Bancorp Inc. | 37,170 | 781 | ||||||||
* | Everi Holdings Inc. | 75,030 | 780 | |||||||
Preferred Bank | 15,137 | 774 | ||||||||
Stock Yards Bancorp Inc. | 21,866 | 764 | ||||||||
Banc of California Inc. | 49,566 | 760 | ||||||||
Lakeland Bancorp Inc. | 52,610 | 758 | ||||||||
Federal Agricultural Mortgage Corp. | 9,877 | 741 | ||||||||
Univest Financial Corp. | 31,580 | 739 | ||||||||
Capstead Mortgage Corp. | 103,112 | 732 | ||||||||
Bryn Mawr Bank Corp. | 21,824 | 725 | ||||||||
Cass Information Systems Inc. | 15,420 | 724 | ||||||||
* | Third Point Reinsurance Ltd. | 80,935 | 722 | |||||||
Central Pacific Financial Corp. | 29,997 | 718 | ||||||||
Alexander's Inc. | 2,305 | 717 | ||||||||
TrustCo Bank Corp. NY | 104,453 | 717 | ||||||||
* | St. Joe Co. | 36,270 | 713 | |||||||
Washington Trust Bancorp Inc. | 16,619 | 713 | ||||||||
Chatham Lodging Trust | 49,711 | 693 | ||||||||
* | Enova International Inc. | 35,984 | 692 | |||||||
Allegiance Bancshares Inc. | 20,811 | 690 | ||||||||
* | Palomar Holdings Inc. | 13,582 | 690 | |||||||
Front Yard Residential Corp. | 54,302 | 689 | ||||||||
* | Nicolet Bankshares Inc. | 10,251 | 681 | |||||||
City Office REIT Inc. | 58,563 | 679 | ||||||||
Northfield Bancorp Inc. | 47,974 | 678 | ||||||||
Goosehead Insurance Inc. | 12,489 | 677 | ||||||||
Camden National Corp. | 16,467 | 675 | ||||||||
Universal Insurance Holdings Inc. | 32,506 | 673 | ||||||||
Brightsphere Investment Group Inc. | 71,775 | 671 | ||||||||
Urstadt Biddle Properties Inc. | 32,485 | 670 | ||||||||
* | Bancorp Inc. | 54,928 | 668 | |||||||
HomeStreet Inc. | 24,552 | 665 | ||||||||
Community Trust Bancorp Inc. | 17,012 | 658 | ||||||||
1st Source Corp. | 15,488 | 651 | ||||||||
* | MBIA Inc. | 82,553 | 644 | |||||||
Gladstone Commercial Corp. | 33,707 | 636 | ||||||||
Safehold Inc. | 11,636 | 636 | ||||||||
Origin Bancorp Inc. | 20,937 | 633 | ||||||||
* | Customers Bancorp Inc. | 31,095 | 631 | |||||||
Great Southern Bancorp Inc. | 12,144 | 623 | ||||||||
First Foundation Inc. | 42,873 | 621 | ||||||||
Heritage Commerce Corp. | 60,031 | 616 | ||||||||
Horizon Bancorp Inc. | 40,978 | 615 | ||||||||
QCR Holdings Inc. | 16,091 | 612 | ||||||||
FB Financial Corp. | 18,677 | 608 | ||||||||
RMR Group Inc. | 16,297 | 607 | ||||||||
Banco Latinoamericano de Comercio Exterior SA | 33,810 | 605 | ||||||||
WisdomTree Investments Inc. | 145,913 | 592 | ||||||||
National Western Life Group Inc. | 2,456 | 587 | ||||||||
Dime Community Bancshares Inc. | 34,742 | 583 | ||||||||
RE/MAX Holdings Inc. | 19,583 | 571 | ||||||||
Midland States Bancorp Inc. | 23,951 | 571 | ||||||||
UMH Properties Inc. | 39,189 | 569 | ||||||||
Saul Centers Inc. | 13,207 | 568 | ||||||||
Western Asset Mortgage Capital Corp. | 56,652 | 568 | ||||||||
First Financial Corp. | 14,052 | 561 | ||||||||
Peoples Bancorp Inc. | 19,651 | 561 | ||||||||
Opus Bank | 23,676 | 560 | ||||||||
Peapack Gladstone Financial Corp. | 20,370 | 559 | ||||||||
New Senior Investment Group Inc. | 91,829 | 557 | ||||||||
Ellington Financial Inc. | 33,714 | 557 | ||||||||
^ | Washington Prime Group Inc. | 200,959 | 553 | |||||||
Bank of Marin Bancorp | 14,284 | 545 |
11
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
KKR Real Estate Finance Trust Inc. | 27,507 | 540 | ||||||||
First Bancshares Inc. | 18,083 | 540 | ||||||||
Flushing Financial Corp. | 29,514 | 536 | ||||||||
B. Riley Financial Inc. | 22,447 | 531 | ||||||||
* | TriState Capital Holdings Inc. | 26,658 | 530 | |||||||
AG Mortgage Investment Trust Inc. | 35,305 | 529 | ||||||||
First of Long Island Corp. | 25,217 | 522 | ||||||||
Hanmi Financial Corp. | 33,055 | 516 | ||||||||
Whitestone REIT | 41,792 | 514 | ||||||||
Ready Capital Corp. | 34,879 | 506 | ||||||||
Mercantile Bank Corp. | 17,506 | 502 | ||||||||
FBL Financial Group Inc. Class A | 10,424 | 498 | ||||||||
CBTX Inc. | 19,818 | 494 | ||||||||
Global Medical REIT Inc. | 35,132 | 491 | ||||||||
CorEnergy Infrastructure Trust Inc. | 14,018 | 489 | ||||||||
CatchMark Timber Trust Inc. | 53,181 | 489 | ||||||||
Bridge Bancorp Inc. | 17,489 | 481 | ||||||||
Preferred Apartment Communities Inc. | 50,415 | 481 | ||||||||
Franklin Financial Network Inc. | 14,162 | 474 | ||||||||
* | Watford Holdings Ltd. | 20,715 | 473 | |||||||
* | World Acceptance Corp. | 5,936 | 464 | |||||||
State Auto Financial Corp. | 18,477 | 462 | ||||||||
Independent Bank Corp. | 23,520 | 460 | ||||||||
* | I3 Verticals Inc. | 15,817 | 458 | |||||||
Cowen Inc. | 30,616 | 458 | ||||||||
Ares Commercial Real Estate Corp. | 29,818 | 455 | ||||||||
Arrow Financial Corp. | 14,238 | 451 | ||||||||
First Mid Bancshares Inc. | 15,897 | 448 | ||||||||
Retail Value Inc. | 16,112 | 448 | ||||||||
Financial Institutions Inc. | 16,619 | 447 | ||||||||
Byline Bancorp Inc. | 25,526 | 447 | ||||||||
First Community Bankshares Inc. | 16,730 | 438 | ||||||||
Live Oak Bancshares Inc. | 28,346 | 436 | ||||||||
* | Atlantic Capital Bancshares Inc. | 23,686 | 429 | |||||||
* | Equity Bancshares Inc. | 16,382 | 429 | |||||||
Hersha Hospitality Trust Class A | 36,825 | 425 | ||||||||
Diamond Hill Investment Group Inc. | 3,339 | 423 | ||||||||
Farmers National Banc Corp. | 28,013 | 421 | ||||||||
Carter Bank & Trust | 24,739 | 418 | ||||||||
Waterstone Financial Inc. | 25,123 | 418 | ||||||||
Jernigan Capital Inc. | 23,255 | 417 | ||||||||
Sculptor Capital Management Inc. Class A | 18,319 | 415 | ||||||||
People's Utah Bancorp | 17,326 | 415 | ||||||||
One Liberty Properties Inc. | 17,220 | 415 | ||||||||
Dynex Capital Inc. | 24,221 | 414 | ||||||||
HomeTrust Bancshares Inc. | 17,005 | 404 | ||||||||
CNB Financial Corp. | 15,983 | 401 | ||||||||
* | Assetmark Financial Holdings Inc. | 15,008 | 398 | |||||||
Orchid Island Capital Inc. | 69,111 | 396 | ||||||||
Capital City Bank Group Inc. | 14,692 | 392 | ||||||||
* | Amerant Bancorp Inc. | 21,208 | 392 | |||||||
MidWestOne Financial Group Inc. | 13,045 | 375 | ||||||||
Bank First Corp. | 6,314 | 374 | ||||||||
Sierra Bancorp | 15,631 | 372 | ||||||||
Exantas Capital Corp. | 32,391 | 371 | ||||||||
Republic Bancorp Inc. | 10,356 | 370 | ||||||||
American National Bankshares Inc. | 11,785 | 364 | ||||||||
West Bancorporation Inc. | 17,606 | 360 | ||||||||
CorePoint Lodging Inc. | 43,837 | 349 | ||||||||
* | Tejon Ranch Co. | 22,992 | 347 | |||||||
Anworth Mortgage Asset Corp. | 105,843 | 346 | ||||||||
* | FRP Holdings Inc. | 7,559 | 342 | |||||||
Bar Harbor Bankshares | 16,713 | 341 | ||||||||
Old Second Bancorp Inc. | 31,667 | 337 |
12
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Peoples Financial Services Corp. | 7,524 | 330 | ||||||||
Business First Bancshares Inc. | 13,598 | 327 | ||||||||
* | Metropolitan Bank Holding Corp. | 7,651 | 327 | |||||||
PCSB Financial Corp. | 17,578 | 323 | ||||||||
Civista Bancshares Inc. | 16,740 | 320 | ||||||||
Cambridge Bancorp | 4,679 | 320 | ||||||||
Heritage Insurance Holdings Inc. | 28,450 | 318 | ||||||||
* | Citizens Inc. Class A | 53,973 | 315 | |||||||
*,^ | Health Insurance Innovations Inc. | 10,508 | 309 | |||||||
Consolidated-Tomoka Land Co. | 5,338 | 307 | ||||||||
Southern National Bancorp of Virginia Inc. | 21,511 | 305 | ||||||||
* | Bridgewater Bancshares Inc. | 24,254 | 303 | |||||||
RBB Bancorp | 17,679 | 298 | ||||||||
* | Donnelley Financial Solutions Inc. | 33,931 | 295 | |||||||
* | Southern First Bancshares Inc. | 7,732 | 295 | |||||||
Citizens & Northern Corp. | 12,937 | 294 | ||||||||
Farmers & Merchants Bancorp Inc. | 10,949 | 291 | ||||||||
Global Indemnity Ltd. | 9,006 | 286 | ||||||||
First Bancorp Inc. | 11,186 | 285 | ||||||||
HarborOne Bancorp Inc. | 28,484 | 285 | ||||||||
HCI Group Inc. | 6,651 | 283 | ||||||||
Southern Missouri Bancorp Inc. | 8,564 | 281 | ||||||||
* | Red River Bancshares Inc. | 5,333 | 277 | |||||||
Hingham Institution for Savings | 1,506 | 276 | ||||||||
* | Spirit of Texas Bancshares Inc. | 14,919 | 275 | |||||||
Home Bancorp Inc. | 8,271 | 274 | ||||||||
Macatawa Bank Corp. | 28,320 | 273 | ||||||||
Gladstone Land Corp. | 20,025 | 269 | ||||||||
Enterprise Bancorp Inc. | 9,759 | 268 | ||||||||
* | Greenlight Capital Re Ltd. | 31,677 | 267 | |||||||
Great Ajax Corp. | 18,788 | 265 | ||||||||
* | EZCORP Inc. | 55,147 | 265 | |||||||
*,^ | Paysign Inc. | 32,931 | 264 | |||||||
SmartFinancial Inc. | 13,821 | 262 | ||||||||
Summit Financial Group Inc. | 11,903 | 261 | ||||||||
Bluerock Residential Growth REIT Inc. | 24,476 | 254 | ||||||||
* | BRP Group Inc. Class A | 16,331 | 252 | |||||||
* | Baycom Corp. | 11,787 | 251 | |||||||
First Internet Bancorp | 10,268 | 249 | ||||||||
Ames National Corp. | 9,634 | 249 | ||||||||
First Choice Bancorp | 10,953 | 248 | ||||||||
Investors Title Co. | 1,509 | 247 | ||||||||
Oppenheimer Holdings Inc. | 10,368 | 246 | ||||||||
Northrim BanCorp Inc. | 7,016 | 245 | ||||||||
Guaranty Bancshares Inc. | 8,832 | 244 | ||||||||
BBX Capital Corp. | 69,722 | 243 | ||||||||
Metrocity Bankshares Inc. | 17,227 | 242 | ||||||||
Greenhill & Co. Inc. | 16,514 | 241 | ||||||||
Cherry Hill Mortgage Investment Corp. | 16,904 | 241 | ||||||||
Amalgamated Bank | 15,048 | 241 | ||||||||
Cedar Realty Trust Inc. | 92,747 | 240 | ||||||||
National Bankshares Inc. | 6,868 | 240 | ||||||||
Braemar Hotels & Resorts Inc. | 32,577 | 240 | ||||||||
* | Regional Management Corp. | 9,292 | 238 | |||||||
* | On Deck Capital Inc. | 68,204 | 238 | |||||||
Premier Financial Bancorp Inc. | 14,284 | 238 | ||||||||
* | Forestar Group Inc. | 13,077 | 234 | |||||||
Western New England Bancorp Inc. | 25,999 | 230 | ||||||||
ACNB Corp. | 7,427 | 226 | ||||||||
* | Howard Bancorp Inc. | 14,284 | 225 | |||||||
Penns Woods Bancorp Inc. | 7,449 | 225 | ||||||||
Luther Burbank Corp. | 21,411 | 223 | ||||||||
Century Bancorp Inc. | 3,083 | 223 | ||||||||
Westwood Holdings Group Inc. | 8,755 | 222 |
13
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Arlington Asset Investment Corp. | 38,805 | 220 | ||||||||
Reliant Bancorp Inc. | 11,054 | 219 | ||||||||
Shore Bancshares Inc. | 14,013 | 218 | ||||||||
South Plains Financial Inc. | 10,832 | 217 | ||||||||
First Capital Inc. | 3,503 | 215 | ||||||||
Territorial Bancorp Inc. | 8,466 | 215 | ||||||||
First Business Financial Services Inc. | 8,932 | 214 | ||||||||
*,^ | eXp World Holdings Inc. | 22,370 | 214 | |||||||
Investar Holding Corp. | 10,000 | 214 | ||||||||
Capstar Financial Holdings Inc. | 15,838 | 213 | ||||||||
MutualFirst Financial Inc. | 6,346 | 213 | ||||||||
* | Rafael Holdings Inc. Class B | 11,323 | 212 | |||||||
Codorus Valley Bancorp Inc. | 10,239 | 211 | ||||||||
Central Valley Community Bancorp | 12,242 | 211 | ||||||||
Ashford Hospitality Trust Inc. | 97,351 | 210 | ||||||||
LCNB Corp. | 13,281 | 210 | ||||||||
United Insurance Holdings Corp. | 22,356 | 210 | ||||||||
FS Bancorp Inc. | 4,341 | 207 | ||||||||
Independence Holding Co. | 5,513 | 205 | ||||||||
Bankwell Financial Group Inc. | 7,185 | 205 | ||||||||
* | FVCBankcorp Inc. | 13,104 | 202 | |||||||
* | Hallmark Financial Services Inc. | 14,137 | 200 | |||||||
Evans Bancorp Inc. | 5,085 | 200 | ||||||||
Parke Bancorp Inc. | 10,725 | 198 | ||||||||
Bank of Commerce Holdings | 18,791 | 196 | ||||||||
Orrstown Financial Services Inc. | 10,995 | 196 | ||||||||
SB One Bancorp | 8,861 | 194 | ||||||||
Norwood Financial Corp. | 6,237 | 193 | ||||||||
* | Richmond Mutual Bancorporation Inc. | 14,171 | 191 | |||||||
Community Bankers Trust Corp. | 23,307 | 190 | ||||||||
Safeguard Scientifics Inc. | 21,145 | 187 | ||||||||
Timberland Bancorp Inc. | 8,019 | 186 | ||||||||
Marlin Business Services Corp. | 9,443 | 186 | ||||||||
* | PICO Holdings Inc. | 19,525 | 185 | |||||||
MVB Financial Corp. | 10,454 | 184 | ||||||||
* | International Money Express Inc. | 19,554 | 184 | |||||||
Tiptree Inc. | 27,561 | 181 | ||||||||
* | Stratus Properties Inc. | 6,327 | 181 | |||||||
* | Ocwen Financial Corp. | 145,052 | 181 | |||||||
* | Select Bancorp Inc. | 17,080 | 179 | |||||||
PCB Bancorp | 13,398 | 179 | ||||||||
^ | Pennsylvania REIT | 75,863 | 179 | |||||||
Farmland Partners Inc. | 30,259 | 179 | ||||||||
First Bank | 17,960 | 175 | ||||||||
Clipper Realty Inc. | 15,471 | 174 | ||||||||
1st Constitution Bancorp | 9,510 | 174 | ||||||||
BankFinancial Corp. | 15,249 | 173 | ||||||||
BCB Bancorp Inc. | 15,075 | 171 | ||||||||
Merchants Bancorp | 9,429 | 170 | ||||||||
BRT Apartments Corp. | 10,817 | 169 | ||||||||
ESSA Bancorp Inc. | 10,194 | 169 | ||||||||
Community Financial Corp. | 5,275 | 167 | ||||||||
* | Pioneer Bancorp Inc. | 12,171 | 166 | |||||||
* | Oportun Financial Corp. | 7,873 | 166 | |||||||
Bank of Princeton | 6,032 | 164 | ||||||||
FedNat Holding Co. | 12,517 | 163 | ||||||||
* | Esquire Financial Holdings Inc. | 6,972 | 160 | |||||||
Northeast Bank | 8,972 | 160 | ||||||||
C&F Financial Corp. | 3,504 | 159 | ||||||||
Donegal Group Inc. | 11,112 | 159 | ||||||||
* | MainStreet Bancshares Inc. | 7,801 | 158 | |||||||
Mid Penn Bancorp Inc. | 7,436 | 158 | ||||||||
* | MMA Capital Holdings Inc. | 5,230 | 158 | |||||||
* | Malvern Bancorp Inc. | 8,141 | 156 |
14
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Curo Group Holdings Corp. | 16,847 | 156 | ||||||||
Prudential Bancorp Inc. | 9,406 | 155 | ||||||||
HBT Financial Inc. | 9,854 | 153 | ||||||||
First Northwest Bancorp | 9,533 | 152 | ||||||||
Franklin Financial Services Corp. | 4,890 | 152 | ||||||||
Protective Insurance Corp. | 10,497 | 150 | ||||||||
* | NI Holdings Inc. | 10,502 | 148 | |||||||
^ | Fidelity D&D Bancorp Inc. | 2,996 | 148 | |||||||
Riverview Bancorp Inc. | 22,770 | 147 | ||||||||
Unity Bancorp Inc. | 8,507 | 146 | ||||||||
* | Coastal Financial Corp. | 8,601 | 141 | |||||||
Mackinac Financial Corp. | 10,063 | 141 | ||||||||
Chemung Financial Corp. | 3,870 | 139 | ||||||||
Level One Bancorp Inc. | 5,701 | 138 | ||||||||
* | Pacific Mercantile Bancorp | 20,945 | 137 | |||||||
* | Republic First Bancorp Inc. | 44,828 | 136 | |||||||
Hawthorn Bancshares Inc. | 6,147 | 134 | ||||||||
* | Medallion Financial Corp. | 22,482 | 133 | |||||||
Crawford & Co. Class A | 17,677 | 132 | ||||||||
* | ProSight Global Inc. | 9,658 | 129 | |||||||
Sterling Bancorp Inc. | 18,366 | 129 | ||||||||
Provident Financial Holdings Inc. | 6,431 | 127 | ||||||||
* | PDL Community Bancorp | 9,033 | 127 | |||||||
Colony Bankcorp Inc. | 8,534 | 127 | ||||||||
Oak Valley Bancorp | 7,588 | 127 | ||||||||
OP Bancorp | 14,293 | 126 | ||||||||
Peoples Bancorp of North Carolina Inc. | 4,971 | 126 | ||||||||
United Security Bancshares | 14,413 | 125 | ||||||||
Union Bankshares Inc. | 4,156 | 125 | ||||||||
Ohio Valley Banc Corp. | 4,445 | 124 | ||||||||
Pzena Investment Management Inc. | 18,920 | 124 | ||||||||
FNCB Bancorp Inc. | 18,563 | 123 | ||||||||
First Financial Northwest Inc. | 8,753 | 122 | ||||||||
GAIN Capital Holdings Inc. | 20,559 | 121 | ||||||||
* | Capital Bancorp Inc. | 8,700 | 120 | |||||||
Silvercrest Asset Management Group Inc. | 9,286 | 107 | ||||||||
Provident Bancorp Inc. | 9,389 | 103 | ||||||||
Greene County Bancorp Inc. | 3,661 | 99 | ||||||||
* | Altisource Portfolio Solutions SA | 6,198 | 98 | |||||||
First Guaranty Bancshares Inc. | 5,705 | 97 | ||||||||
* | CrossFirst Bankshares Inc. | 7,339 | 97 | |||||||
CBL & Associates Properties Inc. | 182,068 | 97 | ||||||||
GAMCO Investors Inc. Class A | 5,608 | 87 | ||||||||
Associated Capital Group Inc. | 2,072 | 85 | ||||||||
* | Maui Land & Pineapple Co. Inc. | 7,389 | 81 | |||||||
* | Elevate Credit Inc. | 24,370 | 80 | |||||||
Bank7 Corp. | 4,052 | 73 | ||||||||
Alerus Financial Corp. | 3,252 | 67 | ||||||||
* | Siebert Financial Corp. | 8,009 | 66 | |||||||
* | Silvergate Capital Corp. Class A | 3,470 | 51 | |||||||
Griffin Industrial Realty Inc. | 1,026 | 41 | ||||||||
* | Transcontinental Realty Investors Inc. | 1,112 | 35 | |||||||
* | American Realty Investors Inc. | 2,626 | 33 | |||||||
Value Line Inc. | 1,150 | 33 | ||||||||
* | Avalon GloboCare Corp. | 22,971 | 33 | |||||||
CIM Commercial Trust Corp. | 1,554 | 22 | ||||||||
* | GWG Holdings Inc. | 2,187 | 20 | |||||||
* | Priority Technology Holdings Inc. | 7,855 | 16 | |||||||
519,764 | ||||||||||
Health Care (18.5%) | ||||||||||
* | Teladoc Health Inc. | 78,731 | 9,838 | |||||||
* | Novocure Ltd. | 94,702 | 6,890 | |||||||
* | Haemonetics Corp. | 55,833 | 6,048 | |||||||
* | Amedisys Inc. | 34,196 | 5,950 |
15
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | HealthEquity Inc. | 75,511 | 5,361 | |||||||
* | ACADIA Pharmaceuticals Inc. | 122,758 | 5,247 | |||||||
* | Repligen Corp. | 57,004 | 4,880 | |||||||
* | Reata Pharmaceuticals Inc. | 24,381 | 4,748 | |||||||
* | Tandem Diabetes Care Inc. | 61,120 | 4,563 | |||||||
* | Syneos Health Inc. | 67,910 | 4,302 | |||||||
* | Nevro Corp. | 32,600 | 4,243 | |||||||
* | Acceleron Pharma Inc. | 49,110 | 4,220 | |||||||
* | Iovance Biotherapeutics Inc. | 127,894 | 4,209 | |||||||
* | Wright Medical Group NV | 137,853 | 4,170 | |||||||
* | Global Blood Therapeutics Inc. | 63,164 | 4,040 | |||||||
* | LHC Group Inc. | 32,820 | 3,986 | |||||||
* | Globus Medical Inc. | 82,906 | 3,750 | |||||||
* | NuVasive Inc. | 56,606 | 3,725 | |||||||
* | LivaNova plc | 52,996 | 3,695 | |||||||
* | AMN Healthcare Services Inc. | 50,161 | 3,692 | |||||||
* | Omnicell Inc. | 45,156 | 3,679 | |||||||
* | PTC Therapeutics Inc. | 65,955 | 3,617 | |||||||
* | Arrowhead Pharmaceuticals Inc. | 101,818 | 3,600 | |||||||
* | FibroGen Inc. | 85,714 | 3,583 | |||||||
* | Neogen Corp. | 55,906 | 3,396 | |||||||
* | Ultragenyx Pharmaceutical Inc. | 59,614 | 3,343 | |||||||
* | Integer Holdings Corp. | 35,422 | 3,194 | |||||||
* | Blueprint Medicines Corp. | 58,410 | 3,162 | |||||||
* | MyoKardia Inc. | 48,507 | 3,075 | |||||||
* | Halozyme Therapeutics Inc. | 156,327 | 3,059 | |||||||
* | Immunomedics Inc. | 191,053 | 3,057 | |||||||
* | Momenta Pharmaceuticals Inc. | 107,472 | 3,040 | |||||||
* | Quidel Corp. | 38,636 | 2,984 | |||||||
* | Tenet Healthcare Corp. | 112,147 | 2,947 | |||||||
* | NeoGenomics Inc. | 103,934 | 2,944 | |||||||
* | Emergent BioSolutions Inc. | 49,789 | 2,922 | |||||||
* | Select Medical Holdings Corp. | 119,853 | 2,869 | |||||||
CONMED Corp. | 29,672 | 2,808 | ||||||||
* | Medpace Holdings Inc. | 30,112 | 2,708 | |||||||
* | Amicus Therapeutics Inc. | 279,435 | 2,667 | |||||||
* | Mirati Therapeutics Inc. | 29,744 | 2,662 | |||||||
* | Natera Inc. | 68,012 | 2,578 | |||||||
* | Intercept Pharmaceuticals Inc. | 27,477 | 2,526 | |||||||
* | iRhythm Technologies Inc. | 28,894 | 2,513 | |||||||
* | Arena Pharmaceuticals Inc. | 55,134 | 2,459 | |||||||
Ensign Group Inc. | 55,158 | 2,455 | ||||||||
* | Insmed Inc. | 97,177 | 2,420 | |||||||
* | HMS Holdings Corp. | 95,739 | 2,199 | |||||||
Patterson Cos. Inc. | 91,263 | 2,171 | ||||||||
* | Axsome Therapeutics Inc. | 27,448 | 2,141 | |||||||
* | Apellis Pharmaceuticals Inc. | 61,198 | 2,119 | |||||||
* | Merit Medical Systems Inc. | 58,450 | 2,105 | |||||||
* | Prestige Consumer Healthcare Inc. | 55,100 | 2,059 | |||||||
* | Ironwood Pharmaceuticals Inc. | 167,880 | 2,021 | |||||||
* | ChemoCentryx Inc. | 44,454 | 1,989 | |||||||
* | Pacira BioSciences Inc. | 44,773 | 1,942 | |||||||
* | Fate Therapeutics Inc. | 66,078 | 1,929 | |||||||
* | Invitae Corp. | 94,584 | 1,928 | |||||||
* | Biohaven Pharmaceutical Holding Co. Ltd. | 42,715 | 1,886 | |||||||
* | Glaukos Corp. | 42,443 | 1,867 | |||||||
* | Epizyme Inc. | 84,734 | 1,816 | |||||||
* | Ra Pharmaceuticals Inc. | 37,985 | 1,776 | |||||||
* | Ligand Pharmaceuticals Inc. | 18,702 | 1,751 | |||||||
* | Heron Therapeutics Inc. | 91,845 | 1,713 | |||||||
* | Xencor Inc. | 51,683 | 1,679 | |||||||
* | Avanos Medical Inc. | 51,655 | 1,674 | |||||||
* | Kodiak Sciences Inc. | 25,717 | 1,645 | |||||||
* | AtriCure Inc. | 41,479 | 1,594 |
16
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | BioTelemetry Inc. | 36,245 | 1,548 | |||||||
* | STAAR Surgical Co. | 48,480 | 1,521 | |||||||
Turning Point Therapeutics Inc. | 30,233 | 1,499 | ||||||||
* | REGENXBIO Inc. | 36,464 | 1,459 | |||||||
* | Magellan Health Inc. | 23,977 | 1,439 | |||||||
US Physical Therapy Inc. | 13,718 | 1,430 | ||||||||
* | Cardiovascular Systems Inc. | 37,686 | 1,418 | |||||||
* | Forty Seven Inc. | 24,260 | 1,407 | |||||||
*,^ | Esperion Therapeutics Inc. | 27,659 | 1,397 | |||||||
* | R1 RCM Inc. | 113,370 | 1,392 | |||||||
* | Myriad Genetics Inc. | 77,641 | 1,368 | |||||||
* | Endo International plc | 245,316 | 1,354 | |||||||
* | Allscripts Healthcare Solutions Inc. | 176,993 | 1,335 | |||||||
* | Brookdale Senior Living Inc. | 201,828 | 1,326 | |||||||
*,^ | Allakos Inc. | 21,255 | 1,325 | |||||||
* | Coherus Biosciences Inc. | 68,336 | 1,322 | |||||||
* | Corcept Therapeutics Inc. | 104,579 | 1,320 | |||||||
* | Principia Biopharma Inc. | 20,086 | 1,297 | |||||||
* | NanoString Technologies Inc. | 36,171 | 1,290 | |||||||
* | Veracyte Inc. | 51,554 | 1,273 | |||||||
* | Inspire Medical Systems Inc. | 14,698 | 1,262 | |||||||
* | Editas Medicine Inc. | 56,574 | 1,255 | |||||||
*,^ | Tabula Rasa HealthCare Inc. | 21,225 | 1,192 | |||||||
* | Theravance Biopharma Inc. | 48,902 | 1,191 | |||||||
* | TG Therapeutics Inc. | 94,078 | 1,181 | |||||||
*,^ | Aimmune Therapeutics Inc. | 49,203 | 1,172 | |||||||
* | Zogenix Inc. | 46,652 | 1,170 | |||||||
* | Deciphera Pharmaceuticals Inc. | 21,551 | 1,147 | |||||||
*,^ | Allogene Therapeutics Inc. | 42,452 | 1,146 | |||||||
* | Akebia Therapeutics Inc. | 128,895 | 1,143 | |||||||
* | Revance Therapeutics Inc. | 49,295 | 1,140 | |||||||
Luminex Corp. | 45,581 | 1,129 | ||||||||
* | Shockwave Medical Inc. | 27,798 | 1,116 | |||||||
* | Dicerna Pharmaceuticals Inc. | 56,347 | 1,112 | |||||||
* | Arvinas Inc. | 23,151 | 1,091 | |||||||
* | Sangamo Therapeutics Inc. | 125,544 | 1,071 | |||||||
* | Karyopharm Therapeutics Inc. | 65,025 | 1,063 | |||||||
* | Radius Health Inc. | 49,305 | 1,038 | |||||||
* | CareDx Inc. | 44,494 | 1,037 | |||||||
* | Addus HomeCare Corp. | 13,594 | 1,037 | |||||||
* | Denali Therapeutics Inc. | 52,077 | 1,030 | |||||||
* | Intra-Cellular Therapies Inc. | 48,537 | 1,024 | |||||||
* | CryoLife Inc. | 39,842 | 1,021 | |||||||
* | Tactile Systems Technology Inc. | 20,050 | 1,011 | |||||||
* | Natus Medical Inc. | 36,879 | 991 | |||||||
National HealthCare Corp. | 13,352 | 991 | ||||||||
* | Supernus Pharmaceuticals Inc. | 54,020 | 972 | |||||||
Atrion Corp. | 1,573 | 969 | ||||||||
* | Varex Imaging Corp. | 40,886 | 949 | |||||||
* | Enanta Pharmaceuticals Inc. | 18,598 | 946 | |||||||
* | Innoviva Inc. | 70,025 | 943 | |||||||
* | RadNet Inc. | 45,699 | 934 | |||||||
* | Inogen Inc. | 19,964 | 914 | |||||||
* | Hanger Inc. | 39,576 | 913 | |||||||
* | Athenex Inc. | 74,598 | 912 | |||||||
* | Alector Inc. | 33,011 | 907 | |||||||
* | Portola Pharmaceuticals Inc. | 83,323 | 842 | |||||||
* | Cytokinetics Inc. | 60,318 | 841 | |||||||
* | Collegium Pharmaceutical Inc. | 35,108 | 834 | |||||||
* | Aerie Pharmaceuticals Inc. | 45,868 | 803 | |||||||
* | Intersect ENT Inc. | 33,307 | 795 | |||||||
* | Kadmon Holdings Inc. | 171,123 | 794 | |||||||
* | Cerus Corp. | 153,643 | 790 | |||||||
* | Bridgebio Pharma Inc. | 24,694 | 787 |
17
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | NextGen Healthcare Inc. | 59,814 | 782 | |||||||
* | Providence Service Corp. | 12,525 | 774 | |||||||
* | Y-mAbs Therapeutics Inc. | 25,887 | 762 | |||||||
* | Vericel Corp | 49,061 | 757 | |||||||
* | Tricida Inc. | 23,775 | 756 | |||||||
* | Pennant Group Inc. | 27,648 | 751 | |||||||
* | Evolent Health Inc. | 80,876 | 747 | |||||||
* | Twist Bioscience Corp. | 23,980 | 734 | |||||||
* | Madrigal Pharmaceuticals Inc. | 8,515 | 734 | |||||||
* | Heska Corp. | 7,672 | 732 | |||||||
* | Adverum Biotechnologies Inc | 58,935 | 725 | |||||||
National Research Corp. | 12,951 | 712 | ||||||||
* | ImmunoGen Inc. | 158,327 | 705 | |||||||
* | Silk Road Medical Inc. | 17,568 | 700 | |||||||
* | HealthStream Inc. | 28,554 | 694 | |||||||
* | Retrophin Inc. | 44,804 | 694 | |||||||
* | Orthofix Medical Inc. | 19,588 | 692 | |||||||
* | Atara Biotherapeutics Inc. | 55,823 | 678 | |||||||
* | PetIQ Inc. | 21,605 | 672 | |||||||
* | Codexis Inc. | 57,241 | 667 | |||||||
* | CorVel Corp. | 9,665 | 666 | |||||||
* | G1 Therapeutics Inc. | 37,001 | 664 | |||||||
* | Lantheus Holdings Inc. | 42,194 | 656 | |||||||
* | Tivity Health Inc. | 51,708 | 655 | |||||||
*,^ | Cara Therapeutics Inc. | 43,390 | 652 | |||||||
NextCure Inc. | 15,389 | 643 | ||||||||
* | Rocket Pharmaceuticals Inc. | 32,579 | 635 | |||||||
* | OPKO Health Inc. | 418,016 | 627 | |||||||
* | Vanda Pharmaceuticals Inc. | 56,727 | 626 | |||||||
^ | Cortexyme Inc. | 12,422 | 624 | |||||||
* | Eidos Therapeutics Inc. | 12,315 | 623 | |||||||
* | Gossamer Bio Inc. | 46,946 | 616 | |||||||
*,^ | Omeros Corp. | 51,156 | 609 | |||||||
* | Anika Therapeutics Inc. | 14,571 | 608 | |||||||
* | Krystal Biotech Inc. | 11,382 | 608 | |||||||
* | Amphastar Pharmaceuticals Inc. | 39,374 | 606 | |||||||
* | Rhythm Pharmaceuticals Inc. | 31,730 | 605 | |||||||
* | Axonics Modulation Technologies Inc. | 17,069 | 605 | |||||||
* | Constellation Pharmaceuticals Inc. | 16,871 | 596 | |||||||
* | Flexion Therapeutics Inc. | 36,574 | 578 | |||||||
* | UroGen Pharma Ltd. | 20,568 | 561 | |||||||
* | Intellia Therapeutics Inc. | 41,939 | 560 | |||||||
Phibro Animal Health Corp. | 22,067 | 557 | ||||||||
* | Antares Pharma Inc. | 175,926 | 545 | |||||||
*,^ | ZIOPHARM Oncology Inc. | 174,441 | 539 | |||||||
* | Arcus Biosciences Inc. | 35,277 | 537 | |||||||
* | Pacific Biosciences of California Inc. | 156,013 | 530 | |||||||
LeMaitre Vascular Inc. | 17,838 | 508 | ||||||||
* | Surmodics Inc. | 14,355 | 501 | |||||||
* | Amneal Pharmaceuticals Inc. | 129,234 | 498 | |||||||
Option Care Health Inc. | 33,627 | 496 | ||||||||
* | BioCryst Pharmaceuticals Inc. | 161,274 | 484 | |||||||
*,^ | NGM Biopharmaceuticals Inc. | 26,477 | 478 | |||||||
* | ANI Pharmaceuticals Inc. | 9,919 | 476 | |||||||
* | AngioDynamics Inc. | 40,414 | 464 | |||||||
* | Prothena Corp. plc | 43,495 | 464 | |||||||
* | Community Health Systems Inc. | 93,465 | 461 | |||||||
^ | Novavax Inc. | 28,797 | 461 | |||||||
Owens & Minor Inc. | 67,330 | 460 | ||||||||
* | Axogen Inc. | 37,114 | 459 | |||||||
* | Eagle Pharmaceuticals Inc. | 9,864 | 453 | |||||||
* | OrthoPediatrics Corp. | 9,743 | 452 | |||||||
* | Assembly Biosciences Inc. | 24,956 | 452 | |||||||
* | MacroGenics Inc. | 51,511 | 452 |
18
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Kura Oncology Inc. | 37,207 | 449 | |
* | Catalyst Pharmaceuticals Inc. | 105,404 | 444 | |
* | Progenics Pharmaceuticals Inc. | 94,007 | 444 | |
* | BioDelivery Sciences International Inc. | 90,555 | 440 | |
* | Kindred Biosciences Inc. | 40,169 | 437 | |
* | Karuna Therapeutics Inc. | 4,970 | 434 | |
* | Avrobio Inc. | 22,441 | 433 | |
* | Homology Medicines Inc. | 27,046 | 433 | |
* | Surgery Partners Inc. | 26,174 | 430 | |
*,^ | Inovio Pharmaceuticals Inc. | 100,371 | 430 | |
* | Phathom Pharmaceuticals Inc. | 11,675 | 422 | |
* | PDL BioPharma Inc. | 122,879 | 418 | |
* | Viking Therapeutics Inc. | 70,304 | 416 | |
*,^ | Clovis Oncology Inc. | 54,527 | 411 | |
*,^ | TherapeuticsMD Inc. | 240,053 | 406 | |
^ | Livongo Health Inc. | 16,050 | 401 | |
* | AnaptysBio Inc. | 26,732 | 400 | |
* | OraSure Technologies Inc. | 65,930 | 398 | |
*,^ | Mallinckrodt plc | 91,288 | 391 | |
* | Rigel Pharmaceuticals Inc. | 183,835 | 390 | |
* | Avid Bioservices Inc. | 61,010 | 384 | |
*,^ | Accelerate Diagnostics Inc. | 29,983 | 384 | |
* | Cue Biopharma Inc. | 21,693 | 379 | |
* | Odonate Therapeutics Inc. | 12,808 | 379 | |
* | Cutera Inc. | 15,275 | 379 | |
* | Pfenex Inc. | 32,436 | 376 | |
* | Triple-S Management Corp. | 25,013 | 375 | |
Computer Programs & Systems Inc. | 13,873 | 372 | ||
* | BioSpecifics Technologies Corp. | 6,701 | 370 | |
* | Meridian Bioscience Inc. | 45,998 | 368 | |
* | Cross Country Healthcare Inc. | 38,597 | 366 | |
^ | Vir Biotechnology Inc. | 7,802 | 363 | |
SpringWorks Therapeutics Inc. | 11,321 | 362 | ||
* | Puma Biotechnology Inc. | 33,429 | 360 | |
*,^ | Dynavax Technologies Corp. | 90,295 | 356 | |
* | Ardelyx Inc. | 51,433 | 356 | |
Progyny Inc. | 12,564 | 346 | ||
* | Spectrum Pharmaceuticals Inc. | 120,844 | 346 | |
* | SI-BONE Inc. | 17,755 | 343 | |
* | Mersana Therapeutics Inc. | 38,940 | 337 | |
Phreesia Inc. | 10,757 | 334 | ||
Utah Medical Products Inc. | 3,800 | 332 | ||
* | Quanterix Corp. | 14,481 | 330 | |
* | Calithera Biosciences Inc. | 50,923 | 330 | |
* | CytomX Therapeutics Inc. | 48,808 | 327 | |
*,^ | CEL-SCI Corp. | 29,402 | 323 | |
*,^ | Rubius Therapeutics Inc. | 37,920 | 317 | |
* | Precision BioSciences Inc. | 38,951 | 312 | |
* | Recro Pharma Inc. | 21,427 | 307 | |
* | Lannett Co. Inc. | 35,230 | 306 | |
*,^ | Corbus Pharmaceuticals Holdings Inc. | 64,345 | 305 | |
* | MeiraGTx Holdings plc | 18,626 | 302 | |
*,^ | Precigen Inc. | 79,293 | 301 | |
* | Stemline Therapeutics Inc. | 49,843 | 300 | |
* | SIGA Technologies Inc. | 59,771 | 299 | |
* | Agenus Inc. | 117,501 | 297 | |
* | Sorrento Therapeutics Inc. | 136,496 | 296 | |
* | Molecular Templates Inc. | 18,245 | 294 | |
Applied Therapeutics Inc. | 6,946 | 289 | ||
* | Voyager Therapeutics Inc. | 26,289 | 287 | |
* | Accuray Inc. | 96,117 | 285 | |
* | Translate Bio Inc. | 37,559 | 285 | |
* | AMAG Pharmaceuticals Inc. | 36,715 | 285 | |
* | Bioxcel Therapeutics Inc. | 7,530 | 282 |
19
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Kiniksa Pharmaceuticals Ltd. | 15,128 | 279 | |
Invacare Corp. | 36,615 | 278 | ||
IGM Biosciences Inc. | 5,371 | 276 | ||
* | Albireo Pharma Inc. | 11,770 | 275 | |
Health Catalyst Inc. | 9,009 | 274 | ||
* | Scholar Rock Holding Corp. | 18,869 | 266 | |
*,^ | Viela Bio Inc. | 5,925 | 259 | |
*,^ | MannKind Corp. | 203,210 | 258 | |
*,^ | XBiotech Inc. | 20,255 | 248 | |
* | Alphatec Holdings Inc. | 42,398 | 248 | |
* | Fluidigm Corp. | 74,665 | 248 | |
* | Crinetics Pharmaceuticals Inc. | 11,973 | 246 | |
Stoke Therapeutics Inc. | 9,910 | 245 | ||
* | Magenta Therapeutics Inc. | 20,808 | 245 | |
* | TransMedics Group Inc. | 15,469 | 243 | |
* | Eiger BioPharmaceuticals Inc | 25,417 | 241 | |
* | SeaSpine Holdings Corp. | 17,052 | 241 | |
* | Aprea Therapeutics Inc. | 7,003 | 240 | |
* | Minerva Neurosciences Inc. | 32,402 | 236 | |
*,^ | Akcea Therapeutics Inc. | 13,765 | 234 | |
* | RTI Surgical Holdings Inc. | 62,911 | 233 | |
*,^ | Geron Corp. | 200,897 | 231 | |
* | Gritstone Oncology Inc. | 26,882 | 226 | |
* | Beyondspring Inc. | 13,912 | 221 | |
*,^ | Zynex Inc. | 16,951 | 221 | |
* | ViewRay Inc. | 76,441 | 219 | |
* | Aduro Biotech Inc. | 71,735 | 219 | |
*,^ | Ocular Therapeutix Inc. | 46,479 | 219 | |
* | Apyx Medical Corp. | 36,125 | 219 | |
* | Syros Pharmaceuticals Inc. | 37,132 | 217 | |
Oyster Point Pharma Inc. | 6,107 | 216 | ||
* | GenMark Diagnostics Inc. | 60,252 | 210 | |
* | Joint Corp. | 14,169 | 210 | |
* | Cellular Biomedicine Group Inc. | 13,057 | 208 | |
*,^ | WaVe Life Sciences Ltd. | 24,407 | 206 | |
* | Syndax Pharmaceuticals Inc. | 21,815 | 205 | |
* | CytoSorbents Corp. | 33,901 | 204 | |
* | VBI Vaccines Inc. | 166,067 | 199 | |
* | Concert Pharmaceuticals Inc. | 23,185 | 196 | |
* | Replimune Group Inc. | 14,068 | 195 | |
* | Aeglea BioTherapeutics Inc. | 28,256 | 193 | |
* | MediciNova Inc. | 45,547 | 191 | |
* | Rockwell Medical Inc. | 67,571 | 190 | |
* | Affimed NV | 79,736 | 188 | |
* | UNITY Biotechnology Inc. | 30,970 | 186 | |
*,^ | Senseonics Holdings Inc. | 131,951 | 185 | |
* | KalVista Pharmaceuticals Inc. | 13,684 | 184 | |
* | Anavex Life Sciences Corp. | 47,216 | 180 | |
* | Sientra Inc. | 41,956 | 176 | |
* | Athersys Inc. | 144,415 | 173 | |
*,^ | Evolus Inc. | 20,025 | 172 | |
* | Paratek Pharmaceuticals Inc. | 35,241 | 168 | |
* | Atreca Inc. | 7,082 | 167 | |
* | ChromaDex Corp. | 44,908 | 166 | |
* | Verrica Pharmaceuticals Inc. | 13,866 | 165 | |
* | Chiasma Inc. | 36,812 | 164 | |
* | Optinose Inc. | 26,948 | 163 | |
* | American Renal Associates Holdings Inc. | 19,728 | 159 | |
* | ADMA Biologics Inc. | 54,261 | 158 | |
* | Pieris Pharmaceuticals Inc. | 49,446 | 154 | |
* | La Jolla Pharmaceutical Co. | 22,336 | 152 | |
* | Genesis Healthcare Inc. | 91,654 | 151 | |
* | TCR2 Therapeutics Inc. | 12,628 | 150 | |
* | Protagonist Therapeutics Inc. | 18,844 | 147 |
20
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | MEI Pharma Inc. | 75,199 | 145 | |
^ | CorMedix Inc. | 27,519 | 143 | |
* | Five Prime Therapeutics Inc. | 36,709 | 141 | |
* | Vapotherm Inc. | 16,205 | 140 | |
X4 Pharmaceuticals Inc. | 13,012 | 139 | ||
* | Marinus Pharmaceuticals Inc. | 54,875 | 137 | |
Satsuma Pharmaceuticals Inc. | 4,802 | 137 | ||
* | Frequency Therapeutics Inc. | 6,242 | 135 | |
* | Spero Therapeutics Inc. | 13,874 | 132 | |
* | GlycoMimetics Inc. | 36,459 | 132 | |
* | IntriCon Corp. | 8,775 | 131 | |
*,^ | Kala Pharmaceuticals Inc. | 24,113 | 129 | |
* | Palatin Technologies Inc. | 247,664 | 126 | |
* | OptimizeRx Corp. | 15,141 | 126 | |
* | Cymabay Therapeutics Inc. | 76,100 | 126 | |
* | Lexicon Pharmaceuticals Inc. | 45,204 | 125 | |
Castle Biosciences Inc. | 4,158 | 124 | ||
* | Harpoon Therapeutics Inc. | 8,111 | 124 | |
* | Seres Therapeutics Inc. | 39,032 | 123 | |
* | Misonix Inc. | 8,711 | 121 | |
* | Lineage Cell Therapeutics Inc. | 118,960 | 120 | |
* | Akorn Inc. | 101,737 | 118 | |
*,^ | Catasys Inc. | 7,800 | 118 | |
* | iRadimed Corp. | 4,933 | 117 | |
* | Apollo Medical Holdings Inc. | 6,642 | 116 | |
* | Akero Therapeutics Inc. | 5,290 | 115 | |
* | Adamas Pharmaceuticals Inc. | 24,986 | 114 | |
* | Abeona Therapeutics Inc. | 36,966 | 114 | |
* | 89bio Inc. | 3,188 | 114 | |
* | Sutro Biopharma Inc. | 11,613 | 113 | |
* | AcelRx Pharmaceuticals Inc. | 85,120 | 112 | |
* | BioLife Solutions Inc. | 7,882 | 112 | |
* | Strongbridge Biopharma plc | 40,030 | 111 | |
*,^ | Zynerba Pharmaceuticals Inc. | 25,271 | 108 | |
* | Cyclerion Therapeutics Inc. | 25,084 | 107 | |
* | Hookipa Pharma Inc. | 10,812 | 107 | |
* | Cabaletta Bio Inc. | 7,078 | 106 | |
* | Enzo Biochem Inc. | 48,570 | 103 | |
* | Xeris Pharmaceuticals Inc. | 28,718 | 102 | |
* | Prevail Therapeutics Inc. | 7,828 | 100 | |
* | Castlight Health Inc. | 109,465 | 99 | |
* | CASI Pharmaceuticals Inc. | 54,845 | 97 | |
* | Aldeyra Therapeutics Inc. | 25,166 | 96 | |
*,^ | Galectin Therapeutics Inc. | 44,335 | 94 | |
* | Chimerix Inc. | 52,864 | 94 | |
* | Evofem Biosciences Inc. | 15,401 | 91 | |
*,^ | Savara Inc. | 39,416 | 90 | |
*,^ | EyePoint Pharmaceuticals Inc. | 68,374 | 88 | |
* | Mustang Bio Inc. | 30,188 | 88 | |
* | Fulcrum Therapeutics Inc. | 4,622 | 87 | |
Morphic Holding Inc. | 5,471 | 86 | ||
* | Eloxx Pharmaceuticals Inc. | 27,197 | 85 | |
* | Pulse Biosciences Inc. | 12,364 | 85 | |
* | Personalis Inc. | 9,415 | 82 | |
* | Millendo Therapeutics Inc. | 10,412 | 80 | |
* | Jounce Therapeutics Inc. | 17,363 | 78 | |
*,^ | Tyme Technologies Inc. | 65,077 | 77 | |
* | Assertio Therapeutics Inc. | 71,436 | 77 | |
*,^ | Evelo Biosciences Inc. | 15,094 | 76 | |
* | Kaleido Biosciences Inc. | 12,321 | 74 | |
* | Cerecor Inc. | 24,005 | 73 | |
*,^ | Marker Therapeutics Inc. | 29,389 | 73 | |
* | LogicBio Therapeutics Inc. | 9,011 | 72 | |
* | Kezar Life Sciences Inc. | 16,397 | 72 |
21
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Solid Biosciences Inc. | 21,586 | 71 | |
* | Acorda Therapeutics Inc. | 47,531 | 68 | |
* | Calyxt Inc. | 10,104 | 64 | |
*,^ | BioSig Technologies Inc. | 17,347 | 63 | |
* | PhaseBio Pharmaceuticals Inc. | 14,629 | 62 | |
Exagen Inc. | 3,594 | 61 | ||
*,^ | Soliton Inc. | 5,793 | 61 | |
* | Liquidia Technologies Inc. | 14,604 | 60 | |
*,^ | Baudax Bio Inc. | 8,576 | 60 | |
* | Conformis Inc. | 68,481 | 53 | |
* | Celcuity Inc. | 6,276 | 53 | |
* | Menlo Therapeutics Inc. | 17,028 | 50 | |
* | Osmotica Pharmaceuticals plc | 8,574 | 50 | |
*,^ | Enochian Biosciences Inc. | 14,936 | 49 | |
Mirum Pharmaceuticals Inc. | 2,919 | 48 | ||
* | Oncocyte Corp. | 22,417 | 48 | |
* | Checkpoint Therapeutics Inc. | 27,492 | 48 | |
* | Organogenesis Holdings Inc. Class A | 12,188 | 48 | |
* | Neuronetics Inc. | 14,464 | 42 | |
* | Aclaris Therapeutics Inc. | 33,438 | 38 | |
* | Synlogic Inc. | 16,555 | 34 | |
* | Galera Therapeutics Inc. | 1,990 | 34 | |
RAPT Therapeutics Inc. | 1,692 | 33 | ||
* | Tocagen Inc. | 23,045 | 33 | |
Axcella Health Inc. | 8,467 | 32 | ||
*,§ | Alder BioPharmaceuticals CVR Exp. 12/31/2024 | 32,046 | 28 | |
* | AgeX Therapeutics Inc. | 23,712 | 27 | |
* | Centogene NV | 2,041 | 27 | |
* | resTORbio Inc. | 17,829 | 25 | |
Passage Bio Inc. | 1,088 | 24 | ||
*,^ | PolarityTE Inc. | 16,744 | 23 | |
TransEnterix Inc. | 19,111 | 23 | ||
Tela Bio Inc. | 1,339 | 21 | ||
* | Acer Therapeutics Inc. | 6,035 | 20 | |
* | Neon Therapeutics Inc. | 13,196 | 20 | |
*,^ | ElectroCore Inc. | 15,087 | 11 | |
*,§ | Oncternal Therapeutics Inc. CVR | 846 | 2 | |
§ | Synergy Pharmaceuticals Inc. | 224,815 | 1 | |
*,§ | Alexion Pharmaceuticals, Inc. CVR Exp. 06/29/2024 | 1,953 | 1 | |
373,854 | ||||
Materials & Processing (6.3%) | ||||
* | Trex Co. Inc. | 64,059 | 6,127 | |
* | RBC Bearings Inc. | 26,439 | 4,526 | |
Cabot Microelectronics Corp. | 31,609 | 4,402 | ||
Simpson Manufacturing Co. Inc. | 48,805 | 3,877 | ||
Louisiana-Pacific Corp. | 128,786 | 3,664 | ||
Rexnord Corp. | 115,936 | 3,381 | ||
Balchem Corp. | 35,104 | 3,316 | ||
Universal Forest Products Inc. | 64,910 | 3,042 | ||
* | Builders FirstSource Inc. | 124,322 | 2,823 | |
AAON Inc. | 44,793 | 2,464 | ||
PolyOne Corp. | 98,245 | 2,433 | ||
* | Summit Materials Inc. | 122,680 | 2,397 | |
Commercial Metals Co. | 128,516 | 2,347 | ||
Innospec Inc. | 26,510 | 2,294 | ||
Sensient Technologies Corp. | 46,193 | 2,272 | ||
Quaker Chemical Corp. | 14,314 | 2,255 | ||
* | Beacon Roofing Supply Inc. | 74,034 | 2,199 | |
HB Fuller Co. | 55,518 | 2,178 | ||
* | Ingevity Corp. | 45,902 | 2,067 | |
Compass Minerals International Inc. | 37,212 | 2,030 | ||
* | Novagold Resources Inc. | 252,552 | 2,015 | |
Advanced Drainage Systems Inc. | 47,340 | 1,982 | ||
* | Masonite International Corp. | 26,865 | 1,975 |
22
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Stepan Co. | 22,310 | 1,959 | ||
Carpenter Technology Corp. | 51,346 | 1,887 | ||
Mueller Water Products Inc. | 170,938 | 1,872 | ||
* | Gibraltar Industries Inc. | 35,218 | 1,784 | |
* | BMC Stock Holdings Inc. | 72,611 | 1,781 | |
Minerals Technologies Inc. | 37,980 | 1,704 | ||
Belden Inc. | 42,594 | 1,701 | ||
^ | Cleveland-Cliffs Inc. | 292,639 | 1,700 | |
Mueller Industries Inc. | 60,491 | 1,693 | ||
Comfort Systems USA Inc. | 39,659 | 1,674 | ||
* | Installed Building Products Inc. | 24,711 | 1,632 | |
Kaiser Aluminum Corp. | 17,205 | 1,627 | ||
Boise Cascade Co. | 42,373 | 1,503 | ||
* | Livent Corp. | 159,974 | 1,429 | |
Hecla Mining Co. | 535,696 | 1,414 | ||
* | JELD-WEN Holding Inc. | 73,676 | 1,385 | |
Worthington Industries Inc. | 42,253 | 1,344 | ||
Patrick Industries Inc. | 24,629 | 1,301 | ||
* | GCP Applied Technologies Inc. | 59,078 | 1,150 | |
Schweitzer-Mauduit International Inc. | 33,751 | 1,138 | ||
* | Coeur Mining Inc. | 259,958 | 1,081 | |
Neenah Inc. | 18,283 | 1,056 | ||
* | Ferro Corp. | 88,550 | 1,029 | |
Greif Inc. Class A | 28,710 | 1,015 | ||
Materion Corp. | 22,149 | 1,004 | ||
* | GMS Inc. | 43,451 | 993 | |
Trinseo SA | 42,897 | 939 | ||
* | PGT Innovations Inc. | 61,637 | 935 | |
Orion Engineered Carbons SA | 65,764 | 934 | ||
Apogee Enterprises Inc. | 28,649 | 865 | ||
* | AK Steel Holding Corp. | 344,094 | 795 | |
* | MRC Global Inc. | 85,780 | 746 | |
Tronox Holdings plc Class A | 99,659 | 731 | ||
Chase Corp. | 8,006 | 711 | ||
Griffon Corp. | 39,254 | 683 | ||
PH Glatfelter Co. | 47,028 | 671 | ||
* | Verso Corp. | 38,130 | 622 | |
Quanex Building Products Corp. | 35,614 | 598 | ||
* | PQ Group Holdings Inc. | 41,380 | 549 | |
Myers Industries Inc. | 38,774 | 526 | ||
Tredegar Corp. | 28,395 | 484 | ||
* | OMNOVA Solutions Inc. | 47,774 | 483 | |
American Vanguard Corp. | 31,585 | 482 | ||
* | Clearwater Paper Corp. | 17,402 | 475 | |
* | US Concrete Inc. | 17,474 | 469 | |
Schnitzer Steel Industries Inc. | 27,548 | 454 | ||
* | Koppers Holdings Inc. | 20,435 | 447 | |
* | AdvanSix Inc. | 30,238 | 439 | |
Insteel Industries Inc. | 20,258 | 403 | ||
Hawkins Inc. | 10,652 | 381 | ||
* | Cornerstone Building Brands Inc. | 50,104 | 368 | |
US Silica Holdings Inc. | 79,963 | 367 | ||
* | UFP Technologies Inc. | 7,360 | 363 | |
NN Inc. | 45,758 | 355 | ||
* | Kraton Corp. | 34,200 | 346 | |
Haynes International Inc. | 13,632 | 345 | ||
* | Foundation Building Materials Inc. | 22,067 | 344 | |
* | Unifi Inc. | 15,712 | 336 | |
* | Northwest Pipe Co. | 10,419 | 329 | |
* | Century Aluminum Co. | 54,746 | 317 | |
* | Landec Corp. | 28,099 | 288 | |
FutureFuel Corp. | 28,016 | 285 | ||
* | Forterra Inc. | 19,991 | 271 | |
Caesarstone Ltd. | 24,606 | 266 |
23
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Gold Resource Corp. | 65,824 | 265 | ||
Kronos Worldwide Inc. | 24,693 | 247 | ||
Omega Flex Inc. | 3,150 | 247 | ||
Greif Inc. | 6,117 | 245 | ||
* | TimkenSteel Corp. | 43,625 | 221 | |
*,^ | Amyris Inc. | 64,688 | 206 | |
* | Intrepid Potash Inc. | 103,215 | 183 | |
* | Lawson Products Inc. | 4,518 | 181 | |
Oil-Dri Corp. of America | 5,747 | 175 | ||
United States Lime & Minerals Inc. | 2,163 | 174 | ||
* | LB Foster Co. | 10,795 | 170 | |
* | Veritiv Corp. | 14,054 | 169 | |
Eastern Co. | 5,798 | 148 | ||
* | Ryerson Holding Corp. | 17,459 | 145 | |
Rayonier Advanced Materials Inc. | 52,558 | 129 | ||
Olympic Steel Inc. | 10,142 | 122 | ||
*,^ | Energy Fuels Inc. | 101,094 | 119 | |
* | BlueLinx Holdings Inc. | 9,893 | 116 | |
*,^ | Uranium Energy Corp. | 191,153 | 115 | |
Culp Inc. | 12,173 | 111 | ||
* | Synalloy Corp. | 9,118 | 104 | |
* | Concrete Pumping Holdings Inc. | 17,612 | 91 | |
* | Marrone Bio Innovations Inc. | 58,655 | 66 | |
* | Armstrong Flooring Inc. | 19,159 | 51 | |
* | LSB Industries Inc. | 23,677 | 46 | |
Valhi Inc. | 32,810 | 46 | ||
* | NL Industries Inc. | 8,556 | 29 | |
CompX International Inc. | 1,880 | 26 | ||
127,271 | ||||
Other (0.1%)1 | ||||
PPD Inc. | 13,614 | 380 | ||
* | Reynolds Consumer Products Inc. | 10,195 | 294 | |
* | Arcutis Biotherapeutics Inc. | 4,077 | 108 | |
Schrodinger Inc. | 1,741 | 81 | ||
* | REVOLUTION Medicines Inc. | 1,225 | 38 | |
Beam Therapeutics Inc. | 1,500 | 34 | ||
*,^,§ | Tobira Therapeutics CVR Exp. 12/31/2028 | 6,201 | 28 | |
* | 1Life Healthcare Inc. | 1,021 | 22 | |
* | Black Diamond Therapeutics Inc. | 673 | 18 | |
* | Bill.Com Holdings Inc. | 289 | 16 | |
*,^ | Casper Sleep Inc. | 1,530 | 14 | |
*,§ | A Schulman Inc. CVR | 30,360 | 13 | |
*,^,§ | Corium CVR | 31,548 | 6 | |
*,§ | NewStar Financial Inc. CVR | 18,788 | 5 | |
*,§ | Media General Inc. CVR | 85,418 | 3 | |
*,§ | Omthera Pharmeceuticals Rights | 2,012 | 1 | |
*,§ | Clinical Data CVR | 913 | — | |
1,061 | ||||
Producer Durables (13.9%) | ||||
* | Generac Holdings Inc. | 66,670 | 6,866 | |
* | Axon Enterprise Inc. | 63,600 | 4,921 | |
Tetra Tech Inc. | 59,490 | 4,811 | ||
MSA Safety Inc. | 38,472 | 4,681 | ||
EMCOR Group Inc. | 60,841 | 4,680 | ||
* | Darling Ingredients Inc. | 179,015 | 4,601 | |
* | FTI Consulting Inc. | 40,582 | 4,569 | |
MAXIMUS Inc. | 69,263 | 4,365 | ||
Brink's Co. | 54,428 | 4,261 | ||
Exponent Inc. | 56,389 | 4,153 | ||
KBR Inc. | 154,356 | 4,007 | ||
* | Aerojet Rocketdyne Holdings Inc. | 79,627 | 3,924 | |
* | TopBuild Corp. | 36,496 | 3,686 | |
John Bean Technologies Corp. | 33,993 | 3,293 | ||
* | MasTec Inc. | 65,429 | 3,211 |
24
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
UniFirst Corp. | 16,498 | 3,065 | ||
EnerSys | 46,542 | 2,866 | ||
* | Itron Inc. | 37,351 | 2,833 | |
* | ASGN Inc. | 55,695 | 2,824 | |
Watts Water Technologies Inc. | 30,062 | 2,823 | ||
Barnes Group Inc. | 51,390 | 2,760 | ||
Insperity Inc. | 40,939 | 2,754 | ||
GATX Corp. | 38,188 | 2,732 | ||
* | ExlService Holdings Inc. | 36,543 | 2,728 | |
Moog Inc. | 35,095 | 2,707 | ||
* | Advanced Disposal Services Inc. | 78,816 | 2,606 | |
Franklin Electric Co. Inc. | 50,365 | 2,603 | ||
* | Proto Labs Inc. | 29,432 | 2,579 | |
* | TriNet Group Inc. | 48,758 | 2,577 | |
ESCO Technologies Inc. | 27,861 | 2,533 | ||
Kennametal Inc. | 89,366 | 2,484 | ||
* | Saia Inc. | 28,290 | 2,470 | |
Brady Corp. Class A | 52,174 | 2,470 | ||
* | Advanced Energy Industries Inc. | 41,506 | 2,469 | |
Applied Industrial Technologies Inc. | 41,825 | 2,467 | ||
SkyWest Inc. | 53,710 | 2,438 | ||
* | Casella Waste Systems Inc. | 49,997 | 2,422 | |
ABM Industries Inc. | 72,587 | 2,390 | ||
* | Allegheny Technologies Inc. | 137,240 | 2,345 | |
* | Chart Industries Inc. | 39,270 | 2,235 | |
Healthcare Services Group Inc. | 81,160 | 2,235 | ||
Herman Miller Inc. | 64,155 | 2,197 | ||
Korn Ferry | 61,450 | 2,150 | ||
Albany International Corp. | 33,397 | 2,140 | ||
* | Spirit Airlines Inc. | 74,777 | 2,127 | |
Altra Industrial Motion Corp. | 70,021 | 2,109 | ||
Otter Tail Corp. | 43,062 | 2,093 | ||
Triton International Ltd. | 58,922 | 2,025 | ||
* | SPX Corp. | 47,580 | 1,995 | |
* | Navistar International Corp. | 54,074 | 1,963 | |
Allegiant Travel Co. | 14,154 | 1,918 | ||
Federal Signal Corp. | 65,235 | 1,892 | ||
* | Atkore International Group Inc. | 50,991 | 1,882 | |
Badger Meter Inc. | 31,177 | 1,877 | ||
* | Welbilt Inc. | 141,550 | 1,871 | |
Mobile Mini Inc. | 47,866 | 1,866 | ||
Hillenbrand Inc. | 79,405 | 1,858 | ||
Cubic Corp. | 34,081 | 1,855 | ||
McGrath RentCorp | 26,406 | 1,834 | ||
Aircastle Ltd. | 57,042 | 1,817 | ||
Forward Air Corp. | 30,721 | 1,813 | ||
Covanta Holding Corp. | 128,956 | 1,723 | ||
* | SPX FLOW Inc. | 45,684 | 1,680 | |
Kaman Corp. | 30,187 | 1,674 | ||
Werner Enterprises Inc. | 49,320 | 1,657 | ||
* | Hub Group Inc. | 35,239 | 1,629 | |
* | Kratos Defense & Security Solutions Inc. | 98,314 | 1,599 | |
Matson Inc. | 46,369 | 1,540 | ||
Steelcase Inc. | 94,890 | 1,539 | ||
HNI Corp. | 46,782 | 1,536 | ||
Deluxe Corp. | 45,976 | 1,531 | ||
Terex Corp. | 69,185 | 1,523 | ||
ICF International Inc. | 19,812 | 1,505 | ||
* | OSI Systems Inc. | 18,407 | 1,496 | |
* | CBIZ Inc. | 55,985 | 1,458 | |
* | Huron Consulting Group Inc. | 24,464 | 1,452 | |
Tennant Co. | 19,623 | 1,404 | ||
* | Sykes Enterprises Inc. | 41,724 | 1,322 | |
* | Enerpac Tool Group Corp. Class A | 60,063 | 1,284 |
25
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Helios Technologies Inc. | 32,003 | 1,272 | ||
Rush Enterprises Inc. Class A | 30,173 | 1,265 | ||
AAR Corp. | 36,377 | 1,257 | ||
* | TriMas Corp. | 48,962 | 1,241 | |
EnPro Industries Inc. | 22,480 | 1,213 | ||
* | AeroVironment Inc. | 23,242 | 1,194 | |
Alamo Group Inc. | 10,634 | 1,178 | ||
Lindsay Corp. | 11,791 | 1,168 | ||
*,^ | Plug Power Inc. | 267,155 | 1,159 | |
* | Air Transport Services Group Inc. | 63,815 | 1,142 | |
Raven Industries Inc. | 39,249 | 1,127 | ||
US Ecology Inc. | 26,337 | 1,108 | ||
Kadant Inc. | 11,985 | 1,088 | ||
Encore Wire Corp. | 22,215 | 1,088 | ||
SFL Corp. Ltd. | 89,295 | 1,084 | ||
CSW Industrials Inc. | 16,236 | 1,069 | ||
* | FARO Technologies Inc. | 18,651 | 1,068 | |
Douglas Dynamics Inc. | 24,450 | 1,064 | ||
Hawaiian Holdings Inc. | 50,410 | 1,053 | ||
AZZ Inc. | 28,396 | 1,048 | ||
Mesa Laboratories Inc. | 4,370 | 1,046 | ||
Granite Construction Inc. | 51,253 | 1,041 | ||
Triumph Group Inc. | 54,135 | 1,029 | ||
* | Harsco Corp. | 85,120 | 1,021 | |
* | Dycom Industries Inc. | 33,199 | 981 | |
* | Herc Holdings Inc. | 26,332 | 966 | |
Scorpio Tankers Inc. | 48,077 | 951 | ||
Knoll Inc. | 53,564 | 945 | ||
Primoris Services Corp. | 48,458 | 920 | ||
Astec Industries Inc. | 24,235 | 910 | ||
* | SP Plus Corp. | 24,913 | 910 | |
Heartland Express Inc. | 50,222 | 899 | ||
Standex International Corp. | 13,494 | 856 | ||
Greenbrier Cos. Inc. | 35,085 | 850 | ||
* | Vicor Corp. | 19,430 | 840 | |
ACCO Brands Corp. | 104,204 | 835 | ||
H&E Equipment Services Inc. | 34,852 | 828 | ||
Marten Transport Ltd. | 42,326 | 827 | ||
MTS Systems Corp. | 19,653 | 789 | ||
Columbus McKinnon Corp. | 25,181 | 783 | ||
* | CIRCOR International Inc. | 21,322 | 767 | |
* | SEACOR Holdings Inc. | 19,100 | 712 | |
* | Atlas Air Worldwide Holdings Inc. | 25,450 | 680 | |
Argan Inc. | 16,159 | 674 | ||
Kforce Inc. | 22,084 | 673 | ||
* | Great Lakes Dredge & Dock Corp. | 66,442 | 644 | |
* | Vectrus Inc. | 12,310 | 641 | |
Pitney Bowes Inc. | 187,322 | 641 | ||
* | Tutor Perini Corp. | 43,795 | 635 | |
Wabash National Corp. | 57,542 | 632 | ||
Kimball International Inc. | 39,032 | 632 | ||
* | TrueBlue Inc. | 42,197 | 628 | |
* | Thermon Group Holdings Inc. | 35,208 | 619 | |
Gorman-Rupp Co. | 19,300 | 617 | ||
* | Conduent Inc. | 188,064 | 615 | |
Kelly Services Inc. | 36,254 | 602 | ||
* | Aegion Corp. | 33,409 | 602 | |
* | NV5 Global Inc. | 11,162 | 598 | |
* | Tidewater Inc. | 42,396 | 589 | |
TTEC Holdings Inc. | 15,639 | 585 | ||
* | CryoPort Inc. | 34,473 | 576 | |
Ennis Inc. | 27,996 | 563 | ||
DHT Holdings Inc. | 99,955 | 555 | ||
ArcBest Corp. | 27,913 | 553 |
26
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | International Seaways Inc. | 27,563 | 548 | |
* | Echo Global Logistics Inc. | 29,344 | 541 | |
Spartan Motors Inc. | 36,560 | 539 | ||
Hyster-Yale Materials Handling Inc. | 11,084 | 534 | ||
* | Ducommun Inc. | 11,735 | 524 | |
* | Astronics Corp. | 24,989 | 507 | |
* | DXP Enterprises Inc. | 17,804 | 505 | |
Nordic American Tankers Ltd. | 152,138 | 490 | ||
* | Manitowoc Co. Inc. | 38,416 | 479 | |
* | BrightView Holdings Inc. | 34,135 | 478 | |
* | Textainer Group Holdings Ltd. | 57,594 | 475 | |
Barrett Business Services Inc. | 7,926 | 475 | ||
Luxfer Holdings plc | 30,041 | 466 | ||
Heidrick & Struggles International Inc. | 20,135 | 449 | ||
* | MYR Group Inc. | 17,544 | 448 | |
* | CAI International Inc. | 17,944 | 444 | |
Teekay Tankers Ltd. Class A | 26,391 | 437 | ||
* | Heritage-Crystal Clean Inc. | 15,993 | 421 | |
Resources Connection Inc. | 33,586 | 421 | ||
* | Team Inc. | 32,744 | 417 | |
* | Forrester Research Inc. | 11,460 | 413 | |
Hackett Group Inc. | 26,739 | 412 | ||
* | Energy Recovery Inc. | 41,095 | 404 | |
* | Modine Manufacturing Co. | 54,064 | 403 | |
* | Sterling Construction Co. Inc. | 28,501 | 389 | |
CRA International Inc. | 8,175 | 380 | ||
Costamare Inc. | 56,018 | 366 | ||
Miller Industries Inc. | 12,069 | 359 | ||
* | Willdan Group Inc. | 10,914 | 336 | |
* | Dorian LPG Ltd. | 29,841 | 332 | |
Powell Industries Inc. | 9,743 | 326 | ||
* | Construction Partners Inc. Class A | 19,083 | 325 | |
* | Vishay Precision Group Inc. | 11,387 | 313 | |
Allied Motion Technologies Inc. | 7,707 | 297 | ||
* | Blue Bird Corp. | 16,506 | 295 | |
Park Aerospace Corp. | 20,316 | 283 | ||
Systemax Inc. | 13,448 | 281 | ||
VSE Corp. | 9,508 | 280 | ||
* | Teekay Corp. | 74,820 | 274 | |
* | Arlo Technologies Inc. | 81,718 | 268 | |
* | Napco Security Technologies Inc. | 12,624 | 257 | |
* | Diamond S Shipping Inc. | 24,228 | 250 | |
GasLog Ltd. | 44,140 | 248 | ||
Park-Ohio Holdings Corp. | 9,470 | 232 | ||
REV Group Inc. | 29,629 | 232 | ||
* | CECO Environmental Corp. | 33,301 | 225 | |
* | Lydall Inc. | 18,557 | 221 | |
* | Transcat Inc. | 7,484 | 216 | |
* | IES Holdings Inc. | 8,938 | 208 | |
* | Titan Machinery Inc. | 20,601 | 208 | |
Ardmore Shipping Corp. | 36,207 | 199 | ||
Hurco Cos. Inc. | 6,880 | 194 | ||
Scorpio Bulkers Inc. | 59,419 | 191 | ||
Rush Enterprises Inc. Class B | 4,512 | 189 | ||
* | Radiant Logistics Inc. | 42,267 | 186 | |
* | Willis Lease Finance Corp. | 3,138 | 178 | |
Graham Corp. | 10,381 | 172 | ||
Quad/Graphics Inc. | 35,277 | 169 | ||
* | Daseke Inc. | 50,422 | 166 | |
BG Staffing Inc. | 10,729 | 165 | ||
* | Target Hospitality Corp. | 34,973 | 164 | |
* | Covenant Transportation Group Inc. | 13,523 | 164 | |
Preformed Line Products Co. | 3,327 | 162 | ||
Advanced Emissions Solutions Inc. | 18,132 | 161 |
27
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Eagle Bulk Shipping Inc. | 47,618 | 158 | |
* | American Superconductor Corp. | 23,067 | 158 | |
* | GP Strategies Corp. | 14,146 | 157 | |
* | Mistras Group Inc. | 19,523 | 153 | |
* | InnerWorkings Inc. | 47,789 | 150 | |
RR Donnelley & Sons Co. | 76,624 | 146 | ||
* | Commercial Vehicle Group Inc. | 32,805 | 143 | |
Briggs & Stratton Corp. | 45,040 | 143 | ||
Universal Logistics Holdings Inc. | 8,646 | 133 | ||
* | Mesa Air Group Inc. | 22,693 | 131 | |
Genco Shipping & Trading Ltd. | 16,173 | 124 | ||
* | DHI Group Inc | 54,335 | 124 | |
* | Information Services Group Inc. | 39,049 | 124 | |
Titan International Inc. | 55,164 | 122 | ||
* | Overseas Shipholding Group Inc. Class A | 71,197 | 122 | |
* | Liquidity Services Inc. | 29,224 | 115 | |
* | StarTek Inc. | 18,057 | 112 | |
*,^ | EVI Industries Inc. | 4,976 | 110 | |
* | US Xpress Enterprises Inc. | 24,174 | 104 | |
* | Gencor Industries Inc. | 10,179 | 102 | |
* | General Finance Corp. | 12,786 | 100 | |
* | Twin Disc Inc. | 11,419 | 92 | |
* | PAM Transportation Services Inc. | 2,082 | 82 | |
* | PRGX Global Inc. | 21,805 | 79 | |
* | YRC Worldwide Inc. | 36,891 | 78 | |
* | Safe Bulkers Inc. | 56,864 | 75 | |
*,^ | Wrap Technologies Inc. | 9,137 | 54 | |
* | Mayville Engineering Co. Inc. | 6,924 | 50 | |
*,^ | Energous Corp. | 30,616 | 42 | |
Roadrunner Transportation Systems Inc. | 3,644 | 27 | ||
* | Charah Solutions Inc. | 10,610 | 23 | |
* | Exela Technologies Inc. | 52,338 | 13 | |
280,861 | ||||
Technology (12.9%) | ||||
* | Lumentum Holdings Inc. | 84,290 | 6,559 | |
* | Tech Data Corp. | 38,684 | 5,508 | |
Science Applications International Corp. | 63,101 | 5,056 | ||
* | Five9 Inc. | 65,213 | 4,762 | |
j2 Global Inc. | 50,826 | 4,439 | ||
* | Cirrus Logic Inc. | 63,486 | 4,358 | |
* | Mercury Systems Inc. | 59,148 | 4,345 | |
* | Silicon Laboratories Inc. | 46,839 | 4,154 | |
* | Verint Systems Inc. | 72,399 | 3,973 | |
* | Envestnet Inc. | 52,623 | 3,972 | |
* | Everbridge Inc. | 36,232 | 3,828 | |
Perspecta Inc. | 152,478 | 3,807 | ||
* | Inphi Corp. | 48,999 | 3,658 | |
Blackbaud Inc. | 53,275 | 3,612 | ||
* | Q2 Holdings Inc. | 47,609 | 3,588 | |
* | ACI Worldwide Inc. | 125,556 | 3,499 | |
* | Viavi Solutions Inc. | 250,875 | 3,309 | |
* | Novanta Inc. | 36,725 | 3,276 | |
* | Anixter International Inc. | 33,170 | 3,234 | |
* | Blackline Inc. | 47,108 | 2,948 | |
* | Qualys Inc. | 36,684 | 2,941 | |
* | II-VI Inc. | 97,515 | 2,895 | |
* | Semtech Corp. | 71,918 | 2,840 | |
* | Acacia Communications Inc. | 41,308 | 2,830 | |
Vishay Intertechnology Inc. | 144,663 | 2,705 | ||
Power Integrations Inc. | 30,842 | 2,685 | ||
Brooks Automation Inc. | 77,467 | 2,673 | ||
* | Box Inc. | 156,386 | 2,619 | |
* | Varonis Systems Inc. | 32,320 | 2,593 | |
* | LiveRamp Holdings Inc. | 73,107 | 2,591 |
28
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||
* | Cornerstone OnDemand Inc. | 62,090 | 2,548 | ||
* | Rapid7 Inc. | 53,707 | 2,487 | ||
* | Lattice Semiconductor Corp. | 137,547 | 2,469 | ||
* | Synaptics Inc. | 36,650 | 2,421 | ||
* | SailPoint Technologies Holding Inc. | 93,533 | 2,368 | ||
* | Rogers Corp. | 20,187 | 2,342 | ||
* | Yelp Inc. | 74,837 | 2,340 | ||
* | Cloudera Inc. | 262,785 | 2,339 | ||
* | Fabrinet | 39,794 | 2,193 | ||
ManTech International Corp. | 29,213 | 2,188 | |||
* | Verra Mobility Corp. Class A | 139,127 | 2,107 | ||
* | Appfolio Inc. | 17,132 | 2,107 | ||
* | Insight Enterprises Inc. | 38,050 | 2,096 | ||
* | Bottomline Technologies DE Inc. | 47,248 | 2,092 | ||
* | Plexus Corp. | 31,462 | 2,087 | ||
* | Cargurus Inc. | 81,771 | 2,084 | ||
* | Ambarella Inc. | 34,444 | 2,048 | ||
* | NetScout Systems Inc. | 78,249 | 2,011 | ||
* | SPS Commerce Inc. | 38,137 | 2,006 | ||
* | Sanmina Corp. | 74,819 | 1,967 | ||
* | Diodes Inc. | 44,694 | 1,967 | ||
* | Alarm.com Holdings Inc. | 40,077 | 1,934 | ||
* | CommVault Systems Inc. | 44,689 | 1,864 | ||
* | FormFactor Inc. | 82,328 | 1,842 | ||
Progress Software Corp. | 48,488 | 1,808 | |||
InterDigital Inc. | 34,063 | 1,802 | |||
* | LivePerson Inc. | 67,780 | 1,793 | ||
* | SVMK Inc. | 94,700 | 1,726 | ||
* | Workiva Inc. | 40,113 | 1,714 | ||
* | Rambus Inc. | 120,463 | 1,684 | ||
* | PROS Holdings Inc. | 35,892 | 1,643 | ||
*,^ | Appian Corp. Class A | 37,155 | 1,640 | ||
KEMET Corp. | 62,055 | 1,618 | |||
* | Onto Innovation Inc. | 52,537 | 1,606 | ||
CSG Systems International Inc. | 35,863 | 1,587 | |||
* | Avaya Holdings Corp. | 121,060 | 1,569 | ||
* | Yext Inc. | 103,206 | 1,565 | ||
* | Inovalon Holdings Inc. | 79,398 | 1,547 | ||
* | Altair Engineering Inc. | 43,640 | 1,519 | ||
* | ForeScout Technologies Inc. | 46,212 | 1,504 | ||
* | Knowles Corp. | 88,758 | 1,475 | ||
*,^ | iRobot Corp. | 29,956 | 1,438 | ||
* | Perficient Inc. | 34,814 | 1,426 | ||
* | TTM Technologies Inc. | 108,127 | 1,405 | ||
* | Virtusa Corp. | 31,303 | 1,381 | ||
* | Infinera Corp. | 194,765 | 1,324 | ||
NIC Inc. | 71,760 | 1,312 | |||
* | Zuora Inc. Class A | 96,616 | 1,279 | ||
* | MACOM Technology Solutions Holdings Inc. | 50,143 | 1,267 | ||
Methode Electronics Inc. | 39,895 | 1,223 | |||
* | MicroStrategy Inc. | 9,030 | 1,220 | ||
* | 3D Systems Corp. | 125,513 | 1,150 | ||
* | Amkor Technology Inc. | 107,110 | 1,118 | ||
AVX Corp. | 51,318 | 1,116 | |||
* | MaxLinear Inc. | 72,162 | 1,116 | ||
* | Bandwidth Inc. Class A | 17,551 | 1,104 | ||
Benchmark Electronics Inc. | 40,343 | 1,097 | |||
* | ePlus Inc. | 14,447 | 1,094 | ||
* | Model N Inc. | 35,962 | 1,043 | ||
TiVo Corp. | 135,850 | 1,028 | |||
* | Tenable Holdings Inc. | 41,155 | 1,009 | ||
Maxar Technologies Inc. | 65,211 | 992 | |||
* | Upland Software Inc. | 24,712 | 962 | ||
CTS Corp. | 35,540 | 927 |
29
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||
Xperi Corp. | 53,793 | 925 | |||
* | Blucora Inc. | 53,084 | 924 | ||
* | Ultra Clean Holdings Inc. | 43,100 | 901 | ||
* | Glu Mobile Inc. | 126,407 | 900 | ||
Cohu Inc. | 43,949 | 900 | |||
* | Stratasys Ltd. | 55,635 | 890 | ||
* | Photronics Inc. | 71,163 | 886 | ||
* | Unisys Corp. | 55,563 | 863 | ||
* | Axcelis Technologies Inc. | 35,224 | 845 | ||
* | Vocera Communications Inc. | 34,080 | 831 | ||
* | Parsons Corp. | 20,950 | 819 | ||
* | ScanSource Inc. | 27,700 | 788 | ||
Comtech Telecommunications Corp. | 25,949 | 727 | |||
* | Agilysys Inc. | 22,278 | 716 | ||
* | Veeco Instruments Inc. | 52,602 | 704 | ||
* | Ichor Holdings Ltd. | 23,832 | 689 | ||
* | CEVA Inc. | 23,711 | 674 | ||
Ebix Inc. | 25,116 | 664 | |||
* | Groupon Inc. | 493,192 | 661 | ||
* | Extreme Networks Inc. | 130,840 | 658 | ||
* | Limelight Networks Inc. | 123,663 | 624 | ||
* | NETGEAR Inc. | 32,609 | 615 | ||
QAD Inc. | 12,519 | 614 | |||
* | Rubicon Project Inc. | 53,568 | 608 | ||
* | nLight Inc. | 36,120 | 596 | ||
* | OneSpan Inc. | 35,835 | 592 | ||
* | Harmonic Inc. | 95,993 | 589 | ||
* | Diebold Nixdorf Inc. | 83,809 | 588 | ||
* | Telaria Inc. | 47,889 | 585 | ||
* | Eventbrite Inc. Class A | 39,962 | 584 | ||
* | TechTarget Inc. | 24,993 | 578 | ||
* | Impinj Inc. | 18,229 | 561 | ||
*,^ | GTT Communications Inc. | 36,805 | 557 | ||
* | Anterix Inc. | 11,796 | 553 | ||
* | Upwork Inc. | 62,867 | 545 | ||
* | Tucows Inc. | 10,340 | 528 | ||
* | Digital Turbine Inc. | 85,044 | 521 | ||
American Software Inc. | 31,544 | 519 | |||
Plantronics Inc. | 36,806 | 505 | |||
PC Connection Inc. | 12,299 | 500 | |||
* | Zix Corp. | 58,394 | 460 | ||
* | Calix Inc. | 50,962 | 459 | ||
* | PDF Solutions Inc. | 30,898 | 452 | ||
* | Loral Space & Communications Inc. | 14,022 | 436 | ||
* | MobileIron Inc. | 106,869 | 433 | ||
ADTRAN Inc. | 52,407 | 422 | |||
Simulations Plus Inc. | 12,896 | 420 | |||
* | Domo Inc. | 19,036 | 401 | ||
* | Digi International Inc. | 30,061 | 398 | ||
* | Benefitfocus Inc. | 31,791 | 397 | ||
* | SMART Global Holdings Inc. | 14,687 | 394 | ||
* | EverQuote Inc. Class A | 9,569 | 389 | ||
* | Meet Group Inc. | 74,941 | 382 | ||
*,^ | VirnetX Holding Corp. | 66,397 | 372 | ||
* | Kimball Electronics Inc. | 27,010 | 366 | ||
* | A10 Networks Inc. | 53,369 | 358 | ||
* | Adesto Technologies Corp. | 29,182 | 358 | ||
* | Mitek Systems Inc. | 40,831 | 356 | ||
* | CalAmp Corp. | 36,133 | 348 | ||
* | Ping Identity Holding Corp. | 14,941 | 346 | ||
* | Inseego Corp. | 48,789 | 339 | ||
* | PAR Technology Corp. | 12,610 | 334 | ||
* | Brightcove Inc. | 42,488 | 331 | ||
NVE Corp. | 5,190 | 328 | |||
30
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | ||||
* | DSP Group Inc. | 24,091 | 328 | |||
* | ShotSpotter Inc. | 8,882 | 316 | |||
* | TrueCar Inc. | 114,338 | 301 | |||
* | Endurance International Group Holdings Inc. | 77,703 | 290 | |||
* | NeoPhotonics Corp. | 42,788 | 283 | |||
* | PlayAGS Inc. | 28,942 | 280 | |||
* | Ooma Inc. | 21,528 | 276 | |||
* | ChannelAdvisor Corp. | 28,944 | 276 | |||
* | Intelligent Systems Corp. | 7,418 | 272 | |||
* | Digimarc Corp. | 12,795 | 256 | |||
* | Alpha & Omega Semiconductor Ltd. | 22,160 | 240 | |||
* | Immersion Corp. | 34,303 | 240 | |||
* | GTY Technology Holdings Inc. | 42,891 | 231 | |||
* | Avid Technology Inc. | 30,665 | 227 | |||
* | Telenav Inc. | 37,139 | 222 | |||
* | Ribbon Communications Inc. | 65,314 | 211 | |||
* | Iteris Inc. | 43,330 | 209 | |||
* | Synchronoss Technologies Inc. | 42,299 | 208 | |||
*,^ | Akoustis Technologies Inc. | 27,749 | 201 | |||
Daktronics Inc. | 39,662 | 195 | ||||
* | KVH Industries Inc. | 17,945 | 187 | |||
* | comScore Inc. | 52,937 | 185 | |||
*,^ | Applied Optoelectronics Inc. | 20,493 | 183 | |||
* | eGain Corp. | 22,388 | 181 | |||
* | AXT Inc. | 42,536 | 148 | |||
* | Clearfield Inc. | 12,025 | 129 | |||
* | SharpSpring Inc. | 10,950 | 125 | |||
Bel Fuse Inc. | 10,807 | 124 | ||||
* | Acacia Research Corp. | 53,675 | 123 | |||
* | SecureWorks Corp. | 8,847 | 123 | |||
* | GSI Technology Inc. | 17,603 | 117 | |||
* | Casa Systems Inc. | 34,700 | 114 | |||
* | Rimini Street Inc. | 21,715 | 100 | |||
AstroNova Inc. | 7,244 | 79 | ||||
* | Airgain Inc. | 9,624 | 76 | |||
* | DASAN Zhone Solutions Inc. | 8,523 | 65 | |||
* | Majesco | 8,073 | 54 | |||
* | Leaf Group Ltd. | 19,600 | 52 | |||
* | Travelzoo | 5,474 | 45 | |||
TESSCO Technologies Inc. | 7,034 | 42 | ||||
* | Phunware Inc. | 34,503 | 35 | |||
* | Sonim Technologies Inc. | 10,781 | 31 | |||
* | Coda Octopus Group Inc. | 4,751 | 30 | |||
* | Cambium Networks Corp. | 4,641 | 29 | |||
*,^ | Ideanomics Inc. | 55,310 | 20 | |||
260,060 | ||||||
Utilities (4.6%) | ||||||
Portland General Electric Co. | 97,836 | 5,323 | ||||
Black Hills Corp. | 66,553 | 4,805 | ||||
ONE Gas Inc. | 56,947 | 4,678 | ||||
PNM Resources Inc. | 86,728 | 4,083 | ||||
Spire Inc. | 54,172 | 4,066 | ||||
ALLETE Inc. | 56,537 | 3,901 | ||||
NorthWestern Corp. | 55,204 | 3,883 | ||||
Southwest Gas Holdings Inc. | 59,218 | 3,830 | ||||
Avista Corp. | 72,593 | 3,423 | ||||
New Jersey Resources Corp. | 96,819 | 3,419 | ||||
Cogent Communications Holdings Inc. | 46,260 | 3,377 | ||||
American States Water Co. | 39,919 | 3,057 | ||||
Ormat Technologies Inc. | 43,251 | 3,014 | ||||
El Paso Electric Co. | 44,173 | 2,998 | ||||
* | Iridium Communications Inc. | 107,980 | 2,923 | |||
South Jersey Industries Inc. | 100,928 | 2,730 | ||||
MGE Energy Inc. | 38,100 | 2,718 | ||||
31
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | ||||
Pattern Energy Group Inc. Class A | 96,170 | 2,601 | ||||
California Water Service Group | 52,457 | 2,516 | ||||
Shenandoah Telecommunications Co. | 52,323 | 2,325 | ||||
* | Vonage Holdings Corp. | 247,066 | 2,214 | |||
Northwest Natural Holding Co. | 33,027 | 2,172 | ||||
* | 8x8 Inc. | 102,343 | 1,893 | |||
SJW Group | 28,736 | 1,758 | ||||
* | Evoqua Water Technologies Corp. | 81,607 | 1,711 | |||
Clearway Energy Inc. | 79,389 | 1,670 | ||||
TerraForm Power Inc. | 86,722 | 1,630 | ||||
Chesapeake Utilities Corp. | 17,472 | 1,494 | ||||
Middlesex Water Co. | 17,743 | 1,055 | ||||
Unitil Corp. | 16,028 | 903 | ||||
Clearway Energy Inc. Class A | 39,067 | 793 | ||||
* | Cincinnati Bell Inc. | 53,990 | 705 | |||
ATN International Inc. | 11,972 | 645 | ||||
* | Boingo Wireless Inc. | 47,506 | 602 | |||
York Water Co. | 14,084 | 596 | ||||
Consolidated Communications Holdings Inc. | 76,581 | 476 | ||||
* | AquaVenture Holdings Ltd. | 15,254 | 413 | |||
Artesian Resources Corp. | 8,722 | 299 | ||||
*,^ | Intelsat SA | 73,253 | 283 | |||
* | Atlantic Power Corp. | 116,109 | 264 | |||
* | ORBCOMM Inc. | 79,266 | 262 | |||
Consolidated Water Co. Ltd. | 15,631 | 253 | ||||
* | Pure Cycle Corp. | 18,544 | 229 | |||
RGC Resources Inc. | 8,142 | 224 | ||||
*,^ | Gogo Inc. | 59,678 | 215 | |||
Spok Holdings Inc. | 19,108 | 190 | ||||
Global Water Resources Inc. | 12,971 | 155 | ||||
* | IDT Corp. | 18,360 | 141 | |||
*,^ | Cadiz Inc. | 14,260 | 125 | |||
Spark Energy Inc. | 12,919 | 111 | ||||
Genie Energy Ltd. Class B | 15,346 | 106 | ||||
*,^ | Pareteum Corp. | 139,600 | 78 | |||
*,^ | Frontier Communications Corp. | 115,349 | 62 | |||
93,397 | ||||||
Total Common Stocks (Cost $2,140,587) | 2,015,710 |
Coupon | |||||||
Temporary Cash Investments (2.2%) | |||||||
Money Market Fund (2.2%) | |||||||
2,3 | Vanguard Market Liquidity Fund | 1.706% | 432,431 | 43,256 | |||
Maturity Date | Face Amount ($000 | ) | |||||
U.S. Government and Agency Obligations (0.0%) | |||||||
4 | United States Treasury Bill | 1.527% | 4/30/20 | 640 | 639 | ||
Total Temporary Cash Investments (Cost $43,878) | 43,895 | ||||||
Total Investments (102.0%) (Cost $2,184,465) | 2,059,605 | ||||||
Other Assets and Liabilities—Net (-2.0%)3 | (41,306) | ||||||
Net Assets (100%) | 2,018,299 |
Cost rounded to $000. | |
* | Non-income-producing security. |
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $39,662,000. |
§ | Security value determined using significant unobservable inputs. |
1 | “Other” represents securities that are not classified by the fund's benchmark index. |
32
Vanguard® Russell 2000 Index Fund
Schedule of Investments
February 29, 2020
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 $43,112,000 was received for securities on loan, of which $43,060,000 is held in Vanguard Market Liquidity Fund and $52,000 is held in cash. |
4 | Securities with a value of $65,000 have been segregated as initial margin for open futures contracts. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
33
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Common Stocks (99.1%) | |||||
Consumer Discretionary (12.0%) | |||||
Marriott Vacations Worldwide Corp. | 14,980 | 1,450 | |||
TEGNA Inc. | 96,343 | 1,380 | |||
* | Penn National Gaming Inc. | 43,238 | 1,279 | ||
* | Taylor Morrison Home Corp. | 50,560 | 1,139 | ||
* | Murphy USA Inc. | 10,656 | 1,039 | ||
* | Stamps.com Inc. | 7,209 | 1,017 | ||
* | Meritage Homes Corp. | 16,008 | 1,016 | ||
KB Home | 30,286 | 987 | |||
* | Laureate Education Inc. | 52,396 | 980 | ||
* | Rh | 5,246 | 952 | ||
* | TRI Pointe Group Inc. | 61,425 | 942 | ||
Dana Inc. | 64,504 | 928 | |||
* | Adient plc | 38,618 | 924 | ||
MDC Holdings Inc. | 22,020 | 866 | |||
* | Visteon Corp. | 12,362 | 804 | ||
* | Liberty Latin America Ltd. | 51,991 | 790 | ||
* | Adtalem Global Education Inc. | 24,242 | 748 | ||
Callaway Golf Co. | 41,686 | 708 | |||
* | Sally Beauty Holdings Inc. | 53,820 | 669 | ||
Group 1 Automotive Inc. | 7,851 | 669 | |||
Jack in the Box Inc. | 9,710 | 669 | |||
* | BJ's Wholesale Club Holdings Inc. | 31,886 | 614 | ||
* | WW International Inc. | 20,367 | 611 | ||
^ | Bed Bath & Beyond Inc. | 53,166 | 575 | ||
* | Hertz Global Holdings Inc. | 44,236 | 566 | ||
Cooper Tire & Rubber Co. | 21,923 | 559 | |||
Office Depot Inc. | 237,189 | 557 | |||
Signet Jewelers Ltd. | 22,544 | 526 | |||
Kontoor Brands Inc. | 15,042 | 507 | |||
PriceSmart Inc. | 8,981 | 500 | |||
* | Fitbit Inc. | 77,544 | 495 | ||
Wolverine World Wide Inc. | 17,905 | 471 | |||
* | Central Garden & Pet Co. Class A | 18,130 | 459 | ||
* | M/I Homes Inc. | 12,187 | 454 | ||
Lithia Motors Inc. Class A | 3,774 | 450 | |||
* | Gray Television Inc. | 23,635 | 447 | ||
* | G-III Apparel Group Ltd. | 19,272 | 431 | ||
Scholastic Corp. | 12,894 | 414 | |||
Matthews International Corp. | 13,946 | 412 | |||
Acushnet Holdings Corp. | 15,347 | 391 | |||
Abercrombie & Fitch Co. | 27,432 | 360 | |||
Guess? Inc. | 20,107 | 326 | |||
La-Z-Boy Inc. | 11,299 | 324 | |||
Standard Motor Products Inc. | 7,260 | 319 | |||
* | K12 Inc. | 15,695 | 312 | ||
* | Liberty Latin America Ltd. Class A | 20,364 | 308 | ||
* | American Axle & Manufacturing Holdings Inc. | 48,543 | 307 | ||
Sonic Automotive Inc. | 10,544 | 295 | |||
Buckle Inc. | 13,028 | 295 | |||
EW Scripps Co. | 23,945 | 285 | |||
Oxford Industries Inc. | 4,477 | 270 | |||
Big Lots Inc. | 16,997 | 269 | |||
* | Quotient Technology Inc. | 29,284 | 262 | ||
Marcus Corp. | 9,800 | 262 | |||
* | Houghton Mifflin Harcourt Co. | 45,647 | 250 | ||
^ | Dillard's Inc. Class A | 4,324 | 243 | ||
OneSpaWorld Holdings Ltd. | 19,806 | 242 | |||
* | MSG Networks Inc. | 18,609 | 235 | ||
Designer Brands Inc. Class A | 17,400 | 235 | |||
* | American Outdoor Brands Corp. | 23,482 | 234 | ||
Dine Brands Global Inc. | 2,809 | 230 |
34
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Zumiez Inc. | 8,619 | 229 | ||
* | Cars.com Inc. | 25,159 | 228 | ||
* | Stoneridge Inc. | 10,325 | 228 | ||
* | Century Communities Inc. | 6,763 | 225 | ||
* | Genesco Inc. | 6,267 | 216 | ||
* | Gannett Co. Inc. | 51,066 | 214 | ||
Winnebago Industries Inc. | 3,979 | 206 | |||
Chico's FAS Inc. | 50,903 | 204 | |||
Tenneco Inc. | 21,958 | 201 | |||
Caleres Inc. | 17,060 | 197 | |||
National CineMedia Inc. | 24,228 | 186 | |||
* | Vista Outdoor Inc. | 25,299 | 186 | ||
Entercom Communications Corp. Class A | 51,903 | 180 | |||
* | Michaels Cos. Inc. | 36,334 | 156 | ||
National Presto Industries Inc. | 1,980 | 156 | |||
* | Red Robin Gourmet Burgers Inc. | 5,617 | 154 | ||
Cato Corp. Class A | 9,535 | 154 | |||
* | elf Beauty Inc. | 9,563 | 153 | ||
* | Beazer Homes USA Inc. | 12,430 | 152 | ||
Carriage Services Inc. Class A | 7,125 | 151 | |||
* | Hudson Ltd. Class A | 16,118 | 150 | ||
* | MarineMax Inc. | 8,662 | 147 | ||
* | American Public Education Inc. | 6,551 | 146 | ||
^ | GameStop Corp. Class A | 38,915 | 140 | ||
^ | AMC Entertainment Holdings Inc. | 22,332 | 140 | ||
* | Hibbett Sports Inc. | 7,116 | 139 | ||
* | Central Garden & Pet Co. | 5,130 | 137 | ||
Ethan Allen Interiors Inc. | 10,407 | 137 | |||
* | Motorcar Parts of America Inc. | 8,194 | 137 | ||
Winmark Corp. | 683 | 137 | |||
Brinker International Inc. | 3,972 | 136 | |||
* | Rosetta Stone Inc. | 7,616 | 132 | ||
Aaron's Inc. | 3,344 | 131 | |||
Haverty Furniture Cos. Inc. | 7,766 | 131 | |||
* | WillScot Corp. | 7,287 | 128 | ||
* | Cooper-Standard Holdings Inc. | 7,236 | 125 | ||
* | Meritor Inc. | 5,453 | 124 | ||
^,* | Daily Journal Corp. | 487 | 122 | ||
Shoe Carnival Inc. | 4,069 | 122 | |||
* | Regis Corp. | 9,472 | 121 | ||
* | Chuy's Holdings Inc. | 5,498 | 118 | ||
* | Green Brick Partners Inc. | 10,155 | 111 | ||
* | El Pollo Loco Holdings Inc. | 8,491 | 110 | ||
* | Denny's Corp. | 6,291 | 110 | ||
* | Sportsman's Warehouse Holdings Inc. | 18,253 | 109 | ||
* | Express Inc. | 28,256 | 105 | ||
Movado Group Inc. | 6,830 | 100 | |||
* | Lumber Liquidators Holdings Inc. | 10,162 | 100 | ||
* | Fiesta Restaurant Group Inc. | 10,226 | 99 | ||
^,* | JC Penney Co. Inc. | 139,710 | 96 | ||
* | At Home Group Inc. | 19,250 | 96 | ||
Citi Trends Inc. | 4,825 | 95 | |||
* | Fossil Group Inc. | 20,180 | 93 | ||
Hooker Furniture Corp. | 4,741 | 89 | |||
American Eagle Outfitters Inc. | 6,801 | 88 | |||
Tribune Publishing Co. | 7,525 | 86 | |||
* | Century Casinos Inc. | 12,137 | 85 | ||
Boyd Gaming Corp. | 3,115 | 83 | |||
* | Habit Restaurants Inc. | 5,933 | 83 | ||
* | Del Taco Restaurants Inc. | 12,716 | 81 | ||
RCI Hospitality Holdings Inc. | 4,033 | 81 | |||
Wingstop Inc. | 947 | 80 | |||
* | ZAGG Inc. | 11,681 | 78 | ||
* | RealReal Inc. | 5,527 | 77 |
35
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Cumulus Media Inc. Class A | 6,223 | 75 | ||
* | Vera Bradley Inc. | 9,074 | 75 | ||
Emerald Holding Inc. | 10,902 | 75 | |||
Rocky Brands Inc. | 2,946 | 72 | |||
^,* | Eros International plc | 28,785 | 66 | ||
* | WideOpenWest Inc. | 10,486 | 66 | ||
* | Conn's Inc. | 7,810 | 64 | ||
Tilly's Inc. | 9,473 | 62 | |||
Papa John's International Inc. | 1,066 | 61 | |||
^,* | Overstock.com Inc. | 9,480 | 61 | ||
* | Delta Apparel Inc. | 3,083 | 61 | ||
Tupperware Brands Corp. | 21,231 | 60 | |||
* | Golden Entertainment Inc | 3,701 | 60 | ||
* | Reading International Inc. | 7,149 | 60 | ||
* | Barnes & Noble Education Inc. | 17,931 | 59 | ||
* | Carrols Restaurant Group Inc. | 14,268 | 59 | ||
Weyco Group Inc. | 2,611 | 57 | |||
* | Sleep Number Corp. | 1,219 | 54 | ||
Johnson Outdoors Inc. | 793 | 49 | |||
* | J Alexander's Holdings Inc. | 5,919 | 49 | ||
* | Lands' End Inc. | 4,513 | 48 | ||
* | Stitch Fix Inc. Class A | 1,971 | 47 | ||
* | Select Interior Concepts Inc. Class A | 6,329 | 47 | ||
* | Party City Holdco Inc. | 23,661 | 47 | ||
Clarus Corp. | 4,043 | 47 | |||
Nathan's Famous Inc. | 784 | 47 | |||
* | Monarch Casino & Resort Inc. | 984 | 46 | ||
Saga Communications Inc. | 1,611 | 46 | |||
* | Potbelly Corp. | 8,839 | 44 | ||
Flexsteel Industries Inc. | 3,171 | 44 | |||
Entravision Communications Corp. Class A | 21,275 | 43 | |||
Bassett Furniture Industries Inc. | 4,216 | 42 | |||
* | Marchex Inc. | 16,011 | 41 | ||
Superior Group of Cos. Inc. | 3,410 | 41 | |||
Escalade Inc. | 4,545 | 39 | |||
* | Gaia Inc. | 4,425 | 37 | ||
Interface Inc. | 2,522 | 37 | |||
* | Purple Innovation Inc. Class A | 2,614 | 35 | ||
* | Lee Enterprises Inc. | 22,442 | 34 | ||
* | Clear Channel Outdoor Holdings Inc. | 15,963 | 33 | ||
Lifetime Brands Inc. | 4,958 | 32 | |||
Sturm Ruger & Co. Inc. | 610 | 29 | |||
* | Red Lion Hotels Corp. | 10,576 | 27 | ||
* | Container Store Group Inc. | 6,754 | 26 | ||
* | Legacy Housing Corp. | 1,680 | 24 | ||
* | Boston Omaha Corp. | 1,228 | 24 | ||
Bluegreen Vacations Corp. | 3,001 | 23 | |||
* | Universal Electronics Inc. | 521 | 22 | ||
* | GoPro Inc. | 4,103 | 16 | ||
* | Vince Holding Corp. | 1,290 | 14 | ||
Ascena Retail Group Inc. | 3,329 | 13 | |||
Kura Sushi USA Inc. Class A | 652 | 12 | |||
* | Hemisphere Media Group Inc. | 640 | 8 | ||
^ | Tailored Brands Inc. | 2,410 | 8 | ||
^,* | Waitr Holdings Inc. | 20,702 | 7 | ||
* | Biglari Holdings Inc. | 68 | 7 | ||
^,* | Revlon Inc. | 413 | 7 | ||
* | Drive Shack Inc. | 2,257 | 6 | ||
J. Jill Inc. | 7,259 | 6 | |||
Collectors Universe Inc. | 222 | 5 | |||
* | Fluent Inc. | 1,536 | 4 | ||
* | RTW RetailWinds Inc. | 12,776 | 4 | ||
* | Inspired Entertainment Inc. | 368 | 2 | ||
46,385 |
36
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Consumer Staples (1.7%) | |||||
* | Simply Good Foods Co. | 36,571 | 807 | ||
* | Edgewell Personal Care Co. | 23,590 | 716 | ||
* | Hostess Brands Inc. | 52,141 | 663 | ||
Universal Corp. | 10,700 | 528 | |||
Cal-Maine Foods Inc. | 13,727 | 479 | |||
^ | B&G Foods Inc. | 24,969 | 370 | ||
Fresh Del Monte Produce Inc. | 13,404 | 368 | |||
^ | Rite Aid Corp. | 24,411 | 332 | ||
Lancaster Colony Corp. | 2,261 | 327 | |||
Andersons Inc. | 13,789 | 253 | |||
Ingles Markets Inc. | 6,539 | 234 | |||
SpartanNash Co. | 15,578 | 194 | |||
Sanderson Farms Inc. | 1,378 | 170 | |||
PetMed Express Inc. | 6,110 | 161 | |||
Weis Markets Inc. | 4,153 | 155 | |||
* | United Natural Foods Inc. | 23,362 | 151 | ||
* | BellRing Brands Inc. Class A | 7,016 | 138 | ||
* | Seneca Foods Corp. | 2,878 | 100 | ||
Limoneira Co. | 4,859 | 81 | |||
Village Super Market Inc. | 3,704 | 76 | |||
* | Craft Brew Alliance Inc. | 4,558 | 73 | ||
* | GNC Holdings Inc. | 36,016 | 60 | ||
Alico Inc. | 1,709 | 56 | |||
* | Farmer Brothers Co. | 4,491 | 55 | ||
Vector Group Ltd. | 2,964 | 34 | |||
* | Nature's Sunshine Products Inc. | 3,715 | 30 | ||
Tootsie Roll Industries Inc. | 884 | 28 | |||
Natural Grocers by Vitamin Cottage Inc. | 3,846 | 27 | |||
^,* | Pyxus International Inc. | 3,583 | 14 | ||
* | cbdMD Inc. | 3,958 | 4 | ||
* | Greenlane Holdings Inc. Class A | 191 | — | ||
6,684 | |||||
Energy (4.3%) | |||||
Arcosa Inc. | 21,549 | 926 | |||
* | PDC Energy Inc. | 43,698 | 832 | ||
World Fuel Services Corp. | 28,640 | 810 | |||
Delek US Holdings Inc. | 32,267 | 690 | |||
* | Dril-Quip Inc. | 15,810 | 563 | ||
Golar LNG Ltd. | 37,814 | 485 | |||
* | Oceaneering International Inc. | 44,257 | 466 | ||
* | Matador Resources Co. | 45,864 | 442 | ||
* | CNX Resources Corp. | 81,386 | 432 | ||
* | Renewable Energy Group Inc. | 15,979 | 423 | ||
* | NOW Inc. | 47,277 | 417 | ||
* | Helix Energy Solutions Group Inc. | 62,004 | 416 | ||
Warrior Met Coal Inc. | 22,572 | 400 | |||
Archrock Inc. | 55,943 | 394 | |||
* | Callon Petroleum Co. | 167,758 | 381 | ||
* | Southwestern Energy Co. | 235,912 | 335 | ||
Arch Coal Inc. | 6,590 | 332 | |||
* | Magnolia Oil & Gas Corp. Class A | 43,850 | 329 | ||
* | NexTier Oilfield Solutions Inc. | 69,539 | 324 | ||
SM Energy Co. | 48,614 | 319 | |||
Nabors Industries Ltd. | 152,960 | 269 | |||
* | Par Pacific Holdings Inc. | 15,371 | 255 | ||
QEP Resources Inc. | 103,777 | 234 | |||
* | SunPower Corp. | 27,148 | 233 | ||
* | Oasis Petroleum Inc. | 138,510 | 226 | ||
* | Oil States International Inc. | 28,314 | 224 | ||
* | Ameresco Inc. | 9,842 | 222 | ||
^,* | Bloom Energy Corp. Class A | 24,307 | 220 | ||
CVR Energy Inc. | 7,589 | 216 | |||
* | Northern Oil and Gas Inc. | 128,541 | 186 |
37
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Frank's International NV | 46,042 | 181 | ||
Green Plains Inc. | 14,869 | 178 | |||
Berry Corp. | 27,074 | 172 | |||
* | REX American Resources Corp. | 2,434 | 170 | ||
* | Select Energy Services Inc. | 26,051 | 169 | ||
Peabody Energy Corp. | 27,718 | 162 | |||
* | Denbury Resources Inc. | 208,774 | 157 | ||
SunCoke Energy Inc. | 31,690 | 146 | |||
* | Matrix Service Co. | 11,727 | 142 | ||
* | Newpark Resources Inc. | 38,523 | 135 | ||
^,* | California Resources Corp. | 21,250 | 135 | ||
* | Clean Energy Fuels Corp. | 59,446 | 134 | ||
* | Bonanza Creek Energy Inc. | 8,228 | 134 | ||
* | ProPetro Holding Corp. | 15,187 | 133 | ||
* | Talos Energy Inc. | 8,783 | 125 | ||
* | Penn Virginia Corp. | 7,081 | 113 | ||
Liberty Oilfield Services Inc. | 16,198 | 108 | |||
* | W&T Offshore Inc. | 40,907 | 106 | ||
* | Laredo Petroleum Inc. | 91,289 | 99 | ||
* | Era Group Inc. | 10,050 | 99 | ||
* | National Energy Services Reunited Corp. | 10,448 | 87 | ||
RPC Inc. | 25,050 | 86 | |||
^,* | Diamond Offshore Drilling Inc. | 28,156 | 86 | ||
* | Noble Corp. plc | 107,668 | 76 | ||
* | Whiting Petroleum Corp. | 39,499 | 73 | ||
* | Geospace Technologies Corp. | 5,853 | 72 | ||
Sunnova Energy International Inc. | 4,089 | 71 | |||
* | Gulfport Energy Corp. | 83,967 | 69 | ||
* | SEACOR Marine Holdings Inc. | 8,513 | 68 | ||
* | TETRA Technologies Inc. | 53,364 | 67 | ||
NACCO Industries Inc. | 1,566 | 65 | |||
* | Exterran Corp. | 12,553 | 64 | ||
* | CONSOL Energy Inc. | 11,198 | 64 | ||
Falcon Minerals Corp. | 14,224 | 57 | |||
* | Natural Gas Services Group Inc. | 5,710 | 56 | ||
* | Trecora Resources | 9,494 | 54 | ||
* | Contura Energy Inc. | 7,691 | 44 | ||
Panhandle Oil and Gas Inc. | 6,559 | 44 | |||
^,* | Comstock Resources Inc. | 6,971 | 42 | ||
* | Flotek Industries Inc. | 22,835 | 36 | ||
* | SandRidge Energy Inc. | 17,187 | 35 | ||
* | Montage Resources Corp. | 9,552 | 33 | ||
* | HighPoint Resources Corp. | 47,682 | 32 | ||
* | Earthstone Energy Inc. | 8,277 | 32 | ||
Brigham Minerals Inc. Class A | 1,959 | 31 | |||
* | Seadrill Ltd. | 25,545 | 28 | ||
* | Forum Energy Technologies Inc. | 35,129 | 27 | ||
* | Nine Energy Service Inc. | 6,743 | 27 | ||
* | Covia Holdings Corp. | 17,437 | 27 | ||
^,* | Extraction Oil & Gas Inc. | 36,664 | 25 | ||
Amplify Energy Corp. | 5,559 | 23 | |||
* | KLX Energy Services Holdings Inc. | 9,332 | 23 | ||
* | Ring Energy Inc. | 14,583 | 21 | ||
* | Pacific Drilling SA | 12,833 | 20 | ||
* | Smart Sand Inc. | 9,159 | 15 | ||
* | Abraxas Petroleum Corp. | 67,202 | 13 | ||
Hallador Energy Co. | 8,611 | 11 | |||
* | Ramaco Resources Inc. | 3,431 | 10 | ||
* | PrimeEnergy Resources Corp. | 64 | 8 | ||
* | Unit Corp. | 23,006 | 8 | ||
* | Independence Contract Drilling Inc. | 20,279 | 8 | ||
* | SilverBow Resources Inc. | 2,840 | 8 | ||
Evolution Petroleum Corp. | 1,549 | 7 | |||
* | Chaparral Energy Inc. Class A | 13,023 | 7 |
38
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | FTS International Inc. | 7,527 | 7 | ||
* | Goodrich Petroleum Corp. | 1,282 | 7 | ||
Mammoth Energy Services Inc. | 6,034 | 7 | |||
* | NCS Multistage Holdings Inc. | 4,904 | 5 | ||
* | RigNet Inc. | 737 | 3 | ||
* | US Well Services Inc. | 1,763 | 2 | ||
16,590 | |||||
Financial Services (41.8%) | |||||
Rexford Industrial Realty Inc. | 48,671 | 2,276 | |||
Healthcare Realty Trust Inc. | 58,333 | 2,001 | |||
^ | Blackstone Mortgage Trust Inc. | 55,150 | 1,989 | ||
Radian Group Inc. | 89,051 | 1,891 | |||
First Industrial Realty Trust Inc. | 44,167 | 1,700 | |||
Sabra Health Care REIT Inc. | 84,964 | 1,661 | |||
STAG Industrial Inc. | 58,612 | 1,640 | |||
Stifel Financial Corp. | 29,269 | 1,593 | |||
Valley National Bancorp | 169,845 | 1,580 | |||
Physicians Realty Trust | 82,609 | 1,558 | |||
Terreno Realty Corp. | 25,979 | 1,425 | |||
IBERIABANK Corp. | 22,988 | 1,384 | |||
Community Bank System Inc. | 22,443 | 1,365 | |||
Agree Realty Corp. | 18,276 | 1,313 | |||
Hancock Whitney Corp. | 38,263 | 1,282 | |||
United Bankshares Inc. | 42,726 | 1,234 | |||
Glacier Bancorp Inc. | 32,513 | 1,212 | |||
Piedmont Office Realty Trust Inc. | 55,150 | 1,191 | |||
Pebblebrook Hotel Trust | 58,100 | 1,174 | |||
Old National Bancorp | 74,043 | 1,167 | |||
Home BancShares Inc. | 69,036 | 1,157 | |||
Invesco Mortgage Capital Inc. | 70,670 | 1,136 | |||
UMB Financial Corp. | 19,480 | 1,133 | |||
* | Cannae Holdings Inc. | 29,780 | 1,111 | ||
Apollo Commercial Real Estate Finance Inc. | 67,908 | 1,100 | |||
Lexington Realty Trust Class B | 106,080 | 1,100 | |||
Sunstone Hotel Investors Inc. | 100,001 | 1,095 | |||
CVB Financial Corp. | 58,555 | 1,086 | |||
CNO Financial Group Inc. | 67,391 | 1,080 | |||
CenterState Bank Corp. | 53,341 | 1,079 | |||
PotlatchDeltic Corp. | 29,179 | 1,072 | |||
BancorpSouth Bank | 43,475 | 1,064 | |||
Columbia Banking System Inc. | 31,706 | 1,053 | |||
Investors Bancorp Inc. | 99,727 | 1,051 | |||
Atlantic Union Bankshares Corp. | 35,165 | 1,046 | |||
Cathay General Bancorp | 33,807 | 1,041 | |||
Washington Federal Inc. | 34,681 | 1,040 | |||
Fulton Financial Corp. | 70,624 | 1,021 | |||
American Equity Investment Life Holding Co. | 40,042 | 1,012 | |||
RLJ Lodging Trust | 75,641 | 999 | |||
South State Corp. | 14,667 | 999 | |||
Washington REIT | 35,418 | 951 | |||
Simmons First National Corp. | 42,598 | 911 | |||
Essent Group Ltd. | 20,848 | 910 | |||
Independent Bank Corp. | 13,267 | 896 | |||
First Financial Bancorp | 43,475 | 896 | |||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 26,046 | 884 | |||
WesBanco Inc. | 28,482 | 872 | |||
National Health Investors Inc. | 10,606 | 867 | |||
Acadia Realty Trust | 37,883 | 865 | |||
First Midwest Bancorp Inc. | 47,526 | 863 | |||
* | Genworth Financial Inc. | 220,515 | 860 | ||
First Merchants Corp. | 24,262 | 849 | |||
Redwood Trust Inc. | 48,872 | 835 | |||
International Bancshares Corp. | 24,434 | 833 | |||
Urban Edge Properties | 51,295 | 831 |
39
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
PennyMac Mortgage Investment Trust | 39,840 | 825 | |||
Argo Group International Holdings Ltd. | 14,453 | 813 | |||
DiamondRock Hospitality Co. | 87,819 | 801 | |||
United Community Banks Inc. | 32,077 | 795 | |||
WSFS Financial Corp. | 22,768 | 785 | |||
Selective Insurance Group Inc. | 14,063 | 784 | |||
Ameris Bancorp | 22,866 | 782 | |||
* | PRA Group Inc. | 19,979 | 776 | ||
Cadence BanCorp Class A | 54,767 | 773 | |||
New York Mortgage Trust Inc. | 135,000 | 770 | |||
CoreCivic Inc. | 51,940 | 769 | |||
Trustmark Corp. | 28,460 | 766 | |||
First BanCorp | 95,783 | 761 | |||
Retail Opportunity Investments Corp. | 50,610 | 759 | |||
* | Enstar Group Ltd. | 4,228 | 754 | ||
Xenia Hotels & Resorts Inc. | 50,281 | 752 | |||
Global Net Lease Inc. | 39,648 | 732 | |||
FGL Holdings | 63,508 | 727 | |||
Banner Corp. | 15,711 | 717 | |||
Capitol Federal Financial Inc. | 58,720 | 717 | |||
Essential Properties Realty Trust Inc. | 31,275 | 717 | |||
Mack-Cali Realty Corp. | 37,747 | 716 | |||
Horace Mann Educators Corp. | 18,200 | 709 | |||
Renasant Corp. | 24,906 | 706 | |||
Walker & Dunlop Inc. | 10,823 | 702 | |||
Ladder Capital Corp. | 46,016 | 702 | |||
Great Western Bancorp Inc. | 25,486 | 685 | |||
Towne Bank | 29,557 | 682 | |||
Pacific Premier Bancorp Inc. | 26,013 | 672 | |||
Heartland Financial USA Inc. | 15,455 | 662 | |||
Diversified Healthcare Trust | 103,237 | 649 | |||
Hilltop Holdings Inc. | 31,088 | 648 | |||
Hope Bancorp Inc. | 52,585 | 642 | |||
NBT Bancorp Inc. | 18,963 | 639 | |||
ProAssurance Corp. | 23,188 | 630 | |||
Northwest Bancshares Inc. | 44,770 | 622 | |||
Easterly Government Properties Inc. | 25,635 | 609 | |||
Office Properties Income Trust | 20,822 | 607 | |||
Kite Realty Group Trust | 36,906 | 596 | |||
Industrial Logistics Properties Trust | 28,303 | 585 | |||
First Interstate BancSystem Inc. | 16,685 | 568 | |||
Alexander & Baldwin Inc. | 29,976 | 564 | |||
S&T Bancorp Inc. | 16,979 | 558 | |||
AMERISAFE Inc. | 8,510 | 555 | |||
Provident Financial Services Inc. | 27,238 | 544 | |||
Independent Bank Group Inc. | 11,745 | 544 | |||
Westamerica Bancorporation | 9,377 | 542 | |||
Kennedy-Wilson Holdings Inc. | 26,766 | 541 | |||
Employers Holdings Inc. | 13,928 | 537 | |||
Independence Realty Trust Inc. | 39,725 | 527 | |||
Park National Corp. | 5,929 | 518 | |||
Safety Insurance Group Inc. | 6,512 | 513 | |||
First Commonwealth Financial Corp. | 43,394 | 512 | |||
ARMOUR Residential REIT Inc. | 28,266 | 511 | |||
Eagle Bancorp Inc. | 13,491 | 505 | |||
* | Encore Capital Group Inc. | 13,492 | 501 | ||
Tompkins Financial Corp. | 6,271 | 498 | |||
Monmouth Real Estate Investment Corp. | 34,939 | 496 | |||
First Busey Corp. | 22,388 | 494 | |||
Flagstar Bancorp Inc. | 15,143 | 483 | |||
Brookline Bancorp Inc. | 34,646 | 481 | |||
Berkshire Hills Bancorp Inc. | 19,674 | 480 | |||
Sandy Spring Bancorp Inc. | 15,328 | 472 | |||
OceanFirst Financial Corp. | 23,061 | 471 |
40
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Seritage Growth Properties | 13,356 | 459 | |||
Realogy Holdings Corp. | 49,391 | 458 | |||
* | Seacoast Banking Corp. of Florida | 18,316 | 456 | ||
American Finance Trust Inc. | 43,381 | 451 | |||
Bank of NT Butterfield & Son Ltd. | 16,283 | 451 | |||
Southside Bancshares Inc. | 13,982 | 451 | |||
Colony Credit Real Estate Inc. | 35,157 | 448 | |||
RPT Realty | 34,098 | 442 | |||
City Holding Co. | 6,304 | 441 | |||
Nelnet Inc. | 8,087 | 429 | |||
Summit Hotel Properties Inc. | 45,190 | 419 | |||
Piper Sandler Cos. | 5,975 | 419 | |||
TPG RE Finance Trust Inc. | 21,704 | 417 | |||
Waddell & Reed Financial Inc. | 30,310 | 417 | |||
BancFirst Corp. | 8,120 | 417 | |||
Getty Realty Corp. | 14,596 | 414 | |||
First Bancorp | 12,801 | 411 | |||
Enterprise Financial Services Corp. | 10,619 | 406 | |||
TriCo Bancshares | 11,681 | 395 | |||
Heritage Financial Corp. | 16,809 | 390 | |||
LTC Properties Inc. | 8,684 | 389 | |||
Granite Point Mortgage Trust Inc. | 23,687 | 389 | |||
Veritex Holdings Inc. | 15,999 | 385 | |||
* | Ambac Financial Group Inc. | 19,632 | 377 | ||
OFG Bancorp | 22,062 | 369 | |||
Stewart Information Services Corp. | 10,162 | 368 | |||
* | Columbia Financial Inc. | 23,175 | 360 | ||
First Defiance Financial Corp. | 15,035 | 360 | |||
Investors Real Estate Trust | 5,103 | 360 | |||
Boston Private Financial Holdings Inc. | 35,979 | 351 | |||
Franklin Street Properties Corp. | 46,751 | 333 | |||
Carolina Financial Corp. | 10,170 | 330 | |||
United Fire Group Inc. | 8,569 | 329 | |||
German American Bancorp Inc. | 10,815 | 323 | |||
PennyMac Financial Services Inc. | 9,096 | 321 | |||
LendingClub Corp. | 29,105 | 320 | |||
* | INTL. FCStone Inc. | 6,978 | 318 | ||
ConnectOne Bancorp Inc. | 14,773 | 310 | |||
Lakeland Bancorp Inc. | 21,184 | 305 | |||
Univest Financial Corp. | 13,032 | 305 | |||
Banc of California Inc. | 19,666 | 301 | |||
Meridian Bancorp Inc. | 17,977 | 297 | |||
Artisan Partners Asset Management Inc. | 10,154 | 290 | |||
* | Third Point Reinsurance Ltd. | 32,346 | 289 | ||
Bryn Mawr Bank Corp. | 8,667 | 288 | |||
* | St. Joe Co. | 14,625 | 288 | ||
Capstead Mortgage Corp. | 40,414 | 287 | |||
Allegiance Bancshares Inc. | 8,635 | 286 | |||
TrustCo Bank Corp. NY | 41,507 | 285 | |||
* | Nicolet Bankshares Inc. | 4,255 | 283 | ||
Washington Trust Bancorp Inc. | 6,572 | 282 | |||
Chatham Lodging Trust | 19,954 | 278 | |||
National Bank Holdings Corp. | 9,036 | 276 | |||
Armada Hoffler Properties Inc. | 16,331 | 274 | |||
Virtus Investment Partners Inc. | 2,479 | 274 | |||
Front Yard Residential Corp. | 21,452 | 272 | |||
James River Group Holdings Ltd. | 6,718 | 271 | |||
Central Pacific Financial Corp. | 11,239 | 269 | |||
Northfield Bancorp Inc. | 18,998 | 268 | |||
City Office REIT Inc. | 23,079 | 268 | |||
Urstadt Biddle Properties Inc. | 12,951 | 267 | |||
Camden National Corp. | 6,498 | 266 | |||
Brightsphere Investment Group Inc. | 28,477 | 266 | |||
* | Bancorp Inc. | 21,743 | 265 |
41
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
HomeStreet Inc. | 9,722 | 263 | |||
Community Trust Bancorp Inc. | 6,711 | 260 | |||
1st Source Corp. | 6,159 | 259 | |||
Stock Yards Bancorp Inc. | 7,385 | 258 | |||
Origin Bancorp Inc. | 8,530 | 258 | |||
Kearny Financial Corp. | 23,438 | 256 | |||
* | Customers Bancorp Inc. | 12,337 | 250 | ||
Great Southern Bancorp Inc. | 4,788 | 246 | |||
Horizon Bancorp Inc. | 16,307 | 245 | |||
QCR Holdings Inc. | 6,396 | 243 | |||
Banco Latinoamericano de Comercio Exterior SA | 13,494 | 241 | |||
National Western Life Group Inc. | 998 | 238 | |||
Safehold Inc. | 4,341 | 237 | |||
^ | Washington Prime Group Inc. | 85,105 | 234 | ||
Dime Community Bancshares Inc. | 13,878 | 233 | |||
National General Holdings Corp. | 11,876 | 231 | |||
* | MBIA Inc. | 29,578 | 231 | ||
* | Axos Financial Inc. | 9,149 | 228 | ||
Western Asset Mortgage Capital Corp. | 22,484 | 225 | |||
RE/MAX Holdings Inc. | 7,725 | 225 | |||
Peoples Bancorp Inc. | 7,869 | 225 | |||
Opus Bank | 9,483 | 224 | |||
Bank of Marin Bancorp | 5,884 | 224 | |||
* | Mr Cooper Group Inc. | 17,328 | 222 | ||
CareTrust REIT Inc. | 10,584 | 221 | |||
Peapack Gladstone Financial Corp. | 8,029 | 220 | |||
Ellington Financial Inc. | 13,264 | 219 | |||
Heritage Commerce Corp. | 21,190 | 217 | |||
First Bancshares Inc. | 7,256 | 217 | |||
Preferred Bank | 4,207 | 215 | |||
KKR Real Estate Finance Trust Inc. | 10,904 | 214 | |||
Flushing Financial Corp. | 11,744 | 213 | |||
AG Mortgage Investment Trust Inc. | 14,174 | 212 | |||
B. Riley Financial Inc. | 8,965 | 212 | |||
First of Long Island Corp. | 10,085 | 209 | |||
Meta Financial Group Inc. | 6,326 | 208 | |||
Midland States Bancorp Inc. | 8,700 | 207 | |||
First Financial Corp. | 5,168 | 206 | |||
Federal Agricultural Mortgage Corp. | 2,725 | 205 | |||
Whitestone REIT | 16,526 | 203 | |||
FBL Financial Group Inc. Class A | 4,240 | 203 | |||
Ready Capital Corp. | 13,911 | 202 | |||
Mercantile Bank Corp. | 6,977 | 200 | |||
CorEnergy Infrastructure Trust Inc. | 5,697 | 199 | |||
CatchMark Timber Trust Inc. | 21,577 | 198 | |||
Global Medical REIT Inc. | 14,046 | 196 | |||
Bridge Bancorp Inc. | 7,092 | 195 | |||
CBTX Inc. | 7,811 | 195 | |||
Franklin Financial Network Inc. | 5,710 | 191 | |||
* | Watford Holdings Ltd. | 8,281 | 189 | ||
Preferred Apartment Communities Inc. | 19,794 | 189 | |||
Retail Value Inc. | 6,723 | 187 | |||
Hersha Hospitality Trust Class A | 16,153 | 186 | |||
PJT Partners Inc. | 4,050 | 182 | |||
Hanmi Financial Corp. | 11,616 | 181 | |||
Financial Institutions Inc. | 6,722 | 181 | |||
* | Triumph Bancorp Inc. | 5,297 | 179 | ||
First Community Bankshares Inc. | 6,857 | 179 | |||
Ares Commercial Real Estate Corp. | 11,714 | 179 | |||
Gladstone Commercial Corp. | 9,408 | 178 | |||
First Mid Bancshares Inc. | 6,283 | 177 | |||
Arrow Financial Corp. | 5,571 | 176 | |||
Byline Bancorp Inc. | 10,078 | 176 | |||
Universal Insurance Holdings Inc. | 8,522 | 176 |
42
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
State Auto Financial Corp. | 6,977 | 174 | |||
Live Oak Bancshares Inc. | 11,337 | 174 | |||
* | Equity Bancshares Inc. | 6,425 | 168 | ||
First Foundation Inc. | 11,620 | 168 | |||
Farmers National Banc Corp. | 11,147 | 168 | |||
Carter Bank & Trust | 9,912 | 168 | |||
Jernigan Capital Inc. | 9,290 | 166 | |||
Dynex Capital Inc. | 9,682 | 166 | |||
People's Utah Bancorp | 6,822 | 164 | |||
* | Atlantic Capital Bancshares Inc. | 8,953 | 162 | ||
One Liberty Properties Inc. | 6,691 | 161 | |||
Community Healthcare Trust Inc. | 3,340 | 159 | |||
* | TriState Capital Holdings Inc. | 7,972 | 158 | ||
Orchid Island Capital Inc. | 27,412 | 157 | |||
Waterstone Financial Inc. | 9,418 | 157 | |||
Capital City Bank Group Inc. | 5,851 | 156 | |||
* | Amerant Bancorp Inc. | 8,320 | 154 | ||
Exantas Capital Corp. | 13,369 | 153 | |||
Republic Bancorp Inc. | 4,205 | 150 | |||
CNB Financial Corp. | 5,981 | 150 | |||
MidWestOne Financial Group Inc. | 5,168 | 148 | |||
WisdomTree Investments Inc. | 36,371 | 148 | |||
Sierra Bancorp | 6,190 | 147 | |||
American National Bankshares Inc. | 4,672 | 144 | |||
Anworth Mortgage Asset Corp. | 42,829 | 140 | |||
* | FRP Holdings Inc. | 3,063 | 139 | ||
* | Tejon Ranch Co. | 9,161 | 138 | ||
CorePoint Lodging Inc. | 17,274 | 138 | |||
Bar Harbor Bankshares | 6,670 | 136 | |||
Old Second Bancorp Inc. | 12,663 | 135 | |||
Independent Bank Corp. | 6,873 | 135 | |||
Peoples Financial Services Corp. | 3,016 | 132 | |||
* | Metropolitan Bank Holding Corp. | 3,081 | 132 | ||
Business First Bancshares Inc. | 5,460 | 131 | |||
ServisFirst Bancshares Inc. | 3,790 | 131 | |||
Civista Bancshares Inc. | 6,668 | 128 | |||
FB Financial Corp. | 3,878 | 126 | |||
* | Citizens Inc. Class A | 21,620 | 126 | ||
New Senior Investment Group Inc. | 20,588 | 125 | |||
* | Green Dot Corp. | 3,644 | 124 | ||
Consolidated-Tomoka Land Co. | 2,152 | 124 | |||
Southern National Bancorp of Virginia Inc. | 8,632 | 123 | |||
* | Bridgewater Bancshares Inc. | 9,734 | 122 | ||
Moelis & Co. | 3,800 | 121 | |||
RBB Bancorp | 7,090 | 120 | |||
Citizens & Northern Corp. | 5,248 | 119 | |||
Lakeland Financial Corp. | 2,886 | 118 | |||
* | Donnelley Financial Solutions Inc. | 13,457 | 117 | ||
* | Southern First Bancshares Inc. | 3,063 | 117 | ||
PCSB Financial Corp. | 6,352 | 117 | |||
Farmers & Merchants Bancorp Inc. | 4,369 | 116 | |||
Heritage Insurance Holdings Inc. | 10,333 | 115 | |||
First Bancorp Inc. | 4,512 | 115 | |||
* | Cardtronics plc | 3,161 | 115 | ||
HomeTrust Bancshares Inc. | 4,820 | 115 | |||
West Bancorporation Inc. | 5,581 | 114 | |||
HCI Group Inc. | 2,668 | 113 | |||
iStar Inc. | 7,446 | 113 | |||
* | Spirit of Texas Bancshares Inc. | 6,000 | 111 | ||
Macatawa Bank Corp. | 11,453 | 110 | |||
Home Bancorp Inc. | 3,296 | 109 | |||
Enterprise Bancorp Inc. | 3,945 | 108 | |||
* | Greenlight Capital Re Ltd. | 12,791 | 108 | ||
Southern Missouri Bancorp Inc. | 3,278 | 108 |
43
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Gladstone Land Corp. | 7,941 | 107 | |||
SmartFinancial Inc. | 5,599 | 106 | |||
* | EZCORP Inc. | 22,077 | 106 | ||
Great Ajax Corp. | 7,466 | 106 | |||
* | Red River Bancshares Inc. | 2,009 | 104 | ||
Summit Financial Group Inc. | 4,692 | 103 | |||
Ames National Corp. | 3,915 | 101 | |||
First Choice Bancorp | 4,443 | 101 | |||
First Internet Bancorp | 4,126 | 100 | |||
Guaranty Bancshares Inc. | 3,589 | 99 | |||
Ashford Hospitality Trust Inc. | 45,533 | 98 | |||
Cowen Inc. | 6,548 | 98 | |||
Amalgamated Bank | 6,118 | 98 | |||
National Bankshares Inc. | 2,799 | 98 | |||
Oppenheimer Holdings Inc. | 4,104 | 97 | |||
Global Indemnity Ltd. | 3,065 | 97 | |||
Braemar Hotels & Resorts Inc. | 13,204 | 97 | |||
BBX Capital Corp. | 27,676 | 96 | |||
Northrim BanCorp Inc. | 2,747 | 96 | |||
Premier Financial Bancorp Inc. | 5,745 | 96 | |||
* | On Deck Capital Inc. | 27,305 | 95 | ||
Cedar Realty Trust Inc. | 36,789 | 95 | |||
Cambridge Bancorp | 1,391 | 95 | |||
Cherry Hill Mortgage Investment Corp. | 6,663 | 95 | |||
* | Enova International Inc. | 4,902 | 94 | ||
* | Forestar Group Inc. | 5,239 | 94 | ||
Luther Burbank Corp. | 8,840 | 92 | |||
ACNB Corp. | 3,021 | 92 | |||
Shore Bancshares Inc. | 5,876 | 91 | |||
Penns Woods Bancorp Inc. | 3,023 | 91 | |||
Metrocity Bankshares Inc. | 6,432 | 90 | |||
* | Howard Bancorp Inc. | 5,723 | 90 | ||
Western New England Bancorp Inc. | 10,182 | 90 | |||
Arlington Asset Investment Corp. | 15,893 | 90 | |||
Westwood Holdings Group Inc. | 3,543 | 90 | |||
MutualFirst Financial Inc. | 2,609 | 87 | |||
Territorial Bancorp Inc. | 3,437 | 87 | |||
* | Rafael Holdings Inc. Class B | 4,656 | 87 | ||
South Plains Financial Inc. | 4,322 | 87 | |||
Capstar Financial Holdings Inc. | 6,403 | 86 | |||
Investors Title Co. | 522 | 86 | |||
First Business Financial Services Inc. | 3,555 | 85 | |||
Central Valley Community Bancorp | 4,909 | 84 | |||
Codorus Valley Bancorp Inc. | 4,095 | 84 | |||
United Insurance Holdings Corp. | 8,953 | 84 | |||
Bankwell Financial Group Inc. | 2,956 | 84 | |||
Reliant Bancorp Inc. | 4,213 | 84 | |||
First Capital Inc. | 1,351 | 83 | |||
* | Assetmark Financial Holdings Inc. | 3,115 | 83 | ||
LCNB Corp. | 5,205 | 82 | |||
* | FVCBankcorp Inc. | 5,328 | 82 | ||
* | Hallmark Financial Services Inc. | 5,759 | 82 | ||
Parke Bancorp Inc. | 4,403 | 81 | |||
Sculptor Capital Management Inc. Class A | 3,539 | 80 | |||
SB One Bancorp | 3,632 | 80 | |||
Evans Bancorp Inc. | 2,010 | 79 | |||
Independence Holding Co. | 2,110 | 78 | |||
Bank of Commerce Holdings | 7,475 | 78 | |||
* | World Acceptance Corp. | 991 | 77 | ||
Orrstown Financial Services Inc. | 4,334 | 77 | |||
Century Bancorp Inc. | 1,056 | 76 | |||
Norwood Financial Corp. | 2,472 | 76 | |||
Timberland Bancorp Inc. | 3,234 | 75 | |||
Community Bankers Trust Corp. | 9,171 | 75 |
44
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
FS Bancorp Inc. | 1,561 | 75 | |||
* | PICO Holdings Inc. | 7,845 | 74 | ||
* | Ocwen Financial Corp. | 59,212 | 74 | ||
MVB Financial Corp. | 4,192 | 74 | |||
Tiptree Inc. | 11,126 | 73 | |||
Farmland Partners Inc. | 12,224 | 72 | |||
First Bank | 7,395 | 72 | |||
* | Select Bancorp Inc. | 6,821 | 72 | ||
* | Stratus Properties Inc. | 2,493 | 71 | ||
BCB Bancorp Inc. | 6,223 | 71 | |||
BankFinancial Corp. | 6,216 | 71 | |||
PCB Bancorp | 5,225 | 70 | |||
* | Richmond Mutual Bancorporation Inc. | 5,144 | 69 | ||
1st Constitution Bancorp | 3,776 | 69 | |||
Community Financial Corp. | 2,166 | 69 | |||
BRT Apartments Corp. | 4,394 | 69 | |||
Bank of Princeton | 2,490 | 68 | |||
ESSA Bancorp Inc. | 4,029 | 67 | |||
Merchants Bancorp | 3,675 | 66 | |||
* | Baycom Corp. | 3,068 | 65 | ||
* | MainStreet Bancshares Inc. | 3,170 | 64 | ||
* | Cushman & Wakefield plc | 3,496 | 64 | ||
C&F Financial Corp. | 1,396 | 64 | |||
Newmark Group Inc. | 6,615 | 63 | |||
Mid Penn Bancorp Inc. | 2,963 | 63 | |||
Donegal Group Inc. | 4,378 | 62 | |||
* | MMA Capital Holdings Inc. | 2,050 | 62 | ||
Riverview Bancorp Inc. | 9,578 | 62 | |||
Prudential Bancorp Inc. | 3,717 | 61 | |||
First Northwest Bancorp | 3,806 | 61 | |||
* | Pioneer Bancorp Inc. | 4,417 | 60 | ||
HarborOne Bancorp Inc. | 5,968 | 60 | |||
* | Republic First Bancorp Inc. | 19,648 | 60 | ||
* | BRP Group Inc. Class A | 3,850 | 59 | ||
Investar Holding Corp. | 2,726 | 58 | |||
Northeast Bank | 3,259 | 58 | |||
Mackinac Financial Corp. | 4,135 | 58 | |||
Hingham Institution for Savings | 314 | 57 | |||
Franklin Financial Services Corp. | 1,844 | 57 | |||
* | NI Holdings Inc. | 4,046 | 57 | ||
* | Pacific Mercantile Bancorp | 8,746 | 57 | ||
HBT Financial Inc. | 3,680 | 57 | |||
Protective Insurance Corp. | 3,987 | 57 | |||
Hawthorn Bancshares Inc. | 2,546 | 55 | |||
Universal Health Realty Income Trust | 509 | 55 | |||
* | Medallion Financial Corp. | 9,273 | 55 | ||
Chemung Financial Corp. | 1,510 | 54 | |||
Level One Bancorp Inc. | 2,185 | 53 | |||
Unity Bancorp Inc. | 3,085 | 53 | |||
Provident Financial Holdings Inc. | 2,632 | 52 | |||
* | PDL Community Bancorp | 3,651 | 51 | ||
FNCB Bancorp Inc. | 7,749 | 51 | |||
Marlin Business Services Corp. | 2,600 | 51 | |||
* | Malvern Bancorp Inc. | 2,657 | 51 | ||
OP Bancorp | 5,685 | 50 | |||
Peoples Bancorp of North Carolina Inc. | 1,955 | 50 | |||
United Security Bancshares | 5,716 | 50 | |||
Sterling Bancorp Inc. | 7,059 | 49 | |||
Ohio Valley Banc Corp. | 1,757 | 49 | |||
* | Capital Bancorp Inc. | 3,518 | 49 | ||
GAIN Capital Holdings Inc. | 8,139 | 48 | |||
* | Regional Management Corp. | 1,839 | 47 | ||
Colony Bankcorp Inc. | 3,116 | 46 | |||
First Financial Northwest Inc. | 3,311 | 46 |
45
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Oak Valley Bancorp | 2,756 | 46 | |||
Union Bankshares Inc. | 1,365 | 41 | |||
CBL & Associates Properties Inc. | 74,828 | 40 | |||
* | Marcus & Millichap Inc. | 1,195 | 38 | ||
* | Altisource Portfolio Solutions SA | 2,382 | 38 | ||
* | Esquire Financial Holdings Inc. | 1,649 | 38 | ||
First Guaranty Bancshares Inc. | 2,188 | 37 | |||
Provident Bancorp Inc. | 3,391 | 37 | |||
* | Oportun Financial Corp. | 1,743 | 37 | ||
^ | Pennsylvania REIT | 15,330 | 36 | ||
Fidelity D&D Bancorp Inc. | 723 | 36 | |||
* | CrossFirst Bankshares Inc. | 2,652 | 35 | ||
UMH Properties Inc. | 2,403 | 35 | |||
Associated Capital Group Inc. | 825 | 34 | |||
* | ProSight Global Inc. | 2,329 | 31 | ||
FedNat Holding Co. | 2,298 | 30 | |||
Bank7 Corp. | 1,518 | 27 | |||
Diamond Hill Investment Group Inc. | 169 | 21 | |||
* | Coastal Financial Corp. | 1,304 | 21 | ||
Saul Centers Inc. | 479 | 21 | |||
* | Silvergate Capital Corp. Class A | 1,297 | 19 | ||
Alerus Financial Corp. | 711 | 15 | |||
* | Transcontinental Realty Investors Inc. | 456 | 14 | ||
Griffin Industrial Realty Inc. | 359 | 14 | |||
* | American Realty Investors Inc. | 1,058 | 13 | ||
* | Maui Land & Pineapple Co. Inc. | 1,209 | 13 | ||
* | Elevate Credit Inc. | 2,819 | 9 | ||
Crawford & Co. Class B | 1,165 | 8 | |||
CIM Commercial Trust Corp. | 564 | 8 | |||
Bank First Corp. | 126 | 7 | |||
Greene County Bancorp Inc. | 211 | 6 | |||
GAMCO Investors Inc. Class A | 218 | 3 | |||
* | GWG Holdings Inc. | 316 | 3 | ||
* | Avalon GloboCare Corp. | 1,133 | 2 | ||
Value Line Inc. | 38 | 1 | |||
162,150 | |||||
Health Care (5.3%) | |||||
* | Syneos Health Inc. | 25,539 | 1,618 | ||
* | Reata Pharmaceuticals Inc. | 5,704 | 1,111 | ||
Patterson Cos. Inc. | 36,414 | 866 | |||
* | Prestige Consumer Healthcare Inc. | 22,607 | 845 | ||
* | Avanos Medical Inc. | 20,644 | 669 | ||
* | Ligand Pharmaceuticals Inc. | 6,268 | 587 | ||
* | Allscripts Healthcare Solutions Inc. | 70,659 | 533 | ||
* | Brookdale Senior Living Inc. | 80,590 | 529 | ||
* | Endo International plc | 92,629 | 511 | ||
* | Myriad Genetics Inc. | 27,328 | 482 | ||
* | Akebia Therapeutics Inc. | 51,535 | 457 | ||
Luminex Corp. | 18,214 | 451 | |||
National HealthCare Corp. | 5,624 | 417 | |||
* | Integer Holdings Corp. | 3,810 | 344 | ||
* | LivaNova plc | 4,477 | 312 | ||
* | Coherus Biosciences Inc. | 15,922 | 308 | ||
* | Hanger Inc. | 13,187 | 304 | ||
* | Acceleron Pharma Inc. | 3,406 | 293 | ||
* | Tivity Health Inc. | 20,586 | 261 | ||
* | Magellan Health Inc. | 4,238 | 254 | ||
* | OPKO Health Inc. | 166,983 | 250 | ||
* | Anika Therapeutics Inc. | 5,815 | 243 | ||
* | Intra-Cellular Therapies Inc. | 11,015 | 232 | ||
* | Evolent Health Inc. | 25,131 | 232 | ||
* | Varex Imaging Corp. | 9,277 | 215 | ||
* | Arcus Biosciences Inc. | 13,867 | 211 | ||
* | Arena Pharmaceuticals Inc. | 4,408 | 197 |
46
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Epizyme Inc. | 9,137 | 196 | ||
* | Prothena Corp. plc | 17,580 | 187 | ||
* | Community Health Systems Inc. | 37,956 | 187 | ||
* | AngioDynamics Inc. | 16,067 | 185 | ||
Owens & Minor Inc. | 27,003 | 184 | |||
Option Care Health Inc. | 11,927 | 176 | |||
* | HealthStream Inc. | 7,121 | 173 | ||
* | PDL BioPharma Inc. | 48,463 | 165 | ||
* | Assembly Biosciences Inc. | 8,953 | 162 | ||
* | OraSure Technologies Inc. | 26,798 | 162 | ||
* | Surgery Partners Inc. | 9,535 | 157 | ||
^,* | Mallinckrodt plc | 36,303 | 155 | ||
* | Viking Therapeutics Inc. | 25,566 | 151 | ||
Computer Programs & Systems Inc. | 5,564 | 149 | |||
* | Triple-S Management Corp. | 9,912 | 149 | ||
* | FibroGen Inc. | 3,449 | 144 | ||
* | Ardelyx Inc. | 20,714 | 143 | ||
* | Meridian Bioscience Inc. | 16,664 | 133 | ||
* | Mersana Therapeutics Inc. | 15,056 | 130 | ||
* | Cross Country Healthcare Inc. | 13,402 | 127 | ||
* | Lannett Co. Inc. | 14,270 | 124 | ||
* | Sangamo Therapeutics Inc. | 14,486 | 124 | ||
* | ImmunoGen Inc. | 27,672 | 123 | ||
^ | Novavax Inc. | 7,430 | 119 | ||
* | Calithera Biosciences Inc. | 17,778 | 115 | ||
* | AMAG Pharmaceuticals Inc. | 14,681 | 114 | ||
* | Immunomedics Inc. | 7,037 | 113 | ||
Invacare Corp. | 14,826 | 112 | |||
* | Gossamer Bio Inc. | 8,540 | 112 | ||
* | G1 Therapeutics Inc. | 6,051 | 109 | ||
* | MacroGenics Inc. | 10,866 | 95 | ||
* | SeaSpine Holdings Corp. | 6,730 | 95 | ||
^,* | Geron Corp. | 80,350 | 92 | ||
^,* | Precigen Inc. | 23,617 | 89 | ||
* | RTI Surgical Holdings Inc. | 24,063 | 89 | ||
* | Intellia Therapeutics Inc. | 6,236 | 83 | ||
* | Tenet Healthcare Corp. | 2,946 | 77 | ||
* | Concert Pharmaceuticals Inc. | 9,146 | 77 | ||
* | Revance Therapeutics Inc. | 3,337 | 77 | ||
* | Apyx Medical Corp. | 12,716 | 77 | ||
Progyny Inc. | 2,762 | 76 | |||
* | Gritstone Oncology Inc. | 8,535 | 72 | ||
* | Aeglea BioTherapeutics Inc. | 10,071 | 69 | ||
* | Bridgebio Pharma Inc. | 2,077 | 66 | ||
* | Orthofix Medical Inc. | 1,863 | 66 | ||
* | Five Prime Therapeutics Inc. | 15,238 | 58 | ||
* | TCR2 Therapeutics Inc. | 4,594 | 55 | ||
* | Cara Therapeutics Inc. | 3,418 | 51 | ||
* | Spero Therapeutics Inc. | 5,231 | 50 | ||
* | TG Therapeutics Inc. | 3,940 | 49 | ||
* | NanoString Technologies Inc. | 1,348 | 48 | ||
* | Adamas Pharmaceuticals Inc. | 10,133 | 46 | ||
* | Lineage Cell Therapeutics Inc. | 45,711 | 46 | ||
* | Abeona Therapeutics Inc. | 14,808 | 46 | ||
* | Molecular Templates Inc. | 2,660 | 43 | ||
* | Enzo Biochem Inc. | 19,896 | 42 | ||
* | Strongbridge Biopharma plc | 15,172 | 42 | ||
* | Akorn Inc. | 36,049 | 42 | ||
* | Verrica Pharmaceuticals Inc. | 3,171 | 38 | ||
* | Sutro Biopharma Inc. | 3,706 | 36 | ||
* | Chimerix Inc. | 20,350 | 36 | ||
* | American Renal Associates Holdings Inc. | 4,470 | 36 | ||
* | Phathom Pharmaceuticals Inc. | 988 | 36 | ||
* | Karuna Therapeutics Inc. | 398 | 35 |
47
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Cerus Corp. | 6,712 | 34 | ||
* | Principia Biopharma Inc. | 513 | 33 | ||
^ | Vir Biotechnology Inc. | 668 | 31 | ||
* | Jounce Therapeutics Inc. | 6,786 | 31 | ||
SpringWorks Therapeutics Inc. | 957 | 31 | |||
* | Assertio Therapeutics Inc. | 28,249 | 31 | ||
* | Harpoon Therapeutics Inc. | 1,958 | 30 | ||
Turning Point Therapeutics Inc. | 601 | 30 | |||
* | BioCryst Pharmaceuticals Inc. | 9,796 | 29 | ||
^,* | AcelRx Pharmaceuticals Inc. | 21,974 | 29 | ||
* | Cytokinetics Inc. | 2,050 | 29 | ||
LeMaitre Vascular Inc. | 975 | 28 | |||
* | Acorda Therapeutics Inc. | 19,020 | 27 | ||
* | Kezar Life Sciences Inc. | 6,183 | 27 | ||
* | AnaptysBio Inc. | 1,710 | 26 | ||
* | Constellation Pharmaceuticals Inc. | 707 | 25 | ||
Applied Therapeutics Inc. | 594 | 25 | |||
* | Protagonist Therapeutics Inc. | 3,153 | 25 | ||
* | Kala Pharmaceuticals Inc. | 4,515 | 24 | ||
* | Solid Biosciences Inc. | 7,120 | 23 | ||
* | Evelo Biosciences Inc. | 4,639 | 23 | ||
IGM Biosciences Inc. | 456 | 23 | |||
* | CareDx Inc. | 996 | 23 | ||
* | UNITY Biotechnology Inc. | 3,815 | 23 | ||
Livongo Health Inc. | 887 | 22 | |||
* | Viela Bio Inc. | 503 | 22 | ||
* | Cellular Biomedicine Group Inc. | 1,367 | 22 | ||
Stoke Therapeutics Inc. | 858 | 21 | |||
* | Aprea Therapeutics Inc. | 592 | 20 | ||
Phreesia Inc. | 636 | 20 | |||
* | Osmotica Pharmaceuticals plc | 3,365 | 20 | ||
Utah Medical Products Inc. | 224 | 20 | |||
* | Menlo Therapeutics Inc. | 6,547 | 19 | ||
Oyster Point Pharma Inc. | 517 | 18 | |||
* | Pacific Biosciences of California Inc. | 5,371 | 18 | ||
^,* | TherapeuticsMD Inc. | 10,566 | 18 | ||
* | Atreca Inc. | 722 | 17 | ||
* | WaVe Life Sciences Ltd. | 1,992 | 17 | ||
* | Dynavax Technologies Corp. | 4,101 | 16 | ||
Health Catalyst Inc. | 500 | 15 | |||
* | Aclaris Therapeutics Inc. | 12,949 | 15 | ||
* | Rigel Pharmaceuticals Inc. | 6,863 | 15 | ||
* | Affimed NV | 6,003 | 14 | ||
* | TransMedics Group Inc. | 902 | 14 | ||
* | Synlogic Inc. | 6,661 | 14 | ||
* | Minerva Neurosciences Inc. | 1,864 | 14 | ||
NextCure Inc. | 306 | 13 | |||
^,* | CEL-SCI Corp. | 1,159 | 13 | ||
Cortexyme Inc. | 250 | 13 | |||
* | Enochian Biosciences Inc. | 3,783 | 12 | ||
Phibro Animal Health Corp. | 476 | 12 | |||
Satsuma Pharmaceuticals Inc. | 417 | 12 | |||
* | EyePoint Pharmaceuticals Inc. | 8,981 | 12 | ||
* | Frequency Therapeutics Inc. | 530 | 11 | ||
* | Akero Therapeutics Inc. | 524 | 11 | ||
* | VBI Vaccines Inc. | 9,213 | 11 | ||
* | Spectrum Pharmaceuticals Inc. | 3,830 | 11 | ||
* | Alphatec Holdings Inc. | 1,865 | 11 | ||
* | Avid Bioservices Inc. | 1,718 | 11 | ||
Castle Biosciences Inc. | 361 | 11 | |||
* | Fulcrum Therapeutics Inc. | 554 | 10 | ||
* | Sientra Inc. | 2,465 | 10 | ||
* | Aldeyra Therapeutics Inc. | 2,695 | 10 | ||
* | NGM Biopharmaceuticals Inc. | 540 | 10 |
48
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | 89bio Inc. | 269 | 10 | ||
* | Cabaletta Bio Inc. | 637 | 10 | ||
* | Prevail Therapeutics Inc. | 714 | 9 | ||
* | Neon Therapeutics Inc. | 5,942 | 9 | ||
* | resTORbio Inc. | 6,356 | 9 | ||
Morphic Holding Inc. | 546 | 9 | |||
* | Aduro Biotech Inc. | 2,802 | 9 | ||
* | PolarityTE Inc. | 5,888 | 8 | ||
* | Personalis Inc. | 831 | 7 | ||
* | Kiniksa Pharmaceuticals Ltd. | 359 | 7 | ||
* | ADMA Biologics Inc. | 2,155 | 6 | ||
Mirum Pharmaceuticals Inc. | 364 | 6 | |||
Exagen Inc. | 316 | 5 | |||
* | Rockwell Medical Inc. | 1,847 | 5 | ||
* | ElectroCore Inc. | 5,445 | 4 | ||
* | CASI Pharmaceuticals Inc. | 2,134 | 4 | ||
* | Hookipa Pharma Inc. | 376 | 4 | ||
* | Beyondspring Inc. | 225 | 4 | ||
RAPT Therapeutics Inc. | 179 | 4 | |||
* | Eloxx Pharmaceuticals Inc. | 1,114 | 3 | ||
* | Galera Therapeutics Inc. | 157 | 3 | ||
* | Xeris Pharmaceuticals Inc. | 611 | 2 | ||
TransEnterix Inc. | 1,817 | 2 | |||
* | Cyclerion Therapeutics Inc. | 495 | 2 | ||
Passage Bio Inc. | 81 | 2 | |||
* | Evofem Biosciences Inc. | 297 | 2 | ||
Tela Bio Inc. | 98 | 2 | |||
20,549 | |||||
Materials & Processing (5.9%) | |||||
Louisiana-Pacific Corp. | 44,751 | 1,273 | |||
Rexnord Corp. | 42,018 | 1,225 | |||
Commercial Metals Co. | 52,359 | 956 | |||
* | Summit Materials Inc. | 40,670 | 795 | ||
Carpenter Technology Corp. | 21,162 | 778 | |||
* | Gibraltar Industries Inc. | 14,354 | 727 | ||
* | BMC Stock Holdings Inc. | 29,478 | 723 | ||
* | Beacon Roofing Supply Inc. | 24,039 | 714 | ||
Stepan Co. | 8,051 | 707 | |||
Minerals Technologies Inc. | 15,633 | 701 | |||
Belden Inc. | 17,021 | 680 | |||
^ | Cleveland-Cliffs Inc. | 99,790 | 580 | ||
* | Livent Corp. | 64,092 | 572 | ||
Hecla Mining Co. | 213,919 | 565 | |||
Boise Cascade Co. | 12,965 | 460 | |||
Schweitzer-Mauduit International Inc. | 13,481 | 455 | |||
Sensient Technologies Corp. | 8,912 | 438 | |||
* | Coeur Mining Inc. | 103,736 | 432 | ||
Greif Inc. Class A | 11,861 | 419 | |||
Worthington Industries Inc. | 13,069 | 416 | |||
Trinseo SA | 17,146 | 375 | |||
Kaiser Aluminum Corp. | 3,301 | 312 | |||
Mueller Industries Inc. | 10,900 | 305 | |||
Mueller Water Products Inc. | 27,713 | 303 | |||
Griffon Corp. | 15,941 | 277 | |||
* | MRC Global Inc. | 30,944 | 269 | ||
PH Glatfelter Co. | 18,872 | 269 | |||
* | Novagold Resources Inc. | 30,338 | 242 | ||
Quanex Building Products Corp. | 14,306 | 240 | |||
Materion Corp. | 5,213 | 236 | |||
* | Verso Corp. | 14,092 | 230 | ||
HB Fuller Co. | 5,674 | 223 | |||
* | GMS Inc. | 9,584 | 219 | ||
* | PQ Group Holdings Inc. | 16,434 | 218 | ||
Tredegar Corp. | 11,305 | 193 |
49
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
American Vanguard Corp. | 12,637 | 193 | |||
* | Clearwater Paper Corp. | 7,029 | 192 | ||
* | PGT Innovations Inc. | 12,545 | 190 | ||
* | AK Steel Holding Corp. | 81,063 | 187 | ||
Schnitzer Steel Industries Inc. | 11,268 | 186 | |||
* | AdvanSix Inc. | 12,274 | 178 | ||
Patrick Industries Inc. | 3,239 | 171 | |||
Insteel Industries Inc. | 8,003 | 159 | |||
Tronox Holdings plc Class A | 21,322 | 157 | |||
Hawkins Inc. | 4,227 | 151 | |||
* | Cornerstone Building Brands Inc. | 20,005 | 147 | ||
US Silica Holdings Inc. | 31,748 | 146 | |||
NN Inc. | 18,402 | 143 | |||
Haynes International Inc. | 5,408 | 137 | |||
Universal Forest Products Inc. | 2,890 | 135 | |||
* | Unifi Inc. | 6,322 | 135 | ||
* | UFP Technologies Inc. | 2,679 | 132 | ||
Orion Engineered Carbons SA | 9,192 | 131 | |||
* | Northwest Pipe Co. | 4,099 | 129 | ||
* | Century Aluminum Co. | 22,002 | 128 | ||
Innospec Inc. | 1,432 | 124 | |||
FutureFuel Corp. | 11,329 | 115 | |||
* | Landec Corp. | 11,221 | 115 | ||
Gold Resource Corp. | 26,771 | 108 | |||
Caesarstone Ltd. | 9,857 | 107 | |||
* | Kraton Corp. | 9,735 | 99 | ||
Greif Inc. | 2,448 | 98 | |||
Kronos Worldwide Inc. | 9,760 | 97 | |||
* | Foundation Building Materials Inc. | 6,250 | 97 | ||
* | TimkenSteel Corp. | 17,586 | 89 | ||
* | Builders FirstSource Inc. | 3,847 | 87 | ||
* | Ferro Corp. | 6,464 | 75 | ||
Neenah Inc. | 1,287 | 74 | |||
* | Intrepid Potash Inc. | 41,829 | 74 | ||
^,* | Amyris Inc. | 22,544 | 72 | ||
Oil-Dri Corp. of America | 2,319 | 71 | |||
* | Veritiv Corp. | 5,738 | 69 | ||
United States Lime & Minerals Inc. | 838 | 67 | |||
* | LB Foster Co. | 3,981 | 63 | ||
* | JELD-WEN Holding Inc. | 3,131 | 59 | ||
Eastern Co. | 2,299 | 59 | |||
PolyOne Corp. | 2,167 | 54 | |||
Apogee Enterprises Inc. | 1,701 | 51 | |||
Rayonier Advanced Materials Inc. | 20,733 | 51 | |||
* | Koppers Holdings Inc. | 2,297 | 50 | ||
^,* | Energy Fuels Inc. | 40,051 | 47 | ||
Olympic Steel Inc. | 3,899 | 47 | |||
* | BlueLinx Holdings Inc. | 3,893 | 46 | ||
Culp Inc. | 4,694 | 43 | |||
* | Masonite International Corp. | 553 | 41 | ||
* | Synalloy Corp. | 3,531 | 40 | ||
* | Concrete Pumping Holdings Inc. | 6,944 | 36 | ||
* | Armstrong Flooring Inc. | 7,624 | 20 | ||
* | LSB Industries Inc. | 9,545 | 19 | ||
Valhi Inc. | 11,626 | 16 | |||
* | NL Industries Inc. | 3,555 | 12 | ||
CompX International Inc. | 699 | 10 | |||
* | Ryerson Holding Corp. | 441 | 4 | ||
* | Marrone Bio Innovations Inc. | 1,212 | 1 | ||
§,* | Ferroglobe Representation & Warranty | 19,424 | — | ||
23,061 | |||||
Other (0.0%)1 | |||||
PPD Inc. | 1,037 | 29 | |||
* | Reynolds Consumer Products Inc. | 771 | 22 |
50
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Arcutis Biotherapeutics Inc. | 318 | 8 | ||
Schrodinger Inc. | 127 | 6 | |||
* | Sprout Social Inc. Class A | 213 | 4 | ||
* | REVOLUTION Medicines Inc. | 91 | 3 | ||
* | 1Life Healthcare Inc. | 77 | 2 | ||
Beam Therapeutics Inc. | 70 | 2 | |||
§,* | NewStar Financial Inc. CVR | 6,148 | 2 | ||
* | Black Diamond Therapeutics Inc. | 54 | 1 | ||
§,* | Media General Inc. CVR | 35,434 | 1 | ||
§,* | Corium CVR | 871 | — | ||
80 | |||||
Producer Durables (12.1%) | |||||
* | Darling Ingredients Inc. | 71,929 | 1,849 | ||
* | FTI Consulting Inc. | 14,809 | 1,667 | ||
KBR Inc. | 62,255 | 1,616 | |||
UniFirst Corp. | 6,633 | 1,233 | |||
GATX Corp. | 15,648 | 1,119 | |||
Kennametal Inc. | 36,845 | 1,024 | |||
Barnes Group Inc. | 18,481 | 992 | |||
SkyWest Inc. | 21,752 | 988 | |||
ABM Industries Inc. | 29,420 | 969 | |||
* | Allegheny Technologies Inc. | 56,191 | 960 | ||
Altra Industrial Motion Corp. | 28,867 | 870 | |||
Triton International Ltd. | 23,898 | 821 | |||
* | Navistar International Corp. | 21,610 | 785 | ||
Aircastle Ltd. | 22,833 | 727 | |||
* | SPX FLOW Inc. | 18,253 | 671 | ||
* | Hub Group Inc. | 14,393 | 665 | ||
Werner Enterprises Inc. | 19,704 | 662 | |||
Cubic Corp. | 11,500 | 626 | |||
Matson Inc. | 18,543 | 616 | |||
* | CBIZ Inc. | 22,877 | 596 | ||
Deluxe Corp. | 17,701 | 589 | |||
Kaman Corp. | 10,344 | 574 | |||
* | Sykes Enterprises Inc. | 16,660 | 528 | ||
AAR Corp. | 14,871 | 514 | |||
* | Huron Consulting Group Inc. | 8,560 | 508 | ||
Mobile Mini Inc. | 12,852 | 501 | |||
* | TriMas Corp. | 19,568 | 496 | ||
Rush Enterprises Inc. Class A | 11,825 | 496 | |||
Watts Water Technologies Inc. | 5,226 | 491 | |||
Otter Tail Corp. | 9,739 | 473 | |||
EMCOR Group Inc. | 6,087 | 468 | |||
* | Aerojet Rocketdyne Holdings Inc. | 9,482 | 467 | ||
Steelcase Inc. | 28,702 | 466 | |||
EnPro Industries Inc. | 8,429 | 455 | |||
Encore Wire Corp. | 8,877 | 435 | |||
SFL Corp. Ltd. | 35,564 | 432 | |||
Hawaiian Holdings Inc. | 20,160 | 421 | |||
* | Saia Inc. | 4,556 | 398 | ||
EnerSys | 6,425 | 396 | |||
Astec Industries Inc. | 10,200 | 383 | |||
Scorpio Tankers Inc. | 19,233 | 380 | |||
* | SP Plus Corp. | 9,948 | 363 | ||
* | Herc Holdings Inc. | 9,747 | 358 | ||
Granite Construction Inc. | 17,451 | 355 | |||
Standex International Corp. | 5,541 | 351 | |||
ACCO Brands Corp. | 43,844 | 351 | |||
Heartland Express Inc. | 19,413 | 348 | |||
Greenbrier Cos. Inc. | 13,956 | 338 | |||
Marten Transport Ltd. | 16,995 | 332 | |||
Hillenbrand Inc. | 13,928 | 326 | |||
Triumph Group Inc. | 16,269 | 309 | |||
Lindsay Corp. | 3,091 | 306 |
51
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | CIRCOR International Inc. | 8,490 | 305 | ||
AZZ Inc. | 7,786 | 287 | |||
* | SEACOR Holdings Inc. | 7,554 | 282 | ||
* | Atlas Air Worldwide Holdings Inc. | 10,113 | 270 | ||
* | Enerpac Tool Group Corp. Class A | 12,297 | 263 | ||
* | Vectrus Inc. | 4,910 | 256 | ||
Wabash National Corp. | 23,275 | 256 | |||
* | Tutor Perini Corp. | 17,283 | 251 | ||
* | TrueBlue Inc. | 16,801 | 250 | ||
* | Conduent Inc. | 74,949 | 245 | ||
Kelly Services Inc. | 14,479 | 241 | |||
* | Aegion Corp. | 13,332 | 240 | ||
* | Tidewater Inc. | 17,073 | 237 | ||
McGrath RentCorp | 3,371 | 234 | |||
ICF International Inc. | 2,964 | 225 | |||
Ennis Inc. | 11,044 | 222 | |||
DHT Holdings Inc. | 39,617 | 220 | |||
ArcBest Corp. | 11,079 | 220 | |||
* | International Seaways Inc. | 10,970 | 218 | ||
* | Echo Global Logistics Inc. | 11,600 | 214 | ||
Hyster-Yale Materials Handling Inc. | 4,377 | 211 | |||
MTS Systems Corp. | 5,193 | 208 | |||
* | DXP Enterprises Inc. | 7,071 | 201 | ||
Gorman-Rupp Co. | 6,077 | 194 | |||
Nordic American Tankers Ltd. | 60,180 | 194 | |||
* | Manitowoc Co. Inc. | 15,242 | 190 | ||
* | BrightView Holdings Inc. | 13,576 | 190 | ||
* | Textainer Group Holdings Ltd. | 22,812 | 188 | ||
* | Spirit Airlines Inc. | 6,372 | 181 | ||
* | CAI International Inc. | 7,236 | 179 | ||
* | Thermon Group Holdings Inc. | 10,148 | 178 | ||
* | Modine Manufacturing Co. | 23,631 | 176 | ||
Brady Corp. Class A | 3,719 | 176 | |||
* | Ducommun Inc. | 3,894 | 174 | ||
Teekay Tankers Ltd. Class A | 10,277 | 170 | |||
* | Team Inc. | 12,899 | 164 | ||
Heidrick & Struggles International Inc. | 7,266 | 162 | |||
* | SPX Corp. | 3,557 | 149 | ||
* | ASGN Inc. | 2,924 | 148 | ||
Terex Corp. | 6,690 | 147 | |||
Costamare Inc. | 22,385 | 146 | |||
Moog Inc. | 1,827 | 141 | |||
Miller Industries Inc. | 4,527 | 135 | |||
HNI Corp. | 3,989 | 131 | |||
Powell Industries Inc. | 3,891 | 130 | |||
Pitney Bowes Inc. | 37,086 | 127 | |||
* | Sterling Construction Co. Inc. | 8,842 | 121 | ||
Columbus McKinnon Corp. | 3,871 | 120 | |||
Primoris Services Corp. | 6,234 | 118 | |||
Resources Connection Inc. | 9,245 | 116 | |||
Park Aerospace Corp. | 8,072 | 112 | |||
CRA International Inc. | 2,409 | 112 | |||
* | Arlo Technologies Inc. | 33,159 | 109 | ||
* | Teekay Corp. | 29,697 | 109 | ||
* | Dorian LPG Ltd. | 9,591 | 107 | ||
VSE Corp. | 3,577 | 105 | |||
Park-Ohio Holdings Corp. | 4,163 | 102 | |||
* | Diamond S Shipping Inc. | 9,576 | 99 | ||
* | Lydall Inc. | 7,426 | 88 | ||
Rush Enterprises Inc. Class B | 2,029 | 85 | |||
* | Titan Machinery Inc. | 8,266 | 84 | ||
* | CECO Environmental Corp. | 12,296 | 83 | ||
H&E Equipment Services Inc. | 3,489 | 83 | |||
* | Covenant Transportation Group Inc. | 6,642 | 80 |
52
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
^,* | Construction Partners Inc. Class A | 4,699 | 80 | ||
Hurco Cos. Inc. | 2,807 | 79 | |||
* | Dycom Industries Inc. | 2,647 | 78 | ||
REV Group Inc. | 9,959 | 78 | |||
Graham Corp. | 4,062 | 67 | |||
Quad/Graphics Inc. | 13,951 | 67 | |||
* | Willis Lease Finance Corp. | 1,162 | 66 | ||
Preformed Line Products Co. | 1,323 | 65 | |||
* | Daseke Inc. | 19,388 | 64 | ||
* | GP Strategies Corp. | 5,731 | 64 | ||
Ardmore Shipping Corp. | 11,534 | 63 | |||
* | Advanced Disposal Services Inc. | 1,909 | 63 | ||
* | Eagle Bulk Shipping Inc. | 18,814 | 62 | ||
Alamo Group Inc. | 562 | 62 | |||
Scorpio Bulkers Inc. | 19,331 | 62 | |||
* | InnerWorkings Inc. | 19,567 | 61 | ||
* | Blue Bird Corp. | 3,394 | 61 | ||
RR Donnelley & Sons Co. | 31,169 | 59 | |||
* | Commercial Vehicle Group Inc. | 13,350 | 58 | ||
ESCO Technologies Inc. | 638 | 58 | |||
Spartan Motors Inc. | 3,828 | 56 | |||
Briggs & Stratton Corp. | 17,703 | 56 | |||
Argan Inc. | 1,306 | 55 | |||
Franklin Electric Co. Inc. | 1,043 | 54 | |||
* | Mistras Group Inc. | 6,765 | 53 | ||
* | Information Services Group Inc. | 16,325 | 52 | ||
* | Heritage-Crystal Clean Inc. | 1,909 | 50 | ||
Genco Shipping & Trading Ltd. | 6,412 | 49 | |||
* | DHI Group Inc | 21,322 | 49 | ||
* | American Superconductor Corp. | 6,988 | 48 | ||
Titan International Inc. | 21,295 | 47 | |||
* | Overseas Shipholding Group Inc. Class A | 27,434 | 47 | ||
* | Liquidity Services Inc. | 11,631 | 46 | ||
* | IES Holdings Inc. | 1,894 | 44 | ||
* | StarTek Inc. | 7,001 | 44 | ||
Federal Signal Corp. | 1,468 | 43 | |||
* | US Xpress Enterprises Inc. | 9,207 | 40 | ||
BG Staffing Inc. | 2,374 | 37 | |||
* | Twin Disc Inc. | 4,327 | 35 | ||
Kimball International Inc. | 2,072 | 34 | |||
GasLog Ltd. | 5,954 | 33 | |||
* | Gencor Industries Inc. | 3,277 | 33 | ||
* | Vishay Precision Group Inc. | 1,119 | 31 | ||
* | YRC Worldwide Inc. | 14,122 | 30 | ||
* | Safe Bulkers Inc. | 21,880 | 29 | ||
* | Mesa Air Group Inc. | 4,912 | 28 | ||
* | Great Lakes Dredge & Dock Corp. | 2,841 | 28 | ||
Systemax Inc. | 1,265 | 26 | |||
* | FARO Technologies Inc. | 406 | 23 | ||
Knoll Inc. | 1,208 | 21 | |||
* | General Finance Corp. | 2,735 | 21 | ||
Hackett Group Inc. | 964 | 15 | |||
Luxfer Holdings plc | 891 | 14 | |||
Roadrunner Transportation Systems Inc. | 1,498 | 11 | |||
* | PAM Transportation Services Inc. | 252 | 10 | ||
* | Charah Solutions Inc. | 4,004 | 9 | ||
Advanced Emissions Solutions Inc. | 776 | 7 | |||
* | Exela Technologies Inc. | 4,025 | 1 | ||
46,849 | |||||
Technology (9.1%) | |||||
* | Lumentum Holdings Inc. | 33,882 | 2,637 | ||
* | Tech Data Corp. | 15,561 | 2,216 | ||
* | Cirrus Logic Inc. | 25,516 | 1,751 | ||
Perspecta Inc. | 57,162 | 1,427 |
53
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Anixter International Inc. | 13,428 | 1,309 | ||
Vishay Intertechnology Inc. | 59,278 | 1,109 | |||
* | LiveRamp Holdings Inc. | 29,770 | 1,055 | ||
* | Synaptics Inc. | 14,869 | 982 | ||
* | Cloudera Inc. | 100,098 | 891 | ||
ManTech International Corp. | 11,838 | 887 | |||
* | NetScout Systems Inc. | 32,287 | 830 | ||
* | Plexus Corp. | 10,917 | 724 | ||
* | Rambus Inc. | 49,066 | 686 | ||
* | FormFactor Inc. | 30,538 | 683 | ||
KEMET Corp. | 25,271 | 659 | |||
* | Avaya Holdings Corp. | 48,364 | 627 | ||
* | Sanmina Corp. | 23,104 | 607 | ||
* | Knowles Corp. | 36,061 | 599 | ||
* | Diodes Inc. | 13,602 | 599 | ||
* | TTM Technologies Inc. | 44,383 | 577 | ||
* | Insight Enterprises Inc. | 9,630 | 531 | ||
* | Infinera Corp. | 77,832 | 529 | ||
* | MACOM Technology Solutions Holdings Inc. | 20,417 | 516 | ||
Methode Electronics Inc. | 16,342 | 501 | |||
* | Onto Innovation Inc. | 16,097 | 492 | ||
* | Ambarella Inc. | 8,184 | 487 | ||
* | 3D Systems Corp. | 51,428 | 471 | ||
* | Amkor Technology Inc. | 43,885 | 458 | ||
AVX Corp. | 20,536 | 446 | |||
Benchmark Electronics Inc. | 16,119 | 438 | |||
* | II-VI Inc. | 13,848 | 411 | ||
TiVo Corp. | 53,866 | 408 | |||
^ | Maxar Technologies Inc. | 25,937 | 395 | ||
CTS Corp. | 14,768 | 385 | |||
* | Photronics Inc. | 29,164 | 363 | ||
Cohu Inc. | 17,600 | 360 | |||
* | Stratasys Ltd. | 22,458 | 359 | ||
* | Ultra Clean Holdings Inc. | 17,123 | 358 | ||
* | Axcelis Technologies Inc. | 13,987 | 336 | ||
* | ScanSource Inc. | 11,001 | 313 | ||
Xperi Corp. | 17,204 | 296 | |||
Comtech Telecommunications Corp. | 10,357 | 290 | |||
* | Veeco Instruments Inc. | 20,824 | 279 | ||
* | NETGEAR Inc. | 12,899 | 243 | ||
* | Harmonic Inc. | 37,953 | 233 | ||
* | Ichor Holdings Ltd. | 7,862 | 227 | ||
PC Connection Inc. | 4,887 | 199 | |||
* | PDF Solutions Inc. | 11,422 | 167 | ||
ADTRAN Inc. | 20,613 | 166 | |||
* | Digi International Inc. | 12,139 | 161 | ||
* | SMART Global Holdings Inc. | 5,878 | 158 | ||
* | Limelight Networks Inc. | 29,678 | 150 | ||
Brooks Automation Inc. | 4,113 | 142 | |||
* | CalAmp Corp. | 14,499 | 139 | ||
* | Kimball Electronics Inc. | 10,095 | 137 | ||
^,* | Inseego Corp. | 19,692 | 137 | ||
QAD Inc. | 2,444 | 120 | |||
* | NeoPhotonics Corp. | 17,344 | 115 | ||
* | Diebold Nixdorf Inc. | 15,994 | 112 | ||
* | Semtech Corp. | 2,693 | 106 | ||
* | Unisys Corp. | 6,726 | 104 | ||
* | Blucora Inc. | 5,892 | 103 | ||
* | Alpha & Omega Semiconductor Ltd. | 8,849 | 96 | ||
* | Immersion Corp. | 13,515 | 94 | ||
* | GTY Technology Holdings Inc. | 17,139 | 92 | ||
* | Calix Inc. | 9,813 | 88 | ||
American Software Inc. | 5,239 | 86 | |||
* | Ribbon Communications Inc. | 26,175 | 85 |
54
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
* | Verint Systems Inc. | 1,540 | 85 | ||
* | DSP Group Inc. | 6,192 | 84 | ||
* | KVH Industries Inc. | 8,087 | 84 | ||
* | Synchronoss Technologies Inc. | 16,510 | 81 | ||
* | Rubicon Project Inc. | 7,116 | 81 | ||
Daktronics Inc. | 16,197 | 80 | |||
* | comScore Inc. | 21,308 | 75 | ||
* | Bandwidth Inc. Class A | 1,175 | 74 | ||
* | Applied Optoelectronics Inc. | 8,031 | 72 | ||
* | Fabrinet | 1,280 | 71 | ||
* | OneSpan Inc. | 4,141 | 68 | ||
* | ePlus Inc. | 833 | 63 | ||
* | AXT Inc. | 16,351 | 57 | ||
* | Meet Group Inc. | 10,567 | 54 | ||
Bel Fuse Inc. | 4,236 | 48 | |||
* | Acacia Research Corp. | 20,628 | 47 | ||
* | GSI Technology Inc. | 6,972 | 46 | ||
* | Telenav Inc. | 7,596 | 45 | ||
* | SecureWorks Corp. | 3,220 | 45 | ||
* | Ping Identity Holding Corp. | 1,026 | 24 | ||
* | CEVA Inc. | 746 | 21 | ||
* | Adesto Technologies Corp. | 1,559 | 19 | ||
TESSCO Technologies Inc. | 2,925 | 18 | |||
* | TrueCar Inc. | 6,166 | 16 | ||
NVE Corp. | 129 | 8 | |||
* | Digimarc Corp. | 269 | 5 | ||
* | Leaf Group Ltd. | 1,822 | 5 | ||
* | Cambium Networks Corp. | 701 | 4 | ||
* | Casa Systems Inc. | 1,202 | 4 | ||
* | DASAN Zhone Solutions Inc. | 193 | 1 | ||
* | Ideanomics Inc. | 1,480 | 1 | ||
35,123 | |||||
Utilities (6.9%) | |||||
Portland General Electric Co. | 39,259 | 2,136 | |||
Black Hills Corp. | 26,890 | 1,941 | |||
ONE Gas Inc. | 22,987 | 1,888 | |||
Spire Inc. | 21,928 | 1,646 | |||
PNM Resources Inc. | 34,825 | 1,640 | |||
ALLETE Inc. | 22,855 | 1,577 | |||
NorthWestern Corp. | 22,364 | 1,573 | |||
Avista Corp. | 29,185 | 1,376 | |||
Southwest Gas Holdings Inc. | 21,129 | 1,367 | |||
New Jersey Resources Corp. | 36,288 | 1,281 | |||
* | Iridium Communications Inc. | 43,973 | 1,190 | ||
Pattern Energy Group Inc. Class A | 39,035 | 1,056 | |||
El Paso Electric Co. | 14,810 | 1,005 | |||
South Jersey Industries Inc. | 35,032 | 948 | |||
Ormat Technologies Inc. | 11,288 | 787 | |||
Northwest Natural Holding Co. | 11,456 | 753 | |||
MGE Energy Inc. | 9,889 | 705 | |||
Clearway Energy Inc. | 32,673 | 687 | |||
Unitil Corp. | 6,575 | 370 | |||
Clearway Energy Inc. Class A | 15,329 | 311 | |||
* | Vonage Holdings Corp. | 31,638 | 283 | ||
* | Cincinnati Bell Inc. | 21,694 | 283 | ||
ATN International Inc. | 4,809 | 259 | |||
SJW Group | 4,035 | 247 | |||
Consolidated Communications Holdings Inc. | 30,792 | 192 | |||
TerraForm Power Inc. | 9,908 | 186 | |||
* | AquaVenture Holdings Ltd. | 5,174 | 140 | ||
Artesian Resources Corp. | 3,512 | 121 | |||
^,* | Intelsat SA | 29,245 | 113 | ||
Consolidated Water Co. Ltd. | 6,394 | 103 | |||
RGC Resources Inc. | 3,324 | 91 |
55
Vanguard® Russell 2000 Value Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||
Spok Holdings Inc. | 7,799 | 78 | |||
California Water Service Group | 1,191 | 57 | |||
Middlesex Water Co. | 952 | 57 | |||
^,* | Cadiz Inc. | 5,688 | 50 | ||
* | Atlantic Power Corp. | 17,304 | 39 | ||
Genie Energy Ltd. Class B | 3,624 | 25 | |||
^,* | Frontier Communications Corp. | 44,540 | 24 | ||
York Water Co. | 556 | 24 | |||
* | ORBCOMM Inc. | 6,051 | 20 | ||
^,* | Pareteum Corp. | 35,441 | 20 | ||
* | IDT Corp. | 1,816 | 14 | ||
26,663 | |||||
Total Common Stocks (Cost $413,809) | 384,134 |
Coupon | |||||
Temporary Cash Investments (1.6%) | |||||
Money Market Fund (1.6%) | |||||
2,3 | Vanguard Market Liquidity Fund | 1.706% | 60,167 | 6,019 | |
Maturity Date | Face Amount ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
4 | United States Treasury Bill | 1.543% | 4/16/20 | 84 | 84 |
Total Temporary Cash Investments (Cost $6,102) | 6,103 | ||||
Total Investments (100.7%) (Cost $419,911) | 390,237 | ||||
Other Assets and Liabilities—Net (-0.7%)3,4 | (2,720) | ||||
Net Assets (100%) | 387,517 |
Cost rounded to $000.
* | Non-income-producing security. |
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,181,000. |
§ | Security value determined using significant unobservable inputs. |
1 | “Other” represents securities that are not classified by the fund's benchmark index. |
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 $4,563,000 was received for securities on loan, of which $4,542,000 is held in Vanguard Market Liquidity Fund and $21,000 is held in cash. |
4 | Securities with a value of $84,000 and cash of $5,000 have been segregated as initial margin for open futures contracts. CVR—Contingent Value Rights. REIT—Real Estate Investment Trust. |
56
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Common Stocks (99.9%) | ||||||||||
Consumer Discretionary (13.0%) | ||||||||||
* | Deckers Outdoor Corp. | 22,932 | 3,986 | |||||||
* | Chegg Inc. | 96,699 | 3,792 | |||||||
Churchill Downs Inc. | 28,666 | 3,602 | ||||||||
* | SiteOne Landscape Supply Inc. | 33,338 | 3,309 | |||||||
Texas Roadhouse Inc. | 53,916 | 3,031 | ||||||||
Cracker Barrel Old Country Store Inc. | 19,609 | 2,811 | ||||||||
* | Eldorado Resorts Inc. | 53,908 | 2,705 | |||||||
Strategic Education Inc. | 17,405 | 2,565 | ||||||||
Steven Madden Ltd. | 68,592 | 2,243 | ||||||||
* | National Vision Holdings Inc. | 64,051 | 2,230 | |||||||
* | Fox Factory Holding Corp. | 30,749 | 1,949 | |||||||
LCI Industries | 19,934 | 1,925 | ||||||||
Aaron's Inc. | 48,894 | 1,923 | ||||||||
* | Cimpress plc | 16,260 | 1,893 | |||||||
Wingstop Inc. | 22,128 | 1,869 | ||||||||
Boyd Gaming Corp. | 59,553 | 1,591 | ||||||||
* | Avis Budget Group Inc. | 47,055 | 1,523 | |||||||
American Eagle Outfitters Inc. | 116,755 | 1,504 | ||||||||
Monro Inc. | 26,705 | 1,499 | ||||||||
* | Crocs Inc. | 56,362 | 1,475 | |||||||
* | Cavco Industries Inc. | 7,032 | 1,418 | |||||||
* | Shake Shack Inc. | 23,737 | 1,411 | |||||||
* | Asbury Automotive Group Inc. | 15,778 | 1,399 | |||||||
* | YETI Holdings Inc. | 45,507 | 1,377 | |||||||
* | Instructure Inc. | 28,069 | 1,369 | |||||||
Lithia Motors Inc. Class A | 11,269 | 1,343 | ||||||||
* | Dorman Products Inc. | 22,028 | 1,336 | |||||||
Bloomin' Brands Inc. | 71,176 | 1,280 | ||||||||
* | LGI Homes Inc. | 16,547 | 1,247 | |||||||
Cheesecake Factory Inc. | 33,895 | 1,208 | ||||||||
Red Rock Resorts Inc. | 56,891 | 1,172 | ||||||||
* | Meritor Inc. | 51,052 | 1,158 | |||||||
* | American Woodmark Corp. | 13,696 | 1,147 | |||||||
* | Gentherm Inc. | 27,106 | 1,105 | |||||||
* | SeaWorld Entertainment Inc. | 38,390 | 1,045 | |||||||
* | Skyline Champion Corp. | 40,939 | 1,043 | |||||||
* | Cardlytics Inc. | 11,686 | 928 | |||||||
Winnebago Industries Inc. | 17,856 | 927 | ||||||||
Papa John's International Inc. | 16,079 | 926 | ||||||||
* | Sleep Number Corp. | 20,931 | 922 | |||||||
Rent-A-Center Inc. | 40,472 | 862 | ||||||||
Inter Parfums Inc. | 14,335 | 861 | ||||||||
Meredith Corp. | 32,640 | 860 | ||||||||
Core-Mark Holding Co. Inc. | 36,966 | 851 | ||||||||
* | Perdoceo Education Corp. | 56,203 | 839 | |||||||
Wolverine World Wide Inc. | 31,753 | 835 | ||||||||
Dave & Buster's Entertainment Inc. | 25,188 | 831 | ||||||||
* | Scientific Games Corp. | 45,436 | 829 | |||||||
Viad Corp. | 16,348 | 821 | ||||||||
Brinker International Inc. | 23,103 | 794 | ||||||||
* | Liberty Media Corp-Liberty Braves Class C | 29,893 | 777 | |||||||
* | Malibu Boats Inc. | 16,726 | 735 | |||||||
Children's Place Inc. | 12,424 | 716 | ||||||||
*,^ | Stitch Fix Inc. Class A | 29,683 | 713 | |||||||
* | Boot Barn Holdings Inc. | 22,816 | 700 | |||||||
* | Rh | 3,843 | 697 | |||||||
* | Sonos Inc. | 57,776 | 667 | |||||||
* | IMAX Corp. | 42,771 | 666 | |||||||
Dine Brands Global Inc. | 7,768 | 636 | ||||||||
Interface Inc. | 42,720 | 623 | ||||||||
* | Denny's Corp. | 35,393 | 616 |
57
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | Shutterstock Inc. | 15,859 | 611 | |||||||
* | BJ's Wholesale Club Holdings Inc. | 31,460 | 606 | |||||||
Sturm Ruger & Co. Inc. | 12,524 | 602 | ||||||||
Marriott Vacations Worldwide Corp. | 6,216 | 602 | ||||||||
* | Gray Television Inc. | 30,230 | 572 | |||||||
* | America's Car-Mart Inc. | 5,098 | 524 | |||||||
BJ's Restaurants Inc. | 15,727 | 518 | ||||||||
* | WillScot Corp. | 29,130 | 511 | |||||||
* | QuinStreet Inc. | 37,544 | 484 | |||||||
KB Home | 13,914 | 453 | ||||||||
La-Z-Boy Inc. | 15,588 | 447 | ||||||||
Ruth's Hospitality Group Inc. | 22,756 | 435 | ||||||||
* | Universal Electronics Inc. | 10,009 | 423 | |||||||
* | Murphy USA Inc. | 4,077 | 397 | |||||||
Camping World Holdings Inc. | 26,915 | 368 | ||||||||
Twin River Worldwide Holdings Inc. | 14,097 | 366 | ||||||||
* | 1-800-Flowers.com Inc. | 20,270 | 366 | |||||||
*,^ | GoPro Inc. | 94,678 | 359 | |||||||
* | Monarch Casino & Resort Inc. | 7,375 | 349 | |||||||
* | Central European Media Enterprises Ltd. | 72,375 | 321 | |||||||
Oxford Industries Inc. | 5,299 | 320 | ||||||||
* | Century Communities Inc. | 9,443 | 315 | |||||||
* | Penn National Gaming Inc. | 10,063 | 298 | |||||||
Kontoor Brands Inc. | 8,604 | 290 | ||||||||
* | Liberty TripAdvisor Holdings Inc. | 62,391 | 272 | |||||||
* | Taylor Morrison Home Corp. | 11,867 | 267 | |||||||
* | Franklin Covey Co. | 7,973 | 251 | |||||||
* | Fitbit Inc. | 38,568 | 246 | |||||||
* | MasterCraft Boat Holdings Inc. | 15,038 | 243 | |||||||
Designer Brands Inc. Class A | 17,809 | 241 | ||||||||
Jack in the Box Inc. | 3,243 | 223 | ||||||||
* | Lindblad Expeditions Holdings Inc. | 18,722 | 223 | |||||||
* | Liberty Media Corp-Liberty Braves Class A | 8,186 | 213 | |||||||
* | Noodles & Co. | 23,490 | 191 | |||||||
Winmark Corp. | 817 | 163 | ||||||||
* | Hemisphere Media Group Inc. | 12,601 | 159 | |||||||
Standard Motor Products Inc. | 3,612 | 159 | ||||||||
Johnson Outdoors Inc. | 2,523 | 157 | ||||||||
Collectors Universe Inc. | 6,752 | 155 | ||||||||
* | Funko Inc. | 17,717 | 144 | |||||||
Clarus Corp. | 11,556 | 134 | ||||||||
* | Drive Shack Inc. | 44,111 | 126 | |||||||
^ | Tailored Brands Inc. | 36,154 | 118 | |||||||
* | Boston Omaha Corp. | 5,932 | 115 | |||||||
* | Golden Entertainment Inc | 6,938 | 113 | |||||||
* | MDC Partners Inc. | 44,658 | 112 | |||||||
PriceSmart Inc. | 1,571 | 87 | ||||||||
*,^ | Revlon Inc. | 4,940 | 85 | |||||||
Marine Products Corp. | 6,014 | 76 | ||||||||
* | Habit Restaurants Inc. | 5,182 | 72 | |||||||
* | Fluent Inc. | 30,503 | 71 | |||||||
* | Cars.com Inc. | 7,657 | 69 | |||||||
* | Chuy's Holdings Inc. | 3,205 | 69 | |||||||
* | Biglari Holdings Inc. | 610 | 64 | |||||||
* | Lovesac Co. | 6,934 | 60 | |||||||
Hamilton Beach Brands Holding Co. | 5,155 | 60 | ||||||||
Nathan's Famous Inc. | 998 | 59 | ||||||||
*,^ | Duluth Holdings Inc. | 8,389 | 58 | |||||||
* | Quotient Technology Inc. | 6,057 | 54 | |||||||
* | Stoneridge Inc. | 2,335 | 52 | |||||||
* | RealReal Inc. | 3,687 | 52 | |||||||
* | elf Beauty Inc. | 3,086 | 49 | |||||||
* | K12 Inc. | 2,355 | 47 | |||||||
* | Rosetta Stone Inc. | 2,684 | 46 |
58
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
National CineMedia Inc. | 5,403 | 42 | ||||||||
* | Lumber Liquidators Holdings Inc. | 4,183 | 41 | |||||||
* | Select Interior Concepts Inc. Class A | 4,801 | 36 | |||||||
* | LiveXLive Media Inc. | 27,092 | 34 | |||||||
* | Inspired Entertainment Inc. | 6,468 | 34 | |||||||
National Presto Industries Inc. | 382 | 30 | ||||||||
Kura Sushi USA Inc. Class A | 1,485 | 28 | ||||||||
* | Centric Brands Inc. | 12,785 | 26 | |||||||
* | Purple Innovation Inc. Class A | 1,793 | 24 | |||||||
Superior Group of Cos. Inc. | 1,944 | 23 | ||||||||
* | Overstock.com Inc. | 3,317 | 21 | |||||||
* | Clear Channel Outdoor Holdings Inc. | 10,233 | 21 | |||||||
* | Legacy Housing Corp. | 1,330 | 19 | |||||||
Entravision Communications Corp. Class A | 9,401 | 19 | ||||||||
* | Regis Corp. | 1,411 | 18 | |||||||
* | Hibbett Sports Inc. | 895 | 17 | |||||||
* | Hudson Ltd. Class A | 1,875 | 17 | |||||||
* | MarineMax Inc. | 929 | 16 | |||||||
*,^ | Eros International plc | 5,661 | 13 | |||||||
* | Green Brick Partners Inc. | 1,184 | 13 | |||||||
Hooker Furniture Corp. | 659 | 12 | ||||||||
* | At Home Group Inc. | 2,477 | 12 | |||||||
* | ZAGG Inc. | 1,271 | 8 | |||||||
* | Youngevity International Inc. | 6,396 | 7 | |||||||
* | Carrols Restaurant Group Inc. | 1,519 | 6 | |||||||
*,^ | Waitr Holdings Inc. | 7,975 | 3 | |||||||
103,347 | ||||||||||
Consumer Staples (3.3%) | ||||||||||
* | Performance Food Group Co. | 84,086 | 3,565 | |||||||
* | Helen of Troy Ltd. | 20,520 | 3,378 | |||||||
* | Boston Beer Co. Inc. Class A | 6,826 | 2,531 | |||||||
J&J Snack Foods Corp. | 12,362 | 1,988 | ||||||||
WD-40 Co. | 11,224 | 1,936 | ||||||||
* | Freshpet Inc. | 28,124 | 1,869 | |||||||
Sanderson Farms Inc. | 13,646 | 1,686 | ||||||||
Lancaster Colony Corp. | 11,194 | 1,617 | ||||||||
Vector Group Ltd. | 85,108 | 989 | ||||||||
Calavo Growers Inc. | 13,195 | 956 | ||||||||
Coca-Cola Consolidated Inc. | 3,828 | 752 | ||||||||
Medifast Inc. | 9,040 | 751 | ||||||||
* | USANA Health Sciences Inc. | 10,260 | 678 | |||||||
* | Chefs' Warehouse Inc. | 20,009 | 613 | |||||||
John B Sanfilippo & Son Inc. | 7,052 | 495 | ||||||||
*,^ | National Beverage Corp. | 9,653 | 408 | |||||||
Tootsie Roll Industries Inc. | 11,901 | 382 | ||||||||
* | BellRing Brands Inc. Class A | 19,015 | 374 | |||||||
MGP Ingredients Inc. | 10,645 | 306 | ||||||||
* | Primo Water Corp. | 19,653 | 275 | |||||||
Turning Point Brands Inc. | 6,757 | 177 | ||||||||
* | Celsius Holdings Inc. | 23,262 | 137 | |||||||
* | Lifevantage Corp. | 11,384 | 135 | |||||||
*,^ | New Age Beverages Corp. | 62,233 | 126 | |||||||
PetMed Express Inc. | 4,542 | 120 | ||||||||
*,^ | HF Foods Group Inc. | 6,241 | 112 | |||||||
^ | B&G Foods Inc. | 5,310 | 79 | |||||||
*,^ | 22nd Century Group Inc. | 94,676 | 70 | |||||||
Limoneira Co. | 3,638 | 61 | ||||||||
* | Bridgford Foods Corp. | 1,337 | 23 | |||||||
* | Greenlane Holdings Inc. Class A | 7,671 | 16 | |||||||
* | Craft Brew Alliance Inc. | 732 | 12 | |||||||
26,617 | ||||||||||
Energy (1.2%) | ||||||||||
* | Enphase Energy Inc. | 74,962 | 3,671 | |||||||
* | Sunrun Inc. | 92,129 | 1,782 |
59
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
Cactus Inc. | 38,588 | 1,054 | ||||||||
* | TPI Composites Inc. | 23,694 | 562 | |||||||
DMC Global Inc | 11,522 | 415 | ||||||||
* | Vivint Solar Inc. | 35,930 | 404 | |||||||
* | ProPetro Holding Corp. | 37,460 | 328 | |||||||
CVR Energy Inc. | 10,046 | 286 | ||||||||
Solaris Oilfield Infrastructure Inc. | 25,343 | 269 | ||||||||
Brigham Minerals Inc. Class A | 9,255 | 148 | ||||||||
*,^ | Tellurian Inc. | 77,147 | 139 | |||||||
Evolution Petroleum Corp. | 19,583 | 92 | ||||||||
* | Matador Resources Co. | 9,282 | 89 | |||||||
Liberty Oilfield Services Inc. | 12,462 | 83 | ||||||||
Golar LNG Ltd. | 5,874 | 75 | ||||||||
* | Altus Midstream Co. Class A | 40,023 | 58 | |||||||
Sunnova Energy International Inc. | 3,126 | 54 | ||||||||
* | RigNet Inc. | 11,226 | 40 | |||||||
* | NextDecade Corp. | 10,269 | 39 | |||||||
* | PrimeEnergy Resources Corp. | 280 | 37 | |||||||
* | Ring Energy Inc. | 19,718 | 28 | |||||||
* | Goodrich Petroleum Corp. | 4,591 | 24 | |||||||
Falcon Minerals Corp. | 4,892 | 20 | ||||||||
* | US Well Services Inc. | 12,285 | 13 | |||||||
* | FTS International Inc. | 12,142 | 11 | |||||||
* | Rosehill Resources Inc. | 8,079 | 6 | |||||||
* | SilverBow Resources Inc. | 566 | 2 | |||||||
9,729 | ||||||||||
Financial Services (11.1%) | ||||||||||
EastGroup Properties Inc. | 30,941 | 3,890 | ||||||||
First Financial Bankshares Inc. | 106,552 | 3,062 | ||||||||
QTS Realty Trust Inc. | 47,226 | 2,653 | ||||||||
FirstCash Inc. | 34,236 | 2,633 | ||||||||
RLI Corp. | 32,636 | 2,623 | ||||||||
Ryman Hospitality Properties Inc. | 37,453 | 2,603 | ||||||||
PS Business Parks Inc. | 16,341 | 2,427 | ||||||||
Federated Hermes Inc. | 78,737 | 2,272 | ||||||||
* | eHealth Inc. | 18,621 | 2,185 | |||||||
Ares Management Corp. Class A | 58,690 | 2,030 | ||||||||
Kinsale Capital Group Inc. | 16,686 | 2,027 | ||||||||
* | Redfin Corp. | 73,164 | 1,980 | |||||||
Houlihan Lokey Inc. | 34,384 | 1,761 | ||||||||
Essent Group Ltd. | 39,865 | 1,740 | ||||||||
American Assets Trust Inc. | 39,518 | 1,638 | ||||||||
National Storage Affiliates Trust | 48,501 | 1,636 | ||||||||
Four Corners Property Trust Inc. | 55,843 | 1,602 | ||||||||
* | Cushman & Wakefield plc | 86,150 | 1,567 | |||||||
Uniti Group Inc. | 150,792 | 1,472 | ||||||||
EVERTEC Inc. | 49,567 | 1,471 | ||||||||
GEO Group Inc. | 97,219 | 1,423 | ||||||||
* | NMI Holdings Inc. | 53,180 | 1,241 | |||||||
National Health Investors Inc. | 15,163 | 1,239 | ||||||||
CareTrust REIT Inc. | 58,173 | 1,214 | ||||||||
Selective Insurance Group Inc. | 21,712 | 1,211 | ||||||||
Cohen & Steers Inc. | 18,517 | 1,160 | ||||||||
ServisFirst Bancshares Inc. | 32,630 | 1,127 | ||||||||
* | Green Dot Corp. | 32,905 | 1,124 | |||||||
Hamilton Lane Inc. | 17,968 | 1,117 | ||||||||
Kennedy-Wilson Holdings Inc. | 51,000 | 1,031 | ||||||||
Universal Health Realty Income Trust | 9,456 | 1,019 | ||||||||
Moelis & Co. | 31,603 | 1,010 | ||||||||
Newmark Group Inc. | 104,372 | 997 | ||||||||
^ | Tanger Factory Outlet Centers Inc. | 73,901 | 885 | |||||||
* | Cardtronics plc | 24,123 | 875 | |||||||
^ | Innovative Industrial Properties Inc. | 9,283 | 854 | |||||||
First Industrial Realty Trust Inc. | 21,060 | 811 |
60
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | Axos Financial Inc. | 29,674 | 739 | |||||||
* | Evo Payments Inc. | 28,987 | 733 | |||||||
*,^ | Trupanion Inc. | 23,497 | 722 | |||||||
NexPoint Residential Trust Inc. | 16,218 | 722 | ||||||||
LTC Properties Inc. | 15,861 | 711 | ||||||||
* | Focus Financial Partners Inc. | 25,119 | 683 | |||||||
National General Holdings Corp. | 33,247 | 647 | ||||||||
Artisan Partners Asset Management Inc. | 21,909 | 626 | ||||||||
Lakeland Financial Corp. | 14,794 | 605 | ||||||||
* | Everi Holdings Inc. | 56,277 | 585 | |||||||
Meta Financial Group Inc. | 16,909 | 556 | ||||||||
Cass Information Systems Inc. | 11,548 | 542 | ||||||||
Alexander's Inc. | 1,743 | 542 | ||||||||
* | Marcus & Millichap Inc. | 16,504 | 528 | |||||||
iStar Inc. | 34,372 | 520 | ||||||||
* | Palomar Holdings Inc. | 10,110 | 514 | |||||||
Goosehead Insurance Inc. | 9,334 | 506 | ||||||||
PJT Partners Inc. | 10,857 | 488 | ||||||||
James River Group Holdings Ltd. | 11,595 | 469 | ||||||||
RMR Group Inc. | 12,469 | 465 | ||||||||
Community Healthcare Trust Inc. | 9,247 | 440 | ||||||||
Bank of NT Butterfield & Son Ltd. | 14,639 | 405 | ||||||||
Saul Centers Inc. | 8,995 | 387 | ||||||||
* | Mr Cooper Group Inc. | 29,882 | 383 | |||||||
Glacier Bancorp Inc. | 10,188 | 380 | ||||||||
UMH Properties Inc. | 24,629 | 357 | ||||||||
* | I3 Verticals Inc. | 11,819 | 343 | |||||||
* | Enova International Inc. | 17,653 | 339 | |||||||
Easterly Government Properties Inc. | 13,894 | 330 | ||||||||
Independent Bank Group Inc. | 6,969 | 323 | ||||||||
* | Triumph Bancorp Inc. | 9,044 | 306 | |||||||
Terreno Realty Corp. | 5,401 | 296 | ||||||||
Veritex Holdings Inc. | 12,065 | 290 | ||||||||
* | Enstar Group Ltd. | 1,616 | 288 | |||||||
Diamond Hill Investment Group Inc. | 2,216 | 281 | ||||||||
Ameris Bancorp | 7,848 | 268 | ||||||||
Bank First Corp. | 4,464 | 264 | ||||||||
National Bank Holdings Corp. | 7,851 | 240 | ||||||||
Armada Hoffler Properties Inc. | 14,034 | 235 | ||||||||
*,^ | Health Insurance Innovations Inc. | 7,969 | 234 | |||||||
Westamerica Bancorporation | 3,969 | 230 | ||||||||
Kearny Financial Corp. | 20,182 | 220 | ||||||||
FB Financial Corp. | 6,669 | 217 | ||||||||
* | World Acceptance Corp. | 2,590 | 202 | |||||||
*,^ | Paysign Inc. | 24,373 | 196 | |||||||
Bluerock Residential Growth REIT Inc. | 18,490 | 192 | ||||||||
New Senior Investment Group Inc. | 30,181 | 183 | ||||||||
Greenhill & Co. Inc. | 12,330 | 180 | ||||||||
Walker & Dunlop Inc. | 2,687 | 174 | ||||||||
* | Seacoast Banking Corp. of Florida | 6,960 | 173 | |||||||
Independent Bank Corp. | 2,531 | 171 | ||||||||
Preferred Bank | 3,342 | 171 | ||||||||
Universal Insurance Holdings Inc. | 8,132 | 168 | ||||||||
WisdomTree Investments Inc. | 41,125 | 167 | ||||||||
Federal Agricultural Mortgage Corp. | 2,212 | 166 | ||||||||
Essential Properties Realty Trust Inc. | 7,245 | 166 | ||||||||
Sculptor Capital Management Inc. Class A | 7,318 | 166 | ||||||||
Monmouth Real Estate Investment Corp. | 11,551 | 164 | ||||||||
Cowen Inc. | 10,673 | 160 | ||||||||
*,^ | eXp World Holdings Inc. | 16,667 | 159 | |||||||
Gladstone Commercial Corp. | 7,596 | 143 | ||||||||
First Foundation Inc. | 9,892 | 143 | ||||||||
Safeguard Scientifics Inc. | 15,734 | 139 | ||||||||
United Community Banks Inc. | 5,557 | 138 |
61
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | Assetmark Financial Holdings Inc. | 5,174 | 137 | |||||||
* | International Money Express Inc. | 14,523 | 137 | |||||||
Clipper Realty Inc. | 12,065 | 136 | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 3,663 | 124 | ||||||||
PennyMac Financial Services Inc. | 3,502 | 124 | ||||||||
Stock Yards Bancorp Inc. | 3,335 | 117 | ||||||||
Curo Group Holdings Corp. | 12,546 | 116 | ||||||||
* | TriState Capital Holdings Inc. | 5,136 | 102 | |||||||
Hingham Institution for Savings | 538 | 98 | ||||||||
HarborOne Bancorp Inc. | 9,781 | 98 | ||||||||
Pzena Investment Management Inc. | 14,640 | 96 | ||||||||
Independent Bank Corp. | 4,811 | 94 | ||||||||
Meridian Bancorp Inc. | 5,637 | 93 | ||||||||
Seritage Growth Properties | 2,569 | 88 | ||||||||
* | Regional Management Corp. | 3,431 | 88 | |||||||
HomeTrust Bancshares Inc. | 3,657 | 87 | ||||||||
Silvercrest Asset Management Group Inc. | 7,304 | 84 | ||||||||
Crawford & Co. Class A | 11,039 | 82 | ||||||||
City Holding Co. | 1,140 | 80 | ||||||||
* | BRP Group Inc. Class A | 4,998 | 77 | |||||||
Virtus Investment Partners Inc. | 647 | 71 | ||||||||
* | Baycom Corp. | 3,185 | 68 | |||||||
United Fire Group Inc. | 1,700 | 65 | ||||||||
GAMCO Investors Inc. Class A | 4,150 | 65 | ||||||||
FedNat Holding Co. | 4,924 | 64 | ||||||||
^ | Pennsylvania REIT | 26,559 | 63 | |||||||
Greene County Bancorp Inc. | 2,315 | 63 | ||||||||
Cambridge Bancorp | 898 | 62 | ||||||||
* | Coastal Financial Corp. | 3,657 | 60 | |||||||
OceanFirst Financial Corp. | 2,887 | 59 | ||||||||
West Bancorporation Inc. | 2,738 | 56 | ||||||||
American Finance Trust Inc. | 5,302 | 55 | ||||||||
* | Oportun Financial Corp. | 2,619 | 55 | |||||||
Eagle Bancorp Inc. | 1,430 | 54 | ||||||||
* | Siebert Financial Corp. | 6,248 | 51 | |||||||
Heritage Commerce Corp. | 4,678 | 48 | ||||||||
* | MBIA Inc. | 6,050 | 47 | |||||||
First Defiance Financial Corp. | 1,944 | 47 | ||||||||
Investar Holding Corp. | 2,163 | 46 | ||||||||
* | Elevate Credit Inc. | 13,853 | 46 | |||||||
* | Esquire Financial Holdings Inc. | 1,889 | 43 | |||||||
Marlin Business Services Corp. | 2,182 | 43 | ||||||||
Fidelity D&D Bancorp Inc. | 859 | 42 | ||||||||
* | ProSight Global Inc. | 3,065 | 41 | |||||||
Hanmi Financial Corp. | 2,600 | 41 | ||||||||
Central Pacific Financial Corp. | 1,660 | 40 | ||||||||
Global Indemnity Ltd. | 1,239 | 39 | ||||||||
First Financial Corp. | 941 | 38 | ||||||||
Midland States Bancorp Inc. | 1,523 | 36 | ||||||||
* | Maui Land & Pineapple Co. Inc. | 2,993 | 33 | |||||||
Safehold Inc. | 602 | 33 | ||||||||
State Auto Financial Corp. | 1,142 | 29 | ||||||||
Investors Title Co. | 173 | 28 | ||||||||
Waterstone Financial Inc. | 1,671 | 28 | ||||||||
PCSB Financial Corp. | 1,511 | 28 | ||||||||
Heritage Insurance Holdings Inc. | 2,339 | 26 | ||||||||
Century Bancorp Inc. | 336 | 24 | ||||||||
* | Malvern Bancorp Inc. | 1,243 | 24 | |||||||
Alerus Financial Corp. | 1,064 | 22 | ||||||||
* | Avalon GloboCare Corp. | 14,699 | 21 | |||||||
Union Bankshares Inc. | 696 | 21 | ||||||||
People's Utah Bancorp | 859 | 21 | ||||||||
Value Line Inc. | 713 | 21 | ||||||||
* | Atlantic Capital Bancshares Inc. | 1,096 | 20 |
62
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
FS Bancorp Inc. | 379 | 18 | ||||||||
CNB Financial Corp. | 684 | 17 | ||||||||
* | Richmond Mutual Bancorporation Inc. | 1,037 | 14 | |||||||
Reliant Bancorp Inc. | 630 | 13 | ||||||||
Metrocity Bankshares Inc. | 837 | 12 | ||||||||
* | Red River Bancshares Inc. | 220 | 11 | |||||||
Northeast Bank | 630 | 11 | ||||||||
Southern Missouri Bancorp Inc. | 323 | 11 | ||||||||
* | GWG Holdings Inc. | 1,128 | 11 | |||||||
* | Priority Technology Holdings Inc. | 5,077 | 10 | |||||||
First Capital Inc. | 167 | 10 | ||||||||
Unity Bancorp Inc. | 512 | 9 | ||||||||
* | Pioneer Bancorp Inc. | 601 | 8 | |||||||
* | CrossFirst Bankshares Inc. | 565 | 8 | |||||||
HBT Financial Inc. | 483 | 8 | ||||||||
* | Altisource Portfolio Solutions SA | 453 | 7 | |||||||
Bank7 Corp. | 350 | 6 | ||||||||
Provident Bancorp Inc. | 515 | 6 | ||||||||
Oak Valley Bancorp | 309 | 5 | ||||||||
Griffin Industrial Realty Inc. | 116 | 5 | ||||||||
88,235 | ||||||||||
Health Care (30.3%) | ||||||||||
*,^ | Teladoc Health Inc. | 59,005 | 7,373 | |||||||
* | Novocure Ltd. | 70,876 | 5,156 | |||||||
* | Haemonetics Corp. | 41,805 | 4,529 | |||||||
* | Amedisys Inc. | 25,623 | 4,459 | |||||||
* | HealthEquity Inc. | 56,642 | 4,021 | |||||||
* | ACADIA Pharmaceuticals Inc. | 91,906 | 3,928 | |||||||
* | Repligen Corp. | 42,656 | 3,651 | |||||||
* | Tandem Diabetes Care Inc. | 45,836 | 3,422 | |||||||
* | Nevro Corp. | 24,406 | 3,176 | |||||||
* | Iovance Biotherapeutics Inc. | 95,887 | 3,156 | |||||||
* | Wright Medical Group NV | 103,197 | 3,122 | |||||||
* | Global Blood Therapeutics Inc. | 47,433 | 3,034 | |||||||
* | LHC Group Inc. | 24,559 | 2,983 | |||||||
* | Globus Medical Inc. | 62,049 | 2,806 | |||||||
* | NuVasive Inc. | 42,401 | 2,790 | |||||||
* | AMN Healthcare Services Inc. | 37,615 | 2,768 | |||||||
* | Omnicell Inc. | 33,919 | 2,763 | |||||||
* | PTC Therapeutics Inc. | 49,112 | 2,693 | |||||||
* | Arrowhead Pharmaceuticals Inc. | 76,150 | 2,693 | |||||||
* | Acceleron Pharma Inc. | 30,457 | 2,617 | |||||||
* | Neogen Corp. | 41,948 | 2,548 | |||||||
* | Ultragenyx Pharmaceutical Inc. | 44,520 | 2,497 | |||||||
* | FibroGen Inc. | 57,348 | 2,397 | |||||||
* | Blueprint Medicines Corp. | 43,719 | 2,367 | |||||||
* | MyoKardia Inc. | 36,310 | 2,302 | |||||||
* | Halozyme Therapeutics Inc. | 116,409 | 2,278 | |||||||
* | Momenta Pharmaceuticals Inc. | 80,398 | 2,274 | |||||||
* | Quidel Corp. | 28,978 | 2,238 | |||||||
* | NeoGenomics Inc. | 77,981 | 2,209 | |||||||
* | LivaNova plc | 31,344 | 2,185 | |||||||
* | Emergent BioSolutions Inc. | 37,089 | 2,176 | |||||||
* | Select Medical Holdings Corp. | 89,712 | 2,148 | |||||||
CONMED Corp. | 22,161 | 2,097 | ||||||||
* | Immunomedics Inc. | 129,622 | 2,074 | |||||||
* | Tenet Healthcare Corp. | 78,615 | 2,066 | |||||||
* | Medpace Holdings Inc. | 22,536 | 2,027 | |||||||
* | Mirati Therapeutics Inc. | 22,252 | 1,991 | |||||||
* | Amicus Therapeutics Inc. | 208,410 | 1,989 | |||||||
* | Natera Inc. | 50,915 | 1,930 | |||||||
* | Intercept Pharmaceuticals Inc. | 20,574 | 1,892 | |||||||
* | iRhythm Technologies Inc. | 21,622 | 1,880 | |||||||
Ensign Group Inc. | 41,360 | 1,841 |
63
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | Insmed Inc. | 72,746 | 1,811 | |||||||
* | Integer Holdings Corp. | 19,378 | 1,747 | |||||||
* | HMS Holdings Corp. | 71,812 | 1,650 | |||||||
* | Axsome Therapeutics Inc. | 20,557 | 1,603 | |||||||
* | Apellis Pharmaceuticals Inc. | 45,683 | 1,582 | |||||||
* | Merit Medical Systems Inc. | 43,687 | 1,573 | |||||||
* | Ironwood Pharmaceuticals Inc. | 124,982 | 1,505 | |||||||
* | Reata Pharmaceuticals Inc. | 7,706 | 1,501 | |||||||
* | ChemoCentryx Inc. | 33,178 | 1,485 | |||||||
* | Arena Pharmaceuticals Inc. | 32,982 | 1,471 | |||||||
* | Pacira BioSciences Inc. | 33,817 | 1,467 | |||||||
* | Invitae Corp. | 71,831 | 1,464 | |||||||
* | Fate Therapeutics Inc. | 49,667 | 1,450 | |||||||
* | Biohaven Pharmaceutical Holding Co. Ltd. | 31,779 | 1,403 | |||||||
* | Glaukos Corp. | 31,857 | 1,401 | |||||||
* | Ra Pharmaceuticals Inc. | 28,339 | 1,325 | |||||||
* | Heron Therapeutics Inc. | 68,413 | 1,276 | |||||||
* | Xencor Inc. | 38,571 | 1,253 | |||||||
* | Kodiak Sciences Inc. | 19,179 | 1,227 | |||||||
* | AtriCure Inc. | 31,514 | 1,211 | |||||||
* | BioTelemetry Inc. | 27,109 | 1,158 | |||||||
* | STAAR Surgical Co. | 36,193 | 1,136 | |||||||
* | REGENXBIO Inc. | 27,334 | 1,093 | |||||||
US Physical Therapy Inc. | 10,232 | 1,066 | ||||||||
Turning Point Therapeutics Inc. | 21,442 | 1,063 | ||||||||
* | Cardiovascular Systems Inc. | 28,131 | 1,058 | |||||||
* | Forty Seven Inc. | 17,977 | 1,043 | |||||||
*,^ | Esperion Therapeutics Inc. | 20,634 | 1,042 | |||||||
* | R1 RCM Inc. | 84,687 | 1,040 | |||||||
* | Epizyme Inc. | 46,636 | 999 | |||||||
*,^ | Allakos Inc. | 15,810 | 985 | |||||||
* | Corcept Therapeutics Inc. | 78,075 | 985 | |||||||
* | Veracyte Inc. | 38,477 | 950 | |||||||
* | Inspire Medical Systems Inc. | 11,039 | 948 | |||||||
* | Editas Medicine Inc. | 42,297 | 938 | |||||||
* | Principia Biopharma Inc. | 13,923 | 899 | |||||||
*,^ | Tabula Rasa HealthCare Inc. | 15,955 | 896 | |||||||
*,^ | Aimmune Therapeutics Inc. | 37,213 | 886 | |||||||
* | Theravance Biopharma Inc. | 36,237 | 882 | |||||||
* | NanoString Technologies Inc. | 24,734 | 882 | |||||||
* | Zogenix Inc. | 34,843 | 874 | |||||||
* | Deciphera Pharmaceuticals Inc. | 16,090 | 857 | |||||||
*,^ | Allogene Therapeutics Inc. | 31,367 | 847 | |||||||
* | Shockwave Medical Inc. | 20,837 | 836 | |||||||
* | Dicerna Pharmaceuticals Inc. | 41,842 | 826 | |||||||
* | Arvinas Inc. | 17,339 | 817 | |||||||
* | Karyopharm Therapeutics Inc. | 48,594 | 794 | |||||||
* | TG Therapeutics Inc. | 62,363 | 783 | |||||||
* | Denali Therapeutics Inc. | 39,335 | 778 | |||||||
* | Addus HomeCare Corp. | 10,158 | 775 | |||||||
* | CryoLife Inc. | 29,966 | 768 | |||||||
* | Radius Health Inc. | 36,398 | 767 | |||||||
* | Tactile Systems Technology Inc. | 15,030 | 758 | |||||||
* | Natus Medical Inc. | 27,953 | 751 | |||||||
* | CareDx Inc. | 31,631 | 737 | |||||||
* | Supernus Pharmaceuticals Inc. | 40,507 | 729 | |||||||
Atrion Corp. | 1,173 | 723 | ||||||||
* | Enanta Pharmaceuticals Inc. | 13,871 | 706 | |||||||
* | Revance Therapeutics Inc. | 30,520 | 706 | |||||||
* | Innoviva Inc. | 52,221 | 703 | |||||||
* | RadNet Inc. | 34,411 | 703 | |||||||
* | Athenex Inc. | 55,877 | 683 | |||||||
* | Inogen Inc. | 14,909 | 683 | |||||||
* | Alector Inc. | 24,768 | 681 |
64
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
* | Portola Pharmaceuticals Inc. | 62,042 | 627 | |||||||
* | Collegium Pharmaceutical Inc. | 26,241 | 623 | |||||||
* | Intersect ENT Inc. | 25,838 | 617 | |||||||
* | Aerie Pharmaceuticals Inc. | 34,612 | 606 | |||||||
* | Magellan Health Inc. | 9,985 | 599 | |||||||
* | Providence Service Corp. | 9,550 | 590 | |||||||
* | NextGen Healthcare Inc. | 44,964 | 588 | |||||||
* | Kadmon Holdings Inc. | 126,528 | 587 | |||||||
* | Sangamo Therapeutics Inc. | 68,462 | 584 | |||||||
* | Cytokinetics Inc. | 41,452 | 578 | |||||||
* | Y-mAbs Therapeutics Inc. | 19,126 | 563 | |||||||
* | Vericel Corp | 36,385 | 562 | |||||||
* | Pennant Group Inc. | 20,630 | 561 | |||||||
* | Tricida Inc. | 17,617 | 560 | |||||||
* | Heska Corp. | 5,766 | 550 | |||||||
* | Twist Bioscience Corp. | 17,736 | 543 | |||||||
* | Adverum Biotechnologies Inc | 44,076 | 543 | |||||||
* | Madrigal Pharmaceuticals Inc. | 6,291 | 542 | |||||||
National Research Corp. | 9,833 | 541 | ||||||||
* | Silk Road Medical Inc. | 12,999 | 518 | |||||||
* | Atara Biotherapeutics Inc. | 42,451 | 516 | |||||||
* | Retrophin Inc. | 33,221 | 515 | |||||||
* | Cerus Corp. | 100,128 | 515 | |||||||
* | Codexis Inc. | 43,408 | 506 | |||||||
* | PetIQ Inc. | 16,188 | 503 | |||||||
* | CorVel Corp. | 7,250 | 500 | |||||||
* | Lantheus Holdings Inc. | 31,220 | 485 | |||||||
* | Vanda Pharmaceuticals Inc. | 43,626 | 481 | |||||||
* | Rocket Pharmaceuticals Inc. | 23,935 | 467 | |||||||
* | Bridgebio Pharma Inc. | 14,554 | 464 | |||||||
* | Eidos Therapeutics Inc. | 9,168 | 464 | |||||||
* | Krystal Biotech Inc. | 8,571 | 458 | |||||||
* | Amphastar Pharmaceuticals Inc. | 29,537 | 455 | |||||||
* | Rhythm Pharmaceuticals Inc. | 23,721 | 453 | |||||||
*,^ | Omeros Corp. | 37,998 | 453 | |||||||
NextCure Inc. | 10,814 | 452 | ||||||||
* | Axonics Modulation Technologies Inc. | 12,614 | 447 | |||||||
^ | Cortexyme Inc. | 8,742 | 439 | |||||||
* | Flexion Therapeutics Inc. | 27,639 | 436 | |||||||
* | Cara Therapeutics Inc. | 28,149 | 423 | |||||||
* | Intra-Cellular Therapies Inc. | 20,050 | 423 | |||||||
* | UroGen Pharma Ltd. | 15,054 | 410 | |||||||
* | Antares Pharma Inc. | 132,010 | 409 | |||||||
* | Coherus Biosciences Inc. | 20,959 | 406 | |||||||
*,^ | ZIOPHARM Oncology Inc. | 131,074 | 405 | |||||||
* | Constellation Pharmaceuticals Inc. | 11,272 | 398 | |||||||
Phibro Animal Health Corp. | 15,734 | 397 | ||||||||
* | Orthofix Medical Inc. | 11,209 | 396 | |||||||
* | Surmodics Inc. | 10,716 | 374 | |||||||
* | Amneal Pharmaceuticals Inc. | 95,590 | 368 | |||||||
* | ANI Pharmaceuticals Inc. | 7,455 | 358 | |||||||
* | Pacific Biosciences of California Inc. | 104,183 | 354 | |||||||
* | Axogen Inc. | 27,699 | 343 | |||||||
* | Eagle Pharmaceuticals Inc. | 7,422 | 341 | |||||||
* | OrthoPediatrics Corp. | 7,295 | 339 | |||||||
*,^ | NGM Biopharmaceuticals Inc. | 18,751 | 338 | |||||||
* | Progenics Pharmaceuticals Inc. | 71,006 | 335 | |||||||
* | Kura Oncology Inc. | 27,594 | 333 | |||||||
* | Catalyst Pharmaceuticals Inc. | 78,737 | 331 | |||||||
* | BioDelivery Sciences International Inc. | 68,171 | 331 | |||||||
* | Kindred Biosciences Inc. | 30,268 | 329 | |||||||
*,^ | Inovio Pharmaceuticals Inc. | 76,418 | 327 | |||||||
* | Avrobio Inc. | 16,842 | 325 | |||||||
* | Homology Medicines Inc. | 20,315 | 325 |
65
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
LeMaitre Vascular Inc. | 11,301 | 322 | ||||||||
* | Varex Imaging Corp. | 13,219 | 307 | |||||||
*,^ | Clovis Oncology Inc. | 40,523 | 305 | |||||||
* | BioCryst Pharmaceuticals Inc. | 101,648 | 305 | |||||||
* | Intellia Therapeutics Inc. | 22,495 | 300 | |||||||
* | G1 Therapeutics Inc. | 16,359 | 293 | |||||||
* | ImmunoGen Inc. | 65,277 | 290 | |||||||
*,^ | Accelerate Diagnostics Inc. | 22,268 | 285 | |||||||
* | Odonate Therapeutics Inc. | 9,580 | 283 | |||||||
* | Cue Biopharma Inc. | 16,162 | 283 | |||||||
* | Pfenex Inc. | 24,344 | 282 | |||||||
* | Cutera Inc. | 11,290 | 280 | |||||||
* | BioSpecifics Technologies Corp. | 4,999 | 276 | |||||||
*,^ | TherapeuticsMD Inc. | 159,900 | 270 | |||||||
* | Puma Biotechnology Inc. | 25,111 | 270 | |||||||
* | Avid Bioservices Inc. | 42,417 | 267 | |||||||
* | Rigel Pharmaceuticals Inc. | 124,195 | 263 | |||||||
* | Karuna Therapeutics Inc. | 2,925 | 255 | |||||||
^ | Livongo Health Inc. | 10,187 | 255 | |||||||
* | AnaptysBio Inc. | 16,969 | 254 | |||||||
* | SI-BONE Inc. | 13,135 | 254 | |||||||
* | Quanterix Corp. | 10,962 | 250 | |||||||
* | Phathom Pharmaceuticals Inc. | 6,867 | 248 | |||||||
* | Gossamer Bio Inc. | 18,849 | 248 | |||||||
* | CytomX Therapeutics Inc. | 36,787 | 246 | |||||||
*,^ | Dynavax Technologies Corp. | 60,498 | 239 | |||||||
* | Spectrum Pharmaceuticals Inc. | 82,730 | 237 | |||||||
* | Syneos Health Inc. | 3,703 | 235 | |||||||
*,^ | Rubius Therapeutics Inc. | 28,014 | 234 | |||||||
* | Precision BioSciences Inc. | 29,055 | 233 | |||||||
* | Corbus Pharmaceuticals Holdings Inc. | 48,483 | 230 | |||||||
* | Recro Pharma Inc. | 15,872 | 228 | |||||||
* | SIGA Technologies Inc. | 45,424 | 227 | |||||||
* | MeiraGTx Holdings plc | 13,987 | 227 | |||||||
* | Stemline Therapeutics Inc. | 37,451 | 225 | |||||||
*,^ | CEL-SCI Corp. | 20,263 | 222 | |||||||
* | Agenus Inc. | 87,376 | 221 | |||||||
*,^ | Sorrento Therapeutics Inc. | 100,863 | 219 | |||||||
* | Bioxcel Therapeutics Inc. | 5,762 | 216 | |||||||
^ | Vir Biotechnology Inc. | 4,622 | 215 | |||||||
* | Voyager Therapeutics Inc. | 19,702 | 215 | |||||||
SpringWorks Therapeutics Inc. | 6,666 | 213 | ||||||||
Phreesia Inc. | 6,857 | 213 | ||||||||
* | Translate Bio Inc. | 28,015 | 212 | |||||||
Utah Medical Products Inc. | 2,415 | 211 | ||||||||
* | Accuray Inc. | 70,961 | 210 | |||||||
* | Albireo Pharma Inc. | 8,964 | 210 | |||||||
* | Ligand Pharmaceuticals Inc. | 2,219 | 208 | |||||||
* | Kiniksa Pharmaceuticals Ltd. | 10,833 | 200 | |||||||
* | Scholar Rock Holding Corp. | 13,889 | 196 | |||||||
*,^ | MannKind Corp. | 153,074 | 194 | |||||||
* | HealthStream Inc. | 7,983 | 194 | |||||||
* | Fluidigm Corp. | 57,453 | 191 | |||||||
* | Crinetics Pharmaceuticals Inc. | 9,026 | 186 | |||||||
* | XBiotech Inc. | 15,145 | 186 | |||||||
* | Eiger BioPharmaceuticals Inc | 19,153 | 182 | |||||||
* | Magenta Therapeutics Inc. | 15,369 | 181 | |||||||
* | Akcea Therapeutics Inc. | 10,156 | 172 | |||||||
Health Catalyst Inc. | 5,609 | 170 | ||||||||
Applied Therapeutics Inc. | 4,088 | 170 | ||||||||
* | Zynex Inc. | 12,937 | 168 | |||||||
* | Syros Pharmaceuticals Inc. | 28,417 | 166 | |||||||
* | Alphatec Holdings Inc. | 28,323 | 166 | |||||||
* | ViewRay Inc. | 57,653 | 165 |
66
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
*,^ | Ocular Therapeutix Inc. | 34,790 | 164 | |||||||
IGM Biosciences Inc. | 3,168 | 163 | ||||||||
* | MacroGenics Inc. | 18,242 | 160 | |||||||
* | Joint Corp. | 10,653 | 158 | |||||||
* | Syndax Pharmaceuticals Inc. | 16,767 | 158 | |||||||
* | Beyondspring Inc. | 9,879 | 157 | |||||||
* | GenMark Diagnostics Inc. | 44,485 | 155 | |||||||
* | CytoSorbents Corp. | 25,708 | 155 | |||||||
* | TransMedics Group Inc. | 9,871 | 155 | |||||||
*,^ | Viela Bio Inc. | 3,493 | 152 | |||||||
* | Molecular Templates Inc. | 9,184 | 148 | |||||||
* | Replimune Group Inc. | 10,504 | 146 | |||||||
* | Minerva Neurosciences Inc. | 19,834 | 144 | |||||||
Stoke Therapeutics Inc. | 5,802 | 144 | ||||||||
* | Aprea Therapeutics Inc. | 4,124 | 141 | |||||||
* | MediciNova Inc. | 33,627 | 141 | |||||||
* | Aduro Biotech Inc. | 45,558 | 139 | |||||||
* | KalVista Pharmaceuticals Inc. | 10,248 | 138 | |||||||
*,^ | Senseonics Holdings Inc. | 96,347 | 135 | |||||||
*,^ | Paratek Pharmaceuticals Inc. | 27,019 | 129 | |||||||
* | VBI Vaccines Inc. | 107,459 | 129 | |||||||
*,^ | Evolus Inc. | 14,956 | 128 | |||||||
Oyster Point Pharma Inc. | 3,601 | 128 | ||||||||
* | Anavex Life Sciences Corp. | 33,177 | 126 | |||||||
* | Athersys Inc. | 105,049 | 126 | |||||||
* | Rockwell Medical Inc. | 44,760 | 126 | |||||||
* | Evolent Health Inc. | 13,554 | 125 | |||||||
* | Optinose Inc. | 20,365 | 123 | |||||||
*,^ | WaVe Life Sciences Ltd. | 14,515 | 123 | |||||||
* | Myriad Genetics Inc. | 6,900 | 122 | |||||||
* | ChromaDex Corp. | 32,895 | 121 | |||||||
* | Chiasma Inc. | 26,954 | 120 | |||||||
* | La Jolla Pharmaceutical Co. | 17,383 | 118 | |||||||
* | Pieris Pharmaceuticals Inc. | 37,942 | 118 | |||||||
* | Affimed NV | 49,500 | 117 | |||||||
* | Cellular Biomedicine Group Inc. | 7,287 | 116 | |||||||
Progyny Inc. | 4,205 | 116 | ||||||||
* | Sientra Inc. | 27,052 | 113 | |||||||
* | Genesis Healthcare Inc. | 68,549 | 113 | |||||||
^ | Novavax Inc. | 7,037 | 113 | |||||||
* | Hanger Inc. | 4,835 | 112 | |||||||
* | MEI Pharma Inc. | 57,253 | 111 | |||||||
* | Marinus Pharmaceuticals Inc. | 43,529 | 109 | |||||||
^ | CorMedix Inc. | 20,880 | 109 | |||||||
* | Vapotherm Inc. | 12,484 | 108 | |||||||
* | ADMA Biologics Inc. | 35,873 | 105 | |||||||
X4 Pharmaceuticals Inc. | 9,379 | 100 | ||||||||
* | GlycoMimetics Inc. | 27,666 | 100 | |||||||
* | IntriCon Corp. | 6,707 | 100 | |||||||
* | Atreca Inc. | 4,156 | 98 | |||||||
* | UNITY Biotechnology Inc. | 15,876 | 95 | |||||||
* | Palatin Technologies Inc. | 184,767 | 94 | |||||||
* | Cymabay Therapeutics Inc. | 56,326 | 94 | |||||||
* | Lexicon Pharmaceuticals Inc. | 32,741 | 91 | |||||||
* | Seres Therapeutics Inc. | 28,862 | 91 | |||||||
*,^ | Catasys Inc. | 5,987 | 91 | |||||||
* | OptimizeRx Corp. | 10,799 | 90 | |||||||
* | Misonix Inc. | 6,491 | 90 | |||||||
* | iRadimed Corp. | 3,773 | 90 | |||||||
* | Apollo Medical Holdings Inc. | 4,935 | 86 | |||||||
* | BioLife Solutions Inc. | 5,726 | 81 | |||||||
Satsuma Pharmaceuticals Inc. | 2,836 | 81 | ||||||||
* | Frequency Therapeutics Inc. | 3,683 | 80 | |||||||
* | Hookipa Pharma Inc. | 7,693 | 76 |
67
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||||||||
*,^ | Zynerba Pharmaceuticals Inc. | 17,913 | 76 | |||||||
* | Castlight Health Inc. | 83,647 | 76 | |||||||
* | Cyclerion Therapeutics Inc. | 17,366 | 74 | |||||||
* | Xeris Pharmaceuticals Inc. | 20,646 | 74 | |||||||
Castle Biosciences Inc. | 2,347 | 70 | ||||||||
* | Savara Inc. | 30,040 | 69 | |||||||
* | Protagonist Therapeutics Inc. | 8,795 | 69 | |||||||
* | 89bio Inc. | 1,880 | 67 | |||||||
* | CASI Pharmaceuticals Inc. | 37,808 | 67 | |||||||
*,^ | Galectin Therapeutics Inc. | 31,512 | 67 | |||||||
* | Akero Therapeutics Inc. | 3,045 | 66 | |||||||
* | Pulse Biosciences Inc. | 9,249 | 63 | |||||||
* | Mustang Bio Inc. | 21,557 | 63 | |||||||
* | Cabaletta Bio Inc. | 4,174 | 62 | |||||||
* | Evofem Biosciences Inc. | 10,411 | 61 | |||||||
* | Prevail Therapeutics Inc. | 4,730 | 60 | |||||||
*,^ | Precigen Inc. | 15,676 | 59 | |||||||
* | Cerecor Inc. | 18,544 | 57 | |||||||
* | Millendo Therapeutics Inc. | 7,277 | 56 | |||||||
* | Fulcrum Therapeutics Inc. | 2,926 | 55 | |||||||
*,^ | Kaleido Biosciences Inc. | 9,220 | 55 | |||||||
* | Eloxx Pharmaceuticals Inc. | 17,480 | 55 | |||||||
*,^ | Tyme Technologies Inc. | 45,724 | 54 | |||||||
* | Endo International plc | 9,518 | 53 | |||||||
Morphic Holding Inc. | 3,318 | 52 | ||||||||
* | LogicBio Therapeutics Inc. | 6,467 | 52 | |||||||
*,^ | Marker Therapeutics Inc. | 20,986 | 52 | |||||||
* | Personalis Inc. | 5,660 | 49 | |||||||
* | Verrica Pharmaceuticals Inc. | 4,144 | 49 | |||||||
*,^ | BioSig Technologies Inc. | 13,362 | 48 | |||||||
* | American Renal Associates Holdings Inc. | 5,969 | 48 | |||||||
* | Aldeyra Therapeutics Inc. | 12,547 | 48 | |||||||
*,^ | Kala Pharmaceuticals Inc. | 8,714 | 47 | |||||||
* | Calyxt Inc. | 7,214 | 46 | |||||||
* | PhaseBio Pharmaceuticals Inc. | 10,723 | 45 | |||||||
*,^ | Baudax Bio Inc. | 6,348 | 44 | |||||||
*,^ | Soliton Inc. | 4,201 | 44 | |||||||
* | Liquidia Technologies Inc. | 10,448 | 43 | |||||||
Option Care Health Inc. | 2,865 | 42 | ||||||||
* | Conformis Inc. | 54,010 | 42 | |||||||
* | EyePoint Pharmaceuticals Inc. | 31,392 | 41 | |||||||
* | Celcuity Inc. | 4,660 | 40 | |||||||
* | Gritstone Oncology Inc. | 4,625 | 39 | |||||||
* | Cross Country Healthcare Inc. | 4,074 | 39 | |||||||
Exagen Inc. | 2,150 | 37 | ||||||||
* | Calithera Biosciences Inc. | 5,573 | 36 | |||||||
* | Oncocyte Corp. | 16,641 | 36 | |||||||
* | Harpoon Therapeutics Inc. | 2,248 | 35 | |||||||
* | Organogenesis Holdings Inc. Class A | 8,761 | 34 | |||||||
* | Surgery Partners Inc. | 2,074 | 34 | |||||||
Mirum Pharmaceuticals Inc. | 1,959 | 32 | ||||||||
* | Assembly Biosciences Inc. | 1,769 | 32 | |||||||
* | Checkpoint Therapeutics Inc. | 17,862 | 31 | |||||||
* | Viking Therapeutics Inc. | 4,973 | 29 | |||||||
* | Neuronetics Inc. | 10,158 | 29 | |||||||
* | AcelRx Pharmaceuticals Inc. | 20,122 | 27 | |||||||
* | Tocagen Inc. | 16,430 | 23 | |||||||
Axcella Health Inc. | 6,080 | 23 | ||||||||
* | Meridian Bioscience Inc. | 2,762 | 22 | |||||||
* | Apyx Medical Corp. | 3,335 | 20 | |||||||
RAPT Therapeutics Inc. | 999 | 20 | ||||||||
* | Aeglea BioTherapeutics Inc. | 2,821 | 19 | |||||||
* | AgeX Therapeutics Inc. | 16,463 | 19 | |||||||
*,§ | Alder BioPharmaceuticals CVR Exp. 12/31/2024 | 20,196 | 18 |
68
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Centogene NV | 1,228 | 16 | |
* | Sutro Biopharma Inc. | 1,588 | 15 | |
* | Enochian Biosciences Inc. | 4,151 | 14 | |
* | Acer Therapeutics Inc. | 3,899 | 13 | |
* | Akorn Inc. | 10,113 | 12 | |
* | Galera Therapeutics Inc. | 665 | 11 | |
* | Evelo Biosciences Inc. | 2,075 | 11 | |
* | TCR2 Therapeutics Inc. | 850 | 10 | |
TransEnterix Inc. | 7,613 | 9 | ||
* | Solid Biosciences Inc. | 2,692 | 9 | |
Passage Bio Inc. | 354 | 8 | ||
Tela Bio Inc. | 457 | 7 | ||
* | Spero Therapeutics Inc. | 372 | 4 | |
* | Kezar Life Sciences Inc. | 656 | 3 | |
*,^,§ | Oncternal Therapeutics Inc. CVR | 530 | 1 | |
§ | Synergy Pharmaceuticals Inc. | 124,654 | 1 | |
241,495 | ||||
Materials & Processing (6.6%) | ||||
* | Trex Co. Inc. | 47,958 | 4,587 | |
* | RBC Bearings Inc. | 19,783 | 3,387 | |
Cabot Microelectronics Corp. | 23,652 | 3,294 | ||
Simpson Manufacturing Co. Inc. | 36,539 | 2,902 | ||
Balchem Corp. | 26,295 | 2,484 | ||
Universal Forest Products Inc. | 43,169 | 2,023 | ||
* | Builders FirstSource Inc. | 86,747 | 1,970 | |
AAON Inc. | 33,586 | 1,848 | ||
PolyOne Corp. | 69,513 | 1,721 | ||
Quaker Chemical Corp. | 10,681 | 1,683 | ||
* | Ingevity Corp. | 34,407 | 1,550 | |
Compass Minerals International Inc. | 27,754 | 1,514 | ||
Innospec Inc. | 17,166 | 1,486 | ||
Advanced Drainage Systems Inc. | 35,363 | 1,480 | ||
* | Masonite International Corp. | 18,962 | 1,394 | |
Comfort Systems USA Inc. | 29,678 | 1,253 | ||
* | Installed Building Products Inc. | 18,418 | 1,217 | |
HB Fuller Co. | 30,839 | 1,210 | ||
* | Novagold Resources Inc. | 131,913 | 1,053 | |
* | JELD-WEN Holding Inc. | 49,089 | 923 | |
Sensient Technologies Corp. | 18,188 | 895 | ||
* | GCP Applied Technologies Inc. | 44,174 | 860 | |
Mueller Water Products Inc. | 76,329 | 836 | ||
Mueller Industries Inc. | 24,919 | 697 | ||
Patrick Industries Inc. | 12,511 | 661 | ||
Neenah Inc. | 11,339 | 655 | ||
* | Ferro Corp. | 54,419 | 632 | |
Kaiser Aluminum Corp. | 6,674 | 631 | ||
Apogee Enterprises Inc. | 18,254 | 551 | ||
Chase Corp. | 6,039 | 536 | ||
Orion Engineered Carbons SA | 33,279 | 473 | ||
Myers Industries Inc. | 28,992 | 393 | ||
Louisiana-Pacific Corp. | 13,228 | 376 | ||
* | OMNOVA Solutions Inc. | 35,738 | 361 | |
* | US Concrete Inc. | 13,078 | 351 | |
* | PGT Innovations Inc. | 22,620 | 343 | |
* | Summit Materials Inc. | 16,815 | 329 | |
* | GMS Inc. | 14,330 | 327 | |
* | Beacon Roofing Supply Inc. | 10,423 | 310 | |
Materion Corp. | 6,761 | 307 | ||
Boise Cascade Co. | 7,474 | 265 | ||
Rexnord Corp. | 9,022 | 263 | ||
* | AK Steel Holding Corp. | 112,166 | 259 | |
Tronox Holdings plc Class A | 34,303 | 252 | ||
* | Koppers Holdings Inc. | 10,950 | 239 | |
Worthington Industries Inc. | 7,048 | 224 |
69
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Forterra Inc. | 15,173 | 205 | |
Cleveland-Cliffs Inc. | 32,686 | 190 | ||
Omega Flex Inc. | 2,367 | 185 | ||
Stepan Co. | 1,815 | 159 | ||
* | Lawson Products Inc. | 3,409 | 136 | |
* | Ryerson Holding Corp. | 12,552 | 105 | |
* | Uranium Energy Corp. | 145,737 | 88 | |
* | Foundation Building Materials Inc. | 4,772 | 74 | |
* | Kraton Corp. | 7,244 | 73 | |
* | MRC Global Inc. | 5,679 | 49 | |
* | Marrone Bio Innovations Inc. | 42,628 | 48 | |
* | Verso Corp. | 2,027 | 33 | |
* | UFP Technologies Inc. | 537 | 27 | |
*,^ | Amyris Inc. | 6,225 | 20 | |
United States Lime & Minerals Inc. | 130 | 11 | ||
* | LB Foster Co. | 499 | 8 | |
Valhi Inc. | 1,376 | 2 | ||
52,418 | ||||
Other (0.0%)1 | ||||
PPD Inc. | 4,428 | 123 | ||
* | Reynolds Consumer Products Inc. | 3,325 | 96 | |
* | Arcutis Biotherapeutics Inc. | 1,324 | 35 | |
Schrodinger Inc. | 562 | 26 | ||
*,^,§ | Tobira Therapeutics CVR Exp. 12/31/2028 | 3,989 | 18 | |
* | Sprout Social Inc. Class A | 880 | 17 | |
* | REVOLUTION Medicines Inc. | 393 | 12 | |
Beam Therapeutics Inc. | 489 | 11 | ||
*,§ | A Schulman Inc. CVR | 19,599 | 9 | |
* | 1Life Healthcare Inc. | 333 | 7 | |
* | Black Diamond Therapeutics Inc. | 217 | 6 | |
* | Bill.Com Holdings Inc. | 95 | 5 | |
*,^ | Casper Sleep Inc. | 498 | 5 | |
*,§ | Corium CVR | 17,631 | 3 | |
*,§ | Omthera Pharmeceuticals Rights | 2,001 | 1 | |
*,§ | NewStar Financial Inc. CVR | 2,203 | 1 | |
*,§ | Clinical Data CVR | 367 | — | |
375 | ||||
Producer Durables (15.5%) | ||||
* | Generac Holdings Inc. | 49,956 | 5,145 | |
* | Axon Enterprise Inc. | 47,620 | 3,684 | |
Tetra Tech Inc. | 44,508 | 3,599 | ||
MSA Safety Inc. | 28,811 | 3,505 | ||
MAXIMUS Inc. | 51,972 | 3,275 | ||
Brink's Co. | 40,747 | 3,190 | ||
Exponent Inc. | 42,204 | 3,108 | ||
* | TopBuild Corp. | 27,298 | 2,757 | |
EMCOR Group Inc. | 34,055 | 2,620 | ||
John Bean Technologies Corp. | 25,391 | 2,459 | ||
* | MasTec Inc. | 48,955 | 2,403 | |
* | Itron Inc. | 28,024 | 2,125 | |
* | Aerojet Rocketdyne Holdings Inc. | 41,990 | 2,069 | |
Insperity Inc. | 30,687 | 2,064 | ||
* | ExlService Holdings Inc. | 27,404 | 2,046 | |
* | Proto Labs Inc. | 22,049 | 1,932 | |
* | TriNet Group Inc. | 36,536 | 1,931 | |
* | Advanced Disposal Services Inc. | 56,201 | 1,858 | |
* | Advanced Energy Industries Inc. | 31,199 | 1,856 | |
* | ASGN Inc. | 36,575 | 1,855 | |
Applied Industrial Technologies Inc. | 31,340 | 1,849 | ||
Franklin Electric Co. Inc. | 35,706 | 1,846 | ||
* | Casella Waste Systems Inc. | 37,426 | 1,813 | |
ESCO Technologies Inc. | 19,623 | 1,784 | ||
Moog Inc. | 22,772 | 1,756 | ||
* | Chart Industries Inc. | 29,464 | 1,677 |
70
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Healthcare Services Group Inc. | 60,653 | 1,670 | ||
Herman Miller Inc. | 48,041 | 1,645 | ||
Korn Ferry | 46,163 | 1,615 | ||
Albany International Corp. | 25,053 | 1,605 | ||
Brady Corp. Class A | 31,999 | 1,515 | ||
Allegiant Travel Co. | 10,634 | 1,441 | ||
* | Atkore International Group Inc. | 38,259 | 1,412 | |
Badger Meter Inc. | 23,398 | 1,409 | ||
* | Welbilt Inc. | 106,147 | 1,403 | |
EnerSys | 22,700 | 1,398 | ||
Forward Air Corp. | 23,052 | 1,360 | ||
Federal Signal Corp. | 46,040 | 1,335 | ||
Covanta Holding Corp. | 96,429 | 1,288 | ||
* | Spirit Airlines Inc. | 43,860 | 1,248 | |
* | SPX Corp. | 28,928 | 1,213 | |
* | Kratos Defense & Security Solutions Inc. | 73,306 | 1,192 | |
Watts Water Technologies Inc. | 12,686 | 1,191 | ||
* | OSI Systems Inc. | 13,834 | 1,124 | |
* | Saia Inc. | 12,631 | 1,103 | |
Tennant Co. | 14,768 | 1,057 | ||
Helios Technologies Inc. | 24,218 | 963 | ||
McGrath RentCorp | 13,427 | 933 | ||
HNI Corp. | 27,609 | 906 | ||
* | AeroVironment Inc. | 17,371 | 893 | |
Terex Corp. | 39,826 | 877 | ||
*,^ | Plug Power Inc. | 200,241 | 869 | |
Raven Industries Inc. | 29,796 | 855 | ||
* | Air Transport Services Group Inc. | 47,677 | 853 | |
US Ecology Inc. | 19,807 | 833 | ||
Kadant Inc. | 8,973 | 815 | ||
CSW Industrials Inc. | 12,118 | 798 | ||
Douglas Dynamics Inc. | 18,244 | 794 | ||
Hillenbrand Inc. | 33,724 | 789 | ||
Mesa Laboratories Inc. | 3,273 | 783 | ||
Alamo Group Inc. | 6,927 | 767 | ||
* | FARO Technologies Inc. | 13,342 | 764 | |
* | Harsco Corp. | 63,661 | 763 | |
ICF International Inc. | 9,280 | 705 | ||
Otter Tail Corp. | 14,215 | 691 | ||
Knoll Inc. | 37,705 | 665 | ||
* | Vicor Corp. | 14,560 | 630 | |
* | Dycom Industries Inc. | 19,904 | 588 | |
Kforce Inc. | 16,586 | 505 | ||
H&E Equipment Services Inc. | 20,102 | 478 | ||
Primoris Services Corp. | 24,679 | 468 | ||
Mobile Mini Inc. | 11,956 | 466 | ||
* | Enerpac Tool Group Corp. Class A | 21,756 | 465 | |
* | NV5 Global Inc. | 8,457 | 453 | |
TTEC Holdings Inc. | 11,687 | 437 | ||
Argan Inc. | 10,409 | 434 | ||
* | Great Lakes Dredge & Dock Corp. | 44,349 | 430 | |
* | CryoPort Inc. | 25,725 | 430 | |
Kimball International Inc. | 25,132 | 407 | ||
* | Astronics Corp. | 18,833 | 382 | |
Columbus McKinnon Corp. | 11,518 | 358 | ||
Barrett Business Services Inc. | 5,857 | 351 | ||
* | MYR Group Inc. | 13,216 | 337 | |
Luxfer Holdings plc | 20,436 | 317 | ||
* | Forrester Research Inc. | 8,712 | 314 | |
* | FTI Consulting Inc. | 2,762 | 311 | |
Lindsay Corp. | 3,108 | 308 | ||
* | Energy Recovery Inc. | 30,336 | 299 | |
Spartan Motors Inc. | 19,938 | 294 | ||
Hackett Group Inc. | 18,153 | 280 |
71
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
Steelcase Inc. | 17,194 | 279 | ||
* | Willdan Group Inc. | 8,213 | 253 | |
Barnes Group Inc. | 4,627 | 249 | ||
AZZ Inc. | 6,543 | 241 | ||
Pitney Bowes Inc. | 70,043 | 240 | ||
* | Heritage-Crystal Clean Inc. | 8,708 | 229 | |
Allied Motion Technologies Inc. | 5,787 | 223 | ||
Cubic Corp. | 4,007 | 218 | ||
MTS Systems Corp. | 4,909 | 197 | ||
* | Napco Security Technologies Inc. | 9,451 | 192 | |
Triumph Group Inc. | 10,046 | 191 | ||
Kaman Corp. | 3,223 | 179 | ||
* | Vishay Precision Group Inc. | 6,409 | 176 | |
* | Transcat Inc. | 5,637 | 163 | |
Systemax Inc. | 7,523 | 157 | ||
* | Radiant Logistics Inc. | 31,994 | 141 | |
* | Huron Consulting Group Inc. | 2,259 | 134 | |
* | Thermon Group Holdings Inc. | 7,392 | 130 | |
* | Target Hospitality Corp. | 27,342 | 128 | |
GasLog Ltd. | 21,879 | 123 | ||
Granite Construction Inc. | 5,726 | 116 | ||
* | Blue Bird Corp. | 6,093 | 109 | |
Advanced Emissions Solutions Inc. | 12,120 | 108 | ||
Universal Logistics Holdings Inc. | 6,637 | 102 | ||
Gorman-Rupp Co. | 3,008 | 96 | ||
Resources Connection Inc. | 7,584 | 95 | ||
* | Construction Partners Inc. Class A | 5,463 | 93 | |
EnPro Industries Inc. | 1,544 | 83 | ||
* | EVI Industries Inc. | 3,763 | 83 | |
CRA International Inc. | 1,686 | 78 | ||
* | IES Holdings Inc. | 3,357 | 78 | |
Deluxe Corp. | 2,130 | 71 | ||
* | Sterling Construction Co. Inc. | 4,881 | 67 | |
* | Ducommun Inc. | 1,431 | 64 | |
* | PRGX Global Inc. | 16,381 | 59 | |
BG Staffing Inc. | 3,762 | 58 | ||
* | Herc Holdings Inc. | 1,378 | 51 | |
* | Dorian LPG Ltd. | 4,345 | 48 | |
*,^ | Wrap Technologies Inc. | 7,184 | 42 | |
* | PAM Transportation Services Inc. | 1,064 | 42 | |
* | Mesa Air Group Inc. | 7,114 | 41 | |
* | Mayville Engineering Co. Inc. | 4,884 | 36 | |
Heidrick & Struggles International Inc. | 1,563 | 35 | ||
Heartland Express Inc. | 1,759 | 32 | ||
* | American Superconductor Corp. | 4,408 | 30 | |
*,^ | Energous Corp. | 21,561 | 30 | |
* | General Finance Corp. | 3,782 | 30 | |
REV Group Inc. | 3,490 | 27 | ||
Ardmore Shipping Corp. | 4,887 | 27 | ||
Scorpio Bulkers Inc. | 7,706 | 25 | ||
Miller Industries Inc. | 619 | 18 | ||
* | Mistras Group Inc. | 1,984 | 16 | |
VSE Corp. | 508 | 15 | ||
* | Gencor Industries Inc. | 1,121 | 11 | |
* | CECO Environmental Corp. | 1,545 | 10 | |
* | Willis Lease Finance Corp. | 138 | 8 | |
Graham Corp. | 458 | 8 | ||
* | Exela Technologies Inc. | 29,513 | 8 | |
123,281 | ||||
Technology (16.3%) | ||||
Science Applications International Corp. | 47,306 | 3,791 | ||
* | Five9 Inc. | 48,798 | 3,564 | |
j2 Global Inc. | 38,019 | 3,320 | ||
* | Mercury Systems Inc. | 44,260 | 3,251 |
72
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Silicon Laboratories Inc. | 35,057 | 3,109 | |
* | Envestnet Inc. | 39,384 | 2,973 | |
* | Everbridge Inc. | 27,204 | 2,874 | |
* | Verint Systems Inc. | 51,290 | 2,815 | |
* | Inphi Corp. | 36,677 | 2,738 | |
Blackbaud Inc. | 39,855 | 2,702 | ||
* | Q2 Holdings Inc. | 35,669 | 2,688 | |
* | ACI Worldwide Inc. | 94,005 | 2,620 | |
* | Viavi Solutions Inc. | 187,929 | 2,479 | |
* | Novanta Inc. | 27,524 | 2,455 | |
* | Blackline Inc. | 35,343 | 2,211 | |
* | Qualys Inc. | 27,513 | 2,206 | |
* | Acacia Communications Inc. | 30,888 | 2,116 | |
Power Integrations Inc. | 23,174 | 2,017 | ||
* | Box Inc. | 117,195 | 1,963 | |
* | Semtech Corp. | 49,420 | 1,952 | |
* | Varonis Systems Inc. | 24,258 | 1,946 | |
* | Cornerstone OnDemand Inc. | 46,500 | 1,908 | |
* | Rapid7 Inc. | 40,421 | 1,871 | |
* | Lattice Semiconductor Corp. | 102,888 | 1,847 | |
* | SailPoint Technologies Holding Inc. | 70,089 | 1,775 | |
* | Rogers Corp. | 15,118 | 1,754 | |
* | Yelp Inc. | 56,050 | 1,753 | |
Brooks Automation Inc. | 50,309 | 1,736 | ||
* | Verra Mobility Corp. Class A | 104,342 | 1,580 | |
* | Appfolio Inc. | 12,847 | 1,580 | |
* | Bottomline Technologies DE Inc. | 35,409 | 1,568 | |
* | Cargurus Inc. | 61,037 | 1,556 | |
* | Fabrinet | 27,373 | 1,509 | |
* | SPS Commerce Inc. | 28,578 | 1,503 | |
* | Alarm.com Holdings Inc. | 29,919 | 1,444 | |
* | II-VI Inc. | 46,929 | 1,393 | |
* | CommVault Systems Inc. | 33,307 | 1,389 | |
Progress Software Corp. | 36,334 | 1,355 | ||
InterDigital Inc. | 25,510 | 1,349 | ||
* | LivePerson Inc. | 50,742 | 1,343 | |
* | SVMK Inc. | 70,666 | 1,288 | |
* | Workiva Inc. | 29,972 | 1,281 | |
* | PROS Holdings Inc. | 26,863 | 1,230 | |
*,^ | Appian Corp. Class A | 27,754 | 1,225 | |
CSG Systems International Inc. | 26,893 | 1,190 | ||
* | Yext Inc. | 77,315 | 1,172 | |
* | Inovalon Holdings Inc. | 59,296 | 1,155 | |
* | Altair Engineering Inc. | 32,771 | 1,140 | |
* | ForeScout Technologies Inc. | 34,490 | 1,122 | |
*,^ | iRobot Corp. | 22,588 | 1,084 | |
* | Perficient Inc. | 25,984 | 1,065 | |
* | Virtusa Corp. | 23,391 | 1,032 | |
NIC Inc. | 53,475 | 978 | ||
* | Zuora Inc. Class A | 72,447 | 959 | |
* | MicroStrategy Inc. | 6,742 | 911 | |
* | MaxLinear Inc. | 53,938 | 834 | |
* | Model N Inc. | 26,773 | 776 | |
* | Tenable Holdings Inc. | 30,632 | 751 | |
* | Upland Software Inc. | 18,907 | 736 | |
* | ePlus Inc. | 9,604 | 728 | |
* | Bandwidth Inc. Class A | 10,975 | 690 | |
* | Glu Mobile Inc. | 94,738 | 675 | |
* | Vocera Communications Inc. | 25,574 | 624 | |
* | Parsons Corp. | 15,843 | 619 | |
* | Ambarella Inc. | 10,405 | 619 | |
* | Insight Enterprises Inc. | 10,493 | 578 | |
* | Agilysys Inc. | 16,884 | 542 | |
Ebix Inc. | 19,040 | 503 |
73
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Blucora Inc. | 28,764 | 500 | |
* | Groupon Inc. | 370,020 | 496 | |
* | Extreme Networks Inc. | 97,998 | 493 | |
* | CEVA Inc. | 16,359 | 465 | |
* | nLight Inc. | 27,101 | 447 | |
* | Unisys Corp. | 28,660 | 445 | |
* | Telaria Inc. | 36,367 | 444 | |
* | TechTarget Inc. | 18,858 | 436 | |
* | Eventbrite Inc. Class A | 29,838 | 436 | |
*,^ | GTT Communications Inc. | 27,689 | 419 | |
* | Impinj Inc. | 13,552 | 417 | |
* | Anterix Inc. | 8,788 | 412 | |
* | Upwork Inc. | 46,378 | 402 | |
* | Tucows Inc. | 7,719 | 394 | |
* | Digital Turbine Inc. | 64,056 | 393 | |
Plantronics Inc. | 27,724 | 381 | ||
* | Diodes Inc. | 8,038 | 354 | |
* | Zix Corp. | 43,628 | 344 | |
* | Sanmina Corp. | 12,902 | 339 | |
* | Loral Space & Communications Inc. | 10,479 | 325 | |
* | MobileIron Inc. | 79,826 | 323 | |
Simulations Plus Inc. | 9,748 | 317 | ||
* | OneSpan Inc. | 19,145 | 316 | |
* | Rubicon Project Inc. | 26,984 | 306 | |
* | Benefitfocus Inc. | 24,273 | 303 | |
* | Domo Inc. | 14,300 | 302 | |
* | EverQuote Inc. Class A | 7,188 | 292 | |
* | VirnetX Holding Corp. | 50,122 | 281 | |
* | Onto Innovation Inc. | 9,146 | 280 | |
* | A10 Networks Inc. | 39,710 | 266 | |
* | Mitek Systems Inc. | 30,069 | 262 | |
* | PAR Technology Corp. | 9,448 | 250 | |
* | Brightcove Inc. | 31,302 | 244 | |
* | ShotSpotter Inc. | 6,646 | 237 | |
QAD Inc. | 4,809 | 236 | ||
NVE Corp. | 3,636 | 230 | ||
* | Adesto Technologies Corp. | 18,548 | 227 | |
* | Diebold Nixdorf Inc. | 32,357 | 227 | |
American Software Inc. | 13,468 | 222 | ||
* | Endurance International Group Holdings Inc. | 58,936 | 220 | |
* | Ping Identity Holding Corp. | 9,244 | 214 | |
* | Plexus Corp. | 3,186 | 211 | |
* | PlayAGS Inc. | 21,736 | 211 | |
* | ChannelAdvisor Corp. | 21,802 | 208 | |
* | Intelligent Systems Corp. | 5,595 | 205 | |
Perspecta Inc. | 8,171 | 204 | ||
* | Ooma Inc. | 15,876 | 204 | |
* | TrueCar Inc. | 72,598 | 191 | |
* | Limelight Networks Inc. | 37,100 | 187 | |
* | Meet Group Inc. | 35,674 | 182 | |
* | Digimarc Corp. | 9,046 | 181 | |
* | Calix Inc. | 19,735 | 178 | |
* | Avid Technology Inc. | 23,141 | 171 | |
* | Iteris Inc. | 33,571 | 162 | |
*,^ | Akoustis Technologies Inc. | 20,555 | 149 | |
Xperi Corp. | 8,112 | 139 | ||
* | eGain Corp. | 16,835 | 136 | |
* | Ichor Holdings Ltd. | 4,052 | 117 | |
* | Cloudera Inc. | 12,664 | 113 | |
* | Clearfield Inc. | 9,324 | 100 | |
* | FormFactor Inc. | 4,373 | 98 | |
* | SharpSpring Inc. | 8,060 | 92 | |
* | DSP Group Inc. | 6,533 | 89 | |
* | Telenav Inc. | 14,003 | 84 |
74
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | |||
* | Rimini Street Inc. | 17,066 | 79 | |
* | Casa Systems Inc. | 22,256 | 73 | |
AstroNova Inc. | 5,798 | 63 | ||
* | Airgain Inc. | 7,166 | 57 | |
* | DASAN Zhone Solutions Inc. | 5,840 | 45 | |
* | Majesco | 6,128 | 41 | |
* | Travelzoo | 4,352 | 36 | |
* | PDF Solutions Inc. | 1,931 | 28 | |
* | Leaf Group Ltd. | 10,457 | 28 | |
* | Phunware Inc. | 25,666 | 26 | |
* | Sonim Technologies Inc. | 8,091 | 23 | |
*,^ | Coda Octopus Group Inc. | 3,585 | 23 | |
* | Kimball Electronics Inc. | 1,203 | 16 | |
* | Cambium Networks Corp. | 2,309 | 14 | |
*,^ | Ideanomics Inc. | 36,869 | 13 | |
* | SecureWorks Corp. | 729 | 10 | |
* | KVH Industries Inc. | 737 | 8 | |
129,602 | ||||
Utilities (2.6%) | ||||
Cogent Communications Holdings Inc. | 34,668 | 2,531 | ||
American States Water Co. | 29,939 | 2,293 | ||
California Water Service Group | 37,034 | 1,776 | ||
Shenandoah Telecommunications Co. | 39,172 | 1,740 | ||
* | 8x8 Inc. | 76,428 | 1,414 | |
* | Evoqua Water Technologies Corp. | 60,982 | 1,279 | |
* | Vonage Holdings Corp. | 126,358 | 1,132 | |
Chesapeake Utilities Corp. | 13,161 | 1,125 | ||
TerraForm Power Inc. | 46,483 | 874 | ||
SJW Group | 13,932 | 852 | ||
Ormat Technologies Inc. | 11,507 | 802 | ||
MGE Energy Inc. | 10,304 | 735 | ||
Middlesex Water Co. | 11,457 | 681 | ||
* | Boingo Wireless Inc. | 35,631 | 452 | |
York Water Co. | 9,498 | 402 | ||
El Paso Electric Co. | 5,598 | 380 | ||
Southwest Gas Holdings Inc. | 4,964 | 321 | ||
South Jersey Industries Inc. | 10,505 | 284 | ||
Northwest Natural Holding Co. | 3,626 | 239 | ||
* | Pure Cycle Corp. | 13,992 | 173 | |
New Jersey Resources Corp. | 4,820 | 170 | ||
*,^ | Gogo Inc. | 44,875 | 162 | |
* | ORBCOMM Inc. | 46,860 | 155 | |
* | Atlantic Power Corp. | 55,236 | 125 | |
Global Water Resources Inc. | 9,496 | 114 | ||
Spark Energy Inc. | 9,718 | 83 | ||
* | IDT Corp. | 9,531 | 73 | |
* | AquaVenture Holdings Ltd. | 1,777 | 48 | |
Genie Energy Ltd. Class B | 4,441 | 31 | ||
*,^ | Pareteum Corp. | 49,537 | 28 | |
20,474 | ||||
Total Common Stocks (Cost $732,607) | 795,573 |
75
Vanguard® Russell 2000 Growth Index Fund
Schedule of Investments
February 29, 2020
Market | |||||
Value | |||||
Coupon | Shares | ($000) | |||
Temporary Cash Investments (2.3%) | |||||
Money Market Fund (2.3%) | |||||
2,3 | Vanguard Market Liquidity Fund | 1.706% | 181,490 | 18,154 |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
4 | United States Treasury Bill | 1.543% | 4/16/20 | 93 | 93 |
Total Temporary Cash Investments (Cost $18,241) | 18,247 | ||||
Total Investments (102.2%) (Cost $750,848) | 813,820 | ||||
Other Assets and Liabilities—Net (-2.2%)3 | (17,193) | ||||
Net Assets (100%) | 796,627 |
Cost rounded to $000. | |
* | Non-income-producing security. |
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $17,456,000. |
§ | Security value determined using significant unobservable inputs. |
1 | “Other” represents securities that are not classified by the fund's benchmark index. |
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 $19,170,000 was received for securities on loan, of which $17,809,000 is held in Vanguard Market Liquidity Fund and $1,361,000 is held in cash. |
4 | Securities with a value of $57,000 have been segregated as initial margin for open futures contracts. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
76
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© 2020 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
SNA18512 042020 |
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
Common Stocks (99.3%) | ||||||||||
Consumer Discretionary (14.5%) | ||||||||||
* | Amazon.com Inc. | 19,357 | 36,464 | |||||||
Home Depot Inc. | 51,566 | 11,233 | ||||||||
Walt Disney Co. | 81,676 | 9,609 | ||||||||
Comcast Corp. | 210,673 | 8,518 | ||||||||
* | Netflix Inc. | 19,713 | 7,275 | |||||||
Walmart Inc. | 65,773 | 7,082 | ||||||||
McDonald's Corp. | 35,297 | 6,854 | ||||||||
Costco Wholesale Corp. | 20,555 | 5,779 | ||||||||
NIKE Inc. | 57,743 | 5,161 | ||||||||
* | Tesla Inc. | 6,739 | 4,502 | |||||||
Starbucks Corp. | 55,307 | 4,338 | ||||||||
Lowe's Cos. Inc. | 36,194 | 3,857 | ||||||||
* | Charter Communications Inc. | 7,182 | 3,542 | |||||||
TJX Cos. Inc. | 56,811 | 3,397 | ||||||||
* | Booking Holdings Inc. | 1,949 | 3,305 | |||||||
Target Corp. | 23,302 | 2,400 | ||||||||
Estee Lauder Cos. Inc. Class A | 10,196 | 1,872 | ||||||||
Dollar General Corp. | 12,091 | 1,817 | ||||||||
Ross Stores Inc. | 16,474 | 1,792 | ||||||||
General Motors Co. | 57,787 | 1,762 | ||||||||
Marriott International Inc. | 12,749 | 1,581 | ||||||||
* | Uber Technologies Inc. | 44,415 | 1,504 | |||||||
* | O'Reilly Automotive Inc. | 3,474 | 1,281 | |||||||
Ford Motor Co. | 183,084 | 1,274 | ||||||||
Yum! Brands Inc. | 14,159 | 1,264 | ||||||||
Hilton Worldwide Holdings Inc. | 12,917 | 1,256 | ||||||||
eBay Inc. | 35,934 | 1,245 | ||||||||
* | Lululemon Athletica Inc. | 5,491 | 1,194 | |||||||
* | AutoZone Inc. | 1,106 | 1,142 | |||||||
VF Corp. | 14,387 | 1,036 | ||||||||
Aptiv plc | 12,031 | 940 | ||||||||
Las Vegas Sands Corp. | 15,955 | 930 | ||||||||
* | Chipotle Mexican Grill Inc. | 1,196 | 925 | |||||||
* | Dollar Tree Inc. | 11,054 | 918 | |||||||
DR Horton Inc. | 15,694 | 836 | ||||||||
Best Buy Co. Inc. | 10,555 | 798 | ||||||||
Lennar Corp. Class A | 12,924 | 780 | ||||||||
* | Spotify Technology SA | 5,524 | 757 | |||||||
Tiffany & Co. | 5,660 | 756 | ||||||||
Yum China Holdings Inc. | 16,952 | 742 | ||||||||
Omnicom Group Inc. | 10,080 | 698 | ||||||||
* | Ulta Beauty Inc. | 2,635 | 677 | |||||||
* | CarMax Inc. | 7,688 | 671 | |||||||
* | Burlington Stores Inc. | 3,054 | 660 | |||||||
Domino's Pizza Inc. | 1,912 | 649 | ||||||||
Royal Caribbean Cruises Ltd. | 8,028 | 646 | ||||||||
Expedia Group Inc. | 6,460 | 637 | ||||||||
ViacomCBS Inc. Class B | 25,485 | 627 | ||||||||
Carnival Corp. | 18,628 | 623 | ||||||||
* | Liberty Broadband Corp. Class C | 4,931 | 621 | |||||||
Garmin Ltd. | 6,784 | 600 | ||||||||
Genuine Parts Co. | 6,579 | 574 | ||||||||
MGM Resorts International | 23,325 | 573 | ||||||||
Darden Restaurants Inc. | 5,755 | 561 | ||||||||
* | NVR Inc. | 151 | 554 | |||||||
* | Trade Desk Inc. | 1,835 | 527 | |||||||
Fox Corp. Class A | 17,097 | 526 | ||||||||
Wynn Resorts Ltd. | 4,565 | 493 | ||||||||
Tractor Supply Co. | 5,555 | 492 | ||||||||
PulteGroup Inc. | 11,747 | 472 | ||||||||
Hasbro Inc. | 5,905 | 456 |
1
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
* | Roku Inc. | 3,987 | 453 | |||||||
* | LKQ Corp. | 14,408 | 426 | |||||||
* | Bright Horizons Family Solutions Inc. | 2,692 | 423 | |||||||
Advance Auto Parts Inc.` | 3,100 | 412 | ||||||||
* | DISH Network Corp. | 12,172 | 408 | |||||||
Sirius XM Holdings Inc. | 63,934 | 405 | ||||||||
Fortune Brands Home & Security Inc. | 6,516 | 402 | ||||||||
Vail Resorts Inc. | 1,877 | 399 | ||||||||
Service Corp. International | 8,308 | 397 | ||||||||
Aramark | 11,414 | 397 | ||||||||
* | Discovery Communications Inc. | 15,694 | 394 | |||||||
Interpublic Group of Cos. Inc. | 18,026 | 385 | ||||||||
* | Liberty Media Corp-Liberty Formula One Class C | 9,843 | 384 | |||||||
Pool Corp. | 1,795 | 379 | ||||||||
Whirlpool Corp. | 2,904 | 371 | ||||||||
* | Norwegian Cruise Line Holdings Ltd. | 9,923 | 370 | |||||||
* | Live Nation Entertainment Inc. | 6,023 | 366 | |||||||
* | Altice USA Inc. | 14,115 | 365 | |||||||
* | Caesars Entertainment Corp. | 26,901 | 342 | |||||||
* | Lyft Inc. Class A | 8,900 | 339 | |||||||
* | Mohawk Industries Inc. | 2,753 | 334 | |||||||
Cable One Inc. | 206 | 324 | ||||||||
* | WABCO Holdings Inc. | 2,384 | 322 | |||||||
* | Liberty Media Corp-Liberty SiriusXM Class C | 7,199 | 321 | |||||||
* | Etsy Inc. | 5,503 | 318 | |||||||
Lear Corp. | 2,856 | 318 | ||||||||
Gentex Corp. | 11,884 | 317 | ||||||||
BorgWarner Inc. | 9,653 | 305 | ||||||||
Tapestry Inc. | 12,896 | 302 | ||||||||
Nielsen Holdings plc | 16,564 | 302 | ||||||||
Kohl's Corp. | 7,419 | 290 | ||||||||
New York Times Co. | 7,627 | 286 | ||||||||
Newell Brands Inc. | 17,704 | 273 | ||||||||
* | IAA Inc. | 6,225 | 266 | |||||||
* | Planet Fitness Inc. | 3,836 | 259 | |||||||
Dunkin' Brands Group Inc. | 3,871 | 257 | ||||||||
PVH Corp. | 3,440 | 255 | ||||||||
Rollins Inc. | 6,660 | 249 | ||||||||
* | Five Below Inc. | 2,564 | 249 | |||||||
Leggett & Platt Inc. | 6,155 | 244 | ||||||||
Nexstar Media Group Inc. | 2,107 | 242 | ||||||||
Ralph Lauren Corp. | 2,291 | 242 | ||||||||
L Brands Inc. | 10,728 | 232 | ||||||||
* | Madison Square Garden Co. | 862 | 231 | |||||||
* | ServiceMaster Global Holdings Inc. | 6,424 | 230 | |||||||
Williams-Sonoma Inc. | 3,678 | 229 | ||||||||
* | Deckers Outdoor Corp. | 1,303 | 226 | |||||||
News Corp. Class A | 18,587 | 224 | ||||||||
Toll Brothers Inc. | 6,043 | 224 | ||||||||
Hanesbrands Inc. | 16,897 | 224 | ||||||||
Polaris Inc. | 2,704 | 223 | ||||||||
Wyndham Hotels & Resorts Inc. | 4,374 | 223 | ||||||||
Harley-Davidson Inc. | 7,150 | 218 | ||||||||
* | Chegg Inc. | 5,538 | 217 | |||||||
Fox Corp. Class B | 6,923 | 211 | ||||||||
Churchill Downs Inc. | 1,643 | 206 | ||||||||
* | Skechers U.S.A. Inc. | 6,181 | 204 | |||||||
Brunswick Corp. | 3,779 | 201 | ||||||||
H&R Block Inc. | 9,412 | 195 | ||||||||
Macy's Inc. | 14,521 | 192 | ||||||||
* | Mattel Inc. | 16,181 | 191 | |||||||
* | SiteOne Landscape Supply Inc. | 1,922 | 191 | |||||||
* | Discovery Inc. | 7,399 | 190 | |||||||
Thor Industries Inc. | 2,495 | 188 |
2
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
Marriott Vacations Worldwide Corp. | 1,925 | 186 | ||||||||
* | Wayfair Inc. | 2,935 | 186 | |||||||
Carter's Inc. | 2,025 | 185 | ||||||||
* | Grand Canyon Education Inc. | 2,235 | 180 | |||||||
Foot Locker Inc. | 4,968 | 180 | ||||||||
* | Liberty Media Corp-Liberty SiriusXM Class A | 3,982 | 178 | |||||||
Nordstrom Inc. | 5,089 | 177 | ||||||||
* | Carvana Co. | 2,117 | 176 | |||||||
Texas Roadhouse Inc. | 3,091 | 174 | ||||||||
* | Capri Holdings Ltd. | 6,702 | 173 | |||||||
* | frontdoor Inc. | 4,002 | 170 | |||||||
Wyndham Destinations Inc. | 4,176 | 167 | ||||||||
Wendy's Co. | 8,727 | 165 | ||||||||
* | Floor & Decor Holdings Inc. Class A | 3,179 | 162 | |||||||
Cracker Barrel Old Country Store Inc. | 1,117 | 160 | ||||||||
* | Tempur Sealy International Inc. | 2,120 | 158 | |||||||
* | Eldorado Resorts Inc. | 3,091 | 155 | |||||||
* | Penn National Gaming Inc. | 5,199 | 154 | |||||||
Strategic Education Inc. | 998 | 147 | ||||||||
Gap Inc. | 10,203 | 146 | ||||||||
TEGNA Inc. | 10,187 | 146 | ||||||||
Choice Hotels International Inc. | 1,564 | 143 | ||||||||
* | Liberty Broadband Corp. Class A | 1,154 | 143 | |||||||
* | RH | 775 | 141 | |||||||
* | Taylor Morrison Home Corp. | 6,137 | 138 | |||||||
* | Murphy USA Inc. | 1,358 | 132 | |||||||
AMERCO | 409 | 132 | ||||||||
KB Home | 4,021 | 131 | ||||||||
Cinemark Holdings Inc. | 5,024 | 130 | ||||||||
Hyatt Hotels Corp. | 1,691 | 130 | ||||||||
Steven Madden Ltd. | 3,945 | 129 | ||||||||
* | Ollie's Bargain Outlet Holdings Inc. | 2,476 | 126 | |||||||
Coty Inc. | 13,641 | 126 | ||||||||
* | National Vision Holdings Inc. | 3,611 | 126 | |||||||
Aaron's Inc. | 3,152 | 124 | ||||||||
Lithia Motors Inc. Class A | 1,036 | 123 | ||||||||
* | Qurate Retail Group Inc. QVC Group Class A | 18,081 | 123 | |||||||
* | Under Armour Inc. Class C | 9,844 | 123 | |||||||
TripAdvisor Inc. | 4,961 | 116 | ||||||||
Wingstop Inc. | 1,376 | 116 | ||||||||
KAR Auction Services Inc. | 5,979 | 115 | ||||||||
* | Under Armour Inc. Class A | 8,045 | 114 | |||||||
Columbia Sportswear Co. | 1,383 | 112 | ||||||||
* | Fox Factory Holding Corp. | 1,745 | 111 | |||||||
LCI Industries | 1,145 | 111 | ||||||||
Dick's Sporting Goods Inc. | 2,971 | 108 | ||||||||
* | AutoNation Inc. | 2,531 | 108 | |||||||
* | Cimpress plc | 929 | 108 | |||||||
* | Hilton Grand Vacations Inc. | 4,050 | 108 | |||||||
* | Meritage Homes Corp. | 1,698 | 108 | |||||||
* | Stamps.com Inc. | 752 | 106 | |||||||
Goodyear Tire & Rubber Co. | 10,912 | 106 | ||||||||
* | Laureate Education Inc. | 5,483 | 103 | |||||||
* | BJ's Wholesale Club Holdings Inc. | 5,234 | 101 | |||||||
Boyd Gaming Corp. | 3,744 | 100 | ||||||||
Graham Holdings Co. | 197 | 99 | ||||||||
* | Adient plc | 4,129 | 99 | |||||||
* | TRI Pointe Group Inc. | 6,422 | 98 | |||||||
Wolverine World Wide Inc. | 3,702 | 97 | ||||||||
World Wrestling Entertainment Inc. | 2,074 | 97 | ||||||||
Dana Inc. | 6,627 | 95 | ||||||||
American Eagle Outfitters Inc. | 7,353 | 95 | ||||||||
Six Flags Entertainment Corp. | 3,737 | 94 | ||||||||
Extended Stay America Inc. | 8,502 | 93 |
3
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
MDC Holdings Inc. | 2,337 | 92 | ||||||||
* | Avis Budget Group Inc. | 2,680 | 87 | |||||||
Monro Inc. | 1,533 | 86 | ||||||||
* | Visteon Corp. | 1,310 | 85 | |||||||
* | Cavco Industries Inc. | 420 | 85 | |||||||
* | Crocs Inc. | 3,209 | 84 | |||||||
Jack in the Box Inc. | 1,215 | 84 | ||||||||
* | Gray Television Inc. | 4,313 | 82 | |||||||
* | Liberty Latin America Ltd. | 5,369 | 82 | |||||||
* | Shake Shack Inc. | 1,357 | 81 | |||||||
* | Meritor Inc. | 3,494 | 79 | |||||||
* | Asbury Automotive Group Inc. | 887 | 79 | |||||||
* | Instructure Inc. | 1,606 | 78 | |||||||
* | Adtalem Global Education Inc. | 2,497 | 77 | |||||||
John Wiley & Sons Inc. | 2,068 | 77 | ||||||||
* | Dorman Products Inc. | 1,264 | 77 | |||||||
* | Urban Outfitters Inc. | 3,248 | 76 | |||||||
* | YETI Holdings Inc. | 2,455 | 74 | |||||||
Penske Automotive Group Inc. | 1,608 | 74 | ||||||||
Winnebago Industries Inc. | 1,426 | 74 | ||||||||
Bloomin' Brands Inc. | 4,097 | 74 | ||||||||
Callaway Golf Co. | 4,316 | 73 | ||||||||
* | LGI Homes Inc. | 945 | 71 | |||||||
* | Sally Beauty Holdings Inc. | 5,599 | 70 | |||||||
Group 1 Automotive Inc. | 815 | 69 | ||||||||
Cheesecake Factory Inc. | 1,949 | 69 | ||||||||
Kontoor Brands Inc. | 2,041 | 69 | ||||||||
* | Fitbit Inc. | 10,555 | 67 | |||||||
Sinclair Broadcast Group Inc. | 2,888 | 67 | ||||||||
* | American Woodmark Corp. | 797 | 67 | |||||||
Red Rock Resorts Inc. | 3,208 | 66 | ||||||||
* | WW International Inc. | 2,200 | 66 | |||||||
News Corp. Class B | 5,083 | 63 | ||||||||
Bed Bath & Beyond Inc. | 5,760 | 62 | ||||||||
* | Gentherm Inc. | 1,522 | 62 | |||||||
* | AMC Networks Inc. | 1,990 | 62 | |||||||
* | 2U Inc. | 2,617 | 62 | |||||||
Office Depot Inc. | 25,989 | 61 | ||||||||
Cooper Tire & Rubber Co. | 2,373 | 60 | ||||||||
Dine Brands Global Inc. | 728 | 60 | ||||||||
Papa John's International Inc. | 1,032 | 59 | ||||||||
* | Hertz Global Holdings Inc. | 4,633 | 59 | |||||||
PriceSmart Inc. | 1,059 | 59 | ||||||||
Brinker International Inc. | 1,716 | 59 | ||||||||
* | Sleep Number Corp. | 1,336 | 59 | |||||||
La-Z-Boy Inc. | 2,048 | 59 | ||||||||
* | Skyline Champion Corp. | 2,300 | 59 | |||||||
* | SeaWorld Entertainment Inc. | 2,153 | 59 | |||||||
Signet Jewelers Ltd. | 2,485 | 58 | ||||||||
* | Cardlytics Inc. | 686 | 54 | |||||||
* | Central Garden & Pet Co. Class A | 2,118 | 54 | |||||||
Meredith Corp. | 1,899 | 50 | ||||||||
Rent-A-Center Inc. | 2,326 | 50 | ||||||||
* | Perdoceo Education Corp. | 3,313 | 49 | |||||||
Inter Parfums Inc. | 807 | 48 | ||||||||
International Game Technology plc | 4,529 | 48 | ||||||||
Core-Mark Holding Co. Inc. | 2,094 | 48 | ||||||||
Dave & Buster's Entertainment Inc. | 1,438 | 47 | ||||||||
Viad Corp. | 944 | 47 | ||||||||
* | Scientific Games Corp. | 2,575 | 47 | |||||||
* | M/I Homes Inc. | 1,248 | 46 | |||||||
* | Denny's Corp. | 2,663 | 46 | |||||||
Oxford Industries Inc. | 766 | 46 | ||||||||
* | Liberty Media Corp-Liberty Braves Class C | 1,780 | 46 |
4
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
* | Stitch Fix Inc. Class A | 1,917 | 46 | |||||||
* | G-III Apparel Group Ltd. | 2,053 | 46 | |||||||
Standard Motor Products Inc. | 989 | 44 | ||||||||
Matthews International Corp. | 1,447 | 43 | ||||||||
Scholastic Corp. | 1,330 | 43 | ||||||||
* | WillScot Corp. | 2,401 | 42 | |||||||
Children's Place Inc. | 722 | 42 | ||||||||
* | Century Communities Inc. | 1,228 | 41 | |||||||
* | Malibu Boats Inc. | 922 | 41 | |||||||
Designer Brands Inc. Class A | 2,991 | 40 | ||||||||
* | Lions Gate Entertainment Corp. Class B | 5,423 | 40 | |||||||
Acushnet Holdings Corp. | 1,568 | 40 | ||||||||
* | Boot Barn Holdings Inc. | 1,286 | 39 | |||||||
* | Sonos Inc. | 3,270 | 38 | |||||||
Abercrombie & Fitch Co. | 2,862 | 38 | ||||||||
Interface Inc. | 2,572 | 38 | ||||||||
* | IMAX Corp. | 2,337 | 36 | |||||||
Sturm Ruger & Co. Inc. | 736 | 35 | ||||||||
* | K12 Inc. | 1,749 | 35 | |||||||
* | Shutterstock Inc. | 899 | 35 | |||||||
Guess? Inc. | 2,104 | 34 | ||||||||
* | American Axle & Manufacturing Holdings Inc. | 5,267 | 33 | |||||||
Lennar Corp. | 679 | 32 | ||||||||
* | Liberty Latin America Ltd. Class A | 2,116 | 32 | |||||||
Buckle Inc. | 1,379 | 31 | ||||||||
* | America's Car-Mart Inc. | 300 | 31 | |||||||
* | Quotient Technology Inc. | 3,433 | 31 | |||||||
Sonic Automotive Inc. | 1,092 | 31 | ||||||||
EW Scripps Co. | 2,528 | 30 | ||||||||
BJ's Restaurants Inc. | 877 | 29 | ||||||||
Big Lots Inc. | 1,767 | 28 | ||||||||
* | Cars.com Inc. | 3,051 | 28 | |||||||
* | Stoneridge Inc. | 1,247 | 28 | |||||||
* | Houghton Mifflin Harcourt Co. | 4,943 | 27 | |||||||
* | Universal Electronics Inc. | 633 | 27 | |||||||
* | American Outdoor Brands Corp. | 2,661 | 27 | |||||||
Marcus Corp. | 986 | 26 | ||||||||
* | QuinStreet Inc. | 2,022 | 26 | |||||||
Dillard's Inc. Class A | 456 | 26 | ||||||||
OneSpaWorld Holdings Ltd. | 2,075 | 25 | ||||||||
* | MSG Networks Inc. | 1,966 | 25 | |||||||
Ruth's Hospitality Group Inc. | 1,298 | 25 | ||||||||
* | Monarch Casino & Resort Inc. | 510 | 24 | |||||||
* | Zumiez Inc. | 870 | 23 | |||||||
* | Gannett Co. Inc. | 5,491 | 23 | |||||||
* | Genesco Inc. | 656 | 23 | |||||||
Tenneco Inc. | 2,412 | 22 | ||||||||
Winmark Corp. | 110 | 22 | ||||||||
* | GoPro Inc. | 5,781 | 22 | |||||||
National CineMedia Inc. | 2,831 | 22 | ||||||||
* | 1-800-Flowers.com Inc. | 1,174 | 21 | |||||||
* | elf Beauty Inc. | 1,317 | 21 | |||||||
Caleres Inc. | 1,806 | 21 | ||||||||
Camping World Holdings Inc. | 1,468 | 20 | ||||||||
Chico's FAS Inc. | 4,986 | 20 | ||||||||
* | Liberty Media Corp-Liberty Formula One Class A | 533 | 20 | |||||||
Twin River Worldwide Holdings Inc. | 751 | 20 | ||||||||
* | Vista Outdoor Inc. | 2,619 | 19 | |||||||
Entercom Communications Corp. Class A | 5,480 | 19 | ||||||||
National Presto Industries Inc. | 241 | 19 | ||||||||
* | Lions Gate Entertainment Corp. Class A | 2,255 | 18 | |||||||
Cato Corp. Class A | 1,098 | 18 | ||||||||
* | Central European Media Enterprises Ltd. | 3,967 | 18 | |||||||
* | Beazer Homes USA Inc. | 1,425 | 17 |
5
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
* | Michaels Cos. Inc. | 4,037 | 17 | |||||||
Carriage Services Inc. Class A | 812 | 17 | ||||||||
* | Chuy's Holdings Inc. | 762 | 16 | |||||||
* | Hudson Ltd. Class A | 1,743 | 16 | |||||||
^ | AMC Entertainment Holdings Inc. | 2,586 | 16 | |||||||
* | Rosetta Stone Inc. | 913 | 16 | |||||||
* | Red Robin Gourmet Burgers Inc. | 573 | 16 | |||||||
^ | GameStop Corp. Class A | 4,332 | 16 | |||||||
* | Liberty TripAdvisor Holdings Inc. | 3,517 | 15 | |||||||
* | Hibbett Sports Inc. | 780 | 15 | |||||||
* | American Public Education Inc. | 672 | 15 | |||||||
* | MarineMax Inc. | 874 | 15 | |||||||
* | Motorcar Parts of America Inc. | 855 | 14 | |||||||
Haverty Furniture Cos. Inc. | 843 | 14 | ||||||||
* | MasterCraft Boat Holdings Inc. | 868 | 14 | |||||||
Ethan Allen Interiors Inc. | 1,055 | 14 | ||||||||
Shoe Carnival Inc. | 462 | 14 | ||||||||
* | Green Brick Partners Inc. | 1,257 | 14 | |||||||
* | Golden Entertainment Inc. | 831 | 14 | |||||||
* | Regis Corp. | 1,046 | 13 | |||||||
Johnson Outdoors Inc. | 212 | 13 | ||||||||
* | Lindblad Expeditions Holdings Inc. | 1,104 | 13 | |||||||
* | Lumber Liquidators Holdings Inc. | 1,340 | 13 | |||||||
* | Franklin Covey Co. | 415 | 13 | |||||||
* | Habit Restaurants Inc. | 928 | 13 | |||||||
* | Cooper-Standard Holdings Inc. | 747 | 13 | |||||||
* | El Pollo Loco Holdings Inc. | 986 | 13 | |||||||
* | Daily Journal Corp. | 46 | 11 | |||||||
* | RealReal Inc. | 807 | 11 | |||||||
* | Liberty Media Corp-Liberty Braves Class A | 433 | 11 | |||||||
Clarus Corp. | 969 | 11 | ||||||||
* | Sportsman's Warehouse Holdings Inc. | 1,801 | 11 | |||||||
* | At Home Group Inc. | 2,136 | 11 | |||||||
* | Express Inc. | 2,792 | 10 | |||||||
Movado Group Inc. | 690 | 10 | ||||||||
* | Hemisphere Media Group Inc. | 795 | 10 | |||||||
* | Century Casinos Inc. | 1,431 | 10 | |||||||
* | JC Penney Co. Inc. | 14,408 | 10 | |||||||
Hooker Furniture Corp. | 521 | 10 | ||||||||
* | Fossil Group Inc. | 2,115 | 10 | |||||||
* | Noodles & Co. | 1,193 | 10 | |||||||
* | Fiesta Restaurant Group Inc. | 999 | 10 | |||||||
* | Central Garden & Pet Co. | 340 | 9 | |||||||
* | Del Taco Restaurants Inc. | 1,417 | 9 | |||||||
Citi Trends Inc. | 455 | 9 | ||||||||
* | Drive Shack Inc. | 3,139 | 9 | |||||||
Tribune Publishing Co. | 780 | 9 | ||||||||
RCI Hospitality Holdings Inc. | 442 | 9 | ||||||||
* | Cumulus Media Inc. Class A | 724 | 9 | |||||||
* | WideOpenWest Inc. | 1,379 | 9 | |||||||
* | Boston Omaha Corp. | 444 | 9 | |||||||
* | ZAGG Inc. | 1,275 | 9 | |||||||
* | Vera Bradley Inc. | 1,033 | 9 | |||||||
* | Funko Inc. | 1,047 | 8 | |||||||
Nathan's Famous Inc. | 141 | 8 | ||||||||
* | Select Interior Concepts Inc. Class A | 1,072 | 8 | |||||||
* | Overstock.com Inc. | 1,236 | 8 | |||||||
Collectors Universe Inc. | 344 | 8 | ||||||||
* | Conn's Inc. | 963 | 8 | |||||||
*,^ | Eros International plc | 3,379 | 8 | |||||||
Tilly's Inc. | 1,153 | 7 | ||||||||
^ | Tailored Brands Inc. | 2,267 | 7 | |||||||
Emerald Holding Inc. | 1,078 | 7 | ||||||||
Rocky Brands Inc. | 296 | 7 |
6
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
* | Barnes & Noble Education Inc. | 2,104 | 7 | |||||||
Tupperware Brands Corp. | 2,357 | 7 | ||||||||
* | MDC Partners Inc. | 2,668 | 7 | |||||||
* | Purple Innovation Inc. Class A | 486 | 7 | |||||||
* | Carrols Restaurant Group Inc. | 1,595 | 7 | |||||||
Superior Group of Cos. Inc. | 523 | 6 | ||||||||
Entravision Communications Corp. Class A | 3,094 | 6 | ||||||||
*,^ | Revlon Inc. | 358 | 6 | |||||||
* | Reading International Inc. | 738 | 6 | |||||||
* | Potbelly Corp. | 1,204 | 6 | |||||||
Weyco Group Inc. | 274 | 6 | ||||||||
* | Delta Apparel Inc. | 302 | 6 | |||||||
* | Lands' End Inc. | 541 | 6 | |||||||
Escalade Inc. | 638 | 5 | ||||||||
Saga Communications Inc. | 172 | 5 | ||||||||
Bassett Furniture Industries Inc. | 497 | 5 | ||||||||
* | J Alexander's Holdings Inc. | 582 | 5 | |||||||
* | Lee Enterprises Inc. | 3,143 | 5 | |||||||
* | Party City Holdco Inc. | 2,350 | 5 | |||||||
Flexsteel Industries Inc. | 338 | 5 | ||||||||
* | Clear Channel Outdoor Holdings Inc. | 2,225 | 5 | |||||||
ViacomCBS Inc. Class A | 153 | 5 | ||||||||
* | Marchex Inc. | 1,711 | 4 | |||||||
* | Gaia Inc. | 465 | 4 | |||||||
* | Biglari Holdings Inc. | 37 | 4 | |||||||
* | Fluent Inc. | 1,630 | 4 | |||||||
* | Legacy Housing Corp. | 255 | 4 | |||||||
* | Lovesac Co. | 402 | 3 | |||||||
* | Container Store Group Inc. | 911 | 3 | |||||||
Lifetime Brands Inc. | 528 | 3 | ||||||||
Hamilton Beach Brands Holding Co. | 282 | 3 | ||||||||
Kura Sushi USA Inc. Class A | 174 | 3 | ||||||||
* | Duluth Holdings Inc. | 427 | 3 | |||||||
* | Red Lion Hotels Corp. | 1,114 | 3 | |||||||
Bluegreen Vacations Corp. | 351 | 3 | ||||||||
* | Inspired Entertainment Inc. | 515 | 3 | |||||||
* | Centric Brands Inc. | 1,257 | 3 | |||||||
* | Vince Holding Corp. | 231 | 2 | |||||||
* | LiveXLive Media Inc. | 1,466 | 2 | |||||||
Ascena Retail Group Inc. | 393 | 1 | ||||||||
* | Youngevity International Inc. | 676 | 1 | |||||||
J. Jill Inc. | 702 | 1 | ||||||||
* | RTW RetailWinds Inc. | 1,790 | 1 | |||||||
198,272 | ||||||||||
Consumer Staples (5.7%) | ||||||||||
Procter & Gamble Co. | 115,741 | 13,105 | ||||||||
Coca-Cola Co. | 179,504 | 9,602 | ||||||||
PepsiCo Inc. | 65,604 | 8,662 | ||||||||
Philip Morris International Inc. | 72,661 | 5,949 | ||||||||
CVS Health Corp. | 60,685 | 3,591 | ||||||||
Altria Group Inc. | 87,491 | 3,532 | ||||||||
Mondelez International Inc. | 66,352 | 3,503 | ||||||||
Colgate-Palmolive Co. | 39,280 | 2,654 | ||||||||
Kimberly-Clark Corp. | 15,948 | 2,092 | ||||||||
Walgreens Boots Alliance Inc. | 35,222 | 1,612 | ||||||||
Sysco Corp. | 22,294 | 1,486 | ||||||||
General Mills Inc. | 27,882 | 1,366 | ||||||||
Constellation Brands Inc. Class A | 7,408 | 1,277 | ||||||||
McKesson Corp. | 8,441 | 1,181 | ||||||||
* | Monster Beverage Corp. | 17,874 | 1,116 | |||||||
Kroger Co. | 37,211 | 1,047 | ||||||||
Archer-Daniels-Midland Co. | 25,945 | 977 | ||||||||
Hershey Co. | 6,753 | 972 | ||||||||
Corteva Inc. | 35,177 | 957 |
7
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
Clorox Co. | 5,882 | 938 | ||||||||
Tyson Foods Inc. | 13,476 | 914 | ||||||||
McCormick & Co. Inc. | 5,742 | 839 | ||||||||
Church & Dwight Co. Inc. | 11,503 | 800 | ||||||||
Kraft Heinz Co. | 29,193 | 723 | ||||||||
Kellogg Co. | 11,526 | 697 | ||||||||
Conagra Brands Inc. | 22,560 | 602 | ||||||||
Lamb Weston Holdings Inc. | 6,819 | 592 | ||||||||
Hormel Foods Corp. | 12,992 | 540 | ||||||||
JM Smucker Co. | 5,129 | 528 | ||||||||
Brown-Forman Corp. | 8,128 | 499 | ||||||||
Molson Coors Beverage Co. Class B | 8,176 | 406 | ||||||||
Campbell Soup Co. | 7,796 | 352 | ||||||||
* | US Foods Holding Corp. | 10,239 | 344 | |||||||
* | Post Holdings Inc. | 3,041 | 308 | |||||||
Bunge Ltd. | 6,417 | 301 | ||||||||
Casey's General Stores Inc. | 1,720 | 280 | ||||||||
* | Keurig Dr Pepper Inc. | 9,524 | 266 | |||||||
Ingredion Inc. | 3,134 | 261 | ||||||||
* | Performance Food Group Co. | 4,820 | 204 | |||||||
* | Beyond Meat Inc. | 2,220 | 199 | |||||||
Flowers Foods Inc. | 9,103 | 196 | ||||||||
* | Helen of Troy Ltd. | 1,176 | 194 | |||||||
* | Herbalife Nutrition Ltd. | 4,648 | 150 | |||||||
* | Boston Beer Co. Inc. Class A | 392 | 145 | |||||||
Energizer Holdings Inc. | 2,983 | 128 | ||||||||
Lancaster Colony Corp. | 880 | 127 | ||||||||
Brown-Forman Corp. Class A | 2,016 | 118 | ||||||||
J&J Snack Foods Corp. | 707 | 114 | ||||||||
Sanderson Farms Inc. | 918 | 113 | ||||||||
WD-40 Co. | 644 | 111 | ||||||||
* | Freshpet Inc. | 1,632 | 108 | |||||||
Spectrum Brands Holdings Inc. | 1,979 | 107 | ||||||||
* | TreeHouse Foods Inc. | 2,627 | 100 | |||||||
* | Hain Celestial Group Inc. | 3,919 | 93 | |||||||
* | Sprouts Farmers Market Inc. | 5,599 | 89 | |||||||
* | Simply Good Foods Co. | 3,830 | 84 | |||||||
* | Edgewell Personal Care Co. | 2,530 | 77 | |||||||
* | Hostess Brands Inc. | 5,660 | 72 | |||||||
Grocery Outlet Holding Corp. | 2,084 | 66 | ||||||||
Nu Skin Enterprises Inc. | 2,606 | 64 | ||||||||
Vector Group Ltd. | 5,299 | 62 | ||||||||
Universal Corp. | 1,138 | 56 | ||||||||
Calavo Growers Inc. | 756 | 55 | ||||||||
* | Pilgrim's Pride Corp. | 2,461 | 52 | |||||||
Cal-Maine Foods Inc. | 1,442 | 50 | ||||||||
B&G Foods Inc. | 3,034 | 45 | ||||||||
Coca-Cola Consolidated Inc. | 221 | 43 | ||||||||
Medifast Inc. | 502 | 42 | ||||||||
Seaboard Corp. | 12 | 41 | ||||||||
Fresh Del Monte Produce Inc. | 1,453 | 40 | ||||||||
* | USANA Health Sciences Inc. | 600 | 40 | |||||||
* | BellRing Brands Inc. Class A | 1,826 | 36 | |||||||
Rite Aid Corp. | 2,439 | 33 | ||||||||
* | Chefs' Warehouse Inc. | 1,073 | 33 | |||||||
John B Sanfilippo & Son Inc. | 395 | 28 | ||||||||
Andersons Inc. | 1,392 | 26 | ||||||||
Ingles Markets Inc. | 679 | 24 | ||||||||
Tootsie Roll Industries Inc. | 750 | 24 | ||||||||
* | National Beverage Corp. | 566 | 24 | |||||||
PetMed Express Inc. | 823 | 22 | ||||||||
SpartanNash Co. | 1,612 | 20 | ||||||||
MGP Ingredients Inc. | 616 | 18 | ||||||||
Weis Markets Inc. | 433 | 16 |
8
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
* | United Natural Foods Inc. | 2,355 | 15 | |||||||
* | Primo Water Corp. | 1,064 | 15 | |||||||
Limoneira Co. | 661 | 11 | ||||||||
Turning Point Brands Inc. | 373 | 10 | ||||||||
* | Seneca Foods Corp. | 280 | 10 | |||||||
* | Craft Brew Alliance Inc. | 493 | 8 | |||||||
* | Celsius Holdings Inc. | 1,305 | 8 | |||||||
Village Super Market Inc. | 353 | 7 | ||||||||
* | GNC Holdings Inc. | 3,872 | 7 | |||||||
* | Farmer Brothers Co. | 505 | 6 | |||||||
* | Lifevantage Corp. | 521 | 6 | |||||||
* | New Age Beverages Corp. | 2,986 | 6 | |||||||
Alico Inc. | 182 | 6 | ||||||||
* | HF Foods Group Inc. | 321 | 6 | |||||||
* | 22nd Century Group Inc. | 5,198 | 4 | |||||||
Natural Grocers by Vitamin Cottage Inc. | 516 | 4 | ||||||||
* | Nature's Sunshine Products Inc. | 392 | 3 | |||||||
* | Bridgford Foods Corp. | 96 | 2 | |||||||
* | Pyxus International Inc. | 383 | 1 | |||||||
* | cbdMD Inc. | 790 | 1 | |||||||
78,496 | ||||||||||
Energy (3.3%) | ||||||||||
Exxon Mobil Corp. | 198,113 | 10,191 | ||||||||
Chevron Corp. | 89,187 | 8,325 | ||||||||
ConocoPhillips | 51,360 | 2,487 | ||||||||
Schlumberger Ltd. | 64,680 | 1,752 | ||||||||
Kinder Morgan Inc. | 91,340 | 1,751 | ||||||||
EOG Resources Inc. | 27,030 | 1,710 | ||||||||
Phillips 66 | 21,044 | 1,575 | ||||||||
Marathon Petroleum Corp. | 30,163 | 1,430 | ||||||||
Occidental Petroleum Corp. | 41,936 | 1,373 | ||||||||
ONEOK Inc. | 19,239 | 1,284 | ||||||||
Valero Energy Corp. | 19,234 | 1,274 | ||||||||
Williams Cos. Inc. | 56,749 | 1,081 | ||||||||
Pioneer Natural Resources Co. | 7,718 | 948 | ||||||||
Hess Corp. | 12,579 | 707 | ||||||||
Halliburton Co. | 40,743 | 691 | ||||||||
Concho Resources Inc. | 9,312 | 633 | ||||||||
* | Cheniere Energy Inc. | 10,805 | 554 | |||||||
Baker Hughes Co. | 30,516 | 491 | ||||||||
Diamondback Energy Inc. | 7,493 | 465 | ||||||||
Apache Corp. | 17,554 | 437 | ||||||||
Noble Energy Inc. | 22,150 | 351 | ||||||||
Targa Resources Corp. | 10,682 | 346 | ||||||||
National Oilwell Varco Inc. | 18,073 | 338 | ||||||||
Marathon Oil Corp. | 37,430 | 310 | ||||||||
Devon Energy Corp. | 17,939 | 291 | ||||||||
Cabot Oil & Gas Corp. | 18,813 | 262 | ||||||||
HollyFrontier Corp. | 6,995 | 236 | ||||||||
* | Enphase Energy Inc. | 4,341 | 213 | |||||||
Parsley Energy Inc. | 14,087 | 189 | ||||||||
Helmerich & Payne Inc. | 5,023 | 185 | ||||||||
* | WPX Energy Inc. | 19,405 | 181 | |||||||
* | First Solar Inc. | 3,883 | 178 | |||||||
Valvoline Inc. | 8,841 | 172 | ||||||||
Cimarex Energy Co. | 4,707 | 156 | ||||||||
Murphy Oil Corp. | 7,003 | 132 | ||||||||
PBF Energy Inc. | 5,619 | 126 | ||||||||
* | Sunrun Inc. | 5,210 | 101 | |||||||
Arcosa Inc. | 2,298 | 99 | ||||||||
* | Transocean Ltd. | 26,812 | 90 | |||||||
* | PDC Energy Inc. | 4,580 | 87 | |||||||
World Fuel Services Corp. | 3,030 | 86 | ||||||||
Continental Resources Inc. | 4,004 | 76 |
9
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Market | ||||||||||
Value | ||||||||||
Shares | ($000) | |||||||||
Delek US Holdings Inc. | 3,423 | 73 | ||||||||
EQT Corp. | 12,026 | 71 | ||||||||
Equitrans Midstream Corp. | 9,586 | 68 | ||||||||
* | Apergy Corp. | 3,590 | 67 | |||||||
Cactus Inc. | 2,236 | 61 | ||||||||
* | Dril-Quip Inc. | 1,709 | 61 | |||||||
Golar LNG Ltd. | 4,391 | 56 | ||||||||
Kosmos Energy Ltd. | 17,082 | 52 | ||||||||
Patterson-UTI Energy Inc. | 9,041 | 52 | ||||||||
Antero Midstream Corp. | 11,797 | 51 | ||||||||
* | Matador Resources Co. | 5,219 | 50 | |||||||
* | Oceaneering International Inc. | 4,759 | 50 | |||||||
* | CNX Resources Corp. | 8,803 | 47 | |||||||
* | NOW Inc. | 4,995 | 44 | |||||||
* | Renewable Energy Group Inc. | 1,662 | 44 | |||||||
Archrock Inc. | 6,215 | 44 | ||||||||
* | Helix Energy Solutions Group Inc. | 6,493 | 44 | |||||||
Warrior Met Coal Inc. | 2,358 | 42 | ||||||||
* | Callon Petroleum Co. | 18,006 | 41 | |||||||
CVR Energy Inc. | 1,369 | 39 | ||||||||
* | Southwestern Energy Co. | 25,953 | 37 | |||||||
Arch Coal Inc. | 730 | 37 | ||||||||
* | NexTier Oilfield Solutions Inc. | 7,571 | 35 | |||||||
* | Magnolia Oil & Gas Corp. Class A | 4,630 | 35 | |||||||
SM Energy Co. | 5,166 | 34 | ||||||||
* | ProPetro Holding Corp. | 3,550 | 31 | |||||||
* | TPI Composites Inc. | 1,280 | 30 | |||||||
Range Resources Corp. | 10,494 | 29 | ||||||||
Nabors Industries Ltd. | 15,773 | 28 | ||||||||
* | Par Pacific Holdings Inc. | 1,583 | 26 | |||||||
QEP Resources Inc. | 10,993 | 25 | ||||||||
* | Bloom Energy Corp. Class A | 2,676 | 24 | |||||||
* | SunPower Corp. | 2,814 | 24 | |||||||
* | Oasis Petroleum Inc. | 14,248 | 23 | |||||||
DMC Global Inc. | 627 | 23 | ||||||||
* | Oil States International Inc. | 2,811 | 22 | |||||||
* | Ameresco Inc. | 982 | 22 | |||||||
* | Centennial Resource Development Inc. | 8,960 | 21 | |||||||
* | Vivint Solar Inc. | 1,838 | 21 | |||||||
* | Antero Resources Corp. | 11,875 | 19 | |||||||
* | Frank's International NV | 4,841 | 19 | |||||||
Green Plains Inc. | 1,580 | 19 | ||||||||
* | Northern Oil and Gas Inc. | 13,050 | 19 | |||||||
Berry Corp. | 2,941 | 19 | ||||||||
* | Select Energy Services Inc. | 2,683 | 17 | |||||||
* | Chesapeake Energy Corp. | 61,747 | 17 | |||||||
* | REX American Resources Corp. | 239 | 17 | |||||||
Peabody Energy Corp. | 2,864 | 17 | ||||||||
* | Denbury Resources Inc. | 21,591 | 16 | |||||||
Liberty Oilfield Services Inc. | 2,414 | 16 | ||||||||
SunCoke Energy Inc. | 3,396 | 16 | ||||||||
Solaris Oilfield Infrastructure Inc. | 1,418 | 15 | ||||||||
* | Newpark Resources Inc. | 4,225 | 15 | |||||||
*,^ | California Resources Corp. | 2,305 | 15 | |||||||
* | Matrix Service Co. | 1,179 | 14 | |||||||
* | Clean Energy Fuels Corp. | 6,243 | 14 | |||||||
* | Bonanza Creek Energy Inc. | 855 | 14 | |||||||
* | Talos Energy Inc. | 965 | 14 | |||||||
Brigham Minerals Inc. Class A | 773 | 12 | ||||||||
* | W&T Offshore Inc. | 4,405 | 11 | |||||||
Sunnova Energy International Inc. | 619 | 11 | ||||||||
* | National Energy Services Reunited Corp. | 1,148 | 10 | |||||||
* | Diamond Offshore Drilling Inc. | 3,104 | 9 | |||||||
* | Penn Virginia Corp. | 575 | 9 |
10
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
* | Laredo Petroleum Inc. | 8,416 | 9 | ||||||
RPC Inc. | 2,494 | 9 | |||||||
* | SEACOR Marine Holdings Inc. | 1,002 | 8 | ||||||
* | Noble Corp. plc | 11,307 | 8 | ||||||
* | TETRA Technologies Inc. | 6,286 | 8 | ||||||
*,^ | Tellurian Inc. | 4,378 | 8 | ||||||
NACCO Industries Inc. | 190 | 8 | |||||||
* | Exterran Corp. | 1,475 | 7 | ||||||
* | Whiting Petroleum Corp. | 3,958 | 7 | ||||||
* | Geospace Technologies Corp. | 584 | 7 | ||||||
Falcon Minerals Corp. | 1,756 | 7 | |||||||
* | Era Group Inc. | 715 | 7 | ||||||
* | CONSOL Energy Inc. | 1,183 | 7 | ||||||
Evolution Petroleum Corp. | 1,382 | 6 | |||||||
* | Gulfport Energy Corp. | 7,558 | 6 | ||||||
Panhandle Oil and Gas Inc. | 769 | 5 | |||||||
* | Contura Energy Inc. | 892 | 5 | ||||||
* | Comstock Resources Inc. | 667 | 4 | ||||||
* | Altus Midstream Co. Class A | 2,733 | 4 | ||||||
* | Ring Energy Inc. | 2,825 | 4 | ||||||
* | Covia Holdings Corp. | 2,528 | 4 | ||||||
* | Flotek Industries Inc. | 2,424 | 4 | ||||||
* | Earthstone Energy Inc. | 958 | 4 | ||||||
* | PrimeEnergy Resources Corp. | 28 | 4 | ||||||
* | Seadrill Ltd. | 3,015 | 3 | ||||||
* | Nine Energy Service Inc. | 764 | 3 | ||||||
* | HighPoint Resources Corp. | 4,191 | 3 | ||||||
* | Extraction Oil & Gas Inc. | 3,888 | 3 | ||||||
* | Montage Resources Corp. | 721 | 2 | ||||||
* | Forum Energy Technologies Inc. | 3,213 | 2 | ||||||
* | RigNet Inc. | 688 | 2 | ||||||
* | Goodrich Petroleum Corp. | 444 | 2 | ||||||
* | Pacific Drilling SA | 1,431 | 2 | ||||||
Amplify Energy Corp. | 531 | 2 | |||||||
* | KLX Energy Services Holdings Inc. | 912 | 2 | ||||||
* | Smart Sand Inc. | 1,083 | 2 | ||||||
Hallador Energy Co. | 1,330 | 2 | |||||||
* | Unit Corp. | 4,856 | 2 | ||||||
* | Abraxas Petroleum Corp. | 7,765 | 1 | ||||||
* | FTS International Inc. | 1,514 | 1 | ||||||
* | SilverBow Resources Inc. | 323 | 1 | ||||||
45,507 | |||||||||
Financial Services (20.4%) | |||||||||
* | Berkshire Hathaway Inc. Class B | 91,641 | 18,909 | ||||||
JPMorgan Chase & Co. | 145,975 | 16,949 | |||||||
Visa Inc. | 80,169 | 14,572 | |||||||
Mastercard Inc. | 41,485 | 12,041 | |||||||
Bank of America Corp. | 381,095 | 10,861 | |||||||
Wells Fargo & Co. | 178,266 | 7,282 | |||||||
Citigroup Inc. | 101,988 | 6,472 | |||||||
* | PayPal Holdings Inc. | 54,994 | 5,939 | ||||||
American Tower Corp. | 20,545 | 4,660 | |||||||
Fidelity National Information Services Inc. | 28,549 | 3,989 | |||||||
American Express Co. | 31,359 | 3,447 | |||||||
CME Group Inc. | 16,573 | 3,295 | |||||||
US Bancorp | 66,832 | 3,104 | |||||||
Chubb Ltd. | 21,103 | 3,061 | |||||||
S&P Global Inc. | 11,500 | 3,058 | |||||||
Goldman Sachs Group Inc. | 14,879 | 2,987 | |||||||
Prologis Inc. | 34,301 | 2,891 | |||||||
Truist Financial Corp. | 62,613 | 2,889 | |||||||
* | Fiserv Inc. | 26,313 | 2,878 | ||||||
Crown Castle International Corp. | 19,412 | 2,782 | |||||||
PNC Financial Services Group Inc. | 20,480 | 2,589 |
11
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
BlackRock Inc. | 5,539 | 2,565 | |||||||
Global Payments Inc. | 13,923 | 2,561 | |||||||
Marsh & McLennan Cos. Inc. | 23,742 | 2,482 | |||||||
Morgan Stanley | 54,340 | 2,447 | |||||||
Intercontinental Exchange Inc. | 25,722 | 2,295 | |||||||
Equinix Inc. | 3,979 | 2,279 | |||||||
Aon plc | 10,916 | 2,271 | |||||||
Charles Schwab Corp. | 53,686 | 2,188 | |||||||
Progressive Corp. | 27,244 | 1,993 | |||||||
Capital One Financial Corp. | 21,783 | 1,923 | |||||||
Moody’s Corp. | 7,689 | 1,846 | |||||||
Simon Property Group Inc. | 14,425 | 1,775 | |||||||
American International Group Inc. | 40,737 | 1,717 | |||||||
Allstate Corp. | 15,042 | 1,583 | |||||||
MetLife Inc. | 36,390 | 1,555 | |||||||
Bank of New York Mellon Corp. | 38,432 | 1,533 | |||||||
Aflac Inc. | 34,019 | 1,458 | |||||||
Public Storage | 6,933 | 1,450 | |||||||
Travelers Cos. Inc. | 12,071 | 1,446 | |||||||
Prudential Financial Inc. | 19,010 | 1,434 | |||||||
Welltower Inc. | 18,866 | 1,412 | |||||||
SBA Communications Corp. | 5,244 | 1,390 | |||||||
* | Square Inc. | 16,051 | 1,338 | ||||||
AvalonBay Communities Inc. | 6,537 | 1,311 | |||||||
Equity Residential | 17,228 | 1,294 | |||||||
T. Rowe Price Group Inc. | 10,638 | 1,255 | |||||||
Digital Realty Trust Inc. | 9,711 | 1,166 | |||||||
State Street Corp. | 16,962 | 1,155 | |||||||
Willis Towers Watson plc | 6,028 | 1,141 | |||||||
MSCI Inc. | 3,849 | 1,137 | |||||||
Realty Income Corp. | 15,240 | 1,103 | |||||||
* | FleetCor Technologies Inc. | 3,991 | 1,061 | ||||||
Discover Financial Services | 14,636 | 960 | |||||||
Ventas Inc. | 17,405 | 936 | |||||||
Boston Properties Inc. | 7,232 | 932 | |||||||
Weyerhaeuser Co. | 34,847 | 905 | |||||||
Synchrony Financial | 29,922 | 871 | |||||||
Essex Property Trust Inc. | 3,059 | 867 | |||||||
* | CBRE Group Inc. | 15,377 | 863 | ||||||
M&T Bank Corp. | 6,067 | 852 | |||||||
Hartford Financial Services Group Inc. | 16,792 | 839 | |||||||
Arthur J Gallagher & Co. | 8,594 | 838 | |||||||
Ameriprise Financial Inc. | 5,923 | 837 | |||||||
Alexandria Real Estate Equities Inc. | 5,311 | 807 | |||||||
Fifth Third Bancorp | 32,941 | 804 | |||||||
Northern Trust Corp. | 9,118 | 800 | |||||||
Equifax Inc. | 5,628 | 799 | |||||||
First Republic Bank | 7,781 | 783 | |||||||
TransUnion | 8,758 | 779 | |||||||
* | Markel Corp. | 635 | 750 | ||||||
KeyCorp | 44,797 | 732 | |||||||
Healthpeak Properties Inc. | 22,969 | 727 | |||||||
* | Arch Capital Group Ltd. | 17,937 | 725 | ||||||
Invitation Homes Inc. | 25,018 | 718 | |||||||
Mid-America Apartment Communities Inc. | 5,312 | 687 | |||||||
Cincinnati Financial Corp. | 7,127 | 665 | |||||||
Sun Communities Inc. | 4,235 | 647 | |||||||
Citizens Financial Group Inc. | 20,171 | 639 | |||||||
WP Carey Inc. | 8,010 | 620 | |||||||
UDR Inc. | 13,537 | 609 | |||||||
Regions Financial Corp. | 44,709 | 604 | |||||||
Annaly Capital Management Inc. | 66,935 | 593 | |||||||
Cboe Global Markets Inc. | 5,183 | 591 | |||||||
Huntington Bancshares Inc. | 48,002 | 589 |
12
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
Extra Space Storage Inc. | 5,864 | 589 | |||||||
Principal Financial Group Inc. | 12,919 | 573 | |||||||
MarketAxess Holdings Inc. | 1,721 | 558 | |||||||
Broadridge Financial Solutions Inc. | 5,323 | 555 | |||||||
Equity LifeStyle Properties Inc. | 8,097 | 553 | |||||||
Nasdaq Inc. | 5,365 | 550 | |||||||
Loews Corp. | 12,025 | 549 | |||||||
Duke Realty Corp. | 16,770 | 545 | |||||||
Jack Henry & Associates Inc. | 3,581 | 543 | |||||||
VICI Properties Inc. | 21,521 | 539 | |||||||
TD Ameritrade Holding Corp. | 12,493 | 528 | |||||||
Medical Properties Trust Inc. | 23,885 | 505 | |||||||
* | Fair Isaac Corp. | 1,329 | 500 | ||||||
* | SVB Financial Group | 2,363 | 492 | ||||||
Raymond James Financial Inc. | 5,824 | 487 | |||||||
E*TRADE Financial Corp. | 10,573 | 484 | |||||||
Host Hotels & Resorts Inc. | 33,218 | 481 | |||||||
Fidelity National Financial Inc. | 12,311 | 477 | |||||||
Brown & Brown Inc. | 11,004 | 473 | |||||||
FactSet Research Systems Inc. | 1,754 | 467 | |||||||
Globe Life Inc. | 4,982 | 462 | |||||||
Everest Re Group Ltd. | 1,851 | 459 | |||||||
WR Berkley Corp. | 6,715 | 451 | |||||||
Camden Property Trust | 4,234 | 449 | |||||||
Ally Financial Inc. | 17,811 | 447 | |||||||
Regency Centers Corp. | 7,746 | 445 | |||||||
Western Union Co. | 19,554 | 438 | |||||||
VEREIT Inc. | 49,773 | 431 | |||||||
AGNC Investment Corp. | 25,198 | 429 | |||||||
Vornado Realty Trust | 7,977 | 427 | |||||||
* | Alleghany Corp. | 634 | 426 | ||||||
Lincoln National Corp. | 9,356 | 425 | |||||||
* | Equitable Holdings Inc. | 19,398 | 415 | ||||||
Iron Mountain Inc. | 13,369 | 407 | |||||||
Gaming and Leisure Properties Inc. | 9,101 | 407 | |||||||
National Retail Properties Inc. | 7,983 | 406 | |||||||
Federal Realty Investment Trust | 3,476 | 404 | |||||||
Omega Healthcare Investors Inc. | 10,120 | 401 | |||||||
* | WEX Inc. | 2,011 | 377 | ||||||
Reinsurance Group of America Inc. | 2,916 | 356 | |||||||
Jones Lang LaSalle Inc. | 2,396 | 354 | |||||||
Comerica Inc. | 6,706 | 353 | |||||||
Kilroy Realty Corp. | 4,848 | 352 | |||||||
RenaissanceRe Holdings Ltd. | 2,041 | 348 | |||||||
Assurant Inc. | 2,836 | 342 | |||||||
Voya Financial Inc. | 6,305 | 332 | |||||||
Lamar Advertising Co. | 3,953 | 331 | |||||||
Apartment Investment & Management Co. | 6,911 | 331 | |||||||
Kimco Realty Corp. | 18,887 | 328 | |||||||
STORE Capital Corp. | 9,957 | 327 | |||||||
SEI Investments Co. | 5,942 | 325 | |||||||
* | Zillow Group Inc. Class C | 5,740 | 320 | ||||||
American Financial Group Inc. | 3,445 | 318 | |||||||
CyrusOne Inc. | 5,220 | 316 | |||||||
Zions Bancorp NA | 7,835 | 313 | |||||||
American Homes 4 Rent | 12,017 | 311 | |||||||
Signature Bank | 2,476 | 310 | |||||||
New Residential Investment Corp. | 19,313 | 301 | |||||||
LPL Financial Holdings Inc. | 3,761 | 299 | |||||||
Healthcare Trust of America Inc. | 9,583 | 298 | |||||||
Douglas Emmett Inc. | 7,756 | 296 | |||||||
SL Green Realty Corp. | 3,726 | 292 | |||||||
First American Financial Corp. | 5,094 | 291 | |||||||
Commerce Bancshares Inc. | 4,733 | 289 |
13
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
* | Euronet Worldwide Inc. | 2,329 | 289 | ||||||
People’s United Financial Inc. | 20,553 | 288 | |||||||
Starwood Property Trust Inc. | 12,708 | 282 | |||||||
Franklin Resources Inc. | 12,932 | 281 | |||||||
American Campus Communities Inc. | 6,410 | 278 | |||||||
* | Athene Holding Ltd. Class A | 6,725 | 277 | ||||||
Americold Realty Trust | 8,975 | 275 | |||||||
Prosperity Bancshares Inc. | 4,233 | 273 | |||||||
CubeSmart | 8,990 | 272 | |||||||
East West Bancorp Inc. | 6,777 | 263 | |||||||
Old Republic International Corp. | 13,169 | 260 | |||||||
TCF Financial Corp. | 7,057 | 257 | |||||||
Invesco Ltd. | 17,786 | 256 | |||||||
Brixmor Property Group Inc. | 13,841 | 252 | |||||||
Jefferies Financial Group Inc. | 12,482 | 246 | |||||||
Cousins Properties Inc. | 6,781 | 242 | |||||||
Rexford Industrial Realty Inc. | 5,137 | 240 | |||||||
Life Storage Inc. | 2,173 | 234 | |||||||
New York Community Bancorp Inc. | 21,214 | 229 | |||||||
First Industrial Realty Trust Inc. | 5,848 | 225 | |||||||
Unum Group | 9,639 | 225 | |||||||
EastGroup Properties Inc. | 1,759 | 221 | |||||||
Axis Capital Holdings Ltd. | 3,883 | 218 | |||||||
Hanover Insurance Group Inc. | 1,838 | 218 | |||||||
Hudson Pacific Properties Inc. | 6,719 | 217 | |||||||
Highwoods Properties Inc. | 4,790 | 215 | |||||||
Popular Inc. | 4,467 | 214 | |||||||
Primerica Inc. | 1,920 | 214 | |||||||
Eaton Vance Corp. | 5,129 | 212 | |||||||
Healthcare Realty Trust Inc. | 6,141 | 211 | |||||||
Spirit Realty Capital Inc. | 4,605 | 210 | |||||||
Cullen/Frost Bankers Inc. | 2,654 | 208 | |||||||
JBG SMITH Properties | 5,671 | 208 | |||||||
EPR Properties | 3,500 | 207 | |||||||
Blackstone Mortgage Trust Inc. | 5,743 | 207 | |||||||
SLM Corp. | 19,701 | 204 | |||||||
Western Alliance Bancorp | 4,435 | 204 | |||||||
Kemper Corp. | 2,965 | 204 | |||||||
Park Hotels & Resorts Inc. | 11,151 | 204 | |||||||
Legg Mason Inc. | 4,055 | 202 | |||||||
* | Howard Hughes Corp. | 1,862 | 201 | ||||||
Radian Group Inc. | 9,417 | 200 | |||||||
* | Credit Acceptance Corp. | 489 | 197 | ||||||
Essent Group Ltd. | 4,501 | 196 | |||||||
MGIC Investment Corp. | 16,181 | 195 | |||||||
First Horizon National Corp. | 14,316 | 191 | |||||||
Synovus Financial Corp. | 6,531 | 190 | |||||||
Pinnacle Financial Partners Inc. | 3,509 | 185 | |||||||
CoreSite Realty Corp. | 1,749 | 181 | |||||||
* | Brighthouse Financial Inc. | 5,053 | 181 | ||||||
Interactive Brokers Group Inc. | 3,510 | 179 | |||||||
Assured Guaranty Ltd. | 4,357 | 178 | |||||||
Equity Commonwealth | 5,635 | 177 | |||||||
Outfront Media Inc. | 6,723 | 177 | |||||||
CIT Group Inc. | 4,453 | 177 | |||||||
Sabra Health Care REIT Inc. | 9,025 | 176 | |||||||
First Financial Bankshares Inc. | 6,101 | 175 | |||||||
PacWest Bancorp | 5,530 | 175 | |||||||
STAG Industrial Inc. | 6,163 | 172 | |||||||
Two Harbors Investment Corp. | 12,721 | 172 | |||||||
Affiliated Managers Group Inc. | 2,289 | 172 | |||||||
Chimera Investment Corp. | 8,683 | 171 | |||||||
Lazard Ltd. | 4,750 | 170 | |||||||
Terreno Realty Corp. | 3,082 | 169 |
14
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
Stifel Financial Corp. | 3,094 | 168 | |||||||
CoreLogic Inc. | 3,705 | 168 | |||||||
Valley National Bancorp | 17,873 | 166 | |||||||
Erie Indemnity Co. | 1,160 | 166 | |||||||
Webster Financial Corp. | 4,307 | 164 | |||||||
Alliance Data Systems Corp. | 1,898 | 163 | |||||||
National Health Investors Inc. | 1,987 | 162 | |||||||
Rayonier Inc. | 6,111 | 162 | |||||||
Umpqua Holdings Corp. | 10,338 | 159 | |||||||
Janus Henderson Group plc | 7,346 | 156 | |||||||
Sterling Bancorp | 9,322 | 155 | |||||||
* | Zillow Group Inc. Class A | 2,761 | 154 | ||||||
MFA Financial Inc. | 21,006 | 152 | |||||||
Selective Insurance Group Inc. | 2,718 | 152 | |||||||
FNB Corp. | 15,008 | 151 | |||||||
Weingarten Realty Investors | 5,618 | 151 | |||||||
Glacier Bancorp Inc. | 4,048 | 151 | |||||||
RLI Corp. | 1,873 | 151 | |||||||
QTS Realty Trust Inc. | 2,678 | 150 | |||||||
Ryman Hospitality Properties Inc. | 2,150 | 149 | |||||||
FirstCash Inc. | 1,940 | 149 | |||||||
First Citizens BancShares Inc. | 329 | 149 | |||||||
Physicians Realty Trust | 7,889 | 149 | |||||||
IBERIABANK Corp. | 2,434 | 146 | |||||||
First Hawaiian Inc. | 6,116 | 146 | |||||||
Bank OZK | 5,732 | 146 | |||||||
Taubman Centers Inc. | 2,785 | 145 | |||||||
Community Bank System Inc. | 2,381 | 145 | |||||||
Wintrust Financial Corp. | 2,639 | 141 | |||||||
White Mountains Insurance Group Ltd. | 142 | 141 | |||||||
PS Business Parks Inc. | 938 | 139 | |||||||
Agree Realty Corp. | 1,931 | 139 | |||||||
Service Properties Trust | 7,622 | 138 | |||||||
Bank of Hawaii Corp. | 1,843 | 137 | |||||||
Morningstar Inc. | 927 | 136 | |||||||
Macerich Co. | 6,666 | 136 | |||||||
Hancock Whitney Corp. | 4,034 | 135 | |||||||
Corporate Office Properties Trust | 5,270 | 134 | |||||||
United Bankshares Inc. | 4,557 | 132 | |||||||
BankUnited Inc. | 4,425 | 131 | |||||||
Federated Hermes Inc. | 4,512 | 130 | |||||||
Piedmont Office Realty Trust Inc. | 5,940 | 128 | |||||||
Apple Hospitality REIT Inc. | 9,783 | 128 | |||||||
* | eHealth Inc. | 1,060 | 124 | ||||||
Associated Banc-Corp | 7,327 | 124 | |||||||
Old National Bancorp | 7,852 | 124 | |||||||
Pebblebrook Hotel Trust | 6,113 | 124 | |||||||
Home BancShares Inc. | 7,325 | 123 | |||||||
UMB Financial Corp. | 2,098 | 122 | |||||||
Evercore Inc. | 1,803 | 120 | |||||||
* | Cannae Holdings Inc. | 3,192 | 119 | ||||||
Kennedy-Wilson Holdings Inc. | 5,806 | 117 | |||||||
Kinsale Capital Group Inc. | 961 | 117 | |||||||
Lexington Realty Trust Class B | 11,248 | 117 | |||||||
Apollo Commercial Real Estate Finance Inc. | 7,179 | 116 | |||||||
^ | Santander Consumer USA Holdings Inc. | 4,761 | 116 | ||||||
CVB Financial Corp. | 6,255 | 116 | |||||||
Sunstone Hotel Investors Inc. | 10,551 | 116 | |||||||
CNO Financial Group Inc. | 7,209 | 115 | |||||||
Ares Management Corp. Class A | 3,322 | 115 | |||||||
CenterState Bank Corp. | 5,665 | 115 | |||||||
PotlatchDeltic Corp. | 3,117 | 115 | |||||||
* | Redfin Corp. | 4,210 | 114 | ||||||
BancorpSouth Bank | 4,634 | 113 |
15
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
OneMain Holdings Inc. | 3,080 | 113 | |||||||
Brandywine Realty Trust | 8,259 | 112 | |||||||
Paramount Group Inc. | 9,213 | 112 | |||||||
Cathay General Bancorp | 3,636 | 112 | |||||||
Columbia Banking System Inc. | 3,370 | 112 | |||||||
Washington Federal Inc. | 3,730 | 112 | |||||||
Atlantic Union Bankshares Corp. | 3,745 | 111 | |||||||
Invesco Mortgage Capital Inc. | 6,878 | 111 | |||||||
Investors Bancorp Inc. | 10,492 | 111 | |||||||
* | Texas Capital Bancshares Inc. | 2,317 | 109 | ||||||
BOK Financial Corp. | 1,500 | 109 | |||||||
Fulton Financial Corp. | 7,471 | 108 | |||||||
American Equity Investment Life Holding Co. | 4,222 | 107 | |||||||
South State Corp. | 1,560 | 106 | |||||||
Retail Properties of America Inc. | 10,127 | 106 | |||||||
Independent Bank Corp. | 1,569 | 106 | |||||||
RLJ Lodging Trust | 7,833 | 103 | |||||||
Columbia Property Trust Inc. | 5,460 | 103 | |||||||
Navient Corp. | 9,126 | 102 | |||||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 3,013 | 102 | |||||||
Washington REIT | 3,799 | 102 | |||||||
Houlihan Lokey Inc. | 1,955 | 100 | |||||||
* | LendingTree Inc. | 363 | 100 | ||||||
Ameris Bancorp | 2,890 | 99 | |||||||
* | Enstar Group Ltd. | 541 | 97 | ||||||
Simmons First National Corp. | 4,460 | 95 | |||||||
First Financial Bancorp | 4,610 | 95 | |||||||
* | Cushman & Wakefield plc | 5,218 | 95 | ||||||
American Assets Trust Inc. | 2,284 | 95 | |||||||
National Storage Affiliates Trust | 2,801 | 94 | |||||||
Four Corners Property Trust Inc. | 3,273 | 94 | |||||||
CareTrust REIT Inc. | 4,499 | 94 | |||||||
WesBanco Inc. | 3,045 | 93 | |||||||
* | Genworth Financial Inc. | 23,851 | 93 | ||||||
First Midwest Bancorp Inc. | 5,051 | 92 | |||||||
United Community Banks Inc. | 3,700 | 92 | |||||||
First Merchants Corp. | 2,602 | 91 | |||||||
Acadia Realty Trust | 3,985 | 91 | |||||||
Redwood Trust Inc. | 5,303 | 91 | |||||||
Colony Capital Inc. | 22,768 | 90 | |||||||
International Bancshares Corp. | 2,638 | 90 | |||||||
Urban Edge Properties | 5,401 | 87 | |||||||
DiamondRock Hospitality Co. | 9,500 | 87 | |||||||
Argo Group International Holdings Ltd. | 1,539 | 87 | |||||||
PennyMac Mortgage Investment Trust | 4,156 | 86 | |||||||
Essential Properties Realty Trust Inc. | 3,710 | 85 | |||||||
EVERTEC Inc. | 2,861 | 85 | |||||||
LTC Properties Inc. | 1,869 | 84 | |||||||
Walker & Dunlop Inc. | 1,291 | 84 | |||||||
* | PRA Group Inc. | 2,155 | 84 | ||||||
CoreCivic Inc. | 5,646 | 84 | |||||||
Cadence BanCorp Class A | 5,909 | 83 | |||||||
Uniti Group Inc. | 8,527 | 83 | |||||||
Easterly Government Properties Inc. | 3,501 | 83 | |||||||
WSFS Financial Corp. | 2,398 | 83 | |||||||
GEO Group Inc. | 5,639 | 83 | |||||||
Empire State Realty Trust Inc. | 7,049 | 82 | |||||||
New York Mortgage Trust Inc. | 14,414 | 82 | |||||||
Trustmark Corp. | 3,051 | 82 | |||||||
SITE Centers Corp. | 7,011 | 81 | |||||||
First BanCorp | 10,127 | 80 | |||||||
Xenia Hotels & Resorts Inc. | 5,349 | 80 | |||||||
Retail Opportunity Investments Corp. | 5,285 | 79 | |||||||
ServisFirst Bancshares Inc. | 2,274 | 79 |
16
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
FGL Holdings | 6,822 | 78 | |||||||
Independent Bank Group Inc. | 1,675 | 78 | |||||||
Mack-Cali Realty Corp. | 4,083 | 77 | |||||||
Global Net Lease Inc. | 4,175 | 77 | |||||||
Capitol Federal Financial Inc. | 6,303 | 77 | |||||||
* | Green Dot Corp. | 2,242 | 77 | ||||||
Banner Corp. | 1,672 | 76 | |||||||
Horace Mann Educators Corp. | 1,960 | 76 | |||||||
Ladder Capital Corp. | 4,909 | 75 | |||||||
Renasant Corp. | 2,610 | 74 | |||||||
Heartland Financial USA Inc. | 1,680 | 72 | |||||||
Westamerica Bancorporation | 1,242 | 72 | |||||||
Moelis & Co. | 2,243 | 72 | |||||||
* | NMI Holdings Inc. | 3,068 | 72 | ||||||
Bank of NT Butterfield & Son Ltd. | 2,569 | 71 | |||||||
Towne Bank | 3,079 | 71 | |||||||
Diversified Healthcare Trust | 11,186 | 70 | |||||||
Great Western Bancorp Inc. | 2,610 | 70 | |||||||
Hope Bancorp Inc. | 5,735 | 70 | |||||||
Pacific Premier Bancorp Inc. | 2,708 | 70 | |||||||
ProAssurance Corp. | 2,539 | 69 | |||||||
NBT Bancorp Inc. | 2,032 | 68 | |||||||
Hilltop Holdings Inc. | 3,272 | 68 | |||||||
Artisan Partners Asset Management Inc. | 2,369 | 68 | |||||||
Northwest Bancshares Inc. | 4,803 | 67 | |||||||
* | Axos Financial Inc. | 2,673 | 67 | ||||||
Universal Health Realty Income Trust | 612 | 66 | |||||||
BGC Partners Inc. | 14,071 | 66 | |||||||
Cohen & Steers Inc. | 1,044 | 65 | |||||||
Newmark Group Inc. | 6,806 | 65 | |||||||
Hamilton Lane Inc. | 1,039 | 65 | |||||||
Kite Realty Group Trust | 3,984 | 64 | |||||||
Monmouth Real Estate Investment Corp. | 4,500 | 64 | |||||||
Office Properties Income Trust | 2,187 | 64 | |||||||
National General Holdings Corp. | 3,211 | 63 | |||||||
* | Cardtronics plc | 1,714 | 62 | ||||||
Alexander & Baldwin Inc. | 3,298 | 62 | |||||||
Industrial Logistics Properties Trust | 2,945 | 61 | |||||||
* | Seacoast Banking Corp. of Florida | 2,425 | 60 | ||||||
First Interstate BancSystem Inc. | 1,743 | 59 | |||||||
AMERISAFE Inc. | 905 | 59 | |||||||
S&T Bancorp Inc. | 1,783 | 59 | |||||||
Employers Holdings Inc. | 1,502 | 58 | |||||||
Eagle Bancorp Inc. | 1,539 | 58 | |||||||
Independence Realty Trust Inc. | 4,307 | 57 | |||||||
CNA Financial Corp. | 1,371 | 57 | |||||||
Veritex Holdings Inc. | 2,360 | 57 | |||||||
James River Group Holdings Ltd. | 1,393 | 56 | |||||||
First Commonwealth Financial Corp. | 4,757 | 56 | |||||||
Park National Corp. | 642 | 56 | |||||||
Provident Financial Services Inc. | 2,792 | 56 | |||||||
First Busey Corp. | 2,504 | 55 | |||||||
Mercury General Corp. | 1,265 | 55 | |||||||
Tompkins Financial Corp. | 679 | 54 | |||||||
City Holding Co. | 770 | 54 | |||||||
Seritage Growth Properties | 1,551 | 53 | |||||||
Safety Insurance Group Inc. | 676 | 53 | |||||||
Meta Financial Group Inc. | 1,609 | 53 | |||||||
American Finance Trust Inc. | 5,074 | 53 | |||||||
ARMOUR Residential REIT Inc. | 2,899 | 52 | |||||||
Brookline Bancorp Inc. | 3,738 | 52 | |||||||
* | Encore Capital Group Inc. | 1,393 | 52 | ||||||
Berkshire Hills Bancorp Inc. | 2,108 | 51 | |||||||
Realogy Holdings Corp. | 5,486 | 51 |
17
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
Flagstar Bancorp Inc. | 1,579 | 50 | |||||||
Innovative Industrial Properties Inc. | 544 | 50 | |||||||
Tanger Factory Outlet Centers Inc. | 4,174 | 50 | |||||||
Colony Credit Real Estate Inc. | 3,894 | 50 | |||||||
OceanFirst Financial Corp. | 2,418 | 49 | |||||||
Brookfield Property REIT Inc. Class A | 3,020 | 49 | |||||||
Sandy Spring Bancorp Inc. | 1,601 | 49 | |||||||
Southside Bancshares Inc. | 1,523 | 49 | |||||||
Lakeland Financial Corp. | 1,189 | 49 | |||||||
TFS Financial Corp. | 2,317 | 47 | |||||||
RPT Realty | 3,620 | 47 | |||||||
PJT Partners Inc. | 1,040 | 47 | |||||||
BancFirst Corp. | 904 | 46 | |||||||
Getty Realty Corp. | 1,611 | 46 | |||||||
Waddell & Reed Financial Inc. | 3,253 | 45 | |||||||
* | Mr Cooper Group Inc. | 3,477 | 45 | ||||||
Summit Hotel Properties Inc. | 4,777 | 44 | |||||||
Virtu Financial Inc. | 2,346 | 44 | |||||||
First Bancorp | 1,362 | 44 | |||||||
Armada Hoffler Properties Inc. | 2,600 | 44 | |||||||
Nelnet Inc. | 820 | 44 | |||||||
Piper Sandler Cos. | 617 | 43 | |||||||
TriCo Bancshares | 1,261 | 43 | |||||||
Enterprise Financial Services Corp. | 1,114 | 43 | |||||||
TPG RE Finance Trust Inc. | 2,189 | 42 | |||||||
First Defiance Financial Corp. | 1,756 | 42 | |||||||
Community Healthcare Trust Inc. | 874 | 42 | |||||||
* | Evo Payments Inc. | 1,629 | 41 | ||||||
* | Trupanion Inc. | 1,339 | 41 | ||||||
NexPoint Residential Trust Inc. | 922 | 41 | |||||||
PennyMac Financial Services Inc. | 1,162 | 41 | |||||||
iStar Inc. | 2,686 | 41 | |||||||
National Bank Holdings Corp. | 1,324 | 40 | |||||||
Stewart Information Services Corp. | 1,114 | 40 | |||||||
* | Ambac Financial Group Inc. | 2,089 | 40 | ||||||
Heritage Financial Corp. | 1,699 | 39 | |||||||
Granite Point Mortgage Trust Inc. | 2,392 | 39 | |||||||
Kearny Financial Corp. | 3,594 | 39 | |||||||
Investors Real Estate Trust | 546 | 38 | |||||||
OFG Bancorp | 2,276 | 38 | |||||||
* | Columbia Financial Inc. | 2,449 | 38 | ||||||
Boston Private Financial Holdings Inc. | 3,878 | 38 | |||||||
* | Focus Financial Partners Inc. | 1,364 | 37 | ||||||
United Fire Group Inc. | 962 | 37 | |||||||
Meridian Bancorp Inc. | 2,173 | 36 | |||||||
* | Triumph Bancorp Inc. | 1,044 | 35 | ||||||
* | INTL. FCStone Inc. | 763 | 35 | ||||||
American National Insurance Co. | 350 | 34 | |||||||
German American Bancorp Inc. | 1,148 | 34 | |||||||
Virtus Investment Partners Inc. | 310 | 34 | |||||||
Preferred Bank | 659 | 34 | |||||||
Franklin Street Properties Corp. | 4,706 | 34 | |||||||
LendingClub Corp. | 3,046 | 34 | |||||||
* | Everi Holdings Inc. | 3,218 | 33 | ||||||
* | Marcus & Millichap Inc. | 1,043 | 33 | ||||||
Stock Yards Bancorp Inc. | 935 | 33 | |||||||
Lakeland Bancorp Inc. | 2,243 | 32 | |||||||
ConnectOne Bancorp Inc. | 1,530 | 32 | |||||||
Carolina Financial Corp. | 980 | 32 | |||||||
Banc of California Inc. | 2,056 | 32 | |||||||
Cass Information Systems Inc. | 669 | 31 | |||||||
Central Pacific Financial Corp. | 1,299 | 31 | |||||||
* | Third Point Reinsurance Ltd. | 3,446 | 31 | ||||||
Federal Agricultural Mortgage Corp. | 408 | 31 |
18
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
Capstead Mortgage Corp. | 4,295 | 30 | |||||||
Univest Financial Corp. | 1,295 | 30 | |||||||
Alexander’s Inc. | 97 | 30 | |||||||
* | Enova International Inc. | 1,566 | 30 | ||||||
Goosehead Insurance Inc. | 553 | 30 | |||||||
Bryn Mawr Bank Corp. | 901 | 30 | |||||||
Allegiance Bancshares Inc. | 898 | 30 | |||||||
Chatham Lodging Trust | 2,125 | 30 | |||||||
* | St. Joe Co. | 1,504 | 30 | ||||||
TrustCo Bank Corp. NY | 4,287 | 29 | |||||||
Community Trust Bancorp Inc. | 759 | 29 | |||||||
Washington Trust Bancorp Inc. | 681 | 29 | |||||||
1st Source Corp. | 694 | 29 | |||||||
* | Palomar Holdings Inc. | 573 | 29 | ||||||
Brightsphere Investment Group Inc. | 3,102 | 29 | |||||||
HomeStreet Inc. | 1,062 | 29 | |||||||
Camden National Corp. | 697 | 29 | |||||||
Front Yard Residential Corp. | 2,244 | 28 | |||||||
Universal Insurance Holdings Inc. | 1,363 | 28 | |||||||
City Office REIT Inc. | 2,401 | 28 | |||||||
* | Bancorp Inc. | 2,287 | 28 | ||||||
Urstadt Biddle Properties Inc. | 1,341 | 28 | |||||||
* | Nicolet Bankshares Inc. | 409 | 27 | ||||||
* | Customers Bancorp Inc. | 1,339 | 27 | ||||||
Safehold Inc. | 492 | 27 | |||||||
Gladstone Commercial Corp. | 1,402 | 26 | |||||||
Horizon Bancorp Inc. | 1,749 | 26 | |||||||
Banco Latinoamericano de Comercio Exterior SA | 1,469 | 26 | |||||||
RMR Group Inc. | 701 | 26 | |||||||
* | MBIA Inc. | 3,342 | 26 | ||||||
Origin Bancorp Inc. | 859 | 26 | |||||||
QCR Holdings Inc. | 682 | 26 | |||||||
Heritage Commerce Corp. | 2,507 | 26 | |||||||
Bank of Marin Bancorp | 670 | 26 | |||||||
FB Financial Corp. | 783 | 25 | |||||||
Peoples Bancorp Inc. | 884 | 25 | |||||||
Great Southern Bancorp Inc. | 490 | 25 | |||||||
National Western Life Group Inc. | 105 | 25 | |||||||
First Foundation Inc. | 1,730 | 25 | |||||||
Northfield Bancorp Inc. | 1,764 | 25 | |||||||
WisdomTree Investments Inc. | 6,122 | 25 | |||||||
First Financial Corp. | 616 | 25 | |||||||
Washington Prime Group Inc. | 8,879 | 24 | |||||||
Peapack Gladstone Financial Corp. | 879 | 24 | |||||||
Dime Community Bancshares Inc. | 1,428 | 24 | |||||||
First of Long Island Corp. | 1,149 | 24 | |||||||
B. Riley Financial Inc. | 992 | 23 | |||||||
Ellington Financial Inc. | 1,411 | 23 | |||||||
Midland States Bancorp Inc. | 979 | 23 | |||||||
* | TriState Capital Holdings Inc. | 1,170 | 23 | ||||||
Western Asset Mortgage Capital Corp. | 2,302 | 23 | |||||||
Opus Bank | 972 | 23 | |||||||
Saul Centers Inc. | 532 | 23 | |||||||
UMH Properties Inc. | 1,568 | 23 | |||||||
KKR Real Estate Finance Trust Inc. | 1,156 | 23 | |||||||
RE/MAX Holdings Inc. | 777 | 23 | |||||||
New Senior Investment Group Inc. | 3,730 | 23 | |||||||
First Business Financial Services Inc. | 941 | 23 | |||||||
Central Valley Community Bancorp | 1,311 | 23 | |||||||
AG Mortgage Investment Trust Inc. | 1,499 | 22 | |||||||
Flushing Financial Corp. | 1,232 | 22 | |||||||
Whitestone REIT | 1,797 | 22 | |||||||
First Bancshares Inc. | 734 | 22 | |||||||
CorEnergy Infrastructure Trust Inc. | 611 | 21 |
19
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000) | ||||||||
FBL Financial Group Inc. Class A | 441 | 21 | |||||||
CatchMark Timber Trust Inc. | 2,289 | 21 | |||||||
Preferred Apartment Communities Inc. | 2,190 | 21 | |||||||
CBTX Inc. | 837 | 21 | |||||||
Hanmi Financial Corp. | 1,323 | 21 | |||||||
Ready Capital Corp. | 1,423 | 21 | |||||||
Bridge Bancorp Inc. | 746 | 21 | |||||||
BankFinancial Corp. | 1,801 | 20 | |||||||
Independent Bank Corp. | 1,025 | 20 | |||||||
Global Medical REIT Inc. | 1,428 | 20 | |||||||
* | Watford Holdings Ltd. | 871 | 20 | ||||||
1st Constitution Bancorp | 1,079 | 20 | |||||||
Franklin Financial Network Inc. | 589 | 20 | |||||||
* | World Acceptance Corp. | 252 | 20 | ||||||
State Auto Financial Corp. | 782 | 20 | |||||||
Byline Bancorp Inc. | 1,112 | 19 | |||||||
* | I3 Verticals Inc. | 668 | 19 | ||||||
* | Atlantic Capital Bancshares Inc. | 1,057 | 19 | ||||||
Sculptor Capital Management Inc. Class A | 839 | 19 | |||||||
First Mid Bancshares Inc. | 671 | 19 | |||||||
Cowen Inc. | 1,261 | 19 | |||||||
First Community Bankshares Inc. | 718 | 19 | |||||||
Hersha Hospitality Trust Class A | 1,621 | 19 | |||||||
Ares Commercial Real Estate Corp. | 1,219 | 19 | |||||||
Jernigan Capital Inc. | 1,038 | 19 | |||||||
Financial Institutions Inc. | 688 | 19 | |||||||
Retail Value Inc. | 666 | 18 | |||||||
Waterstone Financial Inc. | 1,112 | 18 | |||||||
Mercantile Bank Corp. | 637 | 18 | |||||||
Diamond Hill Investment Group Inc. | 144 | 18 | |||||||
People’s Utah Bancorp | 757 | 18 | |||||||
Arrow Financial Corp. | 564 | 18 | |||||||
Live Oak Bancshares Inc. | 1,158 | 18 | |||||||
Farmers National Banc Corp. | 1,180 | 18 | |||||||
* | Equity Bancshares Inc. | 671 | 18 | ||||||
Carter Bank & Trust | 1,037 | 18 | |||||||
Exantas Capital Corp. | 1,509 | 17 | |||||||
* | Amerant Bancorp Inc. | 925 | 17 | ||||||
Republic Bancorp Inc. | 475 | 17 | |||||||
Dynex Capital Inc. | 986 | 17 | |||||||
* | Assetmark Financial Holdings Inc. | 635 | 17 | ||||||
Capital City Bank Group Inc. | 627 | 17 | |||||||
Independence Holding Co. | 445 | 17 | |||||||
One Liberty Properties Inc. | 684 | 16 | |||||||
Sierra Bancorp | 691 | 16 | |||||||
Orchid Island Capital Inc. | 2,857 | 16 | |||||||
Anworth Mortgage Asset Corp. | 4,990 | 16 | |||||||
HomeTrust Bancshares Inc. | 686 | 16 | |||||||
CNB Financial Corp. | 633 | 16 | |||||||
Bank First Corp. | 266 | 16 | |||||||
MidWestOne Financial Group Inc. | 533 | 15 | |||||||
* | Health Insurance Innovations Inc. | 513 | 15 | ||||||
• | CorePoint Lodging Inc. | 1,878 | 15 | ||||||
* | FRP Holdings Inc. | 329 | 15 | ||||||
West Bancorporation Inc. | 714 | 15 | |||||||
Business First Bancshares Inc. | 603 | 15 | |||||||
Old Second Bancorp Inc. | 1,349 | 14 | |||||||
Heritage Insurance Holdings Inc. | 1,286 | 14 | |||||||
PCSB Financial Corp. | 778 | 14 | |||||||
* | Tejon Ranch Co. | 938 | 14 | ||||||
Bar Harbor Bankshares | 685 | 14 | |||||||
Peoples Financial Services Corp. | 314 | 14 | |||||||
Southern National Bancorp of Virginia Inc. | 966 | 14 | |||||||
American National Bankshares Inc. | 443 | 14 |
20
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
Cambridge Bancorp | 198 | 14 | ||
RBB Bancorp | 793 | 13 | ||
* | Bridgewater Bancshares Inc. | 1,052 | 13 | |
* | Southern First Bancshares Inc. | 344 | 13 | |
Consolidated-Tomoka Land Co. | 226 | 13 | ||
Global Indemnity Ltd. | 407 | 13 | ||
Farmers & Merchants Bancorp Inc. | 476 | 13 | ||
First Bancorp Inc. | 493 | 13 | ||
HCI Group Inc. | 293 | 12 | ||
Southern Missouri Bancorp Inc. | 377 | 12 | ||
* | Citizens Inc. Class A | 2,096 | 12 | |
* | Spirit of Texas Bancshares Inc. | 662 | 12 | |
Civista Bancshares Inc. | 636 | 12 | ||
Home Bancorp Inc. | 368 | 12 | ||
* | Metropolitan Bank Holding Corp. | 284 | 12 | |
Macatawa Bank Corp. | 1,254 | 12 | ||
* | Red River Bancshares Inc. | 231 | 12 | |
Greenhill & Co. Inc. | 808 | 12 | ||
HarborOne Bancorp Inc. | 1,167 | 12 | ||
*,^ | Paysign Inc. | 1,416 | 11 | |
Northrim BanCorp Inc. | 322 | 11 | ||
Enterprise Bancorp Inc. | 409 | 11 | ||
* | Donnelley Financial Solutions Inc. | 1,291 | 11 | |
Great Ajax Corp. | 787 | 11 | ||
Summit Financial Group Inc. | 505 | 11 | ||
Oppenheimer Holdings Inc. | 466 | 11 | ||
Bluerock Residential Growth REIT Inc. | 1,054 | 11 | ||
* | Forestar Group Inc. | 603 | 11 | |
Gladstone Land Corp. | 798 | 11 | ||
* | Howard Bancorp Inc. | 678 | 11 | |
Westwood Holdings Group Inc. | 419 | 11 | ||
* | BRP Group Inc. Class A | 688 | 11 | |
* | EZCORP Inc. | 2,205 | 11 | |
* | On Deck Capital Inc. | 3,013 | 11 | |
Hingham Institution for Savings | 57 | 10 | ||
Investar Holding Corp. | 488 | 10 | ||
Metrocity Bankshares Inc. | 735 | 10 | ||
Investors Title Co. | 63 | 10 | ||
Penns Woods Bancorp Inc. | 342 | 10 | ||
Cedar Realty Trust Inc. | 3,901 | 10 | ||
* | Rafael Holdings Inc. Class B | 537 | 10 | |
Western New England Bancorp Inc. | 1,132 | 10 | ||
Guaranty Bancshares Inc. | 362 | 10 | ||
SmartFinancial Inc. | 526 | 10 | ||
* | eXp World Holdings Inc. | 1,030 | 10 | |
* | Greenlight Capital Re Ltd. | 1,163 | 10 | |
BBX Capital Corp. | 2,810 | 10 | ||
Premier Financial Bancorp Inc. | 586 | 10 | ||
First Internet Bancorp | 401 | 10 | ||
First Choice Bancorp | 428 | 10 | ||
National Bankshares Inc. | 273 | 10 | ||
Braemar Hotels & Resorts Inc. | 1,291 | 9 | ||
South Plains Financial Inc. | 474 | 9 | ||
Parke Bancorp Inc. | 511 | 9 | ||
Luther Burbank Corp. | 906 | 9 | ||
LCNB Corp. | 596 | 9 | ||
* | Regional Management Corp. | 367 | 9 | |
Century Bancorp Inc. | 129 | 9 | ||
Shore Bancshares Inc. | 590 | 9 | ||
Orrstown Financial Services Inc. | 508 | 9 | ||
Amalgamated Bank | 558 | 9 | ||
* | Select Bancorp Inc. | 848 | 9 | |
Territorial Bancorp Inc. | 350 | 9 | ||
Bankwell Financial Group Inc. | 312 | 9 |
21
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
Bank of Commerce Holdings | 843 | 9 | ||
Reliant Bancorp Inc. | 442 | 9 | ||
MutualFirst Financial Inc. | 261 | 9 | ||
MVB Financial Corp. | 495 | 9 | ||
Evans Bancorp Inc. | 221 | 9 | ||
FS Bancorp Inc. | 180 | 9 | ||
SB One Bancorp | 392 | 9 | ||
United Insurance Holdings Corp. | 914 | 9 | ||
* | Stratus Properties Inc. | 299 | 9 | |
Arlington Asset Investment Corp. | 1,511 | 9 | ||
First Capital Inc. | 139 | 9 | ||
Capstar Financial Holdings Inc. | 632 | 8 | ||
Norwood Financial Corp. | 274 | 8 | ||
Marlin Business Services Corp. | 429 | 8 | ||
First Bank | 864 | 8 | ||
ACNB Corp. | 271 | 8 | ||
Community Bankers Trust Corp. | 1,001 | 8 | ||
* | FVCBankcorp Inc. | 527 | 8 | |
Ashford Hospitality Trust Inc. | 3,763 | 8 | ||
Bank of Princeton | 298 | 8 | ||
Timberland Bancorp Inc. | 344 | 8 | ||
* | International Money Express Inc. | 845 | 8 | |
* | Richmond Mutual Bancorporation Inc. | 588 | 8 | |
* | PICO Holdings Inc. | 831 | 8 | |
Codorus Valley Bancorp Inc. | 381 | 8 | ||
* | Hallmark Financial Services Inc. | 539 | 8 | |
BRT Apartments Corp. | 474 | 7 | ||
* | Malvern Bancorp Inc. | 385 | 7 | |
BCB Bancorp Inc. | 642 | 7 | ||
PCB Bancorp | 536 | 7 | ||
^ | Pennsylvania REIT | 3,024 | 7 | |
* | Oportun Financial Corp. | 337 | 7 | |
ESSA Bancorp Inc. | 428 | 7 | ||
FedNat Holding Co. | 541 | 7 | ||
Merchants Bancorp | 390 | 7 | ||
Safeguard Scientifics Inc. | 794 | 7 | ||
* | Ocwen Financial Corp. | 5,607 | 7 | |
Tiptree Inc. | 1,054 | 7 | ||
Community Financial Corp. | 215 | 7 | ||
* | Pioneer Bancorp Inc. | 500 | 7 | |
Level One Bancorp Inc. | 280 | 7 | ||
C&F Financial Corp. | 149 | 7 | ||
Curo Group Holdings Corp. | 734 | 7 | ||
Protective Insurance Corp. | 471 | 7 | ||
Donegal Group Inc. | 470 | 7 | ||
Prudential Bancorp Inc. | 401 | 7 | ||
HBT Financial Inc. | 424 | 7 | ||
Ames National Corp. | 252 | 7 | ||
* | MMA Capital Holdings Inc. | 215 | 6 | |
* | Capital Bancorp Inc. | 468 | 6 | |
* | MainStreet Bancshares Inc. | 318 | 6 | |
Crawford & Co. Class A | 861 | 6 | ||
Provident Financial Holdings Inc. | 318 | 6 | ||
* | Coastal Financial Corp. | 380 | 6 | |
FNCB Bancorp Inc. | 938 | 6 | ||
Sterling Bancorp Inc. | 879 | 6 | ||
Riverview Bancorp Inc. | 953 | 6 | ||
Northeast Bank | 343 | 6 | ||
Colony Bankcorp Inc. | 410 | 6 | ||
* | Republic First Bancorp Inc. | 1,992 | 6 | |
First Financial Northwest Inc. | 431 | 6 | ||
OP Bancorp | 676 | 6 | ||
United Security Bancshares | 683 | 6 | ||
Fidelity D&D Bancorp Inc. | 119 | 6 |
22
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
Chemung Financial Corp. | 161 | 6 | ||
Ohio Valley Banc Corp. | 205 | 6 | ||
Peoples Bancorp of North Carolina Inc. | 222 | 6 | ||
Unity Bancorp Inc. | 326 | 6 | ||
Mid Penn Bancorp Inc. | 259 | 6 | ||
Franklin Financial Services Corp. | 177 | 5 | ||
Union Bankshares Inc. | 183 | 5 | ||
Mackinac Financial Corp. | 389 | 5 | ||
* | Medallion Financial Corp. | 911 | 5 | |
* | PDL Community Bancorp | 383 | 5 | |
Oak Valley Bancorp | 316 | 5 | ||
GAIN Capital Holdings Inc. | 889 | 5 | ||
Pzena Investment Management Inc. | 726 | 5 | ||
Silvercrest Asset Management Group Inc. | 407 | 5 | ||
* | Altisource Portfolio Solutions SA | 283 | 4 | |
CBL & Associates Properties Inc. | 8,083 | 4 | ||
Provident Bancorp Inc. | 389 | 4 | ||
* | CrossFirst Bankshares Inc. | 311 | 4 | |
Greene County Bancorp Inc. | 152 | 4 | ||
* | ProSight Global Inc. | 306 | 4 | |
* | Esquire Financial Holdings Inc. | 174 | 4 | |
First Guaranty Bancshares Inc. | 218 | 4 | ||
* | Maui Land & Pineapple Co. Inc. | 334 | 4 | |
* | Elevate Credit Inc. | 1,078 | 4 | |
GAMCO Investors Inc. Class A | 224 | 3 | ||
* | Silvergate Capital Corp. Class A | 226 | 3 | |
Alerus Financial Corp. | 159 | 3 | ||
* | Transcontinental Realty Investors Inc. | 95 | 3 | |
* | American Realty Investors Inc. | 208 | 3 | |
Citizens & Northern Corp. | 101 | 2 | ||
* | Avalon GloboCare Corp. | 1,381 | 2 | |
Bank7 Corp. | 100 | 2 | ||
278,609 | ||||
Health Care (13.5%) | ||||
Johnson & Johnson | 124,324 | 16,719 | ||
UnitedHealth Group Inc. | 44,237 | 11,279 | ||
Merck & Co. Inc. | 119,244 | 9,129 | ||
Pfizer Inc. | 260,475 | 8,705 | ||
Bristol-Myers Squibb Co. | 109,468 | 6,465 | ||
Medtronic plc | 62,855 | 6,328 | ||
Abbott Laboratories | 80,648 | 6,212 | ||
AbbVie Inc. | 69,224 | 5,933 | ||
Amgen Inc. | 28,073 | 5,607 | ||
Thermo Fisher Scientific Inc. | 18,658 | 5,426 | ||
Eli Lilly & Co. | 39,756 | 5,014 | ||
Danaher Corp. | 28,839 | 4,170 | ||
Gilead Sciences Inc. | 59,563 | 4,131 | ||
Cigna Corp. | 17,105 | 3,129 | ||
Stryker Corp. | 16,019 | 3,053 | ||
Anthem Inc. | 11,861 | 3,049 | ||
Zoetis Inc. | 22,360 | 2,979 | ||
Becton Dickinson and Co. | 12,500 | 2,973 | ||
Allergan plc | 15,345 | 2,926 | ||
* | Intuitive Surgical Inc. | 5,346 | 2,855 | |
* | Vertex Pharmaceuticals Inc. | 11,958 | 2,679 | |
* | Biogen Inc. | 8,411 | 2,594 | |
* | Boston Scientific Corp. | 64,796 | 2,423 | |
* | Edwards Lifesciences Corp. | 9,688 | 1,984 | |
Humana Inc. | 6,190 | 1,979 | ||
Baxter International Inc. | 22,573 | 1,884 | ||
* | Illumina Inc. | 6,852 | 1,820 | |
* | Regeneron Pharmaceuticals Inc. | 3,816 | 1,696 | |
HCA Healthcare Inc. | 12,601 | 1,600 | ||
* | Centene Corp. | 27,069 | 1,435 |
23
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
Zimmer Biomet Holdings Inc. | 9,575 | 1,304 | ||
* | DexCom Inc. | 4,238 | 1,170 | |
* | IQVIA Holdings Inc. | 8,247 | 1,150 | |
Agilent Technologies Inc. | 14,359 | 1,107 | ||
ResMed Inc. | 6,649 | 1,057 | ||
* | IDEXX Laboratories Inc. | 3,973 | 1,011 | |
Cerner Corp. | 14,567 | 1,009 | ||
* | Alexion Pharmaceuticals Inc. | 9,964 | 937 | |
* | Veeva Systems Inc. | 6,138 | 871 | |
* | Align Technology Inc. | 3,650 | 797 | |
* | Laboratory Corp. of America Holdings | 4,531 | 796 | |
* | BioMarin Pharmaceutical Inc. | 8,361 | 756 | |
Cooper Cos. Inc. | 2,275 | 738 | ||
Teleflex Inc. | 2,164 | 725 | ||
Cardinal Health Inc. | 13,691 | 714 | ||
Quest Diagnostics Inc. | 6,278 | 666 | ||
* | Incyte Corp. | 8,325 | 628 | |
STERIS plc | 3,931 | 624 | ||
* | Seattle Genetics Inc. | 5,381 | 613 | |
AmerisourceBergen Corp. Class A | 7,092 | 598 | ||
* | Hologic Inc. | 12,503 | 589 | |
* | Alnylam Pharmaceuticals Inc. | 4,951 | 583 | |
* | Exact Sciences Corp. | 6,538 | 529 | |
* | Insulet Corp. | 2,768 | 526 | |
* | Varian Medical Systems Inc. | 4,244 | 522 | |
West Pharmaceutical Services Inc. | 3,431 | 517 | ||
Dentsply Sirona Inc. | 10,408 | 512 | ||
* | Elanco Animal Health Inc. | 18,565 | 509 | |
Universal Health Services Inc. | 3,665 | 454 | ||
PerkinElmer Inc. | 5,170 | 447 | ||
* | Teladoc Health Inc. | 3,361 | 420 | |
* | Henry Schein Inc. | 6,852 | 418 | |
* | Mylan NV | 24,069 | 414 | |
* | Neurocrine Biosciences Inc. | 4,226 | 400 | |
* | Sarepta Therapeutics Inc. | 3,299 | 378 | |
* | Qiagen NV | 10,323 | 371 | |
* | Catalent Inc. | 7,041 | 363 | |
* | DaVita Inc. | 4,639 | 360 | |
* | Masimo Corp. | 2,195 | 359 | |
* | Molina Healthcare Inc. | 2,905 | 356 | |
* | Charles River Laboratories International Inc. | 2,261 | 352 | |
* | Bio-Rad Laboratories Inc. | 994 | 350 | |
Encompass Health Corp. | 4,554 | 341 | ||
Bio-Techne Corp. | 1,749 | 330 | ||
* | ABIOMED Inc. | 2,071 | 311 | |
* | Ionis Pharmaceuticals Inc. | 5,971 | 303 | |
Chemed Corp. | 725 | 303 | ||
Hill-Rom Holdings Inc. | 3,137 | 301 | ||
Perrigo Co. plc | 5,881 | 298 | ||
* | Jazz Pharmaceuticals plc | 2,587 | 296 | |
* | Horizon Therapeutics plc | 8,643 | 296 | |
* | Novocure Ltd. | 4,023 | 293 | |
* | PRA Health Sciences Inc. | 2,938 | 277 | |
* | Moderna Inc. | 10,360 | 269 | |
* | Exelixis Inc. | 14,054 | 261 | |
* | Haemonetics Corp. | 2,405 | 261 | |
* | Amedisys Inc. | 1,467 | 255 | |
* | Penumbra Inc. | 1,481 | 246 | |
Avantor Inc. | 14,735 | 232 | ||
* | HealthEquity Inc. | 3,201 | 227 | |
* | ACADIA Pharmaceuticals Inc. | 5,237 | 224 | |
Bruker Corp. | 4,804 | 209 | ||
* | Repligen Corp. | 2,424 | 207 | |
* | United Therapeutics Corp. | 2,002 | 206 |
24
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
* | Reata Pharmaceuticals Inc. | 1,049 | 204 | |
* | Tandem Diabetes Care Inc. | 2,627 | 196 | |
* | Bluebird Bio Inc. | 2,562 | 185 | |
* | Acceleron Pharma Inc. | 2,155 | 185 | |
* | Syneos Health Inc. | 2,919 | 185 | |
* | Iovance Biotherapeutics Inc. | 5,524 | 182 | |
* | Nevro Corp. | 1,380 | 180 | |
* | Wright Medical Group NV | 5,922 | 179 | |
* | ICU Medical Inc. | 905 | 177 | |
* | Integra LifeSciences Holdings Corp. | 3,342 | 174 | |
* | Global Blood Therapeutics Inc. | 2,676 | 171 | |
* | LHC Group Inc. | 1,409 | 171 | |
* | Envista Holdings Corp. | 6,740 | 171 | |
* | Nektar Therapeutics Class A | 7,926 | 165 | |
* | Globus Medical Inc. | 3,563 | 161 | |
* | NuVasive Inc. | 2,434 | 160 | |
* | AMN Healthcare Services Inc. | 2,158 | 159 | |
* | LivaNova plc | 2,277 | 159 | |
* | Omnicell Inc. | 1,946 | 159 | |
* | PTC Therapeutics Inc. | 2,823 | 155 | |
* | Alkermes plc | 7,377 | 154 | |
* | FibroGen Inc. | 3,649 | 153 | |
* | Arrowhead Pharmaceuticals Inc. | 4,309 | 152 | |
* | Guardant Health Inc. | 1,724 | 150 | |
* | Neogen Corp. | 2,399 | 146 | |
* | Ultragenyx Pharmaceutical Inc. | 2,570 | 144 | |
* | Integer Holdings Corp. | 1,540 | 139 | |
* | Blueprint Medicines Corp. | 2,546 | 138 | |
* | Agios Pharmaceuticals Inc. | 2,811 | 133 | |
* | MyoKardia Inc. | 2,095 | 133 | |
* | Momenta Pharmaceuticals Inc. | 4,682 | 132 | |
* | Immunomedics Inc. | 8,233 | 132 | |
* | Halozyme Therapeutics Inc. | 6,611 | 129 | |
* | Quidel Corp. | 1,674 | 129 | |
* | NeoGenomics Inc. | 4,506 | 128 | |
* | Tenet Healthcare Corp. | 4,830 | 127 | |
* | Emergent BioSolutions Inc. | 2,141 | 126 | |
* | Select Medical Holdings Corp. | 5,209 | 125 | |
* | Acadia Healthcare Co. Inc. | 4,107 | 122 | |
CONMED Corp. | 1,280 | 121 | ||
* | Medpace Holdings Inc. | 1,297 | 117 | |
* | Amicus Therapeutics Inc. | 12,124 | 116 | |
* | Sage Therapeutics Inc. | 2,373 | 112 | |
Cantel Medical Corp. | 1,749 | 110 | ||
* | Natera Inc. | 2,904 | 110 | |
* | Intercept Pharmaceuticals Inc. | 1,180 | 108 | |
* | Mirati Therapeutics Inc. | 1,204 | 108 | |
* | iRhythm Technologies Inc. | 1,233 | 107 | |
Ensign Group Inc. | 2,376 | 106 | ||
* | Arena Pharmaceuticals Inc. | 2,356 | 105 | |
* | Insmed Inc. | 4,123 | 103 | |
* | Apellis Pharmaceuticals Inc. | 2,702 | 94 | |
* | HMS Holdings Corp. | 4,068 | 93 | |
* | Axsome Therapeutics Inc. | 1,172 | 91 | |
* | Merit Medical Systems Inc. | 2,536 | 91 | |
Patterson Cos. Inc. | 3,814 | 91 | ||
* | Prestige Consumer Healthcare Inc. | 2,405 | 90 | |
* | Ironwood Pharmaceuticals Inc. | 7,277 | 88 | |
* | Premier Inc. | 2,883 | 85 | |
* | ChemoCentryx Inc. | 1,895 | 85 | |
* | Pacira BioSciences Inc. | 1,931 | 84 | |
* | Invitae Corp. | 4,094 | 83 | |
* | Fate Therapeutics Inc. | 2,831 | 83 | |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 1,797 | 79 |
25
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
* | Glaukos Corp. | 1,781 | 78 | |
* | Epizyme Inc. | 3,612 | 77 | |
* | Ra Pharmaceuticals Inc. | 1,606 | 75 | |
* | Ligand Pharmaceuticals Inc. | 799 | 75 | |
* | Heron Therapeutics Inc. | 3,916 | 73 | |
* | Xencor Inc. | 2,232 | 73 | |
* | Avanos Medical Inc. | 2,234 | 72 | |
* | Kodiak Sciences Inc. | 1,107 | 71 | |
* | MEDNAX Inc. | 3,883 | 66 | |
* | AtriCure Inc. | 1,719 | 66 | |
* | BioTelemetry Inc. | 1,525 | 65 | |
Turning Point Therapeutics Inc. | 1,288 | 64 | ||
* | STAAR Surgical Co. | 2,021 | 63 | |
* | REGENXBIO Inc. | 1,582 | 63 | |
* | Forty Seven Inc. | 1,070 | 62 | |
US Physical Therapy Inc. | 594 | 62 | ||
* | Cardiovascular Systems Inc. | 1,628 | 61 | |
* | Esperion Therapeutics Inc. | 1,206 | 61 | |
* | Magellan Health Inc. | 1,006 | 60 | |
* | R1 RCM Inc. | 4,799 | 59 | |
* | Myriad Genetics Inc. | 3,294 | 58 | |
* | Allscripts Healthcare Solutions Inc. | 7,661 | 58 | |
* | Endo International plc | 10,447 | 58 | |
* | Coherus Biosciences Inc. | 2,943 | 57 | |
* | Corcept Therapeutics Inc. | 4,506 | 57 | |
* | Brookdale Senior Living Inc. | 8,610 | 57 | |
* | Allakos Inc. | 898 | 56 | |
* | Veracyte Inc. | 2,238 | 55 | |
* | Inspire Medical Systems Inc. | 639 | 55 | |
* | NanoString Technologies Inc. | 1,507 | 54 | |
* | Editas Medicine Inc. | 2,410 | 53 | |
* | Principia Biopharma Inc. | 821 | 53 | |
* | Zogenix Inc. | 2,021 | 51 | |
* | Deciphera Pharmaceuticals Inc. | 947 | 50 | |
* | Aimmune Therapeutics Inc. | 2,111 | 50 | |
* | Theravance Biopharma Inc. | 2,048 | 50 | |
* | TG Therapeutics Inc. | 3,869 | 49 | |
Luminex Corp. | 1,947 | 48 | ||
* | Tabula Rasa HealthCare Inc. | 856 | 48 | |
* | Allogene Therapeutics Inc. | 1,773 | 48 | |
* | Intra-Cellular Therapies Inc. | 2,268 | 48 | |
* | Dicerna Pharmaceuticals Inc. | 2,415 | 48 | |
* | Revance Therapeutics Inc. | 2,060 | 48 | |
* | Shockwave Medical Inc. | 1,172 | 47 | |
* | Sangamo Therapeutics Inc. | 5,513 | 47 | |
* | Karyopharm Therapeutics Inc. | 2,868 | 47 | |
* | Akebia Therapeutics Inc. | 5,235 | 46 | |
* | Arvinas Inc. | 975 | 46 | |
* | CareDx Inc. | 1,952 | 45 | |
* | Radius Health Inc. | 2,103 | 44 | |
* | Addus HomeCare Corp. | 575 | 44 | |
* | CryoLife Inc. | 1,659 | 43 | |
National HealthCare Corp. | 566 | 42 | ||
* | Tactile Systems Technology Inc. | 830 | 42 | |
* | Enanta Pharmaceuticals Inc. | 814 | 41 | |
* | Natus Medical Inc. | 1,539 | 41 | |
* | Denali Therapeutics Inc. | 2,091 | 41 | |
Atrion Corp. | 66 | 41 | ||
* | Supernus Pharmaceuticals Inc. | 2,259 | 41 | |
* | Innoviva Inc. | 3,003 | 40 | |
* | RadNet Inc. | 1,918 | 39 | |
* | Varex Imaging Corp. | 1,680 | 39 | |
* | Inogen Inc. | 850 | 39 | |
* | Alector Inc. | 1,403 | 39 |
26
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
* | Athenex Inc. | 3,117 | 38 | |
* | Cytokinetics Inc. | 2,726 | 38 | |
* | Hanger Inc. | 1,623 | 37 | |
* | Madrigal Pharmaceuticals Inc. | 426 | 37 | |
* | Portola Pharmaceuticals Inc. | 3,616 | 37 | |
* | Aerie Pharmaceuticals Inc. | 2,035 | 36 | |
* | Cerus Corp. | 6,861 | 35 | |
* | Bridgebio Pharma Inc. | 1,057 | 34 | |
* | Collegium Pharmaceutical Inc. | 1,408 | 33 | |
* | NextGen Healthcare Inc. | 2,543 | 33 | |
* | Kadmon Holdings Inc. | 7,163 | 33 | |
* | Providence Service Corp. | 535 | 33 | |
* | Intersect ENT Inc. | 1,362 | 32 | |
* | Tricida Inc. | 1,011 | 32 | |
* | Evolent Health Inc. | 3,469 | 32 | |
* | Y-mAbs Therapeutics Inc. | 1,080 | 32 | |
* | Vericel Corp. | 2,042 | 32 | |
* | Pennant Group Inc. | 1,148 | 31 | |
* | Heska Corp. | 325 | 31 | |
*,^ | Change Healthcare Inc. | 2,260 | 31 | |
* | Twist Bioscience Corp. | 968 | 30 | |
* | PetIQ Inc. | 948 | 29 | |
* | Silk Road Medical Inc. | 737 | 29 | |
National Research Corp. | 531 | 29 | ||
* | ImmunoGen Inc. | 6,524 | 29 | |
* | Adverum Biotechnologies Inc. | 2,350 | 29 | |
* | Atara Biotherapeutics Inc. | 2,380 | 29 | |
* | Codexis Inc. | 2,479 | 29 | |
* | G1 Therapeutics Inc. | 1,590 | 29 | |
* | Orthofix Medical Inc. | 803 | 28 | |
* | CorVel Corp. | 411 | 28 | |
* | Tivity Health Inc. | 2,236 | 28 | |
* | OPKO Health Inc. | 18,763 | 28 | |
* | HealthStream Inc. | 1,152 | 28 | |
* | Retrophin Inc. | 1,791 | 28 | |
* | Cara Therapeutics Inc. | 1,837 | 28 | |
NextCure Inc. | 646 | 27 | ||
* | Lantheus Holdings Inc. | 1,724 | 27 | |
* | Rocket Pharmaceuticals Inc. | 1,367 | 27 | |
Cortexyme Inc. | 522 | 26 | ||
* | Omeros Corp. | 2,192 | 26 | |
* | Krystal Biotech Inc. | 485 | 26 | |
* | Flexion Therapeutics Inc. | 1,640 | 26 | |
* | Eidos Therapeutics Inc. | 511 | 26 | |
* | Gossamer Bio Inc. | 1,967 | 26 | |
* | Vanda Pharmaceuticals Inc. | 2,328 | 26 | |
* | Amphastar Pharmaceuticals Inc. | 1,665 | 26 | |
* | Constellation Pharmaceuticals Inc. | 724 | 26 | |
* | Rhythm Pharmaceuticals Inc. | 1,336 | 25 | |
* | Anika Therapeutics Inc. | 605 | 25 | |
* | Axonics Modulation Technologies Inc. | 697 | 25 | |
* | Intellia Therapeutics Inc. | 1,815 | 24 | |
* | UroGen Pharma Ltd. | 873 | 24 | |
* | Antares Pharma Inc. | 7,322 | 23 | |
* | Pacific Biosciences of California Inc. | 6,631 | 23 | |
* | ZIOPHARM Oncology Inc. | 7,187 | 22 | |
Phibro Animal Health Corp. | 875 | 22 | ||
* | Arcus Biosciences Inc. | 1,443 | 22 | |
* | Adaptive Biotechnologies Corp. | 762 | 21 | |
* | Amneal Pharmaceuticals Inc. | 5,436 | 21 | |
^ | Novavax Inc. | 1,304 | 21 | |
* | Surmodics Inc. | 593 | 21 | |
* | Progenics Pharmaceuticals Inc. | 4,323 | 20 | |
* | Eagle Pharmaceuticals Inc. | 443 | 20 |
27
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
* | BioCryst Pharmaceuticals Inc. | 6,768 | 20 | |
LeMaitre Vascular Inc. | 712 | 20 | ||
* | NGM Biopharmaceuticals Inc. | 1,121 | 20 | |
* | Prothena Corp. plc | 1,885 | 20 | |
* | Karuna Therapeutics Inc. | 230 | 20 | |
* | AngioDynamics Inc. | 1,731 | 20 | |
* | ANI Pharmaceuticals Inc. | 414 | 20 | |
* | Kura Oncology Inc. | 1,609 | 19 | |
* | Community Health Systems Inc. | 3,913 | 19 | |
Option Care Health Inc. | 1,302 | 19 | ||
Owens & Minor Inc. | 2,810 | 19 | ||
* | Kindred Biosciences Inc. | 1,750 | 19 | |
* | BioDelivery Sciences International Inc. | 3,889 | 19 | |
* | PDL BioPharma Inc. | 5,544 | 19 | |
* | Axogen Inc. | 1,495 | 19 | |
* | MacroGenics Inc. | 2,104 | 18 | |
* | Avrobio Inc. | 948 | 18 | |
* | OraSure Technologies Inc. | 3,023 | 18 | |
* | Catalyst Pharmaceuticals Inc. | 4,325 | 18 | |
* | Surgery Partners Inc. | 1,102 | 18 | |
* | Phathom Pharmaceuticals Inc. | 495 | 18 | |
* | Viking Therapeutics Inc. | 3,013 | 18 | |
* | Clovis Oncology Inc. | 2,359 | 18 | |
* | OrthoPediatrics Corp. | 382 | 18 | |
* | Assembly Biosciences Inc. | 969 | 18 | |
* | AnaptysBio Inc. | 1,171 | 18 | |
^ | Vir Biotechnology Inc. | 376 | 17 | |
*,^ | TherapeuticsMD Inc. | 10,315 | 17 | |
* | Rigel Pharmaceuticals Inc. | 8,116 | 17 | |
* | Homology Medicines Inc. | 1,074 | 17 | |
* | Avid Bioservices Inc. | 2,709 | 17 | |
Livongo Health Inc. | 679 | 17 | ||
*,^ | Inovio Pharmaceuticals Inc. | 3,944 | 17 | |
* | Meridian Bioscience Inc. | 2,085 | 17 | |
*,^ | Accelerate Diagnostics Inc. | 1,288 | 16 | |
* | Cutera Inc. | 661 | 16 | |
* | BioSpecifics Technologies Corp. | 293 | 16 | |
* | Ardelyx Inc. | 2,330 | 16 | |
* | Odonate Therapeutics Inc. | 544 | 16 | |
* | Pfenex Inc. | 1,377 | 16 | |
* | Cue Biopharma Inc. | 899 | 16 | |
* | Cross Country Healthcare Inc. | 1,644 | 16 | |
*,^ | Mallinckrodt plc | 3,586 | 15 | |
* | Triple-S Management Corp. | 1,021 | 15 | |
* | Dynavax Technologies Corp. | 3,874 | 15 | |
* | Calithera Biosciences Inc. | 2,357 | 15 | |
SpringWorks Therapeutics Inc. | 476 | 15 | ||
Phreesia Inc. | 480 | 15 | ||
Progyny Inc. | 534 | 15 | ||
Computer Programs & Systems Inc. | 548 | 15 | ||
*,^ | CEL-SCI Corp. | 1,311 | 14 | |
* | Puma Biotechnology Inc. | 1,334 | 14 | |
* | Spectrum Pharmaceuticals Inc. | 4,990 | 14 | |
* | Mersana Therapeutics Inc. | 1,627 | 14 | |
* | SI-BONE Inc. | 719 | 14 | |
* | Quanterix Corp. | 605 | 14 | |
*,^ | Precigen Inc. | 3,604 | 14 | |
* | CytomX Therapeutics Inc. | 2,012 | 13 | |
* | Translate Bio Inc. | 1,754 | 13 | |
* | Precision BioSciences Inc. | 1,645 | 13 | |
* | Albireo Pharma Inc. | 560 | 13 | |
* | AMAG Pharmaceuticals Inc. | 1,672 | 13 | |
* | Rubius Therapeutics Inc. | 1,548 | 13 | |
Utah Medical Products Inc. | 147 | 13 |
28
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
* | Viela Bio Inc. | 292 | 13 | |
* | Bioxcel Therapeutics Inc. | 339 | 13 | |
* | Lannett Co. Inc. | 1,456 | 13 | |
* | Agenus Inc. | 4,972 | 13 | |
* | Stemline Therapeutics Inc. | 2,076 | 12 | |
* | Molecular Templates Inc. | 768 | 12 | |
* | Corbus Pharmaceuticals Holdings Inc. | 2,588 | 12 | |
* | Sorrento Therapeutics Inc. | 5,610 | 12 | |
* | SIGA Technologies Inc. | 2,399 | 12 | |
* | Fluidigm Corp. | 3,605 | 12 | |
Applied Therapeutics Inc. | 287 | 12 | ||
* | Crinetics Pharmaceuticals Inc. | 579 | 12 | |
* | Alphatec Holdings Inc. | 2,034 | 12 | |
Health Catalyst Inc. | 380 | 12 | ||
* | Voyager Therapeutics Inc. | 1,055 | 11 | |
* | MeiraGTx Holdings plc | 709 | 11 | |
* | Recro Pharma Inc. | 800 | 11 | |
* | Magenta Therapeutics Inc. | 975 | 11 | |
IGM Biosciences Inc. | 223 | 11 | ||
* | Accuray Inc. | 3,840 | 11 | |
* | Scholar Rock Holding Corp. | 794 | 11 | |
Invacare Corp. | 1,478 | 11 | ||
* | Zynex Inc. | 854 | 11 | |
Stoke Therapeutics Inc. | 435 | 11 | ||
* | Geron Corp. | 9,358 | 11 | |
* | ViewRay Inc. | 3,608 | 10 | |
* | MannKind Corp. | 8,065 | 10 | |
* | TransMedics Group Inc. | 651 | 10 | |
* | Atreca Inc. | 430 | 10 | |
* | Apyx Medical Corp. | 1,669 | 10 | |
* | Gritstone Oncology Inc. | 1,201 | 10 | |
* | Aprea Therapeutics Inc. | 294 | 10 | |
* | Minerva Neurosciences Inc. | 1,384 | 10 | |
* | Aduro Biotech Inc. | 3,282 | 10 | |
* | Kiniksa Pharmaceuticals Ltd. | 538 | 10 | |
* | Akcea Therapeutics Inc. | 582 | 10 | |
* | Syros Pharmaceuticals Inc. | 1,621 | 9 | |
* | RTI Surgical Holdings Inc. | 2,555 | 9 | |
* | Affimed NV | 3,967 | 9 | |
* | Eiger BioPharmaceuticals Inc. | 986 | 9 | |
* | CytoSorbents Corp. | 1,520 | 9 | |
* | WaVe Life Sciences Ltd. | 1,067 | 9 | |
* | Concert Pharmaceuticals Inc. | 1,051 | 9 | |
Oyster Point Pharma Inc. | 251 | 9 | ||
* | Joint Corp. | 594 | 9 | |
* | Beyondspring Inc. | 550 | 9 | |
* | Aeglea BioTherapeutics Inc. | 1,274 | 9 | |
* | Cellular Biomedicine Group Inc. | 545 | 9 | |
* | Ocular Therapeutix Inc. | 1,833 | 9 | |
* | Anavex Life Sciences Corp. | 2,261 | 9 | |
* | Evolus Inc. | 992 | 9 | |
* | GenMark Diagnostics Inc. | 2,366 | 8 | |
* | Replimune Group Inc. | 593 | 8 | |
* | SeaSpine Holdings Corp. | 573 | 8 | |
* | American Renal Associates Holdings Inc. | 1,000 | 8 | |
* | Syndax Pharmaceuticals Inc. | 852 | 8 | |
Satsuma Pharmaceuticals Inc. | 275 | 8 | ||
* | ChromaDex Corp. | 2,116 | 8 | |
* | UNITY Biotechnology Inc. | 1,287 | 8 | |
* | Sientra Inc. | 1,785 | 7 | |
* | MediciNova Inc. | 1,779 | 7 | |
* | Paratek Pharmaceuticals Inc. | 1,534 | 7 | |
* | Genesis Healthcare Inc. | 4,433 | 7 | |
Castle Biosciences Inc. | 239 | 7 |
29
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
* | Athersys Inc. | 5,931 | 7 | |
* | XBiotech Inc. | 564 | 7 | |
* | ADMA Biologics Inc. | 2,351 | 7 | |
* | KalVista Pharmaceuticals Inc. | 502 | 7 | |
* | La Jolla Pharmaceutical Co. | 991 | 7 | |
* | VBI Vaccines Inc. | 5,557 | 7 | |
* | Rockwell Medical Inc. | 2,346 | 7 | |
* | Pieris Pharmaceuticals Inc. | 2,101 | 7 | |
* | TCR2 Therapeutics Inc. | 548 | 7 | |
* | Verrica Pharmaceuticals Inc. | 542 | 6 | |
* | Cabaletta Bio Inc. | 430 | 6 | |
* | Chiasma Inc. | 1,438 | 6 | |
* | iRadimed Corp. | 262 | 6 | |
*,^ | Senseonics Holdings Inc. | 4,380 | 6 | |
* | Optinose Inc. | 1,002 | 6 | |
* | Vapotherm Inc. | 688 | 6 | |
X4 Pharmaceuticals Inc. | 556 | 6 | ||
* | Catasys Inc. | 390 | 6 | |
* | Five Prime Therapeutics Inc. | 1,533 | 6 | |
* | Protagonist Therapeutics Inc. | 750 | 6 | |
* | Kezar Life Sciences Inc. | 1,334 | 6 | |
* | Marinus Pharmaceuticals Inc. | 2,335 | 6 | |
* | Seres Therapeutics Inc. | 1,844 | 6 | |
* | GlycoMimetics Inc. | 1,587 | 6 | |
* | Strongbridge Biopharma plc | 2,024 | 6 | |
* | Savara Inc. | 2,429 | 6 | |
* | Sutro Biopharma Inc. | 569 | 6 | |
* | Frequency Therapeutics Inc. | 255 | 6 | |
* | AcelRx Pharmaceuticals Inc. | 4,174 | 6 | |
* | Akero Therapeutics Inc. | 253 | 6 | |
* | Spero Therapeutics Inc. | 571 | 5 | |
* | Lexicon Pharmaceuticals Inc. | 1,895 | 5 | |
* | Cymabay Therapeutics Inc. | 3,124 | 5 | |
* | Lineage Cell Therapeutics Inc. | 5,108 | 5 | |
* | Palatin Technologies Inc. | 9,894 | 5 | |
* | BioLife Solutions Inc. | 353 | 5 | |
* | Misonix Inc. | 358 | 5 | |
CorMedix Inc. | 944 | 5 | ||
* | Galectin Therapeutics Inc. | 2,269 | 5 | |
* | OptimizeRx Corp. | 567 | 5 | |
* | Liquidia Technologies Inc. | 1,138 | 5 | |
* | Hookipa Pharma Inc. | 473 | 5 | |
* | 89bio Inc. | 131 | 5 | |
* | Akorn Inc. | 4,022 | 5 | |
* | Harpoon Therapeutics Inc. | 304 | 5 | |
* | Prevail Therapeutics Inc. | 364 | 5 | |
* | Adamas Pharmaceuticals Inc. | 1,010 | 5 | |
* | Zynerba Pharmaceuticals Inc. | 1,080 | 5 | |
* | IntriCon Corp. | 309 | 5 | |
* | Kala Pharmaceuticals Inc. | 857 | 5 | |
* | Apollo Medical Holdings Inc. | 259 | 5 | |
* | Mustang Bio Inc. | 1,545 | 5 | |
* | CASI Pharmaceuticals Inc. | 2,498 | 4 | |
* | Xeris Pharmaceuticals Inc. | 1,237 | 4 | |
* | Cyclerion Therapeutics Inc. | 1,008 | 4 | |
* | Tyme Technologies Inc. | 3,607 | 4 | |
* | Evelo Biosciences Inc. | 837 | 4 | |
* | Enzo Biochem Inc. | 1,946 | 4 | |
* | Millendo Therapeutics Inc. | 522 | 4 | |
* | Evofem Biosciences Inc. | 680 | 4 | |
* | MEI Pharma Inc. | 1,980 | 4 | |
Morphic Holding Inc. | 240 | 4 | ||
* | Personalis Inc. | 419 | 4 | |
* | Oncocyte Corp. | 1,689 | 4 |
30
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
* | Pulse Biosciences Inc. | 514 | 4 | |
Mirum Pharmaceuticals Inc. | 211 | 3 | ||
*,^ | Marker Therapeutics Inc. | 1,413 | 3 | |
* | Eloxx Pharmaceuticals Inc. | 1,114 | 3 | |
* | EyePoint Pharmaceuticals Inc. | 2,666 | 3 | |
* | Chimerix Inc. | 1,938 | 3 | |
* | Jounce Therapeutics Inc. | 739 | 3 | |
Exagen Inc. | 194 | 3 | ||
* | Celcuity Inc. | 385 | 3 | |
* | Aldeyra Therapeutics Inc. | 849 | 3 | |
* | BioSig Technologies Inc. | 888 | 3 | |
* | Calyxt Inc. | 501 | 3 | |
* | Cerecor Inc. | 1,001 | 3 | |
* | Osmotica Pharmaceuticals plc | 519 | 3 | |
* | Solid Biosciences Inc. | 911 | 3 | |
* | Acorda Therapeutics Inc. | 1,996 | 3 | |
* | LogicBio Therapeutics Inc. | 357 | 3 | |
* | Assertio Therapeutics Inc. | 2,554 | 3 | |
*,^ | Soliton Inc. | 247 | 3 | |
* | Menlo Therapeutics Inc. | 777 | 2 | |
* | Baudax Bio Inc. | 320 | 2 | |
* | Kaleido Biosciences Inc. | 358 | 2 | |
* | Enochian Biosciences Inc. | 621 | 2 | |
* | Conformis Inc. | 2,412 | 2 | |
* | Neuronetics Inc. | 634 | 2 | |
* | Aclaris Therapeutics Inc. | 1,293 | 1 | |
*,§ | Alder BioPharmaceuticals CVR Exp. 12/31/2024 | 1,247 | 1 | |
TransEnterix Inc. | 756 | 1 | ||
§ | Synergy Pharmaceuticals Inc. | 12,927 | — | |
185,030 | ||||
Materials & Processing (3.2%) | ||||
Linde plc | 25,092 | 4,793 | ||
Air Products & Chemicals Inc. | 10,280 | 2,258 | ||
Ecolab Inc. | 11,800 | 2,129 | ||
Sherwin-Williams Co. | 3,872 | 2,001 | ||
Newmont Corp. | 38,210 | 1,705 | ||
DuPont de Nemours Inc. | 34,743 | 1,490 | ||
Ingersoll-Rand plc | 11,268 | 1,454 | ||
Dow Inc. | 35,043 | 1,416 | ||
PPG Industries Inc. | 10,970 | 1,146 | ||
Ball Corp. | 15,093 | 1,063 | ||
Fastenal Co. | 26,288 | 900 | ||
LyondellBasell Industries NV | 12,440 | 889 | ||
Vulcan Materials Co. | 6,139 | 738 | ||
International Paper Co. | 18,300 | 676 | ||
Freeport-McMoRan Inc. | 67,674 | 674 | ||
Martin Marietta Materials Inc. | 2,918 | 664 | ||
International Flavors & Fragrances Inc. | 4,992 | 598 | ||
Nucor Corp. | 14,256 | 589 | ||
FMC Corp. | 6,043 | 563 | ||
Masco Corp. | 13,350 | 552 | ||
Celanese Corp. | 5,645 | 529 | ||
Arconic Inc. | 17,981 | 528 | ||
Avery Dennison Corp. | 3,886 | 445 | ||
* | Crown Holdings Inc. | 6,108 | 431 | |
Albemarle Corp. | 4,889 | 400 | ||
Packaging Corp. of America | 4,376 | 397 | ||
Westrock Co. | 11,900 | 396 | ||
Eastman Chemical Co. | 6,392 | 393 | ||
RPM International Inc. | 5,983 | 384 | ||
Lennox International Inc. | 1,646 | 375 | ||
CF Industries Holdings Inc. | 10,162 | 375 | ||
Reliance Steel & Aluminum Co. | 3,028 | 310 | ||
AptarGroup Inc. | 3,002 | 303 |
31
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
Royal Gold Inc. | 3,044 | 294 | ||
Owens Corning | 5,046 | 285 | ||
Mosaic Co. | 16,160 | 275 | ||
* | Trex Co. Inc. | 2,753 | 263 | |
Hexcel Corp. | 3,981 | 257 | ||
Steel Dynamics Inc. | 9,615 | 256 | ||
MDU Resources Group Inc. | 9,229 | 256 | ||
AO Smith Corp. | 6,309 | 249 | ||
* | Axalta Coating Systems Ltd. | 9,658 | 241 | |
Watsco Inc. | 1,520 | 239 | ||
* | Berry Global Group Inc. | 6,127 | 233 | |
Armstrong World Industries Inc. | 2,299 | 230 | ||
Sonoco Products Co. | 4,658 | 225 | ||
Sealed Air Corp. | 7,229 | 219 | ||
Ashland Global Holdings Inc. | 2,833 | 203 | ||
Scotts Miracle-Gro Co. | 1,855 | 197 | ||
* | RBC Bearings Inc. | 1,139 | 195 | |
Acuity Brands Inc. | 1,865 | 192 | ||
Huntsman Corp. | 10,080 | 191 | ||
Cabot Microelectronics Corp. | 1,359 | 189 | ||
Graphic Packaging Holding Co. | 13,593 | 184 | ||
Simpson Manufacturing Co. Inc. | 2,105 | 167 | ||
Louisiana-Pacific Corp. | 5,515 | 157 | ||
Eagle Materials Inc. | 1,967 | 155 | ||
WR Grace & Co. | 2,689 | 152 | ||
Rexnord Corp. | 4,965 | 145 | ||
Balchem Corp. | 1,513 | 143 | ||
Timken Co. | 3,098 | 139 | ||
* | Univar Solutions Inc. | 7,915 | 134 | |
Southern Copper Corp. | 3,918 | 132 | ||
Universal Forest Products Inc. | 2,803 | 131 | ||
NewMarket Corp. | 321 | 125 | ||
* | Builders FirstSource Inc. | 5,342 | 121 | |
Olin Corp. | 7,441 | 120 | ||
* | Alcoa Corp. | 8,613 | 119 | |
Valmont Industries Inc. | 1,010 | 117 | ||
Chemours Co. | 7,739 | 115 | ||
* | Element Solutions Inc. | 10,324 | 107 | |
Silgan Holdings Inc. | 3,662 | 105 | ||
AAON Inc. | 1,900 | 104 | ||
* | Summit Materials Inc. | 5,300 | 104 | |
PolyOne Corp. | 4,172 | 103 | ||
Commercial Metals Co. | 5,554 | 101 | ||
Innospec Inc. | 1,143 | 99 | ||
Sensient Technologies Corp. | 1,994 | 98 | ||
Cabot Corp. | 2,619 | 98 | ||
Quaker Chemical Corp. | 619 | 98 | ||
* | Beacon Roofing Supply Inc. | 3,202 | 95 | |
HB Fuller Co. | 2,400 | 94 | ||
Westlake Chemical Corp. | 1,670 | 93 | ||
Compass Minerals International Inc. | 1,624 | 89 | ||
* | Ingevity Corp. | 1,966 | 89 | |
Advanced Drainage Systems Inc. | 2,038 | 85 | ||
Stepan Co. | 966 | 85 | ||
* | Masonite International Corp. | 1,147 | 84 | |
* | Novagold Resources Inc. | 10,529 | 84 | |
Carpenter Technology Corp. | 2,228 | 82 | ||
O-I Glass Inc. | 7,403 | 80 | ||
Mueller Water Products Inc. | 7,195 | 79 | ||
Domtar Corp. | 2,680 | 77 | ||
* | BMC Stock Holdings Inc. | 3,079 | 75 | |
* | Gibraltar Industries Inc. | 1,477 | 75 | |
Mueller Industries Inc. | 2,640 | 74 | ||
Cleveland-Cliffs Inc. | 12,647 | 73 |
32
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
Belden Inc. | 1,840 | 73 | ||
Comfort Systems USA Inc. | 1,714 | 72 | ||
Minerals Technologies Inc. | 1,604 | 72 | ||
* | Installed Building Products Inc. | 1,077 | 71 | |
Kaiser Aluminum Corp. | 743 | 70 | ||
Boise Cascade Co. | 1,807 | 64 | ||
United States Steel Corp. | 7,833 | 63 | ||
* | Livent Corp. | 6,847 | 61 | |
Hecla Mining Co. | 22,906 | 60 | ||
Worthington Industries Inc. | 1,850 | 59 | ||
* | JELD-WEN Holding Inc. | 3,115 | 59 | |
Greif Inc. Class A | 1,552 | 55 | ||
Patrick Industries Inc. | 1,016 | 54 | ||
Schweitzer-Mauduit International Inc. | 1,444 | 49 | ||
* | GCP Applied Technologies Inc. | 2,435 | 47 | |
* | Coeur Mining Inc. | 11,094 | 46 | |
* | Ferro Corp. | 3,920 | 46 | |
Neenah Inc. | 777 | 45 | ||
Materion Corp. | 932 | 42 | ||
* | GMS Inc. | 1,835 | 42 | |
* | PGT Innovations Inc. | 2,606 | 40 | |
Trinseo SA | 1,795 | 39 | ||
Orion Engineered Carbons SA | 2,726 | 39 | ||
Apogee Enterprises Inc. | 1,177 | 36 | ||
* | AK Steel Holding Corp. | 14,373 | 33 | |
* | MRC Global Inc. | 3,641 | 32 | |
Tronox Holdings plc Class A | 4,176 | 31 | ||
Chase Corp. | 336 | 30 | ||
Griffon Corp. | 1,686 | 29 | ||
PH Glatfelter Co. | 1,961 | 28 | ||
* | Verso Corp. | 1,573 | 26 | |
Quanex Building Products Corp. | 1,466 | 25 | ||
GrafTech International Ltd. | 2,921 | 24 | ||
* | PQ Group Holdings Inc. | 1,714 | 23 | |
Tredegar Corp. | 1,263 | 22 | ||
Myers Industries Inc. | 1,529 | 21 | ||
* | US Concrete Inc. | 771 | 21 | |
* | Clearwater Paper Corp. | 748 | 20 | |
* | OMNOVA Solutions Inc. | 1,998 | 20 | |
American Vanguard Corp. | 1,302 | 20 | ||
Schnitzer Steel Industries Inc. | 1,198 | 20 | ||
* | Koppers Holdings Inc. | 897 | 20 | |
* | AdvanSix Inc. | 1,257 | 18 | |
Insteel Industries Inc. | 854 | 17 | ||
Hawkins Inc. | 454 | 16 | ||
Ardagh Group SA | 885 | 15 | ||
US Silica Holdings Inc. | 3,365 | 15 | ||
* | Cornerstone Building Brands Inc. | 2,074 | 15 | |
* | Unifi Inc. | 712 | 15 | |
* | UFP Technologies Inc. | 307 | 15 | |
NN Inc. | 1,893 | 15 | ||
* | Foundation Building Materials Inc. | 935 | 15 | |
* | Century Aluminum Co. | 2,407 | 14 | |
* | Kraton Corp. | 1,372 | 14 | |
Haynes International Inc. | 543 | 14 | ||
* | Forterra Inc. | 999 | 13 | |
* | Northwest Pipe Co. | 399 | 13 | |
FutureFuel Corp. | 1,191 | 12 | ||
* | Landec Corp. | 1,164 | 12 | |
Caesarstone Ltd. | 1,004 | 11 | ||
Kronos Worldwide Inc. | 1,086 | 11 | ||
Omega Flex Inc. | 131 | 10 | ||
Gold Resource Corp. | 2,491 | 10 | ||
* | TimkenSteel Corp. | 1,849 | 9 |
33
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market | |||
* | Amyris Inc. | 2,724 | 9 | |
United States Lime & Minerals Inc. | 102 | 8 | ||
* | Intrepid Potash Inc. | 4,576 | 8 | |
* | LB Foster Co. | 495 | 8 | |
* | Lawson Products Inc. | 194 | 8 | |
Eastern Co. | 272 | 7 | ||
Oil-Dri Corp. of America | 226 | 7 | ||
* | Ryerson Holding Corp. | 795 | 7 | |
* | Veritiv Corp. | 533 | 6 | |
Olympic Steel Inc. | 514 | 6 | ||
Rayonier Advanced Materials Inc. | 2,304 | 6 | ||
* | Uranium Energy Corp. | 8,412 | 5 | |
* | BlueLinx Holdings Inc. | 402 | 5 | |
*,^ | Energy Fuels Inc. | 3,791 | 4 | |
Culp Inc. | 488 | 4 | ||
* | Synalloy Corp. | 383 | 4 | |
* | Concrete Pumping Holdings Inc. | 795 | 4 | |
* | Marrone Bio Innovations Inc. | 3,470 | 4 | |
* | LSB Industries Inc. | 1,010 | 2 | |
43,199 | ||||
Other (0.0%)1 | ||||
PPD Inc. | 494 | 14 | ||
* | Reynolds Consumer Products Inc. | 374 | 11 | |
*,§ | Tobira Therapeutics CVR Exp. 12/31/2028 | 937 | 4 | |
* | Arcutis Biotherapeutics Inc. | 159 | 4 | |
Schrodinger Inc. | 40 | 2 | ||
Passage Bio Inc. | 41 | 1 | ||
*,§ | A Schulman Inc. CVR | 1,117 | 1 | |
*,§ | NewStar Financial Inc. CVR | 943 | — | |
*,§ | Media General Inc. CVR | 5,133 | — | |
*,§ | Corium CVR | 985 | — | |
*,§ | Aratana Therapeutics Inc. CVR Exp. 02/29/2020 | 1,951 | — | |
*,§ | Omthera Pharmeceuticals Rights | 152 | — | |
*,§ | Clinical Data CVR | 32 | — | |
37 | ||||
Producer Durables (9.6%) | ||||
Boeing Co. | 24,786 | 6,819 | ||
Honeywell International Inc. | 33,621 | 5,452 | ||
Accenture plc Class A | 29,800 | 5,382 | ||
Union Pacific Corp. | 32,532 | 5,199 | ||
United Technologies Corp. | 37,918 | 4,952 | ||
General Electric Co. | 404,213 | 4,398 | ||
Lockheed Martin Corp. | 11,594 | 4,288 | ||
3M Co. | 26,142 | 3,901 | ||
Automatic Data Processing Inc. | 20,320 | 3,144 | ||
Caterpillar Inc. | 25,027 | 3,109 | ||
United Parcel Service Inc. | 32,657 | 2,955 | ||
Illinois Tool Works Inc. | 14,986 | 2,514 | ||
Raytheon Co. | 13,080 | 2,466 | ||
CSX Corp. | 34,813 | 2,453 | ||
Northrop Grumman Corp. | 7,399 | 2,433 | ||
Deere & Co. | 14,719 | 2,303 | ||
Norfolk Southern Corp. | 12,157 | 2,217 | ||
Waste Management Inc. | 19,864 | 2,201 | ||
General Dynamics Corp. | 11,914 | 1,903 | ||
Emerson Electric Co. | 28,595 | 1,833 | ||
Eaton Corp. plc | 19,252 | 1,747 | ||
Roper Technologies Inc. | 4,784 | 1,683 | ||
FedEx Corp. | 11,300 | 1,595 | ||
Johnson Controls International plc | 36,233 | 1,325 | ||
TransDigm Group Inc. | 2,294 | 1,280 | ||
Delta Air Lines Inc. | 26,775 | 1,235 | ||
Paychex Inc. | 14,972 | 1,160 | ||
Verisk Analytics Inc. | 7,463 | 1,158 |
34
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
* | CoStar Group Inc. | 1,683 | 1,124 | ||||||
Parker-Hannifin Corp. | 5,927 | 1,095 | |||||||
PACCAR Inc. | 15,859 | 1,061 | |||||||
Cummins Inc. | 6,964 | 1,054 | |||||||
Cintas Corp. | 3,886 | 1,037 | |||||||
Southwest Airlines Co. | 22,140 | 1,023 | |||||||
Stanley Black & Decker Inc. | 7,077 | 1,017 | |||||||
Rockwell Automation Inc. | 5,384 | 988 | |||||||
Fortive Corp. | 13,810 | 955 | |||||||
AMETEK Inc. | 10,638 | 915 | |||||||
Republic Services Inc. | 9,826 | 887 | |||||||
* | Keysight Technologies Inc. | 8,770 | 831 | ||||||
* | Copart Inc. | 9,410 | 795 | ||||||
* | Mettler-Toledo International Inc. | 1,124 | 789 | ||||||
Kansas City Southern | 4,623 | 697 | |||||||
Dover Corp. | 6,778 | 696 | |||||||
* | United Airlines Holdings Inc. | 10,831 | 667 | ||||||
Xylem Inc. | 8,380 | 648 | |||||||
Old Dominion Freight Line Inc. | 3,041 | 589 | |||||||
* | Waters Corp. | 2,989 | 583 | ||||||
Westinghouse Air Brake Technologies Corp. | 8,404 | 577 | |||||||
Expeditors International of Washington Inc. | 7,997 | 563 | |||||||
* | Teledyne Technologies Inc. | 1,669 | 563 | ||||||
Jacobs Engineering Group Inc. | 6,084 | 562 | |||||||
WW Grainger Inc. | 2,023 | 561 | |||||||
* | Zebra Technologies Corp. | 2,497 | 527 | ||||||
IDEX Corp. | 3,531 | 523 | |||||||
Allegion plc | 4,341 | 499 | |||||||
* | Trimble Inc. | 11,803 | 466 | ||||||
* | United Rentals Inc. | 3,510 | 465 | ||||||
Booz Allen Hamilton Holding Corp. | 6,396 | 456 | |||||||
Textron Inc. | 10,814 | 439 | |||||||
CH Robinson Worldwide Inc. | 6,306 | 434 | |||||||
Nordson Corp. | 2,682 | 390 | |||||||
Huntington Ingalls Industries Inc. | 1,866 | 383 | |||||||
Carlisle Cos. Inc. | 2,635 | 383 | |||||||
JB Hunt Transport Services Inc. | 3,964 | 382 | |||||||
Graco Inc. | 7,730 | 381 | |||||||
Snap-on Inc. | 2,539 | 367 | |||||||
Toro Co. | 4,921 | 351 | |||||||
American Airlines Group Inc. | 18,351 | 350 | |||||||
Genpact Ltd. | 8,760 | 337 | |||||||
Hubbell Inc. | 2,526 | 337 | |||||||
* | Aecom | 7,246 | 326 | ||||||
* | XPO Logistics Inc. | 4,273 | 316 | ||||||
HEICO Corp. Class A | 3,547 | 313 | |||||||
Pentair plc | 7,792 | 307 | |||||||
* | Sensata Technologies Holding plc | 7,310 | 298 | ||||||
* | HD Supply Holdings Inc. | 7,753 | 295 | ||||||
* | Generac Holdings Inc. | 2,859 | 294 | ||||||
* | Middleby Corp. | 2,609 | 292 | ||||||
Alaska Air Group Inc. | 5,627 | 284 | |||||||
Xerox Holdings Corp. | 8,383 | 270 | |||||||
Robert Half International Inc. | 5,296 | 267 | |||||||
FLIR Systems Inc. | 6,275 | 266 | |||||||
Donaldson Co. Inc. | 5,898 | 266 | |||||||
Woodward Inc. | 2,561 | 264 | |||||||
Spirit AeroSystems Holdings Inc. | 4,804 | 254 | |||||||
Quanta Services Inc. | 6,564 | 250 | |||||||
National Instruments Corp. | 6,114 | 246 | |||||||
ITT Inc. | 4,081 | 245 | |||||||
Flowserve Corp. | 6,107 | 245 | |||||||
BWX Technologies Inc. | 4,469 | 245 | |||||||
Curtiss-Wright Corp. | 2,000 | 240 | |||||||
35
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
* | Stericycle Inc. | 4,158 | 239 | ||||||
Oshkosh Corp. | 3,178 | 229 | |||||||
Lincoln Electric Holdings Inc. | 2,738 | 224 | |||||||
* | JetBlue Airways Corp. | 13,478 | 213 | ||||||
* | Paylocity Holding Corp. | 1,612 | 209 | ||||||
ManpowerGroup Inc. | 2,743 | 208 | |||||||
* | Axon Enterprise Inc. | 2,687 | 208 | ||||||
Allison Transmission Holdings Inc. | 5,104 | 207 | |||||||
Tetra Tech Inc. | 2,555 | 207 | |||||||
* | Gardner Denver Holdings Inc. | 6,208 | 204 | ||||||
EMCOR Group Inc. | 2,609 | 201 | |||||||
MSA Safety Inc. | 1,646 | 200 | |||||||
HEICO Corp. | 1,849 | 199 | |||||||
* | Darling Ingredients Inc. | 7,695 | 198 | ||||||
* | FTI Consulting Inc. | 1,741 | 196 | ||||||
Air Lease Corp. | 4,905 | 188 | |||||||
MAXIMUS Inc. | 2,964 | 187 | |||||||
Landstar System Inc. | 1,849 | 187 | |||||||
Knight-Swift Transportation Holdings Inc. | 5,804 | 185 | |||||||
Brink's Co. | 2,301 | 180 | |||||||
Exponent Inc. | 2,414 | 178 | |||||||
AGCO Corp. | 2,925 | 177 | |||||||
Littelfuse Inc. | 1,102 | 176 | |||||||
* | Kirby Corp. | 2,759 | 176 | ||||||
KBR Inc. | 6,627 | 172 | |||||||
nVent Electric plc | 7,131 | 171 | |||||||
* | Aerojet Rocketdyne Holdings Inc. | 3,427 | 169 | ||||||
* | Clean Harbors Inc. | 2,428 | 169 | ||||||
Crane Co. | 2,360 | 160 | |||||||
* | TopBuild Corp. | 1,561 | 158 | ||||||
Regal Beloit Corp. | 1,910 | 148 | |||||||
* | Colfax Corp. | 4,385 | 147 | ||||||
John Bean Technologies Corp. | 1,465 | 142 | |||||||
* | MasTec Inc. | 2,803 | 138 | ||||||
Macquarie Infrastructure Corp. | 3,445 | 135 | |||||||
UniFirst Corp. | 709 | 132 | |||||||
MSC Industrial Direct Co. Inc. Class A | 2,053 | 127 | |||||||
EnerSys | 2,013 | 124 | |||||||
Copa Holdings SA | 1,478 | 123 | |||||||
* | Itron Inc. | 1,613 | 122 | ||||||
* | ASGN Inc. | 2,400 | 122 | ||||||
Watts Water Technologies Inc. | 1,295 | 122 | |||||||
Barnes Group Inc. | 2,230 | 120 | |||||||
* | ExlService Holdings Inc. | 1,592 | 119 | ||||||
GATX Corp. | 1,645 | 118 | |||||||
Insperity Inc. | 1,746 | 117 | |||||||
Moog Inc. | 1,514 | 117 | |||||||
* | Advanced Disposal Services Inc. | 3,384 | 112 | ||||||
* | Proto Labs Inc. | 1,275 | 112 | ||||||
Franklin Electric Co. Inc. | 2,150 | 111 | |||||||
ESCO Technologies Inc. | 1,219 | 111 | |||||||
* | TriNet Group Inc. | 2,091 | 111 | ||||||
Kennametal Inc. | 3,871 | 108 | |||||||
* | Advanced Energy Industries Inc. | 1,800 | 107 | ||||||
* | Saia Inc. | 1,218 | 106 | ||||||
Brady Corp. Class A | 2,240 | 106 | |||||||
* | Casella Waste Systems Inc. | 2,181 | 106 | ||||||
SkyWest Inc. | 2,312 | 105 | |||||||
Applied Industrial Technologies Inc. | 1,762 | 104 | |||||||
ABM Industries Inc. | 3,133 | 103 | |||||||
* | Allegheny Technologies Inc. | 5,930 | 101 | ||||||
Healthcare Services Group Inc. | 3,536 | 97 | |||||||
* | Chart Industries Inc. | 1,692 | 96 | ||||||
Trinity Industries Inc. | 4,714 | 96 | |||||||
36
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
Herman Miller Inc. | 2,764 | 95 | |||||||
Ryder System Inc. | 2,471 | 94 | |||||||
Korn Ferry | 2,662 | 93 | |||||||
Albany International Corp. | 1,447 | 93 | |||||||
Altra Industrial Motion Corp. | 3,069 | 92 | |||||||
* | Spirit Airlines Inc. | 3,224 | 92 | ||||||
Otter Tail Corp. | 1,872 | 91 | |||||||
Triton International Ltd. | 2,544 | 87 | |||||||
* | SPX Corp. | 2,058 | 86 | ||||||
* | Navistar International Corp. | 2,306 | 84 | ||||||
Allegiant Travel Co. | 610 | 83 | |||||||
Federal Signal Corp. | 2,814 | 82 | |||||||
* | Welbilt Inc. | 6,149 | 81 | ||||||
Mobile Mini Inc. | 2,079 | 81 | |||||||
Cubic Corp. | 1,470 | 80 | |||||||
Hillenbrand Inc. | 3,417 | 80 | |||||||
McGrath RentCorp | 1,150 | 80 | |||||||
* | WESCO International Inc. | 1,961 | 80 | ||||||
Badger Meter Inc. | 1,317 | 79 | |||||||
Forward Air Corp. | 1,334 | 79 | |||||||
* | Atkore International Group Inc. | 2,125 | 78 | ||||||
Aircastle Ltd. | 2,408 | 77 | |||||||
Covanta Holding Corp. | 5,564 | 74 | |||||||
Kaman Corp. | 1,320 | 73 | |||||||
Werner Enterprises Inc. | 2,158 | 72 | |||||||
* | SPX FLOW Inc. | 1,923 | 71 | ||||||
* | Hub Group Inc. | 1,524 | 70 | ||||||
* | Kratos Defense & Security Solutions Inc. | 4,251 | 69 | ||||||
Matson Inc. | 2,037 | 68 | |||||||
HNI Corp. | 2,031 | 67 | |||||||
ICF International Inc. | 867 | 66 | |||||||
Deluxe Corp. | 1,956 | 65 | |||||||
Terex Corp. | 2,935 | 65 | |||||||
Steelcase Inc. | 3,970 | 64 | |||||||
* | OSI Systems Inc. | 782 | 64 | ||||||
* | Resideo Technologies Inc. | 5,805 | 62 | ||||||
* | CBIZ Inc. | 2,375 | 62 | ||||||
Fluor Corp. | 6,624 | 62 | |||||||
* | Huron Consulting Group Inc. | 1,015 | 60 | ||||||
Tennant Co. | 830 | 59 | |||||||
* | Enerpac Tool Group Corp. Class A | 2,587 | 55 | ||||||
* | Sykes Enterprises Inc. | 1,738 | 55 | ||||||
* | TriMas Corp. | 2,162 | 55 | ||||||
AAR Corp. | 1,586 | 55 | |||||||
Helios Technologies Inc. | 1,339 | 53 | |||||||
Rush Enterprises Inc. Class A | 1,239 | 52 | |||||||
* | AeroVironment Inc. | 1,002 | 51 | ||||||
EnPro Industries Inc. | 946 | 51 | |||||||
Alamo Group Inc. | 442 | 49 | |||||||
Lindsay Corp. | 490 | 49 | |||||||
* | Air Transport Services Group Inc. | 2,693 | 48 | ||||||
US Ecology Inc. | 1,130 | 48 | |||||||
Raven Industries Inc. | 1,650 | 47 | |||||||
Kadant Inc. | 518 | 47 | |||||||
* | Plug Power Inc. | 10,644 | 46 | ||||||
SFL Corp. Ltd. | 3,796 | 46 | |||||||
Encore Wire Corp. | 940 | 46 | |||||||
Schneider National Inc. | 2,558 | 46 | |||||||
Mesa Laboratories Inc. | 190 | 45 | |||||||
CSW Industrials Inc. | 688 | 45 | |||||||
* | FARO Technologies Inc. | 788 | 45 | ||||||
Douglas Dynamics Inc. | 1,028 | 45 | |||||||
Hawaiian Holdings Inc. | 2,141 | 45 | |||||||
* | Harsco Corp. | 3,709 | 44 | ||||||
37
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
AZZ Inc. | 1,203 | 44 | |||||||
Triumph Group Inc. | 2,304 | 44 | |||||||
Granite Construction Inc. | 2,152 | 44 | |||||||
Scorpio Tankers Inc. | 2,103 | 42 | |||||||
* | Herc Holdings Inc. | 1,127 | 41 | ||||||
* | Dycom Industries Inc. | 1,396 | 41 | ||||||
Astec Industries Inc. | 1,058 | 40 | |||||||
Knoll Inc. | 2,226 | 39 | |||||||
* | SP Plus Corp. | 1,068 | 39 | ||||||
Primoris Services Corp. | 1,989 | 38 | |||||||
Heartland Express Inc. | 2,057 | 37 | |||||||
Greenbrier Cos. Inc. | 1,488 | 36 | |||||||
H&E Equipment Services Inc. | 1,513 | 36 | |||||||
Standex International Corp. | 562 | 36 | |||||||
Marten Transport Ltd. | 1,818 | 36 | |||||||
ACCO Brands Corp. | 4,402 | 35 | |||||||
* | Vicor Corp. | 807 | 35 | ||||||
MTS Systems Corp. | 831 | 33 | |||||||
Columbus McKinnon Corp. | 1,069 | 33 | |||||||
* | CIRCOR International Inc. | 903 | 32 | ||||||
ADT Inc. | 4,878 | 31 | |||||||
* | SEACOR Holdings Inc. | 799 | 30 | ||||||
* | Atlas Air Worldwide Holdings Inc. | 1,041 | 28 | ||||||
Kforce Inc. | 908 | 28 | |||||||
* | Vectrus Inc. | 527 | 27 | ||||||
Argan Inc. | 655 | 27 | |||||||
* | Great Lakes Dredge & Dock Corp. | 2,813 | 27 | ||||||
* | Thermon Group Holdings Inc. | 1,534 | 27 | ||||||
* | TrueBlue Inc. | 1,778 | 26 | ||||||
Kimball International Inc. | 1,634 | 26 | |||||||
* | Conduent Inc. | 8,052 | 26 | ||||||
Wabash National Corp. | 2,381 | 26 | |||||||
Pitney Bowes Inc. | 7,593 | 26 | |||||||
* | Tutor Perini Corp. | 1,778 | 26 | ||||||
* | NV5 Global Inc. | 481 | 26 | ||||||
TTEC Holdings Inc. | 677 | 25 | |||||||
Gorman-Rupp Co. | 790 | 25 | |||||||
Kelly Services Inc. | 1,494 | 25 | |||||||
* | Aegion Corp. | 1,362 | 25 | ||||||
* | Echo Global Logistics Inc. | 1,313 | 24 | ||||||
* | CryoPort Inc. | 1,449 | 24 | ||||||
Spartan Motors Inc. | 1,625 | 24 | |||||||
* | Tidewater Inc. | 1,721 | 24 | ||||||
ArcBest Corp. | 1,190 | 24 | |||||||
* | Ducommun Inc. | 513 | 23 | ||||||
Ennis Inc. | 1,139 | 23 | |||||||
DHT Holdings Inc. | 4,101 | 23 | |||||||
Hyster-Yale Materials Handling Inc. | 469 | 23 | |||||||
* | International Seaways Inc. | 1,133 | 23 | ||||||
* | Gates Industrial Corp. plc | 2,014 | 21 | ||||||
* | DXP Enterprises Inc. | 725 | 21 | ||||||
Barrett Business Services Inc. | 343 | 21 | |||||||
* | BrightView Holdings Inc. | 1,463 | 20 | ||||||
* | Astronics Corp. | 1,006 | 20 | ||||||
* | Textainer Group Holdings Ltd. | 2,442 | 20 | ||||||
Nordic American Tankers Ltd. | 6,236 | 20 | |||||||
Heidrick & Struggles International Inc. | 885 | 20 | |||||||
* | Manitowoc Co. Inc. | 1,566 | 20 | ||||||
* | Heritage-Crystal Clean Inc. | 723 | 19 | ||||||
* | Forrester Research Inc. | 522 | 19 | ||||||
* | Team Inc. | 1,463 | 19 | ||||||
* | MYR Group Inc. | 730 | 19 | ||||||
Luxfer Holdings plc | 1,163 | 18 | |||||||
Teekay Tankers Ltd. Class A | 1,074 | 18 | |||||||
38
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
* | CAI International Inc. | 709 | 18 | ||||||
Resources Connection Inc. | 1,356 | 17 | |||||||
Hackett Group Inc. | 1,097 | 17 | |||||||
* | Modine Manufacturing Co. | 2,245 | 17 | ||||||
* | Sterling Construction Co. Inc. | 1,217 | 17 | ||||||
* | Energy Recovery Inc. | 1,662 | 16 | ||||||
* | Construction Partners Inc. Class A | 884 | 15 | ||||||
Miller Industries Inc. | 503 | 15 | |||||||
Costamare Inc. | 2,282 | 15 | |||||||
CRA International Inc. | 313 | 15 | |||||||
* | Willis Lease Finance Corp. | 253 | 14 | ||||||
* | Willdan Group Inc. | 461 | 14 | ||||||
* | Dorian LPG Ltd. | 1,258 | 14 | ||||||
Powell Industries Inc. | 401 | 13 | |||||||
* | Vishay Precision Group Inc. | 454 | 12 | ||||||
* | Blue Bird Corp. | 687 | 12 | ||||||
Allied Motion Technologies Inc. | 318 | 12 | |||||||
Park Aerospace Corp. | 830 | 12 | |||||||
* | Teekay Corp. | 3,070 | 11 | ||||||
Systemax Inc. | 528 | 11 | |||||||
REV Group Inc. | 1,390 | 11 | |||||||
VSE Corp. | 369 | 11 | |||||||
GasLog Ltd. | 1,927 | 11 | |||||||
* | Arlo Technologies Inc. | 3,179 | 10 | ||||||
* | Lydall Inc. | 872 | 10 | ||||||
* | Diamond S Shipping Inc. | 978 | 10 | ||||||
Rush Enterprises Inc. Class B | 239 | 10 | |||||||
Park-Ohio Holdings Corp. | 406 | 10 | |||||||
* | Napco Security Technologies Inc. | 479 | 10 | ||||||
* | Transcat Inc. | 315 | 9 | ||||||
* | CECO Environmental Corp. | 1,327 | 9 | ||||||
Hurco Cos. Inc. | 306 | 9 | |||||||
* | Titan Machinery Inc. | 818 | 8 | ||||||
Scorpio Bulkers Inc. | 2,507 | 8 | |||||||
* | IES Holdings Inc. | 339 | 8 | ||||||
* | American Superconductor Corp. | 1,127 | 8 | ||||||
Ardmore Shipping Corp. | 1,377 | 8 | |||||||
* | Radiant Logistics Inc. | 1,707 | 7 | ||||||
Graham Corp. | 452 | 7 | |||||||
Quad/Graphics Inc. | 1,561 | 7 | |||||||
* | Mistras Group Inc. | 907 | 7 | ||||||
* | Target Hospitality Corp. | 1,517 | 7 | ||||||
BG Staffing Inc. | 449 | 7 | |||||||
* | Commercial Vehicle Group Inc. | 1,582 | 7 | ||||||
Preformed Line Products Co. | 141 | 7 | |||||||
RR Donnelley & Sons Co. | 3,470 | 7 | |||||||
* | GP Strategies Corp. | 588 | 7 | ||||||
Advanced Emissions Solutions Inc. | 726 | 6 | |||||||
Genco Shipping & Trading Ltd. | 831 | 6 | |||||||
* | Eagle Bulk Shipping Inc. | 1,875 | 6 | ||||||
Briggs & Stratton Corp. | 1,927 | 6 | |||||||
* | Covenant Transportation Group Inc. | 501 | 6 | ||||||
Universal Logistics Holdings Inc. | 391 | 6 | |||||||
* | InnerWorkings Inc. | 1,898 | 6 | ||||||
* | StarTek Inc. | 936 | 6 | ||||||
* | Mesa Air Group Inc. | 961 | 6 | ||||||
* | Daseke Inc. | 1,655 | 5 | ||||||
* | Information Services Group Inc. | 1,668 | 5 | ||||||
Titan International Inc. | 2,357 | 5 | |||||||
* | DHI Group Inc. | 2,292 | 5 | ||||||
* | Overseas Shipholding Group Inc. Class A | 3,028 | 5 | ||||||
* | Liquidity Services Inc. | 1,227 | 5 | ||||||
* | Gencor Industries Inc. | 426 | 4 | ||||||
* | US Xpress Enterprises Inc. | 991 | 4 | ||||||
39
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
* | EVI Industries Inc. | 183 | 4 | ||||||
* | PRGX Global Inc. | 1,083 | 4 | ||||||
* | Twin Disc Inc. | 473 | 4 | ||||||
* | Wrap Technologies Inc. | 558 | 3 | ||||||
* | YRC Worldwide Inc. | 1,491 | 3 | ||||||
* | Safe Bulkers Inc. | 2,359 | 3 | ||||||
*,^ | Energous Corp. | 1,969 | 3 | ||||||
* | PAM Transportation Services Inc. | 68 | 3 | ||||||
* | Mayville Engineering Co. Inc. | 367 | 3 | ||||||
Roadrunner Transportation Systems Inc. | 298 | 2 | |||||||
131,042 | |||||||||
Technology (23.9%) | |||||||||
Microsoft Corp. | 353,966 | 57,346 | |||||||
Apple Inc. | 208,053 | 56,873 | |||||||
* | Facebook Inc. | 111,839 | 21,526 | ||||||
* | Alphabet Inc. Class C | 14,036 | 18,799 | ||||||
* | Alphabet Inc. Class A | 14,007 | 18,759 | ||||||
Intel Corp. | 203,807 | 11,315 | |||||||
Cisco Systems Inc. | 200,515 | 8,007 | |||||||
* | Adobe Inc. | 22,772 | 7,859 | ||||||
NVIDIA Corp. | 27,309 | 7,375 | |||||||
* | salesforce.com Inc. | 38,840 | 6,618 | ||||||
International Business Machines Corp. | 41,559 | 5,409 | |||||||
Texas Instruments Inc. | 43,825 | 5,002 | |||||||
Broadcom Inc. | 18,088 | 4,931 | |||||||
Oracle Corp. | 95,944 | 4,745 | |||||||
QUALCOMM Inc. | 53,371 | 4,179 | |||||||
Intuit Inc. | 11,602 | 3,084 | |||||||
* | ServiceNow Inc. | 8,677 | 2,829 | ||||||
* | Micron Technology Inc. | 51,650 | 2,715 | ||||||
Applied Materials Inc. | 43,047 | 2,502 | |||||||
* | Advanced Micro Devices Inc. | 48,211 | 2,193 | ||||||
Activision Blizzard Inc. | 35,384 | 2,057 | |||||||
L3Harris Technologies Inc. | 10,314 | 2,039 | |||||||
Lam Research Corp. | 6,731 | 1,975 | |||||||
* | Autodesk Inc. | 10,242 | 1,955 | ||||||
Analog Devices Inc. | 17,157 | 1,871 | |||||||
Cognizant Technology Solutions Corp. | 25,747 | 1,569 | |||||||
HP Inc. | 69,404 | 1,443 | |||||||
* | Electronic Arts Inc. | 13,574 | 1,376 | ||||||
Motorola Solutions Inc. | 7,980 | 1,322 | |||||||
* | Workday Inc. | 7,578 | 1,313 | ||||||
IHS Markit Ltd. | 18,345 | 1,307 | |||||||
Amphenol Corp. Class A | 13,513 | 1,239 | |||||||
* | Twitter Inc. | 35,522 | 1,179 | ||||||
KLA Corp. | 7,452 | 1,145 | |||||||
* | Splunk Inc. | 7,193 | 1,060 | ||||||
Xilinx Inc. | 11,895 | 993 | |||||||
Microchip Technology Inc. | 10,814 | 981 | |||||||
* | Synopsys Inc. | 6,976 | 962 | ||||||
* | ANSYS Inc. | 3,909 | 947 | ||||||
* | VeriSign Inc. | 4,849 | 920 | ||||||
* | Cadence Design Systems Inc. | 13,018 | 861 | ||||||
Corning Inc. | 35,427 | 845 | |||||||
* | RingCentral Inc. | 3,484 | 821 | ||||||
* | Palo Alto Networks Inc. | 4,437 | 819 | ||||||
Skyworks Solutions Inc. | 7,962 | 798 | |||||||
* | Atlassian Corp. plc Class A | 5,494 | 796 | ||||||
Hewlett Packard Enterprise Co. | 61,251 | 783 | |||||||
Western Digital Corp. | 13,930 | 774 | |||||||
CDW Corp. | 6,673 | 762 | |||||||
* | IAC/InterActiveCorp | 3,475 | 709 | ||||||
Maxim Integrated Products Inc. | 12,687 | 706 | |||||||
* | Fortinet Inc. | 6,692 | 683 | ||||||
40
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
Marvell Technology Group Ltd. | 31,045 | 661 | |||||||
* | Paycom Software Inc. | 2,307 | 652 | ||||||
* | Twilio Inc. | 5,734 | 646 | ||||||
* | Akamai Technologies Inc. | 7,412 | 641 | ||||||
Leidos Holdings Inc. | 6,240 | 641 | |||||||
* | Okta Inc. | 4,903 | 628 | ||||||
* | DocuSign Inc. Class A | 7,256 | 626 | ||||||
Citrix Systems Inc. | 5,810 | 601 | |||||||
SS&C Technologies Holdings Inc. | 10,325 | 573 | |||||||
* | Take-Two Interactive Software Inc. | 5,248 | 564 | ||||||
* | Tyler Technologies Inc. | 1,793 | 562 | ||||||
* | GoDaddy Inc. | 7,998 | 560 | ||||||
* | Qorvo Inc. | 5,427 | 546 | ||||||
* | EPAM Systems Inc. | 2,431 | 543 | ||||||
* | Arista Networks Inc. | 2,768 | 535 | ||||||
* | Gartner Inc. | 4,077 | 528 | ||||||
NetApp Inc. | 11,188 | 523 | |||||||
NortonLifeLock Inc. | 27,083 | 515 | |||||||
Teradyne Inc. | 7,808 | 459 | |||||||
* | Black Knight Inc. | 6,740 | 450 | ||||||
* | Coupa Software Inc. | 2,933 | 439 | ||||||
* | VMware Inc. | 3,587 | 432 | ||||||
* | Guidewire Software Inc. | 3,869 | 424 | ||||||
* | Zendesk Inc. | 5,170 | 410 | ||||||
Amdocs Ltd. | 6,336 | 404 | |||||||
Cypress Semiconductor Corp. | 17,242 | 398 | |||||||
* | PTC Inc. | 4,844 | 366 | ||||||
* | ON Semiconductor Corp. | 19,020 | 355 | ||||||
* | F5 Networks Inc. | 2,849 | 342 | ||||||
Cognex Corp. | 7,651 | 341 | |||||||
* | HubSpot Inc. | 1,895 | 340 | ||||||
* | Aspen Technology Inc. | 3,192 | 340 | ||||||
Entegris Inc. | 6,256 | 334 | |||||||
Juniper Networks Inc. | 15,514 | 329 | |||||||
Universal Display Corp. | 1,990 | 316 | |||||||
Monolithic Power Systems Inc. | 1,963 | 311 | |||||||
* | Ceridian HCM Holding Inc. | 4,349 | 308 | ||||||
* | MongoDB Inc. | 1,969 | 300 | ||||||
* | Alteryx Inc. | 2,142 | 299 | ||||||
* | Nuance Communications Inc. | 13,461 | 291 | ||||||
DXC Technology Co. | 11,971 | 289 | |||||||
* | Dell Technologies Inc. | 7,072 | 286 | ||||||
* | CACI International Inc. Class A | 1,143 | 280 | ||||||
* | Ciena Corp. | 7,274 | 280 | ||||||
* | Lumentum Holdings Inc. | 3,585 | 279 | ||||||
* | Proofpoint Inc. | 2,606 | 278 | ||||||
* | Zynga Inc. | 40,089 | 269 | ||||||
CDK Global Inc. | 5,660 | 260 | |||||||
MKS Instruments Inc. | 2,551 | 256 | |||||||
* | Arrow Electronics Inc. | 3,782 | 254 | ||||||
SYNNEX Corp. | 1,918 | 240 | |||||||
* | RealPage Inc. | 3,721 | 239 | ||||||
* | Tech Data Corp. | 1,651 | 235 | ||||||
* | Cree Inc. | 5,030 | 225 | ||||||
Jabil Inc. | 6,998 | 224 | |||||||
Science Applications International Corp. | 2,691 | 216 | |||||||
* | IPG Photonics Corp. | 1,654 | 211 | ||||||
* | Grubhub Inc. | 4,292 | 206 | ||||||
* | Five9 Inc. | 2,804 | 205 | ||||||
* | Manhattan Associates Inc. | 2,978 | 201 | ||||||
* | Dropbox Inc. Class A | 9,966 | 195 | ||||||
Dolby Laboratories Inc. | 2,960 | 194 | |||||||
LogMeIn Inc. | 2,258 | 192 | |||||||
* | Smartsheet Inc. Class A | 4,113 | 190 | ||||||
41
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
j2 Global Inc. | 2,174 | 190 | |||||||
* | Nutanix Inc. | 7,906 | 188 | ||||||
* | Avalara Inc. | 2,215 | 188 | ||||||
* | Cirrus Logic Inc. | 2,731 | 187 | ||||||
* | Mercury Systems Inc. | 2,541 | 187 | ||||||
* | Anaplan Inc. | 4,019 | 181 | ||||||
* | Silicon Laboratories Inc. | 2,011 | 178 | ||||||
Sabre Corp. | 12,778 | 174 | |||||||
* | Envestnet Inc. | 2,235 | 169 | ||||||
* | Verint Systems Inc. | 3,070 | 168 | ||||||
* | Pure Storage Inc. | 10,786 | 165 | ||||||
*,^ | Match Group Inc. | 2,523 | 164 | ||||||
Pegasystems Inc. | 1,795 | 162 | |||||||
Perspecta Inc. | 6,488 | 162 | |||||||
* | Everbridge Inc. | 1,528 | 161 | ||||||
* | Inphi Corp. | 2,108 | 157 | ||||||
* | Dynatrace Inc. | 4,859 | 157 | ||||||
Blackbaud Inc. | 2,288 | 155 | |||||||
* | Elastic NV | 2,092 | 155 | ||||||
* | ViaSat Inc. | 2,664 | 153 | ||||||
* | Q2 Holdings Inc. | 2,024 | 153 | ||||||
* | Zscaler Inc. | 2,929 | 152 | ||||||
* | NCR Corp. | 5,974 | 151 | ||||||
* | ACI Worldwide Inc. | 5,392 | 150 | ||||||
* | Coherent Inc. | 1,132 | 146 | ||||||
Avnet Inc. | 4,683 | 144 | |||||||
* | Viavi Solutions Inc. | 10,749 | 142 | ||||||
* | Novanta Inc. | 1,587 | 142 | ||||||
* | Anixter International Inc. | 1,432 | 140 | ||||||
* | New Relic Inc. | 2,339 | 132 | ||||||
* | Blackline Inc. | 2,045 | 128 | ||||||
* | II-VI Inc. | 4,198 | 125 | ||||||
* | Qualys Inc. | 1,551 | 124 | ||||||
* | FireEye Inc. | 9,391 | 124 | ||||||
* | Semtech Corp. | 3,083 | 122 | ||||||
* | Acacia Communications Inc. | 1,773 | 121 | ||||||
Power Integrations Inc. | 1,341 | 117 | |||||||
Vishay Intertechnology Inc. | 6,224 | 116 | |||||||
Brooks Automation Inc. | 3,335 | 115 | |||||||
* | Box Inc. | 6,738 | 113 | ||||||
* | LiveRamp Holdings Inc. | 3,153 | 112 | ||||||
* | Varonis Systems Inc. | 1,391 | 112 | ||||||
* | Cornerstone OnDemand Inc. | 2,666 | 109 | ||||||
* | Rapid7 Inc. | 2,292 | 106 | ||||||
* | Synaptics Inc. | 1,596 | 105 | ||||||
* | Lattice Semiconductor Corp. | 5,860 | 105 | ||||||
* | Teradata Corp. | 5,211 | 104 | ||||||
* | Rogers Corp. | 875 | 101 | ||||||
* | SailPoint Technologies Holding Inc. | 3,955 | 100 | ||||||
* | Cloudera Inc. | 11,224 | 100 | ||||||
* | CommScope Holding Co. Inc. | 9,059 | 100 | ||||||
* | Yelp Inc. | 3,156 | 99 | ||||||
ManTech International Corp. | 1,265 | 95 | |||||||
* | Fabrinet | 1,705 | 94 | ||||||
* | Appfolio Inc. | 750 | 92 | ||||||
* | Plexus Corp. | 1,367 | 91 | ||||||
* | Verra Mobility Corp. Class A | 5,941 | 90 | ||||||
* | Bottomline Technologies DE Inc. | 2,012 | 89 | ||||||
* | Cargurus Inc. | 3,488 | 89 | ||||||
* | Insight Enterprises Inc. | 1,612 | 89 | ||||||
* | Ambarella Inc. | 1,483 | 88 | ||||||
* | NetScout Systems Inc. | 3,319 | 85 | ||||||
* | Diodes Inc. | 1,928 | 85 | ||||||
* | SPS Commerce Inc. | 1,609 | 85 | ||||||
42
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
* | Sanmina Corp. | 3,179 | 84 | ||||||
* | Alarm.com Holdings Inc. | 1,710 | 83 | ||||||
* | EchoStar Corp. | 2,328 | 81 | ||||||
* | CommVault Systems Inc. | 1,898 | 79 | ||||||
InterDigital Inc. | 1,478 | 78 | |||||||
* | FormFactor Inc. | 3,479 | 78 | ||||||
* | LivePerson Inc. | 2,916 | 77 | ||||||
Progress Software Corp. | 2,042 | 76 | |||||||
* | Workiva Inc. | 1,754 | 75 | ||||||
* | SVMK Inc. | 4,046 | 74 | ||||||
* | Rambus Inc. | 5,276 | 74 | ||||||
* | PROS Holdings Inc. | 1,552 | 71 | ||||||
*,^ | Appian Corp. Class A | 1,586 | 70 | ||||||
CSG Systems International Inc. | 1,563 | 69 | |||||||
KEMET Corp. | 2,636 | 69 | |||||||
* | Yext Inc. | 4,396 | 67 | ||||||
* | Onto Innovation Inc. | 2,162 | 66 | ||||||
* | Avaya Holdings Corp. | 5,086 | 66 | ||||||
* | Inovalon Holdings Inc. | 3,377 | 66 | ||||||
* | Knowles Corp. | 3,837 | 64 | ||||||
* | ForeScout Technologies Inc. | 1,953 | 64 | ||||||
* | Altair Engineering Inc. | 1,814 | 63 | ||||||
* | iRobot Corp. | 1,303 | 63 | ||||||
* | Perficient Inc. | 1,482 | 61 | ||||||
* | TTM Technologies Inc. | 4,637 | 60 | ||||||
* | Virtusa Corp. | 1,325 | 58 | ||||||
* | Infinera Corp. | 8,312 | 57 | ||||||
Ubiquiti Inc. | 410 | 56 | |||||||
NIC Inc. | 2,972 | 54 | |||||||
* | Pluralsight Inc. Class A | 3,030 | 54 | ||||||
* | MACOM Technology Solutions Holdings Inc. | 2,122 | 54 | ||||||
* | Zuora Inc. Class A | 4,007 | 53 | ||||||
Methode Electronics Inc. | 1,679 | 51 | |||||||
* | MicroStrategy Inc. | 376 | 51 | ||||||
* | 3D Systems Corp. | 5,423 | 50 | ||||||
* | Covetrus Inc. | 4,413 | 49 | ||||||
* | Amkor Technology Inc. | 4,618 | 48 | ||||||
* | MaxLinear Inc. | 3,112 | 48 | ||||||
Benchmark Electronics Inc. | 1,724 | 47 | |||||||
* | ePlus Inc. | 617 | 47 | ||||||
AVX Corp. | 2,135 | 46 | |||||||
* | Bandwidth Inc. Class A | 717 | 45 | ||||||
* | Model N Inc. | 1,538 | 45 | ||||||
Maxar Technologies Inc. | 2,879 | 44 | |||||||
TiVo Corp. | 5,667 | 43 | |||||||
* | Upland Software Inc. | 1,101 | 43 | ||||||
* | Tenable Holdings Inc. | 1,718 | 42 | ||||||
Switch Inc. | 2,801 | 40 | |||||||
* | PagerDuty Inc. | 1,945 | 40 | ||||||
* | Glu Mobile Inc. | 5,562 | 40 | ||||||
Xperi Corp. | 2,297 | 39 | |||||||
CTS Corp. | 1,493 | 39 | |||||||
Cohu Inc. | 1,891 | 39 | |||||||
* | Blucora Inc. | 2,208 | 38 | ||||||
* | SolarWinds Corp. | 2,081 | 38 | ||||||
* | Stratasys Ltd. | 2,356 | 38 | ||||||
* | Ultra Clean Holdings Inc. | 1,749 | 37 | ||||||
* | Photronics Inc. | 2,909 | 36 | ||||||
* | Parsons Corp. | 912 | 36 | ||||||
* | Vocera Communications Inc. | 1,455 | 35 | ||||||
* | Unisys Corp. | 2,278 | 35 | ||||||
* | Cerence Inc. | 1,628 | 35 | ||||||
* | Axcelis Technologies Inc. | 1,434 | 34 | ||||||
* | ScanSource Inc. | 1,113 | 32 | ||||||
43
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
Comtech Telecommunications Corp. | 1,112 | 31 | |||||||
* | Agilysys Inc. | 951 | 31 | ||||||
* | Groupon Inc. | 22,417 | 30 | ||||||
* | CEVA Inc. | 1,012 | 29 | ||||||
* | Veeco Instruments Inc. | 2,128 | 28 | ||||||
* | Ichor Holdings Ltd. | 978 | 28 | ||||||
* | Extreme Networks Inc. | 5,468 | 27 | ||||||
Ebix Inc. | 1,021 | 27 | |||||||
QAD Inc. | 543 | 27 | |||||||
* | Eventbrite Inc. Class A | 1,747 | 26 | ||||||
* | OneSpan Inc. | 1,545 | 26 | ||||||
* | nLight Inc. | 1,541 | 25 | ||||||
* | Impinj Inc. | 822 | 25 | ||||||
* | Rubicon Project Inc. | 2,224 | 25 | ||||||
* | Limelight Networks Inc. | 4,976 | 25 | ||||||
* | Telaria Inc. | 2,023 | 25 | ||||||
* | Diebold Nixdorf Inc. | 3,503 | 25 | ||||||
* | NETGEAR Inc. | 1,294 | 24 | ||||||
* | TechTarget Inc. | 1,050 | 24 | ||||||
* | Anterix Inc. | 514 | 24 | ||||||
* | Harmonic Inc. | 3,816 | 23 | ||||||
*,^ | GTT Communications Inc. | 1,485 | 22 | ||||||
* | Upwork Inc. | 2,581 | 22 | ||||||
American Software Inc. | 1,329 | 22 | |||||||
Plantronics Inc. | 1,589 | 22 | |||||||
* | Digital Turbine Inc. | 3,443 | 21 | ||||||
PC Connection Inc. | 518 | 21 | |||||||
* | Tucows Inc. | 412 | 21 | ||||||
* | Zix Corp. | 2,643 | 21 | ||||||
* | PDF Solutions Inc. | 1,354 | 20 | ||||||
* | Loral Space & Communications Inc. | 620 | 19 | ||||||
ADTRAN Inc. | 2,287 | 18 | |||||||
Simulations Plus Inc. | 562 | 18 | |||||||
* | Calix Inc. | 2,008 | 18 | ||||||
* | Medallia Inc. | 721 | 18 | ||||||
* | MobileIron Inc. | 4,265 | 17 | ||||||
* | VirnetX Holding Corp. | 3,054 | 17 | ||||||
* | Benefitfocus Inc. | 1,346 | 17 | ||||||
* | SMART Global Holdings Inc. | 624 | 17 | ||||||
* | Meet Group Inc. | 3,237 | 17 | ||||||
* | Mitek Systems Inc. | 1,852 | 16 | ||||||
* | EverQuote Inc. Class A | 396 | 16 | ||||||
* | Domo Inc. | 762 | 16 | ||||||
* | Digi International Inc. | 1,191 | 16 | ||||||
* | Brightcove Inc. | 1,962 | 15 | ||||||
* | ShotSpotter Inc. | 423 | 15 | ||||||
* | Ping Identity Holding Corp. | 636 | 15 | ||||||
* | CalAmp Corp. | 1,519 | 15 | ||||||
* | A10 Networks Inc. | 2,146 | 14 | ||||||
* | Kimball Electronics Inc. | 1,060 | 14 | ||||||
* | Adesto Technologies Corp. | 1,166 | 14 | ||||||
* | DSP Group Inc. | 1,029 | 14 | ||||||
* | Inseego Corp. | 2,007 | 14 | ||||||
NVE Corp. | 217 | 14 | |||||||
* | PAR Technology Corp. | 516 | �� | 14 | |||||
* | PlayAGS Inc. | 1,339 | 13 | ||||||
* | TrueCar Inc. | 4,870 | 13 | ||||||
* | Endurance International Group Holdings Inc. | 3,209 | 12 | ||||||
* | ChannelAdvisor Corp. | 1,206 | 11 | ||||||
* | Avid Technology Inc. | 1,512 | 11 | ||||||
* | NeoPhotonics Corp. | 1,689 | 11 | ||||||
* | Ooma Inc. | 868 | 11 | ||||||
* | Intelligent Systems Corp. | 300 | 11 | ||||||
* | GTY Technology Holdings Inc. | 1,840 | 10 | ||||||
44
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
* | Digimarc Corp. | 492 | 10 | ||||||
* | Alpha & Omega Semiconductor Ltd. | 864 | 9 | ||||||
* | comScore Inc. | 2,626 | 9 | ||||||
* | Iteris Inc. | 1,854 | 9 | ||||||
* | Immersion Corp. | 1,279 | 9 | ||||||
* | Akoustis Technologies Inc. | 1,231 | 9 | ||||||
* | Ribbon Communications Inc. | 2,678 | 9 | ||||||
* | Telenav Inc. | 1,416 | 8 | ||||||
* | Synchronoss Technologies Inc. | 1,706 | 8 | ||||||
* | KVH Industries Inc. | 798 | 8 | ||||||
Daktronics Inc. | 1,663 | 8 | |||||||
* | eGain Corp. | 949 | 8 | ||||||
* | Applied Optoelectronics Inc. | 793 | 7 | ||||||
* | AXT Inc. | 1,968 | 7 | ||||||
* | Rimini Street Inc. | 1,259 | 6 | ||||||
Bel Fuse Inc. | 501 | 6 | |||||||
* | SecureWorks Corp. | 401 | 6 | ||||||
* | Clearfield Inc. | 498 | 5 | ||||||
* | SharpSpring Inc. | 464 | 5 | ||||||
* | GSI Technology Inc. | 789 | 5 | ||||||
* | Acacia Research Corp. | 2,278 | 5 | ||||||
* | Casa Systems Inc. | 1,540 | 5 | ||||||
* | Airgain Inc. | 511 | 4 | ||||||
* | DASAN Zhone Solutions Inc. | 500 | 4 | ||||||
AstroNova Inc. | 321 | 3 | |||||||
* | Majesco | 460 | 3 | ||||||
* | Leaf Group Ltd. | 966 | 3 | ||||||
TESSCO Technologies Inc. | 402 | 2 | |||||||
* | Coda Octopus Group Inc. | 337 | 2 | ||||||
* | Travelzoo | 262 | 2 | ||||||
* | Phunware Inc. | 1,984 | 2 | ||||||
* | Ideanomics Inc. | 1,985 | 1 | ||||||
326,625 | |||||||||
Utilities (5.2%) | |||||||||
AT&T Inc. | 341,583 | 12,031 | |||||||
Verizon Communications Inc. | 193,755 | 10,494 | |||||||
NextEra Energy Inc. | 22,859 | 5,778 | |||||||
Duke Energy Corp. | 34,142 | 3,131 | |||||||
Dominion Energy Inc. | 38,503 | 3,010 | |||||||
Southern Co. | 48,740 | 2,942 | |||||||
American Electric Power Co. Inc. | 23,126 | 2,064 | |||||||
Exelon Corp. | 45,423 | 1,958 | |||||||
Sempra Energy | 13,211 | 1,847 | |||||||
Xcel Energy Inc. | 24,511 | 1,527 | |||||||
WEC Energy Group Inc. | 14,628 | 1,351 | |||||||
Eversource Energy | 15,152 | 1,310 | |||||||
* | T-Mobile US Inc. | 14,520 | 1,309 | ||||||
Consolidated Edison Inc. | 15,633 | 1,232 | |||||||
Public Service Enterprise Group Inc. | 23,677 | 1,215 | |||||||
FirstEnergy Corp. | 25,065 | 1,116 | |||||||
Edison International | 16,415 | 1,103 | |||||||
Entergy Corp. | 9,284 | 1,085 | |||||||
American Water Works Co. Inc. | 8,451 | 1,045 | |||||||
PPL Corp. | 33,403 | 1,002 | |||||||
DTE Energy Co. | 8,691 | 970 | |||||||
Ameren Corp. | 11,450 | 905 | |||||||
CMS Energy Corp. | 13,244 | 800 | |||||||
Evergy Inc. | 10,638 | 695 | |||||||
CenturyLink Inc. | 51,028 | 616 | |||||||
Alliant Energy Corp. | 11,204 | 584 | |||||||
Atmos Energy Corp. | 5,457 | 563 | |||||||
CenterPoint Energy Inc. | 23,478 | 540 | |||||||
AES Corp. | 31,007 | 519 | |||||||
NiSource Inc. | 17,415 | 471 | |||||||
45
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | |||||||
Pinnacle West Capital Corp. | 5,230 | 468 | |||||||
Essential Utilities Inc. | 10,072 | 433 | |||||||
NRG Energy Inc. | 11,791 | 392 | |||||||
* | PG&E Corp. | 24,975 | 387 | ||||||
Vistra Energy Corp. | 19,769 | 380 | |||||||
* | Zayo Group Holdings Inc. | 10,572 | 370 | ||||||
OGE Energy Corp. | 8,979 | 342 | |||||||
UGI Corp. | 9,346 | 337 | |||||||
* | GCI Liberty Inc. Class A | 4,571 | 316 | ||||||
* | Sprint Corp. | 27,018 | 248 | ||||||
IDACORP Inc. | 2,363 | 228 | |||||||
Portland General Electric Co. | 4,173 | 227 | |||||||
Hawaiian Electric Industries Inc. | 5,087 | 218 | |||||||
Black Hills Corp. | 2,850 | 206 | |||||||
ONE Gas Inc. | 2,450 | 201 | |||||||
PNM Resources Inc. | 3,734 | 176 | |||||||
Spire Inc. | 2,337 | 175 | |||||||
ALLETE Inc. | 2,423 | 167 | |||||||
NorthWestern Corp. | 2,356 | 166 | |||||||
Southwest Gas Holdings Inc. | 2,545 | 165 | |||||||
New Jersey Resources Corp. | 4,161 | 147 | |||||||
Avista Corp. | 3,093 | 146 | |||||||
Cogent Communications Holdings Inc. | 1,980 | 145 | |||||||
National Fuel Gas Co. | 3,855 | 141 | |||||||
Avangrid Inc. | 2,698 | 134 | |||||||
American States Water Co. | 1,719 | 132 | |||||||
Ormat Technologies Inc. | 1,869 | 130 | |||||||
El Paso Electric Co. | 1,893 | 128 | |||||||
* | Iridium Communications Inc. | 4,686 | 127 | ||||||
South Jersey Industries Inc. | 4,393 | 119 | |||||||
MGE Energy Inc. | 1,654 | 118 | |||||||
Pattern Energy Group Inc. Class A | 4,168 | 113 | |||||||
California Water Service Group | 2,274 | 109 | |||||||
Shenandoah Telecommunications Co. | 2,275 | 101 | |||||||
* | Vonage Holdings Corp. | 10,674 | 96 | ||||||
Telephone & Data Systems Inc. | 4,744 | 96 | |||||||
Northwest Natural Holding Co. | 1,388 | 91 | |||||||
* | 8x8 Inc. | 4,416 | 82 | ||||||
SJW Group | 1,248 | 76 | |||||||
* | Evoqua Water Technologies Corp. | 3,562 | 75 | ||||||
Clearway Energy Inc. | 3,521 | 74 | |||||||
TerraForm Power Inc. | 3,620 | 68 | |||||||
Chesapeake Utilities Corp. | 783 | 67 | |||||||
Middlesex Water Co. | 740 | 44 | |||||||
Unitil Corp. | 677 | 38 | |||||||
Clearway Energy Inc. Class A | 1,550 | 31 | |||||||
ATN International Inc. | 521 | 28 | |||||||
* | Cincinnati Bell Inc. | 2,100 | 27 | ||||||
* | Boingo Wireless Inc. | 2,045 | 26 | ||||||
York Water Co. | 583 | 25 | |||||||
* | United States Cellular Corp. | 720 | 23 | ||||||
Consolidated Communications Holdings Inc. | 3,248 | 20 | |||||||
* | AquaVenture Holdings Ltd. | 650 | 18 | ||||||
Artesian Resources Corp. | 356 | 12 | |||||||
* | ORBCOMM Inc. | 3,564 | 12 | ||||||
* | Intelsat SA | 3,054 | 12 | ||||||
Consolidated Water Co. Ltd. | 712 | 11 | |||||||
* | Atlantic Power Corp. | 4,607 | 10 | ||||||
RGC Resources Inc. | 351 | 10 | |||||||
Spok Holdings Inc. | 888 | 9 | |||||||
* | Pure Cycle Corp. | 695 | 9 | ||||||
* | Gogo Inc. | 2,291 | 8 | ||||||
* | IDT Corp. | 759 | 6 | ||||||
Genie Energy Ltd. Class B | 824 | 6 | |||||||
46
Vanguard® Russell 3000 Index Fund
Schedule of Investments
February 29, 2020
Shares | Market Value ($000 | ) | ||||||
*,^ | Cadiz Inc. | 628 | 5 | |||||
Spark Energy Inc. | 617 | 5 | ||||||
71,725 | ||||||||
Total Common Stocks (Cost $1,100,278) | 1,358,542 |
Coupon | |||||||
Temporary Cash Investments (0.6%) | |||||||
Money Market Fund (0.5%) | |||||||
2,3 | Vanguard Market Liquidity Fund | 1.706% | 72,313 | 7,234 |
Maturity Date | Face Amount ($000 | ) | |||||||||||
U.S. Government and Agency Obligations (0.1%) | |||||||||||||
4 | United States Treasury Bill | 1.527 | % | 4/30/20 | 400 | 399 | |||||||
Total Temporary Cash Investments (Cost $7,632) | 7,633 | ||||||||||||
Total Investments (99.9%) (Cost $1,107,910) | 1,366,175 | ||||||||||||
Other Assets and Liabilities—Net (0.1%)3,4 | 1,214 | ||||||||||||
Net Assets (100%) | 1,367,389 |
Cost rounded to $000. | |
* | Non-income-producing security. |
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $563,000. |
§ | Security value determined using significant unobservable inputs. |
1 | “Other” represents securities that are not classified by the fund's benchmark index. |
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 $619,000 was received for securities on loan. |
4 | Securities with a value of $399,000 and cash of $10,000 has been segregated as initial margin for open futures contracts. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
47
© 2020 The Vanguard Group, Inc. | ||
All rights reserved. | ||
Vanguard Marketing Corporation, Distributor. | ||
SNA18542 042020 |
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
U.S. Government and Agency Obligations (0.6%) | |||||
U.S. Government Securities (0.6%) | |||||
United States Treasury Note/Bond | 1.375% | 1/31/22 | 94,600 | 95,443 | |
United States Treasury Note/Bond | 1.375% | 2/15/23 | 50,875 | 51,607 | |
United States Treasury Note/Bond | 1.125% | 2/28/25 | 48,425 | 48,917 | |
Total U.S. Government and Agency Obligations (Cost $195,080) | 195,967 | ||||
Corporate Bonds (98.6%) | |||||
Finance (42.0%) | |||||
Banking (33.9%) | |||||
Ally Financial Inc. | 4.250% | 4/15/21 | 7,978 | 8,204 | |
Ally Financial Inc. | 4.125% | 2/13/22 | 17,672 | 18,335 | |
Ally Financial Inc. | 4.625% | 5/19/22 | 1,797 | 1,887 | |
Ally Financial Inc. | 3.875% | 5/21/24 | 13,483 | 14,174 | |
Ally Financial Inc. | 5.125% | 9/30/24 | 11,945 | 13,214 | |
American Express Co. | 3.375% | 5/17/21 | 19,230 | 19,608 | |
American Express Co. | 3.700% | 11/5/21 | 30,673 | 31,834 | |
American Express Co. | 2.750% | 5/20/22 | 17,920 | 18,367 | |
American Express Co. | 2.500% | 8/1/22 | 37,860 | 38,713 | |
American Express Co. | 2.650% | 12/2/22 | 26,098 | 26,874 | |
American Express Co. | 3.400% | 2/27/23 | 24,632 | 25,873 | |
American Express Co. | 3.700% | 8/3/23 | 28,306 | 30,229 | |
American Express Co. | 3.400% | 2/22/24 | 18,703 | 20,030 | |
American Express Co. | 2.500% | 7/30/24 | 13,665 | 14,148 | |
American Express Co. | 3.000% | 10/30/24 | 16,182 | 17,096 | |
American Express Co. | 3.625% | 12/5/24 | 5,272 | 5,777 | |
American Express Credit Corp. | 2.250% | 5/5/21 | 25,972 | 26,161 | |
American Express Credit Corp. | 2.700% | 3/3/22 | 27,180 | 27,869 | |
Associated Bank Green Bay | 3.500% | 8/13/21 | 4,740 | 4,854 | |
Australia & New Zealand Banking Group Ltd. | 3.300% | 5/17/21 | 5,505 | 5,632 | |
Australia & New Zealand Banking Group Ltd. | 2.300% | 6/1/21 | 15,584 | 15,756 | |
Australia & New Zealand Banking Group Ltd. | 2.550% | 11/23/21 | 13,450 | 13,702 | |
Australia & New Zealand Banking Group Ltd. | 2.625% | 5/19/22 | 7,596 | 7,790 | |
Australia & New Zealand Banking Group Ltd. | 2.625% | 11/9/22 | 29,782 | 30,657 | |
Banco Santander SA | 3.500% | 4/11/22 | 16,950 | 17,508 | |
Banco Santander SA | 3.125% | 2/23/23 | 10,745 | 11,154 | |
Banco Santander SA | 3.848% | 4/12/23 | 11,929 | 12,626 | |
Banco Santander SA | 2.706% | 6/27/24 | 27,750 | 28,760 | |
Bancolombia SA | 3.000% | 1/29/25 | 11,800 | 11,825 | |
Bank of America Corp. | 5.875% | 1/5/21 | 6,246 | 6,480 | |
Bank of America Corp. | 2.625% | 4/19/21 | 30,185 | 30,562 | |
Bank of America Corp. | 5.000% | 5/13/21 | 466 | 486 | |
Bank of America Corp. | 5.700% | 1/24/22 | 4,974 | 5,372 | |
1 | Bank of America Corp. | 3.499% | 5/17/22 | 24,962 | 25,540 |
Bank of America Corp. | 2.503% | 10/21/22 | 24,911 | 25,306 | |
Bank of America Corp. | 3.300% | 1/11/23 | 62,862 | 65,973 | |
1 | Bank of America Corp. | 3.124% | 1/20/23 | 33,621 | 34,552 |
1 | Bank of America Corp. | 2.881% | 4/24/23 | 21,011 | 21,546 |
1 | Bank of America Corp. | 2.816% | 7/21/23 | 43,424 | 44,564 |
Bank of America Corp. | 4.100% | 7/24/23 | 35,583 | 38,411 | |
Bank of America Corp. | 3.004% | 12/20/23 | 100,112 | 103,681 | |
Bank of America Corp. | 4.125% | 1/22/24 | 47,657 | 51,802 | |
1 | Bank of America Corp. | 3.550% | 3/5/24 | 60,949 | 64,265 |
Bank of America Corp. | 4.000% | 4/1/24 | 20,260 | 22,021 | |
1 | Bank of America Corp. | 3.864% | 7/23/24 | 41,215 | 43,971 |
Bank of America Corp. | 4.200% | 8/26/24 | 30,754 | 33,698 | |
Bank of America Corp. | 4.000% | 1/22/25 | 56,022 | 60,872 | |
1 | Bank of America Corp. | 3.458% | 3/15/25 | 35,783 | 37,991 |
1 | Bank of America Corp. | 3.093% | 10/1/25 | 31,750 | 33,394 |
1 | Bank of America Corp. | 2.456% | 10/22/25 | 27,500 | 28,166 |
1 | Bank of America Corp. | 3.366% | 1/23/26 | 29,875 | 31,864 |
1 | Bank of America Corp. | 2.015% | 2/13/26 | 22,000 | 22,147 |
Bank of America Corp. | 3.500% | 4/19/26 | 500 | 544 |
1
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
1 | Bank of America NA | 3.335% | 1/25/23 | 300 | 310 |
Bank of Montreal | 3.100% | 4/13/21 | 22,756 | 23,183 | |
Bank of Montreal | 1.900% | 8/27/21 | 31,044 | 31,177 | |
Bank of Montreal | 2.900% | 3/26/22 | 40,413 | 41,562 | |
Bank of Montreal | 2.350% | 9/11/22 | 17,539 | 17,924 | |
Bank of Montreal | 2.050% | 11/1/22 | 1,150 | 1,165 | |
Bank of Montreal | 2.550% | 11/6/22 | 9,303 | 9,552 | |
Bank of Montreal | 3.300% | 2/5/24 | 39,615 | 41,951 | |
Bank of Montreal | 2.500% | 6/28/24 | 15,239 | 15,735 | |
1 | Bank of Montreal | 4.338% | 10/5/28 | 6,394 | 6,858 |
Bank of New York Mellon Corp. | 2.500% | 4/15/21 | 7,272 | 7,354 | |
Bank of New York Mellon Corp. | 2.050% | 5/3/21 | 23,958 | 24,107 | |
Bank of New York Mellon Corp. | 3.550% | 9/23/21 | 10,396 | 10,727 | |
Bank of New York Mellon Corp. | 2.600% | 2/7/22 | 29,339 | 29,954 | |
Bank of New York Mellon Corp. | 1.950% | 8/23/22 | 17,703 | 17,937 | |
Bank of New York Mellon Corp. | 1.850% | 1/27/23 | 7,699 | 7,762 | |
Bank of New York Mellon Corp. | 2.950% | 1/29/23 | 6,768 | 7,018 | |
Bank of New York Mellon Corp. | 3.500% | 4/28/23 | 12,653 | 13,457 | |
1 | Bank of New York Mellon Corp. | 2.661% | 5/16/23 | 28,005 | 28,624 |
Bank of New York Mellon Corp. | 3.450% | 8/11/23 | 12,180 | 13,003 | |
Bank of New York Mellon Corp. | 2.200% | 8/16/23 | 18,343 | 18,718 | |
Bank of New York Mellon Corp. | 3.650% | 2/4/24 | 7,858 | 8,471 | |
Bank of New York Mellon Corp. | 3.400% | 5/15/24 | 21,001 | 22,510 | |
Bank of New York Mellon Corp. | 3.250% | 9/11/24 | 7,279 | 7,801 | |
Bank of New York Mellon Corp. | 2.100% | 10/24/24 | 13,789 | 14,120 | |
Bank of Nova Scotia | 4.375% | 1/13/21 | 14,383 | 14,733 | |
Bank of Nova Scotia | 2.450% | 3/22/21 | 17,961 | 18,126 | |
Bank of Nova Scotia | 3.125% | 4/20/21 | 14,547 | 14,811 | |
Bank of Nova Scotia | 2.800% | 7/21/21 | 17,382 | 17,733 | |
Bank of Nova Scotia | 2.700% | 3/7/22 | 33,390 | 34,120 | |
Bank of Nova Scotia | 2.450% | 9/19/22 | 10,635 | 10,916 | |
Bank of Nova Scotia | 2.000% | 11/15/22 | 8,500 | 8,626 | |
Bank of Nova Scotia | 2.375% | 1/18/23 | 2,416 | 2,485 | |
Bank of Nova Scotia | 1.950% | 2/1/23 | 16,075 | 16,234 | |
Bank of Nova Scotia | 3.400% | 2/11/24 | 10,176 | 10,803 | |
Bank of Nova Scotia | 2.200% | 2/3/25 | 22,100 | 22,507 | |
1 | Bank of Nova Scotia | 4.650% | 12/31/49 | 4,050 | 4,010 |
Barclays Bank plc | 2.650% | 1/11/21 | 2 | 2 | |
Barclays Bank plc | 3.750% | 5/15/24 | 2,100 | 2,266 | |
Barclays plc | 3.250% | 1/12/21 | 20 | 20 | |
Barclays plc | 3.200% | 8/10/21 | 23,025 | 23,470 | |
Barclays plc | 3.684% | 1/10/23 | 19,140 | 19,731 | |
1 | Barclays plc | 4.610% | 2/15/23 | 34,705 | 36,435 |
1 | Barclays plc | 4.338% | 5/16/24 | 32,799 | 34,833 |
Barclays plc | 4.375% | 9/11/24 | 7,200 | 7,699 | |
1 | Barclays plc | 3.932% | 5/7/25 | 33,393 | 35,497 |
BBVA USA | 3.500% | 6/11/21 | 8,360 | 8,552 | |
BBVA USA | 2.875% | 6/29/22 | 7,919 | 8,144 | |
BBVA USA | 2.500% | 8/27/24 | 14,555 | 14,836 | |
BNP Paribas SA | 3.250% | 3/3/23 | 13,265 | 13,891 | |
BNP Paribas SA | 4.250% | 10/15/24 | 12,904 | 13,992 | |
BPCE SA | 2.750% | 12/2/21 | 10,226 | 10,468 | |
2 | BPCE SA | 3.000% | 5/22/22 | 4,300 | 4,415 |
BPCE SA | 4.000% | 4/15/24 | 29,071 | 31,656 | |
Canadian Imperial Bank of Commerce | 2.550% | 6/16/22 | 22,836 | 23,369 | |
1 | Canadian Imperial Bank of Commerce | 2.606% | 7/22/23 | 10,250 | 10,488 |
Canadian Imperial Bank of Commerce | 3.500% | 9/13/23 | 16,080 | 17,163 | |
Canadian Imperial Bank of Commerce | 3.100% | 4/2/24 | 12,603 | 13,234 | |
Canadian Imperial Bank of Commerce | 2.250% | 1/28/25 | 16,550 | 16,885 | |
1 | Capital One Bank USA NA | 2.014% | 1/27/23 | 17,225 | 17,344 |
Capital One Bank USA NA | 3.375% | 2/15/23 | 27,139 | 28,480 | |
1 | Capital One Bank USA NA | 2.280% | 1/28/26 | 12,980 | 13,195 |
Capital One Financial Corp. | 3.450% | 4/30/21 | 13,098 | 13,360 | |
Capital One Financial Corp. | 4.750% | 7/15/21 | 22,879 | 23,863 |
2
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
Capital One Financial Corp. | 3.050% | 3/9/22 | 17,289 | 17,777 | |
Capital One Financial Corp. | 3.200% | 1/30/23 | 9,724 | 10,119 | |
Capital One Financial Corp. | 3.500% | 6/15/23 | 29,229 | 30,889 | |
Capital One Financial Corp. | 3.900% | 1/29/24 | 9,460 | 10,140 | |
Capital One Financial Corp. | 3.750% | 4/24/24 | 8,635 | 9,246 | |
Capital One Financial Corp. | 3.300% | 10/30/24 | 16,594 | 17,579 | |
Capital One Financial Corp. | 3.200% | 2/5/25 | 16,755 | 17,689 | |
Capital One NA | 2.950% | 7/23/21 | 25,855 | 26,338 | |
Capital One NA | 2.250% | 9/13/21 | 9,420 | 9,513 | |
Capital One NA | 2.650% | 8/8/22 | 22,495 | 23,065 | |
Capital One NA | 2.150% | 9/6/22 | 22,780 | 23,023 | |
Citibank NA | 3.400% | 7/23/21 | 20,706 | 21,221 | |
1 | Citibank NA | 2.844% | 5/20/22 | 16,955 | 17,204 |
Citibank NA | 3.650% | 1/23/24 | 30,540 | 32,882 | |
Citigroup Inc. | 2.700% | 3/30/21 | 47,426 | 47,840 | |
Citigroup Inc. | 2.350% | 8/2/21 | 35,404 | 35,778 | |
Citigroup Inc. | 2.900% | 12/8/21 | 50,737 | 51,803 | |
Citigroup Inc. | 4.500% | 1/14/22 | 34,679 | 36,544 | |
Citigroup Inc. | 2.750% | 4/25/22 | 29,088 | 29,767 | |
Citigroup Inc. | 4.050% | 7/30/22 | 9,185 | 9,684 | |
Citigroup Inc. | 2.700% | 10/27/22 | 23,044 | 23,606 | |
1 | Citigroup Inc. | 2.312% | 11/4/22 | 11,295 | 11,415 |
1 | Citigroup Inc. | 3.142% | 1/24/23 | 45,769 | 46,998 |
Citigroup Inc. | 3.375% | 3/1/23 | 7,180 | 7,536 | |
Citigroup Inc. | 3.500% | 5/15/23 | 15,013 | 15,752 | |
1 | Citigroup Inc. | 2.876% | 7/24/23 | 41,382 | 42,498 |
Citigroup Inc. | 3.875% | 10/25/23 | 20,657 | 22,266 | |
1 | Citigroup Inc. | 4.044% | 6/1/24 | 21,646 | 23,088 |
Citigroup Inc. | 3.750% | 6/16/24 | 10,575 | 11,452 | |
Citigroup Inc. | 4.000% | 8/5/24 | 13,005 | 14,118 | |
1 | Citigroup Inc. | 3.352% | 4/24/25 | 35,278 | 37,287 |
Citizens Bank NA | 2.550% | 5/13/21 | 10,642 | 10,754 | |
Citizens Bank NA | 3.250% | 2/14/22 | 7,849 | 8,092 | |
Citizens Bank NA | 2.650% | 5/26/22 | 10,416 | 10,675 | |
Citizens Bank NA | 3.700% | 3/29/23 | 15,260 | 16,177 | |
Citizens Financial Group Inc. | 2.375% | 7/28/21 | 5,099 | 5,143 | |
Comerica Bank | 2.500% | 7/23/24 | 1,980 | 2,056 | |
Comerica Inc. | 3.700% | 7/31/23 | 16,432 | 17,563 | |
Commonwealth Bank of Australia | 2.550% | 3/15/21 | 8,025 | 8,119 | |
2 | Commonwealth Bank of Australia | 2.750% | 3/10/22 | 3,500 | 3,589 |
2 | Commonwealth Bank of Australia | 3.450% | 3/16/23 | 4,000 | 4,229 |
2 | Commonwealth Bank of Australia | 3.350% | 6/4/24 | 2,350 | 2,515 |
Cooperatieve Rabobank UA | 3.125% | 4/26/21 | 9,150 | 9,327 | |
Cooperatieve Rabobank UA | 2.750% | 1/10/22 | 14,930 | 15,260 | |
Cooperatieve Rabobank UA | 3.875% | 2/8/22 | 54,503 | 57,056 | |
Cooperatieve Rabobank UA | 3.950% | 11/9/22 | 20,492 | 21,532 | |
Cooperatieve Rabobank UA | 2.750% | 1/10/23 | 19,995 | 20,748 | |
Cooperatieve Rabobank UA | 4.625% | 12/1/23 | 27,071 | 29,520 | |
Credit Suisse AG | 3.000% | 10/29/21 | 30,477 | 31,195 | |
Credit Suisse AG | 2.100% | 11/12/21 | 7,740 | 7,807 | |
Credit Suisse AG | 3.625% | 9/9/24 | 39,885 | 42,799 | |
2 | Credit Suisse Group AG | 3.574% | 1/9/23 | 13,675 | 14,114 |
Credit Suisse Group Funding Guernsey Ltd. | 3.125% | 12/10/20 | 37,000 | 37,384 | |
Credit Suisse Group Funding Guernsey Ltd. | 3.450% | 4/16/21 | 37,606 | 38,331 | |
Credit Suisse Group Funding Guernsey Ltd. | 3.800% | 9/15/22 | 16,876 | 17,769 | |
Credit Suisse Group Funding Guernsey Ltd. | 3.800% | 6/9/23 | 17,704 | 18,782 | |
Deutsche Bank AG | 3.150% | 1/22/21 | 18,000 | 18,115 | |
Deutsche Bank AG | 3.375% | 5/12/21 | 2,085 | 2,117 | |
Deutsche Bank AG | 3.375% | 5/12/21 | 17,647 | 17,921 | |
Deutsche Bank AG | 4.250% | 10/14/21 | 45,922 | 47,379 | |
Deutsche Bank AG | 5.000% | 2/14/22 | 12,312 | 12,958 | |
Deutsche Bank AG | 3.300% | 11/16/22 | 22,730 | 23,200 | |
Deutsche Bank AG | 3.950% | 2/27/23 | 14,495 | 15,044 | |
Deutsche Bank AG | 3.700% | 5/30/24 | 3,953 | 4,137 |
3
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
Deutsche Bank AG | 3.700% | 5/30/24 | 23,074 | 24,149 | |
1 | Deutsche Bank AG | 3.961% | 11/26/25 | 18,500 | 19,464 |
Discover Bank | 3.200% | 8/9/21 | 6,717 | 6,838 | |
Discover Bank | 3.350% | 2/6/23 | 9,217 | 9,616 | |
Discover Bank | 4.200% | 8/8/23 | 23,312 | 25,012 | |
Discover Bank | 2.450% | 9/12/24 | 13,425 | 13,651 | |
1 | Discover Bank | 4.682% | 8/9/28 | 6,115 | 6,565 |
Discover Financial Services | 5.200% | 4/27/22 | 7,371 | 7,926 | |
Discover Financial Services | 3.850% | 11/21/22 | 9,086 | 9,614 | |
Discover Financial Services | 3.950% | 11/6/24 | 5,783 | 6,269 | |
Fifth Third Bancorp | 3.500% | 3/15/22 | 11,899 | 12,357 | |
Fifth Third Bancorp | 2.600% | 6/15/22 | 8,698 | 8,921 | |
Fifth Third Bancorp | 4.300% | 1/16/24 | 13,498 | 14,634 | |
Fifth Third Bancorp | 3.650% | 1/25/24 | 24,926 | 26,684 | |
Fifth Third Bank | 2.250% | 6/14/21 | 18,514 | 18,699 | |
Fifth Third Bank | 3.350% | 7/26/21 | 10,282 | 10,568 | |
Fifth Third Bank | 2.875% | 10/1/21 | 14,744 | 15,078 | |
Fifth Third Bank | 1.800% | 1/30/23 | 9,600 | 9,688 | |
First Horizon National Corp. | 3.500% | 12/15/20 | 8,345 | 8,462 | |
First Republic Bank | 2.500% | 6/6/22 | 6,050 | 6,180 | |
1 | First Republic Bank | 1.912% | 2/12/24 | 5,750 | 5,825 |
Goldman Sachs Group Inc. | 2.600% | 12/27/20 | 11,180 | 11,207 | |
Goldman Sachs Group Inc. | 2.625% | 4/25/21 | 11,648 | 11,769 | |
Goldman Sachs Group Inc. | 5.250% | 7/27/21 | 56,607 | 59,430 | |
Goldman Sachs Group Inc. | 2.350% | 11/15/21 | 30,369 | 30,439 | |
Goldman Sachs Group Inc. | 5.750% | 1/24/22 | 67,408 | 72,742 | |
Goldman Sachs Group Inc. | 3.000% | 4/26/22 | 38,165 | 38,724 | |
1 | Goldman Sachs Group Inc. | 2.876% | 10/31/22 | 52,779 | 53,807 |
Goldman Sachs Group Inc. | 3.625% | 1/22/23 | 37,033 | 39,095 | |
Goldman Sachs Group Inc. | 3.200% | 2/23/23 | 24,923 | 26,060 | |
1 | Goldman Sachs Group Inc. | 2.908% | 6/5/23 | 34,305 | 35,200 |
1 | Goldman Sachs Group Inc. | 2.905% | 7/24/23 | 50,088 | 51,553 |
Goldman Sachs Group Inc. | 3.625% | 2/20/24 | 24,909 | 26,662 | |
Goldman Sachs Group Inc. | 4.000% | 3/3/24 | 31,200 | 33,826 | |
Goldman Sachs Group Inc. | 3.850% | 7/8/24 | 34,135 | 36,758 | |
Goldman Sachs Group Inc. | 3.500% | 1/23/25 | 54,205 | 57,753 | |
1 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 25,125 | 26,499 |
HSBC Holdings plc | 3.400% | 3/8/21 | 39,102 | 39,759 | |
HSBC Holdings plc | 5.100% | 4/5/21 | 33,894 | 35,161 | |
HSBC Holdings plc | 2.950% | 5/25/21 | 43,999 | 44,689 | |
HSBC Holdings plc | 2.650% | 1/5/22 | 41,115 | 41,804 | |
HSBC Holdings plc | 4.875% | 1/14/22 | 10,665 | 11,284 | |
HSBC Holdings plc | 4.000% | 3/30/22 | 16,415 | 17,162 | |
1 | HSBC Holdings plc | 3.262% | 3/13/23 | 41,822 | 43,057 |
HSBC Holdings plc | 3.600% | 5/25/23 | 32,791 | 34,627 | |
1 | HSBC Holdings plc | 3.033% | 11/22/23 | 21,050 | 21,760 |
HSBC Holdings plc | 4.250% | 3/14/24 | 30,926 | 33,247 | |
1 | HSBC Holdings plc | 3.950% | 5/18/24 | 29,009 | 30,717 |
1 | HSBC Holdings plc | 3.803% | 3/11/25 | 75,913 | 80,956 |
1 | HSBC Holdings plc | 2.633% | 11/7/25 | 12,195 | 12,445 |
HSBC USA Inc. | 3.500% | 6/23/24 | 11,869 | 12,763 | |
Huntington Bancshares Inc. | 7.000% | 12/15/20 | 7,060 | 7,369 | |
Huntington Bancshares Inc. | 3.150% | 3/14/21 | 14,373 | 14,553 | |
Huntington Bancshares Inc. | 2.300% | 1/14/22 | 23,590 | 23,750 | |
Huntington Bancshares Inc. | 2.625% | 8/6/24 | 11,350 | 11,768 | |
Huntington National Bank | 3.250% | 5/14/21 | 7,893 | 8,051 | |
Huntington National Bank | 3.125% | 4/1/22 | 7,250 | 7,486 | |
Huntington National Bank | 2.500% | 8/7/22 | 2,450 | 2,510 | |
Huntington National Bank | 1.800% | 2/3/23 | 14,500 | 14,656 | |
Huntington National Bank | 3.550% | 10/6/23 | 9,877 | 10,535 | |
ING Groep NV | 3.150% | 3/29/22 | 25,280 | 26,082 | |
ING Groep NV | 4.100% | 10/2/23 | 15,482 | 16,721 | |
ING Groep NV | 3.550% | 4/9/24 | 21,930 | 23,359 |
4
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
2 | Intesa Sanpaolo SPA | 3.375% | 1/12/23 | 2,800 | 2,887 |
Intesa Sanpaolo SPA | 5.250% | 1/12/24 | 6,542 | 7,205 | |
JPMorgan Chase & Co. | 2.550% | 3/1/21 | 27,734 | 27,943 | |
JPMorgan Chase & Co. | 4.625% | 5/10/21 | 32,764 | 33,924 | |
JPMorgan Chase & Co. | 2.400% | 6/7/21 | 25,619 | 25,873 | |
JPMorgan Chase & Co. | 2.295% | 8/15/21 | 50,393 | 50,512 | |
JPMorgan Chase & Co. | 4.350% | 8/15/21 | 34,152 | 35,514 | |
JPMorgan Chase & Co. | 4.500% | 1/24/22 | 44,799 | 47,137 | |
1 | JPMorgan Chase & Co. | 3.514% | 6/18/22 | 27,997 | 28,684 |
JPMorgan Chase & Co. | 3.250% | 9/23/22 | 37,235 | 38,897 | |
JPMorgan Chase & Co. | 2.972% | 1/15/23 | 47,018 | 48,282 | |
JPMorgan Chase & Co. | 3.200% | 1/25/23 | 31,245 | 32,561 | |
1 | JPMorgan Chase & Co. | 3.207% | 4/1/23 | 32,050 | 33,103 |
1 | JPMorgan Chase & Co. | 2.776% | 4/25/23 | 25,348 | 25,969 |
JPMorgan Chase & Co. | 3.375% | 5/1/23 | 35,976 | 37,704 | |
JPMorgan Chase & Co. | 2.700% | 5/18/23 | 33,092 | 34,230 | |
JPMorgan Chase & Co. | 3.875% | 2/1/24 | 15,426 | 16,649 | |
1 | JPMorgan Chase & Co. | 3.559% | 4/23/24 | 35,227 | 37,180 |
JPMorgan Chase & Co. | 3.625% | 5/13/24 | 30,377 | 32,743 | |
1 | JPMorgan Chase & Co. | 3.797% | 7/23/24 | 20,909 | 22,372 |
JPMorgan Chase & Co. | 3.875% | 9/10/24 | 35,008 | 38,007 | |
1 | JPMorgan Chase & Co. | 4.023% | 12/5/24 | 42,136 | 45,439 |
JPMorgan Chase & Co. | 3.125% | 1/23/25 | 38,061 | 40,457 | |
1 | JPMorgan Chase & Co. | 3.220% | 3/1/25 | 41,240 | 43,584 |
1 | JPMorgan Chase & Co. | 2.301% | 10/15/25 | 35,445 | 36,198 |
JPMorgan Chase & Co. | 4.125% | 12/15/26 | 10,000 | 11,202 | |
KeyBank NA | 3.350% | 6/15/21 | 10,225 | 10,467 | |
KeyBank NA | 2.500% | 11/22/21 | 7,324 | 7,469 | |
KeyBank NA | 3.300% | 2/1/22 | 9,105 | 9,433 | |
KeyBank NA | 2.400% | 6/9/22 | 5,844 | 5,951 | |
KeyBank NA | 2.300% | 9/14/22 | 10,191 | 10,402 | |
KeyBank NA | 3.375% | 3/7/23 | 10,115 | 10,717 | |
1 | KeyBank NA | 3.180% | 10/15/27 | 4,275 | 4,410 |
KeyCorp | 5.100% | 3/24/21 | 13,611 | 14,087 | |
Lloyds Bank plc | 6.375% | 1/21/21 | 14,860 | 15,510 | |
Lloyds Bank plc | 3.300% | 5/7/21 | 14,944 | 15,287 | |
Lloyds Bank plc | 2.250% | 8/14/22 | 4,367 | 4,437 | |
Lloyds Banking Group plc | 3.100% | 7/6/21 | 13,350 | 13,609 | |
Lloyds Banking Group plc | 3.000% | 1/11/22 | 22,245 | 22,755 | |
1 | Lloyds Banking Group plc | 2.858% | 3/17/23 | 32,500 | 33,167 |
Lloyds Banking Group plc | 4.050% | 8/16/23 | 29,689 | 31,874 | |
1 | Lloyds Banking Group plc | 2.907% | 11/7/23 | 39,305 | 40,268 |
Lloyds Banking Group plc | 3.900% | 3/12/24 | 14,990 | 16,105 | |
Lloyds Banking Group plc | 4.500% | 11/4/24 | 21,251 | 23,122 | |
M&T Bank Corp. | 3.550% | 7/26/23 | 8,833 | 9,467 | |
Manufacturers & Traders Trust Co. | 2.625% | 1/25/21 | 8,552 | 8,616 | |
Manufacturers & Traders Trust Co. | 2.500% | 5/18/22 | 9,408 | 9,604 | |
Manufacturers & Traders Trust Co. | 2.900% | 2/6/25 | 7,294 | 7,703 | |
Mitsubishi UFJ Financial Group Inc. | 2.950% | 3/1/21 | 23,774 | 24,115 | |
Mitsubishi UFJ Financial Group Inc. | 3.535% | 7/26/21 | 13,665 | 14,050 | |
Mitsubishi UFJ Financial Group Inc. | 2.190% | 9/13/21 | 21,300 | 21,498 | |
Mitsubishi UFJ Financial Group Inc. | 2.998% | 2/22/22 | 17,997 | 18,476 | |
Mitsubishi UFJ Financial Group Inc. | 3.218% | 3/7/22 | 14,750 | 15,218 | |
Mitsubishi UFJ Financial Group Inc. | 2.623% | 7/18/22 | 24,170 | 24,738 | |
Mitsubishi UFJ Financial Group Inc. | 2.665% | 7/25/22 | 30,342 | 31,080 | |
Mitsubishi UFJ Financial Group Inc. | 3.455% | 3/2/23 | 26,057 | 27,347 | |
Mitsubishi UFJ Financial Group Inc. | 3.761% | 7/26/23 | 44,977 | 48,061 | |
Mitsubishi UFJ Financial Group Inc. | 2.527% | 9/13/23 | 9,650 | 9,915 | |
Mitsubishi UFJ Financial Group Inc. | 3.407% | 3/7/24 | 37,640 | 39,956 | |
Mitsubishi UFJ Financial Group Inc. | 2.801% | 7/18/24 | 19,810 | 20,610 | |
Mitsubishi UFJ Financial Group Inc. | 2.193% | 2/25/25 | 25,000 | 25,261 | |
Mizuho Financial Group Inc. | 2.273% | 9/13/21 | 15,560 | 15,743 | |
Mizuho Financial Group Inc. | 2.953% | 2/28/22 | 20,973 | 21,537 | |
Mizuho Financial Group Inc. | 2.601% | 9/11/22 | 6,800 | 6,974 |
5
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
Mizuho Financial Group Inc. | 3.549% | 3/5/23 | 18,162 | 19,201 | |
1 | Mizuho Financial Group Inc. | 2.721% | 7/16/23 | 13,080 | 13,342 |
1 | Mizuho Financial Group Inc. | 3.922% | 9/11/24 | 23,370 | 24,993 |
1 | Mizuho Financial Group Inc. | 2.839% | 7/16/25 | 14,060 | 14,543 |
1 | Mizuho Financial Group Inc. | 2.555% | 9/13/25 | 8,975 | 9,159 |
Morgan Stanley | 5.750% | 1/25/21 | 28 | 29 | |
Morgan Stanley | 2.500% | 4/21/21 | 48,119 | 48,597 | |
Morgan Stanley | 5.500% | 7/28/21 | 41,136 | 43,345 | |
Morgan Stanley | 2.625% | 11/17/21 | 55,197 | 56,220 | |
Morgan Stanley | 2.750% | 5/19/22 | 37,361 | 38,376 | |
Morgan Stanley | 4.875% | 11/1/22 | 29,920 | 32,338 | |
Morgan Stanley | 3.125% | 1/23/23 | 29,671 | 30,950 | |
Morgan Stanley | 3.750% | 2/25/23 | 42,237 | 44,903 | |
Morgan Stanley | 4.100% | 5/22/23 | 27,501 | 29,234 | |
1 | Morgan Stanley | 3.737% | 4/24/24 | 50,863 | 53,918 |
Morgan Stanley | 3.875% | 4/29/24 | 51,508 | 55,979 | |
Morgan Stanley | 3.700% | 10/23/24 | 39,410 | 42,782 | |
1 | Morgan Stanley | 2.720% | 7/22/25 | 25,698 | 26,639 |
Morgan Stanley | 4.000% | 7/23/25 | 6,815 | 7,558 | |
MUFG Americas Holdings Corp. | 3.500% | 6/18/22 | 3,475 | 3,630 | |
MUFG Americas Holdings Corp. | 3.000% | 2/10/25 | 11,741 | 12,406 | |
MUFG Union Bank NA | 3.150% | 4/1/22 | 24,370 | 25,151 | |
MUFG Union Bank NA | 2.100% | 12/9/22 | 7,395 | 7,512 | |
National Australia Bank Ltd. | 2.500% | 1/12/21 | 10,975 | 11,063 | |
National Australia Bank Ltd. | 2.625% | 1/14/21 | 30 | 30 | |
National Australia Bank Ltd. | 1.875% | 7/12/21 | 11,485 | 11,550 | |
National Australia Bank Ltd. | 3.375% | 9/20/21 | 11,075 | 11,399 | |
National Australia Bank Ltd. | 3.700% | 11/4/21 | 14,125 | 14,644 | |
National Australia Bank Ltd. | 2.800% | 1/10/22 | 11,986 | 12,271 | |
National Australia Bank Ltd. | 2.500% | 5/22/22 | 14,628 | 14,963 | |
National Australia Bank Ltd. | 1.875% | 12/13/22 | 1,400 | 1,423 | |
National Australia Bank Ltd. | 3.000% | 1/20/23 | 11,950 | 12,453 | |
National Australia Bank Ltd. | 2.875% | 4/12/23 | 7,615 | 7,926 | |
National Australia Bank Ltd. | 3.625% | 6/20/23 | 17,300 | 18,446 | |
National Bank of Canada | 2.100% | 2/1/23 | 11,325 | 11,482 | |
Northern Trust Corp. | 3.375% | 8/23/21 | 9,794 | 10,094 | |
Northern Trust Corp. | 2.375% | 8/2/22 | 5,405 | 5,539 | |
People's United Bank NA | 4.000% | 7/15/24 | 7,687 | 8,190 | |
People's United Financial Inc. | 3.650% | 12/6/22 | 6,245 | 6,573 | |
PNC Bank NA | 2.500% | 1/22/21 | 13,037 | 13,153 | |
PNC Bank NA | 2.150% | 4/29/21 | 11,670 | 11,774 | |
PNC Bank NA | 2.550% | 12/9/21 | 9,942 | 10,133 | |
PNC Bank NA | 2.625% | 2/17/22 | 22,097 | 22,600 | |
1 | PNC Bank NA | 2.232% | 7/22/22 | 12,620 | 12,745 |
PNC Bank NA | 2.450% | 7/28/22 | 9,025 | 9,255 | |
PNC Bank NA | 2.700% | 11/1/22 | 9,975 | 10,253 | |
1 | PNC Bank NA | 2.028% | 12/9/22 | 20,200 | 20,513 |
PNC Bank NA | 2.950% | 1/30/23 | 13,390 | 13,927 | |
PNC Bank NA | 3.500% | 6/8/23 | 5,323 | 5,660 | |
PNC Bank NA | 3.800% | 7/25/23 | 19,513 | 20,880 | |
PNC Bank NA | 3.300% | 10/30/24 | 10,854 | 11,658 | |
PNC Bank NA | 2.950% | 2/23/25 | 1,637 | 1,752 | |
PNC Financial Services Group Inc. | 2.854% | 11/9/22 | 8,366 | 8,698 | |
PNC Financial Services Group Inc. | 3.500% | 1/23/24 | 22,159 | 23,587 | |
PNC Financial Services Group Inc. | 3.900% | 4/29/24 | 12,307 | 13,295 | |
PNC Financial Services Group Inc. | 2.200% | 11/1/24 | 2,210 | 2,274 | |
PNC Funding Corp. | 3.300% | 3/8/22 | 26,457 | 27,547 | |
Regions Bank | 2.750% | 4/1/21 | 8,169 | 8,261 | |
1 | Regions Bank | 3.374% | 8/13/21 | 9,925 | 10,001 |
Regions Financial Corp. | 2.750% | 8/14/22 | 13,391 | 13,738 | |
Regions Financial Corp. | 3.800% | 8/14/23 | 13,810 | 14,801 | |
Royal Bank of Canada | 2.500% | 1/19/21 | 16 | 16 | |
Royal Bank of Canada | 3.200% | 4/30/21 | 21,295 | 21,757 | |
Royal Bank of Canada | 2.750% | 2/1/22 | 13,246 | 13,581 |
6
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
Royal Bank of Canada | 2.800% | 4/29/22 | 16,825 | 17,274 | |
Royal Bank of Canada | 1.950% | 1/17/23 | 11,800 | 11,958 | |
Royal Bank of Canada | 3.700% | 10/5/23 | 21,020 | 22,582 | |
Royal Bank of Canada | 2.550% | 7/16/24 | 21,257 | 22,093 | |
Royal Bank of Canada | 2.250% | 11/1/24 | 33,850 | 34,646 | |
Royal Bank of Scotland Group plc | 6.125% | 12/15/22 | 23,276 | 25,509 | |
1 | Royal Bank of Scotland Group plc | 3.498% | 5/15/23 | 24,301 | 25,051 |
Royal Bank of Scotland Group plc | 6.100% | 6/10/23 | 28,908 | 31,955 | |
Royal Bank of Scotland Group plc | 3.875% | 9/12/23 | 48,187 | 51,254 | |
Royal Bank of Scotland Group plc | 6.000% | 12/19/23 | 27,522 | 30,896 | |
Royal Bank of Scotland Group plc | 5.125% | 5/28/24 | 33,004 | 36,093 | |
1 | Royal Bank of Scotland Group plc | 4.519% | 6/25/24 | 24,425 | 26,267 |
1 | Royal Bank of Scotland Group plc | 4.269% | 3/22/25 | 32,567 | 34,972 |
1 | Royal Bank of Scotland Group plc | 3.754% | 11/1/29 | 3,550 | 3,696 |
Santander Holdings USA Inc. | 4.450% | 12/3/21 | 3,550 | 3,698 | |
Santander Holdings USA Inc. | 3.700% | 3/28/22 | 329 | 341 | |
Santander Holdings USA Inc. | 3.400% | 1/18/23 | 12,802 | 13,325 | |
Santander Holdings USA Inc. | 3.500% | 6/7/24 | 7,726 | 8,106 | |
Santander Holdings USA Inc. | 3.244% | 10/5/26 | 44,519 | 46,593 | |
Santander UK Group Holdings plc | 3.125% | 1/8/21 | 15,895 | 16,042 | |
Santander UK Group Holdings plc | 2.875% | 8/5/21 | 16,463 | 16,719 | |
Santander UK Group Holdings plc | 3.571% | 1/10/23 | 15,934 | 16,427 | |
1 | Santander UK Group Holdings plc | 3.373% | 1/5/24 | 21,580 | 22,338 |
1 | Santander UK Group Holdings plc | 4.796% | 11/15/24 | 9,270 | 10,098 |
Santander UK plc | 3.400% | 6/1/21 | 22,360 | 22,847 | |
Santander UK plc | 3.750% | 11/15/21 | 10,270 | 10,648 | |
Santander UK plc | 2.100% | 1/13/23 | 15,480 | 15,695 | |
Santander UK plc | 4.000% | 3/13/24 | 14,396 | 15,604 | |
Santander UK plc | 2.875% | 6/18/24 | 16,773 | 17,472 | |
Skandinaviska Enskilda Banken AB | 2.625% | 3/15/21 | 19,963 | 20,216 | |
Skandinaviska Enskilda Banken AB | 1.875% | 9/13/21 | 11,287 | 11,350 | |
Skandinaviska Enskilda Banken AB | 2.800% | 3/11/22 | 11,600 | 11,881 | |
State Street Corp. | 4.375% | 3/7/21 | 5,911 | 6,081 | |
State Street Corp. | 1.950% | 5/19/21 | 8,045 | 8,079 | |
1 | State Street Corp. | 2.653% | 5/15/23 | 19,090 | 19,552 |
State Street Corp. | 3.100% | 5/15/23 | 17,285 | 18,187 | |
State Street Corp. | 3.700% | 11/20/23 | 5,944 | 6,451 | |
1 | State Street Corp. | 3.776% | 12/3/24 | 18,823 | 20,347 |
State Street Corp. | 3.300% | 12/16/24 | 15,150 | 16,221 | |
1 | State Street Corp. | 2.354% | 11/1/25 | 15,025 | 15,426 |
Sumitomo Mitsui Banking Corp. | 3.200% | 7/18/22 | 9,892 | 10,256 | |
Sumitomo Mitsui Banking Corp. | 3.000% | 1/18/23 | 2,750 | 2,860 | |
Sumitomo Mitsui Banking Corp. | 3.950% | 7/19/23 | 9,525 | 10,226 | |
Sumitomo Mitsui Banking Corp. | 3.950% | 1/10/24 | 5,680 | 6,116 | |
Sumitomo Mitsui Banking Corp. | 3.400% | 7/11/24 | 10,125 | 10,815 | |
Sumitomo Mitsui Financial Group Inc. | 2.934% | 3/9/21 | 29,120 | 29,504 | |
Sumitomo Mitsui Financial Group Inc. | 2.058% | 7/14/21 | 22,510 | 22,662 | |
Sumitomo Mitsui Financial Group Inc. | 2.442% | 10/19/21 | 25,657 | 26,033 | |
Sumitomo Mitsui Financial Group Inc. | 2.846% | 1/11/22 | 12,479 | 12,765 | |
Sumitomo Mitsui Financial Group Inc. | 2.784% | 7/12/22 | 32,978 | 33,866 | |
Sumitomo Mitsui Financial Group Inc. | 2.778% | 10/18/22 | 13,100 | 13,484 | |
Sumitomo Mitsui Financial Group Inc. | 3.102% | 1/17/23 | 27,550 | 28,725 | |
Sumitomo Mitsui Financial Group Inc. | 3.748% | 7/19/23 | 12,556 | 13,394 | |
Sumitomo Mitsui Financial Group Inc. | 3.936% | 10/16/23 | 13,160 | 14,231 | |
Sumitomo Mitsui Financial Group Inc. | 2.696% | 7/16/24 | 35,329 | 36,584 | |
Sumitomo Mitsui Financial Group Inc. | 2.448% | 9/27/24 | 13,424 | 13,744 | |
Sumitomo Mitsui Financial Group Inc. | 2.348% | 1/15/25 | 20,700 | 21,079 | |
Svenska Handelsbanken AB | 2.450% | 3/30/21 | 19,009 | 19,210 | |
Svenska Handelsbanken AB | 3.350% | 5/24/21 | 18,955 | 19,392 | |
Svenska Handelsbanken AB | 1.875% | 9/7/21 | 19,426 | 19,533 | |
Svenska Handelsbanken AB | 3.900% | 11/20/23 | 8,370 | 9,082 | |
Synchrony Bank | 3.650% | 5/24/21 | 8,555 | 8,741 | |
Synchrony Bank | 3.000% | 6/15/22 | 9,377 | 9,631 | |
Synchrony Financial | 3.750% | 8/15/21 | 12,397 | 12,727 |
7
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
Synchrony Financial | 2.850% | 7/25/22 | 7,225 | 7,388 | |
Synchrony Financial | 4.375% | 3/19/24 | 15,018 | 16,137 | |
Synchrony Financial | 4.250% | 8/15/24 | 17,724 | 19,110 | |
1 | Synovus Bank | 2.289% | 2/10/23 | 6,150 | 6,216 |
Synovus Financial Corp. | 3.125% | 11/1/22 | 4,633 | 4,778 | |
Toronto-Dominion Bank | 2.500% | 12/14/20 | 21,344 | 21,488 | |
Toronto-Dominion Bank | 2.125% | 4/7/21 | 24,455 | 24,654 | |
Toronto-Dominion Bank | 3.250% | 6/11/21 | 10,540 | 10,787 | |
Toronto-Dominion Bank | 1.800% | 7/13/21 | 35,650 | 35,850 | |
Toronto-Dominion Bank | 1.900% | 12/1/22 | 9,105 | 9,242 | |
Toronto-Dominion Bank | 3.500% | 7/19/23 | 23,495 | 25,063 | |
Toronto-Dominion Bank | 3.250% | 3/11/24 | 22,150 | 23,622 | |
Toronto-Dominion Bank | 2.650% | 6/12/24 | 12,857 | 13,421 | |
Truist Bank | 2.850% | 4/1/21 | 8,312 | 8,436 | |
1 | Truist Bank | 3.525% | 10/26/21 | 2,983 | 3,023 |
Truist Bank | 2.625% | 1/15/22 | 13,793 | 14,030 | |
Truist Bank | 2.800% | 5/17/22 | 23,530 | 24,167 | |
Truist Bank | 2.450% | 8/1/22 | 19,672 | 20,082 | |
1 | Truist Bank | 3.502% | 8/2/22 | 11,562 | 11,869 |
Truist Bank | 3.000% | 2/2/23 | 9,622 | 10,040 | |
Truist Bank | 2.750% | 5/1/23 | 8,592 | 8,924 | |
Truist Bank | 3.200% | 4/1/24 | 29,635 | 31,282 | |
1 | Truist Bank | 3.689% | 8/2/24 | 9,278 | 9,915 |
Truist Bank | 2.150% | 12/6/24 | 42,000 | 42,855 | |
Truist Financial Corp | 2.900% | 3/3/21 | 11,284 | 11,411 | |
Truist Financial Corp. | 2.050% | 5/10/21 | 7,268 | 7,315 | |
Truist Financial Corp. | 3.200% | 9/3/21 | 8,855 | 9,084 | |
Truist Financial Corp. | 2.700% | 1/27/22 | 21,079 | 21,521 | |
Truist Financial Corp. | 3.950% | 3/22/22 | 8,244 | 8,610 | |
Truist Financial Corp. | 2.750% | 4/1/22 | 18,915 | 19,351 | |
Truist Financial Corp. | 3.050% | 6/20/22 | 27,350 | 28,315 | |
Truist Financial Corp. | 3.750% | 12/6/23 | 14,829 | 15,967 | |
Truist Financial Corp. | 2.500% | 8/1/24 | 17,583 | 18,166 | |
Truist Financial Corp. | 2.850% | 10/26/24 | 1,000 | 1,049 | |
US Bancorp | 4.125% | 5/24/21 | 4,893 | 5,039 | |
US Bancorp | 2.625% | 1/24/22 | 27,915 | 28,578 | |
US Bancorp | 3.000% | 3/15/22 | 9,645 | 9,944 | |
US Bancorp | 2.950% | 7/15/22 | 25,140 | 25,997 | |
US Bancorp | 3.700% | 1/30/24 | 17,227 | 18,638 | |
US Bancorp | 3.375% | 2/5/24 | 28,280 | 30,205 | |
US Bancorp | 2.400% | 7/30/24 | 19,141 | 19,843 | |
US Bancorp | 3.600% | 9/11/24 | 15,010 | 16,275 | |
US Bank NA | 3.150% | 4/26/21 | 10,846 | 11,054 | |
US Bank NA | 3.450% | 11/16/21 | 5,250 | 5,426 | |
US Bank NA | 1.800% | 1/21/22 | 11,475 | 11,572 | |
US Bank NA | 2.650% | 5/23/22 | 21,700 | 22,288 | |
US Bank NA | 1.950% | 1/9/23 | 14,090 | 14,277 | |
US Bank NA | 2.850% | 1/23/23 | 11,100 | 11,574 | |
US Bank NA | 3.400% | 7/24/23 | 12,130 | 12,881 | |
US Bank NA | 2.050% | 1/21/25 | 10,825 | 11,061 | |
US Bank NA | 2.800% | 1/27/25 | 30,002 | 31,627 | |
Wells Fargo & Co. | 3.000% | 1/22/21 | 11 | 11 | |
Wells Fargo & Co. | 2.500% | 3/4/21 | 45,237 | 45,577 | |
Wells Fargo & Co. | 4.600% | 4/1/21 | 24,583 | 25,412 | |
Wells Fargo & Co. | 2.100% | 7/26/21 | 36,352 | 36,666 | |
Wells Fargo & Co. | 3.500% | 3/8/22 | 31,852 | 33,075 | |
Wells Fargo & Co. | 2.625% | 7/22/22 | 69,589 | 71,293 | |
Wells Fargo & Co. | 3.069% | 1/24/23 | 76,850 | 78,924 | |
Wells Fargo & Co. | 3.450% | 2/13/23 | 32,089 | 33,590 | |
Wells Fargo & Co. | 4.125% | 8/15/23 | 15,922 | 17,105 | |
Wells Fargo & Co. | 4.480% | 1/16/24 | 8,152 | 8,912 | |
Wells Fargo & Co. | 3.750% | 1/24/24 | 31,322 | 33,647 | |
Wells Fargo & Co. | 3.300% | 9/9/24 | 51,688 | 54,810 | |
Wells Fargo & Co. | 3.000% | 2/19/25 | 59,819 | 62,990 |
8
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
1 | Wells Fargo & Co. | 2.406% | 10/30/25 | 42,850 | 43,921 |
1 | Wells Fargo & Co. | 2.164% | 2/11/26 | 35,000 | 35,410 |
1 | Wells Fargo Bank NA | 3.325% | 7/23/21 | 31,615 | 31,809 |
Wells Fargo Bank NA | 3.625% | 10/22/21 | 33,561 | 34,690 | |
1 | Wells Fargo Bank NA | 2.897% | 5/27/22 | 6,565 | 6,663 |
1 | Wells Fargo Bank NA | 2.082% | 9/9/22 | 24,345 | 24,558 |
Wells Fargo Bank NA | 3.550% | 8/14/23 | 30,098 | 31,965 | |
Westpac Banking Corp. | 2.650% | 1/25/21 | 8,452 | 8,547 | |
Westpac Banking Corp. | 2.100% | 5/13/21 | 29,854 | 30,119 | |
Westpac Banking Corp. | 2.000% | 8/19/21 | 11,853 | 11,998 | |
Westpac Banking Corp. | 2.800% | 1/11/22 | 20,132 | 20,570 | |
Westpac Banking Corp. | 2.500% | 6/28/22 | 20,797 | 21,349 | |
Westpac Banking Corp. | 2.750% | 1/11/23 | 12,061 | 12,497 | |
Westpac Banking Corp. | 2.000% | 1/13/23 | 7,290 | 7,383 | |
Westpac Banking Corp. | 3.650% | 5/15/23 | 6,631 | 7,099 | |
Westpac Banking Corp. | 3.300% | 2/26/24 | 20,330 | 21,607 | |
Westpac Banking Corp. | 2.350% | 2/19/25 | 16,792 | 17,324 | |
1 | Westpac Banking Corp. | 2.894% | 2/4/30 | 35,275 | 35,838 |
Zions Bancorp NA | 3.500% | 8/27/21 | 10,989 | 11,286 | |
Zions Bancorp NA | 3.350% | 3/4/22 | 4,845 | 5,006 | |
Brokerage (1.0%) | |||||
Affiliated Managers Group Inc. | 4.250% | 2/15/24 | 7,067 | 7,733 | |
Ameriprise Financial Inc. | 3.000% | 3/22/22 | 6,095 | 6,306 | |
Ameriprise Financial Inc. | 4.000% | 10/15/23 | 16,256 | 17,775 | |
Ameriprise Financial Inc. | 3.700% | 10/15/24 | 6,453 | 7,056 | |
BGC Partners Inc. | 5.375% | 7/24/23 | 8,125 | 8,846 | |
BGC Partners Inc. | 3.750% | 10/1/24 | 4,025 | 4,174 | |
BlackRock Inc. | 4.250% | 5/24/21 | 10,676 | 11,082 | |
BlackRock Inc. | 3.375% | 6/1/22 | 7,070 | 7,401 | |
BlackRock Inc. | 3.500% | 3/18/24 | 19,076 | 20,567 | |
Brookfield Asset Management Inc. | 4.000% | 1/15/25 | 6,077 | 6,665 | |
Brookfield Finance LLC | 4.000% | 4/1/24 | 13,019 | 14,196 | |
Charles Schwab Corp. | 3.250% | 5/21/21 | 8,669 | 8,855 | |
Charles Schwab Corp. | 3.225% | 9/1/22 | 1,500 | 1,561 | |
Charles Schwab Corp. | 2.650% | 1/25/23 | 11,131 | 11,543 | |
Charles Schwab Corp. | 3.550% | 2/1/24 | 10,452 | 11,243 | |
CME Group Inc. | 3.000% | 9/15/22 | 9,311 | 9,697 | |
E*TRADE Financial Corp. | 2.950% | 8/24/22 | 10,050 | 10,374 | |
Eaton Vance Corp. | 3.625% | 6/15/23 | 4,580 | 4,871 | |
Franklin Resources Inc. | 2.800% | 9/15/22 | 4,000 | 4,142 | |
Intercontinental Exchange Inc. | 2.750% | 12/1/20 | 6,511 | 6,554 | |
Intercontinental Exchange Inc. | 2.350% | 9/15/22 | 5,409 | 5,528 | |
Intercontinental Exchange Inc. | 3.450% | 9/21/23 | 7,390 | 7,857 | |
Intercontinental Exchange Inc. | 4.000% | 10/15/23 | 8,743 | 9,403 | |
Invesco Finance plc | 3.125% | 11/30/22 | 9,847 | 10,275 | |
Invesco Finance plc | 4.000% | 1/30/24 | 8,480 | 9,229 | |
Jefferies Financial Group Inc. | 5.500% | 10/18/23 | 12,676 | 14,049 | |
Jefferies Group LLC | 6.875% | 4/15/21 | 10,851 | 11,475 | |
Jefferies Group LLC | 5.125% | 1/20/23 | 9,146 | 9,931 | |
Lazard Group LLC | 3.750% | 2/13/25 | 4,688 | 5,093 | |
Nasdaq Inc. | 4.250% | 6/1/24 | 2,162 | 2,377 | |
Nomura Holdings Inc. | 2.648% | 1/16/25 | 10,200 | 10,440 | |
Stifel Financial Corp. | 3.500% | 12/1/20 | 8,140 | 8,238 | |
Stifel Financial Corp. | 4.250% | 7/18/24 | 5,050 | 5,540 | |
TD Ameritrade Holding Corp. | 2.950% | 4/1/22 | 8,167 | 8,357 | |
TD Ameritrade Holding Corp. | 3.750% | 4/1/24 | 5,631 | 6,087 | |
Finance Companies (1.3%) | |||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.500% | 5/15/21 | 15,930 | 16,408 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.000% | 10/1/21 | 6,487 | 6,779 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.450% | 12/16/21 | 8,540 | 8,892 |
9
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.950% | 2/1/22 | 19,753 | 20,370 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.500% | 5/26/22 | 8,868 | 9,156 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.625% | 7/1/22 | 9,438 | 10,004 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.300% | 1/23/23 | 7,170 | 7,385 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.125% | 7/3/23 | 8,529 | 9,041 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.875% | 1/16/24 | 17,150 | 18,586 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 2.875% | 8/14/24 | 8,606 | 8,767 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.500% | 1/15/25 | 4,730 | 4,937 | |
Air Lease Corp. | 2.500% | 3/1/21 | 6,854 | 6,890 | |
Air Lease Corp. | 3.875% | 4/1/21 | 10,484 | 10,719 | |
Air Lease Corp. | 3.375% | 6/1/21 | 6,492 | 6,616 | |
Air Lease Corp. | 3.500% | 1/15/22 | 9,243 | 9,504 | |
Air Lease Corp. | 3.750% | 2/1/22 | 11,125 | 11,465 | |
Air Lease Corp. | 2.625% | 7/1/22 | 10,555 | 10,723 | |
Air Lease Corp. | 2.750% | 1/15/23 | 10,788 | 11,069 | |
Air Lease Corp. | 3.875% | 7/3/23 | 9,070 | 9,663 | |
Air Lease Corp. | 3.000% | 9/15/23 | 12,262 | 12,618 | |
Air Lease Corp. | 4.250% | 2/1/24 | 11,210 | 12,159 | |
Air Lease Corp. | 4.250% | 9/15/24 | 9,586 | 10,338 | |
Air Lease Corp. | 2.300% | 2/1/25 | 11,746 | 11,758 | |
Aircastle Ltd. | 5.125% | 3/15/21 | 5,375 | 5,570 | |
Aircastle Ltd. | 5.500% | 2/15/22 | 7,000 | 7,510 | |
Aircastle Ltd. | 5.000% | 4/1/23 | 11,537 | 12,549 | |
Aircastle Ltd. | 4.400% | 9/25/23 | 15,997 | 17,185 | |
Aircastle Ltd. | 4.125% | 5/1/24 | 1,175 | 1,243 | |
Ares Capital Corp. | 3.625% | 1/19/22 | 7,005 | 7,167 | |
Ares Capital Corp. | 3.500% | 2/10/23 | 8,099 | 8,327 | |
Ares Capital Corp. | 4.200% | 6/10/24 | 18,503 | 19,657 | |
FS KKR Capital Corp. | 4.750% | 5/15/22 | 5,400 | 5,655 | |
FS KKR Capital Corp. | 4.625% | 7/15/24 | 7,523 | 8,025 | |
FS KKR Capital Corp. | 4.125% | 2/1/25 | 6,552 | 6,829 | |
GATX Corp. | 4.850% | 6/1/21 | 4,125 | 4,279 | |
GATX Corp. | 3.900% | 3/30/23 | 1,775 | 1,877 | |
GATX Corp. | 4.350% | 2/15/24 | 3,658 | 3,994 | |
Goldman Sachs BDC Inc. | 3.750% | 2/10/25 | 4,425 | 4,532 | |
International Lease Finance Corp. | 8.250% | 12/15/20 | 8,924 | 9,378 | |
International Lease Finance Corp. | 4.625% | 4/15/21 | 8,242 | 8,512 | |
International Lease Finance Corp. | 8.625% | 1/15/22 | 10,468 | 11,680 | |
International Lease Finance Corp. | 5.875% | 8/15/22 | 12,012 | 13,111 | |
Oaktree Specialty Lending Corp. | 3.500% | 2/25/25 | 3,670 | 3,672 | |
Owl Rock Capital Corp. | 5.250% | 4/15/24 | 6,400 | 6,993 | |
Prospect Capital Corp. | 5.875% | 3/15/23 | 4,814 | 5,224 | |
TPG Specialty Lending Inc. | 3.875% | 11/1/24 | 5,498 | 5,793 | |
Insurance (3.0%) | |||||
Aetna Inc. | 2.750% | 11/15/22 | 15,606 | 16,017 | |
Aetna Inc. | 2.800% | 6/15/23 | 13,054 | 13,399 | |
Aetna Inc. | 3.500% | 11/15/24 | 11,703 | 12,555 | |
Aflac Inc. | 3.625% | 6/15/23 | 8,042 | 8,629 | |
Aflac Inc. | 3.625% | 11/15/24 | 12,229 | 13,409 | |
Alleghany Corp. | 4.950% | 6/27/22 | 7,020 | 7,562 | |
Allstate Corp. | 3.150% | 6/15/23 | 9,467 | 10,045 | |
1 | Allstate Corp. | 5.750% | 8/15/53 | 10,405 | 11,276 |
American International Group Inc. | 6.400% | 12/15/20 | 5,878 | 6,105 | |
American International Group Inc. | 3.300% | 3/1/21 | 13,069 | 13,260 | |
American International Group Inc. | 4.875% | 6/1/22 | 11,933 | 12,709 |
10
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
American International Group Inc. | 4.125% | 2/15/24 | 12,460 | 13,589 | |
Anthem Inc. | 3.700% | 8/15/21 | 10,628 | 10,917 | |
Anthem Inc. | 3.125% | 5/15/22 | 17,753 | 18,381 | |
Anthem Inc. | 2.950% | 12/1/22 | 11,727 | 12,175 | |
Anthem Inc. | 3.300% | 1/15/23 | 21,094 | 22,155 | |
Anthem Inc. | 3.500% | 8/15/24 | 19,770 | 21,241 | |
Anthem Inc. | 3.350% | 12/1/24 | 6,431 | 6,929 | |
Anthem Inc. | 2.375% | 1/15/25 | 8,864 | 9,056 | |
Aon Corp. | 2.200% | 11/15/22 | 1,400 | 1,431 | |
Aon plc | 2.800% | 3/15/21 | 6,399 | 6,473 | |
Aon plc | 4.000% | 11/27/23 | 4,847 | 5,231 | |
Aon plc | 3.500% | 6/14/24 | 12,932 | 13,780 | |
Aspen Insurance Holdings Ltd. | 4.650% | 11/15/23 | 4,375 | 4,807 | |
Assurant Inc. | 4.000% | 3/15/23 | 5,675 | 6,040 | |
Assurant Inc. | 4.200% | 9/27/23 | 3,600 | 3,856 | |
Assured Guaranty US Holdings Inc. | 5.000% | 7/1/24 | 1,997 | 2,270 | |
Berkshire Hathaway Finance Corp. | 3.000% | 5/15/22 | 13,475 | 13,943 | |
Berkshire Hathaway Inc. | 2.200% | 3/15/21 | 20,527 | 20,680 | |
Berkshire Hathaway Inc. | 3.750% | 8/15/21 | 8,265 | 8,594 | |
Berkshire Hathaway Inc. | 3.400% | 1/31/22 | 10,548 | 10,970 | |
Berkshire Hathaway Inc. | 3.000% | 2/11/23 | 10,383 | 10,928 | |
Berkshire Hathaway Inc. | 2.750% | 3/15/23 | 25,319 | 26,292 | |
Brown & Brown Inc. | 4.200% | 9/15/24 | 6,204 | 6,866 | |
Chubb INA Holdings Inc. | 2.875% | 11/3/22 | 11,759 | 12,241 | |
Chubb INA Holdings Inc. | 2.700% | 3/13/23 | 13,209 | 13,757 | |
Chubb INA Holdings Inc. | 3.350% | 5/15/24 | 10,340 | 11,154 | |
Cigna Holding Co. | 4.375% | 12/15/20 | 1,750 | 1,778 | |
CNA Financial Corp. | 5.750% | 8/15/21 | 5,825 | 6,193 | |
CNA Financial Corp. | 3.950% | 5/15/24 | 8,776 | 9,525 | |
Enstar Group Ltd. | 4.500% | 3/10/22 | 4,100 | 4,244 | |
Equitable Holdings Inc. | 3.900% | 4/20/23 | 17,053 | 18,253 | |
Fidelity National Financial Inc. | 5.500% | 9/1/22 | 3,910 | 4,287 | |
First American Financial Corp. | 4.600% | 11/15/24 | 4,275 | 4,718 | |
Globe Life Inc. | 3.800% | 9/15/22 | 3,080 | 3,214 | |
Humana Inc. | 2.500% | 12/15/20 | 3,205 | 3,226 | |
Humana Inc. | 3.150% | 12/1/22 | 9,591 | 9,960 | |
Humana Inc. | 2.900% | 12/15/22 | 7,309 | 7,581 | |
Humana Inc. | 3.850% | 10/1/24 | 9,200 | 9,950 | |
Kemper Corp. | 4.350% | 2/15/25 | 7,014 | 7,718 | |
Lincoln National Corp. | 4.850% | 6/24/21 | 2,517 | 2,627 | |
Lincoln National Corp. | 4.200% | 3/15/22 | 4,707 | 4,973 | |
Lincoln National Corp. | 4.000% | 9/1/23 | 7,892 | 8,590 | |
Loews Corp. | 2.625% | 5/15/23 | 10,768 | 11,224 | |
Markel Corp. | 4.900% | 7/1/22 | 5,405 | 5,824 | |
Marsh & McLennan Cos. Inc. | 3.500% | 12/29/20 | 530 | 540 | |
Marsh & McLennan Cos. Inc. | 4.800% | 7/15/21 | 2,671 | 2,779 | |
Marsh & McLennan Cos. Inc. | 2.750% | 1/30/22 | 9,594 | 9,820 | |
Marsh & McLennan Cos. Inc. | 3.300% | 3/14/23 | 4,707 | 4,965 | |
Marsh & McLennan Cos. Inc. | 3.875% | 3/15/24 | 17,958 | 19,609 | |
Marsh & McLennan Cos. Inc. | 3.500% | 6/3/24 | 9,852 | 10,561 | |
MetLife Inc. | 3.048% | 12/15/22 | 8,209 | 8,582 | |
MetLife Inc. | 4.368% | 9/15/23 | 14,082 | 15,568 | |
MetLife Inc. | 3.600% | 4/10/24 | 17,348 | 18,957 | |
Old Republic International Corp. | 4.875% | 10/1/24 | 6,273 | 7,076 | |
Primerica Inc. | 4.750% | 7/15/22 | 5,044 | 5,433 | |
Principal Financial Group Inc. | 3.300% | 9/15/22 | 6,935 | 7,267 | |
Principal Financial Group Inc. | 3.125% | 5/15/23 | 3,917 | 4,119 | |
Progressive Corp. | 3.750% | 8/23/21 | 8,596 | 8,921 | |
Prudential Financial Inc. | 4.500% | 11/16/21 | 7,496 | 7,869 | |
Prudential Financial Inc. | 3.500% | 5/15/24 | 10,502 | 11,369 | |
1 | Prudential Financial Inc. | 5.875% | 9/15/42 | 13,555 | 14,131 |
1 | Prudential Financial Inc. | 5.625% | 6/15/43 | 28,006 | 29,826 |
1 | Prudential Financial Inc. | 5.200% | 3/15/44 | 2,850 | 3,007 |
Reinsurance Group of America Inc. | 5.000% | 6/1/21 | 7,735 | 8,073 |
11
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | ||
Reinsurance Group of America Inc. | 4.700% | 9/15/23 | 4,708 | 5,255 | |
Trinity Acquisition plc | 3.500% | 9/15/21 | 10,114 | 10,358 | |
UnitedHealth Group Inc. | 2.125% | 3/15/21 | 8,372 | 8,452 | |
UnitedHealth Group Inc. | 3.150% | 6/15/21 | 10,303 | 10,562 | |
UnitedHealth Group Inc. | 3.375% | 11/15/21 | 10,051 | 10,371 | |
UnitedHealth Group Inc. | 2.875% | 12/15/21 | 22,538 | 23,138 | |
UnitedHealth Group Inc. | 2.875% | 3/15/22 | 17,140 | 17,599 | |
UnitedHealth Group Inc. | 3.350% | 7/15/22 | 13,263 | 13,878 | |
UnitedHealth Group Inc. | 2.375% | 10/15/22 | 17,476 | 17,926 | |
UnitedHealth Group Inc. | 2.750% | 2/15/23 | 5,747 | 5,943 | |
UnitedHealth Group Inc. | 2.875% | 3/15/23 | 16,573 | 17,311 | |
UnitedHealth Group Inc. | 3.500% | 6/15/23 | 10,118 | 10,832 | |
UnitedHealth Group Inc. | 3.500% | 2/15/24 | 8,261 | 8,881 | |
UnitedHealth Group Inc. | 2.375% | 8/15/24 | 6,349 | 6,556 | |
Unum Group | 4.000% | 3/15/24 | 7,827 | 8,516 | |
Voya Financial Inc. | 3.125% | 7/15/24 | 13,721 | 14,584 | |
1 | Voya Financial Inc. | 5.650% | 5/15/53 | 5,900 | 6,276 |
Willis North America Inc. | 3.600% | 5/15/24 | 14,690 | 15,843 | |
Willis Towers Watson plc | 5.750% | 3/15/21 | 4,190 | 4,353 | |
WR Berkley Corp. | 4.625% | 3/15/22 | 6,591 | 7,015 | |
Other Finance (0.1%) | |||||
ORIX Corp. | 2.900% | 7/18/22 | 11,212 | 11,516 | |
ORIX Corp. | 3.250% | 12/4/24 | 14,695 | 15,595 | |
Real Estate Investment Trusts (2.7%) | |||||
Alexandria Real Estate Equities Inc. | 3.900% | 6/15/23 | 12,849 | 13,692 | |
Alexandria Real Estate Equities Inc. | 4.000% | 1/15/24 | 7,489 | 8,103 | |
American Campus Communities Operating Partnership LP | 3.750% | 4/15/23 | 5,950 | 6,317 | |
American Campus Communities Operating Partnership LP | 4.125% | 7/1/24 | 7,949 | 8,692 | |
AvalonBay Communities Inc. | 2.950% | 9/15/22 | 6,394 | 6,613 | |
AvalonBay Communities Inc. | 4.200% | 12/15/23 | 4,225 | 4,618 | |
AvalonBay Communities Inc. | 3.500% | 11/15/24 | 4,760 | 5,133 | |
Boston Properties LP | 4.125% | 5/15/21 | 13,718 | 14,072 | |
Boston Properties LP | 3.850% | 2/1/23 | 9,623 | 10,202 | |
Boston Properties LP | 3.125% | 9/1/23 | 10,345 | 10,861 | |
Boston Properties LP | 3.800% | 2/1/24 | 12,025 | 12,978 | |
Boston Properties LP | 3.200% | 1/15/25 | 9,813 | 10,444 | |
Brandywine Operating Partnership LP | 3.950% | 2/15/23 | 6,208 | 6,459 | |
Brandywine Operating Partnership LP | 4.100% | 10/1/24 | 4,500 | 4,883 | |
Brixmor Operating Partnership LP | 3.875% | 8/15/22 | 8,466 | 8,902 | |
Brixmor Operating Partnership LP | 3.250% | 9/15/23 | 13,531 | 14,190 | |
Brixmor Operating Partnership LP | 3.650% | 6/15/24 | 7,486 | 8,027 | |
Brixmor Operating Partnership LP | 3.850% | 2/1/25 | 8,603 | 9,320 | |
Camden Property Trust | 2.950% | 12/15/22 | 5,971 | 6,160 | |
Corporate Office Properties LP | 3.700% | 6/15/21 | 4,160 | 4,245 | |
Corporate Office Properties LP | 3.600% | 5/15/23 | 5,304 | 5,545 | |
CubeSmart LP | 4.375% | 12/15/23 | 4,645 | 5,048 | |
CyrusOne LP / CyrusOne Finance Corp. | 2.900% | 11/15/24 | 10,685 | 10,992 | |
Digital Realty Trust LP | 3.950% | 7/1/22 | 6,274 | 6,598 | |
Digital Realty Trust LP | 3.625% | 10/1/22 | 5,806 | 6,056 | |
Digital Realty Trust LP | 2.750% | 2/1/23 | 4,849 | 4,966 | |
Duke Realty LP | 4.375% | 6/15/22 | 1,526 | 1,618 | |
Duke Realty LP | 3.875% | 10/15/22 | 4,759 | 5,012 | |
Duke Realty LP | 3.625% | 4/15/23 | 1,500 | 1,583 | |
Duke Realty LP | 3.750% | 12/1/24 | 5,745 | 6,250 | |
ERP Operating LP | 4.625% | 12/15/21 | 13,389 | 14,046 | |
ERP Operating LP | 3.000% | 4/15/23 | 5,975 | 6,239 | |
Essex Portfolio LP | 3.625% | 8/15/22 | 3,450 | 3,602 | |
Essex Portfolio LP | 3.375% | 1/15/23 | 1,000 | 1,042 | |
Essex Portfolio LP | 3.250% | 5/1/23 | 7,857 | 8,236 | |
Essex Portfolio LP | 3.875% | 5/1/24 | 3,460 | 3,747 | |
Healthcare Trust of America Holdings LP | 3.700% | 4/15/23 | 2,375 | 2,501 |
12
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Healthpeak Properties Inc. | 3.150% | 8/1/22 | 4,447 | 4,594 | ||||||
Healthpeak Properties Inc. | 4.250% | 11/15/23 | 8,491 | 9,222 | ||||||
Healthpeak Properties Inc. | 4.200% | 3/1/24 | 4,642 | 5,050 | ||||||
Healthpeak Properties Inc. | 3.875% | 8/15/24 | 13,921 | 15,171 | ||||||
Healthpeak Properties Inc. | 3.400% | 2/1/25 | 8,323 | 8,839 | ||||||
Highwoods Realty LP | 3.200% | 6/15/21 | 3,041 | 3,101 | ||||||
Highwoods Realty LP | 3.625% | 1/15/23 | 1,360 | 1,426 | ||||||
Host Hotels & Resorts LP | 4.750% | 3/1/23 | 7,307 | 7,885 | ||||||
Host Hotels & Resorts LP | 3.750% | 10/15/23 | 5,400 | 5,750 | ||||||
Host Hotels & Resorts LP | 3.875% | 4/1/24 | 8,025 | 8,660 | ||||||
Kilroy Realty LP | 3.450% | 12/15/24 | 8,950 | 9,549 | ||||||
Kimco Realty Corp. | 3.200% | 5/1/21 | 7,485 | 7,617 | ||||||
Kimco Realty Corp. | 3.400% | 11/1/22 | 6,207 | 6,494 | ||||||
Kimco Realty Corp. | 3.125% | 6/1/23 | 3,948 | 4,123 | ||||||
Kimco Realty Corp. | 2.700% | 3/1/24 | 5,788 | 5,972 | ||||||
Kimco Realty Corp. | 3.300% | 2/1/25 | 10,692 | 11,429 | ||||||
Liberty Property LP | 4.125% | 6/15/22 | 5,034 | 5,290 | ||||||
Liberty Property LP | 3.375% | 6/15/23 | 4,175 | 4,410 | ||||||
Liberty Property LP | 4.400% | 2/15/24 | 8,461 | 9,345 | ||||||
Mid-America Apartments LP | 4.300% | 10/15/23 | 6,885 | 7,490 | ||||||
Mid-America Apartments LP | 3.750% | 6/15/24 | 4,815 | 5,205 | ||||||
National Retail Properties Inc. | 3.800% | 10/15/22 | 4,642 | 4,918 | ||||||
National Retail Properties Inc. | 3.300% | 4/15/23 | 4,000 | 4,186 | ||||||
National Retail Properties Inc. | 3.900% | 6/15/24 | 4,316 | 4,681 | ||||||
Office Properties Income Trust | 4.000% | 7/15/22 | 6,500 | 6,735 | ||||||
Omega Healthcare Investors Inc. | 4.375% | 8/1/23 | 14,236 | 15,229 | ||||||
Omega Healthcare Investors Inc. | 4.950% | 4/1/24 | 8,038 | 8,962 | ||||||
Omega Healthcare Investors Inc. | 4.500% | 1/15/25 | 2,588 | 2,828 | ||||||
Piedmont Operating Partnership LP | 3.400% | 6/1/23 | 4,466 | 4,647 | ||||||
Piedmont Operating Partnership LP | 4.450% | 3/15/24 | 6,575 | 7,250 | ||||||
Prologis LP | 4.250% | 8/15/23 | 7,734 | 8,394 | ||||||
Public Storage | 2.370% | 9/15/22 | 8,648 | 8,874 | ||||||
Realty Income Corp. | 3.250% | 10/15/22 | 11,828 | 12,339 | ||||||
Realty Income Corp. | 4.650% | 8/1/23 | 15,886 | 17,262 | ||||||
Realty Income Corp. | 3.875% | 7/15/24 | 8,864 | 9,557 | ||||||
Regency Centers Corp. | 3.750% | 11/15/22 | 4,205 | 4,418 | ||||||
Sabra Health Care LP / Sabra Capital Corp. | 4.800% | 6/1/24 | 7,995 | 8,655 | ||||||
Select Income REIT | 4.150% | 2/1/22 | 5,540 | 5,716 | ||||||
Select Income REIT | 4.250% | 5/15/24 | 4,903 | 5,211 | ||||||
Select Income REIT | 4.500% | 2/1/25 | 5,847 | 6,282 | ||||||
Service Properties Trust | 5.000% | 8/15/22 | 6,182 | 6,538 | ||||||
Service Properties Trust | 4.500% | 6/15/23 | 8,145 | 8,534 | ||||||
Service Properties Trust | 4.650% | 3/15/24 | 10,098 | 10,756 | ||||||
Service Properties Trust | 4.350% | 10/1/24 | 12,398 | 13,094 | ||||||
Simon Property Group LP | 2.500% | 7/15/21 | 9,587 | 9,707 | ||||||
Simon Property Group LP | 2.350% | 1/30/22 | 11,505 | 11,680 | ||||||
Simon Property Group LP | 2.625% | 6/15/22 | 5,180 | 5,292 | ||||||
Simon Property Group LP | 2.750% | 2/1/23 | 11,334 | 11,739 | ||||||
Simon Property Group LP | 2.750% | 6/1/23 | 7,107 | 7,350 | ||||||
Simon Property Group LP | 3.750% | 2/1/24 | 11,508 | 12,380 | ||||||
Simon Property Group LP | 2.000% | 9/13/24 | 12,620 | 12,741 | ||||||
Simon Property Group LP | 3.375% | 10/1/24 | 13,605 | 14,512 | ||||||
SITE Centers Corp. | 4.625% | 7/15/22 | 2,143 | 2,286 | ||||||
SITE Centers Corp. | 3.625% | 2/1/25 | 6,473 | 6,892 | ||||||
SL Green Operating Partnership LP | 3.250% | 10/15/22 | 4,700 | 4,862 | ||||||
SL Green Realty Corp. | 4.500% | 12/1/22 | 5,925 | 6,308 | ||||||
UDR Inc. | 3.750% | 7/1/24 | 5,975 | 6,442 | ||||||
Ventas Realty LP | 3.100% | 1/15/23 | 5,340 | 5,536 | ||||||
Ventas Realty LP | 3.125% | 6/15/23 | 7,467 | 7,807 | ||||||
Ventas Realty LP | 3.500% | 4/15/24 | 7,857 | 8,397 | ||||||
Ventas Realty LP | 3.750% | 5/1/24 | 6,309 | 6,755 | ||||||
Ventas Realty LP | 2.650% | 1/15/25 | 5,052 | 5,257 | ||||||
Ventas Realty LP | 3.500% | 2/1/25 | 9,446 | 10,126 | ||||||
Ventas Realty LP / Ventas Capital Corp. | 3.250% | 8/15/22 | 4,837 | 5,020 |
13
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
VEREIT Operating Partnership LP | 4.600% | 2/6/24 | 8,961 | 9,873 | ||||||
Vornado Realty LP | 3.500% | 1/15/25 | 6,944 | 7,453 | ||||||
Washington REIT | 3.950% | 10/15/22 | 2,300 | 2,405 | ||||||
Weingarten Realty Investors | 3.375% | 10/15/22 | 2,209 | 2,285 | ||||||
Weingarten Realty Investors | 3.500% | 4/15/23 | 3,465 | 3,612 | ||||||
Welltower Inc. | 3.750% | 3/15/23 | 9,010 | 9,553 | ||||||
Welltower Inc. | 3.950% | 9/1/23 | 11,165 | 11,978 | ||||||
Welltower Inc. | 4.500% | 1/15/24 | 7,049 | 7,722 | ||||||
Welltower Inc. | 3.625% | 3/15/24 | 11,557 | 12,212 | ||||||
WP Carey Inc. | 4.600% | 4/1/24 | 5,966 | 6,491 | ||||||
WP Carey Inc. | 4.000% | 2/1/25 | 5,659 | 6,088 | ||||||
13,342,918 | ||||||||||
Industrial (52.3%) | ||||||||||
Basic Industry (2.3%) | ||||||||||
Air Products & Chemicals Inc. | 3.000% | 11/3/21 | 5,133 | 5,269 | ||||||
Air Products & Chemicals Inc. | 2.750% | 2/3/23 | 5,799 | 6,011 | ||||||
Air Products & Chemicals Inc. | 3.350% | 7/31/24 | 9,170 | 9,883 | ||||||
Airgas Inc. | 3.650% | 7/15/24 | 4,400 | 4,769 | ||||||
Albemarle Corp. | 4.150% | 12/1/24 | 6,960 | 7,632 | ||||||
ArcelorMittal | 6.250% | 2/25/22 | 9,982 | 10,909 | ||||||
ArcelorMittal | 3.600% | 7/16/24 | 15,755 | 16,397 | ||||||
BHP Billiton Finance USA Ltd. | 2.875% | 2/24/22 | 17,845 | 18,335 | ||||||
BHP Billiton Finance USA Ltd. | 3.850% | 9/30/23 | 5,959 | 6,457 | ||||||
Braskem Finance Ltd. | 6.450% | 2/3/24 | 11,140 | 12,218 | ||||||
Cabot Corp. | 3.700% | 7/15/22 | 5,145 | 5,366 | ||||||
Celanese US Holdings LLC | 5.875% | 6/15/21 | 5,632 | 5,881 | ||||||
Celanese US Holdings LLC | 4.625% | 11/15/22 | 5,865 | 6,271 | ||||||
Celanese US Holdings LLC | 3.500% | 5/8/24 | 7,575 | 8,018 | ||||||
Celulosa Arauco y Constitucion SA | 4.500% | 8/1/24 | 8,200 | 8,657 | ||||||
Domtar Corp. | 4.400% | 4/1/22 | 5,403 | 5,634 | ||||||
Dow Chemical Co. | 3.000% | 11/15/22 | 11,906 | 12,434 | ||||||
Dow Chemical Co. | 3.150% | 5/15/24 | 10,245 | 10,826 | ||||||
Dow Chemical Co. | 3.500% | 10/1/24 | 12,855 | 13,783 | ||||||
DuPont de Nemours Inc. | 4.205% | 11/15/23 | 44,863 | 48,906 | ||||||
Eastman Chemical Co. | 3.500% | 12/1/21 | 9,175 | 9,494 | ||||||
Eastman Chemical Co. | 3.600% | 8/15/22 | 5,866 | 6,099 | ||||||
Ecolab Inc. | 4.350% | 12/8/21 | 18,054 | 18,963 | ||||||
Ecolab Inc. | 2.375% | 8/10/22 | 6,336 | 6,458 | ||||||
Ecolab Inc. | 3.250% | 1/14/23 | 3,500 | 3,662 | ||||||
Fibria Overseas Finance Ltd. | 5.250% | 5/12/24 | 4,923 | 5,311 | ||||||
Fibria Overseas Finance Ltd. | 4.000% | 1/14/25 | 11,935 | 12,617 | ||||||
FMC Corp. | 3.950% | 2/1/22 | 2,065 | 2,141 | ||||||
FMC Corp. | 4.100% | 2/1/24 | 7,197 | 7,738 | ||||||
International Flavors & Fragrances Inc. | 3.200% | 5/1/23 | 5,154 | 5,333 | ||||||
International Paper Co. | 7.500% | 8/15/21 | 5,480 | 5,934 | ||||||
International Paper Co. | 3.650% | 6/15/24 | 11,087 | 11,928 | ||||||
Kinross Gold Corp. | 5.125% | 9/1/21 | 9,255 | 9,486 | ||||||
Kinross Gold Corp. | 5.950% | 3/15/24 | 6,623 | 7,319 | ||||||
LYB International Finance BV | 4.000% | 7/15/23 | 13,710 | 14,692 | ||||||
LyondellBasell Industries NV | 6.000% | 11/15/21 | 22,224 | 23,647 | ||||||
LyondellBasell Industries NV | 5.750% | 4/15/24 | 7,181 | 8,222 | ||||||
Methanex Corp. | 4.250% | 12/1/24 | 3,998 | 4,163 | ||||||
Mosaic Co. | 3.750% | 11/15/21 | 875 | 899 | ||||||
Mosaic Co. | 3.250% | 11/15/22 | 10,148 | 10,512 | ||||||
Mosaic Co. | 4.250% | 11/15/23 | 20,389 | 21,852 | ||||||
Newmont Corp. | 3.625% | 6/9/21 | 7,000 | 7,172 | ||||||
Newmont Corp. | 3.500% | 3/15/22 | 20,189 | 20,824 | ||||||
Newmont Corp. | 3.700% | 3/15/23 | 16,255 | 17,309 | ||||||
Nucor Corp. | 4.125% | 9/15/22 | 10,448 | 11,040 | ||||||
Nucor Corp. | 4.000% | 8/1/23 | 6,570 | 7,050 | ||||||
Nutrien Ltd. | 3.150% | 10/1/22 | 11,899 | 12,304 | ||||||
Nutrien Ltd. | 3.500% | 6/1/23 | 7,616 | 8,003 | ||||||
Nutrien Ltd. | 3.625% | 3/15/24 | 8,459 | 9,043 |
14
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Packaging Corp. of America | 4.500% | 11/1/23 | 9,805 | 10,718 | ||||||
Packaging Corp. of America | 3.650% | 9/15/24 | 8,080 | 8,659 | ||||||
PPG Industries Inc. | 3.200% | 3/15/23 | 5,365 | 5,628 | ||||||
PPG Industries Inc. | 2.400% | 8/15/24 | 5,125 | 5,289 | ||||||
Praxair Inc. | 4.050% | 3/15/21 | 4,200 | 4,315 | ||||||
Praxair Inc. | 3.000% | 9/1/21 | 7,207 | 7,394 | ||||||
Praxair Inc. | 2.450% | 2/15/22 | 8,752 | 8,868 | ||||||
Praxair Inc. | 2.200% | 8/15/22 | 10,740 | 10,926 | ||||||
Praxair Inc. | 2.700% | 2/21/23 | 12,250 | 12,655 | ||||||
Praxair Inc. | 2.650% | 2/5/25 | 2,784 | 2,942 | ||||||
Rayonier Inc. | 3.750% | 4/1/22 | 4,000 | 4,107 | ||||||
Reliance Steel & Aluminum Co. | 4.500% | 4/15/23 | 4,308 | 4,647 | ||||||
RPM International Inc. | 3.450% | 11/15/22 | 3,758 | 3,904 | ||||||
Sasol Financing International Ltd. | 4.500% | 11/14/22 | 17,695 | 18,219 | ||||||
SASOL Financing USA LLC | 5.875% | 3/27/24 | 21,975 | 23,211 | ||||||
Sherwin-Williams Co. | 4.200% | 1/15/22 | 8,598 | 8,942 | ||||||
Sherwin-Williams Co. | 2.750% | 6/1/22 | 19,184 | 19,643 | ||||||
Sherwin-Williams Co. | 3.125% | 6/1/24 | 8,769 | 9,282 | ||||||
Southern Copper Corp. | 3.500% | 11/8/22 | 4,815 | 4,970 | ||||||
Steel Dynamics Inc. | 2.800% | 12/15/24 | 13,481 | 13,818 | ||||||
WestRock RKT Co. | 4.900% | 3/1/22 | 2,606 | 2,766 | ||||||
WestRock RKT Co. | 4.000% | 3/1/23 | 7,070 | 7,511 | ||||||
Weyerhaeuser Co. | 4.700% | 3/15/21 | 6,313 | 6,461 | ||||||
Weyerhaeuser Co. | 3.250% | 3/15/23 | 2,185 | 2,272 | ||||||
Weyerhaeuser Co. | 4.625% | 9/15/23 | 10,109 | 11,043 | ||||||
Weyerhaeuser Co. | 8.500% | 1/15/25 | 2,245 | 2,907 | ||||||
WRKCo Inc. | 3.000% | 9/15/24 | 11,722 | 12,244 | ||||||
Capital Goods (5.0%) | ||||||||||
3M Co. | 1.625% | 9/19/21 | 9,311 | 9,350 | ||||||
3M Co. | 2.750% | 3/1/22 | 6,870 | 7,057 | ||||||
3M Co. | 2.000% | 6/26/22 | 9,398 | 9,536 | ||||||
3M Co. | 1.750% | 2/14/23 | 7,350 | 7,452 | ||||||
3M Co. | 2.250% | 3/15/23 | 10,699 | 10,824 | ||||||
3M Co. | 3.250% | 2/14/24 | 12,235 | 13,063 | ||||||
3M Co. | 2.000% | 2/14/25 | 9,978 | 10,172 | ||||||
3 | ABB Finance USA Inc. | 2.875% | 5/8/22 | 13,404 | 13,855 | |||||
ABB Finance USA Inc. | 3.375% | 4/3/23 | 7,492 | 7,940 | ||||||
Allegion US Holding Co. Inc. | 3.200% | 10/1/24 | 6,150 | 6,512 | ||||||
2 | Bemis Co. Inc. | 4.500% | 10/15/21 | 3,142 | 3,248 | |||||
Boeing Co. | 2.300% | 8/1/21 | 10,070 | 10,172 | ||||||
Boeing Co. | 8.750% | 8/15/21 | 1,900 | 2,090 | ||||||
Boeing Co. | 2.350% | 10/30/21 | 4,475 | 4,524 | ||||||
Boeing Co. | 2.125% | 3/1/22 | 8,684 | 8,774 | ||||||
Boeing Co. | 2.700% | 5/1/22 | 6,940 | 7,095 | ||||||
Boeing Co. | 2.800% | 3/1/23 | 5,336 | 5,520 | ||||||
Boeing Co. | 1.875% | 6/15/23 | 5,585 | 5,589 | ||||||
Boeing Co. | 2.800% | 3/1/24 | 4,595 | 4,768 | ||||||
Boeing Co. | 2.850% | 10/30/24 | 5,050 | 5,215 | ||||||
Carlisle Cos. Inc. | 3.750% | 11/15/22 | 3,775 | 3,943 | ||||||
Carlisle Cos. Inc. | 3.500% | 12/1/24 | 7,353 | 7,870 | ||||||
2 | Carrier Global Corp. | 1.923% | 2/15/23 | 1,000 | 1,012 | |||||
2 | Carrier Global Corp. | 2.242% | 2/15/25 | 17,570 | 17,874 | |||||
Caterpillar Financial Services Corp. | 1.850% | 9/4/20 | 22,707 | 22,751 | ||||||
Caterpillar Financial Services Corp. | 2.900% | 3/15/21 | 5,925 | 6,010 | ||||||
Caterpillar Financial Services Corp. | 2.650% | 5/17/21 | 7,825 | 7,959 | ||||||
Caterpillar Financial Services Corp. | 1.700% | 8/9/21 | 9,144 | 9,188 | ||||||
Caterpillar Financial Services Corp. | 2.750% | 8/20/21 | 2,000 | 2,040 | ||||||
Caterpillar Financial Services Corp. | 3.150% | 9/7/21 | 5,755 | 5,911 | ||||||
Caterpillar Financial Services Corp. | 1.931% | 10/1/21 | 7,604 | 7,693 | ||||||
Caterpillar Financial Services Corp. | 2.950% | 2/26/22 | 17,060 | 17,629 | ||||||
Caterpillar Financial Services Corp. | 2.850% | 6/1/22 | 11,770 | 12,173 | ||||||
Caterpillar Financial Services Corp. | 2.400% | 6/6/22 | 11,425 | 11,722 | ||||||
Caterpillar Financial Services Corp. | 1.950% | 11/18/22 | 12,000 | 12,227 |
15
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Caterpillar Financial Services Corp. | 2.550% | 11/29/22 | 11,745 | 12,113 | ||||||
Caterpillar Financial Services Corp. | 2.625% | 3/1/23 | 6,970 | 7,244 | ||||||
Caterpillar Financial Services Corp. | 3.450% | 5/15/23 | 11,165 | 11,902 | ||||||
Caterpillar Financial Services Corp. | 3.750% | 11/24/23 | 4,231 | 4,599 | ||||||
Caterpillar Financial Services Corp. | 3.650% | 12/7/23 | 5,532 | 5,979 | ||||||
Caterpillar Financial Services Corp. | 2.850% | 5/17/24 | 7,900 | 8,298 | ||||||
Caterpillar Financial Services Corp. | 3.300% | 6/9/24 | 9,931 | 10,737 | ||||||
Caterpillar Financial Services Corp. | 2.150% | 11/8/24 | 14,450 | 14,858 | ||||||
Caterpillar Financial Services Corp. | 3.250% | 12/1/24 | 8,622 | 9,269 | ||||||
Caterpillar Inc. | 3.900% | 5/27/21 | 10,117 | 10,444 | ||||||
Caterpillar Inc. | 2.600% | 6/26/22 | 8,200 | 8,435 | ||||||
Caterpillar Inc. | 3.400% | 5/15/24 | 8,055 | 8,631 | ||||||
CNH Industrial Capital LLC | 4.875% | 4/1/21 | 6,270 | 6,481 | ||||||
CNH Industrial Capital LLC | 3.875% | 10/15/21 | 5,748 | 5,965 | ||||||
CNH Industrial Capital LLC | 4.375% | 4/5/22 | 10,819 | 11,385 | ||||||
CNH Industrial Capital LLC | 4.200% | 1/15/24 | 2,440 | 2,651 | ||||||
CNH Industrial NV | 4.500% | 8/15/23 | 13,881 | 15,100 | ||||||
Crane Co. | 4.450% | 12/15/23 | 4,590 | 4,991 | ||||||
CRH America Inc. | 5.750% | 1/15/21 | 3,309 | 3,429 | ||||||
Deere & Co. | 2.600% | 6/8/22 | 19,160 | 19,560 | ||||||
Eaton Corp. | 2.750% | 11/2/22 | 22,003 | 22,736 | ||||||
2 | Embraer Overseas Ltd. | 5.696% | 9/16/23 | 6,825 | 7,451 | |||||
Embraer SA | 5.150% | 6/15/22 | 8,643 | 9,047 | ||||||
Emerson Electric Co. | 4.250% | 11/15/20 | 5,925 | 6,033 | ||||||
Emerson Electric Co. | 2.625% | 12/1/21 | 4,300 | 4,394 | ||||||
Emerson Electric Co. | 2.625% | 2/15/23 | 5,850 | 6,038 | ||||||
Flowserve Corp. | 3.500% | 9/15/22 | 6,880 | 7,031 | ||||||
Flowserve Corp. | 4.000% | 11/15/23 | 6,400 | 6,716 | ||||||
Fortive Corp. | 2.350% | 6/15/21 | 11,599 | 11,704 | ||||||
Fortune Brands Home & Security Inc. | 4.000% | 9/21/23 | 9,456 | 10,174 | ||||||
General Dynamics Corp. | 3.000% | 5/11/21 | 24,921 | 25,422 | ||||||
General Dynamics Corp. | 3.875% | 7/15/21 | 11,744 | 12,121 | ||||||
General Dynamics Corp. | 2.250% | 11/15/22 | 19,027 | 19,481 | ||||||
General Dynamics Corp. | 3.375% | 5/15/23 | 19,184 | 20,395 | ||||||
General Dynamics Corp. | 1.875% | 8/15/23 | 5,694 | 5,804 | ||||||
General Dynamics Corp. | 2.375% | 11/15/24 | 7,304 | 7,618 | ||||||
General Electric Co. | 4.650% | 10/17/21 | 16,167 | 16,870 | ||||||
General Electric Co. | 3.150% | 9/7/22 | 11,061 | 11,403 | ||||||
General Electric Co. | 2.700% | 10/9/22 | 38,168 | 39,008 | ||||||
General Electric Co. | 3.100% | 1/9/23 | 28,216 | 29,228 | ||||||
General Electric Co. | 3.375% | 3/11/24 | 14,350 | 15,177 | ||||||
General Electric Co. | 3.450% | 5/15/24 | 10,805 | 11,480 | ||||||
Honeywell International Inc. | 4.250% | 3/1/21 | 9,913 | 10,192 | ||||||
Honeywell International Inc. | 1.850% | 11/1/21 | 20,705 | 20,884 | ||||||
Honeywell International Inc. | 2.150% | 8/8/22 | 8,872 | 9,071 | ||||||
Honeywell International Inc. | 3.350% | 12/1/23 | 5,705 | 6,134 | ||||||
Honeywell International Inc. | 2.300% | 8/15/24 | 14,710 | 15,241 | ||||||
Hubbell Inc. | 3.625% | 11/15/22 | 5,500 | 5,769 | ||||||
IDEX Corp. | 4.500% | 12/15/20 | 750 | 762 | ||||||
IDEX Corp. | 4.200% | 12/15/21 | 3,175 | 3,287 | ||||||
Illinois Tool Works Inc. | 3.375% | 9/15/21 | 4,247 | 4,367 | ||||||
Illinois Tool Works Inc. | 3.500% | 3/1/24 | 12,958 | 14,017 | ||||||
Ingersoll-Rand Global Holding Co. Ltd. | 2.900% | 2/21/21 | 6,348 | 6,423 | ||||||
Ingersoll-Rand Global Holding Co. Ltd. | 4.250% | 6/15/23 | 5,956 | 6,475 | ||||||
Ingersoll-Rand Luxembourg Finance SA | 3.550% | 11/1/24 | 10,106 | 10,935 | ||||||
John Deere Capital Corp. | 2.450% | 9/11/20 | 8,850 | 8,905 | ||||||
John Deere Capital Corp. | 2.350% | 1/8/21 | 11,486 | 11,567 | ||||||
John Deere Capital Corp. | 2.800% | 3/4/21 | 1,263 | 1,283 | ||||||
John Deere Capital Corp. | 2.875% | 3/12/21 | 3,959 | 4,025 | ||||||
John Deere Capital Corp. | 3.900% | 7/12/21 | 5,573 | 5,777 | ||||||
John Deere Capital Corp. | 3.125% | 9/10/21 | 3,915 | 4,023 | ||||||
John Deere Capital Corp. | 3.150% | 10/15/21 | 6,068 | 6,268 | ||||||
John Deere Capital Corp. | 2.650% | 1/6/22 | 9,727 | 9,994 | ||||||
John Deere Capital Corp. | 3.200% | 1/10/22 | 4,465 | 4,634 |
16
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
John Deere Capital Corp. | 2.750% | 3/15/22 | 7,340 | 7,572 | ||||||
John Deere Capital Corp. | 2.950% | 4/1/22 | 4,160 | 4,297 | ||||||
John Deere Capital Corp. | 1.950% | 6/13/22 | 12,950 | 13,175 | ||||||
John Deere Capital Corp. | 2.150% | 9/8/22 | 6,550 | 6,715 | ||||||
John Deere Capital Corp. | 2.700% | 1/6/23 | 8,600 | 8,907 | ||||||
John Deere Capital Corp. | 2.800% | 1/27/23 | 10,635 | 11,078 | ||||||
John Deere Capital Corp. | 2.800% | 3/6/23 | 14,659 | 15,249 | ||||||
John Deere Capital Corp. | 3.450% | 6/7/23 | 8,080 | 8,613 | ||||||
John Deere Capital Corp. | 3.650% | 10/12/23 | 10,585 | 11,447 | ||||||
John Deere Capital Corp. | 3.450% | 1/10/24 | 6,051 | 6,522 | ||||||
John Deere Capital Corp. | 2.600% | 3/7/24 | 5,855 | 6,134 | ||||||
John Deere Capital Corp. | 3.350% | 6/12/24 | 15,005 | 16,123 | ||||||
John Deere Capital Corp. | 2.650% | 6/24/24 | 11,584 | 12,189 | ||||||
John Deere Capital Corp. | 2.050% | 1/9/25 | 8,175 | 8,374 | ||||||
Johnson Controls International plc | 3.625% | 7/2/24 | 7,254 | 7,747 | ||||||
Kennametal Inc. | 3.875% | 2/15/22 | 4,025 | 4,166 | ||||||
2 | L3 Harris Technologies Inc. | 3.850% | 6/15/23 | 16,686 | 17,837 | |||||
2 | L3 Harris Technologies Inc. | 3.950% | 5/28/24 | 6,295 | 6,821 | |||||
Leggett & Platt Inc. | 3.400% | 8/15/22 | 1,592 | 1,641 | ||||||
Leggett & Platt Inc. | 3.800% | 11/15/24 | 6,150 | 6,610 | ||||||
Legrand France SA | 8.500% | 2/15/25 | 6,046 | 8,079 | ||||||
Lennox International Inc. | 3.000% | 11/15/23 | 4,920 | 5,101 | ||||||
Lockheed Martin Corp. | 2.500% | 11/23/20 | 3,000 | 3,014 | ||||||
Lockheed Martin Corp. | 3.350% | 9/15/21 | 10,468 | 10,820 | ||||||
Lockheed Martin Corp. | 3.100% | 1/15/23 | 13,401 | 14,016 | ||||||
Martin Marietta Materials Inc. | 4.250% | 7/2/24 | 4,975 | 5,425 | ||||||
Masco Corp. | 3.500% | 4/1/21 | 6,327 | 6,443 | ||||||
Masco Corp. | 5.950% | 3/15/22 | 3,778 | 4,100 | ||||||
Mohawk Industries Inc. | 3.850% | 2/1/23 | 9,293 | 9,857 | ||||||
Northrop Grumman Corp. | 3.500% | 3/15/21 | 16,605 | 16,939 | ||||||
Northrop Grumman Corp. | 2.550% | 10/15/22 | 14,243 | 14,645 | ||||||
Northrop Grumman Corp. | 3.250% | 8/1/23 | 11,041 | 11,691 | ||||||
Northrop Grumman Corp. | 2.930% | 1/15/25 | 26,434 | 27,891 | ||||||
Nvent Finance Sarl | 3.950% | 4/15/23 | 1,932 | 2,012 | ||||||
Owens Corning | 4.200% | 12/1/24 | 5,969 | 6,541 | ||||||
Parker-Hannifin Corp. | 3.500% | 9/15/22 | 8,723 | 9,139 | ||||||
Parker-Hannifin Corp. | 2.700% | 6/14/24 | 9,367 | 9,751 | ||||||
Parker-Hannifin Corp. | 3.300% | 11/21/24 | 9,925 | 10,623 | ||||||
Precision Castparts Corp. | 2.500% | 1/15/23 | 13,499 | 13,970 | ||||||
Raytheon Co. | 2.500% | 12/15/22 | 13,200 | 13,572 | ||||||
Raytheon Co. | 3.150% | 12/15/24 | 5,946 | 6,401 | ||||||
Republic Services Inc. | 5.250% | 11/15/21 | 9,288 | 9,902 | ||||||
Republic Services Inc. | 3.550% | 6/1/22 | 14,481 | 15,111 | ||||||
Republic Services Inc. | 4.750% | 5/15/23 | 10,114 | 11,053 | ||||||
Republic Services Inc. | 2.500% | 8/15/24 | 7,182 | 7,400 | ||||||
Rockwell Collins Inc. | 3.100% | 11/15/21 | 1,884 | 1,933 | ||||||
Rockwell Collins Inc. | 2.800% | 3/15/22 | 17,796 | 18,306 | ||||||
Rockwell Collins Inc. | 3.700% | 12/15/23 | 6,250 | 6,733 | ||||||
Rockwell Collins Inc. | 3.200% | 3/15/24 | 16,480 | 17,577 | ||||||
Roper Technologies Inc. | 3.000% | 12/15/20 | 5,178 | 5,226 | ||||||
Roper Technologies Inc. | 2.800% | 12/15/21 | 8,230 | 8,431 | ||||||
Roper Technologies Inc. | 3.125% | 11/15/22 | 6,654 | 6,912 | ||||||
Roper Technologies Inc. | 3.650% | 9/15/23 | 7,315 | 7,811 | ||||||
Roper Technologies Inc. | 2.350% | 9/15/24 | 6,750 | 6,941 | ||||||
Snap-on Inc. | 6.125% | 9/1/21 | 3,000 | 3,205 | ||||||
Spirit AeroSystems Inc. | 3.950% | 6/15/23 | 918 | 935 | ||||||
Stanley Black & Decker Inc. | 3.400% | 12/1/21 | 7,205 | 7,434 | ||||||
Stanley Black & Decker Inc. | 2.900% | 11/1/22 | 7,953 | 8,247 | ||||||
1 | Stanley Black & Decker Inc. | 4.000% | 3/15/60 | 1,000 | 1,000 | |||||
Textron Inc. | 4.300% | 3/1/24 | 6,871 | 7,471 | ||||||
Timken Co. | 3.875% | 9/1/24 | 6,705 | 7,140 | ||||||
United Technologies Corp. | 3.650% | 8/16/23 | 3,926 | 4,212 | ||||||
Wabtec Corp. | 4.400% | 3/15/24 | 11,669 | 12,646 |
17
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Waste Management Inc. | 4.600% | 3/1/21 | 5,907 | 6,033 | ||||||
Waste Management Inc. | 2.900% | 9/15/22 | 8,045 | 8,326 | ||||||
Waste Management Inc. | 2.400% | 5/15/23 | 6,761 | 6,955 | ||||||
Waste Management Inc. | 3.500% | 5/15/24 | 8,080 | 8,708 | ||||||
Waste Management Inc. | 2.950% | 6/15/24 | 11,463 | 12,100 | ||||||
WW Grainger Inc. | 1.850% | 2/15/25 | 7,400 | 7,494 | ||||||
Xylem Inc. | 4.875% | 10/1/21 | 5,970 | 6,268 | ||||||
Communication (5.1%) | ||||||||||
Activision Blizzard Inc. | 2.300% | 9/15/21 | 8,825 | 8,912 | ||||||
Activision Blizzard Inc. | 2.600% | 6/15/22 | 7,645 | 7,811 | ||||||
America Movil SAB de CV | 3.125% | 7/16/22 | 26,122 | 27,028 | ||||||
American Tower Corp. | 3.450% | 9/15/21 | 7,678 | 7,901 | ||||||
American Tower Corp. | 2.250% | 1/15/22 | 11,310 | 11,450 | ||||||
American Tower Corp. | 4.700% | 3/15/22 | 10,593 | 11,242 | ||||||
American Tower Corp. | 3.500% | 1/31/23 | 17,544 | 18,469 | ||||||
American Tower Corp. | 3.000% | 6/15/23 | 8,687 | 9,063 | ||||||
American Tower Corp. | 5.000% | 2/15/24 | 18,240 | 20,468 | ||||||
American Tower Corp. | 3.375% | 5/15/24 | 11,934 | 12,673 | ||||||
American Tower Corp. | 2.950% | 1/15/25 | 7,952 | 8,352 | ||||||
American Tower Corp. | 2.400% | 3/15/25 | 2,220 | 2,279 | ||||||
AT&T Inc. | 4.450% | 5/15/21 | 14,772 | 15,314 | ||||||
AT&T Inc. | 3.875% | 8/15/21 | 13,514 | 14,007 | ||||||
AT&T Inc. | 4.000% | 1/15/22 | 6,848 | 7,158 | ||||||
AT&T Inc. | 3.000% | 2/15/22 | 15,531 | 15,950 | ||||||
AT&T Inc. | 3.200% | 3/1/22 | 27,052 | 27,841 | ||||||
AT&T Inc. | 3.800% | 3/15/22 | 16,475 | 17,097 | ||||||
AT&T Inc. | 3.400% | 6/15/22 | 9,965 | 10,343 | ||||||
AT&T Inc. | 3.000% | 6/30/22 | 29,648 | 30,512 | ||||||
AT&T Inc. | 2.625% | 12/1/22 | 10,560 | 10,843 | ||||||
AT&T Inc. | 3.600% | 2/17/23 | 30,958 | 32,639 | ||||||
AT&T Inc. | 4.050% | 12/15/23 | 6,527 | 7,069 | ||||||
AT&T Inc. | 3.800% | 3/1/24 | 17,855 | 19,164 | ||||||
AT&T Inc. | 3.900% | 3/11/24 | 15,202 | 16,331 | ||||||
AT&T Inc. | 4.450% | 4/1/24 | 16,051 | 17,649 | ||||||
AT&T Inc. | 3.550% | 6/1/24 | 10,666 | 11,380 | ||||||
AT&T Inc. | 3.950% | 1/15/25 | 16,063 | 17,482 | ||||||
British Telecommunications plc | 4.500% | 12/4/23 | 8,682 | 9,522 | ||||||
CC Holdings GS V LLC / Crown Castle GS III Corp. | 3.849% | 4/15/23 | 19,473 | 20,659 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 4.464% | 7/23/22 | 43,940 | 46,648 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 4.500% | 2/1/24 | 17,958 | 19,489 | ||||||
Comcast Cable Communications Holdings Inc. | 9.455% | 11/15/22 | 15,792 | 19,127 | ||||||
Comcast Corp. | 1.625% | 1/15/22 | 7,527 | 7,564 | ||||||
Comcast Corp. | 3.125% | 7/15/22 | 11,842 | 12,353 | ||||||
Comcast Corp. | 2.850% | 1/15/23 | 2,143 | 2,235 | ||||||
Comcast Corp. | 2.750% | 3/1/23 | 23,784 | 24,750 | ||||||
Comcast Corp. | 3.000% | 2/1/24 | 27,535 | 29,058 | ||||||
Comcast Corp. | 3.600% | 3/1/24 | 17,061 | 18,418 | ||||||
Comcast Corp. | 3.700% | 4/15/24 | 45,392 | 49,136 | ||||||
Comcast Corp. | 3.375% | 2/15/25 | 12,176 | 13,152 | ||||||
Crown Castle International Corp. | 2.250% | 9/1/21 | 13,300 | 13,412 | ||||||
Crown Castle International Corp. | 4.875% | 4/15/22 | 15,848 | 16,904 | ||||||
Crown Castle International Corp. | 5.250% | 1/15/23 | 22,008 | 24,138 | ||||||
Crown Castle International Corp. | 3.150% | 7/15/23 | 6,402 | 6,670 | ||||||
Crown Castle International Corp. | 3.200% | 9/1/24 | 11,700 | 12,339 | ||||||
Discovery Communications LLC | 4.375% | 6/15/21 | 9,218 | 9,554 | ||||||
Discovery Communications LLC | 3.300% | 5/15/22 | 6,910 | 7,145 | ||||||
Discovery Communications LLC | 3.500% | 6/15/22 | 7,493 | 7,764 | ||||||
Discovery Communications LLC | 2.950% | 3/20/23 | 13,920 | 14,395 | ||||||
Discovery Communications LLC | 3.250% | 4/1/23 | 7,288 | 7,601 | ||||||
Discovery Communications LLC | 3.800% | 3/13/24 | 7,120 | 7,638 | ||||||
Discovery Communications LLC | 3.900% | 11/15/24 | 5,789 | 6,294 |
18
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Electronic Arts Inc. | 3.700% | 3/1/21 | 6,646 | 6,786 | ||||||
2 | Fox Corp. | 3.666% | 1/25/22 | 12,990 | 13,502 | |||||
2 | Fox Corp. | 4.030% | 1/25/24 | 15,825 | 17,141 | |||||
Interpublic Group of Cos. Inc. | 3.500% | 10/1/20 | 7,292 | 7,366 | ||||||
Interpublic Group of Cos. Inc. | 3.750% | 10/1/21 | 7,656 | 7,889 | ||||||
Interpublic Group of Cos. Inc. | 3.750% | 2/15/23 | 12,178 | 12,915 | ||||||
Interpublic Group of Cos. Inc. | 4.200% | 4/15/24 | 6,601 | 7,241 | ||||||
Moody's Corp. | 3.250% | 6/7/21 | 2,778 | 2,836 | ||||||
Moody's Corp. | 2.750% | 12/15/21 | 7,620 | 7,779 | ||||||
Moody's Corp. | 4.500% | 9/1/22 | 7,320 | 7,797 | ||||||
Moody's Corp. | 2.625% | 1/15/23 | 7,008 | 7,203 | ||||||
Moody's Corp. | 4.875% | 2/15/24 | 7,332 | 8,168 | ||||||
NBCUniversal Media LLC | 4.375% | 4/1/21 | 27,983 | 28,913 | ||||||
NBCUniversal Media LLC | 2.875% | 1/15/23 | 20,347 | 21,244 | ||||||
Omnicom Group Inc. / Omnicom Capital Inc. | 3.625% | 5/1/22 | 24,393 | 25,441 | ||||||
Omnicom Group Inc. / Omnicom Capital Inc. | 3.650% | 11/1/24 | 12,269 | 13,180 | ||||||
Orange SA | 4.125% | 9/14/21 | 14,099 | 14,697 | ||||||
RELX Capital Inc. | 3.500% | 3/16/23 | 16,126 | 16,998 | ||||||
Rogers Communications Inc. | 3.000% | 3/15/23 | 6,651 | 6,942 | ||||||
Rogers Communications Inc. | 4.100% | 10/1/23 | 9,509 | 10,306 | ||||||
Telefonica Emisiones SAU | 4.570% | 4/27/23 | 13,583 | 14,779 | ||||||
Thomson Reuters Corp. | 4.300% | 11/23/23 | 8,084 | 8,776 | ||||||
Time Warner Cable LLC | 4.000% | 9/1/21 | 14,319 | 14,719 | ||||||
Time Warner Entertainment Co. LP | 8.375% | 3/15/23 | 14,286 | 16,982 | ||||||
Verizon Communications Inc. | 3.450% | 3/15/21 | 14,050 | 14,328 | ||||||
Verizon Communications Inc. | 4.600% | 4/1/21 | 19,208 | 19,903 | ||||||
Verizon Communications Inc. | 2.946% | 3/15/22 | 15,300 | 15,828 | ||||||
Verizon Communications Inc. | 3.125% | 3/16/22 | 18,663 | 19,373 | ||||||
Verizon Communications Inc. | 2.450% | 11/1/22 | 24,210 | 24,825 | ||||||
Verizon Communications Inc. | 5.150% | 9/15/23 | 63,960 | 71,867 | ||||||
Verizon Communications Inc. | 4.150% | 3/15/24 | 2,313 | 2,523 | ||||||
Verizon Communications Inc. | 3.500% | 11/1/24 | 24,057 | 25,944 | ||||||
Verizon Communications Inc. | 3.376% | 2/15/25 | 35,000 | 37,805 | ||||||
ViacomCBS Inc. | 4.500% | 3/1/21 | 3,930 | 4,041 | ||||||
ViacomCBS Inc. | 3.875% | 12/15/21 | 13,764 | 14,329 | ||||||
ViacomCBS Inc. | 3.375% | 3/1/22 | 9,206 | 9,504 | ||||||
ViacomCBS Inc. | 2.500% | 2/15/23 | 6,973 | 7,142 | ||||||
ViacomCBS Inc. | 2.900% | 6/1/23 | 4,022 | 4,173 | ||||||
ViacomCBS Inc. | 4.250% | 9/1/23 | 11,722 | 12,648 | ||||||
ViacomCBS Inc. | 3.875% | 4/1/24 | 12,154 | 13,106 | ||||||
ViacomCBS Inc. | 3.700% | 8/15/24 | 8,130 | 8,780 | ||||||
ViacomCBS Inc. | 3.500% | 1/15/25 | 9,604 | 10,263 | ||||||
Vodafone Group plc | 2.500% | 9/26/22 | 500 | 510 | ||||||
Vodafone Group plc | 2.950% | 2/19/23 | 4,698 | 4,889 | ||||||
Vodafone Group plc | 3.750% | 1/16/24 | 45,224 | 48,528 | ||||||
Walt Disney Co. | 3.750% | 6/1/21 | 8,981 | 9,252 | ||||||
Walt Disney Co. | 2.750% | 8/16/21 | 8,773 | 8,963 | ||||||
Walt Disney Co. | 2.550% | 2/15/22 | 8,255 | 8,454 | ||||||
Walt Disney Co. | 2.450% | 3/4/22 | 11,741 | 12,017 | ||||||
Walt Disney Co. | 1.650% | 9/1/22 | 4,125 | 4,167 | ||||||
Walt Disney Co. | 3.000% | 9/15/22 | 15,846 | 16,495 | ||||||
Walt Disney Co. | 2.350% | 12/1/22 | 16,956 | 17,457 | ||||||
Walt Disney Co. | 1.750% | 8/30/24 | 11,600 | 11,738 | ||||||
Walt Disney Co. | 3.700% | 9/15/24 | 12,165 | 13,284 | ||||||
Weibo Corp. | 3.500% | 7/5/24 | 12,250 | 12,809 | ||||||
WPP Finance 2010 | 3.625% | 9/7/22 | 7,615 | 7,964 | ||||||
WPP Finance 2010 | 3.750% | 9/19/24 | 11,097 | 11,883 | ||||||
Consumer Cyclical (8.1%) | ||||||||||
Advance Auto Parts Inc. | 4.500% | 1/15/22 | 5,153 | 5,383 | ||||||
Advance Auto Parts Inc. | 4.500% | 12/1/23 | 6,524 | 7,147 | ||||||
Alibaba Group Holding Ltd. | 3.125% | 11/28/21 | 17,349 | 17,808 | ||||||
Alibaba Group Holding Ltd. | 2.800% | 6/6/23 | 13,630 | 14,073 | ||||||
Alibaba Group Holding Ltd. | 3.600% | 11/28/24 | 25,960 | 27,897 |
19
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Amazon.com Inc. | 3.300% | 12/5/21 | 12,819 | 13,230 | ||||||
Amazon.com Inc. | 2.500% | 11/29/22 | 22,309 | 22,972 | ||||||
Amazon.com Inc. | 2.400% | 2/22/23 | 11,897 | 12,261 | ||||||
Amazon.com Inc. | 2.800% | 8/22/24 | 25,512 | 26,920 | ||||||
Amazon.com Inc. | 3.800% | 12/5/24 | 16,730 | 18,427 | ||||||
American Honda Finance Corp. | 3.150% | 1/8/21 | 4,450 | 4,516 | ||||||
American Honda Finance Corp. | 1.650% | 7/12/21 | 15,632 | 15,685 | ||||||
American Honda Finance Corp. | 1.700% | 9/9/21 | 15,019 | 15,065 | ||||||
American Honda Finance Corp. | 3.375% | 12/10/21 | 5,919 | 6,121 | ||||||
American Honda Finance Corp. | 1.950% | 5/20/22 | 7,000 | 7,087 | ||||||
American Honda Finance Corp. | 2.200% | 6/27/22 | 11,825 | 12,040 | ||||||
American Honda Finance Corp. | 2.600% | 11/16/22 | 11,281 | 11,629 | ||||||
American Honda Finance Corp. | 2.050% | 1/10/23 | 11,052 | 11,183 | ||||||
American Honda Finance Corp. | 1.950% | 5/10/23 | 14,620 | 14,740 | ||||||
American Honda Finance Corp. | 3.450% | 7/14/23 | 3,886 | 4,142 | ||||||
American Honda Finance Corp. | 3.625% | 10/10/23 | 9,561 | 10,255 | ||||||
American Honda Finance Corp. | 3.550% | 1/12/24 | 9,160 | 9,845 | ||||||
American Honda Finance Corp. | 2.900% | 2/16/24 | 10,003 | 10,492 | ||||||
American Honda Finance Corp. | 2.400% | 6/27/24 | 10,420 | 10,756 | ||||||
American Honda Finance Corp. | 2.150% | 9/10/24 | 14,186 | 14,488 | ||||||
Aptiv Corp. | 4.150% | 3/15/24 | 9,873 | 10,692 | ||||||
AutoNation Inc. | 3.500% | 11/15/24 | 8,243 | 8,690 | ||||||
AutoZone Inc. | 3.700% | 4/15/22 | 9,908 | 10,308 | ||||||
AutoZone Inc. | 2.875% | 1/15/23 | 7,308 | 7,541 | ||||||
AutoZone Inc. | 3.125% | 7/15/23 | 8,575 | 8,962 | ||||||
AutoZone Inc. | 3.125% | 4/18/24 | 2,900 | 3,051 | ||||||
Best Buy Co. Inc. | 5.500% | 3/15/21 | 4,306 | 4,451 | ||||||
Block Financial LLC | 5.500% | 11/1/22 | 7,734 | 8,397 | ||||||
Booking Holdings Inc. | 2.750% | 3/15/23 | 9,507 | 9,837 | ||||||
Choice Hotels International Inc. | 5.750% | 7/1/22 | 4,690 | 5,099 | ||||||
Costco Wholesale Corp. | 2.150% | 5/18/21 | 10,640 | 10,734 | ||||||
Costco Wholesale Corp. | 2.250% | 2/15/22 | 9,145 | 9,311 | ||||||
Costco Wholesale Corp. | 2.300% | 5/18/22 | 8,384 | 8,562 | ||||||
Costco Wholesale Corp. | 2.750% | 5/18/24 | 18,636 | 19,709 | ||||||
Cummins Inc. | 3.650% | 10/1/23 | 7,793 | 8,382 | ||||||
Dollar General Corp. | 3.250% | 4/15/23 | 10,289 | 10,767 | ||||||
Dollar Tree Inc. | 3.700% | 5/15/23 | 13,970 | 14,817 | ||||||
DR Horton Inc. | 2.550% | 12/1/20 | 6,245 | 6,294 | ||||||
DR Horton Inc. | 4.375% | 9/15/22 | 5,906 | 6,252 | ||||||
DR Horton Inc. | 4.750% | 2/15/23 | 4,330 | 4,675 | ||||||
DR Horton Inc. | 5.750% | 8/15/23 | 8,535 | 9,498 | ||||||
DR Horton Inc. | 2.500% | 10/15/24 | 3,845 | 3,962 | ||||||
eBay Inc. | 2.875% | 8/1/21 | 11,119 | 11,293 | ||||||
eBay Inc. | 3.800% | 3/9/22 | 15,649 | 16,276 | ||||||
eBay Inc. | 2.600% | 7/15/22 | 9,028 | 9,230 | ||||||
eBay Inc. | 2.750% | 1/30/23 | 10,975 | 11,278 | ||||||
eBay Inc. | 3.450% | 8/1/24 | 11,265 | 11,943 | ||||||
Expedia Group Inc. | 4.500% | 8/15/24 | 7,237 | 7,866 | ||||||
Ford Motor Credit Co. LLC | 2.343% | 11/2/20 | 12,750 | 12,792 | ||||||
Ford Motor Credit Co. LLC | 3.336% | 3/18/21 | 28,933 | 29,200 | ||||||
Ford Motor Credit Co. LLC | 3.470% | 4/5/21 | 1,555 | 1,568 | ||||||
Ford Motor Credit Co. LLC | 5.875% | 8/2/21 | 29,304 | 30,606 | ||||||
Ford Motor Credit Co. LLC | 3.813% | 10/12/21 | 18,027 | 18,402 | ||||||
Ford Motor Credit Co. LLC | 5.596% | 1/7/22 | 15,475 | 16,256 | ||||||
Ford Motor Credit Co. LLC | 3.219% | 1/9/22 | 18,290 | 18,441 | ||||||
Ford Motor Credit Co. LLC | 3.339% | 3/28/22 | 9,421 | 9,515 | ||||||
Ford Motor Credit Co. LLC | 2.979% | 8/3/22 | 22,250 | 22,391 | ||||||
Ford Motor Credit Co. LLC | 4.250% | 9/20/22 | 12,630 | 12,895 | ||||||
Ford Motor Credit Co. LLC | 3.350% | 11/1/22 | 19,000 | 19,154 | ||||||
Ford Motor Credit Co. LLC | 3.087% | 1/9/23 | 19,000 | 18,992 | ||||||
Ford Motor Credit Co. LLC | 4.140% | 2/15/23 | 5,550 | 5,700 | ||||||
Ford Motor Credit Co. LLC | 3.096% | 5/4/23 | 21,698 | 21,472 | ||||||
Ford Motor Credit Co. LLC | 4.375% | 8/6/23 | 19,374 | 19,967 | ||||||
Ford Motor Credit Co. LLC | 3.810% | 1/9/24 | 17,504 | 17,808 |
20
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | Market Value ($000 | |||||||
Ford Motor Credit Co. LLC | 5.584% | 3/18/24 | 17,184 | 18,177 | ||||||
Ford Motor Credit Co. LLC | 3.664% | 9/8/24 | 8,647 | 8,746 | ||||||
Ford Motor Credit Co. LLC | 4.063% | 11/1/24 | 27,771 | 28,019 | ||||||
General Motors Co. | 4.875% | 10/2/23 | 28,866 | 31,259 | ||||||
General Motors Financial Co. Inc. | 4.200% | 3/1/21 | 22,354 | 22,683 | ||||||
General Motors Financial Co. Inc. | 3.550% | 4/9/21 | 16,368 | 16,627 | ||||||
General Motors Financial Co. Inc. | 3.200% | 7/6/21 | 32,449 | 32,907 | ||||||
General Motors Financial Co. Inc. | 4.375% | 9/25/21 | 17,275 | 17,857 | ||||||
General Motors Financial Co. Inc. | 4.200% | 11/6/21 | 12,160 | 12,557 | ||||||
General Motors Financial Co. Inc. | 3.450% | 1/14/22 | 28,231 | 28,977 | ||||||
General Motors Financial Co. Inc. | 3.450% | 4/10/22 | 25,342 | 25,984 | ||||||
General Motors Financial Co. Inc. | 3.150% | 6/30/22 | 15,905 | 16,182 | ||||||
General Motors Financial Co. Inc. | 3.550% | 7/8/22 | 17,153 | 17,685 | ||||||
General Motors Financial Co. Inc. | 3.250% | 1/5/23 | 7,375 | 7,584 | ||||||
General Motors Financial Co. Inc. | 3.700% | 5/9/23 | 19,559 | 20,404 | ||||||
General Motors Financial Co. Inc. | 4.250% | 5/15/23 | 9,231 | 9,805 | ||||||
General Motors Financial Co. Inc. | 4.150% | 6/19/23 | 20,612 | 21,847 | ||||||
General Motors Financial Co. Inc. | 5.100% | 1/17/24 | 25,450 | 27,742 | ||||||
General Motors Financial Co. Inc. | 3.950% | 4/13/24 | 23,546 | 24,928 | ||||||
General Motors Financial Co. Inc. | 3.500% | 11/7/24 | 12,951 | 13,385 | ||||||
General Motors Financial Co. Inc. | 4.000% | 1/15/25 | 2,365 | 2,499 | ||||||
General Motors Financial Co. Inc. | 2.900% | 2/26/25 | 9,204 | 9,239 | ||||||
GLP Capital LP / GLP Financing II Inc. | 4.375% | 4/15/21 | 5,358 | 5,465 | ||||||
GLP Capital LP / GLP Financing II Inc. | 5.375% | 11/1/23 | 6,392 | 7,033 | ||||||
GLP Capital LP / GLP Financing II Inc. | 3.350% | 9/1/24 | 9,250 | 9,765 | ||||||
Home Depot Inc. | 2.000% | 4/1/21 | 19,224 | 19,358 | ||||||
Home Depot Inc. | 4.400% | 4/1/21 | 14,061 | 14,398 | ||||||
Home Depot Inc. | 3.250% | 3/1/22 | 16,368 | 17,029 | ||||||
Home Depot Inc. | 2.625% | 6/1/22 | 18,565 | 19,077 | ||||||
Home Depot Inc. | 2.700% | 4/1/23 | 18,369 | 19,134 | ||||||
Home Depot Inc. | 3.750% | 2/15/24 | 18,456 | 20,131 | ||||||
Hyatt Hotels Corp. | 5.375% | 8/15/21 | 2,125 | 2,206 | ||||||
Hyatt Hotels Corp. | 3.375% | 7/15/23 | 3,261 | 3,422 | ||||||
IHS Markit Ltd. | 4.125% | 8/1/23 | 6,789 | 7,281 | ||||||
IHS Markit Ltd. | 3.625% | 5/1/24 | 6,600 | 6,980 | ||||||
JD.com Inc. | 3.125% | 4/29/21 | 7,554 | 7,656 | ||||||
Kohl's Corp. | 3.250% | 2/1/23 | 5,425 | 5,550 | ||||||
Las Vegas Sands Corp. | 3.200% | 8/8/24 | 26,802 | 27,783 | ||||||
Lear Corp. | 5.250% | 1/15/25 | 5,053 | 5,193 | ||||||
Lowe's Cos. Inc. | 3.750% | 4/15/21 | 5,825 | 5,938 | ||||||
Lowe's Cos. Inc. | 3.800% | 11/15/21 | 8,236 | 8,514 | ||||||
Lowe's Cos. Inc. | 3.120% | 4/15/22 | 12,767 | 13,137 | ||||||
Lowe's Cos. Inc. | 3.875% | 9/15/23 | 7,711 | 8,308 | ||||||
Lowe's Cos. Inc. | 3.125% | 9/15/24 | 5,956 | 6,334 | ||||||
Macy's Retail Holdings Inc. | 3.450% | 1/15/21 | 2,200 | 2,221 | ||||||
Macy's Retail Holdings Inc. | 3.875% | 1/15/22 | 4,529 | 4,631 | ||||||
Macy's Retail Holdings Inc. | 2.875% | 2/15/23 | 11,325 | 11,349 | ||||||
Macy's Retail Holdings Inc. | 3.625% | 6/1/24 | 13,203 | 13,397 | ||||||
Magna International Inc. | 3.625% | 6/15/24 | 4,758 | 5,133 | ||||||
Marriott International Inc. | 2.875% | 3/1/21 | 7,190 | 7,279 | ||||||
Marriott International Inc. | 3.125% | 10/15/21 | 5,277 | 5,386 | ||||||
Marriott International Inc. | 2.300% | 1/15/22 | 12,837 | 13,008 | ||||||
Marriott International Inc. | 3.250% | 9/15/22 | 6,400 | 6,646 | ||||||
Marriott International Inc. | 2.125% | 10/3/22 | 8,722 | 8,835 | ||||||
Marriott International Inc. | 4.150% | 12/1/23 | 1,335 | 1,450 | ||||||
Marriott International Inc. | 3.600% | 4/15/24 | 11,275 | 12,070 | ||||||
Mastercard Inc. | 2.000% | 11/21/21 | 11,487 | 11,641 | ||||||
Mastercard Inc. | 3.375% | 4/1/24 | 21,337 | 23,204 | ||||||
McDonald's Corp. | 2.750% | 12/9/20 | 12,448 | 12,541 | ||||||
McDonald's Corp. | 3.625% | 5/20/21 | 7,854 | 8,057 | ||||||
McDonald's Corp. | 2.625% | 1/15/22 | 11,844 | 12,104 | ||||||
McDonald's Corp. | 3.350% | 4/1/23 | 12,022 | 12,661 | ||||||
McDonald's Corp. | 3.250% | 6/10/24 | 3,136 | 3,366 | ||||||
NIKE Inc. | 2.250% | 5/1/23 | 13,737 | 14,127 |
21
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Nordstrom Inc. | 4.000% | 10/15/21 | 7,557 | 7,786 | ||||||
NVR Inc. | 3.950% | 9/15/22 | 9,253 | 9,787 | ||||||
O'Reilly Automotive Inc. | 4.625% | 9/15/21 | 3,427 | 3,564 | ||||||
O'Reilly Automotive Inc. | 3.800% | 9/1/22 | 6,439 | 6,764 | ||||||
O'Reilly Automotive Inc. | 3.850% | 6/15/23 | 4,643 | 4,956 | ||||||
PACCAR Financial Corp. | 2.050% | 11/13/20 | 7,910 | 7,947 | ||||||
PACCAR Financial Corp. | 2.250% | 2/25/21 | 2,680 | 2,706 | ||||||
PACCAR Financial Corp. | 2.800% | 3/1/21 | 3,048 | 3,098 | ||||||
PACCAR Financial Corp. | 3.150% | 8/9/21 | 10,483 | 10,776 | ||||||
PACCAR Financial Corp. | 2.850% | 3/1/22 | 5,135 | 5,308 | ||||||
PACCAR Financial Corp. | 2.650% | 5/10/22 | 7,609 | 7,860 | ||||||
PACCAR Financial Corp. | 2.000% | 9/26/22 | 6,920 | 7,068 | ||||||
PACCAR Financial Corp. | 3.400% | 8/9/23 | 5,372 | 5,716 | ||||||
PACCAR Financial Corp. | 2.150% | 8/15/24 | 1,206 | 1,247 | ||||||
PACCAR Financial Corp. | 1.800% | 2/6/25 | 5,035 | 5,146 | ||||||
QVC Inc. | 5.125% | 7/2/22 | 8,763 | 9,157 | ||||||
QVC Inc. | 4.375% | 3/15/23 | 9,114 | 9,479 | ||||||
QVC Inc. | 4.850% | 4/1/24 | 12,220 | 12,739 | ||||||
QVC Inc. | 4.450% | 2/15/25 | 7,066 | 7,190 | ||||||
Royal Caribbean Cruises Ltd. | 5.250% | 11/15/22 | 10,050 | 10,791 | ||||||
Sands China Ltd. | 4.600% | 8/8/23 | 23,370 | 25,006 | ||||||
Starbucks Corp. | 2.200% | 11/22/20 | 6,300 | 6,334 | ||||||
Starbucks Corp. | 2.700% | 6/15/22 | 8,420 | 8,641 | ||||||
Starbucks Corp. | 3.100% | 3/1/23 | 20,725 | 21,708 | ||||||
Starbucks Corp. | 3.850% | 10/1/23 | 8,013 | 8,614 | ||||||
Tapestry Inc. | 3.000% | 7/15/22 | 6,100 | 6,244 | ||||||
Target Corp. | 2.900% | 1/15/22 | 18,444 | 19,027 | ||||||
Target Corp. | 3.500% | 7/1/24 | 11,575 | 12,652 | ||||||
TJX Cos. Inc. | 2.750% | 6/15/21 | 12,665 | 12,865 | ||||||
TJX Cos. Inc. | 2.500% | 5/15/23 | 15,252 | 15,723 | ||||||
Toyota Motor Corp. | 3.183% | 7/20/21 | 9,730 | 9,931 | ||||||
Toyota Motor Corp. | 2.157% | 7/2/22 | 8,600 | 8,754 | ||||||
Toyota Motor Corp. | 3.419% | 7/20/23 | 12,516 | 13,314 | ||||||
Toyota Motor Corp. | 2.358% | 7/2/24 | 2,625 | 2,714 | ||||||
Toyota Motor Credit Corp. | 1.900% | 4/8/21 | 20,047 | 20,186 | ||||||
Toyota Motor Credit Corp. | 2.950% | 4/13/21 | 22,146 | 22,525 | ||||||
Toyota Motor Credit Corp. | 2.750% | 5/17/21 | 7,708 | 7,846 | ||||||
Toyota Motor Credit Corp. | 3.400% | 9/15/21 | 13,405 | 13,804 | ||||||
Toyota Motor Credit Corp. | 1.800% | 10/7/21 | 4,485 | 4,523 | ||||||
Toyota Motor Credit Corp. | 2.600% | 1/11/22 | 16,015 | 16,378 | ||||||
Toyota Motor Credit Corp. | 3.300% | 1/12/22 | 11,696 | 12,063 | ||||||
Toyota Motor Credit Corp. | 2.650% | 4/12/22 | 11,093 | 11,398 | ||||||
Toyota Motor Credit Corp. | 2.800% | 7/13/22 | 17,851 | 18,435 | ||||||
Toyota Motor Credit Corp. | 2.150% | 9/8/22 | 15,057 | 15,335 | ||||||
Toyota Motor Credit Corp. | 2.625% | 1/10/23 | 12,130 | 12,564 | ||||||
Toyota Motor Credit Corp. | 2.700% | 1/11/23 | 19,950 | 20,659 | ||||||
Toyota Motor Credit Corp. | 3.450% | 9/20/23 | 7,975 | 8,528 | ||||||
Toyota Motor Credit Corp. | 2.250% | 10/18/23 | 6,775 | 6,929 | ||||||
Toyota Motor Credit Corp. | 3.350% | 1/8/24 | 7,250 | 7,748 | ||||||
Toyota Motor Credit Corp. | 2.900% | 4/17/24 | 10,529 | 11,079 | ||||||
Toyota Motor Credit Corp. | 2.000% | 10/7/24 | 5,200 | 5,324 | ||||||
Toyota Motor Credit Corp. | 1.800% | 2/13/25 | 4,850 | 4,885 | ||||||
VF Corp. | 3.500% | 9/1/21 | 6,205 | 6,386 | ||||||
Visa Inc. | 2.150% | 9/15/22 | 20,067 | 20,488 | ||||||
Visa Inc. | 2.800% | 12/14/22 | 31,671 | 32,878 | ||||||
Walgreen Co. | 3.100% | 9/15/22 | 21,551 | 22,257 | ||||||
Walgreens Boots Alliance Inc. | 3.300% | 11/18/21 | 17,268 | 17,727 | ||||||
Walgreens Boots Alliance Inc. | 3.800% | 11/18/24 | 30,191 | 32,172 | ||||||
Walmart Inc. | 1.900% | 12/15/20 | 12,414 | 12,455 | ||||||
Walmart Inc. | 3.125% | 6/23/21 | 29,558 | 30,244 | ||||||
Walmart Inc. | 2.350% | 12/15/22 | 20,736 | 21,333 | ||||||
Walmart Inc. | 2.550% | 4/11/23 | 17,955 | 18,595 | ||||||
Walmart Inc. | 3.400% | 6/26/23 | 29,654 | 31,631 | ||||||
Walmart Inc. | 3.300% | 4/22/24 | 13,544 | 14,504 |
22
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Walmart Inc. | 2.850% | 7/8/24 | 43,400 | 45,893 | ||||||
Walmart Inc. | 2.650% | 12/15/24 | 15,803 | 16,688 | ||||||
Western Union Co. | 3.600% | 3/15/22 | 11,502 | 11,934 | ||||||
Western Union Co. | 2.850% | 1/10/25 | 8,774 | 8,999 | ||||||
Consumer Noncyclical (13.4%) | ||||||||||
Abbott Laboratories | 2.550% | 3/15/22 | 11,762 | 12,059 | ||||||
Abbott Laboratories | 3.400% | 11/30/23 | 19,489 | 20,895 | ||||||
AbbVie Inc. | 2.300% | 5/14/21 | 17,275 | 17,425 | ||||||
AbbVie Inc. | 3.375% | 11/14/21 | 21,047 | 21,743 | ||||||
2 | AbbVie Inc. | 2.150% | 11/19/21 | 30,500 | 30,821 | |||||
AbbVie Inc. | 2.900% | 11/6/22 | 50,952 | 52,724 | ||||||
AbbVie Inc. | 3.200% | 11/6/22 | 21,412 | 22,324 | ||||||
2 | AbbVie Inc. | 2.300% | 11/21/22 | 47,060 | 47,850 | |||||
AbbVie Inc. | 2.850% | 5/14/23 | 12,303 | 12,751 | ||||||
AbbVie Inc. | 3.750% | 11/14/23 | 28,925 | 30,990 | ||||||
2 | AbbVie Inc. | 2.600% | 11/21/24 | 57,305 | 59,175 | |||||
Actavis Inc. | 3.250% | 10/1/22 | 35,459 | 36,893 | ||||||
Agilent Technologies Inc. | 3.200% | 10/1/22 | 6,776 | 7,024 | ||||||
Agilent Technologies Inc. | 3.875% | 7/15/23 | 8,576 | 9,123 | ||||||
Allergan Funding SCS | 3.450% | 3/15/22 | 29,452 | 30,509 | ||||||
Allergan Funding SCS | 3.850% | 6/15/24 | 16,154 | 17,450 | ||||||
Allergan Inc. | 2.800% | 3/15/23 | 9,612 | 9,866 | ||||||
Altria Group Inc. | 4.750% | 5/5/21 | 16,129 | 16,757 | ||||||
Altria Group Inc. | 3.490% | 2/14/22 | 15,300 | 15,841 | ||||||
Altria Group Inc. | 2.850% | 8/9/22 | 29,701 | 30,503 | ||||||
Altria Group Inc. | 2.950% | 5/2/23 | 6,264 | 6,493 | ||||||
Altria Group Inc. | 4.000% | 1/31/24 | 25,017 | 27,009 | ||||||
Altria Group Inc. | 3.800% | 2/14/24 | 16,167 | 17,305 | ||||||
AmerisourceBergen Corp. | 3.500% | 11/15/21 | 8,065 | 8,317 | ||||||
AmerisourceBergen Corp. | 3.400% | 5/15/24 | 7,972 | 8,533 | ||||||
Amgen Inc. | 4.100% | 6/15/21 | 10,307 | 10,614 | ||||||
Amgen Inc. | 1.850% | 8/19/21 | 19,686 | 19,892 | ||||||
Amgen Inc. | 3.875% | 11/15/21 | 23,234 | 24,116 | ||||||
Amgen Inc. | 2.700% | 5/1/22 | 8,038 | 8,256 | ||||||
Amgen Inc. | 2.650% | 5/11/22 | 23,836 | 24,400 | ||||||
Amgen Inc. | 3.625% | 5/15/22 | 5,872 | 6,112 | ||||||
Amgen Inc. | 2.250% | 8/19/23 | 12,112 | 12,461 | ||||||
Amgen Inc. | 3.625% | 5/22/24 | 23,557 | 25,303 | ||||||
Amgen Inc. | 1.900% | 2/21/25 | 4,285 | 4,333 | ||||||
Anheuser-Busch InBev Finance Inc. | 2.625% | 1/17/23 | 4,037 | 4,172 | ||||||
Anheuser-Busch InBev Finance Inc. | 3.300% | 2/1/23 | 44,918 | 47,207 | ||||||
Anheuser-Busch InBev Finance Inc. | 3.700% | 2/1/24 | 14,997 | 16,120 | ||||||
Anheuser-Busch InBev Worldwide Inc. | 4.375% | 2/15/21 | 8,525 | 8,763 | ||||||
Anheuser-Busch InBev Worldwide Inc. | 2.500% | 7/15/22 | 8,784 | 9,013 | ||||||
Anheuser-Busch InBev Worldwide Inc. | 3.500% | 1/12/24 | 13,014 | 13,937 | ||||||
Anheuser-Busch InBev Worldwide Inc. | 4.150% | 1/23/25 | 41,516 | 46,264 | ||||||
2 | Anheuser-Busch North American Holding Corp. | 3.750% | 1/15/22 | 750 | 774 | |||||
Archer-Daniels-Midland Co. | 4.479% | 3/1/21 | 5,018 | 5,164 | ||||||
Archer-Daniels-Midland Co. | 3.375% | 3/15/22 | 4,744 | 4,921 | ||||||
AstraZeneca plc | 2.375% | 6/12/22 | 16,435 | 16,786 | ||||||
AstraZeneca plc | 3.500% | 8/17/23 | 16,914 | 18,056 | ||||||
BAT Capital Corp. | 2.764% | 8/15/22 | 23,262 | 23,824 | ||||||
BAT Capital Corp. | 3.222% | 8/15/24 | 47,554 | 49,900 | ||||||
BAT Capital Corp. | 2.789% | 9/6/24 | 17,985 | 18,531 | ||||||
Baxter International Inc. | 1.700% | 8/15/21 | 5,808 | 5,849 | ||||||
Beam Suntory Inc. | 3.250% | 5/15/22 | 3,703 | 3,810 | ||||||
Becton Dickinson & Co. | 3.125% | 11/8/21 | 15,709 | 16,099 | ||||||
Becton Dickinson & Co. | 2.894% | 6/6/22 | 30,719 | 31,584 | ||||||
Becton Dickinson & Co. | 3.363% | 6/6/24 | 29,218 | 31,051 | ||||||
Becton Dickinson & Co. | 3.734% | 12/15/24 | 24,454 | 26,719 | ||||||
Biogen Inc. | 3.625% | 9/15/22 | 9,967 | 10,514 | ||||||
Boston Scientific Corp. | 3.375% | 5/15/22 | 5,620 | 5,862 | ||||||
Boston Scientific Corp. | 3.450% | 3/1/24 | 14,932 | 15,975 |
23
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
2 | Bristol-Myers Squibb Co. | 2.875% | 2/19/21 | 10,875 | 11,015 | |||||
2 | Bristol-Myers Squibb Co. | 2.550% | 5/14/21 | 17,888 | 18,128 | |||||
2 | Bristol-Myers Squibb Co. | 2.250% | 8/15/21 | 2,695 | 2,725 | |||||
2 | Bristol-Myers Squibb Co. | 2.600% | 5/16/22 | 20,662 | 21,186 | |||||
Bristol-Myers Squibb Co. | 2.000% | 8/1/22 | 12,076 | 12,285 | ||||||
2 | Bristol-Myers Squibb Co. | 3.250% | 8/15/22 | 15,134 | 15,768 | |||||
2 | Bristol-Myers Squibb Co. | 3.550% | 8/15/22 | 15,201 | 16,036 | |||||
2 | Bristol-Myers Squibb Co. | 2.750% | 2/15/23 | 18,768 | 19,465 | |||||
2 | Bristol-Myers Squibb Co. | 3.250% | 2/20/23 | 5,180 | 5,406 | |||||
Bristol-Myers Squibb Co. | 7.150% | 6/15/23 | 1,425 | 1,690 | ||||||
2 | Bristol-Myers Squibb Co. | 4.000% | 8/15/23 | 9,795 | 10,665 | |||||
Bristol-Myers Squibb Co. | 3.250% | 11/1/23 | 8,705 | 9,335 | ||||||
2 | Bristol-Myers Squibb Co. | 3.625% | 5/15/24 | 17,159 | 18,596 | |||||
2 | Bristol-Myers Squibb Co. | 2.900% | 7/26/24 | 42,300 | 44,566 | |||||
Bunge Ltd. Finance Corp. | 3.000% | 9/25/22 | 6,999 | 7,230 | ||||||
Bunge Ltd. Finance Corp. | 4.350% | 3/15/24 | 8,450 | 9,115 | ||||||
Campbell Soup Co. | 2.500% | 8/2/22 | 12,057 | 12,255 | ||||||
Campbell Soup Co. | 3.650% | 3/15/23 | 4,135 | 4,355 | ||||||
Cardinal Health Inc. | 2.616% | 6/15/22 | 10,740 | 11,000 | ||||||
Cardinal Health Inc. | 3.200% | 3/15/23 | 10,659 | 11,213 | ||||||
Cardinal Health Inc. | 3.079% | 6/15/24 | 7,641 | 7,941 | ||||||
Cardinal Health Inc. | 3.500% | 11/15/24 | 5,748 | 6,180 | ||||||
Church & Dwight Co. Inc. | 2.450% | 8/1/22 | 7,398 | 7,530 | ||||||
Church & Dwight Co. Inc. | 2.875% | 10/1/22 | 3,233 | 3,330 | ||||||
Cigna Corp. | 3.400% | 9/17/21 | 24,883 | 25,626 | ||||||
2 | Cigna Corp. | 4.750% | 11/15/21 | 9,631 | 10,167 | |||||
2 | Cigna Corp. | 3.900% | 2/15/22 | 5,118 | 5,338 | |||||
2 | Cigna Corp. | 4.000% | 2/15/22 | 7,665 | 7,984 | |||||
2 | Cigna Corp. | 3.050% | 11/30/22 | 16,171 | 16,752 | |||||
2 | Cigna Corp. | 3.000% | 7/15/23 | 20,005 | 20,774 | |||||
Cigna Corp. | 3.750% | 7/15/23 | 25,482 | 27,203 | ||||||
2 | Cigna Corp. | 3.500% | 6/15/24 | 15,510 | 16,453 | |||||
Clorox Co. | 3.800% | 11/15/21 | 3,454 | 3,593 | ||||||
Clorox Co. | 3.050% | 9/15/22 | 10,123 | 10,495 | ||||||
Clorox Co. | 3.500% | 12/15/24 | 7,936 | 8,579 | ||||||
Coca-Cola Co. | 1.550% | 9/1/21 | 17,789 | 17,853 | ||||||
Coca-Cola Co. | 3.300% | 9/1/21 | 20,116 | 20,719 | ||||||
Coca-Cola Co. | 2.200% | 5/25/22 | 10,010 | 10,238 | ||||||
Coca-Cola Co. | 2.500% | 4/1/23 | 11,243 | 11,674 | ||||||
Coca-Cola Co. | 3.200% | 11/1/23 | 25,910 | 27,712 | ||||||
Coca-Cola Co. | 1.750% | 9/6/24 | 9,100 | 9,266 | ||||||
Coca-Cola European Partners plc | 3.250% | 8/19/21 | 674 | 689 | ||||||
Colgate-Palmolive Co. | 2.450% | 11/15/21 | 5,685 | 5,810 | ||||||
Colgate-Palmolive Co. | 2.300% | 5/3/22 | 6,220 | 6,361 | ||||||
Colgate-Palmolive Co. | 2.250% | 11/15/22 | 6,478 | 6,650 | ||||||
Colgate-Palmolive Co. | 1.950% | 2/1/23 | 1,485 | 1,514 | ||||||
Colgate-Palmolive Co. | 2.100% | 5/1/23 | 7,332 | 7,516 | ||||||
Colgate-Palmolive Co. | 3.250% | 3/15/24 | 9,159 | 9,848 | ||||||
CommonSpirit Health | 2.950% | 11/1/22 | 6,967 | 7,227 | ||||||
CommonSpirit Health | 2.760% | 10/1/24 | 11,230 | 11,797 | ||||||
Conagra Brands Inc. | 3.800% | 10/22/21 | 23,112 | 23,914 | ||||||
Conagra Brands Inc. | 3.250% | 9/15/22 | 1,200 | 1,242 | ||||||
Conagra Brands Inc. | 3.200% | 1/25/23 | 8,025 | 8,322 | ||||||
Conagra Brands Inc. | 4.300% | 5/1/24 | 18,409 | 20,032 | ||||||
Constellation Brands Inc. | 3.750% | 5/1/21 | 7,803 | 7,998 | ||||||
Constellation Brands Inc. | 2.700% | 5/9/22 | 10,328 | 10,561 | ||||||
Constellation Brands Inc. | 2.650% | 11/7/22 | 11,174 | 11,454 | ||||||
Constellation Brands Inc. | 3.200% | 2/15/23 | 7,554 | 7,893 | ||||||
Constellation Brands Inc. | 4.250% | 5/1/23 | 14,136 | 15,199 | ||||||
Constellation Brands Inc. | 4.750% | 11/15/24 | 7,325 | 8,280 | ||||||
Covidien International Finance SA | 3.200% | 6/15/22 | 10,563 | 10,928 | ||||||
Covidien International Finance SA | 2.950% | 6/15/23 | 3,280 | 3,429 | ||||||
CVS Health Corp. | 3.350% | 3/9/21 | 38,834 | 39,588 | ||||||
CVS Health Corp. | 2.125% | 6/1/21 | 25,613 | 25,759 |
24
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
CVS Health Corp. | 3.500% | 7/20/22 | 22,366 | 23,337 | ||||||
CVS Health Corp. | 2.750% | 12/1/22 | 22,521 | 23,185 | ||||||
CVS Health Corp. | 4.750% | 12/1/22 | 4,619 | 4,992 | ||||||
CVS Health Corp. | 3.700% | 3/9/23 | 90,862 | 95,930 | ||||||
CVS Health Corp. | 4.000% | 12/5/23 | 21,828 | 23,502 | ||||||
CVS Health Corp. | 3.375% | 8/12/24 | 20,516 | 21,777 | ||||||
CVS Health Corp. | 2.625% | 8/15/24 | 6,146 | 6,344 | ||||||
CVS Health Corp. | 4.100% | 3/25/25 | 225 | 246 | ||||||
DH Europe Finance II Sarl | 2.050% | 11/15/22 | 7,950 | 8,067 | ||||||
DH Europe Finance II Sarl | 2.200% | 11/15/24 | 13,583 | 13,951 | ||||||
Diageo Capital plc | 2.625% | 4/29/23 | 17,665 | 18,288 | ||||||
Diageo Capital plc | 3.500% | 9/18/23 | 5,750 | 6,134 | ||||||
Diageo Capital plc | 2.125% | 10/24/24 | 9,000 | 9,260 | ||||||
Diageo Investment Corp. | 2.875% | 5/11/22 | 19,842 | 20,405 | ||||||
Dignity Health | 3.125% | 11/1/22 | 4,389 | 4,568 | ||||||
Eli Lilly & Co. | 2.350% | 5/15/22 | 11,030 | 11,268 | ||||||
Estee Lauder Cos. Inc. | 1.700% | 5/10/21 | 7,219 | 7,252 | ||||||
Estee Lauder Cos. Inc. | 2.000% | 12/1/24 | 9,391 | 9,620 | ||||||
Flowers Foods Inc. | 4.375% | 4/1/22 | 2,850 | 2,989 | ||||||
Fomento Economico Mexicano SAB de CV | 2.875% | 5/10/23 | 3,000 | 3,091 | ||||||
General Mills Inc. | 3.200% | 4/16/21 | 12,200 | 12,434 | ||||||
General Mills Inc. | 3.150% | 12/15/21 | 17,316 | 17,732 | ||||||
General Mills Inc. | 2.600% | 10/12/22 | 9,816 | 10,086 | ||||||
General Mills Inc. | 3.700% | 10/17/23 | 13,626 | 14,639 | ||||||
General Mills Inc. | 3.650% | 2/15/24 | 3,989 | 4,274 | ||||||
Gilead Sciences Inc. | 4.500% | 4/1/21 | 16,546 | 17,056 | ||||||
Gilead Sciences Inc. | 4.400% | 12/1/21 | 20,589 | 21,531 | ||||||
Gilead Sciences Inc. | 1.950% | 3/1/22 | 300 | 303 | ||||||
Gilead Sciences Inc. | 3.250% | 9/1/22 | 22,541 | 23,550 | ||||||
Gilead Sciences Inc. | 2.500% | 9/1/23 | 15,823 | 16,401 | ||||||
Gilead Sciences Inc. | 3.700% | 4/1/24 | 30,177 | 32,419 | ||||||
Gilead Sciences Inc. | 3.500% | 2/1/25 | 27,225 | 29,425 | ||||||
GlaxoSmithKline Capital Inc. | 2.800% | 3/18/23 | 22,015 | 23,004 | ||||||
GlaxoSmithKline Capital Inc. | 3.375% | 5/15/23 | 22,790 | 24,090 | ||||||
GlaxoSmithKline Capital plc | 3.125% | 5/14/21 | 20,532 | 21,012 | ||||||
GlaxoSmithKline Capital plc | 2.850% | 5/8/22 | 20,371 | 20,991 | ||||||
GlaxoSmithKline Capital plc | 2.875% | 6/1/22 | 29,600 | 30,624 | ||||||
GlaxoSmithKline Capital plc | 3.000% | 6/1/24 | 16,433 | 17,570 | ||||||
Hasbro Inc. | 3.150% | 5/15/21 | 4,500 | 4,570 | ||||||
Hasbro Inc. | 3.000% | 11/19/24 | 2,840 | 2,947 | ||||||
HCA Inc. | 4.750% | 5/1/23 | 23,481 | 25,242 | ||||||
HCA Inc. | 5.000% | 3/15/24 | 23,888 | 26,396 | ||||||
Hershey Co. | 3.100% | 5/15/21 | 9,767 | 9,970 | ||||||
Hershey Co. | 2.625% | 5/1/23 | 750 | 774 | ||||||
Hershey Co. | 3.375% | 5/15/23 | 6,081 | 6,470 | ||||||
Hershey Co. | 2.050% | 11/15/24 | 2,461 | 2,532 | ||||||
JM Smucker Co. | 3.500% | 10/15/21 | 7,870 | 8,111 | ||||||
JM Smucker Co. | 3.000% | 3/15/22 | 9,757 | 10,024 | ||||||
Johnson & Johnson | 1.950% | 11/10/20 | 7,765 | 7,791 | ||||||
Johnson & Johnson | 1.650% | 3/1/21 | 22,840 | 22,903 | ||||||
Johnson & Johnson | 3.550% | 5/15/21 | 4,239 | 4,365 | ||||||
Johnson & Johnson | 2.450% | 12/5/21 | 3,991 | 4,084 | ||||||
Johnson & Johnson | 2.250% | 3/3/22 | 12,426 | 12,650 | ||||||
Johnson & Johnson | 2.050% | 3/1/23 | 6,290 | 6,441 | ||||||
Johnson & Johnson | 6.730% | 11/15/23 | 50 | 60 | ||||||
Johnson & Johnson | 3.375% | 12/5/23 | 12,841 | 13,949 | ||||||
Johnson & Johnson | 2.625% | 1/15/25 | 8,663 | 9,151 | ||||||
Kaiser Foundation Hospitals | 3.500% | 4/1/22 | 4,847 | 5,065 | ||||||
Kellogg Co. | 3.125% | 5/17/22 | 2,995 | 3,092 | ||||||
Kellogg Co. | 2.650% | 12/1/23 | 9,392 | 9,745 | ||||||
Keurig Dr Pepper Inc. | 3.551% | 5/25/21 | 25,652 | 26,272 | ||||||
Keurig Dr Pepper Inc. | 2.530% | 11/15/21 | 1,000 | 1,013 | ||||||
Keurig Dr Pepper Inc. | 4.057% | 5/25/23 | 20,730 | 22,263 | ||||||
Keurig Dr Pepper Inc. | 3.130% | 12/15/23 | 12,123 | 12,730 |
25
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Kimberly-Clark Corp. | 2.400% | 3/1/22 | 3,246 | 3,322 | ||||||
Kimberly-Clark Corp. | 2.400% | 6/1/23 | 5,057 | 5,274 | ||||||
Kraft Heinz Foods Co. | 3.500% | 7/15/22 | 3,513 | 3,582 | ||||||
Kraft Heinz Foods Co. | 4.000% | 6/15/23 | 5,921 | 6,165 | ||||||
Kroger Co. | 2.950% | 11/1/21 | 4,672 | 4,776 | ||||||
Kroger Co. | 3.400% | 4/15/22 | 11,200 | 11,603 | ||||||
Kroger Co. | 2.800% | 8/1/22 | 1,806 | 1,858 | ||||||
Kroger Co. | 3.850% | 8/1/23 | 11,104 | 11,896 | ||||||
Kroger Co. | 4.000% | 2/1/24 | 7,700 | 8,339 | ||||||
Laboratory Corp. of America Holdings | 3.200% | 2/1/22 | 5,662 | 5,796 | ||||||
Laboratory Corp. of America Holdings | 3.750% | 8/23/22 | 8,782 | 9,251 | ||||||
Laboratory Corp. of America Holdings | 4.000% | 11/1/23 | 3,028 | 3,272 | ||||||
Laboratory Corp. of America Holdings | 3.250% | 9/1/24 | 9,077 | 9,707 | ||||||
Laboratory Corp. of America Holdings | 2.300% | 12/1/24 | 7,660 | 7,860 | ||||||
Laboratory Corp. of America Holdings | 3.600% | 2/1/25 | 17,168 | 18,541 | ||||||
McCormick & Co. Inc. | 3.900% | 7/15/21 | 2,755 | 2,832 | ||||||
McCormick & Co. Inc. | 2.700% | 8/15/22 | 9,472 | 9,702 | ||||||
McCormick & Co. Inc. | 3.150% | 8/15/24 | 12,173 | 12,926 | ||||||
McKesson Corp. | 2.700% | 12/15/22 | 3,700 | 3,828 | ||||||
McKesson Corp. | 2.850% | 3/15/23 | 9,835 | 10,158 | ||||||
McKesson Corp. | 3.796% | 3/15/24 | 15,547 | 16,669 | ||||||
Medtronic Inc. | 3.150% | 3/15/22 | 19,509 | 20,211 | ||||||
Medtronic Inc. | 2.750% | 4/1/23 | 5,899 | 6,156 | ||||||
Medtronic Inc. | 3.625% | 3/15/24 | 200 | 216 | ||||||
Merck & Co. Inc. | 2.350% | 2/10/22 | 21,738 | 22,253 | ||||||
Merck & Co. Inc. | 2.400% | 9/15/22 | 20,350 | 20,981 | ||||||
Merck & Co. Inc. | 2.800% | 5/18/23 | 28,151 | 29,421 | ||||||
Merck & Co. Inc. | 2.900% | 3/7/24 | 9,100 | 9,643 | ||||||
Merck & Co. Inc. | 2.750% | 2/10/25 | 36,607 | 38,795 | ||||||
Molson Coors Beverage Co. | 2.100% | 7/15/21 | 20,263 | 20,376 | ||||||
Molson Coors Beverage Co. | 3.500% | 5/1/22 | 4,237 | 4,390 | ||||||
2 | Mondelez International Holdings Netherlands BV | 2.125% | 9/19/22 | 6,150 | 6,256 | |||||
Mondelez International Inc. | 3.625% | 5/7/23 | 8,509 | 9,040 | ||||||
Mondelez International Inc. | 4.000% | 2/1/24 | 8,244 | 8,963 | ||||||
Mylan Inc. | 4.200% | 11/29/23 | 8,140 | 8,786 | ||||||
Mylan NV | 3.150% | 6/15/21 | 18,946 | 19,253 | ||||||
Novartis Capital Corp. | 2.400% | 5/17/22 | 12,165 | 12,472 | ||||||
Novartis Capital Corp. | 2.400% | 9/21/22 | 27,802 | 28,604 | ||||||
Novartis Capital Corp. | 3.400% | 5/6/24 | 33,591 | 36,280 | ||||||
Novartis Capital Corp. | 1.750% | 2/14/25 | 11,000 | 11,186 | ||||||
PepsiCo Inc. | 2.000% | 4/15/21 | 13,435 | 13,526 | ||||||
PepsiCo Inc. | 3.000% | 8/25/21 | 14,115 | 14,467 | ||||||
PepsiCo Inc. | 1.700% | 10/6/21 | 18,835 | 18,970 | ||||||
PepsiCo Inc. | 2.750% | 3/5/22 | 21,654 | 22,294 | ||||||
PepsiCo Inc. | 2.250% | 5/2/22 | 6,940 | 7,084 | ||||||
PepsiCo Inc. | 3.100% | 7/17/22 | 19,212 | 19,949 | ||||||
PepsiCo Inc. | 2.750% | 3/1/23 | 15,172 | 15,798 | ||||||
PepsiCo Inc. | 3.600% | 3/1/24 | 15,932 | 17,257 | ||||||
Perrigo Finance Unlimited Co. | 3.500% | 12/15/21 | 4,044 | 4,137 | ||||||
Perrigo Finance Unlimited Co. | 3.900% | 12/15/24 | 10,460 | 11,031 | ||||||
Pfizer Inc. | 1.950% | 6/3/21 | 25,299 | 25,576 | ||||||
Pfizer Inc. | 3.000% | 9/15/21 | 11,770 | 12,071 | ||||||
Pfizer Inc. | 2.200% | 12/15/21 | 19,498 | 19,827 | ||||||
Pfizer Inc. | 2.800% | 3/11/22 | 12,410 | 12,798 | ||||||
Pfizer Inc. | 3.000% | 6/15/23 | 15,096 | 15,961 | ||||||
Pfizer Inc. | 5.800% | 8/12/23 | 1,634 | 1,873 | ||||||
Pfizer Inc. | 3.200% | 9/15/23 | 11,700 | 12,424 | ||||||
Pfizer Inc. | 2.950% | 3/15/24 | 5,175 | 5,476 | ||||||
Pfizer Inc. | 3.400% | 5/15/24 | 16,543 | 17,894 | ||||||
Philip Morris International Inc. | 1.875% | 2/25/21 | 9,245 | 9,270 | ||||||
Philip Morris International Inc. | 4.125% | 5/17/21 | 6,200 | 6,392 | ||||||
Philip Morris International Inc. | 2.900% | 11/15/21 | 8,848 | 9,064 | ||||||
Philip Morris International Inc. | 2.625% | 2/18/22 | 10,853 | 11,080 | ||||||
Philip Morris International Inc. | 2.375% | 8/17/22 | 10,408 | 10,600 |
26
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Philip Morris International Inc. | 2.500% | 8/22/22 | 7,614 | 7,823 | ||||||
Philip Morris International Inc. | 2.500% | 11/2/22 | 12,996 | 13,356 | ||||||
Philip Morris International Inc. | 2.625% | 3/6/23 | 9,062 | 9,335 | ||||||
Philip Morris International Inc. | 2.125% | 5/10/23 | 10,490 | 10,690 | ||||||
Philip Morris International Inc. | 3.600% | 11/15/23 | 4,010 | 4,298 | ||||||
Philip Morris International Inc. | 2.875% | 5/1/24 | 9,335 | 9,803 | ||||||
Philip Morris International Inc. | 3.250% | 11/10/24 | 14,541 | 15,514 | ||||||
1 | Procter & Gamble - Esop | 9.360% | 1/1/21 | 311 | 323 | |||||
Procter & Gamble Co. | 1.850% | 2/2/21 | 8,755 | 8,796 | ||||||
Procter & Gamble Co. | 1.700% | 11/3/21 | 14,973 | 15,088 | ||||||
Procter & Gamble Co. | 2.300% | 2/6/22 | 15,294 | 15,610 | ||||||
Procter & Gamble Co. | 2.150% | 8/11/22 | 6,142 | 6,270 | ||||||
Procter & Gamble Co. | 3.100% | 8/15/23 | 20,029 | 21,290 | ||||||
Quest Diagnostics Inc. | 4.700% | 4/1/21 | 5,574 | 5,777 | ||||||
Quest Diagnostics Inc. | 4.250% | 4/1/24 | 5,867 | 6,458 | ||||||
Reynolds American Inc. | 4.000% | 6/12/22 | 7,546 | 7,932 | ||||||
Reynolds American Inc. | 4.850% | 9/15/23 | 14,981 | 16,534 | ||||||
Sanofi | 4.000% | 3/29/21 | 27,679 | 28,511 | ||||||
Sanofi | 3.375% | 6/19/23 | 17,393 | 18,538 | ||||||
Shire Acquisitions Investments Ireland DAC | 2.400% | 9/23/21 | 52,758 | 53,438 | ||||||
Shire Acquisitions Investments Ireland DAC | 2.875% | 9/23/23 | 42,803 | 44,416 | ||||||
SSM Health Care Corp. | 3.688% | 6/1/23 | 7,575 | 8,098 | ||||||
Stryker Corp. | 2.625% | 3/15/21 | 10,771 | 10,898 | ||||||
Stryker Corp. | 3.375% | 5/15/24 | 9,125 | 9,800 | ||||||
Sysco Corp. | 2.500% | 7/15/21 | 7,124 | 7,217 | ||||||
Sysco Corp. | 2.600% | 6/12/22 | 7,208 | 7,374 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4.000% | 11/26/21 | 21,655 | 22,558 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4.400% | 11/26/23 | 20,310 | 22,271 | ||||||
Thermo Fisher Scientific Inc. | 3.000% | 4/15/23 | 24,021 | 25,132 | ||||||
Thermo Fisher Scientific Inc. | 4.150% | 2/1/24 | 10,388 | 11,431 | ||||||
Tyson Foods Inc. | 2.250% | 8/23/21 | 14,473 | 14,631 | ||||||
Tyson Foods Inc. | 4.500% | 6/15/22 | 22,134 | 23,412 | ||||||
Tyson Foods Inc. | 3.900% | 9/28/23 | 4,683 | 5,052 | ||||||
Tyson Foods Inc. | 3.950% | 8/15/24 | 18,165 | 19,830 | ||||||
Unilever Capital Corp. | 2.750% | 3/22/21 | 6,806 | 6,902 | ||||||
Unilever Capital Corp. | 1.375% | 7/28/21 | 11,537 | 11,575 | ||||||
Unilever Capital Corp. | 3.000% | 3/7/22 | 11,450 | 11,865 | ||||||
Unilever Capital Corp. | 2.200% | 5/5/22 | 10,026 | 10,247 | ||||||
Unilever Capital Corp. | 3.125% | 3/22/23 | 7,225 | 7,635 | ||||||
Unilever Capital Corp. | 3.250% | 3/7/24 | 10,604 | 11,315 | ||||||
Unilever Capital Corp. | 2.600% | 5/5/24 | 14,173 | 14,796 | ||||||
Whirlpool Corp. | 4.850% | 6/15/21 | 2,388 | 2,484 | ||||||
Whirlpool Corp. | 4.700% | 6/1/22 | 4,350 | 4,628 | ||||||
Whirlpool Corp. | 4.000% | 3/1/24 | 4,345 | 4,681 | ||||||
Wyeth LLC | 6.450% | 2/1/24 | 9,325 | 11,158 | ||||||
Zimmer Biomet Holdings Inc. | 3.375% | 11/30/21 | 3,875 | 3,993 | ||||||
Zimmer Biomet Holdings Inc. | 3.150% | 4/1/22 | 11,707 | 12,108 | ||||||
Zimmer Biomet Holdings Inc. | 3.700% | 3/19/23 | 5,506 | 5,850 | ||||||
Zoetis Inc. | 3.250% | 8/20/21 | 4,415 | 4,519 | ||||||
Zoetis Inc. | 3.250% | 2/1/23 | 14,465 | 15,155 | ||||||
Energy (7.5%) | ||||||||||
Apache Corp. | 3.625% | 2/1/21 | 1,966 | 1,993 | ||||||
Apache Corp. | 3.250% | 4/15/22 | 4,449 | 4,535 | ||||||
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 2.773% | 12/15/22 | 21,974 | 22,785 | ||||||
Boardwalk Pipelines LP | 3.375% | 2/1/23 | 6,470 | 6,674 | ||||||
Boardwalk Pipelines LP | 4.950% | 12/15/24 | 6,098 | 6,677 | ||||||
BP Capital Markets America Inc. | 4.742% | 3/11/21 | 12,497 | 12,887 | ||||||
BP Capital Markets America Inc. | 2.112% | 9/16/21 | 7,304 | 7,405 | ||||||
BP Capital Markets America Inc. | 3.245% | 5/6/22 | 28,195 | 29,323 | ||||||
BP Capital Markets America Inc. | 2.520% | 9/19/22 | 15,295 | 15,761 | ||||||
BP Capital Markets America Inc. | 2.750% | 5/10/23 | 24,270 | 25,087 | ||||||
BP Capital Markets America Inc. | 3.216% | 11/28/23 | 10,205 | 10,837 |
27
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
BP Capital Markets America Inc. | 3.790% | 2/6/24 | 10,890 | 11,754 | ||||||
BP Capital Markets America Inc. | 3.224% | 4/14/24 | 14,285 | 15,275 | ||||||
BP Capital Markets plc | 3.561% | 11/1/21 | 19,330 | 20,086 | ||||||
BP Capital Markets plc | 3.062% | 3/17/22 | 14,174 | 14,668 | ||||||
BP Capital Markets plc | 3.245% | 5/6/22 | 8,493 | 8,833 | ||||||
BP Capital Markets plc | 2.500% | 11/6/22 | 18,490 | 19,034 | ||||||
BP Capital Markets plc | 3.994% | 9/26/23 | 8,720 | 9,454 | ||||||
BP Capital Markets plc | 3.814% | 2/10/24 | 27,717 | 30,019 | ||||||
BP Capital Markets plc | 3.535% | 11/4/24 | 9,024 | 9,768 | ||||||
Canadian Natural Resources Ltd. | 3.450% | 11/15/21 | 12,448 | 12,773 | ||||||
Canadian Natural Resources Ltd. | 2.950% | 1/15/23 | 8,077 | 8,385 | ||||||
Canadian Natural Resources Ltd. | 3.800% | 4/15/24 | 12,444 | 13,240 | ||||||
Canadian Natural Resources Ltd. | 3.900% | 2/1/25 | 4,661 | 5,055 | ||||||
Cenovus Energy Inc. | 3.000% | 8/15/22 | 7,084 | 7,237 | ||||||
Cenovus Energy Inc. | 3.800% | 9/15/23 | 4,855 | 5,054 | ||||||
Cheniere Corpus Christi Holdings LLC | 7.000% | 6/30/24 | 23,289 | 26,346 | ||||||
Chevron Corp. | 2.419% | 11/17/20 | 9,000 | 9,058 | ||||||
Chevron Corp. | 2.100% | 5/16/21 | 22,533 | 22,740 | ||||||
Chevron Corp. | 2.411% | 3/3/22 | 9,240 | 9,454 | ||||||
Chevron Corp. | 2.498% | 3/3/22 | 10,084 | 10,356 | ||||||
Chevron Corp. | 2.355% | 12/5/22 | 32,668 | 33,433 | ||||||
Chevron Corp. | 2.566% | 5/16/23 | 10,523 | 10,888 | ||||||
Chevron Corp. | 3.191% | 6/24/23 | 35,916 | 37,780 | ||||||
Chevron Corp. | 2.895% | 3/3/24 | 8,600 | 9,040 | ||||||
Cimarex Energy Co. | 4.375% | 6/1/24 | 11,692 | 12,336 | ||||||
Concho Resources Inc. | 4.375% | 1/15/25 | 7,779 | 8,032 | ||||||
ConocoPhillips Co. | 2.400% | 12/15/22 | 817 | 834 | ||||||
ConocoPhillips Co. | 3.350% | 11/15/24 | 6,794 | 7,370 | ||||||
Continental Resources Inc. | 5.000% | 9/15/22 | 755 | 752 | ||||||
Continental Resources Inc. | 4.500% | 4/15/23 | 27,212 | 28,164 | ||||||
Continental Resources Inc. | 3.800% | 6/1/24 | 21,841 | 22,114 | ||||||
Diamondback Energy Inc. | 2.875% | 12/1/24 | 20,790 | 20,875 | ||||||
Dominion Energy Gas Holdings LLC | 2.800% | 11/15/20 | 8,790 | 8,849 | ||||||
Dominion Energy Gas Holdings LLC | 3.550% | 11/1/23 | 3,950 | 4,175 | ||||||
Dominion Energy Gas Holdings LLC | 2.500% | 11/15/24 | 6,400 | 6,577 | ||||||
Dominion Energy Gas Holdings LLC | 3.600% | 12/15/24 | 4,184 | 4,492 | ||||||
Enable Midstream Partners LP | 3.900% | 5/15/24 | 7,024 | 7,167 | ||||||
Enbridge Energy Partners LP | 4.200% | 9/15/21 | 9,389 | 9,729 | ||||||
Enbridge Inc. | 2.900% | 7/15/22 | 7,707 | 7,914 | ||||||
Enbridge Inc. | 4.000% | 10/1/23 | 11,397 | 12,191 | ||||||
Enbridge Inc. | 3.500% | 6/10/24 | 7,817 | 8,319 | ||||||
Enbridge Inc. | 2.500% | 1/15/25 | 7,873 | 8,103 | ||||||
Energy Transfer Operating LP | 4.650% | 6/1/21 | 18,338 | 18,906 | ||||||
Energy Transfer Operating LP | 5.200% | 2/1/22 | 14,333 | 15,122 | ||||||
Energy Transfer Operating LP | 3.600% | 2/1/23 | 18,972 | 19,662 | ||||||
Energy Transfer Operating LP | 4.250% | 3/15/23 | 16,625 | 17,593 | ||||||
Energy Transfer Operating LP | 4.200% | 9/15/23 | 5,084 | 5,444 | ||||||
Energy Transfer Operating LP | 5.875% | 1/15/24 | 16,928 | 18,957 | ||||||
Energy Transfer Operating LP | 4.900% | 2/1/24 | 4,745 | 5,215 | ||||||
Energy Transfer Operating LP | 4.500% | 4/15/24 | 7,931 | 8,584 | ||||||
Energy Transfer Operating LP | 2.900% | 5/15/25 | 2,000 | 2,037 | ||||||
Enterprise Products Operating LLC | 2.800% | 2/15/21 | 7,063 | 7,135 | ||||||
Enterprise Products Operating LLC | 2.850% | 4/15/21 | 11,443 | 11,595 | ||||||
Enterprise Products Operating LLC | 3.500% | 2/1/22 | 12,347 | 12,824 | ||||||
Enterprise Products Operating LLC | 4.050% | 2/15/22 | 14,138 | 14,839 | ||||||
Enterprise Products Operating LLC | 3.350% | 3/15/23 | 15,547 | 16,262 | ||||||
Enterprise Products Operating LLC | 3.900% | 2/15/24 | 11,425 | 12,351 | ||||||
Enterprise Products Operating LLC | 3.750% | 2/15/25 | 13,338 | 14,504 | ||||||
1 | Enterprise Products Operating LLC | 4.875% | 8/16/77 | 6,900 | 7,041 | |||||
EOG Resources Inc. | 4.100% | 2/1/21 | 9,319 | 9,528 | ||||||
EOG Resources Inc. | 2.625% | 3/15/23 | 16,253 | 16,793 | ||||||
EQM Midstream Partners LP | 4.750% | 7/15/23 | 6,525 | 6,003 | ||||||
EQM Midstream Partners LP | 4.000% | 8/1/24 | 4,796 | 4,232 | ||||||
EQT Corp. | 4.875% | 11/15/21 | 7,106 | 6,982 |
28
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Exxon Mobil Corp. | 2.222% | 3/1/21 | 27,850 | 28,052 | ||||||
Exxon Mobil Corp. | 2.397% | 3/6/22 | 22,793 | 23,322 | ||||||
Exxon Mobil Corp. | 1.902% | 8/16/22 | 13,850 | 14,104 | ||||||
Exxon Mobil Corp. | 2.726% | 3/1/23 | 34,943 | 36,367 | ||||||
Exxon Mobil Corp. | 3.176% | 3/15/24 | 1,450 | 1,540 | ||||||
Exxon Mobil Corp. | 2.019% | 8/16/24 | 17,365 | 17,737 | ||||||
Halliburton Co. | 3.250% | 11/15/21 | 7,879 | 8,097 | ||||||
Halliburton Co. | 3.500% | 8/1/23 | 16,069 | 16,909 | ||||||
Hess Corp. | 3.500% | 7/15/24 | 3,819 | 3,995 | ||||||
Husky Energy Inc. | 3.950% | 4/15/22 | 6,539 | 6,784 | ||||||
Husky Energy Inc. | 4.000% | 4/15/24 | 12,255 | 12,910 | ||||||
Kinder Morgan Energy Partners LP | 3.500% | 3/1/21 | 11,438 | 11,636 | ||||||
Kinder Morgan Energy Partners LP | 5.800% | 3/1/21 | 6,384 | 6,650 | ||||||
Kinder Morgan Energy Partners LP | 5.000% | 10/1/21 | 8,032 | 8,402 | ||||||
Kinder Morgan Energy Partners LP | 4.150% | 3/1/22 | 4,807 | 5,017 | ||||||
Kinder Morgan Energy Partners LP | 3.950% | 9/1/22 | 13,850 | 14,502 | ||||||
Kinder Morgan Energy Partners LP | 3.450% | 2/15/23 | 10,059 | 10,489 | ||||||
Kinder Morgan Energy Partners LP | 3.500% | 9/1/23 | 5,522 | 5,787 | ||||||
Kinder Morgan Energy Partners LP | 4.150% | 2/1/24 | 6,467 | 6,958 | ||||||
Kinder Morgan Energy Partners LP | 4.300% | 5/1/24 | 9,375 | 10,194 | ||||||
Kinder Morgan Energy Partners LP | 4.250% | 9/1/24 | 14,324 | 15,731 | ||||||
Kinder Morgan Inc. | 3.150% | 1/15/23 | 16,822 | 17,448 | ||||||
Marathon Oil Corp. | 2.800% | 11/1/22 | 17,200 | 17,455 | ||||||
Marathon Petroleum Corp. | 3.400% | 12/15/20 | 18,925 | 19,151 | ||||||
Marathon Petroleum Corp. | 5.125% | 3/1/21 | 7,258 | 7,463 | ||||||
Marathon Petroleum Corp. | 4.750% | 12/15/23 | 4,477 | 4,868 | ||||||
Marathon Petroleum Corp. | 3.625% | 9/15/24 | 6,291 | 6,715 | ||||||
2 | MPLX LP | 3.500% | 12/1/22 | 8,850 | 9,204 | |||||
MPLX LP | 3.375% | 3/15/23 | 9,597 | 10,065 | ||||||
MPLX LP | 4.500% | 7/15/23 | 21,272 | 23,024 | ||||||
2 | MPLX LP | 6.375% | 5/1/24 | 1,050 | 1,091 | |||||
MPLX LP | 4.875% | 12/1/24 | 20,702 | 22,866 | ||||||
2 | MPLX LP | 5.250% | 1/15/25 | 8,740 | 9,250 | |||||
MPLX LP | 4.000% | 2/15/25 | 6,905 | 7,378 | ||||||
National Fuel Gas Co. | 4.900% | 12/1/21 | 7,039 | 7,390 | ||||||
National Fuel Gas Co. | 3.750% | 3/1/23 | 8,125 | 8,478 | ||||||
National Oilwell Varco Inc. | 2.600% | 12/1/22 | 5,349 | 5,497 | ||||||
Newfield Exploration Co. | 5.750% | 1/30/22 | 10,113 | 10,720 | ||||||
Newfield Exploration Co. | 5.625% | 7/1/24 | 16,571 | 18,034 | ||||||
Noble Energy Inc. | 3.900% | 11/15/24 | 9,713 | 10,320 | ||||||
Occidental Petroleum Corp. | 4.850% | 3/15/21 | 8,466 | 8,715 | ||||||
Occidental Petroleum Corp. | 2.600% | 8/13/21 | 23,868 | 24,023 | ||||||
Occidental Petroleum Corp. | 3.125% | 2/15/22 | 19,053 | 19,527 | ||||||
Occidental Petroleum Corp. | 2.600% | 4/15/22 | 4,720 | 4,810 | ||||||
Occidental Petroleum Corp. | 2.700% | 8/15/22 | 22,066 | 22,379 | ||||||
Occidental Petroleum Corp. | 2.700% | 2/15/23 | 14,853 | 14,979 | ||||||
Occidental Petroleum Corp. | 6.950% | 7/1/24 | 10,207 | 11,974 | ||||||
Occidental Petroleum Corp. | 2.900% | 8/15/24 | 47,688 | 48,323 | ||||||
ONEOK Inc. | 4.250% | 2/1/22 | 6,129 | 6,364 | ||||||
ONEOK Inc. | 7.500% | 9/1/23 | 10,675 | 12,544 | ||||||
ONEOK Inc. | 2.750% | 9/1/24 | 9,192 | 9,495 | ||||||
ONEOK Partners LP | 3.375% | 10/1/22 | 13,203 | 13,657 | ||||||
ONEOK Partners LP | 5.000% | 9/15/23 | 7,425 | 8,130 | ||||||
Ovintiv Inc. | 3.900% | 11/15/21 | 8,419 | 8,671 | ||||||
Petro-Canada | 9.250% | 10/15/21 | 4,561 | 5,114 | ||||||
Phillips 66 | 4.300% | 4/1/22 | 29,328 | 31,036 | ||||||
Phillips 66 Partners LP | 2.450% | 12/15/24 | 3,649 | 3,760 | ||||||
Phillips 66 Partners LP | 3.605% | 2/15/25 | 8,897 | 9,435 | ||||||
Pioneer Natural Resources Co. | 3.450% | 1/15/21 | 7,052 | 7,151 | ||||||
Pioneer Natural Resources Co. | 3.950% | 7/15/22 | 7,141 | 7,513 | ||||||
Plains All American Pipeline LP / PAA Finance Corp. | 3.650% | 6/1/22 | 10,391 | 10,680 | ||||||
Plains All American Pipeline LP / PAA Finance Corp. | 2.850% | 1/31/23 | 7,190 | 7,337 | ||||||
Plains All American Pipeline LP / PAA Finance Corp. | 3.850% | 10/15/23 | 11,035 | 11,489 | ||||||
Plains All American Pipeline LP / PAA Finance Corp. | 3.600% | 11/1/24 | 14,851 | 15,454 |
29
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Regency Energy Partners LP / Regency Energy Finance Corp. | 5.875% | 3/1/22 | 17,369 | 18,498 | ||||||
Regency Energy Partners LP / Regency Energy Finance Corp. | 5.000% | 10/1/22 | 8,979 | 9,563 | ||||||
Regency Energy Partners LP / Regency Energy Finance Corp. | 4.500% | 11/1/23 | 8,455 | 9,068 | ||||||
Sabine Pass Liquefaction LLC | 6.250% | 3/15/22 | 16,445 | 17,637 | ||||||
Sabine Pass Liquefaction LLC | 5.625% | 4/15/23 | 21,420 | 23,428 | ||||||
Sabine Pass Liquefaction LLC | 5.750% | 5/15/24 | 31,400 | 35,247 | ||||||
Schlumberger Investment SA | 3.650% | 12/1/23 | 23,065 | 24,624 | ||||||
Shell International Finance BV | 1.875% | 5/10/21 | 27,575 | 27,700 | ||||||
Shell International Finance BV | 1.750% | 9/12/21 | 17,187 | 17,267 | ||||||
Shell International Finance BV | 2.375% | 8/21/22 | 22,165 | 22,707 | ||||||
Shell International Finance BV | 2.250% | 1/6/23 | 18,661 | 19,090 | ||||||
Shell International Finance BV | 3.400% | 8/12/23 | 13,731 | 14,603 | ||||||
Shell International Finance BV | 3.500% | 11/13/23 | 1,000 | 1,064 | ||||||
Shell International Finance BV | 2.000% | 11/7/24 | 26,925 | 27,461 | ||||||
Southern Natural Gas Co. LLC / Southern Natural Issuing Corp. | 4.400% | 6/15/21 | 5,145 | 5,293 | ||||||
Spectra Energy Partners LP | 4.750% | 3/15/24 | 18,251 | 20,082 | ||||||
Suncor Energy Inc. | 3.600% | 12/1/24 | 10,703 | 11,529 | ||||||
Sunoco Logistics Partners Operations LP | 4.400% | 4/1/21 | 13,707 | 14,021 | ||||||
Sunoco Logistics Partners Operations LP | 4.650% | 2/15/22 | 3,417 | 3,605 | ||||||
Sunoco Logistics Partners Operations LP | 3.450% | 1/15/23 | 3,620 | 3,759 | ||||||
Sunoco Logistics Partners Operations LP | 4.250% | 4/1/24 | 13,835 | 14,831 | ||||||
TC PipeLines LP | 4.650% | 6/15/21 | 2,708 | 2,796 | ||||||
TechnipFMC plc | 3.450% | 10/1/22 | 6,579 | 6,806 | ||||||
Total Capital Canada Ltd. | 2.750% | 7/15/23 | 24,326 | 25,411 | ||||||
Total Capital International SA | 2.750% | 6/19/21 | 9,829 | 9,982 | ||||||
Total Capital International SA | 2.218% | 7/12/21 | 5,500 | 5,558 | ||||||
Total Capital International SA | 2.875% | 2/17/22 | 13,787 | 14,178 | ||||||
Total Capital International SA | 2.700% | 1/25/23 | 15,174 | 15,665 | ||||||
Total Capital International SA | 3.700% | 1/15/24 | 16,039 | 17,330 | ||||||
Total Capital International SA | 3.750% | 4/10/24 | 19,468 | 21,134 | ||||||
Total Capital International SA | 2.434% | 1/10/25 | 12,508 | 12,943 | ||||||
Total Capital SA | 4.250% | 12/15/21 | 2,850 | 2,992 | ||||||
TransCanada PipeLines Ltd. | 2.500% | 8/1/22 | 15,109 | 15,312 | ||||||
TransCanada PipeLines Ltd. | 3.750% | 10/16/23 | 12,257 | 13,039 | ||||||
Western Midstream Operating LP | 5.375% | 6/1/21 | 6,723 | 6,938 | ||||||
Western Midstream Operating LP | 4.000% | 7/1/22 | 10,988 | 11,299 | ||||||
Western Midstream Operating LP | 3.100% | 2/1/25 | 14,025 | 14,014 | ||||||
Williams Cos. Inc. | 7.875% | 9/1/21 | 2,900 | 3,164 | ||||||
Williams Cos. Inc. | 4.000% | 11/15/21 | 12,350 | 12,803 | ||||||
Williams Cos. Inc. | 3.600% | 3/15/22 | 21,051 | 21,722 | ||||||
Williams Cos. Inc. | 3.350% | 8/15/22 | 15,813 | 16,262 | ||||||
Williams Cos. Inc. | 3.700% | 1/15/23 | 13,846 | 14,466 | ||||||
Williams Cos. Inc. | 4.500% | 11/15/23 | 9,789 | 10,598 | ||||||
Williams Cos. Inc. | 4.300% | 3/4/24 | 17,770 | 19,264 | ||||||
Williams Cos. Inc. | 4.550% | 6/24/24 | 5,675 | 6,219 | ||||||
Williams Cos. Inc. | 3.900% | 1/15/25 | 10,159 | 10,838 | ||||||
Other Industrial (0.1%) | ||||||||||
Cintas Corp. No. 2 | 4.300% | 6/1/21 | 2,015 | 2,072 | ||||||
Cintas Corp. No. 2 | 2.900% | 4/1/22 | 8,015 | 8,213 | ||||||
Cintas Corp. No. 2 | 3.250% | 6/1/22 | 4,575 | 4,732 | ||||||
Fluor Corp. | 3.500% | 12/15/24 | 7,838 | 7,529 | ||||||
Technology (9.1%) | ||||||||||
Adobe Inc. | 1.700% | 2/1/23 | 6,122 | 6,208 | ||||||
Adobe Inc. | 1.900% | 2/1/25 | 6,044 | 6,172 | ||||||
Adobe Inc. | 3.250% | 2/1/25 | 16,564 | 17,880 | ||||||
Alphabet Inc. | 3.625% | 5/19/21 | 10,521 | 10,817 | ||||||
Alphabet Inc. | 3.375% | 2/25/24 | 10,265 | 11,094 | ||||||
Altera Corp. | 4.100% | 11/15/23 | 12,378 | 13,568 | ||||||
Amphenol Corp. | 3.200% | 4/1/24 | 5,350 | 5,647 |
30
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | |||||
Amphenol Corp. | 2.050% | 3/1/25 | 3,000 | 3,040 | ||||||
Analog Devices Inc. | 2.500% | 12/5/21 | 9,345 | 9,518 | ||||||
Analog Devices Inc. | 2.875% | 6/1/23 | 8,256 | 8,565 | ||||||
Analog Devices Inc. | 3.125% | 12/5/23 | 8,075 | 8,496 | ||||||
Apple Inc. | 2.250% | 2/23/21 | 10,000 | 10,070 | ||||||
Apple Inc. | 2.850% | 5/6/21 | 38,109 | 38,784 | ||||||
Apple Inc. | 1.550% | 8/4/21 | 25,345 | 25,459 | ||||||
Apple Inc. | 2.150% | 2/9/22 | 26,093 | 26,577 | ||||||
Apple Inc. | 2.500% | 2/9/22 | 36,324 | 37,206 | ||||||
Apple Inc. | 2.300% | 5/11/22 | 21,195 | 21,651 | ||||||
Apple Inc. | 2.700% | 5/13/22 | 30,962 | 31,879 | ||||||
Apple Inc. | 2.100% | 9/12/22 | 11,444 | 11,666 | ||||||
Apple Inc. | 2.400% | 1/13/23 | 27,609 | 28,444 | ||||||
Apple Inc. | 2.850% | 2/23/23 | 17,784 | 18,559 | ||||||
Apple Inc. | 2.400% | 5/3/23 | 72,785 | 74,993 | ||||||
Apple Inc. | 3.000% | 2/9/24 | 33,674 | 35,672 | ||||||
Apple Inc. | 3.450% | 5/6/24 | 45,433 | 49,196 | ||||||
Apple Inc. | 2.850% | 5/11/24 | 31,152 | 32,883 | ||||||
Apple Inc. | 1.800% | 9/11/24 | 7,714 | 7,816 | ||||||
Apple Inc. | 2.750% | 1/13/25 | 17,097 | 18,036 | ||||||
Apple Inc. | 2.500% | 2/9/25 | 10,925 | 11,464 | ||||||
Applied Materials Inc. | 4.300% | 6/15/21 | 6,800 | 7,059 | ||||||
Arrow Electronics Inc. | 3.500% | 4/1/22 | 4,521 | 4,661 | ||||||
Arrow Electronics Inc. | 4.500% | 3/1/23 | 4,350 | 4,611 | ||||||
Arrow Electronics Inc. | 3.250% | 9/8/24 | 8,905 | 9,249 | ||||||
Autodesk Inc. | 3.600% | 12/15/22 | 2,593 | 2,715 | ||||||
Avnet Inc. | 3.750% | 12/1/21 | 4,175 | 4,298 | ||||||
Avnet Inc. | 4.875% | 12/1/22 | 5,475 | 5,856 | ||||||
Baidu Inc. | 2.875% | 7/6/22 | 6,925 | 7,079 | ||||||
Baidu Inc. | 3.500% | 11/28/22 | 10,199 | 10,618 | ||||||
Baidu Inc. | 3.875% | 9/29/23 | 20,630 | 21,952 | ||||||
Baidu Inc. | 4.375% | 5/14/24 | 12,600 | 13,742 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.000% | 1/15/22 | 50,813 | 51,804 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 2.650% | 1/15/23 | 18,464 | 18,814 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.625% | 1/15/24 | 50,008 | 52,377 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.125% | 1/15/25 | 18,066 | 18,662 | ||||||
2 | Broadcom Inc. | 3.125% | 4/15/21 | 20,917 | 21,245 | |||||
2 | Broadcom Inc. | 3.125% | 10/15/22 | 27,033 | 27,913 | |||||
2 | Broadcom Inc. | 3.625% | 10/15/24 | 14,803 | 15,598 | |||||
CA Inc. | 3.600% | 8/15/22 | 7,538 | 7,792 | ||||||
Cadence Design Systems Inc. | 4.375% | 10/15/24 | 5,382 | 5,988 | ||||||
Cisco Systems Inc. | 2.900% | 3/4/21 | 10,111 | 10,250 | ||||||
Cisco Systems Inc. | 1.850% | 9/20/21 | 26,885 | 27,079 | ||||||
Cisco Systems Inc. | 3.000% | 6/15/22 | 6,530 | 6,779 | ||||||
Cisco Systems Inc. | 2.600% | 2/28/23 | 12,940 | 13,404 | ||||||
Cisco Systems Inc. | 2.200% | 9/20/23 | 12,240 | 12,582 | ||||||
Cisco Systems Inc. | 3.625% | 3/4/24 | 12,338 | 13,411 | ||||||
Corning Inc. | 2.900% | 5/15/22 | 6,788 | 6,979 | ||||||
2 | Dell International LLC / EMC Corp. | 4.420% | 6/15/21 | 65,900 | 68,082 | |||||
2 | Dell International LLC / EMC Corp. | 5.450% | 6/15/23 | 54,568 | 60,026 | |||||
2 | Dell International LLC / EMC Corp. | 4.000% | 7/15/24 | 16,400 | 17,578 | |||||
DXC Technology Co. | 4.250% | 4/15/24 | 7,750 | 8,302 | ||||||
Equifax Inc. | 2.300% | 6/1/21 | 5,578 | 5,628 | ||||||
Equifax Inc. | 3.600% | 8/15/21 | 4,204 | 4,320 | ||||||
Equifax Inc. | 3.300% | 12/15/22 | 8,972 | 9,361 | ||||||
Equifax Inc. | 3.950% | 6/15/23 | 5,621 | 6,015 | ||||||
Equifax Inc. | 2.600% | 12/1/24 | 8,684 | 8,971 | ||||||
Equinix Inc. | 2.625% | 11/18/24 | 21,040 | 21,584 | ||||||
Fidelity National Information Services Inc. | 3.500% | 4/15/23 | 16,139 | 16,988 | ||||||
Fidelity National Information Services Inc. | 3.875% | 6/5/24 | 4,068 | 4,418 | ||||||
Fiserv Inc. | 4.750% | 6/15/21 | 2,155 | 2,240 | ||||||
Fiserv Inc. | 3.500% | 10/1/22 | 12,019 | 12,565 | ||||||
Fiserv Inc. | 3.800% | 10/1/23 | 15,985 | 17,108 | ||||||
Fiserv Inc. | 2.750% | 7/1/24 | 36,346 | 37,728 |
31
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ||||||
Flex Ltd. | 5.000% | 2/15/23 | 5,343 | 5,803 | ||||||
FLIR Systems Inc. | 3.125% | 6/15/21 | 6,418 | 6,543 | ||||||
Global Payments Inc. | 2.650% | 2/15/25 | 16,511 | 17,090 | ||||||
Hewlett Packard Enterprise Co. | 3.600% | 10/15/20 | 22,000 | 22,203 | ||||||
Hewlett Packard Enterprise Co. | 3.500% | 10/5/21 | 6,583 | 6,768 | ||||||
Hewlett Packard Enterprise Co. | 4.400% | 10/15/22 | 26,601 | 28,368 | ||||||
Hewlett Packard Enterprise Co. | 2.250% | 4/1/23 | 15,490 | 15,699 | ||||||
HP Inc. | 4.300% | 6/1/21 | 7,357 | 7,585 | ||||||
HP Inc. | 4.375% | 9/15/21 | 4,043 | 4,188 | ||||||
HP Inc. | 4.650% | 12/9/21 | 7,457 | 7,841 | ||||||
HP Inc. | 4.050% | 9/15/22 | 6,475 | 6,854 | ||||||
IBM Credit LLC | 3.450% | 11/30/20 | 11,033 | 11,207 | ||||||
IBM Credit LLC | 1.800% | 1/20/21 | 25 | 25 | ||||||
IBM Credit LLC | 3.600% | 11/30/21 | 9,885 | 10,274 | ||||||
IBM Credit LLC | 2.200% | 9/8/22 | 6,325 | 6,468 | ||||||
IBM Credit LLC | 3.000% | 2/6/23 | 7,031 | 7,349 | ||||||
Intel Corp. | 1.700% | 5/19/21 | 15,995 | 16,064 | ||||||
Intel Corp. | 3.300% | 10/1/21 | 28,291 | 29,169 | ||||||
Intel Corp. | 2.350% | 5/11/22 | 13,929 | 14,217 | ||||||
Intel Corp. | 3.100% | 7/29/22 | 10,383 | 10,836 | ||||||
Intel Corp. | 2.700% | 12/15/22 | 26,396 | 27,380 | ||||||
Intel Corp. | 2.875% | 5/11/24 | 21,922 | 23,176 | ||||||
International Business Machines Corp. | 2.250% | 2/19/21 | 13,711 | 13,851 | ||||||
International Business Machines Corp. | 2.800% | 5/13/21 | 23,804 | 24,296 | ||||||
International Business Machines Corp. | 2.900% | 11/1/21 | 9,045 | 9,321 | ||||||
International Business Machines Corp. | 2.500% | 1/27/22 | 10,934 | 11,181 | ||||||
International Business Machines Corp. | 2.850% | 5/13/22 | 48,625 | 50,120 | ||||||
International Business Machines Corp. | 1.875% | 8/1/22 | 12,133 | 12,295 | ||||||
International Business Machines Corp. | 2.875% | 11/9/22 | 16,325 | 16,919 | ||||||
International Business Machines Corp. | 3.375% | 8/1/23 | 24,683 | 26,288 | ||||||
International Business Machines Corp. | 3.625% | 2/12/24 | 27,986 | 30,170 | ||||||
International Business Machines Corp. | 3.000% | 5/15/24 | 55,150 | 58,387 | ||||||
Jabil Inc. | 5.625% | 12/15/20 | 4,712 | 4,844 | ||||||
Jabil Inc. | 4.700% | 9/15/22 | 3,948 | 4,223 | ||||||
Juniper Networks Inc. | 4.500% | 3/15/24 | 11,887 | 13,097 | ||||||
KLA Corp. | 4.125% | 11/1/21 | 7,763 | 8,092 | ||||||
KLA Corp. | 4.650% | 11/1/24 | 16,938 | 19,021 | ||||||
Lam Research Corp. | 2.800% | 6/15/21 | 12,674 | 12,882 | ||||||
Marvell Technology Group Ltd. | 4.200% | 6/22/23 | 8,499 | 9,094 | ||||||
Maxim Integrated Products Inc. | 3.375% | 3/15/23 | 6,712 | 7,048 | ||||||
Microchip Technology Inc. | 3.922% | 6/1/21 | 11,025 | 11,313 | ||||||
Microchip Technology Inc. | 4.333% | 6/1/23 | 17,375 | 18,563 | ||||||
Micron Technology Inc. | 4.640% | 2/6/24 | 7,250 | 7,866 | ||||||
Microsoft Corp. | 1.550% | 8/8/21 | 32,107 | 32,259 | ||||||
Microsoft Corp. | 2.400% | 2/6/22 | 29,210 | 29,824 | ||||||
Microsoft Corp. | 2.375% | 2/12/22 | 38,464 | 39,270 | ||||||
Microsoft Corp. | 2.650% | 11/3/22 | 21,051 | 21,785 | ||||||
Microsoft Corp. | 2.125% | 11/15/22 | 13,508 | 13,829 | ||||||
Microsoft Corp. | 2.375% | 5/1/23 | 19,285 | 19,916 | ||||||
Microsoft Corp. | 2.000% | 8/8/23 | 26,422 | 27,026 | ||||||
Microsoft Corp. | 3.625% | 12/15/23 | 16,946 | 18,318 | ||||||
Microsoft Corp. | 2.875% | 2/6/24 | 35,236 | 37,233 | ||||||
Microsoft Corp. | 2.700% | 2/12/25 | 25,196 | 26,674 | ||||||
Motorola Solutions Inc. | 3.750% | 5/15/22 | 7,380 | 7,699 | ||||||
Motorola Solutions Inc. | 3.500% | 3/1/23 | 10,251 | 10,726 | ||||||
Motorola Solutions Inc. | 4.000% | 9/1/24 | 9,256 | 10,068 | ||||||
NetApp Inc. | 3.375% | 6/15/21 | 7,509 | 7,654 | ||||||
NetApp Inc. | 3.300% | 9/29/24 | 6,385 | 6,749 | ||||||
NVIDIA Corp. | 2.200% | 9/16/21 | 15,617 | 15,818 | ||||||
2 | NXP BV / NXP Funding LLC | 4.875% | 3/1/24 | 12,088 | 13,251 | |||||
Oracle Corp. | 2.800% | 7/8/21 | 19,844 | 20,266 | ||||||
Oracle Corp. | 1.900% | 9/15/21 | 60,866 | 61,349 | ||||||
Oracle Corp. | 2.500% | 5/15/22 | 24,423 | 24,976 | ||||||
Oracle Corp. | 2.500% | 10/15/22 | 42,140 | 43,327 |
32
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Oracle Corp. | 2.625% | 2/15/23 | 28,153 | 29,134 | |||
Oracle Corp. | 3.625% | 7/15/23 | 19,170 | 20,564 | |||
Oracle Corp. | 2.400% | 9/15/23 | 28,374 | 29,286 | |||
Oracle Corp. | 3.400% | 7/8/24 | 30,772 | 33,063 | |||
Oracle Corp. | 2.950% | 11/15/24 | 33,135 | 35,119 | |||
PayPal Holdings Inc. | 2.200% | 9/26/22 | 15,925 | 16,250 | |||
PayPal Holdings Inc. | 2.400% | 10/1/24 | 23,217 | 23,850 | |||
QUALCOMM Inc. | 3.000% | 5/20/22 | 33,693 | 34,859 | |||
QUALCOMM Inc. | 2.600% | 1/30/23 | 11,857 | 12,226 | |||
QUALCOMM Inc. | 2.900% | 5/20/24 | 31,329 | 32,834 | |||
salesforce.com Inc. | 3.250% | 4/11/23 | 15,700 | 16,539 | |||
Seagate HDD Cayman | 4.250% | 3/1/22 | 5,834 | 5,994 | |||
Seagate HDD Cayman | 4.750% | 6/1/23 | 5,535 | 5,867 | |||
Seagate HDD Cayman | 4.875% | 3/1/24 | 10,090 | 10,771 | |||
Seagate HDD Cayman | 4.750% | 1/1/25 | 4,815 | 5,104 | |||
Tech Data Corp. | 3.700% | 2/15/22 | 7,405 | 7,631 | |||
Texas Instruments Inc. | 2.750% | 3/12/21 | 9,036 | 9,161 | |||
Texas Instruments Inc. | 1.850% | 5/15/22 | 6,740 | 6,816 | |||
Texas Instruments Inc. | 2.250% | 5/1/23 | 1,250 | 1,286 | |||
Texas Instruments Inc. | 2.625% | 5/15/24 | 6,750 | 7,056 | |||
Total System Services Inc. | 3.800% | 4/1/21 | 7,159 | 7,331 | |||
Total System Services Inc. | 3.750% | 6/1/23 | 8,721 | 9,257 | |||
Total System Services Inc. | 4.000% | 6/1/23 | 10,350 | 11,102 | |||
Trimble Inc. | 4.150% | 6/15/23 | 4,436 | 4,702 | |||
Trimble Inc. | 4.750% | 12/1/24 | 6,202 | 6,894 | |||
Tyco Electronics Group SA | 4.875% | 1/15/21 | 180 | 185 | |||
Tyco Electronics Group SA | 3.500% | 2/3/22 | 10,929 | 11,294 | |||
Tyco Electronics Group SA | 3.450% | 8/1/24 | 6,700 | 7,159 | |||
Verisk Analytics Inc. | 5.800% | 5/1/21 | 7,060 | 7,384 | |||
Verisk Analytics Inc. | 4.125% | 9/12/22 | 7,704 | 8,158 | |||
VMware Inc. | 2.300% | 8/21/20 | 12,517 | 12,536 | |||
VMware Inc. | 2.950% | 8/21/22 | 23,173 | 23,850 | |||
Xilinx Inc. | 3.000% | 3/15/21 | 7,416 | 7,530 | |||
Xilinx Inc. | 2.950% | 6/1/24 | 11,150 | 11,667 | |||
Transportation (1.7%) | |||||||
1 | American Airlines 2013-2 Class A Pass Through Trust | 4.950% | 7/15/24 | 7,915 | 8,361 | ||
Burlington Northern Santa Fe LLC | 3.450% | 9/15/21 | 8,427 | 8,665 | |||
Burlington Northern Santa Fe LLC | 3.050% | 3/15/22 | 9,426 | 9,726 | |||
Burlington Northern Santa Fe LLC | 3.050% | 9/1/22 | 12,741 | 13,220 | |||
Burlington Northern Santa Fe LLC | 3.000% | 3/15/23 | 12,488 | 13,028 | |||
Burlington Northern Santa Fe LLC | 3.850% | 9/1/23 | 9,981 | 10,741 | |||
Burlington Northern Santa Fe LLC | 3.750% | 4/1/24 | 8,724 | 9,455 | |||
Burlington Northern Santa Fe LLC | 3.400% | 9/1/24 | 11,476 | 12,394 | |||
Canadian National Railway Co. | 2.850% | 12/15/21 | 5,025 | 5,134 | |||
Canadian National Railway Co. | 2.950% | 11/21/24 | 4,465 | 4,736 | |||
Canadian Pacific Railway Co. | 9.450% | 8/1/21 | 2,250 | 2,507 | |||
Canadian Pacific Railway Co. | 4.450% | 3/15/23 | 3,350 | 3,605 | |||
Canadian Pacific Railway Co. | 2.900% | 2/1/25 | 9,613 | 10,138 | |||
1 | Continental Airlines 2007-1 Class A Pass Through Trust | 5.983% | 10/19/23 | 4,611 | 4,872 | ||
1 | Continental Airlines 2012-1 Class A Pass Through Trust | 4.150% | 10/11/25 | 7,015 | 7,499 | ||
CSX Corp. | 4.250% | 6/1/21 | 8,840 | 9,086 | |||
CSX Corp. | 3.700% | 11/1/23 | 3,320 | 3,575 | |||
CSX Corp. | 3.400% | 8/1/24 | 12,223 | 13,147 | |||
1 | Delta Air Lines 2007-1 Class A Pass Through Trust | 6.821% | 2/10/24 | 3,647 | 4,013 | ||
1 | Delta Air Lines 2019-1 Class AA Pass Through Trust | 3.204% | 4/25/24 | 4,716 | 5,044 | ||
Delta Air Lines Inc. | 2.600% | 12/4/20 | 12,900 | 12,999 | |||
Delta Air Lines Inc. | 3.400% | 4/19/21 | 6,200 | 6,311 | |||
Delta Air Lines Inc. | 3.625% | 3/15/22 | 17,222 | 17,836 | |||
Delta Air Lines Inc. | 3.800% | 4/19/23 | 8,000 | 8,361 | |||
Delta Air Lines Inc. | 2.900% | 10/28/24 | 13,500 | 13,902 | |||
FedEx Corp. | 3.400% | 1/14/22 | 2,688 | 2,783 |
33
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
FedEx Corp. | 2.625% | 8/1/22 | 8,005 | 8,195 | |||
FedEx Corp. | 4.000% | 1/15/24 | 15,636 | 16,968 | |||
FedEx Corp. | 3.200% | 2/1/25 | 9,347 | 9,939 | |||
JB Hunt Transport Services Inc. | 3.300% | 8/15/22 | 5,993 | 6,224 | |||
Kansas City Southern | 3.000% | 5/15/23 | 3,887 | 4,030 | |||
Norfolk Southern Corp. | 3.250% | 12/1/21 | 9,415 | 9,674 | |||
Norfolk Southern Corp. | 3.000% | 4/1/22 | 10,252 | 10,541 | |||
Norfolk Southern Corp. | 2.903% | 2/15/23 | 12,439 | 12,907 | |||
Norfolk Southern Corp. | 3.850% | 1/15/24 | 2,804 | 3,027 | |||
Ryder System Inc. | 3.500% | 6/1/21 | 3,423 | 3,501 | |||
Ryder System Inc. | 2.250% | 9/1/21 | 5,450 | 5,501 | |||
Ryder System Inc. | 3.450% | 11/15/21 | 1,750 | 1,804 | |||
Ryder System Inc. | 2.800% | 3/1/22 | 8,147 | 8,329 | |||
Ryder System Inc. | 2.875% | 6/1/22 | 8,175 | 8,405 | |||
Ryder System Inc. | 2.500% | 9/1/22 | 2,585 | 2,637 | |||
Ryder System Inc. | 3.400% | 3/1/23 | 7,920 | 8,309 | |||
Ryder System Inc. | 3.750% | 6/9/23 | 9,756 | 10,370 | |||
Ryder System Inc. | 3.875% | 12/1/23 | 2,998 | 3,212 | |||
Ryder System Inc. | 3.650% | 3/18/24 | 6,136 | 6,550 | |||
Ryder System Inc. | 2.500% | 9/1/24 | 13,825 | 14,136 | |||
Southwest Airlines Co. | 2.750% | 11/16/22 | 5,700 | 5,877 | |||
Union Pacific Corp. | 3.200% | 6/8/21 | 7,249 | 7,388 | |||
Union Pacific Corp. | 2.950% | 3/1/22 | 9,385 | 9,674 | |||
Union Pacific Corp. | 4.163% | 7/15/22 | 12,041 | 12,715 | |||
Union Pacific Corp. | 2.950% | 1/15/23 | 8,067 | 8,364 | |||
Union Pacific Corp. | 2.750% | 4/15/23 | 3,329 | 3,448 | |||
Union Pacific Corp. | 3.500% | 6/8/23 | 5,059 | 5,368 | |||
Union Pacific Corp. | 3.646% | 2/15/24 | 7,680 | 8,284 | |||
Union Pacific Corp. | 3.150% | 3/1/24 | 5,905 | 6,275 | |||
Union Pacific Corp. | 3.750% | 3/15/24 | 7,868 | 8,519 | |||
Union Pacific Corp. | 3.250% | 1/15/25 | 4,226 | 4,528 | |||
United Parcel Service Inc. | 2.050% | 4/1/21 | 7,645 | 7,694 | |||
United Parcel Service Inc. | 2.350% | 5/16/22 | 16,799 | 17,147 | |||
United Parcel Service Inc. | 2.450% | 10/1/22 | 14,049 | 14,346 | |||
United Parcel Service Inc. | 2.500% | 4/1/23 | 15,022 | 15,510 | |||
United Parcel Service Inc. | 2.800% | 11/15/24 | 15,950 | 16,806 | |||
16,644,481 | |||||||
Utilities (4.3%) | |||||||
Electric (4.0%) | |||||||
AEP Texas Inc. | 2.400% | 10/1/22 | 5,250 | 5,356 | |||
Alabama Power Co. | 2.450% | 3/30/22 | 12,600 | 12,883 | |||
Alabama Power Co. | 3.550% | 12/1/23 | 5,000 | 5,367 | |||
Ameren Corp. | 2.500% | 9/15/24 | 10,520 | 10,770 | |||
Ameren Illinois Co. | 2.700% | 9/1/22 | 4,585 | 4,718 | |||
American Electric Power Co. Inc. | 3.650% | 12/1/21 | 5,599 | 5,810 | |||
American Electric Power Co. Inc. | 2.950% | 12/15/22 | 6,632 | 6,865 | |||
Appalachian Power Co. | 4.600% | 3/30/21 | 9,110 | 9,374 | |||
Avangrid Inc. | 3.150% | 12/1/24 | 9,860 | 10,439 | |||
Baltimore Gas & Electric Co. | 3.500% | 11/15/21 | 7,368 | 7,617 | |||
Baltimore Gas & Electric Co. | 3.350% | 7/1/23 | 5,225 | 5,496 | |||
Berkshire Hathaway Energy Co. | 2.375% | 1/15/21 | 5,983 | 6,031 | |||
Berkshire Hathaway Energy Co. | 2.800% | 1/15/23 | 6,200 | 6,441 | |||
Berkshire Hathaway Energy Co. | 3.750% | 11/15/23 | 10,566 | 11,366 | |||
Berkshire Hathaway Energy Co. | 3.500% | 2/1/25 | 7,143 | 7,723 | |||
Black Hills Corp. | 4.250% | 11/30/23 | 6,716 | 7,243 | |||
CenterPoint Energy Houston Electric LLC | 1.850% | 6/1/21 | 8,511 | 8,576 | |||
CenterPoint Energy Houston Electric LLC | 2.250% | 8/1/22 | 2,987 | 3,040 | |||
CenterPoint Energy Inc. | 3.600% | 11/1/21 | 4,375 | 4,505 | |||
CenterPoint Energy Inc. | 2.500% | 9/1/22 | 7,675 | 7,821 | |||
CenterPoint Energy Inc. | 3.850% | 2/1/24 | 6,945 | 7,497 | |||
CenterPoint Energy Inc. | 2.500% | 9/1/24 | 8,225 | 8,499 | |||
Cleveland Electric Illuminating Co. | 5.500% | 8/15/24 | 1,750 | 2,048 | |||
CMS Energy Corp. | 5.050% | 3/15/22 | 4,888 | 5,181 |
34
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Commonwealth Edison Co. | 3.400% | 9/1/21 | 9,028 | 9,281 | |||
Connecticut Light & Power Co. | 2.500% | 1/15/23 | 6,682 | 6,868 | |||
Consolidated Edison Inc. | 2.000% | 5/15/21 | 7,362 | 7,405 | |||
Consumers Energy Co. | 2.850% | 5/15/22 | 5,669 | 5,832 | |||
Consumers Energy Co. | 3.375% | 8/15/23 | 4,905 | 5,208 | |||
Delmarva Power & Light Co. | 3.500% | 11/15/23 | 5,959 | 6,343 | |||
Dominion Energy Inc. | 4.104% | 4/1/21 | 7,680 | 7,877 | |||
Dominion Energy Inc. | 2.000% | 8/15/21 | 7,551 | 7,612 | |||
Dominion Energy Inc. | 2.715% | 8/15/21 | 8,120 | 8,262 | |||
Dominion Energy Inc. | 2.750% | 1/15/22 | 10,958 | 11,230 | |||
Dominion Energy Inc. | 2.750% | 9/15/22 | 4,053 | 4,145 | |||
Dominion Energy Inc. | 3.071% | 8/15/24 | 3,891 | 4,080 | |||
1 | Dominion Energy Inc. | 5.750% | 10/1/54 | 9,825 | 10,577 | ||
DTE Electric Co. | 3.650% | 3/15/24 | 5,825 | 6,290 | |||
DTE Energy Co. | 2.600% | 6/15/22 | 3,475 | 3,544 | |||
DTE Energy Co. | 3.300% | 6/15/22 | 5,770 | 5,965 | |||
DTE Energy Co. | 2.250% | 11/1/22 | 8,150 | 8,285 | |||
DTE Energy Co. | 3.700% | 8/1/23 | 10,590 | 11,265 | |||
DTE Energy Co. | 3.850% | 12/1/23 | 7,711 | 8,248 | |||
DTE Energy Co. | 3.500% | 6/1/24 | 6,490 | 6,893 | |||
DTE Energy Co. | 2.529% | 10/1/24 | 5,471 | 5,650 | |||
Duke Energy Carolinas LLC | 3.900% | 6/15/21 | 5,825 | 5,983 | |||
Duke Energy Carolinas LLC | 3.350% | 5/15/22 | 5,255 | 5,472 | |||
Duke Energy Carolinas LLC | 2.500% | 3/15/23 | 10,779 | 11,119 | |||
Duke Energy Carolinas LLC | 3.050% | 3/15/23 | 5,379 | 5,630 | |||
Duke Energy Corp. | 1.800% | 9/1/21 | 7,028 | 7,050 | |||
Duke Energy Corp. | 3.550% | 9/15/21 | 9,765 | 10,054 | |||
Duke Energy Corp. | 2.400% | 8/15/22 | 6,450 | 6,580 | |||
Duke Energy Corp. | 3.050% | 8/15/22 | 4,935 | 5,090 | |||
Duke Energy Corp. | 3.950% | 10/15/23 | 6,375 | 6,857 | |||
Duke Energy Corp. | 3.750% | 4/15/24 | 13,970 | 15,051 | |||
Duke Energy Florida LLC | 3.100% | 8/15/21 | 3,921 | 4,013 | |||
Duke Energy Ohio Inc. | 3.800% | 9/1/23 | 8,223 | 8,835 | |||
Duke Energy Progress LLC | 3.000% | 9/15/21 | 9,775 | 9,991 | |||
Duke Energy Progress LLC | 2.800% | 5/15/22 | 12,120 | 12,468 | |||
Duke Energy Progress LLC | 3.375% | 9/1/23 | 7,731 | 8,220 | |||
Edison International | 2.400% | 9/15/22 | 11,891 | 12,042 | |||
Edison International | 3.125% | 11/15/22 | 4,150 | 4,280 | |||
Edison International | 2.950% | 3/15/23 | 4,099 | 4,178 | |||
Edison International | 3.550% | 11/15/24 | 6,700 | 7,101 | |||
Emera US Finance LP | 2.700% | 6/15/21 | 7,843 | 7,980 | |||
Enel Generacion Chile SA | 4.250% | 4/15/24 | 4,865 | 5,128 | |||
Entergy Arkansas Inc. | 3.750% | 2/15/21 | 3,747 | 3,810 | |||
Entergy Arkansas Inc. | 3.700% | 6/1/24 | 1,950 | 2,110 | |||
Entergy Corp. | 4.000% | 7/15/22 | 9,272 | 9,737 | |||
Entergy Gulf States Louisiana LLC | 5.590% | 10/1/24 | 2,608 | 3,058 | |||
Entergy Louisiana LLC | 4.050% | 9/1/23 | 12,440 | 13,445 | |||
Entergy Louisiana LLC | 5.400% | 11/1/24 | 5,598 | 6,536 | |||
Evergy Inc. | 2.450% | 9/15/24 | 11,345 | 11,610 | |||
Eversource Energy | 2.500% | 3/15/21 | 4,475 | 4,528 | |||
Eversource Energy | 2.750% | 3/15/22 | 5,795 | 5,936 | |||
Eversource Energy | 2.800% | 5/1/23 | 9,925 | 10,241 | |||
Eversource Energy | 3.800% | 12/1/23 | 8,000 | 8,534 | |||
Eversource Energy | 2.900% | 10/1/24 | 7,838 | 8,195 | |||
Eversource Energy | 3.150% | 1/15/25 | 7,232 | 7,651 | |||
Exelon Corp. | 5.150% | 12/1/20 | 7,302 | 7,436 | |||
Exelon Corp. | 2.450% | 4/15/21 | 4,200 | 4,245 | |||
Exelon Corp. | 3.497% | 6/1/22 | 6,986 | 7,231 | |||
Exelon Generation Co. LLC | 3.400% | 3/15/22 | 8,890 | 9,179 | |||
Exelon Generation Co. LLC | 4.250% | 6/15/22 | 9,309 | 9,775 | |||
FirstEnergy Corp. | 2.850% | 7/15/22 | 11,425 | 11,763 | |||
FirstEnergy Corp. | 4.250% | 3/15/23 | 16,042 | 17,171 | |||
Florida Power & Light Co. | 2.750% | 6/1/23 | 9,985 | 10,365 | |||
Florida Power & Light Co. | 3.250% | 6/1/24 | 9,020 | 9,615 |
35
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Georgia Power Co. | 2.400% | 4/1/21 | 6,178 | 6,237 | |||
Georgia Power Co. | 2.850% | 5/15/22 | 5,358 | 5,519 | |||
Georgia Power Co. | 2.100% | 7/30/23 | 9,150 | 9,283 | |||
Georgia Power Co. | 2.200% | 9/15/24 | 11,302 | 11,639 | |||
Great Plains Energy Inc. | 4.850% | 6/1/21 | 5,207 | 5,391 | |||
Interstate Power & Light Co. | 3.250% | 12/1/24 | 7,918 | 8,454 | |||
IPALCO Enterprises Inc. | 3.700% | 9/1/24 | 7,453 | 7,854 | |||
ITC Holdings Corp. | 2.700% | 11/15/22 | 10,175 | 10,432 | |||
ITC Holdings Corp. | 3.650% | 6/15/24 | 7,043 | 7,534 | |||
Kansas City Power & Light Co. | 3.150% | 3/15/23 | 5,565 | 5,817 | |||
LG&E & KU Energy LLC | 3.750% | 11/15/20 | 6,759 | 6,813 | |||
MidAmerican Energy Co. | 3.500% | 10/15/24 | 4,556 | 4,923 | |||
National Rural Utilities Cooperative Finance Corp. | 2.900% | 3/15/21 | 10,372 | 10,553 | |||
National Rural Utilities Cooperative Finance Corp. | 1.750% | 1/21/22 | 3,350 | 3,386 | |||
National Rural Utilities Cooperative Finance Corp. | 3.050% | 2/15/22 | 7,046 | 7,277 | |||
National Rural Utilities Cooperative Finance Corp. | 2.400% | 4/25/22 | 13,475 | 13,818 | |||
National Rural Utilities Cooperative Finance Corp. | 2.300% | 9/15/22 | 2,968 | 3,046 | |||
National Rural Utilities Cooperative Finance Corp. | 2.700% | 2/15/23 | 6,125 | 6,379 | |||
National Rural Utilities Cooperative Finance Corp. | 3.400% | 11/15/23 | 7,683 | 8,273 | |||
National Rural Utilities Cooperative Finance Corp. | 2.950% | 2/7/24 | 10,795 | 11,459 | |||
National Rural Utilities Cooperative Finance Corp. | 2.850% | 1/27/25 | 5,452 | 5,794 | |||
1 | National Rural Utilities Cooperative Finance Corp. | 4.750% | 4/30/43 | 4,225 | 4,447 | ||
NextEra Energy Capital Holdings Inc. | 4.500% | 6/1/21 | 6,000 | 6,176 | |||
NextEra Energy Capital Holdings Inc. | 2.403% | 9/1/21 | 22,856 | 23,186 | |||
NextEra Energy Capital Holdings Inc. | 2.900% | 4/1/22 | 13,017 | 13,389 | |||
NextEra Energy Capital Holdings Inc. | 3.300% | 8/15/22 | 200 | 209 | |||
NextEra Energy Capital Holdings Inc. | 2.800% | 1/15/23 | 5,780 | 5,973 | |||
NextEra Energy Capital Holdings Inc. | 3.150% | 4/1/24 | 24,247 | 25,738 | |||
Northern States Power Co. | 2.150% | 8/15/22 | 2,875 | 2,928 | |||
Northern States Power Co. | 2.600% | 5/15/23 | 6,906 | 7,120 | |||
Ohio Power Co. | 5.375% | 10/1/21 | 6,787 | 7,218 | |||
Oncor Electric Delivery Co. LLC | 4.100% | 6/1/22 | 6,018 | 6,324 | |||
Oncor Electric Delivery Co. LLC | 2.750% | 6/1/24 | 8,482 | 8,846 | |||
PacifiCorp | 3.850% | 6/15/21 | 4,437 | 4,551 | |||
PacifiCorp | 2.950% | 2/1/22 | 6,917 | 7,096 | |||
PacifiCorp | 2.950% | 6/1/23 | 3,650 | 3,796 | |||
PacifiCorp | 3.600% | 4/1/24 | 4,825 | 5,183 | |||
PECO Energy Co. | 1.700% | 9/15/21 | 4,388 | 4,414 | |||
PECO Energy Co. | 2.375% | 9/15/22 | 2,229 | 2,279 | |||
PNM Resources Inc. | 3.250% | 3/9/21 | 4,550 | 4,631 | |||
Potomac Electric Power Co. | 3.600% | 3/15/24 | 5,636 | 6,047 | |||
PPL Capital Funding Inc. | 4.200% | 6/15/22 | 8,029 | 8,427 | |||
PPL Capital Funding Inc. | 3.500% | 12/1/22 | 7,026 | 7,332 | |||
PPL Capital Funding Inc. | 3.400% | 6/1/23 | 8,551 | 8,899 | |||
PPL Capital Funding Inc. | 3.950% | 3/15/24 | 3,956 | 4,239 | |||
PPL Electric Utilities Corp. | 3.000% | 9/15/21 | 4,469 | 4,574 | |||
Progress Energy Inc. | 4.400% | 1/15/21 | 6,825 | 6,949 | |||
Progress Energy Inc. | 3.150% | 4/1/22 | 8,187 | 8,408 | |||
PSEG Power LLC | 3.000% | 6/15/21 | 7,990 | 8,139 | |||
PSEG Power LLC | 3.850% | 6/1/23 | 3,707 | 3,919 | |||
Public Service Co. of Colorado | 2.250% | 9/15/22 | 6,972 | 7,101 | |||
Public Service Co. of New Hampshire | 3.500% | 11/1/23 | 9,040 | 9,664 | |||
Public Service Electric & Gas Co. | 1.900% | 3/15/21 | 9,325 | 9,380 | |||
Public Service Electric & Gas Co. | 2.375% | 5/15/23 | 7,940 | 8,158 | |||
Public Service Electric & Gas Co. | 3.250% | 9/1/23 | 2,750 | 2,911 | |||
Public Service Enterprise Group Inc. | 2.000% | 11/15/21 | 5,200 | 5,237 | |||
Public Service Enterprise Group Inc. | 2.650% | 11/15/22 | 6,780 | 6,956 | |||
Public Service Enterprise Group Inc. | 2.875% | 6/15/24 | 14,746 | 15,412 | |||
Puget Energy Inc. | 6.500% | 12/15/20 | 8,370 | 8,685 | |||
Puget Energy Inc. | 6.000% | 9/1/21 | 11,208 | 11,958 | |||
Puget Energy Inc. | 5.625% | 7/15/22 | 6,176 | 6,668 | |||
San Diego Gas & Electric Co. | 3.000% | 8/15/21 | 3,506 | 3,581 | |||
San Diego Gas & Electric Co. | 3.600% | 9/1/23 | 5,825 | 6,172 | |||
Southern California Edison Co. | 2.900% | 3/1/21 | 3,150 | 3,194 |
36
Vanguard® Short-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Southern California Edison Co. | 3.875% | 6/1/21 | 5,010 | 5,130 | |||
1 | Southern California Edison Co. | 1.845% | 2/1/22 | 650 | 646 | ||
Southern California Edison Co. | 2.400% | 2/1/22 | 5,025 | 5,096 | |||
Southern California Edison Co. | 3.400% | 6/1/23 | 7,550 | 7,964 | |||
Southern California Edison Co. | 3.500% | 10/1/23 | 10,373 | 10,985 | |||
Southern Co. | 2.350% | 7/1/21 | 14,497 | 14,634 | |||
Southern Co. | 2.950% | 7/1/23 | 12,278 | 12,753 | |||
1 | Southern Co. | 5.500% | 3/15/57 | 3,750 | 3,886 | ||
Southern Power Co. | 2.500% | 12/15/21 | 6,000 | 6,065 | |||
Southwestern Public Service Co. | 3.300% | 6/15/24 | 4,875 | 5,182 | |||
Union Electric Co. | 3.500% | 4/15/24 | 5,810 | 6,227 | |||
Virginia Electric & Power Co. | 2.950% | 1/15/22 | 4,895 | 5,000 | |||
Virginia Electric & Power Co. | 3.450% | 9/1/22 | 6,664 | 6,954 | |||
Virginia Electric & Power Co. | 2.750% | 3/15/23 | 17,323 | 17,948 | |||
Virginia Electric & Power Co. | 3.450% | 2/15/24 | 4,771 | 5,082 | |||
WEC Energy Group Inc. | 3.375% | 6/15/21 | 3,486 | 3,567 | |||
Wisconsin Electric Power Co. | 2.950% | 9/15/21 | 3,921 | 3,997 | |||
Wisconsin Electric Power Co. | 2.050% | 12/15/24 | 6,000 | 6,187 | |||
Wisconsin Public Service Corp. | 3.350% | 11/21/21 | 6,410 | 6,639 | |||
Xcel Energy Inc. | 2.400% | 3/15/21 | 4,995 | 5,047 | |||
Xcel Energy Inc. | 2.600% | 3/15/22 | 3,900 | 3,976 | |||
Natural Gas (0.3%) | |||||||
CenterPoint Energy Resources Corp. | 3.550% | 4/1/23 | 4,435 | 4,664 | |||
NiSource Inc. | 2.650% | 11/17/22 | 6,575 | 6,730 | |||
NiSource Inc. | 3.650% | 6/15/23 | 6,450 | 6,840 | |||
ONE Gas Inc. | 3.610% | 2/1/24 | 2,334 | 2,495 | |||
Sempra Energy | 2.875% | 10/1/22 | 13,681 | 14,069 | |||
Sempra Energy | 2.900% | 2/1/23 | 7,958 | 8,273 | |||
Sempra Energy | 4.050% | 12/1/23 | 4,631 | 4,991 | |||
Sempra Energy | 3.550% | 6/15/24 | 12,833 | 13,687 | |||
Southern California Gas Co. | 3.150% | 9/15/24 | 6,297 | 6,749 | |||
Southern Co. Gas Capital Corp. | 3.500% | 9/15/21 | 7,560 | 7,778 | |||
Southern Co. Gas Capital Corp. | 2.450% | 10/1/23 | 5,790 | 5,899 | |||
Other Utility (0.0%) | |||||||
American Water Capital Corp. | 3.850% | 3/1/24 | 3,466 | 3,782 | |||
1,371,136 | |||||||
Total Corporate Bonds (Cost $30,463,290) | 31,358,535 | ||||||
Shares | |||||||
Temporary Cash Investment (0.0%) | |||||||
Money Market Fund (0.0%) | |||||||
4 | Vanguard Market Liquidity Fund (Cost $75) | 1.706% | 751 | 75 | |||
Total Investments (99.2%) (Cost $30,658,445) | 31,554,577 | ||||||
Other Assets and Liabilities—Net (0.8%) | 238,528 | ||||||
Net Assets (100%) | 31,793,105 |
Cost rounded to $000
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2020, the aggregate value of these securities was $765,773,000, representing 2.4% of net assets. |
3 | Securities with a value of $4,341,000 have been segregated as initial margin for open futures contracts. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
REIT—Real Estate Investment Trust. |
37
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
U.S. Government and Agency Obligations (0.5%) | |||||||
U.S. Government Securities | |||||||
* | United States Treasury Note/Bond (Cost $132,204) | 1.500% | 2/15/30 | 128,115 | 132,478 | ||
Corporate Bonds (98.7%) | |||||||
Finance (36.3%) | |||||||
Banking (25.0%) | |||||||
Ally Financial Inc. | 4.625% | 3/30/25 | 12,575 | 13,707 | |||
American Express Co. | 4.200% | 11/6/25 | 25,957 | 29,349 | |||
American Express Co. | 3.125% | 5/20/26 | 9,176 | 9,955 | |||
American Express Credit Corp. | 3.300% | 5/3/27 | 30,911 | 33,750 | |||
Associated Banc-Corp | 4.250% | 1/15/25 | 500 | 546 | |||
Australia & New Zealand Banking Group Ltd. | 3.700% | 11/16/25 | 11,720 | 12,986 | |||
Banco Santander SA | 5.179% | 11/19/25 | 15,918 | 18,119 | |||
Banco Santander SA | 4.250% | 4/11/27 | 19,643 | 21,782 | |||
Banco Santander SA | 3.800% | 2/23/28 | 17,845 | 19,177 | |||
Banco Santander SA | 4.379% | 4/12/28 | 27,650 | 31,123 | |||
Banco Santander SA | 3.306% | 6/27/29 | 20,473 | 22,051 | |||
Bank of America Corp. | 3.950% | 4/21/25 | 51,452 | 56,176 | |||
Bank of America Corp. | 3.875% | 8/1/25 | 28,543 | 31,514 | |||
1 | Bank of America Corp. | 3.093% | 10/1/25 | 4,208 | 4,426 | ||
Bank of America Corp. | 4.450% | 3/3/26 | 40,691 | 45,801 | |||
Bank of America Corp. | 3.500% | 4/19/26 | 33,077 | 36,019 | |||
Bank of America Corp. | 6.220% | 9/15/26 | 1,700 | 2,056 | |||
Bank of America Corp. | 4.250% | 10/22/26 | 37,689 | 41,860 | |||
1 | Bank of America Corp. | 3.559% | 4/23/27 | 38,250 | 41,499 | ||
Bank of America Corp. | 3.248% | 10/21/27 | 48,549 | 52,002 | |||
Bank of America Corp. | 4.183% | 11/25/27 | 32,337 | 35,774 | |||
1 | Bank of America Corp. | 3.824% | 1/20/28 | 46,282 | 51,049 | ||
1 | Bank of America Corp. | 3.705% | 4/24/28 | 36,213 | 39,739 | ||
1 | Bank of America Corp. | 3.593% | 7/21/28 | 53,685 | 58,439 | ||
1 | Bank of America Corp. | 3.419% | 12/20/28 | 85,176 | 91,996 | ||
1 | Bank of America Corp. | 3.970% | 3/5/29 | 63,416 | 71,247 | ||
1 | Bank of America Corp. | 4.271% | 7/23/29 | 72,087 | 82,821 | ||
1 | Bank of America Corp. | 3.974% | 2/7/30 | 50,600 | 57,429 | ||
1 | Bank of America Corp. | 3.194% | 7/23/30 | 42,280 | 45,256 | ||
1 | Bank of America Corp. | 2.884% | 10/22/30 | 32,458 | 33,977 | ||
1 | Bank of America Corp. | 2.496% | 2/13/31 | 24,650 | 25,015 | ||
1 | Bank of Montreal | 3.803% | 12/15/32 | 18,115 | 19,677 | ||
Bank of New York Mellon Corp. | 3.000% | 2/24/25 | 10,679 | 11,299 | |||
Bank of New York Mellon Corp. | 3.950% | 11/18/25 | 13,952 | 15,657 | |||
Bank of New York Mellon Corp. | 2.800% | 5/4/26 | 24,879 | 26,522 | |||
Bank of New York Mellon Corp. | 2.450% | 8/17/26 | 14,027 | 14,664 | |||
Bank of New York Mellon Corp. | 3.250% | 5/16/27 | 20,244 | 22,173 | |||
Bank of New York Mellon Corp. | 3.400% | 1/29/28 | 22,822 | 25,099 | |||
1 | Bank of New York Mellon Corp. | 3.442% | 2/7/28 | 6,533 | 7,181 | ||
Bank of New York Mellon Corp. | 3.850% | 4/28/28 | 831 | 957 | |||
Bank of New York Mellon Corp. | 3.000% | 10/30/28 | 8,963 | 9,526 | |||
Bank of New York Mellon Corp. | 3.300% | 8/23/29 | 7,476 | 8,180 | |||
Bank of Nova Scotia | 2.200% | 2/3/25 | 12,000 | 12,221 | |||
Bank of Nova Scotia | 4.500% | 12/16/25 | 16,002 | 18,041 | |||
Bank of Nova Scotia | 2.700% | 8/3/26 | 26,500 | 27,790 | |||
Bank One Corp. | 7.625% | 10/15/26 | 11,008 | 14,743 | |||
Bank One Corp. | 8.000% | 4/29/27 | 14,371 | 19,873 | |||
BankUnited Inc. | 4.875% | 11/17/25 | 7,125 | 8,083 | |||
Barclays plc | 3.650% | 3/16/25 | 38,212 | 40,484 | |||
Barclays plc | 4.375% | 1/12/26 | 42,306 | 46,713 | |||
Barclays plc | 5.200% | 5/12/26 | 40,270 | 44,947 | |||
Barclays plc | 4.337% | 1/10/28 | 26,174 | 28,712 | |||
Barclays plc | 4.836% | 5/9/28 | 34,390 | 37,980 | |||
1 | Barclays plc | 4.972% | 5/16/29 | 21,417 | 24,730 | ||
1 | Barclays plc | 5.088% | 6/20/30 | 28,005 | 31,880 | ||
38
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
BBVA USA | 3.875% | 4/10/25 | 13,305 | 14,348 | |||
BNP Paribas SA | 4.250% | 10/15/24 | 1 | 1 | |||
BPCE SA | 3.375% | 12/2/26 | 6,585 | 7,120 | |||
2 | BPCE SA | 3.250% | 1/11/28 | 3,975 | 4,240 | ||
Capital One Financial Corp. | 4.250% | 4/30/25 | 11,609 | 12,951 | |||
Capital One Financial Corp. | 4.200% | 10/29/25 | 36,818 | 40,016 | |||
Capital One Financial Corp. | 3.750% | 7/28/26 | 33,650 | 35,896 | |||
Capital One Financial Corp. | 3.750% | 3/9/27 | 30,082 | 32,789 | |||
Capital One Financial Corp. | 3.800% | 1/31/28 | 8,296 | 9,054 | |||
Citigroup Inc. | 3.875% | 3/26/25 | 12,135 | 13,019 | |||
Citigroup Inc. | 3.300% | 4/27/25 | 14,353 | 15,380 | |||
Citigroup Inc. | 4.400% | 6/10/25 | 49,103 | 54,721 | |||
Citigroup Inc. | 5.500% | 9/13/25 | 23,680 | 27,682 | |||
Citigroup Inc. | 3.700% | 1/12/26 | 38,029 | 41,605 | |||
Citigroup Inc. | 4.600% | 3/9/26 | 35,912 | 40,617 | |||
Citigroup Inc. | 3.400% | 5/1/26 | 35,089 | 37,702 | |||
Citigroup Inc. | 3.200% | 10/21/26 | 59,965 | 64,043 | |||
Citigroup Inc. | 4.300% | 11/20/26 | 27,430 | 30,505 | |||
Citigroup Inc. | 4.450% | 9/29/27 | 57,980 | 65,532 | |||
1 | Citigroup Inc. | 3.887% | 1/10/28 | 54,157 | 59,846 | ||
Citigroup Inc. | 6.625% | 1/15/28 | 2,095 | 2,709 | |||
1 | Citigroup Inc. | 3.668% | 7/24/28 | 49,698 | 54,480 | ||
Citigroup Inc. | 4.125% | 7/25/28 | 27,209 | 30,338 | |||
1 | Citigroup Inc. | 3.520% | 10/27/28 | 44,709 | 48,346 | ||
1 | Citigroup Inc. | 4.075% | 4/23/29 | 35,083 | 39,590 | ||
1 | Citigroup Inc. | 3.980% | 3/20/30 | 85,675 | 96,905 | ||
1 | Citigroup Inc. | 2.976% | 11/5/30 | 7,638 | 8,011 | ||
1 | Citigroup Inc. | 2.666% | 1/29/31 | 27,150 | 27,697 | ||
Citizens Bank NA | 3.750% | 2/18/26 | 9,513 | 10,436 | |||
Citizens Financial Group Inc. | 4.300% | 12/3/25 | 4,437 | 4,938 | |||
Citizens Financial Group Inc. | 2.850% | 7/27/26 | 19,122 | 20,091 | |||
Citizens Financial Group Inc. | 2.500% | 2/6/30 | 2,595 | 2,644 | |||
Comerica Bank | 4.000% | 7/27/25 | 4,660 | 5,162 | |||
Comerica Inc. | 3.800% | 7/22/26 | 159 | 175 | |||
Comerica Inc. | 4.000% | 2/1/29 | 4,500 | 5,080 | |||
Cooperatieve Rabobank UA | 3.375% | 5/21/25 | 18,052 | 19,507 | |||
Cooperatieve Rabobank UA | 4.375% | 8/4/25 | 21,778 | 24,167 | |||
Cooperatieve Rabobank UA | 3.750% | 7/21/26 | 31,821 | 34,272 | |||
Credit Suisse Group Funding Guernsey Ltd. | 3.750% | 3/26/25 | 36,108 | 39,009 | |||
Credit Suisse Group Funding Guernsey Ltd. | 4.550% | 4/17/26 | 45,010 | 50,745 | |||
Deutsche Bank AG | 4.100% | 1/13/26 | 340 | 359 | |||
Deutsche Bank AG | 4.100% | 1/13/26 | 9,578 | 10,101 | |||
Discover Bank | 4.250% | 3/13/26 | 4,561 | 5,057 | |||
Discover Bank | 3.450% | 7/27/26 | 21,354 | 22,702 | |||
Discover Bank | 4.650% | 9/13/28 | 13,240 | 15,353 | |||
Discover Bank | 2.700% | 2/6/30 | 2,500 | 2,531 | |||
Discover Financial Services | 3.950% | 11/6/24 | 7 | 8 | |||
Discover Financial Services | 3.750% | 3/4/25 | 10,495 | 11,237 | |||
Discover Financial Services | 4.500% | 1/30/26 | 15,901 | 17,695 | |||
Discover Financial Services | 4.100% | 2/9/27 | 19,437 | 21,164 | |||
Fifth Third Bancorp | 3.950% | 3/14/28 | 7,155 | 8,105 | |||
Fifth Third Bank | 3.950% | 7/28/25 | 20,529 | 22,787 | |||
Fifth Third Bank | 3.850% | 3/15/26 | 14,720 | 16,168 | |||
Fifth Third Bank | 2.250% | 2/1/27 | 12,375 | 12,594 | |||
FirstMerit Bank NA | 4.270% | 11/25/26 | 450 | 500 | |||
Goldman Sachs Group Inc. | 3.750% | 5/22/25 | 37,707 | 40,686 | |||
Goldman Sachs Group Inc. | 4.250% | 10/21/25 | 36,365 | 39,750 | |||
Goldman Sachs Group Inc. | 3.750% | 2/25/26 | 31,151 | 34,038 | |||
Goldman Sachs Group Inc. | 3.500% | 11/16/26 | 38,098 | 40,969 | |||
Goldman Sachs Group Inc. | 5.950% | 1/15/27 | 18,359 | 22,493 | |||
Goldman Sachs Group Inc. | 3.850% | 1/26/27 | 65,373 | 71,696 | |||
1 | Goldman Sachs Group Inc. | 3.691% | 6/5/28 | 43,630 | 47,612 | ||
1 | Goldman Sachs Group Inc. | 3.814% | 4/23/29 | 84,382 | 92,707 |
39
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
1 | Goldman Sachs Group Inc. | 4.223% | 5/1/29 | 53,104 | 60,195 | ||
HSBC Holdings plc | 4.250% | 8/18/25 | 29,685 | 32,041 | |||
HSBC Holdings plc | 4.300% | 3/8/26 | 53,627 | 59,699 | |||
HSBC Holdings plc | 3.900% | 5/25/26 | 50,679 | 55,329 | |||
1 | HSBC Holdings plc | 4.292% | 9/12/26 | 51,218 | 56,292 | ||
HSBC Holdings plc | 4.375% | 11/23/26 | 32,680 | 35,682 | |||
1 | HSBC Holdings plc | 4.041% | 3/13/28 | 49,288 | 53,507 | ||
1 | HSBC Holdings plc | 4.583% | 6/19/29 | 47,659 | 54,198 | ||
1 | HSBC Holdings plc | 3.973% | 5/22/30 | 36,536 | 39,743 | ||
Huntington Bancshares Inc. | 4.000% | 5/15/25 | 9,251 | 10,232 | |||
Huntington Bancshares Inc. | 2.550% | 2/4/30 | 6,185 | 6,301 | |||
ING Groep NV | 3.950% | 3/29/27 | 27,323 | 30,310 | |||
ING Groep NV | 4.550% | 10/2/28 | 24,921 | 29,123 | |||
ING Groep NV | 4.050% | 4/9/29 | 8,400 | 9,498 | |||
JPMorgan Chase & Co. | 3.875% | 9/10/24 | 1 | 1 | |||
JPMorgan Chase & Co. | 3.900% | 7/15/25 | 51,979 | 57,394 | |||
JPMorgan Chase & Co. | 3.300% | 4/1/26 | 50,366 | 54,398 | |||
JPMorgan Chase & Co. | 3.200% | 6/15/26 | 44,397 | 47,465 | |||
JPMorgan Chase & Co. | 2.950% | 10/1/26 | 43,133 | 45,558 | |||
JPMorgan Chase & Co. | 4.125% | 12/15/26 | 22,683 | 25,410 | |||
1 | JPMorgan Chase & Co. | 3.960% | 1/29/27 | 29,019 | 32,187 | ||
JPMorgan Chase & Co. | 4.250% | 10/1/27 | 35,839 | 40,720 | |||
JPMorgan Chase & Co. | 3.625% | 12/1/27 | 29,764 | 32,233 | |||
1 | JPMorgan Chase & Co. | 3.782% | 2/1/28 | 38,611 | 42,713 | ||
1 | JPMorgan Chase & Co. | 3.540% | 5/1/28 | 44,721 | 48,690 | ||
1 | JPMorgan Chase & Co. | 3.509% | 1/23/29 | 49,297 | 53,736 | ||
1 | JPMorgan Chase & Co. | 4.005% | 4/23/29 | 52,953 | 59,775 | ||
1 | JPMorgan Chase & Co. | 4.203% | 7/23/29 | 45,782 | 52,551 | ||
1 | JPMorgan Chase & Co. | 4.452% | 12/5/29 | 41,985 | 49,117 | ||
1 | JPMorgan Chase & Co. | 3.702% | 5/6/30 | 38,025 | 42,102 | ||
1 | JPMorgan Chase & Co. | 2.739% | 10/15/30 | 46,671 | 48,655 | ||
KeyBank NA | 3.300% | 6/1/25 | 14,870 | 16,048 | |||
KeyBank NA | 3.400% | 5/20/26 | 9,936 | 10,780 | |||
KeyBank NA | 6.950% | 2/1/28 | 4,814 | 6,299 | |||
KeyBank NA | 3.900% | 4/13/29 | 6,485 | 7,292 | |||
KeyCorp | 4.150% | 10/29/25 | 11,132 | 12,553 | |||
KeyCorp | 2.250% | 4/6/27 | 13,670 | 13,774 | |||
KeyCorp | 4.100% | 4/30/28 | 9,387 | 10,661 | |||
KeyCorp | 2.550% | 10/1/29 | 13,408 | 13,615 | |||
Lloyds Bank plc | 3.500% | 5/14/25 | 6,600 | 7,100 | |||
Lloyds Banking Group plc | 4.500% | 11/4/24 | 203 | 221 | |||
Lloyds Banking Group plc | 4.450% | 5/8/25 | 13,610 | 15,183 | |||
Lloyds Banking Group plc | 4.582% | 12/10/25 | 37,770 | 41,525 | |||
1 | Lloyds Banking Group plc | 2.438% | 2/5/26 | 17,000 | 17,239 | ||
Lloyds Banking Group plc | 4.650% | 3/24/26 | 34,046 | 37,557 | |||
Lloyds Banking Group plc | 3.750% | 1/11/27 | 13,623 | 14,758 | |||
Lloyds Banking Group plc | 4.375% | 3/22/28 | 38,204 | 43,157 | |||
Lloyds Banking Group plc | 4.550% | 8/16/28 | 20,516 | 23,529 | |||
1 | Lloyds Banking Group plc | 3.574% | 11/7/28 | 18,924 | 20,126 | ||
Manufacturers & Traders Trust Co. | 3.400% | 8/17/27 | 18,074 | 19,916 | |||
Mitsubishi UFJ Financial Group Inc. | 3.777% | 3/2/25 | 13,079 | 14,140 | |||
Mitsubishi UFJ Financial Group Inc. | 3.850% | 3/1/26 | 44,408 | 49,203 | |||
Mitsubishi UFJ Financial Group Inc. | 2.757% | 9/13/26 | 17,865 | 18,745 | |||
Mitsubishi UFJ Financial Group Inc. | 3.677% | 2/22/27 | 17,589 | 19,260 | |||
Mitsubishi UFJ Financial Group Inc. | 3.287% | 7/25/27 | 24,544 | 26,550 | |||
Mitsubishi UFJ Financial Group Inc. | 3.961% | 3/2/28 | 29,015 | 33,095 | |||
Mitsubishi UFJ Financial Group Inc. | 4.050% | 9/11/28 | 15,254 | 17,409 | |||
Mitsubishi UFJ Financial Group Inc. | 3.741% | 3/7/29 | 43,709 | 48,660 | |||
Mitsubishi UFJ Financial Group Inc. | 3.195% | 7/18/29 | 29,825 | 31,879 | |||
Mitsubishi UFJ Financial Group Inc. | 2.559% | 2/25/30 | 13,000 | 13,050 | |||
1 | Mizuho Financial Group Inc. | 2.226% | 5/25/26 | 13,288 | 13,371 | ||
Mizuho Financial Group Inc. | 2.839% | 9/13/26 | 9,930 | 10,409 |
40
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Mizuho Financial Group Inc. | 3.663% | 2/28/27 | 7,140 | 7,784 | |||
Mizuho Financial Group Inc. | 3.170% | 9/11/27 | 20,432 | 21,643 | |||
Mizuho Financial Group Inc. | 4.018% | 3/5/28 | 22,024 | 24,917 | |||
1 | Mizuho Financial Group Inc. | 4.254% | 9/11/29 | 10,095 | 11,487 | ||
1 | Mizuho Financial Group Inc. | 3.153% | 7/16/30 | 14,303 | 15,173 | ||
1 | Mizuho Financial Group Inc. | 2.869% | 9/13/30 | 13,325 | 13,778 | ||
Morgan Stanley | 4.000% | 7/23/25 | 66,483 | 73,734 | |||
Morgan Stanley | 5.000% | 11/24/25 | 48,876 | 56,296 | |||
Morgan Stanley | 3.875% | 1/27/26 | 51,968 | 57,191 | |||
Morgan Stanley | 3.125% | 7/27/26 | 39,888 | 42,347 | |||
Morgan Stanley | 6.250% | 8/9/26 | 15,356 | 19,263 | |||
Morgan Stanley | 4.350% | 9/8/26 | 50,744 | 56,586 | |||
Morgan Stanley | 3.625% | 1/20/27 | 49,395 | 54,088 | |||
Morgan Stanley | 3.950% | 4/23/27 | 34,301 | 37,734 | |||
1 | Morgan Stanley | 3.591% | 7/22/28 | 68,975 | 75,386 | ||
1 | Morgan Stanley | 3.772% | 1/24/29 | 42,786 | 47,430 | ||
1 | Morgan Stanley | 4.431% | 1/23/30 | 39,460 | 45,927 | ||
1 | Morgan Stanley | 2.699% | 1/22/31 | 61,230 | 62,894 | ||
National Australia Bank Ltd. | 3.375% | 1/14/26 | 10,945 | 11,884 | |||
National Australia Bank Ltd. | 2.500% | 7/12/26 | 19,408 | 20,140 | |||
Northern Trust Corp. | 3.950% | 10/30/25 | 8,918 | 9,977 | |||
Northern Trust Corp. | 3.650% | 8/3/28 | 8,005 | 9,149 | |||
Northern Trust Corp. | 3.150% | 5/3/29 | 10,263 | 11,162 | |||
1 | Northern Trust Corp. | 3.375% | 5/8/32 | 4,578 | 4,875 | ||
PNC Bank NA | 3.300% | 10/30/24 | 1 | 1 | |||
PNC Bank NA | 2.950% | 2/23/25 | 11,896 | 12,733 | |||
PNC Bank NA | 3.250% | 6/1/25 | 29,599 | 32,145 | |||
PNC Bank NA | 4.200% | 11/1/25 | 13,442 | 15,177 | |||
PNC Bank NA | 3.100% | 10/25/27 | 20,798 | 22,275 | |||
PNC Bank NA | 3.250% | 1/22/28 | 9,485 | 10,507 | |||
PNC Bank NA | 4.050% | 7/26/28 | 27,084 | 30,820 | |||
PNC Bank NA | 2.700% | 10/22/29 | 5,510 | 5,730 | |||
PNC Financial Services Group Inc. | 2.600% | 7/23/26 | 4,817 | 5,019 | |||
PNC Financial Services Group Inc. | 3.150% | 5/19/27 | 17,859 | 19,111 | |||
PNC Financial Services Group Inc. | 3.450% | 4/23/29 | 16,729 | 18,403 | |||
PNC Financial Services Group Inc. | 2.550% | 1/22/30 | 36,325 | 37,530 | |||
Royal Bank of Canada | 4.650% | 1/27/26 | 21,077 | 24,225 | |||
Royal Bank of Scotland Group plc | 4.800% | 4/5/26 | 13,019 | 14,818 | |||
1 | Royal Bank of Scotland Group plc | 4.892% | 5/18/29 | 25,605 | 29,626 | ||
1 | Royal Bank of Scotland Group plc | 5.076% | 1/27/30 | 37,400 | 44,217 | ||
1 | Royal Bank of Scotland Group plc | 4.445% | 5/8/30 | 26,675 | 30,282 | ||
Santander Holdings USA Inc. | 4.500% | 7/17/25 | 19,783 | 21,747 | |||
Santander Holdings USA Inc. | 3.244% | 10/5/26 | 5,700 | 5,966 | |||
Santander Holdings USA Inc. | 4.400% | 7/13/27 | 24,264 | 26,528 | |||
1 | Santander UK Group Holdings plc | 3.823% | 11/3/28 | 12,832 | 13,898 | ||
State Street Corp. | 3.300% | 12/16/24 | 2,454 | 2,628 | |||
State Street Corp. | 3.550% | 8/18/25 | 31,359 | 34,547 | |||
State Street Corp. | 2.650% | 5/19/26 | 12,790 | 13,404 | |||
1 | State Street Corp. | 4.141% | 12/3/29 | 6,800 | 7,913 | ||
State Street Corp. | 2.400% | 1/24/30 | 9,000 | 9,202 | |||
1 | State Street Corp. | 3.031% | 11/1/34 | 1,340 | 1,429 | ||
Sumitomo Mitsui Banking Corp. | 3.650% | 7/23/25 | 4,500 | 4,908 | |||
Sumitomo Mitsui Financial Group Inc. | 3.784% | 3/9/26 | 33,289 | 36,689 | |||
Sumitomo Mitsui Financial Group Inc. | 2.632% | 7/14/26 | 25,112 | 25,924 | |||
Sumitomo Mitsui Financial Group Inc. | 3.010% | 10/19/26 | 27,182 | 28,848 | |||
Sumitomo Mitsui Financial Group Inc. | 3.446% | 1/11/27 | 32,426 | 35,153 | |||
Sumitomo Mitsui Financial Group Inc. | 3.364% | 7/12/27 | 19,100 | 20,709 | |||
Sumitomo Mitsui Financial Group Inc. | 3.352% | 10/18/27 | 15,500 | 16,725 | |||
Sumitomo Mitsui Financial Group Inc. | 3.544% | 1/17/28 | 13,455 | 14,688 | |||
Sumitomo Mitsui Financial Group Inc. | 3.944% | 7/19/28 | 25,985 | 29,331 | |||
Sumitomo Mitsui Financial Group Inc. | 4.306% | 10/16/28 | 7,035 | 8,158 | |||
Sumitomo Mitsui Financial Group Inc. | 3.040% | 7/16/29 | 29,140 | 30,953 | |||
Sumitomo Mitsui Financial Group Inc. | 3.202% | 9/17/29 | 9,060 | 9,731 |
41
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Sumitomo Mitsui Financial Group Inc. | 2.724% | 9/27/29 | 11,350 | 11,744 | |||
Sumitomo Mitsui Financial Group Inc. | 2.750% | 1/15/30 | 33,100 | 34,327 | |||
SVB Financial Group | 3.500% | 1/29/25 | 3,640 | 3,915 | |||
Synchrony Financial | 4.500% | 7/23/25 | 17,319 | 18,970 | |||
Synchrony Financial | 3.700% | 8/4/26 | 11,244 | 11,907 | |||
Synchrony Financial | 3.950% | 12/1/27 | 10,920 | 11,739 | |||
Synchrony Financial | 5.150% | 3/19/29 | 12,162 | 14,083 | |||
1 | Toronto-Dominion Bank | 3.625% | 9/15/31 | 18,306 | 19,793 | ||
Truist Bank | 3.625% | 9/16/25 | 6,669 | 7,281 | |||
Truist Bank | 4.050% | 11/3/25 | 18,117 | 20,302 | |||
Truist Bank | 3.300% | 5/15/26 | 19,169 | 20,595 | |||
Truist Bank | 3.800% | 10/30/26 | 12,852 | 14,417 | |||
Truist Financial Corp. | 2.850% | 10/26/24 | 1 | 1 | |||
Truist Financial Corp. | 4.000% | 5/1/25 | 16,699 | 18,504 | |||
Truist Financial Corp. | 3.700% | 6/5/25 | 22,002 | 24,189 | |||
Truist Financial Corp. | 3.875% | 3/19/29 | 10,190 | 11,578 | |||
US Bancorp | 3.950% | 11/17/25 | 27,930 | 31,427 | |||
US Bancorp | 3.100% | 4/27/26 | 12,257 | 13,126 | |||
US Bancorp | 2.375% | 7/22/26 | 23,943 | 24,962 | |||
US Bancorp | 3.150% | 4/27/27 | 16,822 | 18,192 | |||
US Bancorp | 3.900% | 4/26/28 | 9,411 | 10,938 | |||
US Bancorp | 3.000% | 7/30/29 | 18,850 | 20,098 | |||
Wachovia Corp. | 7.574% | 8/1/26 | 3,024 | 3,949 | |||
Webster Financial Corp. | 4.100% | 3/25/29 | 4,675 | 5,253 | |||
Wells Fargo & Co. | 3.550% | 9/29/25 | 44,846 | 48,678 | |||
Wells Fargo & Co. | 3.000% | 4/22/26 | 69,075 | 72,766 | |||
Wells Fargo & Co. | 4.100% | 6/3/26 | 55,978 | 61,535 | |||
Wells Fargo & Co. | 3.000% | 10/23/26 | 68,970 | 72,943 | |||
1 | Wells Fargo & Co. | 3.196% | 6/17/27 | 44,688 | 47,552 | ||
Wells Fargo & Co. | 4.300% | 7/22/27 | 32,521 | 36,558 | |||
1 | Wells Fargo & Co. | 3.584% | 5/22/28 | 43,348 | 47,081 | ||
Wells Fargo & Co. | 4.150% | 1/24/29 | 31,326 | 36,000 | |||
1 | Wells Fargo & Co. | 2.879% | 10/30/30 | 96,425 | 100,505 | ||
1 | Wells Fargo & Co. | 2.572% | 2/11/31 | 35,000 | 35,407 | ||
Westpac Banking Corp. | 2.850% | 5/13/26 | 40,296 | 42,600 | |||
Westpac Banking Corp. | 2.700% | 8/19/26 | 20,734 | 21,830 | |||
Westpac Banking Corp. | 3.350% | 3/8/27 | 20,532 | 22,472 | |||
Westpac Banking Corp. | 3.400% | 1/25/28 | 11,111 | 12,430 | |||
Westpac Banking Corp. | 2.650% | 1/16/30 | 18,250 | 19,029 | |||
1 | Westpac Banking Corp. | 4.322% | 11/23/31 | 24,300 | 26,578 | ||
Westpac Banking Corp. | 4.110% | 7/24/34 | 29,545 | 32,278 | |||
Zions Bancorp NA | 3.250% | 10/29/29 | 16,380 | 17,002 | |||
Brokerage (1.5%) | |||||||
Affiliated Managers Group Inc. | 3.500% | 8/1/25 | 5,741 | 6,225 | |||
Ameriprise Financial Inc. | 2.875% | 9/15/26 | 11,201 | 11,984 | |||
BlackRock Inc. | 3.200% | 3/15/27 | 12,626 | 14,035 | |||
BlackRock Inc. | 3.250% | 4/30/29 | 11,892 | 13,081 | |||
Brookfield Finance Inc. | 4.250% | 6/2/26 | 7,384 | 8,246 | |||
Brookfield Finance Inc. | 3.900% | 1/25/28 | 13,803 | 15,276 | |||
Brookfield Finance Inc. | 4.850% | 3/29/29 | 17,400 | 20,605 | |||
Cboe Global Markets Inc. | 3.650% | 1/12/27 | 11,463 | 12,806 | |||
Charles Schwab Corp. | 3.000% | 3/10/25 | 5,695 | 6,084 | |||
Charles Schwab Corp. | 3.850% | 5/21/25 | 16,032 | 17,804 | |||
Charles Schwab Corp. | 3.450% | 2/13/26 | 5,535 | 6,075 | |||
Charles Schwab Corp. | 3.200% | 3/2/27 | 9,739 | 10,570 | |||
Charles Schwab Corp. | 3.200% | 1/25/28 | 10,391 | 11,374 | |||
Charles Schwab Corp. | 4.000% | 2/1/29 | 11,640 | 13,372 | |||
Charles Schwab Corp. | 3.250% | 5/22/29 | 12,665 | 13,807 | |||
CME Group Inc. | 3.000% | 3/15/25 | 12,305 | 13,007 | |||
CME Group Inc. | 3.750% | 6/15/28 | 9,002 | 10,260 | |||
E*TRADE Financial Corp. | 3.800% | 8/24/27 | 7,239 | 7,943 | |||
E*TRADE Financial Corp. | 4.500% | 6/20/28 | 6,904 | 7,994 | |||
42
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Eaton Vance Corp. | 3.500% | 4/6/27 | 5,258 | 5,829 | |||
Franklin Resources Inc. | 2.850% | 3/30/25 | 7,863 | 8,385 | |||
Intercontinental Exchange Inc. | 3.750% | 12/1/25 | 23,442 | 25,742 | |||
Intercontinental Exchange Inc. | 3.100% | 9/15/27 | 6,665 | 7,158 | |||
Intercontinental Exchange Inc. | 3.750% | 9/21/28 | 6,311 | 7,030 | |||
Invesco Finance plc | 3.750% | 1/15/26 | 9,235 | 10,213 | |||
Janus Capital Group Inc. | 4.875% | 8/1/25 | 4,555 | 5,076 | |||
Jefferies Group LLC | 4.850% | 1/15/27 | 20,415 | 22,434 | |||
Jefferies Group LLC | 6.450% | 6/8/27 | 5,369 | 6,469 | |||
Jefferies Group LLC / Jefferies Group Capital Finance Inc. | 4.150% | 1/23/30 | 11,345 | 12,290 | |||
Lazard Group LLC | 3.750% | 2/13/25 | 3,314 | 3,600 | |||
Lazard Group LLC | 3.625% | 3/1/27 | 13,202 | 14,264 | |||
Lazard Group LLC | 4.500% | 9/19/28 | 9,108 | 10,518 | |||
Lazard Group LLC | 4.375% | 3/11/29 | 2,731 | 3,086 | |||
Legg Mason Inc. | 4.750% | 3/15/26 | 7,266 | 8,353 | |||
Nasdaq Inc. | 3.850% | 6/30/26 | 8,902 | 9,795 | |||
Nomura Holdings Inc. | 3.103% | 1/16/30 | 31,050 | 32,081 | |||
Raymond James Financial Inc. | 3.625% | 9/15/26 | 8,737 | 9,580 | |||
TD Ameritrade Holding Corp. | 3.625% | 4/1/25 | 11,021 | 11,987 | |||
TD Ameritrade Holding Corp. | 3.300% | 4/1/27 | 19,062 | 20,555 | |||
TD Ameritrade Holding Corp. | 2.750% | 10/1/29 | 6,234 | 6,476 | |||
Finance Companies (0.8%) | |||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.450% | 10/1/25 | 8,763 | 9,574 | |||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.650% | 7/21/27 | 15,179 | 15,647 | |||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.500% | 1/15/25 | 203 | 212 | |||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.450% | 4/3/26 | 12,757 | 13,857 | |||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.875% | 1/23/28 | 12,112 | 12,702 | |||
Air Lease Corp. | 2.300% | 2/1/25 | 5,597 | 5,603 | |||
Air Lease Corp. | 3.250% | 3/1/25 | 13,183 | 13,722 | |||
Air Lease Corp. | 3.750% | 6/1/26 | 600 | 642 | |||
Air Lease Corp. | 3.625% | 4/1/27 | 14,082 | 14,876 | |||
Air Lease Corp. | 3.625% | 12/1/27 | 9,207 | 9,713 | |||
Air Lease Corp. | 4.625% | 10/1/28 | 8,702 | 9,801 | |||
Air Lease Corp. | 3.250% | 10/1/29 | 12,177 | 12,522 | |||
Air Lease Corp. | 3.000% | 2/1/30 | 9,617 | 9,514 | |||
Aircastle Ltd. | 4.250% | 6/15/26 | 11,802 | 12,666 | |||
Apollo Investment Corp. | 5.250% | 3/3/25 | 5,000 | 5,265 | |||
Ares Capital Corp. | 4.250% | 3/1/25 | 9,565 | 10,158 | |||
Ares Capital Corp. | 3.250% | 7/15/25 | 15,195 | 15,459 | |||
GATX Corp. | 3.250% | 3/30/25 | 1,908 | 2,008 | |||
GATX Corp. | 3.250% | 9/15/26 | 5,920 | 6,234 | |||
GATX Corp. | 3.850% | 3/30/27 | 8,138 | 8,781 | |||
GATX Corp. | 3.500% | 3/15/28 | 6,252 | 6,633 | |||
GATX Corp. | 4.550% | 11/7/28 | 8,325 | 9,455 | |||
GATX Corp. | 4.700% | 4/1/29 | 3,166 | 3,688 | |||
GE Capital International Funding Co. Unlimited Co. | 3.373% | 11/15/25 | 36,075 | 38,383 | |||
Owl Rock Capital Corp. | 4.000% | 3/30/25 | 7,300 | 7,577 | |||
Owl Rock Capital Corp. | 3.750% | 7/22/25 | 9,180 | 9,432 | |||
TPG Specialty Lending Inc. | 3.875% | 11/1/24 | 1 | 1 | |||
Insurance (4.0%) | |||||||
1 | Aegon NV | 5.500% | 4/11/48 | 12,645 | 14,020 | ||
Aflac Inc. | 3.250% | 3/17/25 | 3,030 | 3,275 | |||
Aflac Inc. | 2.875% | 10/15/26 | 6,841 | 7,294 | |||
Allied World Assurance Co. Holdings Ltd. | 4.350% | 10/29/25 | 6,373 | 6,873 | |||
Allstate Corp. | 3.280% | 12/15/26 | 6,068 | 6,657 | |||
American Equity Investment Life Holding Co. | 5.000% | 6/15/27 | 7,064 | 7,806 | |||
American Financial Group Inc. | 3.500% | 8/15/26 | 6,935 | 7,497 | |||
43
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
American International Group Inc. | 3.750% | 7/10/25 | 27,815 | 30,261 | |||
American International Group Inc. | 3.900% | 4/1/26 | 25,405 | 28,128 | |||
American International Group Inc. | 4.200% | 4/1/28 | 12,831 | 14,553 | |||
American International Group Inc. | 4.250% | 3/15/29 | 9,014 | 10,314 | |||
1 | American International Group Inc. | 5.750% | 4/1/48 | 10,825 | 12,382 | ||
Anthem Inc. | 2.375% | 1/15/25 | 4 | 4 | |||
Anthem Inc. | 3.650% | 12/1/27 | 29,023 | 31,797 | |||
Anthem Inc. | 4.101% | 3/1/28 | 22,841 | 25,529 | |||
Anthem Inc. | 2.875% | 9/15/29 | 20,327 | 20,864 | |||
Aon Corp. | 8.205% | 1/1/27 | 5,056 | 6,560 | |||
Aon Corp. | 4.500% | 12/15/28 | 11,571 | 13,600 | |||
Aon Corp. | 3.750% | 5/2/29 | 4,873 | 5,432 | |||
Aon plc | 3.875% | 12/15/25 | 17,391 | 19,497 | |||
Arch Capital Finance LLC | 4.011% | 12/15/26 | 8,569 | 9,777 | |||
Assurant Inc. | 4.900% | 3/27/28 | 5,100 | 5,905 | |||
Assurant Inc. | 3.700% | 2/22/30 | 1,000 | 1,082 | |||
Athene Holding Ltd. | 4.125% | 1/12/28 | 16,686 | 17,934 | |||
AXIS Specialty Finance LLC | 3.900% | 7/15/29 | 8,000 | 8,726 | |||
1 | AXIS Specialty Finance LLC | 4.900% | 1/15/40 | 5,500 | 5,608 | ||
AXIS Specialty Finance plc | 4.000% | 12/6/27 | 5,720 | 6,344 | |||
Berkshire Hathaway Inc. | 3.125% | 3/15/26 | 58,594 | 63,421 | |||
Brighthouse Financial Inc. | 3.700% | 6/22/27 | 17,679 | 17,981 | |||
Brown & Brown Inc. | 4.500% | 3/15/29 | 5,000 | 5,692 | |||
Chubb INA Holdings Inc. | 3.150% | 3/15/25 | 20,476 | 22,232 | |||
Chubb INA Holdings Inc. | 3.350% | 5/3/26 | 26,252 | 29,089 | |||
Cincinnati Financial Corp. | 6.920% | 5/15/28 | 4,950 | 6,705 | |||
CNA Financial Corp. | 4.500% | 3/1/26 | 10,095 | 11,493 | |||
CNA Financial Corp. | 3.450% | 8/15/27 | 9,648 | 10,569 | |||
CNA Financial Corp. | 3.900% | 5/1/29 | 9,189 | 10,533 | |||
CNO Financial Group Inc. | 5.250% | 5/30/25 | 6,075 | 6,857 | |||
CNO Financial Group Inc. | 5.250% | 5/30/29 | 11,307 | 12,904 | |||
Enstar Group Ltd. | 4.950% | 6/1/29 | 11,439 | 13,164 | |||
Equitable Holdings Inc. | 7.000% | 4/1/28 | 4,500 | 5,810 | |||
Equitable Holdings Inc. | 4.350% | 4/20/28 | 30,913 | 34,437 | |||
Fairfax Financial Holdings Ltd. | 4.850% | 4/17/28 | 9,876 | 10,993 | |||
Fidelity National Financial Inc. | 4.500% | 8/15/28 | 2,200 | 2,522 | |||
First American Financial Corp. | 4.600% | 11/15/24 | 2 | 2 | |||
Globe Life Inc. | 4.550% | 9/15/28 | 9,723 | 11,333 | |||
Hanover Insurance Group Inc. | 4.500% | 4/15/26 | 5,855 | 6,581 | |||
Hartford Financial Services Group Inc. | 2.800% | 8/19/29 | 9,861 | 10,301 | |||
Humana Inc. | 3.950% | 3/15/27 | 11,069 | 12,307 | |||
Humana Inc. | 3.125% | 8/15/29 | 14,195 | 14,973 | |||
Lincoln National Corp. | 3.350% | 3/9/25 | 6,327 | 6,830 | |||
Lincoln National Corp. | 3.625% | 12/12/26 | 6,865 | 7,482 | |||
Lincoln National Corp. | 3.800% | 3/1/28 | 7,678 | 8,632 | |||
Lincoln National Corp. | 3.050% | 1/15/30 | 10,042 | 10,641 | |||
Loews Corp. | 3.750% | 4/1/26 | 7,652 | 8,519 | |||
Manulife Financial Corp. | 4.150% | 3/4/26 | 24,448 | 27,559 | |||
1 | Manulife Financial Corp. | 4.061% | 2/24/32 | 12,875 | 13,851 | ||
Markel Corp. | 3.500% | 11/1/27 | 3,416 | 3,737 | |||
Markel Corp. | 3.350% | 9/17/29 | 5,015 | 5,422 | |||
Marsh & McLennan Cos. Inc. | 4.050% | 10/15/23 | 925 | 1,003 | |||
Marsh & McLennan Cos. Inc. | 3.500% | 3/10/25 | 6,096 | 6,595 | |||
Marsh & McLennan Cos. Inc. | 3.750% | 3/14/26 | 9,641 | 10,692 | |||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 28,303 | 32,898 | |||
Mercury General Corp. | 4.400% | 3/15/27 | 6,092 | 6,665 | |||
MetLife Inc. | 3.000% | 3/1/25 | 8,765 | 9,457 | |||
MetLife Inc. | 3.600% | 11/13/25 | 10,725 | 11,806 | |||
Munich Re America Corp. | 7.450% | 12/15/26 | 1,550 | 2,039 | |||
Old Republic International Corp. | 3.875% | 8/26/26 | 9,415 | 10,394 | |||
PartnerRe Finance B LLC | 3.700% | 7/2/29 | 8,147 | 9,070 | |||
Principal Financial Group Inc. | 3.400% | 5/15/25 | 8,401 | 9,113 | |||
Principal Financial Group Inc. | 3.100% | 11/15/26 | 13,999 | 15,032 |
44
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Principal Financial Group Inc. | 3.700% | 5/15/29 | 6,207 | 7,062 | |||
Progressive Corp. | 2.450% | 1/15/27 | 17,464 | 18,336 | |||
Progressive Corp. | 4.000% | 3/1/29 | 5,280 | 6,202 | |||
Progressive Corp. | 6.625% | 3/1/29 | 1,652 | 2,297 | |||
Prudential Financial Inc. | 3.878% | 3/27/28 | 9,279 | 10,461 | |||
1 | Prudential Financial Inc. | 5.200% | 3/15/44 | 2,755 | 2,906 | ||
1 | Prudential Financial Inc. | 5.375% | 5/15/45 | 14,198 | 15,650 | ||
1 | Prudential Financial Inc. | 4.500% | 9/15/47 | 14,490 | 15,839 | ||
1 | Prudential Financial Inc. | 5.700% | 9/15/48 | 18,425 | 21,067 | ||
Reinsurance Group of America Inc. | 3.950% | 9/15/26 | 7,750 | 8,572 | |||
Reinsurance Group of America Inc. | 3.900% | 5/15/29 | 9,689 | 10,796 | |||
RenaissanceRe Finance Inc. | 3.700% | 4/1/25 | 3,150 | 3,452 | |||
RenaissanceRe Finance Inc. | 3.450% | 7/1/27 | 5,280 | 5,776 | |||
RenaissanceRe Holdings Ltd. | 3.600% | 4/15/29 | 4,525 | 5,090 | |||
Swiss Re Solutions Holding Corp. | 7.000% | 2/15/26 | 4,823 | 6,222 | |||
Trinity Acquisition plc | 4.400% | 3/15/26 | 8,938 | 10,067 | |||
UnitedHealth Group Inc. | 3.750% | 7/15/25 | 36,096 | 40,108 | |||
UnitedHealth Group Inc. | 3.700% | 12/15/25 | 4,799 | 5,338 | |||
UnitedHealth Group Inc. | 3.100% | 3/15/26 | 20,474 | 22,010 | |||
UnitedHealth Group Inc. | 3.450% | 1/15/27 | 17,452 | 19,034 | |||
UnitedHealth Group Inc. | 3.375% | 4/15/27 | 5,939 | 6,446 | |||
UnitedHealth Group Inc. | 2.950% | 10/15/27 | 22,104 | 23,652 | |||
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 17,150 | 19,387 | |||
UnitedHealth Group Inc. | 3.875% | 12/15/28 | 14,647 | 16,650 | |||
UnitedHealth Group Inc. | 2.875% | 8/15/29 | 16,515 | 17,558 | |||
Unum Group | 4.000% | 6/15/29 | 7,740 | 8,614 | |||
Voya Financial Inc. | 3.650% | 6/15/26 | 7,596 | 8,416 | |||
1 | Voya Financial Inc. | 4.700% | 1/23/48 | 8,100 | 8,123 | ||
Willis North America Inc. | 4.500% | 9/15/28 | 17,649 | 20,162 | |||
Willis North America Inc. | 2.950% | 9/15/29 | 10,316 | 10,625 | |||
XLIT Ltd. | 4.450% | 3/31/25 | 7,984 | 8,953 | |||
Other Finance (0.0%) | |||||||
ORIX Corp. | 3.700% | 7/18/27 | 7,041 | 7,738 | |||
Real Estate Investment Trusts (5.0%) | |||||||
Alexandria Real Estate Equities Inc. | 3.450% | 4/30/25 | 10,165 | 10,978 | |||
Alexandria Real Estate Equities Inc. | 4.300% | 1/15/26 | 8,564 | 9,687 | |||
Alexandria Real Estate Equities Inc. | 3.800% | 4/15/26 | 13,440 | 14,816 | |||
Alexandria Real Estate Equities Inc. | 3.950% | 1/15/27 | 2,341 | 2,593 | |||
Alexandria Real Estate Equities Inc. | 3.950% | 1/15/28 | 7,620 | 8,545 | |||
Alexandria Real Estate Equities Inc. | 4.500% | 7/30/29 | 3,279 | 3,887 | |||
Alexandria Real Estate Equities Inc. | 2.750% | 12/15/29 | 4,619 | 4,801 | |||
American Campus Communities Operating Partnership LP | 3.300% | 7/15/26 | 4,115 | 4,391 | |||
American Campus Communities Operating Partnership LP | 3.625% | 11/15/27 | 7,988 | 8,732 | |||
American Campus Communities Operating Partnership LP | 2.850% | 2/1/30 | 7,278 | 7,412 | |||
American Homes 4 Rent LP | 4.250% | 2/15/28 | 9,848 | 10,897 | |||
American Homes 4 Rent LP | 4.900% | 2/15/29 | 6,200 | 7,246 | |||
AvalonBay Communities Inc. | 3.500% | 11/15/24 | 6 | 6 | |||
AvalonBay Communities Inc. | 3.450% | 6/1/25 | 9,500 | 10,288 | |||
AvalonBay Communities Inc. | 3.500% | 11/15/25 | 6,110 | 6,693 | |||
AvalonBay Communities Inc. | 2.950% | 5/11/26 | 9,066 | 9,723 | |||
AvalonBay Communities Inc. | 2.900% | 10/15/26 | 4,601 | 4,922 | |||
AvalonBay Communities Inc. | 3.350% | 5/15/27 | 7,649 | 8,350 | |||
AvalonBay Communities Inc. | 3.200% | 1/15/28 | 8,998 | 9,734 | |||
AvalonBay Communities Inc. | 3.300% | 6/1/29 | 5,491 | 6,027 | |||
AvalonBay Communities Inc. | 2.300% | 3/1/30 | 5,000 | 5,077 | |||
Boston Properties LP | 3.650% | 2/1/26 | 17,684 | 19,161 | |||
Boston Properties LP | 2.750% | 10/1/26 | 24,045 | 25,132 | |||
Boston Properties LP | 4.500% | 12/1/28 | 19,269 | 22,748 |
45
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Boston Properties LP | 3.400% | 6/21/29 | 4,726 | 5,164 | |||
Brandywine Operating Partnership LP | 3.950% | 11/15/27 | 7,272 | 7,933 | |||
Brandywine Operating Partnership LP | 4.550% | 10/1/29 | 5,400 | 6,176 | |||
Brixmor Operating Partnership LP | 4.125% | 6/15/26 | 12,338 | 13,658 | |||
Brixmor Operating Partnership LP | 3.900% | 3/15/27 | 8,505 | 9,253 | |||
Brixmor Operating Partnership LP | 4.125% | 5/15/29 | 16,467 | 18,331 | |||
Camden Property Trust | 4.100% | 10/15/28 | 8,296 | 9,649 | |||
Camden Property Trust | 3.150% | 7/1/29 | 16,325 | 17,950 | |||
Columbia Property Trust Operating Partnership LP | 4.150% | 4/1/25 | 9,273 | 10,000 | |||
Columbia Property Trust Operating Partnership LP | 3.650% | 8/15/26 | 3,667 | 3,911 | |||
Corporate Office Properties LP | 5.000% | 7/1/25 | 2,660 | 2,959 | |||
CubeSmart LP | 4.000% | 11/15/25 | 5,316 | 5,858 | |||
CubeSmart LP | 3.125% | 9/1/26 | 7,408 | 7,868 | |||
CubeSmart LP | 4.375% | 2/15/29 | 3,695 | 4,255 | |||
CubeSmart LP | 3.000% | 2/15/30 | 1,875 | 1,966 | |||
CyrusOne LP / CyrusOne Finance Corp. | 3.450% | 11/15/29 | 8,075 | 8,314 | |||
Digital Realty Trust LP | 4.750% | 10/1/25 | 6,205 | 7,064 | |||
Digital Realty Trust LP | 3.700% | 8/15/27 | 10,585 | 11,622 | |||
Digital Realty Trust LP | 4.450% | 7/15/28 | 24,467 | 28,146 | |||
Digital Realty Trust LP | 3.600% | 7/1/29 | 15,499 | 16,710 | |||
Duke Realty LP | 3.250% | 6/30/26 | 4,914 | 5,306 | |||
Duke Realty LP | 3.375% | 12/15/27 | 6,154 | 6,603 | |||
Duke Realty LP | 4.000% | 9/15/28 | 6,215 | 7,016 | |||
Duke Realty LP | 2.875% | 11/15/29 | 6,000 | 6,331 | |||
EPR Properties | 4.500% | 4/1/25 | 4,393 | 4,821 | |||
EPR Properties | 4.750% | 12/15/26 | 7,317 | 8,243 | |||
EPR Properties | 4.500% | 6/1/27 | 7,618 | 8,458 | |||
EPR Properties | 4.950% | 4/15/28 | 10,405 | 11,814 | |||
EPR Properties | 3.750% | 8/15/29 | 7,150 | 7,503 | |||
ERP Operating LP | 3.375% | 6/1/25 | 6,425 | 6,991 | |||
ERP Operating LP | 2.850% | 11/1/26 | 5,124 | 5,448 | |||
ERP Operating LP | 3.250% | 8/1/27 | 6,017 | 6,538 | |||
ERP Operating LP | 3.500% | 3/1/28 | 9,459 | 10,342 | |||
ERP Operating LP | 4.150% | 12/1/28 | 5,007 | 5,868 | |||
ERP Operating LP | 3.000% | 7/1/29 | 10,160 | 10,914 | |||
ERP Operating LP | 2.500% | 2/15/30 | 2,340 | 2,414 | |||
Essex Portfolio LP | 3.500% | 4/1/25 | 7,394 | 7,954 | |||
Essex Portfolio LP | 3.375% | 4/15/26 | 8,607 | 9,297 | |||
Essex Portfolio LP | 3.625% | 5/1/27 | 7,088 | 7,740 | |||
Essex Portfolio LP | 4.000% | 3/1/29 | 11,233 | 12,584 | |||
Essex Portfolio LP | 3.000% | 1/15/30 | 3,300 | 3,463 | |||
Federal Realty Investment Trust | 3.250% | 7/15/27 | 11,269 | 12,076 | |||
Federal Realty Investment Trust | 3.200% | 6/15/29 | 5,260 | 5,682 | |||
Healthcare Realty Trust Inc. | 3.625% | 1/15/28 | 6,668 | 7,163 | |||
Healthcare Trust of America Holdings LP | 3.500% | 8/1/26 | 11,089 | 11,973 | |||
Healthcare Trust of America Holdings LP | 3.750% | 7/1/27 | 6,903 | 7,660 | |||
Healthcare Trust of America Holdings LP | 3.100% | 2/15/30 | 3,235 | 3,381 | |||
Healthpeak Properties Inc. | 4.000% | 6/1/25 | 11,729 | 12,864 | |||
Healthpeak Properties Inc. | 3.250% | 7/15/26 | 11,145 | 12,016 | |||
Healthpeak Properties Inc. | 3.500% | 7/15/29 | 14,500 | 15,578 | |||
Healthpeak Properties Inc. | 3.000% | 1/15/30 | 12,255 | 12,856 | |||
Highwoods Realty LP | 3.875% | 3/1/27 | 7,970 | 8,649 | |||
Highwoods Realty LP | 4.125% | 3/15/28 | 4,300 | 4,777 | |||
Highwoods Realty LP | 4.200% | 4/15/29 | 5,475 | 6,162 | |||
Highwoods Realty LP | 3.050% | 2/15/30 | 2,200 | 2,291 | |||
Host Hotels & Resorts LP | 4.000% | 6/15/25 | 9,605 | 10,492 | |||
Host Hotels & Resorts LP | 4.500% | 2/1/26 | 3,274 | 3,683 | |||
Host Hotels & Resorts LP | 3.375% | 12/15/29 | 12,655 | 13,173 | |||
Hudson Pacific Properties LP | 3.950% | 11/1/27 | 13,208 | 14,516 | |||
Hudson Pacific Properties LP | 4.650% | 4/1/29 | 6,800 | 7,796 | |||
Hudson Pacific Properties LP | 3.250% | 1/15/30 | 3,136 | 3,267 | |||
Kilroy Realty LP | 4.375% | 10/1/25 | 8,047 | 9,012 | |||
Kilroy Realty LP | 4.750% | 12/15/28 | 13,185 | 15,686 | |||
Kilroy Realty LP | 4.250% | 8/15/29 | 10,345 | 11,816 |
46
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Kilroy Realty LP | 3.050% | 2/15/30 | 1,000 | 1,036 | |||
Kimco Realty Corp. | 2.800% | 10/1/26 | 9,717 | 10,080 | |||
Kimco Realty Corp. | 3.800% | 4/1/27 | 7,052 | 7,780 | |||
Kite Realty Group LP | 4.000% | 10/1/26 | 4,712 | 4,921 | |||
Life Storage LP | 3.500% | 7/1/26 | 8,465 | 9,098 | |||
Life Storage LP | 3.875% | 12/15/27 | 7,821 | 8,567 | |||
Life Storage LP | 4.000% | 6/15/29 | 6,425 | 7,175 | |||
Mid-America Apartments LP | 4.000% | 11/15/25 | 7,772 | 8,682 | |||
Mid-America Apartments LP | 3.600% | 6/1/27 | 14,534 | 15,862 | |||
Mid-America Apartments LP | 4.200% | 6/15/28 | 4,440 | 5,038 | |||
Mid-America Apartments LP | 3.950% | 3/15/29 | 10,734 | 12,199 | |||
National Retail Properties Inc. | 4.000% | 11/15/25 | 5,667 | 6,276 | |||
National Retail Properties Inc. | 3.600% | 12/15/26 | 6,752 | 7,422 | |||
National Retail Properties Inc. | 3.500% | 10/15/27 | 3,900 | 4,248 | |||
National Retail Properties Inc. | 4.300% | 10/15/28 | 7,735 | 8,959 | |||
National Retail Properties Inc. | 2.500% | 4/15/30 | 2,200 | 2,226 | |||
Omega Healthcare Investors Inc. | 5.250% | 1/15/26 | 16,665 | 19,191 | |||
Omega Healthcare Investors Inc. | 4.500% | 4/1/27 | 16,169 | 17,938 | |||
Omega Healthcare Investors Inc. | 4.750% | 1/15/28 | 15,321 | 17,230 | |||
Omega Healthcare Investors Inc. | 3.625% | 10/1/29 | 6,584 | 6,924 | |||
Physicians Realty LP | 4.300% | 3/15/27 | 8,523 | 9,347 | |||
Physicians Realty LP | 3.950% | 1/15/28 | 4,950 | 5,387 | |||
Prologis LP | 3.750% | 11/1/25 | 15,461 | 17,062 | |||
Prologis LP | 3.250% | 10/1/26 | 6,474 | 7,043 | |||
Prologis LP | 3.875% | 9/15/28 | 7,938 | 9,042 | |||
Prologis LP | 4.375% | 2/1/29 | 1,769 | 2,108 | |||
Public Storage | 3.094% | 9/15/27 | 13,345 | 14,335 | |||
Public Storage | 3.385% | 5/1/29 | 7,400 | 8,219 | |||
Realty Income Corp. | 3.875% | 4/15/25 | 10,655 | 11,635 | |||
Realty Income Corp. | 4.125% | 10/15/26 | 12,877 | 14,689 | |||
Realty Income Corp. | 3.000% | 1/15/27 | 18,944 | 20,132 | |||
Realty Income Corp. | 3.650% | 1/15/28 | 9,269 | 10,181 | |||
Realty Income Corp. | 3.250% | 6/15/29 | 11,125 | 12,314 | |||
Regency Centers LP | 3.600% | 2/1/27 | 7,112 | 7,729 | |||
Regency Centers LP | 4.125% | 3/15/28 | 7,225 | 8,177 | |||
Regency Centers LP | 2.950% | 9/15/29 | 7,495 | 7,885 | |||
Sabra Health Care LP | 5.125% | 8/15/26 | 11,851 | 13,198 | |||
Sabra Health Care LP | 3.900% | 10/15/29 | 3,750 | 3,978 | |||
Service Properties Trust | 4.500% | 3/15/25 | 3,575 | 3,710 | |||
Service Properties Trust | 5.250% | 2/15/26 | 5,742 | 6,134 | |||
Service Properties Trust | 4.750% | 10/1/26 | 5,500 | 5,905 | |||
Service Properties Trust | 4.950% | 2/15/27 | 8,950 | 9,654 | |||
Service Properties Trust | 3.950% | 1/15/28 | 8,390 | 8,597 | |||
Service Properties Trust | 4.950% | 10/1/29 | 8,476 | 8,887 | |||
Service Properties Trust | 4.375% | 2/15/30 | 7,750 | 7,830 | |||
Simon Property Group LP | 3.375% | 10/1/24 | 1 | 1 | |||
Simon Property Group LP | 3.500% | 9/1/25 | 14,513 | 15,730 | |||
Simon Property Group LP | 3.300% | 1/15/26 | 16,410 | 17,683 | |||
Simon Property Group LP | 3.250% | 11/30/26 | 13,018 | 14,113 | |||
Simon Property Group LP | 3.375% | 6/15/27 | 12,426 | 13,502 | |||
Simon Property Group LP | 3.375% | 12/1/27 | 10,398 | 11,327 | |||
Simon Property Group LP | 2.450% | 9/13/29 | 16,893 | 17,218 | |||
SITE Centers Corp. | 3.900% | 8/15/24 | 1,830 | 1,939 | |||
SITE Centers Corp. | 4.250% | 2/1/26 | 5,117 | 5,616 | |||
SITE Centers Corp. | 4.700% | 6/1/27 | 10,967 | 12,334 | |||
Spirit Realty LP | 4.450% | 9/15/26 | 1,024 | 1,145 | |||
Spirit Realty LP | 3.200% | 1/15/27 | 6,920 | 7,183 | |||
Spirit Realty LP | 4.000% | 7/15/29 | 6,250 | 6,800 | |||
Spirit Realty LP | 3.400% | 1/15/30 | 6,153 | 6,522 | |||
STORE Capital Corp. | 4.500% | 3/15/28 | 5,470 | 6,210 | |||
STORE Capital Corp. | 4.625% | 3/15/29 | 6,750 | 7,791 | |||
Tanger Properties LP | 3.750% | 12/1/24 | 1,100 | 1,155 | |||
Tanger Properties LP | 3.125% | 9/1/26 | 6,399 | 6,550 | |||
Tanger Properties LP | 3.875% | 7/15/27 | 4,045 | 4,275 |
47
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
UDR Inc. | 4.000% | 10/1/25 | 5,030 | 5,596 | |||
UDR Inc. | 2.950% | 9/1/26 | 6,740 | 7,109 | |||
UDR Inc. | 3.500% | 7/1/27 | 4,894 | 5,313 | |||
UDR Inc. | 3.500% | 1/15/28 | 5,050 | 5,440 | |||
UDR Inc. | 4.400% | 1/26/29 | 3,922 | 4,579 | |||
UDR Inc. | 3.200% | 1/15/30 | 6,440 | 6,898 | |||
Ventas Realty LP | 3.500% | 2/1/25 | 750 | 804 | |||
Ventas Realty LP | 4.125% | 1/15/26 | 6,831 | 7,581 | |||
Ventas Realty LP | 3.250% | 10/15/26 | 9,995 | 10,673 | |||
Ventas Realty LP | 3.850% | 4/1/27 | 3,946 | 4,333 | |||
Ventas Realty LP | 4.000% | 3/1/28 | 12,215 | 13,656 | |||
Ventas Realty LP | 4.400% | 1/15/29 | 12,575 | 14,415 | |||
Ventas Realty LP | 3.000% | 1/15/30 | 8,165 | 8,488 | |||
VEREIT Operating Partnership LP | 4.625% | 11/1/25 | 7,717 | 8,646 | |||
VEREIT Operating Partnership LP | 4.875% | 6/1/26 | 10,681 | 12,238 | |||
VEREIT Operating Partnership LP | 3.950% | 8/15/27 | 7,781 | 8,528 | |||
VEREIT Operating Partnership LP | 3.100% | 12/15/29 | 10,031 | 10,412 | |||
Welltower Inc. | 4.000% | 6/1/25 | 16,284 | 17,903 | |||
Welltower Inc. | 4.250% | 4/1/26 | 14,837 | 16,631 | |||
Welltower Inc. | 2.700% | 2/15/27 | 8,750 | 9,037 | |||
Welltower Inc. | 4.250% | 4/15/28 | 16,154 | 18,380 | |||
Welltower Inc. | 4.125% | 3/15/29 | 13,196 | 15,069 | |||
Welltower Inc. | 3.100% | 1/15/30 | 12,370 | 13,168 | |||
WP Carey Inc. | 4.250% | 10/1/26 | 3,005 | 3,270 | |||
WP Carey Inc. | 3.850% | 7/15/29 | 9,388 | 10,458 | |||
11,460,346 | |||||||
Industrial (57.1%) | |||||||
Basic Industry (2.9%) | |||||||
2 | Albemarle Wodgina Pty Ltd. | 3.450% | 11/15/29 | 5,025 | 5,355 | ||
ArcelorMittal | 6.125% | 6/1/25 | 11,263 | 12,990 | |||
ArcelorMittal | 4.550% | 3/11/26 | 12,710 | 13,761 | |||
ArcelorMittal | 4.250% | 7/16/29 | 12,889 | 13,397 | |||
BHP Billiton Finance USA Ltd. | 6.420% | 3/1/26 | 1,476 | 1,842 | |||
Cabot Corp. | 4.000% | 7/1/29 | 6,075 | 6,658 | |||
Celulosa Arauco y Constitucion SA | 3.875% | 11/2/27 | 13,150 | 13,553 | |||
Dow Chemical Co. | 4.550% | 11/30/25 | 16,798 | 19,045 | |||
Dow Chemical Co. | 3.625% | 5/15/26 | 13,816 | 15,033 | |||
Dow Chemical Co. | 4.800% | 11/30/28 | 16,229 | 19,126 | |||
Dow Chemical Co. | 7.375% | 11/1/29 | 7,814 | 10,750 | |||
DuPont de Nemours Inc. | 4.493% | 11/15/25 | 34,126 | 38,354 | |||
DuPont de Nemours Inc. | 4.725% | 11/15/28 | 47,130 | 55,490 | |||
Eastman Chemical Co. | 3.800% | 3/15/25 | 11,140 | 12,093 | |||
Eastman Chemical Co. | 4.500% | 12/1/28 | 9,779 | 11,327 | |||
Ecolab Inc. | 2.700% | 11/1/26 | 12,744 | 13,525 | |||
Ecolab Inc. | 3.250% | 12/1/27 | 9,959 | 10,880 | |||
Fibria Overseas Finance Ltd. | 5.500% | 1/17/27 | 12,023 | 13,075 | |||
FMC Corp. | 3.200% | 10/1/26 | 9,142 | 9,732 | |||
FMC Corp. | 3.450% | 10/1/29 | 9,030 | 9,731 | |||
Georgia-Pacific LLC | 7.375% | 12/1/25 | 1,427 | 1,829 | |||
Georgia-Pacific LLC | 7.750% | 11/15/29 | 2,722 | 4,015 | |||
Huntsman International LLC | 4.500% | 5/1/29 | 14,594 | 16,005 | |||
International Flavors & Fragrances Inc. | 4.450% | 9/26/28 | 4,287 | 4,868 | |||
International Paper Co. | 3.800% | 1/15/26 | 13,576 | 15,001 | |||
International Paper Co. | 3.000% | 2/15/27 | 13,780 | 14,699 | |||
Kinross Gold Corp. | 4.500% | 7/15/27 | 8,073 | 8,759 | |||
LYB International Finance II BV | 3.500% | 3/2/27 | 16,330 | 17,488 | |||
Methanex Corp. | 5.250% | 12/15/29 | 7,460 | 7,860 | |||
Mosaic Co. | 4.050% | 11/15/27 | 13,885 | 14,664 | |||
Newmont Corp. | 2.800% | 10/1/29 | 17,119 | 17,765 | |||
Nucor Corp. | 3.950% | 5/1/28 | 8,836 | 9,845 | |||
Nutrien Ltd. | 3.375% | 3/15/25 | 9,053 | 9,597 | |||
Nutrien Ltd. | 3.000% | 4/1/25 | 7,675 | 8,080 | |||
Nutrien Ltd. | 4.000% | 12/15/26 | 6,920 | 7,679 |
48
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Nutrien Ltd. | 4.200% | 4/1/29 | 7,500 | 8,542 | |||
Packaging Corp. of America | 3.400% | 12/15/27 | 9,199 | 10,014 | |||
Packaging Corp. of America | 3.000% | 12/15/29 | 11,947 | 12,484 | |||
Potash Corp. of Saskatchewan Inc. | 3.625% | 3/15/24 | 100 | 105 | |||
PPG Industries Inc. | 3.750% | 3/15/28 | 5,100 | 5,733 | |||
PPG Industries Inc. | 2.800% | 8/15/29 | 5,570 | 5,790 | |||
Praxair Inc. | 3.200% | 1/30/26 | 6,845 | 7,375 | |||
Rio Tinto Finance USA Ltd. | 3.750% | 6/15/25 | 23,099 | 25,573 | |||
Rio Tinto Finance USA Ltd. | 7.125% | 7/15/28 | 10,080 | 13,919 | |||
Rohm & Haas Co. | 7.850% | 7/15/29 | 15,809 | 21,665 | |||
RPM International Inc. | 3.750% | 3/15/27 | 7,552 | 8,147 | |||
RPM International Inc. | 4.550% | 3/1/29 | 6,150 | 6,986 | |||
SASOL Financing USA LLC | 6.500% | 9/27/28 | 12,050 | 13,195 | |||
Sherwin-Williams Co. | 3.450% | 8/1/25 | 6,652 | 7,164 | |||
Sherwin-Williams Co. | 3.950% | 1/15/26 | 5,620 | 6,206 | |||
Sherwin-Williams Co. | 3.450% | 6/1/27 | 21,153 | 23,061 | |||
Sherwin-Williams Co. | 2.950% | 8/15/29 | 29,255 | 30,784 | |||
Southern Copper Corp. | 3.875% | 4/23/25 | 8,096 | 8,659 | |||
Steel Dynamics Inc. | 4.125% | 9/15/25 | 5,800 | 5,930 | |||
Steel Dynamics Inc. | 3.450% | 4/15/30 | 3,500 | 3,684 | |||
Suzano Austria GmbH | 6.000% | 1/15/29 | 34,400 | 38,616 | |||
Suzano Austria GmbH | 5.000% | 1/15/30 | 15,200 | 15,831 | |||
Vale Overseas Ltd. | 6.250% | 8/10/26 | 30,543 | 35,812 | |||
Westlake Chemical Corp. | 3.600% | 8/15/26 | 17,051 | 18,218 | |||
Westrock MWV LLC | 8.200% | 1/15/30 | 650 | 921 | |||
Weyerhaeuser Co. | 6.950% | 10/1/27 | 3,004 | 3,916 | |||
Weyerhaeuser Co. | 4.000% | 11/15/29 | 12,803 | 14,503 | |||
WRKCo Inc. | 3.750% | 3/15/25 | 11,285 | 12,125 | |||
WRKCo Inc. | 4.650% | 3/15/26 | 16,656 | 19,054 | |||
WRKCo Inc. | 3.375% | 9/15/27 | 9,813 | 10,470 | |||
WRKCo Inc. | 4.000% | 3/15/28 | 9,300 | 10,303 | |||
WRKCo Inc. | 3.900% | 6/1/28 | 13,171 | 14,524 | |||
WRKCo Inc. | 4.900% | 3/15/29 | 21,401 | 25,194 | |||
Yamana Gold Inc. | 4.625% | 12/15/27 | 1,700 | 1,856 | |||
Capital Goods (5.2%) | |||||||
3M Co. | 3.000% | 8/7/25 | 11,839 | 12,714 | |||
3M Co. | 2.250% | 9/19/26 | 2,825 | 2,901 | |||
3M Co. | 2.875% | 10/15/27 | 11,227 | 11,895 | |||
3M Co. | 3.625% | 9/14/28 | 13,234 | 14,768 | |||
3M Co. | 3.375% | 3/1/29 | 16,075 | 17,672 | |||
3M Co. | 2.375% | 8/26/29 | 19,325 | 19,791 | |||
ABB Finance USA Inc. | 3.800% | 4/3/28 | 10,405 | 11,789 | |||
Allegion plc | 3.500% | 10/1/29 | 7,175 | 7,666 | |||
Allegion US Holding Co. Inc. | 3.550% | 10/1/27 | 6,700 | 7,358 | |||
Avery Dennison Corp. | 4.875% | 12/6/28 | 8,875 | 10,542 | |||
2 | Bemis Co. Inc. | 3.100% | 9/15/26 | 6,673 | 6,849 | ||
Boeing Co. | 2.600% | 10/30/25 | 3,409 | 3,512 | |||
Boeing Co. | 3.100% | 5/1/26 | 13,810 | 14,631 | |||
Boeing Co. | 2.250% | 6/15/26 | 8,114 | 8,203 | |||
Boeing Co. | 2.700% | 2/1/27 | 3,755 | 3,860 | |||
Boeing Co. | 2.800% | 3/1/27 | 9,863 | 10,191 | |||
Boeing Co. | 3.250% | 3/1/28 | 11,488 | 12,413 | |||
Boeing Co. | 3.450% | 11/1/28 | 5,593 | 6,083 | |||
Boeing Co. | 3.200% | 3/1/29 | 16,661 | 17,813 | |||
Boeing Co. | 2.950% | 2/1/30 | 3,965 | 4,159 | |||
Carlisle Cos. Inc. | 3.750% | 12/1/27 | 7,747 | 8,482 | |||
2 | Carrier Global Corp. | 2.493% | 2/15/27 | 13,305 | 13,543 | ||
2 | Carrier Global Corp. | 2.722% | 2/15/30 | 18,815 | 19,076 | ||
Caterpillar Financial Services Corp. | 2.400% | 8/9/26 | 9,185 | 9,581 | |||
Caterpillar Inc. | 2.600% | 9/19/29 | 6,834 | 7,125 | |||
CNH Industrial NV | 3.850% | 11/15/27 | 10,549 | 11,200 | |||
Deere & Co. | 5.375% | 10/16/29 | 1,469 | 1,887 | |||
Dover Corp. | 3.150% | 11/15/25 | 9,310 | 9,998 |
49
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Dover Corp. | 2.950% | 11/4/29 | 4,382 | 4,629 | |||
Eagle Materials Inc. | 4.500% | 8/1/26 | 5,419 | 5,555 | |||
Eaton Corp. | 3.103% | 9/15/27 | 10,435 | 11,257 | |||
Embraer Netherlands Finance BV | 5.050% | 6/15/25 | 17,179 | 18,750 | |||
Embraer Netherlands Finance BV | 5.400% | 2/1/27 | 14,460 | 16,411 | |||
Emerson Electric Co. | 3.150% | 6/1/25 | 5,305 | 5,688 | |||
Fortive Corp. | 3.150% | 6/15/26 | 6,388 | 6,745 | |||
Fortune Brands Home & Security Inc. | 4.000% | 6/15/25 | 11,100 | 12,225 | |||
Fortune Brands Home & Security Inc. | 3.250% | 9/15/29 | 6,860 | 7,182 | |||
General Dynamics Corp. | 3.500% | 5/15/25 | 14,016 | 15,368 | |||
General Dynamics Corp. | 2.125% | 8/15/26 | 6,938 | 7,131 | |||
General Dynamics Corp. | 2.625% | 11/15/27 | 7,824 | 8,310 | |||
General Dynamics Corp. | 3.750% | 5/15/28 | 24,969 | 28,315 | |||
General Electric Co. | 5.550% | 1/5/26 | 7,725 | 9,203 | |||
Hexcel Corp. | 4.700% | 8/15/25 | 2,250 | 2,494 | |||
Hexcel Corp. | 3.950% | 2/15/27 | 10,167 | 11,051 | |||
Honeywell International Inc. | 2.500% | 11/1/26 | 26,919 | 28,408 | |||
Honeywell International Inc. | 2.700% | 8/15/29 | 14,193 | 15,183 | |||
Hubbell Inc. | 3.350% | 3/1/26 | 4,079 | 4,308 | |||
Hubbell Inc. | 3.150% | 8/15/27 | 5,578 | 5,899 | |||
Hubbell Inc. | 3.500% | 2/15/28 | 8,599 | 9,253 | |||
Huntington Ingalls Industries Inc. | 3.483% | 12/1/27 | 10,140 | 10,926 | |||
Illinois Tool Works Inc. | 2.650% | 11/15/26 | 23,564 | 25,136 | |||
Ingersoll-Rand Global Holding Co. Ltd. | 3.750% | 8/21/28 | 7,355 | 8,187 | |||
Ingersoll-Rand Luxembourg Finance SA | 3.500% | 3/21/26 | 3,796 | 4,106 | |||
Ingersoll-Rand Luxembourg Finance SA | 3.800% | 3/21/29 | 15,275 | 17,073 | |||
John Deere Capital Corp. | 3.450% | 3/13/25 | 11,043 | 12,028 | |||
John Deere Capital Corp. | 3.400% | 9/11/25 | 6,375 | 7,056 | |||
John Deere Capital Corp. | 2.650% | 6/10/26 | 12,007 | 12,759 | |||
John Deere Capital Corp. | 2.250% | 9/14/26 | 10,425 | 10,819 | |||
John Deere Capital Corp. | 2.800% | 9/8/27 | 15,172 | 16,375 | |||
John Deere Capital Corp. | 3.050% | 1/6/28 | 11,140 | 12,194 | |||
John Deere Capital Corp. | 3.450% | 3/7/29 | 150 | 169 | |||
John Deere Capital Corp. | 2.800% | 7/18/29 | 17,327 | 18,584 | |||
John Deere Capital Corp. | 2.450% | 1/9/30 | 16,011 | 16,604 | |||
Johnson Controls International plc | 3.900% | 2/14/26 | 7,716 | 8,473 | |||
Kennametal Inc. | 4.625% | 6/15/28 | 5,188 | 5,728 | |||
L3Harris Technologies Inc. | 3.832% | 4/27/25 | 12,221 | 13,368 | |||
2 | L3Harris Technologies Inc. | 3.850% | 12/15/26 | 7,883 | 8,711 | ||
L3Harris Technologies Inc. | 4.400% | 6/15/28 | 14,271 | 16,676 | |||
2 | L3Harris Technologies Inc. | 4.400% | 6/15/28 | 18,761 | 21,736 | ||
L3Harris Technologies Inc. | 2.900% | 12/15/29 | 8,423 | 8,944 | |||
Leggett & Platt Inc. | 3.500% | 11/15/27 | 8,272 | 8,978 | |||
Leggett & Platt Inc. | 4.400% | 3/15/29 | 10,640 | 11,983 | |||
Lockheed Martin Corp. | 2.900% | 3/1/25 | 13,354 | 14,187 | |||
Lockheed Martin Corp. | 3.550% | 1/15/26 | 42,358 | 46,968 | |||
Martin Marietta Materials Inc. | 3.450% | 6/1/27 | 4,873 | 5,238 | |||
Martin Marietta Materials Inc. | 3.500% | 12/15/27 | 8,097 | 8,780 | |||
Masco Corp. | 4.450% | 4/1/25 | 6,976 | 7,769 | |||
Masco Corp. | 4.375% | 4/1/26 | 9,390 | 10,469 | |||
Masco Corp. | 3.500% | 11/15/27 | 4,560 | 4,885 | |||
Northrop Grumman Corp. | 3.200% | 2/1/27 | 17,445 | 18,783 | |||
Northrop Grumman Corp. | 3.250% | 1/15/28 | 42,599 | 46,158 | |||
Nvent Finance Sarl | 4.550% | 4/15/28 | 8,397 | 9,141 | |||
Oshkosh Corp. | 4.600% | 5/15/28 | 3,750 | 4,209 | |||
Oshkosh Corp. | 3.100% | 3/1/30 | 2,000 | 2,060 | |||
2 | Otis Worldwide Corp. | 2.056% | 4/5/25 | 13,000 | 13,210 | ||
2 | Otis Worldwide Corp. | 2.293% | 4/5/27 | 6,800 | 6,948 | ||
2 | Otis Worldwide Corp. | 2.565% | 2/15/30 | 18,375 | 18,894 | ||
Owens Corning | 3.400% | 8/15/26 | 6,820 | 7,122 | |||
Owens Corning | 3.950% | 8/15/29 | 8,140 | 9,028 | |||
Parker-Hannifin Corp. | 3.250% | 3/1/27 | 17,170 | 18,542 | |||
Parker-Hannifin Corp. | 3.250% | 6/14/29 | 21,353 | 22,900 | |||
Pentair Finance Sarl | 4.500% | 7/1/29 | 720 | 810 |
50
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
Precision Castparts Corp. | 3.250% | 6/15/25 | 16,314 | 17,727 | |||
Raytheon Co. | 7.200% | 8/15/27 | 2,305 | 3,101 | |||
Republic Services Inc. | 3.200% | 3/15/25 | 7,879 | 8,453 | |||
Republic Services Inc. | 2.900% | 7/1/26 | 13,083 | 13,897 | |||
Republic Services Inc. | 3.375% | 11/15/27 | 14,818 | 16,168 | |||
Republic Services Inc. | 3.950% | 5/15/28 | 3,770 | 4,283 | |||
Republic Services Inc. | 2.300% | 3/1/30 | 9,625 | 9,661 | |||
Rockwell Automation Inc. | 2.875% | 3/1/25 | 3,502 | 3,711 | |||
Rockwell Automation Inc. | 3.500% | 3/1/29 | 7,231 | 8,173 | |||
Rockwell Collins Inc. | 3.500% | 3/15/27 | 23,501 | 26,143 | |||
Roper Technologies Inc. | 3.850% | 12/15/25 | 5,390 | 5,954 | |||
Roper Technologies Inc. | 3.800% | 12/15/26 | 13,231 | 14,601 | |||
Roper Technologies Inc. | 4.200% | 9/15/28 | 17,692 | 20,341 | |||
Roper Technologies Inc. | 2.950% | 9/15/29 | 7,725 | 8,232 | |||
Snap-on Inc. | 3.250% | 3/1/27 | 4,165 | 4,487 | |||
Stanley Black & Decker Inc. | 3.400% | 3/1/26 | 12,329 | 13,400 | |||
Stanley Black & Decker Inc. | 4.250% | 11/15/28 | 9,663 | 11,311 | |||
Stanley Black & Decker Inc. | 2.300% | 3/15/30 | 11,000 | 11,147 | |||
1 | Stanley Black & Decker Inc. | 4.000% | 3/15/60 | 5,000 | 5,002 | ||
Textron Inc. | 3.875% | 3/1/25 | 4,579 | 4,961 | |||
Textron Inc. | 4.000% | 3/15/26 | 8,475 | 9,261 | |||
Textron Inc. | 3.650% | 3/15/27 | 6,358 | 6,810 | |||
Textron Inc. | 3.375% | 3/1/28 | 5,193 | 5,505 | |||
Textron Inc. | 3.900% | 9/17/29 | 6,326 | 7,011 | |||
Timken Co. | 4.500% | 12/15/28 | 6,666 | 7,469 | |||
United Technologies Corp. | 3.950% | 8/16/25 | 39,179 | 43,843 | |||
United Technologies Corp. | 3.125% | 5/4/27 | 25,003 | 26,920 | |||
United Technologies Corp. | 6.700% | 8/1/28 | 3,425 | 4,615 | |||
United Technologies Corp. | 4.125% | 11/16/28 | 63,698 | 74,501 | |||
United Technologies Corp. | 7.500% | 9/15/29 | 5,953 | 8,687 | |||
Vulcan Materials Co. | 4.500% | 4/1/25 | 5,032 | 5,634 | |||
Vulcan Materials Co. | 3.900% | 4/1/27 | 7,959 | 8,767 | |||
Wabtec Corp. | 3.450% | 11/15/26 | 12,267 | 12,735 | |||
Wabtec Corp. | 4.950% | 9/15/28 | 22,662 | 25,994 | |||
Waste Connections Inc. | 4.250% | 12/1/28 | 4,590 | 5,292 | |||
Waste Connections Inc. | 3.500% | 5/1/29 | 12,625 | 13,829 | |||
Waste Connections Inc. | 2.600% | 2/1/30 | 11,219 | 11,524 | |||
Waste Management Inc. | 3.125% | 3/1/25 | 8,155 | 8,720 | |||
Waste Management Inc. | 3.200% | 6/15/26 | 22,895 | 24,787 | |||
Waste Management Inc. | 3.150% | 11/15/27 | 6,462 | 6,942 | |||
Waste Management Inc. | 3.450% | 6/15/29 | 20,093 | 22,195 | |||
Xylem Inc. | 3.250% | 11/1/26 | 8,976 | 9,686 | |||
Communication (7.0%) | |||||||
Activision Blizzard Inc. | 3.400% | 9/15/26 | 14,044 | 15,217 | |||
Activision Blizzard Inc. | 3.400% | 6/15/27 | 7,099 | 7,661 | |||
America Movil SAB de CV | 3.625% | 4/22/29 | 17,955 | 19,900 | |||
American Tower Corp. | 2.400% | 3/15/25 | 250 | 257 | |||
American Tower Corp. | 4.000% | 6/1/25 | 16,003 | 17,623 | |||
American Tower Corp. | 4.400% | 2/15/26 | 4,331 | 4,879 | |||
American Tower Corp. | 3.375% | 10/15/26 | 21,253 | 22,842 | |||
American Tower Corp. | 2.750% | 1/15/27 | 5,541 | 5,729 | |||
American Tower Corp. | 3.125% | 1/15/27 | 14,609 | 15,408 | |||
American Tower Corp. | 3.550% | 7/15/27 | 20,228 | 21,940 | |||
American Tower Corp. | 3.600% | 1/15/28 | 10,590 | 11,426 | |||
American Tower Corp. | 3.950% | 3/15/29 | 16,070 | 17,828 | |||
American Tower Corp. | 3.800% | 8/15/29 | 19,318 | 21,257 | |||
American Tower Corp. | 2.900% | 1/15/30 | 21,596 | 22,369 | |||
AT&T Inc. | 3.400% | 5/15/25 | 75,468 | 80,428 | |||
AT&T Inc. | 3.600% | 7/15/25 | 31,434 | 33,978 | |||
AT&T Inc. | 3.875% | 1/15/26 | 23,924 | 26,221 | |||
AT&T Inc. | 4.125% | 2/17/26 | 46,597 | 51,795 | |||
AT&T Inc. | 2.950% | 7/15/26 | 16,069 | 16,872 | |||
AT&T Inc. | 3.800% | 2/15/27 | 17,634 | 19,255 |
51
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity Date | Face Amount ($000 | ) | Market Value ($000 | ) | ||
AT&T Inc. | 4.250% | 3/1/27 | 24,208 | 27,059 | |||
AT&T Inc. | 4.100% | 2/15/28 | 41,891 | 46,865 | |||
AT&T Inc. | 4.350% | 3/1/29 | 53,535 | 61,010 | |||
AT&T Inc. | 4.300% | 2/15/30 | 48,378 | 55,206 | |||
British Telecommunications plc | 5.125% | 12/4/28 | 9,634 | 11,480 | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | 4.908% | 7/23/25 | 63,430 | 71,051 | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | 3.750% | 2/15/28 | 29,673 | 31,377 | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | 4.200% | 3/15/28 | 17,511 | 19,082 | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | 5.050% | 3/30/29 | 26,389 | 30,526 | |||
Comcast Corp. | 3.375% | 2/15/25 | 570 | 616 | |||
Comcast Corp. | 3.375% | 8/15/25 | 41,418 | 44,951 | |||
Comcast Corp. | 3.950% | 10/15/25 | 58,579 | 65,583 | |||
Comcast Corp. | 3.150% | 3/1/26 | 13,276 | 14,280 | |||
Comcast Corp. | 2.350% | 1/15/27 | 21,505 | 22,214 | |||
Comcast Corp. | 3.300% | 2/1/27 | 32,829 | 35,664 | |||
Comcast Corp. | 3.150% | 2/15/28 | 38,523 | 41,777 | |||
Comcast Corp. | 3.550% | 5/1/28 | 13,725 | 15,233 | |||
Comcast Corp. | 4.150% | 10/15/28 | 61,592 | 71,405 | |||
Comcast Corp. | 2.650% | 2/1/30 | 25,963 | 27,183 | |||
Crown Castle International Corp. | 4.450% | 2/15/26 | 18,687 | 21,019 | |||
Crown Castle International Corp. | 3.700% | 6/15/26 | 15,200 | 16,523 | |||
Crown Castle International Corp. | 4.000% | 3/1/27 | 12,938 | 14,468 | |||
Crown Castle International Corp. | 3.650% | 9/1/27 | 16,065 | 17,566 | |||
Crown Castle International Corp. | 3.800% | 2/15/28 | 26,261 | 28,672 | |||
Crown Castle International Corp. | 4.300% | 2/15/29 | 8,528 | 9,825 | |||
Crown Castle International Corp. | 3.100% | 11/15/29 | 1,660 | 1,747 | |||
Discovery Communications LLC | 3.450% | 3/15/25 | 5,496 | 5,891 | |||
Discovery Communications LLC | 3.950% | 6/15/25 | 10,269 | 11,207 | |||
Discovery Communications LLC | 4.900% | 3/11/26 | 13,449 | 15,371 | |||
Discovery Communications LLC | 3.950% | 3/20/28 | 32,205 | 34,861 | |||
Discovery Communications LLC | 4.125% | 5/15/29 | 13,696 | 15,101 | |||
Electronic Arts Inc. | 4.800% | 3/1/26 | 9,950 | 11,569 | |||
2 | Fox Corp. | 4.709% | 1/25/29 | 37,003 | 43,420 | ||
Grupo Televisa SAB | 6.625% | 3/18/25 | 6,700 | 8,069 | |||
Grupo Televisa SAB | 4.625% | 1/30/26 | 5,715 | 6,332 | |||
Interpublic Group of Cos. Inc. | 4.650% | 10/1/28 | 9,767 | 11,456 | |||
Moody's Corp. | 3.250% | 1/15/28 | 8,095 | 8,727 | |||
Moody's Corp. | 4.250% | 2/1/29 | 4,371 | 5,155 | |||
Omnicom Group Inc. | 2.450% | 4/30/30 | 3,500 | 3,526 | |||
Omnicom Group Inc. / Omnicom Capital Inc. | 3.600% | 4/15/26 | 25,309 | 27,779 | |||
RELX Capital Inc. | 4.000% | 3/18/29 | 16,210 | 18,520 | |||
Rogers Communications Inc. | 3.625% | 12/15/25 | 10,462 | 11,466 | |||
Rogers Communications Inc. | 2.900% | 11/15/26 | 1,927 | 2,026 | |||
S&P Global Inc. | 4.000% | 6/15/25 | 8,642 | 9,627 | |||
S&P Global Inc. | 4.400% | 2/15/26 | 17,642 | 20,231 | |||
S&P Global Inc. | 2.950% | 1/22/27 | 7,616 | 8,106 | |||
S&P Global Inc. | 2.500% | 12/1/29 | 12,750 | 13,312 | |||
TCI Communications Inc. | 7.875% | 2/15/26 | 5,566 | 7,382 | |||
TCI Communications Inc. | 7.125% | 2/15/28 | 5,610 | 7,596 | |||
Telefonica Emisiones SAU | 4.103% | 3/8/27 | 37,046 | 41,103 | |||
TELUS Corp. | 2.800% | 2/16/27 | 9,935 | 10,431 | |||
TELUS Corp. | 3.700% | 9/15/27 | 2,255 | 2,509 | |||
Thomson Reuters Corp. | 3.350% | 5/15/26 | 11,150 | 11,846 | |||
TWDC Enterprises 18 Corp. | 2.950% | 6/15/27 | 1,130 | 1,231 | |||
Verizon Communications Inc. | 3.376% | 2/15/25 | 4,980 | 5,379 | |||
Verizon Communications Inc. | 2.625% | 8/15/26 | 44,087 | 46,258 | |||
Verizon Communications Inc. | 4.125% | 3/16/27 | 59,298 | 67,439 | |||
Verizon Communications Inc. | 4.329% | 9/21/28 | 86,865 | 102,049 | |||
Verizon Communications Inc. | 3.875% | 2/8/29 | 1,800 | 2,061 | |||
Verizon Communications Inc. | 4.016% | 12/3/29 | 73,833 | 85,883 |
52
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
ViacomCBS Inc. | 4.000% | 1/15/26 | 6,957 | 7,667 | |
ViacomCBS Inc. | 2.900% | 1/15/27 | 12,330 | 12,733 | |
ViacomCBS Inc. | 3.375% | 2/15/28 | 10,729 | 11,422 | |
ViacomCBS Inc. | 3.700% | 6/1/28 | 18,151 | 19,772 | |
ViacomCBS Inc. | 4.200% | 6/1/29 | 2,265 | 2,563 | |
Vodafone Group plc | 4.125% | 5/30/25 | 31,643 | 35,107 | |
Vodafone Group plc | 4.375% | 5/30/28 | 50,153 | 57,631 | |
Vodafone Group plc | 7.875% | 2/15/30 | 8,253 | 11,826 | |
Walt Disney Co. | 3.150% | 9/17/25 | 23,168 | 25,221 | |
Walt Disney Co. | 3.700% | 10/15/25 | 13,142 | 14,605 | |
Walt Disney Co. | 3.000% | 2/13/26 | 19,084 | 20,725 | |
Walt Disney Co. | 1.850% | 7/30/26 | 25,168 | 25,601 | |
Walt Disney Co. | 3.375% | 11/15/26 | 15,780 | 17,386 | |
Walt Disney Co. | 2.000% | 9/1/29 | 32,829 | 33,110 | |
WPP Finance 2010 | 3.750% | 9/19/24 | 1 | 1 | |
Consumer Cyclical (7.0%) | |||||
Alibaba Group Holding Ltd. | 3.400% | 12/6/27 | 43,560 | 46,882 | |
Amazon.com Inc. | 5.200% | 12/3/25 | 18,601 | 22,194 | |
Amazon.com Inc. | 3.150% | 8/22/27 | 56,856 | 62,121 | |
American Honda Finance Corp. | 2.300% | 9/9/26 | 4,338 | 4,485 | |
American Honda Finance Corp. | 2.350% | 1/8/27 | 10,875 | 11,115 | |
American Honda Finance Corp. | 3.500% | 2/15/28 | 16,595 | 18,341 | |
Aptiv plc | 4.250% | 1/15/26 | 9,365 | 10,315 | |
Aptiv plc | 4.350% | 3/15/29 | 5,955 | 6,743 | |
Automatic Data Processing Inc. | 3.375% | 9/15/25 | 19,375 | 21,328 | |
AutoNation Inc. | 4.500% | 10/1/25 | 9,027 | 9,977 | |
AutoNation Inc. | 3.800% | 11/15/27 | 3,804 | 4,012 | |
AutoZone Inc. | 3.250% | 4/15/25 | 6,521 | 6,980 | |
AutoZone Inc. | 3.125% | 4/21/26 | 7,153 | 7,582 | |
AutoZone Inc. | 3.750% | 6/1/27 | 12,004 | 13,197 | |
AutoZone Inc. | 3.750% | 4/18/29 | 11,258 | 12,604 | |
Best Buy Co. Inc. | 4.450% | 10/1/28 | 8,714 | 9,915 | |
Block Financial LLC | 5.250% | 10/1/25 | 5,657 | 6,441 | |
Booking Holdings Inc. | 3.650% | 3/15/25 | 8,223 | 8,929 | |
Booking Holdings Inc. | 3.600% | 6/1/26 | 18,353 | 20,047 | |
Booking Holdings Inc. | 3.550% | 3/15/28 | 12,311 | 13,437 | |
BorgWarner Inc. | 3.375% | 3/15/25 | 8,013 | 8,433 | |
Choice Hotels International Inc. | 3.700% | 12/1/29 | 971 | 1,037 | |
Costco Wholesale Corp. | 3.000% | 5/18/27 | 18,798 | 20,481 | |
Darden Restaurants Inc. | 3.850% | 5/1/27 | 7,956 | 8,591 | |
Dollar General Corp. | 4.150% | 11/1/25 | 9,214 | 10,258 | |
Dollar General Corp. | 3.875% | 4/15/27 | 11,411 | 12,636 | |
Dollar General Corp. | 4.125% | 5/1/28 | 9,497 | 10,846 | |
Dollar Tree Inc. | 4.000% | 5/15/25 | 16,320 | 17,867 | |
Dollar Tree Inc. | 4.200% | 5/15/28 | 22,823 | 25,495 | |
eBay Inc. | 3.600% | 6/5/27 | 13,166 | 14,129 | |
Expedia Group Inc. | 5.000% | 2/15/26 | 12,483 | 14,062 | |
Expedia Group Inc. | 3.800% | 2/15/28 | 14,959 | 15,372 | |
2 | Expedia Group Inc. | 3.250% | 2/15/30 | 6,800 | 6,636 |
Ford Motor Co. | 4.346% | 12/8/26 | 17,953 | 18,043 | |
Ford Motor Co. | 6.625% | 10/1/28 | 11,067 | 12,570 | |
Ford Motor Credit Co. LLC | 4.687% | 6/9/25 | 13,540 | 13,918 | |
Ford Motor Credit Co. LLC | 4.134% | 8/4/25 | 26,622 | 26,698 | |
Ford Motor Credit Co. LLC | 4.389% | 1/8/26 | 24,979 | 25,087 | |
Ford Motor Credit Co. LLC | 4.542% | 8/1/26 | 8,800 | 8,920 | |
Ford Motor Credit Co. LLC | 4.271% | 1/9/27 | 25,500 | 25,156 | |
Ford Motor Credit Co. LLC | 3.815% | 11/2/27 | 12,792 | 12,169 | |
Ford Motor Credit Co. LLC | 5.113% | 5/3/29 | 21,670 | 21,714 | |
General Motors Co. | 4.000% | 4/1/25 | 7,316 | 7,717 | |
General Motors Co. | 4.200% | 10/1/27 | 16,905 | 17,828 | |
General Motors Co. | 5.000% | 10/1/28 | 11,135 | 12,178 | |
General Motors Financial Co. Inc. | 2.900% | 2/26/25 | 10,600 | 10,640 | |
General Motors Financial Co. Inc. | 4.350% | 4/9/25 | 14,962 | 15,957 |
53
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
General Motors Financial Co. Inc. | 4.300% | 7/13/25 | 16,575 | 17,608 | |
General Motors Financial Co. Inc. | 5.250% | 3/1/26 | 23,445 | 26,083 | |
General Motors Financial Co. Inc. | 4.000% | 10/6/26 | 18,580 | 19,487 | |
General Motors Financial Co. Inc. | 4.350% | 1/17/27 | 24,856 | 26,428 | |
General Motors Financial Co. Inc. | 3.850% | 1/5/28 | 9,651 | 9,918 | |
General Motors Financial Co. Inc. | 5.650% | 1/17/29 | 17,701 | 20,066 | |
GLP Capital LP / GLP Financing II Inc. | 5.250% | 6/1/25 | 13,727 | 15,396 | |
GLP Capital LP / GLP Financing II Inc. | 5.375% | 4/15/26 | 17,511 | 19,803 | |
GLP Capital LP / GLP Financing II Inc. | 5.750% | 6/1/28 | 9,459 | 11,113 | |
GLP Capital LP / GLP Financing II Inc. | 5.300% | 1/15/29 | 21,130 | 24,933 | |
GLP Capital LP / GLP Financing II Inc. | 4.000% | 1/15/30 | 4,799 | 5,119 | |
Harley-Davidson Inc. | 3.500% | 7/28/25 | 9,348 | 9,959 | |
Harman International Industries Inc. | 4.150% | 5/15/25 | 6,145 | 6,696 | |
Home Depot Inc. | 3.350% | 9/15/25 | 20,952 | 22,890 | |
Home Depot Inc. | 3.000% | 4/1/26 | 21,571 | 23,270 | |
Home Depot Inc. | 2.125% | 9/15/26 | 20,310 | 21,007 | |
Home Depot Inc. | 2.800% | 9/14/27 | 21,373 | 22,809 | |
Home Depot Inc. | 3.900% | 12/6/28 | 14,753 | 17,047 | |
Home Depot Inc. | 2.950% | 6/15/29 | 32,006 | 34,557 | |
Hyatt Hotels Corp. | 4.850% | 3/15/26 | 7,482 | 8,583 | |
Hyatt Hotels Corp. | 4.375% | 9/15/28 | 6,785 | 7,590 | |
IHS Markit Ltd. | 4.750% | 8/1/28 | 13,778 | 16,051 | |
IHS Markit Ltd. | 4.250% | 5/1/29 | 16,238 | 18,308 | |
JD.com Inc. | 3.875% | 4/29/26 | 8,025 | 8,733 | |
JD.com Inc. | 3.375% | 1/14/30 | 13,200 | 13,741 | |
Kohl's Corp. | 4.250% | 7/17/25 | 11,153 | 12,054 | |
Las Vegas Sands Corp. | 2.900% | 6/25/25 | 11,880 | 12,174 | |
Las Vegas Sands Corp. | 3.500% | 8/18/26 | 14,210 | 15,015 | |
Las Vegas Sands Corp. | 3.900% | 8/8/29 | 13,835 | 14,620 | |
Lear Corp. | 3.800% | 9/15/27 | 11,533 | 12,106 | |
Lear Corp. | 4.250% | 5/15/29 | 7,070 | 7,566 | |
Lear Corp. | 3.500% | 5/30/30 | 4,000 | 3,994 | |
Lowe's Cos. Inc. | 3.375% | 9/15/25 | 21,860 | 23,739 | |
Lowe's Cos. Inc. | 2.500% | 4/15/26 | 28,650 | 29,677 | |
Lowe's Cos. Inc. | 3.100% | 5/3/27 | 11,054 | 11,737 | |
Lowe's Cos. Inc. | 3.650% | 4/5/29 | 30,898 | 34,235 | |
Magna International Inc. | 4.150% | 10/1/25 | 7,337 | 8,150 | |
Marriott International Inc. | 3.750% | 3/15/25 | 9,442 | 10,290 | |
Marriott International Inc. | 3.750% | 10/1/25 | 4,400 | 4,734 | |
Marriott International Inc. | 3.125% | 6/15/26 | 12,194 | 12,799 | |
Marriott International Inc. | 4.000% | 4/15/28 | 10,845 | 12,032 | |
Marriott International Inc. | 4.650% | 12/1/28 | 1,253 | 1,440 | |
Mastercard Inc. | 2.000% | 3/3/25 | 12,525 | 12,853 | |
Mastercard Inc. | 2.950% | 11/21/26 | 15,805 | 17,047 | |
Mastercard Inc. | 3.500% | 2/26/28 | 8,352 | 9,308 | |
Mastercard Inc. | 2.950% | 6/1/29 | 19,135 | 20,756 | |
McDonald's Corp. | 3.375% | 5/26/25 | 7,335 | 7,919 | |
McDonald's Corp. | 3.700% | 1/30/26 | 32,858 | 36,309 | |
McDonald's Corp. | 3.500% | 3/1/27 | 18,647 | 20,391 | |
McDonald's Corp. | 3.800% | 4/1/28 | 18,817 | 21,002 | |
McDonald's Corp. | 2.625% | 9/1/29 | 20,746 | 21,503 | |
NIKE Inc. | 2.375% | 11/1/26 | 7,602 | 7,988 | |
Nordstrom Inc. | 4.000% | 3/15/27 | 7,880 | 8,352 | |
Nordstrom Inc. | 6.950% | 3/15/28 | 2,920 | 3,486 | |
Nordstrom Inc. | 4.375% | 4/1/30 | 1,000 | 1,053 | |
O'Reilly Automotive Inc. | 3.550% | 3/15/26 | 9,395 | 10,231 | |
O'Reilly Automotive Inc. | 3.600% | 9/1/27 | 14,599 | 16,137 | |
O'Reilly Automotive Inc. | 4.350% | 6/1/28 | 14,444 | 16,633 | |
O'Reilly Automotive Inc. | 3.900% | 6/1/29 | 5,866 | 6,664 | |
QVC Inc. | 4.750% | 2/15/27 | 9,825 | 9,678 | |
Ralph Lauren Corp. | 3.750% | 9/15/25 | 6,975 | 7,698 | |
Royal Caribbean Cruises Ltd. | 7.500% | 10/15/27 | 2,177 | 2,754 | |
Royal Caribbean Cruises Ltd. | 3.700% | 3/15/28 | 12,160 | 12,449 |
54
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Sands China Ltd. | 5.125% | 8/8/25 | 29,675 | 33,397 | |
Sands China Ltd. | 5.400% | 8/8/28 | 33,940 | 38,430 | |
Starbucks Corp. | 3.800% | 8/15/25 | 17,051 | 18,780 | |
Starbucks Corp. | 2.450% | 6/15/26 | 10,094 | 10,508 | |
Starbucks Corp. | 3.500% | 3/1/28 | 10,197 | 11,295 | |
Starbucks Corp. | 4.000% | 11/15/28 | 12,700 | 14,582 | |
Starbucks Corp. | 3.550% | 8/15/29 | 18,665 | 21,004 | |
Tapestry Inc. | 4.250% | 4/1/25 | 8,569 | 9,064 | |
Tapestry Inc. | 4.125% | 7/15/27 | 11,810 | 12,465 | |
Target Corp. | 2.500% | 4/15/26 | 14,255 | 15,061 | |
Target Corp. | 3.375% | 4/15/29 | 12,378 | 13,761 | |
Target Corp. | 2.350% | 2/15/30 | 9,000 | 9,273 | |
TJX Cos. Inc. | 2.250% | 9/15/26 | 22,490 | 23,274 | |
Toyota Motor Corp. | 3.669% | 7/20/28 | 9,855 | 11,255 | |
Toyota Motor Corp. | 2.760% | 7/2/29 | 10,100 | 10,809 | |
Toyota Motor Credit Corp. | 3.400% | 4/14/25 | 8,940 | 9,680 | |
Toyota Motor Credit Corp. | 3.200% | 1/11/27 | 10,315 | 11,151 | |
Toyota Motor Credit Corp. | 3.050% | 1/11/28 | 8,810 | 9,520 | |
Toyota Motor Credit Corp. | 3.650% | 1/8/29 | 7,780 | 8,892 | |
Toyota Motor Credit Corp. | 2.150% | 2/13/30 | 15,000 | 15,090 | |
Visa Inc. | 3.150% | 12/14/25 | 65,139 | 70,724 | |
Visa Inc. | 2.750% | 9/15/27 | 11,235 | 12,090 | |
Walgreens Boots Alliance Inc. | 3.450% | 6/1/26 | 39,037 | 41,019 | |
Walmart Inc. | 3.550% | 6/26/25 | 33,312 | 36,694 | |
Walmart Inc. | 3.050% | 7/8/26 | 16,751 | 18,237 | |
Walmart Inc. | 5.875% | 4/5/27 | 6,657 | 8,416 | |
Walmart Inc. | 3.700% | 6/26/28 | 51,235 | 58,050 | |
Walmart Inc. | 3.250% | 7/8/29 | 8,900 | 9,905 | |
Walmart Inc. | 2.375% | 9/24/29 | 20,825 | 21,746 | |
Walmart Inc. | 7.550% | 2/15/30 | 3,392 | 5,104 | |
Consumer Noncyclical (15.3%) | |||||
Abbott Laboratories | 2.950% | 3/15/25 | 10,723 | 11,510 | |
Abbott Laboratories | 3.875% | 9/15/25 | 22,806 | 25,477 | |
Abbott Laboratories | 3.750% | 11/30/26 | 25,686 | 28,834 | |
AbbVie Inc. | 3.600% | 5/14/25 | 60,671 | 65,779 | |
AbbVie Inc. | 3.200% | 5/14/26 | 41,870 | 44,510 | |
2 | AbbVie Inc. | 2.950% | 11/21/26 | 70,386 | 73,766 |
AbbVie Inc. | 4.250% | 11/14/28 | 23,256 | 26,523 | |
2 | AbbVie Inc. | 3.200% | 11/21/29 | 100,270 | 105,703 |
Adventist Health System/West | 2.952% | 3/1/29 | 4,625 | 4,885 | |
Advocate Health & Hospitals Corp. | 3.829% | 8/15/28 | 4,125 | 4,732 | |
Agilent Technologies Inc. | 3.050% | 9/22/26 | 7,698 | 8,166 | |
Agilent Technologies Inc. | 2.750% | 9/15/29 | 6,365 | 6,627 | |
Ahold Finance USA LLC | 6.875% | 5/1/29 | 8,676 | 12,093 | |
Allergan Funding SCS | 3.800% | 3/15/25 | 47,202 | 51,363 | |
Altria Group Inc. | 4.400% | 2/14/26 | 32,632 | 36,532 | |
Altria Group Inc. | 2.625% | 9/16/26 | 17,817 | 18,230 | |
Altria Group Inc. | 4.800% | 2/14/29 | 32,421 | 37,015 | |
AmerisourceBergen Corp. | 3.250% | 3/1/25 | 7,466 | 8,007 | |
AmerisourceBergen Corp. | 3.450% | 12/15/27 | 13,444 | 14,500 | |
Amgen Inc. | 3.125% | 5/1/25 | 7,237 | 7,702 | |
Amgen Inc. | 2.600% | 8/19/26 | 29,396 | 31,037 | |
Amgen Inc. | 2.200% | 2/21/27 | 9,765 | 9,929 | |
Amgen Inc. | 3.200% | 11/2/27 | 11,683 | 12,816 | |
Amgen Inc. | 2.450% | 2/21/30 | 12,510 | 12,665 | |
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 3.650% | 2/1/26 | 72,946 | 79,610 | |
Anheuser-Busch InBev Finance Inc. | 3.650% | 2/1/26 | 13,314 | 14,534 | |
Anheuser-Busch InBev Worldwide Inc. | 4.000% | 4/13/28 | 56,615 | 63,760 | |
Anheuser-Busch InBev Worldwide Inc. | 4.750% | 1/23/29 | 78,384 | 92,677 | |
Archer-Daniels-Midland Co. | 2.500% | 8/11/26 | 14,647 | 15,260 |
55
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Ascension Health | 2.532% | 11/15/29 | 5,586 | 5,944 | |
AstraZeneca plc | 3.375% | 11/16/25 | 37,716 | 41,078 | |
AstraZeneca plc | 3.125% | 6/12/27 | 15,848 | 17,086 | |
AstraZeneca plc | 4.000% | 1/17/29 | 15,643 | 17,943 | |
BAT Capital Corp. | 3.215% | 9/6/26 | 25,550 | 26,756 | |
BAT Capital Corp. | 3.557% | 8/15/27 | 53,141 | 55,997 | |
BAT Capital Corp. | 3.462% | 9/6/29 | 10,499 | 10,990 | |
Baxalta Inc. | 4.000% | 6/23/25 | 19,813 | 21,872 | |
Baxter International Inc. | 2.600% | 8/15/26 | 18,193 | 19,138 | |
Becton Dickinson & Co. | 3.700% | 6/6/27 | 41,625 | 45,917 | |
Biogen Inc. | 4.050% | 9/15/25 | 36,857 | 41,351 | |
Boston Scientific Corp. | 3.850% | 5/15/25 | 1,116 | 1,222 | |
Boston Scientific Corp. | 3.750% | 3/1/26 | 19,697 | 21,744 | |
Boston Scientific Corp. | 4.000% | 3/1/29 | 22,336 | 25,638 | |
2 | Bristol-Myers Squibb Co. | 3.875% | 8/15/25 | 53,218 | 59,500 |
2 | Bristol-Myers Squibb Co. | 3.200% | 6/15/26 | 43,345 | 47,236 |
Bristol-Myers Squibb Co. | 3.250% | 2/27/27 | 4,370 | 4,803 | |
2 | Bristol-Myers Squibb Co. | 3.450% | 11/15/27 | 21,300 | 23,824 |
2 | Bristol-Myers Squibb Co. | 3.900% | 2/20/28 | 28,778 | 32,766 |
2 | Bristol-Myers Squibb Co. | 3.400% | 7/26/29 | 72,181 | 80,524 |
Brown-Forman Corp. | 3.500% | 4/15/25 | 4,925 | 5,328 | |
Bunge Ltd. Finance Corp. | 3.250% | 8/15/26 | 13,845 | 14,247 | |
Bunge Ltd. Finance Corp. | 3.750% | 9/25/27 | 9,351 | 9,869 | |
Campbell Soup Co. | 3.950% | 3/15/25 | 11,773 | 12,838 | |
Campbell Soup Co. | 3.300% | 3/19/25 | 7,186 | 7,569 | |
Campbell Soup Co. | 4.150% | 3/15/28 | 14,940 | 16,642 | |
Cardinal Health Inc. | 3.750% | 9/15/25 | 7,120 | 7,762 | |
Cardinal Health Inc. | 3.410% | 6/15/27 | 21,755 | 23,225 | |
CHRISTUS Health | 4.341% | 7/1/28 | 5,450 | 6,361 | |
Church & Dwight Co. Inc. | 3.150% | 8/1/27 | 6,895 | 7,393 | |
2 | Cigna Corp. | 3.250% | 4/15/25 | 14,030 | 15,010 |
Cigna Corp. | 4.125% | 11/15/25 | 45,075 | 50,690 | |
2 | Cigna Corp. | 4.500% | 2/25/26 | 14,489 | 16,561 |
2 | Cigna Corp. | 3.400% | 3/1/27 | 31,888 | 34,635 |
2 | Cigna Corp. | 7.875% | 5/15/27 | 836 | 1,106 |
2 | Cigna Corp. | 3.050% | 10/15/27 | 5,167 | 5,395 |
Cigna Corp. | 4.375% | 10/15/28 | 64,624 | 73,394 | |
Clorox Co. | 3.100% | 10/1/27 | 5,982 | 6,408 | |
Clorox Co. | 3.900% | 5/15/28 | 8,005 | 9,130 | |
Coca-Cola Co. | 2.875% | 10/27/25 | 27,060 | 29,138 | |
Coca-Cola Co. | 2.550% | 6/1/26 | 16,127 | 17,137 | |
Coca-Cola Co. | 2.250% | 9/1/26 | 23,307 | 24,344 | |
Coca-Cola Co. | 2.900% | 5/25/27 | 6,279 | 6,808 | |
Coca-Cola Co. | 2.125% | 9/6/29 | 11,775 | 11,966 | |
Coca-Cola Consolidated Inc. | 3.800% | 11/25/25 | 6,492 | 7,116 | |
Coca-Cola Femsa SAB de CV | 2.750% | 1/22/30 | 20,700 | 21,678 | |
CommonSpirit Health | 3.347% | 10/1/29 | 16,233 | 17,204 | |
Conagra Brands Inc. | 4.600% | 11/1/25 | 19,373 | 21,682 | |
Conagra Brands Inc. | 7.000% | 10/1/28 | 3,808 | 4,925 | |
Conagra Brands Inc. | 4.850% | 11/1/28 | 24,991 | 29,016 | |
Constellation Brands Inc. | 4.400% | 11/15/25 | 9,675 | 10,925 | |
Constellation Brands Inc. | 4.750% | 12/1/25 | 9,950 | 11,455 | |
Constellation Brands Inc. | 3.700% | 12/6/26 | 11,368 | 12,411 | |
Constellation Brands Inc. | 3.500% | 5/9/27 | 10,525 | 11,363 | |
Constellation Brands Inc. | 3.600% | 2/15/28 | 9,030 | 9,776 | |
Constellation Brands Inc. | 4.650% | 11/15/28 | 12,590 | 14,599 | |
Constellation Brands Inc. | 3.150% | 8/1/29 | 13,129 | 13,765 | |
CVS Health Corp. | 4.100% | 3/25/25 | 78,153 | 85,420 | |
CVS Health Corp. | 3.875% | 7/20/25 | 49,835 | 54,187 | |
CVS Health Corp. | 2.875% | 6/1/26 | 45,445 | 47,192 | |
CVS Health Corp. | 3.000% | 8/15/26 | 16,800 | 17,580 | |
CVS Health Corp. | 6.250% | 6/1/27 | 2,610 | 3,208 | |
CVS Health Corp. | 4.300% | 3/25/28 | 152,934 | 170,999 |
56
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
CVS Health Corp. | 3.250% | 8/15/29 | 42,804 | 44,918 | |
Danaher Corp. | 3.350% | 9/15/25 | 9,663 | 10,542 | |
Delhaize America LLC | 9.000% | 4/15/31 | 350 | 538 | |
DH Europe Finance II Sarl | 2.600% | 11/15/29 | 13,216 | 13,728 | |
Diageo Capital plc | 3.875% | 5/18/28 | 6,892 | 7,878 | |
Diageo Capital plc | 2.375% | 10/24/29 | 13,175 | 13,650 | |
Edwards Lifesciences Corp. | 4.300% | 6/15/28 | 9,712 | 11,220 | |
Eli Lilly & Co. | 2.750% | 6/1/25 | 5,053 | 5,358 | |
Eli Lilly & Co. | 3.375% | 3/15/29 | 26,808 | 29,953 | |
Estee Lauder Cos. Inc. | 3.150% | 3/15/27 | 9,847 | 10,715 | |
Estee Lauder Cos. Inc. | 2.375% | 12/1/29 | 14,799 | 15,265 | |
Flowers Foods Inc. | 3.500% | 10/1/26 | 5,235 | 5,552 | |
General Mills Inc. | 4.000% | 4/17/25 | 8,111 | 8,959 | |
General Mills Inc. | 3.200% | 2/10/27 | 17,964 | 19,452 | |
General Mills Inc. | 4.200% | 4/17/28 | 25,095 | 28,814 | |
Gilead Sciences Inc. | 3.500% | 2/1/25 | 10,439 | 11,283 | |
Gilead Sciences Inc. | 3.650% | 3/1/26 | 48,269 | 53,107 | |
Gilead Sciences Inc. | 2.950% | 3/1/27 | 24,101 | 25,631 | |
GlaxoSmithKline Capital Inc. | 3.625% | 5/15/25 | 25,934 | 28,771 | |
GlaxoSmithKline Capital Inc. | 3.875% | 5/15/28 | 30,202 | 34,448 | |
GlaxoSmithKline Capital plc | 3.375% | 6/1/29 | 4,651 | 5,148 | |
Hasbro Inc. | 3.550% | 11/19/26 | 10,400 | 10,894 | |
Hasbro Inc. | 3.500% | 9/15/27 | 7,673 | 7,981 | |
Hasbro Inc. | 3.900% | 11/19/29 | 18,162 | 19,034 | |
HCA Inc. | 5.250% | 4/15/25 | 19,520 | 22,155 | |
HCA Inc. | 5.250% | 6/15/26 | 33,912 | 38,787 | |
HCA Inc. | 4.500% | 2/15/27 | 14,962 | 16,514 | |
HCA Inc. | 4.125% | 6/15/29 | 38,215 | 41,750 | |
Hershey Co. | 3.200% | 8/21/25 | 6,045 | 6,569 | |
Hershey Co. | 2.300% | 8/15/26 | 18,701 | 19,619 | |
Hershey Co. | 7.200% | 8/15/27 | 146 | 200 | |
Hershey Co. | 2.450% | 11/15/29 | 8,915 | 9,391 | |
Ingredion Inc. | 3.200% | 10/1/26 | 7,582 | 7,955 | |
JM Smucker Co. | 3.500% | 3/15/25 | 12,849 | 13,882 | |
JM Smucker Co. | 3.375% | 12/15/27 | 9,239 | 9,942 | |
Johnson & Johnson | 2.450% | 3/1/26 | 38,882 | 40,831 | |
Johnson & Johnson | 2.950% | 3/3/27 | 29,238 | 31,818 | |
Johnson & Johnson | 2.900% | 1/15/28 | 20,441 | 22,265 | |
Johnson & Johnson | 6.950% | 9/1/29 | 2,450 | 3,645 | |
Kaiser Foundation Hospitals | 3.150% | 5/1/27 | 9,838 | 10,823 | |
Kellogg Co. | 3.250% | 4/1/26 | 9,556 | 10,270 | |
Kellogg Co. | 3.400% | 11/15/27 | 13,262 | 14,375 | |
Kellogg Co. | 4.300% | 5/15/28 | 6,751 | 7,734 | |
Keurig Dr Pepper Inc. | 4.417% | 5/25/25 | 16,552 | 18,557 | |
Keurig Dr Pepper Inc. | 3.400% | 11/15/25 | 7,274 | 7,786 | |
Keurig Dr Pepper Inc. | 2.550% | 9/15/26 | 7,469 | 7,627 | |
Keurig Dr Pepper Inc. | 3.430% | 6/15/27 | 8,181 | 8,699 | |
Keurig Dr Pepper Inc. | 4.597% | 5/25/28 | 32,725 | 37,747 | |
Kimberly-Clark Corp. | 3.050% | 8/15/25 | 5,840 | 6,386 | |
Kimberly-Clark Corp. | 2.750% | 2/15/26 | 4,527 | 4,794 | |
Kimberly-Clark Corp. | 3.950% | 11/1/28 | 8,040 | 9,382 | |
Kimberly-Clark Corp. | 3.200% | 4/25/29 | 15,413 | 17,424 | |
Kraft Heinz Foods Co. | 3.950% | 7/15/25 | 12,226 | 12,710 | |
Kroger Co. | 3.500% | 2/1/26 | 11,424 | 12,397 | |
Kroger Co. | 2.650% | 10/15/26 | 11,768 | 12,186 | |
Kroger Co. | 3.700% | 8/1/27 | 8,527 | 9,413 | |
Kroger Co. | 4.500% | 1/15/29 | 6,887 | 8,076 | |
Kroger Co. | 7.700% | 6/1/29 | 3,705 | 5,171 | |
Laboratory Corp. of America Holdings | 3.600% | 9/1/27 | 14,620 | 16,146 | |
Laboratory Corp. of America Holdings | 2.950% | 12/1/29 | 13,538 | 14,131 | |
McCormick & Co. Inc. | 3.400% | 8/15/27 | 11,892 | 12,883 | |
McKesson Corp. | 3.950% | 2/16/28 | 14,188 | 15,864 | |
McKesson Corp. | 4.750% | 5/30/29 | 6,536 | 7,748 |
57
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Mead Johnson Nutrition Co. | 4.125% | 11/15/25 | 18,214 | 20,457 | |
Medtronic Global Holdings SCA | 3.350% | 4/1/27 | 2,016 | 2,250 | |
Medtronic Inc. | 3.500% | 3/15/25 | 44,610 | 49,037 | |
Merck & Co. Inc. | 3.400% | 3/7/29 | 40,512 | 45,297 | |
Mercy Health | 4.302% | 7/1/28 | 3,970 | 4,633 | |
Molson Coors Beverage Co. | 3.000% | 7/15/26 | 36,894 | 38,323 | |
Mondelez International Inc. | 3.625% | 2/13/26 | 19,017 | 20,969 | |
Mondelez International Inc. | 4.125% | 5/7/28 | 2,001 | 2,309 | |
Mylan Inc. | 4.550% | 4/15/28 | 12,265 | 13,756 | |
Mylan NV | 3.950% | 6/15/26 | 39,874 | 43,006 | |
Novartis Capital Corp. | 3.000% | 11/20/25 | 30,526 | 33,007 | |
Novartis Capital Corp. | 2.000% | 2/14/27 | 18,065 | 18,493 | |
Novartis Capital Corp. | 3.100% | 5/17/27 | 20,296 | 22,188 | |
PepsiCo Inc. | 2.750% | 4/30/25 | 18,365 | 19,448 | |
PepsiCo Inc. | 3.500% | 7/17/25 | 4,195 | 4,606 | |
PepsiCo Inc. | 2.850% | 2/24/26 | 22,172 | 23,779 | |
PepsiCo Inc. | 2.375% | 10/6/26 | 25,222 | 26,359 | |
PepsiCo Inc. | 3.000% | 10/15/27 | 28,918 | 31,492 | |
PepsiCo Inc. | 2.625% | 7/29/29 | 21,316 | 22,821 | |
PerkinElmer Inc. | 3.300% | 9/15/29 | 12,647 | 13,263 | |
Perrigo Finance Unlimited Co. | 4.375% | 3/15/26 | 12,210 | 13,308 | |
Pfizer Inc. | 2.750% | 6/3/26 | 28,603 | 30,616 | |
Pfizer Inc. | 3.000% | 12/15/26 | 14,863 | 16,097 | |
Pfizer Inc. | 3.600% | 9/15/28 | 11,886 | 13,547 | |
Pfizer Inc. | 3.450% | 3/15/29 | 34,450 | 38,668 | |
Pharmacia LLC | 6.600% | 12/1/28 | 11,932 | 16,194 | |
Philip Morris International Inc. | 3.375% | 8/11/25 | 11,898 | 12,859 | |
Philip Morris International Inc. | 2.750% | 2/25/26 | 16,306 | 17,169 | |
Philip Morris International Inc. | 3.125% | 8/17/27 | 4,070 | 4,380 | |
Philip Morris International Inc. | 3.125% | 3/2/28 | 13,157 | 14,066 | |
Philip Morris International Inc. | 3.375% | 8/15/29 | 7,447 | 8,125 | |
Procter & Gamble Co. | 2.700% | 2/2/26 | 10,903 | 11,776 | |
Procter & Gamble Co. | 2.450% | 11/3/26 | 15,640 | 16,667 | |
Procter & Gamble Co. | 2.850% | 8/11/27 | 13,070 | 14,352 | |
Providence St. Joseph Health Obligated Group | 2.746% | 10/1/26 | 6,147 | 6,626 | |
Providence St. Joseph Health Obligated Group | 2.532% | 10/1/29 | 10,562 | 10,945 | |
Quest Diagnostics Inc. | 3.500% | 3/30/25 | 9,345 | 10,119 | |
Quest Diagnostics Inc. | 3.450% | 6/1/26 | 8,015 | 8,752 | |
Quest Diagnostics Inc. | 4.200% | 6/30/29 | 5,830 | 6,686 | |
Reynolds American Inc. | 4.450% | 6/12/25 | 36,164 | 39,924 | |
Sanofi | 3.625% | 6/19/28 | 14,385 | 16,505 | |
Shire Acquisitions Investments Ireland DAC | 3.200% | 9/23/26 | 46,385 | 49,593 | |
SSM Health Care Corp. | 3.823% | 6/1/27 | 5,608 | 6,227 | |
Stryker Corp. | 3.375% | 11/1/25 | 13,695 | 15,022 | |
Stryker Corp. | 3.500% | 3/15/26 | 19,966 | 22,039 | |
Stryker Corp. | 3.650% | 3/7/28 | 8,261 | 9,366 | |
Sutter Health | 3.695% | 8/15/28 | 5,575 | 6,181 | |
Sysco Corp. | 3.550% | 3/15/25 | 8,658 | 9,415 | |
Sysco Corp. | 3.750% | 10/1/25 | 13,382 | 14,784 | |
Sysco Corp. | 3.300% | 7/15/26 | 12,545 | 13,642 | |
Sysco Corp. | 3.250% | 7/15/27 | 15,819 | 17,107 | |
Sysco Corp. | 2.400% | 2/15/30 | 7,220 | 7,398 | |
Takeda Pharmaceutical Co. Ltd. | 5.000% | 11/26/28 | 35,292 | 42,767 | |
Thermo Fisher Scientific Inc. | 3.650% | 12/15/25 | 9,866 | 10,981 | |
Thermo Fisher Scientific Inc. | 2.950% | 9/19/26 | 34,625 | 37,069 | |
Thermo Fisher Scientific Inc. | 3.200% | 8/15/27 | 12,896 | 14,187 | |
Thermo Fisher Scientific Inc. | 2.600% | 10/1/29 | 4,309 | 4,452 | |
Toledo Hospital | 5.325% | 11/15/28 | 5,175 | 6,037 | |
Tyson Foods Inc. | 4.000% | 3/1/26 | 19,044 | 21,177 | |
Tyson Foods Inc. | 3.550% | 6/2/27 | 26,356 | 28,788 | |
Tyson Foods Inc. | 4.350% | 3/1/29 | 24,455 | 28,607 | |
Unilever Capital Corp. | 3.375% | 3/22/25 | 7,425 | 8,154 | |
Unilever Capital Corp. | 3.100% | 7/30/25 | 11,224 | 12,150 | |
Unilever Capital Corp. | 2.000% | 7/28/26 | 18,861 | 19,604 |
58
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Unilever Capital Corp. | 2.900% | 5/5/27 | 19,945 | 21,493 | |
Unilever Capital Corp. | 3.500% | 3/22/28 | 11,710 | 13,200 | |
Unilever Capital Corp. | 2.125% | 9/6/29 | 21,475 | 21,740 | |
Whirlpool Corp. | 3.700% | 5/1/25 | 5,470 | 5,922 | |
Whirlpool Corp. | 4.750% | 2/26/29 | 11,795 | 13,692 | |
Zimmer Biomet Holdings Inc. | 3.550% | 4/1/25 | 25,036 | 26,990 | |
Zoetis Inc. | 4.500% | 11/13/25 | 14,203 | 16,228 | |
Zoetis Inc. | 3.000% | 9/12/27 | 10,892 | 11,655 | |
Zoetis Inc. | 3.900% | 8/20/28 | 10,964 | 12,533 | |
Energy (8.4%) | |||||
Apache Corp. | 4.375% | 10/15/28 | 20,817 | 21,982 | |
Apache Corp. | 4.250% | 1/15/30 | 5,400 | 5,717 | |
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 3.337% | 12/15/27 | 25,101 | 26,174 | |
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 3.138% | 11/7/29 | 11,199 | 11,608 | |
Boardwalk Pipelines LP | 5.950% | 6/1/26 | 8,602 | 9,915 | |
Boardwalk Pipelines LP | 4.450% | 7/15/27 | 2,790 | 2,929 | |
Boardwalk Pipelines LP | 4.800% | 5/3/29 | 9,300 | 9,827 | |
BP Capital Markets America Inc. | 3.796% | 9/21/25 | 20,257 | 22,347 | |
BP Capital Markets America Inc. | 3.410% | 2/11/26 | 13,869 | 15,069 | |
BP Capital Markets America Inc. | 3.119% | 5/4/26 | 25,977 | 27,676 | |
BP Capital Markets America Inc. | 3.017% | 1/16/27 | 20,694 | 22,247 | |
BP Capital Markets America Inc. | 3.588% | 4/14/27 | 12,976 | 14,335 | |
BP Capital Markets America Inc. | 3.937% | 9/21/28 | 18,793 | 21,342 | |
BP Capital Markets America Inc. | 4.234% | 11/6/28 | 26,347 | 30,497 | |
BP Capital Markets plc | 3.506% | 3/17/25 | 16,743 | 18,157 | |
BP Capital Markets plc | 3.279% | 9/19/27 | 27,814 | 29,880 | |
BP Capital Markets plc | 3.723% | 11/28/28 | 15,755 | 17,470 | |
Canadian Natural Resources Ltd. | 3.850% | 6/1/27 | 20,125 | 21,496 | |
Cenovus Energy Inc. | 4.250% | 4/15/27 | 21,275 | 22,795 | |
Cheniere Corpus Christi Holdings LLC | 5.875% | 3/31/25 | 23,050 | 25,787 | |
Cheniere Corpus Christi Holdings LLC | 5.125% | 6/30/27 | 34,674 | 37,651 | |
2 | Cheniere Corpus Christi Holdings LLC | 3.700% | 11/15/29 | 28,499 | 28,428 |
Chevron Corp. | 3.326% | 11/17/25 | 14,013 | 15,289 | |
Chevron Corp. | 2.954% | 5/16/26 | 42,558 | 45,511 | |
Cimarex Energy Co. | 3.900% | 5/15/27 | 5,334 | 5,478 | |
Cimarex Energy Co. | 4.375% | 3/15/29 | 10,458 | 11,071 | |
Columbia Pipeline Group Inc. | 4.500% | 6/1/25 | 14,270 | 15,899 | |
Concho Resources Inc. | 3.750% | 10/1/27 | 21,332 | 22,079 | |
Concho Resources Inc. | 4.300% | 8/15/28 | 20,928 | 22,602 | |
ConocoPhillips Co. | 3.350% | 5/15/25 | 1,388 | 1,496 | |
ConocoPhillips Co. | 4.950% | 3/15/26 | 22,764 | 26,671 | |
ConocoPhillips Holding Co. | 6.950% | 4/15/29 | 31,769 | 43,342 | |
Continental Resources Inc. | 4.375% | 1/15/28 | 17,596 | 17,068 | |
Devon Energy Corp. | 5.850% | 12/15/25 | 13,044 | 15,471 | |
Diamondback Energy Inc. | 2.875% | 12/1/24 | 5,000 | 5,020 | |
Diamondback Energy Inc. | 3.250% | 12/1/26 | 22,460 | 22,579 | |
Diamondback Energy Inc. | 3.500% | 12/1/29 | 24,706 | 24,282 | |
Dominion Energy Gas Holdings LLC | 3.000% | 11/15/29 | 6,545 | 6,843 | |
Enable Midstream Partners LP | 4.400% | 3/15/27 | 14,181 | 14,171 | |
Enable Midstream Partners LP | 4.950% | 5/15/28 | 18,105 | 18,097 | |
Enable Midstream Partners LP | 4.150% | 9/15/29 | 10,177 | 9,583 | |
Enbridge Energy Partners LP | 5.875% | 10/15/25 | 10,481 | 12,562 | |
Enbridge Inc. | 4.250% | 12/1/26 | 10,730 | 12,020 | |
Enbridge Inc. | 3.700% | 7/15/27 | 4,909 | 5,332 | |
Enbridge Inc. | 3.125% | 11/15/29 | 19,245 | 19,926 | |
Energy Transfer Operating LP | 4.050% | 3/15/25 | 12,433 | 13,293 | |
Energy Transfer Operating LP | 2.900% | 5/15/25 | 13,450 | 13,697 | |
Energy Transfer Operating LP | 4.750% | 1/15/26 | 7,985 | 8,788 | |
Energy Transfer Operating LP | 4.200% | 4/15/27 | 15,509 | 16,627 | |
Energy Transfer Operating LP | 5.500% | 6/1/27 | 13,458 | 15,335 |
59
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Energy Transfer Operating LP | 5.250% | 4/15/29 | 20,961 | 23,660 | |
Energy Transfer Operating LP | 3.750% | 5/15/30 | 5,000 | 5,041 | |
Energy Transfer Partners LP | 4.950% | 6/15/28 | 23,566 | 26,042 | |
Eni USA Inc. | 7.300% | 11/15/27 | 1,000 | 1,324 | |
Enterprise Products Operating LLC | 3.750% | 2/15/25 | 7,000 | 7,612 | |
Enterprise Products Operating LLC | 3.700% | 2/15/26 | 14,419 | 15,768 | |
Enterprise Products Operating LLC | 3.950% | 2/15/27 | 7,696 | 8,493 | |
Enterprise Products Operating LLC | 4.150% | 10/16/28 | 10,293 | 11,698 | |
Enterprise Products Operating LLC | 3.125% | 7/31/29 | 31,212 | 32,651 | |
Enterprise Products Operating LLC | 2.800% | 1/31/30 | 18,325 | 18,688 | |
1 | Enterprise Products Operating LLC | 5.250% | 8/16/77 | 13,556 | 13,847 |
1 | Enterprise Products Operating LLC | 5.375% | 2/15/78 | 12,500 | 12,777 |
EOG Resources Inc. | 3.150% | 4/1/25 | 5,330 | 5,751 | |
EOG Resources Inc. | 4.150% | 1/15/26 | 9,141 | 10,221 | |
EQT Corp. | 3.900% | 10/1/27 | 2,241 | 1,434 | |
Exxon Mobil Corp. | 2.709% | 3/6/25 | 24,464 | 25,694 | |
Exxon Mobil Corp. | 3.043% | 3/1/26 | 50,423 | 53,869 | |
Exxon Mobil Corp. | 2.275% | 8/16/26 | 26,589 | 27,557 | |
Exxon Mobil Corp. | 2.440% | 8/16/29 | 14,350 | 14,851 | |
Halliburton Co. | 3.800% | 11/15/25 | 31,501 | 34,748 | |
Halliburton Co. | 2.920% | 3/1/30 | 5,000 | 4,882 | |
Helmerich & Payne Inc. | 4.650% | 3/15/25 | 6,700 | 7,471 | |
Hess Corp. | 4.300% | 4/1/27 | 18,058 | 19,034 | |
Hess Corp. | 7.875% | 10/1/29 | 4,435 | 5,944 | |
HollyFrontier Corp. | 5.875% | 4/1/26 | 17,809 | 19,585 | |
Husky Energy Inc. | 4.400% | 4/15/29 | 13,461 | 14,496 | |
Kinder Morgan Inc. | 4.300% | 6/1/25 | 24,596 | 27,158 | |
Kinder Morgan Inc. | 4.300% | 3/1/28 | 22,062 | 24,520 | |
Magellan Midstream Partners LP | 5.000% | 3/1/26 | 8,010 | 9,242 | |
Marathon Oil Corp. | 3.850% | 6/1/25 | 20,358 | 21,706 | |
Marathon Oil Corp. | 4.400% | 7/15/27 | 16,044 | 17,295 | |
Marathon Petroleum Corp. | 5.125% | 12/15/26 | 3,316 | 3,873 | |
Marathon Petroleum Corp. | 3.800% | 4/1/28 | 13,675 | 14,452 | |
MPLX LP | 4.000% | 2/15/25 | 3,968 | 4,240 | |
MPLX LP | 4.875% | 6/1/25 | 15,101 | 16,784 | |
MPLX LP | 4.125% | 3/1/27 | 22,590 | 24,213 | |
2 | MPLX LP | 4.250% | 12/1/27 | 12,266 | 13,517 |
MPLX LP | 4.000% | 3/15/28 | 23,979 | 25,348 | |
MPLX LP | 4.800% | 2/15/29 | 14,926 | 16,622 | |
National Fuel Gas Co. | 5.200% | 7/15/25 | 8,345 | 9,395 | |
National Fuel Gas Co. | 3.950% | 9/15/27 | 5,834 | 6,158 | |
National Fuel Gas Co. | 4.750% | 9/1/28 | 3,010 | 3,325 | |
National Oilwell Varco Inc. | 3.600% | 12/1/29 | 4,835 | 4,908 | |
Newfield Exploration Co. | 5.375% | 1/1/26 | 7,482 | 7,927 | |
Noble Energy Inc. | 3.850% | 1/15/28 | 15,572 | 16,099 | |
Noble Energy Inc. | 3.250% | 10/15/29 | 2,870 | 2,963 | |
Occidental Petroleum Corp. | 3.500% | 6/15/25 | 15,151 | 15,672 | |
Occidental Petroleum Corp. | 5.550% | 3/15/26 | 11,706 | 13,193 | |
Occidental Petroleum Corp. | 3.400% | 4/15/26 | 30,092 | 30,672 | |
Occidental Petroleum Corp. | 3.200% | 8/15/26 | 21,410 | 21,654 | |
Occidental Petroleum Corp. | 3.000% | 2/15/27 | 2,000 | 1,998 | |
Occidental Petroleum Corp. | 3.500% | 8/15/29 | 25,693 | 25,657 | |
ONEOK Inc. | 4.000% | 7/13/27 | 14,822 | 16,017 | |
ONEOK Inc. | 4.350% | 3/15/29 | 19,074 | 21,242 | |
ONEOK Inc. | 3.400% | 9/1/29 | 18,149 | 18,769 | |
ONEOK Partners LP | 4.900% | 3/15/25 | 7,539 | 8,471 | |
Patterson-UTI Energy Inc. | 3.950% | 2/1/28 | 13,206 | 12,746 | |
Patterson-UTI Energy Inc. | 5.150% | 11/15/29 | 7,841 | 8,214 | |
Phillips 66 | 3.900% | 3/15/28 | 12,946 | 14,504 | |
Phillips 66 Partners LP | 3.550% | 10/1/26 | 7,600 | 8,281 | |
Phillips 66 Partners LP | 3.750% | 3/1/28 | 8,168 | 8,787 | |
Phillips 66 Partners LP | 3.150% | 12/15/29 | 8,004 | 8,350 | |
Pioneer Natural Resources Co. | 4.450% | 1/15/26 | 8,710 | 9,823 | |
Plains All American Pipeline LP / PAA Finance Corp. | 4.650% | 10/15/25 | 22,114 | 24,082 |
60
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Plains All American Pipeline LP / PAA Finance Corp. | 4.500% | 12/15/26 | 10,745 | 11,557 | |
Plains All American Pipeline LP / PAA Finance Corp. | 3.550% | 12/15/29 | 17,520 | 17,187 | |
Sabine Pass Liquefaction LLC | 5.625% | 3/1/25 | 21,892 | 24,820 | |
Sabine Pass Liquefaction LLC | 5.875% | 6/30/26 | 29,871 | 34,501 | |
Sabine Pass Liquefaction LLC | 5.000% | 3/15/27 | 34,591 | 38,195 | |
Sabine Pass Liquefaction LLC | 4.200% | 3/15/28 | 29,017 | 30,685 | |
Shell International Finance BV | 3.250% | 5/11/25 | 47,240 | 50,918 | |
Shell International Finance BV | 2.875% | 5/10/26 | 36,235 | 38,513 | |
Shell International Finance BV | 2.500% | 9/12/26 | 15,847 | 16,577 | |
Shell International Finance BV | 3.875% | 11/13/28 | 26,083 | 29,555 | |
Shell International Finance BV | 2.375% | 11/7/29 | 27,175 | 27,668 | |
Spectra Energy Partners LP | 3.500% | 3/15/25 | 6,827 | 7,308 | |
Spectra Energy Partners LP | 3.375% | 10/15/26 | 15,671 | 16,830 | |
Sunoco Logistics Partners Operations LP | 5.950% | 12/1/25 | 14,852 | 17,389 | |
Sunoco Logistics Partners Operations LP | 3.900% | 7/15/26 | 18,500 | 19,840 | |
Sunoco Logistics Partners Operations LP | 4.000% | 10/1/27 | 21,793 | 23,725 | |
TC PipeLines LP | 4.375% | 3/13/25 | 2,975 | 3,208 | |
TC PipeLines LP | 3.900% | 5/25/27 | 10,735 | 11,504 | |
Tennessee Gas Pipeline Co. LLC | 7.000% | 3/15/27 | 3,083 | 3,866 | |
Tennessee Gas Pipeline Co. LLC | 7.000% | 10/15/28 | 6,072 | 7,970 | |
Total Capital International SA | 3.455% | 2/19/29 | 23,600 | 26,200 | |
Total Capital International SA | 2.829% | 1/10/30 | 18,883 | 19,997 | |
Total Capital SA | 3.883% | 10/11/28 | 20,446 | 23,385 | |
TransCanada PipeLines Ltd. | 4.875% | 1/15/26 | 22,334 | 25,302 | |
TransCanada PipeLines Ltd. | 4.250% | 5/15/28 | 17,480 | 19,692 | |
1 | Transcanada Trust | 5.500% | 9/15/79 | 18,025 | 19,016 |
Transcontinental Gas Pipe Line Co. LLC | 7.850% | 2/1/26 | 21,773 | 28,181 | |
Transcontinental Gas Pipe Line Co. LLC | 4.000% | 3/15/28 | 9,542 | 10,427 | |
Valero Energy Corp. | 3.650% | 3/15/25 | 10,921 | 11,798 | |
Valero Energy Corp. | 3.400% | 9/15/26 | 18,561 | 19,980 | |
Valero Energy Corp. | 4.350% | 6/1/28 | 15,819 | 17,591 | |
Valero Energy Corp. | 4.000% | 4/1/29 | 17,892 | 19,461 | |
Valero Energy Partners LP | 4.375% | 12/15/26 | 13,611 | 15,378 | |
Valero Energy Partners LP | 4.500% | 3/15/28 | 16,037 | 18,262 | |
Western Midstream Operating LP | 3.100% | 2/1/25 | 5,215 | 5,211 | |
Western Midstream Operating LP | 3.950% | 6/1/25 | 10,496 | 10,671 | |
Western Midstream Operating LP | 4.650% | 7/1/26 | 6,125 | 6,474 | |
Western Midstream Operating LP | 4.500% | 3/1/28 | 3,801 | 3,873 | |
Western Midstream Operating LP | 4.750% | 8/15/28 | 5,786 | 5,953 | |
Western Midstream Operating LP | 4.050% | 2/1/30 | 22,125 | 21,734 | |
Williams Cos. Inc. | 4.000% | 9/15/25 | 22,323 | 24,160 | |
Williams Cos. Inc. | 3.750% | 6/15/27 | 16,852 | 17,719 | |
Other Industrial (0.2%) | |||||
CBRE Services Inc. | 5.250% | 3/15/25 | 6,245 | 7,191 | |
CBRE Services Inc. | 4.875% | 3/1/26 | 10,096 | 11,546 | |
Cintas Corp. No. 2 | 3.700% | 4/1/27 | 17,525 | 19,571 | |
Fluor Corp. | 4.250% | 9/15/28 | 11,040 | 10,346 | |
Hillenbrand Inc. | 4.500% | 9/15/26 | 6,459 | 6,986 | |
Steelcase Inc. | 5.125% | 1/18/29 | 7,600 | 8,908 | |
Technology (8.9%) | |||||
Adobe Inc. | 2.150% | 2/1/27 | 16,405 | 16,752 | |
Adobe Inc. | 2.300% | 2/1/30 | 8,650 | 8,866 | |
Alphabet Inc. | 1.998% | 8/15/26 | 35,328 | 36,304 | |
Amphenol Corp. | 2.050% | 3/1/25 | 3,500 | 3,547 | |
Amphenol Corp. | 4.350% | 6/1/29 | 3,113 | 3,587 | |
Amphenol Corp. | 2.800% | 2/15/30 | 14,550 | 14,980 | |
Analog Devices Inc. | 3.900% | 12/15/25 | 14,800 | 16,390 | |
Analog Devices Inc. | 3.500% | 12/5/26 | 11,525 | 12,557 | |
Apple Inc. | 2.500% | 2/9/25 | 2,109 | 2,213 | |
Apple Inc. | 3.200% | 5/13/25 | 38,773 | 42,027 | |
Apple Inc. | 3.250% | 2/23/26 | 49,199 | 53,667 |
61
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Apple Inc. | 2.450% | 8/4/26 | 52,933 | 55,449 | |
Apple Inc. | 2.050% | 9/11/26 | 34,800 | 35,660 | |
Apple Inc. | 3.350% | 2/9/27 | 53,624 | 59,054 | |
Apple Inc. | 3.200% | 5/11/27 | 50,083 | 54,789 | |
Apple Inc. | 3.000% | 6/20/27 | 8,826 | 9,551 | |
Apple Inc. | 2.900% | 9/12/27 | 48,586 | 52,069 | |
Apple Inc. | 3.000% | 11/13/27 | 5,727 | 6,191 | |
Apple Inc. | 2.200% | 9/11/29 | 22,770 | 23,342 | |
Applied Materials Inc. | 3.900% | 10/1/25 | 17,111 | 19,116 | |
Applied Materials Inc. | 3.300% | 4/1/27 | 21,936 | 23,927 | |
Arrow Electronics Inc. | 4.000% | 4/1/25 | 5,445 | 5,779 | |
Arrow Electronics Inc. | 3.875% | 1/12/28 | 8,027 | 8,478 | |
Autodesk Inc. | 4.375% | 6/15/25 | 7,130 | 8,015 | |
Autodesk Inc. | 3.500% | 6/15/27 | 11,009 | 12,042 | |
Autodesk Inc. | 2.850% | 1/15/30 | 5,250 | 5,487 | |
Avnet Inc. | 4.625% | 4/15/26 | 8,405 | 9,167 | |
Baidu Inc. | 4.125% | 6/30/25 | 6,010 | 6,605 | |
Baidu Inc. | 3.625% | 7/6/27 | 10,875 | 11,731 | |
Baidu Inc. | 4.375% | 3/29/28 | 6,300 | 7,135 | |
Baidu Inc. | 4.875% | 11/14/28 | 9,925 | 11,712 | |
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.875% | 1/15/27 | 78,432 | 82,263 | |
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.500% | 1/15/28 | 23,365 | 24,172 | |
2 | Broadcom Inc. | 4.250% | 4/15/26 | 47,121 | 50,871 |
2 | Broadcom Inc. | 4.750% | 4/15/29 | 50,165 | 55,830 |
Broadridge Financial Solutions Inc. | 3.400% | 6/27/26 | 8,814 | 9,619 | |
Broadridge Financial Solutions Inc. | 2.900% | 12/1/29 | 13,325 | 13,862 | |
CA Inc. | 4.700% | 3/15/27 | 6,174 | 6,895 | |
Cisco Systems Inc. | 3.500% | 6/15/25 | 7,616 | 8,426 | |
Cisco Systems Inc. | 2.950% | 2/28/26 | 17,988 | 19,390 | |
Cisco Systems Inc. | 2.500% | 9/20/26 | 20,000 | 21,121 | |
Citrix Systems Inc. | 4.500% | 12/1/27 | 12,572 | 13,892 | |
Citrix Systems Inc. | 3.300% | 3/1/30 | 2,500 | 2,494 | |
2 | Dell International LLC / EMC Corp. | 6.020% | 6/15/26 | 80,808 | 94,630 |
2 | Dell International LLC / EMC Corp. | 4.900% | 10/1/26 | 34,115 | 38,683 |
2 | Dell International LLC / EMC Corp. | 5.300% | 10/1/29 | 14,899 | 17,096 |
DXC Technology Co. | 4.750% | 4/15/27 | 8,542 | 9,357 | |
Equinix Inc. | 5.875% | 1/15/26 | 15,065 | 15,894 | |
Equinix Inc. | 2.900% | 11/18/26 | 10,175 | 10,602 | |
Equinix Inc. | 5.375% | 5/15/27 | 17,000 | 18,339 | |
Equinix Inc. | 3.200% | 11/18/29 | 20,300 | 21,328 | |
Fidelity National Information Services Inc. | 5.000% | 10/15/25 | 500 | 585 | |
Fidelity National Information Services Inc. | 3.000% | 8/15/26 | 36,382 | 38,686 | |
Fidelity National Information Services Inc. | 4.250% | 5/15/28 | 5,540 | 6,384 | |
Fidelity National Information Services Inc. | 3.750% | 5/21/29 | 24,133 | 27,174 | |
Fiserv Inc. | 3.850% | 6/1/25 | 15,642 | 17,217 | |
Fiserv Inc. | 3.200% | 7/1/26 | 15,475 | 16,462 | |
Fiserv Inc. | 4.200% | 10/1/28 | 19,039 | 21,734 | |
Fiserv Inc. | 3.500% | 7/1/29 | 56,887 | 62,048 | |
Flex Ltd. | 4.750% | 6/15/25 | 4,165 | 4,577 | |
Flex Ltd. | 4.875% | 6/15/29 | 14,150 | 15,648 | |
Global Payments Inc. | 2.650% | 2/15/25 | 3,133 | 3,243 | |
Global Payments Inc. | 3.200% | 8/15/29 | 28,158 | 29,944 | |
Hewlett Packard Enterprise Co. | 4.900% | 10/15/25 | 56,785 | 64,655 | |
Intel Corp. | 3.700% | 7/29/25 | 44,701 | 49,421 | |
Intel Corp. | 2.600% | 5/19/26 | 16,579 | 17,452 | |
Intel Corp. | 3.150% | 5/11/27 | 11,979 | 12,991 | |
Intel Corp. | 2.450% | 11/15/29 | 29,500 | 30,645 | |
International Business Machines Corp. | 7.000% | 10/30/25 | 14,312 | 18,317 | |
International Business Machines Corp. | 3.450% | 2/19/26 | 33,029 | 36,141 | |
International Business Machines Corp. | 3.300% | 5/15/26 | 62,020 | 67,403 | |
International Business Machines Corp. | 3.300% | 1/27/27 | 2,380 | 2,600 | |
International Business Machines Corp. | 6.220% | 8/1/27 | 5,279 | 6,795 | |
International Business Machines Corp. | 6.500% | 1/15/28 | 4,150 | 5,468 |
62
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
International Business Machines Corp. | 3.500% | 5/15/29 | 62,661 | 70,365 | |
Jabil Inc. | 3.950% | 1/12/28 | 8,378 | 9,088 | |
Jabil Inc. | 3.600% | 1/15/30 | 9,300 | 9,530 | |
Juniper Networks Inc. | 4.350% | 6/15/25 | 5,350 | 5,935 | |
Juniper Networks Inc. | 3.750% | 8/15/29 | 13,985 | 15,097 | |
Keysight Technologies Inc. | 4.600% | 4/6/27 | 4,694 | 5,319 | |
Keysight Technologies Inc. | 3.000% | 10/30/29 | 10,153 | 10,632 | |
KLA Corp. | 4.100% | 3/15/29 | 14,169 | 16,085 | |
Lam Research Corp. | 3.800% | 3/15/25 | 8,748 | 9,622 | |
Lam Research Corp. | 3.750% | 3/15/26 | 18,490 | 20,395 | |
Lam Research Corp. | 4.000% | 3/15/29 | 12,930 | 14,604 | |
Marvell Technology Group Ltd. | 4.875% | 6/22/28 | 7,975 | 8,952 | |
Maxim Integrated Products Inc. | 3.450% | 6/15/27 | 6,215 | 6,676 | |
Micron Technology Inc. | 4.975% | 2/6/26 | 10,589 | 11,780 | |
Micron Technology Inc. | 4.185% | 2/15/27 | 11,160 | 12,053 | |
Micron Technology Inc. | 5.327% | 2/6/29 | 11,707 | 13,492 | |
Micron Technology Inc. | 4.663% | 2/15/30 | 10,800 | 11,894 | |
Microsoft Corp. | 2.700% | 2/12/25 | 20,460 | 21,661 | |
Microsoft Corp. | 3.125% | 11/3/25 | 43,200 | 46,961 | |
Microsoft Corp. | 2.400% | 8/8/26 | 73,888 | 77,647 | |
Microsoft Corp. | 3.300% | 2/6/27 | 76,085 | 84,419 | |
Motorola Solutions Inc. | 4.600% | 2/23/28 | 19,752 | 22,305 | |
Motorola Solutions Inc. | 4.600% | 5/23/29 | 7,024 | 8,076 | |
NVIDIA Corp. | 3.200% | 9/16/26 | 16,589 | 17,984 | |
2 | NXP BV / NXP Funding LLC | 5.350% | 3/1/26 | 15,900 | 18,285 |
2 | NXP BV / NXP Funding LLC | 5.550% | 12/1/28 | 9,350 | 11,138 |
2 | NXP BV / NXP Funding LLC / NXP USA Inc. | 3.875% | 6/18/26 | 7,355 | 7,879 |
2 | NXP BV / NXP Funding LLC / NXP USA Inc. | 4.300% | 6/18/29 | 23,030 | 25,650 |
Oracle Corp. | 2.950% | 5/15/25 | 36,111 | 38,438 | |
Oracle Corp. | 2.650% | 7/15/26 | 58,723 | 61,939 | |
Oracle Corp. | 3.250% | 11/15/27 | 41,655 | 45,723 | |
PayPal Holdings Inc. | 2.650% | 10/1/26 | 20,193 | 21,175 | |
PayPal Holdings Inc. | 2.850% | 10/1/29 | 27,590 | 28,774 | |
QUALCOMM Inc. | 3.450% | 5/20/25 | 35,614 | 38,486 | |
QUALCOMM Inc. | 3.250% | 5/20/27 | 28,628 | 30,827 | |
salesforce.com Inc. | 3.700% | 4/11/28 | 26,473 | 29,894 | |
Seagate HDD Cayman | 4.875% | 6/1/27 | 11,897 | 12,655 | |
Tech Data Corp. | 4.950% | 2/15/27 | 8,054 | 8,488 | |
Texas Instruments Inc. | 2.900% | 11/3/27 | 8,972 | 9,659 | |
Texas Instruments Inc. | 2.250% | 9/4/29 | 18,249 | 18,655 | |
Total System Services Inc. | 4.800% | 4/1/26 | 13,433 | 15,386 | |
Total System Services Inc. | 4.450% | 6/1/28 | 7,788 | 8,913 | |
Trimble Inc. | 4.900% | 6/15/28 | 10,542 | 11,959 | |
Tyco Electronics Group SA | 3.700% | 2/15/26 | 4,515 | 4,926 | |
Tyco Electronics Group SA | 3.125% | 8/15/27 | 9,258 | 9,898 | |
Verisk Analytics Inc. | 4.000% | 6/15/25 | 19,719 | 21,798 | |
Verisk Analytics Inc. | 4.125% | 3/15/29 | 18,824 | 21,539 | |
VMware Inc. | 3.900% | 8/21/27 | 33,494 | 35,768 | |
Transportation (2.2%) | |||||
1 | American Airlines 2013-1 Class A Pass Through Trust | 4.000% | 1/15/27 | 2,451 | 2,629 |
1 | American Airlines 2014-1 Class A Pass Through Trust | 3.700% | 4/1/28 | 4,886 | 5,340 |
1 | American Airlines 2015-1 Class A Pass Through Trust | 3.375% | 11/1/28 | 10,671 | 11,490 |
1 | American Airlines 2015-1 Class B Pass Through Trust | 3.700% | 11/1/24 | 1,435 | 1,486 |
1 | American Airlines 2015-2 Class AA Pass Through Trust | 3.600% | 9/22/27 | 2,857 | 3,120 |
1 | American Airlines 2016-1 Class AA Pass Through Trust | 3.575% | 1/15/28 | 6,394 | 7,033 |
1 | American Airlines 2016-2 Class A Pass Through Trust | 3.650% | 6/15/28 | 3,397 | 3,665 |
1 | American Airlines 2016-2 Class AA Pass Through Trust | 3.200% | 12/15/29 | 6,430 | 6,927 |
1 | American Airlines 2016-3 Class A Pass Through Trust | 3.250% | 4/15/30 | 240 | 257 |
American Airlines 2016-3 Class AA Pass Through Trust | 3.000% | 10/15/28 | 5,122 | 5,460 | |
1 | American Airlines 2017-1 Class AA Pass Through Trust | 3.650% | 8/15/30 | 5,158 | 5,661 |
1 | American Airlines 2017-1B Class B Pass Through Trust | 4.950% | 2/15/25 | 1,595 | 1,719 |
1 | American Airlines 2017-2 Class AA Pass Through Trust | 3.350% | 10/15/29 | 8,098 | 8,742 |
1 | BNSF Funding Trust I | 6.613% | 12/15/55 | 1,990 | 2,217 |
63
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Burlington Northern Santa Fe LLC | 3.000% | 4/1/25 | 11,070 | 11,831 | |
Burlington Northern Santa Fe LLC | 3.650% | 9/1/25 | 13,287 | 14,761 | |
Burlington Northern Santa Fe LLC | 7.000% | 12/15/25 | 4,796 | 6,164 | |
Burlington Northern Santa Fe LLC | 3.250% | 6/15/27 | 12,855 | 14,183 | |
Canadian National Railway Co. | 2.950% | 11/21/24 | 4 | 4 | |
Canadian National Railway Co. | 2.750% | 3/1/26 | 10,193 | 10,826 | |
Canadian National Railway Co. | 6.900% | 7/15/28 | 4,641 | 6,465 | |
Canadian Pacific Railway Co. | 4.000% | 6/1/28 | 9,801 | 11,278 | |
CH Robinson Worldwide Inc. | 4.200% | 4/15/28 | 9,659 | 10,936 | |
CSX Corp. | 3.350% | 11/1/25 | 15,836 | 17,329 | |
CSX Corp. | 2.600% | 11/1/26 | 14,525 | 15,301 | |
CSX Corp. | 3.250% | 6/1/27 | 12,704 | 13,720 | |
CSX Corp. | 3.800% | 3/1/28 | 20,123 | 22,414 | |
CSX Corp. | 4.250% | 3/15/29 | 21,779 | 25,232 | |
1 | CSX Transportation Inc. | 6.251% | 1/15/23 | 23 | 26 |
1 | Delta Air Lines 2015-1 Class AA Pass Through Trust | 3.625% | 7/30/27 | 302 | 332 |
Delta Air Lines Inc. | 4.375% | 4/19/28 | 12,189 | 13,221 | |
Delta Air Lines Inc. | 3.750% | 10/28/29 | 10,400 | 10,434 | |
FedEx Corp. | 2.700% | 4/15/23 | 1,500 | 1,548 | |
FedEx Corp. | 3.250% | 4/1/26 | 17,809 | 19,060 | |
FedEx Corp. | 3.300% | 3/15/27 | 6,869 | 7,282 | |
FedEx Corp. | 3.400% | 2/15/28 | 9,017 | 9,620 | |
FedEx Corp. | 4.200% | 10/17/28 | 6,708 | 7,500 | |
FedEx Corp. | 3.100% | 8/5/29 | 10,589 | 10,998 | |
JB Hunt Transport Services Inc. | 3.875% | 3/1/26 | 16,592 | 18,322 | |
Kansas City Southern | 2.875% | 11/15/29 | 13,307 | 13,844 | |
Kirby Corp. | 4.200% | 3/1/28 | 8,905 | 9,797 | |
1 | Latam Airlines 2015-1 Pass Through Trust A | 4.200% | 8/15/29 | 4,879 | 4,928 |
Norfolk Southern Corp. | 5.590% | 5/17/25 | 1,770 | 2,089 | |
Norfolk Southern Corp. | 3.650% | 8/1/25 | 3,681 | 4,039 | |
Norfolk Southern Corp. | 2.900% | 6/15/26 | 13,359 | 14,268 | |
Norfolk Southern Corp. | 7.800% | 5/15/27 | 4,142 | 5,657 | |
Norfolk Southern Corp. | 3.150% | 6/1/27 | 11,956 | 12,896 | |
Norfolk Southern Corp. | 3.800% | 8/1/28 | 10,507 | 11,905 | |
Norfolk Southern Corp. | 2.550% | 11/1/29 | 4,951 | 5,150 | |
Ryder System Inc. | 2.900% | 12/1/26 | 11,350 | 11,911 | |
Southwest Airlines Co. | 3.000% | 11/15/26 | 6,702 | 7,098 | |
Southwest Airlines Co. | 3.450% | 11/16/27 | 4,190 | 4,624 | |
Southwest Airlines Co. | 2.625% | 2/10/30 | 11,000 | 11,082 | |
1 | Spirit Airlines Class A Pass Through Certificates Series 2015-1 | 4.100% | 10/1/29 | 2,399 | 2,599 |
Union Pacific Corp. | 3.750% | 7/15/25 | 13,121 | 14,521 | |
Union Pacific Corp. | 3.250% | 8/15/25 | 10,611 | 11,569 | |
Union Pacific Corp. | 2.750% | 3/1/26 | 11,306 | 11,891 | |
Union Pacific Corp. | 2.150% | 2/5/27 | 6,200 | 6,315 | |
Union Pacific Corp. | 3.000% | 4/15/27 | 6,097 | 6,543 | |
Union Pacific Corp. | 3.950% | 9/10/28 | 28,989 | 33,002 | |
Union Pacific Corp. | 6.625% | 2/1/29 | 420 | 563 | |
Union Pacific Corp. | 3.700% | 3/1/29 | 11,975 | 13,502 | |
Union Pacific Corp. | 2.400% | 2/5/30 | 18,070 | 18,515 | |
1 | United Airlines 2013-1 Class A Pass Through Trust | 4.300% | 2/15/27 | 6,459 | 7,143 |
1 | United Airlines 2014-1 Class A Pass Through Trust | 4.000% | 10/11/27 | 7,011 | 7,651 |
1 | United Airlines 2014-2 Class A Pass Through Trust | 3.750% | 3/3/28 | 10,068 | 10,964 |
1 | United Airlines 2015-1 Class AA Pass Through Trust | 3.450% | 12/1/27 | 6,999 | 7,628 |
1 | United Airlines 2016-1 Class A Pass Through Trust | 3.450% | 1/7/30 | 3,767 | 4,061 |
1 | United Airlines 2016-1 Class AA Pass Through Trust | 3.100% | 7/7/28 | 9,115 | 9,732 |
1 | United Airlines 2016-2 Class AA Pass Through Trust | 2.875% | 10/7/28 | 2,973 | 3,164 |
United Parcel Service Inc. | 2.800% | 11/15/24 | 4 | 4 | |
United Parcel Service Inc. | 2.400% | 11/15/26 | 11,134 | 11,661 | |
United Parcel Service Inc. | 3.050% | 11/15/27 | 13,137 | 14,211 | |
United Parcel Service Inc. | 3.400% | 3/15/29 | 15,554 | 17,118 | |
United Parcel Service Inc. | 2.500% | 9/1/29 | 8,447 | 8,753 | |
1 | US Airways 2012-1 Class A Pass Through Trust | 5.900% | 4/1/26 | 687 | 780 |
1 | US Airways 2012-2 Class A Pass Through Trust | 4.625% | 12/3/26 | 1,638 | 1,791 |
64
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
1 | US Airways 2013-1 Class A Pass Through Trust | 3.950% | 5/15/27 | 2,316 | 2,500 |
18,028,041 | |||||
Utilities (5.3%) | |||||
Electric (4.6%) | |||||
AEP Texas Inc. | 3.950% | 6/1/28 | 10,645 | 11,990 | |
AEP Transmission Co. LLC | 3.100% | 12/1/26 | 3,690 | 3,990 | |
Ameren Corp. | 3.650% | 2/15/26 | 5,106 | 5,502 | |
Ameren Illinois Co. | 3.250% | 3/1/25 | 4,177 | 4,480 | |
Ameren Illinois Co. | 3.800% | 5/15/28 | 7,489 | 8,493 | |
American Electric Power Co. Inc. | 3.200% | 11/13/27 | 5,900 | 6,285 | |
American Electric Power Co. Inc. | 4.300% | 12/1/28 | 5,564 | 6,388 | |
Appalachian Power Co. | 3.400% | 6/1/25 | 2,071 | 2,227 | |
Appalachian Power Co. | 3.300% | 6/1/27 | 4,600 | 4,967 | |
Arizona Public Service Co. | 3.150% | 5/15/25 | 4,870 | 5,193 | |
Arizona Public Service Co. | 2.950% | 9/15/27 | 3,836 | 4,090 | |
Arizona Public Service Co. | 2.600% | 8/15/29 | 4,080 | 4,249 | |
Atlantic City Electric Co. | 4.000% | 10/15/28 | 11,389 | 13,245 | |
Avangrid Inc. | 3.800% | 6/1/29 | 12,950 | 14,369 | |
Baltimore Gas & Electric Co. | 2.400% | 8/15/26 | 3,868 | 3,934 | |
Berkshire Hathaway Energy Co. | 3.250% | 4/15/28 | 13,820 | 14,995 | |
Black Hills Corp. | 3.950% | 1/15/26 | 5,845 | 6,376 | |
Black Hills Corp. | 3.150% | 1/15/27 | 4,435 | 4,601 | |
Black Hills Corp. | 3.050% | 10/15/29 | 9,291 | 9,736 | |
CenterPoint Energy Houston Electric LLC | 2.400% | 9/1/26 | 1,930 | 1,983 | |
CenterPoint Energy Houston Electric LLC | 3.000% | 2/1/27 | 3,621 | 3,857 | |
CenterPoint Energy Inc. | 4.250% | 11/1/28 | 10,075 | 11,508 | |
Cleco Corporate Holdings LLC | 3.743% | 5/1/26 | 7,633 | 8,146 | |
2 | Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 3,510 | 3,661 |
CMS Energy Corp. | 3.000% | 5/15/26 | 5,606 | 5,942 | |
CMS Energy Corp. | 3.450% | 8/15/27 | 6,312 | 6,839 | |
Commonwealth Edison Co. | 2.550% | 6/15/26 | 6,507 | 6,830 | |
Commonwealth Edison Co. | 2.950% | 8/15/27 | 6,792 | 7,277 | |
Commonwealth Edison Co. | 3.700% | 8/15/28 | 8,303 | 9,448 | |
Commonwealth Edison Co. | 2.200% | 3/1/30 | 2,500 | 2,521 | |
Connecticut Light & Power Co. | 3.200% | 3/15/27 | 10,710 | 11,607 | |
Consolidated Edison Co. of New York Inc. | 3.125% | 11/15/27 | 7,239 | 7,865 | |
Consolidated Edison Co. of New York Inc. | 3.800% | 5/15/28 | 6,609 | 7,469 | |
Consolidated Edison Co. of New York Inc. | 4.000% | 12/1/28 | 6,350 | 7,297 | |
Consumers Energy Co. | 3.800% | 11/15/28 | 4,558 | 5,250 | |
Dominion Energy Inc. | 3.900% | 10/1/25 | 10,190 | 11,238 | |
Dominion Energy Inc. | 2.850% | 8/15/26 | 7,906 | 8,317 | |
Dominion Energy Inc. | 4.250% | 6/1/28 | 6,445 | 7,364 | |
DTE Electric Co. | 3.375% | 3/1/25 | 3,061 | 3,306 | |
DTE Electric Co. | 2.250% | 3/1/30 | 3,000 | 3,044 | |
DTE Energy Co. | 2.850% | 10/1/26 | 8,382 | 8,707 | |
DTE Energy Co. | 3.800% | 3/15/27 | 11,015 | 11,906 | |
DTE Energy Co. | 3.400% | 6/15/29 | 9,168 | 9,887 | |
Duke Energy Carolinas LLC | 2.950% | 12/1/26 | 6,865 | 7,361 | |
Duke Energy Carolinas LLC | 3.950% | 11/15/28 | 21,810 | 25,340 | |
Duke Energy Carolinas LLC | 6.000% | 12/1/28 | 2,475 | 3,218 | |
Duke Energy Carolinas LLC | 2.450% | 8/15/29 | 12,375 | 12,854 | |
Duke Energy Carolinas LLC | 2.450% | 2/1/30 | 3,000 | 3,124 | |
Duke Energy Corp. | 2.650% | 9/1/26 | 18,350 | 19,081 | |
Duke Energy Corp. | 3.150% | 8/15/27 | 11,866 | 12,724 | |
Duke Energy Corp. | 3.400% | 6/15/29 | 9,410 | 10,183 | |
Duke Energy Florida LLC | 3.200% | 1/15/27 | 15,680 | 16,955 | |
Duke Energy Florida LLC | 3.800% | 7/15/28 | 8,657 | 9,808 | |
Duke Energy Florida LLC | 2.500% | 12/1/29 | 8,062 | 8,351 | |
1 | Duke Energy Florida Project Finance LLC | 2.538% | 9/1/29 | 2,419 | 2,557 |
Duke Energy Ohio Inc. | 3.650% | 2/1/29 | 12,925 | 14,597 | |
Duke Energy Progress LLC | 3.250% | 8/15/25 | 14,552 | 15,811 | |
Duke Energy Progress LLC | 3.700% | 9/1/28 | 9,254 | 10,451 | |
Duke Energy Progress LLC | 3.450% | 3/15/29 | 14,497 | 16,137 |
65
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Edison International | 5.750% | 6/15/27 | 10,855 | 12,702 | |
Edison International | 4.125% | 3/15/28 | 7,970 | 8,629 | |
Emera US Finance LP | 3.550% | 6/15/26 | 15,600 | 16,905 | |
Enel Americas SA | 4.000% | 10/25/26 | 9,089 | 9,765 | |
Enel Chile SA | 4.875% | 6/12/28 | 13,350 | 15,143 | |
Entergy Arkansas Inc. | 3.500% | 4/1/26 | 9,363 | 10,199 | |
Entergy Corp. | 2.950% | 9/1/26 | 6,351 | 6,690 | |
Entergy Louisiana LLC | 2.400% | 10/1/26 | 11,577 | 11,864 | |
Entergy Louisiana LLC | 3.120% | 9/1/27 | 10,020 | 10,783 | |
Entergy Louisiana LLC | 3.250% | 4/1/28 | 9,437 | 10,296 | |
Entergy Mississippi LLC | 2.850% | 6/1/28 | 8,127 | 8,607 | |
Entergy Texas Inc. | 4.000% | 3/30/29 | 3,654 | 4,134 | |
Evergy Inc. | 2.900% | 9/15/29 | 18,230 | 18,765 | |
Eversource Energy | 3.300% | 1/15/28 | 12,882 | 13,846 | |
Eversource Energy | 4.250% | 4/1/29 | 7,269 | 8,443 | |
Exelon Corp. | 3.950% | 6/15/25 | 15,771 | 17,350 | |
Exelon Corp. | 3.400% | 4/15/26 | 15,240 | 16,479 | |
FirstEnergy Corp. | 3.900% | 7/15/27 | 29,085 | 32,156 | |
FirstEnergy Corp. | 2.650% | 3/1/30 | 3,000 | 3,062 | |
Florida Power & Light Co. | 3.125% | 12/1/25 | 14,981 | 16,181 | |
Fortis Inc. | 3.055% | 10/4/26 | 19,211 | 20,103 | |
Georgia Power Co. | 3.250% | 4/1/26 | 7,427 | 8,010 | |
Georgia Power Co. | 3.250% | 3/30/27 | 7,738 | 8,276 | |
Georgia Power Co. | 2.650% | 9/15/29 | 18,390 | 19,297 | |
Gulf Power Co. | 3.300% | 5/30/27 | 6,385 | 6,885 | |
Indiana Michigan Power Co. | 3.850% | 5/15/28 | 12,495 | 14,097 | |
Interstate Power & Light Co. | 4.100% | 9/26/28 | 9,073 | 10,368 | |
Interstate Power & Light Co. | 3.600% | 4/1/29 | 7,125 | 7,931 | |
ITC Holdings Corp. | 3.250% | 6/30/26 | 10,918 | 11,667 | |
ITC Holdings Corp. | 3.350% | 11/15/27 | 9,130 | 9,973 | |
Kansas City Power & Light Co. | 3.650% | 8/15/25 | 705 | 773 | |
Louisville Gas & Electric Co. | 3.300% | 10/1/25 | 4,607 | 4,973 | |
MidAmerican Energy Co. | 3.100% | 5/1/27 | 6,000 | 6,477 | |
MidAmerican Energy Co. | 3.650% | 4/15/29 | 12,150 | 13,745 | |
Mississippi Power Co. | 3.950% | 3/30/28 | 2,350 | 2,624 | |
National Rural Utilities Cooperative Finance Corp. | 3.250% | 11/1/25 | 9,361 | 10,252 | |
National Rural Utilities Cooperative Finance Corp. | 3.050% | 4/25/27 | 6,389 | 6,936 | |
National Rural Utilities Cooperative Finance Corp. | 3.400% | 2/7/28 | 12,909 | 14,489 | |
National Rural Utilities Cooperative Finance Corp. | 3.900% | 11/1/28 | 5,665 | 6,538 | |
National Rural Utilities Cooperative Finance Corp. | 3.700% | 3/15/29 | 12,169 | 13,991 | |
National Rural Utilities Cooperative Finance Corp. | 2.400% | 3/15/30 | 2,000 | 2,072 | |
1 | National Rural Utilities Cooperative Finance Corp. | 5.250% | 4/20/46 | 6,700 | 7,425 |
Nevada Power Co. | 3.700% | 5/1/29 | 9,825 | 11,090 | |
NextEra Energy Capital Holdings Inc. | 3.250% | 4/1/26 | 4,749 | 5,087 | |
NextEra Energy Capital Holdings Inc. | 3.550% | 5/1/27 | 15,766 | 17,195 | |
NextEra Energy Capital Holdings Inc. | 3.500% | 4/1/29 | 10,164 | 11,122 | |
NextEra Energy Capital Holdings Inc. | 2.750% | 11/1/29 | 15,245 | 15,932 | |
1 | NextEra Energy Capital Holdings Inc. | 4.800% | 12/1/77 | 16,150 | 17,018 |
1 | NextEra Energy Capital Holdings Inc. | 5.650% | 5/1/79 | 4,275 | 4,767 |
NSTAR Electric Co. | 3.200% | 5/15/27 | 9,925 | 10,749 | |
NSTAR Electric Co. | 3.250% | 5/15/29 | 2,333 | 2,553 | |
Oklahoma Gas & Electric Co. | 3.800% | 8/15/28 | 6,305 | 7,098 | |
Oncor Electric Delivery Co. LLC | 2.950% | 4/1/25 | 8,247 | 8,748 | |
Oncor Electric Delivery Co. LLC | 3.700% | 11/15/28 | 11,464 | 13,066 | |
Oncor Electric Delivery Co. LLC | 5.750% | 3/15/29 | 2,753 | 3,573 | |
PacifiCorp | 3.500% | 6/15/29 | 8,850 | 9,884 | |
PECO Energy Co. | 3.150% | 10/15/25 | 6,180 | 6,641 | |
PPL Capital Funding Inc. | 3.100% | 5/15/26 | 17,402 | 18,453 | |
Public Service Co. of Colorado | 3.700% | 6/15/28 | 6,575 | 7,449 | |
Public Service Electric & Gas Co. | 3.000% | 5/15/25 | 8,424 | 8,980 | |
Public Service Electric & Gas Co. | 2.250% | 9/15/26 | 8,339 | 8,556 | |
Public Service Electric & Gas Co. | 3.000% | 5/15/27 | 3,162 | 3,397 | |
Public Service Electric & Gas Co. | 3.700% | 5/1/28 | 7,210 | 8,126 | |
Public Service Electric & Gas Co. | 3.650% | 9/1/28 | 7,072 | 8,030 |
66
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Public Service Electric & Gas Co. | 3.200% | 5/15/29 | 7,798 | 8,704 | |
Public Service Electric & Gas Co. | 2.450% | 1/15/30 | 2,700 | 2,819 | |
Puget Energy Inc. | 3.650% | 5/15/25 | 10,385 | 11,106 | |
San Diego Gas & Electric Co. | 2.500% | 5/15/26 | 3,687 | 3,797 | |
Scottish Power Ltd. | 5.810% | 3/15/25 | 2,735 | 3,179 | |
Sierra Pacific Power Co. | 2.600% | 5/1/26 | 9,181 | 9,571 | |
Southern California Edison Co. | 3.700% | 8/1/25 | 6,675 | 7,306 | |
Southern California Edison Co. | 3.650% | 3/1/28 | 6,995 | 7,736 | |
Southern California Edison Co. | 4.200% | 3/1/29 | 6,462 | 7,462 | |
Southern California Edison Co. | 6.650% | 4/1/29 | 6,328 | 8,032 | |
Southern California Edison Co. | 2.850% | 8/1/29 | 10,550 | 11,101 | |
Southern Co. | 3.250% | 7/1/26 | 19,589 | 20,922 | |
Southern Power Co. | 4.150% | 12/1/25 | 8,034 | 8,973 | |
Southwestern Electric Power Co. | 2.750% | 10/1/26 | 6,582 | 6,830 | |
Southwestern Electric Power Co. | 4.100% | 9/15/28 | 16,102 | 18,251 | |
Tucson Electric Power Co. | 3.050% | 3/15/25 | 4,500 | 4,784 | |
Union Electric Co. | 2.950% | 6/15/27 | 6,275 | 6,661 | |
Union Electric Co. | 3.500% | 3/15/29 | 10,580 | 11,830 | |
Virginia Electric & Power Co. | 3.100% | 5/15/25 | 5,119 | 5,448 | |
Virginia Electric & Power Co. | 3.150% | 1/15/26 | 19,095 | 20,561 | |
Virginia Electric & Power Co. | 2.950% | 11/15/26 | 3,877 | 4,161 | |
Virginia Electric & Power Co. | 3.500% | 3/15/27 | 12,928 | 14,227 | |
Virginia Electric & Power Co. | 3.800% | 4/1/28 | 18,758 | 21,068 | |
Virginia Electric & Power Co. | 2.875% | 7/15/29 | 10,400 | 11,076 | |
WEC Energy Group Inc. | 3.550% | 6/15/25 | 8,592 | 9,317 | |
Westar Energy Inc. | 2.550% | 7/1/26 | 9,249 | 9,658 | |
Westar Energy Inc. | 3.100% | 4/1/27 | 8,647 | 9,270 | |
Wisconsin Power & Light Co. | 3.050% | 10/15/27 | 4,620 | 4,952 | |
Wisconsin Power & Light Co. | 3.000% | 7/1/29 | 1,575 | 1,698 | |
Xcel Energy Inc. | 3.300% | 6/1/25 | 6,106 | 6,532 | |
Xcel Energy Inc. | 3.350% | 12/1/26 | 7,659 | 8,196 | |
Xcel Energy Inc. | 4.000% | 6/15/28 | 7,717 | 8,753 | |
Xcel Energy Inc. | 2.600% | 12/1/29 | 8,950 | 9,107 | |
Natural Gas (0.5%) | |||||
Atmos Energy Corp. | 3.000% | 6/15/27 | 8,188 | 8,785 | |
Atmos Energy Corp. | 2.625% | 9/15/29 | 4,475 | 4,651 | |
CenterPoint Energy Resources Corp. | 4.000% | 4/1/28 | 5,480 | 6,147 | |
NiSource Finance Corp. | 3.490% | 5/15/27 | 15,529 | 16,859 | |
NiSource Inc. | 2.950% | 9/1/29 | 15,198 | 15,869 | |
Piedmont Natural Gas Co. Inc. | 3.500% | 6/1/29 | 7,470 | 8,267 | |
Sempra Energy | 3.750% | 11/15/25 | 5,436 | 5,908 | |
Sempra Energy | 3.250% | 6/15/27 | 14,690 | 15,653 | |
Sempra Energy | 3.400% | 2/1/28 | 21,472 | 23,105 | |
Southern California Gas Co. | 3.200% | 6/15/25 | 2,300 | 2,464 | |
Southern California Gas Co. | 2.600% | 6/15/26 | 9,400 | 9,792 | |
Southern California Gas Co. | 2.550% | 2/1/30 | 11,500 | 12,006 | |
Southern Co. Gas Capital Corp. | 3.250% | 6/15/26 | 6,817 | 7,294 | |
Southwest Gas Corp. | 3.700% | 4/1/28 | 4,270 | 4,711 | |
Other Utility (0.2%) | |||||
American Water Capital Corp. | 3.400% | 3/1/25 | 10,960 | 11,936 | |
American Water Capital Corp. | 2.950% | 9/1/27 | 8,590 | 9,065 | |
American Water Capital Corp. | 3.750% | 9/1/28 | 8,900 | 10,078 | |
American Water Capital Corp. | 3.450% | 6/1/29 | 13,375 | 14,724 | |
Essential Utilities Inc. | 3.566% | 5/1/29 | 6,400 | 7,041 | |
United Utilities plc | 6.875% | 8/15/28 | 2,312 | 2,941 | |
1,661,730 | |||||
Total Corporate Bonds (Cost $29,297,505) | 31,150,117 |
67
Vanguard® Intermediate-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Shares | Market | |||
Temporary Cash Investment (1.0%) | |||||
Money Market Fund | |||||
3 | Vanguard Market Liquidity Fund (Cost $322,418) | 1.706% | 3,223,262 | 322,423 | |
Total Investments (100.2%) (Cost $29,752,127) | 31,605,018 | ||||
Other Assets and Liabilities—Net (-0.2%) | (48,143) | ||||
Net Assets (100%) | 31,556,875 |
Cost rounded to $000
* | Securities with a value of $1,511,000 have been segregated as initial margin for open futures contracts. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2020, the aggregate value of these securities was $1,030,312,000, representing 3.3% of net assets. |
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. |
68
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
U.S. Government and Agency Obligations (0.8%) | |||||
U.S. Government Securities | |||||
United States Treasury Note/Bond | 1.500% | 2/15/30 | 19,010 | 19,657 | |
United States Treasury Note/Bond | 2.375% | 11/15/49 | 17,750 | 20,718 | |
Total U.S. Government and Agency Obligations (Cost $40,234) | 40,375 | ||||
Corporate Bonds (98.0%) | |||||
Finance (16.7%) | |||||
Banking (8.5%) | |||||
Ally Financial Inc. | 8.000% | 11/1/31 | 5,300 | 7,306 | |
Ally Financial Inc. | 8.000% | 11/1/31 | 2,705 | 3,784 | |
American Express Co. | 4.050% | 12/3/42 | 2,312 | 2,891 | |
Bank of America Corp. | 6.110% | 1/29/37 | 4,988 | 6,912 | |
1 | Bank of America Corp. | 4.244% | 4/24/38 | 4,955 | 5,969 |
Bank of America Corp. | 7.750% | 5/14/38 | 4,243 | 6,928 | |
1 | Bank of America Corp. | 4.078% | 4/23/40 | 2,655 | 3,104 |
Bank of America Corp. | 5.875% | 2/7/42 | 3,756 | 5,513 | |
Bank of America Corp. | 5.000% | 1/21/44 | 5,440 | 7,340 | |
Bank of America Corp. | 4.875% | 4/1/44 | 342 | 463 | |
Bank of America Corp. | 4.750% | 4/21/45 | 2,386 | 3,102 | |
1 | Bank of America Corp. | 4.443% | 1/20/48 | 6,070 | 7,723 |
1 | Bank of America Corp. | 3.946% | 1/23/49 | 2,585 | 3,068 |
1 | Bank of America Corp. | 4.330% | 3/15/50 | 7,275 | 9,310 |
Bank of America NA | 6.000% | 10/15/36 | 3,887 | 5,452 | |
Barclays plc | 5.250% | 8/17/45 | 4,280 | 5,410 | |
Barclays plc | 4.950% | 1/10/47 | 2,410 | 2,942 | |
Citigroup Inc. | 6.625% | 6/15/32 | 1,138 | 1,571 | |
Citigroup Inc. | 5.875% | 2/22/33 | 490 | 658 | |
Citigroup Inc. | 6.000% | 10/31/33 | 2,450 | 3,367 | |
Citigroup Inc. | 6.125% | 8/25/36 | 1,775 | 2,456 | |
1 | Citigroup Inc. | 3.878% | 1/24/39 | 2,418 | 2,792 |
Citigroup Inc. | 8.125% | 7/15/39 | 4,731 | 8,140 | |
Citigroup Inc. | 5.875% | 1/30/42 | 2,687 | 3,949 | |
Citigroup Inc. | 6.675% | 9/13/43 | 3,335 | 5,157 | |
Citigroup Inc. | 5.300% | 5/6/44 | 972 | 1,302 | |
Citigroup Inc. | 4.650% | 7/30/45 | 2,806 | 3,669 | |
Citigroup Inc. | 4.750% | 5/18/46 | 6,654 | 8,362 | |
1 | Citigroup Inc. | 4.281% | 4/24/48 | 2,229 | 2,758 |
Citigroup Inc. | 4.650% | 7/23/48 | 6,710 | 8,890 | |
Cooperatieve Rabobank UA | 5.250% | 5/24/41 | 3,520 | 5,072 | |
Cooperatieve Rabobank UA | 5.750% | 12/1/43 | 4,125 | 6,035 | |
Cooperatieve Rabobank UA | 5.250% | 8/4/45 | 1,279 | 1,746 | |
Credit Suisse Group Funding Guernsey Ltd. | 4.875% | 5/15/45 | 4,872 | 6,407 | |
Credit Suisse USA Inc. | 7.125% | 7/15/32 | 1,841 | 2,772 | |
Fifth Third Bancorp | 8.250% | 3/1/38 | 2,322 | 3,812 | |
First Republic Bank | 4.375% | 8/1/46 | 1,023 | 1,257 | |
First Republic Bank | 4.625% | 2/13/47 | 950 | 1,203 | |
Goldman Sachs Capital I | 6.345% | 2/15/34 | 2,822 | 3,997 | |
Goldman Sachs Group Inc. | 6.125% | 2/15/33 | 890 | 1,249 | |
Goldman Sachs Group Inc. | 6.450% | 5/1/36 | 2,086 | 2,855 | |
Goldman Sachs Group Inc. | 6.750% | 10/1/37 | 14,252 | 20,326 | |
1 | Goldman Sachs Group Inc. | 4.017% | 10/31/38 | 5,112 | 5,812 |
1 | Goldman Sachs Group Inc. | 4.411% | 4/23/39 | 3,125 | 3,768 |
Goldman Sachs Group Inc. | 6.250% | 2/1/41 | 7,592 | 11,112 | |
Goldman Sachs Group Inc. | 4.800% | 7/8/44 | 6,141 | 7,790 | |
Goldman Sachs Group Inc. | 5.150% | 5/22/45 | 4,429 | 5,693 | |
Goldman Sachs Group Inc. | 4.750% | 10/21/45 | 3,326 | 4,287 | |
HSBC Bank USA NA | 7.000% | 1/15/39 | 2,410 | 3,606 | |
HSBC Holdings plc | 7.625% | 5/17/32 | 886 | 1,298 | |
HSBC Holdings plc | 6.500% | 5/2/36 | 6,290 | 8,576 | |
HSBC Holdings plc | 6.500% | 9/15/37 | 6,320 | 8,634 | |
HSBC Holdings plc | 6.800% | 6/1/38 | 3,610 | 5,167 | |
HSBC Holdings plc | 6.100% | 1/14/42 | 2,378 | 3,480 |
69
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
HSBC Holdings plc | 5.250% | 3/14/44 | 2,632 | 3,342 | |
JPMorgan Chase & Co. | 8.750% | 9/1/30 | 158 | 240 | |
JPMorgan Chase & Co. | 6.400% | 5/15/38 | 5,890 | 8,807 | |
1 | JPMorgan Chase & Co. | 3.882% | 7/24/38 | 7,875 | 9,009 |
JPMorgan Chase & Co. | 5.500% | 10/15/40 | 3,421 | 4,744 | |
JPMorgan Chase & Co. | 5.600% | 7/15/41 | 3,436 | 4,923 | |
JPMorgan Chase & Co. | 5.400% | 1/6/42 | 4,125 | 5,729 | |
JPMorgan Chase & Co. | 5.625% | 8/16/43 | 2,932 | 4,165 | |
JPMorgan Chase & Co. | 4.850% | 2/1/44 | 2,605 | 3,503 | |
JPMorgan Chase & Co. | 4.950% | 6/1/45 | 4,315 | 5,708 | |
1 | JPMorgan Chase & Co. | 4.260% | 2/22/48 | 5,748 | 7,104 |
1 | JPMorgan Chase & Co. | 4.032% | 7/24/48 | 5,250 | 6,347 |
1 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 7,245 | 8,677 |
1 | JPMorgan Chase & Co. | 3.897% | 1/23/49 | 4,621 | 5,481 |
Lloyds Banking Group plc | 5.300% | 12/1/45 | 2,693 | 3,452 | |
Lloyds Banking Group plc | 4.344% | 1/9/48 | 2,995 | 3,375 | |
Mitsubishi UFJ Financial Group Inc. | 4.286% | 7/26/38 | 2,300 | 2,892 | |
Mitsubishi UFJ Financial Group Inc. | 4.153% | 3/7/39 | 1,530 | 1,848 | |
Mitsubishi UFJ Financial Group Inc. | 3.751% | 7/18/39 | 3,360 | 3,894 | |
Morgan Stanley | 7.250% | 4/1/32 | 3,905 | 5,828 | |
1 | Morgan Stanley | 3.971% | 7/22/38 | 5,097 | 5,883 |
1 | Morgan Stanley | 4.457% | 4/22/39 | 2,798 | 3,452 |
Morgan Stanley | 6.375% | 7/24/42 | 5,026 | 7,699 | |
Morgan Stanley | 4.300% | 1/27/45 | 4,972 | 6,092 | |
Morgan Stanley | 4.375% | 1/22/47 | 3,913 | 4,960 | |
Regions Bank | 6.450% | 6/26/37 | 920 | 1,297 | |
Regions Financial Corp. | 7.375% | 12/10/37 | 996 | 1,489 | |
1 | Royal Bank of Scotland Group plc | 3.754% | 11/1/29 | 583 | 607 |
Wachovia Corp. | 7.500% | 4/15/35 | 870 | 1,293 | |
Wachovia Corp. | 5.500% | 8/1/35 | 2,858 | 3,814 | |
Wells Fargo & Co. | 5.375% | 2/7/35 | 812 | 1,110 | |
Wells Fargo & Co. | 5.375% | 11/2/43 | 5,328 | 7,044 | |
Wells Fargo & Co. | 5.606% | 1/15/44 | 4,382 | 5,979 | |
Wells Fargo & Co. | 4.650% | 11/4/44 | 6,075 | 7,478 | |
Wells Fargo & Co. | 3.900% | 5/1/45 | 4,925 | 5,825 | |
Wells Fargo & Co. | 4.900% | 11/17/45 | 4,220 | 5,317 | |
Wells Fargo & Co. | 4.400% | 6/14/46 | 4,376 | 5,237 | |
Wells Fargo & Co. | 4.750% | 12/7/46 | 4,954 | 6,248 | |
Wells Fargo Bank NA | 5.950% | 8/26/36 | 2,275 | 3,258 | |
Wells Fargo Bank NA | 5.850% | 2/1/37 | 3,208 | 4,514 | |
Wells Fargo Bank NA | 6.600% | 1/15/38 | 3,463 | 5,285 | |
1 | Wells Fargo Capital X | 5.950% | 12/1/86 | 2,050 | 2,683 |
Westpac Banking Corp. | 4.421% | 7/24/39 | 2,470 | 2,907 | |
Brokerage (0.4%) | |||||
BlackRock Inc. | 2.400% | 4/30/30 | 1,850 | 1,913 | |
Brookfield Finance Inc. | 4.700% | 9/20/47 | 2,213 | 2,666 | |
Brookfield Finance LLC | 3.450% | 4/15/50 | 1,475 | 1,456 | |
CME Group Inc. | 5.300% | 9/15/43 | 2,091 | 3,014 | |
CME Group Inc. | 4.150% | 6/15/48 | 1,420 | 1,840 | |
Intercontinental Exchange Inc. | 4.250% | 9/21/48 | 2,235 | 2,723 | |
Invesco Finance plc | 5.375% | 11/30/43 | 1,753 | 2,328 | |
Jefferies Group LLC | 6.250% | 1/15/36 | 1,318 | 1,620 | |
Jefferies Group LLC | 6.500% | 1/20/43 | 1,319 | 1,623 | |
Legg Mason Inc. | 5.625% | 1/15/44 | 1,525 | 2,054 | |
Raymond James Financial Inc. | 4.950% | 7/15/46 | 1,976 | 2,484 | |
Finance Companies (0.6%) | |||||
GATX Corp. | 5.200% | 3/15/44 | 505 | 637 | |
GE Capital International Funding Co. Unlimited Co. | 4.418% | 11/15/35 | 26,824 | 30,530 | |
Insurance (6.1%) | |||||
ACE Capital Trust II | 9.700% | 4/1/30 | 502 | 777 | |
Aetna Inc. | 6.625% | 6/15/36 | 1,120 | 1,555 | |
Aetna Inc. | 6.750% | 12/15/37 | 1,411 | 2,080 | |
Aetna Inc. | 4.500% | 5/15/42 | 2,347 | 2,749 |
70
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Aetna Inc. | 4.125% | 11/15/42 | 1,333 | 1,439 | |
Aetna Inc. | 4.750% | 3/15/44 | 785 | 945 | |
Aetna Inc. | 3.875% | 8/15/47 | 1,160 | 1,227 | |
Aflac Inc. | 4.000% | 10/15/46 | 913 | 1,076 | |
Aflac Inc. | 4.750% | 1/15/49 | 1,375 | 1,791 | |
Alleghany Corp. | 4.900% | 9/15/44 | 872 | 1,113 | |
Allstate Corp. | 5.350% | 6/1/33 | 189 | 258 | |
Allstate Corp. | 5.550% | 5/9/35 | 1,376 | 1,933 | |
Allstate Corp. | 5.950% | 4/1/36 | 1,235 | 1,798 | |
Allstate Corp. | 4.500% | 6/15/43 | 648 | 830 | |
Allstate Corp. | 4.200% | 12/15/46 | 1,895 | 2,399 | |
Allstate Corp. | 3.850% | 8/10/49 | 1,390 | 1,641 | |
1 | Allstate Corp. | 6.500% | 5/15/67 | 1,200 | 1,548 |
American Financial Group Inc. | 4.500% | 6/15/47 | 1,183 | 1,446 | |
American International Group Inc. | 3.875% | 1/15/35 | 2,308 | 2,633 | |
American International Group Inc. | 4.700% | 7/10/35 | 1,898 | 2,387 | |
American International Group Inc. | 6.250% | 5/1/36 | 1,490 | 2,055 | |
American International Group Inc. | 4.500% | 7/16/44 | 5,862 | 7,178 | |
American International Group Inc. | 4.800% | 7/10/45 | 2,950 | 3,717 | |
American International Group Inc. | 4.750% | 4/1/48 | 2,487 | 3,139 | |
American International Group Inc. | 4.375% | 1/15/55 | 1,959 | 2,316 | |
1 | American International Group Inc. | 8.175% | 5/15/68 | 285 | 397 |
Anthem Inc. | 5.950% | 12/15/34 | 801 | 1,124 | |
Anthem Inc. | 5.850% | 1/15/36 | 950 | 1,277 | |
Anthem Inc. | 6.375% | 6/15/37 | 865 | 1,182 | |
Anthem Inc. | 4.625% | 5/15/42 | 2,438 | 2,863 | |
Anthem Inc. | 4.650% | 1/15/43 | 1,817 | 2,134 | |
Anthem Inc. | 5.100% | 1/15/44 | 2,534 | 3,205 | |
Anthem Inc. | 4.650% | 8/15/44 | 3,161 | 3,687 | |
Anthem Inc. | 4.375% | 12/1/47 | 3,652 | 4,167 | |
Anthem Inc. | 4.550% | 3/1/48 | 2,705 | 3,178 | |
Anthem Inc. | 3.700% | 9/15/49 | 500 | 514 | |
Aon Corp. | 6.250% | 9/30/40 | 170 | 253 | |
Aon plc | 4.600% | 6/14/44 | 1,623 | 2,001 | |
Aon plc | 4.750% | 5/15/45 | 2,204 | 2,788 | |
Arch Capital Finance LLC | 5.031% | 12/15/46 | 1,208 | 1,651 | |
Arch Capital Group Ltd. | 7.350% | 5/1/34 | 775 | 1,185 | |
Arch Capital Group US Inc. | 5.144% | 11/1/43 | 453 | 632 | |
Assurant Inc. | 3.700% | 2/22/30 | 700 | 757 | |
Assurant Inc. | 6.750% | 2/15/34 | 154 | 202 | |
AXA SA | 8.600% | 12/15/30 | 3,043 | 4,515 | |
1 | AXIS Specialty Finance LLC | 4.900% | 1/15/40 | 500 | 510 |
Berkshire Hathaway Finance Corp. | 5.750% | 1/15/40 | 1,853 | 2,695 | |
Berkshire Hathaway Finance Corp. | 4.400% | 5/15/42 | 3,119 | 3,892 | |
Berkshire Hathaway Finance Corp. | 4.300% | 5/15/43 | 2,683 | 3,447 | |
Berkshire Hathaway Finance Corp. | 4.200% | 8/15/48 | 5,060 | 6,220 | |
Berkshire Hathaway Finance Corp. | 4.250% | 1/15/49 | 5,560 | 6,941 | |
Berkshire Hathaway Inc. | 4.500% | 2/11/43 | 2,141 | 2,835 | |
Brighthouse Financial Inc. | 4.700% | 6/22/47 | 1,880 | 1,897 | |
Chubb Corp. | 6.000% | 5/11/37 | 2,531 | 3,819 | |
Chubb Corp. | 6.500% | 5/15/38 | 1,389 | 2,128 | |
Chubb INA Holdings Inc. | 6.700% | 5/15/36 | 1,080 | 1,704 | |
Chubb INA Holdings Inc. | 4.150% | 3/13/43 | 1,262 | 1,551 | |
Chubb INA Holdings Inc. | 4.350% | 11/3/45 | 2,934 | 3,790 | |
Cincinnati Financial Corp. | 6.125% | 11/1/34 | 669 | 984 | |
Equitable Holdings Inc. | 5.000% | 4/20/48 | 5,129 | 5,791 | |
Everest Reinsurance Holdings Inc. | 4.868% | 6/1/44 | 933 | 1,145 | |
Hartford Financial Services Group Inc. | 5.950% | 10/15/36 | 1,329 | 1,906 | |
Hartford Financial Services Group Inc. | 6.100% | 10/1/41 | 541 | 812 | |
Hartford Financial Services Group Inc. | 4.300% | 4/15/43 | 988 | 1,193 | |
Hartford Financial Services Group Inc. | 4.400% | 3/15/48 | 2,130 | 2,724 | |
Hartford Financial Services Group Inc. | 3.600% | 8/19/49 | 445 | 487 | |
Humana Inc. | 4.625% | 12/1/42 | 924 | 1,086 | |
Humana Inc. | 4.950% | 10/1/44 | 2,155 | 2,675 |
71
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | Market | ||
Humana Inc. | 4.800% | 3/15/47 | 910 | 1,112 | |
Humana Inc. | 3.950% | 8/15/49 | 1,650 | 1,791 | |
Lincoln National Corp. | 6.300% | 10/9/37 | 1,383 | 1,982 | |
Lincoln National Corp. | 7.000% | 6/15/40 | 168 | 259 | |
Lincoln National Corp. | 4.350% | 3/1/48 | 1,350 | 1,539 | |
Loews Corp. | 4.125% | 5/15/43 | 1,561 | 1,923 | |
Manulife Financial Corp. | 5.375% | 3/4/46 | 1,855 | 2,631 | |
Markel Corp. | 5.000% | 4/5/46 | 1,165 | 1,490 | |
Markel Corp. | 4.300% | 11/1/47 | 1,040 | 1,215 | |
Markel Corp. | 5.000% | 5/20/49 | 750 | 970 | |
Markel Corp. | 4.150% | 9/17/50 | 1,700 | 1,937 | |
Marsh & McLennan Cos. Inc. | 5.875% | 8/1/33 | 903 | 1,250 | |
Marsh & McLennan Cos. Inc. | 4.750% | 3/15/39 | 2,415 | 3,148 | |
Marsh & McLennan Cos. Inc. | 4.350% | 1/30/47 | 883 | 1,119 | |
Marsh & McLennan Cos. Inc. | 4.200% | 3/1/48 | 435 | 536 | |
Marsh & McLennan Cos. Inc. | 4.900% | 3/15/49 | 3,135 | 4,199 | |
MetLife Inc. | 6.500% | 12/15/32 | 1,409 | 2,087 | |
MetLife Inc. | 6.375% | 6/15/34 | 2,275 | 3,384 | |
MetLife Inc. | 5.700% | 6/15/35 | 3,495 | 4,965 | |
MetLife Inc. | 5.875% | 2/6/41 | 2,404 | 3,423 | |
MetLife Inc. | 4.125% | 8/13/42 | 1,835 | 2,186 | |
MetLife Inc. | 4.875% | 11/13/43 | 2,055 | 2,769 | |
MetLife Inc. | 4.721% | 12/15/44 | 1,897 | 2,536 | |
MetLife Inc. | 4.050% | 3/1/45 | 690 | 825 | |
MetLife Inc. | 4.600% | 5/13/46 | 2,449 | 3,154 | |
1 | MetLife Inc. | 6.400% | 12/15/66 | 3,702 | 4,577 |
1 | MetLife Inc. | 10.750% | 8/1/69 | 298 | 502 |
1 | Nationwide Financial Services Inc. | 6.750% | 5/15/87 | 608 | 725 |
Principal Financial Group Inc. | 6.050% | 10/15/36 | 350 | 502 | |
Principal Financial Group Inc. | 4.625% | 9/15/42 | 855 | 1,112 | |
Principal Financial Group Inc. | 4.350% | 5/15/43 | 1,233 | 1,500 | |
Principal Financial Group Inc. | 4.300% | 11/15/46 | 715 | 870 | |
Progressive Corp. | 6.625% | 3/1/29 | 1 | 1 | |
Progressive Corp. | 6.250% | 12/1/32 | 1,600 | 2,355 | |
Progressive Corp. | 4.350% | 4/25/44 | 950 | 1,246 | |
Progressive Corp. | 3.700% | 1/26/45 | 385 | 462 | |
Progressive Corp. | 4.125% | 4/15/47 | 1,371 | 1,702 | |
Progressive Corp. | 4.200% | 3/15/48 | 1,390 | 1,760 | |
Prudential Financial Inc. | 5.750% | 7/15/33 | 851 | 1,195 | |
Prudential Financial Inc. | 5.700% | 12/14/36 | 1,024 | 1,503 | |
Prudential Financial Inc. | 6.625% | 12/1/37 | 763 | 1,163 | |
Prudential Financial Inc. | 6.625% | 6/21/40 | 760 | 1,188 | |
Prudential Financial Inc. | 6.200% | 11/15/40 | 620 | 883 | |
Prudential Financial Inc. | 5.100% | 8/15/43 | 516 | 665 | |
Prudential Financial Inc. | 4.600% | 5/15/44 | 301 | 387 | |
Prudential Financial Inc. | 3.905% | 12/7/47 | 2,905 | 3,348 | |
Prudential Financial Inc. | 4.418% | 3/27/48 | 1,325 | 1,642 | |
Prudential Financial Inc. | 3.935% | 12/7/49 | 2,011 | 2,287 | |
Prudential Financial Inc. | 4.350% | 2/25/50 | 3,680 | 4,340 | |
Prudential Financial Inc. | 3.700% | 3/13/51 | 3,750 | 4,019 | |
Selective Insurance Group Inc. | 5.375% | 3/1/49 | 765 | 1,006 | |
Transatlantic Holdings Inc. | 8.000% | 11/30/39 | 693 | 1,161 | |
Travelers Cos. Inc. | 6.750% | 6/20/36 | 285 | 448 | |
Travelers Cos. Inc. | 6.250% | 6/15/37 | 1,345 | 2,056 | |
Travelers Cos. Inc. | 5.350% | 11/1/40 | 1,463 | 2,106 | |
Travelers Cos. Inc. | 4.600% | 8/1/43 | 1,363 | 1,792 | |
Travelers Cos. Inc. | 4.300% | 8/25/45 | 1,063 | 1,385 | |
Travelers Cos. Inc. | 3.750% | 5/15/46 | 2,093 | 2,506 | |
Travelers Cos. Inc. | 4.000% | 5/30/47 | 1,282 | 1,579 | |
Travelers Cos. Inc. | 4.050% | 3/7/48 | 1,875 | 2,319 | |
Travelers Cos. Inc. | 4.100% | 3/4/49 | 2,770 | 3,448 | |
Travelers Property Casualty Corp. | 6.375% | 3/15/33 | 325 | 483 | |
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 2,286 | 2,867 | |
UnitedHealth Group Inc. | 5.800% | 3/15/36 | 2,757 | 3,857 |
72
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
UnitedHealth Group Inc. | 6.500 | % | 6/15/37 | 2,080 | 3,046 | |||||||||
UnitedHealth Group Inc. | 6.625 | % | 11/15/37 | 1,700 | 2,586 | |||||||||
UnitedHealth Group Inc. | 6.875 | % | 2/15/38 | 1,631 | 2,559 | |||||||||
UnitedHealth Group Inc. | 3.500 | % | 8/15/39 | 5,062 | 5,588 | |||||||||
UnitedHealth Group Inc. | 5.700 | % | 10/15/40 | 1,609 | 2,262 | |||||||||
UnitedHealth Group Inc. | 5.950 | % | 2/15/41 | 693 | 1,021 | |||||||||
UnitedHealth Group Inc. | 4.625 | % | 11/15/41 | 1,673 | 2,083 | |||||||||
UnitedHealth Group Inc. | 4.375 | % | 3/15/42 | 1,273 | 1,581 | |||||||||
UnitedHealth Group Inc. | 3.950 | % | 10/15/42 | 278 | 315 | |||||||||
UnitedHealth Group Inc. | 4.250 | % | 3/15/43 | 1,973 | 2,366 | |||||||||
UnitedHealth Group Inc. | 4.750 | % | 7/15/45 | 4,007 | 5,175 | |||||||||
UnitedHealth Group Inc. | 4.200 | % | 1/15/47 | 2,035 | 2,438 | |||||||||
UnitedHealth Group Inc. | 4.250 | % | 4/15/47 | 2,020 | 2,410 | |||||||||
UnitedHealth Group Inc. | 3.750 | % | 10/15/47 | 2,255 | 2,553 | |||||||||
UnitedHealth Group Inc. | 4.250 | % | 6/15/48 | 3,465 | 4,162 | |||||||||
UnitedHealth Group Inc. | 4.450 | % | 12/15/48 | 2,688 | 3,353 | |||||||||
UnitedHealth Group Inc. | 3.700 | % | 8/15/49 | 3,190 | 3,568 | |||||||||
UnitedHealth Group Inc. | 3.875 | % | 8/15/59 | 2,490 | 2,841 | |||||||||
Unum Group | 5.750 | % | 8/15/42 | 1,800 | 2,236 | |||||||||
Unum Group | 4.500 | % | 12/15/49 | 1,490 | 1,594 | |||||||||
Voya Financial Inc. | 5.700 | % | 7/15/43 | 561 | 804 | |||||||||
Voya Financial Inc. | 4.800 | % | 6/15/46 | 807 | 1,045 | |||||||||
Willis North America Inc. | 5.050 | % | 9/15/48 | 1,370 | 1,811 | |||||||||
Willis North America Inc. | 3.875 | % | 9/15/49 | 2,400 | 2,566 | |||||||||
WR Berkley Corp. | 4.750 | % | 8/1/44 | 909 | 1,138 | |||||||||
XLIT Ltd. | 5.250 | % | 12/15/43 | 772 | 1,074 | |||||||||
XLIT Ltd. | 5.500 | % | 3/31/45 | 990 | 1,389 | |||||||||
Real Estate Investment Trusts (1.1%) | ||||||||||||||
Alexandria Real Estate Equities Inc. | 4.700 | % | 7/1/30 | 2,075 | 2,514 | |||||||||
Alexandria Real Estate Equities Inc. | 3.375 | % | 8/15/31 | 2,773 | 3,046 | |||||||||
Alexandria Real Estate Equities Inc. | 4.850 | % | 4/15/49 | 395 | 527 | |||||||||
Alexandria Real Estate Equities Inc. | 4.000 | % | 2/1/50 | 1,250 | 1,507 | |||||||||
AvalonBay Communities Inc. | 3.900 | % | 10/15/46 | 1,320 | 1,569 | |||||||||
AvalonBay Communities Inc. | 4.150 | % | 7/1/47 | 583 | 727 | |||||||||
Boston Properties LP | 2.900 | % | 3/15/30 | 1,105 | 1,161 | |||||||||
Camden Property Trust | 3.350 | % | 11/1/49 | 1,010 | 1,119 | |||||||||
Duke Realty LP | 3.050 | % | 3/1/50 | 700 | 712 | |||||||||
ERP Operating LP | 4.500 | % | 7/1/44 | 2,072 | 2,660 | |||||||||
ERP Operating LP | 4.500 | % | 6/1/45 | 908 | 1,172 | |||||||||
ERP Operating LP | 4.000 | % | 8/1/47 | 458 | 556 | |||||||||
Essex Portfolio LP | 2.650 | % | 3/15/32 | 1,825 | 1,871 | |||||||||
Essex Portfolio LP | 4.500 | % | 3/15/48 | 130 | 165 | |||||||||
Federal Realty Investment Trust | 4.500 | % | 12/1/44 | 1,688 | 2,131 | |||||||||
Healthpeak Properties Inc. | 6.750 | % | 2/1/41 | 1,009 | 1,545 | |||||||||
Kimco Realty Corp. | 4.250 | % | 4/1/45 | 1,577 | 1,802 | |||||||||
Kimco Realty Corp. | 4.125 | % | 12/1/46 | 1,088 | 1,222 | |||||||||
Kimco Realty Corp. | 4.450 | % | 9/1/47 | 895 | 1,066 | |||||||||
Kimco Realty Corp. | 3.700 | % | 10/1/49 | 850 | 932 | |||||||||
Mid-America Apartments LP | 2.750 | % | 3/15/30 | 705 | 734 | |||||||||
National Retail Properties Inc. | 2.500 | % | 4/15/30 | 975 | 987 | |||||||||
National Retail Properties Inc. | 4.800 | % | 10/15/48 | 550 | 727 | |||||||||
National Retail Properties Inc. | 3.100 | % | 4/15/50 | 750 | 744 | |||||||||
Prologis LP | 2.250 | % | 4/15/30 | 2,500 | 2,503 | |||||||||
Prologis LP | 4.375 | % | 9/15/48 | 360 | 473 | |||||||||
Realty Income Corp. | 4.650 | % | 3/15/47 | 1,796 | 2,381 | |||||||||
Regency Centers LP | 4.400 | % | 2/1/47 | 900 | 1,128 | |||||||||
Regency Centers LP | 4.650 | % | 3/15/49 | 735 | 948 | |||||||||
Simon Property Group LP | 6.750 | % | 2/1/40 | 996 | 1,522 | |||||||||
Simon Property Group LP | 4.750 | % | 3/15/42 | 1,790 | 2,246 | |||||||||
Simon Property Group LP | 4.250 | % | 10/1/44 | 1,088 | 1,315 | |||||||||
Simon Property Group LP | 4.250 | % | 11/30/46 | 1,311 | 1,606 | |||||||||
Simon Property Group LP | 3.250 | % | 9/13/49 | 4,335 | 4,521 | |||||||||
UDR Inc. | 3.000 | % | 8/15/31 | 1,675 | 1,789 | |||||||||
73
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
UDR Inc. | 3.100 | % | 11/1/34 | 465 | 501 | |||||||||
Ventas Realty LP | 5.700 | % | 9/30/43 | 514 | 697 | |||||||||
Ventas Realty LP | 4.375 | % | 2/1/45 | 1,398 | 1,631 | |||||||||
Ventas Realty LP | 4.875 | % | 4/15/49 | 600 | 763 | |||||||||
Welltower Inc. | 6.500 | % | 3/15/41 | 969 | 1,407 | |||||||||
Welltower Inc. | 4.950 | % | 9/1/48 | 1,240 | 1,607 | |||||||||
908,818 | ||||||||||||||
Industrial (69.0%) | ||||||||||||||
Basic Industry (3.8%) | ||||||||||||||
Albemarle Corp. | 5.450 | % | 12/1/44 | 805 | 997 | |||||||||
ArcelorMittal | 7.000 | % | 10/15/39 | 1,614 | 2,014 | |||||||||
ArcelorMittal | 6.750 | % | 3/1/41 | 1,975 | 2,466 | |||||||||
Barrick Gold Corp. | 6.450 | % | 10/15/35 | 894 | 1,237 | |||||||||
Barrick Gold Corp. | 5.250 | % | 4/1/42 | 695 | 918 | |||||||||
Barrick North America Finance LLC | 5.700 | % | 5/30/41 | 3,046 | 4,184 | |||||||||
Barrick North America Finance LLC | 5.750 | % | 5/1/43 | 1,747 | 2,473 | |||||||||
Barrick PD Australia Finance Pty Ltd. | 5.950 | % | 10/15/39 | 2,312 | 3,171 | |||||||||
BHP Billiton Finance USA Ltd. | 4.125 | % | 2/24/42 | 2,360 | 2,848 | |||||||||
BHP Billiton Finance USA Ltd. | 5.000 | % | 9/30/43 | 5,620 | 7,639 | |||||||||
Celulosa Arauco y Constitucion SA | 5.500 | % | 11/2/47 | 1,150 | 1,254 | |||||||||
Dow Chemical Co. | 4.250 | % | 10/1/34 | 1,978 | 2,285 | |||||||||
Dow Chemical Co. | 9.400 | % | 5/15/39 | 1,859 | 3,228 | |||||||||
Dow Chemical Co. | 5.250 | % | 11/15/41 | 2,286 | 2,778 | |||||||||
Dow Chemical Co. | 4.375 | % | 11/15/42 | 3,704 | 4,091 | |||||||||
Dow Chemical Co. | 4.625 | % | 10/1/44 | 830 | 962 | |||||||||
Dow Chemical Co. | 5.550 | % | 11/30/48 | 2,250 | 2,855 | |||||||||
Dow Chemical Co. | 4.800 | % | 5/15/49 | 1,980 | 2,321 | |||||||||
DuPont de Nemours Inc. | 5.319 | % | 11/15/38 | 4,375 | 5,320 | |||||||||
DuPont de Nemours Inc. | 5.419 | % | 11/15/48 | 5,410 | 6,807 | |||||||||
Eastman Chemical Co. | 4.800 | % | 9/1/42 | 1,664 | 1,941 | |||||||||
Eastman Chemical Co. | 4.650 | % | 10/15/44 | 2,543 | 2,853 | |||||||||
Ecolab Inc. | 5.500 | % | 12/8/41 | 1,163 | 1,640 | |||||||||
Ecolab Inc. | 3.950 | % | 12/1/47 | 1,927 | 2,347 | |||||||||
FMC Corp. | 4.500 | % | 10/1/49 | 1,350 | 1,598 | |||||||||
Georgia-Pacific LLC | 7.250 | % | 6/1/28 | 366 | 498 | |||||||||
Georgia-Pacific LLC | 8.875 | % | 5/15/31 | 928 | 1,504 | |||||||||
International Flavors & Fragrances Inc. | 4.375 | % | 6/1/47 | 435 | 484 | |||||||||
International Flavors & Fragrances Inc. | 5.000 | % | 9/26/48 | 2,050 | 2,410 | |||||||||
International Paper Co. | 5.000 | % | 9/15/35 | 2,146 | 2,650 | |||||||||
International Paper Co. | 7.300 | % | 11/15/39 | 2,684 | 3,947 | |||||||||
International Paper Co. | 6.000 | % | 11/15/41 | 1,005 | 1,325 | |||||||||
International Paper Co. | 4.800 | % | 6/15/44 | 1,853 | 2,136 | |||||||||
International Paper Co. | 5.150 | % | 5/15/46 | 1,840 | 2,247 | |||||||||
International Paper Co. | 4.400 | % | 8/15/47 | 2,814 | 3,087 | |||||||||
International Paper Co. | 4.350 | % | 8/15/48 | 962 | 1,063 | |||||||||
Lubrizol Corp. | 6.500 | % | 10/1/34 | 658 | 981 | |||||||||
LYB International Finance BV | 5.250 | % | 7/15/43 | 2,190 | 2,652 | |||||||||
LYB International Finance BV | 4.875 | % | 3/15/44 | 2,460 | 2,913 | |||||||||
LYB International Finance III LLC | 4.200 | % | 10/15/49 | 2,150 | 2,263 | |||||||||
LyondellBasell Industries NV | 4.625 | % | 2/26/55 | 1,464 | 1,612 | |||||||||
Methanex Corp. | 5.650 | % | 12/1/44 | 769 | 768 | |||||||||
Mosaic Co. | 5.450 | % | 11/15/33 | 1,483 | 1,753 | |||||||||
Mosaic Co. | 4.875 | % | 11/15/41 | 905 | 999 | |||||||||
Mosaic Co. | 5.625 | % | 11/15/43 | 1,951 | 2,304 | |||||||||
Newmont Corp. | 5.875 | % | 4/1/35 | 862 | 1,219 | |||||||||
Newmont Corp. | 6.250 | % | 10/1/39 | 3,750 | 5,310 | |||||||||
Newmont Corp. | 4.875 | % | 3/15/42 | 1,965 | 2,514 | |||||||||
Newmont Corp. | 5.450 | % | 6/9/44 | 1,758 | 2,448 | |||||||||
Nucor Corp. | 6.400 | % | 12/1/37 | 188 | 271 | |||||||||
Nucor Corp. | 5.200 | % | 8/1/43 | 1,545 | 2,034 | |||||||||
Nucor Corp. | 4.400 | % | 5/1/48 | 1,660 | 1,976 | |||||||||
Nutrien Ltd. | 4.125 | % | 3/15/35 | 1,258 | 1,396 | |||||||||
74
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Nutrien Ltd. | 7.125 | % | 5/23/36 | 880 | 1,217 | |||||||||
Nutrien Ltd. | 5.875 | % | 12/1/36 | 1,086 | 1,380 | |||||||||
Nutrien Ltd. | 5.625 | % | 12/1/40 | 190 | 240 | |||||||||
Nutrien Ltd. | 6.125 | % | 1/15/41 | 1,326 | 1,751 | |||||||||
Nutrien Ltd. | 4.900 | % | 6/1/43 | 1,248 | 1,486 | |||||||||
Nutrien Ltd. | 5.250 | % | 1/15/45 | 343 | 429 | |||||||||
Nutrien Ltd. | 5.000 | % | 4/1/49 | 1,489 | 1,861 | |||||||||
Packaging Corp. of America | 4.050 | % | 12/15/49 | 540 | 605 | |||||||||
Praxair Inc. | 3.550 | % | 11/7/42 | 1,898 | 2,122 | |||||||||
Rio Tinto Alcan Inc. | 7.250 | % | 3/15/31 | 1,118 | 1,631 | |||||||||
Rio Tinto Alcan Inc. | 6.125 | % | 12/15/33 | 349 | 497 | |||||||||
Rio Tinto Alcan Inc. | 5.750 | % | 6/1/35 | 970 | 1,325 | |||||||||
Rio Tinto Finance USA Ltd. | 5.200 | % | 11/2/40 | 3,552 | 4,851 | |||||||||
Rio Tinto Finance USA plc | 4.750 | % | 3/22/42 | 1,816 | 2,370 | |||||||||
Rio Tinto Finance USA plc | 4.125 | % | 8/21/42 | 1,224 | 1,469 | |||||||||
RPM International Inc. | 4.250 | % | 1/15/48 | 1,440 | 1,550 | |||||||||
Sherwin-Williams Co. | 4.000 | % | 12/15/42 | 772 | 866 | |||||||||
Sherwin-Williams Co. | 4.550 | % | 8/1/45 | 1,038 | 1,250 | |||||||||
Sherwin-Williams Co. | 4.500 | % | 6/1/47 | 3,005 | 3,611 | |||||||||
Sherwin-Williams Co. | 3.800 | % | 8/15/49 | 1,750 | 1,923 | |||||||||
Southern Copper Corp. | 7.500 | % | 7/27/35 | 1,126 | 1,643 | |||||||||
Southern Copper Corp. | 6.750 | % | 4/16/40 | 2,945 | 4,081 | |||||||||
Southern Copper Corp. | 5.250 | % | 11/8/42 | 3,355 | 3,918 | |||||||||
Southern Copper Corp. | 5.875 | % | 4/23/45 | 4,325 | 5,575 | |||||||||
Steel Dynamics Inc. | 3.450 | % | 4/15/30 | 1,800 | 1,894 | |||||||||
Teck Resources Ltd. | 6.125 | % | 10/1/35 | 1,500 | 1,739 | |||||||||
Teck Resources Ltd. | 6.000 | % | 8/15/40 | 520 | 578 | |||||||||
Teck Resources Ltd. | 6.250 | % | 7/15/41 | 2,700 | 3,074 | |||||||||
Teck Resources Ltd. | 5.200 | % | 3/1/42 | 750 | 751 | |||||||||
Teck Resources Ltd. | 5.400 | % | 2/1/43 | 1,100 | 1,122 | |||||||||
Vale Overseas Ltd. | 8.250 | % | 1/17/34 | 1,808 | 2,531 | |||||||||
Vale Overseas Ltd. | 6.875 | % | 11/21/36 | 4,058 | 5,321 | |||||||||
Vale Overseas Ltd. | 6.875 | % | 11/10/39 | 3,132 | 4,162 | |||||||||
Vale SA | 5.625 | % | 9/11/42 | 1,490 | 1,764 | |||||||||
Westlake Chemical Corp. | 5.000 | % | 8/15/46 | 2,851 | 3,283 | |||||||||
Westlake Chemical Corp. | 4.375 | % | 11/15/47 | 520 | 557 | |||||||||
WestRock MWV LLC | 7.950 | % | 2/15/31 | 783 | 1,127 | |||||||||
Weyerhaeuser Co. | 7.375 | % | 3/15/32 | 2,874 | 4,080 | |||||||||
Weyerhaeuser Co. | 6.875 | % | 12/15/33 | 325 | 451 | |||||||||
WRKCO Inc. | 4.200 | % | 6/1/32 | 1,875 | 2,164 | |||||||||
Capital Goods (5.1%) | ||||||||||||||
3M Co. | 5.700 | % | 3/15/37 | 850 | 1,185 | |||||||||
3M Co. | 3.875 | % | 6/15/44 | 990 | 1,135 | |||||||||
3M Co. | 3.125 | % | 9/19/46 | 2,548 | 2,584 | |||||||||
3M Co. | 3.625 | % | 10/15/47 | 717 | 789 | |||||||||
3M Co. | 4.000 | % | 9/14/48 | 2,815 | 3,343 | |||||||||
3M Co. | 3.250 | % | 8/26/49 | 1,725 | 1,818 | |||||||||
2 | ABB Finance USA Inc. | 4.375 | % | 5/8/42 | 1,419 | 1,812 | ||||||||
Boeing Co. | 6.125 | % | 2/15/33 | 741 | 1,015 | |||||||||
Boeing Co. | 3.600 | % | 5/1/34 | 2,445 | 2,686 | |||||||||
Boeing Co. | 3.250 | % | 2/1/35 | 2,500 | 2,663 | |||||||||
Boeing Co. | 6.625 | % | 2/15/38 | 748 | 1,095 | |||||||||
Boeing Co. | 3.550 | % | 3/1/38 | 620 | 680 | |||||||||
Boeing Co. | 3.500 | % | 3/1/39 | 1,290 | 1,392 | |||||||||
Boeing Co. | 6.875 | % | 3/15/39 | 1,225 | 1,823 | |||||||||
Boeing Co. | 5.875 | % | 2/15/40 | 276 | 377 | |||||||||
Boeing Co. | 3.375 | % | 6/15/46 | 803 | 823 | |||||||||
Boeing Co. | 3.650 | % | 3/1/47 | 1,535 | 1,669 | |||||||||
Boeing Co. | 3.625 | % | 3/1/48 | 1,300 | 1,386 | |||||||||
Boeing Co. | 3.850 | % | 11/1/48 | 1,075 | 1,197 | |||||||||
Boeing Co. | 3.900 | % | 5/1/49 | 1,200 | 1,350 | |||||||||
Boeing Co. | 3.750 | % | 2/1/50 | 3,380 | 3,721 | |||||||||
Boeing Co. | 3.825 | % | 3/1/59 | 1,675 | 1,805 | |||||||||
75
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Boeing Co. | 3.950 | % | 8/1/59 | 510 | 559 | |||||||||
3 | Carrier Global Corp. | 3.377 | % | 4/5/40 | 500 | 513 | ||||||||
3 | Carrier Global Corp. | 3.577 | % | 4/5/50 | 2,120 | 2,170 | ||||||||
Caterpillar Inc. | 5.300 | % | 9/15/35 | 453 | 616 | |||||||||
Caterpillar Inc. | 6.050 | % | 8/15/36 | 733 | 1,046 | |||||||||
Caterpillar Inc. | 5.200 | % | 5/27/41 | 2,774 | 3,797 | |||||||||
Caterpillar Inc. | 3.803 | % | 8/15/42 | 5,204 | 6,193 | |||||||||
Caterpillar Inc. | 4.300 | % | 5/15/44 | 140 | 179 | |||||||||
Caterpillar Inc. | 3.250 | % | 9/19/49 | 2,505 | 2,718 | |||||||||
Caterpillar Inc. | 4.750 | % | 5/15/64 | 1,599 | 2,233 | |||||||||
Crane Co. | 4.200 | % | 3/15/48 | 875 | 954 | |||||||||
Deere & Co. | 7.125 | % | 3/3/31 | 378 | 553 | |||||||||
Deere & Co. | 3.900 | % | 6/9/42 | 2,657 | 3,218 | |||||||||
Deere & Co. | 2.875 | % | 9/7/49 | 1,200 | 1,238 | |||||||||
Dover Corp. | 5.375 | % | 10/15/35 | 700 | 926 | |||||||||
Dover Corp. | 5.375 | % | 3/1/41 | 826 | 1,095 | |||||||||
Eaton Corp. | 4.000 | % | 11/2/32 | 2,898 | 3,457 | |||||||||
Eaton Corp. | 4.150 | % | 11/2/42 | 1,295 | 1,596 | |||||||||
Eaton Corp. | 3.915 | % | 9/15/47 | 1,346 | 1,592 | |||||||||
Emerson Electric Co. | 5.250 | % | 11/15/39 | 310 | 416 | |||||||||
Fortive Corp. | 4.300 | % | 6/15/46 | 538 | 624 | |||||||||
General Dynamics Corp. | 3.600 | % | 11/15/42 | 1,082 | 1,315 | |||||||||
General Electric Co. | 6.750 | % | 3/15/32 | 7,299 | 9,813 | |||||||||
General Electric Co. | 6.150 | % | 8/7/37 | 2,244 | 2,963 | |||||||||
General Electric Co. | 5.875 | % | 1/14/38 | 6,829 | 8,739 | |||||||||
General Electric Co. | 6.875 | % | 1/10/39 | 5,192 | 7,271 | |||||||||
General Electric Co. | 4.125 | % | 10/9/42 | 3,038 | 3,325 | |||||||||
General Electric Co. | 4.500 | % | 3/11/44 | 1,988 | 2,292 | |||||||||
Honeywell International Inc. | 5.700 | % | 3/15/36 | 1,263 | 1,817 | |||||||||
Honeywell International Inc. | 5.700 | % | 3/15/37 | 178 | 260 | |||||||||
Honeywell International Inc. | 5.375 | % | 3/1/41 | 1,016 | 1,467 | |||||||||
Honeywell International Inc. | 3.812 | % | 11/21/47 | 1,760 | 2,196 | |||||||||
Illinois Tool Works Inc. | 4.875 | % | 9/15/41 | 2,096 | 2,867 | |||||||||
Illinois Tool Works Inc. | 3.900 | % | 9/1/42 | 2,721 | 3,365 | |||||||||
Ingersoll-Rand Global Holding Co. Ltd. | 5.750 | % | 6/15/43 | 378 | 515 | |||||||||
Ingersoll-Rand Global Holding Co. Ltd. | 4.300 | % | 2/21/48 | 750 | 887 | |||||||||
Ingersoll-Rand Luxembourg Finance SA | 4.650 | % | 11/1/44 | 878 | 1,084 | |||||||||
Ingersoll-Rand Luxembourg Finance SA | 4.500 | % | 3/21/49 | 750 | 926 | |||||||||
Johnson Controls International plc | 6.000 | % | 1/15/36 | 795 | 1,050 | |||||||||
Johnson Controls International plc | 4.625 | % | 7/2/44 | 3,112 | 3,717 | |||||||||
Johnson Controls International plc | 4.500 | % | 2/15/47 | 1,181 | 1,448 | |||||||||
Johnson Controls International plc | 4.950 | % | 7/2/64 | 1,296 | 1,578 | |||||||||
L3Harris Technologies Inc. | 4.854 | % | 4/27/35 | 974 | 1,212 | |||||||||
L3Harris Technologies Inc. | 6.150 | % | 12/15/40 | 948 | 1,364 | |||||||||
L3Harris Technologies Inc. | 5.054 | % | 4/27/45 | 1,313 | 1,701 | |||||||||
Lockheed Martin Corp. | 3.600 | % | 3/1/35 | 1,978 | 2,327 | |||||||||
Lockheed Martin Corp. | 4.500 | % | 5/15/36 | 2,111 | 2,666 | |||||||||
Lockheed Martin Corp. | 6.150 | % | 9/1/36 | 1,315 | 1,916 | |||||||||
Lockheed Martin Corp. | 5.720 | % | 6/1/40 | 299 | 436 | |||||||||
Lockheed Martin Corp. | 4.850 | % | 9/15/41 | 830 | 1,094 | |||||||||
Lockheed Martin Corp. | 4.070 | % | 12/15/42 | 3,560 | 4,363 | |||||||||
Lockheed Martin Corp. | 3.800 | % | 3/1/45 | 3,018 | 3,578 | |||||||||
Lockheed Martin Corp. | 4.700 | % | 5/15/46 | 2,480 | 3,302 | |||||||||
Lockheed Martin Corp. | 4.090 | % | 9/15/52 | 4,403 | 5,609 | |||||||||
Martin Marietta Materials Inc. | 4.250 | % | 12/15/47 | 1,570 | 1,759 | |||||||||
Masco Corp. | 6.500 | % | 8/15/32 | 140 | 182 | |||||||||
Masco Corp. | 4.500 | % | 5/15/47 | 728 | 806 | |||||||||
Northrop Grumman Corp. | 5.050 | % | 11/15/40 | 1,426 | 1,857 | |||||||||
Northrop Grumman Corp. | 4.750 | % | 6/1/43 | 3,565 | 4,613 | |||||||||
Northrop Grumman Corp. | 3.850 | % | 4/15/45 | 119 | 137 | |||||||||
Northrop Grumman Corp. | 4.030 | % | 10/15/47 | 5,385 | 6,418 | |||||||||
Northrop Grumman Systems Corp. | 7.750 | % | 2/15/31 | 352 | 527 | |||||||||
Oshkosh Corp. | 3.100 | % | 3/1/30 | 500 | 515 | |||||||||
3 | Otis Worldwide Corp. | 3.112 | % | 2/15/40 | 500 | 511 | ||||||||
76
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
3 | Otis Worldwide Corp. | 3.362 | % | 2/15/50 | 1,000 | 1,035 | ||||||||
Owens Corning | 7.000 | % | 12/1/36 | 682 | 915 | |||||||||
Owens Corning | 4.300 | % | 7/15/47 | 1,633 | 1,750 | |||||||||
Owens Corning | 4.400 | % | 1/30/48 | 1,168 | 1,243 | |||||||||
Parker-Hannifin Corp. | 4.200 | % | 11/21/34 | 2,418 | 2,897 | |||||||||
Parker-Hannifin Corp. | 6.250 | % | 5/15/38 | 1,165 | 1,661 | |||||||||
Parker-Hannifin Corp. | 4.450 | % | 11/21/44 | 997 | 1,207 | |||||||||
Parker-Hannifin Corp. | 4.100 | % | 3/1/47 | 1,920 | 2,236 | |||||||||
Parker-Hannifin Corp. | 4.000 | % | 6/14/49 | 2,100 | 2,421 | |||||||||
Precision Castparts Corp. | 3.900 | % | 1/15/43 | 492 | 595 | |||||||||
Precision Castparts Corp. | 4.375 | % | 6/15/45 | 1,785 | 2,300 | |||||||||
Raytheon Co. | 4.875 | % | 10/15/40 | 1,208 | 1,627 | |||||||||
Raytheon Co. | 4.700 | % | 12/15/41 | 1,023 | 1,357 | |||||||||
Raytheon Co. | 4.200 | % | 12/15/44 | 553 | 696 | |||||||||
Republic Services Inc. | 2.300 | % | 3/1/30 | 1,505 | 1,511 | |||||||||
Republic Services Inc. | 6.200 | % | 3/1/40 | 900 | 1,312 | |||||||||
Republic Services Inc. | 5.700 | % | 5/15/41 | 515 | 719 | |||||||||
Republic Services Inc. | 3.050 | % | 3/1/50 | 985 | 975 | |||||||||
Rockwell Automation Inc. | 4.200 | % | 3/1/49 | 1,475 | 1,886 | |||||||||
Rockwell Collins Inc. | 4.800 | % | 12/15/43 | 1,513 | 1,993 | |||||||||
Rockwell Collins Inc. | 4.350 | % | 4/15/47 | 2,366 | 3,045 | |||||||||
Snap-on Inc. | 4.100 | % | 3/1/48 | 305 | 374 | |||||||||
Sonoco Products Co. | 5.750 | % | 11/1/40 | 1,493 | 1,977 | |||||||||
Stanley Black & Decker Inc. | 2.300 | % | 3/15/30 | 1,825 | 1,849 | |||||||||
Stanley Black & Decker Inc. | 5.200 | % | 9/1/40 | 640 | 846 | |||||||||
Stanley Black & Decker Inc. | 4.850 | % | 11/15/48 | 1,950 | 2,614 | |||||||||
United Technologies Corp. | 5.400 | % | 5/1/35 | 1,403 | 1,925 | |||||||||
United Technologies Corp. | 6.050 | % | 6/1/36 | 1,528 | 2,201 | |||||||||
United Technologies Corp. | 6.125 | % | 7/15/38 | 489 | 728 | |||||||||
United Technologies Corp. | 4.450 | % | 11/16/38 | 3,705 | 4,583 | |||||||||
United Technologies Corp. | 5.700 | % | 4/15/40 | 3,939 | 5,709 | |||||||||
United Technologies Corp. | 4.500 | % | 6/1/42 | 8,655 | 11,061 | |||||||||
United Technologies Corp. | 4.150 | % | 5/15/45 | 4,189 | 5,065 | |||||||||
United Technologies Corp. | 3.750 | % | 11/1/46 | 2,035 | 2,351 | |||||||||
United Technologies Corp. | 4.050 | % | 5/4/47 | 1,970 | 2,374 | |||||||||
United Technologies Corp. | 4.625 | % | 11/16/48 | 2,755 | 3,699 | |||||||||
Valmont Industries Inc. | 5.000 | % | 10/1/44 | 975 | 1,125 | |||||||||
Valmont Industries Inc. | 5.250 | % | 10/1/54 | 954 | 1,077 | |||||||||
Vulcan Materials Co. | 4.500 | % | 6/15/47 | 1,516 | 1,784 | |||||||||
Vulcan Materials Co. | 4.700 | % | 3/1/48 | 1,315 | 1,618 | |||||||||
Waste Management Inc. | 3.900 | % | 3/1/35 | 1,574 | 1,841 | |||||||||
Waste Management Inc. | 4.000 | % | 7/15/39 | 685 | 820 | |||||||||
Waste Management Inc. | 4.100 | % | 3/1/45 | 1,684 | 2,065 | |||||||||
Waste Management Inc. | 4.150 | % | 7/15/49 | 3,575 | 4,461 | |||||||||
WW Grainger Inc. | 4.600 | % | 6/15/45 | 1,656 | 2,085 | |||||||||
WW Grainger Inc. | 3.750 | % | 5/15/46 | 915 | 1,024 | |||||||||
WW Grainger Inc. | 4.200 | % | 5/15/47 | 1,902 | 2,277 | |||||||||
Xylem Inc. | 4.375 | % | 11/1/46 | 959 | 1,160 | |||||||||
Communication (13.5%) | ||||||||||||||
Activision Blizzard Inc. | 4.500 | % | 6/15/47 | 535 | 670 | |||||||||
America Movil SAB de CV | 6.375 | % | 3/1/35 | 2,264 | 3,250 | |||||||||
America Movil SAB de CV | 6.125 | % | 11/15/37 | 260 | 368 | |||||||||
America Movil SAB de CV | 6.125 | % | 3/30/40 | 4,445 | 6,444 | |||||||||
America Movil SAB de CV | 4.375 | % | 7/16/42 | 2,028 | 2,461 | |||||||||
America Movil SAB de CV | 4.375 | % | 4/22/49 | 5,300 | 6,568 | |||||||||
American Tower Corp. | 3.700 | % | 10/15/49 | 2,050 | 2,176 | |||||||||
AT&T Inc. | 6.150 | % | 9/15/34 | 500 | 675 | |||||||||
AT&T Inc. | 4.500 | % | 5/15/35 | 6,845 | 7,881 | |||||||||
AT&T Inc. | 5.250 | % | 3/1/37 | 8,407 | 10,351 | |||||||||
AT&T Inc. | 4.900 | % | 8/15/37 | 3,128 | 3,739 | |||||||||
AT&T Inc. | 6.500 | % | 9/1/37 | 350 | 477 | |||||||||
AT&T Inc. | 6.300 | % | 1/15/38 | 250 | 336 | |||||||||
AT&T Inc. | 6.550 | % | 2/15/39 | 705 | 981 | |||||||||
77
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
AT&T Inc. | 4.850 | % | 3/1/39 | 4,150 | 4,952 | |||||||||
AT&T Inc. | 6.200 | % | 3/15/40 | 1,100 | 1,489 | |||||||||
AT&T Inc. | 6.350 | % | 3/15/40 | 2,228 | 3,039 | |||||||||
AT&T Inc. | 6.100 | % | 7/15/40 | 940 | 1,272 | |||||||||
AT&T Inc. | 6.000 | % | 8/15/40 | 3,041 | 4,064 | |||||||||
AT&T Inc. | 5.350 | % | 9/1/40 | 6,540 | 8,208 | |||||||||
AT&T Inc. | 6.375 | % | 3/1/41 | 560 | 756 | |||||||||
AT&T Inc. | 5.550 | % | 8/15/41 | 1,027 | 1,316 | |||||||||
AT&T Inc. | 5.375 | % | 10/15/41 | 2,680 | 3,330 | |||||||||
AT&T Inc. | 5.150 | % | 3/15/42 | 2,971 | 3,621 | |||||||||
AT&T Inc. | 4.900 | % | 6/15/42 | 3,308 | 3,929 | |||||||||
AT&T Inc. | 4.300 | % | 12/15/42 | 5,374 | 5,957 | |||||||||
AT&T Inc. | 5.350 | % | 12/15/43 | 2,769 | 3,437 | |||||||||
AT&T Inc. | 4.650 | % | 6/1/44 | 1,806 | 2,072 | |||||||||
AT&T Inc. | 4.800 | % | 6/15/44 | 6,883 | 8,077 | |||||||||
AT&T Inc. | 4.350 | % | 6/15/45 | 5,196 | 5,786 | |||||||||
AT&T Inc. | 4.850 | % | 7/15/45 | 1,435 | 1,684 | |||||||||
AT&T Inc. | 4.750 | % | 5/15/46 | 8,654 | 10,191 | |||||||||
AT&T Inc. | 5.150 | % | 11/15/46 | 3,411 | 4,215 | |||||||||
AT&T Inc. | 5.650 | % | 2/15/47 | 1,919 | 2,514 | |||||||||
AT&T Inc. | 5.450 | % | 3/1/47 | 6,904 | 8,886 | |||||||||
AT&T Inc. | 4.500 | % | 3/9/48 | 11,080 | 12,641 | |||||||||
AT&T Inc. | 4.550 | % | 3/9/49 | 5,562 | 6,436 | |||||||||
AT&T Inc. | 5.150 | % | 2/15/50 | 5,954 | 7,446 | |||||||||
AT&T Inc. | 5.700 | % | 3/1/57 | 3,525 | 4,752 | |||||||||
AT&T Inc. | 5.300 | % | 8/15/58 | 975 | 1,294 | |||||||||
Bell Canada Inc. | 4.300 | % | 7/29/49 | 3,815 | 4,602 | |||||||||
British Telecommunications plc | 9.625 | % | 12/15/30 | 5,799 | 9,183 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 6.384 | % | 10/23/35 | 5,554 | 7,324 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 5.375 | % | 4/1/38 | 2,450 | 2,822 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 6.484 | % | 10/23/45 | 8,303 | 10,678 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 5.375 | % | 5/1/47 | 5,006 | 5,746 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 5.750 | % | 4/1/48 | 6,880 | 8,208 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 5.125 | % | 7/1/49 | 3,550 | 3,949 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 4.800 | % | 3/1/50 | 6,560 | 7,068 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 6.834 | % | 10/23/55 | 1,705 | 2,285 | |||||||||
Comcast Corp. | 4.250 | % | 10/15/30 | 4,060 | 4,815 | |||||||||
Comcast Corp. | 4.250 | % | 1/15/33 | 3,645 | 4,361 | |||||||||
Comcast Corp. | 7.050 | % | 3/15/33 | 2,595 | 3,908 | |||||||||
Comcast Corp. | 4.200 | % | 8/15/34 | 3,755 | 4,553 | |||||||||
Comcast Corp. | 5.650 | % | 6/15/35 | 2,515 | 3,475 | |||||||||
Comcast Corp. | 4.400 | % | 8/15/35 | 2,913 | 3,576 | |||||||||
Comcast Corp. | 6.500 | % | 11/15/35 | 3,028 | 4,566 | |||||||||
Comcast Corp. | 3.200 | % | 7/15/36 | 1,291 | 1,388 | |||||||||
Comcast Corp. | 6.450 | % | 3/15/37 | 2,430 | 3,585 | |||||||||
Comcast Corp. | 6.950 | % | 8/15/37 | 647 | 1,005 | |||||||||
Comcast Corp. | 3.900 | % | 3/1/38 | 2,590 | 3,011 | |||||||||
Comcast Corp. | 6.400 | % | 5/15/38 | 1,418 | 2,080 | |||||||||
Comcast Corp. | 4.600 | % | 10/15/38 | 9,014 | 11,342 | |||||||||
Comcast Corp. | 3.250 | % | 11/1/39 | 4,150 | 4,495 | |||||||||
Comcast Corp. | 6.400 | % | 3/1/40 | 1,660 | 2,478 | |||||||||
Comcast Corp. | 4.650 | % | 7/15/42 | 2,709 | 3,431 | |||||||||
Comcast Corp. | 4.500 | % | 1/15/43 | 918 | 1,159 | |||||||||
Comcast Corp. | 4.750 | % | 3/1/44 | 2,991 | 3,930 | |||||||||
Comcast Corp. | 4.600 | % | 8/15/45 | 2,121 | 2,714 | |||||||||
Comcast Corp. | 3.400 | % | 7/15/46 | 4,386 | 4,757 | |||||||||
78
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Comcast Corp. | 4.000 | % | 8/15/47 | 1,480 | 1,750 | |||||||||
Comcast Corp. | 3.969 | % | 11/1/47 | 3,790 | 4,466 | |||||||||
Comcast Corp. | 4.000 | % | 3/1/48 | 2,666 | 3,152 | |||||||||
Comcast Corp. | 4.700 | % | 10/15/48 | 9,186 | 12,061 | |||||||||
Comcast Corp. | 3.999 | % | 11/1/49 | 3,148 | 3,698 | |||||||||
Comcast Corp. | 3.450 | % | 2/1/50 | 5,495 | 6,043 | |||||||||
Comcast Corp. | 4.049 | % | 11/1/52 | 4,865 | 5,841 | |||||||||
Comcast Corp. | 4.950 | % | 10/15/58 | 7,295 | 9,984 | |||||||||
Crown Castle International Corp. | 4.750 | % | 5/15/47 | 1,600 | 2,021 | |||||||||
Crown Castle International Corp. | 5.200 | % | 2/15/49 | 1,840 | 2,367 | |||||||||
Deutsche Telekom International Finance BV | 8.750 | % | 6/15/30 | 9,650 | 14,685 | |||||||||
Discovery Communications LLC | 5.000 | % | 9/20/37 | 3,462 | 3,954 | |||||||||
Discovery Communications LLC | 6.350 | % | 6/1/40 | 2,235 | 2,966 | |||||||||
Discovery Communications LLC | 4.950 | % | 5/15/42 | 2,069 | 2,390 | |||||||||
Discovery Communications LLC | 4.875 | % | 4/1/43 | 2,100 | 2,369 | |||||||||
Discovery Communications LLC | 5.200 | % | 9/20/47 | 2,860 | 3,373 | |||||||||
Discovery Communications LLC | 5.300 | % | 5/15/49 | 1,707 | 2,062 | |||||||||
3 | Fox Corp. | 5.476 | % | 1/25/39 | 4,150 | 5,330 | ||||||||
3 | Fox Corp. | 5.576 | % | 1/25/49 | 3,600 | 4,829 | ||||||||
Grupo Televisa SAB | 6.625 | % | 1/15/40 | 1,518 | 2,071 | |||||||||
Grupo Televisa SAB | 5.000 | % | 5/13/45 | 1,898 | 2,209 | |||||||||
Grupo Televisa SAB | 6.125 | % | 1/31/46 | 1,825 | 2,445 | |||||||||
Grupo Televisa SAB | 5.250 | % | 5/24/49 | 3,400 | 4,244 | |||||||||
Interpublic Group of Cos. Inc. | 5.400 | % | 10/1/48 | 2,106 | 2,813 | |||||||||
Koninklijke KPN NV | 8.375 | % | 10/1/30 | 920 | 1,290 | |||||||||
Moody's Corp. | 5.250 | % | 7/15/44 | 1,555 | 2,126 | |||||||||
Moody's Corp. | 4.875 | % | 12/17/48 | 505 | 658 | |||||||||
NBCUniversal Media LLC | 6.400 | % | 4/30/40 | 1,808 | 2,700 | |||||||||
NBCUniversal Media LLC | 5.950 | % | 4/1/41 | 3,716 | 5,448 | |||||||||
NBCUniversal Media LLC | 4.450 | % | 1/15/43 | 2,716 | 3,369 | |||||||||
Omnicom Group Inc. | 2.450 | % | 4/30/30 | 1,000 | 1,007 | |||||||||
Orange SA | 9.000 | % | 3/1/31 | 7,471 | 11,925 | |||||||||
Orange SA | 5.375 | % | 1/13/42 | 3,592 | 4,988 | |||||||||
Rogers Communications Inc. | 7.500 | % | 8/15/38 | 1,095 | 1,723 | |||||||||
Rogers Communications Inc. | 4.500 | % | 3/15/43 | 2,576 | 3,058 | |||||||||
Rogers Communications Inc. | 5.000 | % | 3/15/44 | 1,295 | 1,657 | |||||||||
Rogers Communications Inc. | 4.300 | % | 2/15/48 | 105 | 124 | |||||||||
Rogers Communications Inc. | 4.350 | % | 5/1/49 | 5,289 | 6,310 | |||||||||
Rogers Communications Inc. | 3.700 | % | 11/15/49 | 1,630 | 1,781 | |||||||||
S&P Global Inc. | 4.500 | % | 5/15/48 | 1,625 | 2,131 | |||||||||
S&P Global Inc. | 3.250 | % | 12/1/49 | 1,900 | 2,062 | |||||||||
Telefonica Emisiones SAU | 7.045 | % | 6/20/36 | 4,063 | 5,853 | |||||||||
Telefonica Emisiones SAU | 4.665 | % | 3/6/38 | 3,199 | 3,722 | |||||||||
Telefonica Emisiones SAU | 5.213 | % | 3/8/47 | 6,846 | 8,444 | |||||||||
Telefonica Emisiones SAU | 4.895 | % | 3/6/48 | 2,960 | 3,522 | |||||||||
Telefonica Emisiones SAU | 5.520 | % | 3/1/49 | 3,860 | 5,004 | |||||||||
Telefonica Europe BV | 8.250 | % | 9/15/30 | 1,857 | 2,758 | |||||||||
TELUS Corp. | 4.600 | % | 11/16/48 | 1,447 | 1,842 | |||||||||
TELUS Corp. | 4.300 | % | 6/15/49 | 1,450 | 1,749 | |||||||||
Thomson Reuters Corp. | 5.500 | % | 8/15/35 | 900 | 1,105 | |||||||||
Thomson Reuters Corp. | 5.850 | % | 4/15/40 | 685 | 879 | |||||||||
Thomson Reuters Corp. | 5.650 | % | 11/23/43 | 1,092 | 1,429 | |||||||||
Time Warner Cable LLC | 6.550 | % | 5/1/37 | 2,203 | 2,851 | |||||||||
Time Warner Cable LLC | 7.300 | % | 7/1/38 | 4,721 | 6,410 | |||||||||
Time Warner Cable LLC | 6.750 | % | 6/15/39 | 2,699 | 3,498 | |||||||||
Time Warner Cable LLC | 5.875 | % | 11/15/40 | 3,148 | 3,859 | |||||||||
Time Warner Cable LLC | 5.500 | % | 9/1/41 | 2,933 | 3,439 | |||||||||
Time Warner Cable LLC | 4.500 | % | 9/15/42 | 3,885 | 4,045 | |||||||||
Time Warner Entertainment Co. LP | 8.375 | % | 7/15/33 | 3,278 | 4,840 | |||||||||
Verizon Communications Inc. | 4.500 | % | 8/10/33 | 8,690 | 10,609 | |||||||||
Verizon Communications Inc. | 6.400 | % | 9/15/33 | 300 | 431 | |||||||||
Verizon Communications Inc. | 4.400 | % | 11/1/34 | 8,143 | 9,842 | |||||||||
Verizon Communications Inc. | 4.272 | % | 1/15/36 | 8,777 | 10,496 | |||||||||
Verizon Communications Inc. | 5.250 | % | 3/16/37 | 7,316 | 9,729 | |||||||||
79
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Verizon Communications Inc. | 4.812 | % | 3/15/39 | 4,062 | 5,180 | |||||||||
Verizon Communications Inc. | 4.750 | % | 11/1/41 | 2,570 | 3,298 | |||||||||
Verizon Communications Inc. | 3.850 | % | 11/1/42 | 3,561 | 4,082 | |||||||||
Verizon Communications Inc. | 4.125 | % | 8/15/46 | 3,950 | 4,767 | |||||||||
Verizon Communications Inc. | 4.862 | % | 8/21/46 | 11,565 | 15,380 | |||||||||
Verizon Communications Inc. | 4.522 | % | 9/15/48 | 9,922 | 12,790 | |||||||||
Verizon Communications Inc. | 5.012 | % | 4/15/49 | 6,466 | 8,905 | |||||||||
Verizon Communications Inc. | 5.012 | % | 8/21/54 | 250 | 350 | |||||||||
Verizon Communications Inc. | 4.672 | % | 3/15/55 | 6,980 | 9,333 | |||||||||
ViacomCBS Inc. | 5.250 | % | 4/1/44 | 200 | 239 | |||||||||
ViacomCBS Inc. | 7.875 | % | 7/30/30 | 1,294 | 1,876 | |||||||||
ViacomCBS Inc. | 5.500 | % | 5/15/33 | 276 | 350 | |||||||||
ViacomCBS Inc. | 6.875 | % | 4/30/36 | 2,583 | 3,585 | |||||||||
ViacomCBS Inc. | 5.900 | % | 10/15/40 | 827 | 1,033 | |||||||||
ViacomCBS Inc. | 4.850 | % | 7/1/42 | 1,093 | 1,245 | |||||||||
ViacomCBS Inc. | 4.375 | % | 3/15/43 | 4,483 | 4,767 | |||||||||
ViacomCBS Inc. | 5.850 | % | 9/1/43 | 2,905 | 3,664 | |||||||||
ViacomCBS Inc. | 4.900 | % | 8/15/44 | 2,032 | 2,352 | |||||||||
ViacomCBS Inc. | 4.600 | % | 1/15/45 | 1,855 | 2,066 | |||||||||
Vodafone Group plc | 6.250 | % | 11/30/32 | 149 | 201 | |||||||||
Vodafone Group plc | 6.150 | % | 2/27/37 | 2,470 | 3,352 | |||||||||
Vodafone Group plc | 5.000 | % | 5/30/38 | 5,053 | 6,088 | |||||||||
Vodafone Group plc | 4.375 | % | 2/19/43 | 4,605 | 5,152 | |||||||||
Vodafone Group plc | 5.250 | % | 5/30/48 | 7,825 | 9,882 | |||||||||
Vodafone Group plc | 4.875 | % | 6/19/49 | 4,348 | 5,219 | |||||||||
Vodafone Group plc | 4.250 | % | 9/17/50 | 5,901 | 6,492 | |||||||||
Vodafone Group plc | 5.125 | % | 6/19/59 | 100 | 129 | |||||||||
Walt Disney Co. | 7.000 | % | 3/1/32 | 2,055 | 3,090 | |||||||||
Walt Disney Co. | 6.550 | % | 3/15/33 | 1,191 | 1,758 | |||||||||
Walt Disney Co. | 6.200 | % | 12/15/34 | 2,985 | 4,400 | |||||||||
Walt Disney Co. | 6.400 | % | 12/15/35 | 2,247 | 3,365 | |||||||||
Walt Disney Co. | 6.150 | % | 3/1/37 | 2,637 | 3,879 | |||||||||
Walt Disney Co. | 6.650 | % | 11/15/37 | 1,130 | 1,756 | |||||||||
Walt Disney Co. | 6.150 | % | 2/15/41 | 200 | 307 | |||||||||
Walt Disney Co. | 4.375 | % | 8/16/41 | 1,816 | 2,313 | |||||||||
Walt Disney Co. | 4.125 | % | 12/1/41 | 2,306 | 2,814 | |||||||||
Walt Disney Co. | 3.700 | % | 12/1/42 | 2,790 | 3,224 | |||||||||
Walt Disney Co. | 5.400 | % | 10/1/43 | 1,986 | 2,845 | |||||||||
Walt Disney Co. | 4.125 | % | 6/1/44 | 1,898 | 2,352 | |||||||||
Walt Disney Co. | 4.750 | % | 9/15/44 | 2,410 | 3,237 | |||||||||
Walt Disney Co. | 4.950 | % | 10/15/45 | 800 | 1,085 | |||||||||
Walt Disney Co. | 3.000 | % | 7/30/46 | 1,180 | 1,238 | |||||||||
Walt Disney Co. | 4.750 | % | 11/15/46 | 734 | 995 | |||||||||
Walt Disney Co. | 2.750 | % | 9/1/49 | 4,720 | 4,756 | |||||||||
Consumer Cyclical (5.8%) | ||||||||||||||
Alibaba Group Holding Ltd. | 4.500 | % | 11/28/34 | 1,161 | 1,416 | |||||||||
Alibaba Group Holding Ltd. | 4.000 | % | 12/6/37 | 2,760 | 3,174 | |||||||||
Alibaba Group Holding Ltd. | 4.200 | % | 12/6/47 | 4,345 | 5,209 | |||||||||
Alibaba Group Holding Ltd. | 4.400 | % | 12/6/57 | 2,450 | 3,120 | |||||||||
Amazon.com Inc. | 4.800 | % | 12/5/34 | 3,177 | 4,207 | |||||||||
Amazon.com Inc. | 3.875 | % | 8/22/37 | 7,671 | 9,211 | |||||||||
Amazon.com Inc. | 4.950 | % | 12/5/44 | 2,319 | 3,247 | |||||||||
Amazon.com Inc. | 4.050 | % | 8/22/47 | 6,835 | 8,733 | |||||||||
Amazon.com Inc. | 4.250 | % | 8/22/57 | 7,357 | 9,862 | |||||||||
Aptiv plc | 4.400 | % | 10/1/46 | 655 | 693 | |||||||||
Aptiv plc | 5.400 | % | 3/15/49 | 1,000 | 1,193 | |||||||||
BorgWarner Inc. | 4.375 | % | 3/15/45 | 1,258 | 1,370 | |||||||||
Cummins Inc. | 4.875 | % | 10/1/43 | 528 | 701 | |||||||||
Daimler Finance North America LLC | 8.500 | % | 1/18/31 | 3,496 | 5,314 | |||||||||
Darden Restaurants Inc. | 4.550 | % | 2/15/48 | 700 | 751 | |||||||||
eBay Inc. | 4.000 | % | 7/15/42 | 1,807 | 1,826 | |||||||||
Ford Motor Co. | 7.450 | % | 7/16/31 | 3,670 | 4,152 | |||||||||
Ford Motor Co. | 4.750 | % | 1/15/43 | 3,874 | 3,407 | |||||||||
80
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Ford Motor Co. | 7.400 | % | 11/1/46 | 2,168 | 2,471 | |||||||||
Ford Motor Co. | 5.291 | % | 12/8/46 | 2,562 | 2,335 | |||||||||
General Motors Co. | 5.000 | % | 4/1/35 | 1,456 | 1,570 | |||||||||
General Motors Co. | 6.600 | % | 4/1/36 | 3,422 | 4,082 | |||||||||
General Motors Co. | 5.150 | % | 4/1/38 | 3,000 | 3,109 | |||||||||
General Motors Co. | 6.250 | % | 10/2/43 | 5,622 | 6,309 | |||||||||
General Motors Co. | 5.200 | % | 4/1/45 | 1,063 | 1,055 | |||||||||
General Motors Co. | 6.750 | % | 4/1/46 | 3,070 | 3,584 | |||||||||
General Motors Co. | 5.400 | % | 4/1/48 | 2,784 | 2,811 | |||||||||
General Motors Co. | 5.950 | % | 4/1/49 | 1,973 | 2,143 | |||||||||
Harley-Davidson Inc. | 4.625 | % | 7/28/45 | 788 | 887 | |||||||||
Home Depot Inc. | 5.875 | % | 12/16/36 | 7,236 | 10,394 | |||||||||
Home Depot Inc. | 5.400 | % | 9/15/40 | 2,230 | 3,103 | |||||||||
Home Depot Inc. | 5.950 | % | 4/1/41 | 3,210 | 4,696 | |||||||||
Home Depot Inc. | 4.200 | % | 4/1/43 | 1,956 | 2,383 | |||||||||
Home Depot Inc. | 4.875 | % | 2/15/44 | 2,306 | 3,066 | |||||||||
Home Depot Inc. | 4.400 | % | 3/15/45 | 1,798 | 2,269 | |||||||||
Home Depot Inc. | 4.250 | % | 4/1/46 | 4,479 | 5,561 | |||||||||
Home Depot Inc. | 3.900 | % | 6/15/47 | 2,393 | 2,859 | |||||||||
Home Depot Inc. | 4.500 | % | 12/6/48 | 4,579 | 5,986 | |||||||||
Home Depot Inc. | 3.125 | % | 12/15/49 | 3,160 | 3,357 | |||||||||
Home Depot Inc. | 3.500 | % | 9/15/56 | 2,152 | 2,392 | |||||||||
JD.com Inc. | 4.125 | % | 1/14/50 | 700 | 730 | |||||||||
Kohl's Corp. | 5.550 | % | 7/17/45 | 1,035 | 1,108 | |||||||||
Lear Corp. | 3.500 | % | 5/30/30 | 1,000 | 998 | |||||||||
Lear Corp. | 5.250 | % | 5/15/49 | 1,495 | 1,566 | |||||||||
Lowe's Cos. Inc. | 4.650 | % | 4/15/42 | 2,835 | 3,504 | |||||||||
Lowe's Cos. Inc. | 4.250 | % | 9/15/44 | 968 | 1,103 | |||||||||
Lowe's Cos. Inc. | 4.375 | % | 9/15/45 | 1,681 | 1,967 | |||||||||
Lowe's Cos. Inc. | 3.700 | % | 4/15/46 | 3,253 | 3,473 | |||||||||
Lowe's Cos. Inc. | 4.050 | % | 5/3/47 | 3,078 | 3,467 | |||||||||
Lowe's Cos. Inc. | 4.550 | % | 4/5/49 | 3,950 | 4,823 | |||||||||
Macy's Retail Holdings Inc. | 4.500 | % | 12/15/34 | 780 | 711 | |||||||||
Mastercard Inc. | 3.800 | % | 11/21/46 | 2,279 | 2,753 | |||||||||
Mastercard Inc. | 3.950 | % | 2/26/48 | 1,540 | 1,920 | |||||||||
Mastercard Inc. | 3.650 | % | 6/1/49 | 2,484 | 3,001 | |||||||||
McDonald's Corp. | 4.700 | % | 12/9/35 | 2,185 | 2,748 | |||||||||
McDonald's Corp. | 6.300 | % | 10/15/37 | 2,230 | 3,155 | |||||||||
McDonald's Corp. | 6.300 | % | 3/1/38 | 1,705 | 2,434 | |||||||||
McDonald's Corp. | 5.700 | % | 2/1/39 | 1,180 | 1,604 | |||||||||
McDonald's Corp. | 4.875 | % | 7/15/40 | 780 | 976 | |||||||||
McDonald's Corp. | 3.700 | % | 2/15/42 | 1,752 | 1,927 | |||||||||
McDonald's Corp. | 3.625 | % | 5/1/43 | 1,724 | 1,863 | |||||||||
McDonald's Corp. | 4.600 | % | 5/26/45 | 1,059 | 1,310 | |||||||||
McDonald's Corp. | 4.875 | % | 12/9/45 | 4,305 | 5,471 | |||||||||
McDonald's Corp. | 4.450 | % | 3/1/47 | 3,221 | 3,906 | |||||||||
McDonald's Corp. | 4.450 | % | 9/1/48 | 1,160 | 1,431 | |||||||||
McDonald's Corp. | 3.625 | % | 9/1/49 | 1,270 | 1,369 | |||||||||
NIKE Inc. | 3.625 | % | 5/1/43 | 1,566 | 1,813 | |||||||||
NIKE Inc. | 3.875 | % | 11/1/45 | 2,856 | 3,500 | |||||||||
NIKE Inc. | 3.375 | % | 11/1/46 | 1,230 | 1,422 | |||||||||
Nordstrom Inc. | 4.375 | % | 4/1/30 | 1,200 | 1,264 | |||||||||
Nordstrom Inc. | 5.000 | % | 1/15/44 | 2,400 | 2,335 | |||||||||
QVC Inc. | 5.450 | % | 8/15/34 | 975 | 960 | |||||||||
Starbucks Corp. | 4.300 | % | 6/15/45 | 1,830 | 2,148 | |||||||||
Starbucks Corp. | 3.750 | % | 12/1/47 | 195 | 213 | |||||||||
Starbucks Corp. | 4.500 | % | 11/15/48 | 3,395 | 4,066 | |||||||||
Starbucks Corp. | 4.450 | % | 8/15/49 | 1,825 | 2,196 | |||||||||
Target Corp. | 6.350 | % | 11/1/32 | 219 | 320 | |||||||||
Target Corp. | 6.500 | % | 10/15/37 | 1,057 | 1,654 | |||||||||
Target Corp. | 7.000 | % | 1/15/38 | 1,850 | 3,038 | |||||||||
Target Corp. | 4.000 | % | 7/1/42 | 3,867 | 4,616 | |||||||||
Target Corp. | 3.625 | % | 4/15/46 | 2,735 | 3,160 | |||||||||
Target Corp. | 3.900 | % | 11/15/47 | 1,674 | 2,034 | |||||||||
81
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Visa Inc. | 4.150 | % | 12/14/35 | 3,944 | 4,885 | |||||||||
Visa Inc. | 4.300 | % | 12/14/45 | 9,339 | 12,158 | |||||||||
Visa Inc. | 3.650 | % | 9/15/47 | 704 | 840 | |||||||||
Walgreen Co. | 4.400 | % | 9/15/42 | 1,355 | 1,410 | |||||||||
Walgreens Boots Alliance Inc. | 4.500 | % | 11/18/34 | 826 | 908 | |||||||||
Walgreens Boots Alliance Inc. | 4.800 | % | 11/18/44 | 3,151 | 3,313 | |||||||||
Walgreens Boots Alliance Inc. | 4.650 | % | 6/1/46 | 1,742 | 1,834 | |||||||||
Walmart Inc. | 5.250 | % | 9/1/35 | 4,809 | 6,659 | |||||||||
Walmart Inc. | 6.200 | % | 4/15/38 | 2,115 | 3,252 | |||||||||
Walmart Inc. | 3.950 | % | 6/28/38 | 5,379 | 6,546 | |||||||||
Walmart Inc. | 5.625 | % | 4/1/40 | 2,082 | 3,104 | |||||||||
Walmart Inc. | 4.875 | % | 7/8/40 | 1,075 | 1,479 | |||||||||
Walmart Inc. | 5.000 | % | 10/25/40 | 1,862 | 2,599 | |||||||||
Walmart Inc. | 5.625 | % | 4/15/41 | 1,961 | 2,954 | |||||||||
Walmart Inc. | 4.000 | % | 4/11/43 | 3,774 | 4,641 | |||||||||
Walmart Inc. | 4.300 | % | 4/22/44 | 1,740 | 2,201 | |||||||||
Walmart Inc. | 3.625 | % | 12/15/47 | 2,132 | 2,532 | |||||||||
Walmart Inc. | 4.050 | % | 6/29/48 | 6,988 | 8,791 | |||||||||
Walmart Inc. | 2.950 | % | 9/24/49 | 3,550 | 3,793 | |||||||||
Western Union Co. | 6.200 | % | 11/17/36 | 1,452 | 1,756 | |||||||||
Consumer Noncyclical (19.0%) | ||||||||||||||
Abbott Laboratories | 4.750 | % | 11/30/36 | 5,710 | 7,431 | |||||||||
Abbott Laboratories | 6.150 | % | 11/30/37 | 774 | 1,182 | |||||||||
Abbott Laboratories | 6.000 | % | 4/1/39 | 354 | 543 | |||||||||
Abbott Laboratories | 5.300 | % | 5/27/40 | 1,903 | 2,739 | |||||||||
Abbott Laboratories | 4.750 | % | 4/15/43 | 2,016 | 2,679 | |||||||||
Abbott Laboratories | 4.900 | % | 11/30/46 | 7,335 | 10,228 | |||||||||
AbbVie Inc. | 4.500 | % | 5/14/35 | 6,753 | 8,006 | |||||||||
AbbVie Inc. | 4.300 | % | 5/14/36 | 1,782 | 2,073 | |||||||||
3 | AbbVie Inc. | 4.050 | % | 11/21/39 | 9,375 | 10,326 | ||||||||
AbbVie Inc. | 4.400 | % | 11/6/42 | 7,587 | 8,774 | |||||||||
AbbVie Inc. | 4.700 | % | 5/14/45 | 10,156 | 11,980 | |||||||||
AbbVie Inc. | 4.450 | % | 5/14/46 | 5,741 | 6,584 | |||||||||
AbbVie Inc. | 4.875 | % | 11/14/48 | 7,044 | 8,719 | |||||||||
3 | AbbVie Inc. | 4.250 | % | 11/21/49 | 7,050 | 7,985 | ||||||||
Adventist Health System | 3.630 | % | 3/1/49 | 725 | 809 | |||||||||
Advocate Health & Hospitals Corp. | 4.272 | % | 8/15/48 | 810 | 1,044 | |||||||||
Advocate Health & Hospitals Corp. | 3.387 | % | 10/15/49 | 950 | 1,079 | |||||||||
AHS Hospital Corp. | 5.024 | % | 7/1/45 | 763 | 1,033 | |||||||||
Allergan Finance LLC | 4.625 | % | 10/1/42 | 2,375 | 2,807 | |||||||||
Allergan Funding SCS | 4.550 | % | 3/15/35 | 3,225 | 3,810 | |||||||||
Allergan Funding SCS | 4.850 | % | 6/15/44 | 2,541 | 3,104 | |||||||||
Allergan Funding SCS | 4.750 | % | 3/15/45 | 1,480 | 1,781 | |||||||||
Allina Health System | 3.887 | % | 4/15/49 | 900 | 1,049 | |||||||||
Altria Group Inc. | 5.800 | % | 2/14/39 | 6,445 | 7,919 | |||||||||
Altria Group Inc. | 4.250 | % | 8/9/42 | 1,307 | 1,331 | |||||||||
Altria Group Inc. | 4.500 | % | 5/2/43 | 3,385 | 3,535 | |||||||||
Altria Group Inc. | 5.375 | % | 1/31/44 | 3,005 | 3,544 | |||||||||
Altria Group Inc. | 3.875 | % | 9/16/46 | 2,610 | 2,542 | |||||||||
Altria Group Inc. | 5.950 | % | 2/14/49 | 3,850 | 4,889 | |||||||||
Altria Group Inc. | 6.200 | % | 2/14/59 | 3,330 | 4,239 | |||||||||
AmerisourceBergen Corp. | 4.250 | % | 3/1/45 | 1,350 | 1,549 | |||||||||
AmerisourceBergen Corp. | 4.300 | % | 12/15/47 | 748 | 851 | |||||||||
Amgen Inc. | 6.400 | % | 2/1/39 | 2,325 | 3,437 | |||||||||
Amgen Inc. | 3.150 | % | 2/21/40 | 2,655 | 2,737 | |||||||||
Amgen Inc. | 4.950 | % | 10/1/41 | 558 | 711 | |||||||||
Amgen Inc. | 5.150 | % | 11/15/41 | 3,095 | 4,082 | |||||||||
Amgen Inc. | 5.650 | % | 6/15/42 | 900 | 1,230 | |||||||||
Amgen Inc. | 4.400 | % | 5/1/45 | 5,511 | 6,444 | |||||||||
Amgen Inc. | 4.563 | % | 6/15/48 | 4,735 | 5,727 | |||||||||
Amgen Inc. | 3.375 | % | 2/21/50 | 3,100 | 3,186 | |||||||||
Amgen Inc. | 4.663 | % | 6/15/51 | 8,228 | 10,275 | |||||||||
82
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.900 | % | 2/1/46 | 24,473 | 30,119 | |||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.700 | % | 2/1/36 | 13,290 | 15,867 | |||||||||
Anheuser-Busch InBev Finance Inc. | 4.700 | % | 2/1/36 | 3,213 | 3,838 | |||||||||
Anheuser-Busch InBev Finance Inc. | 4.000 | % | 1/17/43 | 2,835 | 3,052 | |||||||||
Anheuser-Busch InBev Finance Inc. | 4.625 | % | 2/1/44 | 2,041 | 2,452 | |||||||||
Anheuser-Busch InBev Finance Inc. | 4.900 | % | 2/1/46 | 5,550 | 6,797 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 4.900 | % | 1/23/31 | 3,075 | 3,726 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 5.875 | % | 6/15/35 | 850 | 1,075 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 4.375 | % | 4/15/38 | 4,070 | 4,698 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 8.200 | % | 1/15/39 | 2,510 | 4,148 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 5.450 | % | 1/23/39 | 2,765 | 3,592 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 8.000 | % | 11/15/39 | 863 | 1,412 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 4.950 | % | 1/15/42 | 5,260 | 6,568 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 3.750 | % | 7/15/42 | 3,049 | 3,339 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 4.600 | % | 4/15/48 | 4,275 | 5,109 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 4.439 | % | 10/6/48 | 4,413 | 5,137 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 5.550 | % | 1/23/49 | 7,545 | 10,205 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 4.750 | % | 4/15/58 | 4,740 | 5,725 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | 5.800 | % | 1/23/59 | 4,750 | 6,679 | |||||||||
Archer-Daniels-Midland Co. | 5.935 | % | 10/1/32 | 1,080 | 1,485 | |||||||||
Archer-Daniels-Midland Co. | 5.375 | % | 9/15/35 | 1,080 | 1,448 | |||||||||
Archer-Daniels-Midland Co. | 4.535 | % | 3/26/42 | 1,396 | 1,773 | |||||||||
Archer-Daniels-Midland Co. | 4.016 | % | 4/16/43 | 1,772 | 2,140 | |||||||||
Archer-Daniels-Midland Co. | 3.750 | % | 9/15/47 | 1,135 | 1,332 | |||||||||
Archer-Daniels-Midland Co. | 4.500 | % | 3/15/49 | 1,263 | 1,706 | |||||||||
Ascension Health | 3.106 | % | 11/15/39 | 1,300 | 1,432 | |||||||||
Ascension Health | 3.945 | % | 11/15/46 | 1,648 | 2,038 | |||||||||
1 | Ascension Health | 4.847 | % | 11/15/53 | 1,138 | 1,636 | ||||||||
AstraZeneca plc | 6.450 | % | 9/15/37 | 6,848 | 10,268 | |||||||||
AstraZeneca plc | 4.000 | % | 9/18/42 | 2,556 | 3,042 | |||||||||
AstraZeneca plc | 4.375 | % | 11/16/45 | 2,464 | 3,130 | |||||||||
AstraZeneca plc | 4.375 | % | 8/17/48 | 2,117 | 2,720 | |||||||||
BAT Capital Corp. | 4.390 | % | 8/15/37 | 6,485 | 6,834 | |||||||||
BAT Capital Corp. | 4.540 | % | 8/15/47 | 6,383 | 6,583 | |||||||||
BAT Capital Corp. | 4.758 | % | 9/6/49 | 2,245 | 2,418 | |||||||||
Baxalta Inc. | 5.250 | % | 6/23/45 | 1,166 | 1,634 | |||||||||
Baxter International Inc. | 3.500 | % | 8/15/46 | 1,098 | 1,155 | |||||||||
Baylor Scott & White Holdings | 4.185 | % | 11/15/45 | 1,706 | 2,183 | |||||||||
Baylor Scott & White Holdings | 3.967 | % | 11/15/46 | 350 | 436 | |||||||||
Becton Dickinson & Co. | 4.685 | % | 12/15/44 | 2,498 | 3,116 | |||||||||
Becton Dickinson & Co. | 4.669 | % | 6/6/47 | 4,194 | 5,321 | |||||||||
Biogen Inc. | 5.200 | % | 9/15/45 | 4,269 | 5,509 | |||||||||
Boston Scientific Corp. | 4.550 | % | 3/1/39 | 2,661 | 3,295 | |||||||||
Boston Scientific Corp. | 7.375 | % | 1/15/40 | 855 | 1,419 | |||||||||
Boston Scientific Corp. | 4.700 | % | 3/1/49 | 3,470 | 4,527 | |||||||||
3 | Bristol-Myers Squibb Co. | 4.125 | % | 6/15/39 | 5,477 | 6,681 | ||||||||
Bristol-Myers Squibb Co. | 3.250 | % | 8/1/42 | 1,700 | 1,901 | |||||||||
3 | Bristol-Myers Squibb Co. | 5.250 | % | 8/15/43 | 1,570 | 2,238 | ||||||||
Bristol-Myers Squibb Co. | 4.500 | % | 3/1/44 | 1,148 | 1,522 | |||||||||
3 | Bristol-Myers Squibb Co. | 4.625 | % | 5/15/44 | 2,094 | 2,784 | ||||||||
3 | Bristol-Myers Squibb Co. | 5.000 | % | 8/15/45 | 5,445 | 7,432 | ||||||||
3 | Bristol-Myers Squibb Co. | 4.350 | % | 11/15/47 | 4,410 | 5,626 | ||||||||
3 | Bristol-Myers Squibb Co. | 4.550 | % | 2/20/48 | 4,450 | 5,854 | ||||||||
3 | Bristol-Myers Squibb Co. | 4.250 | % | 10/26/49 | 6,911 | 8,888 | ||||||||
Brown-Forman Corp. | 4.000 | % | 4/15/38 | 700 | 837 | |||||||||
Brown-Forman Corp. | 4.500 | % | 7/15/45 | 1,151 | 1,556 | |||||||||
Campbell Soup Co. | 4.800 | % | 3/15/48 | 1,626 | 1,986 | |||||||||
Cardinal Health Inc. | 4.600 | % | 3/15/43 | 1,877 | 2,089 | |||||||||
Cardinal Health Inc. | 4.500 | % | 11/15/44 | 192 | 204 | |||||||||
Cardinal Health Inc. | 4.900 | % | 9/15/45 | 675 | 767 | |||||||||
Cardinal Health Inc. | 4.368 | % | 6/15/47 | 936 | 1,011 | |||||||||
Children's Hospital Corp. | 4.115 | % | 1/1/47 | 685 | 868 | |||||||||
83
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Children's Hospital Medical Center | 4.268 | % | 5/15/44 | 760 | 941 | |||||||||
Church & Dwight Co. Inc. | 3.950 | % | 8/1/47 | 1,013 | 1,176 | |||||||||
Cigna Corp. | 4.800 | % | 8/15/38 | 5,240 | 6,308 | |||||||||
3 | Cigna Corp. | 6.125 | % | 11/15/41 | 1,658 | 2,310 | ||||||||
3 | Cigna Corp. | 4.800 | % | 7/15/46 | 5,612 | 6,671 | ||||||||
3 | Cigna Corp. | 3.875 | % | 10/15/47 | 2,645 | 2,859 | ||||||||
Cigna Corp. | 4.900 | % | 12/15/48 | 4,700 | 5,829 | |||||||||
City of Hope | 4.378 | % | 8/15/48 | 1,270 | 1,629 | |||||||||
Cleveland Clinic Foundation | 4.858 | % | 1/1/14 | 913 | 1,350 | |||||||||
Coca-Cola Femsa SAB de CV | 5.250 | % | 11/26/43 | 1,200 | 1,614 | |||||||||
Colgate-Palmolive Co. | 4.000 | % | 8/15/45 | 1,076 | 1,387 | |||||||||
Colgate-Palmolive Co. | 3.700 | % | 8/1/47 | 1,595 | 1,997 | |||||||||
1 | CommonSpirit Health | 4.350 | % | 11/1/42 | 1,604 | 1,846 | ||||||||
CommonSpirit Health | 3.817 | % | 10/1/49 | 1,020 | 1,102 | |||||||||
CommonSpirit Health | 4.187 | % | 10/1/49 | 3,125 | 3,432 | |||||||||
Conagra Brands Inc. | 8.250 | % | 9/15/30 | 493 | 718 | |||||||||
Conagra Brands Inc. | 5.300 | % | 11/1/38 | 2,388 | 2,910 | |||||||||
Conagra Brands Inc. | 5.400 | % | 11/1/48 | 2,700 | 3,417 | |||||||||
Constellation Brands Inc. | 4.500 | % | 5/9/47 | 1,970 | 2,315 | |||||||||
Constellation Brands Inc. | 4.100 | % | 2/15/48 | 606 | 673 | |||||||||
Constellation Brands Inc. | 5.250 | % | 11/15/48 | 1,630 | 2,123 | |||||||||
Cottage Health Obligated Group | 3.304 | % | 11/1/49 | 1,300 | 1,406 | |||||||||
CVS Health Corp. | 4.875 | % | 7/20/35 | 1,060 | 1,284 | |||||||||
CVS Health Corp. | 4.780 | % | 3/25/38 | 12,898 | 15,203 | |||||||||
CVS Health Corp. | 6.125 | % | 9/15/39 | 1,120 | 1,497 | |||||||||
CVS Health Corp. | 5.300 | % | 12/5/43 | 4,028 | 5,202 | |||||||||
CVS Health Corp. | 5.125 | % | 7/20/45 | 8,824 | 10,802 | |||||||||
CVS Health Corp. | 5.050 | % | 3/25/48 | 19,295 | 23,654 | |||||||||
Danaher Corp. | 4.375 | % | 9/15/45 | 872 | 1,088 | |||||||||
Dartmouth-Hitchcock Health | 4.178 | % | 8/1/48 | 625 | 780 | |||||||||
Delhaize America LLC | 9.000 | % | 4/15/31 | 470 | 723 | |||||||||
DH Europe Finance II Sarl | 3.250 | % | 11/15/39 | 2,500 | 2,685 | |||||||||
DH Europe Finance II Sarl | 3.400 | % | 11/15/49 | 1,505 | 1,660 | |||||||||
Diageo Capital plc | 5.875 | % | 9/30/36 | 1,331 | 1,908 | |||||||||
Diageo Capital plc | 3.875 | % | 4/29/43 | 533 | 656 | |||||||||
Diageo Investment Corp. | 7.450 | % | 4/15/35 | 987 | 1,589 | |||||||||
Diageo Investment Corp. | 4.250 | % | 5/11/42 | 816 | 1,003 | |||||||||
Dignity Health | 4.500 | % | 11/1/42 | 950 | 1,114 | |||||||||
Dignity Health | 5.267 | % | 11/1/64 | 513 | 680 | |||||||||
Duke University Health System Inc. | 3.920 | % | 6/1/47 | 1,368 | 1,727 | |||||||||
Eli Lilly & Co. | 3.950 | % | 3/15/49 | 5,063 | 6,232 | |||||||||
Eli Lilly & Co. | 4.150 | % | 3/15/59 | 3,050 | 3,834 | |||||||||
Estee Lauder Cos. Inc. | 6.000 | % | 5/15/37 | 500 | 720 | |||||||||
Estee Lauder Cos. Inc. | 4.375 | % | 6/15/45 | 1,153 | 1,462 | |||||||||
Estee Lauder Cos. Inc. | 4.150 | % | 3/15/47 | 1,633 | 2,056 | |||||||||
Estee Lauder Cos. Inc. | 3.125 | % | 12/1/49 | 1,575 | 1,682 | |||||||||
Fomento Economico Mexicano SAB de CV | 4.375 | % | 5/10/43 | 1,313 | 1,591 | |||||||||
Fomento Economico Mexicano SAB de CV | 3.500 | % | 1/16/50 | 5,000 | 5,256 | |||||||||
General Mills Inc. | 4.550 | % | 4/17/38 | 2,540 | 3,017 | |||||||||
General Mills Inc. | 5.400 | % | 6/15/40 | 1,233 | 1,618 | |||||||||
General Mills Inc. | 4.150 | % | 2/15/43 | 1,526 | 1,725 | |||||||||
General Mills Inc. | 4.700 | % | 4/17/48 | 680 | 849 | |||||||||
Gilead Sciences Inc. | 4.600 | % | 9/1/35 | 3,601 | 4,499 | |||||||||
Gilead Sciences Inc. | 4.000 | % | 9/1/36 | 2,266 | 2,679 | |||||||||
Gilead Sciences Inc. | 5.650 | % | 12/1/41 | 2,734 | 3,856 | |||||||||
Gilead Sciences Inc. | 4.800 | % | 4/1/44 | 4,241 | 5,419 | |||||||||
Gilead Sciences Inc. | 4.500 | % | 2/1/45 | 4,214 | 5,166 | |||||||||
Gilead Sciences Inc. | 4.750 | % | 3/1/46 | 5,673 | 7,297 | |||||||||
Gilead Sciences Inc. | 4.150 | % | 3/1/47 | 3,286 | 3,953 | |||||||||
GlaxoSmithKline Capital Inc. | 5.375 | % | 4/15/34 | 751 | 1,047 | |||||||||
GlaxoSmithKline Capital Inc. | 6.375 | % | 5/15/38 | 7,332 | 11,063 | |||||||||
GlaxoSmithKline Capital Inc. | 4.200 | % | 3/18/43 | 1,012 | 1,277 | |||||||||
Hackensack Meridian Health Inc. | 4.211 | % | 7/1/48 | 925 | 1,141 | |||||||||
Hackensack Meridian Health Inc. | 4.500 | % | 7/1/57 | 323 | 435 | |||||||||
84
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
1 | Hartford HealthCare Corp. | 3.447 | % | 7/1/54 | 1,000 | 1,062 | ||||||||
Hasbro Inc. | 6.350 | % | 3/15/40 | 1,213 | 1,491 | |||||||||
Hasbro Inc. | 5.100 | % | 5/15/44 | 643 | 686 | |||||||||
HCA Inc. | 5.125 | % | 6/15/39 | 3,117 | 3,585 | |||||||||
HCA Inc. | 5.500 | % | 6/15/47 | 3,869 | 4,594 | |||||||||
HCA Inc. | 5.250 | % | 6/15/49 | 5,045 | 5,877 | |||||||||
Hershey Co. | 3.375 | % | 8/15/46 | 872 | 969 | |||||||||
Hershey Co. | 3.125 | % | 11/15/49 | 2,025 | 2,166 | |||||||||
Indiana University Health Inc. Obligated Group | 3.970 | % | 11/1/48 | 850 | 1,070 | |||||||||
JM Smucker Co. | 4.250 | % | 3/15/35 | 2,020 | 2,320 | |||||||||
JM Smucker Co. | 4.375 | % | 3/15/45 | 248 | 281 | |||||||||
Johns Hopkins Health System Corp. | 3.837 | % | 5/15/46 | 1,738 | 2,138 | |||||||||
Johnson & Johnson | 4.950 | % | 5/15/33 | 873 | 1,178 | |||||||||
Johnson & Johnson | 4.375 | % | 12/5/33 | 2,925 | 3,680 | |||||||||
Johnson & Johnson | 3.550 | % | 3/1/36 | 3,264 | 3,834 | |||||||||
Johnson & Johnson | 3.625 | % | 3/3/37 | 4,328 | 5,024 | |||||||||
Johnson & Johnson | 5.950 | % | 8/15/37 | 2,313 | 3,570 | |||||||||
Johnson & Johnson | 3.400 | % | 1/15/38 | 1,998 | 2,273 | |||||||||
Johnson & Johnson | 5.850 | % | 7/15/38 | 1,456 | 2,211 | |||||||||
Johnson & Johnson | 4.500 | % | 9/1/40 | 2,242 | 2,927 | |||||||||
Johnson & Johnson | 4.850 | % | 5/15/41 | 1,000 | 1,404 | |||||||||
Johnson & Johnson | 4.500 | % | 12/5/43 | 1,325 | 1,767 | |||||||||
Johnson & Johnson | 3.700 | % | 3/1/46 | 5,160 | 6,227 | |||||||||
Johnson & Johnson | 3.750 | % | 3/3/47 | 2,880 | 3,495 | |||||||||
Johnson & Johnson | 3.500 | % | 1/15/48 | 349 | 416 | |||||||||
Kaiser Foundation Hospitals | 4.875 | % | 4/1/42 | 1,800 | 2,452 | |||||||||
Kaiser Foundation Hospitals | 4.150 | % | 5/1/47 | 1,745 | 2,235 | |||||||||
Kaiser Foundation Hospitals | 3.266 | % | 11/1/49 | 3,976 | 4,406 | |||||||||
Kellogg Co. | 7.450 | % | 4/1/31 | 1,107 | 1,618 | |||||||||
Kellogg Co. | 4.500 | % | 4/1/46 | 1,580 | 1,852 | |||||||||
Keurig Dr Pepper Inc. | 4.985 | % | 5/25/38 | 1,065 | 1,288 | |||||||||
Keurig Dr Pepper Inc. | 4.500 | % | 11/15/45 | 2,668 | 3,102 | |||||||||
Keurig Dr Pepper Inc. | 4.420 | % | 12/15/46 | 1,690 | 1,937 | |||||||||
Kimberly-Clark Corp. | 6.625 | % | 8/1/37 | 953 | 1,520 | |||||||||
Kimberly-Clark Corp. | 5.300 | % | 3/1/41 | 1,525 | 2,114 | |||||||||
Kimberly-Clark Corp. | 3.200 | % | 7/30/46 | 1,885 | 2,095 | |||||||||
Kimberly-Clark Corp. | 3.900 | % | 5/4/47 | 400 | 496 | |||||||||
Kimberly-Clark Corp. | 2.875 | % | 2/7/50 | 1,940 | 1,989 | |||||||||
Koninklijke Ahold Delhaize NV | 5.700 | % | 10/1/40 | 677 | 921 | |||||||||
Koninklijke Philips NV | 6.875 | % | 3/11/38 | 1,530 | 2,315 | |||||||||
Koninklijke Philips NV | 5.000 | % | 3/15/42 | 472 | 626 | |||||||||
Kraft Foods Group Inc. | 6.500 | % | 2/9/40 | 1,898 | 2,172 | |||||||||
Kroger Co. | 7.500 | % | 4/1/31 | 571 | 823 | |||||||||
Kroger Co. | 6.900 | % | 4/15/38 | 126 | 176 | |||||||||
Kroger Co. | 5.400 | % | 7/15/40 | 928 | 1,155 | |||||||||
Kroger Co. | 5.000 | % | 4/15/42 | 851 | 1,005 | |||||||||
Kroger Co. | 5.150 | % | 8/1/43 | 2,655 | 3,226 | |||||||||
Kroger Co. | 3.875 | % | 10/15/46 | 2,075 | 2,118 | |||||||||
Kroger Co. | 4.450 | % | 2/1/47 | 1,204 | 1,355 | |||||||||
Kroger Co. | 4.650 | % | 1/15/48 | 2,423 | 2,757 | |||||||||
Kroger Co. | 5.400 | % | 1/15/49 | 350 | 443 | |||||||||
Kroger Co. | 3.950 | % | 1/15/50 | 2,200 | 2,277 | |||||||||
Laboratory Corp. of America Holdings | 4.700 | % | 2/1/45 | 3,041 | 3,657 | |||||||||
1 | Mayo Clinic | 3.774 | % | 11/15/43 | 850 | 1,016 | ||||||||
1 | Mayo Clinic | 4.000 | % | 11/15/47 | 648 | 810 | ||||||||
1 | Mayo Clinic | 4.128 | % | 11/15/52 | 525 | 670 | ||||||||
McCormick & Co. Inc. | 4.200 | % | 8/15/47 | 696 | 834 | |||||||||
McKesson Corp. | 6.000 | % | 3/1/41 | 1,435 | 1,911 | |||||||||
McKesson Corp. | 4.883 | % | 3/15/44 | 1,340 | 1,638 | |||||||||
McLaren Health Care Corp. | 4.386 | % | 5/15/48 | 450 | 566 | |||||||||
Mead Johnson Nutrition Co. | 5.900 | % | 11/1/39 | 995 | 1,430 | |||||||||
Mead Johnson Nutrition Co. | 4.600 | % | 6/1/44 | 1,854 | 2,369 | |||||||||
1 | MedStar Health Inc. | 3.626 | % | 8/15/49 | 500 | 560 | ||||||||
Medtronic Inc. | 4.375 | % | 3/15/35 | 5,833 | 7,454 | |||||||||
85
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Medtronic Inc. | 4.625 | % | 3/15/45 | 6,123 | 8,253 | |||||||||
Memorial Health Services | 3.447 | % | 11/1/49 | 750 | 846 | |||||||||
Memorial Sloan-Kettering Cancer Center | 5.000 | % | 7/1/42 | 175 | 244 | |||||||||
Memorial Sloan-Kettering Cancer Center | 4.125 | % | 7/1/52 | 1,445 | 1,849 | |||||||||
Memorial Sloan-Kettering Cancer Center | 4.200 | % | 7/1/55 | 1,603 | 2,110 | |||||||||
Merck & Co. Inc. | 6.500 | % | 12/1/33 | 1,625 | 2,467 | |||||||||
Merck & Co. Inc. | 3.900 | % | 3/7/39 | 1,477 | 1,793 | |||||||||
Merck & Co. Inc. | 3.600 | % | 9/15/42 | 2,935 | 3,471 | |||||||||
Merck & Co. Inc. | 4.150 | % | 5/18/43 | 3,000 | 3,806 | |||||||||
Merck & Co. Inc. | 3.700 | % | 2/10/45 | 6,331 | 7,518 | |||||||||
Merck & Co. Inc. | 4.000 | % | 3/7/49 | 3,760 | 4,698 | |||||||||
Molson Coors Beverage Co. | 5.000 | % | 5/1/42 | 2,535 | 2,875 | |||||||||
Molson Coors Beverage Co. | 4.200 | % | 7/15/46 | 4,692 | 4,803 | |||||||||
Mondelez International Inc. | 4.625 | % | 5/7/48 | 215 | 271 | |||||||||
1 | Montefiore Obligated Group | 5.246 | % | 11/1/48 | 1,070 | 1,316 | ||||||||
Montefiore Obligated Group | 4.287 | % | 9/1/50 | 725 | 754 | |||||||||
1 | Mount Sinai Hospitals Group Inc. | 3.981 | % | 7/1/48 | 650 | 758 | ||||||||
1 | Mount Sinai Hospitals Group Inc. | 3.737 | % | 7/1/49 | 1,315 | 1,482 | ||||||||
Mylan Inc. | 5.400 | % | 11/29/43 | 1,052 | 1,274 | |||||||||
Mylan Inc. | 5.200 | % | 4/15/48 | 1,420 | 1,662 | |||||||||
Mylan NV | 5.250 | % | 6/15/46 | 3,065 | 3,575 | |||||||||
New York & Presbyterian Hospital | 4.024 | % | 8/1/45 | 1,273 | 1,577 | |||||||||
New York & Presbyterian Hospital | 4.063 | % | 8/1/56 | 888 | 1,131 | |||||||||
New York & Presbyterian Hospital | 3.954 | % | 8/1/19 | 1,650 | 1,994 | |||||||||
Northwell Healthcare Inc. | 3.979 | % | 11/1/46 | 445 | 515 | |||||||||
Northwell Healthcare Inc. | 4.260 | % | 11/1/47 | 2,660 | 3,161 | |||||||||
Northwell Healthcare Inc. | 3.809 | % | 11/1/49 | 1,275 | 1,429 | |||||||||
Novartis Capital Corp. | 2.200 | % | 8/14/30 | 3,720 | 3,838 | |||||||||
Novartis Capital Corp. | 3.700 | % | 9/21/42 | 1,830 | 2,214 | |||||||||
Novartis Capital Corp. | 4.400 | % | 5/6/44 | 3,825 | 4,974 | |||||||||
Novartis Capital Corp. | 4.000 | % | 11/20/45 | 2,975 | 3,734 | |||||||||
Novartis Capital Corp. | 2.750 | % | 8/14/50 | 3,725 | 3,874 | |||||||||
1 | NYU Hospitals Center | 4.368 | % | 7/1/47 | 648 | 806 | ||||||||
NYU Langone Hospitals | 5.750 | % | 7/1/43 | 1,170 | 1,724 | |||||||||
NYU Langone Hospitals | 4.784 | % | 7/1/44 | 1,053 | 1,353 | |||||||||
NYU Langone Hospitals | 3.380 | % | 7/1/55 | 1,500 | 1,580 | |||||||||
Orlando Health Obligated Group | 4.089 | % | 10/1/48 | 700 | 856 | |||||||||
Partners Healthcare System Inc. | 3.765 | % | 7/1/48 | 650 | 773 | |||||||||
Partners Healthcare System Inc. | 3.192 | % | 7/1/49 | 1,275 | 1,352 | |||||||||
Partners Healthcare System Inc. | 4.117 | % | 7/1/55 | 575 | 716 | |||||||||
Partners Healthcare System Inc. | 3.342 | % | 7/1/60 | 2,000 | 2,186 | |||||||||
PeaceHealth Obligated Group | 4.787 | % | 11/15/48 | 900 | 1,239 | |||||||||
PepsiCo Inc. | 4.875 | % | 11/1/40 | 1,150 | 1,560 | |||||||||
PepsiCo Inc. | 4.000 | % | 3/5/42 | 525 | 632 | |||||||||
PepsiCo Inc. | 3.600 | % | 8/13/42 | 1,800 | 2,088 | |||||||||
PepsiCo Inc. | 4.250 | % | 10/22/44 | 2,542 | 3,224 | |||||||||
PepsiCo Inc. | 4.600 | % | 7/17/45 | 1,217 | 1,620 | |||||||||
PepsiCo Inc. | 4.450 | % | 4/14/46 | 5,361 | 7,032 | |||||||||
PepsiCo Inc. | 3.450 | % | 10/6/46 | 4,353 | 4,991 | |||||||||
PepsiCo Inc. | 4.000 | % | 5/2/47 | 2,005 | 2,509 | |||||||||
PepsiCo Inc. | 3.375 | % | 7/29/49 | 2,550 | 2,906 | |||||||||
PepsiCo Inc. | 2.875 | % | 10/15/49 | 1,110 | 1,172 | |||||||||
Perrigo Finance Unlimited Co. | 4.900 | % | 12/15/44 | 934 | 993 | |||||||||
Pfizer Inc. | 4.000 | % | 12/15/36 | 3,321 | 4,019 | |||||||||
Pfizer Inc. | 4.100 | % | 9/15/38 | 2,354 | 2,919 | |||||||||
Pfizer Inc. | 3.900 | % | 3/15/39 | 3,490 | 4,150 | |||||||||
Pfizer Inc. | 7.200 | % | 3/15/39 | 4,552 | 7,632 | |||||||||
Pfizer Inc. | 5.600 | % | 9/15/40 | 1,621 | 2,327 | |||||||||
Pfizer Inc. | 4.300 | % | 6/15/43 | 2,650 | 3,319 | |||||||||
Pfizer Inc. | 4.400 | % | 5/15/44 | 2,050 | 2,586 | |||||||||
Pfizer Inc. | 4.125 | % | 12/15/46 | 3,244 | 4,006 | |||||||||
Pfizer Inc. | 4.200 | % | 9/15/48 | 2,215 | 2,813 | |||||||||
Pfizer Inc. | 4.000 | % | 3/15/49 | 1,580 | 1,970 | |||||||||
Philip Morris International Inc. | 6.375 | % | 5/16/38 | 2,950 | 4,248 | |||||||||
86
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | |||||||||
Philip Morris International Inc. | 4.375 | % | 11/15/41 | 2,505 | 2,878 | |||||||||
Philip Morris International Inc. | 4.500 | % | 3/20/42 | 2,129 | 2,516 | |||||||||
Philip Morris International Inc. | 3.875 | % | 8/21/42 | 2,755 | 2,993 | |||||||||
Philip Morris International Inc. | 4.125 | % | 3/4/43 | 2,625 | 2,952 | |||||||||
Philip Morris International Inc. | 4.875 | % | 11/15/43 | 1,415 | 1,756 | |||||||||
Philip Morris International Inc. | 4.250 | % | 11/10/44 | 2,587 | 2,997 | |||||||||
Procter & Gamble Co. | 5.500 | % | 2/1/34 | 800 | 1,135 | |||||||||
Procter & Gamble Co. | 5.800 | % | 8/15/34 | 945 | 1,394 | |||||||||
Procter & Gamble Co. | 5.550 | % | 3/5/37 | 1,835 | 2,698 | |||||||||
Procter & Gamble Co. | 3.500 | % | 10/25/47 | 1,535 | 1,872 | |||||||||
1 | Providence St. Joseph Health Obligated Group | 3.744 | % | 10/1/47 | 1,083 | 1,262 | ||||||||
1 | Providence St. Joseph Health Obligated Group | 3.930 | % | 10/1/48 | 715 | 875 | ||||||||
Quest Diagnostics Inc. | 2.950 | % | 6/30/30 | 2,725 | 2,816 | |||||||||
Quest Diagnostics Inc. | 4.700 | % | 3/30/45 | 988 | 1,197 | |||||||||
Reynolds American Inc. | 5.700 | % | 8/15/35 | 1,494 | 1,805 | |||||||||
Reynolds American Inc. | 7.250 | % | 6/15/37 | 951 | 1,280 | |||||||||
Reynolds American Inc. | 6.150 | % | 9/15/43 | 1,793 | 2,201 | |||||||||
Reynolds American Inc. | 5.850 | % | 8/15/45 | 5,628 | 6,691 | |||||||||
RWJ Barnabas Health Inc. | 3.949 | % | 7/1/46 | 813 | 959 | |||||||||
RWJ Barnabas Health Inc. | 3.477 | % | 7/1/49 | 700 | 777 | |||||||||
Spectrum Health System Obligated Group | 3.487 | % | 7/15/49 | 850 | 971 | |||||||||
Stanford Health Care | 3.795 | % | 11/15/48 | 1,200 | 1,454 | |||||||||
Stryker Corp. | 4.100 | % | 4/1/43 | 1,802 | 2,147 | |||||||||
Stryker Corp. | 4.375 | % | 5/15/44 | 1,045 | 1,316 | |||||||||
Stryker Corp. | 4.625 | % | 3/15/46 | 1,455 | 1,865 | |||||||||
Sutter Health | 4.091 | % | 8/15/48 | 915 | 1,112 | |||||||||
Sysco Corp. | 5.375 | % | 9/21/35 | 261 | 357 | |||||||||
Sysco Corp. | 4.850 | % | 10/1/45 | 1,965 | 2,508 | |||||||||
Sysco Corp. | 4.500 | % | 4/1/46 | 1,984 | 2,375 | |||||||||
Sysco Corp. | 4.450 | % | 3/15/48 | 210 | 255 | |||||||||
Sysco Corp. | 3.300 | % | 2/15/50 | 1,225 | 1,251 | |||||||||
1 | Texas Health Resources | 4.330 | % | 11/15/55 | 552 | 726 | ||||||||
Thermo Fisher Scientific Inc. | 5.300 | % | 2/1/44 | 1,833 | 2,481 | |||||||||
Thermo Fisher Scientific Inc. | 4.100 | % | 8/15/47 | 390 | 482 | |||||||||
Toledo Hospital | 5.750 | % | 11/15/38 | 1,250 | 1,574 | |||||||||
Toledo Hospital | 6.015 | % | 11/15/48 | 1,000 | 1,310 | |||||||||
Trinity Health Corp. | 4.125 | % | 12/1/45 | 975 | 1,182 | |||||||||
1 | Trinity Health Corp. | 3.434 | % | 12/1/48 | 725 | 802 | ||||||||
Tyson Foods Inc. | 4.875 | % | 8/15/34 | 1,521 | 1,878 | |||||||||
Tyson Foods Inc. | 5.150 | % | 8/15/44 | 855 | 1,093 | |||||||||
Tyson Foods Inc. | 4.550 | % | 6/2/47 | 4,002 | 4,815 | |||||||||
Tyson Foods Inc. | 5.100 | % | 9/28/48 | 3,910 | 5,101 | |||||||||
Unilever Capital Corp. | 5.900 | % | 11/15/32 | 2,502 | 3,523 | |||||||||
Whirlpool Corp. | 4.500 | % | 6/1/46 | 615 | 684 | |||||||||
1 | Willis-Knighton Medical Center | 4.813 | % | 9/1/48 | 725 | 952 | ||||||||
Wyeth LLC | 6.500 | % | 2/1/34 | 2,673 | 4,032 | |||||||||
Wyeth LLC | 6.000 | % | 2/15/36 | 787 | 1,162 | |||||||||
Wyeth LLC | 5.950 | % | 4/1/37 | 4,733 | 6,818 | |||||||||
Zimmer Biomet Holdings Inc. | 5.750 | % | 11/30/39 | 830 | 1,060 | |||||||||
Zimmer Biomet Holdings Inc. | 4.450 | % | 8/15/45 | 952 | 1,095 | |||||||||
Zoetis Inc. | 4.700 | % | 2/1/43 | 3,805 | 4,945 | |||||||||
Zoetis Inc. | 3.950 | % | 9/12/47 | 819 | 979 | |||||||||
Zoetis Inc. | 4.450 | % | 8/20/48 | 1,250 | 1,600 | |||||||||
Energy (10.4%) | ||||||||||||||
Apache Corp. | 6.000 | % | 1/15/37 | 255 | 306 | |||||||||
Apache Corp. | 5.100 | % | 9/1/40 | 3,906 | 3,876 | |||||||||
Apache Corp. | 5.250 | % | 2/1/42 | 2,277 | 2,298 | |||||||||
Apache Corp. | 4.750 | % | 4/15/43 | 3,010 | 2,828 | |||||||||
Apache Corp. | 4.250 | % | 1/15/44 | 3,560 | 3,293 | |||||||||
Baker Hughes a GE Co. LLC | 5.125 | % | 9/15/40 | 3,000 | 3,638 | |||||||||
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 4.080 | % | 12/15/47 | 3,055 | 3,232 | |||||||||
BP Capital Markets America Inc. | 3.000 | % | 2/24/50 | 4,000 | 3,932 |
87
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Burlington Resources Finance Co. | 7.200% | 8/15/31 | 1,922 | 2,886 | |||
Burlington Resources Finance Co. | 7.400% | 12/1/31 | 1,639 | 2,487 | |||
Canadian Natural Resources Ltd. | 7.200% | 1/15/32 | 858 | 1,184 | |||
Canadian Natural Resources Ltd. | 6.450% | 6/30/33 | 1,683 | 2,241 | |||
Canadian Natural Resources Ltd. | 5.850% | 2/1/35 | 475 | 616 | |||
Canadian Natural Resources Ltd. | 6.500% | 2/15/37 | 1,631 | 2,260 | |||
Canadian Natural Resources Ltd. | 6.250% | 3/15/38 | 1,154 | 1,491 | |||
Canadian Natural Resources Ltd. | 6.750% | 2/1/39 | 1,290 | 1,839 | |||
Canadian Natural Resources Ltd. | 4.950% | 6/1/47 | 3,025 | 3,600 | |||
Cenovus Energy Inc. | 5.250% | 6/15/37 | 2,897 | 3,072 | |||
Cenovus Energy Inc. | 6.750% | 11/15/39 | 3,955 | 4,858 | |||
Cenovus Energy Inc. | 5.400% | 6/15/47 | 1,378 | 1,510 | |||
Columbia Pipeline Group Inc. | 5.800% | 6/1/45 | 1,330 | 1,763 | |||
Concho Resources Inc. | 4.875% | 10/1/47 | 1,726 | 1,920 | |||
Concho Resources Inc. | 4.850% | 8/15/48 | 2,035 | 2,249 | |||
Conoco Funding Co. | 7.250% | 10/15/31 | 1,578 | 2,322 | |||
ConocoPhillips | 5.900% | 10/15/32 | 1,228 | 1,645 | |||
ConocoPhillips | 5.900% | 5/15/38 | 1,696 | 2,483 | |||
ConocoPhillips | 6.500% | 2/1/39 | 7,125 | 10,471 | |||
ConocoPhillips Canada Funding Co. I | 5.950% | 10/15/36 | 1,271 | 1,792 | |||
ConocoPhillips Co. | 4.300% | 11/15/44 | 2,368 | 2,834 | |||
Continental Resources Inc. | 4.900% | 6/1/44 | 1,715 | 1,475 | |||
Devon Energy Corp. | 7.950% | 4/15/32 | 1,290 | 1,919 | |||
Devon Energy Corp. | 5.600% | 7/15/41 | 3,082 | 3,932 | |||
Devon Energy Corp. | 4.750% | 5/15/42 | 3,601 | 3,612 | |||
Devon Energy Corp. | 5.000% | 6/15/45 | 350 | 376 | |||
Devon Financing Co. LLC | 7.875% | 9/30/31 | 1,835 | 2,675 | |||
Dominion Energy Gas Holdings LLC | 4.800% | 11/1/43 | 900 | 1,077 | |||
Dominion Energy Gas Holdings LLC | 4.600% | 12/15/44 | 900 | 1,064 | |||
Dominion Energy Gas Holdings LLC | 3.900% | 11/15/49 | 500 | 543 | |||
Enable Midstream Partners LP | 5.000% | 5/15/44 | 2,439 | 2,172 | |||
Enbridge Energy Partners LP | 7.500% | 4/15/38 | 1,192 | 1,843 | |||
Enbridge Energy Partners LP | 5.500% | 9/15/40 | 673 | 859 | |||
Enbridge Energy Partners LP | 7.375% | 10/15/45 | 1,810 | 2,896 | |||
Enbridge Inc. | 4.500% | 6/10/44 | 1,500 | 1,785 | |||
Enbridge Inc. | 5.500% | 12/1/46 | 755 | 1,022 | |||
Enbridge Inc. | 4.000% | 11/15/49 | 1,500 | 1,649 | |||
Energy Transfer Operating LP | 3.750% | 5/15/30 | 3,600 | 3,629 | |||
Energy Transfer Operating LP | 4.900% | 3/15/35 | 1,788 | 1,931 | |||
Energy Transfer Operating LP | 6.250% | 4/15/49 | 5,553 | 6,401 | |||
Energy Transfer Operating LP | 5.000% | 5/15/50 | 4,800 | 4,831 | |||
Energy Transfer Partners LP | 6.625% | 10/15/36 | 1,695 | 2,169 | |||
Energy Transfer Partners LP | 5.800% | 6/15/38 | 2,523 | 2,813 | |||
Energy Transfer Partners LP | 7.500% | 7/1/38 | 1,063 | 1,459 | |||
Energy Transfer Partners LP | 6.050% | 6/1/41 | 1,740 | 1,928 | |||
Energy Transfer Partners LP | 6.500% | 2/1/42 | 3,398 | 4,229 | |||
Energy Transfer Partners LP | 5.150% | 2/1/43 | 1,095 | 1,166 | |||
Energy Transfer Partners LP | 5.950% | 10/1/43 | 1,000 | 1,133 | |||
Energy Transfer Partners LP | 5.150% | 3/15/45 | 2,891 | 3,072 | |||
Energy Transfer Partners LP | 6.125% | 12/15/45 | 2,629 | 3,053 | |||
Energy Transfer Partners LP | 5.300% | 4/15/47 | 197 | 205 | |||
Energy Transfer Partners LP | 6.000% | 6/15/48 | 3,215 | 3,606 | |||
Enterprise Products Operating LLC | 6.875% | 3/1/33 | 1,097 | 1,591 | |||
Enterprise Products Operating LLC | 6.125% | 10/15/39 | 897 | 1,256 | |||
Enterprise Products Operating LLC | 5.950% | 2/1/41 | 3,423 | 4,500 | |||
Enterprise Products Operating LLC | 5.700% | 2/15/42 | 1,562 | 1,953 | |||
Enterprise Products Operating LLC | 4.850% | 8/15/42 | 2,659 | 3,178 | |||
Enterprise Products Operating LLC | 4.450% | 2/15/43 | 987 | 1,147 | |||
Enterprise Products Operating LLC | 4.850% | 3/15/44 | 1,848 | 2,260 | |||
Enterprise Products Operating LLC | 5.100% | 2/15/45 | 4,339 | 5,202 | |||
Enterprise Products Operating LLC | 4.900% | 5/15/46 | 3,534 | 4,135 | |||
Enterprise Products Operating LLC | 4.250% | 2/15/48 | 4,010 | 4,516 | |||
88
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Enterprise Products Operating LLC | 4.800% | 2/1/49 | 3,090 | 3,583 | |||
Enterprise Products Operating LLC | 4.200% | 1/31/50 | 3,332 | 3,496 | |||
Enterprise Products Operating LLC | 3.700% | 1/31/51 | 1,100 | 1,091 | |||
Enterprise Products Operating LLC | 4.950% | 10/15/54 | 2,096 | 2,517 | |||
Enterprise Products Operating LLC | 3.950% | 1/31/60 | 3,200 | 3,135 | |||
EOG Resources Inc. | 3.900% | 4/1/35 | 1,286 | 1,497 | |||
Exxon Mobil Corp. | 2.995% | 8/16/39 | 2,006 | 2,097 | |||
Exxon Mobil Corp. | 3.567% | 3/6/45 | 2,832 | 3,140 | |||
Exxon Mobil Corp. | 4.114% | 3/1/46 | 4,385 | 5,354 | |||
Exxon Mobil Corp. | 3.095% | 8/16/49 | 4,750 | 4,912 | |||
Halliburton Co. | 2.920% | 3/1/30 | 1,500 | 1,465 | |||
Halliburton Co. | 4.850% | 11/15/35 | 3,715 | 4,284 | |||
Halliburton Co. | 6.700% | 9/15/38 | 2,839 | 4,015 | |||
Halliburton Co. | 4.500% | 11/15/41 | 2,095 | 2,369 | |||
Halliburton Co. | 4.750% | 8/1/43 | 2,213 | 2,370 | |||
Halliburton Co. | 5.000% | 11/15/45 | 4,722 | 5,085 | |||
Hess Corp. | 7.300% | 8/15/31 | 1,943 | 2,588 | |||
Hess Corp. | 7.125% | 3/15/33 | 1,866 | 2,513 | |||
Hess Corp. | 6.000% | 1/15/40 | 607 | 674 | |||
Hess Corp. | 5.600% | 2/15/41 | 3,211 | 3,466 | |||
Hess Corp. | 5.800% | 4/1/47 | 1,298 | 1,430 | |||
Husky Energy Inc. | 6.800% | 9/15/37 | 865 | 1,187 | |||
Kinder Morgan Energy Partners LP | 7.400% | 3/15/31 | 476 | 654 | |||
Kinder Morgan Energy Partners LP | 7.750% | 3/15/32 | 1,357 | 1,931 | |||
Kinder Morgan Energy Partners LP | 7.300% | 8/15/33 | 1,746 | 2,446 | |||
Kinder Morgan Energy Partners LP | 5.800% | 3/15/35 | 1,763 | 2,144 | |||
Kinder Morgan Energy Partners LP | 6.500% | 2/1/37 | 1,313 | 1,689 | |||
Kinder Morgan Energy Partners LP | 6.950% | 1/15/38 | 3,225 | 4,354 | |||
Kinder Morgan Energy Partners LP | 6.500% | 9/1/39 | 1,268 | 1,670 | |||
Kinder Morgan Energy Partners LP | 6.550% | 9/15/40 | 1,265 | 1,692 | |||
Kinder Morgan Energy Partners LP | 7.500% | 11/15/40 | 1,018 | 1,469 | |||
Kinder Morgan Energy Partners LP | 6.375% | 3/1/41 | 1,448 | 1,868 | |||
Kinder Morgan Energy Partners LP | 5.625% | 9/1/41 | 698 | 830 | |||
Kinder Morgan Energy Partners LP | 4.700% | 11/1/42 | 1,242 | 1,344 | |||
Kinder Morgan Energy Partners LP | 5.000% | 3/1/43 | 1,496 | 1,678 | |||
Kinder Morgan Energy Partners LP | 5.500% | 3/1/44 | 2,098 | 2,553 | |||
Kinder Morgan Energy Partners LP | 5.400% | 9/1/44 | 1,612 | 1,878 | |||
Kinder Morgan Inc. | 7.800% | 8/1/31 | 725 | 1,038 | |||
Kinder Morgan Inc. | 7.750% | 1/15/32 | 2,360 | 3,437 | |||
Kinder Morgan Inc. | 5.300% | 12/1/34 | 3,870 | 4,597 | |||
Kinder Morgan Inc. | 5.550% | 6/1/45 | 5,743 | 6,794 | |||
Kinder Morgan Inc. | 5.050% | 2/15/46 | 485 | 548 | |||
Kinder Morgan Inc. | 5.200% | 3/1/48 | 185 | 219 | |||
Magellan Midstream Partners LP | 5.150% | 10/15/43 | 1,660 | 2,103 | |||
Magellan Midstream Partners LP | 4.250% | 9/15/46 | 1,048 | 1,171 | |||
Magellan Midstream Partners LP | 4.200% | 10/3/47 | 1,320 | 1,529 | |||
Magellan Midstream Partners LP | 4.850% | 2/1/49 | 415 | 507 | |||
Magellan Midstream Partners LP | 3.950% | 3/1/50 | 1,225 | 1,306 | |||
Marathon Oil Corp. | 6.800% | 3/15/32 | 942 | 1,174 | |||
Marathon Oil Corp. | 6.600% | 10/1/37 | 2,331 | 2,978 | |||
Marathon Oil Corp. | 5.200% | 6/1/45 | 1,423 | 1,669 | |||
Marathon Petroleum Corp. | 6.500% | 3/1/41 | 2,118 | 2,956 | |||
Marathon Petroleum Corp. | 4.750% | 9/15/44 | 2,919 | 3,474 | |||
Marathon Petroleum Corp. | 4.500% | 4/1/48 | 1,100 | 1,240 | |||
Marathon Petroleum Corp. | 5.000% | 9/15/54 | 2,208 | 2,686 | |||
MPLX LP | 4.500% | 4/15/38 | 5,788 | 5,851 | |||
MPLX LP | 5.200% | 3/1/47 | 1,500 | 1,578 | |||
3 | MPLX LP | 5.200% | 12/1/47 | 2,010 | 2,151 | ||
MPLX LP | 4.700% | 4/15/48 | 3,815 | 3,910 | |||
MPLX LP | 5.500% | 2/15/49 | 3,945 | 4,425 | |||
MPLX LP | 4.900% | 4/15/58 | 1,600 | 1,786 | |||
National Oilwell Varco Inc. | 3.950% | 12/1/42 | 2,700 | 2,590 | |||
Noble Energy Inc. | 6.000% | 3/1/41 | 2,346 | 2,708 | |||
Noble Energy Inc. | 5.250% | 11/15/43 | 757 | 795 | |||
89
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Noble Energy Inc. | 5.050% | 11/15/44 | 2,715 | 2,760 | |||
Noble Energy Inc. | 4.950% | 8/15/47 | 2,239 | 2,292 | |||
Noble Energy Inc. | 4.200% | 10/15/49 | 600 | 562 | |||
Occidental Petroleum Corp. | 7.500% | 5/1/31 | 1,807 | 2,351 | |||
Occidental Petroleum Corp. | 7.875% | 9/15/31 | 2,338 | 3,135 | |||
Occidental Petroleum Corp. | 6.450% | 9/15/36 | 4,496 | 5,308 | |||
Occidental Petroleum Corp. | 7.950% | 6/15/39 | 410 | 615 | |||
Occidental Petroleum Corp. | 4.300% | 8/15/39 | 1,825 | 1,743 | |||
Occidental Petroleum Corp. | 6.200% | 3/15/40 | 1,578 | 1,779 | |||
Occidental Petroleum Corp. | 4.500% | 7/15/44 | 1,328 | 1,383 | |||
Occidental Petroleum Corp. | 4.625% | 6/15/45 | 2,349 | 2,183 | |||
Occidental Petroleum Corp. | 6.600% | 3/15/46 | 2,985 | 3,596 | |||
Occidental Petroleum Corp. | 4.400% | 4/15/46 | 4,055 | 3,691 | |||
Occidental Petroleum Corp. | 4.100% | 2/15/47 | 2,704 | 2,338 | |||
Occidental Petroleum Corp. | 4.200% | 3/15/48 | 1,190 | 1,105 | |||
ONEOK Inc. | 6.000% | 6/15/35 | 697 | 888 | |||
ONEOK Inc. | 4.950% | 7/13/47 | 1,225 | 1,393 | |||
ONEOK Inc. | 5.200% | 7/15/48 | 3,985 | 4,531 | |||
ONEOK Inc. | 4.450% | 9/1/49 | 1,245 | 1,273 | |||
ONEOK Partners LP | 6.650% | 10/1/36 | 1,155 | 1,494 | |||
ONEOK Partners LP | 6.850% | 10/15/37 | 2,220 | 2,981 | |||
ONEOK Partners LP | 6.125% | 2/1/41 | 1,186 | 1,486 | |||
ONEOK Partners LP | 6.200% | 9/15/43 | 677 | 877 | |||
Ovintiv Inc. | 8.125% | 9/15/30 | 470 | 626 | |||
Ovintiv Inc. | 7.200% | 11/1/31 | 600 | 779 | |||
Ovintiv Inc. | 7.375% | 11/1/31 | 1,807 | 2,272 | |||
Ovintiv Inc. | 6.500% | 8/15/34 | 2,455 | 2,628 | |||
Ovintiv Inc. | 6.625% | 8/15/37 | 245 | 294 | |||
Ovintiv Inc. | 6.500% | 2/1/38 | 1,526 | 1,814 | |||
Petro-Canada | 5.350% | 7/15/33 | 723 | 933 | |||
Petro-Canada | 5.950% | 5/15/35 | 1,445 | 1,978 | |||
Petro-Canada | 6.800% | 5/15/38 | 2,934 | 4,334 | |||
Phillips 66 | 4.650% | 11/15/34 | 1,515 | 1,850 | |||
Phillips 66 | 5.875% | 5/1/42 | 3,650 | 5,223 | |||
Phillips 66 | 4.875% | 11/15/44 | 4,195 | 5,051 | |||
Phillips 66 Partners LP | 4.680% | 2/15/45 | 1,202 | 1,415 | |||
Phillips 66 Partners LP | 4.900% | 10/1/46 | 1,000 | 1,180 | |||
Plains All American Pipeline LP / PAA Finance Corp. | 6.650% | 1/15/37 | 1,410 | 1,671 | |||
Plains All American Pipeline LP / PAA Finance Corp. | 5.150% | 6/1/42 | 1,700 | 1,678 | |||
Plains All American Pipeline LP / PAA Finance Corp. | 4.300% | 1/31/43 | 1,100 | 991 | |||
Plains All American Pipeline LP / PAA Finance Corp. | 4.700% | 6/15/44 | 840 | 768 | |||
Plains All American Pipeline LP / PAA Finance Corp. | 4.900% | 2/15/45 | 2,135 | 2,026 | |||
Shell International Finance BV | 4.125% | 5/11/35 | 4,714 | 5,681 | |||
Shell International Finance BV | 6.375% | 12/15/38 | 5,255 | 7,947 | |||
Shell International Finance BV | 5.500% | 3/25/40 | 3,114 | 4,487 | |||
Shell International Finance BV | 3.625% | 8/21/42 | 1,985 | 2,223 | |||
Shell International Finance BV | 4.550% | 8/12/43 | 2,922 | 3,676 | |||
Shell International Finance BV | 4.375% | 5/11/45 | 5,946 | 7,306 | |||
Shell International Finance BV | 4.000% | 5/10/46 | 6,338 | 7,502 | |||
Shell International Finance BV | 3.750% | 9/12/46 | 3,345 | 3,811 | |||
Shell International Finance BV | 3.125% | 11/7/49 | 3,290 | 3,384 | |||
Spectra Energy Partners LP | 5.950% | 9/25/43 | 1,031 | 1,400 | |||
Spectra Energy Partners LP | 4.500% | 3/15/45 | 2,070 | 2,387 | |||
Suncor Energy Inc. | 7.150% | 2/1/32 | 975 | 1,462 | |||
Suncor Energy Inc. | 5.950% | 12/1/34 | 1,320 | 1,842 | |||
Suncor Energy Inc. | 6.500% | 6/15/38 | 2,381 | 3,419 | |||
Suncor Energy Inc. | 6.850% | 6/1/39 | 1,570 | 2,308 | |||
Suncor Energy Inc. | 4.000% | 11/15/47 | 2,245 | 2,479 | |||
Sunoco Logistics Partners Operations LP | 6.100% | 2/15/42 | 874 | 1,057 | |||
Sunoco Logistics Partners Operations LP | 4.950% | 1/15/43 | 1,313 | 1,400 | |||
Sunoco Logistics Partners Operations LP | 5.300% | 4/1/44 | 1,758 | 1,987 | |||
Sunoco Logistics Partners Operations LP | 5.350% | 5/15/45 | 383 | 426 | |||
Sunoco Logistics Partners Operations LP | 5.400% | 10/1/47 | 1,883 | 1,994 | |||
Tennessee Gas Pipeline Co. LLC | 7.625% | 4/1/37 | 624 | 903 |
90
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Texas Eastern Transmission LP | 7.000% | 7/15/32 | 1,129 | 1,616 | |||
Total Capital International SA | 3.461% | 7/12/49 | 3,150 | 3,445 | |||
TransCanada PipeLines Ltd. | 4.625% | 3/1/34 | 1,825 | 2,126 | |||
TransCanada PipeLines Ltd. | 5.600% | 3/31/34 | 100 | 132 | |||
TransCanada PipeLines Ltd. | 5.850% | 3/15/36 | 1,660 | 2,191 | |||
TransCanada PipeLines Ltd. | 6.200% | 10/15/37 | 3,314 | 4,650 | |||
TransCanada PipeLines Ltd. | 4.750% | 5/15/38 | 1,805 | 2,088 | |||
TransCanada PipeLines Ltd. | 7.250% | 8/15/38 | 2,137 | 3,273 | |||
TransCanada PipeLines Ltd. | 7.625% | 1/15/39 | 3,400 | 5,337 | |||
TransCanada PipeLines Ltd. | 6.100% | 6/1/40 | 1,123 | 1,589 | |||
TransCanada PipeLines Ltd. | 5.000% | 10/16/43 | 1,505 | 1,798 | |||
TransCanada PipeLines Ltd. | 4.875% | 5/15/48 | 1,890 | 2,260 | |||
TransCanada PipeLines Ltd. | 5.100% | 3/15/49 | 3,701 | 4,606 | |||
Transcontinental Gas Pipe Line Co. LLC | 5.400% | 8/15/41 | 635 | 786 | |||
Transcontinental Gas Pipe Line Co. LLC | 4.450% | 8/1/42 | 1,325 | 1,475 | |||
Transcontinental Gas Pipe Line Co. LLC | 4.600% | 3/15/48 | 200 | 229 | |||
Valero Energy Corp. | 7.500% | 4/15/32 | 3,729 | 5,479 | |||
Valero Energy Corp. | 6.625% | 6/15/37 | 2,626 | 3,593 | |||
Valero Energy Corp. | 4.900% | 3/15/45 | 1,609 | 1,839 | |||
Western Midstream Operating LP | 5.450% | 4/1/44 | 1,318 | 1,260 | |||
Western Midstream Operating LP | 5.300% | 3/1/48 | 540 | 504 | |||
Western Midstream Operating LP | 5.500% | 8/15/48 | 800 | 774 | |||
Western Midstream Operating LP | 5.250% | 2/1/50 | 3,500 | 3,252 | |||
Williams Cos. Inc. | 7.500% | 1/15/31 | 463 | 611 | |||
Williams Cos. Inc. | 8.750% | 3/15/32 | 155 | 234 | |||
Williams Cos. Inc. | 6.300% | 4/15/40 | 3,297 | 4,027 | |||
Williams Cos. Inc. | 5.800% | 11/15/43 | 1,241 | 1,525 | |||
Williams Cos. Inc. | 5.400% | 3/4/44 | 2,104 | 2,379 | |||
Williams Cos. Inc. | 5.750% | 6/24/44 | 1,900 | 2,319 | |||
Williams Cos. Inc. | 4.900% | 1/15/45 | 2,401 | 2,571 | |||
Williams Cos. Inc. | 5.100% | 9/15/45 | 3,174 | 3,500 | |||
Williams Cos. Inc. | 4.850% | 3/1/48 | 2,000 | 2,108 | |||
Other Industrial (0.7%) | |||||||
1 | American University | 3.672% | 4/1/49 | 600 | 737 | ||
1 | Boston University | 4.061% | 10/1/48 | 825 | 1,068 | ||
California Institute of Technology | 4.321% | 8/1/45 | 605 | 813 | |||
California Institute of Technology | 4.700% | 11/1/11 | 803 | 1,130 | |||
Georgetown University | 4.315% | 4/1/49 | 1,142 | 1,490 | |||
Georgetown University | 2.943% | 4/1/50 | 300 | 312 | |||
Georgetown University | 5.215% | 10/1/18 | 684 | 1,047 | |||
1 | Johns Hopkins University | 4.083% | 7/1/53 | 710 | 956 | ||
Leland Stanford Junior University | 3.647% | 5/1/48 | 1,685 | 2,160 | |||
1 | Massachusetts Institute of Technology | 3.959% | 7/1/38 | 725 | 886 | ||
Massachusetts Institute of Technology | 2.989% | 7/1/50 | 1,140 | 1,255 | |||
Massachusetts Institute of Technology | 5.600% | 7/1/11 | 1,237 | 2,258 | |||
Massachusetts Institute of Technology | 4.678% | 7/1/14 | 1,340 | 2,075 | |||
Massachusetts Institute of Technology | 3.885% | 7/1/16 | 1,805 | 2,358 | |||
1 | Northwestern University | 4.643% | 12/1/44 | 1,225 | 1,681 | ||
1 | Northwestern University | 3.662% | 12/1/57 | 768 | 988 | ||
President & Fellows of Harvard College | 3.619% | 10/1/37 | 436 | 511 | |||
President & Fellows of Harvard College | 4.875% | 10/15/40 | 593 | 831 | |||
President & Fellows of Harvard College | 3.150% | 7/15/46 | 1,690 | 1,930 | |||
President & Fellows of Harvard College | 3.300% | 7/15/56 | 1,000 | 1,201 | |||
1 | Rice University | 3.774% | 5/15/55 | 150 | 188 | ||
1 | Trustees of Boston College | 3.129% | 7/1/52 | 750 | 852 | ||
1 | University of Chicago | 4.003% | 10/1/53 | 1,150 | 1,474 | ||
1 | University of Notre Dame du Lac | 3.438% | 2/15/45 | 1,025 | 1,215 | ||
University of Notre Dame du Lac | 3.394% | 2/15/48 | 370 | 437 | |||
University of Pennsylvania | 4.674% | 9/1/12 | 600 | 939 | |||
University of Pennsylvania | 3.610% | 2/15/19 | 1,375 | 1,708 | |||
1 | University of Southern California | 3.028% | 10/1/39 | 371 | 405 | ||
1 | University of Southern California | 3.841% | 10/1/47 | 1,725 | 2,196 | ||
University of Southern California | 3.226% | 10/1/20 | 750 | 811 |
91
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
1 | William Marsh Rice University | 3.574% | 5/15/45 | 1,822 | 2,169 | ||
Technology (7.1%) | |||||||
Analog Devices Inc. | 5.300% | 12/15/45 | 113 | 151 | |||
Apple Inc. | 4.500% | 2/23/36 | 1,674 | 2,136 | |||
Apple Inc. | 3.850% | 5/4/43 | 6,620 | 7,881 | |||
Apple Inc. | 4.450% | 5/6/44 | 2,458 | 3,172 | |||
Apple Inc. | 3.450% | 2/9/45 | 5,920 | 6,700 | |||
Apple Inc. | 4.375% | 5/13/45 | 5,389 | 6,841 | |||
Apple Inc. | 4.650% | 2/23/46 | 10,064 | 13,408 | |||
Apple Inc. | 3.850% | 8/4/46 | 5,529 | 6,598 | |||
Apple Inc. | 4.250% | 2/9/47 | 2,005 | 2,490 | |||
Apple Inc. | 3.750% | 9/12/47 | 3,611 | 4,267 | |||
Apple Inc. | 3.750% | 11/13/47 | 2,835 | 3,389 | |||
Apple Inc. | 2.950% | 9/11/49 | 3,925 | 4,107 | |||
Applied Materials Inc. | 5.100% | 10/1/35 | 1,573 | 2,109 | |||
Applied Materials Inc. | 5.850% | 6/15/41 | 764 | 1,127 | |||
Applied Materials Inc. | 4.350% | 4/1/47 | 3,079 | 4,011 | |||
Cisco Systems Inc. | 5.900% | 2/15/39 | 5,000 | 7,439 | |||
Cisco Systems Inc. | 5.500% | 1/15/40 | 5,750 | 8,296 | |||
Citrix Systems Inc. | 3.300% | 3/1/30 | 750 | 748 | |||
Corning Inc. | 4.700% | 3/15/37 | 780 | 920 | |||
Corning Inc. | 5.750% | 8/15/40 | 1,766 | 2,267 | |||
Corning Inc. | 4.750% | 3/15/42 | 1,262 | 1,464 | |||
Corning Inc. | 5.350% | 11/15/48 | 1,475 | 1,958 | |||
Corning Inc. | 4.375% | 11/15/57 | 960 | 1,037 | |||
Corning Inc. | 5.850% | 11/15/68 | 1,200 | 1,460 | |||
Corning Inc. | 5.450% | 11/15/79 | 2,900 | 3,222 | |||
3 | Dell International LLC / EMC Corp. | 8.100% | 7/15/36 | 3,315 | 4,543 | ||
3 | Dell International LLC / EMC Corp. | 8.350% | 7/15/46 | 5,011 | 6,774 | ||
Fidelity National Information Services Inc. | 4.500% | 8/15/46 | 100 | 123 | |||
Fiserv Inc. | 4.400% | 7/1/49 | 5,842 | 6,990 | |||
Global Payments Inc. | 4.150% | 8/15/49 | 2,810 | 3,230 | |||
Hewlett Packard Enterprise Co. | 6.200% | 10/15/35 | 3,198 | 3,974 | |||
Hewlett Packard Enterprise Co. | 6.350% | 10/15/45 | 4,228 | 5,284 | |||
HP Inc. | 6.000% | 9/15/41 | 3,118 | 3,590 | |||
Intel Corp. | 4.000% | 12/15/32 | 3,098 | 3,714 | |||
Intel Corp. | 4.800% | 10/1/41 | 2,521 | 3,353 | |||
Intel Corp. | 4.250% | 12/15/42 | 1,729 | 2,152 | |||
Intel Corp. | 4.900% | 7/29/45 | 1,424 | 1,899 | |||
Intel Corp. | 4.100% | 5/19/46 | 787 | 965 | |||
Intel Corp. | 4.100% | 5/11/47 | 2,825 | 3,455 | |||
Intel Corp. | 3.734% | 12/8/47 | 5,750 | 6,693 | |||
Intel Corp. | 3.250% | 11/15/49 | 4,740 | 5,179 | |||
Intel Corp. | 3.100% | 2/15/60 | 2,450 | 2,521 | |||
International Business Machines Corp. | 5.875% | 11/29/32 | 1,690 | 2,347 | |||
International Business Machines Corp. | 4.150% | 5/15/39 | 5,235 | 6,310 | |||
International Business Machines Corp. | 5.600% | 11/30/39 | 1,945 | 2,759 | |||
International Business Machines Corp. | 4.000% | 6/20/42 | 4,962 | 5,883 | |||
International Business Machines Corp. | 4.700% | 2/19/46 | 1,600 | 2,110 | |||
International Business Machines Corp. | 4.250% | 5/15/49 | 7,296 | 9,053 | |||
Juniper Networks Inc. | 5.950% | 3/15/41 | 1,518 | 1,856 | |||
KLA Corp. | 5.000% | 3/15/49 | 1,250 | 1,649 | |||
KLA Corp. | 3.300% | 3/1/50 | 1,000 | 977 | |||
Lam Research Corp. | 4.875% | 3/15/49 | 1,900 | 2,497 | |||
Microsoft Corp. | 3.500% | 2/12/35 | 2,787 | 3,238 | |||
Microsoft Corp. | 4.200% | 11/3/35 | 4,428 | 5,518 | |||
Microsoft Corp. | 3.450% | 8/8/36 | 5,612 | 6,461 | |||
Microsoft Corp. | 4.100% | 2/6/37 | 6,609 | 8,202 | |||
Microsoft Corp. | 5.200% | 6/1/39 | 800 | 1,140 | |||
Microsoft Corp. | 4.500% | 10/1/40 | 4,216 | 5,558 | |||
Microsoft Corp. | 5.300% | 2/8/41 | 300 | 433 | |||
Microsoft Corp. | 3.500% | 11/15/42 | 4,264 | 4,931 | |||
Microsoft Corp. | 3.750% | 5/1/43 | 1,296 | 1,554 |
92
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Microsoft Corp. | 4.875% | 12/15/43 | 2,183 | 3,012 | |||
Microsoft Corp. | 3.750% | 2/12/45 | 4,631 | 5,588 | |||
Microsoft Corp. | 4.450% | 11/3/45 | 8,960 | 12,024 | |||
Microsoft Corp. | 3.700% | 8/8/46 | 9,821 | 11,915 | |||
Microsoft Corp. | 4.250% | 2/6/47 | 6,548 | 8,655 | |||
Microsoft Corp. | 4.000% | 2/12/55 | 7,480 | 9,539 | |||
Microsoft Corp. | 4.750% | 11/3/55 | 1,650 | 2,381 | |||
Microsoft Corp. | 3.950% | 8/8/56 | 4,471 | 5,670 | |||
Microsoft Corp. | 4.500% | 2/6/57 | 3,900 | 5,450 | |||
Motorola Solutions Inc. | 5.500% | 9/1/44 | 868 | 1,029 | |||
Oracle Corp. | 3.250% | 5/15/30 | 1,714 | 1,909 | |||
Oracle Corp. | 4.300% | 7/8/34 | 4,457 | 5,438 | |||
Oracle Corp. | 3.900% | 5/15/35 | 4,126 | 4,833 | |||
Oracle Corp. | 3.850% | 7/15/36 | 2,980 | 3,490 | |||
Oracle Corp. | 3.800% | 11/15/37 | 5,450 | 6,278 | |||
Oracle Corp. | 6.500% | 4/15/38 | 500 | 764 | |||
Oracle Corp. | 6.125% | 7/8/39 | 3,218 | 4,773 | |||
Oracle Corp. | 5.375% | 7/15/40 | 5,877 | 8,069 | |||
Oracle Corp. | 4.500% | 7/8/44 | 2,635 | 3,346 | |||
Oracle Corp. | 4.125% | 5/15/45 | 5,094 | 6,153 | |||
Oracle Corp. | 4.000% | 7/15/46 | 7,339 | 8,761 | |||
Oracle Corp. | 4.000% | 11/15/47 | 5,597 | 6,772 | |||
Oracle Corp. | 4.375% | 5/15/55 | 2,480 | 3,142 | |||
QUALCOMM Inc. | 4.650% | 5/20/35 | 2,618 | 3,264 | |||
QUALCOMM Inc. | 4.800% | 5/20/45 | 3,878 | 4,910 | |||
QUALCOMM Inc. | 4.300% | 5/20/47 | 3,230 | 3,873 | |||
Seagate HDD Cayman | 5.750% | 12/1/34 | 745 | 805 | |||
Texas Instruments Inc. | 3.875% | 3/15/39 | 1,875 | 2,237 | |||
Texas Instruments Inc. | 4.150% | 5/15/48 | 3,625 | 4,609 | |||
Tyco Electronics Group SA | 7.125% | 10/1/37 | 1,000 | 1,560 | |||
Verisk Analytics Inc. | 5.500% | 6/15/45 | 1,418 | 1,921 | |||
Transportation (3.6%) | |||||||
1 | American Airlines 2019-1 Class AA Pass Through Trust | 3.150% | 8/15/33 | 985 | 1,069 | ||
Burlington Northern Santa Fe LLC | 6.200% | 8/15/36 | 323 | 469 | |||
Burlington Northern Santa Fe LLC | 6.150% | 5/1/37 | 1,080 | 1,583 | |||
Burlington Northern Santa Fe LLC | 5.750% | 5/1/40 | 815 | 1,152 | |||
Burlington Northern Santa Fe LLC | 5.050% | 3/1/41 | 1,804 | 2,363 | |||
Burlington Northern Santa Fe LLC | 5.400% | 6/1/41 | 2,068 | 2,836 | |||
Burlington Northern Santa Fe LLC | 4.950% | 9/15/41 | 1,186 | 1,539 | |||
Burlington Northern Santa Fe LLC | 4.400% | 3/15/42 | 1,858 | 2,248 | |||
Burlington Northern Santa Fe LLC | 4.375% | 9/1/42 | 1,959 | 2,408 | |||
Burlington Northern Santa Fe LLC | 4.450% | 3/15/43 | 4,054 | 4,938 | |||
Burlington Northern Santa Fe LLC | 5.150% | 9/1/43 | 2,064 | 2,797 | |||
Burlington Northern Santa Fe LLC | 4.900% | 4/1/44 | 1,582 | 2,073 | |||
Burlington Northern Santa Fe LLC | 4.550% | 9/1/44 | 1,370 | 1,726 | |||
Burlington Northern Santa Fe LLC | 4.150% | 4/1/45 | 2,132 | 2,548 | |||
Burlington Northern Santa Fe LLC | 4.700% | 9/1/45 | 400 | 516 | |||
Burlington Northern Santa Fe LLC | 3.900% | 8/1/46 | 1,778 | 2,083 | |||
Burlington Northern Santa Fe LLC | 4.125% | 6/15/47 | 3,000 | 3,665 | |||
Burlington Northern Santa Fe LLC | 4.050% | 6/15/48 | 2,656 | 3,193 | |||
Burlington Northern Santa Fe LLC | 4.150% | 12/15/48 | 1,280 | 1,557 | |||
Burlington Northern Santa Fe LLC | 3.550% | 2/15/50 | 1,725 | 1,936 | |||
Canadian National Railway Co. | 6.250% | 8/1/34 | 1,103 | 1,643 | |||
Canadian National Railway Co. | 6.200% | 6/1/36 | 1,064 | 1,591 | |||
Canadian National Railway Co. | 6.375% | 11/15/37 | 945 | 1,454 | |||
Canadian National Railway Co. | 4.500% | 11/7/43 | 200 | 266 | |||
Canadian National Railway Co. | 3.200% | 8/2/46 | 850 | 956 | |||
Canadian National Railway Co. | 3.650% | 2/3/48 | 895 | 1,065 | |||
Canadian National Railway Co. | 4.450% | 1/20/49 | 2,295 | 3,154 | |||
Canadian Pacific Railway Co. | 7.125% | 10/15/31 | 821 | 1,222 | |||
Canadian Pacific Railway Co. | 4.800% | 9/15/35 | 1,202 | 1,574 | |||
Canadian Pacific Railway Co. | 5.950% | 5/15/37 | 1,330 | 1,956 | |||
Canadian Pacific Railway Co. | 4.800% | 8/1/45 | 1,795 | 2,460 | |||
93
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Canadian Pacific Railway Co. | 6.125% | 9/15/15 | 1,278 | 2,090 | |||
CSX Corp. | 6.000% | 10/1/36 | 368 | 510 | |||
CSX Corp. | 6.150% | 5/1/37 | 958 | 1,347 | |||
CSX Corp. | 5.500% | 4/15/41 | 1,471 | 1,987 | |||
CSX Corp. | 4.750% | 5/30/42 | 2,755 | 3,454 | |||
CSX Corp. | 4.400% | 3/1/43 | 730 | 874 | |||
CSX Corp. | 4.100% | 3/15/44 | 2,684 | 3,114 | |||
CSX Corp. | 3.800% | 11/1/46 | 2,211 | 2,450 | |||
CSX Corp. | 4.300% | 3/1/48 | 3,585 | 4,309 | |||
CSX Corp. | 4.750% | 11/15/48 | 1,775 | 2,275 | |||
CSX Corp. | 4.500% | 3/15/49 | 1,650 | 2,058 | |||
CSX Corp. | 3.350% | 9/15/49 | 1,300 | 1,377 | |||
CSX Corp. | 3.950% | 5/1/50 | 1,550 | 1,784 | |||
CSX Corp. | 4.500% | 8/1/54 | 1,986 | 2,448 | |||
CSX Corp. | 4.250% | 11/1/66 | 2,221 | 2,513 | |||
CSX Corp. | 4.650% | 3/1/68 | 990 | 1,229 | |||
FedEx Corp. | 4.900% | 1/15/34 | 1,913 | 2,294 | |||
FedEx Corp. | 3.900% | 2/1/35 | 270 | 294 | |||
FedEx Corp. | 3.875% | 8/1/42 | 1,384 | 1,406 | |||
FedEx Corp. | 4.100% | 4/15/43 | 1,363 | 1,405 | |||
FedEx Corp. | 5.100% | 1/15/44 | 2,438 | 2,830 | |||
FedEx Corp. | 4.100% | 2/1/45 | 1,910 | 1,965 | |||
FedEx Corp. | 4.750% | 11/15/45 | 1,279 | 1,422 | |||
FedEx Corp. | 4.550% | 4/1/46 | 1,970 | 2,160 | |||
FedEx Corp. | 4.400% | 1/15/47 | 2,476 | 2,659 | |||
FedEx Corp. | 4.050% | 2/15/48 | 3,460 | 3,495 | |||
FedEx Corp. | 4.950% | 10/17/48 | 2,275 | 2,594 | |||
1 | JetBlue 2019-1 Class AA Pass Through Trust | 2.750% | 5/15/32 | 1,150 | 1,214 | ||
Kansas City Southern | 4.300% | 5/15/43 | 1,370 | 1,645 | |||
Kansas City Southern | 4.950% | 8/15/45 | 1,303 | 1,675 | |||
Kansas City Southern | 4.700% | 5/1/48 | 1,975 | 2,564 | |||
Kansas City Southern | 4.200% | 11/15/69 | 550 | 648 | |||
Norfolk Southern Corp. | 7.050% | 5/1/37 | 255 | 379 | |||
Norfolk Southern Corp. | 4.837% | 10/1/41 | 1,475 | 1,887 | |||
Norfolk Southern Corp. | 3.950% | 10/1/42 | 1,490 | 1,729 | |||
Norfolk Southern Corp. | 4.450% | 6/15/45 | 2,328 | 2,856 | |||
Norfolk Southern Corp. | 4.650% | 1/15/46 | 1,435 | 1,803 | |||
Norfolk Southern Corp. | 3.942% | 11/1/47 | 1,825 | 2,119 | |||
Norfolk Southern Corp. | 4.150% | 2/28/48 | 1,165 | 1,399 | |||
Norfolk Southern Corp. | 4.100% | 5/15/49 | 1,325 | 1,582 | |||
Norfolk Southern Corp. | 3.400% | 11/1/49 | 950 | 1,003 | |||
Norfolk Southern Corp. | 4.050% | 8/15/52 | 370 | 435 | |||
Norfolk Southern Corp. | 5.100% | 8/1/18 | 2,404 | 3,112 | |||
Union Pacific Corp. | 3.375% | 2/1/35 | 291 | 323 | |||
Union Pacific Corp. | 3.600% | 9/15/37 | 1,087 | 1,205 | |||
Union Pacific Corp. | 4.375% | 9/10/38 | 2,018 | 2,424 | |||
Union Pacific Corp. | 3.550% | 8/15/39 | 100 | 110 | |||
Union Pacific Corp. | 4.300% | 6/15/42 | 755 | 901 | |||
Union Pacific Corp. | 4.250% | 4/15/43 | 1,255 | 1,481 | |||
Union Pacific Corp. | 4.150% | 1/15/45 | 945 | 1,104 | |||
Union Pacific Corp. | 4.050% | 11/15/45 | 1,121 | 1,307 | |||
Union Pacific Corp. | 4.050% | 3/1/46 | 1,000 | 1,169 | |||
Union Pacific Corp. | 3.350% | 8/15/46 | 1,057 | 1,124 | |||
Union Pacific Corp. | 4.000% | 4/15/47 | 1,201 | 1,412 | |||
Union Pacific Corp. | 4.500% | 9/10/48 | 1,025 | 1,270 | |||
Union Pacific Corp. | 4.300% | 3/1/49 | 2,085 | 2,520 | |||
Union Pacific Corp. | 3.250% | 2/5/50 | 1,925 | 1,981 | |||
Union Pacific Corp. | 3.799% | 10/1/51 | 3,581 | 4,000 | |||
Union Pacific Corp. | 3.875% | 2/1/55 | 953 | 1,063 | |||
Union Pacific Corp. | 4.800% | 9/10/58 | 50 | 65 | |||
Union Pacific Corp. | 3.950% | 8/15/59 | 600 | 681 | |||
3 | Union Pacific Corp. | 3.839% | 3/20/60 | 6,888 | 7,524 | ||
Union Pacific Corp. | 4.375% | 11/15/65 | 1,755 | 2,104 | |||
Union Pacific Corp. | 4.100% | 9/15/67 | 1,095 | 1,241 | |||
94
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face |
) | Market |
) | ||
Union Pacific Corp. | 3.750% | 2/5/70 | 1,000 | 1,049 | |||
1 | United Airlines 2018-1 Class AA Pass Through Trust | 3.500% | 3/1/30 | 1,389 | 1,516 | ||
1 | United Airlines 2019-1 Class AA Pass Through Trust | 4.150% | 8/25/31 | 1,244 | 1,413 | ||
1 | United Airlines 2019-2 Class AA Pass Through Trust | 2.700% | 11/1/33 | 1,800 | 1,912 | ||
United Parcel Service Inc. | 6.200% | 1/15/38 | 2,288 | 3,374 | |||
United Parcel Service Inc. | 4.875% | 11/15/40 | 1,578 | 2,033 | |||
United Parcel Service Inc. | 3.625% | 10/1/42 | 865 | 958 | |||
United Parcel Service Inc. | 3.400% | 11/15/46 | 789 | 830 | |||
United Parcel Service Inc. | 3.750% | 11/15/47 | 1,900 | 2,112 | |||
United Parcel Service Inc. | 4.250% | 3/15/49 | 2,445 | 2,951 | |||
United Parcel Service Inc. | 3.400% | 9/1/49 | 2,570 | 2,716 | |||
United Parcel Service of America Inc. | 8.375% | 4/1/30 | 325 | 477 | |||
3,765,736 | |||||||
Utilities (12.3%) | |||||||
Electric (11.1%) | |||||||
AEP Texas Inc. | 3.800% | 10/1/47 | 1,777 | 1,964 | |||
AEP Texas Inc. | 3.450% | 1/15/50 | 1,300 | 1,389 | |||
AEP Transmission Co. LLC | 4.000% | 12/1/46 | 1,075 | 1,266 | |||
AEP Transmission Co. LLC | 3.750% | 12/1/47 | 1,178 | 1,361 | |||
AEP Transmission Co. LLC | 4.250% | 9/15/48 | 500 | 616 | |||
AEP Transmission Co. LLC | 3.800% | 6/15/49 | 600 | 702 | |||
AEP Transmission Co. LLC | 3.150% | 9/15/49 | 825 | 869 | |||
Alabama Power Co. | 6.125% | 5/15/38 | 415 | 606 | |||
Alabama Power Co. | 6.000% | 3/1/39 | 1,141 | 1,673 | |||
Alabama Power Co. | 3.850% | 12/1/42 | 680 | 783 | |||
Alabama Power Co. | 4.150% | 8/15/44 | 1,378 | 1,634 | |||
Alabama Power Co. | 3.750% | 3/1/45 | 2,150 | 2,409 | |||
Alabama Power Co. | 4.300% | 1/2/46 | 1,410 | 1,749 | |||
Alabama Power Co. | 3.700% | 12/1/47 | 1,690 | 1,878 | |||
Alabama Power Co. | 4.300% | 7/15/48 | 835 | 1,030 | |||
Alabama Power Co. | 3.450% | 10/1/49 | 2,215 | 2,405 | |||
Ameren Illinois Co. | 4.150% | 3/15/46 | 176 | 216 | |||
Ameren Illinois Co. | 3.700% | 12/1/47 | 2,105 | 2,438 | |||
Ameren Illinois Co. | 4.500% | 3/15/49 | 1,630 | 2,134 | |||
Ameren Illinois Co. | 3.250% | 3/15/50 | 500 | 548 | |||
Appalachian Power Co. | 7.000% | 4/1/38 | 338 | 504 | |||
Appalachian Power Co. | 4.400% | 5/15/44 | 2,110 | 2,530 | |||
Appalachian Power Co. | 4.450% | 6/1/45 | 1,500 | 1,833 | |||
Appalachian Power Co. | 4.500% | 3/1/49 | 1,394 | 1,736 | |||
Arizona Public Service Co. | 5.050% | 9/1/41 | 580 | 752 | |||
Arizona Public Service Co. | 4.500% | 4/1/42 | 1,091 | 1,363 | |||
Arizona Public Service Co. | 4.350% | 11/15/45 | 303 | 374 | |||
Arizona Public Service Co. | 3.750% | 5/15/46 | 365 | 411 | |||
Arizona Public Service Co. | 4.200% | 8/15/48 | 1,175 | 1,430 | |||
Arizona Public Service Co. | 4.250% | 3/1/49 | 1,275 | 1,588 | |||
Arizona Public Service Co. | 3.500% | 12/1/49 | 1,050 | 1,164 | |||
Avista Corp. | 4.350% | 6/1/48 | 900 | 1,124 | |||
Baltimore Gas & Electric Co. | 6.350% | 10/1/36 | 873 | 1,267 | |||
Baltimore Gas & Electric Co. | 3.500% | 8/15/46 | 900 | 1,012 | |||
Baltimore Gas & Electric Co. | 3.750% | 8/15/47 | 1,450 | 1,667 | |||
Baltimore Gas & Electric Co. | 4.250% | 9/15/48 | 747 | 925 | |||
Baltimore Gas & Electric Co. | 3.200% | 9/15/49 | 695 | 731 | |||
Berkshire Hathaway Energy Co. | 6.125% | 4/1/36 | 5,501 | 7,858 | |||
Berkshire Hathaway Energy Co. | 5.950% | 5/15/37 | 1,646 | 2,326 | |||
Berkshire Hathaway Energy Co. | 5.150% | 11/15/43 | 2,033 | 2,707 | |||
Berkshire Hathaway Energy Co. | 4.500% | 2/1/45 | 2,089 | 2,586 | |||
Berkshire Hathaway Energy Co. | 3.800% | 7/15/48 | 2,015 | 2,297 | |||
Berkshire Hathaway Energy Co. | 4.450% | 1/15/49 | 2,475 | 3,099 | |||
Black Hills Corp. | 4.350% | 5/1/33 | 1,372 | 1,623 | |||
Black Hills Corp. | 4.200% | 9/15/46 | 589 | 670 | |||
Black Hills Corp. | 3.875% | 10/15/49 | 500 | 551 | |||
CenterPoint Energy Houston Electric LLC | 6.950% | 3/15/33 | 520 | 778 | |||
CenterPoint Energy Houston Electric LLC | 3.550% | 8/1/42 | 1,697 | 1,898 | |||
95
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
CenterPoint Energy Houston Electric LLC | 4.500% | 4/1/44 | 2,329 | 2,964 | |||
CenterPoint Energy Houston Electric LLC | 3.950% | 3/1/48 | 1,025 | 1,233 | |||
CenterPoint Energy Houston Electric LLC | 4.250% | 2/1/49 | 381 | 479 | |||
CenterPoint Energy Inc. | 2.950% | 3/1/30 | 750 | 788 | |||
CenterPoint Energy Inc. | 3.700% | 9/1/49 | 850 | 921 | |||
Cleco Corporate Holdings LLC | 4.973% | 5/1/46 | 800 | 967 | |||
Cleveland Electric Illuminating Co. | 5.950% | 12/15/36 | 1,503 | 1,997 | |||
CMS Energy Corp. | 4.875% | 3/1/44 | 1,517 | 1,943 | |||
Commonwealth Edison Co. | 2.200% | 3/1/30 | 750 | 756 | |||
Commonwealth Edison Co. | 5.900% | 3/15/36 | 2,057 | 2,950 | |||
Commonwealth Edison Co. | 6.450% | 1/15/38 | 376 | 570 | |||
Commonwealth Edison Co. | 3.800% | 10/1/42 | 1,014 | 1,161 | |||
Commonwealth Edison Co. | 4.600% | 8/15/43 | 666 | 843 | |||
Commonwealth Edison Co. | 4.700% | 1/15/44 | 1,176 | 1,510 | |||
Commonwealth Edison Co. | 3.700% | 3/1/45 | 645 | 733 | |||
Commonwealth Edison Co. | 4.350% | 11/15/45 | 1,238 | 1,536 | |||
Commonwealth Edison Co. | 3.650% | 6/15/46 | 800 | 903 | |||
Commonwealth Edison Co. | 3.750% | 8/15/47 | 2,692 | 3,146 | |||
Commonwealth Edison Co. | 4.000% | 3/1/48 | 2,750 | 3,309 | |||
Commonwealth Edison Co. | 4.000% | 3/1/49 | 1,760 | 2,122 | |||
Commonwealth Edison Co. | 3.200% | 11/15/49 | 150 | 159 | |||
Commonwealth Edison Co. | 3.000% | 3/1/50 | 1,500 | 1,545 | |||
Connecticut Light & Power Co. | 4.300% | 4/15/44 | 403 | 504 | |||
Connecticut Light & Power Co. | 4.150% | 6/1/45 | 752 | 930 | |||
Connecticut Light & Power Co. | 4.000% | 4/1/48 | 2,785 | 3,419 | |||
Consolidated Edison Co. of New York Inc. | 5.300% | 3/1/35 | 829 | 1,106 | |||
Consolidated Edison Co. of New York Inc. | 5.850% | 3/15/36 | 1,298 | 1,794 | |||
Consolidated Edison Co. of New York Inc. | 6.200% | 6/15/36 | 1,265 | 1,809 | |||
Consolidated Edison Co. of New York Inc. | 6.300% | 8/15/37 | 1,430 | 2,082 | |||
Consolidated Edison Co. of New York Inc. | 6.750% | 4/1/38 | 1,582 | 2,429 | |||
Consolidated Edison Co. of New York Inc. | 5.500% | 12/1/39 | 280 | 378 | |||
Consolidated Edison Co. of New York Inc. | 5.700% | 6/15/40 | 1,000 | 1,404 | |||
Consolidated Edison Co. of New York Inc. | 4.200% | 3/15/42 | 919 | 1,095 | |||
Consolidated Edison Co. of New York Inc. | 3.950% | 3/1/43 | 1,057 | 1,218 | |||
Consolidated Edison Co. of New York Inc. | 4.450% | 3/15/44 | 3,236 | 3,988 | |||
Consolidated Edison Co. of New York Inc. | 4.500% | 12/1/45 | 2,164 | 2,707 | |||
Consolidated Edison Co. of New York Inc. | 3.850% | 6/15/46 | 358 | 408 | |||
Consolidated Edison Co. of New York Inc. | 3.875% | 6/15/47 | 1,811 | 2,094 | |||
Consolidated Edison Co. of New York Inc. | 4.650% | 12/1/48 | 1,324 | 1,731 | |||
Consolidated Edison Co. of New York Inc. | 4.125% | 5/15/49 | 725 | 877 | |||
Consolidated Edison Co. of New York Inc. | 4.625% | 12/1/54 | 3,010 | 3,986 | |||
Consolidated Edison Co. of New York Inc. | 4.300% | 12/1/56 | 1,593 | 2,010 | |||
Consolidated Edison Co. of New York Inc. | 4.000% | 11/15/57 | 1,075 | 1,260 | |||
Consolidated Edison Co. of New York Inc. | 4.500% | 5/15/58 | 1,925 | 2,469 | |||
Consolidated Edison Co. of New York Inc. | 3.700% | 11/15/59 | 600 | 686 | |||
Consumers Energy Co. | 3.250% | 8/15/46 | 2,021 | 2,192 | |||
Consumers Energy Co. | 4.050% | 5/15/48 | 303 | 376 | |||
Consumers Energy Co. | 4.350% | 4/15/49 | 2,155 | 2,778 | |||
Consumers Energy Co. | 3.100% | 8/15/50 | 2,200 | 2,371 | |||
3 | Dayton Power & Light Co. | 3.950% | 6/15/49 | 250 | 281 | ||
Delmarva Power & Light Co. | 4.150% | 5/15/45 | 938 | 1,132 | |||
Dominion Energy Inc. | 6.300% | 3/15/33 | 282 | 388 | |||
Dominion Energy Inc. | 5.250% | 8/1/33 | 1,057 | 1,348 | |||
Dominion Energy Inc. | 5.950% | 6/15/35 | 1,428 | 1,951 | |||
Dominion Energy Inc. | 7.000% | 6/15/38 | 476 | 713 | |||
Dominion Energy Inc. | 4.900% | 8/1/41 | 1,785 | 2,224 | |||
Dominion Energy Inc. | 4.050% | 9/15/42 | 1,225 | 1,375 | |||
Dominion Energy Inc. | 4.700% | 12/1/44 | 500 | 621 | |||
Dominion Energy Inc. | 4.600% | 3/15/49 | 785 | 989 | |||
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 555 | 808 | |||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 705 | 948 | |||
Dominion Energy South Carolina Inc. | 6.050% | 1/15/38 | 1,060 | 1,554 | |||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 1,096 | 1,512 | |||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 1,701 | 2,206 |
96
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Dominion Energy South Carolina Inc. | 5.100% | 6/1/65 | 695 | 1,001 | |||
DTE Electric Co. | 2.250% | 3/1/30 | 1,500 | 1,522 | |||
DTE Electric Co. | 4.000% | 4/1/43 | 760 | 894 | |||
DTE Electric Co. | 4.300% | 7/1/44 | 201 | 247 | |||
DTE Electric Co. | 3.700% | 3/15/45 | 1,853 | 2,094 | |||
DTE Electric Co. | 3.700% | 6/1/46 | 550 | 627 | |||
DTE Electric Co. | 3.750% | 8/15/47 | 913 | 1,053 | |||
DTE Electric Co. | 4.050% | 5/15/48 | 135 | 163 | |||
DTE Electric Co. | 3.950% | 3/1/49 | 1,650 | 1,995 | |||
DTE Electric Co. | 2.950% | 3/1/50 | 1,275 | 1,314 | |||
DTE Energy Co. | 2.950% | 3/1/30 | 2,000 | 2,078 | |||
DTE Energy Co. | 6.375% | 4/15/33 | 2,495 | 3,423 | |||
Duke Energy Carolinas LLC | 6.450% | 10/15/32 | 168 | 242 | |||
Duke Energy Carolinas LLC | 6.100% | 6/1/37 | 1,917 | 2,771 | |||
Duke Energy Carolinas LLC | 6.000% | 1/15/38 | 831 | 1,221 | |||
Duke Energy Carolinas LLC | 6.050% | 4/15/38 | 1,581 | 2,301 | |||
Duke Energy Carolinas LLC | 5.300% | 2/15/40 | 435 | 600 | |||
Duke Energy Carolinas LLC | 4.250% | 12/15/41 | 2,036 | 2,511 | |||
Duke Energy Carolinas LLC | 4.000% | 9/30/42 | 1,735 | 2,043 | |||
Duke Energy Carolinas LLC | 3.750% | 6/1/45 | 1,960 | 2,301 | |||
Duke Energy Carolinas LLC | 3.875% | 3/15/46 | 1,075 | 1,263 | |||
Duke Energy Carolinas LLC | 3.700% | 12/1/47 | 910 | 1,040 | |||
Duke Energy Carolinas LLC | 3.950% | 3/15/48 | 2,690 | 3,218 | |||
Duke Energy Carolinas LLC | 3.200% | 8/15/49 | 1,345 | 1,442 | |||
Duke Energy Corp. | 4.800% | 12/15/45 | 1,615 | 2,011 | |||
Duke Energy Corp. | 3.750% | 9/1/46 | 3,360 | 3,733 | |||
Duke Energy Corp. | 3.950% | 8/15/47 | 1,775 | 2,008 | |||
Duke Energy Corp. | 4.200% | 6/15/49 | 1,550 | 1,830 | |||
Duke Energy Florida LLC | 6.350% | 9/15/37 | 2,200 | 3,263 | |||
Duke Energy Florida LLC | 6.400% | 6/15/38 | 951 | 1,426 | |||
Duke Energy Florida LLC | 5.650% | 4/1/40 | 775 | 1,105 | |||
Duke Energy Florida LLC | 3.850% | 11/15/42 | 325 | 375 | |||
Duke Energy Florida LLC | 3.400% | 10/1/46 | 3,023 | 3,343 | |||
Duke Energy Florida LLC | 4.200% | 7/15/48 | 1,375 | 1,726 | |||
Duke Energy Indiana LLC | 6.120% | 10/15/35 | 1,124 | 1,605 | |||
Duke Energy Indiana LLC | 6.350% | 8/15/38 | 1,211 | 1,827 | |||
Duke Energy Indiana LLC | 6.450% | 4/1/39 | 1,818 | 2,794 | |||
Duke Energy Indiana LLC | 4.900% | 7/15/43 | 734 | 967 | |||
Duke Energy Indiana LLC | 3.750% | 5/15/46 | 1,260 | 1,448 | |||
Duke Energy Indiana LLC | 3.250% | 10/1/49 | 565 | 606 | |||
Duke Energy Ohio Inc. | 4.300% | 2/1/49 | 2,475 | 3,109 | |||
Duke Energy Progress LLC | 6.300% | 4/1/38 | 888 | 1,343 | |||
Duke Energy Progress LLC | 4.100% | 5/15/42 | 883 | 1,048 | |||
Duke Energy Progress LLC | 4.100% | 3/15/43 | 530 | 625 | |||
Duke Energy Progress LLC | 4.375% | 3/30/44 | 1,201 | 1,487 | |||
Duke Energy Progress LLC | 4.150% | 12/1/44 | 1,285 | 1,547 | |||
Duke Energy Progress LLC | 4.200% | 8/15/45 | 1,865 | 2,291 | |||
Duke Energy Progress LLC | 3.700% | 10/15/46 | 1,184 | 1,346 | |||
Duke Energy Progress LLC | 3.600% | 9/15/47 | 1,500 | 1,698 | |||
El Paso Electric Co. | 6.000% | 5/15/35 | 699 | 917 | |||
El Paso Electric Co. | 5.000% | 12/1/44 | 963 | 1,203 | |||
Emera US Finance LP | 4.750% | 6/15/46 | 3,068 | 3,715 | |||
Entergy Arkansas LLC | 4.200% | 4/1/49 | 775 | 983 | |||
Entergy Louisiana LLC | 3.050% | 6/1/31 | 1,010 | 1,095 | |||
Entergy Louisiana LLC | 4.000% | 3/15/33 | 1,934 | 2,330 | |||
Entergy Louisiana LLC | 4.950% | 1/15/45 | 1,533 | 1,705 | |||
Entergy Louisiana LLC | 4.200% | 9/1/48 | 2,800 | 3,533 | |||
Entergy Louisiana LLC | 4.200% | 4/1/50 | 775 | 976 | |||
Entergy Mississippi LLC | 3.850% | 6/1/49 | 910 | 1,062 | |||
Entergy Texas Inc. | 4.500% | 3/30/39 | 200 | 244 | |||
Entergy Texas Inc. | 3.550% | 9/30/49 | 695 | 798 | |||
Eversource Energy | 3.450% | 1/15/50 | 850 | 895 | |||
Exelon Corp. | 4.950% | 6/15/35 | 1,615 | 1,976 | |||
Exelon Corp. | 5.625% | 6/15/35 | 1,078 | 1,408 |
97
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Exelon Corp. | 5.100% | 6/15/45 | 1,880 | 2,424 | |||
Exelon Corp. | 4.450% | 4/15/46 | 1,160 | 1,383 | |||
Exelon Generation Co. LLC | 6.250% | 10/1/39 | 2,232 | 2,842 | |||
Exelon Generation Co. LLC | 5.750% | 10/1/41 | 1,000 | 1,195 | |||
Exelon Generation Co. LLC | 5.600% | 6/15/42 | 1,975 | 2,350 | |||
FirstEnergy Corp. | 2.650% | 3/1/30 | 1,500 | 1,531 | |||
FirstEnergy Corp. | 7.375% | 11/15/31 | 5,150 | 7,511 | |||
FirstEnergy Corp. | 4.850% | 7/15/47 | 2,399 | 2,965 | |||
FirstEnergy Corp. | 3.400% | 3/1/50 | 2,000 | 2,026 | |||
Florida Power & Light Co. | 5.625% | 4/1/34 | 1,150 | 1,629 | |||
Florida Power & Light Co. | 4.950% | 6/1/35 | 921 | 1,251 | |||
Florida Power & Light Co. | 5.650% | 2/1/37 | 537 | 767 | |||
Florida Power & Light Co. | 5.950% | 2/1/38 | 1,800 | 2,676 | |||
Florida Power & Light Co. | 5.960% | 4/1/39 | 2,200 | 3,348 | |||
Florida Power & Light Co. | 5.690% | 3/1/40 | 946 | 1,390 | |||
Florida Power & Light Co. | 5.250% | 2/1/41 | 1,024 | 1,447 | |||
Florida Power & Light Co. | 4.125% | 2/1/42 | 1,090 | 1,337 | |||
Florida Power & Light Co. | 4.050% | 6/1/42 | 2,295 | 2,785 | |||
Florida Power & Light Co. | 3.800% | 12/15/42 | 1,860 | 2,186 | |||
Florida Power & Light Co. | 4.050% | 10/1/44 | 697 | 852 | |||
Florida Power & Light Co. | 3.700% | 12/1/47 | 585 | 691 | |||
Florida Power & Light Co. | 3.950% | 3/1/48 | 410 | 506 | |||
Florida Power & Light Co. | 4.125% | 6/1/48 | 1,120 | 1,440 | |||
Florida Power & Light Co. | 3.990% | 3/1/49 | 2,700 | 3,362 | |||
Florida Power & Light Co. | 3.150% | 10/1/49 | 2,665 | 2,925 | |||
Georgia Power Co. | 4.750% | 9/1/40 | 1,401 | 1,738 | |||
Georgia Power Co. | 4.300% | 3/15/42 | 3,958 | 4,627 | |||
Georgia Power Co. | 4.300% | 3/15/43 | 835 | 982 | |||
Georgia Power Co. | 3.700% | 1/30/50 | 250 | 278 | |||
Iberdrola International BV | 6.750% | 7/15/36 | 854 | 1,276 | |||
Indiana Michigan Power Co. | 6.050% | 3/15/37 | 398 | 545 | |||
Indiana Michigan Power Co. | 4.550% | 3/15/46 | 953 | 1,201 | |||
Indiana Michigan Power Co. | 3.750% | 7/1/47 | 838 | 949 | |||
Indiana Michigan Power Co. | 4.250% | 8/15/48 | 975 | 1,184 | |||
Interstate Power & Light Co. | 6.250% | 7/15/39 | 1,121 | 1,608 | |||
Interstate Power & Light Co. | 3.700% | 9/15/46 | 200 | 220 | |||
Interstate Power & Light Co. | 3.500% | 9/30/49 | 425 | 472 | |||
ITC Holdings Corp. | 5.300% | 7/1/43 | 706 | 922 | |||
1 | John Sevier Combined Cycle Generation LLC | 4.626% | 1/15/42 | 668 | 841 | ||
Kansas City Power & Light Co. | 5.300% | 10/1/41 | 495 | 666 | |||
Kansas City Power & Light Co. | 4.200% | 6/15/47 | 670 | 825 | |||
Kansas City Power & Light Co. | 4.200% | 3/15/48 | 1,000 | 1,251 | |||
Kansas City Power & Light Co. | 4.125% | 4/1/49 | 1,260 | 1,565 | |||
Kentucky Utilities Co. | 5.125% | 11/1/40 | 922 | 1,215 | |||
Kentucky Utilities Co. | 4.375% | 10/1/45 | 1,540 | 1,905 | |||
Louisville Gas & Electric Co. | 4.250% | 4/1/49 | 2,400 | 2,970 | |||
MidAmerican Energy Co. | 6.750% | 12/30/31 | 275 | 404 | |||
MidAmerican Energy Co. | 5.750% | 11/1/35 | 1,098 | 1,546 | |||
MidAmerican Energy Co. | 5.800% | 10/15/36 | 1,435 | 2,018 | |||
MidAmerican Energy Co. | 4.800% | 9/15/43 | 381 | 504 | |||
MidAmerican Energy Co. | 4.400% | 10/15/44 | 1,439 | 1,817 | |||
MidAmerican Energy Co. | 4.250% | 5/1/46 | 2,100 | 2,621 | |||
MidAmerican Energy Co. | 3.650% | 8/1/48 | 1,645 | 1,916 | |||
MidAmerican Energy Co. | 4.250% | 7/15/49 | 1,595 | 2,028 | |||
Mississippi Power Co. | 4.250% | 3/15/42 | 581 | 669 | |||
National Rural Utilities Cooperative Finance Corp. | 2.400% | 3/15/30 | 1,000 | 1,036 | |||
National Rural Utilities Cooperative Finance Corp. | 8.000% | 3/1/32 | 1,090 | 1,726 | |||
National Rural Utilities Cooperative Finance Corp. | 4.023% | 11/1/32 | 1,230 | 1,510 | |||
National Rural Utilities Cooperative Finance Corp. | 4.400% | 11/1/48 | 900 | 1,150 | |||
National Rural Utilities Cooperative Finance Corp. | 4.300% | 3/15/49 | 3,040 | 3,849 | |||
Nevada Power Co. | 2.400% | 5/1/30 | 1,475 | 1,506 | |||
Nevada Power Co. | 6.650% | 4/1/36 | 593 | 867 | |||
Nevada Power Co. | 6.750% | 7/1/37 | 886 | 1,340 | |||
Nevada Power Co. | 3.125% | 8/1/50 | 920 | 967 |
98
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Northern States Power Co. | 6.250% | 6/1/36 | 260 | 385 | |||
Northern States Power Co. | 6.200% | 7/1/37 | 711 | 1,041 | |||
Northern States Power Co. | 5.350% | 11/1/39 | 550 | 761 | |||
Northern States Power Co. | 3.400% | 8/15/42 | 1,125 | 1,240 | |||
Northern States Power Co. | 4.125% | 5/15/44 | 1,413 | 1,727 | |||
Northern States Power Co. | 4.000% | 8/15/45 | 825 | 997 | |||
Northern States Power Co. | 3.600% | 5/15/46 | 1,305 | 1,492 | |||
Northern States Power Co. | 3.600% | 9/15/47 | 845 | 983 | |||
Northern States Power Co. | 2.900% | 3/1/50 | 2,075 | 2,164 | |||
NorthWestern Corp. | 4.176% | 11/15/44 | 1,219 | 1,468 | |||
NSTAR Electric Co. | 5.500% | 3/15/40 | 973 | 1,370 | |||
NSTAR Electric Co. | 4.400% | 3/1/44 | 265 | 330 | |||
Oglethorpe Power Corp. | 5.950% | 11/1/39 | 1,390 | 1,774 | |||
Oglethorpe Power Corp. | 5.375% | 11/1/40 | 1,456 | 1,903 | |||
Oglethorpe Power Corp. | 5.050% | 10/1/48 | 130 | 164 | |||
Oglethorpe Power Corp. | 5.250% | 9/1/50 | 193 | 240 | |||
Ohio Power Co. | 4.150% | 4/1/48 | 1,840 | 2,248 | |||
Ohio Power Co. | 4.000% | 6/1/49 | 1,120 | 1,351 | |||
Oklahoma Gas & Electric Co. | 3.300% | 3/15/30 | 335 | 370 | |||
Oklahoma Gas & Electric Co. | 4.150% | 4/1/47 | 675 | 802 | |||
Oklahoma Gas & Electric Co. | 3.850% | 8/15/47 | 600 | 690 | |||
Oncor Electric Delivery Co. LLC | 7.000% | 5/1/32 | 524 | 776 | |||
Oncor Electric Delivery Co. LLC | 7.250% | 1/15/33 | 1,033 | 1,575 | |||
Oncor Electric Delivery Co. LLC | 7.500% | 9/1/38 | 850 | 1,390 | |||
Oncor Electric Delivery Co. LLC | 5.250% | 9/30/40 | 910 | 1,248 | |||
Oncor Electric Delivery Co. LLC | 4.550% | 12/1/41 | 865 | 1,100 | |||
Oncor Electric Delivery Co. LLC | 5.300% | 6/1/42 | 1,386 | 1,920 | |||
Oncor Electric Delivery Co. LLC | 3.750% | 4/1/45 | 1,025 | 1,221 | |||
Oncor Electric Delivery Co. LLC | 3.800% | 9/30/47 | 1,020 | 1,198 | |||
Oncor Electric Delivery Co. LLC | 4.100% | 11/15/48 | 1,275 | 1,601 | |||
Oncor Electric Delivery Co. LLC | 3.800% | 6/1/49 | 880 | 1,053 | |||
Oncor Electric Delivery Co. LLC | 3.100% | 9/15/49 | 1,770 | 1,878 | |||
PacifiCorp | 5.250% | 6/15/35 | 585 | 784 | |||
PacifiCorp | 6.100% | 8/1/36 | 1,315 | 1,898 | |||
PacifiCorp | 5.750% | 4/1/37 | 1,318 | 1,852 | |||
PacifiCorp | 6.250% | 10/15/37 | 820 | 1,216 | |||
PacifiCorp | 6.350% | 7/15/38 | 875 | 1,314 | |||
PacifiCorp | 6.000% | 1/15/39 | 1,052 | 1,537 | |||
PacifiCorp | 4.100% | 2/1/42 | 500 | 604 | |||
PacifiCorp | 4.125% | 1/15/49 | 3,612 | 4,441 | |||
PacifiCorp | 4.150% | 2/15/50 | 2,100 | 2,599 | |||
PECO Energy Co. | 5.950% | 10/1/36 | 533 | 757 | |||
PECO Energy Co. | 4.150% | 10/1/44 | 1,045 | 1,265 | |||
PECO Energy Co. | 3.900% | 3/1/48 | 1,325 | 1,586 | |||
PECO Energy Co. | 3.000% | 9/15/49 | 1,000 | 1,060 | |||
Potomac Electric Power Co. | 6.500% | 11/15/37 | 1,358 | 2,031 | |||
Potomac Electric Power Co. | 4.150% | 3/15/43 | 600 | 718 | |||
PPL Capital Funding Inc. | 4.700% | 6/1/43 | 1,685 | 2,021 | |||
PPL Capital Funding Inc. | 5.000% | 3/15/44 | 710 | 879 | |||
PPL Capital Funding Inc. | 4.000% | 9/15/47 | 1,373 | 1,534 | |||
PPL Electric Utilities Corp. | 6.250% | 5/15/39 | 320 | 482 | |||
PPL Electric Utilities Corp. | 4.750% | 7/15/43 | 800 | 1,029 | |||
PPL Electric Utilities Corp. | 4.125% | 6/15/44 | 960 | 1,151 | |||
PPL Electric Utilities Corp. | 4.150% | 10/1/45 | 600 | 726 | |||
PPL Electric Utilities Corp. | 3.950% | 6/1/47 | 2,041 | 2,404 | |||
PPL Electric Utilities Corp. | 4.150% | 6/15/48 | 1,140 | 1,405 | |||
Progress Energy Inc. | 7.750% | 3/1/31 | 848 | 1,247 | |||
Progress Energy Inc. | 6.000% | 12/1/39 | 1,332 | 1,853 | |||
PSEG Power LLC | 8.625% | 4/15/31 | 2,671 | 3,883 | |||
Public Service Co. of Colorado | 6.250% | 9/1/37 | 660 | 993 | |||
Public Service Co. of Colorado | 6.500% | 8/1/38 | 330 | 510 | |||
Public Service Co. of Colorado | 3.600% | 9/15/42 | 1,411 | 1,598 | |||
Public Service Co. of Colorado | 4.300% | 3/15/44 | 818 | 1,015 | |||
Public Service Co. of Colorado | 3.800% | 6/15/47 | 847 | 1,000 |
99
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Public Service Co. of Colorado | 4.100% | 6/15/48 | 1,325 | 1,672 | |||
Public Service Co. of Colorado | 4.050% | 9/15/49 | 1,305 | 1,601 | |||
Public Service Co. of Colorado | 3.200% | 3/1/50 | 1,200 | 1,301 | |||
Public Service Co. of New Hampshire | 3.600% | 7/1/49 | 950 | 1,111 | |||
Public Service Electric & Gas Co. | 5.800% | 5/1/37 | 963 | 1,381 | |||
Public Service Electric & Gas Co. | 5.500% | 3/1/40 | 475 | 664 | |||
Public Service Electric & Gas Co. | 3.950% | 5/1/42 | 855 | 1,019 | |||
Public Service Electric & Gas Co. | 3.650% | 9/1/42 | 955 | 1,098 | |||
Public Service Electric & Gas Co. | 3.800% | 1/1/43 | 1,270 | 1,485 | |||
Public Service Electric & Gas Co. | 3.800% | 3/1/46 | 691 | 818 | |||
Public Service Electric & Gas Co. | 3.600% | 12/1/47 | 360 | 416 | |||
Public Service Electric & Gas Co. | 3.850% | 5/1/49 | 1,550 | 1,873 | |||
Public Service Electric & Gas Co. | 3.200% | 8/1/49 | 1,100 | 1,241 | |||
Public Service Electric & Gas Co. | 3.150% | 1/1/50 | 750 | 816 | |||
Puget Sound Energy Inc. | 6.274% | 3/15/37 | 191 | 275 | |||
Puget Sound Energy Inc. | 5.757% | 10/1/39 | 1,190 | 1,671 | |||
Puget Sound Energy Inc. | 5.795% | 3/15/40 | 772 | 1,091 | |||
Puget Sound Energy Inc. | 5.638% | 4/15/41 | 678 | 944 | |||
Puget Sound Energy Inc. | 4.300% | 5/20/45 | 1,216 | 1,517 | |||
Puget Sound Energy Inc. | 4.223% | 6/15/48 | 2,000 | 2,475 | |||
Puget Sound Energy Inc. | 3.250% | 9/15/49 | 775 | 837 | |||
San Diego Gas & Electric Co. | 6.000% | 6/1/39 | 629 | 939 | |||
San Diego Gas & Electric Co. | 4.500% | 8/15/40 | 1,481 | 1,884 | |||
San Diego Gas & Electric Co. | 3.750% | 6/1/47 | 1,065 | 1,228 | |||
San Diego Gas & Electric Co. | 4.150% | 5/15/48 | 555 | 680 | |||
San Diego Gas & Electric Co. | 4.100% | 6/15/49 | 1,000 | 1,219 | |||
Southern California Edison Co. | 6.000% | 1/15/34 | 2,623 | 3,594 | |||
Southern California Edison Co. | 5.750% | 4/1/35 | 457 | 618 | |||
Southern California Edison Co. | 5.350% | 7/15/35 | 1,186 | 1,557 | |||
Southern California Edison Co. | 5.625% | 2/1/36 | 1,665 | 2,180 | |||
Southern California Edison Co. | 5.550% | 1/15/37 | 195 | 256 | |||
Southern California Edison Co. | 5.950% | 2/1/38 | 1,307 | 1,805 | |||
Southern California Edison Co. | 6.050% | 3/15/39 | 1,425 | 1,984 | |||
Southern California Edison Co. | 5.500% | 3/15/40 | 1,245 | 1,670 | |||
Southern California Edison Co. | 4.500% | 9/1/40 | 931 | 1,113 | |||
Southern California Edison Co. | 4.050% | 3/15/42 | 1,100 | 1,228 | |||
Southern California Edison Co. | 3.900% | 3/15/43 | 745 | 817 | |||
Southern California Edison Co. | 4.650% | 10/1/43 | 426 | 516 | |||
Southern California Edison Co. | 3.600% | 2/1/45 | 1,009 | 1,067 | |||
Southern California Edison Co. | 4.000% | 4/1/47 | 4,260 | 4,772 | |||
Southern California Edison Co. | 4.125% | 3/1/48 | 3,950 | 4,510 | |||
Southern California Edison Co. | 4.875% | 3/1/49 | 1,850 | 2,353 | |||
Southern California Edison Co. | 3.650% | 2/1/50 | 1,100 | 1,167 | |||
Southern Co. | 4.250% | 7/1/36 | 1,132 | 1,303 | |||
Southern Co. | 4.400% | 7/1/46 | 5,085 | 5,936 | |||
Southern Power Co. | 5.150% | 9/15/41 | 998 | 1,217 | |||
Southern Power Co. | 5.250% | 7/15/43 | 960 | 1,211 | |||
Southern Power Co. | 4.950% | 12/15/46 | 1,110 | 1,346 | |||
Southwestern Electric Power Co. | 6.200% | 3/15/40 | 1,000 | 1,395 | |||
Southwestern Electric Power Co. | 3.900% | 4/1/45 | 1,227 | 1,364 | |||
Southwestern Electric Power Co. | 3.850% | 2/1/48 | 1,117 | 1,237 | |||
Southwestern Public Service Co. | 4.500% | 8/15/41 | 1,161 | 1,472 | |||
Southwestern Public Service Co. | 3.400% | 8/15/46 | 730 | 797 | |||
Southwestern Public Service Co. | 3.700% | 8/15/47 | 344 | 391 | |||
Southwestern Public Service Co. | 4.400% | 11/15/48 | 190 | 244 | |||
Southwestern Public Service Co. | 3.750% | 6/15/49 | 2,068 | 2,395 | |||
Tampa Electric Co. | 4.100% | 6/15/42 | 170 | 198 | |||
Tampa Electric Co. | 4.350% | 5/15/44 | 1,165 | 1,473 | |||
Tampa Electric Co. | 4.300% | 6/15/48 | 1,075 | 1,332 | |||
Tampa Electric Co. | 4.450% | 6/15/49 | 650 | 824 | |||
Tampa Electric Co. | 3.625% | 6/15/50 | 950 | 1,078 | |||
Toledo Edison Co. | 6.150% | 5/15/37 | 313 | 456 | |||
Tucson Electric Power Co. | 4.850% | 12/1/48 | 760 | 1,000 | |||
Union Electric Co. | 5.300% | 8/1/37 | 628 | 840 |
100
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Union Electric Co. | 8.450% | 3/15/39 | 895 | 1,597 | |||
Union Electric Co. | 3.900% | 9/15/42 | 877 | 1,023 | |||
Union Electric Co. | 3.650% | 4/15/45 | 1,240 | 1,400 | |||
Union Electric Co. | 4.000% | 4/1/48 | 1,205 | 1,450 | |||
Union Electric Co. | 3.250% | 10/1/49 | 1,300 | 1,412 | |||
Virginia Electric & Power Co. | 6.000% | 1/15/36 | 2,020 | 2,828 | |||
Virginia Electric & Power Co. | 6.000% | 5/15/37 | 1,963 | 2,846 | |||
Virginia Electric & Power Co. | 6.350% | 11/30/37 | 1,163 | 1,733 | |||
Virginia Electric & Power Co. | 8.875% | 11/15/38 | 1,643 | 3,006 | |||
Virginia Electric & Power Co. | 4.000% | 1/15/43 | 2,277 | 2,645 | |||
Virginia Electric & Power Co. | 4.650% | 8/15/43 | 192 | 250 | |||
Virginia Electric & Power Co. | 4.450% | 2/15/44 | 2,129 | 2,652 | |||
Virginia Electric & Power Co. | 4.200% | 5/15/45 | 1,800 | 2,173 | |||
Virginia Electric & Power Co. | 4.000% | 11/15/46 | 1,543 | 1,862 | |||
Virginia Electric & Power Co. | 3.800% | 9/15/47 | 2,099 | 2,497 | |||
Virginia Electric & Power Co. | 4.600% | 12/1/48 | 350 | 457 | |||
Virginia Electric & Power Co. | 3.300% | 12/1/49 | 1,336 | 1,435 | |||
Westar Energy Inc. | 4.125% | 3/1/42 | 1,173 | 1,414 | |||
Westar Energy Inc. | 4.100% | 4/1/43 | 1,549 | 1,863 | |||
Westar Energy Inc. | 4.250% | 12/1/45 | 1,457 | 1,788 | |||
Wisconsin Electric Power Co. | 5.625% | 5/15/33 | 535 | 730 | |||
Wisconsin Electric Power Co. | 5.700% | 12/1/36 | 300 | 419 | |||
Wisconsin Electric Power Co. | 4.300% | 10/15/48 | 1,350 | 1,679 | |||
Wisconsin Power & Light Co. | 6.375% | 8/15/37 | 799 | 1,176 | |||
Wisconsin Public Service Corp. | 3.671% | 12/1/42 | 1,085 | 1,218 | |||
Wisconsin Public Service Corp. | 4.752% | 11/1/44 | 1,193 | 1,560 | |||
Wisconsin Public Service Corp. | 3.300% | 9/1/49 | 150 | 162 | |||
Xcel Energy Inc. | 6.500% | 7/1/36 | 575 | 826 | |||
Xcel Energy Inc. | 3.500% | 12/1/49 | 1,130 | 1,237 | |||
Natural Gas (1.0%) | |||||||
Atmos Energy Corp. | 5.500% | 6/15/41 | 230 | 315 | |||
Atmos Energy Corp. | 4.150% | 1/15/43 | 1,347 | 1,612 | |||
Atmos Energy Corp. | 4.125% | 10/15/44 | 2,383 | 2,864 | |||
Atmos Energy Corp. | 4.300% | 10/1/48 | 325 | 410 | |||
Atmos Energy Corp. | 4.125% | 3/15/49 | 1,725 | 2,108 | |||
Atmos Energy Corp. | 3.375% | 9/15/49 | 1,925 | 2,123 | |||
CenterPoint Energy Resources Corp. | 5.850% | 1/15/41 | 1,183 | 1,601 | |||
CenterPoint Energy Resources Corp. | 4.100% | 9/1/47 | 859 | 994 | |||
KeySpan Corp. | 5.803% | 4/1/35 | 390 | 501 | |||
NiSource Finance Corp. | 5.950% | 6/15/41 | 1,147 | 1,570 | |||
NiSource Finance Corp. | 5.250% | 2/15/43 | 1,415 | 1,817 | |||
NiSource Finance Corp. | 4.800% | 2/15/44 | 1,941 | 2,399 | |||
NiSource Finance Corp. | 5.650% | 2/1/45 | 1,425 | 1,925 | |||
NiSource Finance Corp. | 4.375% | 5/15/47 | 2,840 | 3,336 | |||
NiSource Finance Corp. | 3.950% | 3/30/48 | 775 | 867 | |||
ONE Gas Inc. | 4.658% | 2/1/44 | 1,271 | 1,626 | |||
ONE Gas Inc. | 4.500% | 11/1/48 | 1,375 | 1,778 | |||
Piedmont Natural Gas Co. Inc. | 4.650% | 8/1/43 | 325 | 396 | |||
Piedmont Natural Gas Co. Inc. | 3.640% | 11/1/46 | 980 | 1,050 | |||
Sempra Energy | 3.800% | 2/1/38 | 3,780 | 4,144 | |||
Sempra Energy | 6.000% | 10/15/39 | 1,942 | 2,664 | |||
Sempra Energy | 4.000% | 2/1/48 | 1,850 | 2,072 | |||
Southern California Gas Co. | 5.125% | 11/15/40 | 640 | 845 | |||
Southern California Gas Co. | 3.750% | 9/15/42 | 1,550 | 1,790 | |||
Southern California Gas Co. | 4.125% | 6/1/48 | 340 | 419 | |||
Southern California Gas Co. | 4.300% | 1/15/49 | 910 | 1,150 | |||
Southern California Gas Co. | 3.950% | 2/15/50 | 1,200 | 1,507 | |||
Southern Co. Gas Capital Corp. | 5.875% | 3/15/41 | 1,245 | 1,696 | |||
Southern Co. Gas Capital Corp. | 4.400% | 6/1/43 | 1,230 | 1,433 | |||
Southern Co. Gas Capital Corp. | 3.950% | 10/1/46 | 1,890 | 2,095 | |||
Southern Co. Gas Capital Corp. | 4.400% | 5/30/47 | 1,000 | 1,193 | |||
Southwest Gas Corp. | 3.800% | 9/29/46 | 550 | 617 | |||
Southwest Gas Corp. | 4.150% | 6/1/49 | 800 | 969 |
101
Vanguard® Long-Term Corporate Bond Index Fund
Schedule of Investments
February 29, 2020
Coupon | Maturity | Face | ) | Market | ) | ||
Washington Gas Light Co. | 3.796% | 9/15/46 | 993 | 1,108 | |||
Other Utility (0.2%) | |||||||
American Water Capital Corp. | 6.593% | 10/15/37 | 1,553 | 2,382 | |||
American Water Capital Corp. | 4.300% | 12/1/42 | 1,315 | 1,565 | |||
American Water Capital Corp. | 4.300% | 9/1/45 | 1,165 | 1,415 | |||
American Water Capital Corp. | 4.000% | 12/1/46 | 665 | 796 | |||
American Water Capital Corp. | 3.750% | 9/1/47 | 1,638 | 1,865 | |||
American Water Capital Corp. | 4.200% | 9/1/48 | 1,355 | 1,653 | |||
American Water Capital Corp. | 4.150% | 6/1/49 | 1,775 | 2,114 | |||
Essential Utilities Inc. | 4.276% | 5/1/49 | 995 | 1,210 | |||
Veolia Environnement SA | 6.750% | 6/1/38 | 222 | 334 | |||
672,948 | |||||||
Total Corporate Bonds (Cost $4,724,988) | 5,347,502 | ||||||
Taxable Municipal Bonds (0.2%) | |||||||
California Institute of Technology Taxable | 3.650% | 9/1/19 | 250 | 294 | |||
George Washington University | 4.300% | 9/15/44 | 980 | 1,252 | |||
George Washington University | 4.868% | 9/15/45 | 865 | 1,231 | |||
George Washington University | 4.126% | 9/15/48 | 1,474 | 1,914 | |||
Michigan Finance Authority Revenue (Trinity Health Credit Group) | 3.084% | 12/1/34 | 725 | 793 | |||
Michigan Finance Authority Revenue (Trinity Health Credit Group) | 3.384% | 12/1/40 | 1,300 | 1,465 | |||
Princeton University | 5.700% | 3/1/39 | 615 | 926 | |||
University of Southern California | 5.250% | 10/1/11 | 1,020 | 1,705 | |||
Total Taxable Municipal Bonds (Cost $8,347) | 9,580 | ||||||
Shares | |||||||
Temporary Cash Investment (0.9%) | |||||||
Money Market Fund | |||||||
4 | Vanguard Market Liquidity Fund (Cost $51,297) | 1.706% | 512,823 | 51,298 | |||
Total Investments (99.9%) (Cost $4,824,866) | 5,448,755 | ||||||
Other Assets and Liabilities—Net (0.1%) | 5,823 | ||||||
Net Assets (100%) | 5,454,578 | ||||||
Cost rounded to $000 |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | Securities with a value of $255,000 have been segregated as initial margin for recently closed futures contracts. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2020, the aggregate value of these securities was $105,315,000, representing 1.9% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
102
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© 2020 The Vanguard Group, Inc.
SNA16422 042020 |
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies.
Not applicable.
Item 13: Exhibits.
(a) | Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD SCOTTSDALE FUNDS
BY: /s/ MORTIMER J. BUCKLEY*
___________________________
MORTIMER J. BUCKLEY
CHIEF EXECUTIVE OFFICER
Date: April 17, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD SCOTTSDALE FUNDS
BY: /s/ MORTIMER J. BUCKLEY*
___________________________
MORTIMER J. BUCKLEY
CHIEF EXECUTIVE OFFICER
Date: April 17, 2020
VANGUARD SCOTTSDALE FUNDS
BY: /s/ JOHN BENDL*
___________________________
JOHN BENDL
CHIEF FINANCIAL OFFICER
Date: April 17, 2020
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.