Vanguard® S&P Small-Cap 600 Growth 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 (99.6%) | ||||||
Communication Services (3.3%) | ||||||
* | Madison Square Garden Sports Corp. | 23,926 | 4,418 | |||
* | Yelp Inc. Class A | 98,121 | 3,628 | |||
Cogent Communications Holdings Inc. | 60,234 | 3,567 | ||||
* | Cargurus Inc. Class A | 122,878 | 2,975 | |||
* | TripAdvisor Inc. | 154,931 | 2,843 | |||
* | Cinemark Holdings Inc. | 152,143 | 2,627 | |||
* | IAC Inc. | 39,964 | 1,990 | |||
* | Cars.com Inc. | 88,401 | 1,788 | |||
Telephone & Data Systems Inc. | 70,657 | 1,405 | ||||
Shenandoah Telecommunications Co. | 72,249 | 1,359 | ||||
Shutterstock Inc. | 17,537 | 713 | ||||
* | TechTarget Inc. | 21,406 | 647 | |||
* | Gogo Inc. | 41,486 | 439 | |||
Marcus Corp. | 18,625 | 198 | ||||
28,597 | ||||||
Consumer Discretionary (16.6%) | ||||||
* | Abercrombie & Fitch Co. Class A | 72,239 | 12,488 | |||
Meritage Homes Corp. | 52,243 | 9,213 | ||||
Installed Building Products Inc. | 33,601 | 7,118 | ||||
Signet Jewelers Ltd. | 63,516 | 6,954 | ||||
Group 1 Automotive Inc. | 19,033 | 5,919 | ||||
American Eagle Outfitters Inc. | 266,111 | 5,846 | ||||
Kontoor Brands Inc. | 71,657 | 5,255 | ||||
* | Boot Barn Holdings Inc. | 43,425 | 5,165 | |||
* | Shake Shack Inc. Class A | 53,738 | 5,099 | |||
* | M/I Homes Inc. | 39,915 | 4,986 | |||
Steven Madden Ltd. | 100,499 | 4,467 | ||||
* | Frontdoor Inc. | 114,115 | 4,036 | |||
* | Cavco Industries Inc. | 11,127 | 3,975 | |||
* | Stride Inc. | 57,033 | 3,916 | |||
* | Adtalem Global Education Inc. | 56,199 | 3,619 | |||
Patrick Industries Inc. | 29,821 | 3,418 | ||||
* | Asbury Automotive Group Inc. | 14,461 | 3,399 | |||
* | Urban Outfitters Inc. | 81,134 | 3,384 | |||
* | Tri Pointe Homes Inc. | 84,860 | 3,287 | |||
* | Six Flags Entertainment Corp. | 103,589 | 2,636 | |||
* | Dorman Products Inc. | 27,996 | 2,575 | |||
LCI Industries | 22,846 | 2,510 | ||||
* | Dave & Buster's Entertainment Inc. | 46,116 | 2,356 | |||
Oxford Industries Inc. | 21,045 | 2,329 | ||||
* | Green Brick Partners Inc. | 36,414 | 1,988 | |||
* | Brinker International Inc. | 26,620 | 1,880 | |||
Century Communities Inc. | 20,681 | 1,746 | ||||
Worthington Enterprises Inc. | 30,171 | 1,721 | ||||
* | LGI Homes Inc. | 17,635 | 1,693 | |||
Jack in the Box Inc. | 28,047 | 1,553 | ||||
Winnebago Industries Inc. | 23,489 | 1,458 | ||||
Strategic Education Inc. | 12,778 | 1,449 | ||||
Bloomin' Brands Inc. | 61,007 | 1,330 | ||||
Monarch Casino & Resort Inc. | 19,126 | 1,281 | ||||
La-Z-Boy Inc. | 33,124 | 1,243 | ||||
Cheesecake Factory Inc. | 30,816 | 1,186 | ||||
Perdoceo Education Corp. | 52,708 | 1,186 | ||||
Upbound Group Inc. | 35,751 | 1,173 | ||||
* | Gentherm Inc. | 21,627 | 1,167 | |||
* | XPEL Inc. | 30,504 | 1,159 | |||
* | Fox Factory Holding Corp. | 23,110 | 1,077 | |||
Papa John's International Inc. | 22,099 | 1,027 | ||||
Buckle Inc. | 25,983 | 1,001 | ||||
Guess? Inc. | 39,278 | 914 | ||||
* | Sabre Corp. | 288,778 | 904 | |||
Golden Entertainment Inc. | 18,688 | 566 |
Shares | Market Value ($000) | |||||
* | Mister Car Wash Inc. | 59,798 | 420 | |||
Ethan Allen Interiors Inc. | 13,378 | 389 | ||||
* | Chuy's Holdings Inc. | 14,118 | 377 | |||
Dine Brands Global Inc. | 9,480 | 374 | ||||
144,212 | ||||||
Consumer Staples (2.8%) | ||||||
WD-40 Co. | 19,435 | 4,367 | ||||
J & J Snack Foods Corp. | 22,227 | 3,616 | ||||
Cal-Maine Foods Inc. | 58,274 | 3,594 | ||||
* | Simply Good Foods Co. | 82,065 | 3,159 | |||
Inter Parfums Inc. | 25,673 | 3,075 | ||||
Energizer Holdings Inc. | 44,125 | 1,263 | ||||
Andersons Inc. | 23,968 | 1,254 | ||||
MGP Ingredients Inc. | 13,003 | 1,009 | ||||
Vector Group Ltd. | 85,664 | 940 | ||||
* | National Beverage Corp. | 18,436 | 852 | |||
John B Sanfilippo & Son Inc. | 6,812 | 687 | ||||
Tootsie Roll Industries Inc. | 15,490 | 453 | ||||
24,269 | ||||||
Energy (7.0%) | ||||||
SM Energy Co. | 165,799 | 8,361 | ||||
Magnolia Oil & Gas Corp. Class A | 265,394 | 6,887 | ||||
Liberty Energy Inc. Class A | 217,352 | 5,366 | ||||
Northern Oil & Gas Inc. | 130,778 | 5,353 | ||||
California Resources Corp. | 92,441 | 4,377 | ||||
Archrock Inc. | 196,788 | 3,983 | ||||
* | CONSOL Energy Inc. | 38,182 | 3,958 | |||
* | Oceaneering International Inc. | 144,393 | 3,419 | |||
Helmerich & Payne Inc. | 76,532 | 2,913 | ||||
Patterson-UTI Energy Inc. | 253,464 | 2,793 | ||||
Dorian LPG Ltd. | 48,865 | 2,473 | ||||
* | Helix Energy Solutions Group Inc. | 202,912 | 2,336 | |||
* | Par Pacific Holdings Inc. | 79,819 | 2,166 | |||
Peabody Energy Corp. | 71,078 | 1,761 | ||||
* | REX American Resources Corp. | 21,878 | 1,094 | |||
RPC Inc. | 122,186 | 835 | ||||
* | Vital Energy Inc. | 17,085 | 835 | |||
Comstock Resources Inc. | 66,880 | 783 | ||||
CVR Energy Inc. | 22,888 | 638 | ||||
Core Laboratories Inc. | 29,343 | 550 | ||||
60,881 | ||||||
Financials (10.5%) | ||||||
First Bancorp | 241,333 | 4,279 | ||||
Radian Group Inc. | 120,729 | 3,772 | ||||
Assured Guaranty Ltd. | 46,738 | 3,632 | ||||
EVERTEC Inc. | 92,630 | 3,239 | ||||
* | Palomar Holdings Inc. | 35,462 | 3,009 | |||
Moelis & Co. Class A | 51,627 | 2,923 | ||||
BGC Group Inc. Class A | 321,629 | 2,789 | ||||
* | Bancorp Inc. | 76,846 | 2,581 | |||
* | NMI Holdings Inc. Class A | 75,484 | 2,505 | |||
OFG Bancorp | 67,409 | 2,505 | ||||
* | Axos Financial Inc. | 45,702 | 2,462 | |||
Artisan Partners Asset Management Inc. Class A | 55,014 | 2,422 | ||||
PROG Holdings Inc. | 64,083 | 2,422 | ||||
* | Triumph Financial Inc. | 30,878 | 2,294 | |||
Piper Sandler Cos. | 10,674 | 2,261 | ||||
* | Goosehead Insurance Inc. Class A | 35,029 | 2,259 | |||
* | Donnelley Financial Solutions Inc. | 35,449 | 2,161 | |||
ServisFirst Bancshares Inc. | 32,298 | 1,996 | ||||
Walker & Dunlop Inc. | 20,621 | 1,979 | ||||
Pathward Financial Inc. | 36,556 | 1,949 | ||||
PJT Partners Inc. Class A | 18,229 | 1,944 | ||||
Two Harbors Investment Corp. | 147,997 | 1,902 | ||||
* | Customers Bancorp Inc. | 40,552 | 1,837 | |||
Cathay General Bancorp | 48,965 | 1,804 | ||||
WSFS Financial Corp. | 39,076 | 1,722 | ||||
* | SiriusPoint Ltd. | 129,819 | 1,707 |
Shares | Market Value ($000) | |||||
WisdomTree Inc. | 158,191 | 1,577 | ||||
Virtus Investment Partners Inc. | 6,098 | 1,394 | ||||
Ellington Financial Inc. | 113,575 | 1,377 | ||||
Preferred Bank | 17,995 | 1,345 | ||||
Bank of Hawaii Corp. | 22,792 | 1,316 | ||||
City Holding Co. | 12,722 | 1,300 | ||||
Cohen & Steers Inc. | 17,964 | 1,263 | ||||
Redwood Trust Inc. | 189,002 | 1,198 | ||||
Apollo Commercial Real Estate Finance Inc. | 116,179 | 1,173 | ||||
Park National Corp. | 8,431 | 1,159 | ||||
* | Ambac Financial Group Inc. | 64,842 | 1,149 | |||
Westamerica Bancorp | 23,400 | 1,142 | ||||
BancFirst Corp. | 12,878 | 1,109 | ||||
Lakeland Financial Corp. | 17,142 | 1,063 | ||||
ARMOUR Residential REIT Inc. | 48,517 | 938 | ||||
HCI Group Inc. | 9,768 | 937 | ||||
S&T Bancorp Inc. | 29,081 | 928 | ||||
First Commonwealth Financial Corp. | 67,207 | 908 | ||||
* | Payoneer Global Inc. | 149,335 | 894 | |||
New York Mortgage Trust Inc. | 129,429 | 770 | ||||
*,1 | Trupanion Inc. | 24,479 | 731 | |||
Berkshire Hills Bancorp Inc. | 29,867 | 664 | ||||
* | World Acceptance Corp. | 4,831 | 621 | |||
Brightsphere Investment Group Inc. | 27,725 | 615 | ||||
AMERISAFE Inc. | 11,768 | 516 | ||||
Southside Bancshares Inc. | 15,998 | 429 | ||||
90,871 | ||||||
Health Care (11.0%) | ||||||
Ensign Group Inc. | 80,549 | 9,766 | ||||
* | Glaukos Corp. | 69,943 | 7,884 | |||
* | Integer Holdings Corp. | 47,764 | 5,791 | |||
* | RadNet Inc. | 93,443 | 5,480 | |||
* | Merit Medical Systems Inc. | 48,836 | 3,963 | |||
* | Alkermes plc | 153,107 | 3,583 | |||
CONMED Corp. | 44,099 | 3,371 | ||||
* | Vericel Corp. | 68,426 | 3,264 | |||
* | CorVel Corp. | 12,988 | 3,115 | |||
* | UFP Technologies Inc. | 10,063 | 2,620 | |||
* | Catalyst Pharmaceuticals Inc. | 159,947 | 2,586 | |||
* | Privia Health Group Inc. | 147,218 | 2,557 | |||
* | Corcept Therapeutics Inc. | 84,480 | 2,549 | |||
* | NeoGenomics Inc. | 182,832 | 2,507 | |||
* | Astrana Health Inc. | 60,301 | 2,498 | |||
* | Amphastar Pharmaceuticals Inc. | 53,564 | 2,267 | |||
LeMaitre Vascular Inc. | 28,413 | 2,241 | ||||
* | Dynavax Technologies Corp. | 185,180 | 2,220 | |||
* | Tandem Diabetes Care Inc. | 42,997 | 2,203 | |||
* | Prestige Consumer Healthcare Inc. | 34,137 | 2,195 | |||
* | Inari Medical Inc. | 41,827 | 2,091 | |||
* | STAAR Surgical Co. | 42,706 | 1,774 | |||
* | AMN Healthcare Services Inc. | 29,269 | 1,637 | |||
* | Collegium Pharmaceutical Inc. | 46,757 | 1,550 | |||
* | Certara Inc. | 89,153 | 1,511 | |||
* | Myriad Genetics Inc. | 62,203 | 1,416 | |||
* | ANI Pharmaceuticals Inc. | 21,641 | 1,405 | |||
US Physical Therapy Inc. | 11,815 | 1,212 | ||||
* | Addus HomeCare Corp. | 9,646 | 1,107 | |||
* | Xencor Inc. | 45,399 | 1,079 | |||
National HealthCare Corp. | 9,104 | 963 | ||||
* | Schrodinger Inc. | 43,931 | 945 | |||
* | Supernus Pharmaceuticals Inc. | 31,355 | 850 | |||
* | Artivion Inc. | 30,056 | 709 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 112,377 | 708 | |||
* | BioLife Solutions Inc. | 30,474 | 655 | |||
Simulations Plus Inc. | 13,450 | 649 | ||||
* | Innoviva Inc. | 40,246 | 635 | |||
* | Harmony Biosciences Holdings Inc. | 20,131 | 592 | |||
* | OraSure Technologies Inc. | 104,881 | 496 | |||
HealthStream Inc. | 18,096 | 494 |
Shares | Market Value ($000) | |||||
* | Arcus Biosciences Inc. | 31,632 | 477 | |||
* | REGENXBIO Inc. | 24,841 | 356 | |||
*,2 | OmniAb Inc. 12.5 Earnout | 7,390 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 7,390 | — | |||
95,971 | ||||||
Industrials (19.1%) | ||||||
Mueller Industries Inc. | 162,709 | 9,585 | ||||
* | SPX Technologies Inc. | 65,420 | 9,121 | |||
* | AeroVironment Inc. | 40,116 | 8,109 | |||
Federal Signal Corp. | 87,323 | 8,036 | ||||
Boise Cascade Co. | 56,743 | 7,790 | ||||
Armstrong World Industries Inc. | 63,316 | 7,332 | ||||
Moog Inc. Class A | 41,206 | 6,982 | ||||
Encore Wire Corp. | 22,610 | 6,528 | ||||
Matson Inc. | 50,066 | 6,418 | ||||
* | Verra Mobility Corp. Class A | 238,333 | 6,349 | |||
Franklin Electric Co. Inc. | 56,851 | 5,656 | ||||
* | GMS Inc. | 57,068 | 5,362 | |||
ESCO Technologies Inc. | 36,973 | 4,035 | ||||
* | MYR Group Inc. | 23,948 | 3,713 | |||
Arcosa Inc. | 41,226 | 3,624 | ||||
ArcBest Corp. | 33,914 | 3,579 | ||||
AZZ Inc. | 41,673 | 3,496 | ||||
* | Gibraltar Industries Inc. | 43,626 | 3,292 | |||
Korn Ferry | 43,706 | 2,882 | ||||
Standex International Corp. | 17,017 | 2,862 | ||||
Brady Corp. Class A | 41,698 | 2,847 | ||||
Alamo Group Inc. | 14,810 | 2,814 | ||||
Tennant Co. | 26,773 | 2,749 | ||||
John Bean Technologies Corp. | 27,348 | 2,613 | ||||
Griffon Corp. | 37,207 | 2,513 | ||||
* | AAR Corp. | 34,244 | 2,431 | |||
Powell Industries Inc. | 13,211 | 2,376 | ||||
* | SkyWest Inc. | 31,677 | 2,365 | |||
Enpro Inc. | 13,477 | 2,066 | ||||
Enerpac Tool Group Corp. Class A | 52,001 | 2,045 | ||||
Granite Construction Inc. | 32,128 | 2,001 | ||||
HNI Corp. | 40,076 | 1,886 | ||||
Albany International Corp. Class A | 21,470 | 1,883 | ||||
Trinity Industries Inc. | 58,730 | 1,847 | ||||
Rush Enterprises Inc. Class A | 39,723 | 1,793 | ||||
* | RXO Inc. | 77,223 | 1,576 | |||
Air Lease Corp. Class A | 31,034 | 1,478 | ||||
UniFirst Corp. | 8,876 | 1,408 | ||||
Vestis Corp. | 99,868 | 1,230 | ||||
* | American Woodmark Corp. | 12,868 | 1,108 | |||
Quanex Building Products Corp. | 32,746 | 1,079 | ||||
* | Viad Corp. | 30,000 | 1,049 | |||
Apogee Enterprises Inc. | 14,263 | 927 | ||||
Lindsay Corp. | 7,755 | 890 | ||||
CSG Systems International Inc. | 19,895 | 859 | ||||
Matthews International Corp. Class A | 28,210 | 799 | ||||
* | Proto Labs Inc. | 24,083 | 746 | |||
Marten Transport Ltd. | 38,726 | 685 | ||||
* | Liquidity Services Inc. | 32,006 | 628 | |||
* | Vicor Corp. | 17,073 | 597 | |||
Insteel Industries Inc. | 17,490 | 575 | ||||
Heartland Express Inc. | 35,987 | 407 | ||||
* | Sun Country Airlines Holdings Inc. | 25,032 | 265 | |||
National Presto Industries Inc. | 3,295 | 245 | ||||
165,531 | ||||||
Information Technology (15.6%) | ||||||
* | Fabrinet | 52,038 | 12,465 | |||
* | SPS Commerce Inc. | 52,596 | 9,893 | |||
Badger Meter Inc. | 42,057 | 8,115 | ||||
* | Marathon Digital Holdings Inc. | 319,077 | 6,228 | |||
* | FormFactor Inc. | 111,562 | 6,105 | |||
* | Axcelis Technologies Inc. | 46,843 | 5,269 | |||
* | Insight Enterprises Inc. | 25,788 | 5,042 |
Shares | Market Value ($000) | |||||
* | Alarm.com Holdings Inc. | 71,635 | 4,686 | |||
InterDigital Inc. | 36,838 | 4,195 | ||||
* | DoubleVerify Holdings Inc. | 199,770 | 3,636 | |||
Advanced Energy Industries Inc. | 33,137 | 3,560 | ||||
* | ACI Worldwide Inc. | 98,203 | 3,536 | |||
* | Itron Inc. | 31,960 | 3,437 | |||
* | Box Inc. Class A | 125,587 | 3,422 | |||
* | Veeco Instruments Inc. | 80,793 | 3,284 | |||
* | OSI Systems Inc. | 22,480 | 3,231 | |||
Progress Software Corp. | 62,830 | 3,182 | ||||
* | Diodes Inc. | 40,120 | 2,974 | |||
* | LiveRamp Holdings Inc. | 94,892 | 2,969 | |||
* | Agilysys Inc. | 28,898 | 2,759 | |||
* | BlackLine Inc. | 48,786 | 2,328 | |||
Kulicke & Soffa Industries Inc. | 50,832 | 2,322 | ||||
* | Perficient Inc. | 30,429 | 2,256 | |||
* | Envestnet Inc. | 29,964 | 1,963 | |||
* | Arlo Technologies Inc. | 135,755 | 1,929 | |||
* | Plexus Corp. | 17,425 | 1,919 | |||
* | Rogers Corp. | 16,096 | 1,899 | |||
* | SiTime Corp. | 14,527 | 1,770 | |||
* | ePlus Inc. | 23,309 | 1,745 | |||
* | Photronics Inc. | 62,842 | 1,719 | |||
* | Semtech Corp. | 41,463 | 1,613 | |||
* | SolarEdge Technologies Inc. | 31,747 | 1,555 | |||
* | PDF Solutions Inc. | 43,940 | 1,539 | |||
* | DigitalOcean Holdings Inc. | 39,921 | 1,479 | |||
* | Calix Inc. | 41,170 | 1,470 | |||
CTS Corp. | 25,007 | 1,324 | ||||
* | Extreme Networks Inc. | 110,679 | 1,234 | |||
* | MaxLinear Inc. Class A | 66,359 | 1,179 | |||
* | Harmonic Inc. | 87,086 | 1,065 | |||
* | Knowles Corp. | 52,444 | 919 | |||
* | Cohu Inc. | 27,964 | 902 | |||
* | N-able Inc. | 63,899 | 853 | |||
Adeia Inc. | 61,185 | 724 | ||||
A10 Networks Inc. | 47,214 | 715 | ||||
* | SMART Global Holdings Inc. | 30,328 | 624 | |||
* | CEVA Inc. | 14,462 | 288 | |||
* | Xperi Inc. | 31,019 | 273 | |||
135,594 | ||||||
Materials (7.1%) | ||||||
* | ATI Inc. | 182,832 | 11,215 | |||
Carpenter Technology Corp. | 70,813 | 7,851 | ||||
Alpha Metallurgical Resources Inc. | 16,943 | 5,344 | ||||
Warrior Met Coal Inc. | 74,542 | 5,101 | ||||
Balchem Corp. | 25,870 | 3,974 | ||||
Materion Corp. | 29,599 | 3,385 | ||||
Sealed Air Corp. | 82,731 | 3,216 | ||||
Arch Resources Inc. | 18,177 | 3,161 | ||||
HB Fuller Co. | 38,083 | 3,032 | ||||
Innospec Inc. | 22,467 | 2,939 | ||||
Hawkins Inc. | 27,315 | 2,385 | ||||
Minerals Technologies Inc. | 23,340 | 2,025 | ||||
Sensient Technologies Corp. | 26,054 | 2,024 | ||||
Quaker Chemical Corp. | 10,321 | 1,872 | ||||
Worthington Steel Inc. | 30,157 | 995 | ||||
* | Metallus Inc. | 31,484 | 756 | |||
Koppers Holdings Inc. | 15,846 | 702 | ||||
Haynes International Inc. | 10,197 | 600 | ||||
Myers Industries Inc. | 25,761 | 407 | ||||
Olympic Steel Inc. | 6,853 | 357 | ||||
61,341 | ||||||
Real Estate (4.9%) | ||||||
Apple Hospitality REIT Inc. | 304,935 | 4,403 | ||||
Tanger Inc. | 154,311 | 4,282 | ||||
Essential Properties Realty Trust Inc. | 116,316 | 3,115 | ||||
Sunstone Hotel Investors Inc. | 294,485 | 3,027 | ||||
CareTrust REIT Inc. | 117,864 | 3,014 |
Shares | Market Value ($000) | |||||
St. Joe Co. | 50,983 | 2,886 | ||||
Phillips Edison & Co. Inc. | 89,215 | 2,850 | ||||
DiamondRock Hospitality Co. | 300,656 | 2,547 | ||||
Innovative Industrial Properties Inc. | 22,095 | 2,381 | ||||
Urban Edge Properties | 99,566 | 1,765 | ||||
SITE Centers Corp. | 121,353 | 1,750 | ||||
Four Corners Property Trust Inc. | 57,231 | 1,397 | ||||
Xenia Hotels & Resorts Inc. | 88,956 | 1,289 | ||||
Outfront Media Inc. | 87,580 | 1,266 | ||||
eXp World Holdings Inc. | 110,251 | 1,236 | ||||
LTC Properties Inc. | 25,563 | 879 | ||||
Getty Realty Corp. | 30,315 | 837 | ||||
Veris Residential Inc. | 45,779 | 700 | ||||
Uniti Group Inc. | 177,968 | 562 | ||||
Summit Hotel Properties Inc. | 78,309 | 479 | ||||
Armada Hoffler Properties Inc. | 41,366 | 469 | ||||
Marcus & Millichap Inc. | 13,919 | 450 | ||||
Whitestone REIT | 32,945 | 430 | ||||
Saul Centers Inc. | 9,046 | 329 | ||||
Universal Health Realty Income Trust | 8,715 | 327 | ||||
Community Healthcare Trust Inc. | 13,837 | 325 | ||||
42,995 | ||||||
Utilities (1.7%) | ||||||
Otter Tail Corp. | 59,775 | 5,408 | ||||
MGE Energy Inc. | 28,524 | 2,286 | ||||
American States Water Co. | 28,094 | 2,067 | ||||
California Water Service Group | 33,133 | 1,653 | ||||
Chesapeake Utilities Corp. | 14,358 | 1,608 | ||||
SJW Group | 17,926 | 981 | ||||
Middlesex Water Co. | 11,692 | 630 | ||||
Unitil Corp. | 10,339 | 553 | ||||
15,186 | ||||||
Total Common Stocks (Cost $743,289) | 865,448 | |||||
Coupon | ||||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
3,4 | Vanguard Market Liquidity Fund (Cost $3,011) | 5.397% | 30,122 | 3,012 | ||
Total Investments (99.9%) (Cost $746,300) | 868,460 | |||||
Other Assets and Liabilities—Net (0.1%) | 554 | |||||
Net Assets (100%) | 869,014 |
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 $266,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $276,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
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 Russell 2000 Index | June 2024 | 33 | 3,425 | (10) |
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. 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 | 865,448 | — | — | 865,448 |
Temporary Cash Investments | 3,012 | — | — | 3,012 |
Total | 868,460 | — | — | 868,460 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 10 | — | — | 10 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |