Vanguard® Energy Index Fund
Schedule of Investments (unaudited)
As of November 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks (99.5%) | |||
Coal & Consumable Fuels (0.5%) | |||
CONSOL Energy Inc. | 166,631 | 17,774 | |
Peabody Energy Corp. | 588,074 | 14,020 | |
* | Uranium Energy Corp. | 1,909,464 | 12,450 |
* | Centrus Energy Corp. Class A | 69,399 | 3,471 |
Enviva Inc. | 193,281 | 236 | |
47,951 | |||
Integrated Oil & Gas (38.0%) | |||
Exxon Mobil Corp. | 20,870,228 | 2,144,207 | |
Chevron Corp. | 9,451,782 | 1,357,276 | |
Occidental Petroleum Corp. | 3,456,609 | 204,459 | |
3,705,942 | |||
Oil & Gas Drilling (1.3%) | |||
Noble Corp. plc | 587,783 | 27,120 | |
* | Valaris Ltd. | 346,887 | 23,796 |
* | Transocean Ltd. (XNYS) | 3,668,783 | 23,334 |
Patterson-UTI Energy Inc. | 1,853,851 | 21,709 | |
Helmerich & Payne Inc. | 517,955 | 18,766 | |
* | Diamond Offshore Drilling Inc. | 532,956 | 6,859 |
* | Nabors Industries Ltd. (XNYS) | 47,146 | 4,093 |
125,677 | |||
Oil & Gas Equipment & Services (10.3%) | |||
Schlumberger NV | 7,403,847 | 385,296 | |
Baker Hughes Co. | 5,259,970 | 177,524 | |
Halliburton Co. | 4,681,093 | 173,341 | |
TechnipFMC plc | 2,282,224 | 47,288 | |
NOV Inc. | 2,051,380 | 38,607 | |
* | Weatherford International plc | 356,714 | 32,350 |
ChampionX Corp. | 1,024,140 | 30,028 | |
Liberty Energy Inc. | 843,272 | 16,739 | |
* | Tidewater Inc. | 260,646 | 15,660 |
Cactus Inc. Class A | 336,859 | 14,313 | |
Archrock Inc. | 774,555 | 11,223 | |
* | Oceaneering International Inc. | 525,242 | 10,852 |
* | Expro Group Holdings NV | 481,743 | 7,491 |
* | Helix Energy Solutions Group Inc. | 746,437 | 6,957 |
* | US Silica Holdings Inc. | 400,692 | 4,520 |
Core Laboratories Inc. | 242,652 | 4,297 | |
* | ProPetro Holding Corp. | 440,527 | 4,013 |
* | Dril-Quip Inc. | 168,694 | 3,748 |
RPC Inc. | 507,247 | 3,678 | |
Select Water Solutions Inc. | 459,574 | 3,429 |
Shares | Market Value ($000) | ||
* | TETRA Technologies Inc. | 640,675 | 3,024 |
* | Newpark Resources Inc. | 429,457 | 2,985 |
* | Bristow Group Inc. | 95,394 | 2,456 |
Kodiak Gas Services Inc. | 120,924 | 2,132 | |
* | DMC Global Inc. | 103,534 | 1,651 |
* | ProFrac Holding Corp. Class A | 30 | — |
1,003,602 | |||
Oil & Gas Exploration & Production (28.3%) | |||
ConocoPhillips | 6,238,451 | 720,978 | |
EOG Resources Inc. | 3,033,327 | 373,312 | |
Pioneer Natural Resources Co. | 1,215,440 | 281,544 | |
Hess Corp. | 1,239,677 | 174,249 | |
Devon Energy Corp. | 3,337,695 | 150,096 | |
Diamondback Energy Inc. | 884,993 | 136,652 | |
Coterra Energy Inc. | 3,933,430 | 103,253 | |
Marathon Oil Corp. | 3,155,285 | 80,239 | |
EQT Corp. | 1,735,248 | 69,340 | |
Ovintiv Inc. (XNYS) | 1,350,514 | 59,882 | |
APA Corp. | 1,600,689 | 57,625 | |
Texas Pacific Land Corp. | 31,994 | 53,492 | |
Chesapeake Energy Corp. | 586,096 | 47,069 | |
Range Resources Corp. | 1,257,318 | 40,863 | |
* | Southwestern Energy Co. | 5,451,237 | 35,924 |
* | Antero Resources Corp. | 1,486,540 | 35,127 |
Chord Energy Corp. | 216,355 | 35,080 | |
Matador Resources Co. | 589,639 | 34,128 | |
Murphy Oil Corp. | 772,788 | 33,052 | |
Permian resources Corp. | 1,914,494 | 25,156 | |
Civitas Resources Inc. | 341,849 | 23,482 | |
SM Energy Co. | 618,148 | 23,150 | |
Magnolia Oil & Gas Corp. Class A | 929,894 | 19,993 | |
* | CNX Resources Corp. | 841,173 | 17,547 |
Northern Oil and Gas Inc. | 466,551 | 17,458 | |
* | Kosmos Energy Ltd. | 2,396,172 | 16,270 |
California Resources Corp. | 269,436 | 13,798 | |
Viper Energy Inc. | 358,911 | 11,062 | |
Sitio Royalties Corp. Class A | 425,339 | 9,370 | |
* | Talos Energy Inc. | 646,176 | 8,995 |
* | Callon Petroleum Co. | 284,243 | 8,888 |
* | Gulfport Energy Corp. | 63,252 | 8,668 |
Kimbell Royalty Partners LP | 346,208 | 5,325 | |
Comstock Resources Inc. | 507,450 | 5,009 | |
* | Vital Energy Inc. | 105,870 | 4,747 |
Crescent Energy Co. Class A | 407,406 | 4,644 | |
Vitesse Energy Inc. | 120,486 | 2,847 | |
Berry Corp. | 354,545 | 2,546 | |
* | SilverBow Resources Inc. | 79,382 | 2,525 |
SandRidge Energy Inc. | 173,120 | 2,391 | |
HighPeak Energy Inc. | 133,437 | 2,052 | |
*,1 | Tellurian Inc. | 3,038,606 | 1,850 |
W&T Offshore Inc. | 535,472 | 1,788 | |
Riley Exploration Permian Inc. | 42,000 | 1,037 | |
2,762,503 | |||
Oil & Gas Refining & Marketing (9.8%) | |||
Marathon Petroleum Corp. | 2,083,099 | 310,778 | |
Phillips 66 | 2,319,812 | 299,001 | |
Valero Energy Corp. | 1,839,695 | 230,624 |
Shares | Market Value ($000) | ||
HF Sinclair Corp. | 767,336 | 40,270 | |
PBF Energy Inc. Class A | 579,491 | 25,729 | |
* | Par Pacific Holdings Inc. | 302,317 | 10,360 |
Delek US Holdings Inc. | 337,658 | 9,164 | |
* | Green Plains Inc. | 279,561 | 6,955 |
World Kinect Corp. | 313,567 | 6,597 | |
CVR Energy Inc. | 183,272 | 5,823 | |
* | REX American Resources Corp. | 81,864 | 4,013 |
* | Clean Energy Fuels Corp. | 932,496 | 3,366 |
*,1 | Vertex Energy Inc. | 461,414 | 1,560 |
* | Gevo Inc. | 1,239,944 | 1,401 |
955,641 | |||
Oil & Gas Storage & Transportation (11.3%) | |||
Williams Cos. Inc. | 6,337,088 | 233,142 | |
Cheniere Energy Inc. | 1,253,562 | 228,336 | |
ONEOK Inc. | 2,884,411 | 198,592 | |
Kinder Morgan Inc. | 10,447,088 | 183,555 | |
Targa Resources Corp. | 1,107,182 | 100,145 | |
DTE Midstream LLC | 504,819 | 28,921 | |
Antero Midstream Corp. | 1,874,207 | 24,964 | |
Equitrans Midstream Corp. | 2,257,027 | 21,171 | |
* | Plains GP Holdings LP Class A | 1,023,211 | 16,535 |
* | EnLink Midstream LLC | 1,202,131 | 16,433 |
New Fortress Energy Inc. | 320,590 | 12,336 | |
Hess Midstream LP Class A | 356,147 | 11,589 | |
International Seaways Inc. | 178,432 | 8,144 | |
Dorian LPG Ltd. | 168,225 | 7,126 | |
Kinetik Holdings Inc. | 80,893 | 2,941 | |
* | NextDecade Corp. | 439,964 | 2,195 |
Excelerate Energy Inc. Class A | 96,209 | 1,609 | |
1,097,734 | |||
Total Common Stocks (Cost $8,660,175) | 9,699,050 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.438% (Cost $3,029) | 30,298 | 3,029 |
Total Investments (99.5%) (Cost $8,663,204) | 9,702,079 | ||
Other Assets and Liabilities—Net (0.5%) | 44,829 | ||
Net Assets (100.0%) | 9,746,908 | ||
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 $2,130,000. |
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 $2,951,000 was received for securities on loan. |
Derivative Financial Instruments Outstanding as of Period End
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) |
EQT Corp. | 8/30/24 | BANA | 11,988 | (5.331) | — | (9) |
Over-the-Counter Total Return Swaps (continued) | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Hess Corp. | 1/31/24 | GSI | 28,834 | (5.325) | — | (786) |
ONEOK Inc. | 1/31/25 | CITNA | 10,328 | (5.320) | — | (3) |
— | (798) |
1 | Based on 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. | |
GSI—Goldman Sachs International. |
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. 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.
C. 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 November 30, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 9,699,050 | — | — | 9,699,050 |
Temporary Cash Investments | 3,029 | — | — | 3,029 |
Total | 9,702,079 | — | — | 9,702,079 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 798 | — | 798 |