Vanguard® Industrials 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 (99.8%) | |||
Aerospace & Defense (16.2%) | |||
* | Boeing Co. | 572,114 | 132,519 |
RTX Corp. | 1,453,208 | 118,407 | |
Lockheed Martin Corp. | 222,885 | 99,801 | |
Northrop Grumman Corp. | 143,500 | 68,185 | |
General Dynamics Corp. | 231,677 | 57,217 | |
TransDigm Group Inc. | 55,098 | 53,052 | |
L3Harris Technologies Inc. | 188,912 | 36,046 | |
Howmet Aerospace Inc. | 391,229 | 20,579 | |
* | Axon Enterprise Inc. | 70,997 | 16,320 |
Textron Inc. | 198,021 | 15,180 | |
HEICO Corp. Class A | 73,590 | 10,112 | |
Huntington Ingalls Industries Inc. | 39,803 | 9,434 | |
Curtiss-Wright Corp. | 38,205 | 8,172 | |
Woodward Inc. | 60,230 | 8,142 | |
HEICO Corp. | 44,909 | 7,681 | |
BWX Technologies Inc. | 91,152 | 7,113 | |
Hexcel Corp. | 84,385 | 5,849 | |
Moog Inc. Class A | 28,562 | 3,999 | |
* | AeroVironment Inc. | 26,276 | 3,616 |
* | Spirit AeroSystems Holdings Inc. Class A | 104,715 | 2,879 |
* | Kratos Defense & Security Solutions Inc. | 128,283 | 2,444 |
* | AAR Corp. | 33,519 | 2,323 |
* | Mercury Systems Inc. | 53,438 | 1,832 |
* | Rocket Lab USA Inc. | 264,833 | 1,160 |
*,1 | Archer Aviation Inc. Class A | 186,100 | 1,113 |
* | Leonardo DRS Inc. | 51,870 | 956 |
* | Triumph Group Inc. | 76,379 | 855 |
* | Virgin Galactic Holdings Inc. | 347,336 | 774 |
* | Ducommun Inc. | 13,271 | 669 |
Cadre Holdings Inc. | 18,946 | 610 | |
* | V2X Inc. | 12,667 | 537 |
Kaman Corp. | 25,191 | 511 | |
National Presto Industries Inc. | 5,226 | 390 | |
* | Aersale Corp. | 25,888 | 361 |
* | Astra Space Inc. | 24 | — |
698,838 | |||
Air Freight & Logistics (4.9%) | |||
United Parcel Service Inc. Class B (XNYS) | 722,065 | 109,472 | |
FedEx Corp. | 238,438 | 61,715 | |
Expeditors International of Washington Inc. | 147,815 | 17,788 | |
CH Robinson Worldwide Inc. | 116,584 | 9,566 | |
* | GXO Logistics Inc. | 118,608 | 6,673 |
Shares | Market Value ($000) | ||
* | Hub Group Inc. Class A | 31,304 | 2,365 |
Forward Air Corp. | 25,593 | 1,626 | |
* | Air Transport Services Group Inc. | 57,116 | 908 |
210,113 | |||
Building Products (6.9%) | |||
Trane Technologies plc | 227,999 | 51,393 | |
Carrier Global Corp. | 836,393 | 43,459 | |
Johnson Controls International plc | 679,243 | 35,864 | |
* | Builders FirstSource Inc. | 125,002 | 16,764 |
Carlisle Cos. Inc. | 49,926 | 14,000 | |
Masco Corp. | 224,977 | 13,622 | |
Lennox International Inc. | 31,977 | 13,004 | |
Owens Corning | 89,575 | 12,145 | |
A O Smith Corp. | 124,213 | 9,361 | |
Allegion plc | 87,509 | 9,284 | |
Fortune Brands Innovations Inc. | 127,062 | 8,695 | |
Advanced Drainage Systems Inc. | 70,617 | 8,552 | |
* | Trex Co. Inc. | 108,679 | 7,637 |
Simpson Manufacturing Co. Inc. | 42,594 | 7,112 | |
UFP Industries Inc. | 61,655 | 6,759 | |
* | AZEK Co. Inc. | 134,039 | 4,623 |
AAON Inc. | 68,947 | 4,316 | |
Zurn Elkay Water Solutions Corp. | 146,550 | 4,314 | |
Armstrong World Industries Inc. | 44,573 | 3,780 | |
CSW Industrials Inc. | 15,551 | 2,758 | |
* | Resideo Technologies Inc. | 147,620 | 2,425 |
* | Gibraltar Industries Inc. | 30,164 | 2,027 |
Griffon Corp. | 40,831 | 1,900 | |
* | PGT Innovations Inc. | 58,186 | 1,873 |
* | Masonite International Corp. | 20,984 | 1,864 |
* | Hayward Holdings Inc. | 149,285 | 1,760 |
* | Masterbrand Inc. | 127,292 | 1,708 |
* | JELD-WEN Holding Inc. | 84,690 | 1,353 |
AZZ Inc. | 25,282 | 1,243 | |
* | Janus International Group Inc. | 117,039 | 1,235 |
* | American Woodmark Corp. | 16,271 | 1,178 |
Quanex Building Products Corp. | 33,090 | 1,019 | |
Apogee Enterprises Inc. | 22,097 | 997 | |
Insteel Industries Inc. | 19,368 | 659 | |
298,683 | |||
Commercial Services & Supplies (7.7%) | |||
Waste Management Inc. | 404,253 | 69,123 | |
Cintas Corp. | 91,507 | 50,626 | |
* | Copart Inc. | 860,263 | 43,202 |
Republic Services Inc. | 221,074 | 35,779 | |
Waste Connections Inc. (XTSE) | 257,244 | 34,854 | |
* | Veralto Corp. | 233,867 | 18,066 |
Rollins Inc. | 291,055 | 11,858 | |
Tetra Tech Inc. | 53,098 | 8,398 | |
* | Clean Harbors Inc. | 51,490 | 8,324 |
MSA Safety Inc. | 37,292 | 6,494 | |
* | Casella Waste Systems Inc. Class A | 56,812 | 4,595 |
* | Stericycle Inc. | 92,380 | 4,339 |
Brink's Co. | 46,258 | 3,650 | |
ABM Industries Inc. | 65,340 | 2,678 | |
UniFirst Corp. | 15,020 | 2,593 | |
Brady Corp. Class A | 44,701 | 2,515 |
Shares | Market Value ($000) | ||
* | Vestis Corp. | 130,328 | 2,386 |
* | ACV Auctions Inc. Class A | 136,975 | 2,141 |
MillerKnoll Inc. | 73,285 | 1,891 | |
HNI Corp. | 46,426 | 1,814 | |
* | CoreCivic Inc. | 112,565 | 1,629 |
* | OPENLANE Inc. | 110,028 | 1,609 |
* | GEO Group Inc. | 125,075 | 1,270 |
* | Cimpress plc | 17,006 | 1,199 |
Steelcase Inc. Class A | 83,864 | 1,032 | |
* | SP Plus Corp. | 19,558 | 1,000 |
Matthews International Corp. Class A | 28,523 | 974 | |
* | Montrose Environmental Group Inc. | 28,919 | 904 |
* | Driven Brands Holdings Inc. | 66,685 | 877 |
VSE Corp. | 13,441 | 812 | |
Deluxe Corp. | 43,096 | 788 | |
* | Healthcare Services Group Inc. | 74,110 | 720 |
* | Viad Corp. | 20,551 | 684 |
Pitney Bowes Inc. | 159,481 | 644 | |
Interface Inc. | 57,345 | 580 | |
ACCO Brands Corp. | 94,724 | 510 | |
* | Enviri Corp. | 79,208 | 467 |
* | Liquidity Services Inc. | 22,570 | 432 |
* | BrightView Holdings Inc. | 42,013 | 321 |
331,778 | |||
Construction & Engineering (2.4%) | |||
Quanta Services Inc. | 145,135 | 27,330 | |
AECOM | 131,422 | 11,678 | |
EMCOR Group Inc. | 47,006 | 9,990 | |
* | WillScot Mobile Mini Holdings Corp. | 196,737 | 8,208 |
Comfort Systems USA Inc. | 35,658 | 6,903 | |
* | Fluor Corp. | 143,305 | 5,450 |
* | API Group Corp. | 165,814 | 5,032 |
Valmont Industries Inc. | 20,962 | 4,603 | |
* | MasTec Inc. | 62,925 | 3,816 |
MDU Resources Group Inc. | 192,345 | 3,682 | |
Arcosa Inc. | 48,625 | 3,608 | |
* | Dycom Industries Inc. | 29,185 | 3,031 |
* | MYR Group Inc. | 16,770 | 2,087 |
Granite Construction Inc. | 43,616 | 2,004 | |
* | Sterling Infrastructure Inc. | 30,564 | 1,941 |
* | Construction Partners Inc. Class A | 43,598 | 1,829 |
Primoris Services Corp. | 53,238 | 1,616 | |
* | Ameresco Inc. Class A | 32,689 | 979 |
Argan Inc. | 12,620 | 589 | |
* | IES Holdings Inc. | 8,053 | 563 |
* | Great Lakes Dredge & Dock Corp. | 66,081 | 444 |
* | Tutor Perini Corp. | 43,372 | 363 |
105,746 | |||
Electrical Equipment (7.2%) | |||
Eaton Corp. plc | 398,385 | 90,708 | |
Emerson Electric Co. | 570,662 | 50,732 | |
AMETEK Inc. | 230,349 | 35,757 | |
Rockwell Automation Inc. | 114,742 | 31,604 | |
Hubbell Inc. | 53,616 | 16,085 | |
* | Vertiv Holdings Co. Class A | 342,428 | 14,950 |
nVent Electric plc | 165,295 | 8,802 | |
Regal Rexnord Corp. | 66,115 | 7,921 |
Shares | Market Value ($000) | ||
* | Generac Holdings Inc. | 62,058 | 7,265 |
Acuity Brands Inc. | 31,081 | 5,572 | |
Sensata Technologies Holding plc | 152,328 | 4,952 | |
* | Atkore Inc. | 37,688 | 4,896 |
EnerSys | 40,821 | 3,612 | |
Encore Wire Corp. | 16,758 | 3,088 | |
* | Bloom Energy Corp. Class A | 200,804 | 2,900 |
* | Sunrun Inc. | 216,721 | 2,796 |
* | Shoals Technologies Group Inc. Class A | 170,109 | 2,356 |
* | Array Technologies Inc. | 151,363 | 2,342 |
*,1 | Plug Power Inc. | 537,321 | 2,171 |
* | NEXTracker Inc. Class A | 49,343 | 2,005 |
*,1 | Enovix Corp. | 135,659 | 1,502 |
* | Fluence Energy Inc. | 40,896 | 1,026 |
* | Thermon Group Holdings Inc. | 33,395 | 1,007 |
* | Vicor Corp. | 22,932 | 839 |
Powell Industries Inc. | 9,451 | 786 | |
*,1 | ChargePoint Holdings Inc. | 302,086 | 562 |
* | FuelCell Energy Inc. | 448,752 | 547 |
GrafTech International Ltd. | 204,395 | 505 | |
*,1 | Stem Inc. | 146,219 | 420 |
*,1 | SunPower Corp. | 87,071 | 361 |
Preformed Line Products Co. | 2,690 | 335 | |
* | SES AI Corp. | 93,038 | 198 |
*,1 | Blink Charging Co. | 57,311 | 184 |
*,1 | FREYR Battery SA | 104,405 | 170 |
* | Energy Vault Holdings Inc. | 60,347 | 139 |
* | Net Power Inc. | 13,731 | 125 |
*,1 | NuScale Power Corp. | 38,404 | 106 |
* | TPI Composites Inc. | 42,214 | 89 |
* | ESS Tech Inc. | 55,656 | 65 |
309,480 | |||
Ground Transportation (11.0%) | |||
Union Pacific Corp. | 608,440 | 137,063 | |
* | Uber Technologies Inc. | 1,836,291 | 103,530 |
CSX Corp. | 2,003,326 | 64,707 | |
Norfolk Southern Corp. | 226,738 | 49,465 | |
Old Dominion Freight Line Inc. | 98,213 | 38,211 | |
JB Hunt Transport Services Inc. | 82,686 | 15,319 | |
* | Saia Inc. | 26,470 | 10,334 |
* | XPO Inc. | 115,643 | 9,978 |
Knight-Swift Transportation Holdings Inc. | 161,493 | 8,685 | |
Landstar System Inc. | 35,858 | 6,191 | |
U-Haul Holding Co. | 96,595 | 5,231 | |
Ryder System Inc. | 45,432 | 4,867 | |
* | Lyft Inc. Class A | 338,861 | 3,975 |
* | Avis Budget Group Inc. | 21,251 | 3,886 |
ArcBest Corp. | 23,875 | 2,846 | |
* | RXO Inc. | 116,398 | 2,440 |
Werner Enterprises Inc. | 59,896 | 2,396 | |
Schneider National Inc. Class B | 51,321 | 1,182 | |
* | Hertz Global Holdings Inc. | 139,493 | 1,163 |
Marten Transport Ltd. | 61,259 | 1,155 | |
Heartland Express Inc. | 47,292 | 635 | |
Universal Logistics Holdings Inc. | 7,412 | 183 | |
* | Daseke Inc. | 37,870 | 166 |
* | PAM Transportation Services Inc. | 6,647 | 125 |
Shares | Market Value ($000) | ||
* | TuSimple Holdings Inc. Class A | 125,820 | 107 |
473,840 | |||
Industrial Conglomerates (7.3%) | |||
General Electric Co. | 1,086,588 | 132,347 | |
Honeywell International Inc. | 662,898 | 129,875 | |
3M Co. | 551,381 | 54,625 | |
316,847 | |||
Machinery (19.5%) | |||
Caterpillar Inc. | 509,339 | 127,702 | |
Deere & Co. | 273,176 | 99,548 | |
Illinois Tool Works Inc. | 279,850 | 67,782 | |
Parker-Hannifin Corp. | 128,242 | 55,552 | |
PACCAR Inc. | 521,960 | 47,926 | |
Otis Worldwide Corp. | 411,033 | 35,263 | |
Cummins Inc. | 141,464 | 31,711 | |
Ingersoll Rand Inc. (XYNS) | 403,859 | 28,848 | |
Xylem Inc. | 240,519 | 25,286 | |
Fortive Corp. | 351,602 | 24,254 | |
Westinghouse Air Brake Technologies Corp. | 178,978 | 20,862 | |
Dover Corp. | 139,784 | 19,732 | |
IDEX Corp. | 75,586 | 15,244 | |
Snap-on Inc. | 52,923 | 14,537 | |
Stanley Black & Decker Inc. | 153,250 | 13,930 | |
Graco Inc. | 168,922 | 13,646 | |
Nordson Corp. | 51,163 | 12,041 | |
Lincoln Electric Holdings Inc. | 57,250 | 11,339 | |
CNH Industrial NV | 999,901 | 10,739 | |
Pentair plc | 164,644 | 10,626 | |
ITT Inc. | 81,871 | 8,864 | |
Toro Co. | 103,526 | 8,593 | |
* | RBC Bearings Inc. | 28,961 | 7,464 |
Donaldson Co. Inc. | 120,240 | 7,315 | |
AGCO Corp. | 63,490 | 7,208 | |
* | Middleby Corp. | 53,725 | 6,782 |
Oshkosh Corp. | 65,156 | 6,339 | |
* | Chart Industries Inc. | 42,609 | 5,540 |
Watts Water Technologies Inc. Class A | 27,329 | 5,261 | |
Crane Co. | 48,417 | 5,117 | |
Flowserve Corp. | 131,688 | 5,038 | |
Allison Transmission Holdings Inc. | 89,286 | 4,775 | |
Timken Co. | 63,747 | 4,615 | |
Mueller Industries Inc. | 107,790 | 4,477 | |
Esab Corp. | 57,474 | 4,434 | |
Federal Signal Corp. | 60,886 | 4,198 | |
* | SPX Technologies Inc. | 45,413 | 3,874 |
Franklin Electric Co. Inc. | 39,072 | 3,477 | |
Terex Corp. | 67,262 | 3,329 | |
John Bean Technologies Corp. | 31,860 | 3,291 | |
Kadant Inc. | 11,646 | 3,035 | |
ESCO Technologies Inc. | 25,752 | 2,703 | |
Hillenbrand Inc. | 69,688 | 2,700 | |
Albany International Corp. Class A | 31,031 | 2,663 | |
EnPro Industries Inc. | 19,717 | 2,532 | |
Mueller Water Products Inc. Class A | 155,532 | 2,067 | |
Alamo Group Inc. | 10,844 | 1,992 | |
Trinity Industries Inc. | 77,613 | 1,937 | |
Kennametal Inc. | 76,222 | 1,777 |
Shares | Market Value ($000) | ||
* | Gates Industrial Corp. plc | 144,859 | 1,776 |
Standex International Corp. | 11,764 | 1,574 | |
Enerpac Tool Group Corp. | 56,126 | 1,532 | |
Tennant Co. | 17,553 | 1,503 | |
* | Hillman Solutions Corp. | 194,543 | 1,424 |
Lindsay Corp. | 10,999 | 1,312 | |
Barnes Group Inc. | 48,181 | 1,271 | |
Helios Technologies Inc. | 32,866 | 1,261 | |
Greenbrier Cos. Inc. | 31,001 | 1,169 | |
* | Energy Recovery Inc. | 56,600 | 1,079 |
Wabash National Corp. | 46,436 | 1,018 | |
Columbus McKinnon Corp. | 28,437 | 993 | |
* | Proto Labs Inc. | 26,125 | 946 |
*,1 | Symbotic Inc. | 16,126 | 853 |
*,1 | Nikola Corp. | 767,874 | 747 |
* | 3D Systems Corp. | 134,645 | 719 |
Astec Industries Inc. | 22,918 | 713 | |
Gorman-Rupp Co. | 22,193 | 701 | |
* | Titan International Inc. | 53,013 | 693 |
Douglas Dynamics Inc. | 22,825 | 624 | |
* | Manitowoc Co. Inc. | 35,059 | 502 |
REV Group Inc. | 29,984 | 473 | |
* | Blue Bird Corp. | 24,052 | 459 |
Hyster-Yale Materials Handling Inc. | 8,684 | 414 | |
Shyft Group Inc. | 32,988 | 365 | |
Luxfer Holdings plc | 26,892 | 222 | |
*,1 | Desktop Metal Inc. Class A | 227,401 | 159 |
*,1 | Microvast Holdings Inc. | 93,822 | 110 |
*,1 | Hyzon Motors Inc. | 98,992 | 108 |
*,1 | Velo3D Inc. | 100,838 | 98 |
* | Markforged Holding Corp. | 114,876 | 85 |
* | Hyliion Holdings Corp. | 123,809 | 70 |
842,938 | |||
Marine Transportation (0.2%) | |||
* | Kirby Corp. | 59,313 | 4,552 |
Matson Inc. | 35,180 | 3,369 | |
Genco Shipping & Trading Ltd. | 42,317 | 657 | |
1 | Eagle Bulk Shipping Inc. | 7,161 | 326 |
8,904 | |||
Passenger Airlines (1.7%) | |||
Delta Air Lines Inc. | 643,233 | 23,755 | |
Southwest Airlines Co. | 593,746 | 15,182 | |
* | United Airlines Holdings Inc. | 328,090 | 12,927 |
* | American Airlines Group Inc. | 651,201 | 8,094 |
* | Alaska Air Group Inc. | 126,586 | 4,786 |
*,1 | Joby Aviation Inc. | 347,800 | 2,073 |
* | SkyWest Inc. | 41,966 | 1,984 |
Spirit Airlines Inc. | 109,445 | 1,622 | |
* | JetBlue Airways Corp. | 330,913 | 1,463 |
Allegiant Travel Co. | 15,702 | 1,075 | |
* | Sun Country Airlines Holdings Inc. | 42,384 | 643 |
* | Hawaiian Holdings Inc. | 51,462 | 231 |
* | Frontier Group Holdings Inc. | 42,611 | 167 |
* | Blade Air Mobility Inc. | 48,489 | 154 |
*,1 | Wheels Up Experience Inc. | 41 | — |
74,156 |
Shares | Market Value ($000) | ||
Professional Services (9.8%) | |||
Automatic Data Processing Inc. | 411,273 | 94,560 | |
Paychex Inc. | 324,625 | 39,595 | |
Verisk Analytics Inc. | 144,782 | 34,955 | |
Equifax Inc. | 122,607 | 26,693 | |
Broadridge Financial Solutions Inc. | 118,061 | 22,883 | |
Booz Allen Hamilton Holding Corp. | 130,993 | 16,391 | |
Jacobs Solutions Inc. | 125,886 | 16,010 | |
Leidos Holdings Inc. | 130,495 | 14,005 | |
SS&C Technologies Holdings Inc. | 222,655 | 12,527 | |
TransUnion | 192,724 | 11,317 | |
* | Ceridian HCM Holding Inc. | 147,985 | 10,196 |
Paycom Software Inc. | 54,243 | 9,854 | |
Robert Half Inc. | 106,764 | 8,753 | |
* | FTI Consulting Inc. | 33,900 | 7,474 |
* | CACI International Inc. Class A | 22,591 | 7,251 |
* | Paylocity Holding Corp. | 45,020 | 7,053 |
KBR Inc. | 134,494 | 6,949 | |
Science Applications International Corp. | 52,779 | 6,197 | |
Maximus Inc. | 60,605 | 5,060 | |
* | ExlService Holdings Inc. | 165,626 | 4,699 |
* | ASGN Inc. | 48,253 | 4,306 |
Insperity Inc. | 36,120 | 4,109 | |
Concentrix Corp. | 43,157 | 4,056 | |
Exponent Inc. | 50,678 | 3,900 | |
* | TriNet Group Inc. | 32,721 | 3,793 |
ManpowerGroup Inc. | 49,419 | 3,667 | |
* | Verra Mobility Corp. | 160,656 | 3,226 |
Korn Ferry | 52,402 | 2,711 | |
* | Alight Inc. Class A | 346,905 | 2,654 |
ICF International Inc. | 18,822 | 2,634 | |
* | Parsons Corp. | 41,725 | 2,599 |
* | CBIZ Inc. | 44,697 | 2,587 |
Dun & Bradstreet Holdings Inc. | 240,832 | 2,550 | |
*,1 | Clarivate plc | 303,453 | 2,355 |
* | Huron Consulting Group Inc. | 18,972 | 1,976 |
* | Upwork Inc. | 120,764 | 1,702 |
CSG Systems International Inc. | 31,785 | 1,563 | |
* | NV5 Global Inc. | 14,269 | 1,388 |
Kforce Inc. | 19,223 | 1,340 | |
* | Paycor HCM Inc. | 61,382 | 1,302 |
* | Legalzoom.com Inc. | 105,428 | 1,216 |
First Advantage Corp. | 51,409 | 797 | |
Barrett Business Services Inc. | 6,616 | 727 | |
Kelly Services Inc. Class A | 32,398 | 674 | |
CRA International Inc. | 7,037 | 667 | |
Heidrick & Struggles International Inc. | 19,964 | 543 | |
* | Conduent Inc. | 163,495 | 497 |
* | Planet Labs PBC | 199,718 | 485 |
* | Franklin Covey Co. | 11,161 | 434 |
Resources Connection Inc. | 31,834 | 433 | |
* | TrueBlue Inc. | 30,180 | 421 |
* | Sterling Check Corp. | 28,777 | 364 |
TTEC Holdings Inc. | 18,828 | 352 | |
* | Forrester Research Inc. | 11,497 | 278 |
* | TaskUS Inc. Class A | 21,799 | 262 |
* | Hireright Holdings Corp. | 13,864 | 182 |
Shares | Market Value ($000) | ||
* | Skillsoft Corp. | 4,304 | 82 |
425,254 | |||
Trading Companies & Distributors (5.0%) | |||
WW Grainger Inc. | 44,937 | 35,329 | |
Ferguson plc | 203,731 | 34,907 | |
Fastenal Co. | 570,495 | 34,213 | |
United Rentals Inc. | 68,225 | 32,476 | |
Watsco Inc. | 33,483 | 12,798 | |
WESCO International Inc. | 46,197 | 7,200 | |
* | SiteOne Landscape Supply Inc. | 44,893 | 6,322 |
Applied Industrial Technologies Inc. | 38,613 | 6,181 | |
* | Core & Main Inc. Class A | 132,325 | 4,635 |
MSC Industrial Direct Co. Inc. Class A | 45,665 | 4,449 | |
Boise Cascade Co. | 39,452 | 4,312 | |
* | Beacon Roofing Supply Inc. | 53,481 | 4,298 |
FTAI Aviation Ltd. | 99,336 | 4,094 | |
Air Lease Corp. | 105,129 | 4,078 | |
GATX Corp. | 33,470 | 3,648 | |
Herc Holdings Inc. | 28,203 | 3,488 | |
* | GMS Inc. | 38,456 | 2,601 |
McGrath RentCorp. | 24,538 | 2,495 | |
Rush Enterprises Inc. Class A | 62,632 | 2,485 | |
H&E Equipment Services Inc. | 32,627 | 1,446 | |
* | NOW Inc. | 107,646 | 1,073 |
*,1 | Xometry Inc. Class A | 38,169 | 934 |
* | MRC Global Inc. | 83,864 | 867 |
* | Transcat Inc. | 8,660 | 848 |
* | BlueLinx Holdings Inc. | 8,958 | 787 |
Global Industrial Co. | 18,657 | 664 | |
* | Hudson Technologies Inc. | 40,621 | 502 |
* | Titan Machinery Inc. | 20,340 | 465 |
* | DXP Enterprises Inc. | 14,005 | 410 |
* | Distribution Solutions Group Inc. | 9,303 | 237 |
Alta Equipment Group Inc. | 20,421 | 195 | |
218,437 | |||
Total Common Stocks (Cost $4,112,966) | 4,315,014 | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.438% (Cost $15,065) | 150,689 | 15,068 |
Total Investments (100.2%) (Cost $4,128,031) | 4,330,082 | ||
Other Assets and Liabilities—Net (-0.2%) | (7,875) | ||
Net Assets (100.0%) | 4,322,207 | ||
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 $8,271,000. |
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 $9,689,000 was received for securities on loan, of which $9,686,000 is held in Vanguard Market Liquidity Fund and $3,000 is held in cash. |
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) |
Illinois Tool Works Inc. | 1/31/24 | CITNA | 5,329 | (5.331) | — | (22) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
CITNA—Citibank, N.A. |
At November 30, 2023, the counterparties had deposited in segregated accounts securities with a value of $276,000 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. 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 | 4,315,014 | — | — | 4,315,014 |
Temporary Cash Investments | 15,068 | — | — | 15,068 |
Total | 4,330,082 | — | — | 4,330,082 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 22 | — | 22 |