Vanguard® Mid-Cap Value Index Fund
Schedule of Investments (unaudited)
As of March 31, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (99.6%) | ||||||
Basic Materials (5.9%) | ||||||
Nucor Corp. | 1,735,871 | 343,529 | ||||
Newmont Corp. | 8,135,775 | 291,586 | ||||
LyondellBasell Industries NV Class A | 1,833,450 | 187,525 | ||||
Dow Inc. | 2,479,316 | 143,627 | ||||
International Flavors & Fragrances Inc. | 1,625,951 | 139,816 | ||||
Celanese Corp. Class A | 768,663 | 132,102 | ||||
Avery Dennison Corp. | 568,763 | 126,976 | ||||
CF Industries Holdings Inc. | 1,330,044 | 110,673 | ||||
International Paper Co. | 2,444,288 | 95,376 | ||||
Steel Dynamics Inc. | 542,707 | 80,446 | ||||
Mosaic Co. | 1,132,662 | 36,766 | ||||
Westlake Corp. | 113,196 | 17,296 | ||||
1,705,718 | ||||||
Consumer Discretionary (12.1%) | ||||||
DR Horton Inc. | 2,108,275 | 346,917 | ||||
Lennar Corp. Class A | 1,700,660 | 292,479 | ||||
Electronic Arts Inc. | 1,888,042 | 250,486 | ||||
Dollar General Corp. | 1,549,769 | 241,857 | ||||
Delta Air Lines Inc. | 4,542,342 | 217,442 | ||||
* | Dollar Tree Inc. | 1,461,376 | 194,582 | |||
eBay Inc. | 3,664,342 | 193,404 | ||||
PulteGroup Inc. | 1,497,521 | 180,631 | ||||
Garmin Ltd. | 1,083,411 | 161,287 | ||||
Genuine Parts Co. | 984,298 | 152,497 | ||||
Darden Restaurants Inc. | 843,192 | 140,939 | ||||
Omnicom Group Inc. | 1,395,966 | 135,074 | ||||
Southwest Airlines Co. | 4,209,686 | 122,881 | ||||
* | Warner Bros Discovery Inc. | 13,929,073 | 121,601 | |||
Best Buy Co. Inc. | 1,368,495 | 112,258 | ||||
* | United Airlines Holdings Inc. | 2,315,007 | 110,842 | |||
News Corp. Class A | 3,417,830 | 89,479 | ||||
* | NVR Inc. | 10,683 | 86,532 | |||
* | MGM Resorts International | 1,727,746 | 81,567 | |||
* | Carnival Corp. | 3,552,891 | 58,054 | |||
Fox Corp. Class A | 1,851,436 | 57,894 | ||||
* | CarMax Inc. | 557,005 | 48,521 | |||
Interpublic Group of Cos. Inc. | 1,330,975 | 43,430 | ||||
*,1 | Rivian Automotive Inc. Class A | 2,678,173 | 29,326 | |||
Lennar Corp. Class B | 122,627 | 18,907 | ||||
Fox Corp. Class B | 643,206 | 18,409 | ||||
Endeavor Group Holdings Inc. Class A | 474,164 | 12,200 |
Shares | Market Value ($000) | |||||
1 | Sirius XM Holdings Inc. | 2,995,548 | 11,623 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 87,188 | 2,589 | |||
News Corp. Class B | 80,735 | 2,185 | ||||
1 | Paramount Global Class A | 93,029 | 2,031 | |||
* | Liberty Media Corp.-Liberty SiriusXM | 39,583 | 1,176 | |||
3,539,100 | ||||||
Consumer Staples (8.0%) | ||||||
Cencora Inc. | 1,197,536 | 290,989 | ||||
Corteva Inc. | 4,976,769 | 287,010 | ||||
Kroger Co. | 4,573,039 | 261,258 | ||||
Archer-Daniels-Midland Co. | 3,765,487 | 236,510 | ||||
General Mills Inc. | 2,006,431 | 140,390 | ||||
McCormick & Co. Inc. (Non-Voting) | 1,775,602 | 136,384 | ||||
Clorox Co. | 876,178 | 134,152 | ||||
Kenvue Inc. | 6,084,775 | 130,579 | ||||
Tyson Foods Inc. Class A | 2,021,023 | 118,695 | ||||
Kellanova | 1,923,990 | 110,226 | ||||
Walgreens Boots Alliance Inc. | 4,865,194 | 105,526 | ||||
Conagra Brands Inc. | 3,372,308 | 99,955 | ||||
J M Smucker Co. | 711,850 | 89,601 | ||||
Hormel Foods Corp. | 1,929,746 | 67,329 | ||||
Campbell Soup Co. | 1,369,187 | 60,860 | ||||
Molson Coors Beverage Co. Class B | 629,145 | 42,310 | ||||
Albertsons Cos. Inc. Class A | 1,121,557 | 24,046 | ||||
2,335,820 | ||||||
Energy (3.5%) | ||||||
ONEOK Inc. | 4,113,326 | 329,765 | ||||
Baker Hughes Co. Class A | 7,066,677 | 236,734 | ||||
Williams Cos. Inc. | 4,297,158 | 167,460 | ||||
Kinder Morgan Inc. | 6,656,892 | 122,087 | ||||
Halliburton Co. | 2,827,789 | 111,472 | ||||
Marathon Oil Corp. | 2,034,479 | 57,657 | ||||
1,025,175 | ||||||
Financials (17.7%) | ||||||
Arthur J Gallagher & Co. | 1,531,279 | 382,881 | ||||
Allstate Corp. | 1,857,603 | 321,384 | ||||
Ameriprise Financial Inc. | 708,512 | 310,640 | ||||
Prudential Financial Inc. | 2,533,973 | 297,489 | ||||
* | Arch Capital Group Ltd. | 2,504,317 | 231,499 | |||
Discover Financial Services | 1,765,334 | 231,418 | ||||
Hartford Financial Services Group Inc. | 2,108,777 | 217,310 | ||||
Willis Towers Watson plc | 723,785 | 199,041 | ||||
T. Rowe Price Group Inc. | 1,578,858 | 192,494 | ||||
Nasdaq Inc. | 3,046,420 | 192,229 | ||||
American International Group Inc. | 2,403,523 | 187,883 | ||||
Fifth Third Bancorp | 4,808,928 | 178,940 | ||||
M&T Bank Corp. | 1,176,310 | 171,083 | ||||
Raymond James Financial Inc. | 1,328,766 | 170,640 | ||||
State Street Corp. | 2,024,150 | 156,507 | ||||
Principal Financial Group Inc. | 1,664,799 | 143,689 | ||||
Huntington Bancshares Inc. | 10,225,038 | 142,639 | ||||
Regions Financial Corp. | 6,565,129 | 138,130 | ||||
Cincinnati Financial Corp. | 1,107,556 | 137,525 | ||||
Cboe Global Markets Inc. | 746,074 | 137,076 | ||||
Northern Trust Corp. | 1,375,418 | 122,302 | ||||
Everest Group Ltd. | 306,408 | 121,797 | ||||
W R Berkley Corp. | 1,359,427 | 120,228 |
Shares | Market Value ($000) | |||||
Citizens Financial Group Inc. | 3,073,807 | 111,549 | ||||
Loews Corp. | 1,334,434 | 104,473 | ||||
KeyCorp | 6,589,950 | 104,187 | ||||
Fidelity National Financial Inc. | 1,825,350 | 96,926 | ||||
* | Markel Group Inc. | 44,046 | 67,015 | |||
Franklin Resources Inc. | 2,226,655 | 62,591 | ||||
Corebridge Financial Inc. | 1,758,507 | 50,522 | ||||
Globe Life Inc. | 332,677 | 38,714 | ||||
* | Rocket Cos. Inc. Class A | 890,309 | 12,954 | |||
5,153,755 | ||||||
Health Care (7.4%) | ||||||
* | Centene Corp. | 3,776,535 | 296,382 | |||
GE HealthCare Technologies Inc. | 2,854,361 | 259,490 | ||||
* | Biogen Inc. | 1,026,373 | 221,317 | |||
Zimmer Biomet Holdings Inc. | 1,475,627 | 194,753 | ||||
Cardinal Health Inc. | 1,717,918 | 192,235 | ||||
Baxter International Inc. | 3,585,257 | 153,234 | ||||
Laboratory Corp. of America Holdings | 592,343 | 129,403 | ||||
* | Hologic Inc. | 1,657,925 | 129,252 | |||
* | Avantor Inc. | 4,790,335 | 122,489 | |||
Quest Diagnostics Inc. | 781,645 | 104,045 | ||||
Viatris Inc. | 8,462,418 | 101,041 | ||||
Revvity Inc. | 870,644 | 91,418 | ||||
Royalty Pharma plc Class A | 2,679,404 | 81,373 | ||||
STERIS plc | 349,043 | 78,472 | ||||
2,154,904 | ||||||
Industrials (20.0%) | ||||||
PACCAR Inc. | 3,699,595 | 458,343 | ||||
Carrier Global Corp. | 6,025,712 | 350,275 | ||||
United Rentals Inc. | 474,395 | 342,091 | ||||
Ferguson plc | 1,432,696 | 312,944 | ||||
Fidelity National Information Services Inc. | 4,182,757 | 310,277 | ||||
L3Harris Technologies Inc. | 1,342,160 | 286,014 | ||||
Otis Worldwide Corp. | 2,863,258 | 284,236 | ||||
Cummins Inc. | 962,117 | 283,488 | ||||
Global Payments Inc. | 1,821,089 | 243,407 | ||||
PPG Industries Inc. | 1,661,322 | 240,725 | ||||
Fortive Corp. | 2,476,378 | 213,018 | ||||
DuPont de Nemours Inc. | 2,653,178 | 203,419 | ||||
* | Keysight Technologies Inc. | 1,234,893 | 193,112 | |||
Westinghouse Air Brake Technologies Corp. | 1,250,360 | 182,152 | ||||
Dover Corp. | 987,723 | 175,015 | ||||
Johnson Controls International plc | 2,405,460 | 157,125 | ||||
Jacobs Solutions Inc. | 887,482 | 136,433 | ||||
Ingersoll Rand Inc. | 1,424,551 | 135,261 | ||||
Textron Inc. | 1,362,062 | 130,663 | ||||
Expeditors International of Washington Inc. | 1,026,671 | 124,812 | ||||
Synchrony Financial | 2,870,849 | 123,791 | ||||
Masco Corp. | 1,552,239 | 122,441 | ||||
Packaging Corp. of America | 633,076 | 120,145 | ||||
Rockwell Automation Inc. | 404,473 | 117,835 | ||||
Snap-on Inc. | 372,330 | 110,292 | ||||
* | Zebra Technologies Corp. Class A | 362,677 | 109,325 | |||
Stanley Black & Decker Inc. | 1,080,852 | 105,848 | ||||
Hubbell Inc. Class B | 189,489 | 78,647 | ||||
Ball Corp. | 1,114,180 | 75,051 | ||||
* | Trimble Inc. | 878,314 | 56,528 |
Shares | Market Value ($000) | |||||
TransUnion | 683,669 | 54,557 | ||||
5,837,270 | ||||||
Real Estate (8.0%) | ||||||
Digital Realty Trust Inc. | 2,200,283 | 316,929 | ||||
VICI Properties Inc. Class A | 7,304,340 | 217,596 | ||||
* | CBRE Group Inc. Class A | 2,049,841 | 199,327 | |||
AvalonBay Communities Inc. | 1,003,029 | 186,122 | ||||
Weyerhaeuser Co. | 5,152,425 | 185,024 | ||||
Simon Property Group Inc. | 1,093,204 | 171,076 | ||||
Iron Mountain Inc. | 2,063,897 | 165,545 | ||||
Equity Residential | 2,544,797 | 160,602 | ||||
Alexandria Real Estate Equities Inc. | 1,234,146 | 159,094 | ||||
Ventas Inc. | 2,840,679 | 123,683 | ||||
Essex Property Trust Inc. | 453,332 | 110,980 | ||||
Mid-America Apartment Communities Inc. | 823,944 | 108,415 | ||||
WP Carey Inc. | 1,542,553 | 87,062 | ||||
Host Hotels & Resorts Inc. | 2,485,178 | 51,393 | ||||
Healthpeak Properties Inc. | 2,494,737 | 46,776 | ||||
UDR Inc. | 1,162,107 | 43,474 | ||||
2,333,098 | ||||||
Technology (5.9%) | ||||||
Cognizant Technology Solutions Corp. Class A | 3,515,607 | 257,659 | ||||
CDW Corp. | 946,173 | 242,012 | ||||
HP Inc. | 6,647,202 | 200,878 | ||||
Corning Inc. | 5,423,438 | 178,756 | ||||
Hewlett Packard Enterprise Co. | 9,174,766 | 162,669 | ||||
* | Western Digital Corp. | 2,300,430 | 156,981 | |||
NetApp Inc. | 1,455,138 | 152,746 | ||||
SS&C Technologies Holdings Inc. | 1,485,754 | 95,638 | ||||
Gen Digital Inc. | 3,822,703 | 85,629 | ||||
Seagate Technology Holdings plc | 739,464 | 68,807 | ||||
Leidos Holdings Inc. | 479,860 | 62,905 | ||||
Skyworks Solutions Inc. | 565,675 | 61,274 | ||||
1,725,954 | ||||||
Utilities (11.1%) | ||||||
PG&E Corp. | 18,437,839 | 309,018 | ||||
Public Service Enterprise Group Inc. | 3,525,405 | 235,427 | ||||
Consolidated Edison Inc. | 2,437,353 | 221,336 | ||||
Xcel Energy Inc. | 3,917,135 | 210,546 | ||||
Edison International | 2,708,265 | 191,556 | ||||
WEC Energy Group Inc. | 2,228,433 | 182,999 | ||||
American Water Works Co. Inc. | 1,373,955 | 167,911 | ||||
Entergy Corp. | 1,503,094 | 158,847 | ||||
FirstEnergy Corp. | 3,854,470 | 148,860 | ||||
Eversource Energy | 2,461,725 | 147,137 | ||||
Dominion Energy Inc. | 2,952,844 | 145,250 | ||||
PPL Corp. | 5,204,897 | 143,291 | ||||
DTE Energy Co. | 1,237,607 | 138,785 | ||||
Ameren Corp. | 1,856,482 | 137,305 | ||||
Exelon Corp. | 3,509,196 | 131,841 | ||||
CenterPoint Energy Inc. | 4,446,731 | 126,687 | ||||
CMS Energy Corp. | 2,061,929 | 124,417 | ||||
Alliant Energy Corp. | 1,785,994 | 90,014 | ||||
Vistra Corp. | 1,263,319 | 87,990 | ||||
AES Corp. | 2,505,136 | 44,917 | ||||
NiSource Inc. | 1,579,474 | 43,688 | ||||
Evergy Inc. | 808,374 | 43,151 |
Shares | Market Value ($000) | |||||
Avangrid Inc. | 542,676 | 19,775 | ||||
3,250,748 | ||||||
Total Common Stocks (Cost $21,006,874) | 29,061,542 | |||||
Coupon | ||||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
2,3 | Vanguard Market Liquidity Fund (Cost $81,817) | 5.407% | 818,439 | 81,828 | ||
Total Investments (99.9%) (Cost $21,088,691) | 29,143,370 | |||||
Other Assets and Liabilities—Net (0.1%) | 37,848 | |||||
Net Assets (100%) | 29,181,218 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $25,910,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $27,633,000 was received for securities on loan. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2024 | 88 | 23,358 | 127 |
E-mini S&P Mid-Cap 400 Index | June 2024 | 168 | 51,700 | 1,159 |
1,286 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
GE HealthCare Technologies Inc. | 8/30/24 | BANA | 18,256 | (5.329) | — | (147) |
International Flavors & Fragrances Inc. | 8/30/24 | BANA | 13,213 | (5.329) | 1,853 | — |
Warner Bros Discovery Inc. | 1/31/25 | CITNA | 13,537 | (5.329) | — | (146) |
1,853 | (293) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
CITNA—Citibank, N.A. |
At March 31, 2024, the counterparties had deposited in segregated accounts securities with a value of $1,589,000 in connection with open over-the-counter swap contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily
to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of March 31, 2024, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 29,061,542 | — | — | 29,061,542 |
Temporary Cash Investments | 81,828 | — | — | 81,828 |
Total | 29,143,370 | — | — | 29,143,370 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,286 | — | — | 1,286 |
Swap Contracts | — | 1,853 | — | 1,853 |
Total | 1,286 | 1,853 | — | 3,139 |
Liabilities | ||||
Swap Contracts | — | 293 | — | 293 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |