Vanguard® S&P 500 Value 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 (99.7%) | ||||||
Communication Services (4.5%) | ||||||
Walt Disney Co. | 452,931 | 47,064 | ||||
Verizon Communications Inc. | 1,037,969 | 42,712 | ||||
Comcast Corp. Class A | 976,553 | 39,091 | ||||
AT&T Inc. | 1,765,346 | 32,165 | ||||
T-Mobile US Inc. | 128,954 | 22,562 | ||||
Omnicom Group Inc. | 48,940 | 4,549 | ||||
* | Warner Bros Discovery Inc. | 548,495 | 4,520 | |||
Electronic Arts Inc. | 33,682 | 4,476 | ||||
* | Charter Communications Inc. Class A | 13,177 | 3,783 | |||
* | Take-Two Interactive Software Inc. | 19,596 | 3,142 | |||
Interpublic Group of Cos. Inc. | 94,629 | 2,969 | ||||
News Corp. Class A | 101,412 | 2,757 | ||||
* | Match Group Inc. | 67,190 | 2,058 | |||
Fox Corp. Class A | 58,254 | 2,006 | ||||
Paramount Global Class B | 119,730 | 1,426 | ||||
Fox Corp. Class B | 33,586 | 1,073 | ||||
News Corp. Class B | 21,174 | 590 | ||||
216,943 | ||||||
Consumer Discretionary (5.2%) | ||||||
Home Depot Inc. | 154,820 | 51,845 | ||||
Lowe's Cos. Inc. | 141,986 | 31,420 | ||||
McDonald's Corp. | 100,310 | 25,969 | ||||
NIKE Inc. Class B | 171,246 | 16,277 | ||||
General Motors Co. | 285,070 | 12,825 | ||||
Ford Motor Co. | 963,704 | 11,690 | ||||
TJX Cos. Inc. | 98,322 | 10,137 | ||||
Starbucks Corp. | 114,672 | 9,199 | ||||
* | Airbnb Inc. Class A | 53,803 | 7,798 | |||
eBay Inc. | 128,294 | 6,956 | ||||
* | Aptiv plc | 68,673 | 5,718 | |||
Yum! Brands Inc. | 37,488 | 5,152 | ||||
Genuine Parts Co. | 34,515 | 4,975 | ||||
Tractor Supply Co. | 15,498 | 4,421 | ||||
Lennar Corp. Class A | 26,884 | 4,311 | ||||
Best Buy Co. Inc. | 47,377 | 4,019 | ||||
* | O'Reilly Automotive Inc. | 3,936 | 3,791 | |||
* | AutoZone Inc. | 1,318 | 3,651 | |||
Bath & Body Works Inc. | 55,917 | 2,904 | ||||
LKQ Corp. | 66,134 | 2,846 | ||||
Garmin Ltd. | 17,279 | 2,831 | ||||
* | CarMax Inc. | 39,046 | 2,743 | |||
Domino's Pizza Inc. | 5,142 | 2,615 | ||||
Tapestry Inc. | 56,680 | 2,465 | ||||
Darden Restaurants Inc. | 14,166 | 2,130 | ||||
BorgWarner Inc. | 56,795 | 2,025 | ||||
Hasbro Inc. | 32,273 | 1,929 | ||||
* | Ulta Beauty Inc. | 4,090 | 1,616 | |||
Las Vegas Sands Corp. | 35,618 | 1,604 | ||||
* | Mohawk Industries Inc. | 13,104 | 1,598 | |||
Pool Corp. | 4,108 | 1,494 | ||||
* | Carnival Corp. | 72,272 | 1,090 | |||
* | Etsy Inc. | 16,637 | 1,056 | |||
* | MGM Resorts International | 21,496 | 864 | |||
Ralph Lauren Corp. Class A | 4,339 | 811 | ||||
* | Caesars Entertainment Inc. | 22,395 | 796 | |||
253,571 | ||||||
Consumer Staples (10.2%) | ||||||
Walmart Inc. | 1,056,834 | 69,497 | ||||
Procter & Gamble Co. | 354,337 | 58,303 | ||||
Costco Wholesale Corp. | 63,529 | 51,451 | ||||
PepsiCo Inc. | 217,117 | 37,540 |
Shares | Market Value ($000) | |||||
Coca-Cola Co. | 585,929 | 36,872 | ||||
Philip Morris International Inc. | 241,269 | 24,460 | ||||
Altria Group Inc. | 435,668 | 20,150 | ||||
Target Corp. | 113,918 | 17,789 | ||||
Mondelez International Inc. Class A | 192,884 | 13,218 | ||||
Colgate-Palmolive Co. | 124,072 | 11,534 | ||||
Kimberly-Clark Corp. | 83,212 | 11,092 | ||||
Constellation Brands Inc. Class A | 39,714 | 9,938 | ||||
General Mills Inc. | 140,017 | 9,626 | ||||
Kenvue Inc. | 472,691 | 9,123 | ||||
Sysco Corp. | 122,989 | 8,956 | ||||
Keurig Dr Pepper Inc. | 257,381 | 8,815 | ||||
Kroger Co. | 163,525 | 8,564 | ||||
Archer-Daniels-Midland Co. | 131,819 | 8,231 | ||||
Dollar General Corp. | 54,247 | 7,427 | ||||
Estee Lauder Cos. Inc. Class A | 57,515 | 7,095 | ||||
Kraft Heinz Co. | 196,712 | 6,958 | ||||
* | Dollar Tree Inc. | 51,164 | 6,035 | |||
Hershey Co. | 22,974 | 4,545 | ||||
McCormick & Co. Inc. (Non-Voting) | 62,133 | 4,487 | ||||
Tyson Foods Inc. Class A | 70,768 | 4,051 | ||||
Clorox Co. | 30,676 | 4,036 | ||||
Kellanova | 65,016 | 3,923 | ||||
Bunge Global SA | 35,908 | 3,863 | ||||
* | Monster Beverage Corp. | 73,072 | 3,794 | |||
Conagra Brands Inc. | 118,142 | 3,530 | ||||
Church & Dwight Co. Inc. | 32,862 | 3,517 | ||||
J M Smucker Co. | 26,233 | 2,929 | ||||
Walgreens Boots Alliance Inc. | 176,896 | 2,869 | ||||
Molson Coors Beverage Co. Class B | 45,776 | 2,509 | ||||
Hormel Foods Corp. | 71,745 | 2,223 | ||||
Campbell Soup Co. | 48,614 | 2,157 | ||||
Brown-Forman Corp. Class B | 44,691 | 2,050 | ||||
Lamb Weston Holdings Inc. | 12,170 | 1,074 | ||||
494,231 | ||||||
Energy (6.8%) | ||||||
Exxon Mobil Corp. | 1,114,285 | 130,661 | ||||
Chevron Corp. | 428,244 | 69,504 | ||||
Schlumberger NV | 352,410 | 16,172 | ||||
Phillips 66 | 106,150 | 15,085 | ||||
Valero Energy Corp. | 84,047 | 13,207 | ||||
ConocoPhillips | 90,162 | 10,502 | ||||
Occidental Petroleum Corp. | 162,516 | 10,157 | ||||
Kinder Morgan Inc. | 477,818 | 9,313 | ||||
Baker Hughes Co. Class A | 246,689 | 8,259 | ||||
Halliburton Co. | 219,964 | 8,073 | ||||
Devon Energy Corp. | 158,160 | 7,763 | ||||
Williams Cos. Inc. | 182,858 | 7,590 | ||||
Marathon Petroleum Corp. | 40,912 | 7,226 | ||||
EOG Resources Inc. | 49,003 | 6,103 | ||||
ONEOK Inc. | 54,711 | 4,432 | ||||
EQT Corp. | 101,666 | 4,177 | ||||
Marathon Oil Corp. | 67,845 | 1,965 | ||||
Coterra Energy Inc. | 63,079 | 1,799 | ||||
331,988 | ||||||
Financials (22.9%) | ||||||
* | Berkshire Hathaway Inc. Class B | 449,225 | 186,159 | |||
JPMorgan Chase & Co. | 713,823 | 144,642 | ||||
Bank of America Corp. | 1,699,896 | 67,979 | ||||
Wells Fargo & Co. | 888,555 | 53,242 | ||||
Goldman Sachs Group Inc. | 80,524 | 36,761 | ||||
Visa Inc. Class A | 132,802 | 36,183 | ||||
Morgan Stanley | 308,756 | 30,209 | ||||
Citigroup Inc. | 469,813 | 29,274 | ||||
Chubb Ltd. | 100,041 | 27,093 | ||||
Charles Schwab Corp. | 367,440 | 26,926 | ||||
BlackRock Inc. | 34,531 | 26,659 | ||||
Mastercard Inc. Class A | 57,055 | 25,508 | ||||
S&P Global Inc. | 44,436 | 18,997 |
Shares | Market Value ($000) | |||||
Intercontinental Exchange Inc. | 141,401 | 18,934 | ||||
* | PayPal Holdings Inc. | 264,090 | 16,635 | |||
US Bancorp | 384,220 | 15,580 | ||||
PNC Financial Services Group Inc. | 98,261 | 15,465 | ||||
Progressive Corp. | 72,252 | 15,258 | ||||
American International Group Inc. | 173,315 | 13,661 | ||||
Capital One Financial Corp. | 93,898 | 12,923 | ||||
Truist Financial Corp. | 329,300 | 12,431 | ||||
Travelers Cos. Inc. | 56,344 | 12,153 | ||||
Marsh & McLennan Cos. Inc. | 58,343 | 12,111 | ||||
Aflac Inc. | 130,059 | 11,688 | ||||
CME Group Inc. | 56,923 | 11,554 | ||||
Bank of New York Mellon Corp. | 187,670 | 11,187 | ||||
Fidelity National Information Services Inc. | 146,253 | 11,098 | ||||
MetLife Inc. | 151,599 | 10,971 | ||||
Allstate Corp. | 64,834 | 10,861 | ||||
Prudential Financial Inc. | 89,180 | 10,733 | ||||
* | Fiserv Inc. | 71,179 | 10,660 | |||
American Express Co. | 42,401 | 10,176 | ||||
Moody's Corp. | 20,570 | 8,166 | ||||
Hartford Financial Services Group Inc. | 73,547 | 7,608 | ||||
Aon plc Class A | 24,247 | 6,829 | ||||
Arthur J Gallagher & Co. | 26,164 | 6,628 | ||||
Global Payments Inc. | 64,354 | 6,554 | ||||
T. Rowe Price Group Inc. | 55,175 | 6,501 | ||||
Willis Towers Watson plc | 25,343 | 6,470 | ||||
Fifth Third Bancorp | 167,842 | 6,281 | ||||
M&T Bank Corp. | 41,061 | 6,225 | ||||
Blackstone Inc. | 49,775 | 5,998 | ||||
Raymond James Financial Inc. | 46,481 | 5,705 | ||||
State Street Corp. | 74,634 | 5,642 | ||||
Nasdaq Inc. | 93,667 | 5,529 | ||||
Ameriprise Financial Inc. | 11,651 | 5,087 | ||||
Huntington Bancshares Inc. | 358,041 | 4,984 | ||||
Cincinnati Financial Corp. | 38,791 | 4,561 | ||||
Principal Financial Group Inc. | 54,221 | 4,448 | ||||
Synchrony Financial | 100,580 | 4,405 | ||||
Regions Financial Corp. | 227,471 | 4,402 | ||||
Northern Trust Corp. | 50,689 | 4,270 | ||||
Everest Group Ltd. | 10,725 | 4,193 | ||||
MSCI Inc. Class A | 8,419 | 4,169 | ||||
Citizens Financial Group Inc. | 115,240 | 4,067 | ||||
W R Berkley Corp. | 50,064 | 4,057 | ||||
Discover Financial Services | 28,430 | 3,487 | ||||
Loews Corp. | 45,012 | 3,457 | ||||
KeyCorp | 231,423 | 3,326 | ||||
Jack Henry & Associates Inc. | 18,011 | 2,966 | ||||
Assurant Inc. | 12,848 | 2,229 | ||||
FactSet Research Systems Inc. | 4,961 | 2,005 | ||||
MarketAxess Holdings Inc. | 9,393 | 1,869 | ||||
Franklin Resources Inc. | 74,142 | 1,750 | ||||
Globe Life Inc. | 21,149 | 1,750 | ||||
Invesco Ltd. | 111,284 | 1,748 | ||||
Comerica Inc. | 32,680 | 1,674 | ||||
Cboe Global Markets Inc. | 9,380 | 1,623 | ||||
Brown & Brown Inc. | 12,858 | 1,151 | ||||
1,115,525 | ||||||
Health Care (18.0%) | ||||||
Johnson & Johnson | 594,396 | 87,180 | ||||
UnitedHealth Group Inc. | 141,582 | 70,135 | ||||
Merck & Co. Inc. | 375,403 | 47,128 | ||||
AbbVie Inc. | 274,635 | 44,282 | ||||
Abbott Laboratories | 428,618 | 43,800 | ||||
Danaher Corp. | 162,363 | 41,695 | ||||
Amgen Inc. | 132,089 | 40,399 | ||||
Pfizer Inc. | 1,393,914 | 39,950 | ||||
Thermo Fisher Scientific Inc. | 59,145 | 33,593 | ||||
Elevance Health Inc. | 58,013 | 31,239 | ||||
Medtronic plc | 328,248 | 26,710 |
Shares | Market Value ($000) | |||||
Cigna Group | 72,213 | 24,886 | ||||
Bristol-Myers Squibb Co. | 502,274 | 20,638 | ||||
Gilead Sciences Inc. | 307,577 | 19,768 | ||||
CVS Health Corp. | 310,143 | 18,485 | ||||
McKesson Corp. | 32,448 | 18,482 | ||||
Becton Dickinson & Co. | 71,310 | 16,542 | ||||
* | Boston Scientific Corp. | 162,832 | 12,305 | |||
* | Intuitive Surgical Inc. | 29,581 | 11,895 | |||
* | Moderna Inc. | 81,974 | 11,685 | |||
Humana Inc. | 30,132 | 10,791 | ||||
* | Vertex Pharmaceuticals Inc. | 22,929 | 10,440 | |||
Stryker Corp. | 30,059 | 10,253 | ||||
* | Regeneron Pharmaceuticals Inc. | 10,429 | 10,222 | |||
* | Centene Corp. | 132,055 | 9,454 | |||
Agilent Technologies Inc. | 72,403 | 9,442 | ||||
Cencora Inc. | 40,909 | 9,269 | ||||
HCA Healthcare Inc. | 25,446 | 8,645 | ||||
Zoetis Inc. Class A | 50,925 | 8,635 | ||||
* | Edwards Lifesciences Corp. | 94,410 | 8,203 | |||
GE HealthCare Technologies Inc. | 104,617 | 8,160 | ||||
* | Biogen Inc. | 35,723 | 8,036 | |||
ResMed Inc. | 36,348 | 7,500 | ||||
* | IQVIA Holdings Inc. | 27,896 | 6,112 | |||
Cardinal Health Inc. | 60,129 | 5,969 | ||||
Zimmer Biomet Holdings Inc. | 51,480 | 5,928 | ||||
* | Mettler-Toledo International Inc. | 3,291 | 4,621 | |||
* | IDEXX Laboratories Inc. | 9,022 | 4,483 | |||
* | Dexcom Inc. | 37,178 | 4,416 | |||
* | Hologic Inc. | 58,019 | 4,281 | |||
Baxter International Inc. | 125,489 | 4,278 | ||||
* | Illumina Inc. | 39,273 | 4,095 | |||
Labcorp Holdings Inc. | 20,976 | 4,088 | ||||
Quest Diagnostics Inc. | 27,430 | 3,894 | ||||
Revvity Inc. | 30,516 | 3,334 | ||||
Viatris Inc. | 296,512 | 3,143 | ||||
Bio-Techne Corp. | 38,811 | 2,996 | ||||
Universal Health Services Inc. Class B | 15,093 | 2,865 | ||||
* | Waters Corp. | 9,196 | 2,841 | |||
Cooper Cos. Inc. | 28,482 | 2,686 | ||||
* | Incyte Corp. | 46,072 | 2,662 | |||
* | Charles River Laboratories International Inc. | 12,613 | 2,629 | |||
Teleflex Inc. | 11,541 | 2,413 | ||||
* | Catalent Inc. | 44,675 | 2,403 | |||
STERIS plc | 10,749 | 2,396 | ||||
* | Henry Schein Inc. | 32,084 | 2,225 | |||
* | Align Technology Inc. | 7,906 | 2,034 | |||
* | Solventum Corp. | 34,045 | 2,020 | |||
* | Insulet Corp. | 10,705 | 1,897 | |||
* | Molina Healthcare Inc. | 5,877 | 1,849 | |||
* | Bio-Rad Laboratories Inc. Class A | 5,173 | 1,484 | |||
* | DaVita Inc. | 5,955 | 876 | |||
874,765 | ||||||
Industrials (11.3%) | ||||||
RTX Corp. | 327,583 | 35,317 | ||||
Honeywell International Inc. | 162,746 | 32,906 | ||||
General Electric Co. | 153,148 | 25,291 | ||||
Lockheed Martin Corp. | 53,014 | 24,935 | ||||
United Parcel Service Inc. Class B | 178,535 | 24,804 | ||||
Union Pacific Corp. | 82,818 | 19,282 | ||||
Caterpillar Inc. | 52,789 | 17,870 | ||||
General Dynamics Corp. | 56,081 | 16,811 | ||||
Northrop Grumman Corp. | 34,824 | 15,698 | ||||
Automatic Data Processing Inc. | 61,896 | 15,160 | ||||
FedEx Corp. | 56,748 | 14,412 | ||||
* | Boeing Co. | 79,263 | 14,078 | |||
3M Co. | 136,420 | 13,661 | ||||
Norfolk Southern Corp. | 55,751 | 12,533 | ||||
Eaton Corp. plc | 37,479 | 12,475 | ||||
Emerson Electric Co. | 105,151 | 11,794 |
Shares | Market Value ($000) | |||||
L3Harris Technologies Inc. | 46,831 | 10,529 | ||||
Deere & Co. | 27,590 | 10,340 | ||||
Waste Management Inc. | 47,944 | 10,103 | ||||
Cummins Inc. | 33,671 | 9,486 | ||||
Illinois Tool Works Inc. | 36,301 | 8,812 | ||||
Johnson Controls International plc | 119,317 | 8,580 | ||||
Xylem Inc. | 59,416 | 8,379 | ||||
CSX Corp. | 244,136 | 8,240 | ||||
Westinghouse Air Brake Technologies Corp. | 44,284 | 7,494 | ||||
Carrier Global Corp. | 107,063 | 6,765 | ||||
* | GE Vernova Inc. | 38,222 | 6,723 | |||
Cintas Corp. | 9,560 | 6,481 | ||||
Dover Corp. | 34,500 | 6,342 | ||||
Otis Worldwide Corp. | 61,146 | 6,066 | ||||
Trane Technologies plc | 17,437 | 5,710 | ||||
Paychex Inc. | 47,502 | 5,708 | ||||
Veralto Corp. | 54,196 | 5,343 | ||||
AMETEK Inc. | 29,657 | 5,029 | ||||
Leidos Holdings Inc. | 34,007 | 5,001 | ||||
Fastenal Co. | 70,741 | 4,668 | ||||
Jacobs Solutions Inc. | 30,960 | 4,314 | ||||
* | United Airlines Holdings Inc. | 81,128 | 4,299 | |||
Equifax Inc. | 18,518 | 4,285 | ||||
Textron Inc. | 48,439 | 4,244 | ||||
Verisk Analytics Inc. Class A | 16,145 | 4,081 | ||||
Republic Services Inc. Class A | 21,785 | 4,034 | ||||
Southwest Airlines Co. | 147,480 | 3,958 | ||||
IDEX Corp. | 18,698 | 3,901 | ||||
Rockwell Automation Inc. | 14,730 | 3,793 | ||||
PACCAR Inc. | 34,889 | 3,751 | ||||
Parker-Hannifin Corp. | 6,978 | 3,709 | ||||
Delta Air Lines Inc. | 69,639 | 3,553 | ||||
Howmet Aerospace Inc. | 40,631 | 3,439 | ||||
Stanley Black & Decker Inc. | 37,897 | 3,303 | ||||
JB Hunt Transport Services Inc. | 20,139 | 3,237 | ||||
Nordson Corp. | 13,402 | 3,146 | ||||
Quanta Services Inc. | 11,120 | 3,068 | ||||
Hubbell Inc. Class B | 7,124 | 2,770 | ||||
Expeditors International of Washington Inc. | 22,633 | 2,736 | ||||
Broadridge Financial Solutions Inc. | 12,498 | 2,509 | ||||
WW Grainger Inc. | 2,714 | 2,501 | ||||
CH Robinson Worldwide Inc. | 28,823 | 2,489 | ||||
Huntington Ingalls Industries Inc. | 9,752 | 2,468 | ||||
Ingersoll Rand Inc. | 23,007 | 2,141 | ||||
Snap-on Inc. | 7,182 | 1,960 | ||||
* | American Airlines Group Inc. | 161,679 | 1,859 | |||
Rollins Inc. | 39,464 | 1,803 | ||||
Masco Corp. | 24,991 | 1,747 | ||||
Robert Half Inc. | 25,719 | 1,652 | ||||
Allegion plc | 13,392 | 1,631 | ||||
Pentair plc | 12,313 | 1,002 | ||||
Paycom Software Inc. | 6,758 | 982 | ||||
A O Smith Corp. | 11,250 | 941 | ||||
* | Generac Holdings Inc. | 5,902 | 869 | |||
* | Dayforce Inc. | 17,380 | 860 | |||
549,861 | ||||||
Information Technology (8.0%) | ||||||
Cisco Systems Inc. | 1,003,282 | 46,653 | ||||
International Business Machines Corp. | 225,905 | 37,692 | ||||
Micron Technology Inc. | 272,546 | 34,068 | ||||
Intel Corp. | 1,043,880 | 32,204 | ||||
Texas Instruments Inc. | 141,481 | 27,590 | ||||
QUALCOMM Inc. | 132,284 | 26,993 | ||||
Accenture plc Class A | 71,201 | 20,099 | ||||
Analog Devices Inc. | 50,226 | 11,778 | ||||
Amphenol Corp. Class A | 65,237 | 8,635 | ||||
Cognizant Technology Solutions Corp. Class A | 123,013 | 8,137 | ||||
Roper Technologies Inc. | 15,047 | 8,016 | ||||
HP Inc. | 215,588 | 7,869 |
Shares | Market Value ($000) | |||||
* | First Solar Inc. | 26,402 | 7,175 | |||
Corning Inc. | 189,361 | 7,056 | ||||
TE Connectivity Ltd. | 46,558 | 6,970 | ||||
Motorola Solutions Inc. | 17,239 | 6,291 | ||||
* | Western Digital Corp. | 80,110 | 6,032 | |||
* | Keysight Technologies Inc. | 43,051 | 5,962 | |||
Hewlett Packard Enterprise Co. | 321,283 | 5,671 | ||||
Microchip Technology Inc. | 54,789 | 5,327 | ||||
Teradyne Inc. | 37,600 | 5,299 | ||||
* | Autodesk Inc. | 25,277 | 5,096 | |||
* | Teledyne Technologies Inc. | 11,618 | 4,612 | |||
* | ON Semiconductor Corp. | 59,138 | 4,319 | |||
NXP Semiconductors NV | 15,866 | 4,317 | ||||
CDW Corp. | 19,126 | 4,277 | ||||
* | Zebra Technologies Corp. Class A | 12,712 | 3,970 | |||
NetApp Inc. | 32,083 | 3,864 | ||||
Skyworks Solutions Inc. | 39,443 | 3,655 | ||||
Gen Digital Inc. | 138,507 | 3,439 | ||||
* | Trimble Inc. | 61,479 | 3,423 | |||
* | ANSYS Inc. | 9,232 | 2,931 | |||
Juniper Networks Inc. | 79,573 | 2,838 | ||||
* | Enphase Energy Inc. | 21,127 | 2,702 | |||
Seagate Technology Holdings plc | 28,350 | 2,643 | ||||
* | F5 Inc. | 14,525 | 2,454 | |||
* | Qorvo Inc. | 23,853 | 2,347 | |||
* | PTC Inc. | 11,820 | 2,083 | |||
* | VeriSign Inc. | 11,329 | 1,975 | |||
* | Akamai Technologies Inc. | 19,746 | 1,821 | |||
Jabil Inc. | 14,471 | 1,721 | ||||
* | EPAM Systems Inc. | 8,562 | 1,523 | |||
391,527 | ||||||
Materials (3.6%) | ||||||
Linde plc | 57,486 | 25,036 | ||||
Air Products and Chemicals Inc. | 54,864 | 14,632 | ||||
Newmont Corp. | 284,626 | 11,937 | ||||
Dow Inc. | 173,323 | 9,989 | ||||
Corteva Inc. | 173,380 | 9,699 | ||||
Freeport-McMoRan Inc. | 177,162 | 9,342 | ||||
Sherwin-Williams Co. | 29,034 | 8,821 | ||||
DuPont de Nemours Inc. | 105,988 | 8,708 | ||||
PPG Industries Inc. | 58,274 | 7,658 | ||||
Ecolab Inc. | 30,634 | 7,113 | ||||
LyondellBasell Industries NV Class A | 63,269 | 6,290 | ||||
International Flavors & Fragrances Inc. | 63,064 | 6,065 | ||||
Ball Corp. | 77,920 | 5,410 | ||||
Avery Dennison Corp. | 19,794 | 4,505 | ||||
Packaging Corp. of America | 21,902 | 4,019 | ||||
International Paper Co. | 85,534 | 3,857 | ||||
Nucor Corp. | 22,487 | 3,797 | ||||
Amcor plc | 357,304 | 3,634 | ||||
Albemarle Corp. | 29,003 | 3,555 | ||||
Westrock Co. | 63,512 | 3,407 | ||||
Vulcan Materials Co. | 11,753 | 3,006 | ||||
Martin Marietta Materials Inc. | 5,201 | 2,975 | ||||
Eastman Chemical Co. | 28,992 | 2,938 | ||||
Mosaic Co. | 80,629 | 2,494 | ||||
FMC Corp. | 30,771 | 1,875 | ||||
Steel Dynamics Inc. | 13,898 | 1,860 | ||||
CF Industries Holdings Inc. | 21,684 | 1,729 | ||||
174,351 | ||||||
Real Estate (4.0%) | ||||||
Prologis Inc. | 228,067 | 25,199 | ||||
Welltower Inc. | 136,694 | 14,171 | ||||
American Tower Corp. | 67,903 | 13,291 | ||||
Crown Castle Inc. | 107,116 | 10,979 | ||||
Realty Income Corp. | 205,397 | 10,898 | ||||
Equinix Inc. | 12,288 | 9,376 | ||||
Simon Property Group Inc. | 50,594 | 7,655 | ||||
Extra Space Storage Inc. | 52,231 | 7,561 |
Shares | Market Value ($000) | |||||
VICI Properties Inc. Class A | 255,786 | 7,344 | ||||
Digital Realty Trust Inc. | 47,039 | 6,837 | ||||
AvalonBay Communities Inc. | 35,060 | 6,755 | ||||
* | CBRE Group Inc. Class A | 73,254 | 6,451 | |||
Public Storage | 22,612 | 6,192 | ||||
Equity Residential | 84,987 | 5,527 | ||||
Weyerhaeuser Co. | 179,873 | 5,402 | ||||
Ventas Inc. | 99,464 | 4,999 | ||||
Invitation Homes Inc. | 141,619 | 4,927 | ||||
Alexandria Real Estate Equities Inc. | 38,927 | 4,632 | ||||
* | CoStar Group Inc. | 57,537 | 4,498 | |||
Essex Property Trust Inc. | 15,851 | 4,118 | ||||
Mid-America Apartment Communities Inc. | 28,836 | 3,856 | ||||
Healthpeak Properties Inc. | 174,918 | 3,481 | ||||
Kimco Realty Corp. | 163,914 | 3,173 | ||||
SBA Communications Corp. Class A | 16,010 | 3,149 | ||||
UDR Inc. | 74,776 | 2,888 | ||||
Iron Mountain Inc. | 35,349 | 2,852 | ||||
Camden Property Trust | 26,384 | 2,708 | ||||
Regency Centers Corp. | 40,600 | 2,493 | ||||
Boston Properties Inc. | 35,693 | 2,166 | ||||
Federal Realty Investment Trust | 18,191 | 1,836 | ||||
Host Hotels & Resorts Inc. | 69,874 | 1,254 | ||||
196,668 | ||||||
Utilities (5.2%) | ||||||
NextEra Energy Inc. | 506,465 | 40,527 | ||||
Southern Co. | 269,314 | 21,583 | ||||
Duke Energy Corp. | 190,380 | 19,718 | ||||
Sempra | 155,442 | 11,974 | ||||
American Electric Power Co. Inc. | 129,880 | 11,722 | ||||
Dominion Energy Inc. | 206,697 | 11,145 | ||||
PG&E Corp. | 527,078 | 9,772 | ||||
Constellation Energy Corp. | 43,415 | 9,432 | ||||
Public Service Enterprise Group Inc. | 122,809 | 9,304 | ||||
Exelon Corp. | 245,986 | 9,237 | ||||
Consolidated Edison Inc. | 85,341 | 8,069 | ||||
Xcel Energy Inc. | 136,365 | 7,561 | ||||
Edison International | 94,510 | 7,263 | ||||
WEC Energy Group Inc. | 77,955 | 6,317 | ||||
American Water Works Co. Inc. | 48,120 | 6,293 | ||||
DTE Energy Co. | 50,818 | 5,922 | ||||
Entergy Corp. | 52,272 | 5,880 | ||||
PPL Corp. | 181,336 | 5,318 | ||||
FirstEnergy Corp. | 127,619 | 5,138 | ||||
Eversource Energy | 86,370 | 5,116 | ||||
Ameren Corp. | 64,977 | 4,767 | ||||
CenterPoint Energy Inc. | 155,147 | 4,733 | ||||
CMS Energy Corp. | 72,761 | 4,579 | ||||
NRG Energy Inc. | 55,819 | 4,521 | ||||
Atmos Energy Corp. | 37,200 | 4,312 | ||||
AES Corp. | 165,570 | 3,575 | ||||
Alliant Energy Corp. | 63,058 | 3,247 | ||||
Evergy Inc. | 56,739 | 3,101 | ||||
NiSource Inc. | 102,156 | 2,969 | ||||
Pinnacle West Capital Corp. | 28,062 | 2,213 | ||||
255,308 | ||||||
Total Common Stocks (Cost $4,301,149) | 4,854,738 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.1%) | ||||||
Money Market Fund (0.1%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $5,295) | 5.397% | 52,968 | 5,297 | ||
Total Investments (99.8%) (Cost $4,306,444) | 4,860,035 | |||||
Other Assets and Liabilities—Net (0.2%) | 10,551 | |||||
Net Assets (100%) | 4,870,586 |
Cost is in $000. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
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 S&P 500 Index | June 2024 | 31 | 8,208 | 4 |
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) |
Emerson Electric Co. | 8/30/24 | BANA | 3,880 | (5.327) | 167 | — |
Johnson Controls International plc | 8/30/24 | BANA | 3,188 | (5.327) | 328 | — |
495 | — |
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. |
At May 31, 2024, the counterparties had deposited in segregated accounts securities with a value of $622,000 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. 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. 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.
D. 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 | 4,854,738 | — | — | 4,854,738 |
Temporary Cash Investments | 5,297 | — | — | 5,297 |
Total | 4,860,035 | — | — | 4,860,035 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 4 | — | — | 4 |
Swap Contracts | — | 495 | — | 495 |
Total | 4 | 495 | — | 499 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |