Vanguard® Energy Index Fund
Schedule of Investments (unaudited)
As of May 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 (99.4%) | |||
Coal & Consumable Fuels (0.6%) | |||
* | CONSOL Energy Inc. | 181,065 | 18,771 |
Peabody Energy Corp. | 746,877 | 18,507 | |
* | Uranium Energy Corp. | 2,460,068 | 17,565 |
* | Centrus Energy Corp. Class A | 125,161 | 6,212 |
61,055 | |||
Integrated Oil & Gas (38.4%) | |||
Exxon Mobil Corp. | 20,350,773 | 2,386,332 | |
Chevron Corp. | 9,058,442 | 1,470,185 | |
Occidental Petroleum Corp. | 3,496,584 | 218,536 | |
4,075,053 | |||
Oil & Gas Drilling (1.4%) | |||
Noble Corp. plc | 649,494 | 30,175 | |
* | Valaris Ltd. | 373,055 | 28,874 |
* | Transocean Ltd. (XNYS) | 4,265,747 | 26,448 |
Patterson-UTI Energy Inc. | 2,141,395 | 23,598 | |
Helmerich & Payne Inc. | 582,144 | 22,156 | |
* | Diamond Offshore Drilling Inc. | 707,025 | 10,733 |
* | Nabors Industries Ltd. (XNYS) | 80,549 | 6,022 |
148,006 | |||
Oil & Gas Equipment & Services (10.2%) | |||
Schlumberger NV | 7,449,292 | 341,848 | |
Baker Hughes Co. | 5,281,184 | 176,814 | |
Halliburton Co. | 4,695,694 | 172,332 | |
TechnipFMC plc | 2,371,634 | 62,113 | |
* | Weatherford International plc | 397,355 | 47,818 |
NOV Inc. | 2,186,798 | 41,156 | |
ChampionX Corp. | 1,066,972 | 34,805 | |
* | Tidewater Inc. | 282,933 | 29,235 |
Liberty Energy Inc. | 930,700 | 22,979 | |
Cactus Inc. Class A | 392,449 | 20,152 | |
Archrock Inc. | 898,387 | 18,183 | |
* | Oceaneering International Inc. | 633,701 | 15,006 |
* | Expro Group Holdings NV | 602,473 | 13,224 |
* | Helix Energy Solutions Group Inc. | 979,038 | 11,269 |
* | US Silica Holdings Inc. | 578,100 | 8,955 |
Select Water Solutions Inc. | 724,450 | 7,918 | |
Atlas Energy Solutions Inc. | 308,322 | 7,468 | |
Core Laboratories Inc. | 385,200 | 7,219 | |
* | ProPetro Holding Corp. | 744,623 | 7,133 |
Kodiak Gas Services Inc. | 233,130 | 6,423 | |
* | Newpark Resources Inc. | 754,505 | 6,398 |
* | Dril-Quip Inc. | 309,231 | 5,980 |
* | Bristow Group Inc. | 166,131 | 5,966 |
RPC Inc. | 815,751 | 5,572 | |
* | TETRA Technologies Inc. | 1,302,879 | 4,834 |
* | DMC Global Inc. | 302,889 | 3,934 |
1,084,734 | |||
Oil & Gas Exploration & Production (26.8%) | |||
ConocoPhillips | 6,142,067 | 715,428 | |
EOG Resources Inc. | 3,034,273 | 377,919 | |
Hess Corp. | 1,453,574 | 223,996 | |
Diamondback Energy Inc. | 893,864 | 178,111 | |
Devon Energy Corp. | 3,352,932 | 164,562 | |
Coterra Energy Inc. | 3,999,404 | 114,063 | |
Marathon Oil Corp. | 3,100,472 | 89,790 | |
EQT Corp. | 1,940,323 | 79,728 | |
Ovintiv Inc. (XNYS) | 1,451,440 | 74,996 | |
Texas Pacific Land Corp. | 105,924 | 65,070 |
1
Vanguard® Energy Index Fund
Shares | Market Value ($000) | ||
Chord Energy Corp. | 337,979 | 62,665 | |
APA Corp. | 2,011,531 | 61,412 | |
* | Antero Resources Corp. | 1,576,045 | 56,154 |
1 | Chesapeake Energy Corp. | 607,057 | 55,200 |
Range Resources Corp. | 1,329,052 | 49,055 | |
* | Southwestern Energy Co. | 6,081,411 | 45,793 |
Permian resources Corp. | 2,607,534 | 42,737 | |
Matador Resources Co. | 658,635 | 41,790 | |
Murphy Oil Corp. | 815,150 | 34,880 | |
SM Energy Co. | 655,189 | 33,041 | |
Civitas Resources Inc. | 377,403 | 27,762 | |
Magnolia Oil & Gas Corp. Class A | 1,004,866 | 26,076 | |
* | CNX Resources Corp. | 903,836 | 23,771 |
Northern Oil & Gas Inc. | 536,851 | 21,973 | |
Viper Energy Inc. | 489,228 | 18,816 | |
* | Kosmos Energy Ltd. | 2,880,949 | 17,574 |
California Resources Corp. | 341,528 | 16,171 | |
* | Gulfport Energy Corp. | 83,155 | 13,455 |
Sitio Royalties Corp. Class A | 541,300 | 12,683 | |
* | Talos Energy Inc. | 987,017 | 11,854 |
Comstock Resources Inc. | 773,971 | 9,063 | |
Crescent Energy Co. Class A | 710,206 | 8,949 | |
* | Vital Energy Inc. | 176,573 | 8,626 |
1 | Kimbell Royalty Partners LP | 486,015 | 8,155 |
* | SilverBow Resources Inc. | 162,866 | 6,384 |
VAALCO Energy Inc. | 962,618 | 6,142 | |
Vitesse Energy Inc. | 237,854 | 6,070 | |
Berry Corp. | 749,355 | 5,223 | |
SandRidge Energy Inc. | 367,686 | 5,133 | |
1 | HighPeak Energy Inc. | 309,685 | 4,887 |
Granite Ridge Resources Inc. | 677,451 | 4,437 | |
Riley Exploration Permian Inc. | 148,902 | 4,348 | |
*,1 | Tellurian Inc. | 8,367,099 | 4,302 |
W&T Offshore Inc. | 1,684,112 | 3,756 | |
2,842,000 | |||
Oil & Gas Refining & Marketing (10.3%) | |||
Marathon Petroleum Corp. | 1,964,045 | 346,870 | |
Phillips 66 | 2,275,742 | 323,406 | |
Valero Energy Corp. | 1,761,049 | 276,731 | |
HF Sinclair Corp. | 895,549 | 49,461 | |
PBF Energy Inc. Class A | 612,439 | 28,374 | |
World Kinect Corp. | 417,558 | 10,999 | |
Delek US Holdings Inc. | 427,487 | 10,884 | |
* | Par Pacific Holdings Inc. | 387,553 | 10,518 |
* | Green Plains Inc. | 456,110 | 7,832 |
CVR Energy Inc. | 272,087 | 7,580 | |
* | REX American Resources Corp. | 129,347 | 6,466 |
* | Clean Energy Fuels Corp. | 1,945,765 | 6,090 |
*,1 | Gevo Inc. | 5,003,161 | 3,421 |
*,1 | Vertex Energy Inc. | 1,847,071 | 2,087 |
1,090,719 | |||
Oil & Gas Storage & Transportation (11.7%) | |||
Williams Cos. Inc. | 6,394,594 | 265,440 | |
ONEOK Inc. | 2,912,140 | 235,883 | |
Kinder Morgan Inc. | 10,513,463 | 204,907 | |
Cheniere Energy Inc. | 1,232,414 | 194,463 | |
Targa Resources Corp. | 1,121,012 | 132,537 | |
DTE Midstream LLC | 543,861 | 36,482 | |
Equitrans Midstream Corp. | 2,444,495 | 34,907 | |
Antero Midstream Corp. | 2,049,153 | 30,020 | |
* | Plains GP Holdings LP Class A | 1,167,126 | 21,020 |
* | EnLink Midstream LLC | 1,376,131 | 17,463 |
Hess Midstream LP Class A | 489,775 | 17,020 | |
International Seaways Inc. | 244,499 | 15,751 | |
Dorian LPG Ltd. | 238,823 | 12,087 | |
Kinetik Holdings Inc. | 266,068 | 10,906 | |
New Fortress Energy Inc. | 417,167 | 10,575 | |
* | NextDecade Corp. | 737,242 | 5,279 |
2
Vanguard® Energy Index Fund
Shares | Market Value ($000) | ||
Excelerate Energy Inc. Class A | 240,038 | 4,275 | |
1,249,015 | |||
Total Common Stocks (Cost $8,791,887) | 10,550,582 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.397% (Cost $28,539) | 285,448 | 28,542 |
Total Investments (99.7%) (Cost $8,820,426) | 10,579,124 | ||
Other Assets and Liabilities—Net (0.3%) | 33,190 | ||
Net Assets (100.0%) | 10,612,314 | ||
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 $22,912,000. |
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 $25,318,000 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) |
Chevron Corp. | 1/31/25 | CITNA | 30,837 | (5.320) | — | (5) |
EQT Corp. | 8/30/24 | BANA | 12,327 | (5.325) | — | (28) |
ONEOK Inc. | 1/31/25 | CITNA | 12,150 | (5.325) | — | (28) |
— | (61) |
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. |
At May 31, 2024, the counterparties had deposited in segregated accounts securities with a value of $286,000 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.
3
Vanguard® Energy Index Fund
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 May 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 | 10,550,582 | — | — | 10,550,582 |
Temporary Cash Investments | 28,542 | — | — | 28,542 |
Total | 10,579,124 | — | — | 10,579,124 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 61 | — | 61 |
4