Vanguard® Real Estate Index Fund
Schedule of Investments (unaudited)
As of April 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) | |||||
Equity Real Estate Investment Trusts (REITs) (95.3%) | ||||||
Data Center REITs (6.6%) | ||||||
Equinix Inc. | 4,066,823 | 2,944,705 | ||||
Digital Realty Trust Inc. | 12,010,899 | 1,190,881 | ||||
4,135,586 | ||||||
Diversified REITs (2.0%) | ||||||
WP Carey Inc. | 9,142,528 | 678,376 | ||||
Essential Properties Realty Trust Inc. | 6,257,088 | 154,863 | ||||
Broadstone Net Lease Inc. | 7,607,959 | 123,021 | ||||
Alexander & Baldwin Inc. | 3,188,235 | 61,310 | ||||
Global Net Lease Inc. | 4,561,215 | 51,359 | ||||
American Assets Trust Inc. | 2,261,937 | 41,167 | ||||
Empire State Realty Trust Inc. Class A | 5,996,126 | 36,636 | ||||
Armada Hoffler Properties Inc. | 2,978,700 | 34,910 | ||||
Gladstone Commercial Corp. | 1,736,032 | 20,728 | ||||
One Liberty Properties Inc. | 740,489 | 16,306 | ||||
NexPoint Diversified Real Estate Trust | 1,390,284 | 14,820 | ||||
1,233,496 | ||||||
Health Care REITs (7.0%) | ||||||
Welltower Inc. | 20,016,163 | 1,585,680 | ||||
Ventas Inc. | 17,566,636 | 844,077 | ||||
Healthpeak Properties Inc. | 23,623,467 | 519,008 | ||||
Healthcare Realty Trust Inc. Class A | 16,725,286 | 330,826 | ||||
Omega Healthcare Investors Inc. | 10,291,603 | 275,403 | ||||
1 | Medical Properties Trust Inc. | 26,280,271 | 230,478 | |||
Physicians Realty Trust | 10,031,478 | 144,654 | ||||
Sabra Health Care REIT Inc. | 10,150,539 | 115,716 | ||||
National Health Investors Inc. | 1,906,827 | 94,903 | ||||
CareTrust REIT Inc. | 4,264,211 | 83,110 | ||||
LTC Properties Inc. | 1,779,952 | 59,539 | ||||
Community Healthcare Trust Inc. | 1,056,863 | 37,825 | ||||
Global Medical REIT Inc. | 2,740,200 | 25,429 | ||||
Universal Health Realty Income Trust | 577,155 | 25,106 | ||||
Diversified Healthcare Trust | 10,529,280 | 9,618 | ||||
4,381,372 | ||||||
Hotel & Resort REITs (2.3%) | ||||||
Host Hotels & Resorts Inc. | 31,423,544 | 508,119 | ||||
Ryman Hospitality Properties Inc. | 2,302,896 | 206,478 | ||||
Apple Hospitality REIT Inc. | 9,550,237 | 142,203 | ||||
Park Hotels & Resorts Inc. | 9,881,132 | 119,068 | ||||
Sunstone Hotel Investors Inc. | 9,247,559 | 88,129 | ||||
Pebblebrook Hotel Trust | 5,780,750 | 82,260 |
Shares | Market Value ($000) | |||||
DiamondRock Hospitality Co. | 9,202,616 | 74,633 | ||||
RLJ Lodging Trust | 7,122,881 | 71,941 | ||||
Service Properties Trust | 7,270,887 | 63,766 | ||||
Xenia Hotels & Resorts Inc. | 5,003,850 | 63,349 | ||||
Summit Hotel Properties Inc. | 4,702,078 | 30,281 | ||||
Chatham Lodging Trust | 2,032,638 | 20,814 | ||||
1,471,041 | ||||||
Industrial REITs (11.5%) | ||||||
Prologis Inc. | 40,567,046 | 5,081,023 | ||||
Rexford Industrial Realty Inc. | 8,064,160 | 449,738 | ||||
Americold Realty Trust Inc. | 11,839,383 | 350,327 | ||||
EastGroup Properties Inc. | 1,914,965 | 318,957 | ||||
First Industrial Realty Trust Inc. | 5,806,949 | 304,691 | ||||
STAG Industrial Inc. | 7,876,035 | 266,761 | ||||
Terreno Realty Corp. | 3,342,656 | 205,874 | ||||
LXP Industrial Trust | 12,116,511 | 113,895 | ||||
Innovative Industrial Properties Inc. | 1,229,314 | 84,270 | ||||
Plymouth Industrial REIT Inc. | 1,884,001 | 38,132 | ||||
Industrial Logistics Properties Trust | 2,874,273 | 5,921 | ||||
7,219,589 | ||||||
Multi-Family Residential REITs (8.3%) | ||||||
AvalonBay Communities Inc. | 6,148,138 | 1,108,940 | ||||
Equity Residential | 15,178,157 | 960,018 | ||||
Mid-America Apartment Communities Inc. | 5,074,942 | 780,526 | ||||
Essex Property Trust Inc. | 2,845,743 | 625,295 | ||||
UDR Inc. | 14,306,836 | 591,301 | ||||
Camden Property Trust | 4,447,595 | 489,458 | ||||
Apartment Income REIT Corp. Class A | 6,588,692 | 243,650 | ||||
Independence Realty Trust Inc. | 9,844,359 | 163,909 | ||||
Elme Communities | 3,843,982 | 66,232 | ||||
* | Veris Residential Inc. | 3,403,255 | 55,643 | |||
Apartment Investment & Management Co. Class A | 6,667,809 | 52,209 | ||||
NexPoint Residential Trust Inc. | 1,009,316 | 43,330 | ||||
Centerspace | 662,711 | 37,364 | ||||
5,217,875 | ||||||
Office REITs (3.8%) | ||||||
Alexandria Real Estate Equities Inc. | 6,850,679 | 850,717 | ||||
Boston Properties Inc. | 6,544,488 | 349,214 | ||||
Cousins Properties Inc. | 6,655,133 | 145,149 | ||||
Kilroy Realty Corp. | 4,622,788 | 135,170 | ||||
Corporate Office Properties Trust | 4,938,725 | 113,047 | ||||
Vornado Realty Trust | 7,166,608 | 107,571 | ||||
Highwoods Properties Inc. | 4,623,617 | 105,973 | ||||
Equity Commonwealth | 4,809,063 | 99,644 | ||||
Douglas Emmett Inc. | 7,726,633 | 99,519 | ||||
1 | SL Green Realty Corp. | 2,824,777 | 66,863 | |||
JBG SMITH Properties | 4,501,396 | 64,235 | ||||
Easterly Government Properties Inc. Class A | 3,792,916 | 53,366 | ||||
Piedmont Office Realty Trust Inc. Class A | 5,424,856 | 35,316 | ||||
Hudson Pacific Properties Inc. | 6,200,613 | 34,475 | ||||
Paramount Group Inc. | 7,734,457 | 33,490 | ||||
Brandywine Realty Trust | 7,544,281 | 29,649 | ||||
Orion Office REIT Inc. | 2,481,102 | 15,234 | ||||
Office Properties Income Trust | 2,138,661 | 13,944 | ||||
City Office REIT Inc. | 1,741,925 | 10,138 |
Shares | Market Value ($000) | |||||
Franklin Street Properties Corp. | 4,072,673 | 4,724 | ||||
*,2 | New York REIT Liquidating LLC | 1,208 | 14 | |||
2,367,452 | ||||||
Other (12.5%)3 | ||||||
4,5 | Vanguard Real Estate II Index Fund | 391,651,700 | 7,833,034 | |||
Other Specialized REITs (5.4%) | ||||||
VICI Properties Inc. Class A | 36,925,803 | 1,253,262 | ||||
Iron Mountain Inc. | 12,776,098 | 705,752 | ||||
Gaming & Leisure Properties Inc. | 11,317,093 | 588,489 | ||||
Lamar Advertising Co. Class A | 3,834,954 | 405,278 | ||||
EPR Properties | 3,296,878 | 138,337 | ||||
Outfront Media Inc. | 6,132,954 | 102,175 | ||||
Four Corners Property Trust Inc. | 3,686,303 | 94,038 | ||||
Safehold Inc. | 1,671,594 | 46,336 | ||||
Uniti Group Inc. | 10,436,422 | 35,692 | ||||
Gladstone Land Corp. | 1,449,598 | 23,353 | ||||
3,392,712 | ||||||
Retail REITs (10.9%) | ||||||
Realty Income Corp. | 27,562,040 | 1,731,999 | ||||
Simon Property Group Inc. | 13,968,382 | 1,582,897 | ||||
Kimco Realty Corp. | 27,179,768 | 521,580 | ||||
Regency Centers Corp. | 6,768,338 | 415,779 | ||||
National Retail Properties Inc. | 7,854,752 | 341,682 | ||||
Federal Realty Investment Trust | 3,212,021 | 317,637 | ||||
Brixmor Property Group Inc. | 13,180,121 | 281,132 | ||||
Agree Realty Corp. | 3,892,657 | 264,662 | ||||
Spirit Realty Capital Inc. | 6,137,619 | 236,053 | ||||
Kite Realty Group Trust | 9,627,413 | 199,480 | ||||
Phillips Edison & Co. Inc. | 5,144,540 | 162,259 | ||||
SITE Centers Corp. | 8,406,246 | 103,733 | ||||
Macerich Co. | 9,439,051 | 94,296 | ||||
Tanger Factory Outlet Centers Inc. | 4,585,620 | 89,924 | ||||
Urban Edge Properties | 5,161,083 | 75,713 | ||||
Retail Opportunity Investments Corp. | 5,472,875 | 71,311 | ||||
InvenTrust Properties Corp. | 2,961,324 | 66,778 | ||||
Getty Realty Corp. | 1,746,004 | 58,194 | ||||
Acadia Realty Trust | 4,172,696 | 56,373 | ||||
NETSTREIT Corp. | 2,412,189 | 43,950 | ||||
RPT Realty | 3,749,197 | 34,867 | ||||
Necessity Retail REIT Inc. Class A | 5,902,679 | 32,524 | ||||
Saul Centers Inc. | 630,969 | 22,734 | ||||
Urstadt Biddle Properties Inc. Class A | 1,300,673 | 22,397 | ||||
Alexander's Inc. | 100,794 | 18,755 | ||||
1 | CBL & Associates Properties Inc. | 561,560 | 12,989 | |||
Urstadt Biddle Properties Inc. | 16,032 | 256 | ||||
*,2 | Spirit MTA REIT | 2,071,263 | — | |||
6,859,954 | ||||||
Self-Storage REITs (6.4%) | ||||||
Public Storage | 6,946,984 | 2,048,179 | ||||
Extra Space Storage Inc. | 5,885,514 | 894,834 | ||||
Life Storage Inc. | 3,735,423 | 501,966 | ||||
CubeSmart | 9,869,459 | 448,962 | ||||
National Storage Affiliates Trust | 3,793,649 | 146,245 | ||||
4,040,186 | ||||||
Single-Family Residential REITs (4.2%) | ||||||
Invitation Homes Inc. | 26,870,091 | 896,655 |
Shares | Market Value ($000) | |||||
Sun Communities Inc. | 5,444,693 | 756,431 | ||||
Equity LifeStyle Properties Inc. | 7,770,172 | 535,365 | ||||
American Homes 4 Rent Class A | 12,904,692 | 429,210 | ||||
UMH Properties Inc. | 2,323,254 | 35,313 | ||||
* | Bluerock Homes Trust Inc. | 149 | 3 | |||
2,652,977 | ||||||
Telecom Tower REITs (12.3%) | ||||||
American Tower Corp. | 20,462,217 | 4,182,273 | ||||
Crown Castle Inc. | 19,031,401 | 2,342,575 | ||||
SBA Communications Corp. Class A | 4,744,836 | 1,237,880 | ||||
7,762,728 | ||||||
Timber REITs (2.1%) | ||||||
Weyerhaeuser Co. | 32,341,736 | 967,341 | ||||
Rayonier Inc. | 6,434,175 | 201,776 | ||||
PotlatchDeltic Corp. | 3,549,908 | 164,112 | ||||
1,333,229 | ||||||
Total Equity Real Estate Investment Trusts (REITs) (Cost $60,946,731) | 59,901,231 | |||||
Real Estate Management & Development (4.0%) | ||||||
Diversified Real Estate Activities (0.1%) | ||||||
St. Joe Co. | 1,410,444 | 57,969 | ||||
RMR Group Inc. Class A | 686,516 | 16,305 | ||||
74,274 | ||||||
Real Estate Development (0.2%) | ||||||
* | Howard Hughes Corp. | 1,644,842 | 127,261 | |||
* | Forestar Group Inc. | 873,456 | 16,893 | |||
144,154 | ||||||
Real Estate Operating Companies (0.4%) | ||||||
Kennedy-Wilson Holdings Inc. | 5,451,104 | 91,470 | ||||
DigitalBridge Group Inc. | 7,022,318 | 87,287 | ||||
* | FRP Holdings Inc. | 270,279 | 15,676 | |||
*,1 | Seritage Growth Properties Class A | 1,597,709 | 11,967 | |||
*,1 | WeWork Inc. Class A | 7,770,445 | 3,275 | |||
209,675 | ||||||
Real Estate Services (3.3%) | ||||||
* | CBRE Group Inc. Class A | 13,885,401 | 1,064,455 | |||
* | Zillow Group Inc. Class C | 6,847,803 | 298,153 | |||
* | Jones Lang LaSalle Inc. | 2,085,914 | 290,025 | |||
* | Zillow Group Inc. Class A | 2,565,124 | 109,736 | |||
* | Cushman & Wakefield plc | 6,449,207 | 63,525 | |||
Newmark Group Inc. Class A | 6,617,876 | 41,957 | ||||
Marcus & Millichap Inc. | 1,123,257 | 35,349 | ||||
1 | eXp World Holdings Inc. | 3,021,035 | 35,316 | |||
* | Anywhere Real Estate Inc. | 4,802,913 | 30,595 | |||
*,1 | Redfin Corp. | 3,954,112 | 29,458 | |||
* | Opendoor Technologies Inc. | 18,081,801 | 24,953 | |||
* | Compass Inc. Class A | 10,543,913 | 24,673 | |||
RE/MAX Holdings Inc. Class A | 801,274 | 15,473 | ||||
Douglas Elliman Inc. | 3,204,929 | 10,224 | ||||
* | Doma Holdings Inc. | 5,036,018 | 2,165 | |||
*,1 | Offerpad Solutions Inc. | 2,544,496 | 1,189 | |||
2,077,246 | ||||||
Total Real Estate Management & Development (Cost $3,792,526) | 2,505,349 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
6,7 | Vanguard Market Liquidity Fund (Cost $498,890) | 4.853% | 4,990,104 | 498,960 | ||
Total Investments (100.1%) (Cost $65,238,147) | 62,905,540 | |||||
Other Assets and Liabilities—Net (-0.1%) | (65,175) | |||||
Net Assets (100%) | 62,840,365 |
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 $157,264,000. |
2 | Security value determined using significant unobservable inputs. |
3 | “Other” represents securities that are not classified by the fund’s benchmark index. |
4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
5 | Represents a wholly owned subsidiary of the fund. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $166,853,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
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) |
American Homes 4 Rent Class A | 8/31/23 | BANA | 33,023 | (4.977) | 1,786 | — |
Digital Realty Trust Inc. | 8/31/23 | BANA | 36,866 | (4.977) | 187 | — |
Digital Realty Trust Inc. | 1/31/24 | GSI | 24,050 | (4.981) | 705 | — |
Equity Residential | 8/31/23 | BANA | 36,000 | (4.977) | 2,223 | — |
Redfin Corp. | 1/31/24 | GSI | 3,220 | (4.931) | — | (617) |
Simon Property Group Inc. | 1/31/24 | GSI | 44,540 | (4.981) | 728 | — |
VICI Properties Inc. Class A | 8/31/23 | BANA | 176,148 | (5.377) | 8,576 | — |
Welltower Inc. | 8/31/23 | BANA | 53,768 | (4.977) | 5,462 | — |
19,667 | (617) |
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. | |
GSI—Goldman Sachs International. |
At April 30, 2023, the counterparties had deposited in segregated accounts securities with a value of $14,168,000 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 affiliated Vanguard funds 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 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 April 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 | 62,406,566 | — | 14 | 62,406,580 |
Temporary Cash Investments | 498,960 | — | — | 498,960 |
Total | 62,905,526 | — | 14 | 62,905,540 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 19,667 | — | 19,667 |
Liabilities | ||||
Swap Contracts | — | 617 | — | 617 |
D. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
Current Period Transactions | ||||||||
Jan. 31, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2023 Market Value ($000) | |
Vanguard Market Liquidity Fund | 399,890 | NA2 | NA2 | 10 | (8) | 3,962 | — | 498,960 |
Vanguard Real Estate II Index Fund | 8,471,187 | 76,147 | — | — | (714,300) | 76,147 | — | 7,833,034 |
Total | 8,871,077 | 76,147 | — | 10 | (714,308) | 80,109 | — | 8,331,994 |
1 | Does not include adjustments related to return of capital. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |